Exhibit 99.1

Infosys Technologies Limited – Financial Release March 31, 2003 US GAAP Press Release

Infosys Technologies (NASDAQ: INFY) Announces Results for the Quarter and Year Ended March 31, 2003

Infosys meets guidance for 2002-03 despite challenging environment

Fremont, California – April 10, 2003

Highlights

     Results for the quarter ended March 31, 2003

• Fourth quarter revenues at $216.0 million, up 54.7% from the corresponding quarter last fiscal

• Earnings per American Depositary Share (ADS) increased to $0.40 from $0.32 in the corresponding quarter last fiscal

• 28 new clients were added during the quarter

• Gross addition of 1,539 employees for the quarter, including 363 lateral hires – net addition of 1,298 employees for the quarter

     Outlook for the quarter ending June 30, 2003 and the fiscal year ending March 31, 2004

• Consolidated net revenues expected to be between $ 220 million and $ 222 million for the quarter ending June 30, 2003, and between $ 946 million and $ 963 million for the fiscal year ending March 31, 2004

• Consolidated earnings per ADS expected to be between $ 0.40 and $ 0.41 for the quarter ending June 30, 2003, and between $ 1.70 and $ 1.73 for the fiscal year ending March 31, 2004

Infosys Technologies Limited (“Infosys” or “the company”) today announced financial results for its fourth quarter ended March 31, 2003. Revenues for the quarter aggregated $ 216.0 million, up 54.7% from $ 139.7 million for the quarter ended March 31, 2002.

Net income was $ 53.1 million ($ 42.3 million for the quarter ended March 31, 2002) and earnings per ADS was $ 0.40 ($ 0.32)

“Fiscal 2003 was a challenging year for the Indian software industry,” said Nandan M. Nilekani, CEO, President and Managing Director. “The Global Delivery Model has become mainstream as offshore outsourcing gains momentum. However, the uncertainties relating to the US economy continues to have an impact on the industry growth.”

“Our growth was made possible by the hard work and dedication of all Infoscions,” said S. Gopalakrishnan, Member of the Board and COO. “The employee addition has been quite strong during the year. We have moved to a role-based organization and have increased the salaries of our employees for the next year. In addition, we have taken further steps to align compensation to their job roles and their performance.”

“The pricing pressure continues. The decline in blended revenue productivity has been partly offset by improved utilization,” said S. D. Shibulal, Member of the Board and Head – Customer Delivery.

“Clients are consolidating their external spend with a few key partners. In this context, companies with a strong track record stand to gain,” said Basab Pradhan, Head – Worldwide Sales and Senior Vice President. “During the quarter, there were some cancellations of visits by clients and prospects due to the Iraq war and the SARS scare.”

Infosys continued to strengthen its presence in the financial services industry with new client and project wins. The company completed the launch of a new client account analysis and reporting tool for one of the largest private banking businesses in the world. In addition, the North American subsidiary of a

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Infosys Technologies Limited – Financial Release March 31, 2003 US GAAP Press Release

global insurance brokerage engaged Infosys for developing IT solutions in the policy management and premium accounting functions.

Infosys and Microsoft worked together with a leading telecom company in the Asia Pacific region for developing a ‘proof of concept’ using the .NET platform for its ‘Next Generation OSS’ system. Nextel Partners Inc., a leading provider of digital wireless communications services, has selected Infosys for testing its upcoming billing system software. In Europe, Infosys extended its customer base in the telecom space with the addition of TeliaSonera, a leading telecommunication services provider.

“The weak economic environment coupled with the pressure on billing rates and a stronger rupee has exerted tremendous pressure on the margins,” said T. V. Mohandas Pai, Member of the Board and Chief Financial Officer. “We are proactively managing costs to meet margin challenges. We are delighted to have a strong cash position.”

About the company

Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. For more information, contact V. Balakrishnan at +91 (80) 852 0440 in India or visit us on the World Wide Web at 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, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, 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, 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, 2002 and quarterly report on Form 6-K for the quarters ended June 30, 2002, September 30, 2002 and December 31, 2002. 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 statement that may be made from time to time by or on behalf of the company.

