Dear Shareholder,
 
 We are pleased to inform you that we have ended fiscal 2013 with a
 growth of 19.6% in rupee terms and 5.8% in U.S. dollar terms.
 
 As per the International Financial Reporting Standards (IFRS) in
 rupees, our consolidated revenues for fiscal 2013 stood at Rs. 40,352
 crore, a year-on-year growth of 19.6%. The profit after tax was Rs.
 9,421 crore, a year-on-year growth of 13.3%. In accordance with the
 IFRS in U.S. dollar, our annual revenue for fiscal 2013 stood at US
 ,398 million, a year-on-year growth of 5.8%, while our net income
 stood at US ,725 million, a year-on-year growth of 0.5%.
 
 Out of the total revenue, North America and Europe accounted for 62.2%
 and 23.1% respectively, while India and the Rest of the World
 contributed 2.1% and 12.6% respectively. We expanded our global
 footprint this fiscal with a new delivery center in Munich, Germany. We
 also opened a second office in the city of Nagoya in Japan, a new
 delivery center in Milwaukee, Wisconsin and an onshore operations
 center in the Metro Atlanta Area, U.S. Our BPO subsidiary opened a new
 delivery center in San Jose, Costa Rica.
 
 We are pleased to announce a final dividend of Rs. 27 per share for
 fiscal 2013. Earlier in the fiscal, we paid an interim dividend of Rs.
 15 per share.
 
 Liquid assets of the company, including cash and cash equivalents,
 current available-for-sale financial assets, investment in certificates
 of deposits and government bonds were Rs. 23,958 crore at the end of
 this fiscal, versus Rs. 20,968 crore as on March 31, 2012.
 
 Infosys and its subsidiaries added 235 new clients this fiscal, taking
 our total client base to 798. The number of our million-dollar clients
 has gone up to 448 this fiscal from 399 in the previous fiscal.
 
 Consulting, Package Implementation and Others contributed 31.4% of our
 revenues for the year ended March 31, 2013.
 
 We acquired Lodestone Holding AG, a leading global management
 consultancy firm, for a cash consideration of US 9 million and up to
 US 2 million as deferred purchase price.
 
 Business IT services contributed 62.9% of our revenues this fiscal.
 Services like infrastructure testing, developed by integrating our
 expertise across infrastructure management and testing services, are
 clearly driving incremental growth for this business. In fiscal 2013,
 we won more than 15 large, integrated outsourcing deals worth over a
 billion dollars in total contract value.
 
 Our India Business Unit continues to see good traction. We were
 selected by the Ministry of Corporate Affairs (MCA) to further
 strengthen and transform the new phase of the MCA 21 V2 project. We
 have recently been engaged to develop the Haryana State Portal project
 that has been formulated under the National e-Governance Plan to
 provide easy and convenient services to citizens via the Internet. The
 Department of Industrial Policy and Promotion, Ministry of Commerce and
 Industry — Government of India launched the first phase of eBiz,
 India''s first Government-to-Business portal, which has been developed
 by us in a public-private partnership model.
 
 Infosys Public Services, our U.S.-based subsidiary, has won deals
 across segments including healthcare and government in the last fiscal.
 The District of Columbia awarded us a contract valued at US .5
 million for one year to implement the District of Columbia Access
 System (DCAS), a state-of-the-art health and human services solution.
 
 We continue to see momentum in the Products, Platforms and Solutions
 space which contributed 5.7% of our revenues in the last fiscal. We won
 51 deals (excluding Finacle®) across industries and geographies,
 taking the client count to over 75. We have decided to set aside up to
 US 0 million to invest in this space. Finacle® continued its
 business momentum with 48 wins this fiscal.
 
 Our clients are increasingly looking at Mobility to drive growth,
 efficiency and customer centricity, and we are their trusted partners
 in this journey. Our researchers filed 97 unique patent applications in
 India and the U.S.
 
 We added 37,036 employees (net addition of 6,694) this fiscal, and the
 total employee strength for the year ended March 31, 2013 was 1,56,688,
 for Infosys and its subsidiaries.
 
