20 March 2015
Update | Sector: Technology
KPIT Technologies
BSE Sensex
28,261
S&P CNX
8,571
CMP: INR190
TP: INR200 (+5%)
Neutral
Soft segments to pull back FY16 growth, margins
Cut FY16/FY17 EPS estimates 9%/5%
Stock Info
Bloomberg
Equity Shares (m)
M.Cap. INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
AvgVal(INRm)/Vol‘000
Free float (%)
n
KPIT IN
198.6
37.7/0.6
233/140
-8/14/-13
222/1,182
25.0
n
n
n
n
Financial Snapshot (INR Billion)
2015E 2016E 2017E
Y/E March
Sales
30.1 34.0 38.5
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div yld (%)
14.5
2.9
8.4
0.8
12.9
2.3
6.5
1.1
10.1
1.9
4.7
1.3
3.9
2.6
13.1
4.6
66.1
20.2
23.1
11.4
4.7
2.9
14.7
11.9
80.8
20.0
25.6
13.6
5.8
3.8
18.8
28.1
99.6
20.9
27.1
Project specific issues will drive weakness in 4QFY15 revenues, compounded by
higher cross currency impact – as growth will come be dominated by non-US
regions.
EBITDA margin will be impacted by revenue deferrals, expected to decline 100-
150bp QoQ.
Outlook for FY16 revenue growth is relatively softer due to weakness in Cummins
and Energy portion of IES. CC USD revenue growth could be at the lower end of
the industry band.
Margins will be weaker too - target of FY16 exit margins of 15% instead of full
year margins of 15-16%.
Cutting FY16/FY17 EPS estimate by 9%/5%. Maintain Neutral.
4QFY15 – Deferral of a project and cross currency movement to impact revenues
n
Cross currency movements during the quarter will impact USD revenue growth
by 200bp. Normally, due to higher proportion of revenues coming from US
geography cross currency movement impact for KPIT has been half of the
industry.
Geography wise revenue split (%) - 3QFY15
RoW
17%
13.3
Exhibit 1: Higher growth from non-US geographies will increase cross currency impact
Europe
16%
US
67%
Source: MOSL, Company
In 3QFY15 when industry was impacted by 170-220bp by cross currencies,
impact on KPIT was only 90bp. But the growth in 4Q will likely be dominated by
regions outside US, implying that the cross currency impact will be in line with
industry at 200-250bp.
n
Apart from currency, revenues will be impacted due to deferral of ramp up in
one JD Edwards project to 1Q, and slippage in milestone of one SAP project to
next quarter. As a result reported USD revenue growth for 4QFY15 is expected
to be flattish and ~2% QoQ in constant currency.
n
Lower revenue growth will impact margins as well; we estimate a decline of
100bp QoQ to 12.9% from previously estimated increase of 110bp QoQ to 15%.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
n
Siddharth Vora
(Siddharth.Vora@MotilalOswal.com); +91 22 3982 5585
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

