1、ProductsPlatformsCloudGlobal talentTransformationInnovationOptimizationSustainabilitySolutionsConsultingMobilityKnowledgeIntegrationIntellectual propertyEngagementPartnershipInfosys 3.0Accelerating growthAnnual Report 2011-12Infosys Annual Report 2011-12Accelerating growthInfosys3.0 Accelerating gro
2、wthToday,when much of the benefits of outsourcing have already been realized,clients are increasingly turning to providers who understand their businesses and become partners in their transformational journey.The IT services industry,however,is rapidly commoditizing and is staring at scalability iss
3、ues.We see this as an opportunity to transform our business and be highly relevant to our clients.Recently,we drew the road map for building tomorrows enterprise,identifying seven trends that will shape the future of our clients businesses.Our focus today is to be relevant to the whole range of our
4、clients spending covering Business Transformation,Business IT Services and Business Innovation.Our goal is to have an improved portfolio of business that will ensure high-quality,industry-leading growth,enhanced revenue productivity and relatively higher margins.We have restructured the company and
5、put in place a leadership structure to deliver on this transformational journey.Nurturing our diverse global talent pool is the key to propelling these growth engines and sustaining the momentum of our business.Welcome to the new and improved version of Infosys,which we call Infosys3.0Download the r
6、eport here:http:/ should be able to escape the gravitational pull of the past by constantly adapting and changing your engines of growth like a rocket.”N.R.Narayana MurthyChairman Emeritus,Infosys LimitedThis Annual Report is printed on 100%recycled paper as certified by the UK-based National Associ
7、ation of Paper Merchants(NAPM)and France-based Association des Producteurs et des Utilisateurs des papiers et cartons Recycls(APUR).Infosys Annual Report 2011-12Accelerating growthInfosys Annual Report 2011-12A note of thanksThe last Annual General Meeting on June 11,2011 was the last time N.R.Naray
8、ana Murthy attended as the Chairman of the Infosys board.On August 20,2011,he was given a farewell by the Infosys family at our Bangalore campus.The Board of Directors honored him with the designation of Chairman Emeritus.The Management rechristened the Mysore campus of Infosys as the N.R.Narayana M
9、urthy Center of Excellence,and also named a building in each of our campuses after Mr.Murthy.When Mr.Murthy and his co-founders started Infosys,being Number One in business was not the goal.Earning the respect of stakeholders came first.He instilled an exemplary set of values and corporate ethics in
10、to the DNA of the company.These went on to set corporate governance standards for the rest of the industry,just as the Global Delivery Model pioneered by him became the basis for much of technology services outsourcing from India.It is largely due to his personal leadership that Infosys has exemplif
11、ied the best of India in terms of the quality of people,processes,products,services and governance for many years now.There is no denying that there would be a vacuum after Mr.Murthy.We feel it as individuals who have had the privilege of having Mr.Murthy as a teacher,a mentor and a friend.Infosys f
12、eels it as an organization whose growth story has Mr.Murthys vision and leadership written into every chapter.Not only did he mentor a new generation of leaders,but he also evangelized corporate governance practices that went on to set new standards of transparency in Indian business.He has touched
13、millions of lives both directly and indirectly.His unique vision on sharing wealth created millionaires out of ordinary middle-class Indians and helped them raise their aspirations.It also changed the popular perception of businesses as mere amassers of wealth.His courage and conviction in starting
14、Infosys on a shoestring capital sowed the seeds of entrepreneurship in many a young mind.The Fortune magazine recently recognized Mr.Murthys vision and contribution to global business by naming him one of the 12 greatest entrepreneurs of our generation.For us at Infosys,he will always be the one who
15、 led by example and showed us the right path.It is true that Mr.Murthy will not be involved in the decision making process and day-to-day running of Infosys any more.But he has created and mentored the next generation of leaders at Infosys who will take this company forward.We at Infosys are committ
16、ed to continuing the journey that Mr.Murthy had started with renewed commitment to the values espoused byhim.S.GopalakrishnanExecutive Co-Chairman of the BoardInfosys Annual Report 2011-12Accelerating growthGrowth through transformational partnershipsStephen PrattSenior Vice President and Global Hea
17、d of Consulting&Systems Integration“We believe we have changed the consulting profession for the better and have raised clients expectations on business value and cost-effectiveness.”How is Consulting&Systems Integration relevant in the Infosys3.0 journey?As part of Infosys 3.0,we have aligned our s
18、trategy and consulting capability to build value for clients and to simplify and accelerate our leadership in this area.From the clients perspective,they get a better return on their investment from us because they get better strategic thinking aligned to the technology implementation and they get i
19、t in a way that is delivered at a lower cost.This provides a higher value alternative to our clients and translates to our growth and margins.Over the years,we have aggressively built Consulting&Systems Integration in a model that used optimally distributed global talent,and we have institutionalize
20、d a rigorous value-based model for all our engagements.What sets apart Infosys from other companies in the Consulting&Systems Integration space?Like other top consulting firms,we offer a full range of services,from strategy to process design and implementation.However,we felt there was a fundamental
21、 problem in the profession that resulted in a track record of high-cost engagements that failed to achieve business objectives 50%of the time.So we decided to redefine the way the profession would operate.Fundamentally,we do consulting engagements differently in three specific ways.First,we focus al
22、l actions of every engagement on the creation of shareholder value and customer value for our clients.Our consultants are consistently creating business value,regardless of their role in the engagement,strategic or technical.Second,we do engagements in an optimized global manner.Work that needs to b
23、e done closest to the customer location is done onsite.Rest of the work is done at our global development centers including India to provide cost efficiency for our clients.This results in cost-optimized engagements.Third,we employ professionals in our consulting organization who are smart,experienc
24、ed and have global and local exposure.The vast majority of our onsite consultants have advanced degrees and many years of industry experience.The overall results of these differences are successful business outcomes for our clients,cost-optimized engagements and a fast-growing capability for us.What
25、 were the challenges in creating this new model?Moving from a tech-heavy business model to a balanced consulting and IT services business model presented multi-dimensional challenges in brand,culture,policies,processes,professional development,performance management and client relationships.Over the
26、 last nine years,we have worked hard on these challenges and are proud of the progress we have made.We often discuss transformations of companies with our clients and we can relate first-hand to what it takes.This has helped us listen better to client challenges in their transformation journeys.All
27、this hard work is paying off.We believe we have changed the consulting profession for the better and have raised clients expectations on business value and cost-effectiveness.What path did you choose to grow Consulting&Systems Integration?We understood from the start that changing Infosys from a tec
28、hnology leader to a consulting and IT services leader was going to be a challenging transformation.We chose a strategy of incubation,coordination and then integration.We first created a subsidiary,Infosys Consulting Inc.,and gave it the freedom to incubate leading consulting practices and culture.Du
29、ring these early days,we hired the core leadership team and challenged them to break new ground and build the best consulting team,intellectual property,and business practices.We then scaled this model in close coordination with the Enterprise Solutions and Systems Integration practices.In fiscal 20
30、12,we integrated these practices into Consulting&Systems Integration.We had established enough scale and internal reputation to make this integration possible,while retaining and expanding the best ideas to create an even stronger unified team.What have been the results from our Consulting&Systems I
31、ntegration practice?The results of which we are most proud are the tremendous legacies of business value we have generated for our clients.This is central to advancing towards our aim of becoming a globally respected corporation.We have helped many clients become competitive and innovative.Additiona
32、lly,we have grown a new business for Infosys to over US$2 billion in revenue and over 26,000 people.What is the impact of Consulting&Systems Integration on our growth?If you look at the revenue mix of Consulting&Systems Integration,it is fairly evenly distributed among the four main verticals of Inf
33、osys.We are still a little Americas heavy;we are focusing on growing Europe and the Rest of the World.Management Consulting Services(MCS)really drives a lot of the other revenue and the way we go to market,or the way we deliver as an integrated Consulting&Systems Integration unit.What is your vision
34、 for Consulting&Systems Integration?Our driving vision is to become the most respected Consulting&Systems Integration firm in the world.Specifically,we want to be the most respected firm for the business value we generate for clients for every dollar,euro,or pound invested in a consulting engagement
35、.We also want to be the most respected as the best place to work for top Consulting&Systems Integration talent.Finally,we want to be most respected for our growth and profitability the most successful business model in our space.This success will allow us to invest further in our client relationship
36、s,our people,and our market offerings.Infosys P&G:Investing in strategic partnerships The partnership between Infosys and Procter&Gamble Company(P&G)began in 2007.In five years,the relationship has grown through execution of top priority transformation programs,the creation of new-to-the-industry se
37、rvices and co-creation of innovation for mutual business success.As we look back,some important principles of success stand out.Top-to-top commitment to success Strategic partnerships are founded on long-term goals.The relationship is guided by senior executives across the hierarchy of both companie
38、s,starting with FilippoPasserini,Group President,Global Business Services and Chief Information Officer P&G,and S.Gopalakrishnan,Executive Co-Chairman,Infosys Limited.We have a common plan for success and shared measures.These are reviewed regularly for progress,including twice a year by Passerini a
39、nd Gopalakrishnan.Execution excellence of large-scale transformation programsOver the last five years,Infosys has successfully executed multiple business critical programs.These include transformation and migration of P&Gs Order Shipping Billing processes in North America and Western Europe to SAP,i
40、ntegration of Wella PPC an acquisition and one of the industrys most far reaching Enterprise Information Management programs.Theaward of each program had to be earned on value and capability.Entrusting these programs,especially since these ran in parallel for a while,reflects the confidence P&G has
41、in Infosys.Co-create,innovate and invest in mutual successSharing business risks together distinguishes a strategic partnership from a successful one.Infosys has created new-to-the-industry shared services for P&G such as Master Data,Business Reporting and Trade Promotions.The success of these servi
42、ces addresses P&Gs business needs,but Infosys ability to commercialize these with P&G support takes the relationship to the next level.Creating new business modelsDeveloping and Emerging Markets is of strategic priority to Infosys and P&G.Infosys has invested in building its TradeEdge platform for P
43、&G.The platform accelerates profitable growth for companies that work with distributors.While P&G got the benefit of Infosys investment,the platform created a new revenue service for Infosys,proven and supported by P&G.With this approach,P&G expects and gets the benefit of being the credible first c
44、ustomer of innovation from its partner.Best talent for value creationTop partner talent is required to manage such opportunities and partner with an industry leader like P&G.Infosys makes its top talent available to P&G for various programs and operations.Our partnership with P&G ensures mutual win.
