report by CapitalHEIGHT Financial Services

1. INFOSYS- A REPORT
13/04/2010
www.capitalheight.com

2. info@capitalheight.com
Phone- (0731)4295950
INFOSYS TECHNOLOGIES
SCRIP ID – INFOSYSTECH 52 WEEKS HIGH – 2,870.00
BSE CODE – 500209 52 WEEKS LOW – 1,300.15
INDUSTRY – COMPUTER SOFTWARE FACE VALUE - 5
Infosys Technologies, India's second largest IT exporter, has announced its fourth
quarter results of FY10 on 13th of April. Infosys is one of the first major companies to
declare it’s result in this quarter and kick off the USD 60 billion sector's results. A
concise overview of the result is as follows:-
Key highlights
1.14% jump in its fourth quarter results for the financial year 2010 which came in
at Rs 1,600 crore as against Rs 1,582 crore(QoQ).
Revenues from North America grew by 4.4% (QoQ) & 4.5% in constant currency
and from Europe grew by 7.9% (QoQ) & 11.8% in constant currency.
Revenues for the same quarter increased 3.54% to Rs 5,944 crore versus Rs
5,741 crore (QoQ).
Company’s operating margins for the quarter declined to 34.02% versus 35.5%
(QoQ).
www.capitalheight.com

3. info@capitalheight.com
Phone- (0731)4295950
FY10 earnings per share (EPS) stood at Rs 109.72 per
share.
EPS to rise 4.3-8.6% for the full year at Rs 106.82-111.28 per share.
Dollar revenue to rise 16-18% in the year that started on April 1.
Guidance in rupee terms was lowered to 9-11% for FY11 due to rupee
appreciation
FY11 profit margins to drop 150 basis points mainly due to a firmer rupee.
Challenges & Uncertainties
In the short term credit policy review by RBI, where a rate hike is almost certain.
Market awaits the monsoon forecast for the year 2010.
Strengthening rupee, which rose 3.6% against the dollar in Jan-March after
gaining 4.7% in 2009.
Competition from global firms such as IBM and Accenture are key risks.
Higher wages.
Top 5 client's contribution was down from 17.6% to 15.8% in Q4 versus Q3.
www.capitalheight.com

4. info@capitalheight.com
Phone- (0731)4295950
Company's dividend payouts over the last 2 years
Announcement Date Effective Date Dividend Type Dividend (%) Dividend Rs
22-09-09 15-10-09 Interim 200 10
15-04-09 04-06-09 Final 270 13.5
25-09-08 16-10-08 Interim 200 10
15-04-08 29-05-08 Final 545 27.25
26-09-07 18-10-07 Interim 120 6
Key financial Ratios
YEARS Mar 2010 Mar 2010 Mar2008 Mar 2007 Mar 2006
Debt-Equity Ratio 0.00 0.00 0.00 0.00 0.00
Long Term Debt- 0.00 0.00 0.00 0.00 0.00
Equity Ratio
Current Ratio 4.47 3.97 3.85 3.75 2.77
Fixed Assets 3.43 3.86 3.73 3.91 3.60
Inventory 0.00 0.00 0.00 0.00 0.00
Debtors 6.37 6.25 5.81 6.90 6.52
Interest Cover Ratio 3761.00 3358.00 5118.00 4153.00 2737.00
PBIDTM (%) 39.40 36.57 36.20 35.15 34.85
PBITM (%) 35.58 33.14 32.71 31.58 30.32
PBDTM (%) 39.39 36.56 36.19 35.14 34.84
CPM (%) 31.27 32.14 32.06 32.34 31.35
APATM (%) 27.45 28.72 28.57 28.77 26.82
ROCE (%) 37.76 42.92 41.52 45.99 45.09
RONW (%) 29.13 37.18 36.26 41.90 39.89
www.capitalheight.com

5. info@capitalheight.com
Phone- (0731)4295950
Profit & Loss Statement
PARTICULARS MAR 2010 Mar 2009 Mar 2008 Mar 2007 Mar 2006 Mar 2005
INCOME :
Sales Turnover / 21140.00 20264.00 15648.00 13149.00 9028.00 6860.00
Operating Income
Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00
Net Sales 21140.00 20264.00 15648.00 13149.00 9028.00 6860.00
Other Income 970.00 876.00 683.00 381.00 227.00 172.00
Stock Adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Total Income 22110.00 21140.00 16331.00 13530.00 9255.00 7032.00
EXPENDITURE :
Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00
Power & Fuel Cost 122.00 125.00 106.00 88.00 62.00 40.00
Other Manufacturing 1913.00 1576.00 1295.37 1163.40 717.46 527.00
Expenses
Employee Cost 10340.00 9960.00 7791.00 6293.00 4257.00 3177.00
Selling and 1363.00 1556.00 1363.09 1298.60 967.03 721.48
Administration Exp.
MISC. Expenses 43.00 513.00 111.54 65.00 105.51 68.52
Less: Pre-operative 0.00 0.00 0.00 0.00 0.00 0.00
Expenses
Capitalised
Total Expenditure 13781.00 13730.00 10667.00 8908.00 6109.00 4534.00
Operating Profit 8329.00 7410.00 5664.00 4622.00 3146.00 2498.00
Interest 2.00 2.00 1.00 1.00 1.00 1.00
www.capitalheight.com

