Financial statements as per IFRS

Infosys Technologies Limited and subsidiaries

Consolidated statements of cash flows

in crore

	Notes	Year ended March 31,
	Notes	2011	2010
Operating activities :
Net profit		6,823	6,219
Adjustments to reconcile net profit to net cash provided by operating activities :
Depreciation and amortization	2.5 and 2.6	862	942
Income tax expense	2.17	2,490	1,681
Share based compensation		–	1
Income on available-for-sale financial assets and certificates of deposit		(101)	(169)
Profit on sale of property, plant and equipment		–	(2)
Other non-cash item		4	2
Changes in working capital
Trade receivables		(1,158)	193
Prepayments and other assets		(236)	(233)
Unbilled revenue		(401)	(92)
Trade payables		34	(17)
Client deposits		13	3
Unearned revenue		(14)	199
Other liabilities and provisions		447	(100)
Cash generated from operations		8,763	8,627
Income taxes paid	2.17	(2,856)	(1,754)
Net cash provided by operating activities		5,907	6,873
Investing activities :
Payment for acquisition of business		(2)	(173)
Expenditure on property, plant and equipment, including changes in retention money	2.5 and 2.10	(1,301)	(657)
Proceeds on sale of property, plant and equipment		1	2
Loans to employees		(31)	7
Non-current deposits placed with corporation		(100)	(28)
Income on available-for-sale financial assets		21	106
Investment in certificates of deposit		(840)	(1,180)
Redemption of certificates of deposit		1,985	–
Investment in available-for-sale financial assets		(1,932)	(9,901)
Redemption of available-for-sale financial assets		4,430	7,436
Net cash provided by / (used in) investing activities		2,231	(4,388)
Financing activities :
Proceeds from issuance of common stock on exercise of employee stock options		24	89
Payment of dividends		(3,141)	(1,346)
Payment of dividend tax		(524)	(223)
Net cash used in financing activities		(3,641)	(1,480)
Effect of exchange rate changes on cash and cash equivalents		58	63
Net increase / (decrease) in cash and cash equivalents		4,497	1,005
Cash and cash equivalents at the beginning	2.1	12,111	10,993
Opening cash and cash equivalents of controlled trusts		–	50
Cash and cash equivalents at the end	2.1	16,666	12,111
Supplementary information :
Restricted cash balance	2.1	108	71

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

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

Natrajh Ramakrishna Partner Membership No. 32815	N. R. Narayana Murthy Chairman and Chief Mentor	S. Gopalakrishnan Chief Executive Officer and Managing Director	S. D. Shibulal Chief Operating Officer and Director	Deepak M. Satwalekar Director
	Prof. Marti G. Subrahmanyam Director	Dr. Omkar Goswami Director	Sridar A. Iyengar Director	David L. Boyles Director
	Prof. Jeffrey S. Lehman Director	K. V. Kamath Director	R. Seshasayee Director	K. Dinesh Director
Bangalore April 15, 2011	T. V. Mohandas Pai Director	Srinath Batni Director	V. Balakrishnan Chief Financial Officer	K. Parvatheesam Company Secretary