45、As a testimony to the progress of the partnership,P&G recently awarded Infosys with its Business Partner of the Year 2011 award.Infosys was one of the six partners from P&Gs ecosystem of over 70,000 global partners,to receive this award.We look forward to our sustained success together.Accelerating
46、growthInfosys Annual Report 2011-12Infosys Annual Report 2011-12Accelerating growthGrowth through differentiation“With Business IT Services,clients gain sustained operational superiority with the ability to significantly differentiate themselves in the marketplace.”What is the charter for BITS as a
47、re-invented growth engine for Infosys3.0?The objective of Infosys Business IT Services(BITS)is to work with clients worldwide through the efficient running of their IT operations.Our charter is to partner with clients in their journey towards unlocking greater efficiency from their existing IT asset
48、s systems,processes and infrastructure.With BITS,clients gain sustained operational superiority with the ability to significantly differentiate themselves in the marketplace.In the Infosys3.0 journey,is the focus on BITS lower than earlier?No.BITS is integral to the execution of the Infosys3.0 strat
49、egy.The emphasis on BITS enables us to build deeper and sustainable client relationships,bring innovation into business processes,reduce costs and bring in overall visibility and predictability in our revenues.Is BITS an independent service line now?Clients continue to buy our individual services Ap
50、plication Development and Maintenance,Testing,Infrastructure Maintenance and BPO.However,we have organized ourselves as single group to generate and deliver combined efficiencies to the client.Furthermore,the vertical alignment of BITS brings in the added advantages of domain flavor and scale of dep
51、loyment.These factors play a crucial role in determining the applicability of offerings and the ease of deployment for clients across different verticals.How does BITS plan to increase client relevance and help streamline their IT operations?Growth through differentiation,especially in our core busi
52、ness functions,is the focus area for us.It is also important to be relevant to our clients in every sphere of their business.Infosys3.0 in the context of BITS ensures that every member of BITS has a thorough understanding of the clients businesses,challenges and expectations,to be the new change age
53、nts.Today,clients spend their IT budgets across three major areas:To transform their business To innovate in their business To optimize costs of running their businessCurrently,more than half of our clients annual IT budget is spent on running and maintaining existing business applications essential
54、ly operations that support todays business demands.This spend is critical to clients.Our aim is to help our clients better utilize their existing IT budgets to develop or enhance systems to support the business velocity,while reducing costs so that the savings may be allocated for discretionary prog
55、rams.Our focus is on doing more with less,enabling efficiency and providing the compounding value of business optimization,thereby transforming our clients businesses.What are the significant focus areas forBITS?The focus areas for BITS are to provide best-in-class services ranging across applicatio
56、n development,application maintenance,independent testing and large-scale IT infrastructure rationalization.Our clients are keen on optimizing their IT spends,directed towards business operations.We are completely focused on helping themdo so.What is the market opportunity for these services?The wor
57、ldwide outsourced market for BITS is estimated to be over US$450 billion in 2012 and is expected to grow by 4%CAGR between 2012 and 2015.Asthe need for Business Optimization grows among our clients,it directly translates to clients spending on our business IT service lines of Application Development
58、 and Maintenance,Testing and Validation and Infrastructure services.We strongly believe that clients in the mature U.S.markets will look to us to help them better manage core and non-core business operations through judicious use of IT and BPO.Similarly,in Europe and the Rest of the World,weexpect c
59、lients to utilize BITS services towards structuring IT spends better to meet business demands.Further,the establishment of BITS is allowing us to open up new service lines.For example,end-to-end Infrastructure Testing service is born out of the combination of two of our most successful Chandrashekar
60、 Kakal Senior Vice President and Global Head of Business IT ServicesBITS aids end-to-end Business Optimization“This strategic relationship will bring Brit Insurance increased scalability,flexibility and operational effectiveness to support our core business areas of underwriting,claims and investmen
61、t management while allowing us to retain strategic leadership and ownership.We are looking forward to working with Infosys,which is a global provider of consulting and technology services with a proven track record of delivery.”Integrated approach for an end-to-end engagement with BritInsuranceWe ha
62、ve been selected by Brit Insurance,an international general insurance and reinsurance group specializing in commercial insurance,to help streamline their IT and business processes as part of their strategy to focus on core business objectives.The engagement positions us as the single partner respons
63、ible for the end-to-end management of Business Processes,Application Development and Maintenance,and Infrastructure Services in other words,effectively responsible for supporting the entire IT operations of Brit Insurance.The move will see a number of non-customer facing operational and IT activitie
64、s,including IT infrastructure support and applications management and development being transferred to us.We will be supporting core business areas of underwriting,and other related administrative processes.Our focus on cross service functions of Service Management,Transition,Transformation and Serv
65、ice Improvement is expected over time to help optimize IT Operations for the client.Apart from process improvement,we will help the client consolidate multiple vendors for Network and Data Center hosting services with the aim of delivering further cost reductions.We will also be providing process co
66、nsolidation for the client,based on Information Technology Infrastructure Library(ITIL)principles designed to further improve service levels.This win is a validation of our integrated industry solutions approach in improving client experience.Accelerating growthInfosys Annual Report 2011-12service l
67、ines Infrastructure Management and Independent Validation Services.Thesolution aims to help clients undertake migrations to cloud,combine data centers or acquire new assets more effectively.It is estimated by industry analysts that 60-64%of client IT spending happens to run and optimize the business
68、,which is directly supported by our BITS and BPOservices.What are we doing differently in this space to accelerate growth?Given that our service lines comprise our core business,we believe each line individually holds a lot of relevance to our clients.Hence,it is absolutely essential to continue to
69、invest and grow innovation in each service line.A testament to this is the constant and ever increasing IP that we continue to generate in each service line,while keeping client requirements at the center of all our innovation plans.However,we are committed to providing our clients innovation not ju
70、st within each service line but also across.We can deliver value by innovating at the intersection of the existing service lines.We strongly believe that the next level of business efficiencies will be released from this kind of innovation.Further,the new horizontal and corporate alignment of BITS c
71、reates a very strong structure to enable faster innovation and rapid deployment.In our new structure,client intimacy is delivered through vertical axis and cost efficiency is derived through the horizontal axis.How are clients impacted by the creation of BITS?IT buyers typically do not buy all their
72、 business IT services from a single services company.They prefer a multi-sourcing strategy,associating certain services with certain companies.Research shows that traditional buying patterns change during atypical situations like a tough economic environment that mandates CIO budget cuts,without dis
73、rupting discretionary IT spending.The combined service suite of BITS targets this inflection point.BITS as a combined service line offers optimization benefits that individual service lines cannot.In addition,our differentiated offerings within and across individual service lines will bring in a muc
74、h-needed freshness.Malcolm BeaneChief Operating Officer,Brit InsuranceInfosys Annual Report 2011-12Accelerating growthEnhancing growth through innovation“Products,platforms and solutions will make us highly relevant to our clients and markets,address the scalability issues faced by the industry and
75、accelerate our growth with enhanced repeat business.“How are our products,platforms and solutions relevant to Infosys3.0?Products,platforms and solutions are extremely relevant to achieve the high quality growth envisaged in our Infosys3.0 strategy.Through this innovative suite of offerings,we parti
76、cipate proactively in our clients innovation spend by reducing their time-to-market while accelerating growth.We already have booked business of around US$350 million that will be realized over the next four years.We will further accelerate our growth in this area over the coming years through enhan
77、ced investments,mergers and acquisitions.Products,platforms and solutions will make us highly relevant to our clients and markets,address the scalability issues faced by the industry and accelerate our growth with enhanced repeat business.Is our products,platforms and solutions strategy relevant to
78、clients?We have seen global corporations redefine their businesses,in terms of what they offer their markets and customers,how they understand customers,build relationships with stakeholders and operate globally.Rapid advancements in technology affect the pace of innovation and transformation.From a
79、 clients enterprise perspective,this velocity of change poses three key challenges re-balancing investments to create differentiation through innovation;moving the cost structure from being capital expense(capex)intensive to variable operating expense(opex)based and reducing cycle time of realizing
80、the return on investments.As part of Infosys 3.0,our strategy of growing innovative products,business platforms and solutions is focused on addressing these key challenges.How do our product offerings help accelerate growth?Our products deliver business capabilities and differentiated functionalitie
81、s.We invest in both industry-specific and cross-industry product offerings.Clients use these as standalone or customized solutions or as building blocks in large enterprise business processes.For instance,Finacle,our successful product suite helps clients improve customer retention through cross-cha
82、nnel integration,increases efficiency by leveraging technology and processes,enhances revenue from new product innovation and manages regulation and compliance.Over 150 banks across the world use Finacle,across 45,000 branches.Clients are adopting our suite of product offerings such as Customer Self
83、-Service Energy Manager,which helps ensure customer delight through sustainable energy management and revitalizes customer service and the Omni-Channel Personalization Engine,which helps retailers foster consumer relationships by presenting personalized content across channels.What are Infosys platf
84、orm offerings and how do they impact clients?Our business platforms,Infosys Edge,used by over 30 clients,are built on specific themes to help clients drive deeper engagement with digital consumers,build smarter organizations and address the needs of emerging markets.Each platform is built on core in
85、tellectual property that we have developed,partnered or acquired.We host,operate and manage these platforms,which are offered to our clients on an outcome/subscription based pricing model.For instance,Infosys BrandEdge addresses the comprehensive digital marketing needs of clients.Infosys TalentEdge
86、 enables clients deepen employee engagement.Infosys WalletEdge enables a financial ecosystem of consumers,merchants,telcos,etc.,to tap the potential of mobile commerce.Infosys BrandEdge,the digital marketing platform was launched in partnership with Fabric Worldwide,a WPP company and built an ecosys