KPIT Technologies
Exhibit 2: Constant currency growth estimate of 2% QoQ
USD revenue - m
103.5 105.5 108.8
Growth - QoQ (%)
125.0 126.4 126.5
18.5
8.5%
1.2% 0.0%
15.7
17.7
15.9
15.5
15.4
16.1
12.1
13.3 13.9
12.9
16.9
18.1
15.7
17.4
15.9
16.4
17.2
17.0
Exhibit 3: EBITDA margin estimated to decline 100bp QOQ
EBITDA margin (%)
SGA (%)
112.2
109.7 113.6 115.2
3.6% 1.4%
3.1% 3.1%
0.0% 2.0%
-2.3%
14.4
Source: Company, MOSL
n
n
Source: Company, MOSL
Taxes are expected to be minimal as there will be a tax credit from merging one
of the acquisitions and the consequent write-off of Goodwill.
Lower taxes will cushion the drop in net income. We estimate the effective tax
rate at 5% v/s 22.3% in 3QFY15.
FY16 outlook relatively weaker due to Energy part of IES and softness in Cummins
n
For FY16, Auto Engineering will continue to drive growth for the company – in
the range of 20%. Growth in SAP may not exceed mid single digits. System
Integration IT will continue to flourish on a small base. However, Integrated
Enterprise Services may not grow as much as earlier anticipated due to the
Energy piece within IES, implying best-case growth of low double digits.
Exhibit 4: Expect FY16 constant currency USD revenue to be 12% YoY
USD revenue (m)
43.4
38.6
YoY growth (%)
33.6
8.3
222
FY11
307
FY12
410
FY13
444
FY14
11.0
493
FY15E
11.2
549
FY16E
Source: MOSL, Company
n
n
n
Revenues from Cummins is expected to decline in the coming year as Cummins
is in the process of restructuring its IT operations. Integrated Enterprise Services
(IES) SBU has 13-14% of its revenues coming from Energy which is expected to
decline due to fall in crude prices.
Margins are expected to continue its downward trend in 1QFY16 with
headwinds of 200bp from wage hikes and visa cost would compound. Margins in
the Engineering segment have come down from the previous 20%+ levels due to
investments in the senior level hirings.
With a low base start to FY16, it will be difficult to achieve full year EBIT margin
of 15-16% which was the previous objective. Now KPIT expects to exit the year
with EBITDA margin of 15%.
2
20 March 2015

KPIT Technologies
Exhibit 5: We expect FY16 exit margin to be 15.3%
EBITDA margin
16.3%
15.0%
13.9%
13.1%
15.7%
13.9%
FY11
FY12
FY13
FY14
FY15E
FY16E
Source: MOSL, Company
Cutting EPS estimate by 9%/5% for FY16/FY17
n
n
Our USD revenue estimates are only slightly changed, as were modeling CC
revenue growth of 12% in FY16. However, we cut our EBITDA margin estimates
by 110bp / 60bp for FY16E / FY17E to 13.9%/15.1%.
Thus our EPS have been downgraded by 9.3%/4.9% for FY16/FY17. Our FY15 EPS
estimate is higher by 1% due to lower effective tax rate assumption of 5% for
4QFY15 while USD revenue and margins have been cut by 1.9% and 1%
respectively.
Change in estimates
Revised
FY15E FY16E
61.1
62.0
493.1 548.5
11.0
11.2
13.1
13.9
13.1
14.7
4.6
11.9
FY17E
62.0
620.7
13.2
15.1
18.8
28.1
FY15E
61.1
494.8
11.4
13.6
13.0
3.5
Earlier
FY16E FY17E
62.0
62.0
550.5
621.4
11.2
12.9
15.0
15.7
16.2
19.8
24.6
22.2
FY15E
0.0%
-0.3%
-40bp
-50bp
1.0%
Change
FY16E
0.0%
-0.3%
0bp
-110bp
-9.3%
FY17E
0.0%
-0.1%
30bp
-60bp
-4.9%
INR/USD
USD Revenue (m)
USD rev. growth (%)
EBITDA Margin (%)
EPS (INR)
EPS Growth (%)
Source: MOSL, Company
20 March 2015
3

KPIT Technologies
Valuation and view
n
n
n
n
KPIT remains focused on select verticals, evidenced as the company added
strong ERP capabilities to its Engineering prowess by acquisitions of CPG, Sparta
and Systime. Going forward, it is looking to expand to new-age services like
Analytics, PLM and even IMS. Its focus on Auto engineering services and
leadership position in the same should also serve it well in its quest to expand to
USD1b in revenues in a few years time.
After a sub-par FY14 and challenged 1QFY15, growth had rebound in the past
couple of quarters, but the outlook for FY16 has relatively softened again. At
11% YoY USD revenue growth in FY15, KPIT’s growth would be close to industry
average, but ~250bp decline in EBITDA margin to 13.1% and outlook for similar
margin next year is disconcerting. The decline in margins is partly also due to the
restructuring and consequent investments in senior leadership, so further uptick
in growth could help drive operating leverage in the same.
In FY16, likely challenges to growth will come from Cummins, SAP and IES. These
constitute ~41% of 9MFY15 revenues. Assuming 20% growth in the remainder of
the business which is witnessing healthy traction (Auto Engineering, non-
Cummins part of IES and Business Transformation unit), it would still result in
low-teens growth in FY16E.
KPIT trades at 13x FY16E and 10x FY17E EPS. We expect the company to grow its
USD revenues at a CAGR of 12.2% over FY15-17E and EPS at a CAGR of 19.7%
during this period. Contribution to our EPS CAGR comes from EBITDA margin
expansion of 200bp by FY17 to 15.1%. Re-rating of the stock will be a function of
broad-basing of growth traction, as opposed to only select segments as of now.
Given the discount to peers, improvement in organic growth fundamentals can
drive strong valuation upside, as operating leverage to growth will be healthy.
We have revised our target price to INR200 to factor in the change of estimates.
Our TP of INR200 discounts FY17E EPS by 10x.
Neutral.
Key triggers
n
n
n
Improved growth outlook from strong traction in Auto Engineering
Steady increase in revenue contribution from Digital
Growth recovery in SAP
Key risk factors
n
n
n
Revenue decline in top account Cummins
Continued volatility in SAP
Failure to materialize margin uptick
20 March 2015
4

