Infosys Reiterates Revenues and Earnings Estimates

Business Wire, Sept 21, 2001

Business Editors/High Tech Writers

BANGALORE, India & FREMONT, Calif.--(BUSINESS WIRE)--Sept. 21, 2001

Mr. N. R. Narayana Murthy, Chairman and Chief Executive Officer, Infosys Technologies Limited today said, "There have been adverse rumors about Infosys in the past few days. These rumors are totally unfounded. We are confident of meeting the revenues and earnings estimates for the second quarter. Further, at this point of time, we see no material development to revise our revenues and earnings estimates for the fiscal year ending March 31, 2002. In its 20-year history, Infosys has, without exception, proactively disclosed any material news, adverse or otherwise impacting the corporation and we will continue to do so in future."

About Infosys Technologies

Infosys (Nasdaq:INFY) is an IT consulting and service provider, providing end-to-end consulting for global corporations. The company has partnered with several Fortune 1000 companies, providing a wide range of services for technology driven business transformation initiatives. These services include e-strategy consulting and solutions, large application development and enterprise integration services. Infosys also has product co-development initiatives with numerous communication and Internet infrastructure companies that are creating the building blocks for the digital economy.

The Global Delivery Model of the company leverages talent and infrastructure in different parts of the world to provide high quality, rapid time-to-market solutions. Infosys' US headquarters is located in Fremont, California; the company also maintains offices throughout the US, Europe and Asia. For more information, visit us on the World Wide Web at www.infy.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, 2001 and the Quarterly Report on Form 6-K for the quarter ended June 30, 2001. 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.