sasken communication

7/21/2019 Sasken Communication

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IN ADDITION TO HISTORICAL INFORMATION, THIS ANNUAL REPORT CONTAINS CERTAINFORWARD-

LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE SUBJECT

TOCERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY

FROMTHOSE REFLECTED IN THE FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE SUCH

ADIFFERENCE INCLUDE, BUT ARE NOT LIMITED TO, THOSE DISCUSSED IN THE

MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL PERFORMANCE AND ELSEWHERE IN THIS

REPORT. READERS ARECAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING

STATEMENTS, WHICH REFLECTMANAGEMENT’S ANALYSIS ONLY AS OF THE DATE HEREOF.

Management’s discussion and analysis of financial performance

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Company Brief

S%!9e #! % e(*e$$e$ co((/#c%&#o! !o"/&#o! co(+%4, &h%& he"+! */!#e!!e! %co!!&he co((/#c%&#o! )%"/e

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co!/"&%c4, #e"e!! !o'&%e +o$/c&! %$!o'&%e !e)#ce!, %$ o9! #&h Ne&o9 OEM!, Se(#co$/c&o

:e$o!, Te(#%" De)#ceOEM! %$ O+e%&o! %co!! &he o"$. G"o*%" Fo&/e 2;; %$ T#e 0 co(+%#e! #&he!e!e5(e&! %e +%& o' S%!9e’! c/!&o(e +o'#"e. E!&%*"#!he$ # 01<1, S%!9e e(+"o4!=2;;> +eo+"e, o+e%&#5

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6UK7, Ch#c%5o,D%""%!? S%&% C"%% 6USA7 %$ Seo/" 6So/&h Koe%7.

S%!9e h%! c%)e$ % /#/e +o!#&#o *4 % &hoo/5h /$e!&%$#5 o' %"" co(+oe&! o'&he co((/#c%&#o! eco-

!4!&e(! !+%#5 !e(#co$/c&o!, (o*#"e $e)#ce!, e&o9 e"e(e&!%$ !e)#ce +o)#$e!. The )%"/e +o+o!#&#o

&h%& S%!9e *#5! #! &h%& o' %cce"e%&#5&he @$e)e"o+(e& c4c"e@ 'o OEM &o !+ee$ /+ &he# +o$/c& "%/ch. I

%$$#&#oS%!9e c% he"+ c/!&o(e! 9ee+ +%ce #&h %+#$ ch%5e! $/e &o e)o"/&#o o' &echo"o54 %$&he e!/"&%&

'%5(e&%&#o *4 he"+#5 c/!&o(e! $e"#)e +o$/c&! &h%& %e co(+%&#*"e %$co'o( &o c/e& e"e%!e! o' *o&h

h%$%e %$ !o'&%e.

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&echo"o54 *o$#e! %$ 'o/(!. S%!9e’! /%"#&4(%%5e(e& !4!&e(! %e ce&#'#e$ *4 ISO 1;;0;;;, ISO ;;0 %$

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Outlook

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&he# !&%&e5#e! # &he %9e o' &he eco)e4 +o!& &he;;< ecoo(#c $o&/.

Business environment

The 5"o*%" (e5% &e$! # &he e(*e$$e$ !+%ce h%)e % !&o5 *e%#5 o &he %$$e!!%*"eR?D o++o&/#&4 o'

S%!9e. The c/e& %$$e!!%*"e o++o&/#&4 'o I$#% # e(*e$$e$!4!&e(! %co!! &he < )e&#c%"! %! %!!e!!e$ *4 %

!&/$4 c%#e$ o/& *4 NASSCOM #! h/5e %$%++o#(%&e"4 US 2; *#""#o. Th#! #! e+ec&e$ &o 5o %& % co(+o/$e$

%/%"#e$ 5o&h%&e 6CAGR7 o' 0 &#"" ;02 &o e%ch %*o/& US 1; *#""#o. Te"eco( %$ co!/(ee"ec&o#c! #""

%cco/& 'o (oe &h% h%"' o' &h#! %)%#"%*"e o++o&/#&4 *4 ;02. The)e&#c%"! # h#ch &he o++o&/#&4 #! e+ec&e$ &o

5o &he '%!&e!& %e ee54 ? +oe,%eo!+%ce ? $e'e!e %$ he%"&hc%e. The 5o&h o' &he %$$e!!%*"e o++o&/#&4

#&e"eco(, co!/(e e"ec&o#c! %$ %/&o(o&#)e #! e+ec&e$ &o *e % *#& "e!!e &h% &heo)e%"" 5o&h o++o&/#&4.

The!e &hee )e&#c%"! h%)e *oe &he */& o' &he 5"o*%"ece!!#o. D/#5 &he eco)e4 +h%!e, &he e+ec&e$ e)e/e5o&h 5o#5 'o%$ #! o &he"o &o (o$e%&e !#$e. Te"eco(, co!/(e e"ec&o#c! %$ %/&o(o&#)e %e %"!o

e"%&#)e"4e"" +ee&%&e$ *4 I$#% !e)#ce +o)#$e! %$ MNC R?D ce&e!. Hece, &he e+ec&e$5o&h # o''!ho#5

#"" *e (o$e%&e.

Growth opportunities for Sasken

O/ 5o&h +"%! #"" *e %ch#e)e$ *4 'oc/!#5 o o/ e#!&#5 9e4 %cco/&! ho %e(%/ee c/!&o(e! #&h ho(

e !ee he%$oo( 'o 5o&h. We h%)e +"%! &o *eco(e oe o' &he&o+ = )e$o! 'o e%ch o' &he!e %cco/&! &hee*4

*eco(#5 e&eche$ %! %@!&%&e5#c@ +%&e o' cho#ce. W#&h % !"e o' e o''e#5! &h%& "e)e%5e o/$ee+ $o(%#

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F/"" +hoe #&e5%&#o

IP "e$ o''e#5! # M/"&#(e$#%

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/+5%$#5 &he# #e"e!! e&o9! &o !/++o& #e"e!!*o%$*%$ co((/#c%&#o!. We h%)e *e5/ &he +oce!! o'

e+%$#5 o/ +o&'o"#o o'o''e#5! &o %$$e!! e %$8%cec#e! "#9e

S%&e""#&e co((/#c%&#o o &he *%c9 o' o/ !/cce!! #&h INMARSAT

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"e%$#5 co(+%#e! # &h#! !+%ce.

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:%"/e A$$e$!e)#ce! 'o Wo(e’! Se"' He"+ Go/+! # /%" I$#%. Yo/ #"" *e h%++4 &o o&e &h%&S%ch% Sh%9&#

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H.E. S(&. P%&#*h% De)#!#5h P%&#".

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&o @D#''ee&#%&e@ %$ *e %*"e &o %ch#e)e*o&h @Sc%"e %$ Po'#&%*"e@ 5o&h # &he e% &e(.

Outlook and plans for the business lines we operate:

andsets and Consumer ! "utomotive #lectronics

O/ )#!#o 'o &h#! */!#e!! "#e #! &o @Be &he Le%$e # R?D !e)#ce! 'o$e)#ce )e$o!@. The $e)#ce !+%ce co(+#!e!

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!+%ce! !/ch %!%/&o(o&#)e, co!/(e e"ec&o#c!, he%"&h c%e e&c.

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o+e%&#5!4!&e(!. The %+#$ e)o"/&#o o' h%$%e, !o'&%e, e&o9! %$ %++"#c%&#o! +e!e&! /!#&h 5o&h

o++o&/#&#e!. S%!9e h%! &%9e % "e%$ # +o)#$#5 !/++o& &o OEM! %$!e(#co$/c&o )e$o! *4 &#(e"4

#)e!&(e&! # */#"$#5 A$o#$ %$ e"%&e$ co(+e&ec#e!.Th#! co(*#e$ #&h o/ /#/e %*#"#&4 &o /$e!&%$ &he

ee$! o' &he e&#e eco !4!&e(#)o")e$ # */#"$#5 S(%&+hoe! %$ o&he $e)#ce! he"+! /! $#''ee&#%&e %$ &%9e

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+o)#$e!@ # &he US o @e&%#" (%9e&!@, *o&ho' ho( h%)e !+ec#'#c e/#e(e&! %$ ch%""e5e!.

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ch#+!e& +"%&'o(! # &he (%9e& &o$%4 %$ h%)e he"+e$ OEM!"%/ch !e)e%" $#''ee& (o$e"! # &he (%9e&. The!e

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# &he!ee5#o!. The c/(/"%&#)e )o"/(e o' &he!e $e)#ce! ecee$! 2; (#""#o /#&!. Se)e%" "e%$#5&e"eco((/#c%&#o

!e)#ce +o)#$e! !/ch %! :e#o, T-Mo*#"e, SK-Te"eco(, e&c., h%)ec%#e$ &he!e A$o#$ *%!e$ $e)#ce! %! &he#

'"%5!h#+ +o$/c&! # %"" &he &he!e (%9e&!.

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/#/e +o!#&#o &o e%*"e OEM! &o 5e& (oe %55e!!#)e # +#c#5,!+ee$ /+ &#(e &o (%9e& %$ (#&#5%&e #!9! # &he

+o$/c&#%&#o +h%!e.

I &he A/&o(o&#)e %$ Co!/(e E"ec&o#c! %$8%cec#e!, e h%)e "e)e%5e$ &he !/#&e o'I5e#e& o''e#5! %$ o/

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#'o&%#(e& (%9e& &h%& &%9e %$)%&%5e o'&he #ce%!e$ $e(%$! o' coec&#)#&4 # &o$%4’! +%!!e5e c%!. The

+o"#'e%&#o o'co(+/&#5 %$ coec&#)#&4 (o$/"e! (%9e &o$%4’! c% )%!&"4 $#''ee& 'o( &ho!e (%$e% 'e 4e%!

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o/!e")e! %! % !4!&e(#&e5%&o %$ )%"#$%&#o +%&e o' cho#ce. O/ IP e%*"e$ !e)#ce! #"" #c"/$e

:#$eo,coec&#)#&4, $#)e! %$ !4!&e( #&e5%&#o !/++o&. O/ %*#"#&4 &o o''e % (# o'+o#(#&4 %$ I$#% *%!e$o/&!o/c#5 5#)e! c/!&o(e! *o&h co!& %$ c%+%*#"#&4 "e$%$)%&%5e! h#ch he"+! &o (%9e &he( (oe co(+e&#&#)e.

Semiconductor and $orth "merican Operators "ccounts

The !&%&e$ )#!#o o' &he Se(#co$/c&o %$ No&h A(e#c% O+e%&o Acco/&! B/!#e!!L#e #! &o @Co!o"#$%&e o/

+o!#&#o %! % "e%$e # W#e"e!! R?D Techo"o54 ?So"/&#o 9o"e$5e 'o +"%&'o( )e$o!@.

