kpit final

8/14/2019 Kpit Final

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KPIT cumminsTemplate(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12Year 2007 -A 2008 -A 2009 - A 2010 - A 2011 - A 2012 -A


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Mar-13 Mar-14 Mar-15 Mar-16 Mar-172013 - E 2014 - E 2015 -E 2016 -E 2017 -E


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KPIT cumminsIncome Statement(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10Year 2007 -A 2008 -A 2009 - A 2010 - A

Overseas Sales 4,424 5,523 7,410 6,716Domestic Sales 213 312 521 600

Total Sales 4,637 5,835 7,932 7,316

Software Development Expenses 57% 2,884 3,730 4,467 4,090Gross Profit 1,753 2,104 3,464 3,226

Selling and Marketing Expenses 512 577 688 664General and Administration Expenses 533 794 943 948

Other Expenses 26% 1,046 1,371 1,631 1,611EBITDA 708 733 1,834 1,614

Depreciation / Amortization 121 255 436 308EBIT 587 478 1,397 1,306

Interest Expense 45 75 45 27EBT 542 403 1,352 1,279

Interest Income 0 0Other Income 13 199 -574 -253

PBT 555 602 778 1,026

Exceptional ItemsEBT 555 602 778 1,026

Total Provision for Tax 23% 52 76 120 169PAT Before Exceptional Item 503 526 658 857

Exceptional Item - Provision for decline in val 0 14 - - PAT 503 512 658 857

Profit Share in AssociateMinority Interest 2 1 0 0

PAT/Net Income 505 513 659 857

EPSBasic 6.83 6.67 8.44 10.97Diluted 5.47 6.55 8.41 10.80


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Number of SharesBasic 74 77 78 78Diluted 92 78 78 79


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Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-172011 - A 2012 -A 2013 - E 2014 - E 2015 -E 2016 -E 2017 -E

9,468762

10,230 15,000 18,935 23,902 30,171 38,086 48,076

6,599 7,718 3,631 7,282

7621,346

2,109 5,117 1,522 2,166

411 445 1,111 1,721

13 73 1,098 1,648

05 138

1,103 1,786

100 1,103 1,886

155 437 948 1,450

- 948 1,450

35 -2 31

946 1,453

11.76 8.19 11.35 8.08


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80 177 83 180


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KPIT cumminsBalance Sheet(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11Year 2007 -A 2008 -A 2009 - A 2010 - A 2011 - A

Share Capital 150 156 156 157 176Application Money 26 28 0 1 3Outstanding Employees 0 0 0 17 5Reserves and Surplus 1,815 2,454 1,475 3,697 5,849

Total Sharehodlers' Equit 1,990 2,638 1,631 3,871 6,032

Secured Loans 1,217 858 1,185 1,108 1,105Unsecured Loans 6 7 - - - Minority Interest 5 5 3 0 9

Deferred Tax Liability 10 42 60 51 55Other LiabilitiesTotal Liabilities and Shar 3,228 3,550 2,878 5,030 7,201

Gross Block - Fixed Asse 1,970 2,102 2,205 2,514 2,941Less: Accumulated Depr 379 629 1,042 1,278 1,678

Net Block 1,591 1,473 1,163 1,236 1,263Capital Work-in-Progres 181 207 348 286 317

Net Block after CWIP 1,772 1,680 1,510 1,522 1,581

Intangible assetsIntangible assets under development

Goodwill on consolidati 0 0 285 950 1,300Investments 49 1 0 747 477Other Assets

Total Fixed Assets 1,821 1,682 1,795 3,219 3,357

Current InvestmentsSundry Debtors 1,102 1,432 1,776 1,388 2,525Cash and Bank Balances 625 740 1,671 1,052 2,096Loans and Advances 345 530 449 677 1,097

Other Current AssetsTotal Current Assets 2,072 2,702 3,896 3,117 5,719

Short Term BorrowingsCurrent Liabilities 506 546 2,716 1,076 1,636Provisions 159 287 97 230 238

Total Current Liabilities 665 833 2,813 1,306 1,875

Net Current Assets (CA - 1,407 1,868 1,083 1,811 3,844


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Preliminary Expenses 0.108122 0.043248 - - -

Total Assets 3,228 3,550 2,878 5,030 7,201

Checksum - - - - -

Balace Sheet RatiosCurrent Ratio 3.12 3.24 1.38 2.39 3.05 Cash Ratio 0.30 0.27 0.43 0.34 0.37 Days Sales Outstanding (Average collect 79.26 73.81 78.90 69.81 Payable Days 51.45 133.26 169.19 75.01 Debt/Equity 0.33 0.73 0.29 0.18 ROE (%) 22% 31% 31% 19%BVPS 33.72 20.83 48.77 72.38


