KPIT Cummins Infosystems Ltd.

Income Statement
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Sales 4,637 5,835 7,932 7,316 10,230 15,000

Software Development Expenses 2,884 3,730 4,467 4,091 6,599 7,718
Gross Profit 1,753 2,104 3,464 3,226 3,631 7,282
Selling and Marketing Expenses 512 577 688 664 762
General and Administrative Expenses 533 794 943 948 1,346
Other Expenses 5,117
Operating Profit 708 733 1,834 1,614 1,522 2,166
Depreciation/Amortozation 121 255 436 308 411 445
Operating Profit before Interest , Minorit 587 478 1,397 1,306 1,111 1,721
Interest and Financial Expenses 45 75 45 27 13 73
Operating Profit before tax 542 403 1,352 1,279 1,098 1,648
Other Income 13 199 (574) (253) 5 138
Exceptional Items 100
PBT 555 602 778 1,026 1,103 1,886
Tax Expense 52 76 120 169 155 437
Net Profit After Tax 503 526 658 857 948 1,450
Profit Share in Associate 35
Less: Minority Interest (2) (1) 0 - 2 31
Net Profit After Tax and Minority Interest 505 527 658 857 946 1,454
Exceptional Item - Provision for decline - 14 - - - -
Net Profit 505 513 658 857 946 1,454
EPS - Reported
Basic 6.67 6.67 8.44 10.97 11.78 8.19
Diluted 6.55 6.55 8.41 10.80 11.37 8.08
Share Count
Basic 76 77 78
Diluted 77 78 78
Bonus
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

22,386 26,940 29,899

11,408 13,830 21,473
10,978 13,111 8,426 - - - - -

7,622 9,334 5,155

3,356 3,776 3,271 - - - - -
472 540 851
2,884 3,237 2,420 - - - - -
142 258 287
2,743 2,979 2,133 - - - - -
117 329 352
(13) 122
2,847 3,430 2,485 - - - - -
766 941 115
2,082 2,490 2,370 - - - - -
(5) - -
86 - -
1,990 2,490 2,370 - - - - -
- - -
1,990 2,490 2,370 - - - - -

10.86 13.30 12.49

10.56 12.95 11.87
KPIT Cummins Infosystems Ltd.
Balance Sheet
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Share Capital 150 156 156 157 176 356

Application money 26 28 - 1 3 1
Outstanding Employees Stock options - - 17 5 -
Reserves and Surplus 1,815 2,454 1,475 3,697 5,849 6,768
Total Shareholders' Equity 1,990 2,638 1,631 3,871 6,032 7,125
Secured Loans + Unsecured Loans 1,223 865 1,185 1,108 1,105 822
Minority Interest 5 5 3 - 9 326
Deferred Tax Liability 10 42 60 51 55 8
Other Liabilities 367
Long Term provisions
Total 3,228 3,550 2,878 5,030 7,201 8,649
Gross Block 1,970 2,102 2,205 2,514 2,941 2,538
Less:Accumulated Depreciation 379 629 1,042 1,278 1,678 1,199
Net Block 1,591 1,473 1,163 1,236 1,263 1,339
CIWP 181 207 348 286 317 92
Total Net Block 1,772 1,680 1,510 1,522 1,581 1,431
Intangible assets 329
Intangible assets under development 93
Goodwill 285 950 1,300 3,623
Investments 49 1 0 747 477 217
Other Assets 687
Total Fixed Assets 1,821 1,682 1,795 3,219 3,357 6,379
Current Investments 365
Inventories
Sundry Debtors 1,102 1,432 1,776 1,388 2,525 4,380
Cash & Bank Balance 625 740 1,671 1,052 2,096 1,473
Loans & Advances 345 530 449 677 1,097 602
Other Current Assets 164
Total Current Assets 2,072 2,702 3,896 3,117 5,719 6,983
Short Term Borrowings 1,400
Current Liabilities 506 546 2,716 1,076 1,636 1,757
Provisions 159 287 97 230 238
Other Current Liabilities 1,558
Total Current Liabilities 665 833 2,813 1,306 1,875 4,714
Net Current Assets 1,407 1,868 1,083 1,811 3,844 2,269
Preliminary Expenses 0 0 - - - -
Net Assets 3,228 3,550 2,878 5,030 7,201 8,649
Checksum - - - - - -

