Xchanging Solutions Limited — Interim / Quarterly Report 2020

Nov 13, 2019

XSL/SE/2019-20/28 November 13, 2019

The Secretary The Secretary Listing Department Listing Department

BSE Limited National Stock Exchange of India Limited PJ Towers, Exchange Plaza, 5th Floor, Dalal Street, Plot No. C/1, G Block, Bandra Kurla Mumbai - 400 001 Complex, Bandra (East), Mumbai 400 051 Script Code: 532616 Script Code: XCHANGING

Sub: Outcome of the Board Meeting

Ref: Requlation 30, 33 & other applicable Requlations of SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015

Dear Sir/Madam,

This is to inform you that the Board of Directors of the Company at their meeting held today, November 13, 2019, have inter-alia considered and approved the following:

4, Unaudited financial results (Standalone and Consolidated) of the Company for the 2"¢ quarter and six month ended September 30, 2019;

We are enclosing herewith copy of unaudited financial results (Standalone and Consolidated) of the Company along with limited review report of the Statutory Auditor.

The results will be published in the newspapers in terms of Regulation 47(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in due course and will also be placed on the website of the Company.

• Ms. Aruna Mohandoss is appointed as the Company Secretary and Compliance Officer of the Company effective November 13, 2019.
• 1. The meeting of the Board commenced at 11:30 AM and concluded at 3:00 PM.

Moreover, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 including amendments thereof, Trading Window of Xchanging Solutions Limited will be opened from November 16, 2019.

You are kindly requested to take the above information on record.

Thanking You,

Yours Sincerely, For Xchanging Solutions Limited

Chandrasekara Rao Boddoju Managing Director & Chief Executive Officer DIN - 08185777

Address: Kalyani Tech Park - Survey NO 1, 6 & 24, Kundanhalli Village, KR Puram Hobli, Bangalore - 560066, Karnataka, India

Xchanging Solutions Limited, a DXC Technology Company

CIN: L72200KA2002PLC030072 Registered Office: Kalyani Tech Park - Survey no 1, 6 & 24, Kundanhalli Village, K R Puram Hobli, Bangalore ~ 560066, Kamataka, India T +91.(0) 80.43640000 www.dxe.technology

. Chartered Accountants Deloitte ASVN Ramana Tower 52, Venkatnarayana Road Haskins & Sells LLP Ne oon

Tamil Nadu, India

Tel: +91 44 6688 5000 Fax: +91 44 6688 5050

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF XCHANGING SOLUTIONS LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of XCHANGING SOLUTIONS LIMITED ("the Company"), for the quarter and six months ended September 30, 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Attention is drawn to Note 3 of the Statement which states that the statement of cash flows for the corresponding six months ended September 30, 2018, as reported in the accompanying Statement have been approved by the Company's Board of Directors, but have not been subjected to review / audit.

1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as

Regd. Office: Indiabulls Finance Centre, Tower 3, 27" - 32" Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018) Bi_o Asa Cowl

Bhavani Balasubramanian (Partner) (Membership No. 22156) (UDIN: 19022156AAAACH2891)

Place: CHENNAI Date: November 13, 2019

Xchanging Solutions LimitedRegistered Office : Kalyani Tech Park - Survey No 1, 6 & 24, Kundanhajii Village, K R Puram Hobil, Bangalore – 569016, Kernataka, IndiaTel: +91 80438410990Email: compliance@xchanging.com W

