Fiscal 2011 was a year of improved performance, recovery, consolidation
 and new explorations for us. The global economic climate posed several
 challenges, but we made the best use of our resources and abilities for
 growth. At the beginning of the fiscal, we had projected a revenue
 growth of 9% to 11% in rupee terms and 16% to 18% in US$ terms. At the
 end of the fiscal, we achieved a growth of 20.9% in rupee terms and
 25.8% in US$ terms.
 
 Some of our verticals and service lines were high achievers in this
 fiscal. The performance of our retail vertical helped us emerge first
 among the global retail IT service providers in 2010. We were adjudged
 second among the Global Outsourcing 100 by the International
 Association of Outsourcing Professionals. The strong customer-driven
 vertical focus that we have created has helped us take advantage of the
 opportunities we identified in the market.
 
 The overall performance for the year spelled growth, both for us and
 for our clients. Our International Financial Reporting Standards (IFRS)
 consolidated revenues for this fiscal stood at Rs. 27,501 crore, a
 year-on-year growth of 20.9%. The profit after tax was Rs.. 6,823
 crore, a year-on-year growth of 9.7%. In accordance with the IFRS, our
 annual revenue for fiscal 2011 was US$ 6,041 million, a year-on-year
 growth of 25.8%, while our net income registered a year-on-year growth
 of 14.2% to stand at US$ 1,499 million.
 
 Out of the total revenue, 65.3% came from North America, 21.5% from
 Europe and 11.0% from the Rest of the World. The number of our
 million-dollar clients grew to 366 in fiscal 2011 from 338 in the last
 fiscal.
 
 We are pleased to announce a final dividend of Rs. 20 per equity share
 (equivalent to US$ 0.45 per American Depository Share (ADS) at the
 prevailing exchange rate of Rs. 44.40 per US$). The dividends are
 payable on the equity shares / ADSs outstanding as on book closure
 date, at the prevailing exchange rate on the payment date, and are
 subject to approval by the shareholders. Earlier in the fiscal, we paid
 an interim dividend of Rs. 10 per share and a 30th year special
 dividend of Rs. 30 per share.
 
 Our world-class business consulting model, designed to help our clients
 build their enterprises of tomorrow through technology- driven
 transformation, won us several prestigious projects this fiscal. A
 large US-based retailer partnered with us on its strategy on mobile
 application development to complement its e-commerce offerings. A
 leading manufacturer of helicopters engaged us to transform business
 intelligence capabilities at the enterprise level.  We performed a
 security audit assessment and remediation of Sarbanes-Oxley-based
 conflicts for a global food service retailer in its Oracle financial
 applications.
 
 Our flagship offering for the banking industry, Finacle™, continued to
 grow its business, with 41 client wins this fiscal. We crossed another
 milestone as innovation partner to banks with the launch of Finacle
 Analyz™, a comprehensive analytics solution for banks to make faster
 decisions. Flypp™, the mobile application marketplace developed by us,
 helped us enter a strategic relationship for reciprocal licensing and
 distribution of applications with Mobile Streams, the global mobile
 content retailer. iEngage™, our digital consumer platform, is currently
 powering social media marketing, e-commerce and employee engagement
 programs for five Global 500 companies.
 
 A number of prestigious awards and recognitions were bestowed on us
 this fiscal. The Boston Consulting Group ranked us among the top 10
 value-creating technology and telecommunications companies. Our high
 standards of corporate governance earned us the recognition of the best
 company for corporate governance from Asiamoney. A FinanceAsia survey
 voted us the best company in management, corporate governance, investor
 relations, and corporate social responsibility in India. Another survey
 by the Wall Street Journal named us the most admired company in India.
 We thank the readers and investors for considering us worthy of these
 distinctions.
 
 Our commitment to adopt sustainable business practices were recognized
 by India Carbon Outlook with the Sustainability Leadership award. Even
 as we plan to add 4.7 million sq. ft. of built-up area to our existing
 infrastructure, we adhere to the highest environmental standards —
 building LEED-certified structures, creating water harvesting
 facilities, adopting innovative air-conditioning technology, and making
 significant savings in energy consumption. We continue to promote green
 technologies and eco-friendly practices in our offices and for our
 clients.
 