87、tem of over 30 cloud partners.What about cloud,mobility and sustainability?We developed the Cloud Ecosystem Hub solution by envisioning a single point of accountability for all our clients cloud needs.Our clients can now easily automate,provision,secure and govern their Hybrid Clouds.We invested in
88、over 3,000 cloud experts,who are now delivering over 140 engagements across industry verticals.Sanjay Purohit Senior Vice President and Global Head of Products,Platforms and SolutionsOur enterprise mobility suite spans multi-device and multi-platform mobile environments.Clients leverage our intellec
89、tual assets,pre-built micro-apps,tools,accelerators and agile methodologies to accelerate their mobility strategy.Weco-create mobility-led business solutions with clients such as the Mobile Point of Sale solution(co-created with a large U.S.specialty retailer).We leveraged our investments in Infosys
90、 Labs,our research and development arm,and our relationships with world-renowned R&D and academic organizations to co-create a suite of sustainability solutions.Our clients are deploying our Enterprise Sustainability Reporting and Energy Management Solutions.For instance,we co-created a Geographical
91、 Interface Service(GIS)to improve utility performance,with the Bangalore Electricity Supply Company(BESCOM).How are we accelerating growth in products,platforms and solutions?While we address market opportunities,wewill continue to focus on introducing new offerings,active marketing and in building
92、scale.For instance,we partnered with the Income Tax Department,Government of India to set up the Income Tax-Centralized Processing Centre for managing income tax returns.We are doubling our investments in the Product Research and Development Center(PRDC)to accelerate intellectual property design and
93、 development.Our Supply Chain Performance Management Suite,anadvanced analytics product,is an outcome of this investment.Our acquisitions of the Portland Group(procurement space)and McCamish Systems LLC(insurance space)are aligned to our strategy of developing business platforms through partnerships
94、 and acquisitions.We invested in state-of-the-art Experience Centers in India and Europe to showcase our products,platforms and solutions in active environments.Infosys Labs launched a unique interactive technology medium,Infosys Labstorm,to share our offerings and capabilities with clients.We are b
95、uilding online communities with thought leaders in technologies like cloud,mobile,big-data and social.To achieve scale in execution,we are investing in world-class hosting infrastructure and investing in attracting best-in-class global talent.We are excited about the medium and long-term growth oppo
96、rtunities,the client value we are creating and the investments we are making in driving innovation-ledgrowth.Innovation edgeairtel money:Fueling the Digital Payments EconomyRapid advancements in mobile phone technology and its increased reach has given rise to innovative models of new age commerce w
97、hich empower businesses and consumers.Among these,mobile payment models are slated to touch the lives of millions and enable businesses to reach out to a vast population with possibilities that never existed.Infosys WalletEdge is a mobile commerce platform provided by Infosys for airtel money servic
98、es provided by Airtel M Commerce Services Limited,a wholly-owned subsidiary of Bharti Airtel Limited(Airtel).Airtel is a leading integrated telecommunications company,which is ranked among the top five mobile service providers,globally.Infosys WalletEdge is centered on Infosys core intellectual prop
99、erty,Finacle Digital Commerce,associated infrastructure,and technology and operations.Itis delivered through a private cloud and will empower airtel money customers to make cashless payments and settlements.Airtel money customers can now pay bills,re-charge accounts,make instant money transfers and
100、transact online through multiple channels including mobile phones,Interactive Voice Response and Point of Sale.This gives airtel money the distinction of being Indias first mobile based wallet service offered by a subsidiary of a mobile operator.It will also play a pivotal role in driving financial
101、inclusion in India.Together,Airtel and Infosys are offering customers across India a compelling proposition,to accept airtel money as a way of life.Centralized Processing Centre for the Income Tax Department of India:An end-to-end transformation projectOn February 23,2009,Infosys was awarded a proje
102、ct for Establishing and Operating the Centralized Processing Centre(CPC)for the Income Tax Department.This project involves outsourcing the processing of income tax returns both e-filed(pan India)and paper filings(Karnataka and Goa).The Central Board of Direct Taxes(CBDT),Income Tax Department,Minis
103、try of Finance,Government of India wanted to re-engineer its business processes and deliver efficient and consistent services to taxpayers in processing of returns.Thisincludes an overhaul of the IT infrastructure,outsourcing Permanent Account Number(PAN)issuance/governance,and e-filing tax returns.
104、The Centralized Processing Centre is the largest custodian of the income tax business rules in electronic form.It has a 60-person centralized Customer Care Centre,a first-of-its-kind,to help address taxpayer enquiries and grievances.Since its inception till date,the CPC has processed over 22 million
105、 e-filed returns.Infiscal 2012,CPC processed 13.2 million returns,a jump of 52%over fiscal2011 when about 8.7 million returns were processed.The average time to process areturn from date of receipt of Income Tax Return Verification(ITRV)also dropped from 151 days to 51 days.Refunds worth 147 billion
106、 have been issued directly to taxpayers.Over 20 million documents have been archived in the Record Management facility during the financial year.The successful functioning of the CPC has led to a quantum jump in e-filing of income tax returns in India.The CPC is gearing up to meet the increased expe
107、ctations of taxpayers.This project showcases the success of an end-to-end business transformation of akey function of the Government of India and has won various national-levelawards.Infosys Annual Report 2011-12Accelerating growthInfosys Annual Report 2011-12Accelerating growthNurturing tomorrows t
108、alent“The Infoscion 3.0 should possess a combination of technology and domain skills along with the ability to innovate,and should be a culturally sensitive and socially aware individual.”How does talent strategy ensure growth?To address the twin challenges of commoditization and scalability that we
109、 face today,an innovative adoption of technology is required.In a knowledge-based industry,the main ingredients for success include technological skill,domain knowledge and an innovative,problem-solving mindset.Therefore,talent plays a significant role in making a corporation adept at engaging with
110、clients and skilled at responding to rapid changes.It is an integral part of our strategy to ensuregrowth.Talent is our biggest asset and talent strategy is important,to acquire and manage this asset effectively.A recent study by McKinsey and Co.found that companies with a well-defined talent strate
111、gy grow faster than their peers.Assuperior growth is the biggest target of an organization,talent strategy naturally becomes a key component of the business strategy of enterprises.Our talent strategy is aligned to our business strategy.What is the relevance of talent strategy in Infosys3.0?Our miss
112、ion for Infosys3.0 is to become strategic partners to our clients.To do this,we need to partner with them on their technology spend and deliver tangible business value.Talent strategy is critical to deliver this promise.We leverage local talent for client engagement which can strengthen and sustain
113、deep client relationships.Our glocal talent strategy ensures we hire employees with superior domain,technology and product development skills so they can deliver tangible business value.As we expand into newer markets,how do we address the be local to be global challenge?We are a global company and
114、intend to globalize our workforce more.Togain an advantage in global talent markets,weare creating awareness about our brand.This helps in marketing our services and products in the geographies we operate in,and in turn attract the brightest talent.We are doing this through close interaction with ed
115、ucational institutions,industry associations and local talent market in different geographies.We also run an extremely successful Campus Connect program,to collaborate with educational institutions and help scale their curricula to meet industry demands.To date,this program has reached out to over 6
116、00 educational institutions in India,China,Mexico and Malaysia.What are the imperatives of a global workforce and what are the inclusion policies that we need to embrace?Being a globally respected corporation,diversity and inclusivity are part of our DNA.Our employee strength,as at March 31,2012,was
117、 1,49,994 and comprises employees from 85 nationalities.Tocreate a global workforce for tomorrow,it is important to adopt diversity as a key strategy.Equal opportunities are being created for everyone to excel and contribute,irrespective of gender,race or age.Special provisions are also being made t
118、o accommodate those who are differentlyabled.Every year,we receive interns from across the world,and many of them conduct Cultural Immersion programs for us.These programs help Infoscions understand cultural nuances from around the world and aids them when they travel on work to various countries.Ho
119、w do we nurture tomorrows talent?We nurture tomorrows talent by understanding its nature,being sensitive to generational differences and creating a brand image that is in consonance with the aspirations of our target talent group.We recruit and nurture talent through a well-balanced approach of buil
120、ding capacity and capability.Capacity creation is about having world-class infrastructure to attract talent and instill pride in them.Nurturing talent is also about retaining talent.Capability creation involves training our talent pool continuously,so that they are armed to meet tomorrows challenges
121、,technological or otherwise.We spend around US$180 million every year on training.Is there a mindset shift required for the making of an Infoscion 3.0?Delivering business value while delivering our products and services is the mindset shift required for an Infoscion 3.0.The Infoscion 3.0 should poss
122、ess a combination of technology and domain SrinathBatniDirector and Head of Delivery Excellenceskills along with the ability to innovate and should be a culturally sensitive and socially aware individual.What are the challenges that will arise due to government regulations across nations and how sho
123、uld corporations like us deal with these?First,we will adhere to our stated value system of following the rules and regulations of every country in which we operate.A combination of compliance and sensitivity to local laws and customs while keeping our core values intact is what we will use to tap t
124、he global talent pool.We operate in various markets and we believe that it is imperative to contribute to the local societal needs such as high-value employment generation and knowledge enhancement.As a socially responsible organization,we aim to contribute to the larger community development in all
125、 the locations where we operate.Legislations have a tendency to push towards leveling,while the top talent everywhere wants recognition and incentives.Corporations like us must strike a balance between thetwo.Does the changing demography of the future workforce pose a challenge to the Management?We
126、must remember that the future workforce would be younger,smarter and more tech savvy than the earlier generation.The challenge for the Management would be to understand and reach out to this workforce.New technology concepts such as social networking,collaborative workbenches and crowdsourcing along
127、 with a flexible work environment are some of the things that every management would require to adopt and use in innovative ways to attract and retain talent.Our glocal talent strategy“Combining the Global Delivery Model(GDM)with our local talent strategy has aided in accelerating growth and innovat
128、ion insourcing.”Many of the developed economies such as Germany,U.S.,U.K.and France suffer from a substantial shortage of young engineering and IT professionals.Therefore,leading companies in the Consulting and IT services segment have to win over the local Generation Y population to ensure sustaina
