Persistent Systems Limited — Interim / Quarterly Report 2020

Jan 30, 2020

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PERSISTENT

NSE & BSE / 2019-20 / 104

January 30, 2020

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400051

The Manager, Corporate Services, BSE Limited 14[th ] Floor, P J Towers, Dalal Street, Mumbai 400001

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir/ Madam,

Sub.: Fact Sheet - Consolidated Financial Data - for the quarter and period ended December 31, 2019

Please find enclosed fact sheet of the Consolidated Financial Data for the quarter and period ended December 31, 2019.

The Company has scheduled an investor/ analyst call on Thursday, January 30, 2020 at 5.30 PM 1ST. During such call, the Management will comment on the financial results for the quarter and period ended December 31, 2019 as well as on the business outlook.

Please acknowledge the receipt.

Thanking you,

Yours sincerely,

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For Persistent Systems Limited

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Ami� . re Company Secretary ICSI Membership Number: ACS 20507

Encl: As above

Persistent Systems Limited, Bhageerath, 402, Senapati Bapat Road, Pune 411016 I Tel : +91 (20) 670 30000 Persistent Systems Inc., 2055, Laurelwood Rd, Suite 210, Santa Clara, CA 95054, USA I Tel : +1 (408) 216 7010 CIN - L 72300PN1990PLC056696 I Fax - +91 (20) 6703 0009 I e-mail - info@persistent.com I Website - www.persistent.com

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Analyst Presentation Quarter ended December 31, 2019 January 30, 2020

Forward-looking and Cautionary Statements

Certain statements in this Presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, our revenues highly dependent on customers located in the United States, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, concentration of major operations of the Company in one city, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Stock Exchanges and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.

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Confidential © 2020 Persistent Systems

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We are a global solutions company delivering digital business acceleration and enterprise modernization for businesses across industries and geographies.

Industry Expertise & Solutions

Competencies

Outcomes

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Accelerate
Time to Market
Digital Business Strategy
Enable
CX Innovation & Optimization
Business Agility
Digital Product Engineering (ISV)
Unlock
Growth
Banking Industrial Healthcare
Core IT Modernization (Cloud)
Financial Life Sciences Maximize
Data Driven Business & Intelligence Services
Value Creation
Insurance
Identity, Access & Privacy Management
Drive
Enterprise Simplification
Business Partner Ecosystem
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Confidential © 2020 Persistent Systems

Why Persistent?

Boutique mindset, combined with enterprise scale in our execution

1990

Founded

Diverse, open and innovative business partner ecosystem for maximum flexibility

20 Countries

30-year legacy of leadership in Software Engineering & Digital Transformation 10K Industry & Tech Experts

Trusted security and dedication to data privacy across our enterprise

1,000+ Active Clients Annually

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Confidential © 2020 Persistent Systems

Expanding Our Business Partner Ecosystem to Deliver a Composable Digital Mosaic for Our Clients

Our Approach

Digital Mosaic for Banking delivered through our Persistent Digital Bank Solution™

We are designing and delivering a composable digital mosaic for all our industries and technology categories to rapidly accelerate time to value for our clients and increase business agility.

At its core, this strategy combines Persistent’s deep industry and solution expertise with a flexible, open partner ecosystem, tailored to each client’s situation.

Our approach radically reduces two core challenges organizations face in transforming into a modern digital enterprise: complexity of choice and integration.

Customers Credit Decisioning CRM Underwriting, Credit Score Customer Due Diligence Loan & Deposit Origination (Identification, Address Customer Acquisition Credit & Debit Cards Verification) Customer Experiences Documents, E-Sign Persistent Digital Layer: Adapter Microservices Communications Digital Loan & Deposit Management Payments Compliance & Regulatory Reporting, AML Hosting Security Data Analytics GL & Acc Operations Automation Existing Internal Systems

Illustrative Partner Ecosystem

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Confidential © 2020 Persistent Systems

Perspective from our Partners

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“AWS helps ease the deployment of sophisticated banking solutions for community banks and credit unions, while enabling them to benefit from the agility, scalability, and security that the cloud offers.

By extending our relationship and work with Persistent , community credit unions and challenger banks will have access to a complete cloud-native lending aggregation service, in turn providing the foundation for a fast and efficient banking experience for consumers through the Community Lenders Go Digital® Platform.”

