Patni’s 2010 Revenue Up 7% at US$ 701.7 Million

Net Income* Up 28.7% for 2010

MUMBAI, India--(BUSINESS WIRE)--Patni Computer Systems Limited (Patni) today announced its financial results for the fourth quarter and year ended 31^st December 2010

*Important Note: During the current quarter, based on reviews of certain tax positions for previous years, an amount of US$ 7.5 million has been written back. Similarly as stated in our earnings release of Q4 2009 and year 2009 based on prior year’s tax reviews provisions of US$ 11.0 million and US$ 22.0 million were reversed during these periods respectively. Consequently, profit after tax has increased by US$ 7.4 million in 2010 and by US$ 22.0 million for 2009. These Variations are referred to as “Extra Ordinary Items” in this press release and have been separately shown as exclusion for non-GAAP presentation in respective lines of gross profit, other income, tax expense and net income, for comparative purposes and should be read together with the reported US GAAP results.

Performance Highlights for the quarter and year ended December 31, 2010

• Revenues for the quarter at US$ 183.0 million (R 8,200.3 million)
  • Up 2.4% QoQ from US$ 178.8 million (R 7,966.7 million)
  • Revenues for the year at US$ 701.7 million (R 31,436.1 million), up 7.0% compared to US$ 655.9 (R 30,434.6 million) for the previous year.
  • Top Customer contribution towards revenue decreased to 10.9% in 2010 from 11.9% in the previous year.
  • Revenue concentration of Top 10 Customers also reduced to 48.8% in 2010 from 49.7% in 2009
• Operating Income for the quarter at US$ 33.1 million (R 1,483.1 million)
  • Up 2.7% QoQ from US$ 32.2 million (R 1,436.8 million)
  • For the year operating income higher by 32.2% at US$ 133.0 million (R 5,960.0 million) against US$ 100.6 million (R 4,669.6 million) for 2009 and was higher by 33.7% against operating income adjusted for Extra Ordinary items of US$ 99.5 million in 2009
• Net Income for the quarter at US$ 39.4 million (R 1,764.6 million)
  • Up 37.0% QoQ from US$ 28.7 million (R 1,280.9 million)
  • Net Income adjusted for Extra Ordinary items is at US$ 31.8 million for the quarter and was sequentially higher by 10.8% from US$ 28.7 million.
  • For the year Net Income higher by 11.2% at US$ 133.2 million (R 5,966.4 million) against US$ 119.8 million (R 5,557.8 million ) for 2009.
  • Net Income adjusted for Extra Ordinary items is at US$ 125.8 million for the year, higher by 28.7% against US$ 97.8 million for 2009.
• EPS for the quarter at US$ 0.30 per share (US$ 0.60 per ADS).
  • EPS adjusted for Extra Ordinary items is at US$ 0.24 per share (US$ 0.49 per ADS) compared to Q3 of US$ 0.22 per share, up 10.2%.
• EPS for the year at US$ 1.02 per share (US$ 2.05 per ADS) as compared to US$ 0.93 per share (US$ 1.86 per ADS) of the previous year, up 10.1%
  • EPS adjusted for Extra Ordinary items for the year is at US$ 0.97 per share (US$ 1.93 per ADS) as compared to US$ 0.76 per share (US$ 1.52 per ADS), up 26.9%.

Management Comments

Mr. Jeya Kumar, Chief Executive Officer, said, “Our performance during the quarter was in line with our expectations. Despite several challenges, internal and external, we have continued our focus on client wins and momentum in the market place; this is reflected in building pipeline and momentum in winning of large deals. Patni’s deep strengths in chosen micro verticals and service lines with client centric culture will enable enhanced growth and maximization of stakeholder value. We are pleased with what we have accomplished in 2010.”

Speaking on the occasion, Mr. Surjeet Singh, Chief Financial Officer, said, “Continued operating focus on business metrics are reflected in the results. Excellent cash generation, forex risk management, and operating discipline to manage cost levers have resulted in profit growth despite top line challenges. We have invested in all areas of the business and the platform is ready to capture market opportunities.”

Corporate Developments

Client Wins:

• Patni secured a contract with 2e2 to provide managed services
  
  Signed a five-year contract covering managed services integrated technology and operations services to a Europe based services provider for its end-user clients and the delivery of in-house support services.

• Patni signed a multiyear contract
  
  Signed a multiyear application management services contract with Europe based insurance carrier to provide managed services around core insurance platforms.

Expansion:

• Suzhou, China
  
  Patni opened its first ITO delivery (development and support) center in Suzhou, China. The state-of-the art facility with a planned capacity of 500 seats will serve the Yangtze region. It will also focus on delivering development and support services to Japanese, U.S., European and local multi-national corporations.

• Gandhinagar, India
  
  Patni inaugurated its second delivery center in Gandhinagar increasing the current capacity of 500 to 750

Innovation:

• Unveiled the ‘Reference Data Management Solution’ for financial services firms
  
  Patni recently introduced PatniRADAR^®, a multi-step Reference and Data Rationalization (RADAR) program that will help financial services companies mitigate their risk and rationalize the cost of managing their reference data. PatniRADAR^®, which is the first offering from a comprehensive nine-component holistic Reference Data Management solution, is a fixed-price, fixed-deliverable solution, with a short-duration engagement, aimed at achieving significant and quick cost and risk reductions.

Partnerships:

• OneShield 'Silver Partner' status
  
  Patni was awarded Silver Partner status in the OneShield Dragon Development Partner Certification Program. OneShield announced the program in September 2010.

• Signed a Go to Market partnership with InsPro Technologies
  
  Patni recently signed a teaming agreement with InsPro Technologies (InsPro), a provider of comprehensive and flexible Life & Health insurance processing solutions. The collaboration will allow InsPro and Patni to leverage their complementary insurance expertise and offer insurers a powerful and complete solution.

