Sonata Software Ltd. — Investor Presentation 2022

Apr 29, 2022

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29[th] April, 2022

National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, P.J. Towers, Dalal Street Mumbai Mumbai Kind Attn: Manager, Listing Department Kind Attn: Manager, Listing Department Email Id: neaps@nse.co.in Email Id: listing.centre@bseindia.com Stock Code - SONATSOFTW Stock Code - 532221

Dear Sirs,

Sub: Investors’ Presentation

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investors’ Presentation for the year ended 31[st] March, 2022.

The aforesaid details are also made available at the Company’s website www.sonata-software.com.

Thanking you,

Yours faithfully,

For Sonata Software Limited MANGAL Digitally signed by MANGAL KRISHNARAO KRISHNARAO KULKARNI Date: 2022.04.29 16:44:51 KULKARNI +05'30' Mangal Kulkarni Company Secretary, Compliance Officer and Head Legal

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Sonata Software Limited - SSL Registered Office: 208, T V Industrial estate, 2nd Floor, S K Ahire Marg, Worli, Mumbai – 400 030 Corporate Office: APS Trust Building, Bull Temple Road, N. R. Colony, Bangalore - 560 004, India

Website: www.sonata-software.com email: info@sonata-software.com Tel: +91 80 6778 1999

Sonata Software

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Investor Presentation

Q4’22

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© Sonata Software Ltd, 2022. Confidential.

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Sonata - A Snapshot

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						5100+ TEAM
	The Company		36 YEARS as a IT Solutions Provider	$740+ M REVENUE 23% 3 Yr. CAGR		across US, Canada, EU, Asia, ANZ, Japan, Malaysia, and China SEI CMMI L5, ITIL & ISOcertified
	Industry Focus		RETAIL Apparel, Hard Goods, Grocery, Hypermarket CPG & MFG Consumer Goods, Industrial Goods, Wholesale		TRAVEL TO, OTA, Airline, Rail, Hotel, Cruise	AGRI & COMMODITY Agri manufacturers & commodity Traders SERVICES Energy & Utilities, Oil & Gas, Specialty Contractors & Professional Services	SOFTWARE VENDORS ERP, SCM, Retail, Travel
	Competencies		DIGITAL Omni-channel, Mobility & IoT, Analytics, Cloud	APPLICATION LIFECYCLE SOLUTIONS ADM, Testing, IMS Managed Services PLATFORM IP Brick & Click Retail, Rezopia Digital Travel, Modern Distribution TECHNOLOGY INFRASTRUCTURE SOLUTIONS Software, Cloud, Server & Storage, Systems Integration
						Strategic acquisitions
	Credentials		CUSTOMERS Global Top 5 – Leisure Travel Co, Grocery Retailer, F&B CPG Co, Software Co	TECHNOLOGY Microsoft, SAP, Oracle, Open Source, IBM		and investments Microsoft – Inner Circle, SAP Pinnacle Award, Microsoft Country Partner FINANCIAL National Stock Exchange Listed Public Ltd Co
						of Year India

A Global IT Solutions Organization, with focused Industry Verticals, versatile Portfolio of Services covering wide range of Technologies and delivering value through our unique Platformation ™ approach

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Sonata Vision

A world class firm that is a benchmark for Catalyzing Business Transformation for our Clients, Fulfilling Employee Aspirations & Caring for our wider Community

through Depth of: Thought Leadership Customer Centricity Execution Excellence

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For the Customers

IT Partner of choice for transformation thru deeper industry, technology & customer focus

For the Employee A fun & fearless environment where the potential & passion for work flourishes

For the Community

CSR initiatives to support IT needs of projects with Social impact

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Sonata – In 4 ‘P’s

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•Employees as consultants •Common goals
•Employees as family •Lasting relationships
•Employees as enablers •Shared values
•Employees as citizens •Growing together
People Partners
Platforms Performance
•Platformation [TM ] Advantage •Value creation
•Platform engineering •For customers
leadership •For Partners
•World class IP’s •For employees
•Farsighted vision •For Investors
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Vertical Focus

