Sonata Software Ltd. — Investor Presentation 2023

Oct 25, 2023

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25[th] October, 2023

National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Mumbai P.J. Towers, Dalal Street, Mumbai Kind Attn: Manager, Listing Department Kind Attn: Manager, Listing Department Stock Code – SONATSOFTW Stock Code - 532221

Dear Sirs/Madam,

SUB: INVESTORS’ PRESENTATION

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing Investors’ Presentation for the quarter and half year ended 30[th] September, 2023.

The above said presentation is also made available on the Company’s website www.sonata-software.com.

Please take the same on record.

Thanking you,

Yours faithfully,

For Sonata Software Limited Mangal Digitally signed by Mangal Krishnarao Krishnarao Kulkarni Date: 2023.10.25 Kulkarni 16:41:56 +05'30' Mangal Kulkarni Company Secretary, Compliance Officer and Head Legal

Encl.: As above

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Sonata Software Limited - SSL

Website: www.sonata-software.com Registered Office: 208, T V Industrial Estate, 2[nd] Floor, S K Ahire Marg, Worli, Mumbai – 400 030 email: info@sonata-software.com Corporate Office: Tower-A, Sonata Towers, Global Village (Sattva Global City), RVCE Post, Kengeri Hobli, Mysore Road, Bengaluru - 560059, India Tel: +91 80 6778 1000 | CIN: L72200MH1994PLC082110

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Investor Presentation

Q2 FY’24

Sonata at a glance

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We are a Modernization and a Digital Engineering company powered by our unique PLATFORMATION™ framework.

The Company

38 YEARS IT Solutions Provider

$990M+ Revenue

15.4% CAGR across 10 years

Listed (SONATSOFTW) Market Cap $ 1.8B

~6500 Employees Across US, EU, Asia & ANZ. 17 different nationalities

Delivering Outcome-based Modernization Services

Cloud AI & Data Managed Services Dynamics Automation Digital Contact Center Digital Transformation Using Platformation[TM]

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Serving our Global clients with right Talent mix (Global & Local Talent)

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APAC
Canada China
Offices : Japan
North America
Toronto Singapore
Europe
Development Center: Richmond Malaysia
Netherlands
Redmond Korea
Denmark
Philippines
Germany
Offices: Thailand
Atlanta, GA Vietnam
Fremont, CA
Bridgewater, NJ Eastern
East Brunswick, NJ Europe
Florida UK (London) &
Indonesia and
Dallas Ireland (Dublin) Phillipines
Minneapolis
Warren, PA
Minnesota
Costa Rica India
Development Centers:
Bangalore (3)
Mexico
Hyderabad (2)
Chennai
Middle East
Offices:
& Africa
Bangalore Australia
Qatar
Chennai Brisbane
Delhi Sydney
Hyderabad Melbourne
Kolkata
Pune
Mumbai
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Development Centers & Sales Offices - 27 Partners - 4

Global Delivery centers recent/InProgress - 6

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© Sonata Software Ltd, 2023. Confidential.

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Key Verticals, Partners, IPs

Industries

Ecosystem: Partnerships Tech + Domain

TMT: Technology, Media and Telecom

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RMD: Retail, Manuf., Travel and Distribution

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BFSI: Banking, Financial Services and Insurance

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HLS: Healthcare and Life Sciences

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Innovative IPs

LISA Chatbot (Conversational AI)

Workbox.io (Archival)

Lightning Build

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Sustainability Target: Carbon Neutrality by 2030

Single Use Plastic Free certified by FY 24

Aim for 100% Tier 1 suppliers on ESG compliance and training by FY 24

UNGC Signatory by FY2024

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Emerging

SbTi Commitment by FY4

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Our Objective and Goal

Objective:

Be the fastest-growing Modernization Engineering company

Goal:

Revenue of $ 1.5B by FY 26 end. Intl EBITDA @ low-20’s

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Our Performance Vision: Making progress and adapting to changing times…

Revenue Growth (In $M)

SCALE – Key Drivers Microsoft sell-to; Dynamics Sustain SITL momentum Retail, Manufacturing, Travel and TMT Sales, Large deals, BFSI, Healthcare Life Sciences and technical capabilities

~$1.5B +$580M $0.92B

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Harvest Invest

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Clients : Build multiple large accounts. Brand : Global brand in Modernization

