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Infosys FY 2011 performance April 2010 Personalized | Reliable | Innovative 1 Infosys FY 2011 performance April 2010 Personalized | Reliable | Innovative 1

Performance of Infosys Limited has announced its FY 2010 results beating its guidance for Performance of Infosys Limited has announced its FY 2010 results beating its guidance for the year. In this presentation, we have analyzed the performance of the company for FY 2011 with respect to its previous performance Will infosys be able to beat its guidance for FY 2011? Personalized | Reliable | Innovative 2

Guidance vs Actual prformance of Infosys (INR) FY 2008 FY 2009 FY 2010 78. Guidance vs Actual prformance of Infosys (INR) FY 2008 FY 2009 FY 2010 78. 20 - 79 92. 32 – 93. 92 96. 65 - 101. 18 Actual performance 81. 53 104. 60 109. 27 y-o-y growth 18. 0% 28. 3% 4. 5% 3. 2% - 4. 3% 11. 4% - 13. 3% 8. 0% - 13. 1% EPS guidance Variation from guidance Looking at the past performance, it is evident that Infosys have consistently outperformed its guidance in the past 3 years by approximately 10% Personalized | Reliable | Innovative 3

Performance of Infosys for FY 2011 Going forward, we believe that Infosys will outperform Performance of Infosys for FY 2011 Going forward, we believe that Infosys will outperform its guidance provided for FY 2011 based on the following assumptions; • The company is likely to witness an impact on account of currency appreciation. However, we expect the company to outperform its top-line growth forecast for FY 2011 which will result in better-thanexpected outcome • EBITDA margins are likely to reduce at 33. 7% (34. 6% in FY 2010) on account of appreciation of Indian currency which will impact top-line and increase in employee cost which will lead to a rise in expenses • Tax rate is assumed at 25. 0% on account of expiry of STP (guided by company) • P/E multiple is assumed to be at 25 x Personalized | Reliable | Innovative 4

Sensitivity analysis on performance of Infosys (INR crores) Revenue FY 2010 A FY 2011 Sensitivity analysis on performance of Infosys (INR crores) Revenue FY 2010 A FY 2011 E 22, 742 25, 085 26, 613 27, 067 10. 3% 17. 0% 19. 0% Y-o-Y growth EBIDTA 7, 861 8, 445 8, 959 9, 112 Net Income 6, 266 6, 385 6, 771 6, 886 EPS 109. 27 111. 28 118. 00 120. 00 25 x 25 x 2, 732 2, 782 2, 950 3, 000 P/E multiple Stock Price (INR) In order to achieve a target EPS of INR 118 – 120 in FY 2011, the company has to grow its top -line by approximately 17. 0% to 19. 0% Personalized | Reliable | Innovative 5

Conclusion • Overall, we believe the company to outperform its revenue guidance for FY Conclusion • Overall, we believe the company to outperform its revenue guidance for FY 2011 on account of revival in IT spending. However, we also expect the currency appreciation to limit the top-line growth in rupee terms • Infosys has given a EPS guidance of INR 106. 82 to INR 111. 28 for FY 2011 which is on a conservative side. However, based on anticipation of higher top-line growth, it is expected that the company will outperform its EPS guidance which is reflected in the sensitivity analysis table discussed above • Consequently, on a higher side, it is likely that the company will witness a EPS of INR 118 – 120 per share in FY 2011. With respect to the same, assuming a P/E multiple of 25 x, the stock could be valued at INR 2, 950 – 3, 000 per share Personalized | Reliable | Innovative 6

Thank You Disclaimer: This product is distributed for information purposes only. The information in Thank You Disclaimer: This product is distributed for information purposes only. The information in this report does not constitute an offer to sell or a solicitation of an offer to buy any of the securities mentioned in the report. The readers may note that neither the company, its Directors, Officers or employees take any responsibility, financial or otherwise, due to any transaction undertaken or any action based on the information contained herein. The Company, its Directors, Officers or Employees may have a position or may otherwise be interested in the investment referred to in this document. Personalized | Reliable | Innovative 7