Exhibit 99.1

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

Infosys Technologies (NASDAQ: INFY) Announces Results for the Quarter ended December 31, 2003

Infosys increases guidance for revenue and EPADS for fiscal 2004

Fremont, California – January 9, 2004

Highlights

Results for the quarter ended December 31, 2003

• Third quarter revenues at $ 275.9 million, up 38% from the corresponding quarter last fiscal

• Earnings per American Depositary Share (ADS) increased to $ 0.54 from $ 0.40 in the corresponding quarter last fiscal

• 30 new clients were added during the quarter

• Gross addition of 3,666 employees for the quarter for Infosys and its subsidiary, Progeon Ltd.

• 23,209 employees as on December 31, 2003 for Infosys and its subsidiary, Progeon Ltd.

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

• Consolidated net revenues expected to be between $ 290 million and $ 293 million for the quarter ending March 31, 2004, and between $ 1,050 million and $ 1,053 million for the fiscal year ending March 31, 2004

• Consolidated earnings per ADS expected to be $ 0.55 for the quarter ending March 31, 2004, and $ 2.02 for the fiscal year ending March 31, 2004

Infosys Technologies Limited (“Infosys” or “the company”) today announced financial results for its third quarter ended December 31, 2003. Revenues for the quarter aggregated $ 275.9 million, up 38% from $ 200.0 million for the quarter ended December 31, 2002.

Net income was $ 70.5 million ($ 52.3 million for the quarter ended December 31, 2002) and earnings per ADS was $ 0.54 ($ 0.40 for the quarter ended December 31, 2002).

“We have reorganized Infosys to face new challenges – increased expectations from clients, a fast-changing economy and a new competitive scenario,” said Nandan M. Nilekani, CEO, President and Managing Director. “We have enhanced our focus on vertical markets and on providing business solutions leveraging technology, using our Global Delivery Model.”

“The acquisition of Expert Information Systems Pty. Limited, Australia is complete and we are working towards a seamless integration,” said S. Gopalakrishnan, Member of the Board and COO. “This will accelerate our market penetration in Australia and provide enhanced value to our clients.”

“We have added several high-quality clients in the high-tech and financial services sectors, in addition to leading communication service providers,” said Basab Pradhan, Head – World-wide Sales and Senior Vice President. “We see this as a result of the market’s continuing interest in offshore services, and also, some of our successful business solutions and alliances.”

“Our initiatives on increasing work offshore continue to yield results. Offshore effort increased to 67.8% during the quarter as compared to 63.9% for the same quarter in the previous year,” said S. D. Shibulal, Member of the Board and Head – World-wide Customer Delivery. “Our billing for two clients, on an LTM (Last Twelve Months) basis, has crossed $ 50 million each.”

In the telecom sector, Infosys saw the addition of leading corporations to its client list. A premier wireless carrier in the US chose Infosys to design, develop and deploy a financial and marketing data mart that will help the organization analyze its financial performance. High-tech companies are finding new ways of improving knowledge and expertise in cutting edge technology. An industry leader

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

providing global data and IP network and integration services for multinational businesses has engaged Infosys in the design, development and support of its global CRM applications. Infosys made significant progress in the media and entertainment industry during the quarter, with the addition of three global leaders. One of the world’s premier media and entertainment companies chose Infosys to help them with some of their technology initiatives.

The retail industry continues to use technology to provide faster and more efficient services to its growing customer base. Infosys reinforced its position in this segment in the US by adding to its client base a renowned supplier of specialty outdoor gear and a nationwide chain of superstores in the US, selling domestic merchandise and home furnishings.

“Pricing has been stable and despite the largest hiring for a quarter, margins have been maintained,” said T. V. Mohandas Pai, Member of the Board and Chief Financial Officer.

About the company

Infosys is a leading global technology services firm founded in 1981. Infosys provides end-to-end business solutions that leverage technology for our clients across the entire software life cycle: consulting, design, development, re-engineering, maintenance, system integration, package evaluation and implementation. In addition, Infosys offers software products to the banking industry, as well as business process management services through its majority-owned subsidiary, Progeon. 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, 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, 2003 and on Form 6-K for the quarters ended June 30, 2003 and September 30, 2003. 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.