Diversify

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FY23 3-4 Years
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In Q2 we crossed $80M right after crossing $75M in Q1

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Intl. Services Rev. $M
90 80.9
77.3
80
65.8
70
60.5
55.7 56.8 57.8
60 53.4
50
40
30
20
10
0
Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
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SITL GC INR Crs
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70 61.8 62.4
58.1
56.7
60 53.6
50.8
47.4
45.1
50
40
30
20
10
0
Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
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400%

300%

Stock Return of 100% + For Our Shareholders over the past one year

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600%
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500%

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460%
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	Total Return to Share Holders	Total Return to Share Holders
		1 Yr	5 Yrs
226%
	Stock Price Return %**	105%	382%
184%	Div Yield	2%	8%
	* Till Sep 29, 2023
	Market Data
	NSE Symbol	SONATSOFTW
	Market Cap**	$ 1.8B
p-23	*1 USD = INR 83.04	# Annualized
	** as on 29th Sep 23

200%

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100%
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0% 29-Sep-18 29-Mar-19 29-Sep-19 29-Mar-20 29-Sep-20 29-Mar-21 29-Sep-21 29-Mar-22 29-Sep-22 29-Mar-23 29-Sep-23 Sonata Soft Nifty IT Nifty50

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What’s working well for us…

Large Deals

Quant M&A

10 Large deals won YTD Integrated with Sonata systems

Modernization

Cloud & Data pipeline is 38%

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Verticals / Partnerships

SITL

Retail/Mfg., BFSI, HLS, TMT) and Steady GC (MS, AWS) growth

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Large Deals: 35 large deals under pursuit. 38% of Large deals pipeline are with Fortune500 clients

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60% of Top 10 Accounts are Fortune 2000 Companies vis-à-vis 30% in previous year

Key Large Deal Wins

Large Deals in the pipeline

Client - Premier 3[rd] party logistics $12.6M over 3 Years

Logistics application hosted on Azure

Client - Communication & Managed Network $6.5M over 7 years

RMD = 11 deals TMT = 7 deals BFSI = 7 deals HLS = 6 deals

Business Services: F&O, Implementation of D365

Client - Outsourced industrial Steel service $5.7M over 6 years

Emerging = 4 deals

Build Next Gen Trading platform

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Quality of growth – Top 10 clients movement

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Q1 FY 23 Q2 FY 24 Logos in Pipeline 2 4 5 Fortune 50 clients clients clients 3 5 10 Fortune 500 clients clients clients

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Large Deal Win - Logistics application hosted on Azure ($12.6 M)

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Client Overview

Premier Third-Party Logistics company that provides creative supply chain solutions with an asset-lite transportation and distribution services

Areas in Scope

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Industry
Logistics
Client HQ
Client
USA
Overview
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Volume >400K Omnichannel shipment/month

IT Services to build and maintain Creative Logistics Solutions and Strategic IT service Partner

Transportation, Distribution & Warehousing

Data Analytics, Architecture, Engineering and DBA Infrastructure and Network Operations Integration and EDI

Application Development & Maintenance

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Large Deal Win – Business Services: F&O, Implementation of D 365 ($6.4 M)

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Client Overview

Client provides high-bandwidth connectivity and global managed network services including managed ICT, cyber security, and UCaaS solutions, to a range of blue-chip customers inclusive of Hyperscalers, telecommunications operators, new media providers and enterprises throughout the world.

Areas in Scope

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Industry
Telecom
Client HQ
Client
Overview UK
Locations
North America,
Europe & Asia
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Gen AI, Cloud and Connected Data led Finance Transformation. Sonata shall run the finance operations for next 5 years and transfer of 42 employees from Client to Sonata,

Finance Transformation ERP Modernisation Data Platform Integrated Billing Platform Cloud, AI, RPA

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Key bets for the future ….