Contact

Investor Relations	P. R. Ganapathy, U.S	V. Balakrishnan, India
	+1 (510) 742-3030	+91 (80) 852-0440
	guns@infosys.com	balakv@infosys.com
Media	Karen Hutton, U.S	Tina George, India
Relations	+1 (510) 742-3046	+91 (80) 852-0261 x 7790
	karenh@infosys.com	tina_george@infosys.com

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Infosys Technologies Limited – Financial Release March 31, 2003 US GAAP Press Release

Consolidated Statements of Income

								(in US$ except ADS data)
		Three months ended						Year ended
		March 31, 2003			March 31, 2002			March 31, 2003			March 31, 2002
		(Unaudited)			(Unaudited)			(Audited)			(Audited)
Revenues			216,031,052			139,680,503			753,807,025			545,051,214
Cost of revenues incl. amortization of stock compensation expense			(123,132,703	)		(76,085,234	)		(417,359,025	)		(293,031,689	)
Gross profit			92,898,349			63,595,269			336,448,000			252,019,525
Operating expenses:
	Selling and marketing expenses		14,914,968			7,361,027			55,649,913			27,113,122
	General and administrative expenses		17,424,910			10,426,581			57,808,445			44,348,181
	Amortization of stock compensation expense		442,822			507,331			1,984,647			2,010,315
	Amortization of intangible assets		616,526			186,002			2,360,799			–
	Total operating expenses		33,339,226			18,480,941			117,803,804			73,471,618
Operating income			59,499,123			45,114,328			218,644,196			178,547,907
	Other income, net		5,509,645			4,792,498			18,048,110			13,865,294
Income before income taxes			65,008,768			49,906,826			236,692,306			192,413,201
	Provision for income taxes		(11,936,644	)		(7,623,312	)		(41,822,265	)		(27,946,892	)
Net income			53,072,124			42,283,514			194,870,041			164,466,309
Earnings per ADS
	Basic		0.40			0.32			1.49			1.25
	Diluted		0.40			0.32			1.47			1.24
Weighted ADS used in computing earnings per ADS
	Basic		131,161,129			131,109,594			131,142,004			131,113,296
	Diluted		133,396,476			132,642,488			132,958,018			132,169,748

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Infosys Technologies Limited – Financial Release March 31, 2003 US GAAP Press Release

Consolidated Balance Sheets as of

							(in US$)
				Mar 31, 2003			Mar 31, 2002
ASSETS
	Current assets
		Cash and cash equivalents			354,362,918			210,485,940
		Trade accounts receivable, net of allowances			109,119,856			69,017,110
		Deferred tax assets			288,541			774,107
		Prepaid expenses and other current assets			24,384,316			15,239,915
		Unbilled revenue			19,702,186			3,635,989
			Total current assets		507,857,817			299,153,061
Property, plant and equipment, net					157,194,190			147,211,731
Intangible assets, net					6,471,236			–
Deferred tax assets					7,264,885			4,560,934
Investments					4,613,833			7,777,393
Advance income taxes					4,452,678			–
Other assets					16,454,328			12,458,615
TOTAL ASSETS					704,308,967			471,161,734
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Accounts payable			426,611			–
		Client deposits			3,208,295			2,215,001
		Other accrued liabilities			46,249,269			22,424,646
		Income taxes payable			–			678,703
		Unearned revenue			13,202,115			3,464,018
			Total current liabilities		63,086,290			28,782,368
Non-current liabilities					5,217,758			–
Preferred stock of subsidiary
	0.0005% Cumulative Convertible Preference Shares, par value $2 each, 4,375,000 preference shares; authorized, issued and outstanding – 4,375,000 preference shares as of March 31, 2003				10,000,000			–
Stockholders’ equity
	Common stock, $0.16 par value; 100,000,000 equity shares; authorized, issued and outstanding – 66,243,078 and 66,186,130 as of March 31, 2003 and 2002, respectively				8,602,909			8,597,001
Additional paid-in capital					127,042,751			123,079,948
Accumulated other comprehensive income					(31,444,835	)		(45,441,148	)
Deferred stock compensation					(2,817,066	)		(7,620,600	)
Retained earnings					524,621,160			363,764,165
			TOTAL STOCKHOLDERS’ EQUITY		626,004,919			442,379,366
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY					704,308,967			471,161,734

A detailed analysis of the performance of the company can be downloaded in the form of an MS Excel worksheet from http://www.infosys.com.

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