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• Retail, travel, Distribution & CPG, ISV, Commodity Trading, and Services Industry – Field Services

• IP – Brick and Click, Modern Distribution, Agri Business, Rezopia, Service Industry, GBW

• Platform led Digital Transformation

• Track record

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What is different about Platformation™as a tool for Digital Transformation

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• Sonata’s structured process for Platformation comprises the following :

• Digital Business Process Library & Identification

• Customer Digital Agenda led based approach

• Platform Maturity Assessment ( Separate Business & Technology maturity assessment )

• Marchitecture™aligned to CDAT

• Platform Characteristic Requirements ( With a 16 point Framework )

• Technology Architecture to achieve the Platform Characteristics

• Cloud Engineering ( Cloud Native Development )

• Data Platformation Methodology ( Structured Assessment of Data Infrastructure & Platform)

• Accelerated Platform Engineering ( Solution Accelerators )

• IPs aligned to Platformation™

• 4 Years of Proven Success, Only methodology that remains relevant in an everevolving landscape for a company looking at digital transformation

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Platformation™

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Platforms - the secret behind the digital economy’s most successful companies

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OPEN SCALABLE CONNECTED INTELLIGENT

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Sonata’s approach to Digitizing business using platforms PLATFORMATION™

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Approaches to achieve Platformation™

Sonata READY

Sonata ACCELERATE

• End-to-end, industryspecific digital business platforms

• Deploy popular horizontal platforms adding required functionality

Omni channel reservation system for a large Australian rail network built on a travel platform ensuring seamless booking experience

Versatile retail store and e-Commerce integration for a US fashion brand ensuring scalable, omnichannel shopping experiences

Sonata CUSTOM

• Engineer custom platforms that deliver unique digital capability and scalability

A US-based travel company innovating on membershipbased business models, increasing bookings by 200%, and scaling service 6X

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Engineering Excellence

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Focused approach

• Industry Specialization

• Retail, travel, distribution & CPG, ISV, Commodity Trading, and Services Industry – Field Services

• Expertise through IP’s

• Brick and Click, Modern Distribution, Agri Business, Rezopia, Service Industry, GBW

• Proprietary & proven approach to Digital Transformation

• Platform led across Data, Cloud, Modern Technologies, Mobility, Digital Assurance, Devops

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Global Full Stack Microsoft Partner aligned to the Digital Transformation vision

30 Years

360[0] Partnership

18 Gold certified & 8 Advanced specializations Skills in Dynamics 365, Azure, Power BI, Cortana, .Net, Mobility

MICROSOFT PARTNER

Product Engineering, Professional support, Delivery, LSP partner for MS, MCS and ISV/SI ecosystems.

GISV, lSP, CSP, ISV Dev Centre, SI. Country Partner India 2014, 15, 17. Global alliance footprint

INDUSTRY

PLATFORM IP

STRATEGIC

DIGITAL TRANSFORMATION for Retail, Consumer goods, Distribution, Agri Products, Field Service, Travel, ISV

ON MS DYNAMICS & AZURE

ACQUISITIONS

Brick & Click, Modern Distribution, Commodity Trading, Rezopia, Kartopia, Halosys, Rapid

Scalable Data Systems, Sopris Systems, Encore Systems, GBW, & IBIS Inc

Clients

2500+ TEAM

Recognition and Awards

ACROSS THE GLOBE

On Microsoft Technologies with 1200 + on Microsoft Biz Apps

Inner Circle member 2021-22, Partner of the Year, India for BizApps 2021-22

USA, Europe, Asia, India, Australia, Middle East

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Delivering value through

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our innovative engagement models

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Customer-Specific Center of Excellence

• Governance • Value Co-creation

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• Leadership role

• SLAs and outcomes

• Strategic metrics

• Co-investment in IP

TECHNOLOGY | SKILLS | ASSETS | PROCESSES

Domain Knowledge | Technical Knowledge | Knowledge Management | Innovation | Process & Capability | Reusability

