Key Financial Data

FY'22 Results

Revenue at US$ 11,481 mn; up 12.8% YoY in US$ and up 12.7% YoY in Constant Currency
Services Revenue (ITBS and ERS) up 14.9% YoY in Constant Currency
EBITDA margin at 24.0%; EBIT margin at 18.9%
Net Income at US$ 1,807 mn (Net Income margin at 15.7%) up 3.2%¹ YoY
Revenue at ₹ 85,651 crores; up 13.6% YoY
Net Income at ₹ 13,499 crores; up 4.3%¹ YoY

Q4 FY'22 Results

Revenue at US$ 2,993 mn; up 0.5% QoQ & up 11.0% YoY
Revenue up 1.1% QoQ & up 13.3% YoY in Constant Currency
Services Revenue (ITBS and ERS) up 5.0% QoQ & up 17.5% YoY in Constant Currency
EBITDA margin at 22.3%; EBIT margin at 17.9%
Net Income at US$ 475 mn (Net Income margin at 15.9%) up 3.7% QoQ & up 18.3^%1 YoY
Revenue at ₹ 22,597 crores; up 1.2% QoQ & up 15.1% YoY
Net Income at ₹ 3,593 crores; up 4.4% QoQ & up 23.9%¹ YoY

FY 2023 Guidance

Revenue expected to grow between 12% to 14% in constant currency.
EBIT margin expected to be between 18% to 20%.

The company has adopted IFRS accounting standard with transition date April 1, 2020. Previous period numbers (FY’21 and FY’22) have been recast using IFRS standards.

1. For comparison purposes, Net Income of Q4 FY’21 and full year FY’21 excludes the impact of onetime milestone bonus paid to employees (US$ 78.8 mn, ₹ 575 crore net of tax) and the DTL on Goodwill impact in the tax expense (US$ 165.1 mn, ₹ 1,222 crore) in Q4 FY’21

Key Financial Data

All numbers are as per US GAAP, in mn US$, unless otherwised stated

	FY'16	FY'17	FY'18	FY'19	FY'20
Revenues	4,698	6,975	7,838	8,632	9,936
Gross Profit	1,608	2,364	2,709	3,154	3,748
Earnings before interest, tax, depreciation and amortization EBITDA	1,009	1,539	1,777	1,995	2,345
Operating Income, EBIT	942	1,414	1,552	1,688	1,946
Net Income	840	1,262	1,360	1,441	1,554
Diluted EPS (in INR)	26.3	29.9	31.3	36.8	40.8
Other Key Metrics
Gross Margin	34.2%	33.9%	34.6%	36.5%	37.7%
EBITDA Margin	21.5%	22.1%	22.7%	23.1%	23.6%
EBIT Margin	20.1%	20.3%	19.8%	19.6%	19.6%
Effective Tax Rate	21.0%	18.8%	20.9%	19.7%	20.9%
Net Income Margin	17.9%	18.1%	17.4%	16.7%	15.6%
Return on Equity	28.2%	27.7%	25.5%	24.9%	23.6%

Please note:

EPS for FY’15 to FY’19 have been adjusted for Bonus Issue announced on October 23, 2019.
FY'16 financials (as above) are basis 9 months ended 31-Mar-2016, however diluted EPS and ROE for FY'16 have been annualized.
ROE formula: Profit After Tax / Last five Quarter Average of Total Equity.

Corporate and Financial Highlights

Committed to reduce our environmental impact: We aim to limit our GHG emissions aligned to a 1.5° C pathway by 2030 and to reach net-zero by 2040.
The company has adopted IFRS accounting standard with transition date as April 1, 2020. The previous period numbers (FY’21 and FY’22) have been recast using IFRS standards.
Strong Booking performance: For full year FY’22, TCV of New Deal wins at US$ 8,308 mn, registering 14% YoY growth. ACV is higher by 21% YoY on full year basis. TCV of New Deal wins at US$ 2,260 mn for Q4, registering 6% QoQ growth. 10 Net New deal wins in Q4 of which
- Services TCV at US$ 2,216 mn enabled by 6 net new large Services deal wins
- Products TCV at US$ 54 mn enabled by 4 net new large Product deal wins
- Significant number of small deals
FY’22 Revenue growth at 12.7% YoY in Constant Currency.
- Services Revenue crossed the US$ 10 bn milestone and registered a growth of 14.9% YoY cc for FY’22.
- Q4 FY’22 Revenue growth at 1.1% QoQ cc (13.3% YoY cc).
- During Q4, Services business has grown at 5.0% QoQ cc (17.5% YoY cc), with a CQGR of 5.2% for 3 consecutive quarters
  - Engineering and R&D Services grew at robust 3.9% QoQ cc (23.7% YoY cc) driven by traction in digital engineering and IoT Works.
  - IT and Business Services grew at healthy 5.2% QoQ cc (16.2% YoY cc), driven by acceleration in cloud transformation and application and data modernization.
All around growth across verticals and geographies YoY in constant currency for the quarter.
- Growth momentum led by Telecom, Media, Publishing & Entertainment (20.2%), Lifesciences & Healthcare (18.5%), Manufacturing (16.6%), Technology & Services (14.3%), and Financial Services (10.2%).
- Geography growth powered by Europe (13.6%), Americas (13.0%) and ROW (15.0%).
Mode 2 continues to lead the growth momentum growing at 31.8% YoY in Constant Currency during FY’22.
Strong client addition across all categories. On YoY basis, US$ 100 mn+ clients up by 1, US$ 50 mn+ clients up by 8, US$ 20 mn+ clients up by 22, US$ 10 mn+ clients up by 30, US$ 5 mn+ clients up by 31, and US$ 1 mn+ clients up by 73.
Net Income grew at robust 18.3% YoY in Q4. The stellar growth in Net Income is after excluding the impact of one-timers like the Milestone bonus of US$ 78.8 mn and DTL on Goodwill of US$ 165.1 mn, last year.
Total headcount at 208,877 with Net Addition of 39,900 during the year, up by 23.6% YoY. Net Additions during the quarter was brisk at 11,100, up 5.6% sequentially.

Cash Generation continues to be robust:

Annual Fiscal

Particulars FY'22 As % of Net Income YoY

OCF 2,265 125.3% -14.6%

FCF 2,044 113% -14.6%

Quarter Ended

31-Mar-22 As % of Net income QoQ YoY

735 154.8% 24.3% 54.4%

685 144.2% 29.3% 67.4%
Gross Cash stands at US$ 2,914 mn and Net Cash at US$ 2,388 mn at the end of March 31, 2022.
The company has declared a dividend of ₹18 per share for the quarter.

Annual Fiscal
Particulars	FY'22	As % of Net Income	YoY
OCF	2,265	125.3%	-14.6%
FCF	2,044	113%	-14.6%

Quarter Ended
31-Mar-22	As % of Net income	QoQ	YoY
735	154.8%	24.3%	54.4%
685	144.2%	29.3%	67.4%