Balance Sheet Metrics

Current Ratio 3.12 3.24 1.38 2.39 3.05 1.48

Cash Ratio 0.94 0.89 0.59 0.81 1.12 0.31
Accounts Receivable Turnover 4.21 4.61 4.95 4.63 5.23 4.34
Days Sales Outstanding 86.72 79.26 73.81 78.91 69.81 84.02
Accounts Payable Turnover 5.70 7.09 2.74 2.16 4.87 4.55
Payable Days 64.03 51.45 133.26 169.19 75.01 80.23
Total Debt 1,223 865 1,185 1,108 1,105 822
Debt / Equity 0.61 0.33 0.73 0.29 0.18 0.12
BVPS 25.83 x 29.56 x 27.28 x #DIV/0! #DIV/0! #DIV/0!
ROE % 25% 22% 31% 31% 19% 22%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

386 371 376 376 376 376 376 376

1 15 8 8 8 8 8 8
- - - - - - - -
9,975 12,365 12,577
10,362 12,751 12,960 384 384 384 384 384
1,459 1,301 780
270 - - - - - - -
- - - - - - - -
1 - - - - - - -
142 233 423 423 423 423 423 423
12,235 14,285 14,163 807 807 807 807 807
2,818 3,099 3,536
1,433 1,681 1,937
1,385 1,418 1,599 - - - - -
59 23 34
1,444 1,441 1,633 - - - - -
377 720 608 608 608 608 608 608
184 - 86 86 86 86 86 86
4,423 5,994 5,088 5,088 5,088 5,088 5,088 5,088
118 118 225
1,256 1,064 1,911 1,911 1,911 1,911 1,911 1,911
7,801 9,337 9,551 7,693 7,693 7,693 7,693 7,693
2,036 1,741 590 590 590 590 590 590
34 229 229 229 229 229 229
4,673 6,743 6,979
1,921 1,908 3,638
593 744 681 681 681 681 681 681
823 727 1,032 1,032 1,032 1,032 1,032 1,032
10,047 11,897 13,148 2,532 2,532 2,532 2,532 2,532
1,753 3,089 3,677 3,677 3,677 3,677 3,677 3,677
1,904 1,021 1,308
1,260 2,259 609 609 609 609 609 609
696 580 2,942 2,942 2,942 2,942 2,942 2,942
5,613 6,949 8,536 7,228 7,228 7,228 7,228 7,228
4,434 4,948 4,613 (4,696) (4,696) (4,696) (4,696) (4,696)
- - 0 0 0 0 0 0
12,235 14,285 14,164 2,997 2,997 2,997 2,997 2,997
- - 0 2,190 2,190 2,190 2,190 2,190

