The corporate credit rating on Infosys Technologies Ltd. reflects the company's conservative financial policy with strong free cash flow generation and superior cost efficiency. These strengths are offset by the constraints of having largely India-based operations and exposure to foreign exchange fluctuations. Infosys is among the three largest India-based information technology (IT) service providers with revenues of US$4.8 billion for the fiscal year ended March 31, 2010. Infosys provides IT and IT-enabled services through its network of more than 50 global development centers, with over a 110,000 employees. A majority of the workforce is based in low-cost countries, particularly India. Infosys has consistently registered good operating performance. The company's EBITDA margins have remained above 30% for the past five years.