Nitin Gupta

Global Head, Financial Services Solutions and Partners Amazon Web Services

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“Gojoko and Persistent have built a fintech ecosystem , giving My Community Bank access to a state-of-the-art and end-to-end banking infrastructure. This digital infrastructure integrates several cutting edge technologies from partners like Mambu and Salesforce, and runs on AWS.

My Community Bank has been able to leverage this infrastructure to become the fastest growing credit union in the UK and helps us to deliver a best-in-class product to our customers.”

Philip Acton

CEO MyCommunity Bank

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Confidential © 2020 Persistent Systems

Recent Success Story

Reinventing a large Bank in APAC

Challenges

Delivered Value

Solution Highlights

A bank with all the traditional products and channels trying to become digital-first

Assessment and articulation of the digital-roadmap through Persistent Digital Greenhouse

Leveraged Digital Mosaic approach orchestrated by Persistent Digital Bank Solution™

Build out consumer-centric products targeting unbanked and underbanked customers in the region, co-existing with current legacy setup

Multiple technologies and associated vendors

Formation of Technology Advisory Council to enable collaboration with partners (Mambu, AWS) on the roadmap, new trends and alignment with the market Change management to adopt digital-first mindset

Phased agile execution to align to the bank’s goals on aggressive timelines

End to end ownership for multi-year development and support through managed services

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Confidential © 2020 Persistent Systems

7

Highlights for the Quarter

Industry Revenue Mix

Customer Concentration

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9.6%
8.0% 9.1%
8.8%
53.4% 53.4% 53.2% 50.6% 10.2%
56.1%
18.7%
21.0% 20.6%
20.9%
19.8%
18.9%
19.6% 18.9% 18.4%
18.2%
26.3%
23.6% 23.7%
20.2% 21.5%
25.7% 27.0% 27.7% 28.4% 30.5%
Q3FY 19 Q4FY 19 Q1FY20 Q2FY20 Q3FY20 Q3FY 19 Q4FY 19 Q1FY20 Q2FY20 Q3FY20
BFSI Healthcare & Life Science Tech. Cos. & Emerging Verticals Top 1 Top 2-5 Top 6-10
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• The share of revenue from BFSI customers has increased from 25.7% in Q3FY19 to 30.5% in Q3FY20

• The share of Top Customer has reduced from 26.3% in Q3FY19 to 21.5% in Q3FY20

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Confidential © 2020 Persistent Systems

Financial highlights

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Financial Highlights for Q3FY20

• USD Revenue at US$ 129.43 Million, growth of 3.1% QoQ and 7.1% YoY

• INR Revenue at ₹ 9,227.29 Million, growth of 4.3% QoQ and 6.8% YoY

• EBITDA ₹ 1,234.31 Million @ 13.4% of revenue, increase of 1.5% QoQ and decline of 27.5% YoY

• PAT ₹ 879.26 Million @ 9.5% of revenue, increase of 2.2% QoQ and decline of 4.1% YoY

Financial Highlights for YTD December 2019:

