1、I n f o s ys An n u a l R e p or t 20 06-07|Onceuponatime,theworldwasspiky.Opportunities were unequal across countries,informationwasoftenwalledandneweconomies were unheard of.But around themid 990s,things started changing.Wealthbegan to spread,opening up fresh markets.Ababy-boomer generation aged i
2、n developedcountries while a Gen-Y exploded in emergingones,rebalancing the workforce and propellingnew economies.Technology became ubiquitous,connecting people and information.Together,these disruptive forces rearranged and leveledthe global business-scape.Braving the wavesof complex regulations an
3、d changing customerexpectations,a new breed of entrepreneursarrived to claim the unexplored land.They founda flat world.We live in exciting times.2|T h i n k F l a tRecently you have been talking about the world becomingflat.Could you elaborate further?We believe that four major trends are changing
4、the businesslandscape.They are:lThe emergence of developing economies creating new marketsand accessible talent pools,lA global shift in demographics,driving companies to tap youngand skilled talent pools outside of industrialized countries,lThe ongoing adoption of technology which is changing howco
5、nsumers and companies use technology,andlThenewregulatoryenvironmentwhichisdrivinggreateraccountability and transparency.Together,these disruptive forces are leveling the business playingfield,in other words,making it“flatter”.In order to succeed in theflattening business world,companies must not ju
6、st become global,they must re-assess everything they do and shift their operationalpriorities.What are these shifts in operational priorities?In order for companies to win in the flattening world,they mustembrace four shifts:Fuel growth by becoming a globally efficient cost-competitiveproducer:Inste
7、ad of fearing competition from low-cost competitors,companies should beat them by making their operations morecost-competitive and globally efficient.Create customer loyalty through faster innovation:Customers staywith companies which have the most innovative and useful productsand services.Therefor
8、e,companies must be able to innovate rapidlyto offer products and services that customers value.In many cases,this may require co-creating these offerings with customers orpartners.Make money from information:Despite years of investment insystems,few companies are truly able to leverage information
9、toimprove their operational or financial performance.By leveragingadvanced analytical tools and global talent,companies shouldfocus on making money from information already available to theminternally,through partners and on the web.Win in the turns:Most companies do well in a good market;its in the
10、downturnsthatcompaniesshouldplantoovertaketheircompetition.They should make their costs variable and build capability to respondfast to business cycles.Why is this important?And,why now?Today,companies are losing leadership positions at almost doublethe rate than 25 years ago.Globalization and techn
11、ology ubiquityhave led to high customer expectations,super-efficient competitorsand sophisticated operational capabilities.While many companiesacknowledgethechallenges,fewarelookingatthenewopportunitiesWinning in the Flat WorldNandan M.Nilekani,CEO and Managing Director,Infosys Technologies Ltd.,in
12、conversation with Brianna Yvonne Dieter,Executive AcademicRelations,Infosys Technologies Ltd.I nfosys Annual Repo r t 20 06-07|Shifting DemographicsTechnology UbiquityAccountability RegulationsEmerging Economiessuch as building globally efficient operations,accessing global talentor leveraging the a
13、bundance of information.This is the right timefor companies to shift their operational priorities instead of allowingtheir competition to get a head start.Why is Infosys best positioned to help clients in this journey?Inmanyways,weourselvesareaflatworldcompany.Theoperationalprinciples that we have b
14、een espousing since day one globaldelivery model,global sourcing,and efficient use of technology are key components of becoming a successful flat world company.Over the last 25 years,we have developed a business model and thecapabilities that have challenged industry leaders.We understandwhat it tak
15、es to win in the flat world.We are now tapping our experience of operating successfully ina flattening world to help our clients succeed.In addition,we arealigning our resources,offerings and intellectual property to help ourclients win in the flat world through the four shifts.In other words,we hav
16、e been gearing up to help clients define their end goal,createa roadmap to get there and also implement the changes required.In what ways is Infosys a flat world company?Our operational principles embody the same operational prioritiesthat are required for winning in the flat world.We have one of th
17、e lowest SG&A expenses in the industry becauseof our relentless focus on employing talent where best available.We have delivered on innovation over 4%of our revenue comesfrom services that we introduced within the last five years.Our latestco-creation offering from our Software Engineering and Techn
18、ologyLabs(SETLabs)allows us to create technology of value to clients.Weare extremely disciplined in forecasting,projecting,and measuringeverything we do.It is the reason we are able to achieve financialclosurewithin5daysafterquarter-end.Wehavecreatedadisruptivebusiness model that allows us to delive
19、r superior performance to ourclients and our investors.What would a flat world company of the future look like?A flat world company produces where it is most cost effective,sellswhere it is most profitable,uses information to its full capacity,collaborates to innovate faster and is well prepared for
20、 businesscycles.A flat world company has zero touch processes,is information-centric,achieves very low time-to-market,practices boundary-less behavior,and offers highly personalized services to its customers.It treats thewhole world as a network of resources,and finds ways to reallocatework among th
21、em in the most optimal fashion.It managesoperations using information on a real time basis,monitoringeverything globally.The result is a leaner,flatter and more adaptable enterprise,gearedto work smarter.4|T h i n k F l atBusinesses today must dramatically overhaul their coststructures,and then use
22、the savings to invest in newproducts,customers and geographies.This means havingthe most competitive cost structure,along with the abilityto develop new and differentiated offerings for emergingmarkets.Making this work requires proactive actions suchascreating technology-driven global collaboration
23、platforms,developingmanagementstructuresandthecapabilitytoworkefficiently across borders,developing global sourcing as afunctional capability within the organization,and continuousre-evaluation of best cost locations and vendors.Tofuelgrowth,companiesshouldcreatethemostcost-efficient global operatio
24、ns,leveraging global talent andtechnology.Fuel for GrowthHow do you remain profitable,even if youraverage transaction size becomes 1/10thofwhat it is today?Infosys Annual Repo r t 2 0 0 6-0 7|5 Leading Indian bank leverages technology to shrink operational costsIn emerging countries,banks have to op
25、erate profitably at transaction costs and sizes that would be considered unviable in developed countries.A leading Indian retail bank decided that the crux of its strategy would be highly efficient operations with a high reliance on a contemporary and robust technology platform.The bank identified I
26、nfosys as its technology partner and selected Finacle,our universal banking solution,as its core banking and e-banking platform.Through efficient use of technology,the bank has successfully moved over 70%of its routine banking transactions from its branches to other delivery channels.This has enable
27、d the bank to aggressively use its branch network as customer acquisition units.Today,it is one of Indias largest banks and,on an average,adds up to,00,000 customers in a single month among the highest in the world.Networking OEM launches global dial planA global networking Original Equipment Manufa
28、cturer(OEM)was looking for a cost-effective VoIP solution that would work in multiple markets,despite the differences in call routing and regulations across countries.Infosys conceived,developed and tested an international“dial plan”application.The client has now applied for a patent for the applica
29、tion.Hi-tech OEM accelerates order cycle and cuts costs by 50%Traditional approaches to order management required a trade-off between customer experience and operational costs.Infosys provided the customer a comprehensive solution that improved effectiveness and lowered costs.Average productivity in
30、creased by 0-5%across multiple processes with continuous improvement through root cause analysis of problem areas.The order cycle was reduced by 25%,releasing up to US$0 million in working capital and annual business process costs were reduced by 50%.Fuelling growth requires freeing up capital from
31、operations by restructuring costs globally.Processes are redesigned and automated for efficient operations.Talent is employed where best available.The result?New products,varied offerings and new customers.Material is sourced where most cost effective.6|T h i n k F l a tFaster InnovationCould you re
32、tain current profitability while allowing your customers to design their own service or product?In a flat world,providing high-quality,24/7 customer service is not enough.Customers are hyper-informed and expect better products with greater customization.Rapid innovation becomes imperative as compani
33、es struggle to consistently exceed these growing expectations and earn customer loyalty.Infosys defines innovation as not just the“Eureka moment”but executing on that moment with a series of supporting innovations across processes and technologies.This requires a collaboration platform of partners a
34、nd customers,leading to a better understanding of customer behavior.We should know,4%of our revenues come from services we did not have five years ago.To stay ahead,companies should increase the speed of innovation,focus on customer experience,understand customer behavior and co-create with customer
35、s and partners.Infosys Annual Repo r t 2 0 0 6-0 7|7 An innovative thought triggers a series of supporting innovations across processes and technologies.Global collaboration platforms result in faster innovation across teams.Products and services now offer increased customization and personalization
36、,leading to stronger customer loyalty.Co-creating with customers helps deliver better value to end customers.Rapid Product Introduction(RPI)benefits insurance companyFor an insurance company,time-to-market for new products was not keeping up with market demand due to issues with legacy applications
37、and non-standard product definition practices.Infosys re-designed the clients application and product introduction processes.This reduced impact analysis and testing time by more than 40%.European bank partners with Infosys from concept to creationA large European bank asked Infosys and other knowle
38、dge services companies for ideas on the next-generation of offerings for investors.We recommended an algorithmic trading offering which the bank decided to pursue further.We are working with the bank to develop the solution.Co-creating technology solutions with clients Focused workshops with clients
39、 are designed to explore technology-driven innovative ideas for business.These innovation workshops help develop client-specific technology roadmaps,leveraging Infosys intellectual property,with the objective of optimizing technology investments and enhancing clients competitiveness.Workshops have b
40、een conducted with clients in industries such as retail,financial services and aerospace,among others.|T h i n k F l a tCompanies have spent billions trying to capture information.But,it always required a significant investment of time,people and money,and all it generated was an after-the-fact repo
41、rt.Winning in a flattening world requires harvesting information for profit opportunities.From e-mails to ERP and blogs to product evaluation,information across the company is combined to build a globally accessible and searchable information repository.With analytics talent and technology,it provid
42、es right-time information to decision makers.To make information pay,companies should combine advanced analytics capabilities with seamless information.This delivers the information a company needs at the exact time it needs it.Money from InformationWould a dedicated data analytics team pay for itse
