Cigniti Technologies Ltd.

Corporate Presentation
December 2019

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Cigniti: Business Overview & Key Metrics
Cigniti is a globally recognized player in Specialized Quality Engineering Services and an emerging leader with Digital offerings
Business Overview
Business Overview Share Holding Pattern (Dec’19)
• Founded in 1998, Cigniti is a global player in Specialized Quality
Engineering Services
• It offers Services including Traditional Quality Assurance & Testing, Quality Promotor
Engineering, Digital Testing and many more services Holding
36.25%
• 2300+ Employees worldwide, 1900+ testers Public
• 200+ Active customers including 50+ Fortune 500 Customers 63.75%
• Differentiator: IP led approach to digital through BlueSwan Platform
• Key Verticals: BFSI, Travel & Hospitality, HealthCare

Customers Partners
Awards & Recognitions
A strong client base of 200+ Deeply interconnected in
• World’s first Independent Quality Engineering Services Company to be Active Customers rich ecosystems
appraised at CMMI-SVC v1.3, Maturity Level 5, and we also are ISO 9001:2015
& ISO 27001:2013 certified
• Positioned as a ‘Star Performer’ and ‘Major Contender’ in the Everest Group
PEAK Matrix. 3 years in a row.
• Positioned in Gartner’s Magic Quadrant for Application Testing Services,
Worldwide for 4 years in a row.
• Recognized as a Leader by NelsonHall in NEAT charts for Software Testing.

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Cigniti: A Global Leader in Specialized Quality Engineering Services
Financial Overview Company Overview

Headquartered in Hyderabad, India, Cigniti is North America’s largest Independent Quality

Business Metrics Q3FY20 Business Metrics 9MY20 Engineering Services company with operations in 13 countries. It offers wide variety of QA testing
services including Testing Advisory & consulting leveraging IP (BlueSwan) for Digital transformation.
Revenues: 216.75 Cr. Revenues: 638.03 Cr.

EBITDA: 28.62 Cr. EBITDA: 97.14 Cr. 200+ 1900+ 50+ 71

Active Career Fortune Global
PAT: 28.11 Cr. PAT: 92.34 Cr. Customers Testers 500 Customers 2000 Customers

Awards & Recognitions

Q3 & 9M FY20 Operational Highlights
 The Company’s Revenue from operations for the
quarter under consideration stood at Rs. 216.75
crore as against Rs. 209.97 crore in Q3FY19 on a
consolidated basis
 EBIDTA for the December quarter was at Rs. 28.62
crore and EBIDTA margin stood at 13.2%. Partners
 The company’s Net Profit for Q3FY20 stood at Rs.
28.12 crore on a consolidated basis.
 Other income includes net foreign exchange gain of
Rs. 183.51 lakhs and net foreign exchange gain of Rs.
86.89 lakhs for the quarter and nine month ended
December 31, 2019 respectively
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Cigniti’s Core Service Offerings for Large Enterprise Clients

Quality Engineering and Quality Assurance and Digital and Next

Specialized Offerings Traditional Offerings Generation Offerings

• Performance Engineering • Security Testing • IoT Assurance

• Service Virtualization • Functional Testing • Cloud Assurance
• Test Data Management • Testing leveraging AI
• Test Automation
• Tools Streamlining • Blockchain Testing
• Globalization Testing
• End to End Automation • Omni and Multi-Channel Testing
• Performance Testing
• DevOps Enablement • Robotic Process Automation
• Compatibility Testing • Mobile Testing
• Test Environment Management
• Regression Testing • Customer Experience Testing
• Resiliency and Reliability Testing

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Independent Software Testing Market Overview
Specialized Testing Services (STS) market is outgrowing the Traditional Testing Services (TTS) market substantially

50
• Quality Assurance & Testing Service a large market with $ 42.8 B

Market size in USD B

$ 38.3 B
40 6.7% CAGR
healthy growth forecast through 2022 30 18.6 26

• Specialized Testing Services players growing faster 20 -3% CAGR

10 20 17
• Specialized Testing Services players amplifying differentiation -
2015 2020
through IP investments, domain specialization and AI Traditional Testing Services (TTS) Specialised Testing Services (STS)

Digital Services are growing at 15.6% CAGR and is the growth Digital Services focus on new disruptive trends and technologies
driver of the Specialized Testing Market including Mobile, Cloud, Analytics and Big Data

6 5
Digital Services ($ B)

