Indian GAAP | US GAAP
Statement of cash flows
| in Rs. | |||
|---|---|---|---|
| Quarter ended | Year ended | ||
| June 30, 2000 | June 30, 1999 | March 31, 2000 | |
| Cash flows from operations | |||
| Profit before tax | 135,01,18,749 | 68,60,81,838 | 325,64,85,819 |
| Other Income | (14,87,40,680) | (13,71,31,690) | (36,70,79,196) |
| Loss on sale of fixed assets | 45,109 | - | - |
| Increase (decrease) in provision for contingencies | - | 3,33,00,000 | (6,66,00,000) |
| Increase (decrease) in provision for e-inventing the company | (39,00,977) | - | 39,00,977 |
| Depreciation, depletion and amortization | 17,73,71,717 | 9,32,18,149 | 53,23,27,389 |
| Decrease (increase) in sundry debtors | (92,22,10,579) | (22,23,86,657) | (51,65,92,828) |
| Decrease (increase) in loans and advances | (8,10,46,519) | (9,43,88,854) | (41,49,70,588) |
| Increase (decrease) in current liabilities and provisions | 41,34,59,784 | 13,53,08,834 | 42,26,37,450 |
| Income taxes paid | (8,66,32,475) | (2,92,11,001) | (35,53,53,877) |
| Net cash from operations | 69,84,64,129 | 6,47,90,619 | 249,47,55,146 |
| Cash flows from financing | |||
| Proceeds from conversion of options | 10,01,506 | - | 1,76,25,277 |
| Expenses relating to issue of American Depositary Shares | - | (2,02,03,690) | (2,35,06,514) |
| Expenses relating to issue of ADS linked stock options | - | - | (1,01,93,113) |
| Dividends paid (including dividend tax) | (22,02,44,213) | (8,91,36,007) | (19,92,57,109) |
| Net cash from (used for) financing | (21,92,42,707) | (10,93,39,697) | 21,53,31,459) |
| Cash flows from investing | |||
| Income from investments | 7,45,64,700 | 5,57,81,765 | 26,68,79,106 |
| Proceeds of sale of fixed assets | 50,738 | 1,51,261 | 10,20,400 |
| Purchase of fixed assets | (85,83,69,973) | (21,20,46,465) | (159,87,03,617) |
| Other long-term investments | (13,40,08,660) | - | (13,08,00,000) |
| Net cash used for investing | (91,77,63,195) | (15,61,13,439) | (146,16,04,111) |
| Effect of exchange differences on translation of foreign currency deposits maintained abroad | 7,41,75,980 | 8,13,02,378 | 9,93,27,075 |
| Total increase (decrease) in cash and cash equivalents during the period | (36,43,65,793) | 28,06,39,861 | 91,71,46,651 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 508,37,37,595 | 416,65,90,944 | 416,65,90,944 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 471,93,71,802 | 444,72,30,805 | 508,37,37,595 |
Notes:
During the quarter ended June 30, 2000, the company transferred intellectual property rights in Onscan - a web focussed wireless-enabled notification product, to Onscan Inc., a company incubated by Infosys as part of its ongoing effort to encourage and promote entrepreneurs amongst its employees. The product was transferred for a gross consideration of Rs. 8.93 crore (US$ 2 million) received as equity, preferred voting and preferred non-voting securities in Onscan Inc. and accordingly, is not considered in this statement of cash flows.
This is the Cash Flow Statement referred to in our report of even date.
for Bharat S Raut & Co. Chartered Accountants
| Balaji Swaminathan Partner |
N. R. Narayana Murthy Chairman and Chief Executive Officer |
Nandan M. Nilekani Managing Director, President and Chief Operating Officer |
Marti G. Subrahmanyam Director |
| S. Gopalakrishnan Deputy Managing Director |
K. Dinesh Director |
S. D. Shibulal Director |
|
| T. V. Mohandas Pai Director and Chief Financial Officer |
Phaneesh Murthy Director |
Srinath Batni Director |
|
| Place : Bangalore Date : July 11, 2000 |
V. Viswanathan Company Secretary |
| Bangalore, India July 11, 2000 |
By order of the Board for Infosys Technologies Ltd. N.R.Narayana Murthy Chairman and Chief Executive Officer |
Statement of cash flows for the period ended June 30, Reconciliation of items in financial statements with cash flow items.