43、lf?Infosys Annual Repo r t 2 0 0 6-0 7|9 A team of analytics specialists,that studies and examines information,is created at best-cost geographies.The team functions as an organizational shared service.Information from all sources is combined internal with external,structured with unstructured to cr
44、eate seamless exchange.Proprietary information is protected.The company can finally shift from spending money on information to making money from it.Advanced analytics capabilities combined with business intelligence technology,drive supply chain and working capital management decisions.Data analysi
45、s alone saves US$60 million for telecom companyTelecom companies often undertake revenue assurance initiatives to identify revenue leakage.One of Infosys telecom clients has gone a step further.The company captured US$60 million in revenue leakage by investing in information stewardship and analysis
46、.To prevent future revenue leakage,we created a dedicated team to continuously cleanse data,analyze billing and provisioning,and reconcile revenue.This team is based in India to minimize the cost.Inventory visibility boosts productivity for telecom OEMInfosys helped a telecom OEMs production-cum-dis
47、tribution centers double production and triple shipments.This was accomplished through a combination of workflow redesign and systems enhancements.We streamlined workflow in bottlenecked areas,instituted work material sharing to reduce inventory fragmentation,and introduced a system of“checks and ba
48、lances”for exception management.Visibility of inventory,enabled managers to track inventory at each location,and take informed decisions on availability,movement and handling of material.Seamless information flow enhances efficiencyInfosys helped a consumer electronics company increase working capit
49、al efficiency and collect inventory payment faster,by integrating the client systems with Wal-Marts Retail Link systems.The application reconciled invoices faster by matching items shipped information from the manufacturer and items received information from the retailer.It achieved this by intellig
50、ently retrieving data from Retail Link and integrating it with the clients outbound shipment information.The application dramatically improved the speed and accuracy of the invoice verification process between the client and Wal-Mart and accelerated payment collections.It also helped reduce the cost
51、s associated with invoice reconciliation and avoided incorrect charge backs all adding up to higher working capital efficiencies.0|T h i n k F latWinning in the TurnsCould you grow by 30%within 12 months and still remain profitable?In traditional companies,most costs are fixed,and their profits ebb
52、and flow with the industrys cycles.In the flat world,leading companies will convert much of their fixed costs to variable ones,so they can respond more quickly than competitors to industry turns.We ourselves practice this approach.For example,we limited our exposure to dotcom projects to less than 2
53、0%of revenue,in anticipation of a downturn.And,when the downturn did occur,we hired packaged application experts to build up our enterprise solutions practice at a time when other companies were laying off talent.To win in the turns,companies should migrate to a variable cost structure,manage busine
54、ss risk and increase the speed of response to business cycles.Infosys Annual Repor t 2 0 0 6-0 7|The company,instead of just reacting to business cycles and disruptive turns,prepares and strategizes for it.It modifies the operating model and converts fixed costs to variable.Operational processes are
55、 redesigned for flexibility and speed.By creating de-risking strategies and preparing in advance,the company adapts to change,delivers high,and gains significantly over competition.Business risks are managed with better visibility into lead indicators.Early consensus on necessary actions is obtained
56、 across management teams.Converting regulation-driven down cycle into an advantageA telecom operators industry had been de-regulated,requiring it to share its network with rivals and meet other regulatory requirements.Traditionally,such a scenario would be seen as a low point in the telecom industry
57、 business cycle.However,Infosys took a different view.We proposed and developed a virtual“third-party verification service”for network provisioning to competitors.This ensured transparent and compliant process flow for customer orders and complaints.All processes were tested end-to-end on this virtu
58、al harness to ensure full compliance.This service not only meets the regulatory requirements but helps establish the“bread-crumbs”that a regulator would require to show compliance.Because it was provided as a managed service,it raised competitors confidence in regulatory compliance thereby turning a
59、 potential low point in an industry cycle to the clients advantage.2|T h i n k F latN.R.Narayana MurthyChairman and Chief MentorPassing the management baton I have a sense of great satisfaction as Nandan Nilekani passes the CEO baton to Kris Gopalakrishnan,and Kris in turn passes the COO baton to Sh
60、ibulal.There are many reasons for this.First,all three of them worked with me in their twenties and have turned out to be wonderful leaders.Second,Nandan has continued the tradition of voluntarily giving up his position,at the height of his career,so that his colleague too could have his day in the
61、sun.Third,this transition has demonstrated the depth in management talent at Infosys.Nandan has been hugely successful as a CEO.His strengths are big-picture thinking,simplification of complex ideas,and articulation.He is a quintessential team player,always putting the interest of Infosys ahead of h
62、is own.On behalf of all of us,I would like to extend our appreciation to Nandan for a job well done and for his sacrifice.Kris is gentle but firm,consultative yet decisive,and thoughtful yet action-oriented.Kris is clearly the most intelligent among the founders.He is our leader in technology.He is
63、every bit a team player and gets the best out of people.In the future,I see huge opportunities and tremendous challenges for Infosys.I am sure Kris will be as successful as his predecessors,perhaps even more.On behalf of all of us,I wish Kris a brilliant future.Shibu is smart,focused,target-oriented
64、,and has a keen eye for detail ideal attributes for a COO.He is a disciplinarian who believes in leading by example.He is a strict believer in systems.He has been a huge success as the Head of Sales and Customer Delivery.I have no doubt he will be a very successful COO.On behalf of all of us,I wish
65、Shibu great success.Infosys has always had a high-performance work ethic and Infoscions have consistently proved their ability to take on challenges.I am sure Nandan,Kris and Shibu will together perform extremely well with the outstanding team they have.My best wishes to all of them.Infosys Annual R
66、epor t 2 0 0 6-0 7|The year at a glancein Rs.crore,except per share data20072006Growth(%)Financial performanceIncome13,1499,028 45.6Export income12,9398,864 46.0Gross profit5,8714,14141.8Operating profit(PBIDTA)4,2252,98941.4Profit after tax*Before exceptional items3,7772,42156.0After exceptional it
67、ems3,7832,42156.3EPS before exceptional item*(par value of Rs.5 each)Basic67.8244.3453.0Diluted66.3343.10 53.9Dividend(excluding silver jubilee special dividend in 2006)Per share11.507.50 53.3Amount64941257.5Gross profit margin(%)44.645.9Operating profit margin(%)32.133.1PAT before exceptional items
68、*/total income(%)28.726.8 PAT after exceptional items*/total income(%)28.826.8Return on average net worth(%)41.939.9Capital expenditure1,4431,048 37.7Financial positionFixed assets3,1072,13345.7Cash and cash equivalents(including liquid mutual funds)5,6504,463 26.6Net current assets7,1373,83286.3Tot
69、al assets11,1626,89761.8DebtEquity286138 107.3Net worth11,1626,89761.8Debt equity ratio(%)Cash and cash equivalents/total assets(%)50.664.7Market capitalization1,15,30782,154 40.4Note:The figures above are based on unconsolidated Indian GAAP financial statements.1 crore equals 10 million.*The net pr
70、ofit for 2007 includes a reversal of tax provision of Rs.125 crore.4|T h i n k F latContentsLetter to the shareholder 5Awards for Excellence 2006-07 7CEO and CFO certification 2Directors report 24Managements discussion and analysis 45Auditors report 60Balance sheet 62Profit and loss account 6Cash fl
71、ow statement 64Schedules 65Balance sheet abstract and companys general business profile 6Consolidated financial statement 7Risk management report 0Corporate governance report Shareholder information 27Share price chart 0Frequently asked questions Select historical data Revenue segmentation 5Ratio an
72、alysis 6Statutory obligations 9Human resources valuation 40Brand valuation 4Balance sheet including intangible assets 42Current-cost-adjusted financial statements 4Intangible assets score sheet 45Economic Value-Added(EVA)statement 47Value Reporting 4Management structure Infosys Technologies Ltd.49In
73、fosys Foundation 50Report on environment,health and safety 5Financial statements(unaudited)presented in substantial compliance with GAAP requirements of various countries and International Financial Reporting Standards and reports of substantial compliance with the respective corporate governance st
74、andards 5Annual General Meeting(AGM)noticeInfosys Annual Repor t 2 0 0 6-0 7|5 Dear Shareholder,This landmark year for Infosys has seen the culmination of an exhilarating odyssey marked by many distinctions and firsts.Working closely with our clients,we have demonstrated thought leadership and grown
75、 into a trusted partner to define their agenda for transformation.We have successfully fostered a unique and disruptive business model one that is attractive to our clients because it is faster,better,more economical and more innovative than that of our competitors.In July,we celebrated our 25th ann
76、iversary by becoming the first company to remotely ring the NASDAQ opening bell from India.The event was a telling testimony to the maturity of our business model in a world that is fast becoming flat due to the interplay of globalization with technological,demographic and regulatory forces.To taste
77、 success in this milieu,we believe that companies must make four decisive shifts in the way they operate they must innovate rapidly,profit from information,build globally-competitive cost structures,and shrink response time to business turns.We call this the ability to think flat.For nearly three de
78、cades,Infosys has built the expertise and acumen to be an effective and trusted transformation partner.We help shape our clients strategy and empower them to shift their operational priorities.Our unique approach helps companies become more innovative,information-intensive,adaptive and competitive t
79、he qualities essential for winning in the flat world.In terms of transformation,Infosys has led by example.Our customers have endorsed the success of our global delivery model,which we pioneered in the IT industry.Our litmus test for creating winning solutions is to live the ideal and be the change.
80、This fiscal,we report revenue growth of about$billion.At the beginning of the financial year,we offered a guidance of 2.7%0.7%growth in revenues and 26.4%2.4%growth in earnings in Rupee terms.The success of various initiatives has helped us achieve revenue growth of 45.9%and 4.5%growth in earnings f
81、rom ordinary activities and excluding tax reversals.We added 60 clients during the year.Client accounts have seen all-round growth,with million-dollar relationships increasing from 22 to 275.In the last 2 months,we have had one client contributing over$200 million,three clients contributing over$00
82、million and 2 clients contributing over$50 million.Our top client contributes 7.0%of the total revenue while the top ten collectively contribute.4%.Our customers faith in our business model is reinforced by the fact that repeat business accounts for 95.%of our revenues.In November,we completed a spo
83、nsored secondary offering of,00,00,000 American Depositary Shares(ADSs),representing,00,00,000 equity shares(one equity share represents one ADS)at a price of US$5.50 per ADS,excluding underwriting discounts and commissions.The aggregate size of the offering exceeded US$.6 billion,making it the larg