$\sim$

Isi.No.	Statement of Standalone Unaudited Financial Results for the Quarter and Six Months ended 30/09/2019Particulars	Quarter ended30/09/2019	Quarter ended30/05/2019	CorrespondingQuarter ended30/09/2016	For the aixmonths unded30/09/2019	For the aixmonths ended30/09/2018	Year anded31/03/2019
	Revenue from operations	(Unaudited)	[Unaudited]	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
$\overline{2}$	Other Incorna	1,084	1,088	1,153	2.172	2,515	5,203
з	Total Income (1+2)	294	754	569	1,048	869	1,202
	Expenses	1,37B	1.847	1,722	3.220	3,384	6,405
	Employee benefits expenseFirance costsDeprecistion and amortisation expense.	544	532	656	1.078	1,377	2,584
	Other expenses	16	13	10	29	21
	Total expenses (4)	214	2a2	445	496	653	37
s	Profit before tax (3-4)	776	828	1.112	1,608	2.252	1,3523.974
	Tax expense / (benefit)	600	1.014	610	1.614	1.132	2,431
	Current taxCurrent tax- for the earlier year.Deferred taxTotal tax expense (6)	223(587)	275$\sim$33	16924	498(587)40	331	73715
		(357)	308	193	(49)	31	32
	Profit for the period (6-6)	957	708	417	1,633	362	784
$\mathbf{a}$	Other comprehensive income(i) items that will not be reclassified to profit or loss- Remeasurements gains/ (losses) on defined benefit plans(ii) Income tax relating to illeris that will not be reclassified to profit or lossTotal other comprehensive Income (8(i)+8(ii))	(1)	$\bullet$٠	3(1)	3(t)	77031(9)	1,64735(10)
10	Total Comprehensive income for the period (7+9)	$\overline{2}$959	۰706	$\frac{2}{419}$		22	25
11.	Paid up equity share capital (Face value per Share Rs 10/-, fully paid)				1.665	792	1,672
12	Other Equity (excluding Revaluation Reserva)	11,140	11,140	11,140	11,140	11,140	11,140
13	Earnings per Equity Shere (Face value of Rs 10 each) (not annualised for the questers)Basic- In Re.		٠		10,964	5,419	9,299
	Diluted in Rs.	0.86	063	0.37	1.49	0.69	1.48
		0.55	0.63	0.37	1.49	0.89	1.48

Standalone Statement of Assets and Liabilities	(Re in lakha)
Particulars	As at	As at
	30/09/2019	31/03/2019
ASSETS	(Unaudited)	(Audited)
Non-corrent assets
Property, plant and equipment
Right of use asseta	25	24
Other intangible assets	205
Financial assets	5	5
kivastments
Loans	5.185	5,186
Deferred tax assets (net)	1,618	1,615
Other non-current assets	828	873
Total non-current assets	1.851	1,658
Current assets	9.718	9,384
Financial assets
Trade receivables
Cash and cash equivalents	630	690
Bank balances other than above	15,709	14,297
Loans	17	135
Other financial assets		250
Other current assets	476	424
Total current sasela	53	255
	17.135	16,251
Total assets	20,863	26,615
EQUITY AND LIABILITIES
Equity
Equity share capital
Other equity	11,140	11,140
Total equity	10,96422,104	9.299
Liabilities		20.439
Non-current liabilities
Financial liabilities
Losso liabilities	146
Provisions
Total non-current liabilities	328474	303303
Current liabilities
Finencial liabilities
Leane liabilities	61
Trade payables		٠
Total outstanding dues of micro enterprises and small enterprises	3	٦
Total outstanding dues of creditors other than micro enterprises and small enterprises	560	832
Other financial liabilities
Provisions	11	10
Current lax liabilities (net)	61	$\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\overline{\over$
Other current liabilities	3,301	3,647
Total current ifabilities	238	306
Fotal fishilities	4.275	4873
	4.749	5.176
Total equity and liabilities	26,853	25.615

