Infosys Investor Relations © Infosys Technologies Limited 2004-2005

Infosys Technologies Limited Financial Year 2004 - 2005 First Quarter Results July 13, 2004

Safe Harbor Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed- price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2004. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

Contents Highlights Operational Performance Financial Performance Guidance

Highlights At the beginning of the quarter, Uncertainty existed with the debate on Outsourcing Revenue was projected to be between $ 314 million and $ 316 million ; YoY growth between 34.6% and 35.4% Revenue grew to $ 335 million ; YoY growth of 43.8% and sequential growth of 10.7% We have increased guidance for fiscal 2005. Revenue is projected to be between $ 1,476 million and $ 1,485 million; YoY growth of 39% to 40%

Good improvement in business environment with healthy pipeline Highlights Our business model enables us to respond quickly to enhanced business opportunities in the market place Continue to see a stable pricing environment Restructuring into Integrated Business Units has created multiple engines of growth with strong leadership Recently introduced a new approach to outsourcing called ‘Modular Global Sourcing’ Continued investment in developing new solutions Ongoing focus on integration of Infosys’ subsidiaries with the overall strategy and operations of the corporation Good improvement in business environment with healthy pipeline

Operational Performance © Infosys Technologies Limited 2004-2005

Client Concentration % Revenues* Q1 Q4 Q1 New Clients 29 38 22 FY 2005 FY 2004 FY 2004 Q1 Q4 Q1 New Clients 29 38 22 Top client contribution to revenues 5.3% 6.5% 5.7% Million dollar clients* 141 131 113 Fifty million + dollar clients* 3 3 - Active Clients 419 393 346 Repeat Business 98.5% 88.6% 97.8% *LTM – Last Twelve Months % Revenues*

Vertical Domains Q1 2004-05 Q4 2003-04 Q1 2003-04 Manufacturing Insurance Banking & Financial Services Telecom Retail Energy & Utilities Transportation & Logistics Services Others

Revenue by Service Offering Q1 2004-05 Q4 2003-04 Q1 2003-04 Development Maintenance Re-engineering Package Implementation Consulting Testing Engineering Services Business Process Management Other Services Product

Geographical Footprint Q1 2004-05 1.6% 11.0% 22.2% Q4 2003-04 65.2% Q1 2003-04 1.2% 2.1% 5.8% 13.0% 17.4% 20.3% 65.5% 74.7% North America Europe Rest of the World India

Revenue by Project type 70.3% 29.7% 69.4% 64.1% 30.6% 35.9% Time & Material Fixed Price

Effort and Utilization Quarter ended   Jun 30, 2004 Mar 31, 2004 Jun 30, 2003 Effort – Services Onsite 29.4% 30.5% 32.1% Offshore 70.6% 69.5% 67.9% Revenue – Services 51.9% 53.0% 53.9% 48.1% 47.0% 46.1% Utilization Including trainees 73.4% 70.2% 76.6% Excluding trainees 79.7% 79.3% 83.7% *Excluding software products and business management revenue

Employee Metrics Quarter ended Jun 30, 2004 Mar 31, 2004 Jun 30, 2003   Jun 30, 2004 Mar 31, 2004 Jun 30, 2003 Total Employees 27,939 25,634 17,977 S/w professionals 26,028 23,860 16,434 Billable 23,761 21,189 14,009 Banking Product Group 685 604 516 Trainees 1,582 2,067 1,909 Sales & Support 1,911 1,774 1,534 Gross Addition 3,233 2,849 2,592 Net Addition 2,305 2,425 2,101 Lateral Employees 746 774 330 Attrition % (LTM)* 10.90 10.45 7.90 *Excluding subsidiaries

Financial Performance © Infosys Technologies Limited 2004-2005

The Quarter at a Glance (US GAAP-YoY) 335 145 43.8% 45.0% 43.10% 83 233 100 58 40.91% 0.31 0.22 Q1 04 Q1 05 Q1 04 Q1 05 Q1 04 Q1 05 Q1 04 Q1 05 Revenue (USD mn) Gross Profit (USD mn) Net Income (USD mn) Basic EPS (USD)

The Quarter at a Glance (US GAAP-QoQ) 11.6% 10.6% 335 145 130 303 7.8% 83 77 6.9% 0.31 0.29 Q4 04 Q1 05 Q4 04 Q1 05 Q4 04 Q1 05 Q4 04 Q1 05 Revenue (USD mn) Gross Profit (USD mn) Net Income (USD mn) Basic EPS (USD)

Financials (US GAAP) In US million Quarter Ended % Change over Income statement - US GAAP 30-Jun-04 30-Jun-03 31-Mar-04 Q1 04 Q404 Revenues 335 233 303 43.8% 10.6% Cost of revenues 190 133 173 42.9% 9.8% Gross profit 145 100 130 45.0% 11.5% Operating Expenses: S&M expenses 23 17 21 35.3% 9.5% G&A expenses 26 18 23 44.4% 13.0% Amortization of intangible assets - 1 Total operating expenses 49 36 44 36.1% 11.4% Operating income 96 64 86 50.0% 11.6% Other income, net - 5 3 - - Income before income taxes 96 69 89 39.1% 7.8% Provision for income taxes 13 11 12 18.2% 8.3% Net income 83 58 77 43.1% 7.8%

Guidance © Infosys Technologies Limited 2004-2005

US GAAP Quarter ending Sept 30, 2004 Consolidated net revenues projected to be in the range of $ 357 million to $ 360 million; YoY growth of 42% to 43% Consolidated earnings per American Depositary Share expected to be $ 0.33; YoY growth of 32% Fiscal year ending March 31, 2005 Consolidated net revenues projected to be in the range of $ 1,476 million to $ 1,485 million; YoY growth of 39% to 40% Consolidated earnings per American Depositary Share expected to be $ 1.37; YoY growth of 33%

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