COFORGE LIMITED — Interim / Quarterly Report 2020

Oct 23, 2019

October 23, 2019

The Secretary The Secretary BSE Limited Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001

National Stock Exchange of India Ltd. Exchange Plaza 5th Floor, Plot no C/ 1, G Block Bandra Kurla Complex Bandra (East) Mumbai 400 051.

Dear Sir,

Sub.: Outcome of Board Meetin - October 23 2019

• Standalone and Consolidated un-audited financial results for the quarter and half ear ended Se tember 30 2019 Limited Review Re ort web resentation & Fact Sheet
• Interim Dividend & Record Date

Pursuant to the provisions contained in Regulation 33 of the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 and all amendments thereto, we wish to inform you that the Board of Directors at their meeting held today, October 23, 2019 have approved the un-audited Standalone and Consolidated Financial Results for the quarter/half year ended September 30, 2019. Please find enclosed the following documents in this regard:

• a. Un-audited Standalone and Consolidated Financial Results for the quarter/half year ended September 30, 2019 along with Fact Sheet & web presentation;
• b. Unqualified Limited Review Report issued by SR Batliboi & Associates LLP, Statutory Auditors of the Company for the quarter/half year ended September 30, 2019.

The Board has also declared interim dividend of Rs. 10/- (Rupees Ten only) per Equity Share i.e. at the rate of 100% on the face value of Rs. 10/- each fully paid-up, for the financial year 2019-20.

Further, in terms of Regulation 42 of the SEBI Listing Regulations, 2015 as amended, the Board has fixed Tuesday, November 05, 2019 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of interim Dividend.

The payment of interim dividend/ dispatch of dividend warrants would be done within 30 days from the date of declaration of dividend. ·

You are requested to take the same on your records.

For NIIT Technologies Limited

Company Secretary & Legal Counsel FCS 6218

NUT Technologies Limited Regd Office :8, Balajl Estate, First Floor, Guru Ravldass Marg, Kalkaji, New Delhl-110019. Ph: 91 (11) 41675000 Fax: 91 (11) 41407120 Website : http://www.nllt-tech.com Email : lnvestors@nllt-tech.com. CIN L65993DL 1992PLC048753 Statement of Unaudited Financial Results for the Quarter ended September 30, 2019

	Rs In MnStandalone l'lnanclal Results
	Particulars	3 Months endedSeptember 30,2019	Preceding 3months endedJune 30, 2019	Corresponding 3months endedSeptember30,2018	Year to datefigures for thecurrent periodended September30,2019	Year to datefigures for theprevious periodended September30,2018	Previous yearended March31,2019
				(Unaudited)			(Audited)
	111	!21	!31	141	151	16)	17)
I	Revenue from Operations	5,441	5,382	4,852	10,823	9,300	19,992
II	Other Income	183	1,015	254	1,198	1,380	1,542
Ill	Total	5 624	6 397	5 106	12 021	10,680	21 .534
IV	Expenditure
	a) Purchases of stock- in- trade	35	49	3	84	21	52
	b) Employee benefits expense	3,518	3,523	3,009	7,041	5,683	12,1 46
	c) Finance Costs	21	17	12	38	25	54
	d) Depreciation and amortization expense	221	225	203	446	402	781
	e) Other expenses	1,069	1,293	1,181	2,362	2,346	4,797
	f) Total	4,864	5107	4408	9,971	8 477	17 830
V	Profit before Tax (V-VI)	760	1290	698	2 050	2,203	3,704
VI	Tax Expense
	• Current tax	219	180	201	399	314	660
	- Deferred tax	(43)	(61	(30)	(491	7	54
VII	Profit for the period from continuing operations(VII-VIII)	684	1,116	527	1,700	1,882	2,990
VIII	Other Comprehensive Income
	A. Items that w/11 be reclassified to profit or loss
	Deferred gains on cash flow hedges	(115)	44	(193)	(71)	(293)	254
	Income tax relating to items that will bereclassified to profit or lossB. Items that will not be reclassified to profit or loss	29	(11)	51	18	77	(68)
	Remeasurement of post - employment benefitobligations (expenses) I income		(9)	(2)	(9)	32	32
	Income tax relating to items that will not bereclassified to profit or loss		3	1	3	(11 )	(11 )
	Total	(86}	27	(1431	(59)	(195)	207
IX	Total comprehensive Income for the period(Comprising Profit and other comprehensiveIncome for the period)	498	1,143	384	1,641	1,687	3,197
X	Paid up Equity Share Capital(Face Value ot Rs 10 each, fully paid)	624	618	616	624	616	618
XI	Earnings Per Share of Rs. 10/- each) :
	Basic	9.42	18.06	8.57	27.45	30.61	48.55
	Diluted	9,35	17.89	8.46	27.23	30.24	47 99

Stateme11t of Assets and Llabllltles	Stom1alono	Rs In Mn
	Unaudited	Audited
Particulars	As at September	As at March
	30 2019	31 2019
Non-current assets
Property, plant and equipment	4,002	3,956
Capital work in progress	82	14
Goodwill	21	21
Other Intangible assets	321	288
Financial assets
Trade receivables	2	11
Investments	8,255	5,808
Other Financial Assets	188	176
Deferred Tax Assets	982	873
Other Non - Current assets	115	66
Total Non-current Assets	13,968	11,213
Current Assets
Financial assets
Investments	2,429	2,847
Trade receivables	3,392	3,165
Cash and cash equivalents	941	1,127
Bank balances other than above	15	267
Other financial assets	502	536
Current tax assets	62	112
Other current assets	491	584
Total current assets	7,832	8,638
Assets classified as held for sale	-	9
Total Assets	21 800	19,860
EQUl1'Y AND LIABILITIES
Equity
Equity share capital	624	618
Other equity
Reserves and Surplus	18,247	16,265
Other Reserves	103	156
Total Eaultv	18 974	17,039
Liabilities
Non- current liabilities
Financial Liabilities
Borrowings	69	97
Other financial liabilities	162
Provisions	598	516
Other non-current liabilities	5	12
Total non- current llabllltles	834	626
Current llabllltles
Financial Liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises	2	-
Total outstanding dues of creditors other than micro enterprises and small enterpris	734	850
Other financial liabilities	207	166
Provisions	214	246
Other current liabilities	835	934
Total current liabilities	1,992	2,196
Total llabllltles	2.826	2.821
Total Equity and Llabllitles	21,800	19,860