• USD Revenue at US$ 374.56 Million, YoY growth of 3.3%

• INR Revenue at ₹ 26,394.43 Million, YoY growth of 4.2%

• EBITDA ₹ 3,652.69 Million @ 13.8% of revenue

• PAT ₹ 2,564.68 Million @ 9.7% of revenue

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10

Sequential Q3 FY20 vs Q2 FY20

Particulars	Q3FY20	Q2FY20	Change QoQ	Exps / Sales % Q3FY20 Q2FY20	Exps / Sales % Q3FY20 Q2FY20
Revenue ($ M)
Services	102.02	97.26	4.9%
IP Led	27.41	28.25	-3.0%
Revenue ($ M)	129.43	125.51	3.1%
Avg. Exchange Rate Rs. /US$	71.29	70.48	1.2%
Revenue (Rs. M)	9,227.29	8,846.00	4.3%
Cost of Revenue	Rs. M	Rs. M
Employee Related Expenses	5,675.33	5,366.91	5.7%	61.5%	60.7%
Purchase / Royalty	349.89	274.65	27.4%	3.8%	3.1%
Project related Travel Expenses	132.21	131.69	0.4%	1.4%	1.5%
Total Direct costs	6,157.43	5,773.25	6.7%	66.7%	65.3%
Gross Profit	3,069.86	3,072.75	-0.1%	33.3%	34.7%
Sales & Marketing Exps	957.93	969.59	-1.2%	10.4%	11.0%
Admin. & Other Exps	843.43	845.41	-0.2%	9.1%	9.6%
Doubtful Debt Provision	15.35	22.50	-31.8%	0.2%	0.3%
CSR Activities	18.84	18.80	0.2%	0.2%	0.2%
Total SGA	1,835.55	1,856.30	-1.1%	19.9%	21.0%
EBITDA	1,234.31	1,216.45	1.5%	13.4%	13.8%
Depreciation	116.24	115.91	0.3%	1.3%	1.3%
Amortization	312.06	308.99	1.0%	3.4%	3.5%
EBIT	806.01	791.55	1.8%	8.7%	8.9%
Other Income / (Loss)	231.64	226.16	2.4%	2.5%	2.6%
Exchange Gain/(Loss)	102.10	137.92	-26.0%	1.1%	1.6%
PBT	1,139.75	1,155.63	-1.4%	12.4%	13.1%
Tax	260.49	294.91	-11.7%	2.8%	3.3%
11 PAT	879.26	860.72	2.2%	9.5%	9.7%

YoY Comparison Q3 FY20 vs Q3 FY19

Particulars	Q3FY20	Q3 FY19	Change QoQ	Exps / Sales % Q3FY20 Q3	Exps / Sales % Q3FY20 Q3	FY19
Revenue ($ M)
Services	102.02	90.64	12.6%
IP Led	27.41	30.20	-9.2%
Revenue ($ M)	129.43	120.84	7.1%
Avg. Exchange Rate Rs. /US$	71.29	71.52	-0.3%
Revenue (Rs. M)	9,227.29	8,642.49	6.8%
Cost of Revenue		Rs. M
Employee Related Expenses	5,675.33	5,075.48	11.8%	61.5%		58.7%
Purchase / Royalty	349.89	129.16	170.9%	3.8%		1.5%
Project related Travel Expenses	132.21	136.51	-3.1%	1.4%		1.6%
Total Direct costs	6,157.43	5,341.15	15.3%	66.7%		61.8%
Gross Profit	3,069.86	3,301.34	-7.0%	33.3%		38.2%
Sales & Marketing Exps	957.93	774.80	23.6%	10.4%		9.0%
Admin. & Other Exps	843.43	785.51	7.4%	9.1%		9.1%
Doubtful Debt Provision	15.35	16.88	-9.1%	0.2%		0.2%
CSR Activities	18.84	20.98	-10.2%	0.2%		0.2%
Total SGA	1,835.55	1,598.17	14.9%	19.9%		18.5%
EBITDA	1,234.31	1,703.17	-27.5%	13.4%		19.7%
Depreciation	116.24	115.83	0.4%	1.3%		1.3%
Amortization	312.06	280.49	11.3%	3.4%		3.2%
EBIT	806.01	1,306.85	-38.3%	8.7%		15.1%
Other Income / (Loss)	231.64	229.25	1.0%	2.5%		2.7%
Exchange Gain/(Loss)	102.10	(240.89)	-142.4%	1.1%		-2.8%
PBT	1,139.75	1,295.21	-12.0%	12.4%		15.0%
Tax	260.49	378.04	-31.1%	2.8%		4.4%
12 PAT	879.26	917.17	-4.1%	9.5%		10.6%

