The Board of Directors hereby submits the report of the business and operations of yourCompany (the Company or Infosys) along with the audited financialstatements for the financial year ended March 31 2016. The consolidated performance ofthe Company and its subsidiaries has been referred to wherever required.
1. Results of our operations
(in Rs. crore except per equity share data)
|Particulars || |
| ||2016 ||2015 ||2016 ||2015 |
|Income from software services and products ||53983 ||47300 ||62441 ||53319 |
|Software development expenses ||32255 ||27828 ||37609 ||31834 |
|Gross profit ||21728 ||19472 ||24832 ||21485 |
|Selling and marketing expenses ||2694 ||2549 ||3431 ||2946 |
|General and administration expenses ||3271 ||2961 ||4281 ||3668 |
|Operating profit before depreciation ||15763 ||13962 ||17120 ||14871 |
|Depreciation and amortization ||1115 ||913 ||1266 ||1017 |
|Operating profit ||14648 ||13049 ||15854 ||13854 |
|Other income ||3009 ||3337 ||3128 ||3430 |
|Profit before exceptional item and tax ||17657 ||16386 ||18982 ||17284 |
|Profit on transfer of business(1) ||3036 ||412 ||- ||- |
|Profit before tax ||20693 ||16798 ||18982 ||17284 |
|Tax expense ||4907 ||4634 ||5301 ||4911 |
|Profit before minority interest and share in net profit / (loss) of associate ||15786 ||12164 ||13681 ||12373 |
|Share in net profit / (loss) of associate ||- ||- ||(3) ||(1) |
|Profit for the year ||15786 ||12164 ||13678 ||12372 |
|Surplus - opening balance ||35152 ||30392 ||36483 ||31453 |
|Dividend eliminated on consolidation of trust ||- ||- ||28 ||21 |
|Transfer from Special Economic Zone Re-investment Reserve on utilization ||591 || ||591 || |
|Deconsolidation of trust(3) ||- ||(42) ||- ||- |
|Amount available for appropriation ||51529 ||42514 ||50780 ||43846 |
|Dividend || || || || |
|Interim ||2297 ||1723 ||2297 ||1723 |
|Final ||3273 ||3388 ||3273 ||3388 |
|Total dividend ||5570 ||5111 ||5570 ||5111 |
|Dividend tax ||1134 ||1034 ||1134 ||1034 |
|Amount transferred to general reserve ||1579 ||1217 ||1579 ||1217 |
|Amount transferred to other reserve (+) ||- ||- ||1 ||1 |
|Amount transferred to Special Economic Zone Re-investment Reserve (2) ||591 ||- ||591 ||- |
|Surplus - closing balance ||42655 ||35152 ||41905 ||36483 |
|Earnings per share (EPS) before exceptional item ra(6) || || || || |
|Basic ||55.51 ||51.17 ||59.85 ||54.13 |
|Diluted ||55.51 ||51.17 ||59.84 ||54.13 |
|EPS after exceptional itemt5X6> || || || || |
|Basic ||68.73 ||52.96 ||59.85 ||54.13 |
|Diluted ||68.73 ||52.96 ||59.84 ||54.13 |
Notes: The above figures are extracted from the standalone and consolidated financialstatements as per Indian Generally Accepted Accounting Principles (GAAP).
1 crore =10 million
On April 24 2015 the Board of Directors of Infosys authorized the Companyto execute a Business Transfer Agreement and related documents with Edge Verve SystemsLimited (EdgeVerve) to transfer the business of Finode and Edge Services. Based on anenterprise valuation done by an independent valuer the business was transferred for aconsideration of Rs.3222 crore and X177 crore for Finacle and Edge Servicesrespectively. Net assets amounting to Rs.363 crore (including working capital amounting to^337 crore) have been transferred and accordingly a gain oft3036 crore has been recordedas an exceptional item.
During the year ended March 312015 based on an enterprise valuation done by anindependent valuer the business was transferred for a consideration oft 421 crore witheffect from July 12014. Net assets amounting tot 9 crore have also been transferred andaccordingly a gain oft 412 crore has been recorded as an exceptional item.
The transfer of assets and liabilities has been accounted for at carrying values anddoes not have any impact on the consolidated financial statements.
The Special Economic Zone (SEZ) Re-investment Reserve has been created out ofthe profit of eligible SEZ units in terms of the provisions of Section 10AA(l)(ii) of theIncome-tax Act1961. The reserve should be utilized by the Company for acquiring new plantand machinery for the purpose of its business in the terms of the Section 10AA(2) of theIncome-tax Act 1961.
Effective January 1 2015 the Infosys Limited Employees Welfare Trust(the Trust) has been deconsolidated consequent to SEBI (Share Based EmployeeBenefits) Regulations 2014 issued on October 282014.
Under the Swiss Code of Obligation a few Infosys Consulting Holding AGformerly Lodestone Holding AG) subsidiaries are required to appropriate 5% of the annualprofit to legal reserve until this equals 20% of the paid-up share capital To the extentit does not exceed one half of the share capital the general reserve may be used only tocover losses or for measures designed to sustain the Company through difficult times toprevent unemployment or to mitigate its consequences.
Equity shares are at par value of ^5 per share.
The Company has allotted l148472332fully-paid-up equity shares of facevalue off 5 each in June 2015 and 574236136fully-paid-up equity shares were allottedon December 2014 pursuant to a bonus issue approved by the shareholders. For the bonusissue a bonus share of one equity share for every equity share held and a stock dividendof one American Depositary Share (ADS) for every ADS held respectively has been allottedConsequently the ratio of equity shares underlying the ADSs held by an AmericanDepositary Receipt holder remains unchanged. Earnings per share (E PS) of the previousyear has been adjusted for the bonus issue in accordance with Accounting Standard (AS) 20 Earnings Per Share.
Revenues - standalone
Our total income on a standalone basis increased to 4 53983 crore from 447300 crorein the previous year at a growth rate of 14.1%. Our software export revenues aggregatedto 4 52709 crore up by 14.6% from 445993 crore in the previous year. Out of the totalrevenue 66.0% came from North America 21.8% from Europe 2.4% from India and 9.8% fromthe Rest of the World. On a standalone basis our share of revenues from all parts of theworld outside North America has decreased to 34.0% in the current year from 36.0% in theprevious year.
Revenues - consolidated
Our total income on a consolidated basis increased to 462441 crore from 453319 crorein the previous year at a growth rate of 17.1%. Our software export revenues aggregatedto 4 60818 crore up by 16.9% from 452035 crore in the previous year. Out of the totalrevenue 62.7% came from North America 23.0% from Europe 2.6% from India and 11.7% fromthe Rest of the World. On a consolidated basis our share of revenues from all parts ofthe world outside North America decreased to 37.3% in the current year from 38.5% in theprevious year.
Profits - standalone
Our gross profit on a standalone basis amounted to 421728 crore (40.2% of revenue) asagainst 419472 crore (41.2% of revenue) in the previous year. Sales and marketing costswere 5.0% of our revenue for the year ended March 31 2016 as compared to 5.4% for theyear ended March 31 2015. General and administration expenses were 6.1% and 6.3% of ourrevenues during the current year and previous year respectively. The operating profitbefore depreciation amounted to 415763 crore (29.2% of revenue) as against 413962 crore(29.5% of revenue) in the previous year. The profit before exceptional item and tax was417657 crore (32.7% of revenue) as against 416386 crore (34.7% of revenue) in theprevious year. Net profit was 415786 crore (29.2% of revenue) as against 412164 crore(25.8% of revenue) in the previous year.
Profits - consolidated
Our gross profit on a consolidated basis amounted to 424832 crore (39.8% of revenue)as against 421485 crore (40.3% of revenue) in the previous year. Sales and marketingcosts were 5.5% of our revenue for the years ended March 31 2016 and March 31 2015.General and administration expenses were 6.9% of our revenues each during the current yearand previous year. The operating profit before depreciation amounted to 417120 crore(27.4% of revenue) as against 414871 crore (27.9% of revenue) in the previous year. Theprofit before tax was 418982 crore (30.4% of revenue) as against 417284 crore (32.4% ofrevenue) in the previous year. Net profit was 413678 crore (21.9% of revenue) as against412372 crore (23.2% of revenue) in the previous year.
Capital expenditure on tangible assets - standalone
This year on a standalone basis we capitalized 42163 crore. This comprises 4945crore for investment in computer equipment 4 5 crore on vehicles and the balance of41213 crore on infrastructure.
In the previous year we capitalized 42540 crore. This comprised 4694 crore forinvestment in computer equipment 43 crore on vehicles and the balance of 41843 crore oninfrastructure.
Capital expenditure on tangible assets - consolidated
On a consolidated basis we capitalized 42379 crore including certain assets havinggross book value of 4 4 crore taken over on acquisitions during the year. During thecurrent year 41105 crore has been invested in computer equipment 4 6 crore on vehiclesand the balance of 41268 crore on infrastructure.
In the previous year we capitalized 42673 crore including assets having gross bookvalue of 422 crore taken over on an acquisition.
During the year 4778 crore has been invested in computer equipment 4 6 crore onvehicles and the balance of41889 crore in infrastructure.
We continue to be debt-free and maintain sufficient cash to meet our strategicobjectives. We understand that liquidity in the Balance Sheet has to balance betweenearning adequate returns and the need to cover financial and business risks. Liquidityenables us to make a rapid shift in direction if there is a market demand. We believethat our working capital is sufficient to meet our current requirements. As on March 312016 on a standalone basis we had liquid assets of 430711 crore as against 429705crore at the previous year-end. On a consolidated basis we had liquid assets of434371crore at the current year-end as against 4 32543 crore at the previous year-end. Thesefunds comprise deposits with banks and highly rated financial institutions liquid mutualfunds fixed maturity plans tax-free bonds and government bonds. The details of thetax-free bonds and government bonds are disclosed under the non-current and currentinvestments section in the financial statements in this Annual Report.
The Board in its meeting held on October 12 2015 declared an interim dividend of 410per equity share. Further the Board in its meeting held on April 152016 hasrecommended a final dividend of 414.25 per equity share for the financial year ended March31 2016. The proposal is subject to the approval of shareholders at the ensuing AnnualGeneral Meeting to be held on June 18 2016. The total dividend appropriation (excludingdividend tax) for the current year is 4 5570 crore as against 45111 crore in theprevious year. Dividend (including dividend tax) as a percentage of consolidated netprofit after tax is 49.7% as compared to 49.8% in the previous year.
The Register of Members and Share Transfer Books will remain closed on June 11 2016for the purpose of payment of the final dividend for the financial year ended March 312016 and the Annual General Meeting. The Annual General Meeting is scheduled to be heldon June 18 2016.
The Company has allotted 1148472332 fully-paid-up equity shares of face value 4 5each in June 2015 to the shareholders of the Company in proportion of 1:1 andconsequently the number of shares increased from 1148472332 to 2296944664.
The Company allotted 574236166 fully-paid-up equity shares of face value 45 each inDecember 2014 to the shareholders of the Company in proportion of 1:1 and consequentlythe number of shares increased from 574236166 to 1148472332.
Particulars of loans guarantees or investments
Loans guarantees and investments covered under Section 186 of the Companies Act 2013form part of the Notes to the financial statements provided in this Annual Report.
Transfer to reserves
We propose to transfer 41579 crore to the general reserve on account of declaration ofdividend. An amount of 442655 crore is proposed to be retained in the surplus at thestandalone level.
We have not accepted any fixed deposits and as such no amount of principal orinterest was outstanding as of the Balance Sheet date.
Particulars of contracts or arrangements made with related parties
Particulars of contracts or arrangements with related parties referred to in Section188(1) of the Companies Act 2013 in the prescribed Form AOC-2 is appended as Annexure 2to the Boards report.
Material changes and commitments affecting financial position between the end of thefinancial year and date of the report
The shareholders have approved the following resolutions through a postal ballotconcluded on March 31 2016:
2015 Stock Incentive Compensation Plan and grant of stock incentives to eligibleemployees of the Company under the Plan
2015 Stock Incentive Compensation Plan and grant of stock incentives to eligibleemployees of the Companys subsidiaries under the Plan
Re-appointment of Prof. Jeffrey S. Lehman as an Independent Director
Appointment of Dr. Punita Kumar-Sinha as an Independent Director
Re-appointment of Dr. Vishal Sikka Chief Executive Officer and ManagingDirector on the following terms and conditions:
- Base pay: An annual base salary of US$1000000 to be paid in accordance with theCompanys normal practices and subject to withholding taxes;
- Variable pay: Annual performance-based variable pay at a target level of US$3000000 less applicable tax and subject to the Companys achievement of fiscalyear performance targets set by the Board as described in the postal ballot;
- Stock compensation: Eligible to receive an annual grant of 1) US$2000000 of fairvalue in RSUs which vest over time (time-based RSUs) subject to continuedservice and 2) US$5000000 in performance-based equity and stock options uponachievement of certain performance targets as described in the postal ballot;
- Employee benefits and paid vacation as applicable to other whole-time directors ofthe Company;
- Minimum and maximum remuneration: Should Dr. Sikka fail to achieve minimumperformance targets his remuneration as proposed will fall to US$3000000 annuallyconsisting of US$1000000 of base salary and US$2000000 of time-based RSUs. If Dr.Sikkas performance targets are exceeded the performance-based payments for variablecomponents of his compensation (variable pay and performance equity) will be capped at150% of the target compensation for such variable components.
The details of the postal ballot result are provided in the Corporate governance reportwhich forms part of this Annual Report.
Variation in market capitalization
| || |
As at March 31
| ||2016 ||2015 ||Increase / (decrease) in % |
|Market capitalization (in Rs. crore) ||279837 ||254771 ||9.8 |
|Price earnings ratio (1) ||20.4 ||20.5 ||(0.5) |
|Percentage increase in the market price of shares in comparison with the last public offer price(2) || || ||656600 |
Notes: Data based on share prices quoted on NSE
Based on consolidated Indian GAAP financial statements
Last public offer price in India has been adjusted for bonus issues and stocksplit.
Management's discussion and analysis
In terms of the provisions of Regulation 34 of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 theManagements discussion and analysis is set out in this Annual Report.
Our strategic objective is to build a sustainable organization that remains relevant tothe agenda of our clients while generating profitable growth for our investors. In orderto do this we will apply the priorities of renew and new to ourown business and cascade it to everything we do.
These translate to the following strategic focus areas:
Build expansive lasting relationships with our clients by delivering differentiatedmarket offerings: Our strategy is to engage with clients on their large transformativeprograms both in traditional IT areas as well as for their new digital businessinitiatives. We expand existing client relationships by providing them with a broad set ofend-to-end service offerings and increase the size nature and number of projects we dowith them. Our specific industry domain process and technology expertise allows us toenable clients to transform their businesses with innovative strategies and solutions.Through our transformation service offering which we call Aikido we help ourclients address key aspects of their business. Our Ai offering a result ofour investments in building intellectual property helps clients leverage software-basedplatforms to dramatically boost productivity and to deliver next-generation experiences totheir customers. Our Ki offering captures the know-how of existing clienttechnology landscapes which we then leverage for process improvements and transformation.With our Do offering which incorporates Design Thinking concepts we helpclients identify and prioritize their most significant problems and solve them in rapiditerative and innovative ways. We offer an end-to-end suite of high-qualityhighly-responsive and innovation-led services spanning business consulting IT servicessoftware platform-based services and business process management. This enables us topartner with our clients on large multi-year engagements.
Through our Zero Distance program we help our clients innovate and derive more valuefrom their projects. Zero Distance is the process of everyday innovation at Infosyswhereby all employees are expected to innovate in their individual capacities and throughtheir individual jobs. Zero Distance has a three-fold emphasis: to reduce the gap betweenus and the code we write the gap between us and our clients and the gap between us andthe ultimate end-user.
We also plan to acquire new clients and increase our presence in new geographies andmarket segments by investing in targeted business development and marketing. We willposition our brand as differentiated global and respected.
Deliver solutions and services leveraging highly cost-effective models: Our strategy isto leverage software-based automation and our Global Delivery Model to deliver solutionsand services to our clients in the most cost-effective manner while at the same timeoptimizing our cost structure to remain competitive. We are embracing artificialintelligence-based automation techniques and software automation platforms to boostproductivity of our projects. We are leveraging software process engineering andcollaboration technologies to improve process productivity.
Our Global Delivery Model provides scale quality expertise cost and time-to-marketadvantages to our client projects. The model enables us to work at the location where thebest talent is available and where it makes the best economic sense with the least amountof acceptable risk. Over the last 30 years we have developed our distributed executioncapabilities to deliver high-quality and scalable services. This scalable infrastructurecomplements our ability to deliver project components that are executed round the clockand across time zones enabling us to reduce project delivery times.
Enhance our operational processes for agility and optimal cost: We periodically assessthe effectiveness of our organization structure and processes to optimize it for alignmentwith our strategic objectives and agility. We continually evaluate criticalcross-functional processes and benchmark them with best-in-class practices to optimizecosts and enable swift and effective response to our clients. We constantly monitor andoptimize various operational parameters such as the cost and utilization of resourcesdistribution of employees around the world cost of operating our campuses and whether weare optimally realizing the efficiencies of scale.
Last year we launched our Zero Bench program. This program allows us to effectivelydeploy our un-utilized resources into internal projects. Zero Bench enables employees tofulfill their professional aspirations while at the same time helping us to improve ouremployee engagement and our operational efficiency.
Attract and retain a global diverse motivated and high-performing employee base: Ouremployees are our biggest assets. To meet the evolving needs of our clients our priorityis to attract and engage the best talent in the right locations with the right skills. Weoffer our employees challenging work assignments benchmarked compensation and acollaborative productive work environment. Our performance management system is objectiveand rewards performance. We invest substantially in employee engagement to motivateemployees and encourage social communication and collaboration.
Teaching and learning are central to the Infosys culture. Our investments in our GlobalEducation Center and in creating various learning opportunities for our employees helpthem stay abreast of new developments in software technologies spur innovation and builda lifelong career at Infosys.