84、est international equity offering from India at that time.We achieved important milestones in our endeavor to become a mainstream global stock.We were included in the NASDAQ Global Select Market in July 2006.The NASDAQ Global Select Market has the highest initial listing standards of any exchange in
85、 the world,based on financial and liquidity requirements.In December,we joined the NASDAQ-00 Index,which comprises the 00 largest non-financial stocks on the NASDAQ Stock Market in terms of market capitalization.We are the first Indian company to be added to the NASDAQ-00 Index.We are the only India
86、n company to be part of any major global index.Nandan M.Nilekani S.Gopalakrishnan Chief Executive Officer and Managing Director President,Chief Operating Officer,Joint Managing Director,and Head Customer Service TechnologyLetter to the shareholder6|T h i n k F latWe have recommended a final dividend
87、 of Rs.6.50 per share(0%on par value of Rs.5 per share)for fiscal 2007 amounting to Rs.7 crore.Including the interim dividend of Rs.5 per share(00%on par value of Rs.5 per share)amounting to Rs.27 crore,the total dividend recommended for the year is Rs.50 per share(20%on par value of Rs.5 per share)
88、,amounting to Rs.649 crore.Our investments in enriching and synergizing our portfolio of services have created compelling value propositions for our clients,who are leveraging our capability to drive their transformation programs.We saw strong growth in consulting,engineering services and package im
89、plementation.Services such as infrastructure management,business process management and independent validation also grew steadily.In Europe,revenues grew in the banking and financial services sector as well as in telecom,retail and manufacturing.We strengthened our relationship with a large European
90、 Bank with a strategic multi-year,multi-million-dollar application development and maintenance engagement.In the UK,we enabled a large telecom client to rapidly launch high-speed broadband.We announced a global alliance with a large oilfield and information services company for exploration and produ
91、ction information management.Our expertise in key technology-driven services continued to boost our clients competitiveness.Our Service Oriented Architecture(SOA)offerings powered a large European energy companys initiatives for business-IT alignment.We deployed SAP solutions for Radio Frequency Ide
92、ntification(RFID)for the Global Track and Trace System of a customer who is a world leader in pallet and container pooling services.Our performance in the Banking and Financial Services sector won the appreciation of analysts and industry bodies.A leading analyst ranked us the fastest growing Techno
93、logy and Service Provider(TSP)to the US financial services market.We ranked th on the prestigious FinTech 00 list and eighth among the FinTech top 0 companies serving the insurance industry.A large financial services company in the US named Infosys its IT Vendor of the Year for 2006.Finacle,the univ
94、ersal banking solution from Infosys,forged ahead with wins in Europe and the Middle East.Finacle was positioned in the Leader Quadrant in the Magic Quadrant for International Retail Core Banking Solutions released by Gartner.Finacle also emerged a leader in a retail banking platform study by a leadi
95、ng analyst.We added 0,946 employees(net 9,526)during the year,growing our global strength,including subsidiaries,to 72,24.Our investments in the education system through our Campus Connect and Project Genesis initiatives have qualitatively enhanced the talent pool in educational institutions to meet
96、 future demand.InStep,our global internship program,turned graduates into brand ambassadors.The program,which was endorsed by leading American universities,received over 2,000 applications for 25 positions this year,enabling us to select the top%of applicants.To support future growth,we are making s
97、ubstantial investments in creating a scalable training engine at our campus in Mysore,which houses the worlds largest corporate university.By December 2007,we will be able to train,500 employees at a time.Managing and retaining talent is critical for success in a flattening world and we believe Info
98、sys draws strength from its people.We won the 2006 SHRM(Society for Human Resource Management)Human Capital Leadership Award under the Innovative Business Solutions Category.We also won the Optimas award presented by Workforce Management magazine in the Global Outlook category.We are continuously ho
99、ning competencies and refining our expertise to improve the range and depth of our service offerings.About,000 Infosys employees were certified at various levels during the year.We also expanded our Enterprise Architecture capabilities with a record number of architects certified by The Open Group A
100、rchitecture Framework(TOGAF).Progeon Limited,our business process outsourcing subsidiary,was renamed Infosys BPO Limited effective August 29,2006.On June 0,2006,Infosys acquired 7,50,000 equity shares of Infosys BPO Limited from Citicorp International Finance Corporation for a consideration of Rs.50
101、 crore.On December,2006,the shareholders of Infosys BPO approved a buyback of up to 2,79,96 equity shares at a fair market value of Rs.604 per equity share.Pursuant to the buyback offer,Infosys BPO bought back,9,469 equity shares,which were subsequently cancelled on December 29,2006.In January 2007,
102、the Company initiated the purchase of all the share and outstanding options in Infosys BPO from its shareholders and option holders comprising current and former employees of Infosys BPO.The shareholders were given a choice to sell their shares at fair market value and the option holders were given
103、the choice to sell their options and/or swap Infosys BPO options for Infosys options at a swap ratio based on fair market value.Consequent to this proposal,Infosys has paid an aggregate of Rs.7 crore for the purchase of shares and options,and granted,5,9 Infosys options under the 999 plan valued at
104、Rs.2 crore.Accordingly,the investment in Infosys BPO has increased by Rs.crore and reserves have increased by Rs.2 crore.Additionally,the Company has committed to a deferred share purchase with the shareholders of Infosys BPO.As per the agreement,Infosys will purchase,60,47 Infosys BPO shares for Rs
105、.22 crore by February 200.The same will be accounted as investment on conclusion of the agreement along with the transfer of title in the shares.Upon conclusion,Infosys holding in Infosys BPO would be 99.9%.Additionally,our subsidiary Infosys Technologies(Shanghai)Company Limited was renamed Infosys
106、 Technologies(China)Company Limited.Our vision to disseminate information technology and create jobs in Indias tier-2 cities received a boost with the inauguration of the Infosys BPO center in Jaipur,Rajasthan.Team leadership of the highest quality has been one of the pillars of our success and it i
107、s our top priority to ensure its continuity.We have among our leaders a wealth of talent,vision and gravitas,which enables us to lay down a long-term succession plan and propel the company to its next stage of growth.On August 20,2006,Mr.N.R.Narayana Murthy,Chairman and Chief Mentor,retired from the
108、 services of the company.The Board resolved to appoint him as an Additional Director of the Company,as well as the Non-Executive Chairman of the Board and Chief Mentor with effect from August 2,2006.Nandan M.Nilekani,CEO and Managing Director,will assume the role of Co-Chairman of the Board of Direc
109、tors.S.Gopalakrishnan(Kris),currently Chief Operating Officer,President and Joint Managing Director,will take over as Chief Executive Officer and Managing Director.S.D.Shibulal,currently serving as Member of the Board and Group Head World-wide Customer Delivery&Sales,will now be the Chief Operating
110、Officer.They will execute their new roles with effect from June 22,2007.We have now embarked on the most critical part of our journey the next 25 years.With renewed commitment to our stakeholders,we will continue to partner with the worlds leading companies to help them win in the flat world by enha
111、ncing their competitiveness.With gratitude to our investors,employees,customers and all stakeholders,we look forward to your continued support in our endeavor.Nandan M.Nilekani S.Gopalakrishnan Chief Executive Officer and President,Chief Operating Officer,Managing Director Joint Managing Director,an
112、d Head Customer Service andBangalore TechnologyApril,2007Dr.Omkar GoswamiIndependent DirectorRama BijapurkarIndependent DirectorMohandas Pai T.V.Director and Head Administration,Education&Research,and HRDProf.Marti G.SubrahmanyamIndependent DirectorClaude SmadjaIndependent DirectorDavid L.BoylesInde
113、pendent DirectorSrinath BatniDirector and Group Co Head World-wide Customer DeliverySridar A.IyengarIndependent DirectorJeffrey S.LehmanIndependent DirectorDinesh K.Director and Head Communication Design Group,Information Systems,and Quality&ProductivityShibulal S.D.Director and Group Head World-wid
114、e Customer Delivery and SalesThe Infosys Board of DirectorsDeepak M.SatwalekarLead Independent DirectorNandan M.NilekaniChief Executive Officer and Managing DirectorNarayana Murthy N.R.Chairman and Chief MentorGopalakrishnan S.President,Chief Operating Officer,Joint Managing Director,and Head Custom
115、er Service and TechnologyThe Infosys Management CouncilNandan M.NilekaniChief Executive Officer,Managing Director,and Chairman Management CouncilSanjay PurohitAssociate Vice President Corporate Planning and Member Secretary Management CouncilAmitabh ChaudhryChief Executive Officer and Managing Direc
116、tor Infosys BPO LimitedArun RamuVice President Independent Validation ServicesAshok VemuriSenior Vice President Banking&Capital MarketsStephen PrattChief Executive Officer and Managing Director Infosys Consulting,Inc.Subhash B.DharVice President Communication Service Providers Subramanyam G.V.Vice P
117、resident Microsoft Technology Centre and Software Engineering&Technology LabsSuketu PatelAssociate Vice President Strategic Global SourcingValmeeka NathanVice President Product Lifecycle&Engineering SolutionsShibulal S.D.Director and Group Head World-wide Customer Delivery and SalesSivashankar J.Vic
118、e President Information SystemsSrinath BatniDirector and Group Co Head World-wide Customer DeliverySrinivas B.G.Senior Vice President Europe,Middle East&Africa Srinivas UppaluriAssociate Vice President Corporate MarketingSriram V.Senior Vice President Asia PacificPriti Jay RaoSenior Vice President I
119、nfrastructure Management Services,and Head Pune Development Center(Phase 1)Ramachandran K.G.Consultant Infosys Leadership InstituteRamadas Kamath U.Senior Vice President and Head Administration,Infrastructure&SecurityRanganath Dwarakanath M.Vice President Domain Competency GroupRavindra Muthya Prane
120、sha RaoSenior Vice President Education&ResearchSatyendra KumarSenior Vice President Quality&ProductivityNarendran KoduvattatVice President Energy,Utilities&ResourcesPadmanabhan VenkataramanVice President CanadaParameswar Y.Vice President Product EngineeringPrasad T.P.Senior Vice President Hi Tech&Di
121、screte ManufacturingPravin Rao U.B.Senior Vice President Retail,Distribution&Consumer Products GroupJames LinChief Executive Officer and Managing Director Infosys Technologies(China)Company LimitedJohn K.ConlonSenior Vice President Global AlliancesMerwin FernandesVice President and Global Head Finac
122、le Sales and MarketingMohandas Pai T.V.Director and Head Administration,Education&Research,and HRDMuralikrishna K.Vice President Systems IntegrationDinesh K.Director and Head Communication Design Group,Information Systems,and Quality&ProductivityEric S.PaternosterVice President Insurance,Healthcare&
123、Life SciencesFrank A.J.GonsalvesVice President Automotive&AerospaceGary EbeyanChief Executive Officer and Managing Director Infosys Technologies(Australia)Pty.LimitedGirish G.VaidyaSenior Vice President Infosys Leadership InstituteGopalakrishnan S.President,Chief Operating Officer,Joint Managing Dir
124、ector,and Head Customer Service and TechnologyBalakrishnan V.Chief Financial OfficerBikramjit MaitraVice President and Head Human Resources DepartmentBinod H.R.Senior Vice President Commercial&FacilitiesChandra Shekar KakalSenior Vice President Enterprise SolutionsDeepak SinhaVice President Computer
125、&Communications DivisionDheeshjith V.G.Vice President Transportation&ServicesInfosys Annual Repor t 2 0 0 6-0 7|7 Awards for Excellence 2006-07At the heart of Infosys,is the passion to excel and every Infoscion is on a subliminal journey to cross set boundaries,surpass limits,win and deliver,over an
