Persistent Systems Limited — Regulatory Filings 2021

Jul 22, 2021

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NSE & BSE / 2021-22 / 60 July 22, 2021

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051

Ref: Symbol: PERSISTENT

The Manager, Corporate Services, BSE Limited 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

Sub: Fact Sheet – Consolidated Financial Data – for the quarter ended June 30, 2021

Please find enclosed fact sheet of the Consolidated Financial Data for the quarter ended June 30, 2021.

The Company has scheduled an investor / analyst call on Friday, July 23, 2021 at 5.00 PM IST. During such call, the Management will comment on the financial results for the quarter ended June 30, 2021 as well as on the business outlook. The details of the said investor call are available on the website of the Company.

Please acknowledge the receipt.

Thanking you,

Yours Sincerely,

For Persistent Systems Limited

AMIT MURARI Digitally signed by AMIT MURARI ATRE ATRE Date: 2021.07.22 20:06:06 +05'30'

Amit Atre Company Secretary ICSI Membership No.: A20507

Encl: As above

Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLCO56696

Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - info@persistent.com | Website - www.persistent.com

Analyst Presentation Quarter ended June 30, 2021 July 22, 2021

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 fixedprice, 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,

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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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We are Persistent.

A trusted Digital Engineering and Enterprise Modernization partner.

$601.9M TTM Revenue

+17.3% Y-o-Y

$3.0B* 14,904 Market cap Employees

+362.1% Y-o-Y

+37.6% Y-o-Y

₹5.1B ₹20.0B TTM PAT Net Cash +47.2% +33.4% Y-o-Y Y-o-Y

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*1 USD = INR 74.13

Our core strengths in Digital Engineering fuel the next wave of transformation for our clients

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Software, Hi-Tech Banking, and Emerging Financial Services Industries & Insurance

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Product & Platform Engineering

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CX & Design-Led Transformation

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Data & Artificial Intelligence

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Cloud-enabled Enterprise Modernization

Healthcare & Life Sciences

Outcomes

Accelerate Time to Market

Enable Business Agility

Unlock Growth

Maximize Value Creation

Drive Enterprise Simplification

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Global revenue base with presence across key geographies

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North America Europe India Rest of the world
78.9% 9.5% 9.8% 1.8%
Revenue Revenue Revenue Revenue
1,256 301 13,170 177
Employees Employees Employees Employees
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Delivering consistent growth in revenue and margins

Quarterly Revenue, QoQ and YoY Growth

EBIT and PAT Margin %

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180.0
27.3% 30.0% 13.5%
13.2%
20.3% 12.7%
170.0
20.0%
12.9% 166.8 12.1%
160.0
9.5%
8.4%
6.2% 7.1% 7.4% 10.0%
150.0 12.4% 12.3%
152.8 10.4%
146.2
140.0 0.0%
11.2%
130.0 136.1 9.7% 9.5%
129.4 131.0 -10.0% 9.0%
127.1
120.0 125.5 10.1%
-20.0% 9.2% 9.1%
110.0 8.9% 8.7%
100.0 -30.0%
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
4.9% 3.1% -1.8% 3.1% 3.9% 7.4% 4.6% 9.2%
Quarterly Revenue (USD M) YoY Growth % # [QoQ Growth %] EBIT% PAT%
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On account of broad-based growth across all industry segments

Quarterly Revenue (USD M), % YoY Growth

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Software, Hi-Tech and Banking, Financial Healthcare
Emerging Industries Services & Insurance & Life Sciences
6 0. 0 This chart excludes revenue from the top customer 60. 0 3 6.0 3 5%
3 0% 32.1%
31.0% 30%
5 5. 0 55. 0 23.5% 3 4.0
2 0% 2 8%
20%
5 0. 0 50. 0 21.9% 3 2.0
1 0% 10%
4 5. 0 45. 0 3 . 0
2 1%
0%
4 0. 0 40. 0 2 8.0
-0.3% 0 %
3 5. 0 35. 0 - 10% 2 6.0 1 4%
-1 0%
7.2%
3 0. 0 30. 0 - 20% 2 4.0
7 %
-2 0%
2 5. 0 25. 0 - 30% 2 2.0
37.0 52.9 35.6 51.5 23.1 34.1
2 0. 0 -3 0% 20. 0 - 40% 2 . 0 0 %
Revenue %YoY Revenue %YoY Revenue %YoY
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
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Leading to lower client concentration and greater predictability from other large accounts