129、ble business globally.Germany is one of the global investment areas of Infosys.It is the fourth largest economy in the world with an export quota of 42%.Companies such as Daimler,Volkswagen,or ThyssenKrupp are dependent on service providers with global delivery models to overcome the national talent
130、 shortage and to strengthen their technology leadership and innovative force.Outsourcing and offshoring have thus turned into Innovation Insourcing.Tomorrows Talent is at the heart of our strategy to address the local needs of a market with a global outlook.For markets like Germany,it is vital for u
131、s to create a strong local workforce.During the last two years,we have recruited a local management-consulting workforce in Germany that has deep experience in working with the biggest companies in their most important transformational programs.Currently,we are building further local delivery capabi
132、lities in a larger number of process and technology domains.The Consulting and IT services for the German market require rigorous focus.Ithas been a significant challenge for us to build a brand as an employer of choice as well as to attract top talent.Potential employees can choose between employer
133、s and markets,and the local Gen Y is not afraid of demanding a strong private and business balance,top social benefits and an outstanding work environment.From fiscal 2010 to fiscal 2012,our revenue in Germany has doubled.We have added some of the largest and most innovative German companies to our
134、list of clients.Our new office in Frankfurt is attractive to employees and also a visible sign of our commitment to the local market.During the last two years we have seen some extraordinary growth.The aim is to grow even further and make us one of the top 10 Consulting and IT Services providers in
135、Germany.Nurturing tomorrows demanding talent,who have the power of demographics on their side and are well connected through social networking,is the key to scaling up in our localmarket.Accelerating growthInfosys Annual Report 2011-12Franz-Josef Schuermann Country Head,Infosys GermanyInfosys Annual
136、 Report 2011-12Historical dataHistorical datain crore,except per share dataNotes:The above figures are based on Indian GAAP standalone financial statements.(1)On October 7,2011,the Board of Directors of Infosys Consulting Inc.,approved the termination and winding down of the entity,and entered into
137、a scheme of amalgamation and initiated its merger with Infosys Limited.The termination of Infosys Consulting Inc.became effective on January 12,2012,in accordance with the Texas Business Organizations Code.Effective January 12,2012,the assets and liabilities of Infosys Consulting Inc.,have been tran
138、sferred to Infosys Limited.(2)Excluding extraordinary and exceptional item.Operating profit(PBIDTA)Income3,6234,7616,8609,02813,14915,64820,26421,14025,38531,254(1)20032004200520062007200820092010201120121,2721,5842,3252,9894,2254,9636,9067,3608,41410,061(1)2003200420052006200720082009201020112012Bo
139、ok ValueBasic EPS(2)18.0923.4334.6344.3467.8278.24101.65100.37112.26139.07(1)200320042005200620072008200920102011201253.9861.0396.87125.15195.41235.84310.90384.01426.73518.21(1)2003200420052006200720082009201020112012Market capitalizationsProfit after tax(2)9581,2431,8592,4213,7774,4705,8195,7556,44
140、37,986(1)200320042005200620072008200920102011201226,84732,90961,07382,1541,15,30782,36275,8371,50,1101,86,100 1,64,5922003200420052006200720082009201020112012Infosys Annual Report 2011-12Letter to the shareholder .2The year at a glance.4Board and committees .5Directors report .7Managements discussio
141、n and analysis .20Risk management report .28CEO and CFO certification .31Abridged financial statements.32Consolidated financial statements .42Corporate governance report .61Shareholder information .72Global presence .78Notice of the 31st Annual General MeetingContentsInfosys Annual Report 2011-122|L
142、etter to the shareholderLetter to the shareholderS.D.ShibulalChief Executive Officer and Managing Director“We have had a long history of industry-leading performance and of sustained value-creation for all our stakeholders.We believe in our strategy and are confident of its success.“Dear Shareholder
143、,It is a great honor for me to lead Infosys since becoming CEO in August 2011.The last year has been hectic for us,with key management changes,re-organization of the company,and implementation of the new Infosys3.0 strategy while facing an uncertain global economic environment.At the beginning of th
144、e fiscal,we had projected a revenue growth of 15.4%to 17.3%in rupee terms and 18%to 20%in U.S.dollar terms.However,at the end of the fiscal,we achieved a growth of 22.7%in rupee terms and 15.8%in U.S.dollar terms.While the macro-economic challenges have been overwhelming,we were also impacted by com
145、pany-specific issues such as the re-organization.Yet,we have done well under the circumstances.In rupee terms,our consolidated revenues grew by 22.7%year-on-year,our net profit after tax grew by 21.9%year-on-year,our revenue productivity went up by 4.7%year-on-year,our operating cash flows were 24.3
146、%of our revenues,our operating cash flows as a percentage of net income was 98.7%,our Return On Capital Employed(ROCE)was 38.5%,we added 172 new clients,and ended the year with US$350 million of booked business for our Product,Platforms and Solutions(PPS)business,excluding Finacle.The IT services in
147、dustry is facing the twin challenges of commoditization and scalability.Clients today are increasingly turning to service providers who understand their businesses and their challenges,since much of the outsourcing benefits have already been realized.Demand is shifting from traditional horizontal of
148、ferings to industry-specific high-value offerings.Ourclients are also looking for transformation partners to help them reduce their capex by converting them into opex,thereby increasing their return on investment.We had two choices for the road ahead.We could continue to play the traditional outsour
149、cing game by commoditizing more of the existing business and concentrating on short-term growth;or we could re-define the industry with a new strategy that addresses the current challenges and enables us to achieve superior growth in the medium to long term.We chose the latter path and announced our
150、 new growth strategy Infosys 3.0 which will enable us to balance high-quality,industry-leading growth,with high revenue productivity and relatively superior margins.As always,we will balance the short-term market opportunities with medium to long term strategic intent.Our Building Tomorrows Enterpri
151、se strategy continues to see good traction with our clients,and we are executing strongly on this through our Infosys3.0 structure.We continue to make focused investments in our organizational capabilities.At the same time,we must realign our offerings more closely to the business priorities of our
152、clients.With that broad objective in mind,we have re-grouped our service offerings under four heads Financial Services and Insurance;Manufacturing;Energy,Utilities,Communications and Services;and Retail,Consumer Packaged Goods,Logistics and Life Sciences.We are building a Consulting&Systems Integrat
153、ion business that combines world-class business consulting with high-quality offshore systems integration.We were chosen by an American public electric and water utility to help transform its legacy IT applications.We were engaged by a Middle Eastern gas distributor as a strategic partner for its cu
154、stomer relationship management implementation.A U.S.cable multi-system operator selected us to create a center of excellence for data integration that would optimize costs and ensure a faster time-to-market for new offerings.The new Business IT Services(BITS)structure has given us the opportunity to
155、 integrate our mature lines of business across Application Development and Maintenance(ADM),Independent Validation Services(IVS)and Infrastructure Management Services(IMS)to drive greater efficiency in our clients businesses.Within BITS,we are innovating to create new service lines cutting across ex
156、isting offerings.We have been selected by a natural gas and electric utility company to modernize its data center,and implement a robust disaster recovery process.We are working on a multi-year open source adoption program for a machinery and engine manufacturer,to reduce its licensing and infrastru
157、cturecosts.We are witnessing greater momentum with our PPS offerings.This fiscal,PPS contributed to 5.8%of our revenues.Our flagship offering for the banking industry,Finacle,continued to grow,with 52 client wins this fiscal.We added 44 clients across our products and platforms,28 on our Infosys Edg
158、e platforms and 16 for our new industry-specific products.We recently announced the doubling of size of our Product Research and Development Center in India to enhance the design and development of our offerings.Infosys Annual Report 2011-12Letter to the shareholder|3 Our Cloud unit is one of our ne
159、w growth engines.We have over 3,000 cloud experts and 140 engagements.We have over 30 best-in-class cloud partners and are investing in focused solutions and intellectual property to offer greater value to clients.Over the last quarter,we won 15 programs across cloud services,big data and security.W
160、hile these are early gains,they clearly point to the increasing adoption of solutions that accelerate innovation-led growth for our clients.Over the last six months,we have started mobility-related engagements with over 30 clients.Our mobility business helps clients improve field force productivity,
161、quicken decision-making and improve customer engagement.For a large European telecom company,we are building a mobile-based work-order management solution for field-technicians.For a Canadian financial services major,we created an innovative tablet-based sales lead management solution for senior exe
162、cutives.We innovated across streams to create a first-of-its-kind mobile wallet for Indias leading telephony company,to help its subscribers make cashless transactions and in the process,drive financial inclusion.We are proud to be part of the Government of Indias initiative to revamp the income tax
163、 system.After helping the Income Tax department establish the Centralized Processing Centre for handling tax returns,we have now been engaged to implement a comprehensive IT system to introduce greater efficiencies in processing the Tax Deducted at Source(TDS)statements that are filed.As a company,o
164、ur focus has always been high-quality growth.We strongly believe that margins and growth are equally important for an organization.We look on high margins as an output of what we do and not as a starting point for our revenue growth.We need to hire the best resources to significantly add value to ou
165、r clients.Tobe future ready,we need to make all the necessary investments.This is possible only with superior revenue productivity and margins.We have always delivered on our promise to our stakeholders customers,employees,investors and others.I am as disappointed as you are with our performance in
166、the January-March quarter of fiscal 2012.Our model was built on Predictability,Sustainability,Profitable and De-risking(PSPD).However,our predictability in the recent quarters has been impacted by challenges in the global economy coupled with internal organizational changes.I assure you that the Man
167、agement is working harder than before to get back to delivering predictable performance.Employees are our biggest assets.We have a long tradition of richly rewarding our employees from distributing close to 50,000 crore as stock options,to distributing free shares on our 30th anniversary,or offering
168、 cash bonuses on special occasions.At Infosys,we believe in collective sacrifices and in the collective sharing of benefits.As we go through a challenging growth environment,we have decided to postpone the yearly salary increment for our employees.However,we will re-visit this decision the moment we
169、 get back on the growth path.We ended the year with 20,968 crore in cash and cash equivalents including investments in available-for-sale financial assets and certificates of deposits.We have clearly articulated our financial policy of paying upto 30%of the net profits of the group as dividends to s
170、hareholders every year,generating a minimum Return On Capital Employed(ROCE)of twice our cost of capital and a minimum Return On Invested Capital(ROIC)of three times our cost of capital,with sufficient cash to run our business comfortably.We also require cash to fulfill our growth objectives through
