2

Content

Business Environment

Financials

Segmental Analysis

Growth Strategies

3

Business Environment

IT SolutionsIndustry Growth exceeds projections (25% vs. 18%)

Pricing stable, trends reversed

Geography wise Mix unchanged – US 70%

BPO Segment Industry witnesses 46% growth, maturity on all parameters

Captives 65%, 1 new captive per week

Data Protection, Security, Compliance Important

Attrition rates of over 50%

4

Financials-Quarter HighlightsNet profits at Rs 134Mn

Up 39% QoQ,

Up 495% YoY

Net Margins over 10%

Operating Profits at Rs 228MnUp 6% QoQ

Grows 96% YoY

Margins up at 18%

Revenues depict 23% YoY growth at Rs 1279MnOffshore Revenue Contribution improves from 38% to 42%

Revenue capacity utilization improves to 77%, up from 70.5% last quarter

5

Financials - Consolidated(Rs in mn) Apr-

Mar’04AMJ’04 QoQ (%) YoY (%)

Revenues 4845 1279 -5 23

Other Income - 22 244

Operating Expenses 4140 1051 -9 18

Operating Profit 705 228 6 96

OPM (%) 15 18 193 bps 660 bps

Depreciation 362 94

Profit Before Taxes 342 156 30 458

Provision For Tax 66 22

PAT 276 134 39 495

NM (%) 10 331 bps 828 bps•Return On Average Capital Employed 20% annualised •DSOs improve from 91 to 84 days for the quarter•Cash and Cash equivalents over Rs 900 Mn

6

Segmental Analysis

AMJ'03 JAS'03 OND'03 JFM'04 AMJ'04

1012 1164 1195 1261 1207

2539

61

88

72

BPO Software

•Software solutions grow 19% YoY, down 4% sequentially•BPO shows 188% YoY growth, -18% QoQ

(Rs Mn)

7

India13%

Americas

39%

Europe36%

APGC12%

APGC12%

Europe45%

Americas37%

India6%

FY04 AMJ’04

•International segment grows 10% sequentially•European geography revenues increase 14% sequentially•APGC follows closely at 11% QoQ growth

Revenue Mix – Geography wise

8

Revenue Mix - Verticals

JFM’04FY04

•3 Focused verticals contribute 63% revenues, 54% in FY04• Transportation grows maximum this quarter

Finance/ Insurance/ Banking28%

Others27%

Retail9%

Manufacturing9%

Transportation24%

Finance/ Insurance/ Banking31%

Transportation17%

Manufacturing15%

Retail9%

Others31%

9

Revenue Mix – On : Off

34 2838 42

66 7262 58

FY'04 AMJ'03 JFM'04 AMJ'04

Proportion of Offshore revenues increasing gradually

(% Onsite)

(% Offshore)

10

Order Book

US $ mn

3238 38 35

39

AMJ'03 JAS'03 OND'03 JFM'04 AMJ'04

US $ mn

91103

114 122 132

AMJ'03 JAS'03 OND'03 JFM'04 AMJ'04

Fresh Order Intake

Closing Order Book

•51% of Pending Order book at $ 67.1 Mn executable over next 12 months

•Fresh intake of orders stable at USD 39Mn

11

Client Concentration

2935 36

2836

AMJ '03 JAS'03 OND'03 JFM'04 AMJ '04

Top 20 clients contribution to Revenues improves this quarter

Top 20

Top 10

Top 5

(%)

Others

44

33422931

38

62

69 71

58

67

51 52

41

53

12

People Resources

1976

583

AMJ '04 AMJ '04

BPO

Software

Onsite

Offshore

23%

77%

Segmental People Break Up On-Offshore Mix

2559

13

Leveraging Existing Competencies

Insurance &Banking Transportation

Retail

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Core Competencies

Business Process ManagementBusiness Process Management

Enterprise IntegrationEnterprise Integration

Legacy Maintenance & Modernisation

Legacy Maintenance & Modernisation

Custom Software Development & Maintenance

Custom Software Development & Maintenance

IntegratedServices Stack

Domain Knowledge

Domain ExpertsDomain Knowledge

Repository

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