$\frac{1}{\sqrt{2}}$

×

lgyss

	(Re in fakhe)For the LikFor the six
Particulars	months ended	months ended
	30/29/2019	10/09/2018
	(Unaudited)	(Unaudited)
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	1,614	1.132
Adjustments for:
Depreciation and amortisation expense.	$20 - 12 = 12$	21
Profit on sale of property, plant and equipment	(2)	(6)
Foreign exchange loss - unrealised	27	137
Interest income	(540)	(128)
Dividend Income	(305)	(286)
Provision for doubtfut advances	з
Provision for doubtful dabts.		119
Liabilides no longer required written back	$\overline{2}$	(3)
Other provisions no longer required written back.	(104)	(247)
Interest expense	5	1
Other non cash adjustments	2
Operating profit before working capital changes	641	22782
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Trade receivables
Other current assels	(17)	(215)
Loans & other financial assets and other assets	202	(39)
	(262)	162
Adjustments for increase / (decrease) in operating imbities:
Trade payables	(248)	(350)
Other financial Rebilities and other liabilities	34	283
Provisions	29	(25)
Cash generated from operations	378	598
(anular to led it and easy	(256)	(98)
Net cash generated from operating activities (A)	123	602
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(6)	(17)
Proceeds from sale of property, plant and equipment	2	8
Dividend income	395	266
Proceeds from short-term loans	250	٠
Long ferm deposits with banks with maturity period more than 3 months but tess than 12 months	118	$f_{0}$
Long term deposits with banks with maturity parled more than 12 months
Interest received	554	18
Net cash generated from investing activities (B)		123
	1,314	406
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment from long-term borrowings	(3)	(6)
Payment of lease Labilities	(20)
Inlarast paid	(2)	(1)
Net cash used in financing activities (C)	(25)	(9)
Net increase in cash and cash equivalents (A + B + C)	1,412	869
Cash and cash equivalents at the beginning of the year	14,297	12.607
Cash and cash equivalents at the end of the year	15,709
		13,506
Cash on hand	٠	٠
Balances with banks:
In current accounts	383	47
Demand deposits (less than 3 months maturity)	15,356	892
Effect of exchange differences on balances with banks in foreign currency	(20)	(2)
Net cash and cash equivalents	15,709	937
Current investments considered as cash equivalents
Cash and cash aguivalents	15,700	12,56913,606

Notes:The above unaudied financial results of Xchanging Solutions Umited (the Company) have been reviewed and recommended by the Audit Committee to the Board, and approved by the Board of Directors at itsIntelling hald o $\mathbf{t}_\mathrm{c}$

1. In accordance with Ind AS 108 - 'Segment Reporting' the Company lus identified only one primary segment viz, Information Technology (IT) services and accordingly the above results relate to this segment.

The Standalone Cash Flow Statement for the half year ended September 30, 2018 has been approved by the Company's Board of Directors and has not been subjected to limited review or audit by the statutory $3.$

1. Figures for the previous periods have been regrouped and reclassified, wherever necessary.

Place : BengaluruDale : November 13, 2019

Solutions Pugueu

By Order of the Board of Directors

Campbethoma $\Lambda$

Chandrasokhara Rao BoddojuManaging Director and Chlof Executive OfficerDiH: 88185777

= Chartered Accountants Deloitte ASV N Ramana Tower 52, Venkatnarayana Road Haskins & Sells LLP eel etotonn

Tamil Nadu, India

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF Fax: #01 44 6688 6050 INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF XCHANGING SOLUTIONS LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of XCHANGING SOLUTIONS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and six months ended September 30, 2019 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Attention is drawn to Note 3 to the Statement which states that the consolidated figures for the corresponding quarter and six months ended September 30, 2018 and the statement of consolidated cash flows for the corresponding six months ended September 30, 2018, as reported in the accompanying Statement have been approved by the Parent's Board of Directors, but have not been subjected to review / audit.

• 1. The Statement includes the results of the following entities:
  • a. Xchanging Solutions (Singapore) Pte Ltd ("XSSPL") Wholly Owned Subsidiary of Parent Company;
  • b. Xchanging Solutions USA Inc ("XSUI") Wholly Owned Subsidiary of Parent Company;
  • c. Xchanging Solutions (Europe) Limited ("XSEL") Wholly Owned Subsidiary of Parent Company;
  • d. Xchanging Solutions (Malaysia) Sdn Bhd Wholly owned Subsidiary of XSSPL; and
  • e. Nexplicit Infotech India Private Limited Wholly owned Subsidiary of XSUI.

Deloitte Haskins & Sells LLP

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• The consolidated unaudited financial results includes the financial information of three subsidiaries which have not been reviewed/audited by their auditors, whose interim financial result reflect total assets of Rs. 157 lakhs as at September 30, 2019 and, total revenue of Rs Nil for the quarter and six months ended September 30, 2019, total loss after tax of Rs 3 lakhs and Rs 4 lakhs for the quarter and six months ended September 30, 2019 respectively and Total comprehensive loss of Rs 3 lakhs and Rs 4 lakhs for the quarter and six months ended September 30, 2019 respectively and net cash flows (net) of less than a lakh for the six months ended September 30, 2019, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018) Br_r~_ Poa La aerh

