
Financials
Shareholder information
Corporate
Infosys was incorporated in Pune, in 1981, as Infosys Consultants Private Limited, a private limited company under the Indian Companies Act, 1956. In 1983, the corporate headquarters was relocated to Bangalore. The name of the Company was changed to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited in June 1992, when the Company became a public limited company. We made an initial public offering in February 1993 and were listed on stock exchanges in India in June 1993. Trading opened at ₹ 145 per share, compared to the IPO price of ₹ 95 per share. In October 1994, we made a private placement of 5,50,000 shares at ₹ 450 each to Foreign Institutional Investors (FIIs), Financial Institutions (FIs) and body corporates.
In March 1999, we issued 20,70,000 American Depositary Shares (ADSs) (equivalent to 10,35,000 equity shares of par value ₹ 10 each) at US $34 per ADS under the ADS Program, and the same were listed on the NASDAQ National Market. All the above data is unadjusted for stock split and bonus shares. During July 2003, June 2005 and November 2006, we successfully completed secondary sponsored ADR issues of US $294 million, US $1.1 billion and US $1.6 billion, respectively.
During fiscal 2012, we changed our name from Infosys Technologies Limited to Infosys Limited to mark the transition from being a technology services provider to a business transformation partner for our clients.
During fiscal 2013, we delisted our ADSs from NASDAQ, and listed the same in the New York Stock Exchange (NYSE), Euronext London and Euronext Paris markets. The delisting and listing was made to leverage the Euronext partnership, since both the U.S. and Europe are home to many of our investors, clients and employees.
The Company’s financial year begins on April 1 and ends on March 31, every year. The address of our registered office is Electronics City, Hosur Road, Bangalore 560 100, Karnataka, India.
Bonus issues and stock split
Fiscal year |
1986 |
1989 |
1991 |
1992 |
1994 |
1997 |
1999 |
2005 |
2007 |
2015 |
(1) 2016 |
Bonus |
1:1 |
1:1 |
1:1 |
1:1 |
1:1 |
1:1 |
1:1 |
3:1 |
1:1 |
1:1 |
1:1 |
Notes: In addition to issuing the above bonus shares, the Company split the stock in the ratio of 2 to 1 in fiscal 2000.
(1) The Company had allotted bonus shares in the ratio of 1:1 pursuant to a bonus issue approved by shareholders in June 2015.
Dividend policy
Our earlier policy was to pay dividend of up to 40% of the consolidated post tax profits. At the Board meeting held on April 24, 2015, the Board decided to increase the dividend payout ratio to up to 50% of consolidated post tax profits effective fiscal 2015.
Unclaimed dividend
Section 205A of the Companies Act, 1956 (Section 124 of the Companies Act, 2013) mandates that companies transfer dividend that has been unclaimed for a period of seven years from the unpaid dividend account to the Investor Education and Protection Fund (IEPF). In accordance with the following schedule, the dividend for the years mentioned as follows, if unclaimed within a period of seven years, will be transferred to the IEPF:
Year |
Type of dividend |
Dividend per share (₹) |
Date of declaration |
Due date for transfer |
Amount
|
2009 |
Final |
13.50 |
Jun 20, 09 |
Jul 25, 16 |
16,12,793 |
2010 |
Interim |
10.00 |
Oct 09, 09 |
Nov 14, 16 |
13,46,070 |
Final |
15.00 |
Jun 12, 10 |
Jul 17, 17 |
17,76,615 |
|
2011 |
Interim (2) |
40.00 |
Oct 15, 10 |
Nov 20, 17 |
28,87,200 |
Final |
20.00 |
Jun 11, 11 |
Jul 16, 18 |
21,39,240 |
|
2012 |
Interim |
15.00 |
Oct 12, 11 |
Nov 17, 18 |
17,86,860 |
Final (3) |
32.00 |
Jun 09, 12 |
Jul 14, 19 |
27,30,720 |
|
2013 |
Interim |
15.00 |
Oct 12, 12 |
Nov 17, 19 |
19,27,200 |
Final |
27.00 |
Jun 15, 13 |
Jul 20, 20 |
29,17,566 |
|
2014 |
Interim |
20.00 |
Oct 18, 13 |
Nov 23, 20 |
32,86,720 |
Final |
43.00 |
Jun 14, 14 |
Jul 19, 21 |
26,46,994 |
|
2015 |
Interim |
30.00 |
Oct 10, 14 |
Nov 14, 21 |
24,45,600 |
Final |
29.50 |
Jun 22, 15 |
Jul 23, 22 |
31,81,634 |
|
2016 |
Interim |
10.00 |
Oct 12, 15 |
Nov 17, 22 |
1,73,73,370 |
(1) Amount unclaimed as on March 31, 2016.