126、d over again.The journey has no end in itself and competition is of no consequence.Our fascination is in the pursuit of excellence and what lies beyond it.Thats the indomitable spirit the Awards for Excellence seeks to recognize.Winners forget they are in a race,they just love to run.Joe Pesci,Acade
127、my Award-winning actorFirst PrizeAccount ManagementBritish Telecom teamAshutosh SaxenaLalit Kumar BansalMandeep Singh KwatraRavi MeenakshiBrand ManagementFinacle marketing teamAnil Kumar N.S.Girish Vishwanath ChirravooriGita JayanthNavin Chempakvilas RammohanSujeet PramanikSumit VirmaniBusiness Solu
128、tionsInfosys Catalytic IT teamBalaji SampathBrad SommerCharles Anthony McNamaraColin PintoKrishnan NarayananManish SrivastavaNagaraj S.Pradeep PrabhuPrasad JoshiSrinivasan NatarajanInfosys Transformational Order Management(ITOM)solution team Ajay VenkateshKrishnan ParasuramanManoj Kumar SinghPartha
129、BoseRajesh Kumar DubeyRajiv RaghunandanRomit DeySajjad JafferSatish P.NairSourabh DeshmukhCustomer DelightEMP local loop unbundling E2E testing team Abhishek GautamDinesh C.V.ReddyJai Pratap VadnereJayasundar RajagopalanNazhat AyshaRaghuram ChilakamarriRavi Kumar Desigan SeshadhriVinay Ramesh Vasude
130、vaDepartment ManagementComputers and Communications DivisionDevelopment Center ManagementChennai Development CenterMangalore Development Center|T h i n k F latInfy ChampionDomainJayanth M.S.Programming SkillsDinesh Babu GovindarajanKishore GopinathParamjyot SinghTechnologyRaghavan S.Vinay Kumar JhaI
131、nnovationInnovation for InitiativesBritish Telecom products and services design teamAnamika MahajanAnkur BhanLokendra SinghRajesh Rameshchandra KhandujaSanjay Jaishing AwariSanjeev KumarIntellectual Property CreationGrid computing systems and methods Anirban Chakrabarti Anirban GhoshDheepak R.A.Ira
132、GuptaShakeb Mohammed AliInternal Customer DelightSparsh teamGaurav KumarLakshmi MangalasseryPushpalee LoboRavi PanghatSridhar MarriVarshesh JoshiOne Infy ExcellenceOne Infy Account British Telecom teamIshwar C.HalalliMilind Vinod DikshitMukul GuptaNaveen MehtaRamanan RamakrishnaRitesh GandhiSanjeev
133、AryaSundareshwar V.Sushil AgarwalViraj MalikInternal Cross-functional TeamInfosys Catalytic IT teamJim ShandMarc R.GrauMohamed AnisNeeraj Vasudeo KulkarniPradeep SanyalSambhav JainSohrab Peshoton KakaliaSrikanth SrinivasanStephen Charles Vincent KellyVivekPeople DevelopmentCSG competency development
134、 program teamAmit KumarNeeraj KumarPatricia Ann MartinSushanth Michael TharappanSuyash Vilas LadVinay RaoProject Execution ExcellenceTeam for a leading specialty retailer of consumer electronics goodsAmit SingiAnitha ShenoyDileep Krishna T.G.Guneet Singh PaintalJustin JacobMadhavan Kandhadai Vasanth
135、amSreekanth S.Venkata Sai Giridhar KuppiliVikram SomarajVinayak A.HegdeCISCO SDS IT finance managed services team Bhupendra Singh ChauhanDipti GuptaKrishna Prasad C.N.Mihir Hemendrakumar GandhiNitesh Kumar AggerwalPradeep C.Ritu PrasadSaraswati SivasankarSourav GhoshEquity trading and compliance tea
136、m Anantha Padmanabhan Raghavan KannanAshwani NagGanesh Kumar M.Giridhar AgoramKalaivani K.G.Karen PonnuduraiMeenakshi N.Shanmugam Jayavelu KolasiSrinivasan GovindarajanUsage processing team for a large communication service providerAshok Kumar SaxenaGokul Raj NandagopalHarikrishnan UmapathyKarkuzhal
137、i ThiruvengadamLalitha G.MurugananthamPavithra KannanSowmya V.S.Srihari GopalanVivek S.Sales ManagementABB OsA pursuit teamAnoop JainBalasubramanian VenkatachalamJitin GoyalNivedita KrishnamurthyPrabhakaran LoganathanRajesh Rao A.Samiksha NandaVenkata Sesha Chalapathy Rao TennetiTeam for a leading f
138、ashion apparel retailerJohn KalilPrateek SinhaSandeep Deepak DadlaniSanjay DalwaniSanjay SaigalShivaprakash RaoSivakumar H.Sridhar Honnavali SharmaSpecial CategoryInternational corporate tax teamKrishnan S.Narayanan RamaswamyRajesh PrabhuSathyendra BhatSriram V.Sunil K.DhareshwarSystems and Processe
139、s The Foundation Program deployment methodology in Campus Connect initiativeAmrita DeoMukundh NagarajanNagendra R.PrasadSivasubramanyam YanambakkamSoudamini Randhir PatilZamir Rafique SayyedThe Infosys Customer Satisfaction Survey 2006Communication Service ProvidersIndependent Validation SolutionsRe
140、tail Distribution&Consumer Products GroupThe Infosys Internal Partnership Survey 2006Facilities DepartmentUnit ManagementCommunication Service ProvidersValue ChampionsHemalatha MurugesanInfosys Annual Repor t 2 0 0 6-0 7|9 Second PrizeAccount ManagementTeam for a leading agribusiness companyAvinash
141、G.S.Balwinder Singh SalariaDilip PorwalJyotirmay PadhiKrishnaprakash D.Mohan Devumal MotianiSaurav De PurkayasthaZafar AhmedBrand Management Online branding teamBijoy VenugopalPavanaSanjay Eknath NayakSanjay SahayBusiness SolutionsMulti-channel commerce solution teamArthur Albert SchattschneiderAshi
142、sh Subashchandra JandialDavid Austin SaulsMaruthi V.S.R.KazaMichael J.KlinefelterMing TsaiPatrick T.OgawaSatyajeet ChawlaSeth David LivelyVenkateswaran SuriyanarayananCustomer DelightLMH development team for a large European bank Anil Kumar SaggamPankaj Jaiprakash KankattiRaghu Ram K.S.Ravikrishnan
143、K.Satya Muralidhar BandiSiddharth Ravindra BohraSri Krishna V.R.ArardhiSudheer DhurjatiInfy ChampionDomain ChampionJoy Prakash SomaniInnovationInnovation for InitiativesRFID solutions core teamAkash Deep BatraGirish A.R.Navalkishore Ranjeet AryaSateesh SeetharamiahShashi Shekhar VempatiVibin Balakri
144、shnanInnovation for IP CreationLocation-based delivery system and methods Kartik MuralidharanKavitha DamodhiranPuneet GuptaOne Infy ExcellenceOne Infy Account Team for a leading global energy companyAnthony B.GerthBhaskar ChicknanjundappaDattatraya KulkarniEric RichGanesh M.Murali VasudevanRajesh K.
145、MurthyRobin GoswamiSuraj RamprasadSuraj RangashayiTeam for a large investment banking account Amit Sagar BhagatAniruddha MajumderKarthik GaneshanPankaj KulkarniPartha Pratim GhoshPraveen KumarRajneesh MalviyaRama Murthy PrabhalaSudarshan MandayamVenkatachalam P.K.Internal Cross-functional TeamInfosy
146、s Tools GroupAmit GulatiChandrakanth DesaiIndhuja R.John KuriacoseKoushik R.N.Naresh Balaram ChoudharyNaveed Pasha MohammedRaja Ranjan SenapatiVikas AhujaPeople DevelopmentInfosys project management certification team Aman Kumar SinghalNeeraj Arvind JoshiOm Prakash GuptaPrashant Pungliya L.Satyendra
147、 KumarVinay ChousalkarProgram ManagementNetwork operations center team Bhushan Rajaram MalsheKiran Karunakar NaikManish Bhisham BhatiaMitesh Indravadan BhattParag Subhash HadasRavinder Pal SinghSadhanandhan P.T.Sunil Amrutrao BhamareVarsha Dattatraya BankarVivek ShroffUlster integration program team
148、Ambar BandyopadhyayAtul SonejaNarahari Narasimha MurthyParag PrasadRajagopal P.K.Raman Veezhinathan C.V.Satish GrampurohitSatrajit PalVaibhav Vasantrao PandhariVenkataramana Narayana PrasadProject Execution ExcellenceBritish Telecom 2 Century NetworkAmandweep Suresh GoelMary GeorgeRajat DasRajnish C
149、handraSubramanian ThangaveluSunitha S.P.Venu KozhummalTeam for a leading coalition loyalty program provider in the U.K.Diwhagaran PalaniveluNormanjai Singh PaulduraiPurushothaman VaradharajanSabari Jothi H.Sachin BaglaSrinivasa RaghavanSunil Vatsanath RegunaTabraze HumayunRetail Diary team Badarinat
150、h Sathyanarayan CheguLavanya Jayant UchilManish GuptaRatna Madhav Burugadda KandalieRishi GeraSatish VenkatramanShiva Kumar SatyanarayanShrirang Raddi A.Sitangshu SupakarSreekumar MadathilVitria maintenance team for a U.K.based clientAdithya KumarAnu MaheshBipin Chandra JoshiJayant KumarKarthik Rao
151、BappanadLeena Mala BhaskaranRajjit Kaur BalRenju S.RoseSomnath BasuSundeep ShivaramuSales ManagementThe One Infy pursuit team for a U.S.based insurance service companyAmit MahajanBellur Nirmalkumar ShanthinathMark Richard SeeleyMuthusubramanian B.Rahul Laxmikant BhattadSanjay MohanTim BilaliVijay Ra
152、jan20|T h i n k F latLeading CPG manufacturer teamArindam MaitraArun RaghavapudiDinesh R.Krishna K.V.Lavanya R.IyerManish TandonNitesh MittalYashwant AgastwarTeam for a retail chain in the mideast region of the U.S.Achin SahayAniket Rajiv MaindarkarAnirudh GoelBalaraj D.A.Gopal DevanahalliMona Madan
153、Praveen Kumar K.Srikanth M.Ramesh IyengarSocial ConsciousnessHinjawadi Foundation teamGayatri Manohar PatilJagdish Mahendra MajethiyaKaran Nalin Kumar ShahManinder KaurNeha ChhabraPriti BudhiaPriyank MishraRam Ramesh KariyaSanjay Bipinchandra PancholiShilpa Hemal ShahYamini Wasudeo NafdeSystems and
154、ProcessesBrITE teamAnuradha BalasubramaniamHareshkumar Mahadevrao AmreJayeeta DuttaPrakash ViswanathanSujatha BalasundaramThangappan MuthusamyThird PrizeAccount ManagementMicrosoft account management teamAnand SwaminathanGuru S.SangameshwarMandeep SinghMathias HerzogRavindra Shivaji MohiteSanthanakr
155、ishnan S.Venkatesh R.L.Venugopal S.Brand Management Retail&Consumer Products Group marketing teamAnantha RadhakrishnanAtul MehraKishor Seshadri GummarajuVijay Sairam PratapBusiness SolutionsEnterprise performance testing solutions teamKaushik RamakrishnanKrishna Seshadri ThirukarangudiLate Anand Bal
156、igaShubha BellaveVenkataraghavan SeshadriProduct development effectiveness solution teamAjai VasudevanAmeer SaithuGopalan A.Jaismon EmmanuelMihir KumarRajiv PuriRavi Kumar G.V.V.Srinivaskumar Prasadarao AkunuriSudip SinghSumeet BhatiaCustomer DelightTeam for a leading specialty retailer of consumer
157、electronics goodsGopikrishnan KonnanathSatya Prakash SinghTeam for a leading retail grocery in the northeast region of the U.S.Francis Dale VazKrishna Murthy RaghavuluMaju DevassySangamesh BagaliShaihbaz Ali MastanInfy ChampionsDomainRobert Semple EichlerTechnologyVishnu SharmaInnovationInnovation f
158、or InitiativesAPAC Academy teamDhanalakshmiNitesh BangaPramod Prakash PandaRakesh Mohan PandeySamson DavidSuparna ShankarInfosys ASPEN framework teamDheeraj AgarwalHari Gopal K.B.PonnapalliManeesh Kumar PonnathMohammad Amir SiddiquiVishal Krishna SaxenaInnovation for IP CreationA software system for
159、 modelling architecture for business systems and methods Kapadia Riaz J.Santonu SarkarSrinivas ThonsePeople DevelopmentFoundation Program GEC teamRavindra Muthya Pranesha RaoRekha Talakad Shanmukha SwamySatheesha B.N.Shivakumar K.S.Subraya B.M.Sundar K.S.IVS Academy teamAjay Prasad PandeyAruna Banav
160、ar ShankarKartik KrishnaswamyRajasekhar VeeramachaneniShishank GuptaVeda Srinivasan SurajProgram ManagementABN AMRO Bank North America Harvest transition program teamAshwini Abhijit KuberMohan NarayananNitesh JainRajesh Shashikant PanditRamaswamy Kumaraswamy RajaramRamnath SankaranRekha Dipanjan Dey
161、Roger George MellorSteven Lee BrussUrvesh Bipin ShahSystems and ProcessesALERT Accelerated risk prediction teamAshoka K.R.Ramakrishnan M.Shivram R.Sravan KumarValue ChampionsKiran Ramchandra ShirgaonkarSpecial WinnersSocial ConsciousnessTeam Sanjeevani Ajish MuraliAnsu A.S.Asha KurupIndu Thankamma P
162、onnappanLakshmy B.NairPyari KrishnanRajeev Raghavan ParanganattRavikumar BalanSankar SatishVinod GopalakrishnanTeam SNEHAM Blesson GeorgeGopalakrishnan KalyanaramanKavitha BadhriRajadurai PandiduraiSankara Narayanan ArumugamSrikanth GanesanSujith Kumar John PeterThothadri SrinivasanInfosys Annual Re
163、por t 2 0 0 6-0 7|2 Infosys Technologies LimitedNarayana Murthy N.R.Chairman and Chief MentorNandan M.NilekaniChief Executive Officer and Managing DirectorGopalakrishnan S.President,Chief Operating Officer,Joint Managing Director,and Head Customer Service and TechnologyDeepak M.SatwalekarLead Indepe
164、ndent DirectorProf.Marti G.SubrahmanyamIndependent DirectorDr.Omkar GoswamiIndependent DirectorRama BijapurkarIndependent DirectorClaude SmadjaIndependent DirectorSridar A.IyengarIndependent DirectorDavid L.BoylesIndependent DirectorJeffrey S.LehmanIndependent DirectorDinesh K.Director and Head Comm
165、unication Design Group,Information Systems,and Quality&ProductivityShibulal S.D.Director and Group Head World-wide Customer Delivery and SalesMohandas Pai T.V.Director and Head Administration,Education&Research,and HRDSrinath BatniDirector and Group Co Head World-wide Customer DeliveryInfosys BPO Li
166、mitedMohandas Pai T.V.ChairpersonAmitabh ChaudhryChief Executive Officer and Managing Director Jayanth R.VarmaIndependent DirectorSridar A.IyengarIndependent DirectorShibulal S.D.DirectorSrinivas B.G.DirectorEric S.PaternosterDirectorInfosys Technologies(China)Co.Ltd.Shibulal S.D.ChairpersonJames Li