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Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-172012 -A 2013 - E 2014 - E 2015 -E 2016 -E 2017 -E

356 356 356 356 356 356 1

- 6,768 7,125

822 - 326

8 - 367 8,649

- -

1,339 92

1,431

329 93

3,623 217 687

6,379

365 4,380 1,473

602

164 6,983

1,400 1,757 1,558 4,714

2,269


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-

8,649

-

1.48 0.39

84.02 80.23

0.31 22%

39.61


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KPIT cumminsCash Flow Statement(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10Year 2007 -A 2008 -A 2009 - A 2010 - A

Net Profit /(Loss) before tax 555 602 778 1,026Adjustments for: - - - -

(Profit) / Loss on sale of fixed assets ( 5 -3 10 18Depreciation/Amortization 121 255 436 308Interest and Financial charges 67 94 74 67Interest income -22 -19 -24 -40Provision for doubtful debts/(Write b 12 7 43 0Bad debts written off - - - 4

Provision for doubtful advances/(Wri - - - 12 Employee Stock Option cost - - - 17 Dividend income -2 -1 - -12Effect of exchange differences on tra - - (1) (1) Preliminary Expenses (to the extent n 0.065 0.065 0.043 - Exchange differences on translation o - - (16) 37 Minority Interest 2 - - - Profit on Closure on Subsidiary -1 - - - Unrealised foreign exchange (gain)/lo 1 -59 -81 23Profit on sale of Business Assets

Operating Profit before working capital 738 876 1,219 1,459Adjustments for working capitalIncrease/(Decrease) in Other Long-Term LiabilitiesIncrease/(Decrease) in Long-Term ProvisionsIncrease/(Decrease) in Other Current Liabilities (Refer Note 3 below)Increase/(Decrease) in Short-Term Provisions(Increase)/Decrease in Other Non-Current Asset(Increase)/Decrease in Other Current Assets

(Increase)/Decrease in Sundry Debto -246 -339 -335 488(Increase)/Decrease in Loans and Adv 97 -184 -53 -169Increase/(Decrease) in Current Liabili 262 133 501 -488

Change in Working Capital 113 -390 113 -169Cash generated from operations 851 485 1,332 1,289Direct taxes -47 - - -

Prior Year Taxes -5 - - - Deferred Tax 2 - - - Employee Welfare Fund

Taxes Paid -49 -44 -141 -213Net cash from operating activities 801 441 1,191 1,076


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Purchase of fixed assets and Intangibl -918 -360 -493 -238Proceeds from sale of fixed assets 3 4 -3 1Investment in Equity Shares of SubsidiariesInvestment in Equity Shares of AssosiateInvestment in Preference Shares of SubsidiarySale/(Purchase) of Investments -49 34 1 -747

Proceeds from Sale of Business Assets (Refer Note 3 below)Loan (given to)/repaid by Employee Welfare trustSale of Investments in shares of bank 0.111 - - - Interest received 22 19 24 46Dividend received 2 1 - - Minority Interest 0.117 - - - Acquisition of Sparta Consulting Inc. - - - (364) Acquisition of Minority shareholding - - - (182) Acquisition of Minority shareholding - - - (122) Acquisition of In2soft GmbH - - - -Acquisition of CPG Solutions Inc - - - -Dividend received from Mutual Fund - - - 12 Fixed Deposit with banks (net) havin - - (198) 159

Net Cash from/(used in) investing activi -940 -302 -669 -1,435

Repayment of term loan (Net) -126 -82 161 -237Proceeds from issue of Share Capital 111 0 0 26Proceeds from issue of shares on Em 20 - - - Share Issue expenses for Preferential - - - - Application Money Received - - - 1 Proceeds of upfront consideration fo - 19 - -

Availment of loan 298 - - - Proceeds from working capital loan ( 176 -197 161 203Increase/(Decrease) in Finance Lease 0 1 -2 -2Proceeds from Short-term loan - - - - Dividend paid including corporate div -29 -61 -64 -55Proceeds from Issued/ Paid up/ Subcr - 393 - - Interest & Finance Charges (67) (94) (74) (68) Interest on Term Loan capitalized (29) - - -

Net Cash from/ (used in) Financing acti 354 -22 182 -132

Increase/(Decrease) in foreign excha -1 2

Exchange Differences on Translation -1 -5 16 -37Net Increase/(Decrease) in Cash and 214 114 720 -528

