Infosys Limited and subsidiaries

Consolidated Balance Sheets as of March 31,

Common Size
2015 2014 2015 2014
ASSETS
Current assets
Cash and cash equivalents 4,859 4,331 45.77% 45.48%
Available-for-sale financial assets 140 367 1.32% 3.85%
Investment in certificates of deposit - 143 0.00% 1.50%
Trade receivables 1,554 1,394 14.64% 14.64%
Unbilled revenue 455 469 4.29% 4.93%
Prepayments and other current assets 527 440 4.96% 4.62%
Derivative financial instruments 16 36 0.15% 0.38%
Total current assets 7,551 7,180 71.14% 75.40%
Non-current assets
Property, plant and equipment 1,460 1,316 13.75% 13.82%
Goodwill 495 360 4.66% 3.78%
Intangible assets 102 57 0.96% 0.60%
Investment in associate 15 - 0.14% 0.00%
Available-for-sale financial assets 215 208 2.03% 2.18%
Deferred income tax assets 85 110 0.80% 1.16%
Income tax assets 654 254 6.16% 2.67%
Other non-current assets 38 37 0.36% 0.39%
Total non-current assets 3,064 2,342 28.86% 24.60%
Total assets 10,615 9,522 100.00% 100.00%
LIABILITIES AND EQUITY
Current liabilities
Trade payables 22 29 0.21% 0.30%
Derivative financial instruments
Current income tax liabilities 451 365 4.25% 3.83%
Client deposits 4 6 0.04% 0.06%
Unearned revenue 168 110 1.58% 1.16%
Employee benefit obligations 171 159 1.61% 1.67%
Provisions 77 63 0.73% 0.66%
Other current liabilities 927 792 8.73% 8.32%
Total current liabilities 1,820 1,524 17.15% 16.01%
Non-current liabilities 0.00% 0.00%
Deferred income tax liabilities 25 11 0.24% 0.12%
Other non-current liabilities 8 54 0.08% 0.57%
Total liabilities 1,853 1,589 17.46% 16.69%
Equity

Share capital - 5/- ($0.16) par value 1,200,000,000 (600,000,000)

authorized equity shares, issued and outstanding 1,142,805,132
(571,402,566) equity shares, net of 5,667,200 (2,833,600) treasury shares
each as of March 31, 2015 (March 31, 2014), respectively. 109 64 1.03% 0.67%
Share premium 659 704 6.21% 7.39%
Retained earnings 10,090 8,892 95.05% 93.38%
Other components of equity (2,096) (1,727) -19.75% -18.14%
Total equity attributable to equity holders of the company 8,762 7,933 82.54% 83.31%
Non-controlling interests
Total equity 8,762 7,933 82.54% 83.31%
Total liabilities and equity 10,615 9,522 100.00% 100.00%
Commitments and contingent liabilities
Infosys Limited and subsidiaries

Consolidated Balance Sheets as of March 31,

(Dollars in millions except share data)
Note 2014 2013
ASSETS
Current assets
Cash and cash equivalents 2.1 US$4,331 US$4,021
Available-for-sale financial assets 2.2 367 320
Investment in certificates of deposit 143
Trade receivables 1,394 1,305
Unbilled revenue 469 449
Derivative financial instruments 2.7 36 19
Prepayments and other current assets 2.4 440 391
Total current assets 7,180 6,505
Non-current assets
Property, plant and equipment 2.5 1,316 1,191
Goodwill 2.6 360 364
Intangible assets 2.6 57 68
Available-for-sale financial assets 2.2 208 72
Deferred income tax assets 2.16 110 94
Income tax assets 2.16 254 201
Other non-current assets 2.4 37 44
Total non-current assets 2,342 2,034
Total assets US$9,522 US$8,539
LIABILITIES AND EQUITY
Current liabilities
Trade payables US$29 US$35
Current income tax liabilities 2.16 365 245
Client deposits 6 6
Unearned revenue 110 152
Employee benefit obligations 159 113
Provisions 2.8 63 39
Other current liabilities 2.9 792 568
Total current liabilities 1,524 1,158
Non-current liabilities
Deferred income tax liabilities 2.16 11 23
Other non-current liabilities 2.9 54 27
Total liabilities 1,589 1,208
Equity
Share capital - 5 ($0.16) par value 600,000,000 equity shares
authorized, issued and outstanding 571,402,566 net of 2,833,600
treasury shares each as of March 31, 2014 and March 31, 2013,
respectively 64 64
Share premium 704 704
Retained earnings 8,892 7,666
Other components of equity -1,727 -1,103

Total equity attributable to equity holders of the company 7,933 7,331

Non-controlling interests
Total equity 7,933 7,331
Total liabilities and equity US$9,522 US$8,539
Consolidated Balance Sheets as of March 31, Common Size Changes