(Figures in Million US$ except EPS and Share Data)

CONSOLIDATED STATEMENT OF INCOME - US GAAP for the year ended
	GAAP							NON GAAP 2010						NON GAAP 2009					NON GAAP
Particulars	2010 (Unaudited)			2009 (Audited)		Change%		Extra Ordinary Items**			2010 (Excluding Extra Ordinary Items)			Extra Ordinary Items**			2009 (Excluding Extra Ordinary Items)		Change %
Revenue		701.7			655.9	7.0	%					701.7						655.9	7.0	%
Cost of revenues		439.0			405.1	8.4	%					439.0		-1.2		^1		406.2	8.1	%
Depreciation		17.0			16.2	4.5	%					17.0						16.2	4.5	%
Gross Profit		245.8			234.6	4.7	%					245.8		1.2				233.5	5.3	%
Sales and marketing expenses		61.7			53.8	14.8	%					61.7						53.8	14.8	%
General and administrative expenses		72.4			68.2	6.1	%					72.4						68.2	6.1	%
Provision for doubtful debts and advances		0.6			2.3	-72.7	%					0.6						2.3	-72.7	%
Foreign exchange (gain)/loss, net		(22.0	)		9.7	-327.1	%					(22.0	)					9.7	-327.1	%
Operating income		133.0			100.6	32.2	%					133.0		1.2		^2		99.5	33.7	%
Other income/(expense), net		19.5			23.9	-18.5	%	1.1		^3		18.4		3.0		^3		20.9	-11.7	%
Income before income taxes		152.5			124.5	22.5	%	1.1		^4		151.5		4.2		^4		120.3	25.9	%
Income taxes		19.3			4.8	306.3	%	(6.3	)	^5		25.6		(17.8	)	^5		22.6	13.6	%
Net income/(loss)		133.2			119.8	11.2	%	7.4		^6		125.8		22.0		^6		97.8	28.7	%
Earning per share
- Basic	$	1.02		$	0.93	10.1	%				$	0.97					$	0.76	26.9	%
- Diluted	$	0.99		$	0.92	8.2	%				$	0.94					$	0.75	25.2	%
Weighted average number of common shares used in computing earnings per share
- Basic		130,101,442			128,254,916							130,101,442						128,254,916
- Diluted		133,848,374			130,241,085							133,848,374						130,241,085

UNAUDITED CONSOLIDATED STATEMENT OF INCOME - US GAAP for the quarter ended
	GAAP													NON GAAP Dec 31 2010						NON GAAP Dec 31 2009						NON GAAP
Particulars	Dec 31 2010			Dec 31 2009			YoY change %		Sep 30 2010			QoQ change %		Extra Ordinary items**			Dec 31 2010 (Excluding Extra Ordinary Items)			Extra Ordinary items**			Dec 31 2009 (Excluding Extra Ordinary Items)			YoY change %		QoQ change %
Revenue		183.0			170.2		7.6	%		178.8		2.4	%					183.0						170.2		7.6	%	2.4	%
Cost of revenues		118.1			101.2		16.7	%		113.8		3.8	%					118.1						101.2		16.7	%	3.8	%
Depreciation		4.3			4.4		-3.0	%		4.4		-3.0	%					4.3						4.4		-3.0	%	-3.0	%
Gross Profit		60.6			64.5		-6.1	%		60.6		0.1	%					60.6						64.5		-6.1	%	0.1	%
Sales and marketing expenses		15.8			14.2		11.3	%		15.4		2.8	%					15.8						14.2		11.3	%	2.8	%
General and administrative expenses		19.6			18.4		6.8	%		17.9		10.0	%					19.6						18.4		6.8	%	10.0	%
Provision for doubtful debts and advances		0.2			1.8		-90.3	%		0.0		-510.3	%					0.2						1.8		-90.3	%	-510.3	%
Foreign exchange (gain)/loss, net		(8.1	)		(3.2	)	153.8	%		(4.9	)	66.9	%					(8.1	)					(3.2	)	153.8	%	66.9	%
Operating income		33.1			33.3		-0.6	%		32.2		2.7	%					33.1						33.3		-0.6	%	2.7	%
Other income/(expense), net		5.6			4.3		32.1	%		2.5		123.7	%	1.4		^3		4.3		1.5		^3		2.7		57.3	%	69.7	%
Income before income taxes		38.7			37.6		3.1	%		34.8		11.4	%	1.4		^4		37.4		1.5		^4		36.0		3.7	%	7.5	%
Income taxes		(0.7	)		(2.9	)	-77.3	%		6.0		-111.0	%	(6.2	)	^5		5.5		(9.5	)	^5		6.6		-16.0	%	-8.0	%
Net income/(loss)		39.4			40.5		-2.7	%		28.7		37.0	%	7.5		^6		31.8		11.0		^6		29.4		8.2	%	10.8	%
Earning per share
- Basic	$	0.30		$	0.31		-4.6	%	$	0.22		36.3	%				$	0.24					$	0.23		6.1	%	10.2	%
- Diluted	$	0.29		$	0.31		-4.0	%	$	0.21		36.4	%				$	0.24					$	0.22		6.7	%	10.2	%
Weighted average number of common shares used in computing earnings per share
- Basic		131,142,633			128,640,543					130,424,874								131,142,633						128,640,543
- Diluted		134,506,173			132,730,301					133,862,898								134,506,173						132,730,301

** Reviews of certain tax positions for previous years has resulted in net reversal leading to an increase in 2009 & 2010 Gross Profit, Operating Income and Net Income.