1.79 1.71 1.54

0.34 0.27 0.43
4.95 4.72 4.36
 73.80 77.33 83.76
6.23 9.46 18.45
58.56 38.59 19.79
1,459 1,301 780
0.14 0.10 0.06
#DIV/0! #DIV/0! #DIV/0!
23% 22% 18%
KPIT Cummins Infosystems Ltd.
Cash Flow Statement
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Net profit/Loss before tax. 555 602 778 1,026 1,103 1,886
Adjustment for -
Net Profit Loss on sale of Fixed Assets(N 5 (3) 10 18 2 1
Depreciation/Amortisation 121 255 436 308 411 445
Interest and Financial Charges 67 94 74 67 42 73
Interest Income (22) (19) (24) (40) (32) -17
Provision for Doubtful debts 12 7 43 (0) 0 0
Bad debt written off - - 4 8 -
Provision for doubtful advances - - 12 (8) -
Employee stock option cost - - 17 0 4
Dividend Income (2) (1) (12) (34) -37
Minority Interest 2 - - - -
Effect of exchange dif on translation of - - (1) (1) (10) -
Preliminary exp(to the extend written of - 0 0 - - -
Profit on closure on subsidiary (1) - - - - -
Exchage Differences on translation of fo - - (16) 37 (31) 20
Impairment of Goodwill
UnRealised foreign Gain or Loss 1 (59) (81) 23 19 -128
Profit on sale of Business Assets -100
Operating profit before working capital ch 738 876 1,219 1,459 1,471 2,146
Adjustment for Current Assets & Liabilities
Increase/(Decrease) in Other Long-Term Liabilities (39)
Increase/(Decrease) in Long-Term Provisions (30)
Increase/(Decrease) in Trade Payables
Increase/(Decrease) in Other Current Liabilities (Refer Note 3 below) 1
Increase/(Decrease) in Short-Term Provisions 95
Increase/(Decrease) in Short-term Borrowing
(Increase)/Decrease in Current Investments
(Increase)/Decrease in Other Non-Current Asset (8)
(Increase)/Decrease in Other Current Assets 91
(Increase)/Decrease in Inventories
Increase/Decrease in Sundry Debtor (246) (339) (335) 488 (976) (1,438)
Increase /Decrease in Loans and Ad 97 (184) (53) (169) (334) (56)
Increase /Decrease in current Liabili 262 133 501 (488) 619 515
Working Capital Change 113 (390) 113 (169) (690) (870)
Cash Generated from operation 851 485 1,332 1,289 781 1,276
Tax Paid (47) (44) (141) (213) (249) -268
Prior Year Tax (5) - - - - -
Deffered Tax 2 - - - - -
Employee Welfare Fund 0 - - - - (3)
Net cash from operating Activities 801 441 1,191 1,076 532 1,005

Purchase of Fixed assets and Intangible (918) (360) (493) (238) (469) -609
Proceeds from the sale of fixed assets 3 4 (3) 1 3 6
Purchase of Mutual Fund Investments (49) 34 1 (747) 270 112
 Investment in Equity Shares of Subsidiaries -2,088
Change in Other Assets
Investment in Equity Shares of Assosiate -98
Investment in Preference Shares of Subsidiary -278
Proceeds from Sale of Business Assets (Refer Note 3 below) 65
Loan (given to)/repaid by Employee Welfare trust 3
Sale of Investments in shares of banks -
Interest received 22 19 24 46 21 29
Minority interest 0 - - - -
Sale of Investment in share of banks 0 - - - -
Acquisition of Sparts Consulting inc - - (364) - -
Acquisition of Minority Sharehoding of - - (182) - -
Acquisition of Minority Sharehoding of Kp - - (122) - -
Acquisition of In2soft GmbH . (108) -
Acquisition of CPG Solutions Inc . (355) -
Dividend received from mutual fund in 2 1 12 34 37
Fixed deposit with bank (net )having ma - - (198) 159 39 (6)
Net cash from/(used in) investing activities (940) (302) (669) (1,435) (565) (2,828)
-
Change in Other Debt
Change in Secured Loans (126) (82) 161 (237) (226) 607
Change in Unsecured Loans
Proceeds from issue of share capital 111 - 0 26 1,232 65
Share Issue expenses for Preferential Allotment (30) -
Application Money received - 393 - 1 2 -
Proceeds of upfront considiration for s - 19 - - - -
Proceds from issue of share on employe 20 - - - - -
Availment of Loan 298 - - - - -
proceeds from working capital loan(net 176 (197) 161 203 128 596
Proceeds from Short-term loan 39 (43)
Increase/(decrease)in finance lease obli 0 1 (2) (2) 6 -
Dividend paid including dividend tax (29) (61) (64) (55) (64) (72)
Interest and finance charges (67) (94) (74) (68) (42) (69)
Interest on Term loan capitalised (29) - - - - -
Proceeds from Issued/ Paid up/ Subcribed Capital
Net cash from/(used in)financing activities 354 (22) 182 (132) 1,045 1,084