We are guided by our value system which motivates our attitudes and actions. Our corevalues are Client value Leadership by example Integrity and transparency Fairness andExcellence (C-LIFE).
Pursue strategic alliances and acquisitions: We leverage alliances that complement ourcore competencies. We partner with leading technology software and hardware providers increating deploying integrating and operating business solutions for our clients. We havealso expanded the scope of our collaborations to encompass universities and researchorganizations.
We will deploy our capital in making selective business acquisitions that augment ourexpertise complement our presence in certain market segments and accelerate the executionof our strategies.
We have an innovation fund with an outlay of US $500 million to tap into innovationnetworks of early-stage companies and universities to gain access to new thinking andbusiness models.
Our go-to-market business units are organized as follows:
Retail CPG and Logistics
Energy Utilities Communications and Services
Life Sciences Healthcare and Insurance
Infosys Public Services
Our service delivery is organized as horizontal centers of excellence:
Infosys Global Consulting
- Enterprise Solutions
- Infosys Digital
- Enterprise Mobility
- Application Development Services
- Application Management Services
- Application Modernization Services
- Independent Validation Solutions
- Data and Analytics
- Engineering Services
- Cloud and Infrastructure Services
- Infosys Center for Emerging Technology Solutions
Our client-centric approach continues to bring us high levels of client satisfaction.We derived 97.1% of our consolidated revenues from repeat business this fiscal. We alongwith our subsidiaries added 325 new clients including a substantial number of largeglobal corporations. Our total client base at the end of the year stood at 1092. Theclient segmentation for the current and previous years on a consolidated basis is asfollows:
|Clients ||2016 ||2015 |
|1 million dollar + ||558 ||529 |
|5 million dollar + ||268 ||244 |
|10 million dollar + ||177 ||159 |
|25 million dollar + ||88 ||83 |
|50 million dollar + ||52 ||47 |
|75 million dollar + ||31 ||29 |
|100 million dollar + ||14 ||15 |
|200 million dollar + ||6 ||4 |
|300 million dollar + ||1 ||- |
We added 19.67 lakh sq. ft. of physical infrastructure space during the year. The totalavailable space as on March 31 2016 stands at 423.35 lakh sq. ft. The number of marketingoffices as on Match 31 2016 was 85 the same as the previous year.
Infosys Innovation Fund
We have an innovation fund with an outlay of US $500 million to tap into innovationnetworks of early-stage companies and universities to gain access to new thinking andbusiness models.
Through the Infosys Innovation Fund we have invested in six start-ups this year.
Subsidiaries and associates
We along with our subsidiaries provide consulting technology outsourcing andnext-generation services. At the beginning of the year we had 13 direct subsidiaries 29step-down subsidiaries and one associate. As on March 31 2016 we have 16 directsubsidiaries 30 step-down subsidiaries and one associate.
During the year the Board of Directors (the Board) reviewed the affairs ofthe subsidiaries. In accordance with Section 129(3) of the Companies Act 2013 we haveprepared consolidated financial statements of the Company which forms part of this AnnualReport. Further a statement containing the salient features of the financial statement ofour subsidiaries in the prescribed format AOC-1 is appended as Annexure 1 to theBoards report. The statement also provides the details of performance and financialpositions of each of the subsidiaries.
In accordance with Section 136 of the Companies Act 2013 the audited financialstatements including the consolidated financial statements and related information of theCompany and audited accounts of each of its subsidiaries are available on our websitewww.infosys.com. These documents will also be available for inspection during businesshours at our registered office in Bangalore India.
During the year investments were made in the following subsidiary and newacquisitions:
EdgeVerve Systems Limited (EdgeVerve): On April 24 2015 the Board of Directorsof Infosys authorized the Company to execute a Business Transfer Agreement and relateddocuments with EdgeVerve to transfer the business of Finacle and Edge Services. Post therequisite approval from shareholders through postal ballot on June 4 2015 a BusinessTransfer Agreement and other related documents were executed with EdgeVerve to transferthe business with effect from August 1 2015. The Company has undertaken an enterprisevaluation by an independent valuer and accordingly the businesses were transferred for aconsideration of Rs. 3222 crore and 4177 crore for Finacle and Edge Servicesrespectively. The consideration was settled through the issue of 850000000 equityshares amounting to Rs.850 crore and 254900000 non-convertible redeemable debenturesamounting to Rs. 2549 crore in EdgeVerve post the requisite approval from shareholderson December 112015. The transfer of assets and liabilities was accounted for at carryingvalues and did not have any impact on the consolidated financial statements.
Kallidus Inc. and Skava Systems Pvt. Ltd. (Kallidus): On June 2 2015 Infosysacquired 100% of the voting interests in Kallidus Inc. (d.b.a Skava) (Kallidus) aleading provider of digital experience solutions including mobile commerce and in-storeshopping experiences to large retail clients and 100% of the voting interests of SkavaSystems Private Limited India an affiliate of Kallidus. The business acquisition wasconducted by entering into a share purchase agreement for a cash consideration of US$91million (approximately 4 578 crore) and a contingent consideration of up to US $20 million(approximately Rs. 128 crore on acquisition date) the payment of which is dependent uponthe achievement of certain financial targets by Kallidus over a period of three yearsending on December 31 2017.
Noah Consulting LLC (Noah): On November 16 2015 Infosys acquired 100%membership interest in Noah Consulting LLC a leading provider of advanced informationmanagement consulting services for the oil and gas industry. The business acquisition wasconducted by entering into a share purchase agreement for a cash consideration of US$33million (approximately T216 crore) and a contingent consideration of up to US $5 million(approximately Rs.33 crore on acquisition date) and retention bonus of up to US$32 million(approximately Rs.212 crore on acquisition date) referred to as retention bonus payableto the employees of Noah at each anniversary following the acquisition date over the nextthree years subject to their continuous employment with the Group at each anniversary.The payment of contingent consideration to the sellers of Noah was dependant upon theachievement of certain financial targets by Noah for the years ended December 31 2015 andDecember 31 2016. During the year ended March 31 2016 based on the assessment of Noahachieving the targets for the respective periods the entire contingent consideration wasreversed.
EdgeVerve Systems Limited a wholly-owned subsidiary of Infosys develops innovativesoftware products and offers them on premise and on the cloud. Our products helpbusinesses develop deeper connections with stakeholders power continuous innovation andaccelerate growth in the digital world. We power our clients growth inrapidly-evolving areas like banking interactive commerce distributive trade creditservicing customer service and enterprise buying.
Today EdgeVerve products and platforms are used by global corporations acrossindustries such as financial services insurance retail and CPG life sciencesmanufacturing and telecom. Our solutions are available in two broad categories - Edgesuite and Finacle.
Finacle our universal banking solution suite is the choice of financialinstitutions across 92 countries and serves over 839 million bank customers. Finaclesolutions address the core banking e-banking mobile banking CRM payments treasuryorigination liquidity management Islamic banking wealth management and analytics needsof financial institutions. Finacle solutions are consistently rated as a leader in themarket by top industry analysts and is proven to be the most scalable banking platformglobally.
An important part of our strategy is the creation of the Infosys Platformwhich consists of the Infosys Information Platform (IIP) and the Infosys AutomationPlatform CLAP). Our platforms leverage open source software components and / or ourproprietary software products all of which can be deployed in the public or private cloudor on the customers premise.
IIP: Our IIP helps enterprises embark on their Big Data journey by providing acompelling price-performance ratio in data processing while also enabling them to takeadvantage of innovations happening in the open source community. IIP is based on anassembly of tested open source components and offers rapid deployment as a base for abroad variety of industry-specific scenarios.
LAP: Our LAP which was built on top of IIP enables improved efficiencies in IToperations. LAP helps ensure business outcomes by monitoring and analyzing in nearreal-time the health of all layers of IT systems including business processesapplications and infrastructure leveraging stream processing and Big Data technologies.IAP aims to predict issues using knowledge models machine learning algorithms andpredictive analytics and prevent business disruptions through proactive interventions. IAPautomates repetitive tasks in IT operations and leverages advanced capabilities likenatural language processing and artificial intelligence.
Panaya: Panaya an Infosys company is a leader in ERP change analytics andcloud-based enterprise software testing. The Panaya CloudQuality Suite disrupts therisk time and costs required to deliver all types of SAP and Oracle EBS changes.Powered by Big Data analytics and aggregating since 2008 Panaya CloudQuality Suitedelivers insights that tell organizations what will break how to fix it and what to test.It is constantly improving and finding smarter ways to perform everything from day-to-daymaintenance to major projects.
Skava an Infosys company powers the next generation of digital transformation forleading retailers worldwide by delivering the most versatile technology platform in theindustry. Skava enables digital shopping experiences for global brands across mobiletablet desktop in-store and all emerging channels.
OSSmosis the Infosys Open Source program was set up with an objective ofnurturing innovation through Open Source adoption and contribution. Throughthis program over 25000 employees have been trained on key Open source technologies; 12key communities of practices including BigData and DevOps have been setup; new andexisting partners are engaged for enablement joint solutions and go-to-market. Over 100key contributors have been contributing to forums like Spark Selenium Jenkins etc.Infosys POV on Open Source (https://www.infosys.com/information-platjorm/Documents/OSSmosis-open-source-joumey.pdf) was acknowledged by several clients and executives.
We continue our journey of delivering value to our clients through significantinvestments in quality programs. While sustaining existing external benchmarks andcertifications we have added new certifications and further enhanced our programs andinitiatives to renew our commitment to the culture of quality client value innovationand productivity improvement.
We continue to adhere to international quality standard certifications such as ISO9001 ISO 22301 ISO 20000 ISO 27001 AS EN 9100 ISO 13485 TL 9000 SV OHSAS 18001 andISO 14001. We have received an independent auditors assurance report on complianceto ISAE 3402 / SSAE16 and a certification of compliance on PCIDSS V 3.0 for Infosys BPOLimited. We also get assessed at CMMi Level 5. According to the Process Maturity Profilepublished by the CMMi Institute of Carnegie Mellon University in December 2015 only 7% of12691 organizations globally are operating at Level 5 which is the highest level ofprocess maturity.
Our Quality department handles large change management initiatives to drive quality andproductivity improvements across the Company using various techniques such as Six SigmaLean methodology and engineering levers like Reuse Automation and Tools.
Our Quality department partners with business units to help implement and sustain theZero Distance program an initiative to infuse grassroots innovation across all ourprojects and effectively measure benefits to the client and ensure substantial clientimpact. We continue to fine-tune our Client Value Survey to capture the voice of ourcustomers and to assess client expectations as an ongoing process. The data that iscollected is analyzed around satisfaction advocacy loyalty fulfillment and value formoney and helps us draw action plans to improve client experience.
The Infosys brand is a key intangible asset of the Company. It positions Infosys as thenext-generation services company that would help enterprises renew themselves while alsocreating new avenues to generate value. Brand Infosys is being built around the premisethat software in a very fundamental way is reshaping the world around us. And because ofthis there is a duality that every business faces - on the one hand the need to renewexisting systems to improve their effectiveness with new technologies and innovation andon the other hand the need to deliver completely new kinds of services and new solutionsin new ways using next-generation technologies. Infosys helps its clients achieve thisdual agenda in a culture of learning and innovation at the grassroots level. The wayInfosys connects with its clients builds out great ideas and creates value frominnovations is called Zero Distance - describing its approach to operating at theintersection of desirability feasibility and viability.
Our marketing reach extends globally through advertisements public relations anddigital marketing initiatives. We participate in premier business and industry eventsaround the world. We also organize signature events and roundtables across geographies.Confluence our flagship client event is consistently well-attended and ratedhighly by our clients and industry partners.
Awards and recognition
In fiscal 2016 we were conferred multiple awards and recognition both internationaland national. The major ones among them are listed as follows:
Business and management
We won the Corporate Citizen of the Year Award at the Economic TimesAward 2015.
The Institute of Company Secretaries of India honored us with the certificate ofrecognition for adopting exemplary corporate governance practices at the National Awardsfor Excellence in Corporate Governance.
Our Annual Report 2014-15 received the Gold award in the IT category at theLeague of American Communications Professionals Vision Awards 2014. In the Asia-Pacificregion category we were featured among the top 50 reports while the letter to theshareholder was adjudged the Best Shareholder Letter.
We were ranked among Asias Most Admired Brands of 2014 by World Consulting& Research Corporation a leading brand rating and ranking company.
Infosys Finacle has been named a leader by Forrester Research Inc. in TheForrester Wave : Mobile Banking Solutions Q4 2015 report and in The ForresterWave: Omnichannel Banking Solutions Q3 2015 report.
We were positioned as a Leader and Star Performer in 2015 Banking ApplicationOutsourcing PEAK Matrix by Everest.
We received the Highest Product Score in Gartner Critical Capabilities forInternational Retail Core Banking Report. Finacle emerged as the leading solutionwith the highest scores across all the use-cases presented.
We won the 2015 Oracle Excellence Award for the strategic focus areas of SaaSand PaaS and Specialized Partner of the Year North America for CX Cloud as well asPaaS.
We were positioned as a Leader in Gartners Magic Quadrant for OracleApplication Management Services as well as for SAP Implementation Services Worldwide2015.
We were recognized as one of the most relevant service providers fordigital strategy in North America by the Everest Group in a report titled NorthAmerica Digital Adoption Survey - How Pervasive is Your Digital Strategy ?.
IDC Energy Insights a leading market intelligence and advisory services firmpositioned Infosys as a major player for providing professional services tothe oil and gas industry.
We were positioned as a Leader in Gartners Magic Quadrant for ApplicationTesting Services Worldwide 2015.
We were rated as Leaders in the Forrester Global Wave for WorkplaceTransformation.
We were positioned as a Major Player in the IDC MarketScape onMicrosoft implementation services.
The IDC MarketScape report Worldwide Manufacturing PLM StrategicConsulting 2015 Vendor Assessment positioned Infosys as a Leader inproviding manufacturing product lifecycle management (PLM) strategicconsulting.Sustainability awards
We were awarded the Leadership in Energy and Environment Design (LEED) IndiaPlatinum rating for two of our buildings in Pune and Bangalore.
At The Energy Award London we won the Innovative Technology of the Year award.
Infosys was placed third in the Industrial Water Use Efficiency category at theFederation of Indian Chambers of Commerce and Industry Water Awards.
We received the NDTV Property Award under the Most Environment-FriendlyCommercial / Office Space category.
We also won the Golden Peacock Award under the Corporate Award forSustainability - India category.
The Solar Energy Global Conference and Awards recognized Infosys under fourcategories: Best Company for Commercial Rooftop Installations Best Company forSustainability in Solar Energy Company of the Year and Best Company for GreenInitiatives.
For the complete list of awards and recognition won by Infosys refer tohttps://www.infosys.com/about/awards
3. Human resources management
We have set up a scalable recruitment and human resources management process. Over thelast year on a standalone basis we received 1115745 applications from prospectiveemployees. The Infosys Group added 17857 (net) and 52545 (gross) employees this yeartaking (he total strength to 194044 from 176187 at the end of the previous year.
On a standalone basis the attrition rate for fiscal 2016 stands at 13.6% compared to18.9% for the previous year.
Human resources management at Infosys goes beyond the set boundaries of compensationperformance reviews and development. We look at the employees entire lifecycle toensure timely interventions that help build a long-lasting and fruitful career. With thisin mind we initiated several positive changes in our HR practice this year.
A large part of our focus in fiscal 2015 was on listening to employee feedback to makethe right changes. Zero Distance a movement to bring innovation to every project atInfosys facilitated by a five-point framework of innovation was an example of employeeengagement built through ground-up involvement in organizational growth and strategy.Through the year we gathered feedback from employees across all our communicationchannels and platforms including our annual employee engagement survey (LITMUS 2016).From LITMUS we identified a number of tracks to be actionized and invited employees tobe a part of these. We also worked on an exercise to identify influencer groups within theorganization whose networks could be leveraged to spread ideas of innovation andcollaboration. To ensure that employees are able to be their productive best we worked onsimplifying internal processes through a collaborative effort with various teams. Rewardsand recognition in terms of the annual awards for excellence quarterly promotions andunit awards continued.
As part of the focus on human resources development during fiscal 2016 we introducediCount the renewed performance management system. We moved away from the bell curve tofocus on individual employee contribution and continuous feedback and built aself-serviced platform to empower employees to design their own journey within theorganization.
To foster a positive workplace environment free from harassment of any nature we haveinstitutionalized the Anti-Sexual Harassment Initiative (ASHI) framework through which weaddress complaints of sexual harassment at the workplace. Our global policy assuresdiscretion and guarantees non-retaliation to complainants. We follow a gender-neutralapproach in handling complaints of sexual harassment and we are compliant with the law ofthe land wherever we operate. We have also constituted an Internal Complaints Committee(ICC) in all locations across India to consider and address sexual harassment complaintsin accordance with the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013.
The details of issues raised and resolved regarding sexual harassment of women at theworkplace are available in the Enhancing employee value section in the BusinessResponsibility Report which forms part of this Annual Report.
We continue to improve our talent supply chain processes to maintain a consistent highutilization throughout the year and effectively support our higher growth.
In fiscal 2016 we launched an innovative program named Zero Bench toproductively engage employees who are on bench (between client engagements) to createvaluable outcomes for the organization. Our employees can now leverage our traininginfrastructure to upgrade their skills during their bench period and also work on shortinternal projects of their choice to gain exposure hone their skills extend networkswhile delivering value.
To foster a culture of innovation and rapid problem-solving using technology welaunched the second season of the Infosys Global Hackathon. During this fiscal we alsolaunched Compass a digital platform to mobilize opportunities in careers learning andnetworks within the organization.
Education training and assessment
Learning and education are at the foundation of Infosys. Competency developmentcontinues to be a key area of strategic focus for us. During fiscal 2016 the totaltraining provided for Infoscions was over 2.12 million person days. Many of our employeesalso took external certifications creating a large pool of certified people.
To enhance the innovation quotient among the workforce we conducted the DesignThinking program which trains individuals in an empathetic customer-centric mode ofproblem-finding and problem-solving. The total number of participants benefiting from theDesign Thinking training crossed 80000 as of March 31 2016. The Design Thinking traininghas been imparted to client teams leadership teams Infoscions and fresh recruits.
