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Happiest Minds Technologies Limited Investor Presentation 2021

Oct 27, 2021

61298_rns_2021-10-27_c8b96775-b9d7-4414-8a8e-8923429ce1c4.pdf

Investor Presentation

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Happiest Minds Technologies Limited

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(formerly known as Happiest Minds Technologies Pvt Ltd) Regd. Office: #53/1-4, Hosur Main Road, Madivala, Bangalore-560068, Karnataka, India CIN of the Co. L72900KA2011PLC057931 P: +91 80 6196 0300, F: +91 80 6196 0700 Website: www.happiestminds.com Email: [email protected]

October 27, 2021

Listing Compliance & Legal Regulatory BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001 Stock Code: 543227

Listing & Compliance National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra East, Mumbai 400 051 Stock Code: HAPPSTMNDS

Dear Sir/Madam,

Sub: Earnings Presentation on the financial results of Q2 for FY’22

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the Earnings Presentation of the financial results of the Company for the quarter ended September 30, 2021 that will be circulated to the Investors/ Analysts for the Earnings Call scheduled on October 28, 2021.

This is for your information and records.

Thanking you, Yours faithfully, For Happiest Minds Technologies Limited

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Praveen Kumar Darshankar Company Secretary & Compliance Officer Membership No. F6706

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October 2021

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This presentation may contain certain forward-looking statements, which involves risks and uncertainties that could cause our future results to differ materially from those in such forwardlooking statements. The COVID-19 pandemic could decrease our customers’ technology spend, delaying prospective customers’ purchasing decisions, and impact our ability to provide services; all of which could adversely affect our future revenue, margin and overall financial performance. Our operations could also be negatively impacted by a range of external factors not within our control those due to the We do not undertake to of our including pandemic. update any forward-looking statements that may be made from time to time by us or on our behalf.

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www.happiestminds.com

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Next Generation Digital Transformation, Infrastructure, Security and Product Engineering Services Company

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IPO

Digital Digital

Agile

Active clients

RoCE[1]

In September 2020

  • 50 Fortune2000 / Forbes200 / Billion $ corporations

  • 87% of repeat business

  • Completed 10 years of existence in August 2021

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RoE

• Strong Management Team & Corporate governance

Mission Statement

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Happiest Minds

  • Ranked India's Best Companies to work for 2021

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rating

  • Ranked Asia’s Best Workplaces 2021

  • 560,000 investors

SMILES Values

on Glassdoor

across 7 Countries Diversity 26.1%

Sharing, Mindful, Integrity, Learning, Excellence, Social Responsibility

  • Top Companies for Data Scientists to Work for 2021

#2 for Indian IT Services

  • Robust growth and rofitabili

  • p ty

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Promoter

Ashok Soota

3 www.happiestminds.com

*All logos are properties of their respective owners Note 1 : ROCE / ROE is half year annualized

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IoT Blockchain
DevOps & RPA Cloud
Software Defined Networking / NFV BPM & Integration
Big Data & Adv. Analytics Security
BFSI Edutech Hi-Tech
Mfg/Industrial Retail Travel & Hosp.
4
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4 www.happiestminds.com

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Learning Excellence Integrity Social Responsibility Mindful Sharing Our Mission Happiest People . Happiest Customers

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Happiest Minds is the first Indian IT firm to be The Mindful IT Company

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Design Happiest Accelerate Build & Sustain Minds for Profitable a World Class Perpetuity Growth Team

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Be the Ambassador of Happiness

Be Recognized for Thought Leadership in our focus areas of Technology & Solutions 3

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Be known for our ESG standards

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Business Agile
Transformation Organization
Agile
Business
CREATING
MINDFULLY
DIGITAL
AGILE
CAPITAL
Platformize and Agile
Modernize Delivery
Reimagining Engineering &
Customer Experience Operational Excellence
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With a Fortune 100 Healthcare provider, Happiest Minds has signed a large multi-year Managed Security Service Provider deal

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For a large US retailer , Happiest Minds is managing its infrastructure services and cloud platform

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For a multi-billion-dollar supply chain industry leader , Happiest Minds is helping them build their new SaaS based product

