KPIT cummins

Template
(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
Year
2007 -A
2008 -A 2009 - A

Mar-10
2010 - A

Mar-11
2011 - A

Mar-12
2012 -A

Mar-13
2013 - E

Mar-14
2014 - E

Mar-15
2015 -E

Mar-16
2016 -E

Mar-17
2017 -E

KPIT cummins
Income 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
Year
2007 -A
2008 -A
Overseas Sales
Domestic Sales
Total Sales

Mar-09
2009 - A

Mar-10
2010 - A

4,424
213
4,637

5,523
312
5,835

7,410
521
7,932

6,716
600
7,316

57%

2,884
1,753

3,730
2,104

4,467
3,464

4,090
3,226

Selling and Marketing Expenses

General and Administration Expenses
Other Expenses
26%
EBITDA

512
533
1,046
708

577
794
1,371
733

688
943
1,631
1,834

664
948
1,611
1,614

Depreciation / Amortization
EBIT

121
587

255
478

436
1,397

308
1,306

Interest Expense
EBT

45
542

75
403

45
1,352

27
1,279

Interest Income
Other Income
PBT

13
555

199
602

0
-574
778

0
-253
1,026

Software Development Expenses

Gross Profit

Exceptional Items
EBT
Total Provision for Tax
PAT Before Exceptional Item

555
23%

52
503

602
76
526

778

1,026

120
658

169
857

Exceptional Item - Provision for decline in value of Investment

0 in Findant Inc.,
14 USA.
PAT
503
512

658

857

Profit Share in Associate

Minority Interest
PAT/Net Income

2
505

1
513

0
659

0
857

EPS
Basic
Diluted

6.83
5.47

6.67
6.55

8.44
8.41

10.97
10.80

Number of Shares
Basic
Diluted

74
92

77
78

78
78

78
79

Mar-11
2011 - A

Mar-12
2012 -A

9,468
762
10,230

15,000

6,599
3,631

7,718
7,282

762
1,346
2,109
1,522

5,117
2,166

411
1,111

445
1,721

13
1,098

73
1,648

0
5
1,103

138
1,786

1,103

100
1,886

155
948

437
1,450

948

1,450

-2
946

35
31
1,453

11.76
11.35

8.19
8.08

Mar-13
2013 - E

18,935

Mar-14
2014 - E

23,902

Mar-15
2015 -E

30,171

Mar-16
2016 -E

38,086

Mar-17
2017 -E

48,076

80
83

177
180

KPIT cummins
Balance 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
Year
2007 -A
2008 -A
2009 - A

Mar-10
2010 - A

Mar-11
2011 - A

Share Capital
150
Application Money
26
Outstanding Employees Stock Options0
Reserves and Surplus
1,815
Total Sharehodlers' Equity
1,990

156
28
0
2,454
2,638

156
0
0
1,475
1,631

157
1
17
3,697
3,871

176
3
5
5,849
6,032

Secured Loans
1,217
Unsecured Loans
6
Minority Interest
5
Deferred Tax Liability
10
Other Liabilities
Total Liabilities and Sharehodlers' Equity
3,228

858
7
5
42

1,185
3
60

1,108
0
51

1,105
9
55

3,550

2,878

5,030

7,201

Gross Block - Fixed Assets

1,970
Less: Accumulated Depreciation/ 379
Net Block
1,591
Capital Work-in-Progress
181
Net Block after CWIP
1,772

2,102
629
1,473
207
1,680

2,205
1,042
1,163
348
1,510

2,514
1,278
1,236
286
1,522

2,941
1,678
1,263
317
1,581

Intangible assets
Intangible assets under development
Goodwill on consolidation
0
Investments
49
Other Assets
Total Fixed Assets
1,821

0
1

285
0

950
747

1,300
477

1,682

1,795

3,219

3,357

1,102
625
345

1,432
740
530

1,776
1,671
449

1,388
1,052
677

2,525
2,096
1,097

2,072

2,702

3,896

3,117

5,719

506
159
665

546
287
833

2,716
97
2,813

1,076
230
1,306

1,636
238
1,875

1,868

1,083

1,811

3,844

Current Investments
Sundry Debtors
Cash and Bank Balances
Loans and Advances
Other Current Assets
Total Current Assets
Short Term Borrowings
Current Liabilities
Provisions
Total Current Liabilities

Net Current Assets (CA - CL = Working

1,407
Capital)

Preliminary Expenses
Total Assets
Checksum

0.108122

0.043248

3,228

3,550

2,878

5,030

7,201

Balace Sheet Ratios

Current Ratio
3.12
3.24
Cash Ratio
0.30
0.27
Days Sales Outstanding (Average collection period)
79.26
Payable Days
51.45
Debt/Equity
0.33
ROE (%)
22%
BVPS
33.72