Charter

Commercial Models: Project-based | Outsourced | Output-based Build-Operate-Transfer | Turnkey-managed | Joint Venture

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With a team nurtured to make a difference

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Deeper roles Customer impact Freedom to contribute Growth

Regular exposure to newer technologies, evolving business scenarios, and building cross-functional expertise

Continuous exposure to clients to assess business impact of solutions delivered

Our flexible working style encourages ideation within broad boundaries

Early identification, mentoring, and nurturing of talent for growth by senior leaders

We need to take a pause and appreciate the drive and determination we have seen from every player on what is a complex effort and delivery. We commend you all for your effort…keep up the good work!

Director – Platform Systems, US Travel Leader

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Financials

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Strong Execution

International Services

• Platformation™, IP & Alliance led growth

• Stronger & Deeper revenue mining from existing customers

• Strong Pipeline and Acquiring new clients

• Strong sales hunting leading to acquiring of new clients

• Margin levers -platformation driven execution, onsite and offshore mix, utilization and revenue per person

• High-end digital services

• Consistent quarter on quarter growth in topline and bottom line over last10 years.

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Domestic Business

• Very large deals, Consistent absolute gross margin growth

• Strong Customer Retention

• Consistent growth in Marker share

• Established Customer Base

• Strategic shift towards cloud

• Addition of new strategic business lines for expansion

• Multi year annuity license sales

• Time tested risk and credit management

• Consistent growth of absolute profitability, positive cash flow with zero increase in working capital investment

• Globally leading ROCE and ROE

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Financial Management

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Focus on high revenue rate realization and high margins business

Focus on Reduction of DSO days

Very strong positive cash generation and cash position

Industry leading ROCE and ROE

Sound capital allocation

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Consistent Growth Over Last 10 years

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Consolidated Revenue & *EBITDA

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*Consolidated EBITDA for FY22 is adjusted for one off item of INR 22.9 cr which pertains to gain associated with write-off of Earn out provision.

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International Services Revenue & EBITDA trend for last 12 Quarters

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Revenue (in crs)

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EBITDA (in crs)

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EBITDA for Q4’ 22 is adjusted for one off item of INR 22.9 cr which pertains to gain associated with write-off of Earn out provision.

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Financial Performance of International Services – Q4 FY22

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Revenue in INR. Cr

*EBITDA

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*EBITDA for Q4’ 22 is adjusted for one off item of INR 22.9 cr which pertains to gain associated with write-off of Earn out provision.

Revenue in $ Mn

PAT

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International Business Revenue Growth

Revenue in $Million

New Customer added

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14 13 12
12 11
10 8
8
6
4
2
0
Q1 22 Q2 22 Q3 22 Q4 22
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Client Concentration

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80% 71% 71% 72%
61% 63% 62%
53% 56% 54%
60%
40%
20%
0%
Q4 21 Q3 22 Q4 22
Top 5 Customer Top 10 Customer Top 20 Customer
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No. of $Million Customers

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Operational Performance – Q4 FY22

Revenue by Geography

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24% 22% 21%
25% 23% 22%
51% 55% 57%
Q4 21 Q3 22 Q4 22
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USA Europe Rest of World
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No. of Customers by industry

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5
17 34 10
53
18
22
62
16
ISV TTL
Retail (Essentials) Retail (Non Essentials)
Distribution & Manufacturing Commodity Business & Service Industry
Others Health Care
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No. of Customers by Geo

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39
46
17
2
28
105
Europe US India Middle East Asia ANZ
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Customer Category

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Revenue by Vertical Mix

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2.4% 2.6%
7.0% 2.9% 3.6%
1.5% 6.3% 4.8%
8.5% 3.2% 4.2%
9.0% 10.0%
21.4%
20.0%
20.7%
18.7%
15.4% 12.3%
10.2% 9.4%
9.4%
32.7% 31.4% 32.4%
Q4 21 Q3 22 Q4 22
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ISV Travel Others Distribution & Manufacturing Retail (Essential) Retail (Non Essential) Commodity business & Service Industry Heath Care Logistics

