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 subsidiaries (collectively referred to as the ‘Infosys Group’) as at 31 March, 2011, the consolidated Profit and Loss Account of the Infosys Group for the year ended on that date 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 that the financial statements are free of material misstatement. 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 2011;
  (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.


for B S R & Co.
Chartered Accountants

Firm’s registration number : 101248W


Natrajh Ramakrishna

Membership number : 32815

April 15, 2011