Our industry-academia partnership program Campus Connect made progress through thelaunch of electives to help engineering colleges run new programs within their curricula.During fiscal 2016 we engaged with 1225 faculty members who in turn trained 40996students. With this the total number of beneficiaries covered has reached 13111 facultymembers and 371639 students from 317 engineering institutions.
Our knowledge management system set a new record by winning the Global Most AdmiredKnowledge Enterprise (MAKE) award for the 11th time Asian MAKE award for the 13th timeand Indian MAKE award for the 11th time.
Infosys Leadership Institute
The vision of the Infosys Leadership Institute (ILI) is to be recognized as a globallyrespected institution that is committed to developing leaders within Infosys. The primarypurpose of the institute is to develop and prepare senior leaders of the organization forcurrent and future executive leadership roles. ILI employs a wide range of developmentalapproaches including classroom training coaching leaders teach andexperience-sharing sessions. Senior leaders from across Infosys and its subsidiaries arethe beneficiaries of ILIs programs.
Particulars of employees
The ratio of remuneration of each director to the median of employeesremuneration as per Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part ofthe Boards report (Annexure 3d).
A statement containing the names of every employee posted in India throughout thefinancial year and in receipt of a remuneration of Rs. 60 lakh or more or posted for partof the year and in receipt of Rs. 5 lakh or more a month under Rule 5(2) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of theBoards report (Annexure 3b). The details of employees posted outside India can bemade available on request.
Employees' stock options / Restricted stock units
2015 Stock Incentive Compensation Plan
The shareholders approved the issuance of stock incentives to the employees of theCompany and its subsidiaries under the 2015 Stock Incentive Compensation Plan (the2015 Plan) in the recently concluded postal ballot on March 31 2016. The 2015 planis in compliance with the SEBI (Share Based Employee Benefits) Regulations 2014 and thedetails are also available on our website(https://www:infosys.com/investors/corporate-govemance). The purpose of the 2015 Plan isto:
Attract retain and motivate talented and critical employees;
Encourage employees to align individual performance with Company objectives; and
Reward employee performance with ownership.
The 2015 Plan provides for stock incentives to eligible employees such as RestrictedStock Units (RSU) and stock options (together Stock Incentives). Subject toapplicable law and conditions for exercise eligible employees are entitled to receiveequity shares American Depositary Receipts (ADRs) or cash on exercise of the StockIncentives. The Stock Incentives vest over a period of four years from the date of thegrant or such other period as decided in the sole discretion by the Administrator. The2015 Plan shall be administered by the nomination and remuneration committee of the Boardconstituted by the Company pursuant to the provisions of Section 178 of the Companies Act2013 (the Administrator). The Administrators decisions determinationsand interpretations will be final and binding on all eligible employees and participantsunder the 2015 Plan. Each Stock Incentive shall be evidenced by an award agreement thatwill specify such terms and conditions as the Administrator will determine includingwhether the eligible employees will get equity shares of the Company ADRs of the Companyor cash on exercise of the Stock Incentives.
The Board had in October 2015 recommended that the Company create a pool of up to 2%of the shares outstanding towards the 2015 Plan for employees of the Company. TheManagement has recommended to the Board that a budget of 1% of the shares outstanding beallocated at this time to the needs of the Plan amounting to approximately 24038883equity shares. This 1% pool includes 11223576 treasury shares of the Company that arecurrently held in trust towards the 2011 RSU Plan. Consequently an additional 12815307equity shares amounting to 0.56% of the shares outstanding will be required to be setaside for the 2015 Plan. We expect the pool of 24038883 shares to be granted over aperiod of four to seven years.
To calculate the employee compensation cost the Company uses the Fair Value Method forthe valuation of the Stock Incentives granted. The exercise price for the restricted stockunits will be equal to the par value of the shares and the exercise price of stock optionswould be market price as on the date of the grant.
The total number of equity shares and ADRs to be allotted pursuant to the exercise ofthe Stock Incentives under the 2015 Plan to the employees of the Company and itssubsidiaries shall not cumulatively exceed 24038883 equity shares (approximately 1% ofthe issued capital) of which 17038883 shares will be issued as RSUs at par value(including shares currently held under the RSU 2011 Plan amounting to 11223576 equityshares) and 7000000 will be issued as stock options at market price. The mix of RSUsoptions or other equity rights under the Plan may be adjusted in the sole determination ofthe Administrator from time to time.
In June 2015 the Company based on the recommendation of the nomination andremuneration committee made a grant of 124061 RSUs to Dr. Vishal Sikka. The grant pricewas Rs. 5 per RSU and the RSUs would vest subject to the achievement of certain keyperformance indicators as set forth in the award agreement for each applicable year of thevesting tranche and continued employment through each vesting date. Further the awardgranted to Dr. Vishal Sikka on June 22 2015 was modified by the nomination andremuneration committee on April 14 2016. There is no modification or change in the totalnumber of RSUs granted or the vesting period (which is four years). The modificationsrelate to the criteria of vesting for each of the years. Based on the modification thefirst tranche of the RSUs will vest subject to achievement of certain key performanceindicators for the year ended March 31 2016.
During fiscal 2016 Dr. Vishal Sikka exercised 10824 options and held 221505 optionsoutstanding as on March 31 2016.
The details of the employee stock options / RSU plan form part of the Notes to accountsof the financial statements in this Annual Report.
4. Corporate governance
Our corporate governance philosophy
Corporate governance is about maximizing shareholder value legally ethically andsustainably. At Infosys the goal of corporate governance is to ensure fairness for everystakeholder. We believe sound corporate governance is critical to enhance and retaininvestor trust. We always seek to ensure that our performance is driven by integrity. OurBoard exercises its fiduciary responsibilities in the widest sense of the term. Ourdisclosures seek to attain the best practices in international corporate governance. Wealso endeavor to enhance long-term shareholder value and respect minority rights in allour business decisions.
Our Corporate governance report for fiscal 2016 forms part of this Annual Report.
The Company recognizes and embraces the importance of a diverse board in its success.We believe that a truly diverse board will leverage differences in thought perspectiveknowledge skill regional and industry experience cultural and geographical backgroundage ethnicity race and gender which will help us retain our competitive advantage. TheBoard has adopted the Board Diversity Policy which sets out the approach to diversity ofthe Board of Directors. The Board Diversity Policy is available on our website(https://www. infosys.com/investors/corporate-govemance/Documents/board-diversity-policy.pdf). More detail on diversity is available in the Corporate governance report thatforms part of this Annual Report.
Number of meetings of the Board
The Board met eight times during the financial year the details of which are given inthe Corporate governance report. The maximum interval between any two meetings did notexceed 120 days as prescribed in the Companies Act 2013.
Policy on directors' appointment and remuneration
The current policy is to have an appropriate mix of executive and independent directorsto maintain the independence of the Board and separate its functions of governance andmanagement. On March 31 2016 the Board consists of nine members two of whom areexecutive or whole-time directors and seven are independent directors.
The policy of the Company on directors appointment and remuneration includingcriteria for determining qualifications positive attributes independence of a directorand other matters as required under sub-section (3) of Section 178 of the Companies Act2013 is available on our website(https://www.infosys.com/investors/corporate-govemance/Documents/nomination-remuneration-policy.pdf).There has been no change in the policy since the last fiscal year. We affirm that theremuneration paid to the directors is as per the terms laid out in the nomination andremuneration policy of the Company.
Declaration by independent directors
The Company has received necessary declaration from each independent director underSection 149(7) of the Companies Act 2013 that he / she meets the criteria ofindependence laid down in Section 149(6) of the Companies Act 2013 and Regulation 25 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 mandates thatthe Board shall monitor and review the Board evaluation framework. The framework includesthe evaluation of directors on various parameters such as:
Board dynamics and relationships
Relationship with stakeholders
Company performance and strategy
Tracking Board and committees effectiveness
The Companies Act 2013 states that a formal annual evaluation needs to be made by theBoard of its own performance and that of its committees and individual directors. ScheduleIV of the Companies Act 2013 states that the performance evaluation of independentdirectors shall be done by the entire Board of Directors excluding the director beingevaluated.
The evaluation of all the directors and the Board as a whole was conducted based on thecriteria and framework adopted by the Board. The evaluation process has been explained inthe Corporate governance report. The Board approved the evaluation results as collated bythe nomination and remuneration committee.
Familiarization program for independent directors
All new independent directors inducted into the Board attend an orientation program.The details of training and familiarization program are provided in the Corporategovernance report and is also available on our website(https://www.infosys.com/investors/corporate- govemance). Further at the time of theappointment of an independent director the Company issues a formal letter of appointmentoutlining his / her role function duties and responsibilities. The format of the letterof appointment is available on our website(https://www.infosys.com/investors/corporate-governance/Documents/appointment-independent-director.pdf).
Infosys' code of conduct for the prevention of insider trading
The Board of Directors has adopted the Insider Trading Policy in accordance with therequirements of the SEBI (Prohibition of Insider Trading) Regulation 2015 and theapplicable US Securities laws. The Insider Trading Policy of the Company lays downguidelines and procedures to be followed and disclosures to be made while dealing withshares of the Company as well as the consequences of violation. The policy has beenformulated to regulate monitor and ensure reporting of deals by employees and to maintainthe highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures forfair disclosure of unpublished price sensitive information and code of conduct for theprevention of insider trading is available on our website(https://www.infosys.com/investors/corporate-govemance/Documents/insider-trading-policy.pdf)
The Securities and Exchange Board of India (SEBI) on September 2 2015 issued SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 with the aim toconsolidate and streamline the provisions of the Listing Agreement for different segmentsof capital markets to ensure better enforceability. The said regulations were effectiveDecember 1 2015. Accordingly all listed entities were required to enter into the ListingAgreement within six months from the effective date. The Company entered into ListingAgreement with BSE Limited and the National Stock Exchange of India Limited duringDecember 2015.
We seek to promote and follow the highest level of ethical standards in all ourbusiness transactions guided by our value system. The SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 mandated the formulation of certain policiesfor all listed companies. All our corporate governance policies are available on ourwebsite (https://www.infosys.com/investors/corporate-govemance/Pages/policies.aspx). Thepolicies are reviewed periodically by the Board and updated based on need and newcompliance requirement.
In addition to its Code of Conduct and Ethics key policies that have been adopted bythe Company are as follows:
|Name of the policy ||Brief description ||Web link |
|Recoupment Policy ||The policy deals with the provisions if the Company restates its financial statements. It allows the Company to recover any incentive-based compensation received by an executive officer that is in excess of what would have been payable based on the restated and corrected financial statements. ||https: //www. infosys. com/investors/corporate- govemance/Documents/recoupment-policy.pdf |
|Whistleblower Policy (Policy on vigil mechanism) ||The Company has adopted the whistleblower mechanism for directors and employees to report concerns about unethical behavior actual or suspected fraud or violation of the Companys code of conduct and ethics. There has been no change to the Whistleblower Policy adopted by the Company during fiscal 2016. ||https://www. infosys. com/investors/corporate- govemance/Documents/whistleblower-policy.pdf |
|Nomination and Remuneration Policy ||This policy formulates the criteria for determining qualifications competencies positive attributes and independence for the appointment of a director (executive / non-executive) and also the criteria for determining the remuneration of the directors key managerial personnel and other employees. ||https: //www. infosys. com/investors/corporate- govemance/Documents/nomination- remuneration-policy.pdf |
|Corporate Social Responsibility Policy ||The policy outlines the Companys strategy to bring about a positive impact on society through programs relating to hunger poverty education healthcare environment and lowering its resource footprint. ||https://www. infosys. com/investors/corporate- govemance/Documents/corporate-social- responsibility-policy.pdf |
|Policy on Material Subsidiaries ||The policy is used to determine the material subsidiaries and material non-listed Indian subsidiaries of the Company and to provide the governance framework for them. ||https://www. infosys. com/investors/corporate- govemance/Documents/material-subsidiaries- po\icy.pdf |
|Related Party Transaction Policy ||The policy regulates all transactions between the Company and its related parties ||https: //www. infosys. com/investors/corporate- govemance/Documents/related-party- transaction-policy.pdf |
|Insider Trading Policy ||The policy provides the framework in dealing with securities of the Company. ||https://www. infosys. com/investors/corporate- govemance/Documents/insider-trading-policy.pdf |
|Corporate Policy Statement on Investor Relations ||The policy is aimed at providing clear guidelines and procedures for disclosing material information outside the Company in order to provide accurate and timely communications to our shareholders and the financial markets. ||https://www.infosys.com/investors/corporate- govemance/Documents/corporate-policy- statement-investor-relations.pdf |
|Policy for Determining Materiality for Disclosures ||This policy applies to disclosures of material events affecting Infosys and its subsidiaries. This policy is in addition to the Companys corporate policy statement on investor relations which deals with the dissemination of unpublished price-sensitive information. The Board amended the corporate policy statement on investor relations to make it consistent with the materiality policy and conform to the U.S. regulations. ||https://www.infosys.com/investors/corporate- govemance/Documents/policy-determining- materiality-disclosures.pdf |
|Document Retention and Archival Policy ||The policy deals with the retention and archival of corporate records of Infosys Limited and all its subsidiaries. ||https://www.infosys.com/investors/corporate- govemance/Documents/document-retention- archival-polity.pdf |
Directors and Key Managerial Personnel Chairman of the Board
K. V Kamath stepped down as Chairman and Independent Director of the Company effectiveJune 5 2015 consequent to his appointment as the President of the New Development Bankpromoted by BRICS nations. R. Seshasayee an independent director took over as theChairman of the Board effective June 5 2015.
The Board made the following appointments / re-appointments based on therecommendations of the nomination and remuneration committee:
Re-appointment of Prof. Jeffrey S. Lehman as an Independent Director of theBoard effective April 14 2016.
Appointment of Dr. Punita Kumar-Sinha as an Independent Director of the Boardeffective January 14 2016.
Re-appointment of Dr. Vishal Sikka as Chief Executive Officer and ManagingDirector of the Company with effect from April 1 2016.
We thank the shareholders for their support in confirming the above-mentionedappointments in the recently-concluded postal ballot on March 31 2016.
The Board on the recommendations of the nomination and remuneration committee alsoappointed:
M. D. Ranganath as the Chief Financial Officer effective October 12 2015.
A. G. S. Manikantha as Company Secretary effective June 22 2015. Further theBoard appointed A. G. S. Manikantha as the Compliance Officer for SEBI Listing regulationswith effect from December 1 2015.
As per the provisions of the Companies Act 2013 Dr. Vishal Sikka retires by rotationat the ensuing Annual General Meeting and being eligible seeks re-appointment. The Boardrecommends his re-appointment.
Retirements and resignations
K. V Kamath resigned as Independent Director with effect from June 5 2015 consequentto his nomination as president of the BRICS New Development Bank. The Board places onrecord its appreciation for the services rendered by K. V Kamath during his tenure withthe Company. Carol M. Browner resigned as Independent Director with effect from November23 2015 due to personal reasons. The Board places on record its appreciation for theservices rendered by Carol M. Browner during her tenure with the Company.
Rajiv Bansal resigned as CFO with effect from October 12 2015. The Board places onrecord its appreciation for the services rendered by him during his tenure with theCompany.
Committees of the Board
Currently the Board has six committees: the audit committee the nomination andremuneration committee the corporate social responsibility committee the stakeholdersrelationship committee the risk and strategy committee and the finance and investmentcommittee. All committees except the corporate social responsibility committee consistentirely of independent directors. A detailed note on the composition of the Board and itscommittees is provided in the Corporate governance report section of this Annual Report.
Internal financial control and its adequacy
The Board has adopted policies and procedures for ensuring the orderly and efficientconduct of its business including adherence to the Companys policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures.
Significant and material orders
There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Companys operations in future.
Extract of annual return
In accordance with Section 134(3) (a) of the Companies Act 2013 an extract of theannual return in the prescribed format is appended as Annexure 6 to the Board's report.
Directors' responsibility statement
The financial statements are prepared in accordance with the Generally AcceptedAccounting Principles (GAAP) under the historical cost convention on accrual basis exceptfor certain financial instruments which are measured at fair values. GAAP comprisesmandatory accounting standards as prescribed under Section 133 of the Companies Act 2013(the Act) read with Rule 7 of the Companies (Accounts) Rules 2014 theprovisions of the Act (to the extent notified) and guidelines issued by the Securities andExchange Board of India (SEBI). There are no material departures from the prescribedaccounting standards in the adoption of these standards.
The directors confirm that:
In preparation of the annual accounts for the financial year ended March 312016 the applicable accounting standards have been followed.
They have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year and of theprofit and loss of the Company for that period.
They have taken proper and sufficient care towards the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
They have prepared the annual accounts on a going concern basis.
They have laid down internal financial controls which are adequate and areoperating effectively.
They have devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems are adequate and operating effectively.
At the Annual General Meeting held on June 14 2014 B S R & Co. LLP CharteredAccountants were appointed as statutory auditors of the Company to hold office till theconclusion of the Annual General Meeting to be held in the calendar year 2017. In terms ofthe first proviso to Section 139 of the Companies Act 2013 the appointment of theauditors shall be placed for ratification at every Annual General Meeting. Accordinglythe appointment of B S R & Co. LLP Chartered Accountants as statutory auditors ofthe Company is placed for ratification by the shareholders.
The Auditors Report for fiscal 2016 does not contain any qualificationreservation or adverse remark. The Auditors' Report is enclosed with the financialstatements in this Annual Report.
Parameshwar G. Hegde of Hegde & Hegde Practicing Company Secretaries wasappointed to conduct the secretarial audit of the Company for the fiscal 2016 as requiredunder Section 204 of the Companies Act 2013 and Rules thereunder. The secretarial auditreport for fiscal 2016 forms part of the Annual Report as Amexure 5 to the Boardsreport. The Secretarial Audit Report does not contain any qualification reservation oradverse remark.
The Board has appointed Parameshwar G. Hegde Hegde & Hegde Practicing CompanySecretaries as secretarial auditor of the Company for fiscal 2017.