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Microsoft Fabric

Pipeline created across 70+ customers

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AI & Gen AI

Harmony.AI launched; Pipeline created across 50+ customers

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Joint GTM

MS GTM funding- first tranche received; AWS – Rescale Program

Continued focus

Verticalization

Focused GTM

Large Deals

Mega accounts

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Sonata’s Responsible-first AI offering for Enterprise scale – Harmoni.AI Geared towards building an AI first culture

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30 Internal
Harmoni.AI Platform
Cases for Responsible AI
03 04
Active Offerings and
Conversations 02 05 methodology
at 50+ accounts Harmoni.AI published
All functions
01 06
Core team built;
identifying &
training created
implementing Gen AI
35% of talent
Blackbelt club GenAI trained team
members
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Our GTM’s are aligned with our Partners and our investment focus…

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Cloud Apps Microsoft Service Experience Hyper
Data & Analytics Managed Services
Modernization Business Apps Transformation Automation
MSFT Market Place
Partners
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Microsoft-Sonata Partnership: 30+ Years of jointly driving Customer Success Sonata named again in Inner Circle for Microsoft Business Application 2023-24

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AI/Gen-AI Industry Partnership

2500+ Team On Microsoft Technologies

Catalyst Led Sales Process

Industry Point Of View, Business Value Assessment, Envisioning Workshops, Design Thinking

400+ Clients Across The Globe USA, Europe, Asia, India, Australia, Middle East

Microsoft Cloud Solution Partner - Asure Expert MSP Competencies.

10 Advanced Specialisation in Dynamics 365, Data Analytics, Teams, CAF, M365, Asure

Industry Clouds Go To Market Healthcare, Retail, Sustainability, Manufacturing

$650+ Million

Per Annum Revenue To Microsoft

Joint Execution

Microsoft Fasttrack, Global Delivery, Microsoft Consulting Services

Industry

Digital Transformation Retail, CPG, Manufacturing, Telecom, Healthcare, Hi-tech, BFSI

Partner for RPA Partner for Migration 100 Microsoft Fabric

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Success Stories (1/2)…Unified Digital Solution for Business Process Transformation

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Client Overview

Industry Manufacturing

Employees > 6000

Leading Sustainable Belting Solution Company

The Pressure Points

• Standardization and optimization of core manufacturing processes

• Need more transparency

• Continuity risks - in the scattered IT landscape

• Digital innovation - growth and mergers and acquisitions.

Solutions

• Unified and efficient digital solution with implementation of D365 F&O

• Automated highly complex 1 Dimension Cut production process

• Development of Dynamic Bill of Material calculation to address the configurable order

Results

• Optimized inventory & consumption - better yields and reduced scraps

• Achieved Business process standardization & optimization

• Improvement in average response time to customer queries on pricing, discounts, shipping schedules

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Success Stories (2/2)…AI enabled FinOps Transformation

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Client Overview

Industry Employees Telecom > 1600

Leading secure global network services provider

The Pressure Points

• Manual FinOps processes - high costs and insufficient access

• Lack of Integration between upstream / downstream systems. Inventory accuracy issues

• Manual Revenue assurance process

• Most reports from the system are not in a “ready to consume” state

Solutions

• Devised strategic roadmap to modernization process.

• Integration of all applications - complete automation to enable Single source of Truth

• Modernizing current legacy platform and processes by upgrading to the latest Dynamics platform.

Results

• Automation and reducing cycle time from days to hours

• Near Real time reporting and NextGen predictive analytics reporting

• Democratization and Self-Service Reporting Capability

• Seamless Integration across the Ecosystem with enhanced Data security & compliance

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Key Recognition

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People – Strength Of Sonata

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Financial Management

1

2

High Revenue growth with Industry Leading margins

Strong Cash Position & Balance Sheet

Focus on high revenue rate realization and high margins business

Very strong positive cash generation and cash position

Cash and equivalents ₹690+Crs

EPS : ₹34.30* / Share

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3

4

Superlative returns for Shareholders

Sound Capital Allocation

Industry leading Sound capital ROCE and ROE & allocation Bonus share issue

FY24 Interim Dividend : ₹7 / share

ROCE : 33.8%*

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*Trailing 12 months

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Consistent Growth Over Last 10 years

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Consolidated Revenue & profitability ($Mn)

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Revenue EBITDA
926 75
66
745
53
50 51
570
528
37
436
354 381 27 29 29
254 270 288
17
FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23
CAGR 15% CAGR 18%
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PAT
56
51
39
37
33
30
23 23
21
13
FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23
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CAGR 18%