1.38
0.43
73.81
133.26
0.73
31%
20.83

2.39
0.34
78.90
169.19
0.29
31%
48.77

3.05
0.37
69.81
75.01
0.18
19%
72.38

Mar-12
2012 -A
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

Mar-13
2013 - E
356

Mar-14
2014 - E
356

Mar-15
2015 -E
356

Mar-16
2016 -E
356

Mar-17
2017 -E
356

8,649
-

1.48
0.39
84.02
80.23
0.31
22%
39.61

KPIT cummins
Cash 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
Year
2007 -A
2008 -A

Mar-09
2009 - A

Net Profit /(Loss) before tax

555
602
778
Adjustments for:
(Profit) / Loss on sale of fixed assets (net)
5
-3
10
Depreciation/Amortization
121
255
436
Interest and Financial charges
67
94
74
Interest income
-22
-19
-24
Provision for doubtful debts/(Write back of excess 12
provision for bad7and doubtful debts)
43
Bad debts written off
- Provision for doubtful advances/(Write back of excess
- provision for -doubtful
advances)
Employee Stock Option cost
- Dividend income
-2
-1 Effect of exchange differences on translation of subsidiaries
(1)
Preliminary Expenses (to the extent not written-off
0.065or adjusted)0.065
0.043
Exchange differences on translation of foreign currency
- cash and cash
- equivalents(16)
Minority Interest
2
Profit on Closure on Subsidiary
-1
Unrealised foreign exchange (gain)/loss
1
-59
-81
Profit on sale of Business Assets
Operating Profit before working capital changes 738
876
1,219
Adjustments for working capital
Increase/(Decrease) in Other Long-Term Liabilities
Increase/(Decrease) in Long-Term Provisions
Increase/(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 Debtors
-246
-339
-335
(Increase)/Decrease in Loans and Advances
97
-184
-53
Increase/(Decrease) in Current Liabilities and Provisions
262
133
501
Change in Working Capital
113
-390
113
Cash generated from operations
851
485
1,332
Direct taxes
-47
Prior Year Taxes
-5
Deferred Tax
2
Employee Welfare Fund
Taxes Paid
-49
-44
-141
Net cash from operating activities
801
441
1,191

Mar-10
2010 - A

1,026
18
308
67
-40
0
4
12
17
-12
(1)
37
23
1,459

488
-169
-488
-169
1,289
-213
1,076

Purchase of fixed assets and Intangible assets (including

-918 CWIP) -360
Proceeds from sale of fixed assets
3
4
Investment in Equity Shares of Subsidiaries
Investment in Equity Shares of Assosiate
Investment in Preference Shares of Subsidiary
Sale/(Purchase) of Investments
-49
34
Proceeds from Sale of Business Assets (Refer Note 3 below)
Loan (given to)/repaid by Employee Welfare trust
Sale of Investments in shares of banks
0.111
Interest received
22
19
Dividend received
2
1
Minority Interest
0.117
Acquisition of Sparta Consulting Inc.
- Acquisition of Minority shareholding of KPIT Infosystems
GmbH
- Acquisition of Minority shareholding of KPIT Infosystems
Inc. (SolvCentral)
- Acquisition of In2soft GmbH
- Acquisition of CPG Solutions Inc
- Dividend received from Mutual Fund Investments - Fixed Deposit with banks (net) having maturity over-three months Net Cash from/(used in) investing activities
-940
-302

-493
-3

-238
1

-747

24
-

46
(364)
(182)
(122)
-

(198)
-669

Repayment of term loan (Net)

-126
-82
Proceeds from issue of Share Capital
111
0
Proceeds from issue of shares on Employee Stock Option
20
Plans
Share Issue expenses for Preferential Allotment
Application Money Received
- Proceeds of upfront consideration for share warrants
- issued
19
Availment of loan
298
Proceeds from working capital loan (net)
176
-197
Increase/(Decrease) in Finance Lease Obligation
0
1
Proceeds from Short-term loan
Dividend paid including corporate dividend tax -29
-61
Proceeds from Issued/ Paid up/ Subcribed Capital 393
Interest & Finance Charges
(67)
(94)
Interest on Term Loan capitalized
(29)
Net Cash from/ (used in) Financing activities
354
-22

161
-2
-64
(74)
182

-237
26
1
203
-2
-55
(68)
-132

Increase/(Decrease) in foreign exchange translation-1reserve

2
Exchange Differences on Translation of Foreign Currency.
-1
-5
Net Increase/(Decrease) in Cash and cash equivalents
214 (A + B+ C+ D)
114