Auditors' certificate on corporate governance
As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the auditors certificate on corporate governance is enclosed as Amexure 4 tothe Boards report. The auditors certificate for fiscal 2016 does not containany qualification reservation or adverse remark.
6. Corporate social responsibility
Infosys has been an early adopter of corporate social responsibility (CSR) initiatives.The Company works primarily through its CSR trust the Infosys Foundation towardssupporting projects in eradication of hunger and malnutrition promoting education artand culture healthcare destitute care and rehabilitation environmental sustainabilitydisaster relief and rural development projects.
As per the Companies Act 2013 all companies having a net worth of Rs. 500 crore ormore or a turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or moreduring any financial year are required to constitute a CSR committee of the Board ofDirectors comprising three or more directors at least one of whom should be anindependent director. All such companies are required to spend at least 2% of the averagenet profits of their three immediately preceding financial years on CSR-relatedactivities. Accordingly the Company was required to spend Rs.256 crore towards CSRactivities out of which Rs. 202 crore was utilized on activities specified in ScheduleVII of the Companies Act 2013. A few of the projects undertaken are multi-year projects.In addition as part of its ongoing CSR programs the Company has spent Rs. 10 crore onChennai flood relief and rehabilitation activities and Rs. 76 crore on multiple CSRinitiatives - including environmental sustainability and conservation of natural resourcesaimed at long-term sustainability of the ecosystem - which were not covered under ScheduleVII of the Companies Act 2013. At the consolidated level the total expenditure on CSRactivities as specified in Schedule VII of the Companies Act 2013 was Rs.216 crore.
Details of the CSR policy and initiatives adopted by the Company on CSR during the yearis available on our website (https:/Zwww.infosys.com/investors/corporate-govemance/Documents/corporate-social-responsibility-policy.pdf). The annual report on our CSR activities is appended as Amexure7 to the Boards report.
Established in 1996 as a not-for-profit trust for social welfare activities theInfosys Foundation has grown as a pioneer and guide in implementing programs in the areasof healthcare education hunger eradication rural development disaster relief arts andculture and destitute care across India.
The highlights of the Foundations work in fiscal 2016 included setting up of acenter for artificial intelligence at the Indraprastha Institute of InformationTechnology Delhi help in rebuilding communities in calamity-hit Visakhapatnam andflood-affected Chennai aid in building toilets in schools in Odisha conservation of theendangered Olive Ridley turtles and partnership with Bharatiya Vidya Bhavan in 11 statesto promote underprivileged artists. The Foundation also supported the construction ofwater facility and enclosures for animals at the Bannerghatta National Park in Bangaloreand efforts to conserve Indias vast medical heritage.
The Foundation has also been relentlessly continuing its pursuits to improve healthcareand education in rural India. For more details on the Foundations activities referto the website https://www.infosys.com/infosys-foundation.
It is with deep gratitude that we acknowledge the efforts of our employee volunteers.We also thank the trustees of the Foundation who continue to devote their time and effortin planning guiding and monitoring its activities.
Infosys Foundation USA
Infosys Foundation USA took on a leadership role in supporting and expanding access toComputer Science (CS) and Maker education across the U.S. especially in under-representedand underserved communities. In fiscal 2016 as part of its mission to prepare studentsfor an increasingly digital future Infosys Foundation USA engaged and invested in CS andMaker-related programs in the following key areas:
CS professional development: A shortage of trained teachers continues to be themost critical bottleneck for expanding CS in schools. By providing foundational supportfor organizations like Code.org and initiatives like CS PD Week Infosys Foundation USAsupported CS professional development (teacher training) opportunities for severalthousand teachers nationwide especially in high-poverty regions.
CS teacher support: Access to tools and infrastructure is another area whereresources are required for teachers who seek to bring CS to their classrooms. InfosysFoundation USA supported teachers directly through organizations like DonorsChoose.org andTynker by sponsoring CS classroom projects and education software.
CS diversity: Infosys Foundation USA believes free bootcamps hackathons andafter-school programs provide a much-needed on-ramp and early exposure to coding.
Making: With the Infy Maker awards and through partnerships with CREATE Lab atthe Carnegie Mellon University Infosys Foundation USA sought to give students theopportunity to develop the creative confidence to be Makers.
Research and curriculum development: Working with Stanford University and otherleading research organizations Infosys Foundation USA supported the larger CS educationcommunity in key areas.
We thank our employee volunteers for their interest and dedication. We also thank ourtrustees who continue to guide and inspire us.
Infosys Science Foundation
The Infosys Science Foundation (ISF) was set up by Infosys and some of its managementin 2009 to encourage the pursuit and practice of the sciences. The Infosys Prize governedby the ISF recognizes some of the finest research connected to India. The prize winnersare awarded a purse of Rs. 65 lakh (tax-free in India) and a citation by a jury of globalrenown across six fields. The winners of the Infosys Prize 2015 were Prof. Umesh Waghmare(Professor Theoretical Sciences Unit Jawaharlal Nehru Centre for Advanced ScientificResearch Bangalore) in Engineering and Computer Science Prof. Jonardan Ganeri (GlobalNetwork Professor of Philosophy New York University New York and Visiting ProfessorDepartment of Philosophy Kings College London) in Humanities Dr. Amit Sharma(Head Structural and Computational Biology Group International Centre for GeneticEngineering and Biotechnology New Delhi) in Life Sciences Prof. Mahan Mj (ProfessorSchool of Mathematics Tata Institute of Fundamental Research Mumbai) in MathematicalSciences Prof. G. Ravindra Kumar (Senior Professor Department of Nuclear and AtomicPhysics Tata Institute of Fundamental Research Mumbai) in Physical Sciences and Dr.Srinath Raghavan (Senior Fellow Centre for Policy Research New Delhi) in SocialSciences. The winners were felicitated by the President of India Pranab Mukheijee in aceremony in New Delhi on February 132016. The winners of the Infosys Prize serve as rolemodels for young researchers and scholars. Jurors and winners of the prize give publictalks around the country under the Infosys Science Foundation Lectures to talk abouttheir work and instill a love for science and research among young students. The ISFexpanded Gnanadeepa a program to train educators on how to impart science and mathconcepts so students will grasp them better. Apart from training teachers from governmentschools the program now trains B.Ed and D.Ed teachers as well. The Foundation also hostscontests school events and media debates to promote a healthy discussion around scienceand research in the country. For more details visit www.infosys-science-foundation.com.
We would like to express our gratitude to the trustees who take an active part indriving ISFs activities through the year.
The ACM - Infosys Foundation Award
The Association for Computing Machinery (ACM) and the Infosys Foundation award set upin 2007 recognizes the finest recent innovations by young scientists and system developersin the computing field each year. An endowment from the Infosys Foundation providesfinancial support for the US$175000 annual award. The winner of the 2015 award is StefanSavage Professor in the Computer Science and Engineering departments Systems andNetworking Group at UC San Diegos Jacobs School of Engineering.
Our sustainability charter is driven by our core values and ethics. Our sustainabilityactions encompass economic social and environmental dimensions.
Through our organization-led projects such as Campus Connect Rural Reach and SPARK wesupport students from underprivileged backgrounds to pursue higher education provideinfrastructure for government schools and train faculty across schools and colleges. Formore information about our industry-academia partnerships visit our websitewww.infosys.com.
We have been persistent in our efforts to ensure reuse recycling and responsibledisposal of waste to minimize the amount of waste going to landfills. In our efforts toachieve our goal of sourcing 100% of our electricity requirements from renewables we havecontinued to invest in solar energy across our campuses. In fiscal 2016 we launched asolar farm at our Hyderabad campus. The energy generated in the farm has helped the campusget off the grid and run 100% on renewable energy. Details of our environmentalsustainability actions are available in Annexure 8 to the Boards report and in theEnvironment section of the Business Responsibility Report.
Conservation of energy research and development technology absorption foreignexchange earnings and outgo
The particulars as prescribed under sub-section (3)(m) of Section 134 of the CompaniesAct 2013 read with the Companies (Accounts) Rules 2014 are enclosed as Annexure 8 tothe Boards report.
Business Responsibility Report
The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015(Regulations) mandates inclusion of the Business Responsibility Report (BRR)as part of the Annual Report for top 100 listed entities based on market capitalization.In compliance with the regulation we have provided the BRR as part of our Annual Report.
We also publish the Sustainability Report annually Our report follows the GlobalReporting Initiatives G4 framework. This is a comprehensive report that covers allaspects of our sustainability activities. The report is audited by an external auditorDNV GL.
As in the previous years this year too we are publishing only the statutorydisclosures in the print version of the Annual Report. Electronic copies of the AnnualReport 2015-16 and Notice of the 35th Annual General Meeting are sent to all members whoseemail addresses are registered with the Company / Depository Participant(s). For memberswho have not registered their email addresses physical copies are sent in the permittedmode.
We thank our customers vendors investors bankers and the ministry of labor for theircontinued support during the year. We place on record our appreciation of the contributionmade by our employees at all levels. Our consistent growth was made possible by their hardwork solidarity cooperation and support.
We thank the governments of various countries where we have our operations. We alsothank the Government of India particularly the Ministry of Communication and InformationTechnology the Ministry of Commerce the Ministry of Finance the Ministry of CorporateAffairs the Customs and Excise Departments the Income Tax Department the Reserve Bankof India the State Governments the Software Technology Parks (STPs) / Special EconomicZones (SEZs) - Bangalore Bhubaneswar Chandigarh Chennai Gurgaon Hyderabad IndoreJaipur Mangalore Mysore Nagpur Noida Pune Mumbai Kochi and Thiruvananthapuram andother government agencies for their support and look forward to their continued supportin the future.
| || |
for and on behalf of the Board of Directors
| ||R. Seshasayee ||Dr. Vishal Sikka |
|Bangalore ||Chairman ||Chief Executive Officer and Managing Director |
|April 15 2016 || || |
Annexures to the Board's report
Annexure 1 - Statement containing the salient features of the financial statements ofsubsidiaries / associate companies / joint ventures
[Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act2013 read with Rule 5 of the Companies (Accounts) Rules 2014-AOC-l]
List of subsidiaries
(in Rs. crore except % of shareholding and exchange rate)
|Name of the subsidiary ||Financial period ended ||Exchange rate ||Share capital ||Reserves and surplus ||Total assets ||Total liabilities (excluding share capital and reserves and surplus) ||Investments ||Turnover(1) ||Profit / (Loss) before taxation(1) ||Provision for taxation 03 ||Profit / (Loss) after taxation a) ||% of shareholding |
|Infosys Consulting Holding AG (formerly Lodestone Holding AG) ||Dec 31 2015 ||1 CHF = Rs. 66.65 ||166 ||131 ||335 ||38 ||_ ||_ ||_ ||1 ||(1) ||100 |
|Infosys Consulting GmbH (2) (formerly Lodestone Management Consultants GmbH) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||1 ||29 ||196 ||166 || ||571 ||(4) ||1 ||(5) ||100 |
|Infosys Management Consulting Pty. Limited(2) (formerly Lodestone Management Consultants Pty. Limited) ||Dec 31 2015 ||1 AUD = Rs.48.42 || ||(18) ||24 ||42 || ||139 ||(5) ||5 ||(10) ||100 |
|Infosys Consulting AG(2) (formerly Lodestone Management Consultants AG) ||Dec 31 2015 ||1 CHF = Rs. 66.65 ||1 ||86 ||401 ||314 || ||978 ||84 ||20 ||64 ||100 |
|Lodestone GmbH(2)(6) (formerly Hafner Bauer & Odman GmbH) ||Dec 31 2015 ||1 CHF = Rs. 66.65 ||_ ||_ ||_ ||_ ||_ ||_ ||_ ||_ ||_ ||100 |
|Lodestone Management Consultants Co. Ltd.t2) ||Dec 31 2015 ||1 RMB = Rs. 10.25 ||16 ||(41) ||44 ||69 || ||129 ||08) || ||(18) ||100 |
|Infosys Consulting s.r.o.C2) (formerly Lodestone Management Consultants s.r.o.) ||Dec 31 2015 ||1 CZK = Rs.2.67 || ||4 ||8 ||4 || ||16 ||3 ||1 ||2 ||100 |
|Lodestone Management Consultants GmbH (Austria)<2) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||1 ||(3) ||1 ||3 || ||5 || || || ||100 |
|Infosys Consulting SAS (2) (formerly Lodestone Management Consultants SAS) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||1 ||(33) ||8 ||40 || ||42 ||(5) ||1 ||(6) ||100 |
|Infy Consulting Company Limited(2) (formerly Lodestone Management Consultants Ltd.) ||Dec 31 2015 ||1 GBP = Rs. 98.07 || ||39 ||303 ||264 || ||620 ||21 ||6 ||15 ||100 |
|Infy Consulting B.V (2) (formerly Lodestone Management Consultants B.V) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||1 ||6 ||45 ||38 || ||87 ||12 ||3 ||9 ||100 |
|Infosys Consulting Sp. Z o.o.(2) formerly Lodestone Management Consultants sp. z o.o.) ||Dec 31 2015 ||1 PLN = Rs. 16.88 ||3 ||(1) ||25 ||23 || ||81 ||5 ||3 ||2 ||100 |
|Lodestone Management Consultants Portugal Unipessoal Lda ||Dec 31 2015 ||1 EUR = Rs.72.11 ||5 ||(7) ||5 ||7 || ||20 ||(2) || ||(2) ||100 |
|S.C. Infosys Consulting S.R.L.(2) formerly SC Lodestone Management Consultants S.R.L.) ||Dec 31 2015 ||1 RON = Rs. 16.01 ||1 ||5 ||8 ||2 || ||20 ||2 ||1 ||1 ||100 |
|Infosys Consulting Pte Ltd.(2) formerly Lodestone Management Consultants Pte Ltd.) ||Dec 31 2015 ||1 SGD = Rs.46.83 || ||(39) ||23 ||62 || ||131 ||(5) || ||(5) ||100 |
|Lodestone Management Consultants Inc.(2) ||Dec 31 2015 ||1 USD = Rs.66.16 ||1 ||10 ||91 ||80 || ||282 ||27 ||17 ||10 ||100 |
|Lodestone Management Consultants (Belgium) S.A.(3) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||3 ||(24) ||23 ||44 || ||39 ||(2) || ||(2) ||99.90 |
|Infosys Consulting Ltda.(3) (formerly Lodestone Management Consultants Ltda.) ||Dec 31 2015 ||1 BRL = Rs. 16.69 ||123 ||(105) ||59 ||41 || ||133 ||(38) || ||(38) ||99.99 |
|Lodestone Augmentis AG(4X6) ||Dec 31 2015 ||1 CHF = Rs. 66.65 ||- ||1 ||2 ||1 ||- ||- ||- ||- ||- ||100 |
|Infosys Consulting S.R.L.(2) (formerly Lodestone Management Consultants S.R.L.) ||Dec 31 2015 ||1 ARS = Rs.5.06 ||7 ||(5) ||6 ||4 || ||17 || || || ||100 |
|Infosys BPO Limited ||Mar 31 2016 ||INR ||34 ||3441 ||3965 ||490 ||21 ||2849 ||755 ||185 ||570 ||99.98 |
|EdgeVerve Systems Limited ||Mar 31 2016 ||INR ||1312 ||(160) ||4005 ||2853 ||32 ||1533 ||(59) ||31 ||(90) ||100 |
|Infosys Technologies (China) Co. Limited ||Dec 31 2015 ||1 RMB = Rs. 10.25 ||168 ||(41) ||363 ||236 ||- ||844 ||(81) ||_ ||(81) ||100 |
|Infosys Technologies (Shanghai) Company Limited ||Dec 31 2015 ||1 RMB = Rs. 10.25 ||639 ||41 ||737 ||57 || || ||2 || ||2 ||100 |
|Infosys Public Services Inc. ||Mar 31 2016 ||1 USD = Rs. 66.26 ||98 ||173 ||522 ||251 ||- ||1366 ||183 ||72 ||111 ||100 |
|Infosys Americas Inc. ||Mar 31 2016 ||1 USD = Rs. 66.26 ||1 ||- ||1 ||- ||- ||- ||- ||- ||- ||100 |
|Infosys Tecnologia do Brasil Ltda. ||Dec 31 2015 ||1 BRL = Rs. 16.69 ||146 ||(71) ||110 ||35 ||- ||177 ||20 ||22 ||(2) ||100 |
|Infosys Technologies S. de R. L. de C. V ||Dec 31 2015 ||1 MXN = Rs.3.89 ||65 ||32 ||153 ||56 || ||263 ||26 ||7 ||19 ||100 |
|Infosys Technologies (Sweden) AB ||Dec 31 2015 ||1 SEK = Rs.7.86 ||- ||(41) ||36 ||77 ||- ||83 ||(41) ||- ||(41) ||100 |
|Infosys (Czech Republic) Limited s.r.o (5) (formerly Infosys BPO s.r.o) ||Mar 31 2016 ||1 CZK = Rs.2.78 ||3 ||47 ||66 ||16 || ||61 ||4 || ||4 ||99.98 |
|Infosys Poland Sp. z o.o.(5) formerly Infosys BPO Poland Sp. z.o.o) ||Mar 31 2016 ||1 PLN = Rs. 17.55 ||4 ||354 ||468 ||110 ||21 ||452 ||97 ||2 ||95 ||99.98 |
|Infosys McCamish Systems LLC <5) ||Mar 31 2016 ||1 USD = Rs. 66.26 ||175 ||(122) ||107 ||54 ||- ||357 ||26 ||1 ||25 ||99.98 |
|Portland Group Pty. Limited(5> ||Mar 31 2016 ||1 AUD = Rs. 50.98 ||18 ||85 ||139 ||36 ||- ||148 ||46 ||15 ||31 ||99.98 |
|Infosys Technologies (Australia) Pty. Limited ||Mar 31 2016 ||1 AUD = Rs. 50.98 ||4 ||33 ||38 ||1 || || ||1 || ||1 ||100 |
|Infosys Nova Holdings LLC ||Dec 31 2015 ||1 USD = Rs.66.16 ||93 ||1 ||94 ||- ||94 ||- ||- ||- ||- ||100 |
|Panaya Inc. ||Dec 31 2015 ||1 USD = Rs.66.16 ||- ||318 ||399 ||81 ||- ||99 ||3 ||1 ||2 ||100 |
|Panaya Ltd. m ||Dec 31 2015 ||1 USD = Rs.66.16 ||225 ||(339) ||245 ||359 ||- ||204 ||(82) ||1 ||(83) ||100 |
|Panaya GmbH(7) ||Dec 31 2015 ||1 EUR = Rs.72.11 ||- ||(4) ||21 ||25 ||- ||26 ||- ||- ||- ||100 |
|Panaya Japan Co. Ltd.(7) ||Dec 31 2015 ||1JPY = Rs.0.5497 ||- ||(2) ||4 ||6 ||- ||4 ||- ||- ||- ||100 |
|Skava Systems Pvt. Ltd. ||Mar 31 2016 ||INR ||- ||15 ||28 ||13 ||21 ||44 ||8 ||2 ||6 ||100 |
|Kallidus Inc. ||Dec 31 2015 ||1 USD = Rs.66.16 ||15 ||37 ||109 ||57 ||- ||209 ||36 ||30 ||6 ||100 |
|Noah Consulting LLC ||Dec 31 2015 ||1 USD = Rs.66.16 ||116 ||(87) ||70 ||41 ||- ||224 ||20 ||- ||20 ||100 |
|Noah Information Management Consulting Inc.(8) ||Dec 31 2015 ||1 CAD = Rs.47.67 || ||(10) ||2 ||12 || ||6 ||(4) || ||(4) ||100 |
List of associates
| || || || || || || |
Profit / Loss for the year
|Name of the entity ||Last audited Balance Sheet date ||No. of shares held by the companies in associate on the year end ||Amount of investment in associate ||Reason why the associate is not consolidated ||Net worth attributable to shareholding as per latest Balance Sheet ( Rs. crore) ||Considered in consolidation ||Not considered in consolidation |
|DWA Nova LLC (9) ||- ||(9) ||99 ||NA ||40 ||5 ||- |
Converted at monthly average exchange rates
Wholly-owned subsidiary of Infosys Consulting Holding AG formerly LodestoneHolding AG)
Majority-owned and controlled subsidiary of Infosys Consulting Holding AGformerly Lodestone Holding AG)
Wholly-owned subsidiary of Infosys Consulting AG formerly LodestoneManagement Consultants AG)
Wholly-owned subsidiary of Infosys BPO Limited
Wholly-owned subsidiary of Panaya Inc.