1 – Due to write back of provision for payroll taxes of earlier years

2 – Impact of 1

3 – Due to write back of provision for interest/penalties of earlier years

4 – Impact of 2 and 3

5 – Due to write back of provision for income tax of earlier years

6 – Impact of 4 and 5

Financial Statements Analysis:

Revenues

Revenues during the quarter were higher than guidance at US$ 183.0 million (R 8,200.3 million) representing a sequential increase of 2.4% from US$ 178.8 million (R 7,966.7 million). For the year ended 31^st December 2010 the overall revenues were at US$ 701.7 million (R 31,436.1 million), up 7.0% from 2009. Number of active clients was 297 at year end as compared to 272 at the end of 2009. New client acquisitions during the quarter were 19. On calendar basis we acquired 52 new clients while actively churning the tail accounts.

Gross Margin

Gross Margins were at 33.1% or US$ 60.6 million (R 2,716.1 million) against 33.9% or US$ 60.6 million (R 2,699.9 million) in the previous quarter. Gross Margin is lower due to lower capacity and lower sequential utilization from 74% to 72% due to higher fresher intake as planned and due to operating forex, all of these were partly mitigated by period cost changes.

Gross Margins for 2010 were at US$ 245.8 million (R 11,009.7 million) or 35.0% as compared to US$ 234.6 million (R 10,885.9 million) or 35.8% in 2009 and Gross margin adjusted for Extra Ordinary items were at US$ 233.5 million or 35.6% in 2009.

Non cash expenses were US$ 6.1 million which includes depreciation and amortization expenses of US$ 5.2 million and stock option charge of US$ 0.8 million. Corresponding expenses for Q3 were US$ 5.4 million for depreciation and amortization and US$ 0.3 million for stock option charge.

For the year 2010 Non cash expense in CGS were US$ 22.6 million which includes depreciation and amortization expenses of US$ 19.9 million and stock option charge of US$ 2.7 million. Corresponding expense for 2009 was US$ 19.8 million which includes US$ 18.3 million for depreciation and amortization and US$ 1.6 million for stock option charge.

Selling General and Administrative Expenses (SGA Expenses)

Sales and marketing expenses during the quarter were at US$ 15.8 million (R 709.2 million) at 8.6% as compared to US$ 15.4 million (R 686.1 million) at 8.6% in the previous quarter. On a full year basis sales and marketing expenses were at US$ 61.7 million (R 2,765.5 million) or 8.8% as compared to US$ 53.8 million (R 2,495.0 million) at 8.2% in 2009.

G&A expenses during the quarter were at US$ 19.6 million (R 879.6 million) or 10.7% as compared to US$ 17.9 million (R 795.6 million) at 10.0% during the previous quarter with sequential increase in stock options charges.

For the year 2010 G&A cost was at US$ 72.4 million (R 3,242.5 million) at 10.3% as compared to US$ 68.2 million (R 3,166.3 million) at 10.4% in 2009.

Non cash expenses in SGA for the quarter were US$ 4.1 million as compared to $ 3.2 million in previous quarter (including depreciation and amortization expenses at US$ 2.0 million for the quarter in line with Q3 2010 and stock option charge at US$ 2.1 million for the quarter as compared to US$ 1.1 million in previous quarter).

For the year 2010 non cash expense in SGA were US$ 14.5 million as compared to US$ 11.7 million in 2009 (includes depreciation and amortization expenses were at US$ 8.5 million as compared to US$ 8.0 million of previous year and stock option charge were at US$ 5.9 million against US$ 3.7 million in 2009).

Foreign exchange gain/loss

The revaluation and mark to market foreign exchange gain for the quarter were at US$ 8.1 million (R 363.8 million) as compared to foreign exchange gain of US$ 4.9 million (R 216.7 million) during the previous quarter. For the full year the foreign exchange gain was US$ 22.0 million (R 986.0 million) against a loss of US$ 9.7 million (R 449.7 million) in 2009.

The quarter end rate for debtor’s revaluation was R 44.70. Outstanding contracts at the end of Q4 2010 were about US$ 314.3 million which were contracted in the range of R 41.1 to R 48.3.

Operating Income

Operating Income including foreign exchange gain/loss was at US$ 33.1 million (R 1,483.1 million) or at 18.1% during the quarter as compared to US$ 32.2 million (R 1,436.8 million) or at 18.0% during previous quarter.

For year 2010 Operating Income was US$ 133.0 million (R 5,960.0 million) at 19.0% against US$ 100.6 million (R 4,669.6 million) at 15.3% (US$ 99.5 million or 15.2% adjusted for Extra Ordinary items) in 2009.

Other Income

For Q4 CY2010, other income (including interest and dividend income net of interest expenses, profit/loss on sale of investments and other miscellaneous income) stood at 3.1% or US$ 5.6 million (R 251.7 million) during the quarter as compared to 1.4% or US$ 2.5 million (R 111.9 million) during previous quarter.

Other Income adjusted for Extra Ordinary items is at US$ 4.3 million or at 2.3% for the quarter.

For the year total other income was at US$ 19.5 million (R 872.7 million) as compared to US$ 23.9 million (R 1,109 million) in 2009. Other Income adjusted for Extra Ordinary items is at US$ 18.4 million during 2010 as compared to US$ 20.9 million in 2009.

Profit before Tax

Profit before Tax for the quarter at 21.2% was US$ 38.7 million (R 1,734.8 million), as compared to 19.4% or US$ 34.8 million (R 1,548.8 million) during previous quarter. Profit before Tax adjusted for Extra Ordinary items is at US$ 37.4 million or at 20.4% for the quarter.

On a full year basis reported Profit before Tax was at US$ 152.5 million (R 6,832.7 million) at 21.7% as compared to US$ 124.5 million (R 5,778.6 million) at 19.0%. Profit before Tax adjusted for Extra Ordinary items is at US$ 151.5 million for the year at 21.6%, against US$ 120.3 million at 18.3% for 2009.