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For a Fortune 100 Health insurance company , Happiest Minds is managing their Cloud Security

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For a publicly traded global leader in Information Security company , Happiest Minds is building an offshore center to take end-to-end ownership for new features development alongside their Engineering team

For a global supplier of mechanical and electrical drive systems , Happiest Minds is building a digital platform to enable their exponential revenue growth and excellent customer service

For one of the world's largest brokers of fine and decorative art, jewelry and collectibles , Happiest Minds was chosen to transform their Financial Services lending processes

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For a global supplier of mechanical and electrical drive systems , Happiest Minds is building a digital platform to enable their exponential revenue growth and excellent customer service

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AWARDS

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Ranked Among India’s Top 50 Best Workplaces For Women 2021 by Great Place to Work® Institute

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Asiamoney Asia’s Outstanding Companies Poll 2021

  • Most Outstanding Company in India under Small / Mid-Caps category

  • Most Outstanding IPO in India

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All amounts in ₹ Lakhs unless stated otherwise
Particulars
Q2 FY 22 Q1 FY 22
QoQ
Q2 FY 21
YoY
H1 FY 22
H1 FY21
YoY
Revenues($'000)
35,809
33,152
8.0%
24,712
44.9%
68,961
48,156
43.2%
Revenues
26,453
24,461
8.1%
18,284
44.7%
50,914
35,986
41.5%
Other Income
959
926
3.6%
507
89.2%
1,885
1,504
25.3%
Total Income
27,412
25,387
8.0%
18,791
45.9%
52,799
37,490
40.8%
EBITDA
7,012
6,615
6.0%
4,939
42.0%
13,627
9,721
40.2%
%
25.6%
26.1%
26.3%
25.8%
25.9%
PBT before Exceptional Item
5,935
5,728
3.6%
4,267
39.1%
11,663
8,351
39.7%
%
21.7%
22.6%
22.7%
22.1%
22.3%
Exceptional Item
-
(609)
-
(609)
-
PBT
5,935
5,119
15.9%
4,267
39.1%
11,054
8,351
32.4%
%
21.7%
20.2%
22.7%
20.9%
22.3%
Tax
1,491
1,546
(3.6)%
859
73.6%
3,037
(75)
%
5.4%
6.1%
4.6%
5.8%
PAT
4,444
3,573
24.4%
3,408
30.4%
8,017
8,426
(4.9)%
%
16.2%
14.1%
18.1%
15.2%*
22.5%		 All amounts in ₹ Lakhs unless stated otherwise
Particulars
Q2 FY 22 Q1 FY 22
QoQ
Q2 FY 21
YoY
H1 FY 22
H1 FY21
YoY
Revenues($'000)
35,809
33,152
8.0%
24,712
44.9%
68,961
48,156
43.2%
Revenues
26,453
24,461
8.1%
18,284
44.7%
50,914
35,986
41.5%
Other Income
959
926
3.6%
507
89.2%
1,885
1,504
25.3%
Total Income
27,412
25,387
8.0%
18,791
45.9%
52,799
37,490
40.8%
EBITDA
7,012
6,615
6.0%
4,939
42.0%
13,627
9,721
40.2%
%
25.6%
26.1%
26.3%
25.8%
25.9%
PBT before Exceptional Item
5,935
5,728
3.6%
4,267
39.1%
11,663
8,351
39.7%
%
21.7%
22.6%
22.7%
22.1%
22.3%
Exceptional Item
-
(609)
-
(609)
-
PBT
5,935
5,119
15.9%
4,267
39.1%
11,054
8,351
32.4%
%
21.7%
20.2%
22.7%
20.9%
22.3%
Tax
1,491
1,546
(3.6)%
859
73.6%
3,037
(75)
%
5.4%
6.1%
4.6%
5.8%
PAT
4,444
3,573
24.4%
3,408
30.4%
8,017
8,426
(4.9)%
%
16.2%
14.1%
18.1%
15.2%*
22.5%
PAT
%		 8,017
8,426
(4.9)%
15.2%
22.5%