We #"" e$e%)o &o %ch#e)e o/ )#!#o *4 e(e5#5 %(o5 &he &o+ !/++"#e! 'o !o(e o'&he "%5e!& !e(#co$/c&o

)e$o!, +o)#$#5 &he( R?D !e)#ce!. We #"" %"!o &%5e&o&he +"%4e! ho %e ch%""e5e! ho !ee9 &o o/&!o/ce

&he# R?D ee$! %$ e!&%*"#!h&he(!e")e! # &he '%!&e!& 5o#5 !e5(e& # &he Se(#co$/c&o #$/!&4. Le%$#5

(%9e&%%"4!& +/& &he &o&%" o"$#$e !e(#co$/c&o e)e/e c"o!e &o =;; *#""#o %$ &h#!#$/!&4 h%! !ee &he

"%5e!& $o""% #ce%!e # ece& &#(e!. The 5o&h o' &he!e(#co$/c&o #$/!&4 h%! "%5e"4 *ee o %cco/& o' o*/!&

5o&h # $e)#ce! !/ch %!!(%&+hoe!, &%*"e&!, e-*oo9 e%$e!, %/&o(o&#)e #'o&%#(e&, %$ #e"e!!

co((/#c%&#o#'%!&/c&/e. We h%)e % e!&%*"#!he$ +e!ece # %"" &he!e !e5(e&! %$ !e)e (%9e&"e%$e!

co(+#!#5 *o&h !e(#co$/c&o )e$o! %$ OEM! ho */#"$ +o$/c&! *%!e$ o !#"#co+"%'&o(!. We he"+ o/ c/!&o(e! $e!#5, &e!& %$ #&e5%&e co((/#c%&#o %$ coec&#)#&4!o"/&#o! o &he!e +"%&'o(!.

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%cce"e%&e &he @$e!#5 &o &%+e o/&@ c4c"e. O/o''e#5! #c"/$e

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So'&%e Se)#ce! M/"&#(e$#%, O+e%&#5 S4!&e( 6O+e So/ce7, A++"#c%&#oI&e5%&#o

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e.5. He%"&hc%e, Ee54, E&e+#!e %$ Se)#ce!. O/+%&e!h#+! #&h Se(#co$/c&o co(+%#e! h%)e e!/"&e$ #

e%"4 #! # &he Co!/(eE"ec&o#c! %$ A/&o(o&#)e %$8%cec#e! h#ch e %e o !c%"#5.

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Co'o(%ce Te!&#5 %$ e+ec& % 5oo$ /+&#c9 # &he&e!&#5 */!#e!!.

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(%9e& !e5(e&! %$ e-e!&%*"#!h o/!e")e! %! % !&o5%$ $e+e$%*"e R?D !e)#ce! +o)#$e 'o (%/'%c&/e! o'

Ne&o9 e/#+(e&

De)#ce! %$ Ne&o9 E/#+(e& 'o S%&e""#&e Co((/#c%&#o Se)#ce! Po)#$e!

E&e+#!e Mo*#"#&4 %$ Mo*#"e E(*e$$e$ S4!&e(!

The +o"#'e%&#o o' *o%$*%$ !e)#ce! e!+ec#%""4 o #e"e!! e&o9! #! !ee *4o+e%&o! %! 9e4 &o e)e!e &he

&e$ o' '"%& e)e/e 'o( )o#ce. Wh#"e )o#ce #""co&#/e &o *e % c#&#c%" co(+oe& o' e)e/e, e)e/e 'o( $%&%

%++"#c%&#o #"" %$$ %$ec"#+!e )o#ce e)e/e! # &he e& 'e 4e%!. The (%!!#)e %$o+&#o o' !(%&+hoe!

h%!%cce"e%&e$ &he $e+"o4(e& o' =G %$ G #'%!&/c&/e %$ %%"4!& e!&#(%&e &h%& &h#! #""!e& &he 'o/$%&#o 'o

&he e #)e!&(e& # #'%!&/c&/e &h%& #! e+ec&e$ &o "%!&&ho/5h &#"" ;0-02. E!&#(%&e! %5e 'o( US 2; &o =;;

*#""#o !+e$ o&e"eco((/#c%&#o #'%!&/c&/e 'o e& 5ee%&#o #e"e!! e&o9! # &he%'oe(e&#oe$ +e#o$.The 'oc/! #"" *e o e o''e#5! # D%&% Co((/#c%&#o!, Lo5 Te( E)o"/&#o 6LTE7,E&e+#!e A++"#c%&#o! %$

Te!&#5.

We #"" c%+#&%"#e o &he #ce%!#5 ee$ 'o e&e+#!e co((/#c%&#o 6%co!! #$/!&4)e&#c%"!7 +oee$ *4 c"o/$ -

e%*"e$ !o"/&#o! *%!e$ o o/ h%$!e& %$ e&o9 !o'&%ec%+%*#"#&#e!. We h%)e (%$e % ##&#%" e&4 # &he e&%#"

e&e+#!e !+%ce %$ %eo''e#5 o/ !e)#ce! &o % "e%$#5 No&h A(e#c% 5oce4 e&%#" ch%#.

I LTE, e #"" */#"$ o''e#5! &o !o")e !o(e 9e4 +o*"e(! # $e+"o4(e& #c"/$#5I&eo+e%&#o, Ne&o9

co5e!&#o, S4!&e( Co'o(%ce %$ I&eo+e%*#"#&4 &e!&#5. I&he D%&%co( %e%, o/ o''e#5! %$ !e)#ce! #""

#c"/$e P%c9e& T%!+o&, Dee+ P%c9e&I!+ec&#o, %$ e%*"#5 !/+e#o /%"#&4 :o#ce o)e IP Ne&o9!.

#urope %ey "ccounts

I E/o+e% Ke4 Acco/&! B/!#e!! L#e e !e)#ce !o(e o' &he "%5e!& c/!&o(e! o'S%!9e.

Fo oe o' &he "%5e!& h%$!e& OEM! e %e !ee#5 e ch%""e5e! %! &he4 ch%5e$ &he#o+e%&#5 !4!&e( !&%&e54.

De!+#&e &he !h#'& # &he# !&%&e54 e !&#"" !ee eo++o&/#&#e! # S;, Se)#ce! %$ F/"" Phoe #&e5%&#o. I %$$#&#o,

e %e 5e%#5 /+&o %$$e!! W#$o! Phoe e"%&e$ h#&e !+%ce! # &h#! )e$o! eco!4!&e(.

O &he H%$%e !#$e, e #"" "e)e%5e o/ e&e!#)e /$e!&%$#5 %$ 9o"e$5e 5%#e$'o( h%)#5 $e)e"o+e$

o)e e#5h& h%$%e !4!&e(!, h#ch 5#)e! /! co(+e&#&#)e %$)%&%5e #co((/#c%&#o !e5(e&. I %$$#&#o, e #"" *e

%*"e &o c%+#&%"#e o &he $e"#)e4 ce&e!# E/o+e% U#o %$ Ch#% e5#o!, h#ch e%*"e % co!& e''#c#e& !e)#ce

(#. O/ $o(%#!&e5&h # RF %&e% 9o"e$5e he"+! /! !o")e C/!&o(e’! +o*"e(! %! $e)#ce! 5e&(oe

co(+"e %$ /!e (/"&#+"e %$#o!. O/ c%+%*#"#&4 &o eec/&e +o8ec&! &h%& $e(%$9o"e$5e o' *o&h h%$%e %$

!o'&%e #! o' #((e!e )%"/e &o c/!&o(e!.

Fo &he E/o+e *%!e$ !e(#co$/c&o %cco/&!, e #"" +o)#$e o/ co(+ehe!#)e !/#&e o'@Po&oco" S&%c9@

$e)e"o+(e& %$ (%#&e%ce !e)#ce! ? @Coec&#)#&4So"/&#o!@ &o e%*"e &he( &o "%/ch (o*#"e! %$ &%*"e&! &h%&

(ee& &he $e(%$! o'$#!ce#5 c/!&o(e!. We co&#/e &o $ee+e o/ o''e#5! e"%&#5 &o I&e5%&e$ Ch#+

6IC7De!#5 Se)#ce! o''e#5! 'o &he!e c/!&o(e!. C%+#&%"##5 o &he e+"o!#)e 5o&h o'!(%& +hoe! e #"" o''e

&he!e c/!&o(e! '/"" +hoe e'eece $e!#5!.

Sasken key differentiatorsSo(e o' &he /#/e c%+%*#"#&#e! o' S%!9e #c"/$e #&! %*#"#&#e! &o &%9e % "e%$e!h#++o!#&#o #

0. A$o#$ So'&%e P"%&'o( Se)#ce!

. F/"" Phoe 6$e)#ce7 De!#5 Se)#ce!

=. I&e""ec&/%" Po+e&4 6IP7 Le$ Se)#ce!

. O+e%&o S+ec#'#c Se)#ce!

We #"" co&#/e &o */#"$ o o/ "e%$e!h#+ +o!#&#o # &he co((/#c%&#o! (%9e&! %$&%9e %$)%&%5e o' #((#e&

co)e5ece &e$! # &he!e (%9e&!. Ke4 #! # A$o#$, '%!&e(e5#5 %! % o+e%&#5 !4!&e( o' cho#ce 'o

!(%&+hoe!, co/+"e$ #&h o/ &%$#&#o%"!&e5&h! # o9#5 #&h Se(#co$/c&o P"%&'o(!, Dee+ $o(%#

co(+e&ec#e! # *o&hH%$%e %$ So'&%e, Oe!h#+ o' M/"&#(e$#% IP +o)#$e! /! % 5oo$ +"%&'o( &o *e/#/e"4

+o!#&#oe$ # &he (%9e& &o e(e5e %! % (%9e& "e%$e #&h &he!e h#5h"4 *e!+o9eo''e#5!.

&inancial results for the 'ear #nded March ()* +,))

Co!o"#$%&e$ e)e/e! 'o FY ;00 #! R!. 2,3=.1 "%9h!, % $ece%!e o' .<,'o( R!.2,01.=0 "%9h! # FY ;0;. So'&%e Se)#ce! e)e/e!, Ne&o9 E5#ee#5 Se)#ce! e)e/e!, So'&%ePo$/c& e)e/e! %$ A/&o(o&#)e,

U&#"#&#e! %$ I$/!&#%" e)e/e! ee R!. ,3;.;1"%9h!, R!.,.;= "%9h!, R!. 2,3;3 "%9h! %$ R!. ;1.2 "%9h!



e!+ec&#)e"4, 'o FY ;00.

The e)e/e (# %(o5!& So'&%e Se)#ce!, Ne&o9 E5#ee#5 Se)#ce! %$So'&%e Po$/c&! ch%5e$ &o

<0<00 # FY ;00 'o( <<2 # FY ;0;.

Co!& o' Re)e/e! $ece%!e$ &o R!. ;,0<=.1= "%9h! h#ch #! =.2 o' e)e/e! #FY ;00 %!

%5%#!& R!. ,101.0 "%9h! h#ch #! . o' e)e/e! # FY ;0;.

Go!! +o'#& %'&e e!e%ch %$ $e)e"o+(e& e+e!e!, 'o FY ;00 %! R!0,2.0; "%9h! - % (%5# o' 3. %!

%5%#!& R!. 0,2;;.0 "%9h! - (%5# o' 2.= # FY;0;.

Se""#5, Gee%" %$ %$(##!&%&#o co!&! h%)e #ce%!e$ &o R!. ,23<.1< "%9h! -0=.< o' e)e/e! # FY ;00

'o( R!. ,=2<.22 "%9h! - 0.< o' e)e/e! # FY ;0;.

Co!o"#$%&e$ EBITDA (%5#! ee R!. 1,3=.20 "%9h! # FY ;00 - % e$/c&#o o'R! 22;.02 "%9h! %! co(+%e$

&o R!. 0;,0<.33 "%9h! # FY ;0;. EBITDA (%5#! ee %& 0.3'o &he '/"" 4e% ;00 %! %5%#!& 0. 'o FY

;0;.