171、 selective acquisitions.We have always balanced all of these and returned excess cash to shareholders whenever we determined so.Our Infosys 3.0 strategy requires us to focus on our acquisition strategy to enhance our capabilities in the PPS space as well as to build a strong platform for growth in i
172、dentified geographies,services and industry verticals.We are pleased to announce a final dividend of 22 per share for fiscal 2012 and a special dividend of 10 per share on the 10th anniversary of Infosys BPO.Earlier in the fiscal,we paid an interim dividend of 15 per share.A number of awards and rec
173、ognitions were bestowed on us this fiscal.We were ranked among the worlds most innovative companies by Forbes and HOLT.We were named Asias Most Preferred Brand in the Information Technology category at the Asian Leadership Awards.We were ranked among the greenest Indian brands for the third consecut
174、ive year in a consumer survey conducted by Cohn&Wolfe,Esty Environmental Partners and Penn Schoen and Berland Associates.Newsweek also featured us in its list of the worlds top 10 green companies.Our sustainability initiatives in India won us the certificate of commendation for significant achieveme
175、nt among organizations with annual turnover of more than 500 crore at the CII-ITC Sustainability Awards,2011.Even as we plan to add 7.9 million sq.ft.of built-up area to our existing infrastructure,we continue to adhere to the highest environmental standards building Leadership in Energy&Environment
176、al Design(LEED)certified structures,creating water harvesting facilities,and adopting innovative technology such as the radiant cooling system at our Pocharam campus in Hyderabad.I am pained by the recent reports on alleged visa misuse by Infosys.As a company,we always comply with the letter and spi
177、rit of the law in every part of the world that we operate.Let me reiterate that there is not,nor was there ever a policy to use the B-1 visa program to circumvent the H-1B visa program.Any allegation or assertion that there is or was a corporate policy of evading the law in conjunction with the B-1
178、visa program is simply inaccurate.Like in the past,I am sure we will overcome this challenge too.Over the past three decades,you,our shareholders,our clients,the governments of various countries,our partners,our employees and our well-wishers have supported our strategies and decisions and have stoo
179、d by us through thick and thin.At the end of this eventful year and at the beginning of another challenging year,we thank each one of you and look forward to your continued support,belief and trust.I am aware of the responses received from investors,the analyst community,the media and others on our
180、recent performance.We take these responses in the right spirit and pledge to work hard to meet the elevated expectations of our stakeholders.But as all of you know,there is no shortcut to success.It comes with lots of hard work,determination and personal sacrifice.We have had a long history of indus
181、try-leading performance and sustained value creation for our stakeholders.We believe in our strategy and are confident of its success.Today,we have the right structure and leadership in place to achieve our strategic goals,and I could not be more excited about the journey ahead.BangaloreApril13,2012
182、S.D.ShibulalChief Executive Officer andManaging DirectorInfosys Annual Report 2011-124|The year at a glanceThe year at a glanceIFRS Consolidated(in crore)RevenuesRevenues20102011201222,74227,50133,7346,2196,8238,3164,8046,0416,9941,3131,4991,716201020112012201020112012201020112012Net incomeNet incom
183、eIFRS Consolidated(in US$million)Indian GAAP Standalone in crore,except per share data(1)20122011Growth(%)Financial performanceIncome31,25425,38523.1Gross profit13,41911,11820.7Operating profit(PBIDTA)10,0618,41419.6Profit after tax(2)7,9866,44323.9EPS(2)(par value of 5/-each):Basic139.07112.2623.9D
184、iluted139.06112.2223.9Dividend Per share(3)47.0060.00(21.7)Financial positionCapital expenditure1,2961,15212.5Fixed assets(4)4,6494,3058.0Cash and cash equivalents(5)19,89815,28430.2Net current assets(4)22,42817,54127.9Total assets(4)35,81528,85424.1DebtNet worth29,75724,50121.5Cash and cash equival
185、ents/total assets(4)(%)55.653.0Market capitalization1,64,5921,86,100(11.6)IFRS Consolidated in crore,except per share data20122011Growth(%)Revenues33,73427,50122.7Gross profit13,92611,58520.2Operating income9,7798,10220.7Net income 8,3166,82321.9EPS(par value of 5/-each):Basic145.55119.4521.9Diluted
186、145.54119.4121.9in US$million,except per share data20122011Growth(%)Revenues6,9946,04115.8Gross profit2,8762,54413.1Operating income2,0131,77913.2Net income1,7161,49914.5EPS(par value of 5/-each):Basic3.002.6214.5Diluted3.002.6214.5Notes:1 crore equals 10 million(1)On October 7,2011,the Board of Dir
187、ectors of Infosys Consulting Inc.,approved the termination and winding down of the entity,and entered into a scheme of amalgamation and initiated its merger with Infosys Limited.The termination of Infosys Consulting Inc.became effective on January 12,2012,in accordance with the Texas Business Organi
188、zations Code.Effective January 12,2012,the assets and liabilities of Infosys Consulting Inc.,have been transferred to Infosys Limited.(2)Before Exceptional item.(3)Dividend includes 10 per share on account of completion of 10 years of Infosys BPO operations for fiscal year 2012 and 30th year special
189、 dividend of 30 per share for fiscal year 2011.(4)Reclassified as per new schedule VI requirement for fiscal year 2011.(5)Includes investment in certificate of deposit of 336 crore and 5 crore in liquid mutual funds for fiscal year 2012;certificate of deposit 119 crore for fiscal year 2011.The Infos
190、ys Board of DirectorsStanding:David L.BoylesIndependent DirectorProf.Jeffrey S.LehmanIndependent DirectorDr.Omkar GoswamiIndependent DirectorRavi VenkatesanIndependent DirectorSrinath BatniDirector and Head of Delivery ExcellenceSridar A.IyengarIndependent DirectorB.G.SrinivasDirector and Head of Eu
191、rope,and Global Head of Financial Services&InsuranceAshok VemuriDirector and Head of Americas,and Global Head of Manufacturing and Engineering ServicesR.SeshasayeeIndependent DirectorDeepak M.SatwalekarIndependent DirectorV.BalakrishnanDirector and Chief Financial OfficerK.V.Kamath Chairman of the B
192、oardS.GopalakrishnanExecutive Co-Chairman of the BoardS.D.ShibulalChief Executive Officer and Managing DirectorAnn M.FudgeIndependent DirectorSitting:The Infosys Executive CouncilStephen R.PrattSenior Vice President and Global Head of Consulting&Systems IntegrationPrasad ThrikutamSenior Vice Preside
193、nt and Global Head of Energy,Utilities,Communications&Services U.B.Pravin RaoSenior Vice President and Global Head of Retail,Consumer Packaged Goods,Logistics&Life Sciences Nandita GurjarSenior Vice President and Group Head of Human Resources Basab PradhanSenior Vice President and Head of Global Sal
194、es,Marketing&Alliances Chandrashekar KakalSenior Vice President and Global Head of Business IT ServicesU.Ramadas KamathSenior Vice President and Head of Infrastructure,Commercial,Facilities,Administration and SecurityB.G.SrinivasDirector and Head of Europe,and Global Head of Financial Services&Insur
195、anceSrinath BatniDirector and Head of Delivery ExcellenceV.BalakrishnanDirector and Chief Financial OfficerS.GopalakrishnanExecutive Co-Chairman of the BoardS.D.ShibulalChief Executive Officer and Managing DirectorAshok VemuriDirector and Head of Americas,and Global Head of Manufacturing and Enginee
196、ring ServicesStanding:Sitting:Infosys Annual Report 2011-12Board and committees|5 The Board of DirectorsK.V.KamathChairman of the BoardS.Gopalakrishnan Executive CoChairman of the BoardS.D.ShibulalChief Executive Officer and Managing Director AnnM.FudgeIndependent DirectorAshokVemuriDirector and Hea
197、d of Americas,and Global Head of Manufacturing and Engineering ServicesV.BalakrishnanDirector and Chief Financial OfficerDavidL.BoylesIndependent DirectorDeepakM.SatwalekarIndependent DirectorProf.Jeffrey S.LehmanIndependent DirectorDr.Omkar GoswamiIndependent DirectorRavi VenkatesanIndependent Dire
198、ctorR.SeshasayeeIndependent DirectorSridar A.IyengarIndependent DirectorSrinath BatniDirector and Head of Delivery ExcellenceB.G.SrinivasDirector and Head of Europe,and Global Head of Financial Services&InsuranceExecutive CouncilS.GopalakrishnanExecutive CoChairman of the BoardS.D.ShibulalChief Exec
199、utive Officer and Managing DirectorAshokVemuriDirector and Head of Americas,and Global Head of Manufacturing and Engineering ServicesV.BalakrishnanDirector and Chief Financial OfficerBasab PradhanSenior Vice President and Head of Global Sales,Marketing&AlliancesChandrashekar KakalSenior Vice Preside
200、nt and Global Head of Business IT ServicesNandita GurjarSenior Vice President and Group Head of Human ResourcesBoard and committees Infosys LimitedPrasad ThrikutamSenior Vice President and Global Head of Energy,Utilities,Communications&ServicesU.B.Pravin RaoSenior Vice President and Global Head of R
201、etail,Consumer Packaged Goods,Logistics&Life SciencesU.Ramadas KamathSenior Vice President and Head of Administration,Commercial,Facilities,Infrastructure and SecuritySrinath BatniDirector and Head of Delivery ExcellenceB.G.SrinivasDirector and Head of Europe,and Global Head of Financial Services&In
202、suranceStephen R.PrattSenior Vice President and Global Head of Consulting&Systems IntegrationBoard CommitteesAudit committeeDeepakM.SatwalekarChairpersonRavi VenkatesanR.SeshasayeeSridar A.IyengarCompensation committeeAnnM.FudgeChairpersonDavidL.BoylesRavi VenkatesanNominations committeeProf.Jeffrey
203、 S.LehmanChairpersonAnnM.FudgeRavi VenkatesanInvestor grievance committeeDr.Omkar GoswamiChairpersonDeepakM.SatwalekarProf.Jeffrey S.LehmanRisk management committeeDavidL.BoylesChairpersonDr.Omkar GoswamiR.Seshasayee Sridar A.IyengarInfosys Annual Report 2011-126|Board and committeesInfosys BPO Limi
204、tedV.BalakrishnanChairpersonD.SwaminathanChief Executive Officer and Managing Director Chandrashekar KakalDirectorJayanth R.VarmaIndependent DirectorSridar A.IyengarIndependent DirectorInfosys Consulting India LimitedChandrashekar KakalChairpersonS.D.ShibulalDirectorB.G.SrinivasDirectorInfosys Techn
205、ologies(China)Co.LimitedAshokVemuriChairpersonV.R.RangarajanChief Executive Officer and Managing DirectorV.G.DheeshjithDirectorT.P.PrasadDirectorSrinath BatniDirectorInfosys Technologies(Shanghai)Co.LimitedAshokVemuriChairpersonV.R.RangarajanDirector and Legal RepresentativeSrinath BatniDirectorInfo
206、sys Technologies(Australia)Pty.LimitedB.G.SrinivasChairpersonJackie KorhonenChief Executive Officer and Managing DirectorV.G.DheeshjithDirectorU.B.Pravin RaoDirectorSrinath BatniDirector The Board of Directors SubsidiariesInfosys Technologies S.de R.L.de C.V.AshokVemuriSole ManagerInfosys Technologi
207、es(Sweden)ABS.D.ShibulalChairpersonEric S.PaternosterDirectorRajesh KrishnamurthyDirectorB.G.SrinivasDirectorInfosys Public Services Inc.Prof.Jeffrey S.LehmanChairpersonEric S.PaternosterPresident and Chief Executive OfficerAshokVemuriDirectorInfosys Tecnologia do Brasil LtdaPuneet Singh GillLegal A
208、dministratorInfosys Annual Report 2011-12Directors report|7 To the members,We are delighted to present the report on our business and operations for the year ended March31,2012.1.Results of our operationsin crore,except per share data20122011Income from software services and products31,25425,385Soft
209、ware development expenses17,83514,267Gross profit13,41911,118Selling and marketing expenses1,4531,219General and administration expenses1,9051,485Operating Profit Before Interest,Depreciation,Taxes and Amortization(PBIDTA)10,0618,414InterestDepreciation794740Operating profit before tax 9,2677,674Oth
210、er income,net1,8291,147Net profit before tax and exceptional item11,0968,821Provision for taxation3,1102,378Net profit after tax and before exceptionalitem7,9866,443Dividendincome,net of taxes(1)484Net profit after tax and after exceptionalitem8,4706,443Profit and Loss account balance brought forwar
211、d15,59113,806Reserves on termination of Infosys ConsultingInc.(84)Amount available for appropriation23,97720,249DividendInterim862574Special dividend(2)5741,722Final1,2631,149Total dividend2,6993,445Dividend tax438568Amount transferred to general reserve847645Balance in Profit and Loss account19,993
212、15,591EPS before exceptional item(3)Basic139.07112.26Diluted139.06112.22EPS after exceptional item(3)Basic147.51112.26Diluted147.50112.22Notes:1 crore=10 million(1)Dividend received of 484 crore,net of taxes of 94 crore from the wholly-owned subsidiary,Infosys Australia Pty.Limited.(2)10 years of In
