All figures are in Crores

2015 2016 2017 2018 2019 2020

Total Revenue 29294.03 32888.35 37817.27 42355.34
Operating Expense 12765.35 15096.86 17800.02 18227.22
IT Opex 890.001 911.361
WITH
Total OPEX 18690.021 19138.58
OUT
CLOU CAPEX 1395.13 16248.67 8171.22 8440.87
D IT CAPEX 490.2732
TOTAL CAPEX 8661.4932 8440.87
TOTAL EXPENSE 27351.5142 27579.45
GROSS PROFIT 10465.7558 14775.89

1 2 3 4

All figures are in Crores

Total Revenue 29,294.03 32,888.35 37,492.72 42,741.70
Operating Expense 15096.86 16020.018 16212.26
CLOUD OPEX 1281.60144 1296.981
IT Opex 801.0009 810.6129
Total OPEX 18102.62034 18319.85
WITH
CLOU CAPEX 1395.13 16248.67 8171.22 15381.1
D IT CAPEX 490.2732
CLOUD CAPEX 7,272.39
TOTAL CAPEX 15933.879 15381.1

TOTAL EXPENSE 34036.49934 33700.95

GROSS PROFIT 3,456.22 9,040.75

2019 2020
Benefit -7,009.54 -5,735.14
IRR 12%
NPV at WACC=9% 4,232.33

Payback Period 8-9 Years

SENSITIVITY ANALYSIS
All figures are in million japanese Yen (JPY)
Serial no.
1
2
3

WACC
figures are in Crores
2021 2022 2023 2024 2025 2026 2027 2028 2029
47437.98 53130.54 59506.21 66646.95 74644.585 83601.93567 93634.168 104870.27 117454.7
18664.67 19112.63 19571.33 20041.04 20522.026 21014.55446 21518.904 22035.357 22564.206
933.2337 955.6313 978.5664 1002.052 1026.1013 1050.727723 1075.9452 1101.7679 1128.2103
19597.91 20068.26 20549.9 21043.09 21548.127 22065.28218 22594.849 23137.125 23692.416

8719.419 9007.16 9304.396 9611.441 9928.6187 10256.26312 10594.72 10944.346 11305.509

540.4296 595.71712 656.66073
8719.419 9547.589 9304.396 9611.441 10524.336 10256.26312 10594.72 11601.006 11305.509
28317.33 29615.85 29854.29 30654.53 32072.463 32321.54531 33189.569 34738.132 34997.925
19120.66 23514.69 29651.91 35992.42 42572.122 51280.39036 60444.599 70132.136 82456.775

5 6 7 8 9 10 11 12 13

figures are in Crores

48,725.54 55,547.11 63,323.71 72,189.03 82,295.49 93,816.86 106,951.22 121,924.39 138,993.81
16406.81 16603.69 16802.93 17004.57 17208.621 17415.12465 17624.106 17835.595 18049.623
1312.544 1328.295 1344.234 1360.365 1376.6897 1393.209972 1409.9285 1426.8476 1443.9698
820.3403 830.1843 840.1466 850.2283 860.43106 870.7562324 881.20531 891.77977 902.48113
18539.69 18762.17 18987.31 19215.16 19445.742 19679.09085 19915.24 20154.223 20396.073

12399.42 16212.12 15495.23 17798.06 18087.751 19719.53596 20456.589 21790.13 22726.013

972.7269 1085.2651 1307.4078

12399.42 17184.84 15495.23 17798.06 19173.016 19719.53596 20456.589 23097.538 22726.013

30939.11 35947.01 34482.54 37013.22 38618.758 39398.62681 40371.829 43251.761 43122.087

17,786.43 19,600.10 28,841.17 35,175.80 43,676.73 54,418.23 66,579.39 78,672.63 95,871.72

2021 2022 2023 2024 2025 2026 2027 2028 2029

-1,334.23 -3,914.59 -810.75 -816.61 1,104.61 3,137.84 6,134.79 8,540.49 13,414.95

NALYSIS
japanese Yen (JPY)
Scenario Operational expense on cloud implementationNPV
Optimistic OPEX increases at 1% per year 52,450.85
Base OPEX increases at 2% per year 4232.325784
Pessimistic OPEX remains same as non-cloud 1371.54997