NIIT Technologles Limited Regd Office :8, BalaJI Estate, First Floor, Guru Ravldass Marg, Kalkajl, New Delhl-110019. Ph: 91 (11) 41675000 Fax: 91 (11) 41407120 Website: http://www.nllt-tech.com Emall : lnvestors@nllt-tech.com. CIN L65993DL 1992PLC048753

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NIIT Technologies Limited

Regd Office :8, BalaJI Estate, First Floor, Guru Ravldass Marg, KalkaJI, New Delhl-110019.
Ph : 91 (11) 41675000 Fax: 91 (11) 41407120 Website: http://www.niit-tech.com
Email : investors@nlit-tech.com. CIN L65993DL 1992PLC048753

Statement of Cash FlowsParticulars	Period ended30 September2019	Rs In MnPeriod ended30 September2018(Refer note 7)
Cash flow from operating activities
Profit before tax	2,050	2.203
Adjustments for:
Depreciation and amortisation expense	446	402
Loss on disposal of property, plant and equipment (net)Provision for doubtful security deposit	2	7
Dividend income from financial assets at amortised cost	(7)	(2)(939)
Interest income from financial assets at amortised cost	(19)	(90)
Interest and finance charges	6	6
Gain on sale of investment In subsidiary	(666)	-
Gain on sale of investments	(30)	(39)
Unrealized gain on fair valuation of current investments	(73)	(16)
Employee share-based payment expense	39	43
Provision for doubtful debts & contract assets (net)	46	3
Provision for customer contracts written back	(26)	(96)
Unrealized gain on fair valuation of derivative	(23)	-
Finance Income	(4)	(6)
Finance Cost	25	14
	(506]	(715)
Changes in operating assets and liabilities
Decrease/ (Increase) in trade receivables	(264)	(546)
Decrease/ (Increase) in other financial assets	(47)	(40)
Decrease/ (Increase) in other assets	317	146
Increase/ (Decrease) in trade payables	(127)	56
Increase/ (Decrease) in provisions	69	(37)
Increase / (Decrease) in other current liabilities	(152:	(126)
Cash used from operations	(204)	(551)
Income taxes (paid) / refund received (net)	(371 :	93
Net cash inflow from operating activities	969	1,030
Cash flow from Investing activities
Purchase of Property plant and equipment	(434)	(336)
Proceeds from sale of Property, plant and equipmentPayments for investment in subsidiaries	6	13
Proceeds from sale of investment in subsidiary	(2,447)	(1,362)-
Payments for purchase of current investments in mutual funds	697(5,397)	(3,643)
Proceeds from sale of current investments in mutual funds	5,916	4,326
Dividend received from financial assets at amortised cost	7	939
Interest received from financial assets at amortised cost	34	96
Net cash outflow from Investing activities	(1 ,416	(167)
Cash flow from financing activities (Refer note 40)
Proceeds from issue of shares (including share premium)	327	94
Repayment of borrowings	(21)	(27)
Repayment of of lease liabilities	(24)	-
Interest paid	(19)	(6)
Dividends paid to Company's shareholders	(2)	(1 062)
Net cash outflow from financing activities	261	(1,001)
Net (decrease)/increase In cash and cash equivalents	(186)	(138)
Cash and cash equivalents at the beginning of the financial year	1.127	662
Cash and cash equivalents at the end of the financial year	941	524
Reconciliation of cash and cash equivalents as per the cash flow statement
Cash and cash equivalents as per above comprise of the following [note 5(v)]
Cash on hand	-	-
Cheques, drafts on hand	1	12
Balances with banks	940	512
Total	941	524

'11 lu

Selected explanatory notes to the Statement of Standalone Financial Results for the Quarter and Six months ended September 30, 2019

• 1 The above results were reviewed and recommended by the Audit Committee at the meeting held on October 23, 2019 and approved by the Board of Directors at their meeting held on the same date.
• 2 The financial results have been prepared in accordance with applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and Amended Rules, 2016.
• 3 During the quarter ended September 30,2019, pursuant to Employees Stock Option Plan 2005, 576,680 options were exercised from various Grants and 328,350 options were outstanding as on September 30, 2019 issued on various dates.
• 4 On April 6, 2019, the Company executed a Share Purchase Agreement with shareholders of Whishworks IT Consulting Private Limited ("Whishworks") for acquisition of 57.6% stake in Whishworks for consideration of Rs 1,494 Mn. As per the terms of the agreement, the Company will acquire the remaining stake of 42.4% in two tranches subject to certain conditions as specified in the agreement signed between the aforesaid parties.
• 5 Pursuant to the Share Purchase agreement dated April 6, 2019, the Company has sold its entire stake of 88.99% shareholding in ESRI India Technologies Limited (ESRI India) to ESRI Inc., USA (existing 9.99% Shareholder of ESRI India) at a consideration of Rs. 897 Mn, on May 13, 2019 resulting in gain of Rs. 888 Mn.
• 6 Effective April 1, 2019, the Company adopted Ind AS 116 on "Leases", as applicable to all lease contracts existing on April 1, 2019 using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted. On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of Rs. 196 Mn, and a lease liability of Rs 242 Mn. The cumulative effect of applying the standard resulted in Rs. 31 Mn being debited to retained earnings, net of taxes of Rs. 15 Mn. The effect of this adoption is Insignificant on the profit for the period and earnings per share.
• 7 Pursuant to Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019, the Company has included Statement of Cash Flows for the six months period ended September 30, 2019 along with comparative for the six months period ended September 30, 2018. The Statement of Cash Flows for the six months period ended September 30, 2018 has been approved by the Board of Directors.
• 8 The Board of Directors at its meeting held on October 23, 2019 has declared an interim dividend of Rs. 1 O per equity share. 9 Previous year I period figures have been reclassified to conform to current year/ period's classification.