(2) Includes 30th year special dividend of ₹ 30 per share.
(3) Includes special dividend of ₹ 10 per share on the successful completion of 10 years of Infosys BPO operations.
The Company sends periodic communication to the concerned shareholders, advising them to lodge their claims with respect to unclaimed dividend. Shareholders are cautioned that once unclaimed dividend is transferred to the IEPF, no claim shall lie in respect thereof with the Company.
Dividend remitted to IEPF during the last three years
Fiscal year |
Amount (₹) |
2016 |
40,98,537 |
2015 |
13,06,229 |
2014 |
11,06,794 |
Investor services
Tentative calendar
Quarter ending |
Earnings release |
Trading window closure |
Jun 30, 2016 |
Jul 15, 2016 |
Jun 16, 2016 to Jul 17, 2016 |
Sep 30, 2016 |
Oct 14, 2016 |
Sep 16, 2016 to Oct 16, 2016 |
Dec 31, 2016 |
Jan 13, 2017 |
Dec 16, 2016 to Jan 15, 2017 |
Mar 31, 2017 |
Apr 13, 2017 |
Mar 16, 2017 to Apr 15, 2017 |
Annual General Meeting
Date and time |
June 18, 2016, Saturday, 3:00 p.m. IST |
Venue |
The Christ University Auditorium, Hosur Road, Bangalore 560 029 |
Book closure date |
June 11, 2016 |
Dividend payment date |
June 20, 2016 |
Investor awareness
We are committed to maintaining the highest standards of corporate governance. In continuation of our efforts in that direction, we have provided a synopsis of some of your rights and responsibilities as a shareholder on our website, www.infosys.com. We encourage you to visit our website and read the document. We hope that the document will give you appropriate guidance, and answer any questions regarding your rights as a shareholder.
Dematerialization of shares and liquidity
Infosys shares are tradable compulsorily in the electronic form. Through Karvy Computershare Private Limited, Registrars and Share Transfer Agents, we have established connectivity with both the depositories, that is, National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The International Securities Identification Number (ISIN) allotted to our shares under the Depository System is INE009A01021.
As on March 31, 2016, 99.79% of our shares were held in dematerialized form and the rest in physical form.
We were the first company in India to pay a one-time custodial fee of ₹ 44.43 lakh to NSDL. Consequently, our shareholders do not have to pay depository participants the custodial fee charged by NSDL on their holding.
Shares held in demat and physical mode as on March 31, 2016 are as follows:
Category |
Number of |
% to total equity |
|
shareholders |
shares |
||
Demat mode |
|||
NSDL |
4,36,166 |
2,26,35,03,390 |
98.54 |
CDSL |
1,50,144 |
2,86,10,623 |
1.25 |
Total |
5,86,310 |
2,29,21,14,013 |
99.79 |
Physical mode |
431 |
48,30,651 |
0.21 |
Grand total |
5,86,741 |
2,29,69,44,664 |
100 |
To enable us to serve our investors better, we request shareholders whose shares are in the physical mode to dematerialize their shares and update their bank accounts with the respective depository participants.
Secretarial audit
Pursuant to Section 204 of the Companies Act, 2013 and Rules thereunder, the Board of Directors of the Company appointed Parameshwar G. Hegde, Practicing Company Secretary, to conduct Secretarial Audit of records and documents of the Company. The Secretarial Audit Report confirms that the Company has complied with all the applicable provisions of the Companies Act, 2013, Depositories Act, 1996, Listing Agreements with the Stock Exchanges, and all the Regulations and Guidelines of the Securities and Exchange Board of India (SEBI), as applicable to the Company. The audit also covers the reconciliation on a quarterly basis, the total admitted capital with NSDL and CDSL, and the total issued and listed capital. The audit has confirmed that the total issued / paid-up capital is in agreement with the aggregate total number of shares in physical form and the total number of dematerialized shares held with NSDL and CDSL. Further, the Company voluntarily adheres to the various Secretarial Standards issued by the Institute of Company Secretaries of India.