9%
 2030
131549.26
23105.747
1155.2873
24261.034

11678.591

11678.591
35939.625
95609.639

14

158,452.94
18266.218
1461.2974
913.3109
20640.826

23927.001

23927.001

44567.828
113,885.11

2030
18,275.47
 All figures are in Crores
2015 2016 2017 2018 2019 2020
Total Revenue 29,294.03 32,888.35 37,817.27 42355.34
Operating Expense 12765.35 15096.86 17800.02 21004.02
IT Opex 890.001 1050.201
WITH
Total OPEX 18,690.02 22,054.22
OUT
CLOU CAPEX 1395.13 16248.67 8171.22 #NAME?
D IT CAPEX 490.2732
TOTAL CAPEX 8661.4932 #NAME?
TOTAL EXPENSE 27,351.51 #NAME?
GROSS PROFIT 10,465.76 #NAME?

1 2 3 4

All figures are in Crores

Total Revenue 29,294.03 32,888.35 37,817.27 42,733.52
Operating Expense 15096.86 17800.02 21004.02
CLOUD OPEX 1424.0016 1680.322
IT Opex 890.001 1050.201
Total OPEX 20114.0226 23734.55
WITH
CLOU CAPEX 1395.13 16248.67 8171.22 15381.1
D IT CAPEX 490.2732
CLOUD CAPEX 7,272.39
TOTAL CAPEX 15933.879 15381.1

TOTAL EXPENSE 36047.9016 39115.64

GROSS PROFIT 1,769.37 3,617.87

2019 2020
Benefit -8,696.39 #NAME?
IRR 11%
NPV at WACC=9% 1,371.55

Payback Period 11-12 Years

gures are in Crores
2021 2022 2023 2024 2025 2026 2027 2028 2029
47437.98 53130.54 59506.21 66646.95 74644.585 83601.936 93634.168 104870.27 117454.7
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

5 6 7 8 9 10 11 12 13

gures are in Crores

48,288.87 54,566.43 61,660.06 69,675.87 78,733.73 88,969.12 100,535.10 113,604.67 128,373.27
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

12399.42 16212.12 15495.23 17798.06 18087.751 19719.536 20456.589 21790.13 22726.013

972.7269 1085.2651 1307.4078

12399.42 17184.84 15495.23 17798.06 19173.016 19719.536 20456.589 23097.538 22726.013

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

2021 2022 2023 2024 2025 2026 2027 2028 2029

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
 2030
131549.26
#NAME?
#NAME?
#NAME?

#NAME?

#NAME?
#NAME?
#NAME?

14

145,061.80
#NAME?
#NAME?
#NAME?
#NAME?

23927.001

23927.001

#NAME?
#NAME?

2030
#NAME?
 All figures are in Crores
2015 2016 2017 2018 2019 2020
Total Revenue 29,294.03 32,888.35 37,817.27 42355.34
Operating Expense 12765.35 15096.86 17800.02 21004.02
IT Opex 890.001 1050.201
WITH
Total OPEX 18,690.02 22,054.22
OUT
CLOU CAPEX 1395.13 16248.67 8171.22 #NAME?
D IT CAPEX 490.2732
TOTAL CAPEX 8661.4932 #NAME?
TOTAL EXPENSE 27,351.51 #NAME?
GROSS PROFIT 10,465.76 #NAME?

1 2 3 4

All figures are in Crores

Total Revenue 29,294.03 32,888.35 37,492.72 42,741.70
Operating Expense 15096.86 26700.03 26967.03
CLOUD OPEX 2136.0024 2157.362
IT Opex 1335.0015 1348.352
Total OPEX 30171.0339 30472.74
WITH
CLOU CAPEX 1395.13 16248.67 8171.22 15381.1
D IT CAPEX 490.2732
CLOUD CAPEX 7,272.39
TOTAL CAPEX 15933.879 15381.1

TOTAL EXPENSE 46104.9129 45853.84

GROSS PROFIT -8,612.19 -3,112.14

2019 2020
Benefit -19,077.95 #NAME?
IRR 25%
NPV at WACC=9% 52,450.85
WACC 0.09
Payback Period 5-6 Years
gures are in Crores
2021 2022 2023 2024 2025 2026 2027 2028 2029
47437.98 53130.54 59506.21 66646.95 74644.585 83601.936 93634.168 104870.27 117454.7
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