6. info@capitalheight.com
Phone- (0731)4295950
Gross Profit 8327.00 7408.00 5663.00 4621.00 3145.00 2497.00
Depreciation 807.00 694.00 546.00 469.00 409.00 268.00
Profit Before Tax 7520.00 6714.00 5117.00 4152.00 2736.00 2229.00
Tax 1696.00 898.00 650.00 375.00 325.00 327.00
Fringe Benefit tax 0.00 0.00 17.00 17.00 12.00 0.00
Deferred Tax 21.00 -3.00 -20.00 -23.00 -22.00 -2.00
Reported Net Profit 5803.00 5819.00 4470.00 3783.00 2421.00 1904.00
Extraordinary Items 48.00 0.14 0.14 6.11 0.00 45.00
Adjusted Net Profit 5755.00 5818.86 4469.86 3776.89 2421.00 1859.00
Adjustment below 0.00 -1.00 0.00 -1.00 0.00 -4.51
Net Profit
P & L Balance 10305.00 6642.00 4844.00 2195.00 1428.00 70.51
brought forward
Statutory 0.00 0.00 0.00 0.00 0.00 0.00
Appropriations
Appropriations 2302.00 2155.00 2672.00 1133.00 1654.00 542.00
P & L Balance 13806.00 10305.00 6642.00 4844.00 2195.00 1428.00
carried down
Equity Dividend 1434.00 1345.00 1902.00 649.00 1238.00 310.00
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Equity Dividend % 500.00 470.00 665.00 230.00 900.00 230.00
Earnings Per Share- 96.92 97.74 72.50 64.35 81.41 68.96
Unit Curr
Earnings Per 96.92 97.74 72.50 64.35 40.71 34.48
Share(Adj)-Unit Curr
Book Value-Unit 383.90 311.35 235.84 195.14 249.89 194.15
Curr
www.capitalheight.com

7. info@capitalheight.com
Phone- (0731)4295950
Technical View
Fibonacci Extension
% (Retracement) 180 191.8 198.2 261.8 425 685.8
Level 3515 3677 3765 4640 6884 10459
Moving Average Levels
Level Daily Weekly
20 day’s 2713.93 2587.56
50 day’s 2612.36 2247.27
100 day’s 2562.58 1842.86
200 day’s 2713.93 1856.34
Key Levels
Resistance – 2830, 2870
Support – 2716, 2610
Infosys technologies have good fundamentals. This quarter it has good results. It has a
crucial resistance 2830 if it breaks this level it can touch 2950. And 2716 is a crucial
support for this script. If it breaks this level it can touch 2610. One can buy Infosys tech
with the stop loss of 2716 and our short term target will be 2950.
www.capitalheight.com

8. info@capitalheight.com
Phone- (0731)4295950
Weekly Chart
Daily Chart
www.capitalheight.com

9. info@capitalheight.com
Phone- (0731)4295950
Disclaimer
The information and views in this report, our website & all the service we provide are believed to be reliable, but we do not
accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits
them the most.
Sincere efforts have been made to present the right investment perspective. The information contained herein is based on
analysis and up on sources that we consider reliable.
This material is for personal information and based upon it & takes no responsibility
The information given herein should be treated as only factor, while making investment decision. The report does not
provide individually tailor-made investment advice. Capitalheight recommends that investors independently evaluate
particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Capitalheight shall
not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules
and regulations of NSE and BSE.
The share price projections shown are not necessarily indicative of future price performance. The information herein,
together with all estimates and forecasts, can change without notice. Analyst or any person related to Capitalheight might be
holding positions in the stocks recommended. It is understood that anyone who is browsing through the site has done so at
his free will and does not read any views expressed as a recommendation for which either the site or its owners or
anyone can be held responsible for . Any surfing and reading of the information is the acceptance of this disclaimer.
All Rights Reserved.
Investment in Commodity and equity market has its own risks.
We, however, do not vouch for the accuracy or the completeness thereof. we are not responsible for any loss incurred
whatsoever for any financial profits or loss which may arise from the recommendations above. Capitalheight does not
purport to be an invitation or an offer to buy or sell any financial instrument. Our Clients (Paid Or Unpaid), Any third party or
anyone else have no rights to forward or share our calls or SMS or Report or Any Information Provided by us to/with anyone
which is received directly or indirectly by them. If found so then Serious Legal Actions can be taken.
www.capitalheight.com