Income Taxes

Income tax for the quarter was at US$ (-) 0.7 million (R 29.7 million). Income Tax adjusted for Extra Ordinary items is at US$ 5.5 million at an effective tax rate of 14.8% during the quarter.

For the full year overall tax was at US$ 19.3 million (R 866.3 million) which was adjusted for Extra Ordinary items was at US$ 25.6 million at effective tax rate of 16.9%.

Net Income

Consequently, net income for the quarter is at 21.5% at US$ 39.4 million (R 1,764.6 million), higher by 37.0% as compared to previous quarter net income of US$ 28.7 million (R 1,280.9 million) at 16.1%. Net Income adjusted for Extra Ordinary items for the quarter is at US$ 31.8 million at 17.4% higher by 10.8% as compared to previous quarter.

For the year net income is US$ 133.2 million (R 5,966.4 million) at 19.0% higher by 11.2% as compared to US$ 119.8 million (R 5,557.8 million) at 18.3% for 2009. Net income adjusted for Extra Ordinary items is at US$ 125.8 million for the year, higher by 28.7% against US$ 97.8 million for 2009.

Balance Sheet and Cash Flow changes

During the quarter, against net income of US$ 39.4 million (R 1,764.6 million), cash from operating activities was at US$ 42.7 million (R 1,913.2 million), net of changes in current assets and liabilities of US$ 3.2 million (R 145.4 million) non cash charges comprise of depreciation and amortization including compensation cost of US$ 10.2 million and other adjustments of US$ (-) 10.1 million (comprising of deferred taxes US$ 5.5 million, profit on sale of investment US$ 2.4 million and deferred cancellation losses relating to roll over cash flow hedges US$ 2.5 million).

Over all cash and cash equivalents (including short term investments) post translation loss of US$ 2.7 million, cash received from issuances of stock against stock options US$ 2.3 million, capex of US$ 3.5 million were therefore at US$ 362.4 million (R 16,234.2 million), as compared to US$ 317.8 million (R 14,161.2 million) at the close of previous quarter.

Receivables at the end of Q4 2010 were at US$ 121.6 million (R 5,448.5 million) as compared to US$ 124.5 million at the end of Q3 2010. Number of days outstanding (Including Unbilled receivables) for current quarter was 71 days as compared to 79 days in Q3 2010

Figures in Million INR except EPS and Share Data

UNAUDITED CONSOLIDATED STATEMENT OF INCOME: BASED ON CONVENIENCE TRANSLATION
For the quarter/period ended
Particulars	2010		2009	Dec 31 2010		Dec 31 2009		Sep 30 2010
Exchange rate$1 = INR	44.80		46.40	44.80		46.40		44.56
Revenue	31,436.1		30,434.6	8,200.3		7,896.1		7,966.7
Cost of revenues	19,666.7		18,795.7	5,293.0		4,696.9		5,070.8
Depreciation	759.7		753.1	191.2		204.1		196.0
Gross Profit	11,009.7		10,885.9	2,716.1		2,995.1		2,699.9
Sales and marketing expenses	2,765.5		2,495.0	709.2		660.1		686.1
General and administrative expenses	3,242.5		3,166.3	879.6		852.8		795.6
Provision for doubtful debts and advances	27.7		105.2	7.9		85.1		-1.9
Foreign exchange (gain)/loss, net	(986.0	)	449.7	(363.8	)	(148.5	)	(216.7	)
Operating income	5,960.0		4,669.6	1,483.1		1,545.6		1,436.8
Other income/(expense), net	872.7		1,109.0	251.7		197.4		111.9
Income before income taxes	6,832.7		5,778.6	1,734.8		1,743.0		1,548.8
Income taxes	866.3		220.8	(29.7	)	(135.5	)	267.9
Net income/(loss)	5,966.4		5,557.8	1,764.6		1,878.4		1,280.9
Earning per share
- Basic	45.86		43.33	13.46		14.60		9.82
- Diluted	44.58		42.67	13.12		14.15		9.51
Weighted average number of common shares used in computing earnings per share
- Basic	130,101,442		128,254,916	131,142,633		128,640,543		130,424,874
- Diluted	133,848,374		130,241,085	134,506,173		132,730,301		133,862,898

Important Notes to this release:

- Fiscal Year

Patni follows a January – December fiscal year. The current review covers the financial and operating performance of the Company for the quarter and year ended December 31, 2010

- U.S. GAAP

A Consolidated Statement of Income in US GAAP is available on page 3 of the Fact Sheet attached to this release

- Percentage analysis

Any percentage amounts, as set forth in this release, unless otherwise indicated, have been calculated on the basis of the U.S. Dollar amounts derived from our consolidated financial statements prepared in accordance with U.S. GAAP, and not on the basis of any translated Rupee amount. Calculation of percentage amounts on the basis of Rupee amounts may lead to results that are different, in a material way, from those calculated as per U.S. Dollar amounts.

- Convenience translation

A Consolidated Statement of Income as per Convenience Translation prepared in accordance with US GAAP is available on page 6 of the Fact Sheet attached to this release. We have translated the financial data derived from our consolidated financial statements prepared in accordance with U.S. GAAP for each period at the noon buying rate in the City of New York on the last business day of such period for cable transfers in Rupees as certified for customs purposes by the Federal Reserve Bank of New York. The translations should not be considered as a representation that such US Dollar amounts have been, could have been or could be converted into Rupees at any particular rate, the rate stated elsewhere in this document, or at all. Investors are cautioned to not rely on such translated amounts.

- Attached Fact Sheet (results & analysis tables)

About Patni Computer Systems Ltd:

Patni Computer Systems Limited (Patni) (BSE: 532517) (NSE: PATNI) (NYSE: PTI) is a global provider of IT services and business solutions, servicing global 2000 clients. Patni services its clients through its micro-vertical focus in banking, financial services (BFS) and insurance (I); manufacturing, retail and distribution (MRD); life sciences; communications, media and utilities (CMU).

