Infosys Technologies, Ltd.

	All amounts in Millions of US Dollars except per share items
Select start date for quarterly reports

BALANCE SHEET (at a glance)
	2009/06	2009/09	2009/12	2010/03	2010/06

INDICATORS
quarter end date	2009/06	2009/09	2009/12	2010/03	2010/06
date preliminary data loaded	2009-08-06	2009-10-14	2010-07-26	2010-04-19	2010-07-15
earnings period indicator	Q	S	N	F	Q
quarterly indicator	1	2	3	4	1
basic earnings indicator	Y	Y	Y	Y	Y
template indicator
preliminary full context ind	N	N	N	N	N
projected fiscal year date	0000-00-00	0000-00-00	0000-00-00	0000-00-00	0000-00-00
number of months last report period	3	3	3	3	3
INCOME STATEMENT
operating revenue	1,122.0	1,154.0	1,232.0	1,296.0	1,358.0
total revenue	1,122.0	1,154.0	1,232.0	1,296.0	1,358.0
adjustments to revenue	0.0	0.0	0.0	0.0	0.0
cost of sales	643.0	568.0	645.0	694.0	755.0
cost of sales with depreciation	643.0	662.0	700.0	744.0	800.0
gross margin	479.0	586.0	587.0	602.0	603.0
gross operating profit	479.0	586.0	587.0	602.0	603.0
Research & Development (R&D) Expense	0.0	0.0	0.0	0.0	0.0
Selling, General & Administrative (SG&A) Expense	141.0	142.0	150.0	162.0	174.0
advertising	0.0	0.0	0.0	0.0	0.0
operating income	338.0	350.0	382.0	390.0	384.0
EBITDA	338.0	444.0	437.0	440.0	429.0
depreciation	0.0	94.0	55.0	50.0	45.0
depreciation (unrecognized)	0.0	0.0	0.0	0.0	0.0
amortization	0.0	0.0	0.0	0.0	0.0
amortization of intangibles	0.0	0.0	0.0	0.0	0.0
operating profit after depreciation	338.0	350.0	382.0	390.0	384.0
interest income	48.0	41.0	0.0	164.0	0.0
earnings from equity interest	0.0	0.0	0.0	0.0	0.0
other income net	7.0	8.0	50.0	-109.0	53.0
income, acquired in process r&a	0.0	0.0	0.0	0.0	0.0
Income, Restructuring and M&A	0.0	0.0	0.0	0.0	0.0
other special charges	0.0	0.0	0.0	0.0	0.0
special income charges	0.0	0.0	0.0	0.0	0.0
EBIT	393.0	399.0	432.0	445.0	437.0
interest expense	0.0	0.0	0.0	0.0	0.0
pre-tax income	393.0	399.0	432.0	445.0	437.0
income taxes	80.0	82.0	98.0	96.0	111.0
minority interest	0.0	0.0	0.0	0.0	0.0
pref. securities of subsid. trust	0.0	0.0	0.0	0.0	0.0
income before income taxes	393.0	399.0	432.0	445.0	437.0
net income (continuing operations)	313.0	317.0	334.0	349.0	326.0
net income (discontinued operations)	0.0	0.0	0.0	0.0	0.0
net income (total operations)	313.0	317.0	334.0	349.0	326.0
extraordinary income/losses	0.0	0.0	0.0	0.0	0.0
income from cum. effect of acct. change	0.0	0.0	0.0	0.0	0.0
income from tax loss carryforward	0.0	0.0	0.0	0.0	0.0
other gains/losses	0.0	0.0	0.0	0.0	0.0
total net income	313.0	317.0	334.0	349.0	326.0
normalized income	313.0	317.0	334.0	349.0	326.0
net income available for common	313.0	317.0	334.0	349.0	326.0
preferred dividends	0.0	0.0	0.0	0.0	0.0
excise taxes	0.0	0.0	0.0	0.0	0.0
*
Basic EPS (Continuing)	0.55	0.56	0.59	0.61	0.57
Basic EPS (Discontinued)	0.00	0.00	0.00	0.00	0.00
Basic EPS from Total Operations	0.55	0.56	0.59	0.61	0.57
Basic EPS (Extraordinary Items)	0.00	0.00	0.00	0.00	0.00