16
720

-37
-528

1,460
740
-

1,001
1,460
69

EOP - Cash
625
740
BOP - Cash
411
625
Cash and cash equivalents of In2soft GmbH as of date- of acquisition Cash and cash equivalents of CPG Solutions Inc. as of -date of acquisition
Cash and cash equivalents of Sparta Consulting Inc. as- of date of acquisition
Add: Cash & cash equivalents on acquisition of subsidiaries

161
0
-

12
159
-1,435

Deposits with original maturity over three months

Deposits under lien
Cash and Bank Balance to Balancesheet
Checksum

198
13

(0.00)

39
13

0.00

Mar-11
2011 - A

1,103
2
411
42
-32
0
8
(8)
0
-34
(10)
(31)
19
1,471

-976
-334
619
-690
781
-249
532

Mar-12
2012 -A

1,886

Mar-13
2013 - E

Mar-14
2014 - E

Mar-15
2015 -E

Mar-16
2016 -E

#REF!

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1
445
73
-17
0
4
-37
20
-128
-100
2,146

0
423.9007581
147
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0
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-30
1
95
-8
91
-1,438
-56
515
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1,276
(3)
-268
1,005

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3

(108)
(355)
34
39
-565

-609
6
-2,088
-98
-278
112
65
3
29
37
(6)
-2,828

-226
1,232
(30)
2
128
6
39
-64
(42)
1,045

607
65
596
0
(43)
-72
(69)
1,084

31
1,042

0
-20
-760

270

21
-

2,080
1,001
37
-

1,467
2,080

146

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16

2,095.97
(0.04)

1,472.98
-

Mar-17
2017 -E

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KPIT cummins
Revenue 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
Year
2007 -A
2008 -A

Mar-09
2009 - A

Mar-10
2010 - A

Method-1 (Y/Y growth)

Total Sales
y/y %growth

4,637

5,835
26%

7,932
36%

7,316
-8%

y/y %growth is based upon the avg. of last

Method-2 ((5 Year CAGR)
Total Sales
y/y %growth

4,637

5,835

7,932

7,316

61.86%
29.20%
8.94%

55.96%
32.19%
11.85%

55.17%
35.86%
8.97%

60.36%
30.06%
9.58%

2868
1354
415
4637

3265
1878
691
5835

4376
2844
711
7932

4416
2199
701
7316

Method - 4: Onsite/ offshore Revenue (Price*Quantity Method)

Onsite Revenues (%)
51.25%
Offshore Revenue (%)
48.75%

47.23%
52.77%

44.90%
55.10%

40.21%
59.79%

Method 3: - Revenue by geography

USA
Europe
Rest of World

Revenue by geography
USA
Europe
Rest of World
Total revenue
5 Year CAGP
USA
Europe
Rest of World

Onsite Revenues (Millon)

Offshore Revenue (Millon)
Total Revenue (Millon)

2376.47
2260.54
4637

2755.65
3078.88
5835

3561.27
4370.28
7932

2941.93
4374.48
7316

472
2069
2541

543
2,872
3415

599
3,674
4273

559
3,753
4312

19%
81%

16%
84%

14%
86%

13%
87%

Onsite FTE
Offshore FTE
Total FTE

431
1489
1920

495
2,031
2526

562
2,626
3,188

512
2,674
3,186

Development (at Year end)

Gen Mgmt / Support (at Year end)
Marketing (Subsidiaries) (at Year end)
Total (at Year end)

2900
318
38
3256

4,062
373
46
4,481

4,168
357
51
4,576

4,478
380
60
4,918

1,162
1,225
95%

106
95
112%

310
342
91%

91.30%
71.95%

91.23%
70.73%

93.81%
71.49%

91.63%
71.24%

8
22

8
22

8
22

8
22

Hourly Billed
Onsite Hours
Offsite Hours

910136.832
3144019.3

1046240
4290244

1186779
5547258

1081791
5646722

Billing Rate (INR /Hours)

Onsite rate (INR) /Hours
Offsite rate (INR) /Hours

2611.11292 2633.857 3000.782 2719.497

718.998347 717.6468 787.8276 774.6937

Development Team Onsite (avg.)