213、fosys BPO operations for 2012 and 30th year special dividend for2011.(3)Equity shares are at par value of 5/-each.2.Business Our total income increased to 31,254 crore from 25,385 crore in the previous year,at a growth rate of 23.1%.Our software export revenues aggregated to 30,514 crore,up by 23.1%
214、from 24,791 crore in the previous year.Out of the total revenue,65.1%came from North America,21.2%from Europe,2.3%from India and 11.4%from the Rest of the World.Our revenues from India have increased from 594 crore to 740 crore,with a growth rate of 24.6%.The share of the fixed-price component of th
215、e business was 41.1%,compared to 42.1%during the previous year.Directors reportOur gross profit amounted to 13,419 crore(42.9%of revenue)as against 11,118 crore(43.8%of revenue)in the previous year.TheProfit Before Interest,Depreciation,Taxes and Amortization(PBIDTA)amounted to 10,061 crore(32.2%of
216、revenue)as against 8,414 crore(33.2%of revenue)in the previous year.Salesand marketing costs were 4.6%and 4.8%of our revenue for the years ended March31,2012 and March31,2011,respectively.General and administration expenses were 6.1%and 5.8%of our revenues during the current year and previous year,r
217、espectively.The net profit after tax before exceptional item was 7,986 crore(25.6%of revenue)as against 6,443 crore(25.4%of revenue)in the previous year.Weseek long-term partnerships with our clients that will enhance their value while addressing their IT requirements.Our customer-centric approach h
218、as resulted in high levels of client satisfaction.We derived 97.8%of our revenues from repeat business.We,along with our subsidiaries,added 172 new clients,including asubstantial number of large global corporations.The total client base at the end of the year stood at 694.The client list for the cur
219、rent and previous years are as follows:in Nos.20122011Million-dollar clients399366Five-million-dollar clients190187Ten-million-dollar clients132126Fifty-million-dollar clients4028Hundred-million-dollar clients1311During the year,we added 16.70 lakh sq.ft.of physical infrastructure space.The total av
220、ailable space now stands at 293.33 lakh sq.ft.Thenumber of marketing offices as at March31,2012 was 65 as compared to 64 in the previous year.3.SubsidiariesWe have nine subsidiaries:Infosys BPO Limited,Infosys Technologies(Australia)Pty.Limited,Infosys Technologies(China)Co.Limited,Infosys Consultin
221、g India Limited,Infosys Technologies S.de R.L.de C.V.,Infosys Technologies(Sweden)AB,Infosys Technologia do Brasil Ltda,Infosys Public Services Inc.,and Infosys Technologies(Shanghai)Co.Limited.We have four step-down subsidiaries:Infosys BPO s.r.o.,Infosys BPO(Poland)Sp.Z.o.o,McCamish Systems LLC,an
222、d Portland Group Pty.Limited.To increase our client relevance and sustain industry leadership,we made organizational changes to the Company and as part of this re-organization we decided to integrate Infosys Consulting Inc.into Infosys Limited.Accordingly,on October7,2011,the Board of Directors of I
223、nfosys Consulting Inc.,approved the termination and winding down of the entity,and entered into a scheme of amalgamation and initiated its merger with Infosys Limited.The termination of Infosys Consulting Inc.became effective on January12,2012,inaccordance with the Texas Business Organizations Code.
224、Effective January 12,2012,the assets and liabilities of Infosys Consulting Inc.,have been transferred to Infosys Limited.Infosys Consulting India Limited(subsidiary of Infosys Consulting Inc.)is currently in the process of being merged into Infosys Limited.Further,Infosys BPO acquired 100%of the vot
225、ing interest in Portland Group Pty.Limited,astrategic sourcing and category management services provider based in Australia for a cash consideration of 199 crore.This acquisition was completed during January2012.As per Section 212 of the Companies Act,1956,we are required to attach the Directors rep
226、ort,Balance Sheet,and Profit and Loss account of our subsidiaries.The Ministry of Corporate Affairs,Government of India vide its Circular No.2/2011 dated February8,2011,has provided an exemption to companies from complying with Section212,provided such companies publish the audited Infosys Annual Re
227、port 2011-128|Directors reportconsolidated financial statements in the Annual Report.Accordingly,the Annual Report 2011-12 does not contain the financial statements of our subsidiaries.The audited annual accounts and related information of our subsidiaries,where applicable,will be made available on
228、request.The same will be published on our website,.Thesedocuments will also be available for inspection during business hours at our registered office in Bangalore,India.4.Products and platformsOur products and platforms are focused on innovation-led business growth for our clients.Our offerings lev
229、erage the latest technologies in cloud computing,mobility,big data,rich media and social to provide guaranteed business outcomes.ProductsFinacleFinacle from Infosys is a comprehensive,flexible and fully web-enabled solution that addresses the core,e-banking,mobile,CRM,wealth management,treasury,and
230、Islamic banking requirements of universal,retail and corporate banks worldwide.Finacle,our universal banking solution,partners with banks worldwide to transform products,processes and customer experience,arming them with accelerated innovation that is the key in building tomorrows bank.Other offerin
231、gs include the Finacle Core Banking solution for regional rural banks;Finacle Digital Commerce solution,which enables next generation digital payments;Finacle Alerts solution,which alerts end-users on events recorded by diverse business systems;Finacle Advizor,which combines the convenience of human
232、 intervention with banking self-service channels through the interplay of video,audio and data communication;and Finacle WatchWiz,a comprehensive new-generation monitoring solution that allows banks to monitor,diagnose and resolve issues.Our professional services complement the solutions portfolio a
233、nd includes consulting,package implementation,independent validation,migration,application development and maintenance,systems integration,software performance engineering and support.Today,Finacle is the choice of 154 banks across 75 countries and powers operations across 48,500 branches.Finacle en
234、ables its customer banks to serve 423 million accounts and 347 million consumers worldwide.Finacle is regarded as a leader in the core banking market space by industry analysts since many years.Today,42%of the banks leveraging Finacle are among the Top 1000.Finacle is one of the most scalable core b
235、anking solutions in the world with an unparalleled performance benchmark of 104 million effective transactions per hour for channel(non-branch)transactions and 41 million effective transactions per hour for branch transactions.This year,Finacle also sets a new global performance benchmark for Finacl
236、e e-banking solution by effectively managing over half a million online transactions and supporting over 2.8 million web page visits,with over 33,000 concurrent users in 30 minutes.Our other product range includes:Flypp:This is a white-labeled app marketplace that helps our partners to actively enga
237、ge with their consumers across digital channels.Infosys Customer Self-Service Energy Manager:This product helps utilities ensure customer delight through sustainable energy management and revitalized customer service.Infosys Health Benefit Exchange:This is a novel,transparent,and competitive insuran
238、ce hub designed for individuals and small businesses to buy qualified plans.Infosys iTransform ICD-10 Migration Suite:This suite is designed to automate all stages of migration to ICD-10 and help organizations turn compliance into a competitive advantage.Infosys mConnect Multi-Channel Mobile Middlew
239、are:This is a middleware that is designed to optimize user experience through its context-aware mobile multimode middleware across channels and platforms.Infosys Omni-Channel Personalization Engine:This engine that helps retailers foster consumer relationship by presenting personalized content acros
240、s channels.Infosys Real-Time Expertise Manager:This system delivers customer delight by making every interaction effective and by providing instant access to expertise.Infosys Supply Chain Performance Management Suite:This analytical suite gives a 360-degree view of Supply-Demand service chain perfo
241、rmance to drive collaborative decision-making.Infosys Trading Platform:This platform helps to strategically differentiate brokerage services and provide superior trading experience to customers.Infosys Transaction Reconciliation Platform:This comprehensive operations platform addresses end-to-end re
242、conciliation needs of anenterprise.PlatformsOur suite of business platforms,Infosys Edge,is built around specific themes that provide significant opportunities to enterprises.We focus on delivering guaranteed business outcomes.We host,operate and manage these platforms on a subscription-based pricin
243、g model,providing our clients with rapid time-to-value.Our platforms include:Infosys BrandEdge:This simplifies digital marketing across the organization through a comprehensive cloud-based platform.Infosys CommerceEdge:This helps in driving multi-channel commerce by enhancing consumer experience,dri
244、ving traffic and increasing order value.Infosys Credit Servicing Platform:This is an integrated credit servicing and asset management platform,for managing multiple loans and asset classes across the globe.Infosys IT Asset Performance Management Platform:This helps in maximizing return on IT asset i
245、nvestments by enhancing performance,and mitigating risks while optimizing costs.Infosys SocialEdge:This helps in monetizing digital demand by harnessing the power of social media to deepen consumer and employee engagement.Infosys Source-to-Pay Platform:This helps enterprises realize rapid and sustai
246、nable savings across their source-to-pay lifecycle.Infosys TalentEdge:This enables enterprises to deepen employee engagement and simplify the entire hire-to-retire lifecycle of the human resource function.Infosys TradeEdge:This enables global companies to accelerate long-term growth and profitabilit
247、y in emerging markets.Infosys WalletEdge:This enables a financial ecosystem of consumers,merchants,telecoms,banks,governments,and enterprises,to process payments.5.QualityWe continue our journey of delivering value to our clients through significant investments in quality programs.We have adopted se
248、veral external benchmarks and certifications.Infosys is certified under various standards to meet client demands and enhance value delivery.These include TL 9000-SV,ISO 9001,AS EN 9100,ISO20000,BS25999,OHSAS 18001,ISO 14001,ISO 27001 and ISO13485.Infosys BPO has been certified for eSCM SP v.2.0 Leve
249、l 5,theeSourcing Capability Model for Service Providers developed by a consortium led by Carnegie Mellon Universitys Information Technology Services Qualification Center.Our Australia and Shanghai centers have been assessed at SEI-CMMi Level 5.Infosys Annual Report 2011-12Directors report|9 Our Qual
250、ity department handles large change management initiatives to drive quality and productivity improvements across Infosys.Itis managed through the Balanced Scorecard and Infosys Scaling Outstanding Performance(iSOP)program adopted from the Malcolm Baldrige National Quality Award(MBNQA).We continue to
251、 fine-tune our Business Value Articulation framework,which ensures alignment of our approaches to deliver value to our clients.Our Business Value Realization program is an initiative comprising frameworks,methodologies,processes and systems,to promote articulation and assurance of business value for
252、 variousengagements.6.Infosys LabsAs part of our strategic direction towards Infosys3.0,Infosys Labs,our research and innovation arm,has been driving research across the Building Tomorrows Enterprise(BTE)mega trends that will transform the businesses of our clients.Inspired by the principle of Innov
253、ation Co-creation,Infosys Labs has been strengthening its innovation ecosystem with clients,partners and industry consortia.Infosys Labs has also continued to focus on service differentiation and developing client-focused business solutions.Infosys Labs is organized as a global network of research l
254、abs and innovation hubs.Our research agenda is driven by our strategic vision of Building Tomorrows Enterprise and Business Value Realization.Wehave created a Center of Innovation for Tomorrows Enterprise,which manages seven institutes pertaining to the seven themes of Building Tomorrows Enterprise.