Ech%5e 5%#! o' R!. 0.1 "%9h! %! %cco/&e$ # FY ;00, %! co(+%e$ &o R!0,31.0 "%9h! # FY ;0;.

Po'#& Be'oe T% 6PBT7 !% % $o+ o' 0.3, &o R!. <,0;.< "%9h! 60.17 # FY;00 'o(R!. 1,1.= "%9h!

603.7 # FY ;0;. I %*!o"/&e %(o/&, &he PBT $ece%!e$ *4R! 0,00.2 "%9h! # FY ;00.

Co!o"#$%&e$ Po'#& %'&e T% 6PAT7 $ece%!e$ *4 =.; # FY ;00, 'o( R!,220.= "%9h! # FY ;0;

&o R!. ,=<.01 "%9h! # FY ;00. I %*!o"/&e %(o/&, PAT$ece%!e$ *4 R!. =.2 "%9h! # FY ;00. The PAT

(%5#! 'o FY ;00 ee 0=. %! %5%#!&0=. # FY ;0;.

Co!o"#$%&e$ *%!#c E%#5! +e Sh%e 6EPS7 'o FY ;00 %! R!. 3.<1 6R! .<2# FY ;0;7 %$ $#"/&e$ EPS 'o FY ;00 %! R!. 2.1 6R! 3.3 # FY ;0;7.

C%!h %$ c%!h e/#)%"e&! 6#c"/$#5 #)e!&(e&! # (/&/%" '/$!7 $ece%!e$ *4R! 0;0.<3 "%9h! # FY ;00 %$

!&oo$ %& R!. 0<,2;.< "%9h! %! %& M%ch =0, ;00 %!co(+%e$ &o R!.0<,3.3 "%9h! %! %& M%ch =0, ;0;.

DSO $%4! 6ec"/$#5 /*#""e$ e)e/e!7 #ce%!e$ *4 = $%4! # FY ;00, 'o( 3$%4! %! %& M%ch =0, ;0; &o 32

$%4! %! %& M%ch =0, ;00.

The Bo%$ o' D#ec&o! h%! eco((e$e$ % '#%" $#)#$e$ o' 2. A #&e#($#)#$e$ o' 2 %! +%#$ $/#5 &he

4e%.

-esults of Operation

ParticularsYear Ended March

31, 2011

Year Ended March

31, 2010

Increase /

Decrease

(In Rs.lakhs) (%) (In Rs.lakhs) (%) (%)

Reenues !",#3$.$ 100.0 !$,"1.31 100.0 &".'

Cost of Revenues 40,183.93 73.5 42,919.14 74.7 -6.4

Gross Profit 14,454.04 26.5 14,500.17 25.3 -0.3

Research an

!eve"o#$ent8.94 - - - 100.0

Gross Profit after Research

an !eve"o#$ent14,445.10 26.4 14,500.17 25.3 -0.4

%e""in& an 'ar(etin&

)*#ense1,936.36 3.5 1,404.59 2.4 37.9

+$inistrative an

Genera" e*#enses5,632.62 10.3 5,953.96 10.4 -5.4

)$#"oee stoc( o#tion

co$#ensation cost

reversa"/

455.18 0.8 119.97 0.2 279.4

Prit r* +eratins #,"20." 11.' $,021.#! 12.2 &'.#

ther nco$e 1,026.10 1.9 767.37 1.3 33.7

)*chan&e &ain net/ 741.79 1.4 1,679.21 2.9 -55.8

Provision for i$inution in

va"ue of invest$ents reversa"/

45.30/ -0.1 85.35/ -0.1 -46.9



Profit efore interest an

nco$e ta*es8,234.13 15.1 9,553.58 16.6 -13.8

nterest 113.35 0.2 261.35 0.5 -56.6

Profit efore nco$e ta*es 8,120.78 14.9 9,292.23 16.2 -12.6

nco$e a*es, net 792.59 1.5 1,740.50 3.0 -54.5Prit ater Inc*e taes $,32'.1 13." $,!!1.$3 13.2 &3.0

Segmental -evenue

Year Ended March 31,

2011


2010

Increase /

Decrease

(In Rs. lakhs) (%) (In Rs. lakhs) (%) (%)

-tal Reenue !",#3$.$ 100.0 !$,"1.31 100.0 &".'

%oftare %ervices 44,607.09 81.6 50,760.01 88.4 -12.1

etor( )n&ineerin&

%ervices

4,444.03 8.1 4,017.01 7.0 10.6

%oftare Proucts 5,606.00 10.3 2,560.71 4.5 118.9

+uto$otive, ti"ities

an nustria"409.25 0.7 81.58 0.1 401.7

ess nterse&$ent

Revenue-428.4 -0.8 - - -

We $e#)e e)e/e! 'o( !o'&%e !e)#ce!, +o$/c& %$ &echo"o54 "#ce!#5, %$#!&%""%&#o %$ co((#!!#o#5

!e)#ce!. Re)e/e 'o( &#(e %$ (%&e#%" !e)#ce co&%c&!#! eco5#e$ %! &he !e)#ce! %e +o)#$e$. Re)e/e 'o(

'#e$ +#ce !e)#ce co&%c&! %$c/!&o(#e$ +o$/c&! o &echo"o54 $e)e"o+(e&! #! eco5#e$ *%!e$ o &he

+o+o&#o%&eco(+"e&#o (e&ho$, $e&e(#e$ *%!e$ o &he %ch#e)e(e& %$ %cce+&%ce o' &he (#"e!&oe,+o)#$e$

co""ec&#o #! +o*%*"e. Re)e/e 'o( (%#&e%ce co&%c&! #! eco5#e$ %&%*"4o)e &he &e( o' &he (%#&e%ce

%%5e(e&. L#ce!#5 e)e/e #! eco5#e$ he &he+o$/c& o &echo"o54 #! $e"#)ee$ %$ %cce+&e$. Re)e/e

'o( o4%"&4 #! eco5#e$ o %%cc/%" *%!#! *%!e$ o c/!&o(e co'#(%&#o, +o)#$e$ co""ec&#o #! +o*%*"e.

I %"" c%!e! e)e/e #! eco5#e$ o"4 he o '/&he )e$o o*"#5%&#o! e(%#, /+&o &he !&%5e o' e)e/e

eco5#e$ %$ co""ec&#o #! +o*%*"e. Re)e/e e"%&e$ &o +o!&co&%c& c/!&o(e !/++o& #! eco5#e$ o)e &he

!/++o& +e#o$.

The co!o"#$%&e$ e)e/e! # USD &e(! ee %& 001.1 (#""#o # FY ;00, % $ece%!eo' 0.<0 (#""#o 'o( 00.2

(#""#o # FY ;0;. The e)e/e # INR &e(! h%! $ece%!e$ *4.< 4e% o 4e% h#"e # US Do""% &e(! h%!

$ece%!e$ o"4 *4 0.2. I FY ;00, &he/+ee %++ec#%&e$ &o % %)e%5e %&e o' R!. 2.22 # FY ;00 'o( R!. .03

# FY ;0;.

I FY ;00, # USD &e(!, Se)#ce! e)e/e 6#c"/$#5 Ne&o9 E5#ee#5 !e5(e&7co&#*/&e$ &o <1.; o' &he

o)e%"" e)e/e!, h#"e Po$/c& e)e/e! co&#*/&e$ &o 0;.=o' o)e%"" e)e/e!.

Services -evenue

The !e5(e&%&#o o' Se)#ce! e)e/e 6#c"/$#5 Ne&o9 E5#ee#5 !e5(e&7 #! %!'o""o! In %

Y 2011 Y 2010

i$e an 'ateria" inc"uin& co$#ensation/ 80.2 82.5

i*e Price 19.8 17.5

-tal 100.0 100.0

Se)#ce! e)e/e 6#c"/$#5 Ne&o9 E5#ee#5 !e5(e&7 $e#)e$ 'o( !e)#ce!+e'o(e$ # $e)e"o+(e& ce&e!

o c/!&o(e !#&e! # "o co!& "oc%&#o! %e c%&e5o#e$%! o''!hoe e)e/e! %$ e)e/e! 'o( h#5h co!& "oc%&#o! %e

c%&e5o#e$ %! o!#&ee)e/e!. The o''!hoe o!#&e (# o' e)e/e! #! %! 'o""o!

In %

Y 2011 Y 2010



nsite 28.5 28.0

ffshore 71.5 72.0

-tal 100.0 100.0

Tho/5h &hee h%! *ee $ec"#e # !e)#ce! e)e/e * 4e% o 4e%, # &he "%!&/%&e o' &he '#%c#%" 4e% e h%)e !ee

% o(#%" )o"/(e 5o&h o' ;.3..roducts -evenue

The Po$/c&! Se5(e& e)e/e! h%)e #ce%!e$ 'o FY ;00 (%#"4 o %cco/& o' *e&&ee%"#%&#o 'o( "#ce!#5

%$ o4%"&4 e)e/e!. Ro4%"&#e! %e 'o( +o$/c&! "#ce!e$ #e%"#e 4e%!, %$ #! $e+e$e& o +hoe )o"/(e!

!h#++e$. A! ee %$ ee (o$e"! o'+hoe %e !h#++e$ #&h ee &echo"o5#e!, o4%"&#e! 'o( o"$ "#ce!e! #""

$ec"#e. A"!o,&he '/"" 4e% co!o"#$%&#o 'o FY ;00 o' % */!#e!! %c/#e$ # US $/#5 = o' FY ;0;%! %5%#!& oe

/%&e e!/"&! co!o"#$%&e$ 'o FY ;0; h%! +o!#&#)e"4 #(+%c&e$ &hee)e/e!.

Categori/ation product revenue is as follows :

In %

Y 2011 Y 2010

icense fees 32.2 23.1

Roa"ties 63.2 68.4Custo$i:ation 4.6 8.5

-tal 100.0 100.0

Segmental #B012"

In Rs. lakhs


2011


2010

EI-D Marins ,#3$.!1 10,1'$.##

%oftare %ervices 6,556.40 8,961.34

etor( )n&ineerin& services 652.92 993.72%oftare Proucts 2,961.75 595.98

+uto$otive, ti"ities an

nustria"533.57/ 363.38/

In %


2011


2010

EI-D Marins 1$.# 1$.$

%oftare %ervices 14.7 17.7 etor( )n&ineerin& services 14.7 24.7

%oftare Proucts 52.8 23.3

+uto$otive, ti"ities an

nustria"-130.4 -445.4

EBITDA (%5#! 'o( So'&%e Se)#ce! */!#e!!, # &he c/e& 4e%, %e 0. %!%5%#!& 0. # FY ;0;. The

$ece%!e # (%5#! %! $/e &o $ece%!e # e!o/ce!/&#"#%&#o, /+ee $e+ec#%&#o h#ch h%! *ee +%&#%""4 o''!e&

*4 ch%5e # *#"" %&e!.I &he c/e& 4e% %! +e o/ ec/#&(e& +"% e h%)e h#e$ (oe 'e!he’! ho h%)eh#5he

&%##5 +e#o$ %$ %! % e!/"& !e)#ce /&#"#%&#o 'o FY ;00 %! %& 33.; %!%5%#!& <<.; # FY ;0;.