KPIT Technologies
Exhibit 6: 1-year forward PE band
25
20
15
10
5
0
P/E (x)
5 Yrs Avg(x)
9.9
10.3
10.8
13 Yrs Avg(x)
10 Yrs Avg(x)
12.9
Exhibit 7: 1-year forward PB band
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2.0
2.3
2.4
2.3
P/B (x)
5 Yrs Avg(x)
13 Yrs Avg(x)
10 Yrs Avg(x)
Exhibit 8: Comparative valuation
Company
Mkt cap
(USD b)
Mphasis
1.2
Mindtree
1.6
KPIT Tech
0.6
Hexaware
1.0
NIIT Tech
0.3
Persistent Sys. 1.0
Tier-II Agg
5.7
Rating TP (INR) Upside
EPS (INR)
P/E (x)
RoE (%)
(%)
FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E
12.9 11.7 10.8 12.1 12.7
Neutral 390
0.9
30.0 33.2 35.8
21.0 17.4 14.7 30.4 29.7
Neutral 1300
-7.1
66.5 80.4 95.2
14.5 12.9 10.1 20.2 20.0
Neutral 200
5.4
13.1 14.7 18.8
25.2 18.7 16.9 25.7 33.5
Sell
210
-21.8
10.6 14.3 15.9
12.2 10.1
8.7
Neutral 400
6.1
30.9 37.3 43.6
13.6 14.9
20.9 17.5 14.2 21.4 22.2
Neutral 800
8.5
35.2 42.2 51.9
17.8 14.7 12.6 20.6 22.2
FY17E
13.1
28.7
20.9
36.9
18.4
23.3
23.6
Source: MOSL, Company
FY15-17E CAGR (%)
USD rev. EPS
4.6
9.2
18.1
19.6
12.2
19.7
18.2
22.2
11.2
18.7
17.7
21.4
20 March 2015
5

KPIT Technologies
Story in charts
Exhibit 9: Offerings focused on select verticals, with mix of
IT and Engg
Exhibit 10: Auto Engg to be the key growth driver going
forward
Auto & Engg Revenues (USD)
34.6%
Others, 9.2
Automotive
, 35.3
24.4%
11.1%
59.1
Manufactur
ing, 35.0
Source: Company, MOSL
FY11
79.6
FY12
99.0
FY13
110.1
FY14
144.6
FY15E
YoY growth
31.4%
Vertical distribution
Energy &
Utilities, 20.
5
Source: Company, MOSL
Exhibit 11: SAP dragged FY14 performance, followed by only
marginal growth in FY15
SAP revenues (USD m)
37%
28%
110
-11%
70
FY11
97
FY12
124
FY13
FY14
115
FY15E
Growth (YoY)
Exhibit 12: India-based Telematics deal and acquisition of
iCubed facilitated FY15 growth
USD revenue (m)
43%
39%
YoY growth
34%
5%
8%
222
FY11
307
FY12
410
FY13
444
FY14
11%
495
FY15E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 13: Lower margins drive miss on PAT outlook shared
at the beginning of the year
Exhibit 14: Unlikelihood of large acquisitions to help
improve FCF
FCF (INR m)
PAT (INR m)
2,391
2,009
857
948
1,215
-400
-2,068
FY09
FY10
FY11
FY12
FY13
FY14
FY15E
FY11
FY12
2,630
2,070
659
-611
-1,463
FY13
FY14
FY15E
Source: Company, MOSL
Source: Company, MOSL
20 March 2015
6