5 6 7 8 9 10 11 12 13

gures are in Crores

48,725.54 55,547.11 63,323.71 72,189.03 82,295.49 93,816.86 106,951.22 121,924.39 138,993.81
27236.7 27509.07 27784.16 28062 28342.62 28626.046 28912.307 29201.43 29493.444
2178.936 2200.725 2222.733 2244.96 2267.4096 2290.0837 2312.9845 2336.1144 2359.4755
1361.835 1375.453 1389.208 1403.1 1417.131 1431.3023 1445.6153 1460.0715 1474.6722
30777.47 31085.25 31396.1 31710.06 32027.16 32347.432 32670.906 32997.615 33327.592

12399.42 16212.12 15495.23 17798.06 18087.751 19719.536 20456.589 21790.13 22726.013

972.7269 1085.2651 1307.4078

12399.42 17184.84 15495.23 17798.06 19173.016 19719.536 20456.589 23097.538 22726.013

43176.89 48270.09 46891.33 49508.12 51200.177 52066.968 53127.496 56095.154 56053.605

5,548.64 7,277.02 16,432.38 22,680.90 31,095.32 41,749.89 53,823.73 65,829.24 82,940.20

2021 2022 2023 2024 2025 2026 2027 2028 2029

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
 2030
131549.26
#NAME?
#NAME?
#NAME?

#NAME?

#NAME?
#NAME?
#NAME?

14

158,452.94
29788.378
2383.0703
1489.4189
33660.868

23927.001

23927.001

57587.869
100,865.07

2030
#NAME?
-19077.9 -8032.16 -4422.08 -353.497 3828.104 8434.118 13352 18768.06 24688.25 31260.67

Cashfl ows- Opti misti c

60000

50000

40000

30000

20000

10000

0
1 2 3 4 5 6 7 8 9 10 11
-10000

-20000

-30000
 38564.05 46752.85 O

ti misti c

7 8 9 10 11 12
Without Cloud With Cloud
-2084250.247 -6249118.883
-1561756.842 -3769223.118
-1155670.837 -974191.9676
-879268.6451 -381896.7279
-259375.4626 504568.93298
233652.64228 1435763.833
569867.34988 2413578.2033
1316996.2896 3439979.1707
1910525.9222 4517013.8554 Profit Comparison
2314427.7002 5646812.5932
8000000
3209879.7149 6831592.2872
6000000

4000000

2000000

0
1 2 3 4 5 6 7 8 9 10 11
-2000000

-4000000

-6000000

-8000000
Wi thout Cl oud Wi th Cl oud
 8 9 10 11

Cl oud
 WACC NPV
-7009.54 0.06 $10,133.16 NPV
-5735.14 0.07 $7,922.49
-1334.23 0.08 $5,965.36 $12,000.00

-3914.59 0.09 $4,232.33 $10,000.00

-810.748 0.1 $2,697.53
-816.613 0.11 $1,338.29 $8,000.00
1104.611 0.12 $134.64
$6,000.00
3137.843 0.13 ($930.97)
6134.793 $4,000.00
8540.495
13414.95 $2,000.00
18275.47
$0.00
1 2 3 4 5 6 7
($2,000.00)

NPVs accros
1 Optimistic OPEX increases at 1% per year 52,450.85
60,000.00
2 Base OPEX increases at 2% per year 4232.326
3 Pessimistic OPEX remains same as non-cloud 1371.55
50,000.00

40,000.00

30,000.00

20,000.00

10,000.00

0.00
Optimi stic
V

4 5 6 7 8

NPVs accross scenarioss

Optimi stic Ba s e Pes s i mi stic

AWS SAP hana + Netweaver BYOL pricing 343322.35
AWS cloud watch 27258.68
AWS S3 2863388.44
AWS ELB 272045.75
AWS Quicksight 13566.81
AWS cloud trail 0.63
AWS Elastic Beanstalk 0.00
AWS IAM 0.00
AWS Security 0.00
AWS VPC 633430.07
AWS cloud formation 0.00
AWS System manager 0.00
AWS opworks 0.00
AWS developer tools 0.08
AWS Support 22243.25
AWS service catalog 4732.61
AWS IOT ANALYTICS 1636.38
AWS ML 579.93
CRM SALESFORCE 1419782.09
Total monthly amount 5601987.06
Total annual amount 67223844.73
Onetime payments 0.00
AWS SAP hana + Netweaver BYOL pricing 29741355.27
0.00
0.00
0.00
0.00
Total amount to be paid in 1st year 96965200.00
Total amount to be paid in 1st year ('000 Crores) 7272.39