Figures in INR Mn FY14A FY15A FY16A FY17A

ASSETS
Current Assets
Cash and bank balances 202 159 273 154
Investments1 938 1,239 859 1,922
Inventories 28 10 51 90
Trade receivables 746 1,025 945 944
Short-term loans and advances2 42 51 70 120
Other current assets3 46 76 131 518
Total 2,001 2,560 2,328 3,748
Non-current Assets
Gross fixed assets 574 703 792 852
Accumulated depreciation 259 369 448 537
Net fixed assets 315 333 345 315
Deferred tax assets - 8 17 175
Long-term loans and advances2 96 122 104 113
Total 411 464 466 603
TOTAL ASSETS 2,412 3,025 2,794 4,351

LIABILITIES
Current Liabilities
Trade payables 56 104 95 72
Other current liabilities4 59 46 191 133
Short-term provisions5 397 496 146 288
Total 512 646 432 494
Non-current Liabilities
Deferred Tax Liability (Net) 5 - - -
Other long-term liabilities6 8 6 6 1
Long-term provisions7 38 70 71 86
Total 51 75 77 86
Shareholders' funds
Share capital 251 255 261 264
Reserves and surplus 1,598 2,049 2,024 3,507
Total 1,849 2,303 2,285 3,771
TOTAL LIABILITIES 2,412 3,025 2,794 4,351

PAT 759 1113 1015

Addition to Reserves and Surplus 451 -25 1484
Withdrawal 309 1138 -468

Notes:
1 - Liquid investments such as mutual funds, tax free bonds, etc.
2 - Includes prepaid expenses, security deposits and advance taxes paid
3 - Forward contract receivable
4 - Advances from customers
5 - Includes provisions for employee benefits and provisions for current income tax
6 - Creditors for capital assets
7 - Provision for employee benefits
Figures in INR Mn FY15A FY16A FY17A
Revenue 3,753 4,270 4,399
Growth 14% 3%
Direct Costs
Salaries 1,351 1,651 1,768
Other Direct Costs 466 469 512
Total Direct Costs 1,817 2,120 2,280
Gross Profit 1,936 2,150 2,119
Margin 52% 50% 48%
SG&A Costs
Sales & Marketing 303 364 383
General and Administrative 417 405 430
Exchange (gain) / loss (20) (97) (67)
Total 700 672 746

EBITDA 1,237 1,478 1,373

Margin 33% 35% 31%
Depreciation and Amortization
Depreciation & Amortization 109 93 91
Total 109 93 91

EBIT 1,127 1,384 1,282

Margin 30% 32% 29%
Other Items
Other Income (49) (196) (147)
Finance Costs
Total (49) (196) (147)

PBT 1,176 1,580 1,430

Tax 417 468 414
PAT 759 1,113 1,015
Margin 20% 26% 23%

0.3543809 0.2960068 0.2898804