EOP - Cash 625 740 1,460 1,001BOP - Cash 411 625 740 1,460Cash and cash equivalents of In2soft G - - - - Cash and cash equivalents of CPG Solut - - - - Cash and cash equivalents of Sparta Co - - - 69 Add: Cash & cash equivalents on acquisition of subsidiaries


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Deposits with original maturity over th - - 198 39 Deposits under lien - - 13 13

Cash and Bank Balance to BalancesheetChecksum - - (0.00) 0.00


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Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-162011 - A 2012 -A 2013 - E 2014 - E 2015 -E 2016 -E

1,103 1,886 #REF! #REF! #REF! #REF!- 2 1 0 0 0 0

411 445 423.9007581 #REF! #REF! #REF!42 73 147 0 0 0

-32 -17 0 0 0 00 0 0 0 0 0

8 - 0 0 0 0

(8) - 0 0 0 00 4 0 0 0 0-34 -37 0 0 0 0

(10) - 0 0 0 0- - 0 0 0 0

(31) 20 0 0 0 0- - 0 0 0 0- - 0 0 0 0

19 -128 0 0 0 0-100 0 0 0 0

1,471 2,146 #REF! #REF! #REF! #REF!

-39 0 0 0 0-30 0 0 0 0

1 0 0 0 095 0 0 0 0-8 0 0 0 091 0 0 0 0

-976 -1,438 #REF! #REF! #REF! #REF!-334 -56 #REF! #REF! #REF! #REF!619 515 #REF! #REF! #REF! #REF!

-690 -870 #REF! #REF! #REF! #REF!781 1,276 #REF! #REF! #REF! #REF!- - - - - -

(3) -249 -268 #REF! #REF! #REF! #REF!532 1,005 #REF! #REF! #REF! #REF!


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-469 -609 #REF! #REF! #REF! #REF!3 6

-2,088-98

-278270 112 #REF! #REF! #REF! #REF!

653- -

21 29- 37 - -

- - - - - -

(108) - (355) -

34 - 39 (6)

-565 -2,828 #REF! #REF! #REF! #REF!

-226 607 -822 #REF! #REF! #REF!1,232 65

- - (30) -

2 - - -

- - 128 5966 0

39 (43) -64 -72

- - (42) (69)

- - 1,045 1,084

0

31 -201,042 -760

2,080 1,4671,001 2,080

- 37

- 146


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Mar-172017 -E

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KPIT cumminsRevenue Claulation(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10Year 2007 -A 2008 -A 2009 - A 2010 - A

Method-1 (Y/Y growth)

Total Sales 4,637 5,835 7,932 7,316y/y %growth 26% 36% -8%

y/y %growt

Method-2 ((5 Year CAGR)

Total Sales 4,637 5,835 7,932 7,316y/y %growth

Method 3: - Revenue by geographyUSA 61.86% 55.96% 55.17% 60.36%Europe 29.20% 32.19% 35.86% 30.06%Rest of World 8.94% 11.85% 8.97% 9.58%

Revenue by geography

USA 2868 3265 4376 4416Europe 1354 1878 2844 2199Rest of World 415 691 711 701Total revenue 4637 5835 7932 7316

5 Year CAGPUSAEuropeRest of World

Method - 4: Onsite/ offshore Revenue (Price*Quantity Method)Onsite Revenues (%) 51.25% 47.23% 44.90% 40.21%Offshore Revenue (%) 48.75% 52.77% 55.10% 59.79%


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Onsite Revenues (Millon) 2376.47 2755.65 3561.27 2941.93Offshore Revenue (Millon) 2260.54 3078.88 4370.28 4374.48Total Revenue (Millon) 4637 5835 7932 7316

Development Team Onsite (avg.) 472 543 599 559

Development Team - Offshore(avg.) 2069 2,872 3,674 3,753Total development Team 2541 3415 4273 4312

Development Team Onsite as % Total 19% 16% 14% 13%Development Team - Offshore as % Total 81% 84% 86% 87%

Onsite FTE 431 495 562 512Offshore FTE 1489 2,031 2,626 2,674Total FTE 1920 2526 3,188 3,186

Development (at Year end) 2900 4,062 4,168 4,478Gen Mgmt / Support (at Year end) 318 373 357 380Marketing (Subsidiaries) (at Year end) 38 46 51 60Total (at Year end) 3256 4,481 4,576 4,918

Employee AdditionDevelopment team Addition 1,162 106 310Total team Addition 25% 1,225 95 342Development team Addition as % of Total team Addition 95% 112% 91%

Onsite utilization 91.30% 91.23% 93.81% 91.63%Offshore utilization 71.95% 70.73% 71.49% 71.24%