With an employee strength of over 16,000; multiple global delivery centers spread across 16 cities worldwide; 30 international offices across the Americas, Europe and Asia-Pacific; Patni has registered revenues of US$ 656 million for the year 2009.

Patni’s service offerings include application development and maintenance, enterprise software & systems integration services, business and technology consulting, product engineering services, infrastructure management services, customer interaction services & business process outsourcing, quality assurance and engineering services.

Committed to quality, Patni adds value to its clients’ businesses through well-established and structured methodologies, tools and techniques. Patni is an ISO 9001: 2008 certified and SEI-CMMI-Dev Level 5 (V 1.2) organization. In keeping with its focus on continuous process improvements, Patni adopts Six Sigma practices as an integral part of its quality and process frameworks.

Patni leverages its vast experience spanning three decades; deep domain expertise; full-spectrum services; and suites of IP-led solutions, methodologies and frameworks; in being an effective business transformation partner to its clients.

For more information on Patni, visit www.patni.com.

IMPORTANT NOTE:

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Patni has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

NOTES:

● Fiscal Year

Patni follows a January – December fiscal year. The current review covers the financial and operating performance of the Company for the quarter and year ended December 31, 2010.

● U.S. GAAP

All figures in this release pertain to accounts presented as per U.S. GAAP unless stated otherwise.

● Percentage analysis

Any percentage amounts, as set forth in this release, unless otherwise indicated, have been calculated on the basis of the U.S. Dollar amounts derived from our consolidated financial statements prepared in accordance with U.S. GAAP, and not on the basis of any translated Rupee amount. Calculation of percentage amounts on the basis of Rupee amounts may lead to results that are different, in a material way, from those calculated as per U.S. Dollar amounts.

● Convenience translation

We have translated the financial data derived from our consolidated financial statements prepared in accordance with U.S. GAAP for each period at the noon buying rate in the City of New York on the last business day of such period for cable transfers in Rupees as certified for customs purposes by the Federal Reserve Bank of New York. The translations should not be considered as a representation that such US Dollar amounts have been, could have been or could be converted into Rupees at any particular rate, the rate stated elsewhere, or at all. Investors are cautioned to not rely on such translated amounts.

● Reclassification

Certain reclassifications have been made in the financial statements of prior years to conform to classifications used in the current year.

Ref Number	Description	Page No.
A	US GAAP Financials
A1	Consolidated Statement of Income	3
A2	Consolidated Balance Sheet	4
A3	Consolidated Cash Flow Statement	4
B	Indian GAAP Financials
B1	Consolidated Statement of Income	4
B2	Consolidated Balance Sheet	5
B3	Consolidated Cash Flow Statement	5
C	Reconciliation between US GAAP and Indian GAAP Income Statement	5
D	US GAAP Financials Based on Convenience Translation
D1	Consolidated Statement of Income	6
D2	Consolidated Balance Sheet	6
D3	Consolidated Cash Flow Statement	6
E	Operational and Analytical Information
E1	Revenue Analysis	7
E2	Revenue-Client Metrics	7
E3	Revenue Mix and Utilization	7
E4	Employee Metrics	8
E5	Infrastructure	8
E6	Currency Rates	8

A1) CONSOLIDATED STATEMENT OF INCOME - US GAAP (US$ ‘000) for the year ended
	GAAP							NON GAAP 2010						NON GAAP 2009					NON GAAP
Particulars	2010 (Unaudited)			2009 (Audited)		Change%		Extra Ordinary Items**			2010 (Excluding Extra Ordinary Items)			Extra Ordinary Items**			2009 (Excluding Extra Ordinary Items)		Change%
Revenue		701,699			655,918	7.0	%					701,699						655,918	7.0	%
Cost of revenues		438,989			405,079	8.4	%					438,989		(1,158	)	^1		406,237	8.1	%
Depreciation		16,958			16,230	4.5	%					16,958						16,230	4.5	%
Gross Profit		245,751			234,609	4.7	%					245,751		1,158				233,451	5.3	%
Sales and marketing expenses		61,729			53,770	14.8	%					61,729						53,770	14.8	%
General and administrative expenses		72,377			68,240	6.1	%					72,377						68,240	6.1	%
Provision for doubtful debts and advances		619			2,267	-72.7	%					619						2,267	-72.7	%
Foreign exchange (gain)/loss, net		(22,009	)		9,693	-327.1	%					(22,009	)					9,693	-327.1	%
Operating income		133,036			100,639	32.2	%					133,036		1,158		^2		99,481	33.7	%
Other income/(expense), net		19,480			23,900	-18.5	%	1,064		^3		18,415		3,039		^3		20,861	-11.7	%
Income before income taxes		152,515			124,539	22.5	%	1,064		^4		151,451		4,197		^4		120,342	25.9	%
Income taxes		19,336			4,759	306.3	%	(6,307	)	^5		25,643		(17,814	)	^5		22,573	13.6	%
Net income/(loss)		133,179			119,780	11.2	%	7,371		^6		125,808		22,011		^6		97,769	28.7	%
Earning per share
- Basic	$	1.02		$	0.93	10.1	%				$	0.97					$	0.76	26.9	%
- Diluted	$	0.99		$	0.92	8.2	%				$	0.94					$	0.75	25.2	%
Weighted average number of common shares used in computing earnings per share
- Basic		130,101,442			128,254,916							130,101,442						128,254,916
- Diluted		133,848,374			130,241,085							133,848,374						130,241,085

