印孚瑟斯Infosys Ltd. (INFY) 2002年年度报告「NYSE」.pdf

1、1Managing enterprises in challenging timesAdversity has the effect of eliciting talents,which in prosperous circumstances would have lain dormantHorace(65 8 BC)It is easy for reasonably well-managed companies to do brilliantly in great times.Revenueskeep increasing with little managerial stretch;the

2、 creeping flab does not come in the wayof growing profits;earning targets are exceeded every quarter;and price-earning ratiosbecome stratospheric.The business model seems to work without a hitch.The real qualities of a company come to the fore in tough times.The stamp of anoutstanding enterprise is

3、in how it successfully uses adversity to alter,re-engineer andsimultaneously grow its businesses.Great companies anticipate shocks and downturns.Managements dig deep into their skill-sets and creativity to design solutions that candeliver in the face of difficulty.Every employee redoubles efforts to

4、 drive growth andprofitability not due to the fear of failure,but because of the yearning to win.Inviolatecore values are re-affirmed;business teams rejuvenated;innovations tumble out of longunused recesses of the mind;and adrenalin pumps like never before.There is a burningdesire to show that it ca

5、n be done that the greatest battles can be won in the face ofhardship.This year has been most demanding for the software industry,and we believe that thechallenges and discontinuities will be with us in the future.We therefore think it will beuseful to share with you how Infosys is dealing with this

6、 environment.2ContentsThe year at a glance3Managing enterprises in challenging timesBack to the basics:Imperatives for the technology services industry S.D.Shibulal4Leading the globally-competitive corporation Claude Smadja6Creating a flexible financial model Marti G.Subrahmanyam8Technology the comp