4.4
3.9 17%
3.3 E-Commerce & Mobile Apps
4 2.8

2 Analytics, SW and Big Data

25% 58%
0 Cloud Computing
2014 2015 2016 2017 2018
Digital Services ($B)

Software Testing market is moving towards Specialized, digital, customer focused & revenue seeking clients. Cigniti is also growing in that direction
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Why Independent Software Testing Services – Views from Leading Global Analysts

• STS Providers offers clients independence and ability to deliver • Addresses the inherent conflict of interest between
the full life cycle of testing services development and testing activities, ensuring appropriate rigor
• Work on deals ranging from only a few to several hundred full- in the testing process.
time equivalents working on a project. • View software with a critical eye and ensure the highest
• Good fit for specialist skills, industry- specific skills and their quality of customer-facing applications
flexible & nimble approach.

• Client spending transfers from TTS to STS • Testing as a service offers a variety of benefits, including
• Demand for STS Has Expanded to Multi-Year pay-per-use, which saves on investment in expensive
Contracts and to “Shift-Left” tools & infrastructure and experts, and access to
• Clients are looking for Third-Party-Certification for specialized skill sets to deal with complex problems
Compliance

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Global Software Testing Market Share - Companies (TTS+STS)
Rank Vendor Est. 2015 Global STS Revenues ($M) Market Share Market Dynamics & Shift from TTS to STS
1 Accenture 1,900 9

2 Cognizant 1,750 9
• Top 15 Vendors : 73% of Market Share- 13.5 Billion $
3 IBM 1,400 8
• Other vendors : 23% of Market share : 4.9 Billion $
3 TCS 1,400 8
• Cigniti Stands 2nd in STS, Pure-plays by revenue
5 Capgemini 900 5 • Client spending transfers from TTS to STS; as a result,
5 NTT DATA 900 5 TTS declines year after year, while multi-year SLA-
5 Wipro 900 5 based contracts drive growth.
8 Infosys 825 4

9 Atos 650 4 Source: Nelson Hall Software Testing Services Assessment

& Forecast, July 2016
10 Tech Mahindra 550 3

11 HCL Tech 500 3

12 CSC 400 2

12 HPE 400 2

12 CGI 400 2

15 SQS 350 2

15 Amdocs 350 2

16 Qualitest 200 1

17 Cigniti 93 (118) 0.5 (1)

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North America’s Market Share of Software Testing Services
Rank Vendor CY 2018 STS Revenues($m) Share (%)
1 Cognizant 1,520 15
2 TCS 1,240 12
• Cigniti is one of the Top 2 largest Independent
3 Accenture 1,040 10
testing services pure-play globally.
4 Infosys 810 8 •Strong
Cigniti
PEisAcquisition
the only pure-play company
interest in Top 15
in Independent
5 Capgemini 580 6 of NAsoftware
region for testing
Testing Services.
companies.
6 IBM GS 560 6 • STS will account for 60% of testing services
Wipro spending globally by 2020, mostly fuelled by
7 460 5
continued transfer from TTS to STS
8 Tech Mahindra 440 4
9 HCL Tech 380 4
10 NTT DATA 360 4 Source: Nelson Hall Software Testing Services, February 2019

11 DXC 280 3
12 Amdocs 280 3
13 EPAM 160 2
14 Virtusa 130 1
15 Cigniti 100 1
16 Hexaware 100 1
Subtotal 8,440 84

Total 10,100 100

Source: NelsonHall estimates.
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Cigniti Recognized as a ‘Leader’ by Leading Industry Bodies
Cigniti recognized as a ‘leader’ by NelsonHall in overall Software Testing
Gartner positioned Cigniti as a “Niche Player” among 300 companies
Competitive Landscape. Also, it believes that the future of software testing
industry is about complementing testing tools with proprietary IP & platforms
in the Application Testing Services market 2018, 4 years in a row

Source: NEAT report for Software Testing, 2016 - Nielson Hall; 2017 Gartner Magic Quadrant for Application Testing Services, Worldwide

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Cigniti Recognized as a ‘Leader’ by a Leading Industry Bodies - 2

Forrester placed Cigniti as a “Strong Performer” on a 29 point criteria. Everest Group, for the 4th consecutive year, has positioned Cigniti as the
Forrester analyses 11 most relevant players in the Continuous Testing ‘Major Contender’ in Everest Group PEAK Matrix™, 2018.
Services Market

Source: Forrester’s Continuous Testing Service Providers, Q3 2017; Everest’s report on PEAK Matrix™ for Independent Testing Services, 2018