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Revenue by high end Service Mix

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100.0% 1.5% 0.3% 0.1%
1.0%
10.6% 11.0%
11.1% 0.3%
90.0%
9.0% 7.6%
80.0% 10.7%
70.0%
30.5%
30.1%
60.0% 29.2%
50.0%
40.0% 20.2% 20.6%
20.3%
30.0%
4.4% 4.4%
4.7%
20.0% 11.5% 11.7%
9.5%
10.0%
12.0% 13.7% 14.0%
0.0%
Q4 21 Q3 22 Q4 22
Data & Analytics Managed Cloud Services
IMS Microsoft Digital Platformation Services
Microsoft Dynamic Services Modern Validation and Dev Eng Mgmt Ser
Open Source Digital Platform Services Other ERP Services
Other Services
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Service Mix	QoQTrend	QoQTrend	QoQTrend	QoQTrend	QoQTrend
	**Q4'21 **	**Q1'22 **	**Q2'22 **	**Q3'22 **	Q4'22
Data & Analytics	7.1%	10.9%	12.0%	12.0%	6.7%
Managed Cloud Services	12.3%	3.4%	22.9%	16.1%	6.0%
IMS	1.8%	-2.8%	11.1%	4.5%	5.5%
Microsoft Digital Platformation Services	9.1%	2.5%	9.5%	7.9%	6.3%
Microsoft Dynamic Services	11.1%	1.9%	11.5%	10.4%	5.8%
Modern Validation and Dev EngMgmt Ser	-2.3%	-6.8%	11.8%	-1.8%	-12.3%
Open Source Digital Platform Services	12.2%	6.1%	4.4%	5.5%	7.8%
Other ERP Services	-37.9%	-18.8%	-16.7%	-46.0%	-57.1%
Other Services	-19.1%	-52.0%	-5.0%	-46.0%	-48.5%

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International Business

IP Led Revenue %

Platformation[TM] Revenue %

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Digital Revenue %

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75%
73%
72%
70%
70%
68%
67%
65%
60%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
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International Business - Revenue Enablers

Revenue by Onsite / Offshore Mix

Utilization & Billability

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100%
90%
80%
70% 68% 68% 69% 69% 72%
60% Offshore
50%
Onsite
40%
30%
20% 32% 32% 31% 31% 28%
10%
0%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
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Revenue per Billable HC
1,86,480 1,86,511 1,87,515 1,90,024 1,89,199
2,00,000
1,50,000
1,00,000
43,450 44,183 44,268 45,182 46,666
50,000
-
Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
Onsite Rev/Billable HC Offshore Rev/Billable HC
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Human Capital

Overall Headcount

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Headcount by Business Type

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Domestic Business – Gross Contribution

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Domestic Business – Gross Contribution

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50 47.4
45.1
45
39.9
38.0 38.1 38.0
40
33.0
35
30.0 30.1
30 6.6%
5.8%
25 5.4%
5.0%
4.4% 4.5%
20 4.0%
3.5%
3.1%
15
10
5
0
Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
Gross Contribution in INR Cr. Gross Contribution %
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Domestic Business - Revenue

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Domestic Revenue (Annuity/Others)

Domestic Revenue (Cloud/Non Cloud)

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120%
100%
28% 26% 25% 25% 24%
80%
60%
40%
72% 74% 75% 75% 76%
20%
0%
Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
% of Revenue - Annuity Biz % of Revenue - others
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120%
100%
25% 24% 23% 22% 22%
80%
60%
40% 75% 76% 77% 78% 78%
20%
0%
Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
Cloud Revenue % Non Cloud Revenue %
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Domestic business major revenue contribution from multi year annuity enterprise sales

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Domestic Business - Gross margin Analysis by customers

Domestic Customer by GC %

Domestic Customer Count

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18
49
42
35 37
43
23 22
16 17
27 27 28 29 30
Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
> 1 cr >50 L upto 1 cr > 25 L upto 50L
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Calculated based on annualized GC

