Consolidated financial statements

Auditors' report

To the Board of Directors of Infosys Technologies Limited

We have audited the attached consolidated Balance Sheet of Infosys Technologies Limited (‘the Company’) and its subsidiaries (collectively referred to as ‘the Infosys Group’) as at 31 March, 2010, the consolidated Profit and Loss Account of the Infosys Group and the consolidated Cash Flow statement of the Infosys Group for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that the consolidated financial statements have been prepared by the Company's management in accordance with the requirements of Accounting Standard (AS) 21, Consolidated Financial Statements prescribed by the Companies (Accounting Standards) Rules, 2006.

In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Infosys Group as at 31 March, 2010;

(b) in the case of the consolidated Profit and Loss account, of the profit of the Infosys Group for the year ended on that date; and

(c) in the case of the consolidated Cash Flow statement, of the cash flows of the Infosys Group for the year ended on that date.

Bangalore
13 April, 2010

for B S R & Co.
Chartered Accountants
Firm registration number : 101248W

Natrajan Ramkrishna

Natrajan Ramkrishna
Partner
Membership no. : 32815

Consolidated Balance Sheet

As at March 31,

in Rs. crore

	Schedule	2010	2009
SOURCES OF FUNDS
SHAREHOLDERS FUNDS
Share capital	1	286	286
Reserves and surplus	2	22,763	17,968
		23,049	18,254
DEFERRED TAX LIABILITIES	5	232	37
MINORITY INTEREST		–	–
		23,281	18,291
APPLICATION OF FUNDS
FIXED ASSETS	3
Original cost		7,839	7,093
Less : Accumulated depreciation and amortization		2,893	2,416
Net book value		4,946	4,677
Add : Capital work-in-progress		409	677
		5,355	5,354
INVESTMENTS	4	3,712	–
DEFERRED TAX ASSETS	5	432	163
CURRENT ASSETS, LOANS AND ADVANCES
Sundry debtors	6	3,494	3,672
Cash and bank balances	7	10,556	9,695
Loans and advances	8	4,187	3,279
		18,237	16,646
LESS : CURRENT LIABILITIES AND PROVISIONS
Current liabilities	9	2,343	2,004
Provisions	10	2,112	1,868
NET CURRENT ASSETS		13,782	12,774
		23,281	18,291
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS	24

Note : The schedules referred to above form an integral part of the consolidated Balance Sheet.

As per our report attached.
for B S R & Co.
Chartered Accountants

Natrajan Ramkrishna Partner Membership no. : 32815	N. R. Narayana Murthy Chairman and Chief Mentor	S. Gopalakrishnan Chief Executive Officer and Managing Director	S. D. Shibulal Chief Operating Officer and Director	Deepak M. Satwalekar Director
	Prof. Marti G. Subrahmanyam Director	Claude Smadja Director	Dr. Omkar Goswami Director	Rama Bijapurkar Director
	Sridar A. Iyengar Director	David L. Boyles Director	Prof. Jeffrey S. Lehman Director	K. V. Kamath Director
	K. Dinesh Director	T. V. Mohandas Pai Director	Srinath Batni Director	V. Balakrishnan Chief Financial Officer
Bangalore April 13, 2010	K. Parvatheesam Company Secretary