No. of Hours worked/day 8 8 8 8No. of Days worked/Month 22 22 22 22

Hourly BilledOnsite Hours 910136.832 1046240 1186779 1081791Offsite Hours 3144019.3 4290244 5547258 5646722

Billing Rate (INR /Hours)Onsite rate (INR) /Hours 2611.11292 2633.857 3000.782 2719.497Offsite rate (INR) /Hours 718.998347 717.6468 787.8276 774.6937

Exchange Rate (INR/$)

Billing Rate ($ /Hours)Onsite rate ($ /Hours) 2% 58.0247317 58.53015 66.68405 60.43326


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Offsite rate ($ /Hours 5% 15.977741 15.94771 17.50728 17.21542


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Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-172011 - A 2012 -A 2013 - E 2014 - E 2015 -E 2016 -E 2017 -E

10,230 15,000 18934.73 23901.597 30171.35 38085.755 48076.228440% 47% 26% 26% 26% 26% 26%

h is based upon the avg. of last three years

10,230 15,000 18,970 23,990 30,339 38,368 48,52326.47% 26.47% 26.47% 26.47% 26.47% 26.47%

CAGR = (ending value starting value) 1/(number of years - 1

67.71% 69.56%20.16% 18.20%12.13% 12.24%

6927 10434 13508.63 17489.275 22642.913 29315.195 37953.62612062 2730 3141.022 3613.9253 4158.0283 4784.0499 5504.323721241 1836 2472.476 3329.5945 4483.846 6038.2352 8131.47554

10230 15000 19122 24433 31285 40137 51589

29% 29% 29% 29% 29% 29%15% 15% 15% 15% 15% 15%35% 35% 35% 35% 35% 35%

43.68% 48.64%56.32% 51.36%


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4468.53 7296.00 8775.505 10336.113 12383.439 14977.879 18269.56845761.62 7704.00 9675.201 11730.978 14467.964 18013.809 22618.9619

10230 15000 18451 22067 26851 32992 40889

634 813 965 1115 1309 1552 1856

4,723 5,466 6706 7743 9095 10785 128985357 6279 7671 8858.0256 10404.49 12337.571 14753.9213

12% 13% 12.6% 12.6% 12.6% 12.6% 12.6%88% 87% 87.4% 87.4% 87.4% 87.4% 87.4%

569 7453,234 3,9683,803 4,713

5,998 7,071 8,171 9,545 11,264 13,412 16,096414 526102 122

6,514 7,719 8,919 10,419 12,294 14,638 17,567

1,520 1,073 1,100 1,375 1,718 2,148 2,6851,596 1,205 1200 1,500 1,875 2,344 2,930

95% 89% 91.6% 91.6% 91.6% 91.6% 91.6%

89.80% 91.64% 91.0% 91.0% 91.0% 91.0% 91.0%68.48% 72.59% 70.8% 70.8% 70.8% 70.8% 70.8%

8 8 8 8 8 8 822 22 22 22 22 22 22

1202429.18 1573510 1855482 2142602.5 2516665.4 2984244 3568717.286830863.56 8379929 10022931 11573899 13594510 16120274 19277478.9

3716.24888 4636.767 4729.502 4824.0925 4920.5744 5018.9859 5119.36558843.468183 919.3395 965.3065 1013.5718 1064.2504 1117.4629 1173.3361


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18.7437374 20.42977 21.45126 22.523819 23.65001 24.83251 26.0741355


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KPIT cumminsTemplate(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12Year 2007 -A 2008 -A 2009 - A 2010 - A 2011 - A 2012 -A

0 0 0method 3;Revenue by geographyUSA 61.86% 55.96% 55.17% 60.36% 67.71% 69.56%Europe 29.20% 32.19% 35.86% 30.06% 20.16% 18.20%Rest of world 8.94% 11.85% 8.97% 9.58% 12.13% 12.24%

Revenue by geographyUSAEurope

Rest of world


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KPIT cumminsTemplate(All data is Millions INR, except per share information)(Red for assumptions, Blue for actual data, Black for calculations)Date Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12Year 2007 -A 2008 -A 2009 - A 2010 - A 2011 - A 2012 -AMethod 1- Y/Y Growth basis

Income 4,637 5,835 7,932 7,316 10,230 15,000Y/Y Growth 26% 36% -8% 40% 47%

Method 2

Income 4,637 5,835 7,932 7,316 10,230 15,00026%


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18934.73 23901.6 30171.35 38085.75 48076.2326% 26% 26% 26% 26%

18969.76 23990.12 30339.12 38368.38 48522.626% 26% 26% 26% 26%

kpit final

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