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120%
100%
16% 14% 15% 15% 13.0%
80% 9% 9% 9% 7% 10.1%
9% 9% 9% 10% 9.0%
60%
40%
66% 68% 67% 68% 67.9%
20%
0%
Q4'21 Q1'22 Q2'22 Q3'22 Q4'22
> 1 cr >50 L upto 1 cr > 25 L upto 50L Upto 25L
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Gross Margin Analysis

in terms of Customer's revenue

Gross Margin Analysis

in terms of number of years of Association

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than 10 years 42%
5 - 10 years 17%
3 - 5 years 5%
< than 3 years 36%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
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More than 500,000 crs 6%
100,000 - 500,000 crs 21%
50,000 - 100,000 crs 16%
30,000 - 50,000 crs 5%
15,000 - 30,000 crs 6%
10,000 -15,000 crs 10%
5,000 - 10,000 crs 7%
1,000 - 5,000 crs 12%
500 -1000 crs 10%
Less than 500 crs 8%
0% 5% 10% 15% 20% 25%
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Top ~ 58 customers contribute to about 80% of Gross Margin

Strong customer retention - ~ 59% if Gross Margin contributed from customers associated for more than 5 years Established customer base - ~83% Gross Margin from customers with revenue greater than 1,000 crs

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EBITDA, PBT and PAT – Last 12 Quarters

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Domestic Business

Domestic Business EBITDA

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45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 20 20 20 21 21 21 21 22 22 22 22
39.5
36.9
33.7
31.8 32.4
27.0 27.3
22.4 22.5 23.2
19.6
16.9
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Domestic Business PBT

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45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 20 20 20 21 21 21 21 22 22 22 22
38.5
35.4
30.3 31.0 31.9
24.8 25.1
21.0 21.0 22.0
18.2
15.8
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Domestic Business PAT

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30.0
25.0
20.0
15.0
10.0
5.0
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 20 20 20 21 21 21 21 22 22 22 22
28.5
26.4
23.9
22.6 23.0
18.1
16.1 16.6
13.7 13.6
12.4
11.6
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Strategic Investment (In crs)

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M&A Investment

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58.1
60.0
46.3
50.0
39.5
40.0
30.0
20.0 13.4
4.3
10.0
-
FY 18 FY 19 FY 20 FY 21 FY22
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IP & R&D Investment

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S&M Investment
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28.3 28.1
30.0
25.2
22.2
25.0
20.4
20.0
15.0
10.0
5.0
-
FY 18 FY 19 FY 20 FY 21 FY22
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70.0 62.9
60.0 52.3
49.2
45.0
50.0 42.2
40.0
30.0
20.0
10.0
-
FY 18 FY 19 FY 20 FY 21 FY22
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Lower S&M cost in FY22 due to reduction in travel cost

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International and Domestic ROCE & RONW

ROCE

RONW

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50%
41% 41%
40% 36% 37% 37%
39% 38%
35%
30%
33% 32%
20%
10%
0%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
International Business Domestic Business
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50%
40%
40%
39%
38% 38%
40% 38%
39%
30% 35% 34%
33%
20%
10%
0%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
International Business Domestic Business
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To be verrified

Capital Allocation (INR Lakhs)

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40,000 37,659
35,000
30,000 27,693
24,927 24,396
25,000
21,295
19,253
20,000
15,859 15,634
14,722
15,000 13,369 13,408
11,042
9,464 9,464
10,000 8,413
7,361
5,000
-
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Cosnol Pat Share H Payout
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Cash Deployment

3% 38% 48% 11% Capex Share holder Pay out Acuqisition Invested

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Days Sales Outstanding

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Credit Management – Domestic Business

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Average Borrowings & Interest Cost

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140 8,000
120 7,000
6,000
100
5,000
80
4,000
60
3,000
40
2,000
20
1,000
- -
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Average Borrowing Interest Cost

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Domestic Business
2,000
1,464
1,500
1,099 1,051
946
1,000 761
681
607 606
523
500
156 153 170 175 203 219 189 175 206
-
Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22
Revenue Networking Capital
amount in rs cr
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Thank you

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