Increase/Decrease in foreign exchange t (1) 2 - 0

Exchange differences on translation of (1) (5) 16 (37) 31 -20
Net increase/(decrease)in cash and cash 214 114 720 (528) 1,042 (760)
-
Cash - BOP 411 625 740 1,460 1,001 2,080
Cash - EOP 625 740 1,460 1,001 2,080 1,467
Cash & Cash Equivalents of sparta consul - - - 69 - -
Cash and cash equivalents of In2soft Gm - - - - 0 -
Cash and cash equivalents of CPG Solutio - - - - 37 -
Add: Cash & cash equivalents on acquisition of subsidiaries 146

Deposits with original maturity over t - - 198 39 - 6

Deposits under lien - - 13 13 16

Checksum - - - - - -
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

2,847 3,430 2,485

1 (0) (2)
472 540 851
142 182 165
(18) (30) (47)
94 -
-
-
10
(54) (128) (50)
- - -
(4) -
- - -
- - -
- 4 11
-
(113) 177 (116)
(81) (122)
3,284 4,051 3,307 - - - - -

(2) - -
39 91 190
147 (179) 230
21 417 446
31 (11) (61)

5 (70) -
(660) 190 (342)
(34) (183)
(440) (2,049) (64)
(224) (85) 149

(1,083) (1,730) 365 - - - - -

2,201 2,321 3,672 - - - - -
(998) (1,291) (777)
- - -
- - -
- - -
1,203 1,030 2,895 - - - - -

(701) (689) (913)

3 5 7
(1,672) 295 1,151
(1,113) (1,462) (1,182)
-
- -
- -
81 122
(8) -
- -
18 27 47
(142) (270) -
- - -
- - -
- - -
- - -
- - -
- - -
54 128 50
(24) (65) (280)
(3,503) (1,908) (1,120) - - - - -

1,090 191 123

(112) (181) (657)
76 (139) (43)
1,706 75 141
(44) -
- - -
- - -
- - -
- - -
279 1,176 474
- - -
- -
(145) (197) (242)
(128) (179) (170)
- - -
44 (30)
2,722 791 (404) - - - - -

(4) (11)
4 - -
426 (91) 1,360 - - - - -

1,467 1,893 1,813 3,283 3,283 3,283 3,283 3,283

1,893 1,813 3,283 3,283 3,283 3,283 3,283 3,283
- - -
- - -
- - -
- 11 110

28 95 355 355 355 355 355 355

- - - - - -

- - - 3,638 3,638 3,638 3,638 3,638

KPIT Cummins Infosystems Ltd.
Revenue Metrics
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Revenue By Billing rates

Onsite
Offshore
Telematics Solutions
Total Revenue

Onsite/Offsite - Split (Revenues)

Onsite Revenues 50% 47% 43% 44% 46% 49%
Offshore Revenues 50% 53% 57% 56% 54% 51%
Telematics Solutions

Employee Metrics

Development Team - Onsite 500 543 561 549 731 813

Development Team - Offshore 2,302 2,872 3,673 3,803 5,253 5,466
Total 2,802 3,415 4,234 4,352 5,984 6,279

Margin Analysis (%) of Total

Development Team - Onsite
Development Team - Offshore

Onsite FTE 465 495 534 489 660 745

Offshore FTE 1,712 2,031 2,623 2,748 3,671 3,968
Total FTE 2,177 2,526 3,157 3,237 4,331 4,713