A1) UNAUDITED CONSOLIDATED STATEMENT OF INCOME - US GAAP (US$ ‘000) for the quarter ended
	GAAP													NON GAAP Dec 31 2010						NON GAAP Dec 31 2009						NON GAAP
Particulars	Dec 31 2010			Dec 31 2009			YoY change %		Sep 30 2010			QoQ change %		Extra Ordinary items **			Dec 31 2010 (Excluding Extra Ordinary Items)			Extra Ordinary items **			Dec 31 2009 (Excluding Extra Ordinary Items)			YoY change %		QoQ change %
Revenue		183,042			170,174		7.6	%		178,787		2.4	%					183,042						170,174		7.6	%	2.4	%
Cost of revenues		118,147			101,226		16.7	%		113,798		3.8	%					118,147						101,226		16.7	%	3.8	%
Depreciation		4,267			4,399		-3.0	%		4,399		-3.0	%					4,267						4,399		-3.0	%	-3.0	%
Gross Profit		60,627			64,549		-6.1	%		60,590		0.1	%					60,627						64,549		-6.1	%	0.1	%
Sales and marketing expenses		15,830			14,225		11.3	%		15,398		2.8	%					15,830						14,225		11.3	%	2.8	%
General and administrative expenses		19,633			18,379		6.8	%		17,854		10.0	%					19,633						18,379		6.8	%	10.0	%
Provision for doubtful debts and advances		177			1,834		-90.3	%		(43	)	-510.3	%					177						1,834		-90.3	%	-510.3	%
Foreign exchange (gain)/loss, net		(8,120	)		(3,199	)	153.8	%		(4,864	)	66.9	%					(8,120	)					(3,199	)	153.8	%	66.9	%
Operating income		33,106			33,310		-0.6	%		32,245		2.7	%					33,106						33,310		-0.6	%	2.7	%
Other income/(expense), net		5,618			4,254		32.1	%		2,512		123.7	%	1,356		^3		4,262		1,544		^3		2,710		57.3	%	69.7	%
Income before income taxes		38,724			37,564		3.1	%		34,757		11.4	%	1,356		^4		37,368		1,544		^4		36,020		3.7	%	7.5	%
Income taxes		(664	)		(2,919	)	-77.3	%		6,012		-111.0	%	(6,193	)	^5		5,529		(9,500	)	^5		6,581		-16.0	%	-8.0	%
Net income/(loss)		39,388			40,483		-2.7	%		28,745		37.0	%	7,549		^6		31,839		11,044		^6		29,439		8.2	%	10.8	%
Earning per share
- Basic	$	0.30		$	0.31		-4.6	%	$	0.22		36.3	%				$	0.24					$	0.23		6.1	%	10.2	%
- Diluted	$	0.29		$	0.31		-4.0	%	$	0.21		36.4	%				$	0.24					$	0.22		6.7	%	10.2	%
Weighted average number of common shares used in computing earnings per share
- Basic		131,142,633			128,640,543					130,424,874								131,142,633						128,640,543
- Diluted		134,506,173			132,730,301					133,862,898								134,506,173						132,730,301

** Reviews of certain tax positions for previous years has resulted in net reversal leading to an increase in 2009 & 2010 Gross Profit, Operating Income and Net Income.

1 – Due to write back of provision for payroll taxes of earlier years

2 – Impact of 1

3 – Due to write back of provision for interest/ penalties of earlier years

4 – Impact of 2 and 3

5 – Due to write back of provision for income tax of earlier years

6 – Impact of 4 and 5

A2) CONSOLIDATED BALANCE SHEET US GAAP (US$ ‘000)
Particulars	31-Dec-10 (Unaudited)	30-Sep-10 (Unaudited)	31-Dec-09 (Audited)
Assets
Total current assets	583,967	516,792	602,966
Goodwill	69,661	69,931	65,839
Intangible assets, net	32,229	33,480	22,895
Property, plant, and equipment, net	136,236	138,279	142,052
Other assets	50,690	74,188	67,430
Total assets	872,784	832,670	901,181
Liabilities
Total current liabilities	122,826	120,363	110,253
Capital lease obligations excluding current installments	136	38	91
Other liabilities	49,987	56,272	43,803
Total liabilities	172,949	176,672	154,147
Total shareholders’ equity	699,835	655,998	747,034
Total liabilities & shareholders’ equity	872,784	832,670	901,181

A3) CONSOLIDATED CASH FLOW STATEMENT US GAAP (US$ ‘000)
Particulars	2010 (Unaudited)		2009 (Audited)		Dec 31 2010 (Unaudited)		Sep 30 2010 (Unaudited)		Dec 31 2009 (Unaudited)
Net cash provided by operating activities	136,574		137,206		42,705		45,067		48,087
Net cash provided/(used in ) investing activities	86,590		(132,699	)	(47,930	)	173,997		(52,055	)
Capital expenditure, net	(11,091	)	(18,711	)	(2,927	)	(1,528	)	(3,830	)
Investment in securities, net	117,805		(113,987	)	(44,434	)	176,110		(48,225	)
Payment for acquisition/intangibles/Joint Venture	(20,124	)	-		(569	)	(586	)	-
Net cash provided/(used) in financing activities	(205,603	)	(3,150	)	2,258		(204,326	)	5,414
Others	(214	)	(225	)	62		405		(53	)
Common shares issued/(Buy Back)	11,027		6,332		2,225		3,236		5,467
Dividend on common shares	(216,416	)	(9,257	)	(29	)	(207,967	)	(0	)
Net increase/(decrease) in cash and equivalents	17,562		1,358		(2,966	)	14,738		1,446
Effect of exchange rate changes on cash and equivalents	(2,286	)	1,963		(3,796	)	3,210		4,366
Cash and equivalents at the beginning of the period	63,459		60,138		85,497		67,549		57,647
Cash and equivalents at the end of the period	78,734		63,459		78,734		85,497		63,459