Development Team - Offshore(avg.)
Total development Team
Development Team Onsite as % Total
Development Team - Offshore as % Total

Employee Addition
Development team Addition
Total team Addition
25%
Development team Addition as % of Total team Addition

Onsite utilization
Offshore utilization

No. of Hours worked/day

No. of Days worked/Month

Exchange Rate (INR/$)

Billing Rate ($ /Hours)
Onsite rate ($ /Hours)

2%

58.0247317 58.53015 66.68405 60.43326

Offsite rate ($ /Hours

5%

15.977741 15.94771 17.50728 17.21542

Mar-11
2011 - A

10,230
40%

Mar-12
2012 -A

Mar-13
2013 - E

15,000 18934.73
47%
26%

Mar-14
2014 - E

Mar-15
2015 -E

Mar-16
2016 -E

Mar-17
2017 -E

23901.597
26%

30171.35
26%

38085.755
26%

48076.2284
26%

30,339
26.47%

38,368
26.47%

48,523
26.47%

y/y %growth is based upon the avg. of last three years

10,230

15,000
26.47%

18,970
26.47%

23,990
26.47%

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

67.71%
20.16%
12.13%

6927
2062
1241
10230

69.56%
18.20%
12.24%

10434 13508.63
2730 3141.022
1836 2472.476
15000
19122

29%
15%
35%

43.68%
56.32%

48.64%
51.36%

29%
15%
35%

17489.275
3613.9253
3329.5945
24433

22642.913
4158.0283
4483.846
31285

29315.195
4784.0499
6038.2352
40137

37953.6261
5504.32372
8131.47554
51589

29%
15%
35%

29%
15%
35%

29%
15%
35%

29%
15%
35%

4468.53
5761.62
10230

7296.00 8775.505
7704.00 9675.201
15000
18451

10336.113
11730.978
22067

12383.439
14467.964
26851

14977.879
18013.809
32992

18269.5684
22618.9619
40889

634
4,723
5357

813
5,466
6279

965
6706
7671

1115
7743
8858.0256

1309
9095
10404.49

1552
10785
12337.571

1856
12898
14753.9213

12%
88%

13%
87%

12.6%
87.4%

12.6%
87.4%

12.6%
87.4%

12.6%
87.4%

12.6%
87.4%

569
3,234
3,803

745
3,968
4,713

5,998
414
102
6,514

7,071
526
122
7,719

8,171

9,545

11,264

13,412

16,096

8,919

10,419

12,294

14,638

17,567

1,520
1,596
95%

1,073
1,205
89%

1,100
1200
91.6%

1,375
1,500
91.6%

1,718
1,875
91.6%

2,148
2,344
91.6%

2,685
2,930
91.6%

89.80%
68.48%

91.64%
72.59%

91.0%
70.8%

91.0%
70.8%

91.0%
70.8%

91.0%
70.8%

91.0%
70.8%

8
22

8
22

8
22

8
22

8
22

8
22

8
22

1202429.18
6830863.56

1573510 1855482
8379929 10022931

2142602.5
11573899

2516665.4
13594510

2984244
16120274

3568717.28
19277478.9

3716.24888
843.468183

4636.767 4729.502
919.3395 965.3065

4824.0925
1013.5718

4920.5744
1064.2504

5018.9859
1117.4629

5119.36558
1173.3361

107.20206

109.3461

111.53302

113.76368

<==Rs. 45
82.5833084

103.0393 105.1001

18.7437374

20.42977 21.45126

22.523819

23.65001

24.83251

26.0741355

<== $80-120

<== $15-22

KPIT cummins
Template
(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
Year
2007 -A
2008 -A 2009 - A

method 3;Revenue by geography

USA
Europe
Rest of world
Revenue by geography
USA
Europe
Rest of world

61.86%
29.20%
8.94%

55.96%
32.19%
11.85%

55.17%
35.86%
8.97%

Mar-10
2010 - A

Mar-11
2011 - A

Mar-12
2012 -A

60.36%
30.06%
9.58%

67.71%
20.16%
12.13%

69.56%
18.20%
12.24%

Mar-13
2013 - E

Mar-14
2014 - E

Mar-15
2015 -E

Mar-16
2016 -E

Mar-17
2017 -E

KPIT cummins
Template
(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
Year
2007 -A
2008 -A 2009 - A
Method 1- Y/Y Growth basis
Income
Y/Y Growth

Mar-10
2010 - A

Mar-11
2011 - A

Mar-12
2012 -A

4,637

5,835
26%

7,932
36%

7,316
-8%

10,230
40%

15,000
47%

4,637

5,835

7,932

7,316

10,230

15,000
26%

Method 2
Income

Mar-13
2013 - E

18934.73
26%

Mar-14
2014 - E

Mar-15
2015 -E

Mar-16
2016 -E

Mar-17
2017 -E

23901.6 30171.35 38085.75 48076.23

26%
26%
26%
26%

18969.76 23990.12 30339.12 38368.38

26%
26%
26%
26%

48522.6
26%