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Client Concentration Large Client Count
Top 10 clients as % of total revenue >$5M Annual Revenue
53.4% 21
17
17
50.5%
16
15
51.1%
49.9%
49.0%
46.7%
46.3%
47.0%
11
11
10
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
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And significant shareholder value creation…

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Persistent’s Total Shareholder Return Persistent’s 1-Year Stock Performance
v/s NIFTY 50 & NIFTY IT Index
362%
1 year
362.1% 2.2%
return
3 year
261.6% 4.1%
return
97%
51%
5 year
320.7% 8.0%
return
Jun-20 Sep-20 Nov-20 Feb-21 Apr-21 Jun-21
Share Price Return Div Yield% Persistent Nifty 50 NIFTY IT Index
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ESG remains at the center of Company’s strategy

Environment Social Governance Conserving our climate Nurturing our people, diversity & inclusion Leading with integrity 2 windmills of 2.1 MW each , 1.2 MW 45 nationalities, 32% women Excellence in Corporate Governance solar rooftop campus, reducing ~6K tons of CO2 per year Flagship social impact programs, hackathons to drive innovation, Holding the bar high Adopted ISO 14064 (GHG Emission trainings to nurture talent Monitoring and Reduction/Neutralization) Giving back to our community 27% reduction in carbon footprint over last 5 years vs. set target of 15% Strong Code of 60% independent Plantation of 50,000 trees started in India Conduct, tight directors on board $3.3M in COVID-19 contributions globally through Persistent Foundation — a big adherence 10,000+ employees & families vaccinated step towards carbon Neutrality.

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10,000+ employees and their families vaccinated, as India fights the second COVID-19 wave

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Persistent set up COVID-19 vaccination drives across our campuses in partnership with local hospitals to improve availability and provide a hassle-free experience to all our employees and families. We are very proud of our team for doing their part to #BreakTheChain

Watch Video

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Performance Highlights

~~- -~~ The 9.2% sequential growth and 27.3% year on year growth that we delivered this quarter was amongst the highest ever. I’m especially proud of our team for this achievement during these challenging times.

We won several large digital engineering and enterprise modernization deals. These deals reinforce the differentiated value we deliver to both technology companies and enterprise clients. Our commitment to client success remains central. Our focus on deepening client relationships, disciplined execution, and operational excellence are foundational to achieving consistent, profitable growth. During this quarter, we also acquired Sureline Systems, to bolster our cloud capabilities.

Sandeep Kalra

Chief Executive Officer and Executive Director

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Financial highlights for Q1 FY22

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Revenue 9.2% Q-o-Q 27.3% Y-o-Y Revenue 10.5% Q-o-Q 24.1% Y-o-Y
($ million) (₹ million)
166.8
12,299.3
152.8
11,133.6
131.0 9,913.9
Q1FY21 Q4FY21 Q1FY22 Q1FY21 Q4FY21 Q1FY22
EBIT (₹ million) 13.7% Q-o-Q 61.9% Y-o-Y PAT (₹ million) 9.8% Q-o-Q 68.0% Y-o-Y
1,512.5
1,665.1
1,377.6
1,464.2
1,028.8
900.1
Margin % 10.4% 13.2% 13.5% Margin % 9.1% 12.4% 12.3%
Q1FY21 Q4FY21 Q1FY22 Q1FY21 Q4FY21 Q1FY22
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TCV and ACV for Q1 FY22

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Total Contract Value ($ million)
302.0
246.5 244.8
Q3FY21 Q4FY21 Q1FY22
Annual Contract Value ($ million)
256.0
200.7 188.8
Q3FY21 Q4FY21 Q1FY22
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Total Contract Value (New, $ million)

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175.5
137.7 147.7
Q3FY21 Q4FY21 Q1FY22
Annual Contract Value (New, $ million)
140.1
96.9 93.5
Q3FY21 Q4FY21 Q1FY22
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*Includes renewal and new bookings

TTM performance

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Revenue 17.3% Revenue 18.8%
($ million) (₹ million)
601.9
44,264.3
513.0 37,250.8
TTM Q1FY21 TTM Q1FY22 TTM Q1FY21 TTM Q1FY22
EBIT (₹ million) 64.0% PAT (₹ million) 47.2%
5,711.0 5,119.2
3,478.3
3,482.9
Margin % 9.3% 12.9% Margin % 9.3% 11.6%
TTM Q1FY21 TTM Q1FY22 TTM Q1FY21 TTM Q1FY22
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Notable News and Achievements

Key wins for the quarter

Software, Hi-Tech & Emerging Industries Accelerating the development of an intelligent virtual agent solution for a leading IT provider. Implementing Salesforce platform to drive business growth, improve CX and unify business processes for an education travel organization.

