BANGALORE, India, July 10 --

- Q1 Revenues Declined by 2.9% Year on Year; Sequentially Grew by 0.1%


Consolidated results for the quarter ended June 30, 2009

Revenues were $ 1,122 million for the quarter ended June 30, 2009; YoY decline
was 2.9%

- Net income after tax was $ 313 million for the quarter ended June 30, 2009;
YoY growth was 1.6% - Earnings per American Depositary Share (ADS) increased to
$ 0.55 from $ 0.54; YoY growth of 1.9%

We believe that in the short term the global economic environment will continue
to be challenging, said S. Gopalakrishnan, CEO and Managing Director. We are
working closely with our clients to help them navigate the downturn. We continue
to invest in the future to take advantage of the growth opportunities in the
medium to long term.

Business outlook

The company’s outlook (consolidated) for the quarter ending September 30,
2009 and for the fiscal year ending March 31, 2010, under International
Financial Reporting Standards (IFRS), is as follows:

Outlook under IFRS#

Quarter ending September 30, 2009

- Consolidated revenues are expected to be in the range of $ 1,110 million and
$ 1,130 million; YoY decline of 8.7% to 7.1% - Consolidated earnings per
American Depositary Share are expected to be in the range of $ 0.50 and $ 0.51;
YoY decline of 10.7% to 8.9% Fiscal year ending March 31, 2010 - Consolidated
revenues are expected to be in the range of $ 4.45 billion and $ 4.52 billion;
YoY decline of 4.6% to 3.1% - Consolidated earnings per American Depositary
Share are expected to be in the range of $ 1.97 and $ 2.00; YoY decline of 12.4%
to 11.1%

# Exchange rates considered for major global currencies: AUD / USD - 0.81; GBP
/ USD - 1.66; Euro / USD - 1.41

Expansion of services and significant projects

Infosys continues to win transformational deals, solution-based engagements,
and systems integration projects as clients seek a trusted partner in their

Clients are leveraging Infosys’ industry expertise on projects directed
at gaining a competitive advantage. A leading manufacturer and marketer of
beauty care products, Alberto Culver Company, selected us to enhance its trade
promotion effectiveness. We will deliver advanced category analytics services to
help the company improve pricing, promotions and category management decisions.
A developer and marketer of video games software and content is using our
enterprise collaboration platform to ensure sustained community interaction and
innovation management. We defined a collaboration platform strategy and roadmap
for a high tech manufacturer, and the implementation is expected to result in
significant cost savings and enhanced customer satisfaction. We are helping a
high tech major, through our Supply Chain Visibility platform, to enable better
KPI tracking, incident management, SLA compliance, and overall decision making.
We are also helping the company to develop a repeatable and standardized
approach for delivering services. A manufacturing major awarded us a deal to
standardize its global processes as per contextual business needs. A premium
food retailer, Waitrose, selected us as its partner for a multi-channel commerce
transformation program. A transportation major engaged us to meet its strategic
needs of global product development by integrating engineering and manufacturing

Infosys’ consulting services is contributing to growth. A provider of
workflow solutions sought our consulting services for a transformational project
deploying a human capital management system that supports global and local
processes in more than 25 countries. The client also engaged us to transform its
end-to-end business processes to accelerate integration of acquisitions and
speed up time-to-market for new products.

Market leaders across the world are benefiting from Infosys’ engineering
services, particularly its Product Lifecycle Management (PLM) expertise. A
global manufacturer engaged us for PLM services, including roadmap definition
and assessment. In addition, we are working with another global manufacturer to
support its PLM program, and a global consumer packaged goods company to
transform its PLM platform.

Infosys continues to strengthen its position in the banking and capital markets
sector. A leading bank chose us to help it architect a future-state platform for
client payment authorizations as well as conduct performance testing on one of
its key online banking channels. Another leading bank selected us to provide
functional consulting support for a Human Resources Management System (HRMS)
rollout across 36 countries. Telstra, Australia’s leading
telecommunications and information services company, selected us as one of its
key strategy partners to support its five-year AUD 450 million contracts for
application development and maintenance.

We developed and delivered a global template to an agribusiness to establish a
scalable enterprise computing platform. We implemented a forecasting and
planning application at a large airline company which involved planning ground
manpower resources to service airplanes. As a result, the company improved
processing by more than 40 percent.