D/#5 &he c/e& 4e%, EBITDA (%5#! 'o( Ne&o9 E5#ee#5 Se)#ce! h%)e$ece%!e$ &o 0. 'o( . #

FY ;0;. Tho/5h &h#! !e5(e& h%! !ee !&o5 e)e/e5o&h # US o+e%&#o!, hoe)e h#5he &%)e" co!& %$

!/*co&%c&#5 co!&! h%)e #(+%c&e$(%5#!.EBITDA (%5#! 'o( So'&%e +o$/c&!, # &he c/e& 4e%, #ce%!e$ &o 2.< 'o(=.= # FY ;0;. Th#!



!e5(e& h%! !ee #ce%!e # e)e/e o %cco/& o' "#ce!#5 %$o4%"&4.

Cost of -evenues

Co!& o' e)e/e! co(+#!e o' co!&! #c/e$ *4 &he */!#e!! /#&!, &o%$! e)e/e5ee%&#o %c&#)#&#e! %$

o+e%&#5 co!&! %""oc%&e$ &o &he */!#e!! /#&!. Th#! #! =.2o' e)e/e # FY ;00 %! %5%#!& . # FY ;0;. I

%*!o"/&e &e(! &h#! h%! $ece%!e$ *4R! ,=2.0 "%9h! &oR!. ;,0<=.1= "%9h! 'o FY ;00 'o( R!. ,101.0 "%9h!

'o FY ;0;, %$ece%!e o' 3.. Be%9 /+ o' co!& o' e)e/e! #! %! 'o""o!

Year Ended March

31, 2011

Year Ended March

31, 2010

Increase /

Decrease

(In Rs.lakhs) (%) (In Rs.lakhs) (%) (%)

)$#"oee re"ate e*#enses 31,241.71 77.7 33,797.78 78.7 -7.6

aci"it re"ate e*#enses 6,029.37 15.0 6,642.83 15.5 -9.2

Co$$unication e*#enses 481.97 1.2 693.68 1.6 -30.5

'ateria"s, Consu$a"es

an nventor 'ove$ent365.51 0.9 120.35/ -0.3 403.7

+$orti:ation 491.23 1.2 213.06 0.5 130.6

thers 1,574.14 3.9 1,692.14 3.9 -7.0

-tal "0,1'3.3 "2,1.1"

E(+"o4ee e"%&e$ e+e!e!, #c"/$#5 &%)e" co!&#&/&e . o' &he &o&%" Co!& o'Re)e/e! # FY ;00 %! %5%#!&

<. # FY ;0; - % e$/c&#o o' R!. ,223.; "%9h!. The*#""%*"e he%$co/& h%! #ce%!e$ 'o( ,120 %! o M%ch

=0, ;0; &o =,2= %! o M%ch =0,;00.Tho/5h &hee h%! *ee % #ce%!e # he%$co/&, &hee h%)e *ee

!#5#'#c%&e$/c&#o! # e(+"o4(e& co!&! o %cco/& ch%5e # (# o' he%$co/& *e&ee h#5h co!& %$"o co!&

"oc%&#o!. The co((/#c%&#o e+e!e! h%)e co(e $o *4 R!. 00.0 "%9h! &o R!<0.1 "%9h! # FY ;00 - (%#"4

o %cco/& o' %&#o%"#%&#o o' $e)e"o+(e& ce&e!.S#(#"%"4, '%c#"#&4 e"%&e$ co!&! h%)e co(e $o *4 R!. 30=.3

"%9h! &o R!. 3,;1.= "%9h!# FY ;00. I FY ;0;, &hee ee !#5#'#c%& %%&4 co!&! o %cco/& o' % FPP

+o8ec&h#ch h%)e o& *ee #c/e$ # FY ;00. The %(o&#%&#o o' co&%c& #5h&! e"%&e! &oco&%c&! &h%& &he

Co(+%4 %c/#e$, $/e &o &he %5ee(e& #&h I5e#e& Techo"o5#e! Ic.The co&%c& #5h&! h%)e *ee '/""4

%(o&#e$ # FY ;00 %$ &hee'oe e #"" o& h%)e&h#! co!& # &he e& 4e%. The co!o"#$%&e$ e!/"&! %"!o #c"/$eco!& o' e)e/e!#c/e$ *4 &he 8o#& )e&/e - Coec&M Techo"o54 So"/&#o! P)&. L&$. The #ce%!e #e)e/e #

Coec&M # &he FY ;00 h%! e!/"&e$ # #ce%!e$ co!& o %cco/& o' (%&e#%"!%$ co!/(%*"e!. I FY ;00,

Coec&M h%! (%$e % +o)#!#o 'o oeo/! co&%c& %(o/&#5&o R!. 3;.=< "%9h!, 'o +o8ec&! /$e eec/&#o.

-esearch and 2evelopment #3penses

Re!e%ch %$ De)e"o+(e& 6R?D7 e+e!e! #c"/$e &he co!&! o' +o$/c& $e)e"o+(e&,(o$#'#c%&#o! %$

eh%ce(e&! &o +o$/c&!. We %e # &he +oce!! o' !e&&#5 /+ % Re!e%ch? De)e"o+(e& ce&e %& IIT M%$%!

Re!e%ch P%9, Che%# 6IITM7 &o c%4 o/& R?D%c&#)#&#e!, %$ &h#! #"" *e '/""4 !e& /+ # FY ;0. The %c&#)#&#e! #"" *e

!&/c&/e$%o/$, #&e %"#%, )%#o/! &he(e! "#9e #e"e!! *o%$*%$, %cce"e%&e$ (#5%&#o o'!o'&%e &o e !#"#co

+"%&'o(!, /!e e+e#ece o' !o'&%e 'o (o*#"e $e)#ce!, co&e&%%ee!! o' e&o9 %++"#c%&#o! e&c. E%ch &he(e

#"" *e +/!/e$ *4 % &e%( co(+#!#5 o'% !e#o e!e%che %$ % $e)e"o+(e& &e%(. I &h#! e5%$, 'o FY ;00,

Co(+%4 h%!#c/e$ % e+e!e o' R!. <.1 "%9h!.

Thee h%! *ee o e+e$#&/e &o%$! e!e%ch %$ $e)e"o+(e& # e#!&#5 +o$/c&!"#e! %$ &hee h%)e *ee o

e #)e!&(e&! # e#!&#5 +o$/c& "#e!. A"" &heR?D +o8ec&! h%)e (o)e$ # &o (%#&e%ce (o$e %$ &he!e co!&!

%e #c"/$e$ # co!& o'e)e/e!.

Gross .rofit after -esearch and 2evelopment #3penses

The Go!! Po'#& 'o FY ;00 #! R!. 0,2.0; "%9h! %! %5%#!& R!. 0,2;;.0 "%9h! 'o FY;0; - % (%5#%" $ece%!e

o' R!. 22.; "%9h!. Th#! &%!"%&e! &o 3. # FY ;00 %!%5%#!& 2.= # FY ;0;. The Go!! (%5# h%! *ee

!/!&%#e$ *4 e$/c&#o # Co!& o'Re)e/e # FY ;00 # !+#&e o' e$/c&#o # Re)e/e!.

Selling and Marketing #3penses

Se""#5 %$ M%9e&#5 6S?M7 #! =.2 o' e)e/e! 'o FY ;00 %! %5%#!& . 'o FY;0;. The!e e+e!e! +#(%#"4

#c"/$e co!&! e"%&e$ &o e(+"o4(e& %$ &%)e" e+e!e! o'&he (%9e&#5 %$ !%"e! !&%'', e& 'o !%"e! o''#ce!,

+o)#!#o 'o $o/*&'/" $e*&! %$*%$ $e*&!. The !e""#5 %$ (%9e&#5 e+e!e! ee R!. 0,1=3.=3 "%9h! 'o FY ;00,

%!co(+%e$ &o R!.0,;.21 "%9h! 'o FY ;0;, %(o/&#5 &o % #ce%!e o' R!. 2=0. "%9h!4e% o 4e%. The

#ce%!e h%! *ee +#(%#"4 o %cco/& o' e''o&! &o%$! !&e5&he#5!%"e! 'oce # &he c/e& 4e%, h#ch h%! "e$

&o #ce%!e # !%"%#e! o' R!. =3.=2 "%9h!%$ &%)e" co!&! o' R!..3< "%9h!. Po)#!#o 'o Do/*&'/" De*&! %$ B%$De*&! #&&e o''h%! #ce%!e$ *4 R!. 20.= "%9h! # FY ;00.



"dministrative and General e3penses

A$(##!&%&#)e %$ Gee%" 6A?G7 e+e!e! +#(%#"4 #c"/$e co!&! e"%&e$ &oe(+"o4(e& e+e!e! o' &he "e%$e!h#+

&e%(, co+o%&e '/c&#o!, e&, +o'e!!#o%", "e5%"%$ co!/"&%c4 'ee!, &%##5 e+e!e! %$ o&he /-%""oc%*"e

co!&! &o */!#e!! /#&!.Th#! #! 0;.= o' e)e/e! 'o FY ;00 %! %5%#!& 0;. o' e)e/e! # FY ;0;. I

%*!o"/&e&e(! &he!e ee %&R!. 2,3=.3 "%9h! 'o FY ;00, %! co(+%e$ &o R!. 2,12=.13 "%9h! 'o FY;0;, %

$ece%!e o'R!. =0.= "%9h!. Co!&! h%)e e$/ce$ +#(%#"4 $/e &o, e$/c&#o #Po'e!!#o%", Le5%" ? Co!/"&%c4

Ch%5e! o' R!. .3 "%9h! h#ch h%! *ee +%&#%""4o''!e& *4 % #ce%!e e(+"o4(e& co!&! o' R!. 31.; "%9h!.

#mployee Stock Compensation Cost

The Co(+%4 eco$! co(+e!%&#o co!&! *%!e$ o &he '%# )%"/e o' &he o+&#o! 5%&e$$/#5 &he 4e%, o)e &he

)e!&#5 +e#o$ o' &he o+&#o!. D/#5 FY ;00, &he Co(+%4#!!/e$ 3,;,;;; o+&#o!, h#ch h%)e % )e!&#5 +e#o$

%5#5 'o( oe 4e% &o &hee 4e%!,%& % %)e%5e eec#!e +#ce o' R!. 01<.; +e !h%e. The co!&! o' &he!e o+&#o!

%$ce&%# o+&#o! #!!/e$ # e%"#e +e#o$!, %(o/&#5 &o R!. 22.0< "%9h!, e& o' e)e!%"!,h%)e *ee eco$e$ %!

e(+"o4ee !&oc9 co(+e!%&#o co!&.

Other 0ncome and #3change Gain

O&he Ico(e co(+#!e! o' #&ee!& e%e$ o F#e$ De+o!#&!, $#)#$e$ o M/&/%" F/$!%$ o&he (#!ce""%eo/!

ece#+&!. We 'oc/! o e%#5 % '%)o%*"e e&/ o &he #$"e '/$!%$ co&#/o/!"4 !c% &he (%9e& 'o #ce%!#5 &he

e&/ %$ %& &he !%(e &#(e e$/c#5&he #!9 o c%+#&%". We h%)e % #)e!&(e& +o"#c4, %++o)e$ *4 &he Bo%$ o'

D#ec&o!, %$(o#&oe$ *4 &he I)e!&(e& Co((#&&ee.

O&he #co(e %(o/&e$ &o R!. 0,;3.0; "%9h! # FY ;00, % #ce%!e o' R!. 2<.= "%9h!o)e FY ;0; %(o/&#5&o R!. 3.= "%9h!. Thee #! % #ce%!e # $#)#$e$! ece#)e$ #FY ;00, $/e &o h#5he #)e!&(e&! # M/&/%" F/$!.

