2010 | 2009 | |
Assets | ||
Current Assets | ||
Cash and cash equivalents | 2,742 | 2,712 |
Investments in liquid mutual fund units | 578 | – |
Investments in certificate of deposits | 269 | – |
Trade accounts receivable | 791 | 906 |
Unbilled revenue | 190 | 185 |
Prepaid expenses and other current assets | 167 | 101 |
Total current assets | 4,737 | 3,904 |
Property, plant and equipment | 1,005 | 1,151 |
Goodwill | 186 | 169 |
Intangible assets, net | 12 | 9 |
Deferred tax assets | 79 | 101 |
Advance income taxes | 150 | 68 |
Other assets | 78 | 65 |
Total assets | 6,247 | 5,467 |
Liabilities and stockholders’ equity | ||
Current liabilities | ||
Accounts payable | 2 | 6 |
Income taxes payable | 164 | 144 |
Client deposits | 2 | 1 |
Unearned revenue | 120 | 81 |
Other current liabilities | 660 | 662 |
Total current liabilities | 948 | 894 |
Non-current liabilities | ||
Deferred income tax liabilities | 26 | – |
Other non-current liabilities | 52 | 60 |
Parent company stockholders’ equity | ||
Common stock, INR Rs. 5/- par value 600,000,000 equity shares authorized, issued and outstanding – 570,991,592 and 572,830,043 as of March 31, 2010 and March 31, 2009 respectively | 73 | 73 |
Additional paid-in capital | 705 | 841 |
Accumulated other comprehensive income | (397) | (179) |
Retained earnings | 4,840 | 3,778 |
Total parent company stockholder’s equity | 5,221 | 4,513 |
Non-controlling interest | – | – |
Total equity | 5,221 | 4,513 |
Total liabilities and stockholders’ equity | 6,247 | 5,467 |
2010 | 2009 | |
Sales | 5,232 | 5,250 |
Cost of sales | 2,994 | 3,039 |
Gross margin | 2,238 | 2,211 |
Expenses | ||
Selling, general and administration expenses | 648 | 664 |
Income from operations | 1,590 | 1,547 |
Provision for investments | (1) | – |
Interest and other income | 215 | 114 |
Gain on sale of long term investment | 12 | – |
Earnings before income taxes | 1,818 | 1,661 |
Provision for income taxes | 388 | 219 |
Net earnings before non-controlling interest | 1,430 | 1,442 |
Non-controlling interest | – | – |
Net earnings after non-controlling interest | 1,430 | 1,442 |
Cash dividend declared | 379 | 363 |
1,051 | 1,079 | |
Retained earnings, beginning of the year | 3,778 | 2,699 |
Reserves on consolidation of trusts(1) | 11 | – |
Retained earnings, end of the year | 4,840 | 3,778 |
Earnings per share | ||
Net earnings | ||
Basic (CAD) | 2.51 | 2.53 |
Fully diluted (CAD) | 2.50 | 2.53 |
Weighted average number of shares | ||
Basic | 570,475,923 | 569,656,611 |
Fully diluted |
571,116,031 | 570,629,581 |
1. | The functional currency of the Company is the Indian Rupee. These financial statements have been presented by translating revenue and expenditure at an average rate for the year; current assets, current liabilities, property, plant and equipment, long-term borrowings at the year-end rate; and accretions to stockholders’ equity at an average rate for the year. The difference arising on translation is shown under accumulated other comprehensive income |
2. |
Exchange rate (1 CAD =) |
2010 | 2009 | |
Average rate | 43.55 | 41.34 |
Period end rate | 44.18 | 40.53 |