Infosys Technologies Cited as a Leader in Oracle Implementation Services by Independent Research Firm

Infosys Technologies Ltd has announced that the Company has been recognized as a leader among Oracle implementation providers in a March 2008 report issued by independent analyst firm Forrester Research.

The Forrester report, entitled The Forrester Wave: Oracle Implementation Providers Q1 2008, states that Infosys' placement within the leader category was "fueled by strong business process consulting capabilities, technical skills, large offshore practices, and strong technical IP including pre-built, industry-specific solutions."

"Infosys is committed to working closely with our clients as their trusted strategic partner to help them strengthen their business and gain efficiencies throughout their organization," said Chandra Shekar Kakal, senior vice president and global head for enterprise solutions, Infosys Technologies. "Our placement in the Forrester report reflects our ability to deliver valuable strategic insight coupled with strong implementation capabilities and industry solutions for our global clients running packaged applications from Oracle."

In addition to citing Infosys as a leader in Oracle implementation services, the report recognizes the Company's impressive growth rate of "50% year-over-year for the past four years" noting that "the provider has expertise across a range of industries including banking and financial services, hi-tech and discrete manufacturing, and retail."

The report also mentions customer satisfaction depicted by "strong client reference scores, particularly around value for the money and project management." Infosys notably received the highest customer reference scores (in a three-way tie) for value for the money and client reference scores on knowledge of business process related to the scope of the Oracle implementation were tied for best in the evaluation.

This report is a quarterly assessment of 13 global Oracle implementation providers and tracks across 107 criteria to determine competitive standing. Forrester Research factors in scores rated against overall strategy, market presence and current offerings.

Infosys Technologies - Finacle Powers Transformation at Aspis Bank, Greece

Infosys Technologies Ltd has informed that Finacle from Infosys and Aspis Bank on March 19, 2008 announced that Aspis Bank, Greece is live on Finacle Universal Banking Solution. While the core banking solution went live in the last quarter of 2007, the treasury solution has been operational at the bank since September 2005. The state-of-the-art solution that has gone live across 83 branches has enabled the bank to embark on its ambitious business transformation strategy aimed at aggressive growth and rapid differentiation. Post implementation, the bank has seen the launch of 7 new products in a short span of 12 weeks, almost 40% increase in average transactions/day and a threefold increase in ATM charges.

Leveraging Finacle, the bank is now empowered to create a differentiated customer experience through innovative product offerings, unified customer view and seamless integration across channels for greater customer convenience. Finacle has also enabled the bank to achieve greater efficiency in workflows, manage operational risks, and increase fee-based income.

Mr. Haragopal M, Vice President and Business Head - Finacle, Infosys Technologies said, "We are delighted to see Finacle powering the business transformation at Aspis Bank. Greece, Cyprus and the Balkans constitute a strategic market for Infosys and we are looking to enable banks in this region to become more competitive and customer focused by leveraging technology. We look forward to closely working with Aspis Bank helping them further hamess the capabilities of Finacle."

Finacle is built on new generation technologies, open industry standards and a services oriented architecture. It has effectively replaced the bank's legacy systems and provided the bank with a future proof technology platform that promises the flexibility of STP (Straight Through Processing) for channel transactions, agility to respond to business needs, true scalability and reduced total cost of ownership.

Finacle customer base spans across 60 countries. Finacle solutions have been recently recognized by top analysts including Gartner, Forrester and Celent. Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was also positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**.

*Source: "The Forrester Wave: Retail Banking Platforms, Q4 2006", Forrester Research, Inc., November 2006

**Source: Gartner, Inc. "Magic Quadrant for International Retail Core Banking, 2006" Don Free, January 25, 2007.

Infosys at Davos

Infosys Technologies Ltd has announced that

"As a strategic partner of the World Economic Forum Annual Meeting taking place in Davos, Switzerland, Infosys Technologies is taking a leading role in shaping the future agenda of its partner communities. With this aim in mind, Infosys conducted an exclusive CEO panel discussion on January 24, 2008 to look at the world we can expect to see in 2020.

The panel discussion, Welcome to Twenty2O: Creating a Future by Design," involved renowned futurists Paul Saffo and Peter Schwartz to engage with the audience on their view of the scenarios impacting global corporations. Participants included CEOs from Companies across the globe. Kris Gopalakrishnan, Infosys CEO and Managing Director, and Maria Bortiromo, CNBC anchor, led the panel discussion.

In his opening remarks, Kris said, "In today's interconnected world we to have to look at solving today’s and tomorrow’s problems through increased collaboration and innovation."

The CEO discussion centered on managing uncertainty in a rapidly changing world and addressed five global themes that Infosys predicts will shape our future; Environment and Energy, Healthcare, Education, Economic Inclusiveness and Ethical Governance.

