1. Infosys
Investor Relations
© Infosys Technologies Limited

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

3. 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, These filings are available at 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.

4. Contents Highlights Operational Performance Financial Performance
Guidance

5. 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 Revenue is projected to be between $ 1,476 million and $ 1,485 million; YoY growth of 39% to 40%

6. 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

7. Operational Performance
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8. Client Concentration % Revenues* Q1 Q4 Q1 New Clients 29 38 22
FY FY FY 2004
Q Q Q1
New Clients
Top client contribution
to revenues % 6.5% %
Million dollar clients*
Fifty million + dollar clients*
Active Clients
Repeat Business % % %
*LTM – Last Twelve Months
% Revenues*

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

10. Revenue by Service OfferingQ Q Q
Development
Maintenance
Re-engineering
Package Implementation
Consulting
Testing
Engineering Services
Business Process Management
Other Services
Product

11. Geographical FootprintQ
1.6%
11.0%
22.2% Q
65.2% Q
1.2%
2.1%
5.8%
13.0%
17.4%
20.3%
65.5%
74.7%
North America
Europe
Rest of the World
India

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

13. 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

14. 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

15. Financial Performance
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16. 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)

17. 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)

18. 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%

19. Guidance
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20. 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%

21. Thank You