Re-architecting , re-engineering and modernizing gaming systems for a leader in gaming and lottery products and services.

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Banking, Financial Services & Insurance Co-engineering a microservices platform and managing legacy products for a leading government solution provider. Transforming wholesale and commercial lending operations through consolidation of multiple legacy systems of record for a major US bank. Delivering faster time to market for best-inclass employee management solution with cost-effective, rapid scale-up for a US HR and payroll service provider.

Healthcare & Life Sciences Developing enterprise integration platform , RPA CoE and Azure data lake for clinical trial reporting for a leading biopharmaceutical company. Managing Salesforce roadmap and providing managed services of inventory management platform for large US-based pharmaceutical firm. Modernizing cloud security utilizing Azure to improve business safety and resilience for European arm of global retail pharmacy company.

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Continued accolades from leading market analysts

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Leader in ISG Provider Lens™: Next-Gen Private/Hybrid CloudData Center Services & Solutions U.S. 2021

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Two clients recognized in the 2021 ISG Digital Case Study Awards™for best-in-class digital transformation work

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Recognized in ISG Booming 15 category for 5 consecutive quarters

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Ranked #28 in Engineering Services Top 50 2021 (compared to #41 in 2020) Major Contender in Everest PEAK Matrix: Application & Digital Services in Banking

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Other highlights

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—

Think Of Us As Disruptors, Says Persistent CEO Sandeep Kalra

Learn More

—

Persistent Bolsters Cloud Migration Capabilities with Sureline Systems

Learn More

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—

—

Deepen Collaboration to Accelerate Hybrid Cloud Adoption in the Enterprise

Healthcare was already going digital pre-pandemic. Here’s what the latest data indicates is next for patients and providers.

Learn More Learn More — Suresh Prabhu joins Persistent as Chief Delivery — Officer for Caring for Employees & Society Industry — Persistent Unites to See Verticals Beyond, Rise Above Learn More Learn More

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Financial Details

Sequential Q1FY22 vs Q4FY21

Particulars	Q1FY22	Q4FY21	Change QoQ	Expenses / Sales % Q1FY22	Expenses / Sales % Q4FY21
Revenue ($ M)
Services	144.93	129.99	11.5%
IP Led	21.89	22.83	-4.1%
Revenue ($ M)	166.82	152.82	9.2%
Avg. Exchange Rate ₹ /US$	73.73	72.85	1.2%
Revenue (₹ M)	12,299.26	11,133.58	10.5%
Cost of Revenue	Rs. M	₹ M
Employee Related Expenses	7,920.82	7,173.48	10.4%	64.4%	64.4%
Purchase / Royalty	144.35	150.52	-4.1%	1.2%	1.4%
Project related Travel Expenses	107.91	39.04	176.4%	0.9%	0.4%
Total Direct costs	8,173.08	7,363.04	11.0%	66.5%	66.1%
Gross Profit	4,126.18	3,770.54	9.4%	33.5%	33.9%
Sales & Marketing Exps	1,101.31	990.98	11.1%	9.0%	8.9%
Admin. & Other Exps	*995.36	889.65	11.9%	8.1%	8.0%
Doubtful Debt Provision	(20.69)	4.73	-537.4%	-0.2%	0.0%
CSR Activities	35.00	1.89	1751.9%	0.3%	0.0%
Total SGA	2,110.98	1,887.25	11.9%	17.2%	17.0%
EBITDA	2,015.20	1,883.29	7.0%	16.4%	16.9%
Depreciation	133.40	124.68	7.0%	1.1%	1.1%
Amortization	216.69	294.37	-26.4%	1.8%	2.6%
EBIT	1,665.11	1,464.24	13.7%	13.5%	13.2%
Other Income / (Loss)	256.38	210.77	21.6%	2.1%	1.9%
Exchange Gain/(Loss)	109.03	173.77	-37.3%	0.9%	1.6%
PBT	2,030.52	1,848.78	9.8%	16.5%	16.6%
Tax	518.04	471.19	9.9%	4.2%	4.2%
PAT	1,512.48	1,377.59	9.8%	12.3%	12.4%

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• Includes one time expenses on impairment of investment in a start up amounting to Rs.73.5 M

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YoY Comparison Q1FY22 vs Q1FY21