 As we step into the new fiscal, we also get ready to complete the
 thirtieth year of our operations. Needless to say, it has been a
 tremendous journey. An organization started by seven individuals is now
 a family of 1,30,820 Infoscions. What was started with a paltry capital
 of US$ 250 is now generating revenues in excess of US$ 6 billion. From
 the first major client win of Data Basics Corporation to 600-plus
 clients today; from a small rented office space in Pune to over 60
 development centers worldwide — the journey has been exhilarating as
 well as humbling.
 
 While we celebrate what we have achieved in these three decades, we
 must also bid farewell to the person who took the first steps with
 courage and conviction and made the rest of the journey easier for us.
 N. R. Narayana Murthy retires this year as Chairman of the Board. His
 contributions to Infosys, to the IT industry and to India need no
 reiteration. The Government of India recognized his achievements by
 conferring the Padma Vibhushan on him in 2008.  He has received
 numerous awards and recognitions from around the world in the last
 several years. Every Infoscion is grateful to N. R. Narayana Murthy for
 his leadership by example and his support to their personal
 development. In recognition of his contribution to Infosys, the Board
 has decided to name him the Chairman Emeritus of the company.
 
 The composition of the Board has undergone a few more changes.  The
 Board has inducted two new members, R. Seshasayee and Ravi Venkatesan.
 We are confident that these two industry stalwarts will bring their
 experience, expertise and insights to our decision- making process.
 
 K. Dinesh, Member of the Board and Head of Quality, Information Systems
 and the Communication Design Group, will retire by rotation at the
 forthcoming Annual General Meeting and has decided not to seek
 re-appointment. T. V. Mohandas Pai, Member of the Board, and Director
 and Head – Administration, Education & Research, Finacle, Human
 Resources Department, and Infosys Leadership Institute, has resigned as
 Member of the Board. The Board has decided to relieve him of
 responsibilities post the companys Annual General Meeting on June 11,
 2011.  Both K. Dinesh and T. V. Mohandas Pai have been instrumental in
 the growth of the company, and we wish them success with their future
 endeavors.
 
 On August 21, 2011, N. R. Narayana Murthy will retire as the Chairman
 and Chief Mentor. The Board of Directors on April 30, 2011 announced
 the following changes to the board : K. V. Kamath to be appointed as
 the Chairman of the Board; S. Gopalakrishnan to relinquish the post of
 Chief Executive Officer and Managing Director and be appointed as a
 Whole-time Director and designated as executive Co-Chairman of the
 Board; S. D. Shibulal to be appointed as the Chief Executive Officer
 and Managing Director.  All the above appointments are effective from
 August 21, 2011.
 
 We are on the threshold of yet another breakthrough in our journey
 towards adding greater value to our clients. We have unveiled Infosys
 3.0, our new brand positioning that essentially marks our transition
 from a technology solutions company to a next-generation global
 consulting and services company, proactively helping clients build
 their enterprises of tomorrow. The global economy in general and the IT
 industry in particular have changed significantly over the past few
 years, requiring us to change our business strategy and realign our
 agenda with that of our clients. We have consolidated all our verticals
 under four heads : Financial Service and Insurance; Manufacturing;
 Energy, Utilities, Communications and Services; Retail, Consumer
 Packaged Goods, Logistics and Life Sciences.  We have decided on three
 focus areas : business transformation, business operations and business
 innovation. We believe that the new strategy and structure will help us
 expand our global market by forging stronger strategic partnerships
 with our clients and increasing our relevance to all facets of their
 enterprise.
 
 In keeping with our shift from being a technology solutions provider to
 a business transformation partner for our clients, the Board has
 decided to change the name of the company from Infosys Technologies
 Limited to Infosys Limited. We are confident that this change will
 propel the organization forward to accelerated growth and sustain its
 leadership position in the industry.
 
 We hope you will continue to support our new direction in the same way
 that you have stood by us over the years. At the end of this eventful
 and successful year, our thanks go out to you, our shareholders, and to
 our clients, the governments of various countries, our partners and our
 employees.
 
 Kris Gopalakrishnan                        S. D. Shibulal
 Chief Executive Officer and                Chief Operating Officer and
 Managing Director                          Director
 
 Bangalore 
 April 30, 2011