1. © Infosys Technologies Limited 2004-2005 Infosys Investor Relations Infosys Investor Relations

2. 12/14/20152 © Infosys Technologies Limited 2004-2005 Slide 2 Infosys Technologies Limited Financial Year 2004 - 2005 First Quarter Results July 13, 2004

3. 12/14/20153 © Infosys Technologies Limited 2004-2005 Slide 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, 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.www.sec.gov

4. 12/14/20154 © Infosys Technologies Limited 2004-2005 Slide 4 Contents  Highlights  Operational Performance  Financial Performance  Guidance

5. © Infosys Technologies Limited 2004-2005 Highlights

6. 12/14/20156 © Infosys Technologies Limited 2004-2005 Slide 6 Highlights  At the beginning of the quarter  Uncertainty existed relating to Debate on Outsourcing Rupee – US$ movement  Income was projected to be between Rs. 1,363 crore and Rs. 1,371 crore; YoY growth of 25%  Income grew to Rs. 1,517.38 crore; YoY growth of 38.61% and sequential growth of 12.44%  We have increased guidance for fiscal 2005. Income is projected to be between Rs.6,731 crore and Rs.6,772 crore; YoY growth of 39% to 40%

7. 12/14/20157 © Infosys Technologies Limited 2004-2005 Slide 7 Highlights  Our business model enabled 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

8. © Infosys Technologies Limited 2004-2005 Operational Performance

9. 12/14/20159 © Infosys Technologies Limited 2004-2005 Slide 9 Client Concentration % Revenues* FY 2005 FY 2004 FY 2004 Q1 Q4 Q1 New Clients 2938 22 Top client contribution to revenues 5.3% 6.5% 5.7% Million dollar clients* 141131 113 Fifty million + dollar clients* 3 3 - Active Clients419393346 Repeat Business 98.5% 88.6% 97.8% *LTM – Last Twelve Months

10. 12/14/201510 © Infosys Technologies Limited 2004-2005 Slide 10 Q4 2003-04 Q1 2003-04 Vertical Domains Q1 2004-05 ManufacturingInsurance Banking & Financial ServicesTelecom RetailEnergy & Utilities Transportation & LogisticsServices Others

11. 12/14/201511 © Infosys Technologies Limited 2004-2005 Slide 11 Q4 2003-04 Q1 2003-04 Revenue by Service Offering Q1 2004-05 DevelopmentMaintenance Re-engineeringPackage Implementation ConsultingTesting Engineering ServicesBusiness Process Management Other ServicesProduct

12. 12/14/201512 © Infosys Technologies Limited 2004-2005 Slide 12 Q4 2003-04Q1 2003-04 Geographical Footprint Q1 2004-05 North AmericaEurope Rest of the WorldIndia 74.7% 17.4% 5.8% 2.1% 65.5% 20.3% 13.0% 1.2% 65.2% 22.2 % 11.0% 1.6%

13. 12/14/201513 © Infosys Technologies Limited 2004-2005 Slide 13 Time & MaterialsFixed Price 30.6% 69.4% 35.9% 64.1% 29.7% 70.3% Revenue by Project type

14. 12/14/201514 © Infosys Technologies Limited 2004-2005 Slide 14 Effort and Utilization Quarter ended Jun 30, 2004Mar 31, 2004Jun 30, 2003 Effort – Services Onsite29.4%30.5%32.1% Offshore70.6%69.5%67.9% Revenue – Services Onsite51.9%53.0%53.9% Offshore48.1%47.0%46.1% Utilization Including trainees73.4%70.2%76.6% Excluding trainees79.7%79.3%83.7% *Excluding software products and business management revenue

15. 12/14/201515 © Infosys Technologies Limited 2004-2005 Slide 15 Employee Metrics Quarter ended Jun 30, 2004Mar 31, 2004Jun 30, 2003 Total Employees27,93925,63417,977 S/w professionals26,02823,86016,434 Billable23,76121,18914,009 Banking Product Group685604516 Trainees1,5822,0671,909 Sales & Support1,9111,7741,534 Gross Addition3,2332,8492,592 Net Addition2,3052,4252,101 Lateral Employees746774330 Attrition % (LTM)*10.9010.457.90 *Excluding subsidiaries

16. © Infosys Technologies Limited 2004-2005 Financial Performance

17. 12/14/201517 © Infosys Technologies Limited 2004-2005 Slide 17 The Quarter at a Glance (Indian GAAP-YoY) 1094.70 Q1 04Q1 05 1517.38 Total Income (Rs.cr) 38.61% 350.48 489.27 Operating Profit (Rs.cr) 39.60% 14.54 Basic EPS (Rs.) 38.08% Q1 04Q1 05 Q1 04 10.53 278.92 388.34 PAT (Rs.cr) 39.23% Q1 04Q1 05

18. 12/14/201518 © Infosys Technologies Limited 2004-2005 Slide 18 The Quarter at a Glance (Indian GAAP-QoQ) 1349.45 Q4 04Q1 05 1517.38 Total Income (Rs.cr) 12.44% 449.17 489.27 Operating Profit (Rs.cr) 8.93% 14.54 Basic EPS (Rs.) 15.49% Q4 04Q1 05 Q4 04 12.59 335.23 388.34 PAT (Rs.cr) 15.84% Q4 04Q1 05

19. 12/14/201519 © Infosys Technologies Limited 2004-2005 Slide 19 Consolidated Financials (Indian GAAP) Particulars June 30 Growth (%)March 31, 2004 Growth % in Q1 FY 2005 over Q4 FY 2004 20042003 INCOME Software services, products and business process management Overseas1,493.451,071.3839.391,333.2812.01 Domestic23.9323.322.6116.1747.99 TOTAL INCOME1,517.381,094.70 38.611,349.45 12.44 Software development and business process management expenses 805.22579.6038.93 707.0913.88 GROSS PROFIT712.16515.1038.26642.3610.87 Selling and marketing expenses105.2181.6428.8791.6714.77 General and administration expenses 117.6882.9841.82 101.5215.92 222.89 164.6235.40193.1915.37 OPERATING PROFIT (EBIDTA)489.27350.4839.60449.178.93 Interest----- Depreciation and amortization52.5345.1416.3764.42(18.46) OPERATING PROFIT AFTER INTEREST, DEPRECIATION AND AMORTIZATION 436.74305.3443.04384.7513.51 Other income15.7031.94(50.85)1.82762.64 Provision for investments(0.01)6.36-0.80- PROFIT BEFORE TAX452.45330.9236.72385.7717.28 Provision for taxation64.1152.0023.2950.5426.85 NET PROFIT AFTER TAX388.34278.9239.23335.23 15.84 EARNINGS PER SHARE* (Equity shares, par value Rs. 5/- each) Basic14.5410.5338.0812.5915.49 Diluted14.2910.4936.2212.3415.80 In Rs.Crore, except per share data *adjusted for the 3 :1 bonus issue of shares distributed on July 6, 2004

20. © Infosys Technologies Limited 2004-2005 Guidance

21. 12/14/201521 © Infosys Technologies Limited 2004-2005 Slide 21 Indian GAAP – Consolidated Quarter ending Sept 30, 2004*  Income is projected to be between Rs.1,631crore to Rs. 1,645 crore; YoY growth of 42% to 43%  Earnings per share is expected to be Rs.15.10; YoY growth of 33% Fiscal year ending March 31, 2005*  Income is projected to be between Rs. 6,731crore to Rs. 6,772 crore; growth of 39% to 40%  Earnings per share is expected to be Rs. 62.70; YoY growth of 34% *adjusted for the 3 :1 bonus issue of shares distributed on July 6, 2004

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