Infosys Technologies Announces Results for the Quarter Ended September 30, 2008

Infosys Technologies Ltd. (NASDAQ: INFY):

Highlights

Consolidated results for the quarter ended September 30, 2008

• Second quarter revenues at $ 1,216 million, up 19% from the corresponding quarter last fiscal; in constant currency 19.5%
• Earnings per American Depositary Share (ADS) increased to $ 0.56 from $ 0.48 in the corresponding quarter last fiscal; YoY growth was 16.7%
• 40 new clients were added during the quarter by Infosys and its subsidiaries
• Gross addition of 10,117 employees (net 5,927) for the quarter by Infosys and its subsidiaries
• 100,306 employees as on September 30, 2008 for Infosys and its subsidiaries

"We have revised our US dollar revenue guidance to reflect the current economic situation and the drastic depreciation of major global currencies against the US dollar," said S. Gopalakrishnan, CEO and Managing Director. "The challenging environment provides interesting opportunities for transformational service providers like us."

Business outlook

The company´s outlook (consolidated) for the quarter ending December 31, 2008 and for the fiscal year ending March 31, 2009, under International Financial Reporting Standards (IFRS), is as follows:

Outlook under IFRS^#

Quarter ending December 31, 2008

• Consolidated revenues are expected to be in the range of $ 1,175 million and $ 1,220 million; YoY growth of 8.4% - 12.6%; in constant currency 11.9% - 16.2%
• Consolidated earnings per American Depositary Share are expected to be $ 0.57; YoY growth of 5.6%^@

Fiscal year ending March 31, 2009

• Consolidated revenues are expected to be in the range of $ 4.72 billion and $ 4.81 billion; YoY growth of 13.1% - 15.2%; 16% - 18% in constant currency
• Consolidated earnings per American Depositary Share^@@ are expected to be $ 2.24; YoY growth of 10.3%

^# Exchange rates considered for major global currencies: AUD / USD 0.81; GBP / USD 1.86;

Euro / USD 1.36

^@ Including tax reversal of $ 13 million for the quarter ended December 31, 2007. Excluding the tax reversal the YOY growth is expected to be 9.6%.

^@@ Including tax reversal of $ 7 million in fiscal 2009 and $ 31 million in fiscal 2008 respectively. Excluding the tax reversal, the earnings per share is expected to be $ 2.23 for the year ending March 31, 2009; YoY growth of 12.6%

Expansion of services and significant projects

Infosys launched ShoppingTrip360, an innovative solution for retailers and consumer packaged goods companies. Infosys´ patent–pending technology platform offers real–time visibility into shopper and shelf activity through a network of wireless sensor–based applications.

Companies across the world continued to entrust Infosys with the responsibility of transforming their businesses, technology, and operations.

We are developing Business Intelligence strategy and technology architecture for an international auto major. We are enabling a leading online digital photo service provider to improve its customer engagement through behavior and conversion analyses, and long–term customer value analytics.

Clients partnered with Infosys to accomplish technology–led innovation. We are providing R&D services for a telecom equipment manufacturer. Infosys is involved in product development for an agri–engineering company, and is also re–engineering the client´s existing products. Infosys has been engaged by an auto major to develop a Capacity Management System to facilitate collaboration with its suppliers. A manufacturer of diesel engines sought our technology consulting services for its employee on–boarding project. A steel major consulted us to redefine part of its IT organization.

Clients sought Infosys´ expertise to achieve operational excellence. A pharmaceutical major engaged Infosys to maintain applications in its manufacturing and enabling functions globally. For a provider of power and automation technologies, we are globally implementing Microsoft CRM. An eyewear major chose us as its development partner for SAP IS retail implementation. We helped a global automotive supplier in an end–to–end implementation and rollout of Oracle 11i. A chemicals company selected Infosys as its preferred supplier to provide architecture services, application optimization and performance improvement services around its Web Content Management applications. An auto major sought our services in process engineering, as well as deployment and maintenance of applications. Infosys is helping a financial services company improve its Balance Transfer platform. We have been engaged by a leading telecom service provider to assist in reinventing its IT organization.

Infosys continued to grow in the emerging economies. We are providing best practice–based processes and a pricing model to a mining major that is looking to streamline its IT footprint. A petroleum company in the Middle East has engaged Infosys to streamline its HR business process and help its IT department in providing quality service to its users.

"We benefited from the depreciation of the rupee against the US dollar during the quarter which was partially offset by the sharp appreciation of the US dollar against all other major currencies," said V. Balakrishnan, Chief Financial Officer. "Our liquidity position continues to be strong with cash and cash equivalents reaching US$ 1.9 billion."

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 100,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ–100 Index. For more information, visit www.infosys.com.

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, 2008 and on Form 6–K for the quarter ended June 30, 2008. 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 statements that may be made from time to time by or on behalf of the company.