Investor complaints
Nature of complaints |
Received |
Attended |
||
2016 |
2015 |
2016 |
2015 |
|
Dividend / Annual Report related |
594 |
492 |
594 |
492 |
We attended to most of the investors’ grievances / correspondences within a period of 10 days from the date of receipt of such grievances. The exceptions have been for cases constrained by disputes or legal impediments.
Designated email address for investor services
In terms of Regulation 62(C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the designated email address for investor complaints is investors@infosys.com.
Legal proceedings
There are certain pending cases related to disputes over title to shares in which we had been made a party. However, these cases are not material in nature.
Shareholders holding more than 1% of the shares
The details of shareholders (non-founders) holding more than 1% of the equity as on March 31, 2016 are as follows:
Name of the shareholder |
No of shares |
% |
Life Insurance Corporation of India (1) |
13,22,74,300 |
5.76 |
Government of Singapore (2) |
5,51,04,357 |
2.40 |
Abu Dhabi Investment Authority (2) |
5,46,82,320 |
2.38 |
Oppenheimer Developing Markets Fund (4) |
4,64,11,362 |
2.02 |
HDFC Trustee Company Ltd –
|
3,29,07,798 |
1.43 |
ICICI Prudential Life Insurance
|
2,97,85,427 |
1.30 |
Vanguard Emerging Markets Stock Index Fund, Aserie (2) |
2,90,66,065 |
1.27 |
(1) Insurance company
(2) Foreign institutional investor
(3) Indian mutual fund
(4) Foreign portfolio investor
Distribution of shareholding as on March 31, 2016
Category (shares) |
No. of cases |
% to cases |
No. of shares |
% to equity |
1 |
8,124 |
1.38 |
8,124 |
0.00 |
2-10 |
1,14,399 |
19.50 |
7,67,106 |
0.03 |
11-50 |
2,38,855 |
40.71 |
69,68,875 |
0.30 |
51-100 |
89,384 |
15.23 |
70,86,339 |
0.31 |
101-200 |
59,113 |
10.08 |
92,63,149 |
0.40 |
201-500 |
40,300 |
6.87 |
1,34,54,907 |
0.59 |
501-1,000 |
14,786 |
2.52 |
1,08,80,029 |
0.48 |
1,001-5,000 |
14,037 |
2.39 |
3,17,17,985 |
1.38 |
5,001-10,000 |
2,594 |
0.44 |
1,88,06,607 |
0.82 |
10,001 and above |
5,149 |
0.88 |
2,19,79,91,543 |
95.69 |
Total |
5,86,741 |
100.00 |
2,29,69,44,664 |
100.00 |
Share transfers in physical form
Shares sent for physical transfer are effected after giving a 15-day notice to the seller for confirmation of the sale. Our share transfer committee meets as often as required. The total number of shares transferred in physical form during the year was 15,000, as against 70 for the previous year.
Listing on stock exchanges
Codes |
India |
Global |
|
NSE |
BSE |
NYSE |
|
Exchange |
INFY |
500209 |
INFY |
Reuters |
INFY.NS |
INFY.BO |
INFY.K |
Bloomberg |
INFO IS |
INFO IB |
INFY UN |
The listing fees for fiscal 2016 have been paid for all of the above stock exchanges in India and overseas.
ISIN Code for ADS: US4567881085
Shareholding pattern
Shareholding pattern of the Company in detail is presented in MGT-9 enclosed to the Board’s report as Annexure 6.
