Infosys Technologies (INFY)

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION — OPTIONS EXPENSING UPDATE

We hereby furnish the U.S. Securities and Exchange Commission (the “Commission”) with copies of the following information. The following information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

On the morning of April 14, 2005 (Indian Standard Time), the Company provided its financial outlook for the fiscal year ending March 31, 2006 of consolidated earnings per ADS of $1.92 to $1.95 for the fiscal year ending March 31, 2006. This outlook reflected a charge of approximately $8 million in fiscal 2006 to account for the estimated impact under U.S. Generally Accepted Accounting Principles (“GAAP”) of the mandatory adoption of the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 123 (revised 2004) Share-Based Payment (Statement No. 123R) from July 1, 2005.

On the evening of April 14, 2005 (Indian Standard Time), the Commission announced changes to the implementation of Statement No. 123R, with the Company now being required to adopt SFAS 123R only from April 1, 2006. Consequently, Statement No. 123R will not have any impact on the Company’s outlook for the fiscal year ending March 31, 2006.

In view of the above, the Company has revised its outlook, under U.S. GAAP, of consolidated earnings per ADS to $1.95 to $1.98 for the fiscal year ending March 31, 2006 resulting in a growth of 24% to 26% compared to fiscal year ended March 31, 2005.

There is no revision in the outlook of consolidated revenues for the fiscal year ending March 31, 2006. There is no revision in the outlook under Indian GAAP of income and earnings per share for the year ending March 31, 2006.