* Loss on Fair Valuation of Warrant Liability

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Digital
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% of Revenue
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97.2% 97.1%
96.9% 96.8% 96.6% 96.6% 96.7%
96.3% 96.2%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Agile
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% of Revenue

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93.9% 92.8% 92.8% 94.2% 93.4% 93.2%
90.2%
87.9%
71.1%
FY 19 FY 20 FY 21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Revenue - Growth
Total Income (₹ Lakhs)
79,765
71,423
60,181
48,912
25,387 [27,412]
[22,374]
18,699 18,791 [20,129]
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Revenue Share
3.4%
21.0%
46.2%
29.4%
PES DBS IMSS Oth Inc
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EBITDA High FCF [1] conversion
99.6
(₹ Lakhs) Margin % (₹ Lakhs) % %
27.0% 21,476
21,573
99.6
%
15.8%
11,266
11,312 25.6
26.1
%
26.3 % 98.8 99.3 96.2
11.0% 29.7 % % 99.5 % %
% 99.2 %
25.6 26.3 99.8 %
6,628 % % 5,969 5,883 6,615 7,012 6,549 99.8% % 5,920 5,853 6,569 6,743
4,782 4,939 4,772 4,931
1.6%
85.0
%
762 649
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Note: 1. FCF Conversion = FCF/EBITDA and FCF = EBITDA – Capex. (Non-GAAP Measure)

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Happiest Minds & Utilization

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79.5% 81.6% 82.6% 82.1% 79.7%
76.9% 78.7%
77.3% 74.9%
68.4%
3,796
3,538
3,228 3,228
2,253 2,462 2,666 2,658 2,721 2,885
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Offshore / Onsite
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By Number of Employees
95.3% 94.6% 95.4% 94.9% 95.3% 95.1% 95.0% 94.9% 94.9% 95.2%
4.7% 5.4% 4.6% 5.1% 4.7% 4.9% 5.0% 5.1% 5.1% 4.8%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Onsite Offshore
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Voluntary Attrition % [1]
25.2%
18.7% 18.5%
16.2%
14.2% 14.7%
13.1%
12.4% 12.4%
FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Note 1: Trailing 12 Months

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Revenue Model
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Q2 22
Model Geography Digital Revenue [1] Vertical [1]
3.3% 11.6%
9.8% 23.2%
24.4% 10.0%
8.3%
13.0%
12.5% 42.8% 6.6%
13.5%
12.2%
11.1% 13.3%
65.9%
75.6% 10.6%
19.6% 13.0%
T&M FP Digital Infra / Cloud SAAS Edu Tech Hitech Retail / CPG
Americas Europe India ROW
Security Analytics / AI TME BFSI Industrial
IoT Others MFG Others
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Revenue Concentration [3]
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Million $ Customers [2]
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(% Revenue) (#)
61.5% 31 31
46.3% 25 26 23 24 25 26
21
31.1% 16
13.4%
Top 1 Top 5 Top 10 Top 20 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
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Notes: 1. TME: Travel, Media & Entertainment, 2. Based on quarterly revenues annualized. 3. Top 20 includes Top 1, 5 & 10

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Onsite/Offshore

Average Annual Revenue / Active Customer

By Revenue

(USD ‘000)