Basic EPS (Cum. Effect of Acct. Change)	0.00	0.00	0.00	0.00	0.00
Basic EPS (Tax Loss Carry Forward)	0.00	0.00	0.00	0.00	0.00
Basic EPS (Other Gains/Losses)	0.00	0.00	0.00	0.00	0.00
Basic EPS - Total	0.55	0.56	0.59	0.61	0.57
Basic EPS - Normalized	0.55	0.56	0.59	0.61	0.57
*
Diluted EPS (Continuing)	0.55	0.56	0.59	0.61	0.57
Diluted EPS (Discontinued)	0.00	0.00	0.00	0.00	0.00
Diluted EPS from Total Operations	0.55	0.56	0.59	0.61	0.57
Diluted EPS (Extraordinary)	0.00	0.00	0.00	0.00	0.00
Diluted EPS (Cum. Effect of Acct. Change)	0.00	0.00	0.00	0.00	0.00
Diluted EPS (Tax Loss Carry Forward)	0.00	0.00	0.00	0.00	0.00
Diluted EPS (Other Gains/Losses)	0.00	0.00	0.00	0.00	0.00
Diluted EPS - Total	0.55	0.56	0.59	0.61	0.57
Diluted EPS - Normalized	0.55	0.56	0.59	0.61	0.57
Dividends Paid Per Share (DPS)	0.26	0.00	0.20	0.00	0.30
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)	1,122.0	2,276.0	3,508.0	4,804.0	1,358.0
Net Income from Total Operations (YTD)	313.0	630.0	964.0	1,313.0	326.0
EPS from Total Operations (YTD)	0.55	1.10	1.69	2.30	0.57
Dividends Paid Per Share (YTD)	0.26	0.26	0.46	0.46	0.30
BALANCE SHEET
ASSETS
cash & equivalents	2,270.0	2,208.0	1,972.0	2,698.0	3,011.0
restricted cash	0.0	0.0	0.0	0.0	0.0
marketable securities	245.0	675.0	1,149.0	855.0	393.0
accounts receivable	895.0	700.0	724.0	778.0	828.0
loans receivable	0.0	0.0	0.0	0.0	0.0
other receivable	0.0	164.0	173.0	187.0	228.0
receivables	895.0	864.0	897.0	965.0	1,056.0
inventories, raw materials	0.0	0.0	0.0	0.0	0.0
inventories, work in progress	0.0	0.0	0.0	0.0	0.0
inventories, purchased components	0.0	0.0	0.0	0.0	0.0
inventories, finished goods	0.0	0.0	0.0	0.0	0.0
inventories, other	0.0	0.0	0.0	0.0	0.0
inventories, adjustments & allowances	0.0	0.0	0.0	0.0	0.0
inventories	0.0	0.0	0.0	0.0	0.0
prepaid expenses	96.0	108.0	117.0	143.0	156.0
current defered income taxes	0.0	0.0	0.0	0.0	0.0
other current assets	0.0	0.0	0.0	0.0	42.0
total current assets	3,506.0	3,855.0	4,135.0	4,661.0	4,658.0
land and improvements	0.0	68.0	70.0	73.0	89.0
building and improvements	0.0	655.0	688.0	735.0	732.0
machinery, furniture & equipment	0.0	728.0	770.0	731.0	733.0
construction in progress	0.0	87.0	91.0	91.0	64.0
other fixed assets	958.0	0.0	0.0	0.0	0.0
total fixed assets	958.0	1,538.0	1,619.0	1,630.0	1,618.0
gross fixed assets	958.0	1,538.0	1,619.0	1,630.0	1,618.0
accumulated depreciation	0.0	592.0	658.0	641.0	663.0
net fixed assets	958.0	946.0	961.0	989.0	955.0
intangibles	7.0	6.0	15.0	12.0	12.0
cost in excess	144.0	144.0	178.0	183.0	178.0
non-current deferred income taxes	95.0	109.0	136.0	78.0	62.0
other non-current assets	115.0	128.0	153.0	225.0	250.0
total non-current assets	1,319.0	1,333.0	1,443.0	1,487.0	1,457.0
total assets	4,825.0	5,188.0	5,578.0	6,148.0	6,115.0
inventory valuation method
EQUITY & LIABILITIES
accounts payable	2.0	2.0	3.0	2.0	5.0
notes payable	0.0	0.0	0.0	0.0	0.0
short-term debt	0.0	0.0	0.0	0.0	0.0