Stock market data relating to shares listed in India and NYSE
Our market capitalization is included in the computation of the BSE 30 Sensitive Index (Sensex), the BSE Dollex, the S&P CNX NIFTY Index, Dow Jones Global Titans 50 and NYSE. The monthly high and low quotations, as well as the volume of shares traded at the BSE, the NSE, and NYSE for the current year are provided as follows:
Stock market data – Exchanges in India
2015-16 |
BSE |
NSE |
Volume |
||||
Months |
High (₹) |
Low (₹) |
Volume (No.) |
High (₹) |
Low (₹) |
Volume (No.) |
(BSE & NSE) (No.) |
April |
1,122.00 |
966.30 |
87,26,194 |
1,122.50 |
966.15 |
11,05,82,190 |
11,93,08,384 |
May |
1,030.50 |
955.00 |
86,09,212 |
1,030.95 |
954.00 |
8,20,35,184 |
9,06,44,396 |
June |
1,031.50 |
968.50 |
51,67,426 |
1,032.00 |
968.00 |
6,98,87,272 |
7,50,54,698 |
July |
1,127.75 |
932.55 |
51,87,880 |
1,149.00 |
932.65 |
8,85,45,667 |
9,37,33,547 |
August |
1,186.00 |
1,045.00 |
40,63,176 |
1,186.20 |
1,044.50 |
8,79,08,192 |
9,19,71,368 |
September |
1,165.35 |
1,052.35 |
29,54,461 |
1,168.95 |
1,052.30 |
8,26,06,053 |
8,55,60,514 |
October |
1,219.00 |
1,087.10 |
46,61,304 |
1,219.80 |
1,085.20 |
8,94,34,980 |
9,40,96,284 |
November |
1,155.60 |
1,012.25 |
28,40,405 |
1,157.60 |
1,011.25 |
5,62,77,522 |
5,91,17,927 |
December |
1,110.00 |
1,023.50 |
31,07,839 |
1,110.00 |
1,022.55 |
5,83,22,483 |
6,14,30,322 |
January |
1,169.70 |
1,031.85 |
46,56,171 |
1,170.00 |
1,030.85 |
7,82,68,786 |
8,29,24,957 |
February |
1,193.60 |
1,067.00 |
45,50,793 |
1,194.95 |
1,067.00 |
5,38,47,523 |
5,83,98,316 |
March |
1,234.65 |
1,089.00 |
38,44,043 |
1,237.00 |
1,094.80 |
7,88,00,532 |
8,26,44,575 |
Total |
5,83,68,904 |
93,65,16,384 |
99,48,85,288 |
||||
Volume traded / Average outstanding shares (%) |
FY 2015-16 |
3 |
49 |
52 |
|||
FY 2014-15 |
5 |
62 |
67 |
||||
FY 2013-14 |
5 |
61 |
66 |
Notes: Adjusted for bonus issue.
The number of shares outstanding is 1,91,16,26,727 as of March 31, 2016. ADSs have been excluded for the purpose of this calculation.
Stock market data – NYSE
2015-16 |
High ($) |
Low ($) |
High (₹) |
Low (₹) |
Volume (No.) |
Months |
|||||
April |
18.22 |
15.44 |
1,155.69 |
979.36 |
16,50,37,564 |
May |
16.10 |
15.26 |
1,027.50 |
973.89 |
9,78,63,386 |
June |
16.36 |
15.30 |
1,041.31 |
973.85 |
9,74,95,490 |
July |
17.90 |
15.32 |
1,148.11 |
982.62 |
9,40,30,657 |
August |
18.23 |
15.90 |
1,212.11 |
1,057.19 |
8,82,77,233 |
September |
19.16 |
16.75 |
1,256.70 |
1,098.63 |
8,96,57,860 |
October |
19.46 |
17.24 |
1,270.15 |
1,125.25 |
11,01,86,101 |
November |
18.61 |
15.72 |
1,240.91 |
1,048.21 |
7,66,10,364 |
December |
17.06 |
15.87 |
1,128.69 |
1,049.96 |
6,72,57,134 |
January |
18.07 |
15.76 |
1,224.97 |
1,068.37 |
10,29,96,871 |
February |
17.90 |
15.91 |
1,224.90 |
1,088.72 |
11,97,22,502 |
March |
19.32 |
17.12 |
1,280.14 |
1,134.37 |
8,12,34,527 |
Total |
1,19,03,69,689 |
Notes: Adjusted for bonus issue.
1 ADS = 1 equity share. The US dollar has been converted into the Indian rupee at the monthly closing rates. The number of ADSs outstanding as on March 31, 2016 was 38,53,17,937. The percentage of volume traded for the year at NYSE, to the total float was 309%.
ADS premium compared to price quoted on BSE
Outstanding ADSs
Our ADSs, as evidenced by American Depositary Receipts (ADRs), are traded in the U.S. on the NYSE at New York, Euronext London and Euronext Paris under the ticker symbol ‘INFY’. The currency of trade of ADS in the U.S. is USD and at London and Paris is Euro (EUR). Each equity share is represented by one ADS. The ADRs evidencing ADSs began trading on the NYSE, New York, from December 12, 2012, and Euronext London and Paris from February 20, 2013, when they were listed pursuant to the Listing Agreement entered with the NYSE. As on March 31, 2016, there were 30,199 record holders of ADRs evidencing 385,317,937 ADSs (1 ADS = 1 equity share).