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783
751
737
683
659
634
615 615
502
471
78.6% 78.0% 77.5% 81.0% 79.0% 78.1% 81.0%
85.0% 84.0% 83.9%
21.4% 22.0% 22.5% 19.0% 21.0% 21.9% 19.0%
15.0% 16.0% 16.1%
FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 FY18 FY19 FY20 FY21 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22
Onsite Offshore
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FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY21 FY22Q1 FY22Q2
Customer Industry group
Edutech 18.0% 21.3% 21.3% 27.0% 27.0% 24.9% 24.1% 25.6% 23.4% 23.2%
Hitech 24.6% 21.0% 21.0% 20.5% 19.5% 20.2% 13.5% 18.2% 14.2% 13.5%
BFSI 17.9% 18.2% 17.5% 17.4% 16.3% 17.4% 14.8% 16.4% 13.4% 13.3%
Travel, Media and
Entertainment (TME) 11.0% 13.8% 17.1% 12.9% 13.0% 14.4% 14.0% 13.6% 13.9% 13.0%
Retail / CPG 7.0% 6.9% 7.5% 5.7% 4.5% 2.2% 8.6% 5.4% 9.6% 10.6%
Industrial 6.2% 8.1% 7.0% 6.4% 6.9% 7.0% 7.7% 7.1% 7.1% 6.6%
Manufacturing 3.2% 3.8% 3.7% 5.7% 6.8% 6.9% 7.1% 6.6% 6.3% 8.3%
Others 12.3% 6.9% 4.9% 4.6% 6.0% 7.0% 10.2% 7.1% 12.0% 11.6%
Digital Service Offerings
Digital infrastructure/Cloud - 40.9% 31.2% 43.7% 41.1% 41.0% 44.2% 41.6% 42.3% 42.8%
SaaS - 28.6% 29.4% 23.6% 24.6% 21.6% 20.9% 22.7% 20.2% 19.6%
Security Solutions - 10.2% 14.9% 7.6% 7.4% 8.7% 9.1% 8.7% 11.0% 12.2%
Analytics/AI - 9.1% 11.6% 12.1% 13.5% 14.4% 12.9% 13.3% 12.9% 12.5%
IoT - 8.4% 9.8% 9.3% 10.5% 11.0% 9.5% 10.5% 9.9% 9.8%
Total - 97.2% 96.9% 96.3% 97.1% 96.6% 96.6% 96.8% 96.2% 96.7%
Automation as a % of total
revenue 20.7% 24.2% 24.3% 27.8% 24.4% 25.2% 23.9% 23.9%
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FY18 FY19 FY20 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY 21 FY22 Q1 FY22 Q2
Location of external customer
USA 73.5% 75.5% 77.5% 77.3% 77.3% 72.2% 68.4% 73.4% 67.8% 65.9%
India 11.7% 11.9% 11.9% 10.9% 10.9% 13.4% 11.7% 11.8% 12.4% 13.0%
Europe 11.4% 9.5% 7.2% 9.8% 9.2% 10.6% 11.6% 10.4% 10.4% 11.1%
ROW 3.4% 3.1% 3.4% 2.0% 2.6% 3.8% 8.4% 4.4% 9.4% 10.0%
Million $ Customers1
$ 10 M + 1 1 1 1 1 1 1 1 1
$ 5M to $ 10M 2 2 - 1 - 2 3 3 3 6
$ 3M to $ 5M 2 1 9 4 6 5 6 6 6 3
$ 1M to $ 3M 12 17 15 17 17 17 16 16 21 21
Total 16 21 25 23 24 25 26 26 31 31
Revenue Mix
Onsite 21.4% 22.0% 22.5% 21.0% 21.9% 19.0% 15.0% 19.0% 16.0% 16.1%
Offshore2 78.6% 78.0% 77.5% 79.0% 78.1% 81.0% 85.0% 81.0% 84.0% 83.9%
Revenue Model
Fixed Price 18.4% 16.8% 19.0% 18.8% 19.3% 22.2% 26.0% 22.0% 26.0% 24.4%
Time and Material 81.6% 83.2% 81.0% 81.2% 80.7% 77.8% 74.0% 78.0% 74.0% 75.6%
Active customers
# of active customers 173 163 157 148 152 155 173 173 180 186
Billion $ corporation
# of customers 37 36 39 38 46 46 53 50

Note: 1: Based on quarter revenue annualized 2: Offshore: Revenues from customers served from India;