accrued expenses	0.0	0.0	0.0	0.0	0.0
accrued liabilities	0.0	29.0	30.0	29.0	30.0
deferred revenues	89.0	0.0	133.0	118.0	125.0
current deferred income taxes	0.0	0.0	0.0	0.0	0.0
other current liabilities	525.0	630.0	531.0	561.0	619.0
total current liabilities	616.0	661.0	697.0	710.0	779.0
long-term debt	0.0	0.0	0.0	0.0	0.0
capital lease obligations	0.0	0.0	0.0	0.0	0.0
deferred income taxes	8.0	8.0	8.0	26.0	1.0
other non-current liabilities	53.0	48.0	55.0	51.0	51.0
minority interest liability	0.0	0.0	0.0	0.0	0.0
preferred secur. of subsid. trust	0.0	0.0	0.0	0.0	0.0
preferred equity outside stock equity	0.0	0.0	0.0	0.0	0.0
total non-current liabilities	61.0	56.0	63.0	77.0	52.0
total liabilities	677.0	717.0	760.0	787.0	831.0
preferred stock equity	0.0	0.0	0.0	0.0	0.0
common stock equity	4,148.0	4,471.0	4,818.0	5,361.0	5,284.0
common par	64.0	64.0	64.0	64.0	64.0
additional paid-in capital	676.0	681.0	685.0	694.0	695.0
cumulative translation adjustments	0.0	0.0	0.0	0.0	0.0
retained earnings	3,742.0	4,070.0	4,262.0	4,611.0	4,722.0
treasury stock	0.0	0.0	0.0	0.0	0.0
other equity adjustments	-334.0	-344.0	-193.0	-8.0	-197.0
total capitalization	4,148.0	4,471.0	4,818.0	5,361.0	5,284.0
total equity	4,148.0	4,471.0	4,818.0	5,361.0	5,284.0
total liabilities & stock equity	4,825.0	5,188.0	5,578.0	6,148.0	6,115.0
*
cash flow	1,415.0	1,465.0	1,480.0	1,512.0	1,570.0
working capital	2,890.0	3,194.0	3,438.0	3,951.0	3,879.0
free cash flow	0.0	555.0	460.0	947.0	103.0
invested capital	4,148.0	4,471.0	4,818.0	5,361.0	5,284.0
*
shares out (common class only)	573.1	570.5	570.7	571.0	571.1
preferred shares	0.0	0.0	0.0	0.0	0.0
total ordinary shares	573.1	570.5	570.7	571.0	571.1
total common shares out	573.1	570.5	570.7	571.0	571.1
treasury shares	0.0	0.0	0.0	0.0	2.8
basic weighted shares	570.1	570.3	570.6	570.5	571.0
diluted weighted shares	570.8	571.0	571.2	571.1	571.3
number of employees	0	0	0	0	0
number of part-time employees	0	0	0	0	0
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
net income/loss	0.0	630.0	964.0	1,313.0	326.0
depreciation	0.0	94.0	149.0	199.0	45.0
amortization	0.0	0.0	0.0	0.0	0.0
amortization of intangibles	0.0	0.0	0.0	0.0	0.0
deferred income taxes	0.0	0.0	0.0	0.0	0.0
operating gains	0.0	155.0	-46.0	-50.0	55.0
extraordinary gains	0.0	0.0	0.0	0.0	0.0
(increase) decrease in receivables	0.0	55.0	55.0	22.0	-124.0
(increase) decrease in inventories	0.0	0.0	0.0	0.0	0.0
(increase) decrease in prepaid expenses	0.0	-31.0	-33.0	-49.0	-32.0
(increase) decrease in other current assets	0.0	0.0	2.0	1.0	2.0
decrease (increase) in payables	0.0	-3.0	-3.0	-4.0	2.0
decrease (increase) in other current liabilities	0.0	47.0	60.0	42.0	11.0
decrease (increase) in other working capital	0.0	31.0	-16.0	-18.0	53.0
other non-cash items	0.0	-164.0	-203.0	1.0	0.0
net cash from continuing operations	0.0	814.0	929.0	1,457.0	338.0
net cash from discontinued operations	0.0	0.0	0.0	0.0	0.0
