Financial statements as per IFRS

Infosys Technologies Limited and subsidiaries

Consolidated statements of cash flows

in Rupee Symbolcrore

Notes

Year ended March 31,

2011

2010

Operating activities :

Net profit

6,823

6,219

Adjustments to reconcile net profit to net cash provided by operating activities :

Depreciation and amortization

2.5 and 2.6

862

942

Income tax expense

2.17

2,490

1,681

Share based compensation

1

Income on available-for-sale financial assets and certificates of deposit

(101)

(169)

Profit on sale of property, plant and equipment

(2)

Other non-cash item

4

2

Changes in working capital

Trade receivables

(1,158)

193

Prepayments and other assets

(236)

(233)

Unbilled revenue

(401)

(92)

Trade payables

34

(17)

Client deposits

13

3

Unearned revenue

(14)

199

Other liabilities and provisions

447

(100)

Cash generated from operations

8,763

8,627

Income taxes paid

2.17

(2,856)

(1,754)

Net cash provided by operating activities

5,907

6,873

Investing activities :

Payment for acquisition of business

(2)

(173)

Expenditure on property, plant and equipment, including changes in retention money

2.5 and 2.10

(1,301)

(657)

Proceeds on sale of property, plant and equipment

1

2

Loans to employees

(31)

7

Non-current deposits placed with corporation

(100)

(28)

Income on available-for-sale financial assets

21

106

Investment in certificates of deposit

(840)

(1,180)

Redemption of certificates of deposit

1,985

Investment in available-for-sale financial assets

(1,932)

(9,901)

Redemption of available-for-sale financial assets

4,430

7,436

Net cash provided by / (used in) investing activities

2,231

(4,388)

Financing activities :

Proceeds from issuance of common stock on exercise of employee stock options

24

89

Payment of dividends

(3,141)

(1,346)

Payment of dividend tax

(524)

(223)

Net cash used in financing activities

(3,641)

(1,480)

Effect of exchange rate changes on cash and cash equivalents

58

63

Net increase / (decrease) in cash and cash equivalents

4,497

1,005

Cash and cash equivalents at the beginning

2.1

12,111

10,993

Opening cash and cash equivalents of controlled trusts

50

Cash and cash equivalents at the end

2.1

16,666

12,111

Supplementary information :

Restricted cash balance

2.1

108

71

Note : The accompanying notes form an integral part of the consolidated financial statements

As per our report attached
for B S R & Co.
Chartered Accountants
Firm Reg No : 101248W

 

Natrajh Ramakrishna
Partner
Membership No. 32815

N. R. Narayana Murthy
Chairman and Chief Mentor

S. Gopalakrishnan
Chief Executive Officer and
Managing Director

S. D. Shibulal
Chief Operating Officer and
Director

Deepak M. Satwalekar
Director

Prof. Marti G. Subrahmanyam
Director

Dr. Omkar Goswami
Director

Sridar A. Iyengar
Director

David L. Boyles
Director

Prof. Jeffrey S. Lehman
Director

K. V. Kamath
Director

R. Seshasayee
Director

K. Dinesh
Director

Bangalore
April 15, 2011

T. V. Mohandas Pai
Director

Srinath Batni
Director

V. Balakrishnan
Chief Financial Officer

K. Parvatheesam
Company Secretary