27 October 2004

Second Quarter ResultsJul- Sept 2004

2

Agenda

Results Highlights

Financials Consolidated

Segmental Analysis Revenue Analysis

Profitability Analysis

Lead Indicators

Head Count

Shareholding Movement

3

QUARTERLY HIGHLIGHTS

Net profits at Rs 152Mn, Up 50% YoY up 15% QoQ, Net Margins sequentially improve to 11%

Operating Profits at Rs 244 Mn, Up 7% QoQ Grow 12% YoY Margins stable at 18%

Revenues at Rs 1370Mn Up 7% sequentially Grow 14% YoY Offshore Revenue Contribution stable at 42% Revenue capacity utilization moves up from 77% last quarter to 78%

4

Consolidated Financials(Rs Mn) JAS’03

(3 months)

AMJ’04

(3 months)

JAS’04

(3 months)

HYD’04

(6 months)

Revenues 1204 1279 1370 2649

Op Expenses 986 1051 1126 2177

Operating Profit 218 228 244 472

OPM (%) 18 18 18 18

Depreciation 95 94 96 190

Other Income (net of Interest) 2 22 20 42

Tax 24 22 13 35

PAT after Minority Interest 101 132 152 284

Net Margins (%) 8 10 11 10.7

EPS (not annualized) 3.4 3.9 7.3

•DSOs show further improvement at 78 days for the quarter (84 last quarter)•Cash and cash equivalents over Rs 1030 Mn

5

SEGMENTAL REVENUE

1012

25

1165

39

1195

61

1261

88

1207

72

1290

79

0

200

400

600

800

1000

1200

1400

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

Software BPO

•Software solutions grow 7% sequentially, 11% YoY•BPO shows 104% YoY growth, 10% QoQ

(Rs Mn)

6

APGC12%

Europe36%

Americas

39%

India13%

APGC12%

Europe45%

Americas

37%

India6%

FY04 AMJ’04

Europe has the highest revenue contribution

REVENUE MIX- GEOGRAPHY WISE

APGC11%

Europe42%

Americas34%

India13%

JAS’04

7

REVENUE MIX- VERTCALS

Ret.

9%

FI&B

28%

Trspt.

17%

Manfg

15%

Others

31%

AMJ’04

Ret.

9%

FI&B

31%

Trspt.

24%

Manfg

9%

Others

27%

FY04

3 Focused verticals contribute 60% to overall revenues

Retail9%

BFSI30%

Transportation21%

Manfg7%

Others33%

JAS’04

8

ORDER BOOK

US $ mn

3238 38 35

39 38

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

US $ mn

91103 114 122 132 141

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

Fresh Order Intake

Closing Order Book

•45% of Pending Order book at $ 64 Mn executable over next 12 months•OB grows 7% sequentially

•Fresh intake of orders at USD 38Mn•Consistently above the $ 30Mn mark

9

CLIENT CONCENTRATIONTop 5 clients contribution stable at 36% of revenues, Added 6 New significant customers, internationally, in the quarter

Top 20

Top 10

Top 5(%)

Others

35 36 36

JAS'03 AMJ '04 JAS'04

3331

69 67

51 53

34

66

51

10

PEOPLE RESOURCES

2030

638

JAS'04 JAS'04

BPO

Software

Onsite

Offshore

22%

78%

Segmental People Break Up On-Offshore Break Up - Direct

2668

11

SHAREHOLDING PATTERN

Quarter end shareholding pattern•Promoters 40% (39% pre- listing)•Institutional category 32% (33% prior to listing)•Public 28%