B1) CONSOLIDATED STATEMENT OF INCOME - INDIAN GAAP (RS. ‘000)
For the quarter/period ended
Particulars	2010 (Audited)	2009 (Audited)	YoY Change %		Dec 31 2010 (Unaudited)	Dec 31 2009 (Unaudited)		YoY Change %		Sep 30 2010 (Audited)	QoQ Change %
Sales and service income	31,880,847	31,461,457	1.3	%	8,208,711	7,883,311		4.1	%	8,226,993	-0.2	%
Other income	2,194,249	836,062	162.5	%	657,448	365,286		80.0	%	488,832	34.5	%
Total income	34,075,096	32,297,519	5.5	%	8,866,159	8,248,597		7.5	%	8,715,825	1.7	%
Staff costs	18,898,084	18,357,288	2.9	%	4,966,579	4,503,344		10.3	%	4,855,580	2.3	%
Selling, general and administration expenses	8,060,461	7,875,694	2.3	%	2,112,432	1,923,184		9.8	%	2,129,035	-0.8	%
Interest	47,765	77,200	-38.1	%	10,219	13,514		-24.4	%	12,799	-20.2	%
Total expenditure	27,006,310	26,310,182	2.6	%	7,089,230	6,440,042		10.1	%	6,997,413	1.3	%
Net profit before tax and adjustments	7,068,786	5,987,337	18.1	%	1,776,929	1,808,555		-1.7	%	1,718,412	3.4	%
Provision for taxation	837,071	121,195	590.7	%	27,543	(246,964	)	-111.2	%	273,864	-89.9	%
Profit/(loss) for the period after taxation	6,231,715	5,866,142	6.2	%	1,749,386	2,055,519		-14.9	%	1,444,548	21.1	%
Profit and loss account, brought forward	22,972,249	18,102,057	26.9	%	17,838,247	21,912,675		-18.6	%	26,007,432	-31.4	%
Amount available for appropriation	29,203,964	23,968,199	21.8	%	19,587,633	23,968,194		-18.3	%	27,451,980	-28.6	%
Proposed dividend on equity shares	2,221	387,383	-99.4	%	-	387,378		-100.0	%	8,244,435	-100.0	%
Special Interim Dividend on equity shares	8,244,435	-	0.0	%	-	-		0.0	%	-	0.0	%
Dividend tax	1,369,675	65,836	1980.4	%	-	65,835		-100.0	%	1,369,298	-100.0	%
Transfer to general reserve	655,046	542,731	20.7	%	655,046	542,731		20.7	%	-	0.0	%
Profit and loss account, carried forward	18,932,587	22,972,249	-17.6	%	18,932,587	22,972,249		-17.6	%	17,838,247	6.1	%
Earning per share (Rs. per equity share of Rs. 2 each)
- Basic	47.90	45.74	4.7	%	13.34	15.98		-16.5	%	11.08	20.4	%
- Diluted	46.44	44.93	3.4	%	12.99	15.47		-16.0	%	10.77	20.6	%
Weighted average number of common shares used in computing earnings per share
- Basic	130,101,442	128,254,916			131,142,633	128,640,543				130,424,874
- Diluted	134,193,727	130,560,132			134,650,351	132,877,290				134,132,027

B2) AUDITED CONSOLIDATED BALANCE SHEET - INDIAN GAAP (RS. ‘000)
Particulars	31-Dec-10	30-Sep-10	31-Dec-09
Assets
Current assets, loans and advances	14,085,747	14,465,251	11,521,915
Goodwill	4,838,060	4,862,704	4,765,305
Fixed assets (Net of Depreciation)	8,217,406	8,363,284	8,269,096
Investments	12,614,890	10,350,287	17,751,943
Deferred tax asset, net	695,065	789,797	893,334
Total assets	40,451,168	38,831,323	43,201,593
Liabilities
Current liabilities and provisions	7,786,917	7,873,569	7,616,163
Secured loans	10,649	5,251	9,447
Deferred tax liability, net	31,246	102,788	66,589
Total liabilities	7,828,812	7,981,608	7,692,199
Total shareholders’ equity	32,622,356	30,849,715	35,509,394
Total liabilities & shareholders’ equity	40,451,168	38,831,323	43,201,593

B3) CONSOLIDATED CASH FLOW STATEMENT - INDIAN GAAP (RS ‘000)
Particulars	2010 (Audited)		2009 (Audited)		Dec 31 2010 (Unaudited)		Dec 31 2009 (Unaudited)		Sep 30 2010 (Audited)
Cash flows from/(used in) operating activities (A)	5,693,282		6,124,977		1,792,035		2,241,852		2,030,989
Cash flows from/(used in) investing activities (B)	4,560,215		(5,895,967	)	(2,207,702	)	(2,353,242	)	8,219,071
Cash flows from/(used in) from financing activities (C)	(9,626,685	)	(199,718	)	103,021		196,153		(9,530,698	)
Effect of changes in exchange rates (D)	(45,754	)	(8,420	)	(14,066	)	95,047		3,296
Net increase/(decrease) in cash and cash equivalents during the period (A+B+C+D)	581,058		20,872		(326,712	)	179,810		722,659
Cash and cash equivalents at the beginning of the period	2,952,622		2,931,750		3,860,392		2,772,812		3,137,732
Cash and cash equivalents at the end of the period	3,533,680		2,952,622		3,533,680		2,952,622		3,860,392
C) Reconciliation of Income as per Indian GAAP and US GAAP (RS. ‘000)
Particulars	2010		2009		Dec 31 2010		Dec 31 2009		Sep 30 2010
Consolidated net income as per Indian GAAP	6,231,715		5,866,142		1,749,386		2,055,519		1,444,548
Income taxes	(42,200	)	(31,800	)	54,800		(109,500	)	(1,800	)
Foreign currency differences	(29,100	)	50,900		(4,400	)	(16,000	)	(13,300	)
Employee retirement benefits	57,400		(41,900	)	(18,300	)	11,600		(22,000	)
ESOP related Compensation Cost	(48,000	)	(47,100	)	100		(7,700	)	(23,300	)
Impairment of Intangible	-		139,600		-
Amortization of Intangibles, arising on Business acquisition	(119,100	)	(90,300	)	(34,500	)	(25,300	)	(28,900	)
Others	7,200		(400	)	10,000		(1,300	)	(3,800	)
Total	(173,800	)	(21,000	)	7,700		(148,200	)	(93,100	)
Consolidated net income as per US GAAP	6,057,915		5,845,142		1,757,086		1,907,319		1,351,448