Particulars	Q1FY22	Q1FY21	Change YoY	Expenses / Sales % Q1FY22	Expenses / Sales % Q1FY21
Revenue ($ M)
Services	144.93	108.24	33.9%
IP Led	21.89	22.78	-3.9%
Revenue ($ M)	166.82	131.02	27.3%
Avg. Exchange Rate ₹ /US$	73.73	75.67	-2.6%
Revenue (₹ M)	12,299.26	9,913.85	24.1%
Cost of Revenue	Rs. M	Rs. M
Employee Related Expenses	7,920.82	6,179.40	28.2%	64.4%	62.3%
Purchase / Royalty	144.35	392.34	-63.2%	1.2%	4.0%
Project related Travel Expenses	107.91	74.63	44.6%	0.9%	0.8%
Total Direct costs	8,173.08	6,646.37	23.0%	66.5%	67.0%
Gross Profit	4,126.18	3,267.48	26.3%	33.5%	33.0%
Sales & Marketing Exps	1,101.31	861.80	27.8%	9.0%	8.7%
Admin. & Other Exps	*995.36	792.79	25.6%	8.1%	8.0%
Doubtful Debt Provision	(20.69)	53.10	-139.0%	-0.2%	0.5%
CSR Activities	35.00	95.43	-63.3%	0.3%	1.0%
Total SGA	2,110.98	1,803.12	17.1%	17.2%	18.2%
EBITDA	2,015.20	1,464.36	37.6%	16.4%	14.8%
Depreciation	133.40	109.80	21.5%	1.1%	1.1%
Amortization	216.69	325.81	-33.5%	1.8%	3.3%
EBIT	1,665.11	1,028.75	61.9%	13.5%	10.4%
Other Income / (Loss)	256.38	279.32	-8.2%	2.1%	2.8%
Exchange Gain/(Loss)	109.03	(87.63)	-224.4%	0.9%	-0.9%
PBT	2,030.52	1,220.44	66.4%	16.5%	12.3%
Tax	518.04	320.36	61.7%	4.2%	3.2%
PAT	1,512.48	900.08	68.0%	12.3%	9.1%

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• Includes one time expenses on impairment of investment in a start up amounting to Rs.73.5 M

Balance Sheet

Particulars	As on June 30, 2021	As on March 31, 2021	As on June 30, 2020
Assets
PPE and Intangible assets	5,043.05	4,691.23	4,653.62
Non-Current Assets	1,869.23	1,613.85	1,551.54
Cash and Investments	19,954.87	19,830.98	14,938.96
Other Current Assets	11,301.55	10,519.18	11,032.22
Total	38,168.70	36,655.24	32,176.34
Equity and Liabilities
Equity	29,612.60	27,956.66	25,050.86
Non-Current Liabilities	1,336.09	1,001.38	735.06
Current Liabilities	7,220.01	7,697.20	6,390.42
Total	38,168.70	36,655.24	32,176.34

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Fact Sheet

Fact Sheet

				Nos. / %	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	FY21	FY20
				Revenue from Operations, USD M	166.8	152.8	146.1	136.0	131.0	566.0	501.6
	Revenue			% Q-o-Q growth % Y-o-Y growth Revenue from Operations, INR M	9.2% 27.3% 12,299	4.6% 20.3% 11,134	7.4% 12.9% 10,754	3.9% 8.4% 10,077	3.1% 9.5% 9,914	12.9% 41,879	4.3% 35,658
				% Q-o-Q growth	10.5%	3.5%	6.7%	1.7%	7.0%
				% Y-o-Y growth	24.1%	20.2%	16.5%	13.9%	19.1%	17.4%	5.9%
Business	Offerings		Revenue Mix	Description / % Services IP Led Total	Q1FY22 86.9% 13.1% 100.0%	Q4FY21 85.1% 14.9% 100.0%	Q3FY21 81.9% 18.1% 100.0%	Q2FY21 83.8% 16.2% 100.0%	Q1FY21 82.6% 17.4% 100.0%	FY21 83.4% 16.6% 100.0%	FY20 79.6% 20.4% 100.0%
Segment		Revenue Mix		Description / % BFSI Healthcare & Life Sciences Software, Hi-Tech & Emerging Industries	Q1FY22 30.8% 20.5% 48.7%	Q4FY21 30.1% 19.3% 50.6%	Q3FY21 29.5% 19.1% 51.4%	Q2FY21 31.9% 19.3% 48.8%	Q1FY21 31.8% 19.7% 48.5%	FY21 30.8% 19.3% 49.9%	FY20 29.5% 18.9% 51.7%
				Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

