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Statement of cash flows

in Rs.
Quarter ended Year ended
June 30, 2000 June 30, 1999 March 31, 2000
Cash flows from operations
Profit before tax 135,01,18,749 68,60,81,838 325,64,85,819
Other Income (14,87,40,680) (13,71,31,690) (36,70,79,196)
Loss on sale of fixed assets 45,109 - -
Increase (decrease) in provision for contingencies - 3,33,00,000 (6,66,00,000)
Increase (decrease) in provision for e-inventing the company (39,00,977) - 39,00,977
Depreciation, depletion and amortization 17,73,71,717 9,32,18,149 53,23,27,389
Decrease (increase) in sundry debtors (92,22,10,579) (22,23,86,657) (51,65,92,828)
Decrease (increase) in loans and advances (8,10,46,519) (9,43,88,854) (41,49,70,588)
Increase (decrease) in current liabilities and provisions 41,34,59,784 13,53,08,834 42,26,37,450
Income taxes paid (8,66,32,475) (2,92,11,001) (35,53,53,877)
Net cash from operations 69,84,64,129 6,47,90,619 249,47,55,146
Cash flows from financing
Proceeds from conversion of options 10,01,506 - 1,76,25,277
Expenses relating to issue of American Depositary Shares - (2,02,03,690) (2,35,06,514)
Expenses relating to issue of ADS linked stock options - - (1,01,93,113)
Dividends paid (including dividend tax) (22,02,44,213) (8,91,36,007) (19,92,57,109)
Net cash from (used for) financing (21,92,42,707) (10,93,39,697) 21,53,31,459)
Cash flows from investing
Income from investments 7,45,64,700 5,57,81,765 26,68,79,106
Proceeds of sale of fixed assets 50,738 1,51,261 10,20,400
Purchase of fixed assets (85,83,69,973) (21,20,46,465) (159,87,03,617)
Other long-term investments (13,40,08,660) - (13,08,00,000)
Net cash used for investing (91,77,63,195) (15,61,13,439) (146,16,04,111)
Effect of exchange differences on translation of foreign currency deposits maintained abroad 7,41,75,980 8,13,02,378 9,93,27,075
Total increase (decrease) in cash and cash equivalents during the period (36,43,65,793) 28,06,39,861 91,71,46,651
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 508,37,37,595 416,65,90,944 416,65,90,944
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 471,93,71,802 444,72,30,805 508,37,37,595
Notes:

During the quarter ended June 30, 2000, the company transferred intellectual property rights in Onscan - a web focussed wireless-enabled notification product, to Onscan Inc., a company incubated by Infosys as part of its ongoing effort to encourage and promote entrepreneurs amongst its employees. The product was transferred for a gross consideration of Rs. 8.93 crore (US$ 2 million) received as equity, preferred voting and preferred non-voting securities in Onscan Inc. and accordingly, is not considered in this statement of cash flows.

This is the Cash Flow Statement referred to in our report of even date.

for Bharat S Raut & Co. Chartered Accountants

Balaji Swaminathan
Partner
N. R. Narayana Murthy
Chairman and
Chief Executive Officer
Nandan M. Nilekani
Managing Director, President
and Chief Operating Officer
Marti G. Subrahmanyam
Director
S. Gopalakrishnan
Deputy Managing Director
K. Dinesh
Director
S. D. Shibulal
Director
T. V. Mohandas Pai
Director and
Chief Financial Officer
Phaneesh Murthy
Director
Srinath Batni
Director
Place : Bangalore
Date : July 11, 2000
V. Viswanathan
Company Secretary
Bangalore, India
July 11, 2000
By order of the Board for Infosys Technologies Ltd.
N.R.Narayana Murthy Chairman and Chief Executive Officer

Infosys Technologies Limited

Statement of cash flows for the period ended June 30, Reconciliation of items in financial statements with cash flow items.
in Rs.
Quarter ended Year ended
June 30, 2000 June 30, 1999 March 31, 2000
1. Loans and advances
As per Balance sheet 196,24,84,174 123,67,02,392 210,12,77,161
Less: Deposits with financial institutions/body
corporate, included in cash equivalents
(45,93,29,884) (54,72,92,064) (76,58,01,865)
Advance income taxes considered separately (63,07,28,828) (21,86,13,119) (54,40,96,353)
Balance considered for preparing the cash flow statement 87,24,25,462 47,07,97,209 79,13,78,943
2. Additions to fixed assets
As per Balance sheet 89,75,14,694 21,87,20,827 117,79,35,912
Add: Closing capital work-in-progress 53,04,58,784 14,21,61,438 56,96,03,505
Less: Opening capital work-in-progress (56,96,03,505) (14,88,35,800) (14,88,35,800)
Balance considered for preparing the cash flow statement 85,83,69,973 21,20,46,465 159,87,03,617
3. Cash and cash equivalents
As per Balance sheet 426,00,41,918 389,99,38,741 431,79,35,730
Add: Deposits with financial institutions/body corporate (as per 1 above) 45,93,29,884 54,72,92,064 76,58,01,865
Balance considered for preparing the cash flow statement 471,93,71,802 444,72,30,805 508,37,37,595
4. Income taxes paid
As per Profit and Loss account 13,71,00,000 8,00,00,000 39,70,00,000
Add: Provision for tax on sale of intellectual
property right
3,43,96,000 - -
Decrease(increase) in balance in provision for taxes account (17,14,96,000) (7,83,21,896) (39,46,62,254)
Increase(decrease) in balance in advance income tax accoun 8,66,32,475 2,75,32,897 35,30,16,131
Balance considered for preparing the cash flow statement 8,66,32,475 2,92,11,001 35,53,53,877
5. Other income
As per Profit and Loss account 15,11,07,532 13,79,13,245 39,14,11,095
Less: Income from operating activities (23,66,852) (7,81,555) (2,43,31,899)
Balance considered for preparing the cash flow statement 14,87,40,680 13,71,31,690 36,70,79,196
6. Current liabilities and provisions
As per Balance sheet 202,05,13,013 100,74,59,101 165,97,02,419
Less: Provision for taxation considered separately (79,75,15,742) (30,96,79,384) (62,60,19,742)
Provision for dividend considered separately - - (19,84,18,210)
Provision for dividend tax considered separately - - (2,18,26,003)
Provision for contingencies (9,99,00,000)
Provision for e-inventing the company (39,00,977)
Balance considered for preparing the cash flow statement 122,29,97,271 59,78,79,717 80,95,37,487

This is the Cash Flow Statement referred to in our report of even date.

for Bharat S Raut & Co. Chartered Accountants

Balaji Swaminathan
Partner
N. R. Narayana Murthy
Chairman and
Chief Executive Officer
Nandan M. Nilekani
Managing Director, President
and Chief Operating Officer
Marti G. Subrahmanyam
Director
S. Gopalakrishnan
Deputy Managing Director
K. Dinesh
Director
S. D. Shibulal
Director
T. V. Mohandas Pai
Director and
Chief Financial Officer
Phaneesh Murthy
Director
Srinath Batni
Director
Place : Bangalore
Date : July 11, 2000
V. Viswanathan
Company Secretary

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