255、We have identified large,multidisciplinary problem spaces that embody the challenges facing our clients and are creating technological solutions to solve these.TheEnterprise Technology Research group focuses on a number of topics including visualization,semantic technology,context aware systems and
256、others.Our research also focuses on the software engineering and services innovation aspects.We believe that co-creation is the preferred mode of innovation.Wehave set up innovation centers with a few clients,university partners,technology partners and industry research bodies.Wefocus on creating af
257、fordable solutions for tomorrows enterprises.Ourresearch also helps in significantly enhancing productivity of our service offerings and helps create new services.This year,over 119 articles were published by Infosys Labs researchers in leading journals,magazines and conference proceedings.InfosysLa
258、bs Briefings,our highly respected peer-reviewed journal published issues this fiscal year,in areas such as Modern Learning Technologies and Model-based Software Engineering.Infosys Labs collaborates with leading national and international universities such as the University of Southern California,Un
259、iversity of Cambridge,Queensland University of Technology,University of Illinois at Urbana Champaign,Indian Institute of Technology,Bombay Monash Research Academy,Purdue University,Indian Institute of Information Technology Bangalore.This year,Infosys Labs Intellectual Property Cell filed 143 unique
260、 patent applications in the United States Patent and Trademark Office(USPTO),the Indian Patent Office and other jurisdictions.Theaggregate unique patent applications filed stand at 474 and are under various stages of processing.The total granted patents are 47.Out of these,46 have been granted in th
261、e U.S.and one in Luxembourg.7.Branding Brand Infosys is one of the most important intangible asset that we own.Our brands promise,Building Tomorrows Enterprise,unveiled last year,is gaining rapid traction and momentum across markets.We provide comprehensive business solutions that leverage technolog
262、y and domain expertise to help our clients gain market differentiation and competitive advantage.Our group is well known by the brand,Infosys to all stakeholders and the general public.We believetheword,Technologies is restrictive for the kind of business we are pursuing today as a transformation pa
263、rtner for our global clients.We are also playing a larger role as a systems integrator by globally aligning with hardware,products and software players.Considering this and to reflect our transition from a provider of technology services to being a transformation partner to our global clients,we cha
264、nged our name,effective June16,2011,from Infosys Technologies Limited to Infosys Limited.The name change was effected following approval by the Board,our shareholders and the Indian regulatory authorities.Our brand has been recognized by leading publications and independent industry bodies.We were:R
265、anked the Worlds Most Innovative Companies by Forbes and HOLT,a division of Credit Suisse Ranked as one of the Most Admired Thought Leaders in a survey by TLG Communications and GlobeScan Conferred Asias Most Preferred Brands award in the IT category at the Asian Leadership Awards,hosted by the Asia
266、n Confederation of Businesses and supported by Stars of the Industry Group Ranked among the Greenest Brands for the third consecutive year,in a consumer survey conducted by Cohn&Wolfe,Esty Environmental Partners and Penn Schoen and Berland Associates Rated by Global Industry Analysts as a Leader in
267、key services and solutions across domains We were featured in case studies and articles by leading industry bodies.Forrester Research highlighted Infosys as a Gold Standard in Training and published a case study on our Continuous Education&Learning Programs in their report,The Importance Of Evaluati
268、ng Your Vendors Training Capability:What You Need To Know,September2011.For more details on the report and the award,visit In India,Business Today rated us at No.2 in the survey on Best Companies to Work For.In the U.S.,we were ranked fourth in this years Bliss Leap Award among top 50 U.S.companies
269、designated by employees as the happiest places to work for.We continue to leverage social media platforms to engage with potential employees.This year,our Facebook fans crossed 1,45,000.We promote our brand through targeted publications and at premier events around the world.In addition to a targete
270、d advertising campaign in Forbes and Bloomberg BusinessWeek this year,we maintained a leadership presence at premier industry events like Oracle Open World and Sapphire.Confluence,our flagship client event held in the U.S.and Europe was well-attended and highly appreciated.Wehad a strong presence at
271、 the World Economic Forum 2012 held in Davos,Switzerland.8.Awards and recognitionIn 2011-12,as in the years preceding,we earned a number of awards and honors from various industry bodies and media organizations across the globe.We were:Positioned by Gartner in the leaders quadrant for Oracle applica
272、tion services across Europe Winners of the 2011 Global Most Admired Knowledge Enterprises(MAKE)Award,becoming the first and only Indian company to win the award eight times Ranked fourth in the 2011 Bliss Leap Awards,instituted by CareerBliss Ranked first in all the four categories Best IR website,B
273、est Online Annual Report,Best Financial Disclosure and Best Corporate Governance Practices at the 2011 IR Global Rankings in India Recognized in the Institutional Investor magazines 2011 All-Asia Executive Team Rankings Winners of the Platinum Award in The Asset Corporate 2010 AwardsInfosys Annual R
274、eport 2011-1210|Directors report Named a Leader in IT Infrastructure Outsourcing by Forrester Adjudged Indias best company for corporate governance by theAsiamoney poll Named Indias most respected company by Business World9.Capital expenditureThis year,we capitalized 807 crore.This comprises 245 cro
275、re for investment in computer equipment(includes computer equipment having gross book value of 10 crore transferred from Infosys Consulting Inc.,on its termination),17 crore in intellectual property rights,2 crore on vehicles and the balance of 543 crore on infrastructure investments.We invested 158
276、 crore to acquire 371 acres of land in Bangalore,Bhubaneswar,Mangalore,Nagpur and Indore.Last year,we added 1,017 crore to our gross block excluding 3 crore which was due to movement of land from leasehold to freehold to our gross block.This comprised 251 crore for investment in computer equipment.T
277、he balance of 764 crore was due to infrastructure investments along with 2 crore on vehicles.We invested 225 crore to acquire 267 acres of land in Delhi,Bangalore and Mangalore.10.LiquidityWe continue to be debt-free and maintain sufficient cash to meet our strategic objectives.We clearly understand
278、 that the liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and business risks.Liquidity also enables us to make a rapid shift in direction,should the market so demand.During fiscal 2012,internal cash flows have more than adequately covere
279、d working capital requirements,capital expenditure,investment in subsidiaries and dividend payments.As at March31,2012,we had liquid assets of 19,898 crore as against 15,284 crore at the previous year-end.These funds have been invested in deposits with banks,highly rated financial institutions,certi
280、ficates of deposits and liquid mutual funds.11.Increase in share capitalDuring the year,we issued 78,442 shares on the exercise of stock options under the 1998 and 1999 Employee Stock Option Plans.As a result of this,the outstanding issued,subscribed and paid-up equity shares increased from 57,41,51
281、,559 to 57,42,30,001 shares as at March31,2012.12.AppropriationsDividendOur policy is to pay dividend of up to 30%of the consolidated net profit after tax of the Infosys group.In October2011,we paid an interim dividend of 15/-per share.We recommended a final dividend of 22/-per share and a special d
282、ividend of 10/-per share on account of completion of 10 years of Infosys BPO operations(par value of 5/-each),making in all 47/-per share as dividend for the year.The total dividend amount pay out is 2,699 crore,as against 3,445 crore in the previous year.The dividend for the previous year includes
283、the 30th year special dividend of 30 per share amounting to 1,722 crore.Dividend(including dividend tax)excluding special dividend as a percentage of consolidated net profit after tax is 29.7%as compared to 29.3%in the previous year.The register of members and share transfer books will remain closed
284、 from May26,2012 to June9,2012(both days inclusive).Our Annual General Meeting is scheduled to be held on June9,2012.Transfer to reservesWe propose to transfer 847 crore(10%of the net profit for the year)to the general reserve.An amount of 19,993 crore is proposed to be retained in the Profit and Lo
285、ss account.13.Corporate governance We continue to be a pioneer in benchmarking our corporate governance policies with the best in the world.Our efforts are widely recognized by investors in India and overseas.We have undergone the corporate governance audit by ICRA and Credit Rating Information Serv
286、ices of India Limited(CRISIL).ICRA has rated our corporate governance practices at CGR 1.CRISIL has assigned CRISIL GVC Level 1 rating to us.We comply with the recommendations of the Narayana Murthy Committee on Corporate Governance constituted by the Securities and Exchange Board of India(SEBI).For
287、 fiscal year 2012,thecompliance report is provided in the Corporate governance report section of the Annual Report.The auditors certificate on compliance with the mandatory recommendations of the committee is provided in the Annexure to the directors report section.We have documented our internal po
288、licies 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.During the year,we continued to fully comply with the U.S.Sarbanes-Oxley Act of 2002.Several aspects of the Ac
289、t,such as the Whistleblower Policy and Code of Conduct and Ethics,have been incorporated in our Company policy.14.Conservation of energy,research and development,technology absorption,foreign exchange earnings and outgoThe particulars as prescribed under Sub-section(1)(e)of Section 217 of the Compan
290、ies Act,1956,read with the Companies(Disclosure of particulars in the report of the Board of Directors)Rules,1988,are provided in the Annexure to the directors report section.15.Particulars of employeesIn terms of the provisions of Section 217(2A)of the Companies Act,1956,read with the Companies(Par
291、ticulars of Employees)Rules,1975,the names and other particulars of employees are set out in the Annexure to the directors report section.However,as per the provisions of Section 219(1)(b)(iv)of the Companies Act,1956,the Annual Report excluding the aforesaid information is being sent to all the mem
292、bers of the Company and others entitled thereto.Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.The same will also be published on our website,16.Directors responsibility statement as required under Section 217(2AA)of the
293、 Companies Act,1956The financial statements are prepared in accordance with the accounting standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act,1956,to the extent applicable to us,and guidelines issued by SEBI on the historical cost convention
294、 as a going concern and on the accrual basis.Thereare no material departures from prescribed accounting standards in the adoption of the accounting standards.The Board of Directors accepts responsibility for the integrity and objectivity of these financial statements.The accounting policies used in