By order of the Board

Place: Gurugram Date: October 23, 2019 6~~~#' ,l

"' ~ , IU Cha;~·r

S.R. BATL/801 & ASSOCIATES LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower - B Sector - 42, Sector Road Gurugram - 122 002, Haryana, India Tel : +91 124 681 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors NUT Technologies Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of NIIT Technologies Limited (the "Company") for the quarter ended September 30, 2019 and year to date from April l, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the figures for net cash outflows for the corresponding period from April 1, 2018 to September 30, 2018, as reported in these unaudited standalone financial results have been approved by the Board of Directors of the Company, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

·sfration number: 101049W/E300004

per Y Partner Membership No.: 094524

UDIN: 19094524AAAACQ1565

Place: Gurugram

Date: October 23, 2019 S.R Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No AAB-4295 Regd . Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

NIIT Technologies Limited Regd Office :8, Balajl Estate, First Floor, Guru Ravldass Marg, Kalkaji, New Delhl-110019. Ph: 91 (11) 41675000 Fa,i:: 91 (11) 41407120 Website: http://www.nllt-tech.com Email : lnvestors@nllt-tech.com. CIN L65993DL 1992PLC048753 Statement of Unaudited Financial Results for the Quarter ended September 30, 2019

	Rs In Mn
			Consolidated Financial Results
	Particulars	3 Months endedSeptember 30,2019	Preceding 3months endedJune 30, 2019	Corresponding 3months endedSeptember30,2018	Year to datefigures for thecurrent periodended September30,2019	Year to datefigures for theprevious periodended September30,2018	Previous yearended March31,2019
				(Unaudltedl			( Audited I
	111	12)	131	(41	151	161	m
I	Revenue from Operations	10,385	9,627	9,074	20,012	17,323	36,762
II	Other Income	102	206	226	308	446	535
Ill	Total	10 487	9 833	9 300	20,320	17.769	37,297
IV	E,i:pendlture
	a) Purchases of stock- in- trade	98	156	41	254	68	291
	b) Changes in inventories of stock- in- trade			1		(2)
	c) Employee benefits expense	6,276	6,057	5,346	12,333	10,183	21,532
	d) Finance Costs	44	31	18	75	38	92
	e) Depreciation and amortization expense	447	401	319	848	631	1,248
	f) Other expenses	2,095	2,029	2,045	4,124	4,118	8,454
	g) Total	8.960	8 674	7770	17,634	15 036	31 ,617
V	Profit before exceptional Items and tax (111-IVI	1.5.27	1,159	1 530	2,686	2,733	5,680
VI	Exceptional items		(57)		(57)		56
VII	Profit before Tax IV-VII	1,527	1,216	1 530	2,743	2,733	5 624
VIII	Tax Expense
	- Current tax	423	321	383	744	666	1,387
	• Deferred tax	(147)	(3)	(20)	(150)	(4)	16
IX	Profit for the period from continuing operations	1,251	898	1,167	2,149	2,071	4,221
	(VII-VIII)
	Profit attributable to owners of NIIT TechnologiesLimited	1,195	876	1,118	2,071	1,976	4,033
	Profit attributable to Non-Controlling interests	56	22	49	78	95	188
X	Other Comprehensive Income
	A. Items that will be reclassified to profit or loss
	Deferred gains I (loss) on cash flow hedges	(115)	44	(193)	(71)	(293)	254
	Exchange Differences on Translation of	49	(91)	358	(42)	443	37
	Foreign Operations
	Income tax relating to items that will be	29	(11)	51	18	77	(68)
	reclassified to profit or loss
	B. Items that will not be reclassified to profit or loss
	Remeasurement of post - employment benefitobligations (expenses) / income	9	(9)	4		39	36
	Income lax relating to items that will not bereclassified to profit or loss	(3)	3	(1)		(13)	(13)
	Total	(311	(641	219	1951	.253	246
XI	Total comprehensive Income for the period	1,220	834	1,386	2,054	2,324	4,467
	(Comprising Profit and other comprehensiveIncome for the period)
	Attributable to :
	Owners of NIIT Technologies Limited	1,164	812	1,337	1,976	2,229	4,279
	Non-Controllina interests	56	22	49	78	95	188
XII	Paid up Equity Share Capital(Face Value of Rs 10 each, fully paid)	624	618	616	624	616	618
XIII	Earnings Per Share of Rs. 10/- each) :			18.17		32,13	65.49
	BasicDiluted	19.2519.12	14.1814.05	17.94	33.4433,17	31.74	64.73

NIIT Technologies Limited
Regd Office :8, Balaji Estate, First Floor, Guru Ravldass Marg, Kalkaji, New Delhi-110019.
Ph: 91 (11) 41675000 Fax: 91 (11) 41407120 Website: http://www.nlit-tech.com
Email : investors@nlit-tech.com. CIN L65993DL 1992PLC048753