We (%%5e o/ 'oe#5 ech%5e e+o!/e! # "#e #&h o/ he$5#5 +o"#c4. E''ec&#)eA+#" 0, ;0;, &he Co(+%4 h%!

%$o+&e$ &he +#c#+"e! o' he$5e %cco/&#5 %! $e'#e$ # AS=;. The!e he$5e! %e C%!h F"o he$5e!, %! $e'#e$ *4

&he e"e)%& %cco/&#5 !&%$%$! %$%e $e!#5%&e$ %! +e &he !&%$%$’! e/#e(e&. The!e he$5e! %e

+e#o$#c%""4&e!&e$ &o !ee #' &he he$5e! %e e''ec&#)e. A"" !/ch he$5#5 #!&/(e&! %e (e%!/e$ %&'%# )%"/e, %& &he

e+o&#5 $%&e. I' &he $e!#5%&e$ he$5e +e&%##5 &o '/&/e c%!h '"o!#! e''ec&#)e, &he &he ch%5e! # &he '%# )%"/e o'

&he he$5#5 #!&/(e& *e&ee &hee+o&#5 $%&e %$ &he $%&e o' #ce+&#o #! eco5#e$ # he$5e e!e)e %$ #!

&%9e &o&he B%"%ce Shee& %$ #' &he he$5e #! #e''ec&#)e, &he &he #e''ec&#)e +o&#o #!eco5#e$ # &he Po'#& %$

Lo!! Acco/& %! 'oe#5 ech%5e 5%#! o "o!!e!. Ice%!e$e''ec&#)ee!! o' he$5e! #"" (##(#e &he )o"%&#"#&4 #

Po'#& %$ Lo!! Acco/&.

O !%"e o &e(#%&#o o' e''ec&#)e #e''ec&#)e he$5e #!&/(e&! o o *e'oe(%&/#&4, &he e!/"&%& 5%#! o "o!!e!

%e &%9e &o 'oe#5 ech%5e 5%# "o!! # &hePo'#& %$ Lo!! Acco/&. Acco$#5"4, !/ch $e#)%&#)e #!&/(e&!

h#ch /%"#'4 'o he$5e%cco/&#5 %$ hee &he Co(+%4 h%! (e& %"" &he co$#&#o! o' he$5e %cco/&#5 %e

'%#)%"/e$ %& *%"%ce !hee& $%&e %$ &he e!/"&%& 5%# #! ce$#&e$ &o &he he$5e e!e)e.

The /+ee h%! *ee )o"%&#"e &ho/5ho/& FY ;00, e$#5 %& R!. .21 +e USD &o%$! &hee$ o' &he 4e%. The

ech%5e 5%# o' R!. 0.1 "%9h! h%! *ee +#(%#"4 *ee $/e &oh#5he /+ee %&e o 'o%$ co&%c&!, !e&&"e$ %$

o/&!&%$#5 # FY ;00, # co(+%#!o&o +e)%#"#5 %&e!.

.rovision for diminution in value of investments

Lo5 &e( #)e!&(e&! %e c%#e$ %& co!&. Hoe)e, +o)#!#o 'o $#(#/&#o # )%"/e#! (%$e &o eco5#e % $ec"#e

o&he &h% &e(+o%4 # &he )%"/e o' &he #)e!&(e&!.Ce&%# +o)#!#o! o //o&e$ #)e!&(e&!, o& co!#$ee$

ece!!%4, h%)e *ee e)e!e$# FY ;00.

0nterest

The #&ee!& e+e!e #! +e$o(#%&"4 $/e &o &he "o5 &e( "o% /!e$ 'o %c/#!#&#o o'S%!9e F#"%$ O4 6e!&h#"e

Bo&#% H#5h&ech7. The o/&!&%$#5 %(o/& +%4%*"e &o No$e%B%9 h%! e$/ce$ &o R!. 0,;=;. "%9h! %! %& M%ch =0,

;00, co(+%e$ &o R!. ,13=. "%9h!%! %& M%ch =0, ;0;. The #&ee!& ch%5e! %e "oe *4 R!. 0=1.<3 "%9h!, 4e% o 4e%, $/e&o e$/c&#o # o/&!&%$#5 +#c#+%". The "o% #"" *e e+%#$ '/""4 # FY ;0.

0ncome ta3es

The &% ch%5e! )%4 $e+e$#5 o &he (# o' o!#&e e)e/e!, o''!hoe e)e/e!,co/&4 o' o+e%&#o!, %&/e o' &he

&%!%c&#o %$ e)e/e! 5ee%&e$ 'o( /#&! h#che8o4 % &% ho"#$%4. The 5o/+ #c/! &%%&#o o' 3 %$ 1 #

&he !/*!#$#%#e! #F#"%$ %$ Me#co e!+ec&#)e"4. The #co(e &% e+e!e %! 0.2 o' e)e/e! 'o FY ;00,h#"e

&he #co(e &% 'o FY ;0; %! =.; o' e)e/e!. The &% ch%5e! %e "oe # &hec/e& 4e%, $/e &o eco5#&#o o'

$e'ee$ &% %! &he T% ho"#$%4 o STPI /#&! h%)eco(e &o % e$. The e''ec&#)e &% %&e 'o &he 4e% 'o &he 5o/+ #!

1.<.

.rofit after ta3ation

Co!o"#$%&e$ +o'#& %'&e &%%&#o #ce%!e$ 'o( 0=. # FY ;0; &o 0=. # FY ;00.The +o'#& %'&e &%%&#o 'o

FY ;00 $ece%!e$ *4 R!. =.2 "%9h!, 'o( FY ;0; %$ %!R! ,=<.01 "%9h! 'o FY ;00.

&inancial .ositions at March 31, s at March 31,



2011 2010

(In Rs. lakhs) % (In Rs. lakhs) %

iailities

%hare Ca#ita" inc"uin& %hare

+##"ication/2,769.12 6.3 2,843.11 5.1

)%P utstanin& 732.37 1.7 393.62 0.7

Reserves ; %ur#"us 39,152.60 89.2 49,121.39 88.1

%ecure oans 1,249.23 2.8 3,405.52 6.1

-tal iailities "3,03.32 100.0 !!,$#3.#" 100.0

ssets

et i*e +ssets 13,401.63 30.5 28,930.27 51.9

nvest$ents 14,872.48 33.9 15,906.60 28.5

!eferre a* +sset 828.00 1.9 404.51 0.7

Current +ssets

nventories 418.07 1.0 284.68 0.5

%unr !etors 9,703.85 22.1 9,779.22 17.5

Cash an Cash )<uiva"ents 4,874.53 11.1 3,730.46 6.7

ther Current +ssets 2,381.69 5.4 2,761.06 5.0

oans an +vances 8,354.55 19.0 6,207.08 11.1

ota" Current +ssets 25,732.69 58.6 22,762.50 40.8

ess Current iai"ities an Provisions 10,931.48 24.9 12,240.24 22.0

et Current +ssets 14,801.21 33.7 10,522.26 18.9-tal ssets "3,03.32 100.0 !!,$#3.#" 100.0

Sources of &unds Share Capital

O/ %/&ho#e$ !h%e c%+#&%" #! R!. 2,;;;.;; "%9h! co(+#!#5 2;; "%9h e/#&4 !h%e! o''%ce )%"/e o' R!. 0;- e%ch.

The /(*e o' !h%e! o/&!&%$#5, %! o M%ch =0, ;00 ee,3,0<,3 %$ &he!e %e '/""4 +%#$ /+. I &e(! o'

$ec#!#o o' &he Bo%$ o' D#ec&o!$%&e$ Oc&o*e 0, ;0; %$ # %cco$%ce #&h &he +o)#!#o! o' &he Co(+%#e!

Ac&, 0123%$ &he Sec/#&#e! %$ Ech%5e Bo%$ o' I$#% 6B/4 B%c9 o' Sec/#&#e!7 Re5/"%&#o!, 011<,&he Co(+%4

co((ece$ &he */4-*%c9 o Dece(*e , ;0;. The Co(+%4 h%!, &#"" M%ch =0,;00, *o/5h& *%c9 0,=,3== e/#&4

!h%e! %& % %)e%5e +#ce o' R!. 02<. +e !h%e,/&#"##5 % !/( o' R!.,33.; "%9h!. The %(o/& +%#$ &o%$!

*/4-*%c9 o' !h%e!, #ece!! o' &he '%ce )%"/e, h%! *ee %++o+#%&e$ o/& o' Sec/#&#e! Pe(#/( %cco/&. O%cco/&

o' */4-*%c9 o' !h%e!, &he Co(+%4 h%! ce%&e$ C%+#&%" Re$e(+&#o Re!e)e o' R!0=.3 "%9h! &o%$! &he '%ce

)%"/e o' 0,=,3== !h%e! o' R!. 0;- e%ch *4 %4 o'%++o+#%&#o %5%#!& Gee%" Re!e)e.

Sh%e %++"#c%&#o (oe4 o' R!. 02;.2 "%9h! %! o M%ch =0, ;00 e+e!e&! %++"#c%&#o(oe4 ece#)e$ 'o( o+&#o

ho"$e! %$ %%& ho"$e! &o ho( !h%e! %e 4e& &o *e%""o&&e$. D/#5 &he */4-*%c9 +e#o$ # FY ;00, e(+"o4ee!

h%)e eec#!e$ =2,32; o+&#o!%$ %++"#c%&#o (oe4 o' R!. 0<.2 "%9h! %! ece#)e$ 'o h#ch %""o&(e& o' !h%e!

ee+e$#5 %! %& M%ch =0, ;00. The *%"%ce R!. 0=.;; "%9h! e+e!e&! &he 2 %$)%ceece#)e$ $/#5 &he

+e)#o/! 4e% o =,;;,;;; co)e&#*"e %%&! #!!/e$ &o M. R%8#) CMo$4, Ch%#(% ? M%%5#5 D#ec&o %$ oe o'

&he +o(o&e! o' &he Co(+%4.

#mployee Stock Options 4net of deferred compensation cost5

The e(+"o4ee !&oc9 o+&#o o/&!&%$#5 6e& o' $e'ee$ co(+e!%&#o co!&7 h%! !&oo$ %&R! =.= "%9h! %! %& M%ch

=0, ;00. D/#5 FY ;00, &he Co(+%4 #!!/e$ 3,;,;;; o+&#o!,h#ch h%)e % )e!&#5 +e#o$ o' %5#5 'o( oe

4e% &o &hee 4e%!, %& % %)e%5eeec#!e +#ce o'R!. 01<.; +e !h%e. The #!!/e o' e o+&#o! h%! *ee &he

+#(%4e%!o 'o #ce%!e o' ESOP o/&!&%$#5.

-eserves and Surplus

Re!e)e! %$ S/+"/! %! %& M%ch =0, ;00 %! R!. =1,02.3; "%9h!, %! %5%#!& R!1,00.=1 "%9h! %! %& M%ch =0,;0;, $ece%!e o' R!. 1,13<.1 "%9h!.



1he movement in reserves and surplus is due to a mi3 of :

6#7 Sec/#&#e! +e(#/( %! /&#"#e$ &o &he e&e& o' R!. ,0=. "%9h!, 'o &he +/+o!eo' */4-*%c9 o' !h%e!.