Wholly-owned subsidiary of Noah Consulting LLC
Associate of Infosys Nova Holdings LLC. As of December 31 2015 Infosys NovaHoldings LLC holds 16% of equity interest in DWA Nova LLC and exercises significantinfluence.
1. Investments exclude investments in subsidiaries.
2. Proposed dividend from any of the subsidiaries is nil.
3. On June 2 2015 Infosys acquired 100% of the voting interests in Kallidus Inc.(d.b.a Skava) (Kallidus) and 100% of the voting interests of Skava Systems PrivateLimited India an affiliate of Kallidus.
4. On November 162015 Infosys has acquired 100% membership interest in NoahConsulting LLC.
5. The following companies are yet to commence operation:
a. Infosys Canada Public Services Ltd. a wholly-owned subsidiary of Infosys PublicServices Inc. has been incorporated effective December 192014.
b. Infosys BPO Americas LLC a wholly-owned subsidiary of Infosys BPO Limited has beenincorporated on November 202015.
c. Panaya Pty Ltd. a wholly-owned subsidiary of Panaya Inc.
6. Infosys BPO S. de R.L. de C.V. a wholly-owned subsidiary of Infosys BPO Limitedhas been liquidated effective March 152016. The Company has not commenced its operationtill that date.
7. Portland Procurement Services Piy. Ltd. a subsidiary of Portland Group Pty. Ltd.is liquidated with effect from May 142014.
Annexure 2 - Particulars of contracts / arrangements made with related parties
[Pursuant to Clause (h) of sub-section (3) of Section 134 of the Companies Act 2013and Rule 8(2) of the Companies (Accounts) Rules 2014-AOC-2]
This Form pertains to the disclosure of particulars of contracts / arrangements enteredinto by the Company with related parties referred to in sub-section (1) of Section 188 ofthe Companies Act 2013 including certain arms length transactions under thirdproviso thereto.
Details of contracts or arrangements or transactions not at arm's length basis
There were no contracts or arrangements or transactions entered into during the yearended March 312016 which were not at arms length basis.
Details of material contracts or arrangement or transactions at arm's length basis
The details of material contracts or arrangement or transactions at arms lengthbasis for the year ended March 31 2016 are as follows:
|Name of related party ||Nature of relationship ||Duration of contract ||Salient terms u> ||Amount (in Rs. crore) |
|Nature of contract || || || || |
|Investment in debenture instrument || || || || |
|EdgeVerve Systems Limited ||Subsidiary ||Refer to Note 2 ||Refer to Note 2 ||2549 |
| || || || ||2549 |
|Investment in equity instrument || || || || |
|EdgeVerve Systems Limited ||Subsidiary ||Refer to Note 2 ||Refer to Note 2 ||850 |
|Infosys Technologies (Shanghai) Company Limited ||Subsidiary ||Not applicable ||Not applicable ||258 |
| || || || ||1108 |
|Purchase of services || || || || |
|Infosys BPO Limited ||Subsidiary ||April 1 2012 - ongoing ||Based on transfer pricing guidelines ||341 |
|Infosys Technologies (China) Co. Limited ||Subsidiary ||April 1 2011 - ongoing ||Based on transfer pricing guidelines ||126 |
|Lodestone Management Consultants Pty. Limited ||Subsidiary ||Ian 1 2013 - ongoing ||Based on transfer pricing guidelines ||130 |
|Infy Consulting Company Limited ||Subsidiary ||Nov 1 2012 - ongoing ||Based on transfer pricing guidelines ||882 |
|Infosys Consulting Pte Ltd. ||Subsidiary ||lan 1 2013 - ongoing ||Based on transfer pricing guidelines ||104 |
|Infosys Public Services Inc. ||Subsidiary ||April 1 2014 - ongoing ||Based on transfer pricing guidelines ||11 |
|Infosys Technologies (Sweden) AB ||Subsidiary ||April 23 2009 - ongoing ||Based on transfer pricing guidelines ||79 |
| || || || ||1673 |
|Purchase of shared services including facilities and personnel |
|Infosys BPO Limited ||Subsidiary ||April 1 2012 - ongoing ||Based on transfer pricing guidelines ||18 |
| || || || ||18 |
|Sale of services || || || || |
|Infosys BPO Limited ||Subsidiary ||April 1 2012 - ongoing ||Based on transfer pricing guidelines ||69 |
|Infosys Technologies (China) Co. Limited ||Subsidiary ||April 1 2013 - ongoing ||Based on transfer pricing guidelines ||11 |
|Infy Consulting Company Limited ||Subsidiary ||Nov 1 2012 - ongoing ||Based on transfer pricing guidelines ||30 |
|Infosys Technologies (Sweden) AB ||Subsidiary ||April 1 2015 - ongoing ||Based on transfer pricing guidelines ||27 |
|Infosys Public Services Inc. ||Subsidiary ||April 1 2013 - ongoing ||Based on transfer pricing guidelines ||900 |
| || || || ||1037 |
|Sale of shared services including facilities and personnel |
|Infosys BPO Limited ||Subsidiary ||April 1 2012 - ongoing ||Based on transfer pricing guidelines ||42 |
|EdgeVerve Systems Limited ||Subsidiary ||lul 1 2014 - ongoing ||Based on transfer pricing guidelines ||143 |
|Infy Consulting Company Limited ||Subsidiary ||Nov 1 2012 - ongoing ||Based on transfer pricing guidelines ||5 |
| || || || ||190 |
1. Appropriate approvals have been taken for related party transactions. Advances paidhave been adjusted against billings wherever applicable.
2. On April 242015 the Board of Directors of lnfosys authorized the Company toexecute a Business Transfer Agreement and related documents with EdgeVerve Systems Limited(Edge Verve) to transfer the business of Finacle and Edge Services. The business wastransferred for a consideration oft 3222 crore and T177 crorefor Finacle and EdgeServices respectively. Net assets amounting to T363 crore (including working capitalamounting tot337 crore) have been transferred and accordingly a gain of 13036 crore hasbeen recorded as an exceptional item. The consideration was settled through issueof850000000 equity shares amounting to t850 crore and 254900000 non-convertibleredeemable debentures amounting to 12549 crore in Edge Verve post the requisite approvalfrom shareholders on December 112015. The debentures have been issued on December 242015up to a term of 120 months carrying annual rate of interest at 10 years Government ofIndia Bond yield plus 1 % premium payable as mutually agreed by both the parties.
Annexure 3 - Particulars of employees
a) Information as per Rule 5(1) of Chapter XIII Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014
We are a leading provider of consulting technology outsourcing and next-generationservices. The remuneration and perquisites provided to our employees including that of theManagement are at par with industry levels. The nomination and remuneration committeecontinuously reviews the compensation of our CEO and senior executives to align both theshort-term and long-term business objectives of the Company and to link compensation withthe achievement of measurable performance goals.
Remuneration paid to whole-time directors
| || || || || || || ||Excl. WTD ||Incl. WTD || |
Ratio of remuneration to
|Name of the director ||Director Identification Number (DIN) ||Title ||Remuneration in fiscal 2016 (in Rs. crore) ||Remuneration in fiscal 2015 (in Rs. crore) ||No. of stock options / RSUs granted in fiscal 2016t4) ||% increase of remuneration in 2016 as compared to 2015 ||Ratio of remuneration to MRE ||Ratio of remuneration to MRE and WTD ||Revenues (fiscal 2016) (1X2) ||Net profit (fiscal 2016) (1X2X10) |
|Dr. Vishal Sikka (4) ||06897177 ||Chief Executive Officer and Managing Director || |
|124061 ||751.92 ||935.41 ||935.38 ||0.00 ||0.00 |
|U. B. Pravin Rao ||06782450 ||Chief Operating Officer and Whole-time Director ||9.28 ||6.08 || ||52.63 ||178.14 ||178.13 ||0.00 ||0.00 |
|N. R. Narayana Murthy(7) ||00040295 ||Chairman of the Board ||- ||0.00 ||- ||NA ||NA ||NA ||NA ||NA |
|S. Gopalakrishnan (7) ||00041656 ||Vice Chairman of the Board ||- ||0.00 ||- ||NA ||NA ||NA ||NA ||NA |
|S. D. Shibulal (8) ||00041461 ||Chief Executive Officer and Managing Director || ||0.00 || ||NA ||NA ||NA ||NA ||NA |
|Srinath Batni (8) ||00041394 ||Member of the Board ||- ||1.88 ||- ||NA ||NA ||NA ||NA ||NA |
|B. G. Srinivas (9) ||00517585 ||President and Member of the Board ||_ ||4.43 ||_ ||NA ||NA ||NA ||NA ||NA |
RSU - Restricted Stock Units; WTD - Whole-time Directors; MRE - Median remuneration ofemployees
The above table includes bonus retirals and others on accrual basis (Refer to Note2.26 of the Standalone Financial Statements).
Based on annualized salary
Rounded off to two decimals
For the period June 142014 to March 31 2015 for fiscal 2015
During fiscal 2016 Dr. Vishal Sikka was granted RSUs valued at US$2 millionon the grant date. The RSUs will vest over a period of four years from the date of grantin the proportions specified in the award agreement (Refer to Note 2.1 of the StandaloneFinancial Statements).
Includes payment of variable pay amounting to Rs.14 crore for the year endedMarch 31 2015 to the CEO as decided by the nomination and remuneration committee in itsmeeting held on June 222015 in line with the compensation plan approved by theshareholders
Includes provision for variable pay amounting to US $4.33 million(approximately %29 crore) for the year ended March 31 2016 to the CEO. The shareholdersin the EGM dated July 30 2014 had approved a variable pay of US$4.18 million(approximately Rs.28 crore at current exchange rate) at a target level and also authorizedthe Board to alter and vary the terms of remuneration. Accordingly the Board based onthe recommendations of the nomination and remuneration committee approved on April152016 US $4.33 million (approximately Rs.29 crore) as variable pay for the year endedMarch 312016.
For the period April 12014 to October 102014 for fiscal 2015. Resignedeffective October 102014
For the period April 12014 to July 312014 for fiscal 2015. Resignedeffective July 312014
For the period April 12014 to June 102014 for fiscal 2015. Resignedeffective June 102014
Before exceptional item
Remuneration paid to independent directors
|Name of the director ||Director Identification Number (DIN) ||Remuneration in fiscal 2016 (in Rs. crore) ||Remuneration in fiscal 2015 (in Rs. crore) ||Number of stock options / RSUs granted in fiscal 2016 ||% increase of remuneration (2016 over 2015) (8) |
|K. V Kamath (1) ||00043501 ||0.39 ||1.97 ||- ||9.64 |
|Prof. Jeffrey S. Lehman ||00092981 ||1.33 ||1.20 ||- ||10.83 |
|R. Seshasayee ||00047985 ||1.84 ||1.03 ||- ||78.64 |
|Ravi Venkatesan ||00621398 ||1.04 ||0.84 ||- ||23.81 |
|Kiran Mazumdar-Shaw ||00347229 ||0.87 ||0.76 ||- ||14.47 |
|Carol M. Browner(2X3) ||06858688 ||0.68 ||0.85 ||- ||14.13 |
|Prof. John W Etchemendy(4) ||07029756 ||1.05 ||0.23 ||- ||47.89 |
|Roopa Kudva(5) ||00001766 ||0.99 ||0.11 ||- ||37.50 |
|Name of the director ||Director Identification Number (DIN) ||Remuneration in fiscal 2016 (in Rs. crore) ||Remuneration in fiscal 2015 (in Rs. crore) ||Number of stock options / RSUs granted in fiscal 2016 ||% increase of remuneration (2016 over 2015) (8) |
|Dr. Punita Kumar-Sinha (6) ||05229262 ||0.20 ||- ||- ||NA |
|Dr. Omkar Goswami(7) ||00004258 ||- ||0.61 ||- ||NA |
For the period April 12015 to June 52015 for fiscal 2016
For the period April 29 2014 to March 312015 for fiscal 2015
For the period April 12015 to November 232015 for fiscal 2016
For the period December 42014 to March 312015 for fiscal 2015
For the period February 4 2015 to March 312015 for fiscal 2015
For the period January 142016 to March 312016 for fiscal 2016
For the period April 12014 to December 312014 for fiscal 2015
Based on annualized commission
DINs mentioned in this section will apply to the names of the directors in all otherreferences in this report. Remuneration of other Key Managerial Personnel (KMP)
| || || || || || ||Excl. WTD ||Inch WTD || |
Ratio of remuneration to
|Name of the KMP ||Title ||Remuneration in fiscal 2016 (in Rs. crore) ||Remuneration in fiscal 2015 (in Rs. crore) ||No. of stock options / RSUs granted in fiscal 2016 ||% increase of remuneration in 2016 as compared to 2015 (4) ||Ratio of remuneration to MRE (4) ||Ratio of remuneration to MRE and WTD (4) ||Revenues (fiscal 2016) (4)(5) ||Net profit (fiscal 2016) (4)(5)(7) |
|M. D. Ranganath(1) ||Chief Financial Officer ||3.61 ||NA ||- ||NA ||148.38 ||148.38 ||0.00 ||0.00 |
|Rajiv Bansalt2) ||Chief Financial Officer ||23.02 ||4.72 ||- ||493.43 ||537.68 ||537.66 ||0.00 ||0.00 |
|A. G. S. Manikantha(3) ||Company Secretary ||0.37 ||NA ||- ||NA ||9.21 ||9.21 ||0.00 ||0.00 |
|Parvatheesam K.(6) ||Chief Risk and Compliance Officer and Company Secretary ||- ||0.98 ||- ||NA ||NA ||NA ||NA ||NA |
The above table includes bonus retirals and others on accrual basis (Refer to Note2.26 of the Standalone Financial Statements)
|(1) For the period October 122015 to March 312016 for fiscal 2016 ||(4) Based on annualized salary ||(6) For the period April 12014 to January 102015 for fiscal 2015 |
|(2) For the period April 12015 to October 122015 for fiscal 2016 ||(5) Rounded off to two decimals ||(7) Before exceptional item |
|(3) For the period June 222015 to March 312016 for fiscal 2016 || || |
The Median Remuneration of Employees (MRE) excluding Whole-time Directors (WTDs) wasRs.520946 and Rs.489468 in fiscal 2016 and fiscal 2015 respectively. The increase inMRE (excluding WTDs) in fiscal 2016 as compared to fiscal 2015 is 6.4%.
The Median Remuneration of Employees (MRE) including Whole-time Directors (WTDs) wasRs. 520964 and Rs.489470 in fiscal 2016 and fiscal 2015 respectively. The increase inMRE (including WTDs) in fiscal 2016 as compared to fiscal 2015 is 6.4%.
The number of permanent employees on the rolls of the Company as of March 31 2016 andMarch 31 2015 was 148877 and 139148 respectively.
The revenue growth during fiscal 2016 over fiscal 2015 was 14.1% and net profit (beforeexceptional item) growth was 8.5%. The aggregate remuneration of employees (excluding WTD)grew by 14.4% over the previous fiscal. The aggregate decrease in salary for WTDs andother KMPs as a group was 11.5% in fiscal 2016 over fiscal 2015. This was due to adecrease in the number of WTDs in fiscal 2016 as compared to fiscal 2015.
Our market capitalization increased by 9.8% to Rs.279837 crore as of March 31 2016from Rs.254771 crore as of March 31 2015. The Price Earnings Ratio was 20.4 as of March31 2016 which was a decrease of 0.5% as compared to March 31 2015. The closing price ofthe Companys equity shares on the NSE and BSE as of March 31 2016 was Rs. 1218.30and Rs. 1217.95 respectively representing a 656600% (NSE) increase over the IPO priceadjusted for stock splits and bonuses to date.