KPIT Technologies
Exhibit 15: Operating metrics
3QFY13
Geography Analysis (%)
USA
Europe
ROW
LOB Analysis (%)
Integrated Enterprise Solutions
Auto & Engg
SAP
Business Transformation Unit
Customer Details
No. of Customers Added
No. of Active Customers
Customers with a runrate of > $1m
Top Customer - Cummins
Top 5 Customers (%)
Top 10 Customer (%)
Revenue Split (%)
Onsite Revenues
Offshore Revenues
Contract Type (%)
T&M
FP
Debtor Days
HR - Details
Development Team:
Onsite (Avg)
Offshore (Avg)
Onsite FTE
Offshore FTE
Total FTE
Development
Support
Marketing
Total
Utilization (%)
Onsite
Offshore (Incl. Trainees)
75.1
13.6
11.3
4QFY13
75.1
12.8
12.1
1QFY14
75.0
13.1
11.9
2QFY14
71.9
13.8
14.5
3QFY14
72.7
15.4
12.0
4QFY14
69.8
14.5
15.8
1QFY15
69.1
15.8
15.1
2QFY15
66.5
13.7
19.8
3QFY15
67.3
15.5
17.2
35.6
23.4
29.2
11.9
36.7
25.0
27.2
11.1
38.5
23.6
26.0
11.9
39.5
24.2
25.3
11.0
40.5
25.3
23.7
10.6
39.2
25.9
23.7
11.2
40.4
26.3
22.6
10.7
38.0
30.0
22.6
9.4
38.7
29.1
23.3
8.9
2.0
178.0
72.0
19.1
36.8
45.2
5.0
183.0
78.0
16.6
35.2
44.0
6.0
189.0
78.0
16.8
38.6
47.3
3.0
192.0
78.0
16.5
38.0
46.3
3.0
195.0
78.0
17.9
38.2
47.6
3.0
198.0
80.0
15.5
35.7
45.8
3.0
201.0
83.0
15.9
34.3
45.1
3.0
204.0
84.0
14.9
32.1
42.8
3.0
206.0
87.0
14.6
28.6
39.4
54.7
45.3
53.8
46.2
54.2
45.8
54.6
45.4
52.8
47.2
54.3
45.7
57.2
42.8
51.1
48.9
53.5
46.5
70.1
29.9
70
72.7
27.3
75
76.9
23.2
77
76.4
23.6
75
75.6
24.4
76
72.9
27.1
87
71.6
28.4
82
65.1
29.6
80
62.9
33.8
83
1,148
6,364
1,066
4,637
5,703
7,616
538
132
8,286
92.8
72.9
1,139
6,486
1,074
4,805
5,879
7,648
538
135
8,321
94.3
74.1
1,176
6,553
1,107
4,809
5,916
7,771
545
140
8,456
94.2
73.4
1,243
6,708
1,148
4,888
6,036
8,122
548
146
8,816
92.4
72.9
1,274
6,987
1,123
4,985
6,108
8,430
554
152
9,136
88.1
71.3
1,366
7,139
1,231
5,064
6,295
8,583
558
155
9,296
90.1
70.9
1,423
7,224
1,293
5,068
6,361
8,757
568
165
9,490
1,456
7,518
1,327
5,383
6,710
9,191
572
170
9,933
1,494
7,868
1,348
5,519
6,867
9,541
575
175
10,291
90.8
91.1
90.2
70.2
71.6
70.2
Source: Company, MOSL
20 March 2015
7