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	Lisa Kennedy, U.S.	Tina George, India
Relations	+1 (510) 742-2946	+91 (80) 852-2408
	lisa_kennedy@infosys.com	tina_george@infosys.com

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

Infosys Technologies Limited and its subsidiaries

Consolidated Balance Sheets

				in US$
				March 31, 2003			December 31, 2003
				(Audited)			(Unaudited)
ASSETS
	Current Assets
		Cash and cash equivalents		$	354,362,918		$	421,302,898
		Investments in liquid mutual fund units			—			133,011,380
		Trade accounts receivable, net of allowances			109,119,856			153,010,094
		Deferred tax assets			288,541			472,095
		Prepaid expenses and other current assets			24,384,316			35,637,535
		Unbilled revenue			19,702,186			20,420,935
			Total current assets		507,857,817			763,854,937
	Property, plant and equipment, net				157,194,190			182,131,622
	Intangible assets, net				6,471,236			—
	Deferred tax assets				7,264,885			6,509,330
	Investments				4,613,833			1,925,167
	Prepaid income taxes				4,452,678			169,688
	Other assets				16,454,328			14,651,560
TOTAL ASSETS				$	704,308,967		$	969,242,304
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current Liabilities
		Accounts payable		$	426,611		$	342,644
		Client deposits			3,208,295			21,203,634
		Other accrued liabilities			46,249,269			78,656,396
		Income taxes payable			—			14,321,236
		Unearned revenue			13,202,115			18,510,857
			Total current liabilities		63,086,290			133,034,767
	Non-current liabilities
		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 and December 31, 2003			10,000,000			10,757,408
		Other non-current liabilities			5,217,758			4,427,000
	Stockholders’ Equity
		Common stock, $0.16 par value; 100,000,000 equity shares authorized, Issued and outstanding – 66,243,078 and 66,455,992 as of March 31, 2003 and December 31, 2003 respectively			8,602,909			8,626,207
		Additional paid-in capital			127,042,751			144,070,027
		Retained earnings			524,621,160			670,884,201
		Deferred stock compensation			(2,817,066	)		—
		Accumulated other comprehensive income			(31,444,835	)		(2,557,306	)
			Total stockholders’ equity		626,004,919			821,023,129
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY				$	704,308,967		$	969,242,304

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

Infosys Technologies Limited and its subsidiaries

Unaudited consolidated statements of income

			In US$ except per share data
			Three months ended December 31,				Nine months ended December 31,
			2002		2003		2002		2003
Revenues			$	200,014,166	$	275,886,678	$	537,775,974	$	759,911,290
Cost of revenues (including amortization of stock compensation expenses)				110,928,922		155,856,199		294,226,283		429,501,225
Gross profit				89,085,244		120,030,479		243,549,691		330,410,065
Operating expenses:
	Selling and marketing expenses			14,952,660		20,827,551		40,734,946		56,243,853
	General and administrative expenses			15,422,086		20,586,131		40,383,534		58,747,502
	Amortization of stock compensation expenses			513,954		278,343		1,541,863		1,163,910
	Amortization of intangible assets			924,249		2,647,778		1,744,274		6,719,351
		Total operating expenses		31,812,949		44,339,803		84,404,617		122,874,616
Operating income				57,272,295		75,690,676		159,145,074		207,535,449
	Other income, net			6,907,692		8,842,133		12,538,464		24,385,839
Income before income taxes				64,179,987		84,532,809		171,683,538		231,921,288
	Provision for income taxes			11,926,841		13,987,449		29,885,621		38,391,629
Net income			$	52,253,146	$	70,545,360	$	141,797,917	$	193,529,659
Earnings per equity share
	Basic		$	0.80	$	1.07	$	2.16	$	2.95
	Diluted		$	0.78	$	1.05	$	2.13	$	2.91
Weighted equity shares used in computing earnings per equity share
	Basic			65,569,377		65,709,862		65,567,814		65,628,199
	Diluted			66,667,561		67,181,796		66,405,932		66,557,167

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