Sec/#&#e! Pe(#/( #ce%!e$ *4 R!. ==.2 "%9h! o #!!/e o' !h%e!o eec#!e o' o+&#o! *4 e(+"o4ee!.

6##7 Ice%!e # Gee%" Re!e)e, $/e &o &%!'e 'o( Po'#& %$ Lo!! %cco/&.

6###7 C%+#&%" Re$e(+&#o Re!e)e o' R!. 0=.3 "%9h! &o%$! &he '%ce )%"/e o' 0,=,3 !h%e! o' R!. 0;- e%ch *4

%4 o' %++o+#%&#o %5%#!& Gee%" Re!e)e.

6#)7 Re$/c&#o # B/!#e!! Re!&/c&/#5 Re!e)e *4 R!. 0=,;2<.=< "%9h!, $/e &o %%$8/!&(e& o' % +o)#!#o 'o

$#(#/&#o # &he )%"/e o' 5oo$#"" e"%&e$ &o #)e!&(e& #S%!9e Co((/#c%&#o Techo"o5#e! O4.

6)7 Ice%!e # he$5#5 e!e)e *4 R!. 023.0 "%9h! o %$o+&#o o' &he +#c#+"e! o' AS=; F#%c#%" I!&/(e&!

Reco5#&#o %$ Me%!/e(e&’ 'o 'o%$ ech%5eco&%c&! &h%& %e o& co)ee$ *4 AS 00 The e''ec&! o' ch%5e!

# 'oe#5 ech%5e%&e!’.

6)#7 Ice%!e # Po'#& ? Lo!! %cco/& *%"%ce $/e &o +o'#& 'o &he 4e%.

6)##7 Re$/c&#o o' T%!"%&#o Re!e)e o o-#&e5%" o+e%&#o! # F#"%$, Me#co%$ US.

Secured 6oans

Sec/e$ "o%! h%)e e$/ce$ &o R!. 0,1.= "%9h! %! %& M%ch =0, ;00, %! %5%#!& R!=,;2.2 "%9h! %! %& M%ch

=0, ;0;, $/e &o 6%7 e+%4(e& o' "o% #!&%""(e&!, h#ch %!&%9e # e%"#e 4e%!, 'o %c/#!#&#o o' S%!9e F#"%$

O4 %$ 6*7 e+%4(e& o' %!ec/e$ "o% # F#"%$ o+e%&#o!.

"pplication of &unds &i3ed "ssets

The Ne& F#e$ A!!e&!, #c"/$#5 c%+#&%" o9-#-+o5e!!, e+e!e&! =;.2 o' &heB%"%ce Shee&. The '#e$ %!!e&!, %!%& M%ch =0, ;00, ee %& R!. 0=,;0.3= "%9h! %!%5%#!& R!.<,1=;. "%9h! %! %& M%ch =0, ;0;. D/#5 &he 4e%,

&he %$$#&#o! &o F#e$A!!e&! ee R!.0,002.2 "%9h! +#(%#"4 %&&#*/&%*"e &o #)e!&(e& # co(+/&e! %$e"%&e$

!o'&%e. We h%)e #$e&#'#e$ %$ eco5#e$ % +o)#!#o 'o $#(#/&#o # &he)%"/e o' 5oo$#"" e"%&#5 &o %

#)e!&(e& # S%!9e Co((/#c%&#o Techo"o5#e! O4%(o/&#5 &o R!. 0=,;2<.=< "%9h!. The $#(#/&#o # )%"/e o'

!/ch 5oo$#"" *e#5 co!#$ee$%! % e!&/c&/#5 e+e!e #c/e$ %'&e &he A++o#&e$ D%&e, #.e., A+#" 0, ;;<,

h%!*ee %$8/!&e$ %5%#!& &he B/!#e!! Re!&/c&/#5 Re!e)e Acco/& # %cco$%ce #&h &he%++o)e$ !che(e *4

H#5h Co/& o' K%%&%9%.

0nvestments

The #)e!&(e&!, e+e!e&#5 ==.1 o' &he B%"%ce Shee&, %! R!. 0,<.< "%9h!, %! %&M%ch =0, ;00 %!

%5%#!& R!. 02,1;3.3; "%9h! %! %& M%ch =0, ;0;. We #)e!& !/+"/!%(o/&! # h#5h"4 %&e$ M/&/%" F/$ +%+e!,

co!#$e#5 &he !%'e&4 %$ "#/#$#&4 %! &he9e4 $e&e(#%&! 'o &he #)e!&(e& # % '/$. W#&h % )#e &o #ce%!e &he

e&/!, &heCo(+%4 h%! #)e!&e$ !#5#'#c%& %(o/& o' &he !/+"/! %(o/&! # h#5h"4 %&e$ (/&/%"'/$! # FY ;00.

Thee h%! %"!o *ee % %$$#&#o%" #)e!&(e& # O(# C%+#&%" F/$ LLP, %"#(#&e$ "#%*#"#&4 +%&e!h#+ # USA, # FY

;00. The *e%9 /+ #! %! 'o""o!

s n March 31,

2011

s n March 31,

2010

4uted Inest*ents 1.'% 3.#%

i*e 'aturit P"an 49.2= 5.4=

'eiu$ er$ P"an 8.8= -

"tra %hort er$ P"an 33.7= 88.3=

5*ni 6a+ital und P (7n8uted

Inest*ents/8.2= 6.4=

-tal Inest*ents 100.0% 100.0%

2eferred 1a3 "sset

De'ee$ #co(e &%e! e+e!e& 0.1 o' &he B%"%ce Shee&. Th#! e'"ec&! &he #(+%c& o'c/e& 4e% &#(#5 $#''eece!

*e&ee &%%*"e #co(e %$ %cco/&#5 #co(e 'o &he 4e%%$ e)e!%" o' &#(#5 $#''eece! o' e%"#e 4e%!.

De'ee$ &% %!!e&! %$ $e'ee$ &%"#%*#"#&#e! %co!! )%#o/! co/&#e! o' o+e%&#o %e o& !e& o'' %5%#!& e%ch o&he

%! e$o o& h%)e % "e5%" #5h& &o $o !o. The $e'ee$ &% %!!e&!, %! %& M%ch =0, ;00 %! R!<<.;; "%9h! %!

%5%#!& R!.;.20 "%9h! %! %& M%ch =0, ;0;, % #ce%!e o' R!. =.1"%9h!.

0nventories

I)e&o#e!, h#ch %e 0.; o' &he B%"%ce Shee&, e+e!e& 6%7 Wo9-#-+o5e!! &h%&#! co!&! e"%&e$ &o +o8ec&

(#"e!&oe! &h%& h%)e o& *ee (e& 6*7 S&oc9-#-&%$e co!&!e"%&e$ &o !&oc9 o' !o'&%e h%$%e %$ o&he

co(+oe&! he"$ 'o !%"e o #c"/$e$ %!% +%& o' +o8ec& co!&!. The Wo9-#-+o5e!!, %! %& M%ch =0, ;00 %!

%& R!. =3.=1"%9h!, %! %5%#!& R!. ;. "%9h! %! %& M%ch =0, ;0;. The Wo9-#-+o5e!! #"" *ech%5e$ o'' &o

Po'#& %$ Lo!! Acco/& %! %$ he &he e"%&e$ e)e/e #! eco5#e$,5o#5 *4 &he (%&ch#5 +#c#+"e o' %cco/&#5.



The S&oc9-#-&%$e, %! %& M%ch =0, ;00%! %& R!. 0<0.3< "%9h!, %! %5%#!& R!. .0 "%9h! %! %& M%ch =0, ;0;.

Sundry 2ebtors

S/$4 $e*&o!, e+e!e&#5 .0 o' &he &o&%" %!!e&!, %! %& M%ch =0, ;00 ee %& R!1,;=.<2 "%9h! 6DSO 32

$%4!7 %! %5%#!& R!. 1,1. "%9h! 6DSO 3 $%4!7 %! %& M%ch =0,;0;. We +e#o$#c%""4 e)#e &he /%"#&4 o'

ece#)%*"e! %$ (%9e +o)#!#o heeece!!%4. Acco$#5"4, &he +o)#!#o! 'o $o/*&'/" $e*&! %! %& M%ch =0, ;00

ee R!3.< "%9h! % e& #ce%!e o' R!. 31.< "%9h!.

Cash and Bank balances

C%!h %$ B%9 *%"%ce!, e+e!e&#5 00.0 o' &he &o&%" %!!e&!, %! %& M%ch =0, ;00ee %&R!. ,<.2= "%9h!, %!

%5%#!& R!. =,=;.3 "%9h! %! %& M%ch =0, ;0;. We (%#&%#!/''#c#e& c%!h *%"%ce 'o o+e%&#o%" e/#e(e&!

%$ #)e!& !/+"/! '/$! # h#5h"4%&e$ M/&/%" F/$ +%+e! %$ F#e$ De+o!#&!. We co&#/o/!"4 e)#e &he

#)e!&(e& (#*e&ee M/&/%" F/$ %$ F#e$ $e+o!#&! #&h % )#e &o (%#(#e &he 4#e"$!. D/#5 &he!eco$ h%"' o'

FY ;00, #&h )#e &o &%9e %$)%&%5e o' *e&&e #&ee!&e$ %&e!, e h%)e#)e!&e$ +#(%#"4 # '#e$ $e+o!#&! %$ '#e$

(%&/#&4 +"%!. The *%"%ce +o!#&#o #! %!'o""o!

*unt

in Rs.lakhs

Particularss at March 31,

2011

s at March 31,

2010

Cash in >an 8.21 3.06

ith nian ?an(s 3,200.31 2,226.17

ith orei&n ?an(s inc"uin& re$ittance in

transit/1,666.01 1,501.24

-tal ",'$".!3 3,$30."#

Other Current "ssets

Th#! e+e!e&! #&ee!& %cc/e$ o F#e$ De+o!#&! %$ U*#""e$ Re)e/e %$ &he!eco!&#&/&e 2. o' B%"%ce

Shee&. U*#""e$ Re)e/e e+e!e&! %(o/&! eco5#e$ *%!e$ o!e)#ce! +e'o(e$ # %cco$%ce #&h co&%c&

&e(! %$ hee #)o#ce! %e 4e& &o *e%#!e$ %! o &he B%"%ce Shee& $%&e. O&he C/e& A!!e&!, %! %& M%ch =0,

;00 ee %& R!,=<0.31 "%9h!, %! %5%#!& R!. ,30.;3 "%9h! %! %& M%ch =0, ;0;. The $ece%!e #!+#(%#"4 $/e &o

$ece%!e # U*#""e$ Re)e/e %! %& M%ch =0, ;00.6oans and "dvances

Lo%! %$ A$)%ce! co!#!& o' Go)e(e& De+o!#&!, D#!+/&e$ T%e!, A$)%ce T% ?MAT ce$#& %$ o&he %$)%ce!

&o e(+"o4ee! %$ !/++"#e!. Th#! e+e!e&! 01.; o' &heB%"%ce Shee&, %$ %! %& M%ch =0, ;00 ee

%& R!. <,=2.22 "%9h!, %! %5%#!& R!. 3,;.;<"%9h! %! %& M%ch =0, ;0; - % #ce%!e o' R!. ,0. "%9h!. The

#ce%!e #! +#(%#"4$/e &o %(o/&! +%#$ 'o &o%$! #co(e &%e! %$ o&he %(o/&! +%#$ # e!+o!e &o

$e(%$!%#!e$ *4 &%%&#o %/&ho#&#e! # coec&#o #&h $#!+/&e$ &%e!.