Consolldatod Statement of Assets and Llabllltlos		Rs In Mn
	Consolidated
	Unaudited	Audited
	As at September	As at March
Particulars	30,2019	31,2019
Non-current assets
Property, plant and equipment	4,955	4,191
Capital work in progress	82	14
Goodwill	4,078	2,448
Other Intangible assets	2,591	1,548
Financial assets
Investments
Trade receivables	67	45
Other Financial Assets	229	243
Deferred Tax Assets (net)	1,165	1,032
Other Non - Current assets	114	77
Total Non-current Assets	13,281	9,598
Current Assets
Financial assets
Investments	2,962	3,651
Trade receivables	7,905	5,877
Cash and cash equivalents	4,357	5,079
Bank balances other than above	206
Other financial assets		497
Current tax assets	2,097	1,549
	110	203
Other current assets	876	1,136
Total current assets	18,513	17,992
Assets classified as held for sale	-	1144
Total Assets	31.794	28 734
EQUITY AND LIABILITIES
Equity
Equity share capital	624	618
Other equity
Reserves and Surplus	22,140	19,749
Other Reserves	261	356
Equity attributable to owners of NIIT Technologies Limited	23,025	20,723
Non-controllina Interests		75
Total Equity	23.025	20.798
Liabilities
Non- current liabilities
Financial Liabilities
Borrowings	69	100
Other financial liabilities	1,479	538
Provisions	840	725
Deferred tax liabilities	567	395
Other non-current liabilities	5	12
Total non- current llabllitles	2,960	1,770
Current liabilities
Financial Liabilities
Trade payables	1,645	1,647
Other financial liabilities	1,665	1,587
Provisions	309	334
Other current liabilities	2,190	2,265
Total current liabilities	5,809	5,833
Total llabllitles	8,769	7,603
Liabilities directly associated with the assets classified as held for sale	-	333
Total Eaultv and Llabllltles	31 794	28. 34

w

NIIT Technologies Limited

Regd Office :8, Balajl Estate, First Floor, Guru Ravldass Marg, Kalkaji, New Delhi-110019. Ph : 91 (11) 41675000 Fax: 91 (11) 41407120 Website: http://www.nllt-tech.com Email: lnvestors@nllt-tech.com. CIN L65993DL1992PLC048753

C.onsolldated Statement of Cash Flows		Rs. In Mn
Particulars	Period ended30 September2019	Period ended30 September2018/Refer note 9)
Cash flow rrom operating acllv!tlos
Pro~I before tax	2,743	2,733
Adjustments forOepreclallon and amortisation expense	848
Loss on disposal of property, plant and equipment (net)	4	6318
Interest and finance charges	3	6
Provision for customer contracts written back	(30)	(96)
Employee share-based payment expense	50	46
Provision for doubtful debts & unbilled revenue (including written off) (net)	46	44
Provision for security deposits		(2)
Dividend and interest income classified as investing cash flows	(10)	(25)
lnlerest income from financial assets at amortised cost	(9)	(100)
Gain on sale of investments	(148)	(44)
Unrealized gain on fair valuation of current investments	(89)	(22)
Finance Income	(5)	(7)
Finance Cost	S7	16
	717	455
Changes in operating assets and liabllltles
(lncrease)/Oecrease in trade receivables	(1,820)	(356)
(lncrease)/Decrease in inventories(lncrease)/Decrease in other financial assets		(2)
(lncrease)/Decrease in other assets	(585)	(312)
lncrease/(Decrease) In provisions	50588	(323)(99)
lncreasel(Decrease) in trade payables	(256)	286
lncreasel(Decrease) in other liabilities	(3_31)	(194)
Cash used from operations	(2,401)	(1 ,000)
Income taxes paid	(64 1)	(2221
Not cash Inflow from operating activities	418	1 966
Cash flow from Investing activitiesPurcnese of fixed assets
Proceeds from sale of fixed assets	(426)6	(492)
P11 ro11 ase of additional stake in subsidiaries	(2,856)	22(1 ,591)
PLirahl!Se of current investments	(5,496)	(1,71 0)
Proceeds from sale of current investments	6,422	2,377
Proceeds from sale of subsidiary	897
Dl'vldend Income	10	25
lnlerest received on banks & income tax refund	23	107
Net cash outflow from investing activities	(1,420}	(1 262
Cash flow from financing activities
Proceeds from issue of shares (including share premium and share application)	332	94
Repaymenl of term loanRepayment of lease liabilities	(28)(140)	(28)
lnleresl paid	(44)	(6)
Dividends paid to the Company's shareholders	(2)	(1 ,089
Not cash Inflow (outflow) from financing activities	118	(1 ,029
Cash acquired on acquisition of Wishworks	238
Net Increase (decrease I in cash and cash equivalents	(646)	(325)
Cash and cash equivalents at the beginning of the financial year	5,194	4,102
Asse_ts classified as held for sale	(115)
Effects of exchange rate changes on cash and cash equivalents	(-76)	(86)
Cash and cash equivalents atthe end ofthe financial year	4,367	3,691
Cash and Cash Equivalents comprise of:
Cash included in assets held for sale
Cash on hand	1
Cheques, drafts on hand	48	161
Balances with banks	3,666	3,530
Fixed deposit accounts (less than 3 months maturity)	442
Tobll	4,357	3 691

Selected explanatory notes to the Consolidated Financial Results for the Quarter and Six Months ended September 30, 2019

• 1 The above results were reviewed and recommended by the Audit Committee at the meeting held on October 23 , 2019 and approved by the Board of Directors at their meeting held on the same date.
• 2 The financial results have been prepared in accordance with applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and Amended Rules, 2016.
• 3 During the quarter ended September 30,2019, pursuant to Employees Stock Option Plan 2005, 576,680 options were exercised from various Grants and 328,350 options were outstanding as on September 30, 2019 issued on various dates.
• 4 Segment information at Consolidated level