167、nChief Executive Officer and Managing DirectorNarayana Murthy N.R.DirectorMohandas Pai T.V.DirectorSrinath BatniDirectorSriram V.DirectorPrasad T.P.DirectorInfosys Technologies(Australia)Pty.Ltd.Dinesh K.ChairpersonGary EbeyanChief Executive Officer and Managing DirectorArmen KocharyanDirectorSrinat
168、h BatniDirectorBalakrishnan V.DirectorSriram V.DirectorSubhash DharDirectorPravin Rao U.B.DirectorInfosys Consulting,Inc.Gopalakrishnan S.ChairpersonStephen Pratt Chief Executive Officer and Managing DirectorNarayana Murthy N.R.DirectorShibulal S.D.DirectorBalakrishnan V.DirectorAshok VemuriDirector
169、Chandra Sekhar KakalDirectorSupervisory Board of Infosys BPO S.R.O.Amitabh ChaudhryChairpersonSrinivas B.G.DirectorRitesh Mohan IdnaniDirectorBoard CommitteesAudit committeeDeepak M.Satwalekar,ChairpersonDavid L.BoylesProf.Marti G.SubrahmanyamDr.Omkar GoswamiRama BijapurkarSridar A.IyengarCompensati
170、on committeeProf.Marti G.Subrahmanyam,ChairpersonDeepak M.SatwalekarJeffrey S.LehmanSridar A.IyengarNominations committeeClaude Smadja,ChairpersonDavid L.BoylesDeepak M.SatwalekarJeffrey S.LehmanDr.Omkar GoswamiInvestor grievance committeeRama Bijapurkar,ChairpersonClaude SmadjaJeffrey S.LehmanDr.Om
171、kar GoswamiRisk management committeeDavid L.Boyles,ChairpersonClaude SmadjaProf.Marti G.SubrahmanyamSridar A.IyengarManagement Council InviteesAashish BansalAssociate Vice President Energy,Utilities and Resources(Sales)Abhay M.KulkarniAssociate Vice President Transportation and Services(Delivery)Abh
172、imanyu AcharyaMember Engagement Management Banking and Capital Markets(Sales)Alexandre Elvis RodriguesAssociate Vice President Transportation and Services(Sales)Anand NatarajAssociate Vice President Communication Service Providers(Sales)Ankush PatelAssociate Vice President Energy,Utilities and Resou
173、rces(Sales)Anup UppadhayayAssociate Vice President Europe,Middle East and Africa(Sales)Anurag Vardhan SinhaAssociate Vice President Insurance,Healthcare and Life Sciences(Sales)The Board of Directors22|T h i n k F latArdhendu Sekhar DasDivisional Manager and Head Bhubaneswar Development CenterBalaji
174、 YellavalliAssociate Vice President Banking and Capital Markets(Delivery)Balakrishnan J.P.Associate Vice President Systems Integration(Sales)Col.Sadananda S.NayakChief Security Officer FacilitiesDeepak Nanjunda SwamyAssociate Vice President Communication Service Providers(Sales)Dharmendra Patwardhan
175、Associate Vice President Operations,Infosys BPO LimitedDinesh R.Associate Vice President Energy,Utilities and Resources(Delivery)Ganesh GopalakrishnanVice President Insurance,Healthcare and Life Sciences(Delivery)Gaurav RastogiAssociate Vice President Sales OverheadGeetha KannanAssociate Vice Presid
176、ent Human Resources DepartmentGopinath SutarAssociate Vice President Hi Tech and Discrete Manufacturing(Sales)Haragopal M.Vice President FinacleJamuna RaviAssociate Vice President Banking and Capital Markets(Delivery)Jeffrey Anderson BannisterAssociate Vice President Infrastructure Management Servic
177、es(Sales)Joydeep MukherjeeAssociate Vice President Operations,Infosys BPO LimitedKaushik RayCorporate HR Manager Compensation&Benefits,Human Resources DepartmentKrishnamoorthy AnanthasivamVice President Retail,Distribution&Consumer Products Group(Delivery),and Head Thiruvananthapuram Development Cen
178、terMeera InnanjeAssociate Vice President Operations,Infosys BPO LimitedMing TsaiManaging Director Infosys Consulting,Inc.Mohit JoshiAssociate Vice President Banking and Capital Markets(Sales)Mukul GuptaAssociate Vice President Communication Service Providers(Sales)Nagarajan VenkateswaranAssociate Vi
179、ce President Sales OverheadNarsimha Rao ManepalliAssociate Vice President Enterprise Solutions and Head Hyderabad Development CenterPatrick T.OgawaAssociate Vice President Retail,Distribution&Consumer Products Group(Sales)Prabhakar Devdas MallyaVice President Security Audit and ArchitecturePraveen K
180、umarAssociate Vice President Europe,Middle East and Africa(Sales)Rajesh K.MurthyAssociate Vice President Enterprise Solutions(Sales)Rajiv BansalAssociate Vice President FinanceRam C.KumarAssociate Vice President Product Engineering(Sales)Rama N.S.Vice President Product Engineering(Delivery),and Head
181、 Bangalore Development CenterRamaa SivaramAssociate Vice President Hi Tech and Discrete Manufacturing(Sales)Rangarajan V.R.Chief Operating Officer Infosys Technologies(China)Company LimitedRavi KiranAssociate Vice President Systems IntegrationRitesh Mohan IdnaniVice President Sales,Infosys BPO Limit
182、edSameer GoelDelivery Manager Europe,Middle East and Africa,and Head Chandigarh Development CenterSamson DavidAssociate Vice President Asia PacificSanat RaoAssociate Vice President Finacle(Sales)Sandeep Deepak DadlaniAssociate Vice President Retail,Distribution&Consumer Products Group(Sales)Sanjay J
183、alonaAssociate Vice President Europe,Middle East and AfricaSathisha B.K.Associate Vice President Product Lifecycle and Engineering Solutions(Sales)Senthil Kumar NallasamyDelivery Manager CorporateSeshadri ParthasarathyDelivery Manager Canada Operations(Sales)Shaji MathewAssociate Vice President Insu
184、rance,Healthcare and Life Sciences(Delivery),and Head Mysore Development CenterShiv Shankar N.Associate Vice President Strategic Sourcing Differentiated Delivery,and Head Chennai(Sholinganallur)Development CenterSohrab Peshoton KakaliaVice President Systems IntegrationSreenivas Bhashyam AsuriAssocia
185、te Vice President Automotive and Aerospace(Sales)Sridhar MarriAssociate Vice President Communication Design GroupSrikantan MoorthyVice President Communication Service Providers(Delivery)Sudhir AlbuquerqueAssociate Vice President Hi Tech and Discrete Manufacturing(Delivery),and Head Mangalore Develop
186、ment CenterSudhir SinghAssociate Vice President Banking and Capital Markets(Sales)Surya Prakash K.Associate Vice President Automotive and Aerospace(Delivery)Uday BhaskarwarAssociate Vice President Asia Pacific(Sales)Thothathri V.Associate Vice President Retail,Distribution and Consumer Products Grou
187、p,and Head Chennai(Mahindra City)Development Center Vibhuti Kumar DubeyDelivery Manager Enterprise Solutions,and Head Pune Development Center(Phase 2)Vishnu G.BhatAssociate Vice President Australia Operations(Delivery)Management Council Voice of YouthAmar Deep SinghProject Manager Energy,Utilities a
188、nd Resources(Delivery)Bela GuptaLead Corporate PlanningFrancis Dale VazProject Manager Retail,Distribution and Consumer Products GroupHai Tao SunProject Manager Infosys Technologies(China)Company LimitedKaushik RamakrishnanConsultant Independent Validation SolutionsMalay ShahEngagement Leader Infosy
189、s Consulting,Inc.Nandan Vasudev ShetiyaProject Manager Product Engineering(Delivery)Pawanraj Gokulnath SadhwaniBusiness Analyst Automotive and AerospacePeter David NorlanderHR Support Manager Human Resources DevelopmentPrithvi PrabhuProject Manager Insurance,Healthcare and Life Sciences(Delivery)Shi
190、raz MishraConsultant Enterprise SolutionsShruti BopaiahAssistant Manager Infosys BPO LimitedVishwesh Umeshchandra SharmaProgrammer Analyst Strategic Sourcing Differentiated DeliveryInfosys Foundation TrusteesSudha Murty,ChairpersonSrinath BatniSudha GopalakrishnanInfosys Annual Repor t 2 0 0 6-0 7|2
191、 CEO and CFO CertificationWe,Nandan M.Nilekani,Chief Executive Officer and Managing Director,and V.Balakrishnan,Chief Financial Officer of Infosys Technologies Limited,to the best of our knowledge and belief,certify that:1.We have reviewed the balance sheet and profit and loss account(consolidated a
192、nd unconsolidated),and all its schedules and notes on accounts,as well as the cash flow statements,and the directors report;2.Based on our knowledge and information,these statements do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statemen
193、ts made,in light of the circumstances under which such statements were made,not misleading with respect to the statements made;3.Based on our knowledge and information,the financial statements,and other financial information included in this report,present in all material respects,a true and fair vi
194、ew of the Companys affairs,the financial condition,results of operations and cash flows of the Company as of,and for,the periods presented in this report,and are in compliance with the existing accounting standards and/or applicable laws and regulations;4.To the best of our knowledge and belief,no t
195、ransactions entered into by the Company during the year are fraudulent,illegal or violative of the Companys code of conduct;5.We are responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting for the Company,and we have:a)designed s
196、uch disclosure controls and procedures to ensure that material information relating to the Company,including its consolidated subsidiaries,is made known to us by others within those entities,particularly during the period in which this report is being prepared;b)designed such internal control over f
197、inancial reporting,or caused such internal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted ac
198、counting principles;c)evaluated the effectiveness of the Companys disclosure,controls and procedures:d)disclosed in this report any change in the Companys internal control over financial reporting that occurred during the Companys most recent fiscal year that has materially affected,or is reasonably
199、 likely to materially affect,the Companys internal control over financial reporting.6.We have disclosed based on our most recent evaluation,wherever applicable,to the Companys auditors and the audit committee of the Companys Board of Directors(and persons performing the equivalent functions)a)all de
200、ficiencies in the design or operation of internal controls,which could adversely affect the Companys ability to record,process,summarize and report financial data,and have identified for the Companys auditors,any material weaknesses in internal controls over financial reporting including any correct
201、ive actions with regard to deficiencies;b)significant changes in internal controls during the year covered by this report;c)all significant changes in accounting policies during the year,if any,and that the same have been disclosed in the notes to the financial statements;d)instances of significant
202、fraud of which we are aware,that involve management or other employees who have a significant role in the Companys internal controls system.7.In the event of any materially significant misstatements or omissions,we will return to the Company that part of any bonus or incentive or equity-based compen
203、sation,which was inflated on account of such errors,as decided by the audit committee;8.We affirm that we have not denied any personnel,access to the audit committee of the Company(in respect of matters involving alleged misconduct)and we have provided protection to whistle blowers from unfair termi
204、nation and other unfair or prejudicial employment practices;and9.We further declare that all board members and senior managerial personnel have affirmed compliance with the code of conduct for the current year.Nandan M.NilekaniChief Executive Officer and Managing DirectorV.BalakrishnanChief Financia
205、l OfficerBangaloreApril 13,200724|T h i n k F latTo the members,We are delighted to present our report on the business and operations of the Company for the year ended March 31,2007.Results of operationsin Rs.crore,except per share data20072006Income from software services and products13,1499,028Sof
206、tware development expenses7,2784,887Gross profit5,8714,141Selling and marketing expenses719499General and administration expenses927653Operating profit before interest and depreciation4,2252,989 InterestDepreciation469409Operating profit before tax and exceptional items3,7562,580Other income,net3751
207、44Provision of investments2Net profit before tax and exceptional items4,1292,724Provision for taxation(1)352303Net profit after tax and before exceptional items3,7772,421Income on sale of investments,net of taxes6Net profit after tax and exceptional items3,7832,421Balance brought forward2,1951,428Le
208、ss:Residual dividend paid4Dividend tax on the above1Amount available for appropriation5,9733,849DividendInterim278177Final371234Silver jubilee special dividend827Total dividend6491,238Dividend tax102174Amount transferred to general reserve378242Balance in profit and loss account4,8442,195EPS(2)befor
209、e exceptional itemsBasic67.8244.34Diluted66.3343.10EPS(2)after exceptional itemsBasic67.9344.34Diluted66.4443.10Note:1 crore equals 10 million(1)Includes tax reversal of Rs.125 crore and Rs.18 crore for fiscal 2007 and 2006 respectively(2)Equity shares are of par value Rs.5/-eachBusinessTotal income