Learning Services’ innovative solutions have been acclaimed by our
clients. During fiscal 2008, we had introduced ’Learning Services’
that modernizes and integrates traditionally separate functions such as
training, learning, e-learning, talent development, and knowledge management.
During Q1 of this fiscal, a high tech manufacturer sought our expertise to
create and execute a strategy to design change communication, and build content
to help users adapt to new technologies in the social arena. In addition,
Learning Services was awarded a project by a consumer electronics company to
develop a technology architecture to support the induction of new customer
service agents.

The global currency markets continue to be volatile. During the quarter, the
rupee appreciated against the US dollar, said V. Balakrishnan, Chief Financial
Officer. We continue to focus on margins while making the right investments to
accelerate growth.

About Infosys Technologies Ltd.

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business
solutions that help Global 2000 companies win in a Flat World. These solutions
focus on providing strategic differentiation and operational superiority to
clients. With Infosys, clients are assured of a transparent business partner,
world-class processes, speed of execution and the power to stretch their IT
budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys
has over 103,000 employees in over 50 offices worldwide. Infosys is part of the
NASDAQ-100 Index and The Global Dow. For more information, visit

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, 2009 and on Form 6-K for the quarters ended June 30,
2008, September 30, 2008 and December 31, 2008. 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 statements that may be made from time to time by or on behalf of
the company.

Unaudited Consolidated Financial Statements (Condensed) in compliance with
International Financial Reporting Standards as issued by the International
Accounting Standards Board (IFRS) Infosys Technologies Limited and subsidiaries
Unaudited Consolidated Balance Sheets as of (Dollars in millions except share
data) June 30, 2009 March 31,2009 ASSETS Current assets Cash and cash
equivalents $2,270 $2,167 Available-for-sale financial assets 240 - Trade
receivables 713 724 Unbilled revenue 182 148 Derivative financial instruments 5
- Prepayments and other assets 96 81 Total current assets 3,506 3,120
Non-current assets Property, plant and equipment 958 920 Goodwill 144 135
Intangible assets 7 7 Deferred income tax assets 95 88 Income tax assets 60 54
Other non-current assets 55 52 Total non-current assets 1,319 1,256 Total assets
$4,825 $4,376 LIABILITIES AND EQUITY Current liabilities Trade payables $2 $5
Derivative financial instruments - 22 Current income tax liabilities 144 115 Tax
on dividend 27 - Client deposits 1 1 Unearned revenue 89 65 Employee benefit
obligations 20 21 Provisions 18 18 Other current liabilities 315 290 Total
current liabilities 616 537 Non-current liabilities Deferred income tax
liabilities 8 7 Employee benefit obligations 53 48 Total liabilities 677 592
Equity Share capital - Rs. 5 ($0.16) par value 64 64 600,000,000 equity shares
authorized, issued and outstanding 573,059,177 and 572,830,043 as of June 30,
2009 and March 31, 2009, respectively Share premium 676 672 Retained earnings
3,742 3,618 Other components of equity (334) (570) Total equity attributable to
equity holders of the company 4,148 3,784 Total liabilities and equity $4,825

2009 2008 Revenues $1,122 $1,155 Cost of sales 643 697 Gross profit 479 458
Operating expenses: Selling and marketing expenses 53 61 Administrative expenses
88 87 Total operating expenses 141 148 Operating profit 338 310 Other
income/(expense) 7 (18) Finance income 48 46 Profit before income taxes 393 338
Income tax expense 80 30 Net profit $313 $308 Other comprehensive income
Exchange differences on translating foreign operations 236 (274) Total other
comprehensive income $236 $(274) Total comprehensive income $549 $34 Profit
attributable to: Owners of the parent $313 $308 Non-controlling interests - -
$313 $308 Total comprehensive income attributable to: Owners of the parent $549
$34 Non-controlling interests - - $549 $34 Earnings per equity share Basic ($)
$0.55 $0.54 Diluted ($) $0.55 $0.54 Weighted average equity shares used in
computing earnings per equity share Basic 570,115,230 569,365,847 Diluted
570,818,075 570,728,234

To view the Fact Sheet and Press Release with tables, please click on the links
given below:

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Contact Investor Relations Shekar Narayanan India +91-80-4116-7744 Sandeep Mahindroo USA +1-646-254-3133 Media Relations Bani Paintal Dhawan India
+91-80-3913-4511 Peter McLaughlin USA +1-213-268-9363

SOURCE: Infosys Technologies Ltd.