| in Rs. | ||||
|---|---|---|---|---|
| Quarter ended | Year ended | |||
| June 30, 2000 | June 30, 1999 | March 31, 2000 | ||
| 1. | Loans and advances | |||
| As per Balance sheet | 196,24,84,174 | 123,67,02,392 | 210,12,77,161 | |
| Less: Deposits with financial institutions/body corporate, included in cash equivalents |
(45,93,29,884) | (54,72,92,064) | (76,58,01,865) | |
| Advance income taxes considered separately | (63,07,28,828) | (21,86,13,119) | (54,40,96,353) | |
| Balance considered for preparing the cash flow statement | 87,24,25,462 | 47,07,97,209 | 79,13,78,943 | |
| 2. | Additions to fixed assets | |||
| As per Balance sheet | 89,75,14,694 | 21,87,20,827 | 117,79,35,912 | |
| Add: Closing capital work-in-progress | 53,04,58,784 | 14,21,61,438 | 56,96,03,505 | |
| Less: Opening capital work-in-progress | (56,96,03,505) | (14,88,35,800) | (14,88,35,800) | |
| Balance considered for preparing the cash flow statement | 85,83,69,973 | 21,20,46,465 | 159,87,03,617 | |
| 3. | Cash and cash equivalents | |||
| As per Balance sheet | 426,00,41,918 | 389,99,38,741 | 431,79,35,730 | |
| Add: Deposits with financial institutions/body corporate (as per 1 above) | 45,93,29,884 | 54,72,92,064 | 76,58,01,865 | |
| Balance considered for preparing the cash flow statement | 471,93,71,802 | 444,72,30,805 | 508,37,37,595 | |
| 4. | Income taxes paid | |||
| As per Profit and Loss account | 13,71,00,000 | 8,00,00,000 | 39,70,00,000 | |
| Add: Provision for tax on sale of intellectual property right |
3,43,96,000 | - | - | |
| Decrease(increase) in balance in provision for taxes account | (17,14,96,000) | (7,83,21,896) | (39,46,62,254) | |
| Increase(decrease) in balance in advance income tax accoun | 8,66,32,475 | 2,75,32,897 | 35,30,16,131 | |
| Balance considered for preparing the cash flow statement | 8,66,32,475 | 2,92,11,001 | 35,53,53,877 | |
| 5. | Other income | |||
| As per Profit and Loss account | 15,11,07,532 | 13,79,13,245 | 39,14,11,095 | |
| Less: Income from operating activities | (23,66,852) | (7,81,555) | (2,43,31,899) | |
| Balance considered for preparing the cash flow statement | 14,87,40,680 | 13,71,31,690 | 36,70,79,196 | |
| 6. | Current liabilities and provisions | |||
| As per Balance sheet | 202,05,13,013 | 100,74,59,101 | 165,97,02,419 | |
| Less: Provision for taxation considered separately | (79,75,15,742) | (30,96,79,384) | (62,60,19,742) | |
| Provision for dividend considered separately | - | - | (19,84,18,210) | |
| Provision for dividend tax considered separately | - | - | (2,18,26,003) | |
| Provision for contingencies | (9,99,00,000) | |||
| Provision for e-inventing the company | (39,00,977) | |||
| Balance considered for preparing the cash flow statement | 122,29,97,271 | 59,78,79,717 | 80,95,37,487 | |
This is the Cash Flow Statement referred to in our report of even date.
for Bharat S Raut & Co. Chartered Accountants
| Balaji Swaminathan Partner |
N. R. Narayana Murthy Chairman and Chief Executive Officer |
Nandan M. Nilekani Managing Director, President and Chief Operating Officer |
Marti G. Subrahmanyam Director |
| S. Gopalakrishnan Deputy Managing Director |
K. Dinesh Director |
S. D. Shibulal Director |
|
| T. V. Mohandas Pai Director and Chief Financial Officer |
Phaneesh Murthy Director |
Srinath Batni Director |
|
| Place : Bangalore Date : July 11, 2000 |
V. Viswanathan Company Secretary |