210、 increased to Rs.13,149 crore from Rs.9,028 crore in the previous year,at a growth rate of 45.6%.Our software export revenues aggregated Rs.12,939 crore,up by 46.0%from Rs.8,864 crore the previous year.63.8%of the revenues came from North America,25.8%from Europe,and 8.7%from the rest of the world.T
211、he revenue from Europe increased from Rs.2,187 crore to Rs.3,393 crore,with a growth rate of 55.1%which is higher than other regions.The share of the fixed-price component of the business was 28.0%,as compared to 29.3%during the previous year.Blended revenue productivity,in dollar terms,increased by
212、 5.7%during the year.Prices have been stable with an upward bias.The gross profit amounts to Rs.5,871 crore(44.6%of revenue)as against Rs.4,141 crore(45.9%of revenue)in the previous year.The onsite revenues have increased from 49.8%in the previous year to 51.7%.The onsite person months comprised 30.
213、1%of the total billed efforts as compared to 29.2%during the previous year.The operating profit amounted to Rs.4,225 crore(32.1%of revenue)as against Rs.2,989 crore(33.1%of revenue)in the previous year.Sales and marketing costs were 5.5%of our revenue during the year ended March 31,2007 and 2006.Gen
214、eral and administration expenses decreased from 7.2%in the previous year to 7.0%.We continue to reap the benefits of economies of scale.The net profit after tax and exceptional item was Rs.3,783 crore(28.8%of revenue)as against Rs.2,421 crore(26.8%of revenue)in the previous year.The net profit for t
215、he year includes a tax reversal of Rs.125 crore.The tax provisions were reversed as it was no longer required in overseas jurisdictions on conclusion of assessment as well as expiry of the limitation period.We seek long-term partnerships with clients while addressing their various IT requirements.Ou
216、r customer-centric approach has resulted in high levels of client satisfaction.We derived 95.3%of our revenues from repeat business(i.e.a customer who also contributed to revenues during the prior fiscal year).We added 160 new clients,with a substantial number of large global corporations.The total
217、client base at the end of the year stood at 500.Further,we have 275 million-dollar clients(221 in the previous year),107 five-million-dollar clients(81),71 ten-million-dollar clients(54),12 fifty-million-dollar clients(9),and 3 hundred-million clients(Nil in the previous year).During the year,one of
218、 our client contributed more than$200 million of revenues.We continued scaling up our infrastructure by adding another 29.38 lakh sq.ft.of physical infrastructure space.The total available space now stands at 119.65 lakh sq.ft.The number of marketing offices as of March 31,2007 was 43.FinacleFinacle
219、,the universal banking solution from Infosys,helps banks win in the flat world by enabling them to shift their strategic and operational priorities.It maximizes their opportunities for growth,while minimizing the risks that come with large-scale business transformation.This modular solution addresse
220、s the core banking,treasury,wealth management,consumer and corporate e-banking,mobile banking and web-based cash management requirements of universal,retail and corporate banks worldwide.Finacle currently powers 91 banks across 54 countries,helping them serve over 100 million customers,150 million a
221、ccounts,80,000 users and supporting over 36 million peak banking transactions per day spread across multiple installations.In the recently released reports by renowned research firms Gartner and Forrester,Finacle has emerged among the leaders in a global evaluation of retail core banking vendors.Fin
222、acle has also emerged as one of the most scalable core banking solutions in the world by achieving an unparalleled performance benchmark of 104 million effective transactions per hour(29,010 ETPS).Liquidity We continue to be debt-free,and maintain sufficient cash to meet our strategic objectives.Liq
223、uidity in the balance sheet needs to balance between earning adequate returns and the need to cover financial and business risks.Liquidity also enables us to make a rapid shift in direction,should the market so demand.During the current year,internal cash flows have more than adequately covered work
224、ing Directors report Infosys Annual Repor t 2 0 0 6-0 7|25 capital requirements,capital expenditure,investment in subsidiaries and dividend payments,leaving a surplus of Rs.659 crore.As on March 31,2007,we had liquid assets including investments in liquid mutual funds,of Rs.5,650 crore as against Rs
225、.4,463 crore at the previous year-end.These funds have been invested in deposits with banks and highly rated financial institutions.Increase in share capitalDuring the year,upon the approval of the shareholders,a bonus issue of 1:1 was made by capitalizing a sum of Rs.138 crore from the general rese
226、rve.To provide for the issue of these additional shares,the authorized capital of the Company was increased to Rs.300 crore consisting of 60 crore equity shares of Rs.5/-each.Also,the Company issued 1,88,11,706 shares on the exercise of stock options under the 1998 and 1999 employee stock option pla
227、ns.Due to this,the outstanding issued,subscribed and paid-up equity share capital increased from 27,55,54,980 shares to 57,12,09,862 shares as of March 31,2007.Secondary American Depositary Shares(ADSs)offeringDuring the year,we successfully sponsored a Secondary American Depositary Share Offering.3
228、,477 valid applications comprising 8,40,32,322 equity shares were received during the Offer Period(November 9,2006 to November 17,2006).On November 21,2006,3,00,00,000 ADSs representing 3,00,00,000 equity shares were sold in the Sponsored Secondary ADR Offering at a price of US$53.50 for each ADS,be
229、fore underwriting commission and discounts and other offer expenses.The gross proceeds from the sale of 3,00,00,000 ADSs representing 3,00,00,000 equity shares,aggregate to over US$1.6 billion.As part of this offering,50,00,000 ADSs representing 50,00,000 equity shares were placed with Japanese inve
230、stors through a Public Offer Without Listing(POWL).This is the largest ever international equity offering from India at that time.NASDAQ-100 IndexWe were added to the NASDAQ-100 Index,effective with the market opening on Monday,December 18,2006.The NASDAQ-100 Index is composed of the 100 largest non
231、-financial stocks on the NASDAQ Stock Market in terms of market capitalization.We are the first Indian company to be added to the NASDAQ-100 Index and are the only Indian company to be part of any major global index.AppropriationsDividendIn October 2006,we paid an interim dividend of Rs.5/-per share
232、(100%on par value of Rs.5/-).We recommend a final dividend of Rs.6.50 per share(130%on par value of Rs.5/-per share).The total dividend amount is Rs.649 crore,as against Rs.1,238 crore(including silver jubilee special dividend of Rs.827 crore)for the previous year.Dividend(including dividend tax)as
233、a percentage of profit after tax is 19.9%as compared to 19.4%(excluding silver jubilee dividend)in the previous year.The register of members and share transfer books will remain closed from June 8,2007 to June 22,2007,both days inclusive.The Annual General Meeting of the Company has been scheduled f
234、or June 22,2007.Transfer to reservesWe propose to transfer Rs.378 crore to the general reserve.An amount of Rs.4,844 crore is proposed to be retained in the profit and loss account.SubsidiariesWe have four subsidiaries Infosys BPO Limited,Infosys Technologies(Australia)Pty.Limited,Infosys Technologi
235、es(China)Company Limited and Infosys Consulting,Inc.and one step-down subsidiary Infosys BPO S.R.O.(wholly-owned subsidiary of Infosys BPO Limited).Majority-owned subsidiaryInfosys BPO Limited(IBPO)Infosys BPO Limited(formerly Progeon Limited)was incorporated in April 2002,in India,to address opport
236、unities in the Business Process Management space.As of March 31,2007 we hold 98.92%of the equity share capital and voting power of Infosys BPO.During the year,Infosys BPO serviced 74 clients,added 22 clients,and generated Rs.650 crore in revenue,with a net profit of Rs.153 crore.The employee strengt
237、h as on March 31,2007 was 11,226.On June 2006,we acquired 87,50,000 equity shares of IBPO from Citicorp International Finance Corporation for a consideration of Rs.530 crore.In December 2006,the shareholders of Infosys BPO approved a buyback of up to 12,79,963 equity shares at a fair market value of
238、 Rs.604 per equity share.Pursuant to the buyback offer,IBPO bought back 11,39,469 equity shares,which were subsequently cancelled.In January 2007,we initiated the purchase of all the share and outstanding options in IBPO from its shareholders and option holders comprising current and former employee
239、s of IBPO.The shareholders were given a choice to sell their shares at fair market value and the option-holders were given the choice to sell their options and/or swap IBPO options for Infosys options at a swap ratio based on fair market value.Consequent to this proposal,we paid an aggregate of Rs.7
240、1 crore for the purchase of shares and options,and granted 1,51,933 Infosys options under the 1999 plan valued at Rs.12 crore.Accordingly,our investment in IBPO has increased by Rs.83 crore and reserves have increased by Rs.12 crore.Additionally,we have committed to a deferred share purchase with th
241、e shareholders of IBPO.As per the agreement,we will purchase 3,60,417 IBPO shares for Rs.22 crore by February 2008.The same will be accounted as investment on conclusion of the agreement along with the transfer of title in the shares.Upon conclusion,our holding in IBPO would be 99.98%.Our total inve
242、stment in Infosys BPO as of March 31,2007 is Rs.637 crore.Wholly-owned subsidiariesInfosys Technologies(Australia)Pty.Limited In January 2004,the Company acquired,for cash,100%of the equity in Expert Information Services Pty.Limited,Australia,for US$24.3 million(Rs.66 crore).The acquired company was
243、 renamed“Infosys Technologies(Australia)Pty.Limited”.During the year,Infosys Technologies(Australia)Pty.Limited serviced 59 clients and generated Rs.446 crore in revenue,with a net profit of Rs.71 crore.The employee strength as on March 31,2007 was 306.Infosys Technologies(China)Company LimitedInfos
244、ys Technologies(China)Company Limited(Infosys China)is a wholly-owned subsidiary and was formed to expand Infosys business operations in China.We have invested US$10 million (Rs.46 crore)of capital in Infosys China and advanced a loan of US$5 million(Rs.22 crore)as of March 31,2007.During the year,I
245、nfosys China serviced 50 clients,and generated a revenue of Rs.60 crore,with a net loss of Rs.29 crore.The employee strength as on March 31,2007 was 669.Infosys Consulting,Inc.In April 2004,we established Infosys Consulting,Inc.,a wholly-owned subsidiary,in Texas,U.S.,to add high-end consulting capa
246、bilities to our Global Delivery Model.The Board had approved an investment of up to US$20 million in the share capital of Infosys Consulting,Inc.We have invested US$20 million(Rs.90 crore)as of March 31,2007.During the year,Infosys Consulting serviced 89 clients,and generated a 26|T h i n k F latrev
247、enue of Rs.213 crore,with a net loss of Rs.111 crore.The employee strength as on March 31,2007 was 209.Particulars under Section 212 of the Companies Act As per Section 212 of the Companies Act,1956,we are required to attach the directors report,balance sheet,and profit and loss account of our subsi
248、diaries.We had applied to the Government of India for an exemption from such an attachment as we present the audited consolidated financial statements in the Annual Report.We believe that the consolidated accounts present a full and fair picture of the state of affairs and the financial condition an
249、d is accepted globally.The Government of India has granted exemption from complying with Section 212.Accordingly,the Annual Report does not contain the financial statements of these subsidiaries.We will make available the audited annual accounts and related information of subsidiaries,where applicab
250、le,upon request by any of our investors.These documents will also be available for inspection during business hours at our registered office in Bangalore,India.Development centers In FY 2007,we incurred capital expenditure aggregating Rs.1,194 crore on physical infrastructure,up from Rs.849 crore du
