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Infosys Technologies Limited

Statements of Cash Flows
(Expressed in United States dollars except share data)

Quarter ended Year ended
June 30, 2000 June 30, 1999 March 31, 2000
(unaudited) (unaudited) (audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 26,831,673 13,310,879 61,344,528
Adjustments to reconcile net income to net cash provided by operating activities
Loss (gain) on sale of property, plant and equipment 1,019 (1,110) (20,153)
Depreciation 3,999,662 2,173,425 12,268,169
Deferred tax benefit (118,795) 336,126 (850,891)
Amortization of stock compensation expense 1,275,796 1,250,100 5,117,635
Changes in assets and liabilities
Trade accounts receivable (19,931,177) (4,575,880) (11,176,837)
Prepaid expenses and other current assets (474,461) (903,176) (2,390,039)
Income taxes 1,086,769 1,145,409 923,180
Accounts payable (504,367) (19,749) 901,535
Client deposits (93,666); (2,835) 407,204
Unearned revenue 10,365,210 603,147 (569,439)
Other accrued liabilities (1,879,605) 122,303 5,435,835
Net cash provided by operating activities 20,558,058 13,438,639 71,390,727
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from issuance of equity shares 22,617 - 406,862
ADR issue expenses - (471,498) (777,923)
Payment of cash dividends (4,731,969) - (2,526,872)
Net cash used in financing activities (4,709,352) (471,498) (2,897,933)
Effect of exchange rate changes on cash (4,627,274) (3,952,172) (5,037,271)
Net increase in cash and cash equivalents during the year (10,842,729); 3,737,654 17,724,523
Cash and cash equivalents at the beginning of the year 116,599,486 98,874,963 98,874,963
Cash and cash equivalents at the end of the year 105,756,757 102,612,617 116,599,486
Supplementary information:
Cash paid towards taxes 1,890,063 1,060,893 7,270,137

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