Current 6iabilities and .rovision

C/e& L#%*#"#&#e! #c"/$e %(o/&! +%4%*"e &o */!#e!! ce$#&o!, %$)%ce! ece#)e$'o( c/!&o(e!, $e'ee$

e)e/e %$ !&%&/&o4 "#%*#"#&#e! !/ch %! #&hho"$#5 &% %$!oc#%" !ec/#&4 co!&!. Po)#!#o! #c"/$e +o)#!#o 'o &%,

$#)#$e$, %%&4 %$ o&he"o5 &e( e(+"o4ee *ee'#& o*"#5%&#o!.

C/e& "#%*#"#&#e! %$ +o)#!#o!, e+e!e&#5 .1 o' &he B%"%ce Shee&, %! %&M%ch =0, ;00 ee

%& R!. 0;,1=0.< "%9h!, %! %5%#!& R!. 0,;. "%9h! %! %& M%ch =0,;0;. The $ece%!e #! !#5#'#c%&"4 $/e &o

e$/c&#o # "#%*#"#&4 e"%&#5 &o !/$4ce$#&o! h#ch h%)e *ee o''!e& &o !o(e e&e& *4 #ce%!e # &% "#%*#"#&#e!.

#arnings per Share 4#.S5

The *%!#c EPS 'o &he FY ;00 %! R!. 3.<1 +e !h%e %! %5%#!& R!. .<2 +e !h%e 'oFY ;0; % e$/c&#o o'

=.2. The $#"/&e$ EPS %! R!. 2.1 +e !h%e %$ R!. 3.3+e !h%e e!+ec&#)e"4.

Cash &low

The e& c%!h 'o( o+e%&#5 %c&#)#&#e! %! R!. 3,1;.= "%9h! $/#5 &he 4e% e$e$M%ch =0, ;00 %!

%5%#!& R!. 00,3;1.2 "%9h! $/#5 &he 4e% e$e$ M%ch =0, ;0;. Thec%!h 5ee%&#o $/#5 FY ;00 %! "oe

&h% &h%& # FY ;0;, +#(%#"4 $/e &o #ce%!e# S/$4 De*&o! %$ $ece%!e # C/e& L#%*#"#&#e!.

The e& c%!h 'o( #)e!&#5 %c&#)#&#e! %! R!. 03.;3 "%9h! $/#5 &he 4e% e$e$ M%ch=0, ;00 %!

%5%#!& R!. 02,0;.< "%9h! e& c%!h /!e$ $/#5 &he 4e% e$e$ M%ch =0, ;0;.I &he c/e& 4e%, &he !/+"/!

'/$! ee /!e$ 'o #)e!&(e& # (/&/%" '/$! %$ '#e$De+o!#&!. Thee ee %"!o #)e!&(e& # "#(#&e$ +%&e!h#+!

%$ +/ch%!e o' '#e$ %!!e&!The e& c%!h /!e$ # '#%c#5 %c&#)#&#e! %! R!. 3,=1.0 "%9h! $/#5 &he 4e%

e$e$M%ch =0, ;00 %$ %! %5%#!& e& c%!h /!e$ o' R!. ,;3.2; "%9h! $/#5 &he 4e% e$e$ M%ch =0, ;0;. The o/&'"o %! o %cco/& o'e+%4(e& o' &he "o5 &e(



"o% h#ch &he Co(+%4 h%$ *ooe$ 'o S%!9e F#"%$%c/#!#&#o, o %cco/& o' */4-*%c9 o' e/#&4 !h%e!,

+%4(e& o' #&e#( $#)#$e$ %$e"%&e$ $#)#$e$ &%.

Opportunities and 1hreats

A ece& !&/$4 $oe *4 NASSCOM %$ Boo A""e H%(#"&o h%! +o#&e$ &o R?Do/&!o/c#5 #ce%!#5 &o % (%9e&

!#e o' 5e%&e &h% 1; B#""#o *4 ;02. Th#! +e!e&!5e%& o++o&/#&#e! 'o /! %! e %e $ee+"4 e&eche$ # &h#!

!+%ce. We h%)e %"%4! %#(e$&o *e &he !/++"#e o' cho#ce 'o e(*e$$e$ R?D !e)#ce! *4 +o)#$#5 *e!& #

c"%!!e(*e$$e$ !o"/&#o! 'o )%#o/! %++"#c%&#o!.

Oe o' o/ 9e4 c/!&o(e! %o/ce$ % (%8o !h#'& # !&%&e54 # Fe*/%4 o' &h#! 4e%h#ch #"" h%)e % #(+%c& o o/

h%$!e& */!#e!! e)e/e! 'o( &he E/o+e% 5eo5%+h4.The4 h%)e !#5%"e$ &h%& ;00 %$ ;0 &o *e &%!#&#o

4e%! %! &he4 (#5%&e &o % ee!o'&%e +"%&'o(. F/&he &he4 (%$e % %o/ce(e& &h%& &he4 o/"$ *e

e&#e"4o/&!o/c#5 $e)e"o+(e& o' !o'&%e o &he# e#!&#5 !(%&+hoe +"%&'o( &o oe o' &he#+%&e!.

A$o#$ %$o+&#o *4 h%$!e& %$ o&he $e)#ce (%/'%c&/e! co&#/e! &o 5o. We h%)e&%9e % "e%$ # $e"#)e#5

!o"/&#o! %o/$ A$o#$ %! !(%& +hoe! ? &%*"e&! %ee+ec&e$ &o $e'#e &he (o*#"e co((/#c%&#o ? co(+/&#5

!+%ce. W#&h &he e+"o!#o o'A$o#$ *%!e$ $e)#ce!, &hee h%! *ee % !#5#'#c%& #ce%!e # &%c&#o

#&h!e(#co$/c&o c/!&o(e!. We %e e5%5e$ # !e)e%" +o5%(! 'o (%%5#5 /+5%$e! h#ch%e h%++e#5 %& %

%+#$ +%ce. O/ %*#"#&4 &o /$e!&%$ &he '/"" !4!&e( co(+#!#5h%$%e, !o'&%e %$ !#"#co &h%& 5o #&o */#"$#5

A$o#$ *%!e$ +"%&'o(! h%! +o)e &o*e o' #((e!e )%"/e &o o/ c/!&o(e!. Th#! h%! e!/"&e$ # $ee+e#5 o/

e"%&#o!h#+!#&h !e(#co$/c&o )e$o!, +o)#$#5 /! #&h *o&h !e"" &o %$ !e"" #&h o++o&/#&#e!. We!ee co&#/e$

$e(%$ o +o&#5 %$ #&e5%&#o !e)#ce!. O/ !&e5&h # &he!eco(+e&ec#e!, &o5e&he #&h o/ !e(#co$/c&o e"%&#o!h#+! %$ e5%5e(e&!, +o!#&#o! /!e"" hee. We %e #)e!&#5 # &he!e %e%! *o&h # &e(! o' /(*e o'

+eo+"e, %! e"" %!+%&e!h#+! #&h !e(#co$/c&o )e$o!.

Ice%!e$ +o"#'e%&#o o' LTE e&o9! h#ch o !&%$ %& o)e 0;; &#%"! %$ %c&#)e$e+"o4(e&! %"o5 #&h &he

"%/ch o' !e)e%" $e)#ce c%&e5o#e! # &h#! !+%ce, (%9! % e$&o &he !"/55#!h 5o&h &h%& e h%)e !ee # &he

e&o9! !e5(e& # &he ece& +%!&.

The e+"o!#o o' $%&% &%''#c o (o*#"e e&o9! h%! *ee &he !/*8ec& o' coce %$$e*%&e 'o o+e%&o! %$

e5/"%&o! ho %e o &/#5 &o &echo"o5#e! "#9e $ee+ +%c9e&#!+ec&#o &o he"+ !h%+e &he# &%''#c %$ o''e &#ee$

%++"#c%&#o *%!e$ *#""#5. S%!9e#! # $#%"o5/e #&h +o!+ec&#)e c/!&o(e! &o o''e !e)#ce! # &h#! %e%.

Bo%$*%$ e&o9! %$ (o*#"e c"o/$ *%!e$ co(+/&#5 h%! 5o& &he %&&e&#o o' e&e+#!ec/!&o(e! ho %e o

*e5##5 &o e5%5e #&h /! &o e&e$ &he e%ch o' &he# e&e+#!e%++"#c%&#o! &o *o&h &he# (o*#"e o9 'oce %! e""

%! &he# c/!&o(e!. W#&h &he+o"#'e%&#o o' (o*#"e $e)#ce! %$ e&e+#!e e&o9!, &hee #! % 5o#5 coce

&o!ec/e &he e&e+#!e #'o(%&#o !4!&e(! %$ &h#! #! " #9e"4 &o +o)#$e /! o++o&/#&#e!# &he '/&/e.

I'o&%#(e& (%9e& co&#/e! &o !ee 5o&h, %$ e %e co!o"#$%&#5 o/ +o!#&#o #&h#! !+%ce, +%&#c/"%"4 # Re%

!e%& e&e&%#(e&. We !ee #&ee!& # &he!o"/&#o e %e $e"#)e#5 &o % 9e4 "e%$ c/!&o(e %$ e+ec& &o !#5 /+ %

!#(#"% !o"/&#o&o o&he )e$o! # &he e& /%&e!. We co&#/e &o e&e$ o/ co(+e&ec#e! &o&%+ %$8%cec#e! &o

&he &e"eco( )e&#c%" %$ e+%$ o/ c/!&o(e *%!e %$ o''e#5!.

O/ &o&%" e(+"o4ee he%$co/&, ec"/$#5 co&%c&o!, !&oo$ %& =,2;< e(+"o4ee! %! o'M%ch =0, ;00 %! %5%#!&

=,02= e(+"o4ee! %! o' M%ch =0, ;0;, % e& #ce%!e o' =22e(+"o4ee!. O/ o5%#%&#o %"o5 #&h &he e&#e

#$/!&4 #! o % 5o&h &%8ec&o4, &he$e(%$ 'o #che &%"e& #! '#ece. W#&h &h#! o++o&/#&4 co(e! &he ch%""e5e &o

%c/#e5e%& &%"e& %$ e&%# #&. O/ 'oc/! &h#! 4e% %! &o ce%&e % '%(eo9 'o h#5h+e'o(%ce %co!! &he

o5%#%&#o, #(+"e(e& % o*/!& +e'o(%ce (%%5e(e& !4!&e(,%"#5 co(+e!%&#o &o e'"ec& (%9e& co$#&#o!,

$e!#5 %$ #(+"e(e& &%##5 %$eco5#&#o +o5%(!. Th%9! &o &he!e ##&#%&#)e!, e(+"o4ee !coe! %e (o)#5 #

&he #5h&$#ec&#o. E(+"o4ee e5%5e(e& #! /+, "e)e"! o' %&&#&#o %e $ece%!#5 %$ &he+ece&%5e o' e 8o#ee!

&ho/5h e'e%"! #! o &he #ce%!e.

-isk and ConcernsWe %c&#)e"4 &%9e !&e+! &o (%%5e &he )%#o/! #!9! &h%& &he Co(+%4 #! e+o!e$ &o. The(%8o %c&#)#&#e! &o &h#! e$

%e %! 'o""o!