251、ring the previous year.Further,we incurred Rs.249 crore on technological infrastructure,up from Rs.199 crore last year.In all,Rs.1,443 crore has been invested,up from Rs.1,048 crore last year.As of March 31,2007,in India,we had 119.65 lakh sq.ft.of space with 58,488 seats,and an additional 103.12 la
252、kh sq.ft.under construction that would provide 32,967 seats.QualityImproving“Execution Excellence”through continuous productivity improvement and maintaining high quality deliveries is the prime focus for every Infoscion.We have continuously benchmarked our processes against world-class standards an
253、d models such as ISO 9001-TickIT,SEI-CMM/CMMI,ISO 20000,ISO 27000,AS 9100,TL 9000 and ISO 14001.Regular and rigorous assessments are conducted by reputed external assessors.Our process performance has been benchmarked and has emerged as a better performer in comparison with other players in the indu
254、stry.We embarked on various strategic improvement initiatives last year:Baldrige-based assessment of units for business excellenceOrganization-wide reuse and tools initiatives for productivity improvementPatent application filed for PROSO,our project scheduling model Program management framework to
255、enable execution of large dealsProactive risk assessment model and approach to mitigate execution risks eSCM Level 4 assessment for Infosys BPO.eSCM is the eSourcing Capability Model from SEIInternal quality certification to equip Infoscions with required skill sets quicklyBranding During the year,I
256、nfosys came of age as a global brand.In July 2006,Infosys celebrated its 25th anniversary,an occasion that received wide coverage in the global media.USA Today,in a news story that traced seminal moments in our 25-year history,saluted the vision of our founders,and described Infosys as Indias most a
257、dmired and best-known global brand.Leading global newspapers and magazines,including The Times,BusinessWeek,The Financial Times and Computerworld,echoed similar sentiments.On July 31,2006,we launched our Win in the Flat World marketing campaign with the ringing of the NASDAQ opening bell from our ca
258、mpus at Mysore.On the occasion,Bob Greifeld,President and CEO,The NASDAQ Stock Market,Inc.,commented,“Infosys has defined what it means to be in the flat world.It is the global transformation partner of choice.”As part of the Win in the Flat World campaign,we also leveraged key online properties to
259、reach out and build awareness.A survey conducted by BusinessWeek and Boston Consulting Group of the Worlds Most Innovative Companies placed us at No.10 in the Asia-Pacific region and No.32 in the world.The Reputation Institute ranked us among the 200 most respected companies in the world.The Bloom G
260、roup named among the most prospect-friendly professional services websites.As a strategic partner and key sponsor of the World Economic Forum,we led discussions on economic and social issues at the Davos round in January.We helped the Forum shape its agenda by actively participating in the Forum of
261、Young Global Leaders and the Global Growth Companies programs.We were a prime sponsor at several flagship events like Gartner Sourcing Summit,Sapphire,Oracle OpenWorld,World Wide Web Consortiums W3C Conference and The Open Group Summit.Infosys annual client meet,Confluence,was a resounding success.A
262、s a part of our branding strategy,we were also a sponsor at many industry-specific events in various domains such as Retail,Financial Services,Aerospace,Telecommunications,Testing and Validation,and Product Engineering,among others.In the financial services sector,the brand made deep inroads.Gartner
263、 named us among the top six systems integrators to the U.S.financial services market and further identified us as the fastest growing technology and services provider to the financial services industry.The readers of Waters,a leading industry publication in the U.S.,ranked us among the top three out
264、sourcing services providers to the financial services industry.We have been rated as one of the leading players in the Service Oriented Architecture(SOA)space by Forrester.The analyst pointed out our strengths in implementing SOA in the North American market and modernizing legacy applications in th
265、e European market.We partnered with The Open Group,a vendor-and-technology-neutral consortium focused on open standards and global interoperability within and between enterprises,in the area of Enterprise Architecture.We have the largest number of TOGAF 8 certified professionals at one company in th
266、e world and are involved in two Open Group committees to define next-generation standards for SOA and Enterprise Architecture.We continued to consolidate our position as a global sourcing leader.A series of brochures titled Global Sourcing Essentials have been launched to serve as a primer on this t
267、opic.We have expanded our relationship with sourcing-specific platforms such as International Association of Outsourcing Professionals(IAOP),Sourcing Interests Group(SIG),and Information Technology Association of America(ITAA).We continued to strengthen our service offerings through alliances with l
268、eading technology providers.The Infosys-Microsoft alliance,in particular,had a very successful year.For the second successive year,we won four Microsoft Partner Awards at the 2006 Annual Microsoft Partner Awards program.Our Campus Connect program has been extended to over 300 engineering colleges,wi
269、th over 58,000 registered students.Awards We are happy to report some of the awards that we received during the financial year.Ranked as the Best company to work for in India 2006 in the BT-Mercer-TNS survey published in Business TodayBusinessWeek cover story cited Infosys as one of the companies tu
270、rning the technology services industry on its headBusinessWeek named Infosys as one of the 10 global companies to watchRanked No.11 in Wired 40(in 2006)Infosys Annual Repor t 2 0 0 6-0 7|27 Ranked the Businessworld Most Respected Company in a survey.The special issue featured rankings of top compani
271、es from all sectors Ranked No.36 on the worldwide list of the Worlds Most Innovative CompaniesNamed among 74 Global High Performers chosen from Forbes Global 2000 listBusinessWeek ranked Infosys No.10 among Worlds Most Innovative Companies in the APAC regionICAI judged Infosys Annual Report 2006 bes
272、t in Information Technology,Communication and Entertainment Enterprises categoryBest Presented Accounts in Communication and Information Technology Sector in SAFA(South Asian Federation of Accountants)BPA Awards,2005.Overall winner of the SAFA Best Presented Accounts 2005Rated among the top five inv
273、estor relations websites in APAC/Africa by IR magazineNamed the most admired company for the sixth consecutive survey by Asia Wall Street JournalGartner placed Finacle,the universal banking solution from Infosys in the leaders quadrantFinacle the Asian Banker Best Implementation award 2006 for imple
274、mentations in large and mid-sized banksRated as leader by Forrester in strategy with the highest overall score amongst 13 leading providers of application outsourcingHuman resource management Employees are vital to Infosys.We have created a favorable work environment that encourages innovation and m
275、eritocracy.We have also set up a scalable recruitment and human resources management process,which enables us to attract and retain high caliber employees.We added 15,173(net)and 22,567(gross)employees,taking the total strength to 59,831 up from 44,658 at the end of the previous year.Our attrition r
276、ate stands at 13.7%compared to 11.2%for the previous year.Over the last year,13,02,368 people applied to us for employment and we continue to remain an employer of choice in our industry.Education and research initiatives Global Education Centre(GEC)conducts the Foundation Program and is the largest
277、 software engineering institute in the corporate sector.It caters to a peak training need of 4,500 trainees currently and manages the overflows into other development centers.Modern,futuristic training facilities and methodologies are the norm at GEC.Trainees have 24/7 access to online classrooms,cy
278、ber caf and library.The residential training program also fosters good team building.We trained 15,176 employees as part of the Foundation Program last year.We continued our efforts in training alternate pools of talent in qualifications as also engineering degree holders from multiple geographies.W
279、e believe this will give us a definite competitive advantage as we expand our foot print in the world.Certification programs In keeping with our tradition of continuous improvements on every aspect of our business,we have conceived and implemented a competency framework for certifications across all
280、 roles in technology and domain.After a pilot,we have rolled out this framework for all the roles,covering over 40,000 people.This was done by delivering learning opportunities aggregating to 9,12,903 trainee days.This is possibly one of the largest such programs and directly reaffirms our mission s
281、tatement of having best-in-class people as a key differentiator.Infosys Leadership InstituteThe Infosys Leadership Institute(ILI)continues to successfully deliver against its mandate to develop leaders who help achieve organizational vision,enhance managerial capabilities across all levels to better
282、 customer satisfaction,and equip entry-level Infoscions with the skills to meet the challenges of globalization and growth.ILI has focused on driving the creation of the Leadership funnel at different levels of the organization.The work starts at the Business Finishing School and then moves into mil
283、estone programs for middle management and culminates in a competency-based leadership development program for its senior leaders.The development is supported through systemic processes such as Personal Development Plans(PDP),Mentoring,“Leaders Teach”sessions,360 Degree Feedback,Action Learning,Disti
284、nguished Faculty-led Programs,Ivy League courses,etc.ILI has been instrumental in the selection of leaders to its three-tiered program and the subsequent developmental activities to meet our needs in a high growth environment.AcE Building global academic relationships AcE(Academic Entente),our acade
285、mic branding program,is a strategic initiative to consolidate and formalize our academic relationships worldwide,in recognition of their importance in building a global brand and attracting multi-cultural talent.Through initiatives under the program,our brand message extends beyond campuses to custo
286、mers,shareholders,partners and other stakeholders associated with the academia.Case studies written by faculty at Harvard,Stanford and Tuck School of Business this year on topics related to consulting and innovation have showcased our migration up the value chain.Infoscions invited to participate in
287、 industry-academia conferences and guest lectures at prestigious forums such as the balanced scorecard hall of fame have positioned us as thought leaders.Ongoing collaborative research discussions with faculty at leading universities,in technical and functional areas,have expanded our knowledge netw
288、ork and enabled access to a wide array of resources to build innovative solutions.Student groups and faculty visiting our campuses(over 60 this year)have allowed us to showcase our corporate culture and diverse service offerings.InStep Global internship programInStep is our global internship program
289、 to attract students from the best academic institutions around the world to work on live,organizationally relevant projects.While students benefit from learning first-hand in a corporate environment,we gain brand equity,value addition to current projects and enhanced awareness at universities.Furth
290、er,interns have co-authored and published papers in journals of international repute like Institute of Electrical and Electronics Engineers(IEEE).This has helped position Infosys as a global technology leader.InStep also promotes a multi-cultural environment at Infosys.Last year,the program received
291、 over 12,000 applications and enabled 125 interns representing over 30 different nationalities to share their experiences and perspectives.We recruited interns from diverse academic backgrounds,spanning technology students from Stanford to business students from Oxford.To match our expanding global
292、footprint,the program targeted universities in geographies like Spain,Italy,Denmark,Norway,Chile,Colombia and Israel for the first time this year.Keeping in line with our objectives of building a global workforce,the program has also enabled recruitment of over 10 interns for full-time positions thi