295、the preparation of the financial statements have been consistently applied except as otherwise stated in the notes accompanying the respective tables.The estimates and judgments related to the financial statements have been made on a prudent and reasonable basis,inorder that the financial statements
296、 reflect in a true and fair manner the form and substance of transactions,and reasonably present our state of affairs and profits for the year.We have taken sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Infosys Annual Report 2011-12Direct
297、ors report|11 CompaniesAct,1956,to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.17.DirectorsDuring the year,the Board appointed K.V.Kamath as the Chairman of the Board,S.Gopalakrishnan as the Executive Co-Chairman of the Board and S.D.Shibulal as the C
298、hief Executive Officer and Managing Director.All of these appointments were effective August21,2011.The Board inducted AnnM.Fudge,V.Balakrishnan,B.G.Srinivas and AshokVemuri as Additional Directors.Further,the Board appointed V.Balakrishnan,B.G.Srinivas and AshokVemuri as Whole-time Directors of the
299、 Company.We seek your support in confirming all of these appointments.As per Article 122 of the Articles of Association,S.Gopalakrishnan,K.V.Kamath,DavidL.Boyles and Prof.JeffreyS.Lehman retire by rotation in the forthcoming Annual General Meeting.All of them,being eligible,seek re-appointment.In ac
300、cordance with the retirement policy for the Companys Board,N.R.Narayana Murthy and Prof.Marti G.Subrahmanyam retired from the Board effective August20,2011 and August23,2011,respectively.We place on record our deep sense of appreciation for the services rendered by N.R.Narayana Murthy and Prof.Marti
301、G.Subrahmanyam during their tenure as Board members.The Board of Directors appointed N.R.NarayanaMurthy as the Chairman Emeritus.This is in recognition of his founding the company,mentoring senior management and nurturing the organization over the last 30 years.18.AuditorsThe auditors,B S R&Co.,Char
302、tered Accountants,retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office,if re-appointed.19.Fixed depositsWe have not accepted any fixed deposits and,as such,no amount of principal or interest was outstanding as of the Balance Sheet date.20
303、.Human resources management Our employees are the most valuable assets of the Company.Weencourage innovation,meritocracy and the pursuit of excellence.Wehave set up a scalable recruitment and human resources management process,which enables us to attract and retain high-caliber employees.We added 16
304、,069(net),excluding employee transfers of 711 from Infosys Consulting Inc.as a part of its termination,and 33,201(gross)employees this year,taking our total strength to 1,24,789 from 1,08,009 at the end of the previous year.The Infosys group added 19,174(net)and 45,605(gross)employees this year,taki
305、ng the total strength to 1,49,994 from 1,30,820 at the end of the previous year.Our attrition rate stands at 14.7%compared to 17.0%for the previous year.Over the last year,we received 6,22,971 applications from prospective employees and we continue to remain an employer of choice in the industry.21.
306、Education&Research We continue to make significant investments in the learning and development of our employees.This has become even more important given the pace at which things change in our industry.We introduced programs in new technology areas such as Cloud Programming and Mobile Application De
307、velopment,last year.We enhanced our continuous education programs with a new framework that provides more learning flexibility to our employees.We also launched our collaboration with international business schools for the co-creation and co-delivery of business programs.During the financial year,th
308、e total training provided for Infoscions was over 1.6 million person days.Many of our employees also took external certifications creating a large pool of certified people.Our flagship industry-academia partnership program,CampusConnect,made significant progress through the launch of electives to he
309、lp engineering colleges run new programs within their curricula.This has been very well received by the academia.During the financial year,we engaged with 1,500 faculty members who in turn trained 35,000 students.With this,the total number of beneficiaries covered are over 7,200 faculty members and
310、1,53,000 students from 474 engineering institutions.SPARK is an Infosys program that exposes students in schools and colleges to the current opportunities and developments in IT and raises their aspirations.As part of this program,we engaged with over 1,30,000 students during the financial year.From
311、 its launch in 2008,the program has reached out to over 5,00,000 students.Over 23,000 students participated in Aspirations 2020,the coding contest we conduct for engineering students.Our knowledge management system set a new record by winning the Global Most Acknowledged Knowledge Enterprise(MAKE)aw
312、ard for the eighth time.We were also awarded the Corporate University(CorpU)Xchange Award 2011 for Campus Connect.Our researchers demonstrated their thought leadership in several areas through their publications at global conferences and through contributions to book chapters and publications.22.Inf
313、osys Leadership Institute The Infosys Leadership Institute(ILI)was established with the aim of developing world-class corporate leaders.The institute identifies potential candidates and supports the development required to take on key leadership positions within the Company.The institute aims to be
314、a globally recognized institution that remains relevant to Infosys while advancing the field with original thought leadership.Over the last year,ILI has engaged in several activities to grow our high potential Tier leaders.ILI deployed the Leadership Journey Series of assessments and conducted coach
315、ing sessions to help leaders with their personal development plans.It also developed structured road maps guiding development around the seven key Infosys leadership dimensions,as well as initiatives such as Leading Value Creation.Tier leaders were offered internationally renowned programs on ethica
316、l influence and charismatic leadership from globally recognized experts.In 2011-12,ILI showcased thought leadership through collaborations with leading researchers across the globe.Our blogs in Leaderati and F received an unprecedented number of hits.Ourteam members participated in over 27 conferenc
317、e presentations,publications and keynote presentations.23.Sustainability initiativesSustainability at Infosys has not been limited to the idea of sustainable consumption alone.For us,sustainability has been at the core of our business since inception.Our business philosophy Predictability,Sustainabi
318、lity,Profitability,and De-risking(PSPD)has been the underlying and overarching aspect of every business decision that we have made over the past three decades.Our core values and ethics are the bedrock of our sustainability practices.Sustainability themes and actions are inextricably intertwined in
319、our everyday business practices.Sustainability actions at Infosys rest on three pillars viz.,Social contract,Resource intensity and Green innovation.A detailed report on our sustainability initiatives and actions is published in the Infosys Sustainability Report 2011-12.For more details,visit Today,
320、enterprises have to honor the expectations of an extended set of stakeholders which includes local communities,social organizations and society in general.The following are some of the significant initiatives that were taken up during the year:Infosys Annual Report 2011-1212|Directors reportParishud
321、h:This program focused on improving health and hygiene measures in rural India.It was rolled out in Gulbarga,Bidar,Raichur and Yadgir districts of Karnataka.As part of this program,the Infosys Foundation built over 10,000 toilets in villages at a cost of 10 crore.Campus Connect:This program was set
322、up to improve the employability of engineering students.Over 7,200 faculty members and 1,53,000 students were trained through the program.Theprogram has contributed to the World Economic Forum 2011 report,Talent Mobility Good Practices.SPARK:Launched in 2008,this day-long program is aimed at raising
323、 the aspirations of children across the country.The SPARK portfolio includes three programs,Rural Reach Program(RRP),Catch Them Young(CTY)and Spark Guru.RRP encourages children in class five to seven from rural schools to pursue science and mathematics.CTY identifies bright youngsters from urban sch
324、ools for a two-week exclusive IT training program at Infosys during their school holidays.Spark Guru helps in competency building of school teachers from government and government aided schools.This year,SPARK touched the lives of 3,97,819 students and faculty members.Beneficiaries in Nos.Girl stude
325、nts1,85,533Rural students2,66,905Faculty enabled8,650Employee volunteers10,577Total3,97,819Infosys employee volunteers:We have built an ecosystem primarily driven by leadership,where employees contribute their personal time and money to projects of their choice.Many of our employee-driven volunteer
326、programs have reached out to a large number of beneficiaries.A few significant initiatives that were taken up during the year are:Notebook Drive 2011-12:This initiative is aimed at providing stationery items to students of government schools and children from less privileged backgrounds in India.Gre
327、en Connect:This is our employee volunteer eco-group at Bangalore.It provides a platform for employees to initiate and engage in activities related to climate change,the ecological balance of our planet and become responsible citizens.The group has over 2,000 active volunteers.Resource intensity is a
328、bout finding transformational ways to de-intensify and achieve the same or better outcome using far lesser resources.Since four years,the Green Infrastructure team has made great strides in supporting sustainability at Infosys.By optimizing design,technology and innovation we have significantly decr
329、eased our energy and water consumption rates across all campuses.Wehave reduced our per capita energy consumption by 32%in this year compared to fiscal 2008 when we started our sustainability journey.Our goal now is to be carbon neutral by2018.24.Employee Stock Option Plan(ESOP)We had introduced var
330、ious stock option plans for our employees.The details of options granted under the 1998 Stock Option Plan(the 1998 Plan)and the 1999 Stock Option Plan(the 1999 Plan)are as follows:1998 Plan1999 PlanTotal grants authorized by the plan(No.)1,17,60,000 ADS5,28,00,000 sharesPricing formula on date of gr
331、antNot less than 90%of fair market valueFair market valueVariation in termsNANARatio of ADS to equity shares1 ADS=1 equity shareNAOptions granted during the year(No.)Weighted average price per option granted()NANAOptions vested as at March31,2012(No.)7,429Options exercised during the year(No.)49,590
332、28,852Total number of shares arising as a result of exercise of options49,59028,852Money raised on exercise of options(crore)3.721.86Options forfeited and lapsed during the year(No.)4808,185Total number of options in force at the end of the year(No.)11,683Grant to senior managementEmployees receivin
333、g 5%or more of the total number of options granted during the yearEmployees granted options equal to or exceeding 1%of the issued capitalDiluted EPS on issue of shares on exercise calculated in accordance with AS 20 (Before exceptional items)139.06139.06Diluted EPS on issue of shares on exercise calculated in accordance with AS 20 (After exceptional items)147.50147.50SEBI has issued the Employee S
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