Infosys Technologies business outlook

Infosys Technologies Ltd has announced the following Business Outlook:

The company’s outlook (consolidated) for the quarter ending December 31, 2007 and the fiscal year ending March 31, 2008, under Indian GAAP and US GAAP, is as follows:

Outlook under Indian GAAP – consolidated

Quarter ending December 31, 2007*

Income is expected to be in the range of Rs 42380 million and Rs 42580 million; YoY growth of 16.0% – 16.5%

Earnings per share are expected to be Rs 20.11; YoY growth of 14.0%

Fiscal year ending March 31, 2008*

Income is expected to be in the range of Rs 165880 million and Rs 166480 million; YoY growth of 19.4% – 19.8%

Earnings per share** are expected to be in the range of Rs 79.49 – Rs 79.88; YoY growth of 15.0% - 15.6%

* Conversion 1 $ = Rs 39.50

** Including tax reversal of Rs 510 million and Rs 1240 million in fiscal 2008 and 2007 respectively. Excluding the tax reversal the earnings per share are expected to be between Rs 78.60 and Rs 78.99; YoY growth of 17.5% to 18.1%

Outlook under US GAAP

Quarter ending December 31, 2007

Consolidated revenues are expected to be in the range of $ 1,073 million and $ 1,078 million; YoY growth of 30.7% – 31.3%

Consolidated earnings per American Depositary Share are expected to be $ 0.51; YoY growth of 30.8%

Fiscal year ending March 31, 2008

Consolidated revenues are expected to be in the range of $ 4.16 billion and $ 4.17 billion; YoY growth of 34.5% – 35.0%

Consolidated earnings per American Depositary Share*** are expected to be in the range of $ 1.98 - $ 1.99; YoY growth of 29.4% - 30.1%

*** Including tax reversal of US$ 13 mn and US$ 29 mn in fiscal 2008 and 2007 respectively. Excluding the tax reversals the consolidated Earnings per American Depositary Shares are expected to be between $ 1.96 to $ 1.97; YoY growth of 32.4% to 33.1%.

“We have achieved yet another milestone by crossing one billion dollars in revenues this quarter,” said S. Gopalakrishnan, CEO and Managing Director. “In an increasingly flat world, our unique business model combined with our value proposition continues to help our clients grow profitably.”