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Cigniti: A Quality Engineering and Testing company focusing on
Large Global Enterprises in High Spend Domains

• Cigniti has a client base of 225 with 50+ Fortune 500 customers.
Strategic Focus • The company has 31 Million dollars accounts
• Cigniti primarily works in high spend and mission critical domains such as ISV,
BFSI, Travel & Hospitality, Healthcare & Life Sciences and Retail & E-commerce
• Focus on digital which demands better Speed to Market, Higher Customer
Centricity and Higher Speed to Value
• Over 30 of Cigniti’s large clients use its Next Generation Testing Platform -
BlueSwan, capable of serving clients across domains - to achieve growth through
IP led Software Services
• Focus on operational excellence resulting in reduction of cost has led to
expansion of margins

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Business Update

Governance

• Professionally governed by Independent Board Members who come with relevant industry experience
• Statutory Audit by a member firm of Big four – S.R. Batliboi & Co.
• Internal audits by BDO LLP, one of the top 6 accounting firms.

Operations

• Strengthened the leadership team by hiring industry experts

• Hiring candidates with new-age technology experience
• Re-skilling the talent to cater to new age enterprises – Scaled up internal as well as partner-led training programs.
• Built Domain Competency groups for top revenue yielding industry verticals.
• Augmenting capability and expertise in New age technologies – RPA, UI Testing, Testing using AI and Blockchain testing;
Setting up Testing CoE for each area.

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Board Members

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Led by Dedicated Promoters & Managed by Professional Leadership Team
C V Subramanyam, Chairman and Managing Director Srikanth Chakkilam, Chief Executive Officer, Cigniti Technologies Inc.
• In 1998, Mr. Subramanyam founded Chakkilam Infotech Pvt. • Drives client acquisition strategies, provides oversight to Sales, sets business targets,
Ltd. as an IT services company providing IT solutions and maintains the P&L and related activities
• Successfully took the company public in 2004 • Key decision maker in the vision and growth of Cigniti & plays a vital role in
• Holds a Bachelors in Commerce and Law and Post Graduate evaluating, analyzing & deciding Cigniti’s pursuits related to inorganic growth
Diploma in Business Management • Focused to build a highly successful, impactful and ethical business in all forms
• Has an MS from the University of Southern California

Krishnan Venkatachary, CFO Pradeep G, CTO & President (North America West) Jagdish Kumar, SVP – ICT
• Mr. Krishnan brings to Cigniti over 25 years of • Mr. Pradeep as CTO is responsible for revenue • Jagdish heads ICT function at Cigniti. Over 25 years of
experience spanning global financial operations. targets and business growth for Cigniti’s NA West
experience in various global roles spanning IT Strategy
Is a qualified ACA, ACS and FCMA operations. He is an industry thought leader in
& others
• Previous experience: Yashoda Hospitals, software testing with over 15 years of experience
Flagstone Underwriting Support Services, • Previous experience: Cognizant Technology • Previous experience: JDA, OpenText, BaaN, HCL
VisualSoft Technologies, Baan Info Systems Solutions, HTC Global services
Rajesh Sarangapani, VP – Delivery, Practices
• Mr. Rajesh manages technology COE’s and Innovation.
Kalyana Rao Konda, President (North America East) Nanda Padmaraju, SVP – ROW Over 20 years of experience in software testing
• Mr. Kalyana drives the growth of Cigniti's NA East • Mr. Nanda heads sales for the UK and EU • Previous experience: Accenture, AppLabs, Amundi
business to meet the co-located testing services regions. Brings in more than 18 years of global IT Pioneer, Virtusa & Baan
requirements in the US. Is a certified Project expertise along with strong financial acumen
Management Professional (PMP) and a Certified • Previous experience: AppLabs, Satyam
Software Quality Analyst (CSQA) Computer, & IBM Subhendu Pattnaik, AVP – Marketing & IST
• Previous experience: AppLabs, Virtusa, and Baan • Subhendu heads Global Marketing & Demand
Generation. 16+ years of experience & proven track
Raghu Krovvidy, EVP – Delivery, Process & ESG Ramana Vemuri, VP - Operations record in leading 360-degree strategic marketing
• Mr. Raghu manages Global Delivery on a day • Mr. Ramana heads the Process/HR/ICT/Corporate • Previous experience: Infosys, Tata BSS, FINO, Mindfire
to day basis across all GEOs and verticals for Service functions at Cigniti. Has 20+ years of
Cigniti experience spanning financial markets, software
• Previous experience: 20+ years. Accenture, product development and project management
AppLabs, IRIS Digital & NIIT • Previous experience: AppLabs Technologies