The Companys variable compensation philosophy for its managerial personnel is toensure it is competitive in the global markets in which it operates for attracting andretaining the best talent. In future the nomination and remuneration committee plans touse a combination of stock options restricted stock units and performance-based stock toalign senior employee compensation with shareholder value.
|Component of remuneration to directors and other KMPs ||Fixed salary ||Bonus and other compensation ||Commission ||Total |
|As a percentage of revenues for fiscal 2016 ||0.02 ||0.13 ||0.02 ||0.17 |
|As a percentage of net profit (before exceptional item) for fiscal 2016 ||0.10 ||0.56 ||0.07 ||0.73 |
During fiscal 2016 no employee received remuneration in excess of the highest-paiddirector.
b) Information as per Rule 5(2) of Chapter XIII the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014
|Employee name ||Designation ||Educational qualification ||Age ||Experience (in years) ||Date of joining ||Gross remuneration paid ( Rs.) ||Previous employment and designation |
|Abhijit Sen ||AVP and Senior Delivery Manager ADM ||BE ||48 ||27 ||Jan 14 2002 ||9560155 ||Visa International Department Head |
|Abhishek Goyal ||AVP and Delivery Head EAS ||B.Tech PGD ||42 ||19 ||Sep 112000 ||8148780 ||Asian Paints (I) Limited Area Manager |
|Ajayan Pillai ||AVP and Senior Delivery Manager ADM ||B.Sc MCA ||45 ||22 ||Apr 2 2001 ||6078043 ||IT Solutions (India) Private Limited Accounts Manager |
|Alok Maheshwari ||Senior Delivery Manager ADM ||BE ||44 ||22 ||Jan 5 1998 ||6109815 ||ITI Ltd. Manager |
|Alok Uniyal ||AVP and Industry Principal QLTY ||B.Tech MBA ||47 ||22 ||Aug 2 2004 ||7514953 ||Mphasis BFL Limited Senior Consultant |
|Amer Singh Thakur ||Senior Principal - Business Consulting IND ||B.Sc AIME MBA ||55 ||36 ||Oct 12011 ||6266987 ||IC India Senior Principal - Business Consulting |
|Amit Sahakundu ||AVP and Practice Manager - IT Services CCD ||BE M.Tech ||52 ||31 ||Feb 24 1999 ||6285290 ||Air India Deputy Manager |
|AnandJ. Raghavan ||VP and Senior Delivery Manager IS ||BE ||44 ||22 ||Nov 27 1995 ||9417599 ||Wipro Infotech Customer Support Engineer |
|Ananth Chandramouli ||AVP and Group Engagement Manager IND ||BE EPGD M.Tech ||43 ||20 ||Aug 26 1996 ||7343743 ||Carborundum Universal Trainee |
|Anil Kumar P. N. ||AVP and Senior Delivery Manager ADM ||B.Tech ME ||44 ||21 ||Aug 5 1996 ||6923132 ||Bajaj Auto Ltd. Engineer |
|Anoop Kumar ||AVP and Head - Business Excellence QLTY ||BE PGD ||45 ||24 ||May 3 2000 ||7542372 ||Tata Steel Deputy Manager |
|Arun Kumar H. R. ||VP and Head - Business Strategy Planning and Operations ADM ||BE ||43 ||21 ||Nov 7 1994 ||11053103 || |
|Aruna Chittaranjan Newton ||AVP and Head - Diversity and Inclusion FAC ||B.Com MBA ||49 ||26 ||Jan 3 2000 ||7014222 ||Wipro Infotech Manager - Training |
|Arunkumar Ranganathan ||AVP and Senior Industry Principal ADM ||BE MS Ph.D ||44 ||23 ||Apr 1 2015 ||6279366 ||Wipro Technologies Limited General Manager |
|Ashok Bhaskar Hegde ||AVP and Delivery Head ADM ||B.A. M.A. MBA Ph.D ||48 ||21 ||Jan 2 2012 ||8343881 ||Wipro Technologies Limited Head - FS Business Analyst and Investment Banking |
|Atul Soneja ||VP and Delivery Head ADM ||B.Tech (H) ||43 ||21 ||Mar 15 2010 ||10861701 ||TCS Limited Senior Consultant |
|Balaji Sampath ||AVP and Segment Head - Marketing MKTG ||BE MBA ||45 ||22 ||Dec 23 2004 ||8497532 ||Microsoft Corporation Private Limited Business Manager |
|Balakrishna D. R. ||VP and Service Offering Head ADM ||BE ||44 ||22 ||Feb 7 1994 ||12986184 ||HCL - HP Customer Engineer - Trainee |
|Balakrishnan Mayilarangam Sundararajan ||AVP and Group Leader - Unit Strategy Planning and Operations ADM ||B.Sc M.Sc ||50 ||29 ||Oct 12 2000 ||6161045 ||DSQ Software Limited Assistant Consultant |
|Bhaskar Kakuturu ||VP and Head - Unit Strategy Planning and Operations MRCL ||B.Tech PGD ||44 ||23 ||Dec 13 1996 ||9210558 ||Hindustan Cables Limited Engineer |
|Binod Rangadore Hampapur ||EVP and Head - Talent Fulfilment TAFF ||BE ||53 ||30 ||Jul 12013 ||40290603 ||Infosys Limited SVP - Corporate Relations |
|Chandra Mohan Nandakumar ||AVP and Senior Delivery Manager ADM ||BE ||41 ||21 ||Mar 8 2001 ||7240282 ||IIS Infotech Limited Assistant Consultant |
|Charles Henry Hawkes ||SVP and Head - FAC ||B.Sc PGCBM ||56 ||31 ||Nov 15 1996 ||13925837 ||Trans Oceanic Travel Manager |
|Chetan Kumar Gupta ||AVP and Senior Delivery Manager ENG ||BE ||44 ||22 ||Mar 13 1995 ||7433713 ||ITI Limited Assistant Executive Engineer |
|Dass Gunalan ||AVP and Regional Head - FAC ||Diploma Graduate in Material Management ||53 ||32 ||Mar 12 1999 ||7337635 ||Enercon System Private Limited Manager Operations |
|Debashish Kumar Ganguly ||AVP and Head - Unit Talent TAFF ||B.Tech (H) PGDBM ||52 ||30 ||Dec 3 2012 ||8710582 ||Polaris Financial Technology Limited SVP and Head |
|Deepak Gupta ||AVP and Senior Delivery Manager ADM ||B.Tech ||43 ||20 ||Aug 26 1996 ||7459719 ||- |
|Deepak P N. ||AVP and Principal Technology Architect ADM ||BE ||48 ||26 ||Dec 18 1995 ||6976197 ||Nuclear Power Corporation Officer |
|Deepak Padaki ||SVP and Group Head - Corporate Strategy and Chief Risk Officer CORPSTGY ||BE ||45 ||24 ||Aug 10 1992 ||16447476 ||- |
|Dheeshjith V G. ||SVP and Chief Information Officer IS ||B.Sc ME ||52 ||29 ||Sep 14 1987 ||28084139 ||- |
|Dinesh R. ||SVP and Head - Global Services EAS ||BE ||47 ||26 ||Oct 1 1990 ||23360683 ||- |
|Dipayan Mitra ||Partner - Business Consulting IGC ||B.Tech ||47 ||25 ||Nov 12011 ||7822372 ||IC India Senior Principal - Business Consulting |
|Ganapathy Subramanian ||VP and Solutions Head - Platforms PLATFORM ||MS ||39 ||18 ||Sep 22 2014 ||7147122 ||SAP Global VP |
|Ganesan Arunachalam Kaushik ||AVP and Head - Reuse and Tools QLTY ||BE (H) ME ||57 ||34 ||Jul 1 2005 ||7507205 ||Kama Softek India Private Limited Project Director and CTO India |
|Gargi Ray ||AVP and Head - Revenue Assurance Group FIN ||B.Com (H) CA ||36 ||14 ||Dec 14 2006 ||7448440 ||ITC Ltd. Finance Manager |
|Gautam Khanna ||AVP and General Manager - IP Deployment and Commercialization ADM ||B.Tech PGDM ||42 ||19 ||Jun 8 1998 ||7548471 ||Reliance India Limited Graduate Engineer Trainee |
|Gautam Shekar ||AVP and Group Engagement Manager ECS ||MS MBA ||42 ||20 ||Sep 16 2002 ||9551354 ||Booz Allen & Hamilton Associate |
|Geetha G. ||AVP and Senior Delivery Manager ENG ||BE ||50 ||29 ||Dec 1 1995 ||8148862 ||ITI Limited Senior Engineer |
|Gnanapriya C. ||AVP and Principal Technology Architect ADM ||BE MBA ME ||45 ||23 ||Jun 30 1997 ||7690194 ||Mepco Schlenk Engineering College |
|Gopi Krishnan Radhakrishnan ||VP and Principal Legal Counsel LEGAL ||B.A. LLB ||39 ||16 ||Sep 112014 ||12166508 ||IBM Senior Counsel / Director |
|Gopikrishnan Konnanath ||VP and Delivery Head EAS ||BE ||45 ||22 ||Nov 7 1994 ||12724977 ||BPL Systems & Projects Limited Trainee Engineer |
|Guruprakash Pai Karkala ||AVP and Practice Manager CIS ||BE ||45 ||24 ||Sep 8 1995 ||9330697 ||Kasturba Medical College Biomedical Engineer |
|Gururaj B. Deshpande ||AVP and Delivery Head ADM ||BE ||44 ||22 ||May 2 1994 ||9725134 ||BPL Limited Trainee |
|Hanumesh V J. ||AVP and Senior Lead Principal - Education Training and Assessment TAFF ||B.Sc M.Sc M.Phil ||45 ||23 ||Aug 8 1997 ||6061988 ||Government PU College Lecturer |
|Harish Srinivas Gudi ||Partner - Business Consulting IGC ||BE ||43 ||20 ||Jul 8 2010 ||9606455 ||Mu Sigma SVP |
|Hasit G Trivedi ||AVP and Practice Manager CIS ||BE ||42 ||21 ||Apr 28 1997 ||6195366 ||Global Tele Systems Member - Strategic Planning |
|Indranil Mukheqee ||VP and Service Offering Head EAS ||AMIETE ||45 ||22 ||Dec 4 1995 ||11744538 ||Chipsoft Technologies Customer Support Engineer |
|Ishwar C. Halalli ||VP and Delivery Head CIS ||BE M.Tech ||53 ||30 ||Jan 19 1996 ||14026153 ||AT&T SSTL Manager - Technical |
|Jayan Sen ||Lead Principal - Education Training and Assessment TAFF ||B.Sc MS Ph.D ||43 ||17 ||Feb 28 2011 ||7224237 ||BNSF Railway Company Director Talent Management and OD |
|Jayesh Dhanvantkumar Sanghrajka ||SVP and Deputy Chief Financial Officer FIN ||B.Com CA ICWA ||42 ||18 ||Dec 24 2012 ||14895217 ||Mu Sigma VP - Finance |
|Jayraj Dharmoieppa Ugarkar ||Lead Product Manager GDLY ||BE MBA ||44 ||22 ||Aug 22 2005 ||6072283 ||SBC services inc Technical Architect |
|Jitendra Sangharajka D. ||VP and Senior Delivery Manager IS ||BE DFM ||48 ||27 ||Sep 1 1999 ||10398326 ||L&T Limited Executive - IS |
|John Premkumar R. ||AVP and Senior Delivery Manager ADM ||BE ||42 ||22 ||Dec 91996 ||7259308 ||L&T (ECC) Electrical Engineer |
|Karthikeyan Neelakandan ||AVP and Group Engagement Manager IND ||BE MS ||46 ||23 ||Dec 4 2000 ||7992245 ||D.S.M Computech Pvt. Ltd. CEO and MD |
|Kavita Manoj Kulkami ||VP and Head - Human Resource Development - Units HRD ||LLB B.Com MPM ||47 ||25 ||Sep 1 2008 ||11219149 ||WNS SVP - HR |
|Koushik R. N. ||SVP and Group Head - Procurement PURC ||B.Sc ||47 ||26 ||May 2 1991 ||14711117 ||Frazer Techno Circuits Limited Marketing Executive |
|Krishna Kumar C. ||AVP and Practice Manager - IT Service Support and Operations CCD ||BE ||45 ||23 ||Sep 1 1997 ||6734094 ||Vectra Systems & Solutions Private Limited Centre Manager |
|Krishna Markande ||AVP and Principal Technology Architect ENG ||BE ME ||43 ||19 ||Nov 6 2006 ||6531019 ||TCS Associate Consultant |
|Krishnan Subramanian ||AVP and Delivery Head ADM ||B.Tech ||43 ||21 ||Jun 26 1995 ||8734738 ||- |
|Krishnananda R. Shenoy ||AVP and Principal Technology Architect ENG ||BE ||44 ||22 ||Apr 28 1997 ||6689867 ||Wipro - BT Engineer |
|Lakshmi Narasimha Rao Gunda ||AVP and Group Manager - Unit Strategy Planning and Operations EAS ||Diploma B.Tech M.Tech ||46 ||21 ||Feb 13 1995 ||6725266 || |
|Mahesh Kamath P. ||AVP and Senior Delivery Manager ADM ||BE ||47 ||25 ||May 8 1995 ||8901547 ||Aptech Computer Education Teaching |
|Manas Kumar Sarkar ||AVP and Principal Technology Architect EAS ||B.Tech (H) ||42 ||20 ||Jun 24 1996 ||6891136 ||- |
|Manesh Sadasivan ||AVP and Principal Technology Architect DX ||B.Tech ||39 ||18 ||Oct 13 1997 ||7218004 ||- |
|Manish Kumar Mehta ||AVP and Senior Delivery Manager ADM ||B.Tech ||43 ||22 ||Jun 27 1994 ||7189702 ||- |
|Manohar Madgula Atreya ||VP and Delivery Head CIS ||B.Tech PGPM ||44 ||22 ||Apr 7 2011 ||11544713 ||Armstrong Capital Director |
|Meenakshi Sundaram Ganapathy Subramanian ||AVP and Delivery Head DNA ||MS PGDM ||44 ||18 ||Mar 9 2015 ||6212484 ||Omnition Analytics Director |
|Mohammed Rafee Tarafdar ||AVP and Unit Technology Officer GDLY ||BE ||41 ||19 ||Jul 12 2004 ||9505321 ||Virtusa Associate Technical Architect |
|Mohammed Sayeeduddin ||AVP and Senior Delivery Manager ADM ||BE MBA ||48 ||27 ||Dec 4 1995 ||6154128 ||ITI Limited Assistant |
|Mohan Babu Vinayagavelayutham ||AVP and Industry Principal ADM ||B.Sc MBA ||42 ||23 ||Oct 15 2012 ||8557979 ||CTS Director (Consulting) - Insurance |
|Mohit Saxena ||AVP and Senior Delivery Manager ADM ||B.Tech ||41 ||21 ||Jun 26 1995 ||8346571 ||- |
|Murali Vasudevan ||AVP and Practice Manager GDLY ||MMS ||48 ||27 ||Apr 1 2003 ||8739952 ||Differentiated Software Solutions Private Limited Director |
|Muthuvel Gajapathi ||VP and Delivery Head DNA ||B.Sc MCA ||47 ||25 ||Aug 27 1992 ||14329097 ||PSI Bull (I) Limited Systems Executive |
|Nabarun Roy ||VP and Group Head - Quality QLTY ||B.Tech ||44 ||22 ||Aug 29 1994 ||12456511 ||- |
|Nagaraj Prabhakar Kollegal ||AVP and Regional Head - Infrastructure FAC ||B.Arch ||47 ||23 ||Feb 23 2004 ||6881375 ||Sundaram Architects Pvt. Ltd. Senior Architect |
|Nandakumar Thiruvengadam ||Senior Delivery Manager IVSU ||B.Com ICWA ACS ||52 ||30 ||Feb 27 2012 ||6164709 ||Scope International Senior VP |
|Nandini S. ||VP and Group Head - Organization Development HRD ||BE (H) M.Sc (H) Fellow ||42 ||16 ||Jun 12009 ||10328895 ||IBPO Group Manager |
|Nanjappa Bottolanda Somanna ||AVP and Head - Employee Relations HRD ||B.Com MBA ||37 ||14 ||Mar 24 2003 ||7527454 ||Infosys Technologies Ltd. Consultant |
|Narahari Govindaraju ||AVP and Senior Delivery Manager ADM ||BE ME ||44 ||21 ||Dec 11 2000 ||7267585 ||TCS Limted ITA |
|Narasimhamoorthy P ||AVP and Senior Delivery Manager IND ||B.Sc M.Sc M.Tech ||43 ||20 ||Feb 26 1996 ||6774169 ||- |
|Narendra Murari Sonawane ||AVP and Senior Delivery Manager IS ||BE PGDM ||50 ||28 ||Apr 25 1997 ||7558649 ||MSEB General Engineering |
|Naresh Balaram Choudhary ||AVP and Head - Reuse and Tools QLTY ||BE ||40 ||19 ||Jun 5 2000 ||6547632 ||The Arvind Mills Limited Manufacturing Manager |
|Naresh Nath Kumar Duddu ||AVP and Senior Delivery Manager IS ||B.Tech ||43 ||22 ||Jun 27 1994 ||7807321 ||- |
|Narsimha Rao Mannepalli ||SVP and Service Offering Head IVSU ||BE PGDBM ||48 ||26 ||Jan 29 2001 ||20589582 ||Ramco Systems Project Director - e-Commerce Solutions |
|Naveen Kumar L. ||AVP and Practice Manager DNA ||BE M.Tech ||43 ||19 ||Apr 28 1997 ||6743296 ||- |
|Niranjan V S. ||AVP and Delivery Head IVSU ||Diploma BE ||45 ||23 ||Feb 13 1995 ||8374857 ||Siemens Limited Executive |