Participants discussed potential future scenarios between 2008 and 2020. It was asserted that by 2018 the proliferation of the Internet would enable remote education, apart from electronic delivery of medical services. Further, it would enable workers to complete tasks from anywhere in the world, thereby contributing to a decline in urbanization. It was also suggested that print editions of daily newspapers would cease to exist by 2014.

"Overwhelmingly, participants' concerns in the near future were around enhanced protectionism, the environment and energy," commented Peter Schwartz, the futurist who led the morning's discussions. "However, all saw upsides in the future with regard to technology, society and the economy."

The bottom line is that it is important that this event happened, and the dialogue has led to many great ideas and thought-provoking scenarios. But this barely scratched the surface of a rich load of new ideas. This was a crowd of realistic optimists who fully appreciated the challenges ahead and proposed realistic solutions," said Paul Saffo, technology forecaster also who facilitated the debate.

Kris Gopalakrishnan will also be speaking at the Forum on January 25, 2008 about how corporations can tap local innovation for global impact and how economies can use information communication technology for competitive advantage."

Infosys Technologies - Q3 results on Jan 11, 2008

Infosys Technologies Ltd has informed that a meeting of the Board of Directors of the Company will be held on January 11, 2008, inter alia, to consider the following:

1. The audited financial results of the Company as per Indian GAAP for the third quarter and nine months ending December 31, 2007 (Q3).

2. The audited consolidated financial results of the company and its subsidiaries as per Indian GAAP for the third quarter and nine months ending December 31, 2007.

3. The un-audited financial results of the company as per US GAAP for the third quarter and nine months ending December 31, 2007.

Infosys Technologies Updates

Infosys Technologies Ltd has announced that the Company has entered the Balanced Scorecard Hall of Fame for Executing Strategy™ for achieving breakthrough performance results using the Balanced Scorecard (BSC). The award has been instituted by the Palladium Group, Inc., a leading global professional services firm that enables Companies to better measure and manages performance using the Balanced Scorecard approach. Past winners of this award include UPS, Best Buy, Siemens, Motorola and AT&T Canada.

Commenting on this recognition, Sanjay Purohit, VP & Head - Corporate Planning & Business Assurance, Infosys said, "Infosys has found entry into the BSC Hall of Fame on account of its innovative strategy planning and execution capabilities. We invest in a portfolio of organization-wide planning and execution processes and systems, which involves participation from a cross-section of our employees, including our under-30 budding young leaders. We believe our strategy roadmap and the BSC are key instruments that will help Infosys become a transformation partner to all the clients."

Infosys was lauded for its focus and success in driving the execution of key strategies resulting in growth and differentiation. The award was based on five key principles; (1) Mobilizing change through executive leadership; (2) Translating strategy into operational terms; (3) Aligning the organization around its strategy; (4) Motivating to make strategy everyone's job, and (5) Governing to make strategy a continual process.

The BSC concept, created by Dr. Robert S Kaplan and Dr. David P Norton in 1992, has been implemented across several thousand corporations, organizations, and governments worldwide. It has been cited by Harvard Business Review as are of the most important management ideas of the past 75 years.

Based on the simple premise that "what gets measured is what gets done," the BSC puts strategy at the center of the management process, allowing organizations to implement strategies rapidly and effectively. Begun in 2000, the BSC Hall of Fame Program publicly honors organizations that are successfully using the BSC to achieve and sustain breakthrough performance results.

Infosys Technologies improves Hafslund ASA customer service

Infosys Technologies Ltd has informed that Hafslund ASA, Norway's largest utility Company, has improved customer service through reduced cycle times and streamlined processes. Hafslund leveraged the business consulting and Customer Relationship Management (CRM) expertise offered by Infosys Technologies Ltd (NASDAQ: INFY). Hafslund partnered with Infosys and successfully centralised processes across its business units and two product lines with the objective of improving operational efficiency and customer service. The effort has enabled Hafslund to scale its business and improved its ability to add new service lines in the future.

Infosys helped Hafslund transform from a product-centric business to a customer-centric organisation. The CRM implementation aims to improve customer relationships by improving service while leveraging information to create additional revenue opportunities. Infosys consultants worked alongside Hafslund's management and operational executives from business development, marketing and customer servicing functions in Norway to harmonise customer-centric business processes and applications. The recommendations of the harmonisation exercise resulted in a CRM solution specific to the Norwegian utilities industry and Hafslund's business and strategy.

Following the implementation of the CRM solution, Infosys assisted Hafslund with a Change Management & Training programme to ensure a smooth and successful transition across various business units. The change management program immediately improved various data
quality and operational efficiencies. Further, silo-based applications and processes, as well as paper copies of work orders, were eliminated. The integration of processes across departments reduced time from sales to fulfillment, besides reducing re-booking of appointments and wasted trips for field technicians. The customer experience was enhanced by consolidating six front-office systems, providing a unified customer view to customer service executives.

