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Annual Report 2003 | Reports & Filings | Investors CLOCKWORK Working across time zones and geographies, committed Infoscions ensure that for your company, time is a resource, not a constraint, and distance, an advantage. In this Annual Report, we will share with you how Infoscions work with clockwork precision, among geographically distributed, multicultural teams, to continuously create value for your company’s customers. “I must govern the clock, not be governed by it.” Golda Meir 1 Contents 3 The year at a glance Financial statements prepared in 110 Risk management report 165 Financial statements accordance with Indian Generally (unaudited) prepared in 4 Clockwork Accepted Accounting Principles 117 Corporate governance report substantial compliance with 10 Awards for excellence (Indian GAAP) 137 Shareholder information GAAP requirements of Australia, Canada, France, 14 Letter to the shareholder 37 Selective financial data 142 Frequently asked Germany, Japan and the questions 17 Certification by CEO and CFO 39 Management’s discussion United Kingdom and reports and analysis of financial 146 Share performance chart of compliance with respective 18 Directors’ report condition and results of corporate governance operations 147 Intangible assets standards score sheet 54 Auditors’ report Annual General Meeting (AGM) 150 Human resources notice 56 Balance sheet accounting and 57 Profit and loss account value-added statement 58 Schedules 151 Brand valuation 75 Cash flow statement 153 Balance sheet (including intangible assets) 77 Balance sheet abstract and company’s general 154 Current-cost-adjusted business profile financial statements 78 Consolidated financial 156 Economic Value-Added statements prepared in (EVA) statement accordance with Indian GAAP 157 Ratio analysis 94 Section 212 report 160 Statutory obligations 95 Financial statements of 161 ValueReportingTM Progeon Limited 162 Management structure 163 Infosys Foundation 2 The year at a glance in Rs. crore except per share data March 31, 2003 March 31, 2002 Growth % For the year Total revenue 3,623 2,604 39 Export revenue 3,544 2,552 39 Operating profit (PBIDTA) 1,272 1,038 23 PBIDTA as a percentage of total revenue 35.11% 39.85% Profit after tax (PAT) 958 808 19 PAT as a percentage of total revenue 26.44% 31.03% PAT as a percentage of average net worth 38.78% 46.57% Capital investment 219 323 (32) Dividend per share 27.00 20.00 35 Dividend amount 179 132 35 Earnings per share (par value of Rs. 5/- each, fully paid) Basic 144.68 122.12 18 Diluted 143.37 121.37 18 At the end of the year Total assets 2,861 2,080 38 Fixed assets – net 773 718 8 Cash and cash equivalents 1,639 1,027 60 Working capital 2,018 1,293 56 Debt – – – Net worth 2,861 2,080 38 Equity 33 33 – Market capitalization 26,847 24,654 9 Market capitalization is calculated by considering the equity price at the National Stock Exchange on March 31 of the respective years and the shares outstanding on that date. 1 crore = 10 million 3,623 3,544 958 808 2,604 2,552 623 1,901 1,874 Year ended Year ended Year ended 2001 2001 March 31, March 31, 2001 March 31, 2002 2003 2002 2003 2002 2003 Total revenue Exports PAT in Rs. crore in Rs. crore in Rs. crore 3 CLOCKWORK Understanding requirements Responding to Ashim enters his meticulously client needs organized office on the dot at 08:00 IST. The answering machine, fax machine, email and telephone – all clamor for his It is Friday, and the Infosys attention. He reads an email Southern California team is from the CIO of the US arm of a celebrating the week’s large European bank. It’s great achievements. Todd MacCallum news! Infosys has been addresses the gathering, “Folks, provisionally selected over 14 yet another notch in our belt! global vendors to restructure the The client is thrilled with our client’s IT processes. During a quick and innovative conference with his group at development of the XML 08:10 IST, Ashim explains, “The module. They realize that we client is looking to outsource all are a responsive solution IT functions supporting its US provider!” The team cheers and operations. We submitted a applauds Todd. proposal to streamline its An earlier moment in the week processes using the industry’s had been really tense. The best practices as a benchmark. previous Monday, 09:00 PST: The client wants us to rework an intense brainstorming the solution and extract another teleconference between the US$ 1 million in cost savings offshore team in Bangalore, and before awarding us the contract.” Todd. The client, a media and The team quickly swings into entertainment giant in the US, action. It does a detailed due has had a sudden change in diligence of all the assumptions. requirement. Prasad, the In year one, the savings come delivery manager, points out, mainly from transitioning to an “Todd, given the new emphasis offshore team in Bhubaneswar. for an open architecture, we In year two and three, they 06:00 