Personalized | Reliable | Innovative 1 Infosys FY 2011 performance April 2010

Personalized | Reliable | Innovative 2 Performance of Infosys Infosys Limited has announced its FY 2010 results beating its guidance for the year. In this presentation, we have analyzed the performance of the company for FY 2011 with respect to its previous performance Will infosys be able to beat its guidance for FY 2011?

Personalized | Reliable | Innovative 3 Guidance vs Actual prformance of Infosys Infosys (INR) FY 2008FY 2009FY 2010 EPS guidance – Actual performance y-o-y growth18.0%28.3%4.5% Variation from guidance 3.2% - 4.3%11.4% %8.0% % Looking at the past performance, it is evident that Infosys have consistently outperformed its guidance in the past 3 years by approximately 10%

Personalized | Reliable | Innovative 4 Performance of Infosys for FY 2011 Going forward, we believe that Infosys will outperform its guidance provided for FY 2011 based on the following assumptions; The company is likely to witness an impact on account of currency appreciation. However, we expect the company to outperform its top-line growth forecast for FY 2011 which will result in better-than- expected outcome EBITDA margins are likely to reduce at 33.7% (34.6% in FY 2010) on account of appreciation of Indian currency which will impact top-line and increase in employee cost which will lead to a rise in expenses Tax rate is assumed at 25.0% on account of expiry of STP (guided by company) P/E multiple is assumed to be at 25x

Personalized | Reliable | Innovative 5 Sensitivity analysis on performance of Infosys Infosys (INR crores) FY 2010 AFY 2011 E Revenue22,74225,08526,61327,067 Y-o-Y growth10.3%17.0%19.0% EBIDTA7,8618,4458,9599,112 Net Income6,2666,3856,7716,886 EPS P/E multiple25x Stock Price (INR)2,7322,7822,9503,000 In order to achieve a target EPS of INR118 – 120 in FY 2011, the company has to grow its top-line by approximately 17.0% to 19.0%

Personalized | Reliable | Innovative 6 Conclusion Overall, we believe the company to outperform its revenue guidance for FY 2011 on account of revival in IT spending. However, we also expect the currency appreciation to limit the top-line growth in rupee terms Infosys has given a EPS guidance of INR to INR for FY 2011 which is on a conservative side. However, based on anticipation of higher top-line growth, it is expected that the company will outperform its EPS guidance which is reflected in the sensitivity analysis table discussed above Consequently, on a higher side, it is likely that the company will witness a EPS of INR118 – 120 per share in FY With respect to the same, assuming a P/E multiple of 25x, the stock could be valued at INR2,950 – 3,000 per share

Personalized | Reliable | Innovative 7 Thank You Disclaimer: This product is distributed for information purposes only. The information in this report does not constitute an offer to sell or a solicitation of an offer to buy any of the securities mentioned in the report. The readers may note that neither the company, its Directors, Officers or employees take any responsibility, financial or otherwise, due to any transaction undertaken or any action based on the information contained herein. The Company, its Directors, Officers or Employees may have a position or may otherwise be interested in the investment referred to in this document.