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Cigniti Growth Strategy

• Focus on High spending domains with more focus on Fortune 500 and other Large accounts
• Build strong differentiation through investment in proprietary AI-powered Testing Platform such as BlueSwan; invest in Domain
Competency Groups; and build a breed of high quality career testers passionate and better-than-peer group in competence
• Build superior sales engine. Leverage experience of some of the best sales and operations people in the global software industry to
Hunt and Mine large global accounts
• Significantly raise Brand Cigniti awareness in Quality Engineering and Testing world through having Patents, participation in high
visibility industry forums, publication of White Papers and delivering superior business value for clients
• Run critical Lab / R&D functions for clients offshore and build for higher client value and better eventual wallet share
• Build Partnership with diverse, leading technology / AI / Tools players and offer more rounded solutions to Cigniti client base

Offshore Revenue (in $ Mn) Offshore Revenue %

14 50%
13 13.2813.56 43% 43%
43%
44% 44%
12.56 12.61 12.84 40%
36% 41%
40% 43% 43%
12 12.42 12.49 36%
30%
11 11.21
11.31
20%
10
9.49 10%
9 9.41
8 0%
FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY20 FY20 FY20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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On path to a long term Sustainable Growth
Owing to Customer Portfolio overhaul, the low and negative margin Strong growth of 2016 Accounts into Multi-Million Dollar Accounts
customers were removed and high margin ones were on-boarded compensating for revenues lost after removal of low margin customers

20% 2,500

Revenue (INR Mn)

15% 18% 2,099 2,064 2,076 2,146 2,167
17% 1,947 2,050
EBITDA (%)

15% 18% 15%

14% 13%
2,000 1,685 1,690 1,771 1,786
10% 1,500
12%
5% 9%
7% 1,000
0%
0% 500
-5%
-
2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3
EBITDA

Irrecoverable non-current assets written off thereby improving The IP led approach to Software Testing Services will establish the Cigniti
business efficiency and asset utilization brand, bring product differentiation and ensure recurring revenues

3,357 2,806 170

2,348
1,540
1,714 113

739 667 727 27

Total Non-Current assets Total Current assets Depreciation expense

2016 2017 2018 2019
All values are in INR Million
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Diversified Client base Leading to Better Stability
Revenue by Verticals Q3 FY20 Revenue by Regions Q3 FY20

UKEU
10% 13% 12%
4% Independent Software Vendors (ISVs)
Travel & Hospitality Canada
13% BFSI 5% APAC
NA 3%
26% Healthcare Other
79% 4%
Retail & eCommerce ANZ
16% Energy & Utilities 1%

17% Others

The revenue concentration in top accounts has decreased significantly from FY18 to FY19, implying higher revenue stability in future

% Revenue Concentration Q3 FY20 % Revenue Concentration FY 2018-19

Top client 5% Top 20 47.4%

Top 5 21% Top 10 29.1%

Top 10 34% Top 5 16.7%

Top 20 48%
Top Client 4.1%

0% 10% 20% 30% 40% 50% 60%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

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Marquee Clients Across Industry Verticals
In high-spend Industry verticals, Cigniti has marquee clients.
Diversified revenue profile across industry verticals… Verticals Key Clients

BFSI

Energy
&Utilities

Healthcare &
FY 2018-19 Life Sciences

Travel &
Hospitality

Media &
Technology

Retail &
e-commerce

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Revenue growth driven by Geographic diversification in targeted verticals

• Strategic risk management decision to diversify geographical revenues by growing Europe and RoW
• Impressive account wins in Large UK accounts in BFSI, Transportation and Life Sciences verticals

Revenue by Geography (INR Mn) Revenue Contribution INR in

100% in %
2018-19 Mn.
90% 86% 86% 83% 84%
80%
70% Top Client 332 4%
60%
50%
40% Top 5 1,363 17%
30%
20% 11%
9% 7% 7% 9% 8% Top 10 2,372 29%
10% 5% 5%
0%
2016 2017 2018 2019
Top 20 3,866 47%
NA UKEU RoW

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BlueSwan: Cigniti’s Proprietary IP driven solutions for Digital Enterprises