 Over the last fiscal, we received several prestigious awards and
 recognitions. Infosys Cloud Ecosystem Hub won the 2012 Golden Peacock
 Award for the most innovative product / service.  The National
 Association of Software and Services Companies (NASSCOM) awarded the
 prestigious Business Innovation Award to Infosys Edge. We were named a
 2013 Computerworld Honors Laureate in recognition of our use of
 information technology to promote and advance public welfare, benefit
 society and business, and change the world for the better. Our
 enterprise mobility services were highly rated by various analysts,
 including a leader rating in The Forrester Wave™: Enterprise Mobility
 Services, Q1 2013 report. Ovum, the global analyst firm, recognized
 Flypp™ Digital Experience Platform for its well-developed ecosystem
 of services, large repository of apps (comparable to Google Play and
 the App Store) and monetization processes. We were recognized as one of
 the Achievers 50 Most Engaged Workplaces™ in the U.S.  for our
 leadership and innovation towards engaging employees.  We were ranked
 second in the 2012 Global Outsourcing 100 List compiled annually by the
 International Association of Outsourcing Professionals (IAOP). Infosys
 China was listed among the Top 10 Global Service Providers in China by
 the China Council for International Investment Promotion for the second
 consecutive year. Infosys BPO won the Award for Innovation in Learning
 at the Best Learning & Development Awards 2012, the Golden Peacock HR
 Excellence Award 2012 and the Award for Institution Building at the
 Asia Pacific HRM Congress Awards, 2012.
 
 Earlier this year, we became the first Indian company to be listed on
 NYSE Euronext London. With this, we further strengthened our focus on
 the European market which is increasingly becoming a strategic market
 for us with our business, investor and employee base growing in the
 region.
 
 I am pleased to inform you that Leo Puri, a Senior Advisor of McKinsey
 & Company''s Asia-Pacific Financial Institution Practice, has been
 appointed Additional Director of the Company with effect from April 11,
 2013.
 
 The just-concluded financial year marks the completion of the 32nd year
 of our exciting journey. In a little over three decades, we have, as an
 organization, crossed frontiers we had never imagined were possible. We
 have pioneered many firsts including a global delivery model which is a
 widely accepted industry standard today We have established benchmarks
 that were never before achieved in the industry. Most importantly, we
 have proven beyond doubt that it is possible to build a world-class
 organization by operating legally, ethically and with fairness,
 transparency and integrity
 
 Along the way, we have created jobs, improved livelihoods and enabled
 our industry to establish its dominance in the global playing field. In
 every way possible, we have rewarded the people who have not only
 believed in the Infosys dream but have also played their part in
 keeping it alive. Looking back, we take pride in what we have been able
 to accomplish so far.
 
 However, this journey has not been easy and we have encountered
 obstacles along the way. Time and again, our resilience has been put to
 the test. We had to overcome challenges that could have changed the
 fate of our organization. Be it game-changing trends in technology,
 industry and business models, or regulatory challenges, we had to steer
 ourselves clear of turbulent waters many a time.  This required us to
 transform ourselves as an organization — to adapt to changing
 business environments and also the changing business priorities of our
 clients.
 
 We passed through one such transformation recently. We embarked on our
 new strategic direction of Building Tomorrow''s Enterprise which
 provides our clients with the framework of innovation to leverage the
 opportunities provided by the emerging future and to prepare for its
 challenges. This new strategic direction has set us on a journey to
 redefine the industry for long-term, sustainable and high-quality
 growth.
 
 It is times like these that have witnessed our organizational growth
 slowing down. Sometimes, these slowdowns were also caused by reasons
 beyond our control. Hindsight gives us the luxury to realize these
 facts. In the eye of the storm though, every slowdown led to concerns
 over the strength and relevance of the strategic choices we made as an
 organization.
 
 If we tell you that this anxiety in the marketplace does not bother us,
 we would not be speaking the truth. Yes, it does cause the rare moment
 of self-doubt. However, like every time in the past when our strategic
 choices were being questioned, this time too, we have the utmost
 conviction in our strategic choices. We also have the same unstinting
 confidence in our ability to succeed.
 
 Our confidence takes firm roots in several aspects. Almost 98% of our
 revenues come from repeat business. This is testament to the trust that
 our clients place in us and in our ability to adapt to their changing
 business needs. Our new strategic direction is being received very well
 by our clients, industry bodies and analysts alike. We have witnessed
 early successes and the road ahead is both encouraging and promising.
 We have immense confidence in the capabilities of our biggest asset —
 our people. Every time in the past when we had to dig deep within to
 pull ourselves out of turbulent times, it is the passion, commitment
 and never-say-die attitude of our people that have helped us succeed.
 This time will be no different. Last, but not the least, we are
 confident that we will succeed because we are a learning organization.
 We are as committed to learning from our successes and right choices as
 from our failures and bad choices. We will continue to do what we are
 best at — fulfill our responsibilities towards all our stakeholders.
 We will leave no stone unturned in doing what it takes to work with
 them, and for them. We are listening and we are learning.
 
 As we enter another financial year, we look forward to receiving your
 continued trust and support.
 
                                       S. D. Shibulal
 
 Bangalore                             Chief Executive Officer and
 
 April 12, 2013                        Managing Director