IST (16:30 PST) will have to replace the come from process Fremont, United States Electronic Data Interchange improvement and replacement (EDI) module with one based Todd MacCallum of several legacy applications. on XML standards.” Todd Group Manager – Sales “If we create a shared services queries, “That sounds tricky. support group for the full suite Can we start on a new module of investment banking at this stage and still meet the applications, another deadline?” “Yes, but we will US$ 1 million can be saved!” need our teams of EDI and 08:00 IST exclaims Shyam. A rigorous XML experts working on it Bhubaneswar, India three-hour inspection by the simultaneously both from India independent auditor from and the US,” says Prasad. Ashim Kumar Ghosh another team confirms that the After a week of late night and Delivery Manager assumptions are valid and early morning conference calls, reasonable. the Infosys team has As soon as it is dawn in Chicago, conceptualized and developed a Ashim calls up Greg, the simple and effective solution. Business Development Manager The client thanks Todd, “Your for the account. Ashim declares, solution delivers just the “We can save another US$ 1 interoperable architecture we million. I will send you the wanted.” detailed plan. Confirm it to the Todd conveys the good news to client.” Greg is delighted. “This Prasad and then heads out to should seal the deal! Thanks for celebrate with his team. A short the quick turnaround!” Greg will while later, he drives home call the customer as soon as they battling the dense LA traffic. open. Ashim sends his last email After a tense yet fulfilling week, for the day. He is off to a he is really looking forward to meeting in the Lingaraja temple whale watching during his premises, to do his bit for weekend sail! Orissa’s rich heritage! 4 Reducing time-to-market A national athletic champion, Josephine ignores the waiting Managing risk in elevator and races up the stairs uncertain times for the meeting. Her enterprise- solutions team is gathered in the conference room with steaming mugs of coffee. An “I wonder who that is,” animated discussion begins. ponders SK, as he answers the The Asia Pacific (APAC) call – he has just finished an regional solution was a hit with exhaustive client review. This the client, a time it is Elan from Bangalore. large German automotive “SK, it is an emergency! The manufacturer. Josephine’s team client wants to conduct a has now been asked to plan for business continuity test right the client’s European now! The simulation exercise operations. Systematically, she for disaster recovery has to runs through the key functions start immediately.” SK, in his in the sales, marketing, usual efficient manner, logistics, and financial control activates the Business modules. Continuity and Disaster At 12:30 SST, stomachs growl, Recovery (BC&DR) plan for but the team is on a high. the client, a large US bank. Josephine says, “We have Within minutes, the developed the regional solution infrastructure setup and successfully. Going forward, restoration activity in Pune reuse is crucial to exceeding begins at clockwork pace. An client’s expectations. We need to hour into the exercise, the move fast to create an approach team leader receives alert that combines regional messages informing him of flexibility with the benefits of a intruders attempting to 10:00 IST (12:30 SST) global template.” Over a pizza penetrate the firewall. He Singapore lunch, several options are bursts into SK’s cabin in panic, tossed around. Four hours later, Josephine Too revealing, “They are trying to a hub-and-spoke delivery Business Development alter the directory entries. That model has been conceptualized. Manager – Sales will cripple the system.” SK This will ensure coordination shoots rapid-fire instructions: between Infosys and client “Look at the authentication log. teams in the APAC region and 12:00 IST Load the backups. Reroute the Europe – the hub being the Pune, India network.” Two hours later, SK’s offshore team at Bangalore. S. K. Kulkarni team successfully completes Pleased with the solution, Delivery Manager all activities – notification, Josephine adds, “This shared restoration, recovery, and solution framework will result connectivity. A typical in quicker implementation for seven-hour exercise ends in a the client’s regional operations, record three hours, despite all while adhering to its global the challenges. standards. We will give the client follow-the-sun service, Patrick, the security auditor from Australia to the UK!” from Charlotte, who is visiting Bangalore, says, “You guys The day ends on that decisive really rose up to the challenge! note. Blue-chips leave the mind A full recovery in three hours is and are replaced by blue jays, as amazing!” As the sun is setting the team heads out to a on the picturesque Sahyadri bird-watching camp at the Hills, SK’s face glows with Sungei Buloh Reserve.
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