|Nishit Ajit Shah ||AVP and Unit Financial Controller FIN ||B.Com CA ||43 ||18 ||Apr 22 2013 ||6694080 ||Capgemini India Private Limited Senior Manager |
|Nithyanand Yeswanth ||AVP and Senior Delivery Manager TAFF ||BE ||47 ||27 ||Feb 5 1996 ||8229419 ||L&T Limited Executive |
|Piyush Jain ||AVP and Senior Delivery Manager ENG ||BE ||44 ||23 ||Jun 10 1996 ||6077922 ||Square D SAV Limited Developer |
|Pradeep Thazhichayil Yesodharan ||Senior Principal - Business Consulting IND ||BE ||44 ||22 ||Oct 12011 ||6105093 ||IC India Senior Principal - Business Consulting |
|Prakashjayaram ||AVP and Senior Principal - Business Consulting IND ||BE M.Sc ||46 ||23 ||Oct 12011 ||10149911 ||IC India Senior Principal - Business Consulting |
|Pramod Prakash Panda ||VP and Head - Education Training and Assessment TAFF ||B.Tech ||42 ||20 ||Feb 9 2004 ||9627612 ||Accenture Services Private Limited Associate Manager |
|Prasad Balakrishna Hormavalli ||AVP and Program Manager CIS ||BE MBA ||50 ||26 ||Aug 20 2007 ||6526980 ||Sword Global India Pvt. Ltd. Technical Director |
|Prateek Sinha ||Senior Principal - Business Consulting IGC ||BE MBA ||44 ||20 ||Oct 12011 ||6067817 ||ICI Associate Partner - Business Consulting |
|Pravin Rao U. B. ||Director and Chief Operating Officer CORP ||BE ||54 ||31 ||Aug 4 1986 ||75368705 ||IISC Trainee |
|Pravin Vyanktesh Kulkami ||VP and Delivery Head EAS ||BE MBA ||45 ||24 ||Jan 4 2007 ||10073863 ||Wipro Technologies Limited General Manager |
|Purushotham Bhandarkar ||AVP and Senior Delivery Manager ADM ||BE ||46 ||24 ||Feb 13 1995 ||7461907 ||Kirloskar Electricals Engineer |
|Purushotham K. ||AVP and Practice Manager - IT Services CCD ||B.Sc PGD ||51 ||24 ||Mar 19 1994 ||7191808 ||Indian Computer Academy Computer Centre Coordinator |
|Radhakrishna Huthinagadde Subbaiah ||AVP and Practice Manager CIS ||BE ||48 ||24 ||Sep 29 2008 ||8185955 ||Bahwan I. T. Senior Manager |
|Radhakrishna S. ||AVP and Practice Manager - IT Service Support and Operations CCD ||BE ||45 ||22 ||Jul 12 1999 ||6913594 ||Microtech Software & Consultants Limited Regional Manager |
|Raghavan S. ||AVP and Principal Technology Architect IS ||BE ||43 ||21 ||Nov 7 1994 ||8235447 ||Complete Business Solution Trainee |
|Raghu Boddupally ||AVP and Practice Manager EAS ||BE MS ||41 ||21 ||Jan 20 2003 ||7556080 ||Trivium India Team Leader |
|Raghupathi N. Cavale ||SVP and Head - Strategic Business Practice IND ||BE MS ||54 ||31 ||Dec 13 1999 ||13956711 ||PricewaterhouseCoopers Limited Principal Consultant |
|Raghuveer B. K. ||AVP and Product Line Manager CORP ||BE ||48 ||26 ||Apr 16 1992 ||8034140 ||Ashok Leyland Limited Production Engineer |
|Rajeev Ranjan ||VP and Service Offering Head ADM ||B.Tech MBA ||43 ||20 ||Aug 16 1999 ||12817650 ||Nexgen Information Solutions Associate Consultant |
|Rajesh Kharidehal ||AVP and Unit Financial Controller FIN ||B.Com CA ||45 ||17 ||Oct 242013 ||9259662 ||IBM India Private Limited Head Finance |
|Rajesh Subbarao ||Senior Principal - Business Consulting IGC ||PGD M.Sc ||44 ||21 ||Oct 1 2011 ||7246224 ||IC India Senior Principal - Business Consulting |
|Rajesh Thampy ||AVP and Head - Communication Design CDG ||B.Sc ||43 ||22 ||Apr 22 1996 ||7637743 ||ENIGMA Developer |
|Rajkumar R. ||AVP and Practice Manager - IT Services CCD ||BE ||41 ||20 ||Jul 20 1998 ||8394391 ||Crompton Greaves Limited Network Engineer |
|Rajneesh Malviya ||AVP and Delivery Head IVSU ||B.Tech ||45 ||22 ||Jun 27 1994 ||10299547 ||- |
|Rajnish Sharma ||AVP and Senior Delivery Manager IVSU ||B.Tech ||44 ||23 ||Oct 8 2001 ||8484760 ||Poorva Consultants PM |
|Ramadas Kamath U. ||EVP and Head - Administration Facilities Infrastructure and Security FAC ||BBM FCA ||55 ||31 ||Jul 1 1994 ||40090429 ||Manipal Printers and Publishers Limited Accountant |
|Ramakrishna B. ||AVP and Delivery Head CIS ||BE M.Tech ||51 ||27 ||Mar 19 1999 ||10305601 ||DSQ Software Limited Associate Consultant |
|Ramakrishnan Krishnan ||AVP and Practice Manager DNA ||B.Sc ||40 ||20 ||May 15 2006 ||6750120 ||Xansa India Limited Senior Solutions Architect |
|Ramakrishnan M. ||VP and Head - Business Excellence QLTY ||B.Sc CAIIB ||59 ||38 ||Sep 4 1996 ||11285262 ||Canara Bank Officer |
|Ramesh Adiga ||AVP and Delivery Head DX ||BE M.Tech ||47 ||25 ||Mar 5 1996 ||9389404 ||INSAT MCF (ISRO) Engineer |
|Ramesh Amancharla ||AVP and Senior Delivery Manager TAFF ||B.Tech ||42 ||20 ||Oct 14 1996 ||7745324 ||SAIL Management Trainee |
|Ramesh Babu S. ||AVP and Lead Principal - Education Training and Assessment TAFF ||BE M.Tech Ph.D ||47 ||20 ||Jul 23 1997 ||8503644 ||TCS Limited Trainee |
|Ramkumar Krishnamurthy Dargha ||AVP and Principal Technology Architect CIS ||BE M.Tech PGD ||45 ||20 ||Nov 12 2007 ||6169728 ||Wipro Technologies Limited Technical Manager |
|Ratnavelswamy Shanmughom Rethinasamy ||AVP and Unit Financial Controller FIN ||B.Com CA ICWA Company Secretary ||50 ||27 ||Aug 26 2013 ||8733711 ||BREN Corporation CFO |
|Ravi Kiran Kuchibhoda ||AVP and Group Manager - Unit Strategy Planning and Operations GDLY ||B.Sc CA ||47 ||24 ||May 3 2010 ||7768289 ||Sierra Atlantic Director - Enterprise Applications |
|Ravi Kumar Dikshit ||AVP and Delivery Head ADM ||BE ||42 ||20 ||Mar 24 1997 ||8758778 ||Ashok Leyland Limited Trainee |
|Ravi Kumar G. V V ||AVP and Senior Principal - Advanced Engineering ENG ||BE(H) M.Tech Ph.D ||46 ||20 ||Jul 12002 ||6346384 ||Aeronautical Development Agency Scientist |
|Ravichandran Annadurai ||AVP and Practice Manager CIS ||BE ||48 ||26 ||Mar 14 2003 ||7131805 ||Wipro Technologies Limited Regional Manager - IMS |
|Ravikrishnan K. ||AVP and Senior Delivery Manager EAS ||BE PGD ||42 ||19 ||May 4 1998 ||6641627 ||TCS System Analyst |
|Ravindranath E Hirolikar ||AVP and Group Manager - Information Security ISG ||BE ||43 ||21 ||Nov 5 1997 ||8124462 ||Global Telecom Services Limited Network Engineer |
|Reddy Kesari ||AVP and Practice Manager IND ||BE ||43 ||21 ||Oct 12011 ||7441255 ||Infosys Consulting Senior Principal - Business Consulting |
|Renganathan V R. ||VP and Delivery Head IND ||BE ||46 ||26 ||Jun 18 1990 ||13863870 ||- |
|Richard Lobo ||SVP and Head HR - Infosys Limited HRD ||BE PGD ||44 ||21 ||Dec 112000 ||13394230 ||Godrej & Boyce MFG Company Assistant Manager |
|Ruchikajain ||AVP and Head - Unit Strategy Planning and Operations ADM ||B.A. (H) MS ||46 ||23 ||Oct 30 2000 ||7714719 ||FSD INTL Nehru Place Project Leader |
|Sachin Manohar Kamat ||AVP and Senior Industry Principal EAS ||Diploma BE MMS ICWA ||48 ||27 ||Jun 4 2012 ||6083655 ||Mahindra Satyam AVP |
|Sai Kumar Shamanna ||VP and Head - Human Resource Development - Units HRD ||BE MBA ||46 ||24 ||Aug 21 2000 ||12183015 ||Denso Haryana Private Limited Manager - Planning And Procurement |
|Sajit Vijayakumar ||VP and Delivery Head EAS ||B.Com ACA AICWA ||44 ||20 ||Jan 17 2000 ||10412555 ||ICICI Securities / ICICI Infotech AVP - Financial Control |
|Saju Sankaran Kutty ||AVP and Practice Engagement Manager CIS ||B.Tech ||42 ||19 ||Jul 28 2003 ||8422127 ||Digital Global Soft Senior Systems Engineer |
|Saket Singh ||AVP and Practice Manager CIS ||BE ||44 ||22 ||Dec 29 1997 ||7040371 ||L&T Ltd. Engineer |
|Sandeep M. K. ||AVP and Product Line Manager GDLY ||BE ME ||47 ||24 ||Feb 1 1992 ||8091725 ||IIT Madras Associate |
|Sandeep Mahindroo ||AVP - Financial Controller and Head - Investor Relations FIN ||B.Com (H) CA ||39 ||16 ||Jul 17 2000 ||7092610 ||Raymond Ltd. Management Trainee - Corp Finance |
|Santhanakrishnan R. ||AVP and Principal - Knowledge Services PLATFORM ||BE MBA ||40 ||18 ||Jul 1 2009 ||6124047 ||IBPO Senior Manager |
|Santosh Panpaliya ||AVP and HR Business Leader HRD ||BE PGD ||42 ||19 ||Apr 3 2000 ||6156442 ||TELCO Senior Officer |
|Satheesha B. N. ||AVP and Lead Principal - Education Training and Assessment TAFF ||BE ||44 ||23 ||May 10 1993 ||9510249 || |
|Sathyanarayana Krishnamurthy ||AVP and Industry Principal EAS ||BE M.Tech ||49 ||25 ||Apr 16 2007 ||7235587 ||Enzen Global Solutions Private Limited AVP |
|Satish G. ||AVP and Senior Delivery Manager ADM ||BE ||44 ||21 ||Feb 13 1995 ||7912104 ||- |
|Satish H. C. ||SVP and Service Offering Head DNA ||BE ||44 ||22 ||May 2 1994 ||18630052 ||- |
|Satish Srinivasa Kabadi ||Client Solution Head CIS ||Diploma ||42 ||23 ||Oct 112010 ||6234899 ||E4E Director |
|Satya Prakash Singh ||AVP and Delivery Head EAS ||B.Tech ||45 ||22 ||Feb 13 1995 ||8179760 ||SAIL Trainee |
|Saurava Mishra ||AVP and Practice Manager CIS ||BE ||41 ||20 ||Jan 27 1998 ||8346680 ||TCS Limted Project leader |
|Senthil Nathan M. ||AVP and Practice Manager DNA ||B.Tech ||42 ||22 ||Nov 7 1994 ||8119323 ||Parks Controls & Com Trainee |
|Shaji Mathew ||SVP and Service Offering Head ADM ||B.Tech ||45 ||24 ||Jun 22 1992 ||18279431 ||Mukand Limited Bombay |
|Shamita Chattel] ee ||SVP and Group Head - Compensation and Benefits and HR Compliance HRD ||B.A. (H) MBA ||46 ||22 ||Dec 12011 ||13323445 ||Mercer Consulting Limited Market Business Leader - South Asia |
|Sharmistha Adhya ||AVP and Head - HR Compliance HRD ||B.Tech (H) ||43 ||19 ||Mar 22 2010 ||7251169 ||Infosys Limited Delivery Manager |
|Shishank Gupta ||AVP and Delivery Head IVSU ||BE ||40 ||19 ||Jan 6 1997 ||10368396 ||- |
|Shripad N. Shanbhag ||AVP and Practice Manager CIS ||B.Tech ||46 ||24 ||Mar 21 1992 ||7670174 ||- |
|Shyam Kumar Doddavula ||AVP and Principal Product Architect PLATFORM ||B.Tech MS ||40 ||19 ||Dec 17 2001 ||8219784 ||Aztec Software & Tech. Services Limited Technical Leader |
|Shyam Sundar V ||AVP and Practice Manager - IT Service Support and Operations CIS ||BE ||48 ||27 ||Dec 19 1994 ||8052067 ||Monotype India Limited Senior Customer Support Engineer |
|Siva Kumar Srinivasa Venkata Nandiwada ||AVP and Delivery Head ADM ||B.Sc PGD M.Sc ||43 ||18 ||Jan 2 2001 ||8450417 ||I.T. SOLUTIONS Project Leader |
|Sreekumar Sreedharan ||AVP and Practice Manager EAS ||B.Tech MBA ||47 ||25 ||Jul 29 2002 ||7439572 ||Satyam Computer Services Limited Senior Consultant |
|Sridhara N. R. ||VP and Head - Audit and Assessments QLTY ||B.Sc M.Sc ||59 ||32 ||Jan 1 1984 ||8045183 ||BSNL Technician |
|Srikantan Moorthy ||EVP and Head - Global Services ADM ||BE ||53 ||31 ||Dec 7 2000 ||33911070 ||Inventa Corporation General Manager |
|Srinivas J. ||AVP and Principal Technology Architect ADM ||B.Tech ||44 ||22 ||Jun 27 1994 ||7308217 ||- |
|Srinivas Poosarla ||VP and Head - Privacy and Data Protection ||B.Tech ||49 ||28 ||Sep 21 1998 ||8004418 ||Tata Steel Manager |
|Srinivasa Gopal Sugavanam ||AVP and Practice Manager DNA ||BE MMS ||43 ||20 ||Jan 15 2002 ||6571680 ||Atos origin India Pvt. Ltd. Consultant Grade IV |
|Srinivasan Govindan ||AVP and Senior Delivery Manager ADM ||BE ||48 ||25 ||Nov 12 1998 ||6894054 ||ITC Systems Administrator |
|Srinivasan Subramaniam ||AVP and Principal Technology Architect IND ||BE ||42 ||21 ||Sep 18 2008 ||7069049 ||Dubai World Enterprise Architecture |
|Subrata Kar ||AVP and Practice Manager EAS ||B.Sc ||51 ||29 ||Nov 21 2005 ||8246711 ||Hexaware Technologies Limited AVP |
|Suman Sasmal ||VP and Service Offering Head ADM ||BE PGDBM ||52 ||29 ||Dec 12 2001 ||15818774 ||RS Software India Limited VP |
|Sumit Virmani ||VP and Head - Marketing MKTG ||B.Com MBA ||41 ||20 ||May 6 2004 ||10210953 ||Polaris Software Lab Limited AVP Marketing |
|Sundar K. S. ||AVP and Lead Principal - Education Training and Assessment TAFF ||BE M.Tech MS ||47 ||23 ||Aug 26 1998 ||7034906 ||S.I.T Teaching |
|Sundaresh Shankaran ||AVP and Senior Delivery Manager ENG ||BE ||46 ||25 ||Mar 9 1998 ||7887319 ||L&T Limited Product Engineering |
|Sunil Jose ||AVP and Senior Delivery Manager ENG ||B.Tech ||47 ||25 ||Jun 8 1994 ||9182512 ||Motor Indus Software Services Private Limited Supervisor |
|Sunil Kumar Dhareshwar ||VP and Global Head - Taxation and Corporate Accounting FIN ||B.Com CA ||40 ||20 ||Sep 10 2013 ||13035659 ||News Corporation (ASIA) Limited Head Of Tax - Asia |
|Suraj George Jacob ||AVP and Practice Manager EAS ||BE ||45 ||23 ||Jan 13 2005 ||7325198 ||Patni Computer Systems Limited Senior Consultant |
|Suresh Kumar Meda ||AVP and Senior Delivery Manager ADM ||BE PGD ||43 ||20 ||Jun 28 2000 ||6377311 ||Deutsche Software India Ltd. Asst. System Analyst |
|Surya Prakash K. ||SVP and Head - Global Services EAS ||BE ||47 ||26 ||Jul 23 1990 ||12160370 ||- |
|Suryanarayanan M. S. ||AVP and Senior Delivery Manager IVSU ||B.Sc MCA ||43 ||20 ||Aug 2 1999 ||7006649 ||Aviation Software Development Consultancy (I) Limited Systems Engineer |
|Suryaprakash Viswanath Kareenahalli ||VP and Service Offering Head ADM ||BE PGD ||50 ||27 ||Oct 15 2007 ||12624792 ||Wipro Technologies Limited General Manager |
|Sushil Kumar ||AVP and Delivery Head ADM ||BE PGD ||41 ||21 ||Jun 26 1995 ||7000448 ||- |
|Thirumala Arohi ||AVP and Senior Delivery Manager ADM ||B.Tech ||43 ||21 ||Aug 25 1997 ||7037786 ||K.T.PS General Engineering |
|Thothathri Visvanathan ||VP and Delivery Head ADM ||BE PGCCA ||53 ||30 ||Jul 6 2000 ||16150566 ||CSAI Senior Consultant |
|Umashankar Malapaka ||AVP and Unit Client Solution Head ECS ||BE PGD ||42 ||19 ||Apr 27 1998 ||6133504 ||O.M.C. Computers Limited Developer |