Bhavani Balasubramanian (Partner) (Membership No. 22156) (UDIN: 19022156AAAACI8639)

Place: CHENNAI Date: November 13, 2019

Xchanging Solutions LimizedRegistered Office : Kalyani Tech Park - Survey No 1, 6 & 24, Kundanhalli Village, K R Puram Hobil, Bangalore – 660668, Kamataka, IndiaTol: +91 8043640000Email: compliance@zchanging.com - Websi

[3].Mo.	Particulars	Quarter ended30/09/2019	Quarter ended30/06/2019	Correspondingquarter ended30/09/2018	For the sixmanths ended30/09/2019	For the sixmonths ended	Year anded31/03/2019
۰.	Revenue from operations	(Unaudited)	(Unaudited)	(Unaudited)	[Unaudited]	30/09/2018
$\mathbf{z}$	Other income	4,684	4,397	4,319	9,081	(Unaudited)	(Audited)
з	Total Income (1+2)	300	380	773	680	8,648	18,410
	Expenses	4,984	4,777	5,092	9,761	1.1089,754	1.455
	Employee benefits expenseFinance costs	1,935	2,111	2,356	4,046	4,706	19,665
	Depreciation and amortisation expense						8,825
	Other expenses	33	30	12	63	26	47
	Total expenses (4)	1,372	1,111	1,614	2.483	2,009	5,312
5	Profit before tax (3-4)	3,344	3,254	3,980	6.598	7,542	14,185
6	Tax exponse / (benefil)	1,640	1,523	1.112	3,163	2.212	5,650
	Current taxCurrent tax- for the earlier yearDeferred (ax	323(587)	332٠	257	655(587)	482	962
	Total tax expense (6)		33	24	40		15
7	Profit for the period ($-6)	(257)	365	781	108	31	32
8	Other comprehensive income/ (expense)	1.897	1,188	831	3.065	513	1,009
	(A) (i) kems that will not be reclassified to profit or loss- Remeasurements gains/ (losses) on defined benefit plans(A) (ii) Income tex relating to items that will not be reclassified to profit or fass(B) (I) liems that may be reclassified to profit or lossExchange differences in trenslating the financial statements of foreign operations	(1)		$\left \right\rangle$	(n)	1,69931(B)	4,67135(10)
	(B) (ii) income tax relating to items that may be reclassified in profit or loss	267	(23)	577	244
9.	Total other comprehensive incorne/ (expense) (8(A)(I-ii)+8(B)(I-ii))	(78)		(188)	(71)	897(281)	378
10	Total Comprehensive income for the period (7+9)	191	(16)	411	175	658	(110)
11	Paid up equity shere capital (Face value per Share Rs 10/-, fully paid)	2.088	1,142	1,242	3,230	2,357	293
12	Other Equity (excluding Revaluation Reserva)	11,140	11,140	11,140	11,140	11,140	4,954
13.	Earnings per Equity Share (Face value of Rs. 10 each) (not annualised for the quarters)Basic- In Rs.			٠	35,412	29,575	11,14032,182
	Divied- in Rs.	1.70170	1.041.04	0.750.75	2.74	1.53	4.19

Consolidated Statement of Assets and Liabilities		(Rs in lakha)
Particulara	As et	As at
	30/09/2019	31/03/2019
ASSETS	(Unaudited)	(Audited)
Non-current sesete
Property, plant and equipment	29	31
Right of use assets	280
Other intengible assetsGoodwill on consolidation
Financial assets	15,841	15,841
Loans
Other financial essets	1.618	1.618
	10	10
Deferred lax assets (nel)	845	754
Other non-current assets	1,851	1,658
Total non-current assetsCurrent assets	20,279	19,917
Financial assets
Trade receivables
Cash and cash equivalents	1,627	2.877
Bank balances other than above	29,315	25,691
Losns	145	247
Other financial assets		250
Other current assets	2,579	2,093
Total current seasts	62	258
	33,926	31,416
Total assets	54.207	61,333
EQUITY AND LIABILITIES
Equity
Equity share capital
Other equity	11,140	11,140
Total equity	35.412	32,102
Lisbilities	48.552	43,322
Non-current liabilities.
Financial liabilities
Lease liabilities
Provisions	181
Total non-current liabilities	328	303
Current (labilities	489	103
Financial Eabilities
Lease liabilities
Trade payables	121	٠
Total outstanding dues of micro enterprises and small enterprises	3
Total outstanding dues of creditors other than micro enterprises and small enterprises	2,853	3,130
Other financial liabilities
Provisions	11	10
Current tax liabilities (nat)	81	$\overline{H}$
Other current liabilities	3,736	4.001
Total current liabilities	361	489
Total liabilities	7.166	7.708
	7.655	8.011
Fotal equity and liabilities	54.207	51.13