Quality Engineering Platform and Dashboard with

BlueSwan: Delivering Quality@Speed
Verita
Predict Capabilities

50+
Test Automation Accelerator for desktop, web, mobile, Digital
Velocita Enterprise
COTS, ERP and Digital Applications Enterprises
clients use
World’s first integrated test asset Migration platform Intelligence Agile BlueSwan
consisting of QuickLean, Migrate2Selenium & M2TC
Cesta tools to migrate HP QFT/UFT to LeanFT, Selenium and Customer
TestComplete Experience
Process accelerator platform to transform existing end-
Automation DevOps
Praxia to-end SDLC practices practices by assessing processes,
practices, tools, skills & risks Domain
Model-based testing tool, which automatically Expertise
Prudentia generates software testing procedures, using models of
system requirements
Enterprise Sentiment Analyzer which crawls, captures
end user feedback from publicly available sources and
CESA provides insights towards improving end user 2 Patents granted, 1 patent pending with USPTO.
Engagement, Emotion & Experience

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IP, Patents and Trademarks - A Key Differentiator

• Cigniti is differentiated through strong focus on IP creation, R&D & focus on Next-Gen Automation platform
• 30+ Global Enterprises use BlueSwan to accelerate their Digital transformation journeys.
• Cigniti has built 6 World class Quality Engineering Labs for Mobile, Performance, Medical Devices, Smart meters, IoT & Robotics.

2 1 2
Patents granted globally New Patent filed New Trademarks in progress

Smart Remediation Engine (Cesta) : BlueSwan and ATS frameworks

Model Based Testing Tool Migration (Prudentia) :
Intelligently analyses the test assets to
US Patent Application No : 14/680,132 dated
migrate and develops a path that will 07-04-2014 Titled : “System and Method for
eventually reduce the overall effort Converting the Business Process to Test-Centric
Activity Diagrams :Our Ref : NP/96
(refactoring) to migrate.

Test Tool Migration Pipeline (Cesta):

Migration of assets from any automation tool
as a source to another automation tool as
target

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Strategic Actions taken by Cigniti for Sustained Value creation

Steps taken to improved ROIC through efficient operations and steeper growth
• High margin services and customers
• Improved operational efficiency
• Expansion of Accounts (Land & Expand)
• Obtained commercial line at overseas location at competitive rate.
• Pre-closure of long term debt
• Focus on digital offerings: BlueSwan and Augmenting capabilities with AI
• Significantly enhanced CESA (Cigniti Enterprise Sentiment Analyser)

Steps taken
• Average Yield per Sales person improved
• Implemented Enterprise Farming Strategy to further enhance growth within existing accounts
• Implementing Strategic Lead generation engine comprising of Podcasts, CXO Breakfasts and Meetups.
• Investing in building deeper relationships with Deal Advisory firms.

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Cigniti’s Financial Performance - Strong Turnaround
2017Q 2017Q 2017Q 2018Q 2018Q 2018Q 2018Q 2019Q 2019Q 2019Q
2017Q1 2019Q4 2020Q1 2020Q2 2020Q3 • Cigniti underwent a major
2 3 4 1 2 3 4 1 2 3
overhaul in strategy in FY2017
Income
• The positive effects of the
Revenue from overhaul are reflected in the
1,651 1,702 1,566 1,273 1,685 1,690 1,771 1,786 1,947 2,050 2,099 2,064 2,076 2,146 2,167
operations
operational improvements that
- 32.30
Revenue Gr. QoQ (%) 2.10% 3.10% -8.00%
18.70% %
0.30% 4.80% 0.90% 9.01% 5.26% 2.44% (2%) 1% 3% 1% Cigniti has witnessed

Expenses • There was a dip in revenues in

2017Q4 as Cigniti let go of some
Employee benefit
965 1,010 1,136 1,375 1,218 1,188 1,154 1,140 1,184 1,164 1,189 1,216 1,266 1,279 1,289 of the sub optimal accounts, to
expense
focus on high growth profitable
Finance costs 21 27 43 69 43 47 40 40 38 36 27 45 21 19 20 strategy
Depreciation &
21 31 31 86 7 6.8 6.6 6.5 7 7 9 8 29 29 28
Amort. • Meaningful reductions in dep. &
Other expenses 390 424 560 566 476 362 495 434 481 514 523 560 493 498 592 amortization and interest costs.