YTD Comparison Dec 2019 vs Dec 2018

Particulars	YTD Dec 19	YTD Dec 18	Change	Exps / YTD Dec 18	Sales % YTD Dec 19
Revenue ($ M)
Services	293.14	268.38	9.2%
IP Led	81.42	94.29	-13.6%
Revenue ($ M)	374.56	362.67	3.3%
Avg. Exchange Rate Rs. /US$	70.47	69.87	0.9%
Revenue (Rs. M)	26,394.43	25,340.87	4.2%
Cost of Revenue
Employee Related Expenses	16,103.43	14,876.67	8.2%	61.0%	58.7%
Purchase / Royalty	818.12	757.74	8.0%	3.1%	3.0%
Project related Travel Expenses	443.15	489.18	-9.4%	1.7%	1.9%
Total Direct costs	17,364.70	16,123.59	7.7%	65.8%	63.6%
Gross Profit	9,029.73	9,217.28	-2.0%	34.2%	36.4%
Sales & Marketing Exps	2,692.76	2,288.73	17.7%	10.2%	9.0%
Admin. & Other Exps	2,582.55	2,270.20	13.8%	9.8%	9.0%
Doubtful Debt Provision	45.08	60.82	-25.9%	0.2%	0.2%
CSR Activities	56.65	57.67	-1.8%	0.2%	0.2%
Total SGA	5,377.04	4,677.42	15.0%	20.4%	18.5%
EBITDA	3,652.69	4,539.86	-19.5%	13.8%	17.9%
Depreciation	342.21	358.41	-4.5%	1.3%	1.4%
Amortization	897.16	837.30	7.1%	3.4%	3.3%
EBIT	2,413.32	3,344.15	-27.8%	9.1%	13.2%
Other Income / (Loss)	659.82	590.69	11.7%	2.5%	2.3%
Exchange Gain/(Loss)	319.85	(184.59)	-273.3%	1.2%	-0.7%
PBT	3,392.99	3,750.25	-9.5%	12.9%	14.8%
Tax	828.31	1,078.19	-23.2%	3.1%	4.3%
13 PAT	2,564.68	2,672.06	-4.0%	9.7%	10.5%

Balance sheet

Particulars	As on December 31, 2019	As on March 31, 2019	As on December 31, 2018
Assets
PPE and Intangible assets	4,695.44	4,323.53	4,637.84
Non-Current Assets	1,258.17	637.36	637.33
Cash and Investments	13,485.65	14,767.22	14,337.04
Other Current Assets	9,778.77	8,827.88	9,572.67
Total	29,218.03	28,555.99	29,184.88
Equity and Liabilities
Equity	23,855.74	23,446.80	23,875.37
Non-Current Liabilities	614.35	188.74	181.80
Current Liabilities	4,747.94	4,920.45	5,127.71
Total	29,218.03	28,555.99	29,184.88

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14

Fact Sheet – Q3FY20

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Fact Sheet

Revenue	Description / Nos. / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
	Revenue from Operations, USD M	129.43	125.51	119.62	118.30	120.84	480.97	470.55
	% QoQ / YoY growth	3.1%	4.9%	1.1%	-2.1%	2.2%	2.2%	9.7%
	Revenue from Operations, INR M	9,227.29	8,846.00	8,321.14	8,318.54	8,642.49	33,659.41	30,337.03
	% QoQ / YoY growth	4.3%	6.3%	0.0%	-3.7%	3.4%	11.0%	5.4%
Business Offerings Revenue Mix	Description / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
	Services	78.8%	77.5%	78.5%	78.4%	75.0%	75.1%	74.4%
	IP Led	21.2%	22.5%	21.5%	21.6%	25.0%	24.9%	25.6%
	Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Segment Revenue Mix	Description / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
	Technology Services (Services)	46.5%	45.2%	45.8%	44.6%	41.9%	42.7%	43.8%
	Technology Services (Digital)	23.2%	22.4%	22.7%	24.4%	22.9%	22.7%	21.3%
	Alliance	26.7%	28.1%	27.8%	24.8%	29.4%	29.0%	27.6%
	Accelerite	3.6%	4.3%	3.7%	6.2%	5.8%	5.6%	7.3%
	Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