Employee Strength - year End

Development Team 2,900 4,062 4,168 4,478 5,998 7,071
Gen Management /Support 318 373 357 380 414 526
Marketing 38 46 51 60 102 122
Total 3,256 4,481 4,576 4,918 6,514 7,719

Employee Additions

Net Employee Addition

Development at Qtr end
Gen Management /Support
Marketing
Total - - - - -

Margin Analysis % of Gross Addition

Development at Qtr end
Gen Management /Support
Marketing
Onsite/Offsite Split (Utilisation)
Onsite Revenue 93% 91% 95% 89% 90% 92%
Offsite Revenue 74% 71% 71% 72% 70% 73%

Number of Days utilised in a Month 22 22 22 22 22 22

Number of Hours Utilised in a Day 8 8 8 8 8 8

Person Hours Billed ('Million)

Onsite
Offshore

Billing Per Hour (INR)

Onsite
Offshore

Exchange Rate (Rs./$) 45 45 45 45 45 50

Billing Per Hour ($)

Onsite
Offshore

y/y Growth in Billing Rate (%)

Onsite 1%
Offshore 4%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

54% 55% 53%

46% 45% 43%
3.77%

1,111 1,265 1,477

6,283 6,847 7,732
7,394 8,112 9,209

1,045 1,153 1,322

4,646 4,937 5,364
5,691 6,090 6,686

7,648 8,583 10,213

538 558 586
135 155 181
8,321 9,296 10,980

- - -
94% 91% 89%
74% 72% 69%

22 22 22 22 22 22 22 22
8 8 8 8 8 8 8 8

55 60 60
KPIT Cummins Infosystems Ltd.
Cost Metrics
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Sales

Software Development Expenses

Selling and Marketing Expenses
General and Administrative Expenses
Other Expenses
Depreciation/Amortization
Interest and Financial Expenses
Other Income
Tax Expense
Less: Minority Interest

Common Size Analysis

Software Development Expenses
Selling and Marketing Expenses
General and Administrative Expenses
Other Expenses
Depreciation/Amortozation
Interest and Financial Expenses
Other Income
Tax Expense
Less: Minority Interest

Effective Tax Rate %

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E
KPIT Cummins Infosystems Ltd.
Schedules
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A

Gross Block 1,970 2,102

Less:Accumulated Depreciation 379 629
Net Block 1,591 1,473 - - - -
CIWP 181 207
Total Net Block 1,772 1,680 - - - -

Depreciation 121 255

Depreciation as % Gross block 6% 12%

Purchase of Assets 918 360

Purchase of Assets as % of Revenues 20% 6%

Dividends Paid including dividend tax 29 61

Dividend Tax 6 13
Dividends Declared (DPS) 0.31 0.63
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2013-A 2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

- - - - - - - -
- - - - -
- - - - - - - -
KPIT Cummins Infosystems Ltd.
Debt Schedule
(All Data in Million INR,except per share price data)
(Red=Assumption,Blue=Actual,Black=Calculation)
Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Year 2007-A 2008-A 2009-A 2010-A 2011-A 2012-A 2013-A

Cash BOP
Cash Flow Before Financing
Cash For other financing items
Minimum Cash 500
Cash Available for debt repayment

Secured Debt 1,223 865 1,185 1,108 1,105 822 1,459

Unsecured Debt - - - - - - -
Other debt
Total Debt 1,223 865 1,185 1,108 1,105 822 1,459

Repayment of Debt
Secured Debt
Unsecured Debt
Other Debt

Cash available for Investment

Investment 49 1 0 747 477 217 118

Dividend Income 2 1 - 12 34 37 54
Dividend Income as % Investment 0% 1% 0% 3872% 5% 8% 25%

Interest and Finance Charges 67 94 74 67 42 73 142

% Interest Rate 8% 9% 6% 4% 7% 17%
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
2014-A 2015-A 2016-E 2017-E 2018-E 2019-E 2020-E

1,301 780
- -

1,301 780

118 225

128 50
109% 43%

182 165
12% 13%