Total expenses 1,397 1,492 1,770 2,096 1,744 1,604 1,696 1,621 1,710 1,721 1,748 1,829 1,809 1,825 2,029
• After registering a realignment
related EBITDA loss of -668.2
Exceptional Items - - - -3,321 - - - - - - - - - Million in 2017Q4, consistent
efforts resulting in enhancement
EBITDA 296 268 -130 -668 -9.0 140 122 212 282 371 387 288 317 369 286
of EBITDA.
% EBITDA 17.9% 15.7% -8.3% -52.5% -0.5% 8.3% 6.9% 11.9% 14.5% 18.1% 18.4% 14.0% 15.2% 17.2% 13.2%
All values are in INR Million

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Cigniti’s Income statement

FY16 FY17 FY18 FY19 9MFY20

Income
Revenue from operations 5,948 6,193 6,933 8,161 6,398
Revenue from operations ($M) 90 94 108 117 91 • Better quality
Expenses revenues from 2017
Employee benefit expense 3,937 4,513 4,701 4,754 3,834
onwards
Other expenses 1,032 1,900 1,715 2,080 1,584

EBITDA 979 -221 517 1,327 971 • Improved profitability

% EBITDA 16.5% -3.6% 7.5% 16.2% 15.2% on account of scalable
Depreciation & Amort 113 170 27 31 85
customer base and
EBIT 867 -390 490 1,296 886
Other Income 33 3 9 272 150 better pricing
Finance costs 60 161 170 146 60
PBT (before exceptional items) 840 -548 320 1,422 976 • Value creation journey
Exceptional items - -3,321 - - - underway is improving
PBT 840 -3,869 329 1,422 976
EPS trajectory
Tax 344 79 8 (52) 53
PAT 497 -3,948 322 1,474 923
EPS (Basic) 19.9 -151.1 12.1 53.6 33.36
All values are in INR Million

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Cigniti’s Balance Sheet All values are in INR Million
2016 2017 2018 2019 H1 FY20 2016 2017 2018 2019 H1 FY20
Property Plant & equipment 285 88 69 136 141 Equity & Liabilities
Right-to-use asset - - - - 326 Equity share capital 255 265 272 277 277
Goodwill 549 549 549 549 549 Other equity 3,126 -673 -204 1,231 1,819
Capital WIP 643 - - - - Sub total 3,381 -408 69 1,507 2,096
Other intangible assets 581 - - - - Non-current liabilities
Financial assets Financial liabilities
Loans 38 35 34 42 30 Lease Obligation - - - - 323
Other non-financial assets - 2 2 - - Borrowings - 204 148 - -
Deferred tax assets net 10 50 - - - Long term provisions 28 52 65 75 75
Other non current assets 1,251 15 14 - - Deferred tax liability 24 - - - -
Sub total 3,357 739 667 727 1,046
Sub total 52 256 213 75 398

Current assets
Current liabilities
Financial assets
Financial liabilities
Investment - - - - 171
Short term borrowings 1,184 1,188 1,110 737 740
Loans 5 170 178 10 20
Trade payables 992 523 542 562 539
Trade receivables 1,115 1,035 1,147 1,237 1,276
Lease Obligation - - - - 76
Cash and cash equivalent 40 158 179 615 173
Other current financial
Other Bank balances 2 4 4 1 - - 62 65 22 17
liabilities
Other current financials
2 1 121 313 1,118 Short term provisions 12 15 18 29 29
assets
Current tax assets net 19 14 3 45 52 Current tax liability, net 364 291 162 11 17
Other current assets 1,624 159 82 127 190 Other current liabilities 178 351 201 132 134
Sub total 2,806 1,540 1,714 2,348 3,000 Subtotal 2,731 2,431 2,099 1,493 1,552

Total 6,163 2,279 2,380 3,075 4,046 Total 6,163 2,279 2,380 3,075 4,046
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regulatory requirement. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation or and if given or made, such information or
representation must not be relied upon as having been authorized by us. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. Any
failure to comply with this restriction may constitute a violation of applicable securities laws.
This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the
Company, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this
presentation. Neither Company nor any of its affiliates, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of
this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such
information may change materially. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments
may affect the information contained in this presentation, which neither Company nor its affiliates, advisors or representatives are under an obligation to update, revise or affirm.
This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry
results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties regarding expansion plans and the benefits there from, fluctuations in our earnings, our ability to manage growth and implement strategies, competition in
our business including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, our ability to win new contracts, changes in
technology, availability of financing, our ability to successfully complete and integrate our expansion plans, liabilities, political instability and general economic conditions affecting our industry. Unless otherwise
indicated, the information contained herein is preliminary and indicative and is based on management information, current plans and estimates. Industry and market-related information is obtained or derived
from industry publications and other sources and has not been verified by us. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these
forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is not an offer for sale of securities in the UNITED STATES or elsewhere.

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