Business -isks:

O/ o+e%&#o! %e # % #$/!&4 &h%& #! ch%%c&e#e$ *4 $4%(#c ch%5e! #e)#o(e& %$ &echo"o5#e!. We %e

co!&%&"4 e+o!e$ &o #!9! &h%& %#!e o/& o' &he!ech%5e!.

A! (e&#oe$ e%"#e, oe o' o/ 9e4 c/!&o(e! %o/ce$ % (%8o !h#'& # !&%&e54 #Fe*/%4 o' &h#! 4e%.

S/*!e/e& &o &he !h#'& &hee #! % #!9 o' $o+ # e)e/e! 'o(&h#! c/!&o(e, &ho/5h e %e # co!&%& $#%"o5/e &o

!ee ho e c% +%&#c#+%&e # &he#'/&/e o%$(%+.

Oe o' &he 9e4 %!+ec&! o' o/ !&%&e54 h%! *ee &o e(%# 'oc/!e$ o &he co((/#c%&#o!)e&#c%". Th#! e+o!e! /! &o

&he #!9! %!!oc#%&e$ #&h o+e%&#5 # % !#5"e #$/!&4)e&#c%", %! co(+%e$ &o o/ +ee! # &he #$/!&4, ho %e (oe

$#)e!#'#e$. To (#&#5%&e&h#! #!9, e h%)e !&%&e$ %$$e!!#5 c/!&o(e e/#e(e&! # %$8%ce& )e&#c%"! !/ch

%!%/&o(o&#)e %$ co!/(e e"ec&o#c!, !%&e""#&e, 5o)e(e& %$ $e'e!e.Hoe)e, o/ c/!&o(e! o+e%&e # % "#(#&e$ !e& o' #$/!&#e! %$ '%c&o! &h%&%$)e!e"4 %''ec& &he!e #$/!&#e! o

+o$/c& !+e$ *4 co(+%#e! #&h# &he!e #$/!&#e!(%4 %''ec& o/ */!#e!!. A4 $ece%!e # R?D !+e$#5 o



o/&!o/c#5 *4 &he!eco(+%#e! (%4 e$/ce &he $e(%$ 'o o/ !e)#ce!. We $e#)e % !#5#'#c%& +o&#o o'

o/e)e/e 'o( o/ &o+ 0; c/!&o(e!. Re$/c&#o # e)e/e! e ece#)e 'o( oe o (oe o'&he!e c/!&o(e! (%4

%''ec& o/ */!#e!!.

.rotection of intellectual property

I& #! &he +#(e %$ 'oe(o!& e!+o!#*#"#&4 o' %4 Co(+%4 # &he 9o"e$5e #$/!&4 &o!%'e5/%$ #&! o #&e""ec&/%"

+o+e&4. The (%%5e(e& h%! &%9e &he 'o""o#5 (e%!/e!&o +o&ec& #&! IP

0nfoSec actions

S%!9e ISMS 6I'o(%&#o Sec/#&4 M%%5e(e& S4!&e(7 #! $e'#e$ o &he *e!& +%c&#ce!$e#)e$ o/& o' ISO ;;0.

We %e co(+"#%& %$ ce&#'#e$ #&h ISO ;;0 'o o/#'o(%&#o !ec/#&4 +%c&#ce!. Th#! '%(eo9 e/#e! /! &o

co(+"4 #&h 0==co&o"! %$ e!/e! %$heece &o #&e%&#o%" e/#e(e&! # #'o(%&#o !ec/#&4.A$$#&#o%""4,

c/!&o(e !ec/#&4 !&%$%$! %e (e& *4 e!&#c&#o o' +h4!#c%" %$ "o5#c%"%cce!!, &o &he c/!&o(e’! #&e""ec&/%"

+o+e&4.

&iling of patents

The Co(+%4 %c&#)e"4 eco/%5e! e(+"o4ee! &o '#"e +%&e&! &o +o&ec& #&! #&e""ec&/%"+o+e&4. A+%& 'o( !e)#5 &he

+/+o!e o' +o&ec&#o, &he!e +%&e&!, %! %$ he5%&e$, co/"$ "e%$ &o e)e/e! 'o( &he# "#ce!e, o &o o&he

*ee'#&!, *4 co!!"#ce!#5 o' &he!e +%&e&!, # ech%5e 'o o&he! &h%& e (%4 %& &o /!e.

&iling of trademarks

T%$e(%9! h%)e %c/#e$ (/ch #(+o&%ce &o S%!9e #&h &he !o'&%e (%9e& 'oc/!#5 o*%$#5 o' !o'&%e

+o$/c&! %$ !e)#ce!. We h%)e %"!o %++"#e$ 'o e5#!&%&#o o'ce&%# &%$e(%9! # USA, EU, R/!!#%, J%+%, Ch#%%$ I$#%.

.rotection of confidentiality

The Co(+%4 %!!#5! (/ch #(+o&%ce &o &he co'#$e&#%"#&4 o' #&! !o'&%e, &%$e!ece&!, #&e%" $%&%, !4!&e(! %$

+oce!!e!. The Co(+%4 e!/e! &h%& &he e(+"o4ee!,c"#e&!, +o!+ec&!, !/*co&%c&o!, %$)#!o!, co!/"&%&!,

)e$o!, +o!+ec&#)e #)e!&o!ho %e e+o!e$ &o %4 o' &he co'#$e&#%" #'o(%&#o o' S%!9e, %e co&%c&/%""4

*o/$&o 9ee+ #& co'#$e&#%".

Contracting process for limitation of liability

E%ch %$ e)e4 co&%c& e&ee$ #&o *4 &he Co(+%4, #c"/$#5 *o&h c/!&o(e %$ )e$oco&%c&!, /$e5oe! %

e""-!e&&"e$ "e5%" %$ co((ec#%" co&%c& e)#e +oce!!. The+oce!! e!/e! &h%&, &he c"%/!e!, h#ch (%4 *e

#(+o!e$ *4 &he c/!&o(e )e$o! &h%&e+o!e &he Co(+%4 &o #!9! %e +o+o&#o%&e #&h &he *ee'#&! %cc/#5 'o(

&heco&%c&. The Co(+%4 #! %"!o +o&ec&e$ *4 #!/%ce co)e%5e.

&inancial risks:

&oreign e3change fluctuation risk

Mo!& o' &he Co(+%4’! e)e/e! %e # US Do""%! %$ E/o!, h#"e #&! e+e!e! %e# I$#% R/+ee!. O+e%&#5

+o'#&! %e &hee'oe !/*8ec& &o '"/c&/%&#o! # ech%5e%&e!. The ech%5e %&e *e&ee &he R/+ee %$ &he US

Do""% h%! ch%5e$ !/*!&%&#%""4 #&he ece& 4e%. I FY ;00, &he /+ee co&#/e$ &o *e cho++4. The /+ee

%++ec#%&e$ *4=. %5%#!& USD, 'o( M%ch =0, ;0; &#"" M%ch =0, ;00. The /+ee c"o!e$ %& R!. .21 &o% $o""%

'o FY ;00.

W#&h )#e &o (##(#e &he #(+%c& o' ech%5e '"/c&/%&#o!, &he Co(+%4 +e#o$#c%""4e)#e! #&! 'oe#5 ech%5e

e+o!/e! %$ &%9e! %++o+#%&e he$5e! &ho/5h 'o%$co&%c&! %$ o+&#o co&%c&!, e5/"%"4. The +o"#c4 o' &he

Co(+%4 #! &o &%9e he$5e! 'o#!9 (#&#5%&#o %$ o& 'o +o'#& (%#(#%&#o. The Co(+%4 h%! +e!e& "o!! "#(#&!

%$/he$5e$ e+o!/e! %e !/*8ec& &o &he!e "o!! "#(#&! 'o &he +/+o!e o' $ec#$#5 &he he$5e.

6i7uidity -isk

The Bo%$ e)#e! &he "#/#$#&4 +o!#&#o +e#o$#c%""4 %$ $e&e(#e! &he ee$ 'o#'/!#o o' e/#&4 %$ $e*& c%+#&%" #&o

&he */!#e!!. The Co(+%4 h%! (e& #&! o9#5c%+#&%" e/#e(e&! &ho/5h #&e%" c%!h %cc/%"! $/#5 &he c/e&4e%. The Co(+%4h%! '/$ *%!e$ %$ o-'/$ *%!e$ "#e! o' ce$#& %)%#"%*"e, &o !%&#!'4 %4 o9#5c%+#&%"

e/#e(e&!, #' e/#e$.

0nternal Control Systems

The Co(+%4 co&#/e! &o co(+"4 #&h &he e/#e(e&! o' E&e+#!e R#!9 M%%5e(e&6ERM7, h#ch #! (%$%&e$

*4 C"%/!e 1 o' &he L#!&#5 A5ee(e&. A+%& 'o( #$e&#'4#5 %$$oc/(e&#5 E&#&4 "e)e"’ #!9! %$ co&o"!, &he

eec#!e #)o")e! #$e&#'4#5%"" !#5#'#c%& 6%7 "oc%&#o! %$ 6*7 */!#e!! +oce!!e!, 'o""oe$ *4 6c7 $oc/(e&#5

e%cho' &he +oce!! '"o! 6$7 ce%&#o o' #!9 e5#!&e! %$ 6e7 % %!!e!!(e& o' co&o"! *4%4 o' &e!&#5. The #!9

e5#!&e c%+&/e! %"" %e%! o' +o&e&#%" '#%c#%" #!9! %$o+e%&#o%" #!9! %$, &he %!!oc#%&e$ #&e%" co&o"! &h%& %e

%"e%$4 # +"%ce o h%)e*ee #$e&#'#e$. A/%" ce&#'#c%&#o #! % #(+o&%& +oce$/e h#ch e$! #&h &he CEO%$

CFO ce&#'#c%&#o. I& !&%&! 'o( &he co&o"’ oe %$ &he o &o &he+oce!!’ oe %$ /+%$!, "e%$#5 &o &he

CO’!.

A! +%& o' &he %!!e!!(e& eec#!e co$/c&e$, ce&%# +o+o!e$ co&o"! #$e&#'#e$ #+e)#o/! +e#o$! h%)e *ee#(+"e(e&e$ %$ &e!&e$ 'o &he# e''ec&#)ee!!, %$ o&he+o+o!e$ co&o"! %e *e#5 #(+"e(e&e$. A$$#&#o%""4,

ce&%# e co&o"! h%)e *ee#$e&#'#e$ 'o (%&&e! o' !#5#'#c%& #(+o&%ce o e"e)%ce, 'o #(+"e(e&%&#o #



&heco(#5 +e#o$!.

The Co(+%4 co&#/e! &o c%+&/e %$ &%c9’, #!9! %$ co&o"!. The Co(+%4co&#/e! &o $o % e5/"% %!!e!!(e&

o' &he #!9! %$ co&o"! 'o &he e#!&#5 %$ e+oce!! '"o!. The +oce!!e! 'o""oe$ *4 o&he !/*!#$#%4

co(+%#e! o/"$ %"!o *e *o/5h&/$e &he +/)#e o' ERM.

F/&he, %! % 5oo$ co+o%&e 5o)e%ce (e%!/e, %"" (%&&e! o' !#5#'#c%& #(+o&%ceo e"e)%ce h%)e *ee

e+o&e$ &o &he A/$#& Co((#&&ee %$ &he Co(+%4’! S&%&/&o4A/$#&o!.

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