Infosys share price versus the BSE Sensex
Notes: Adjusted for bonus issues and stock split
Base 100 = April 1, 2015
Share price chart
We caution that the historical stock price performance shown in the following graph should not be considered indicative of potential future stock price performance.
Notes: Adjusted for bonus issues and stock split
Base 100 = February 1993
Investor contacts
For queries relating to financial statements
M. D. Ranganath
Chief Financial Officer
Tel: 91 80 2852 1692
Fax: 91 80 2852 0754
Email: ranganath_m@infosys.com
Investor correspondence
Sandeep Mahindroo
AVP - Financial Controller and Head - Investor Relations
Tel: 91 80 3980 1018 Fax: 91 80 2852 0754
Email: sandeep_mahindroo@infosys.com
For queries relating to shares / dividend / compliance
A. G. S. Manikantha
Company Secretary
Tel: 91 80 4116 7775 Fax: 91 80 2852 0754
Email: manikantha_ags@infosys.com
For queries relating to Business responsibility report
Aruna C. Newton
Associate Vice President
Tel: 91 80 2852 0261
Email: arunacnewton@infosys.com
Registrar and share transfer agents
Karvy Computershare Private Limited
Plot 31-32, Gachibowli, Financial District
Nanakramguda, Hyderabad – 500 032
Contact person
Shobha Anand
Assistant General Manager
Tel: 91 40 67161559
Email: shobha.anand@karvy.com
Depository bank (ADS)
United States
Deutsche Bank Trust Company Americas
Deutsche Bank, 60 Wall Street, 16th Floor
Global Transaction Banking
Global Equity Services – Depositary Receipts
New York 10005, NY, U.S.
Tel: 1 212 250 2500 Fax: 1 732 544 6346
India
Deutsche Bank AG, Filiale Mumbai
Global Transaction Banking / Global Equity Services –
Depositary Receipts, The Capital, C-70, G Block
Bandra Kurla Complex, Mumbai 400 051, India
Tel: 91 22 7180 4444 Fax: 91 22 7180 4122
Custodian in India (ADS)
ICICI Bank Limited
Securities Market Services
1st Floor, Empire Complex,
414, Senapati Bapat Marg,
Lower Parel, Mumbai 400 013,
Maharashtra, India.
Tel: 91 22 66672756 / 2019/ 2742
Fax: 91 22 6667 2740
Sponsor Bank for ADS in Europe
BNP Paribas Securities Services
CTS Services Aux Emetteurs
Les Grands Moulins De Pantin
9 Rue du Débarcadère
93761 Pantin Cedex, France
Tel: 33 1 42 98 10 00 / 33 1 55 77 40 57
Addresses of regulatory authority / stock exchanges
In India
Securities and Exchange Board of India
Plot No. C4-A, G Block, Bandra Kurla Complex
Bandra (East), Mumbai 400 051, India
Tel: 91 22 2644 9000, 91 22 4045 9000
Fax: 91 22 2644 9019-22, 91 22 4045 9019-22
National Stock Exchange of India Ltd.
Exchange Plaza, Plot No. C/1, G Block
Bandra Kurla Complex
Bandra (East), Mumbai 400 051, India
Tel: 91 22 2659 8100 Fax: 91 22 2659 8120
BSE Ltd.
Phiroze Jeejeebhoy Towers
Dalal Street, Kala Ghoda, Mumbai 400 001, India
Tel: 91 22 2272 1233 Fax: 91 22 2272 1919
Outside India
New York
NYSE Euronext, New York
11 Wall Street, New York, NY 10005, U.S.
Tel: 1 212 656 3000 Fax: 1 212 656 5549
London
Euronext, London
Juxon House, 100 St. Paul’s Churchyard
London EC4M 8BU
Tel: 44 20 7280 6850 / 44 20 7076 0900
Paris
Euronext, Paris
14, place des Reflets
92054 Paris La Défense Cedex
Tel +33 (0)1 70 48 24 00
Depository for equity shares in India
National Securities Depository Limited
Trade World, ‘A’ Wing, 4th Floor
Kamala Mills Compound
Senapati Bapat Marg, Lower Parel
Mumbai 400 013, India
Tel: 91 22 2499 4200 Fax: 91 22 2497 6351
Central Depository Services (India) Limited
Phiroze Jeejeebhoy Towers, 17th Floor
Dalal Street, Fort, Mumbai 400 001, India
Tel: 91 22 2272 3333 Fax: 91 22 2272 3199