net cash from total operating activities	0.0	814.0	929.0	1,457.0	338.0
INVESTING ACTIVITIES
sale of property, plant & equipment	0.0	0.0	0.0	1.0	0.0
sale of long-term investments	0.0	0.0	0.0	0.0	4.0
sale of short-term investments	0.0	325.0	673.0	1,571.0	2.0
purchase of property, plant & equipment	0.0	-71.0	-102.0	-143.0	-51.0
acquisitions	0.0	0.0	-37.0	-37.0	0.0
purchase of long-term investments	0.0	0.0	0.0	0.0	0.0
purchase of short-term investments	0.0	-988.0	-1,774.0	-2,340.0	-137.0
other investing changes, net	0.0	-4.0	17.0	18.0	475.0
cash from discontinued investing activities	0.0	0.0	0.0	0.0	0.0
net cash from investing activities	0.0	-738.0	-1,223.0	-930.0	293.0
FINANCING ACTIVITIES
issuance of debt	0.0	0.0	0.0	0.0	0.0
issuance of capital stock	0.0	9.0	13.0	20.0	1.0
repayment of long-term debt	0.0	0.0	0.0	0.0	0.0
repurchase of capital stock	0.0	0.0	0.0	0.0	0.0
payment of cash dividends	0.0	-188.0	-330.0	-330.0	-184.0
other financing charges, net	0.0	0.0	0.0	0.0	-31.0
cash from discontinued financing activities	0.0	0.0	0.0	0.0	0.0
net cash from financing activities	0.0	-179.0	-317.0	-310.0	-214.0
NET CASH FLOW
effect exchange rate changes	0.0	144.0	203.0	304.0	-104.0
net change in cash & equivalents	0.0	41.0	-408.0	521.0	313.0
cash at beginning of period	0.0	2,167.0	2,167.0	2,177.0	2,698.0
cash end of period	0.0	2,208.0	1,972.0	2,698.0	3,011.0
*
foreign sales	0.0	0.0	0.0	0.0	0.0
domestic sales	0.0	0.0	0.0	0.0	0.0
auditor name
auditor report
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio	16.2	21.4	24.2	25.6	25.7
High PE Ratio	19.9	22.1	24.6	27.1	27.7
Low PE Ratio	9.3	9.3	9.9	11.3	14.5
gross profit margin	42.9	46.7	46.9	46.9	47.2
pre-tax profit margin	30.3	34.1	34.8	34.7	34.0
post-tax profit margin	27.9	28.2	27.9	27.3	26.3
net profit margin	27.9	28.2	27.9	27.3	26.3
interest coverage (cont. operations)	0.0	0.0	0.0	0.0	0.0
interest as % of invested capital	0.0	0.0	0.0	0.0	0.0
effective tax rate	17.4	17.3	19.9	21.3	22.6
income per employee	0	0	0	11538	0
NORMALIZED RATIOS
Normalized Close PE Ratio	16.2	21.4	24.2	25.6	25.7
Normalized High PE Ratio	19.9	22.1	24.6	27.1	27.7
Normalized Low PE Ratio	9.3	9.3	9.9	11.3	14.5
normalized net profit margin	27.9	28.2	27.9	27.3	26.3
Normalized ROE	31.1	28.8	26.8	24.5	25.1
Normalized ROA	26.7	24.8	23.1	21.4	21.7
Normalized ROCI	31.1	28.8	26.8	24.5	25.1
normalized income per employee	0	0	0	11538	0
SOLVENCY RATIOS
quick ratio	5.5	5.7	5.8	6.4	5.7
current ratio	5.7	5.8	5.9	6.6	6.0
payout ratio	20	20	20	20	22
total debt/equity ratio	0.00	0.00	0.00	0.00	0.00
long-term debt/total capital	0.00	0.00	0.00	0.00	0.00
EFFICIENCY RATIOS
leverage ratio	1.2	1.2	1.2	1.1	1.2
asset turnover	1.0	1.0	0.9	0.9	0.9
cash as % of revenue	49.0	48.3	42.6	56.2	59.7
receivables as % of revenue	19.3	18.9	19.4	20.1	21.0
SG&A as % of Revenue	12.6	12.3	12.4	12.4	12.5
R&D as % of Revenue	0.0	0.0	0.0	0.0	0.0
ACTIVITY RATIOS
revenue per $ cash	2.04	2.07	2.35	1.78	1.67