2015 2014 2013 2015 2014 2013 2015 2014

Revenues 8,711 8,249 7,398 100.0% 100.0% 100.0% 5.6% 11.5%
Cost of sales 5,374 5,292 4,637 61.7% 64.2% 62.7% 1.5% 14.1%
Gross profit 3,337 2,957 2,761 38.3% 35.8% 37.3% 12.9% 7.1%
Operating expenses:
Selling and marketing expenses 480 431 373 5.5% 5.2% 5.0% 11.4% 15.5%
Administrative expenses 599 547 479 6.9% 6.6% 6.5% 9.5% 14.2%
Total operating expenses 1,079 978 852 12.4% 11.9% 11.5% 10.3% 14.8%
Operating profit 2,258 1,979 1,909 25.9% 24.0% 25.8% 14.1% 3.7%
Other income, net 560 440 433 6.4% 5.3% 5.9% 27.3% 1.6%
Share in associate's profit / (loss)
Profit before income taxes 2,818 2,419 2,342 32.3% 29.3% 31.7% 16.5% 3.3%
Income tax expense 805 668 617 9.2% 8.1% 8.3% 20.5% 8.3%
Net profit 2,013 1,751 1,725 23.1% 21.2% 23.3% 15.0% 1.5%
Other comprehensive income
Items that will not be reclassified to profit or loss:
Remeasurements of the net defined benefit liability / asset (8) -0.1%
Items that may be reclassified subsequently to profit or loss: 0.0% 0.0% 0.0%
Fair value changes on available-for-sale financial assets 14 (17) 1 0.2% -0.2% 0.0% -182.4% -1800.0%
Exchange differences on translation of foreign operations (375) (616) (404) -4.3% -7.5% -5.5% -39.1% 52.5%
Total other comprehensive income, net of tax (369) (633) (403) -4.2% -7.7% -5.4% -41.7% 57.1%
Total comprehensive income 1,644 1,118 1,322 18.9% 13.6% 17.9% 47.0% -15.4%
Profit attributable to:
Owners of the company 2,013 1,751 1,725 23.1% 21.2% 23.3% 15.0% 1.5%
Non-controlling interests
2,013 1,751 1,725 23.1% 21.2% 23.3% 15.0% 1.5%
Total comprehensive income attributable to:
Owners of the company 1,644 1,118 1,322 18.9% 13.6% 17.9% 47.0% -15.4%
Non-controlling interests
1,644 1,118 1,322 18.9% 13.6% 17.9% 47.0% -15.4%
Earnings per equity share
Basic ($) 1.76 1.53 1.51 15.0% 1.3%
Diluted ($) 1.76 1.53 1.51 15.0% 1.3%
Weighted average equity shares used in computing earnings per equity share
Basic 1,14,28,05,132 1,14,28,05,132 1,14,27,98,476
Diluted 1,14,28,21,470 1,14,28,05,132 1,14,28,00,182
Infosys data Mar-15 Mar-14 Mar-13

Total assets 10,615 9,522 8,539

Total liabilities 1,853 1,589 1,208
Total equity 8,762 7,933 7,331
Total equity attributable to equity holders of the company 8,762 7,933 7,331
Revenues 8,711 8,249
Profit attributable to Owners of the company 2,013 1,751
Net profit 2,013 1,751

Return on Assets (ROA)

Net profit 2,013 1,751
Total assets 10,615 9,522 8,539
Average Total assets 10,069 9,031
ROA = Net profit / Average Total assets 19.99% 19.39%

Profit Margin (PM)

Net profit 2,013 1,751
Revenues 8,711 8,249
PM = Net profit / Revenues 23.11% 21.23%

Asset turnover (AT)

Revenues 8,711 8,249
Total assets 10,615 9,522 8,539
Average Total assets 10,069 9,031
AT = Revenues / Average Total assets 0.87 0.91

ROA = PM x AT 19.99% 19.39%

Return on Equity (ROE)

Profit attributable to Owners of the company 2,013 1,751
Total equity attributable to equity holders of the company 8,762 7,933 7,331
Average Total equity attributable to equity holders 8,348 7,632
ROE = Profit attributable to owners / Average Total equity attributable
to owners 24.12% 22.94%

Return on Assets (ROA)

Net profit 2,013 1,751
Total assets 10,615 9,522 8,539
Average Total assets 10,069 9,031
ROA = Net profit / Average Total assets 19.99% 19.39%

Financial Leverage (FL)

Total assets 10,615 9,522 8,539
Average Total assets 10,069 9,031
Total equity attributable to equity holders of the company 8,762 7,933 7,331
Average Total equity attributable to equity holders 8,348 7,632
FL = Average Total assets / Average Total equity attributable to
owners 1.21 1.18

ROE = ROA x FL 24.12% 22.94%