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FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4 FY21 FY22Q1 FY22Q2
Happiest Minds
Onsite 105 132 123 124 133 145 166 166 180 182
Offshore 2,148 2,330 2,543 2,534 2,588 2,740 3,062 3,062 3,358 3,614
Total 2,253 2,462 2,666 2,658 2,721 2,885 3,228 3,228 3,538 3,796
Happiest Minds by delivery
centres
Onsite 4.7% 5.4% 4.6% 4.7% 4.9% 5.0% 5.1% 5.1% 5.1% 4.8%
Offshore 95.3% 94.6% 95.4% 95.3% 95.1% 95.0% 94.9% 94.9% 94.9% 95.2%
Utilization
Utilization % 68.4% 77.3% 76.9% 74.9% 78.7% 81.6% 82.6% 79.5% 82.1% 79.7%
Diversity
Women Happiest Minds 22.0% 23.0% 24.0% 23.4% 23.3% 24.0% 24.5% 24.5% 25.2% 26.1%
Days Sales Outstanding
Billed 74 80 60 51 51 46 50 57 46 58
Unbilled 6 11 23 32 26 31 24 28 36 30
Total DSO 80 91 83 83 77 77 75 85 82 88
EPS₹
Diluted - - 5.36 3.72 2.42 2.94 2.48 11.45 2.45 3.06
Capital Return Ratios %
RoCE 28.9% 50.9% 37.0% 41.9% 33.3% 31.2% 30.7% 33.8%
RoE 27.1% 62.9% 29.4% 33.2% 26.4% 29.8% 24.7% 27.5%

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(All figures in ₹ Lakhs) FY18 FY19 FY20 FY21Q1 FY21Q2 FY21Q3 FY21Q4

FY21 FY22Q1 FY22Q2

Revenue by Business Units

Infrastructure Management & Security Services 9,862 20.2% 12,943 21.5% 15,361 21.5% 3,641 19.5% 3,959 21.1% 4,334 21.5% 4,487 20.1% 16,421 20.6% 5,251 20.7% 5,747 21.0% Digital Business Services 15,403 31.5% 18,090 30.1% 19,167 26.8% 4,598 24.6% 4,710 25.1% 4,985 24.8% 6,995 31.3% 21,288 26.7% 7,570 29.8% 8,046 29.4% Product Engineering Services 21,024 43.0% 28,003 46.5% 35,293 49.4% 9,463 50.6% 9,615 51.2% 9,965 49.5% 10,589 47.3% 39,632 49.7% 11,639 45.8% 12,661 46.2% Total Revenue 46,289 94.6% 59,036 98.1% 69,821 97.8% 17,702 94.7% 18,284 97.3% 19,284 95.8% 22,071 98.6% 77,341 97.0% 24,460 96.4% 26,453 96.5% Other income 2,623 5.4% 1,145 1.9% 1,602 2.2% 997 5.3% 507 2.7% 845 4.2% 303 1.4% 2,424 3.0% 926 3.6% 959 3.5% Total income 48,912 100% 60,181 100% 71,423 100% 18,699 100% 18,791 100% 20,129 100% 22,374 100% 79,765 100% 25,387 100% 27,412 100.0%

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Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement Summary Profit & Loss statement
(All figures in₹Lakhs) FY 18 FY 19 FY 20 FY 21 Q1 FY 21 Q2 FY 21 Q3 FY 21 Q4 FY 21 FY 22 Q1 FY 22 Q2
Income
Operating revenue 46,289
59,036
69,821		 17,702
18,284
19,284
22,071
77,341		 24,461 26,453
Other income 2,623
1,145
1,602		 997
507
845
303
2,424		 926 959
Total income 48,912
60,181
71,423		 18,699
18,791
20,129
22,374
79,765		 25,387 27,412
Cost of revenue 32,652
36,987
42,927		 9,978
10,401
11,155
12,849
44,382		 14,661 15,864
Gross margin 13,637
22,049
26,894		 7,724
7,884
8,129
9,222
32,959		 9,800 10,589
% 29.5% 37.3% 38.5% 43.6% 43.1% 42.2% 41.8% 42.6% 40.1% 40.0%
SG&A 15,498
16,566
17,184		 3,939
3,452
3,005
3,642
13,810		 4,111 4,536
EBITDA 762
6,628
11,312		 4,782
4,939
5,969
5,883
21,573		 6,615 7,012
% 1.6% 11.0% 15.8% 25.6% 26.3% 29.7% 26.3% 27.0% 26.1% 25.6%
Depreciation 2,075
2,478
2,023		 512
512
516
734
2,274		 723 834
EBIT (1,313) 4,150
9,289		 4,270
4,427
5,453
5,149
19,299		 5,892 6,178
% -2.7% 6.9% 13.0% 22.8% 23.6% 27.1% 23.0% 24.2% 23.2% 22.5%
Finance cost 995
1,594
802		 186
160
126
225
697		 164 243
PBT before exceptional items/adjustments
*		 (2,308) 2,556
8,487		 4,084
4,267
5,327
4,924
18,602		 5,728 5,935
% -4.7% 4.2% 11.9% 21.8% 22.7% 26.5% 22.0% 23.3% 22.6% 21.6%
**Exceptional Items+ ** - 1,258 1,126 - - - - - 609 -
**PBT *** (2,308) 1,298
7,361		 4,084
4,267
5,327
4,924
18,602		 5,119 5,935
% -4.7% 2.2% 10.3% 21.8% 22.7% 26.5% 22.0% 23.3% 20.2% 21.6%
Current tax - -
190		 851
682
1,105
889		 3,527 1,595 1,512
Deferred tax (61) (123) - (1,785) 177 7 430 (1,171) (49) (21)
**PAT *** (2,247) 1,421
7,171		 5,018
3,408
4,215
3,605
16,246		 3,573 4,444
% -4.6% 2.4% 10.0% 26.8% 18.1% 20.9% 16.1% 20.4% 14.1% 16.2%