KPIT Technologies
Financials and valuations
Key assumptions
Y/E March
INR/USD Rate
Revenues (USD m)
Offshore Revenue (%)
Total Headcount
Net Addition
Per capita productivity (USD)
Offshore Utilization (%)
Onsite Utilization (%)
FY10
47.3
154.6
59.8
4,918
342
31,440
71.2
91.2
FY11
45.7
221.7
57.2
6,514
1,596
34,031
68.5
89.8
FY12
48.5
307.3
52.1
7,719
1,205
39,808
72.6
91.9
FY13
54.5
410.4
46.2
8,321
602
49,326
73.9
94.1
FY14A
60.6
444.3
46.0
9,296
975
47,798
72.1
91.1
FY15E
61.1
493.1
46.1
10,500
1,204
46,963
70.2
90.5
FY16E
62.0
548.5
46.4
11,461
961
47,862
71.4
90.8
FY17E
62.0
620.7
46.9
12,772
1,311
48,600
73.3
91.5
Income statement
Y/E March
Sales
Change (%)
Cost of Services
SG&A Expenses
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Minority Interest
PAT
Extraordinary
Net Income
Change (%)
FY10
7,316
-7.8
4,091
1,611
1,614
22.1
308
27
-253
1,026
169
16.5
0
857
0
857
30.2
FY11
10,120
38.3
6,492
2,106
1,522
15.0
411
26
18
1,103
155
14.0
0
948
0
948
10.5
FY12
14,897
47.2
9,934
2,885
2,078
13.9
445
78
128
1,683
437
25.9
-31
1,215
100
1,315
38.8
FY13
22,386
50.3
14,640
4,096
3,650
16.3
466
154
-170
2,860
766
26.8
-86
2,009
-13
1,996
51.7
FY14
26,940
20.3
18,180
4,528
4,233
15.7
540
287
-74
3,332
941
28.2
0
2,391
98
2,489
24.8
FY15E
30,110
11.8
21,261
4,907
3,942
13.1
825
176
200
3,142
512
16.3
0
2,630
0
2,630
5.6
FY16E
34,010
13.0
23,937
5,349
4,724
13.9
724
163
193
4,030
1,088
27.0
0
2,942
0
2,942
11.9
(INR Million)
FY17E
38,484
13.2
26,866
5,819
5,800
15.1
780
135
279
5,164
1,394
27.0
0
3,769
0
3,769
28.1
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Loan & other long term liabilities
Capital Employed
Fixed Assets
Other LT assets
Curr. Assets
Debtors
Cash & Bank Balance
Loans & Advances
Current Liab. & Prov
Net Current Assets
Application of Funds
E: MOSL Estimates
FY10
312
3,559
3,871
51.2
1,108
5,030
1,522
950
3,117
1,388
1,052
677
1,306
1,811
5,030
FY11
340
5,692
6,032
63.7
1,105
7,201
1,581
1,300
5,719
2,525
2,096
1,097
1,875
3,844
7,201
FY12
356
6,769
7,125
333.7
1,189
8,649
1,853
4,527
6,983
4,380
1,838
766
4,714
2,269
8,649
FY13
386
9,976
10,362
270.2
1,602
12,235
2,005
5,785
8,005
4,673
1,921
1,412
5,597
2,409
12,235
FY14
370
12,366
12,736
-
1,534
14,270
2,161
5,994
10,122
6,743
1,908
1,471
6,949
3,173
12,509
FY15E
380
12,863
13,243
-
924
14,167
2,371
4,726
13,165
7,304
3,811
2,051
7,733
5,432
14,485
FY16E
380
15,805
16,185
-
301
16,486
2,347
4,726
16,315
8,218
5,790
2,308
8,701
7,614
16,804
(INR Million)
FY17E
380
19,575
19,954
-
-
19,954
2,267
4,726
20,870
9,333
8,916
2,621
9,882
10,988
20,272
20 March 2015
8