						/Rs In Mn'
	3 Months endedSeptember 30,2019	Preceding 3months endedJune 30, 2019	Corresponding 3months endedSeptember30,2018	Year to datefigures for thecurrent period30,2019	Year to datefigures for theprevious periodended September ended September30,2018	Previous yearended March31,2019
Revenue from Operations
Europe, Middle East and Africa	3,829	3,392	3,092	7,221	5,767	12,227
Asia Pacific	1,022	1,049	843	2,071	1,695	3,577
India	477	456	706	933	1,339	3,010
Americas	5,057	4,730	4,433	9 787	8 522	17.948
Total	10 385	9 627	.9 074	20 012	17 323	36 762
Adjusted earning before Interest, Tax, Depreciation and Amortization (EBITDA)
Europe, Middle East and Africa	945	639	634	1,584	1,108	2,257
Asia Pacific	119	181	59	300	215	540
India	(133)	(144)	(10)	(277)	(63)	21
Americas	967	712	951	1 679	1.680	3,634
Total	1,898	1,388	1 634	3 286	2 940	6 452
Depreciation and Amortization	447	401	319	848	631	1,248
Other Income (net)	76	172	215	248	424	476
Profit Before Tax (before exceptional Items)	1,527	1,159	1,530	2,686	2,733	5,680
Exceptional items	-	(57)		(57)		56
Profit Before Tax	1,527	1,216	1,530	2,743	2,733	5,624
Provision for Tax	2.76	318	363	594	662	1.403
Profit after Tax	1,251	898	1 167	2149	2.071	4 221

Notes to segment information : (a) The Chief Operating Decision Maker i.e., the Chief Executive Officer (CEO), primarily uses a measure of revenue and adjusted Earnings before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA) to assess the performance of the operating segments. Earnings before Interest, Tax, Depreciation and Amortisation is adjusted with other income and foreign exchange differences to arrive at Adjusted EBITDA. Assets and liabilities used in the group's business are not identified to any of the reportable segments, as these are used interchangeably between segments Accordingly, the CEO does not review assets and liabilities at reportable segments level.

(b) As per Ind AS 108 on 'Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial results.

5 Exceptional items during the previous year ended March 31,2019 represent amounts recorded on Group's re-assessment of certain tax positions and during the three months ended June 30, 2019 represent settlement/ recovery of amounts pertaining to such taxes.

• 6 On April 6, 2019, the Company executed a Share Purchase Agreement with shareholders of Whishworks IT Consulting Private Limited ("Whishworks') for acquisition of 57.6% stake in Whishworks for consideration of Rs 1,494 Mn. As per the terms of the agreement, the Company will acquire the remaining stake of in two tranches and accordingly it has recorded financial liability for future acquisition of the 42.4% stake and derecognised the liability towards non controlling interest. On acquisition, the Company recorded identifiable assets basis preliminary fair valuation. The Company Is In process of concluding the fair valuation assessment
• 7 Pursuant to the Share Purchase agreement dated April 6, 2019, the Company has sold its entire stake of 88.99% shareholding in ESRI India Technologies Limited (ESRI India) to ESRI Inc. , USA (existing 9.99% Shareholder of ESRI India) at a consideration of Rs. 897 Mn, on May 13, 2019 resulting in gain of Rs. 96 Mn.
• 8 Effective April 1, 2019, the Group adopted Ind AS 116 on "Leases", as applicable to all lease contracts existing on April 1, 2019 using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended March 31 , 2019 have not been retrospectively adjusted. On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of Rs. 993 Mn, and a lease liability of Rs. 1,178 Mn. The cumulative effect of applying the standard resulted in Rs. 127 Mn being debited to retained earnings, net of taxes of Rs. 58 Mn. The effect of this adoption is insignificant on the profit for the period and earnings per share.
• 9 Pursuant to Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019, the Group has included Consolidated Statement of Cash Flows for the six months period ended September 30, 2019 along with comparative for the six months period ended September 30, 2018. The Consol idated Statement of Cash Flows for the six months period ended September 30, 2018 has been approved by the Board of Directors.

1 o The Board of Directors at its meeting held on October 23, 2019 has declared an interim dividend of Rs. 1 o per equity share.

11 Previous year/period figures have been reclassified to conform to current year/ period's classification.

Place: Gurugram Date: October 23, 2019

By order of the Board

S.R. BATl.1801 & ASSOCIATES LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower - B Sector - 42, Sector Road Gurugram - 122 002, Haryana, India Tel : +91124 6816000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors NIIT Technologies Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of NUT Technologies Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended September 30, 2019 and year to date from April 1, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the net cash outflows for the corresponding period from April 1, 2018 to September 30, 2018, as reported in these unaudited consolidated financial results have been approved by the Holding Company's Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereund~r and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2'1 10, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review uf interim fi11a11cial inf ormatio11 consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• S.No. I 2 3 4 5 6 7 Name of the entities NIIT Technologies Limited (Parent Company) NUT Smart Serve Limited NIIT Technologies Services Limited NIIT TechnoloS?..ies Limited United Kingdom NIIT Technologies Pte Limited Singapore NUT Incessant Private Limited (*Formerly known as Incessant Technologies Private Limited) NUT Technologies GmbH
• 1. The Statement includes the results of the following entities:

NUT Technologies Inc

8

S.R. BATl.1801 & ASSOCIATES LLP

	Chartere Accountan1:s
	S.No.	Name of the entities
	9	NIIT Airline Technologies GmbH
NIIT Technologies FZ LLCIO
NIIT Technologies Philippines Inc (under liquidation)11
	12	NIIT Technologies BV (Wholly owned by NIIT Technologies, UK)
	13	NIIT Technologies Ltd (Wholly owned by NIIT Technologies, Singapore)
	14	NIIT Technologies Pty Ltd (Wholly owned by NIIT Technologies, Singapore)
	15	NIIT Insurance Technologies Limited (Wholly owned by NUT Technologies Limited, UK)
	16	NUT Technologies S.A. (Wholly owned by NIIT Technologies Limited, UK)
	17	RuleTek LLC (Majority owned by NIIT Incessant Private Limited)
	18	Incessant Technologies. (UK) Limited (Wholly owned by NIIT Incessant Private Limited)
	19	Incessant Technologies Ltd., (Ireland) (Wholly owned by NIIT Incessant Private Limited)
	20	Incessant Technologies (Australia) Pty Ltd. (Wholly owned by NUT Incessant PrivateLimited)
	21	Incessant Technologies NA Inc., USA (Wholly owned by NUT Incessant Private Limited)
	22	Whishworks IT Consulting Private Limited (Consolidated w.e.f., June 15, 2019)
	23	Whishworks Limited, UK (Consolidated w.e.f., June 15, 2019)
	24	Whishworks Pty. Limited, Australia (Consolidated w.e.f., June 15, 2019)
	25	ESRI India Technologies Limited (Consolidated till May 13. 2019)