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Fact Sheet

Geography	Revenue Mix	Description / % North America Europe India ROW	Q1FY22 78.9% 9.5% 9.8% 1.8%	Q4FY21 79.2% 10.0% 8.9% 1.9%	Q3FY21 81.1% 8.8% 8.6% 1.5%	Q2FY21 82.9% 7.6% 8.1% 1.4%	Q1FY21 80.4% 10.2% 7.9% 1.5%	FY21 80.8% 9.2% 8.4% 1.6%	FY20 81.0% 9.5% 7.5% 2.1%
		Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Revenue	Concentration	Description / % Top 1 Top 5 Top 10	Q1FY22 17.0% 36.5% 46.7%	Q4FY21 17.9% 36.4% 46.3%	Q3FY21 18.5% 37.8% 47.0%	Q2FY21 19.4% 41.6% 50.5%	Q1FY21 17.7% 40.8% 49.0%	FY21 18.4% 38.7% 47.7%	FY20 22.0% 43.2% 51.7%
Revenue by	Delivery Centers	Description / % Global Development Centers India IP Led	Q1FY22 31.4% 55.5% 13.1%	Q4FY21 30.4% 54.7% 14.9%	Q3FY21 30.5% 51.4% 18.1%	Q2FY21 33.1% 50.7% 16.2%	Q1FY21 33.7% 48.9% 17.4%	FY21 31.8% 51.6% 16.6%	FY20 31.5% 48.1% 20.4%
		Total	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

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Fact Sheet

	Client Billed		Nos. Services IP Led	Q1FY22 568 132	Q4FY21 558 140	Q3FY21 530 142	Q2FY21 487 135	Q1FY21 508 140	FY21 722 239	FY20 653 257
Includes one-time clients with overlap across business offerings.
Client	Engagement	Size	Nos. Large > USD 5M Medium > USD 1M, < USD 5M	Q1FY22 21 76	Q4FY21 17 66	Q3FY21 17 65	Q2FY21 16 63	Q1FY21 15 63	FY21 17 66	FY20 11 61

Re-categorized large clients to more than $5M and medium clients from $1M to $5M. Prior period numbers are aligned accordingly.

		Nos.	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	FY21	FY20
		Technical	13,833	12,706	11,533	10,001	10,027	12,706	9,835
People	Numbers	Sales and Business Development Others	308 763	273 701	277 628	268 551	274 528	273 701	263 534
		Total	14,904	13,680	12,438	10,820	10,829	13,680	10,632

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Fact Sheet

Linear Revenue	Per Billed PM*	USD / Per Person Month Global Delivery Centers India	Q1FY22 17,004 4,286	Q4FY21 16,603 4,203	Q3FY21 16,790 4,204	Q2FY21 16,993 4,304	Q1FY21 17,036 4,308	FY21 16,851 4,250	FY20 16,987 4,428
Attrition	Rate	% TTM Basis	Q1FY22 16.6%	Q4FY21 11.7%	Q3FY21 10.3%	Q2FY21 10.6%	Q1FY21 12.7%	FY21 11.7%	FY20 14.3%
IP Led		Nos. IP Led Person Months	Q1FY22 3,918	Q4FY21 3,546	Q3FY21 3,606	Q2FY21 3,893	Q1FY21 4,031	FY21 15,076	FY20 17,954
		Nos.	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	FY21	FY20
DSO
		Days	54	55	57	63	69	55	65

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Fact Sheet

		Description / Nos. / %	Q1FY22	Q4FY21	Q3FY21	Q2FY21	Q1FY21	FY21	FY20
		Billable Person Months	30,807	28,670	25,342	23,006	22,246	99,264	81,287
		Global Delivery Centers	3,480	3,345	3,104	3,086	3,060	12,595	11,202
		India	27,327	25,325	22,238	19,920	19,186	86,669	70,085
Efforts and Utilization	Mix — Linear	Billed Person Months Global Delivery Centers India	24,676 3,080 21,596	22,686 2,794 19,892	20,530 2,651 17,879	18,680 2,647 16,033	17,461 2,595 14,866	79,357 10,687 68,670	63,820 9,305 54,516
		Linear Utilization
		Blended	80.1%	79.1%	81.0%	81.2%	78.5%	79.9%	78.5%
		Global Delivery Centers	88.5%	83.5%	85.4%	85.8%	84.8%	84.8%	83.1%
		India	79.0%	78.5%	80.4%	80.5%	77.5%	79.2%	77.8%

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See Beyond, Rise Above

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