This excerpt taken from the INFY 6-K filed Jan 18, 2005.
(in Rs. crore)
Quarter ended December 31,
Nine months ended December 31,
Year ended March 31,
2004
2003
2004
2003
2004
Staff costs
856.62
641.08
2,327.44
1,745.33
2,365.86
Items exceeding 10% of aggregate expenditure
—
—
—
—
—
Details of other income:
Interest on deposits
15.53
21.06
48.63
63.71
82.88
Dividends
8.69
5.15
25.63
8.68
17.40
Miscellaneous income
2.06
1.75
6.32
5.56
7.68
Exchange differences
20.49
19.52
14.41
46.26
19.43
Total
46.77
47.48
94.99
124.21
127.39
4.
Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended December 31, 2004
Nature of complaints received
Opening balance
Additions
Disposals
Closing
Dividend / Bonus shares related
—
128
128
—
5.
The company has announced a sponsored ADR programme covering 16 million shares. The shareholders of the company approved this programme at the Extraordinary General Meeting held on
December 18, 2004 at Bangalore. Pursuant to the approval the company has filed a Registration Statement on form F-3 with the US Securities and Exchange Commission under the Securities Act of 1933.
6.
On April 8, 2004, the Board approved the formation of a new wholly-owned subsidiary, Infosys Consulting, Inc., incorporated in Texas, USA (Infosys Consulting), to enhance the
consulting capabilities of Infosys’ Global Delivery Model. The Board approved an investment of up to US$ 20 million in Infosys Consulting. As of December 31, 2004, the company had invested US$ 10 million (Rs. 44.87 crore) in the subsidiary.
7.
During the nine months ended December 31, 2004, the company additionally invested US$ 4 million (Rs. 18.46 crore) in its wholly-owned subsidiary, Infosys Technologies (Shanghai) Co.
Limited, China. The aggregate value of investments as at December 31, 2004, amounted to US$ 5 million (Rs. 23.01 crore) in the subsidiary.
8.
Pursuant to the revision of Accounting Standard 11 (AS 11) on Accounting for the Effects of Changes in Foreign Exchange Rates, the company revised its accounting policy relating to
forward exchange contracts as of April 1, 2004. Accordingly, the company has marked-to-market its forward exchange contracts as of December 31, 2004 and the profits for the quarter and nine months ended December 31, 2004 are higher by Rs. 29.01
crore and lower by Rs. 25.20 crore respectively.
9.
The company has been informed by the statutory auditors that the name of their firm has been changed from M/s Bharat S. Raut & Co. to M/s BSR & Co.
10.
The final dividend of Rs. 3.75/- per share for the financial year ended March 31, 2004 and the special one-time dividend of Rs. 25/- per share was approved by the shareholders in
the Annual General Meeting held on June 12, 2004. The dividends were paid on June 14, 2004.
11.
Shareholders approved a bonus issue of three equity shares for each equity share in India and a stock dividend of two ADSs for each ADS in USA at its Annual General Meeting held on
June 12, 2004. The bonus shares were allotted on July 3, 2004. Pursuant to the stock dividend, the ratio of ADSs to equity shares changed to one equity share for each ADS.
12.
In the Annual General Meeting, shareholders approved the delisting of company shares from Bangalore Stock Exchange. The shares were delisted on June 22, 2004.
13.
During the nine months ended December 31, 2004 and 2003 and the year ended March 31, 2004 the company issued 28,92,080; 8,51,656 and 15,91,912 equity shares respectively, pursuant
to the exercise of stock options by certain employees under the 1998 and 1999 stock option plans.
14.
Mr. N. S. Raghavan, a founder of the company, retired from the company on February 7, 2000 and is not actively involved in the company’s operations. The company sought the
approval of SEBI to exclude Mr. Raghavan and his family’s share ownership from being classified as promoters’ holdings. Consequent to the approval from SEBI, Mr. Raghavan and his family’s holdings are disclosed as non-promoter
holdings, effective the quarter ended June 30, 2004.
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