|Varadharaj Venkataraman ||AVP and Geo Lead - Talent Acquisition TAFF ||M.Sc (H) MMS ||40 ||17 ||Oct 21 2002 ||6975779 ||Draft worldwide India Pvt. Ltd. Account Supervisor |
|Varsha Bharat Verma ||AVP and Delivery Partner ADM ||Diploma B.Sc ||50 ||30 ||Sep 28 2001 ||6097355 ||Infosys Technologies Limited Consultant |
|Vasavi Lakshmi ||AVP and Head - HR Service Delivery HRD ||BCS MBA ||40 ||19 ||Nov 17 2005 ||7619143 ||Ramco Systems Pre Sales Manager |
|Vasudev Kamath ||AVP and Unit Risk Manager CORP ||B.Tech ||42 ||20 ||Feb 5 1996 ||7480135 ||- |
|Vasudeva M. Nayak ||SVP and Group Head - Global Mobility and Assurance TAFF ||BBM PGDM ||58 ||36 ||Aug 24 2011 ||15164648 ||Wipro Technologies Limited VP |
|Venkat Narayan S. ||AVP and Principal Technology Architect IND ||BE ||43 ||22 ||Jun 27 1994 ||8775944 ||- |
|Venkata Seshu Gulibhi ||AVP and Senior Delivery Manager DNA ||B.Sc M.Sc M.Tech ||48 ||24 ||Feb 21 1994 ||7464163 ||UB Informations & Consulting Services Executive |
|Vibhuti Kumar Dubey ||VP and Service Offering Head EAS ||BE PGD ||51 ||27 ||Apr 12002 ||12221411 ||HCL Group Business Development Manager |
|Vijay Mishra ||AVP and Delivery Head EAS ||BE PGD ||43 ||20 ||Jun 8 1998 ||8994023 ||The Tata Engineering & Locomotive Co. Limited Engineer |
|Vijayeendra S. Purohit ||VP and Practice Manager - IT Services CCD ||BE ||48 ||26 ||Apr 8 1996 ||9166957 ||The Printers (Mysore) Limited Senior Executive |
|Vinayak Prabhakar Hegde ||AVP and Delivery Head IVSU ||BE ||43 ||23 ||Mar 5 2007 ||8682298 ||Wipro Technologies Limited Delivery Manager |
|Virendra Paliwal ||AVP and Product Line Manager PLATFORM ||Diploma BE PGDM ||46 ||23 ||Aug 28 1997 ||7624118 ||Ramco Production Incharge |
|Vishwanath Kalasapur Narayan ||AVP and Principal Technology Architect CIS ||BE MS ||52 ||23 ||Oct 30 2002 ||6646067 ||Teraburst Networks Inc. Network Architect |
|Visvanathan Lakshmi Narayan ||AVP and Senior Delivery Manager ADM ||B.Sc MS MBA ||49 ||28 ||Jan 13 2005 ||7350898 ||Hexaware Technologies Limited AVP |
|Visveswara Gupta K. ||AVP and Delivery Head DX ||BE ||47 ||24 ||Apr 4 1992 ||10759045 ||- |
|Yashodhan D. Phatak ||AVP and Practice Manager EAS ||BE PGDM ||46 ||22 ||Jun 8 1998 ||6583967 ||K.S.B. Pumps Officer |
|Avinash Prasad ||AVP and Practice Manager CIS ||B.Tech PGDBA ||43 ||20 ||Aug 3 2015 ||4039627 ||Wipro Technologies Limited General Manager |
|Nagaraj Nanjundaram ||AVP and Practice Manager CIS ||BE PGD ||45 ||22 ||Oct 5 2015 ||3206600 ||EdgeVerve Senior Director and Product Head |
|Prince Thomas ||AVP and Practice Manager ENG ||B.Tech ||44 ||22 ||Jul 30 2015 ||4177845 ||Infosys Lodestone Associate Partner |
|Samson Michael David ||SVP and Head - Global Services CIS ||BE ||47 ||26 ||Apr 21 2015 ||27763635 ||EdgeVerve Systems Limited COO and Whole-time Director |
|Sanjay Mahesh Purohit ||EVP and Global Head IGC ||BE ||49 ||26 ||Apr 21 2015 ||29973482 ||EdgeVerve Systems Limited CEO and MD |
|Shankar Krishnamurthy ||EVP and Group Head - HRD HRD ||B.A..PG Dip. ||53 ||32 ||Oct 262015 ||20203051 ||Philips India HR Head |
|Venkata Ramana Reddy Gunna ||VP and Head - Unit Strategy Planning and Operations IGC ||B.Tech MBA ||47 ||23 ||Aug 312015 ||4026273 ||Mindtree Ltd. Head Talent Management |
|Abhay M. Kulkarni ||VP and Service Offering Head ADM ||BE ||49 ||26 ||Apr 242015 ||2179727 ||TISCO Graduate Trainee |
|Abhishek Kumar ||Principal Product Architect FINACLE ||BE ||35 ||12 ||Jul 31 2015 ||2242518 ||SAP Labs India Development Architect |
|Amit Kumar Jain ||Engagement Manager ECS ||BE ||38 ||16 ||May 15 2015 ||1388528 ||KPIT Cummins Infosystems Module lead |
|Anand Sinha ||AVP and Principal Product Architect FINACLE ||B.Sc (H) PG Diploma in Software Enterprise Mgmt MCA ||41 ||18 ||Jul 31 2015 ||2994525 ||SAP Labs India Chief Dev Architect |
|Anindya Sircar ||AVP and Principal IP Officer LEGAL ||B.Sc M.Sc Ph.D ||46 ||19 ||Feb 17 2016 ||11751758 ||BIOCON Limited Global Head IPR |
|Anupama Nithyanand ||AVP and Lead Principal - Education and Research TAFF ||BE ||47 ||26 ||Apr 1 2015 ||681940 ||Wipro Technologies Limited Manager - Training |
|Arun Kumar Krishnan ||VP and Product Delivery Head FINACLE ||BE M.Sc (Engg) ||52 ||26 ||Jul 31 2015 ||2822965 ||Welldoc software Pvt. Ltd. VP - Product Development |
|Ashok Virbhan Lalla ||AVP and Principal - Marketing Manager MKTG ||B.A. MMM ||44 ||21 ||Jun 3 2015 ||1405745 ||GROUPM Leader Digital South Asia |
|Babu N. S. ||AVP and Product Line Manager FINACLE ||B.Sc M.Sc ||43 ||21 ||Jul 31 2015 ||4466769 ||Aapson Computers Developer |
|Balachandran R. ||Product Line Manager FINACLE ||BE PGD ||50 ||24 ||Jul 31 2015 ||2167590 ||Polari Software Lab Limited Principal Consultant |
|Balashankar ||VP and Head - Business Units Risk Management CORP ||BE ||60 ||36 ||Nov 6 2015 ||6085353 ||BEL Manager and Dept. Head Of R&D |
|Deepak N. Hoshing ||VP and Head - Architecture FINACLE ||B.Tech ||53 ||30 ||Jul 31 2015 ||6403441 ||Unisys Senior Systems Analyst |
|Ganesh Gopalakrishnan ||SVP and Group Head - Information Systems IS ||BE (H) PGD ||53 ||28 ||Apr 15 2015 ||5624767 ||Asian Paints (I) Limited Systems Executive |
|Girish G. Kamat ||Product Line Manager FINACLE ||BE ||43 ||20 ||Jul 31 2015 ||2094543 ||- |
|Guru Raja C. ||Industry Principal FINACLE ||B.Sc CAIIB M.Sc ||55 ||32 ||Jul 31 2015 ||2026384 ||Canara Bank Officer |
|Hemant Govind Kalgaonkar ||Delivery Manager FINACLE ||BE ||42 ||20 ||Jul 31 2015 ||2103372 ||Satyam Computers services Limited Asst. Consultant |
|Issac Mathew ||Principal Knowledge Services DNA ||B.Tech MBA ||42 ||16 ||May 15 2015 ||803836 ||Ashley marketelligent Private Limited. EVP Head of Client Services |
|Jasdeep Singh Kaler ||AVP and Principal Product Architect FINACLE ||BE ||40 ||19 ||Jul 31 2015 ||2820543 ||- |
|Mahesh Dutt Kolar ||AVP and Regional Manager - Finacle Sales FINACLE ||BE PGD ||46 ||21 ||Jul 31 2015 ||4917179 ||Wipro Fluid Power Executive |
|Mahesh R. ||Senior Delivery Manager FINACLE ||B.Sc M.Sc PGD ||51 ||32 ||Jul 31 2015 ||2024700 ||Canara Bank Manager |
|Mahesh Venkataraman ||AVP and Delivery Head IVSU ||B.Tech ||49 ||27 ||Aug 14 2015 ||3422633 ||Wipro Technologies Limited General Manager |
|Mala Chandrasekhar ||SVP and Group Head - Business Finance FIN ||B.Com ACA ||43 ||17 ||Oct 12 2015 ||7150409 ||Ford India Limited Financial Analyst |
|Manish Narayan Savaji ||Lead Consultant FINACLE ||B.Sc TechB.Sc ||47 ||22 ||Jul 31 2015 ||2161976 ||Accenture Senior Manager |
|Manisha Banthia ||Principal - Knowledge Services DNA ||B.Sc MBA ||45 ||20 ||Jun 5 2015 ||1134421 ||IBPO PR - Group Manager |
|Mohan Kumar K. L. ||AVP and Senior Delivery Manager FINACLE ||B.Sc CAIIB ||49 ||28 ||Jul 31 2015 ||3503617 ||Vijaya Bank Assistant Manager |
|Naresh Kumar K. ||AVP and Product Line Manager FINACLE ||BE ||47 ||25 ||Jul 31 2015 ||4025700 ||- |
|Nishikant Nigam ||VP and Delivery Head CIS ||B.Tech ||42 ||20 ||Apr 2 2015 ||1565151 ||- |
|Pandiya Kumar Rajamony ||AVP and Practice Manager CIS ||BE ||44 ||21 ||Oct 22 2015 ||5548959 ||ANZ Information Technology Associate PM |
|Prasad C. ||AVP and Lead Product Manager FINACLE ||BE ||43 ||21 ||Jul 31 2015 ||3824995 ||Grasim Industries Trainee |
|Praveen Gulabrani ||Industry Principal ADM ||B.Tech ME ||44 ||21 ||Apr 23 2015 ||827464 ||Sapient Corpn Sr. Software Engineer |
|Rahul Goyal ||Delivery Manager ADM ||BE ||41 ||18 ||Apr 292015 ||579154 ||- |
|Rahul Shah ||AVP and Industry Principal EAS ||B.Tech PGD ||45 ||21 ||Oct 30 2015 ||5167733 ||IBPO PR - AVP - OPERATIONS |
|Rajasekaran K. S. ||Industry Principal FINACLE ||B.Sc PGD M.Sc ||57 ||32 ||Jul 31 2015 ||2149364 ||- |
|Rajashekara V Maiya ||AVP and Principal - Product Strategy FINACLE ||B.Com M.Com CA ||43 ||20 ||Jul 31 2015 ||4718706 ||Vishnu Bharat & Company Auditor |
|Rajendra Awasthi ||Senior Delivery Manager FINACLE ||Advanced Diploma BE (H) PGD ||50 ||24 ||Jul 31 2015 ||2318202 ||Temenos USA Inc Project Director |
|Rajesh Shankaran ||Delivery Manager FINACLE ||BCS MBA ||43 ||21 ||Jul 31 2015 ||2029991 ||Logicacmg India Head Direct Sales |
|Rajiv Bansal ||EVP and Chief Financial Officer FIN ||B.Com (H) CA ICWAI ||43 ||21 ||Dec 31 2015 ||100573319 ||Tata Technologies (I) Limited Finance Manager |
|Raktim Singh ||Product Line Manager FINACLE ||B.Tech ||42 ||20 ||Jul 31 2015 ||2111408 ||- |
|Rama Mohan Venkata Kadayinti ||VP and Head - Business Excellence QLTY ||BE M.Tech ||46 ||22 ||Sep 7 2015 ||6714869 ||IBPO AVP - Quality |
|Ramakrishnan K. R. ||Product Line Manager FINACLE ||B.Com ACS CAIIB ||52 ||32 ||Jul 31 2015 ||2252365 ||Canara Bank Officer |
|Ramchandran V ||Engagement Manager FINACLE ||BCS MBA ||42 ||17 ||Jul 31 2015 ||2114258 ||Oracle financial services software Ltd. Consulting practice Director |
|Roshan Kumar Subudhi ||AVP and Delivery Head EAS ||B.Tech PGD ||44 ||19 ||Oct 9 2015 ||5553147 ||Sierra Atlantic Software Services Limited VP - Enterprise Applications |
|Sanjayjalona ||EVP and Segment Head MFG ||M.Sc ||47 ||25 ||Aug 7 2015 ||20536459 ||Gemplus India Private Limited Director |
|Savio DSouza ||VP and General Manager - IP Deployment and Commercialization DNA ||B.Sc MCA ||46 ||23 ||Aug 31 2015 ||2718264 || |
|Sheenam Ohrie ||VP and Delivery Head FINACLE ||BE ||45 ||23 ||Jul 31 2015 ||3948172 ||SAP Labs India VP |
|Siddarth Arvind Shah ||Engagement Manager MFG ||B.Com PGD ||37 ||14 ||May 19 2015 ||1049112 ||E&Y Asst. Manager - Markets |
|Siva Subramaniam G. V ||Product Line Manager FINACLE ||B.Com ||40 ||20 ||Jul 31 2015 ||2241893 ||ICICI Bank Home Finance Co.Ltd. Head - All India Branch Operations |
|Srinivas Padmanabhuni ||AVP and Principal Research Scientist CORPTECH ||B.Tech M.Tech Ph.D ||46 ||17 ||Oct 26 2015 ||4049184 ||Firewhite Inc. Software Architect |
|Srinivasan Ayyamoni ||Lead Consultant EAS ||B.Com ACA ||41 ||18 ||Apr 30 2015 ||504489 ||Scope international (p) Ltd. Standard Chartered Bank Level 4 Business Analyst |
|Sudir Babu N. P. ||AVP and Senior Delivery Manager FINACLE ||B.Sc PGD ||49 ||28 ||Jul 31 2015 ||2419485 ||First computer Corporate Manager - Operations |
|Suhas Bhaurao Patil ||Business Development Manager FINACLE ||Diploma BCS MMSc. ||46 ||25 ||Jul 31 2015 ||2465132 ||Aurion pro solutions Limited VP - Sales |
|Sukanya Ghosh ||AVP and Principal Marketing Manager MKTG ||B.A. (H) ||46 ||23 ||Dec 1 2015 ||4273591 ||HSBC Electronic Data Processing India Limited SVP |
|Sunil Kumar Gupta ||VP and Service Offering Head FINACLE ||BE ||51 ||18 ||Jul 31 2015 ||9703213 ||Logica Chief Operating Officer |
|Sunil Kumar Mishra ||Industry Principal FINACLE ||B.Tech PGDBM ||41 ||18 ||Jul 31 2015 ||2992161 ||Accenture Services Private Limited Senior Manager |
|Uday Kiran Kotla ||AVP and Principal Technology Architect DIS ||BE MS ||41 ||19 ||Apr 21 2015 ||1571623 ||Thought-matrix Managing Architect |
|Venkata Subrahmanyam Chivukula ||Principal Technology Architect FINACLE ||B.Tech ||41 ||19 ||Jul 31 2015 ||2011339 ||Prism Informatics Software Engineer |
|Venkataramanan T. S. ||VP and Product Delivery Head FINACLE ||BE ||51 ||29 ||Jul 31 2015 ||6384105 ||TELCO Limited Senior Systems Officer |
|Venkatesh S. G. ||AVP and Delivery Head FINACLE ||BE MBA ||46 ||23 ||Jul 31 2015 ||3416041 ||Infosys delivery Manager |
|Venkatesh Vaidyanathan ||VP and Product Delivery Head FINACLE ||B.Sc MCA ||48 ||24 ||Jul 31 2015 ||3915949 ||SAP Labs India Vice President |
|Venkatramana Gosavi ||VP and Regional Head FINACLE ||BE MBA ||51 ||26 ||Jul 31 2015 ||7231994 ||Ramco Systems Country Manager - India and Middle East |
|Vinay C. S. ||AVP and Associate Regional Manager - Finacle Sales FINACLE ||BE ||47 ||23 ||Jul 31 2015 ||2661297 ||ARK Technologies Manager |
|Vishnu G. Bhat ||SVP and Unit Head CIS ||BE ||47 ||23 ||Apr 10 2015 ||2885619 ||R.V College Of Engineering Lecturer |
Note : The above table is based on payouts made during the year.
Employed for part of the year with an average salary above Rs.5 lakh per month
|Designations at Infosys |
|AVP ||Associate Vice President |
|EVP ||Executive Vice President |
|SVP ||Senior Vice President |
|VP ||Vice President |
|Units at Infosys |
|ADM ||Application Development and Maintenance |
|CCD ||Computers and Communication Division |
|CDG ||Communication Design Group |
|CIS ||Cloud and Infrastructure Services |
|CORP ||Corporate |
|CORPSTGY ||Corporate Strategy |
|CORPTECH ||Corporate Technology |
|DIS ||Digital and Integration Services |
|DNA ||Data and Analytics |
|DX ||Digital Experience |
|Units at Infosy || |
|EAS ||Enterprise Application Package Services |
|ECS ||Energy & utilities Communications and Services |
|ENG ||Engineering Services |
|FAC ||Facilities |
|FIN ||Finance |
|FINACLE ||Finacle |
|GDLY ||Global Delivery |
|HRD ||Human Resource Department |
|IGC ||Infosys Consulting |
|IND ||India Business Unit |
|IS ||Information Systems |
|ISG ||Information Security Group |
|IVSU ||Independent Validation Solutions |
|LEGAL ||Legal |
|MFG ||Manufacturing |
|Units at Infosy || |
|MKTG ||Marketing |
|MRCL ||Manufacturing Retail Consumer packaged goods and Logistics |
|PLATFORM ||Platforms |
|PURC ||Purchase |
|QLTY ||Quality |
|TAFF ||Talent Fulfilment |