• 1. Based on our review conducted and procedures perfonned as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in tenns of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The accompanying Statement includes unaudited interim financial results of 12 subsidiaries, whose interim financ.ial results reflect Group's share of total assets of Rs. 6,150 million as at September 30, 2019, and Group's share of total revenues of Rs. 2,961 million and Rs. 5,461 million, Group's share of total net profit after tax of Rs. 301 million and Rs. 562 million, Group's share of total comprehensive income of Rs. 295 million and Rs. 556 million, for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019, respectively, and net cash inflows of Rs. 231 million for the period from April 1, 2019 to September 30, 2019, as considered in the Statement, which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.
• 1. The accompanying Statement of unaudited consolidated financial results include unaudited interim financial results of 6 subsidiaries, whose interim financial results reflect Group's share of total assets of Rs. 40 l million as at September 30, 2019, Group's share of total revenues of Rs. 251 million and Rs. 476 million, Group's share of total net profit after tax of Rs. 7 million and Rs. 18 million, Group's share oftotal comprehensive income of Rs. 7 million and Rs. 18 million, for the quarter ended September 30, 2019and for the period from April 1, 2019 to September 30, 2019, respectively, and net cash outflows of Rs. 22 million for the period from April 1, 2019 to September 30,2019, as considered in the Statement. These unaudited interim financial results have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004

per

Partner Membersl ip No.: 094524

UDIN: 19094524AAAACP9041

Place: Gurugram Date: October 23, 2019

NIIT Technologies Limited Consolidated Profit and Loss Statement

Continuing Business(Excl. GIS Business)

September 30, 2019

Particulars (INR Mn)	Q2FY20	Q1FY20	Q1FY20	QoQ%	Q2FY19	YoY%
	(Reported)	(Reported)	(Adjusted)	(Adjusted)	(Reported)	(Reported)
Gross Revenues	10,385	9,597	9,597	8.2%	8,723	19.0%
Direct Costs	6,796	6,348	6,348	7.1%	5,720	18.8%
Gross Profit	3,589	3,249	3,249	10.5%	3,004	19.5%
GM%	34.6%	33.9%	33.9%	70 Bps	34.4%	12 Bps
Selling / General And Administration	1,691	1,843	1,608	5.2%	1,450	16.6%
SG&A to Revenue %	16.3%	19.2%	16.8%	-47 Bps	16.6%	-34 Bps
EBITDA	1,898	1,406	1,641	15.7%	1,554	22.2%
EBITDA%	18.3%	14.7%	17.1%	118 Bps	17.8%	47 Bps
Depreciation and Amortization	447	401	401	11.4%	314	42.1%
Other Income (net)	76	171	75	1.7%	220	-65.5%
Profit Before Tax (Before exceptional items)	1,527	1,176	1,315	16.2%	1,459	4.7%
PBT % (Before exceptional items)	14.7%	12.3%	13.7%	101 Bps	16.7%	-202 Bps
Exceptional items	-	(57)	-	NA	-	NA
Profit Before Tax	1,527	1,233	1,315	16.2%	1,459	4.7%
PBT %	14.7%	12.8%	13.7%	101 Bps	16.7%	-202 Bps
Provision for Tax	276	318	269	2.5%	351	-21.3%
Minority Interest	56	24	24	133.3%	43	28.8%
Profit After Tax (after Minority Int.)	1,195	890	1,021	17.0%	1,065	12.2%
PAT%	11.5%	9.3%	10.6%	87 Bps	12.2%	-70 Bps
Basic EPS (INR)	19.3	14.4	16.5	16.5%	17.3	11.2%

INR Mn.

NIIT Technologies Limited Consolidated Profit and Loss Statement

September 30, 2019

INR Mn.

	Q2FY20	Q1FY20	Q1FY20	QoQ%		YoY%
Particulars (INR Mn)	(Reported)	(Reported)	(Adjusted)	(Adjusted)	Q2FY19	(Reported)
Gross Revenues	10,385	9,627	9,627	7.9%	9,074	14.4%
Direct Cost	6,796	6,374	6,374	6.6%	5,897	15.2%
Gross Profit	3,589	3,253	3,253	10.3%	3,177	13.0%
GM%	34.6%	33.8%	33.8%	77 Bps	35.0%	-45 Bps
Selling / General And Administration	1,691	1,864	1,629	3.8%	1,543	9.6%
SG&A to Revenue %	16.3%	19.4%	16.9%	-64 Bps	17.0%	-72 Bps
EBITDA	1,898	1,388	1,623	16.9%	1,634	16.1%
EBITDA%	18.3%	14.4%	16.9%	141 Bps	18.0%	27 Bps
Depreciation and Amortization	447	401	401	11.4%	319	39.9%
Other Income (net)	76	172	76	0.1%	215	-64.7%
Profit Before Tax (Before exceptional items)	1,527	1,159	1,298	17.7%	1,530	-0.2%
PBT % (Before exceptional items)	14.7%	12.0%	13.5%	122 Bps	16.9%	-215 Bps
Exceptional items	-	(57)	-	NA	-	NA
Profit Before Tax	1,527	1,216	1,298	17.7%	1,530	-0.2%
PBT %	14.7%	12.6%	13.5%	122 Bps	16.9%	-215 Bps
Provision for Tax	276	318	269	2.4%	363	-23.9%
Minority Interest	56	22	22	152.3%	49	13.2%
Profit After Tax (after Minority Int.)	1,195	876	1,006	18.8%	1,118	6.9%
PAT%	11.5%	9.1%	10.5%	105 Bps	12.3%	-81 Bps
EPS - INR
Basic EPS (INR)	19.3	14.2	16.3	17.8%	18.2	5.9%