Predictable and resilient growth trajectory

*Before OI and FX

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Financial Performance Of International Services – Q2 FY24 Industry leading QoQ growth in Revenue and EBIDTA; Process improvements result in Collection rigour

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$80.9 $20.0
$77.3
4.6% QoQ
$57.8 40.0% YoY $15.0 14.8% QoQ
28.8% YoY
$10.0
Constant Currency $18.7
$16.3
$14.5
5.0% QoQ
1.24 5.2% QoQ $5.0 $9.9 $9.7 $10.1
38.5% YoY 2.2% YoY
$-
Q2 FY23 Q1 FY24 Q2 FY24
Q2 FY23 Q1 FY24 Q2 FY24
Revenue Book to bill
EBITDA excl OI & Fx PAT
33.8% without
50
Acq. Loan 49
39.2%
38.2% 49
36.1%
38.3% 34.4% 48
37.6%
47
34.3% 46 46
33.6%
46
30.0% 32.0% 45 45
45
44
43
FY 20 FY 21 FY 22 FY 23 YTD_Q2 FY24
Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
ROCE RONW
Trailing 12 months
© Sonata Software Ltd, 2023. Confidential.
Revenue in $ Mn
EBITDA & PAT in $ Mn
DSO
Return on Capital
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International Business: Revenue Drivers

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11 12
11
10
6
5
5
4
4
48
45
34
Q2 23 Q1 24 Q2 24 Q2 23 Q1 24 Q2 24
1-3 Mn 3-5 Mn 5+ Mn
72%
69% 70%
62% 61%
58% 20% 17%
25%
15%
16%
19%
64% 69%
56%
New Customers added
No. of $ Million Customers
Client Concentration Revenue by Geography
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20% 17%
25%
15%
16%
19%
64% 69%
56%
Q2 23 Q1 24 Q2 24
USA Europe Rest of World
Revenue by Geography
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72%
69% 70%
62% 61%
58%
Q2 23 Q1 24 Q2 24
Top 10 Customer Top 20 Customer
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International Business: Operational Performance

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Utilization
Headcount by Function
6,500 6,267
6,092
84.2%
361
6,000
371
109
111
5,500 5,240
82.7%
280
5,000
98
82.0%
4,500
5,797
5,610
4,000
4,862
3,500
3,000
Q2 23 Q1 24 Q2 24
Q2 23 Q1 24 Q2 24
Delivery S&M G&A Total
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Continued strong utilization

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International Business: Revenue by Verticals Mix

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Verticals : BFSI & HLS in investment phase; 4.7% QoQ growth

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Q1 FY24 Q2 FY 24
Healthcare
Healthcare 11%
14%
TMT TMT
BFSI
18% 26% BFSI 27%
21%
Revenue
Revenue Share
Share
Emerging Emerging
5% 5%
Retail and
Retail and
Manufacturing
Manufacturing
36%
37%
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International Business: Revenue by Top GTMs

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Cloud and Data continuous to be more than 50%

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Q1 FY 24 Q2 FY 24
Emerging Tech Emerging Tech
10% 10%
Others Others
6% 6%
Cloud Cloud
38% 39%
Revenue Revenue
Share Share
Dynamics
23%
Data
Dynamics
20%
26% Data
22%
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Domestic Business:– Delivering Consistently Strong Growth With Industry Leading ROCE

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Cloud ~78.9% EBITDA 19.7% YoY
Annuity ~75.9%
GC 16.7% YoY
19.5% YoY
62 63 1.10 1.04
1,392 56 56 0.99
54 1.00
1,244 47
0.90
0.80
1,041 0.72
0.70
0.60
0.50
0.40
0.30
Q2 23 Q1 24 Q2 24 Q2 23 Q1 24 Q2 24
Q2 23 Q1 24 Q2 24
Q2 23 Q1 24 Q2 24
EBITDA GC
399 402
371 38
31 36 37
36
27 35 35
47.2% 47.3%
127 128
114
35.5%
32.2%
230 241 238
28.2%
Q2 23 Q1 24 Q2 24 FY 20 FY 21 FY 22 FY 23 YTD_Q2 FY 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Delivery S&M G&A Total
Gross Contribution & EBITDA (INR crs) Net working Capital ÷ Gross Contribution
ROCE DSO
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The fastest growing firm in IT Services in the next 3-4 years

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