"We enable our clients to transform their operations and derive business benefits using technology-driven solutions, and Hafslund is a good example of our ability to execute such partnerships," said BG Srinivas, Senior Vice President, Infosys Technologies. "We are proud of the success we achieved alongside the Hafslund team in Norway."

Infosys - Finacle Bank in a Box

Infosys Technologies Ltd has informed that Finacle, the universal banking solution from Infosys Technologies, on October 29, 2007 has announced the launch of Finacle Bank-in-a-Box (BIAB), a pre-configured and fully integrated framework for banking transformation. Finacle BIAB has been developed on the powerful architectural foundation of Finacle and brings a fully web-enabled application and process stack in a ready to deploy state.

The global expertise in powering close to 100 banks across 55 countries has enabled
Finacle to offer this specialized framework for various regions. At this time, the regional framework has been developed for three regions — Europe, Middle East and South East Asia.

Using the Finacle BIAB framework, the core banking and treasury solutions have been implemented successfully at Bank Sohar in Oman. The rapid implementation framework ensured that phase one of the Bank Sohar project went live in a record 56 days.

Another key success of the Finacle BIAB framework is its being selected by Nadra Bank in Europe. Nadra Bank is one of the top ten banks in the Ukraine. Finacle was recently selected by Nadra Bank to power its banking transformation across 600+ branches.

Finacle developed the BIAB framework by leveraging the collective implementation experience across 55 countries of its consultants and by incorporating best practices from central banks and external consultants. Standard codes like ISO Country / Currency, SWIFT BIC Codes, UCPDC Codes are also incorporated in the Finacle BIAB framework. With 300+ Process Maps, Finacle BIAB enables banks to develop their processes with ease and without the need for any other external aide or tool.

Mr. Haragopal M, Vice President and Business Head - Finacle, Infosys Technologies, said: "In this flattening world, mid sized banks need to rapidly respond to the changing consumer demands and the competitive landscape. Finacle Bank-in-a-Box framework offers banks with a rapidly deployable solution that provides knowledge of best banking practices, processes and standards."

Infosys Technologies - Magic Quadrant

Infosys Technologies Ltd, on October 16, 2007 has announced that it has been positioned by Gartner, Inc. in the leaders quadrant in its report "Magic Quadrant for European Offshore Applications Services 2007" (Note 1). According to the research firm's report, "leaders are vendors who are performing well today, have a clear vision of market direction, and are actively building competencies to sustain their leadership position in the market."

In the last two years, the Company's key strategic priorities have included strengthening its global delivery model across Asia, North America, and Western and Central Europe and advancing its methodologies and processes for application services delivery. The Company has opened offices in Brno, Czech Republic and Monterrey, Mexico and has a presence in Poland to build language capabilities to service its European customers.

"We believe, the report clearly illustrates our momentum in Europe and is recognition of our ability to compete for and win large-scale global deals," said S. Gopalakrishnan, Chief Executive Officer and Managing Director of the Company.

The Gartner report states: "During the past year, the European market for offshore application services has grown significantly, outpacing the North American market. Although the U.K. remains the dominant purchaser of globally delivered application services in Europe, enterprises from a growing number of regions including the Nordics, Benelux and even Germany and France are taking advantage of globally delivered services. In addition, as Western European buyers seek the optimum providers for their organizations needs, many 'nearshore' countries are emerging as alternative (or additional) locations for service provision."

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.”

Infosys Technologies Q2 FY07 Results

Infosys Technologies Ltd has announced the following Audited results for the quarter ended September 30, 2007:

The Company has posted a net profit after tax & exceptional items of Rs 10740 million for the quarter ended September 30, 2007 as compared to Rs 8960 million for the quarter ended September 30, 2006. Total Income has increased from Rs 33390 million for the quarter ended September 30, 2006 to Rs 40050 million for the quarter ended September 30, 2007.

The Consolidated results are as follows:

The Group has posted a net profit after tax, exceptional items and minority interest of Rs 11000 million for the quarter ended September 30, 2007 as compared to Rs 9290 million for the quarter ended September 30, 2006. Total Income has increased from Rs 35170 million for the quarter ended September 30, 2006 to Rs 42600 million for the quarter ended September 30, 2007.

Infosys Technologies

Infosys Technologies Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 11, 2007, inter alia, to consider the following:

1. The audited financial results of the Company as per Indian GAAP for the second quarter and half year ending September 30, 2007 (Q2).

2. The audited consolidated financial results of the Company and its subsidiaries as per Indian GAAP for the second quarter and half year ending September 30, 2007.

3. The financial results of the Company as per US GAAP for the second quarter and half year ending September 30, 2007.

4. To consider payment of interim dividend, if any.

Further the Company has informed that, October 19, 2007 has been fixed as the Record Date for the purpose of payment of interim dividend, if any.

ENAM - Infosys Technologies

ENAM has a target of 2100 on Infosys.

Current valuations 22.8x FY08E and 18.2x FY09E

They maintain a NEUTRAL rating on the stock