NIIT Technologies Limited Consolidated Balance Sheet

September 30, 2019

							INR Mn.
Particulars	As at Sept	As at JuneAs at SeptParticulars		As at Sept	As at June	As at Sept
	30 2019	30 2019	30 2018		30 2019	30 2019	30 2018
Equity	624	618	616	Fixed Assets	4,955	5,088	4,352
Reserves & Surplus	22,401	20,897		18,080 Capital Work in Progress	82	50	11
				Intangible Assets	6,669	6,863	4,353
NET Worth	23,025	21,515		18,696 Current Assets
				Cash and Cash Equivalent	7,659	7,296	7,556
Borrowings	99	123		187 Debtors	7,971	7,041	6,526
Deferred Tax Liability	567	679	470	Other Current Assets	3,293	3,131	2,465
Minority Interest	-	-		193 Current Liabilities	(6,187)	(6,456)	(5,215)
				Future Acquisition Liability	(1,916)	(1,902)	(1,835)
				Deferred Tax Assets	1,165	1,206	1,333
	23,691	22,317	19,546		23,691	22,317	19,546

NIIT Technologies Limited Financial and Operational Metrics

September 30, 2019

Revenue
---------

INR Mn	Q2FY20	Q1FY20	Q2FY19
Revenue - Continuing Business	10,385	9,597	8,723
Hedge Gain/(Loss)	97	63	(84)

Other Income INR Mn. Q2FY20 Q1FY20 Q2FY19 Income on mutual Funds / Net Interest Incom 52 183 96 Difference in Exchange * 24 (11) 119 Other Income (net) 76 172 215

* Includes gain/loss on revaluation of foreign currency current assets and liabilities

Vertical Split

%	Q2FY20	Q1FY20	Q2FY19
Banking and Financial Services	17%	16%	16%
Insurance	31%	29%	29%
Transport	28%	28%	27%
Others	24%	27%	28%

Practice Split

%	Q2FY20	Q1FY20	Q2FY19
Application Development & Management	74%	72%	68%
IP Assets	5%	6%	6%
Managed Services	17%	17%	18%
SI & PI **	1%	1%	4%
BPO	3%	4%	4%

Geography

%	Q2FY20	Q1FY20	Q2FY19
Americas	49%	49%	49%
EMEA	37%	35%	34%
ROW	14%	16%	17%

Revenue Mix
%	Q2FY20	Q1FY20	Q2FY19
ONSITE	66%	66%	64%
OFFSHORE	34%	34%	36%
Total	100%	100%	100%

Order Book
$ Mn	Q2FY20	Q1FY20	Q2FY19
Fresh Order Intake	176	175	160
USA	65	100	86
EMEA	41	58	39
ROW	70	17	35
Executable Order Book over Next 12
Months	405	395	363

Client Data

No.	Q2FY20	Q1FY20	Q2FY19
Repeat Business %	90%	96%	89%
New client Addition:
USA	7	5	5
EMEA	1	3	3
APAC	2	3	2
India	-	-	-
Total	10	11	10

** System Integration and Package Implementation

NIIT Technologies Limited Financial and Operational Metrics

September 30, 2019

DAYS	Q2FY20	Q1FY20	Q2FY19
DSO	73	67	73
Revenue Concentration
%Top 5	Q2FY2029%	Q1FY2027%	Q2FY1928%
Top 10	39%	39%	40%
Client Size
Nos	Q2FY20	Q1FY20	Q2FY19
Between 1 to 5 Million	70	66	63
Between 5 to 10 Million	16	17	18
Above 10 Million	9	8	7
	95	91	88
People Numbers (By Role)
Nos	Q2FY20	Q1FY20	Q2FY19
Billable Personnel
Onsite	2,468	2,429	2,369
Offshore	7,453	7,063	6,815
Total	9,921	9,492	9,184
Sales and Marketing (Excl GIS)	185	141	123
Sales and Marketing (GIS)*	-	-	94
Others	694	664	624
Grand Total	10,800	10,297	10,025
Utilization/Attrition (Excl BPO)
%	Q2FY20	Q1FY20	Q2FY19
Utilization	80.7%	80.5%	80.4%
Attrition Rate	12.3%	12.9%	10.8%
Rupee Dollar Rate
	Q2FY20	Q1FY20	Q2FY19
Period Closing Rate	70.66	68.95	72.54
Period Average Rate	69.84	69.50	69.31
Hedge Position
	Q2FY20	Q1FY20	Q2FY19
USD	71.79	69.01	64.23
GBP	17.99	13.05	13.05
Euro	6.30	4.50	4.20
Average Rates for Outstanding Hedges as on:
	Q2FY20	Q1FY20	Q2FY19
USD	73.08	73.09	69.49
GBP	93.39	95.94	94.54
Euro	83.92	85.53	84.55

Revenue by Project type

%	Q2FY20	Q1FY20	Q2FY19
FPP	46%	48%	45%
T&M	54%	52%	55%

Financial Performance– Q2FY20

Oct 23, 2019

Agenda

• Financial Highlights
• Business Update
• Financial Statements
  • Income Statement
  • Balance Sheet
• Business Analysis