293、s year.Campus ConnectCampus Connect,the high impact and the largest academic initiative of Infosys,is the industry-academia collaboration program,and was initiated in May 2004.It has now scaled to over 330 engineering colleges across India.We have signed MoUs with the state governments of Rajasthan
294、and Orissa to include engineering colleges in their states to the program.We share our educational experience with the faculty of partnering colleges through a structured Faculty Enablement Program(FEP).During the year,412 faculty members from over 200 partnering colleges attended this program.This
295、takes the total number of trained faculty to 600.Several FEPs are planned during the next financial year.2|T h i n k F latThe trained faculty members in turn conduct the Infosys Foundation Program(Generic Courses)in their colleges.13,656 students are undergoing the Foundation Program in 152 colleges
296、.7,268 students from 60 colleges have already completed the training program.A typical shortcoming observed in engineering students has been the lack of soft skills.To address this concern,the Campus Connect team has been conducting faculty workshops which have been received very well by colleges.Du
297、ring the year,268 faculty members from over 100 colleges have been trained on soft skills through this program.The trained faculty members will in turn impart soft-skills training to their students.This is expected to reduce the gap in the industry readiness of the graduates.Campus Connect also host
298、ed a conference on“Excellence in Engineering Education”in which leading industry representatives,academicians and AICTE participated.This was one of our attempts to introduce changes to engineering education from a top-down approach.This is expected to yield good results in the coming years.Campus C
299、onnect program was of particular interest to the Deputy Prime Minister of Malaysia,during his visit to Infosys.Based on the request from the Ministry of Higher Education(MOHE),Malaysia,we visited colleges in Malaysia to study the IT education system and presented a report.Based on this report,MOHE h
300、as decided to partner with us to develop knowledge workers based on Campus Connect offerings.The team has successfully conducted a conclave in Kuala Lumpur to create the initial awareness.The Campus Connect portal,an online collaboration platform,has been an asynchronous channel to share our educati
301、onal and professional experience in technology with the students/faculty of engineering colleges.The usage of this portal among the colleges is consistently on the rise.We are planning to share more useful content through the portal in the coming years.Looking ahead,the Campus Connect program is poi
302、sed to touch more students,faculty members and use technology to enhance knowledge delivery effectiveness and create an abundant pool of talent for the industry.Research and knowledge absorptionThrough sustained research,Education and Research(E&R)has published a book,Principles of Enterprise IT Arc
303、hitecture,authored by our employees Dr.Sudeep Malik,S.V.Subrahmanya and Manoj Subhadevan.The book was published by John Wiley.E&R has also published in several journal and conference publications.E&R arranged 12 seminars at Infosys,inviting eminent personalities including Don Ferguson and Jonathan A
304、dams from IBM.We are also hosting technical seminar series every month at various development centers.Software Engineering and Technology Labs Software Engineering and Technology Labs (SETLabs)is the center for applied technology research in software engineering and enterprise technology areas.SETLa
305、bs research forays into emerging technology areas for improving engineering effectiveness and developing client focused business solutions.During the year,SETLabs built several Intellectual Property(IP)assets in the areas of Software Engineering,High Performance and Grid Computing,Convergence Techno
306、logies and Information Management.SETLabs,along with other business units,also conducted multiple innovation workshops for our clients.During the same period,more than 100 articles were published by SETLabs researchers in leading journals,magazines and conference proceedings.Our IP cell,which is a p
307、art of SETLabs,filed 38 patents applications during the year taking our cumulative number of applications to 81.Project Management Centre of ExcellenceProject Management Centre of Excellence(PMCoE)was established in December 2002 to initially focus on competency development in project management are
308、as.This has progressed well by building a knowledge base that is globally adopted as project management standards,allowing us to take higher challenges in a competitive business environment.It has also helped us build a project management experiential knowledge base,providing expert consultancy inte
309、rnally to specific needs of business units on project and program management,developing innovative approaches/methods of project management for deriving benefits to higher project success.As project execution has to be flawless for our business success,we have focused on enhancing project management
310、 competency of our employees to meet the changing project environment across geographies and customers.To date,we have over 1,400 managers/senior managers certified as Project Management Professionals of PMI,USA,the de-facto world body in promoting professional project management.We continue to inno
311、vate and bring new methodology and techniques that enhance our project management skills at different levels.We are piloting a new concept of Project Management Councils that helps in leveraging the group knowledge to develop project management capacity.Knowledge managementMature Knowledge Managemen
312、t(KM)practices continue to be key elements of organizational strategy in propelling growth and differentiation amongst organizations.In new age organizations such as ours,it is imperative that we incessantly work towards making KM more relevant,effective and vibrant through reaching out to an ever l
313、arger number of communities within the organization.This year saw us successfully experiment with new methodologies and practices of knowledge sharing and adoption.Blogs as a medium of collaboration were launched for the entire Infosys community early this year,and customized Wiki solutions are pres
314、ently being rolled out to help communities seamlessly,and more effectively,collaborate across geographical,time and project boundaries.In addition,a few other KM solutions directed toward enhancing collaboration and institutional memory retention,and intended to cater to specialized business groups,
315、have been designed and are on the verge of being rolled out.While the group explores new ways of inviting participation in KM activities,the central knowledge repository continues to elicit significant participation across the organization,and presently hosts over 24,000 knowledge assets,most of whi
316、ch are experiential documents derived from different facets of our business.This,in addition to around 50,000 assets in the collaborative systems across the organization,and a similar number of documents that are prepared in projects as part of formal customer deliverables and process-mandated artif
317、acts.Induction of key knowledge agents into KM activities is being streamlined and people networks are being established and renewed at different organizational levels.Abstracting from our experiences,Dr.J.K.Suresh and Dr.Kavi Mahesh from the KM group have recently authored a book titled,Ten Steps t
318、o Maturity in Knowledge Management:Lessons in Economy,that focuses on KM from the practitioners view-point.This book presents a comprehensive set of lessons for the KM practitioner,covering all phases of planning,design,implementation and assessment of knowledge management.Benchmarking and Continuou
319、s Improvement of Competency Building InitiativesWe are conscious of the need to continuously strengthen our competency building initiatives,to equip Infoscions with the skills necessary to support the Companys business plans.Our faculty must be in the forefront of acquiring and assimilating the know
320、ledge and skills demanded by the rapidly evolving technology and business landscape.To help ensure this,an Agile Capability Framework that covers strengthening of conceptual foundations of Computer Science,Technology-Business linkage and Technology Agility has been defined,Infosys Annual Repor t 2 0
321、 0 6-0 7|29 and deployment has begun with a set of programs led by experts drawn from world-class education and research institutions.We constantly endeavor to benchmark our competency development initiatives against the best in class.External recognition is a key mechanism that helps us evaluate ou
322、r capabilities in this regard.This year,we have received the American Society for Training and Developments(ASTD)BEST Award,the Golden Peacock National Training Award,and the Corporate University Exchange Award.Corporate social responsibility in educationE&R has the pride of anchoring the Infosys Ex
323、tension Program(IEP)which consists of Infosys Fellowship Program,Rural Reach program,Catch Them Young and Train the Trainer.Infosys Fellowship ProgramThe Infosys Fellowship Program,instituted at 12 premier academic institutions in India,supports research work leading to a Ph.D.The well-received prog
324、ram,at present,has 58 Infosys Fellowship awardees undergoing Ph.D programs at various institutions.18 Infosys fellows have submitted their doctoral research while many have already been awarded a Ph.D by the respective institutions.Rural Reach ProgramThe Rural Reach Program is a one-day program deli
325、vering basic knowledge of computers to students of classes 5,6 and 7 in rural schools.This year,about 7,742 students from 56 schools across India benefited from the program.Catch Them YoungCatch them young and watch them grow.Aimed at students of Standard 9,Catch them young(CTY)focuses on encouragin
326、g students to dream big and aim high.It opens a world of knowledge on computers and how friendly and useful they can be.Written tests are conducted for Standard 9 students wherein 30-40 students are selected each year.The selected students are trained on computer languages like C,and are introduced
327、to areas such as multimedia and e-commerce for about 15 days.Two students are then selected from this group and are allowed to do a small real-time project with us.During this period,we also give a stipend amount as a sign of recognition for their efforts,which also serves as an encouraging factor f
328、or the students.This year,CTY was conducted in eight development centers and covered about 3,552 students from 466 schools across India.Train the TrainerThe Train the Trainer program(TTT)is organized to reach out mostly to faculty and professors in various engineering institutions.The objective of T
329、TT is to provide college faculty with industry experiential knowledge that focuses on the latest trends and technologies in the IT industry,so that they can in turn share the knowledge with their students during the appropriate course curriculum.This year,six such programs were conducted at various
330、development centers of Infosys,attracting 231 faculty members from renowned engineering institutions in the country.Corporate governance We continue to be a pioneer in benchmarking our corporate governance policies with the best in the world.Our efforts are widely recognized by investors in India an
331、d abroad.We have undergone the corporate governance audit by ICRA and CRISIL.ICRA has rated our corporate governance practices at CGR 1.CRISIL has assigned CRISIL GVC Level 1 rating to us.We have complied with the recommendations of the Narayana Murthy Committee on Corporate Governance constituted b
332、y the Securities and Exchange Board of India(SEBI).For fiscal year 2007,the compliance report is provided in the Corporate governance report section of this Annual Report.The auditors certificate on compliance with the mandatory recommendations of the committee is annexed to this report.We have docu
333、mented our internal policies on corporate governance.In line with the committees recommendations,the managements discussion and analysis of the financial position of the Company is provided in this Annual Report and is incorporated here by reference.We continue our practice of providing a report on our compliance with the corporate governance requirements of six countries,in their national languag
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