$\lambda$

Consolidated Statement of Cash Flows for the Six Months ended 30/09/2019		(Ra in lakha)
	For the stx	For the six
Parliculars	months ended	bebas aritmom
	30/09/2019	30/09/2010
	(Unsudited)	Unaudited)
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	3,183	2,212
Adjustments for:
Depreciation and amortisation expense	63	25
Profit on sale of property, plant and equipment	(2)	(6)
Foreign exchange loss - unmalised	23	117
Interest Income	(545)	(129)
Dividend Income		(266)
Provision for doubths advances	$\mathbf{3}$
Provision for doubtful debts		119
	2	(186)
Liabilides no longer required written back
Other provisions no longer required written back	(109)	(273)
Interest expense	6	1
Other non cash adjustments	$\overline{2}$	22
Operating profit before working capital changes	2,605	1,635
Changes in working capital:
Adjustments for (increase) / decrease in operating essels:
Trade receivables	1,041	739
Other current assets	221	138
Loans & other financial assets and other assets	(692)	(340)
Adjustments for increase / (decrease) in operating fabilities:
Trade payables	(315)	(36)
Other financial listritures and other liabilities	(22)	62
Provisions	29	(26)
	2,867	2,172
Cash generated from operations
Taxes paid (net of refunds)	(339)	(450)
Net cash generated from operating activities (A)	2,628	1,722
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(5)	(31)
Proceeds from sale of property, plant and equipment	$\overline{2}$	a
Dividend income		266
Proceeds from short-term loans	250
Long term deposits with banks with maturity period more than 3 months but less than 12 months	102	373
Long term deposits with banks with maturity period more than 12 months		10
Interest received	559	126
Net cash generated from investing activities (B)	808	758
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment from fong-term bomowings	(3)	${8}$
Payment of lease Sabilities	(51)
Interest paid	(1)	$^{(1)}$
Net cash used in financing activities (C)	(65)	(9)
Net increase in cash and cash equivalents (A + B + C)	3,381	2,471
Cash and cash equivalents at the baginning of the year	25,091	19,503
Effect of axchange differences on belances with banks in foreign currency	243	797
Cash and cash equivalents at the end of the year	29,315	22.771
Cash on hand	۰	$\bullet$
Balances with banks:
	13,950	9.297
In current accounts
Demand deposits (less than 3 months maturity)	15,366	892
Effect of exchange differences on balances with banks in foretgn currency	(1)	13
Net cash and cash equivalents included in note 13	29,315	10,202
Current invesiments considered as cash equivalents		12,559
Cesh and cesh equivalents	79.315	22.771

$\overline{a}$

$\bullet$ t,

Notes:The above unaudied financial results of Xchanging Solutions Limited (the Company) and instrumented in the substitutions together release the Group") have been reviewed andrecommended by the Audit Committee to the S $\mathbf{L}$

2 In accordance with and AS 108 - "Segment Reporting" the Group has identified only one primary segment viz., informetion Technology (IT) services and accordingly the above results relate to this segment

As the Group is required to publish quarterly consoldered framcial results beginning from the quarter ended June 30, 2019 the comparative consolidated framcial results for the quarter and sk months endedSeptember 30, 2018 $\mathbf{a}$

1. Figures for the previous periods have been regrouped and reclassified, wherever necessary.

Place ; BengsluruDale : November 13, 2019

By Order of the Board of Directors

Lassoption Les

Chandrasekhara Rao BoddojuManaging Director and Chief Executive OfficerDIN: 08186777