revenue per $ plant (net)	4.83	4.83	4.82	4.86	5.28
revenue per $ common equity	1.12	1.02	0.96	0.90	0.95
revenue per $ invested capital	1.12	1.02	0.96	0.90	0.95
LIQUIDITY RATIOS
receivables turnover	5.5	5.1	5.2	5.2	5.2
inventory turnover	0.0	0.0	0.0	0.0	0.0
receivables per day sales	69.59	68.09	69.76	72.31	75.43
sales per $ receivables	5.17	5.29	5.16	4.98	4.77
sales per $ inventory	0.00	0.00	0.00	0.00	0.00
revenue/assets	1.0	0.9	0.8	0.8	0.8
number of days cost of goods in inventory	0	0	0	0	0
current assets per share	6.12	6.76	7.25	8.16	8.16
total assets per share	8.42	9.09	9.77	10.77	10.71
intangibles as % of book-value	3.6	3.4	4.0	3.6	3.6
inventory as % of revenue	0.0	0.0	0.0	0.0	0.0
CAPITAL STRUCTURE RATIOS
long-term debt per share	0.00	0.00	0.00	0.00	0.00
current liabilities per share	1.07	1.16	1.22	1.24	1.36
cash per share	3.96	3.87	3.46	4.73	5.27
LT-Debt to Equity Ratio	0.00	0.00	0.00	0.00	0.00
LT-Debt as % of Invested Capital	0.0	0.0	0.0	0.0	0.0
LT-Debt as % of Total Debt	0.0	0.0	0.0	0.0	0.0
total debt as % total assets	14.0	13.8	13.6	12.8	13.6
working captial as % of equity	69.7	71.4	71.4	73.7	73.4
revenue per share	8.08	8.01	8.11	8.41	8.83
book value per share	7.24	7.84	8.44	9.39	9.25
tangible book value per share	6.97	7.57	8.10	9.05	8.92
price/revenue ratio	4.55	6.05	6.82	6.99	6.78
price/equity ratio	5.08	6.18	6.55	6.26	6.48
price/tangible book ratio	5.28	6.41	6.82	6.50	6.72
working capital as % of price	13.7	11.5	10.9	11.8	11.3
PROFITABILITY
working capital per share	5.04	5.60	6.02	6.92	6.79
cash flow per share	2.47	2.57	2.59	2.65	2.75
free cash flow per share	0.00	0.97	0.81	1.66	0.18
Return on Stock Equity (ROE)	31.1	28.8	26.8	24.5	25.1
Return on Capital Invested (ROCI)	31.1	28.8	26.8	24.5	25.1
Return on Assets (ROA)	26.7	24.8	23.1	21.4	21.7
price/cash flow ratio	14.9	18.9	21.3	22.2	21.8
price/free cash flow ratio	0.0	50.0	68.2	35.4	332.8
sales per employee	0	0	0	42214	0
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry	27.7	0.0	0.0	29.4	0.0
% of earnings-to-industry	63.0	0.0	0.0	69.4	0.0
% of EPS-to-Industry	286.6	0.0	0.0	313.6	0.0
% of price-to-industry	106.7	137.0	141.7	150.8	153.6
% of PE-to-Industry	37.1	48.9	55.5	47.9	48.1
% of price/book-to-industry	102.6	124.8	132.3	108.3	112.1
% of price/sales-to-industry	85.8	114.2	128.7	114.8	111.3
% of price/cashflow-to-industry	52.7	66.8	75.5	66.0	64.8
% of pric/free cashlow-to-industry	0.0	87.0	118.7	78.1	733.9
% of debt/equity-to-industry	0.0	0.0	0.0	0.0	0.0
% of current ratio-to-industry	211.1	0.0	0.0	264.0	0.0
% of gross profit margin-to-industry	59.8	0.0	0.0	65.5	0.0
% of pre-tax profit margin-to-industry	194.2	0.0	0.0	222.4	0.0
% of post-tax profit margin-to-industry	228.7	0.0	0.0	235.3	0.0
% of net profit margin-to-industry	228.7	0.0	0.0	235.3	0.0
% of ROE-to-Industry	272.8	0.0	0.0	222.7	0.0
% of leverage-to-industry	80.0	0.0	0.0	68.8	0.0

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