Financial Highlights – Q2FY20

Q2 Revenue at INR 10,385 Mn

• Up 19.0% YoY, Up 8.2% QoQ
• Constant currency organic revenue growth is 4.1%

Net Profits at INR 1,195 Mn

• Up 12.2% YoY and 17.0% QoQ
• ETR at 18%

Operating profits at INR 1,898 Mn

• Up 22.2% YoY, Up 15.7% QoQ
• Operating Margins at 18.3%, Up 47 bps YoY and 118 bps QoQ

Order Intake at $176 Mn

• $405 Mn of firm business executable over next 12 months

The highlights above are for continued business (Excl GIS)

Business Highlights for Q2FY20

Consolidated Income Statement – Continuing Business (Excl. GIS)

	Q2FY20	Q1FY20	Q1FY20	QoQ%	Q2FY19	YoY%
Particulars (INR Mn)	(Reported)	(Reported)	(Adjusted)	(Adjusted)	(Reported)	(Reported)
Gross Revenues	10,385	9,597	9,597	8.2%	8,723	19.0%
GM%	34.6%	33.9%	33.9%	70 Bps	34.4%	12 Bps
EBITDA	1,898	1,406	1,641	15.7%	1,554	22.2%
EBITDA%	18.3%	14.7%	17.1%	118 Bps	17.8%	47 Bps
Profit Before Tax (Before exceptional items)	1,527	1,176	1,315	16.2%	1,459	4.7%
PBT % (Before exceptional items)	14.7%	12.3%	13.7%	101 Bps	16.7%	-202 Bps
Exceptional items	-	(57)	-	NA	-	NA
Profit Before Tax	1,527	1,233	1,315	16.2%	1,459	4.7%
PBT %	14.7%	12.8%	13.7%	101 Bps	16.7%	-202 Bps
Profit After Tax (after Minority Int.)	1,195	890	1,021	17.0%	1,065	12.2%
PAT%	11.5%	9.3%	10.6%	87 Bps	12.2%	-70 Bps
Basic EPS (INR)	19.3	14.4	16.5	16.5%	17.3	11.2%

NTL Signed a definitive agreement for the sale of entire 88.99% stake in GIS business on April 6, 2019 and hence from FY20, the business will be monitored excluding GIS.

Consolidated Income Statement

Particulars (INR Mn)	Q2FY20(Reported)	Q1FY20(Reported)	Q1FY20(Adjusted)	QoQ%(Adjusted)	Q2FY19	YoY%(Reported)
Gross Revenues	10,385	9,627	9,627	7.9%	9,074	14.4%
GM%	34.6%	33.8%	33.8%	77 Bps	35.0%	-45 Bps
EBITDA	1,898	1,388	1,623	16.9%	1,634	16.1%
EBITDA%	18.3%	14.4%	16.9%	141 Bps	18.0%	27 Bps
Profit Before Tax (Before exceptional items)	1,527	1,159	1,298	17.7%	1,530	-0.2%
PBT % (Before exceptional items)	14.7%	12.0%	13.5%	122 Bps	16.9%	-215 Bps
Exceptional items	-	(57)	-	NA	-	NA
Profit Before Tax	1,527	1,216	1,298	17.7%	1,530	-0.2%
PBT %	14.7%	12.6%	13.5%	122 Bps	16.9%	-215 Bps
Profit After Tax (after Minority Int.)	1,195	876	1,006	18.8%	1,118	6.9%
PAT%	11.5%	9.1%	10.5%	105 Bps	12.3%	-81 Bps
Basic EPS (INR)	19.3	14.2	16.3	17.8%	18.2	5.9%

Adjusted figures are excluding non-recurring transaction related expenses

Balance Sheet

INR Mn.

Particulars	As at Sept 302019	As at June30 2019	As at Sept 302018	Particulars	As at Sept 302019	As at June30 2019	As at Sept 302018
Equity	624	618	616	Fixed Assets	4,955	5,088	4,352
Reserves & Surplus	22,401	20,897		18,080 Capital Work in Progress	82	50	11
				Intangible Assets	6,669	6,863	4,353
NET Worth	23,025	21,515		18,696 Current Assets
				Cash and Cash Equivalent	7,659	7,296	7,556
Borrowings	99	123		187 Debtors	7,971	7,041	6,526
Deferred Tax Liability	567	679	470	Other Current Assets	3,293	3,131	2,465
Minority Interest	-	-		193 Current Liabilities	(6,187)	(6,456)	(5,215)
				Future Acquisition Liability	(1,916)	(1,902)	(1,835)
				Deferred Tax Assets	1,165	1,206	1,333
	23,691	22,317	19,546		23,691	22,317	19,546
•Reserves and Surplus up INR 1,504 Mn over LQ.			•Cash and Bank Balances Up by INR 363 Mn over LQ•DSO –73 days•Capex during the Qtr –INR 146 Mn

Geography Mix

Q2FY20:

• Growth in EMEA due to higher revenues in key accounts in TTH and BFS and acquisition of Whishworks
• Growth in Americas due to growth in TTH and Insurance verticals
• ROW decline due to divestment of ESRI business

Vertical Mix

Q2FY20:

• Growth in TTL due to continued ramp up in top accounts in US and EMEA
• Growth in Insurance on account of higher revenue in US and NITL
• Growth in BFS on account of higher revenue in EMEA and APAC

Service Mix

Q2FY20:

• Digital revenues at 38%, reflecting sequential growth of 18% and YoY growth of 56%
• Growth in ADM due to growth in major verticals (Insurance & T&T)
• Product and IP based revenues stands at 6%

Order Intake

Order Intake ($ Mn)

• 10 new customers added: 7 in US, 1 in EMEA and 2 in ROW
• $176 Mn order intake in the quarter leading to $ 405 Mn of firm business executable over next 12 months
• Geographical breakdown of order intake US (65 Mn), EMEA (41 Mn), ROW (70 Mn)

Top Client Mix

MM $ Clients	91	95

People Resources

People Data

End of Document