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16

Fact Sheet

Industry Revenue Mix		Description / %	Description / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		BFSI		30.5%	28.4%	27.7%	27.0%	25.7%	25.3%	25.7%
		Healthcare & Life Science		18.9%	18.4%	18.9%	19.6%	18.2%	18.4%	16.8%
		Tech. Cos. & Emerging Verticals		50.6%	53.2%	53.4%	53.4%	56.1%	56.3%	57.5%
		Total		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Geography Revenue Mix		Description / %	Q3FY20		Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		North America	80.1%		81.4%	82.5%	80.9%	83.7%	81.7%	83.5%
		Europe	10.6%		9.9%	8.5%	7.9%	7.6%	8.8%	7.5%
		India	7.4%		6.7%	6.7%	7.7%	6.8%	7.0%	6.3%
		ROW	1.9%		2.0%	2.3%	3.5%	1.9%	2.5%	2.7%
		Total	100.0%		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Industry Classification		Description / %	Q3FY20		Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		ISV	39.0%		38.6%	40.6%	41.2%	39.8%	39.8%	39.9%
		Enterprise	39.8%		38.9%	37.9%	37.2%	35.2%	35.3%	34.5%
		IP Led	21.2%		22.5%	21.5%	21.6%	25.0%	24.9%	25.6%
		Total	100.0%		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

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17

Fact Sheet

Revenue by Delivery Centers		Description / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Global Development Centers	31.5%	31.0%	30.5%	31.4%	29.9%	30.5%	32.0%
		India	47.3%	46.5%	48.0%	47.0%	45.1%	44.6%	42.4%
		IP Led	21.2%	22.5%	21.5%	21.6%	25.0%	24.9%	25.6%
		Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Client Billed		Nos.	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Services	483	470	429	420	437	586	569
		IP Led	154	156	167	185	192	287	387
Includes one-time clients with overlap across business offerings
Revenue Concentration		Description / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Top 1	21.5%	23.7%	23.6%	20.2%	26.3%	24.0%	25.9%
		Top 5	42.3%	44.3%	44.6%	40.0%	45.0%	42.4%	43.9%
		Top 10	51.1%	53.4%	52.6%	50.2%	54.6%	51.8%	53.5%
DSO		Nos.	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Days	68	64	65	63	61	63	66

Includes one-time clients with overlap across business offerings

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18

Fact Sheet

Client Engagem ent Size		Nos.	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Large > USD 3M	22	20	22	20	20	20	18
		Medium > USD 1M, < USD 3M	53	56	56	57	56	57	53
Yield*		USD / Per Person Month	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
			5,231	5,134	4,953	5,082	5,386	5,321	5,160
*Yield is computed as a ratio of total revenue to billable person months excluding employees under training.
Linear Revenue Per Billed PM*		USD / Per Person Month*	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Global Delivery Centres	16,761	17,155	16,742	16,846	16,204	16,299	16,267
		India	4,420	4,437	4,427	4,385	4,392	4,371	4,232
*Revenue per billed PM excludes IP Led revenue and calculated on total revenue including contractual reimbursable portion.
Attrition Rate		%	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		TTM Basis	14.9%	15.7%	17.1%	16.7%	16.4%	16.7%	14.7%
IP Led		Nos.	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		IP Led Person Months	4,325	4,602	4,711	4,618	4,613	18,826	19,982

*Yield is computed as a ratio of total revenue to billable person months excluding employees under training.

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19

Fact Sheet

People Numbers		Nos.	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Technical	9,729	9,726	9,363	9,185	8,761	9,185	8,329
		Sales and Business Development	266	285	272	273	266	273	211
		Others	537	532	532	504	503	504	436
		Total	10,532	10,543	10,167	9,962	9,530	9,962	8,976
Efforts and Utilization Mix - Linear		Description / Nos. / %	Q3FY20	Q2FY20	Q1FY20	Q4FY19	Q3FY19	FY19	FY18
		Billable Person Months	20,419	19,846	19,441	18,663	17,822	71,563	71,207
		- Global Delivery Centers	2,893	2,779	2,658	2,630	2,659	10,703	10,609
		- India	17,526	17,067	16,783	16,034	15,163	60,860	60,597
		Billed Person Months	16,295	15,409	15,141	14,879	14,635	58,037	56,405
		- Global Delivery Centers	2,430	2,271	2,179	2,206	2,232	9,007	9,255
		- India	13,865	13,138	12,962	12,674	12,403	49,030	47,151
		Linear Utilization
		- Blended	79.8%	77.6%	77.9%	79.7%	82.1%	81.1%	79.2%
		- Global Delivery Centers	84.0%	81.7%	82.0%	83.9%	83.9%	84.2%	87.2%
		- India	79.1%	77.0%	77.2%	79.0%	81.8%	80.6%	77.8%

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