* FY18 & FY19 are restated as per IndAs, forming part of our offer documents.

+ Exceptional items for FY19 & FY20 relate to Impairment of Goodwill, for FY22 Q1 refers to Loss on Fair Valuation of Warrant Liability

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Condensed Balance Sheet

(All figures in₹Lakhs) 31.03.2018 31.03.2019 31.03.2020 30.06.2020 30.09.2020 31.12.2020 31.03.2021 30.06.2021 30.09.2021
Assets
Non-current Assets
Property, plant and equipment 264 214 93 77 60 72 69 83 86
Goodwill 2,961 1,736 610 610 611 611 7,644 7,756 7,742
Financial & Other assets 7,685 6,003 5,598 6,266 5,788 5,040 10,029 18,033 11,604
Total non-current assets (A) 10,910 7,953 6,301 6,953 6,459 5,723 17,742 25,872 19,432
Current assets
Financial & Other assets
i. Trade receivable 9,437 12,927 11,487 9,851 10,302 9,765 12,192 12,431 16,064
ii. Cash & Cash equivalents, Investments & Other financial
assets		 16,928 19,610 31,967 39,196 52,387 54,286 60,928 60,476 63,790
iii. Other assets 1,424 862 1,060 1,308 1,721 1,531 1,333 1,117 2,367
Total current assets (B) 27,789 33,399 44,514 50,355 64,410 65,582 74,453 74,024 82,221
Total assets (A + B) 38,699 41,352 50,815 57,308 70,869 71,305 92,195 99,896 101,653
Equity and Liabilities
Total equity (A) (10,888) (6,605) 26,531 31,901 46,380 50,836 54,599 58,125 58,498
Non-current liabilities
Financial liabilities 5,797 3,814 1,863 1,674 1,518 1,248 7,339 10,775 9,431
Provisions & Deferred tax liability 935 940 1,255 1,508 1,513 1,662 2,378 2,325 2,334
Total non-current liabilities (B) 6,732 4,754 3,118 3,182 3,031 2,910 9,717 13,100 11,765
Current liabilities
Financial & Contract liabilities
i. Trade payable 2,498 2,878 3,442 3,600 6,307 3,781 4,101 4,913 6,670
ii. Others 38,866 38,591 15,947 15,907 12,402 10,931 20,340 20,090 20,711
Provisions & Other current liabilities 1,491 1,734 1,777 2,718 2,749 2,847 3,438 3,668 4,009
Total current liabilities (C) 42,855 43,203 21,166 22,225 21,458 17,559 27,879 28,671 31,390
Total liabilities (D = B + C) 49,587 47,957 24,284 25,407 24,489 20,469 37,596 41,771 43,155
Total equity and liabilities (A + D) 38,699 41,352 50,815 57,308 70,869 71,305 92,195 99,896 101,653

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