KPIT Technologies
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
FY10
5.4
7.4
24.5
0.7
12.9
FY11
5.7
7.7
34.4
0.7
12.3
FY12
8.0
9.1
39.0
0.7
8.7
26.0
22.9
17.5
2.4
5.3
0.3
30.9
32.8
69
4.3
19.1
18.2
91
6.5
18.5
20.6
107
8.8
FY13
10.6
12.5
52.2
0.9
8.5
19.7
16.7
10.9
1.8
4.0
0.4
23.0
30.5
76
11.5
FY14
12.6
14.7
64.0
1.1
8.8
16.6
14.1
9.0
1.4
3.3
0.5
20.7
29.9
91
12.9
FY15E
13.1
17.2
66.1
1.5
11.4
14.5
11.0
8.4
1.1
2.9
0.8
20.2
23.1
89
13.4
FY16E
14.7
18.3
80.8
2.0
13.6
12.9
10.4
6.5
0.9
2.3
1.1
20.0
25.6
88
14.5
FY17E
18.8
22.7
99.6
2.5
13.3
10.1
8.4
4.7
0.7
1.9
1.3
20.9
27.1
89
16.8
Cash Flow Statement
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Net Purchase of Invest.
Net Cash from Invest.
Proc. from equity issues
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Net Cash Flow
Exchange Diff/Cash from sub.
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
E: MOSL Estimates
FY10
1,245
-169
1,076
-905
-530
-1,435
27
-104
-55
-132
-491
47
1,671
-491
1,052
FY11
1,217
-574
643
-882
207
-675
1,203
-96
-64
1,043
1,011
115
1,052
1,011
2,096
FY12
1,874
-870
1,005
-3,002
174
-2,828
65
1,091
-72
1,084
-739
477
2,096
-739
1,838
FY13
2,286
-1,083
1,204
-1,730
-1,769
-3,499
1,706
1,192
-145
2,753
458
-3
1,838
458
1,921
FY14
2,760
-1,730
1,030
-2,023
112
-1,912
75
951
-197
829
-53
57
1,921
-53
1,908
FY15E
3,462
-357
3,105
-1,035
85
-949
0
-786
0
-786
1,370
533
1,908
1,370
3,811
FY16E
3,829
-203
3,626
-700
0
-700
0
-786
0
-786
2,140
-161
3,811
2,140
5,790
(INR Million)
FY17E
4,684
-248
4,437
-700
0
-700
0
-436
0
-436
3,301
-174
5,790
3,301
8,916
20 March 2015
9

KPIT Technologies
Corporate profile: KPIT Tech
Company description
KPIT Cummins is a leading technology solutions
partner for global manufacturing corporations,
with special focus on automotive, energy &
utilities, industrial equipments and semiconductor
industries. With over USD463m revenue (LTM) and
9,933 employees, company continues to focus on
its chosen areas to grow, with equal thrust on
organic and inorganic approaches.
Exhibit 16: Sensex rebased
Exhibit 17: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
21.8
8.9
33.6
35.7
Sep-14
22.2
8.0
45.8
24.0
Dec-13
22.5
7.0
42.0
28.5
Exhibit 18: Top holders
Holder Name
Warhol Ltd
Fidelity Puritan Trust-Fidelity Low-Priced Stock Fund
Van Dyck
DSP Blackrock Equity Fund
Citigroup Global Markets Mauritius Pvt Ltd
% Holding
9.6
4.6
4.0
3.6
3.4
Note: FII Includes depository receipts
Exhibit 19: Top management
Name
Ravi Pandit
Kishor Patil
Sachin Tikekar
Anil K. Patwardhan
Designation
Chairman & Group CEO
Managing Director & CEO
President – Strategic Relationships
SVP & Head – Corp. Finance
Exhibit 20: Directors
Name
Ravi Pandit
Kishor Patil
B V R Subbu*
Adi Engineer*
Amit Kalyani*
Dr. R. A. Mashelkar*
Name
Lila Poonawalla*
Prof. Alberto Vincentelli*
Sanjay Kukreja*
Sachin Tikekar
Anant Talaulicar
Dwayne Allen
*Independent
Exhibit 21: Auditors
Name
BSR & Co LLP
Type
Statutory
Exhibit 22: MOSL forecast v/s consensus
EPS (INR)
FY15
FY16
FY17
MOSL forecast
13.1
14.7
18.8
Consensus
forecast
13.3
16.6
20.0
Variation (%)
-1.3
-11.2
-5.9
20 March 2015
10

KPIT Technologies
NOTES
20 March 2015
11

KPIT
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