D1) UNAUDITED CONSOLIDATED STATEMENT OF INCOME (RS. ‘000): BASED ON CONVENIENCE TRANSLATION
For the quarter / period ended
Particulars	2010		2009	Dec 31 2010		Dec 31 2009		Sep 30 2010
Exchange rate$1 = INR	44.80		46.40	44.80		46.40		44.56
Revenues	31,436,099		30,434,601	8,200,285		7,896,066		7,966,747
Cost of revenues	19,666,719		18,795,688	5,293,003		4,696,878		5,070,831
Depreciation	759,724		753,060	191,180		204,114		196,036
Gross Profit	11,009,657		10,885,852	2,716,102		2,995,073		2,699,881
Sales and marketing expenses	2,765,456		2,494,951	709,204		660,054		686,130
General and administrative expenses	3,242,501		3,166,329	879,572		852,782		795,575
Provision for doubtful debts and advances	27,710		105,188	7,941		85,114		(1,925	)
Foreign exchange (gain )/loss, net	(986,005	)	449,749	(363,759	)	(148,452	)	(216,723	)
Operating income	5,959,995		4,669,636	1,483,144		1,545,576		1,436,824
Other income/(expense), net	872,685		1,108,958	251,696		197,383		111,936
Income before income taxes	6,832,681		5,778,593	1,734,840		1,742,959		1,548,760
Income taxes	866,267		220,812	(29,740	)	(135,455	)	267,882
Net income/(loss)	5,966,414		5,557,781	1,764,580		1,878,413		1,280,878
Earning per share
- Basic	45.86		43.33	13.46		14.60		9.82
- Diluted	44.58		42.67	13.12		14.15		9.51
Weighted average number of common shares used in computing earnings per share
- Basic	130,101,442		128,254,916	131,142,633		128,640,543		130,424,874
- Diluted	133,848,374		130,241,085	134,506,173		132,730,301		133,862,898

D2) UNAUDITED CONSOLIDATED BALANCE SHEET US GAAP (RS. ‘000): BASED ON CONVENIENCE TRANSLATION
Particulars	As on 31-Dec-10	As on 30-Sep-10	As on 31-Dec-09
Exchange rate$1 = INR	44.80	44.56	46.40
Assets
Total current assets	26,161,713	23,028,245	27,977,605
Goodwill	3,120,833	3,116,119	3,054,908
Intangible assets, net	1,443,838	1,491,890	1,062,318
Property, plant, and equipment, net	6,103,393	6,161,726	6,591,222
Other assets	2,270,934	3,305,800	3,128,729
Total assets	39,100,712	37,103,781	41,814,783
Liabilities
Total current liabilities	5,502,604	5,363,371	5,115,758
Capital lease obligations excl. installments	6,081	1,679	4,208
Other liabilities	2,239,415	2,507,460	2,032,457
Total liabilities	7,748,100	7,872,511	7,152,423
Total shareholders’ equity	31,352,612	29,231,270	34,662,361
Total liabilities & shareholders’ equity	39,100,712	37,103,781	41,814,783

D3) UNAUDITED CONSOLIDATED CASH FLOW STATEMENT US GAAP (RS ‘000): BASED ON CONVENIENCE TRANSLATION
Particulars	2010		2009		Dec 31 2010		Dec 31 2009		Sep 30 2010
Exchange rate $1 = INR	44.80		46.40		44.80		46.40		44.56
Net cash provided by operating activities	6,118,524		6,366,367		1,913,204		2,231,224		2,008,194
Net cash provided/(used in) investing activities	3,879,246		(6,157,214	)	(2,147,253	)	(2,415,343	)	7,753,288
Capital expenditure, net	(496,875	)	(868,202	)	(131,129	)	(177,719	)	(68,068	)
Investment in securities, net	5,277,683		(5,289,012	)	(1,990,634	)	(2,237,624	)	7,847,462
Payment for acquisition/intangibles/Joint Venture	(901,562	)	-		(25,491	)	-		(26,105	)
Net cash provided/(used) in financing activities	(9,211,009	)	(146,155	)	101,176		251,208		(9,104,763	)
Others	(9,567	)	(10,448	)	2,788		(2,444	)	18,051
Common shares issued/(Buy Back)	494,013		293,800		99,698		253,666		144,195
Dividend on common shares	(9,695,455	)	(429,507	)	(1,310	)	(14	)	(9,267,009	)
Net increase/(decrease) in cash and equivalents	786,761		62,998		(132,873	)	67,090		656,720
Effect of exchange rate changes on cash and equivalents	(102,432	)	91,080		(170,075	)	202,601		143,030
Cash and equivalents at the beginning of the period	2,842,968		2,790,424		3,830,246		2,674,812		3,009,977
Cash and equivalents at the end of the period	3,527,298		2,944,503		3,527,298		2,944,503		3,809,727
E1 ) REVENUE ANALYSIS
Revenue By Geographical Segments	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Americas	80.7	%	80.1	%	81.8	%	80.3	%	80.5	%
EMEA	12.1	%	14.2	%	11.3	%	11.8	%	14.0	%
APAC	7.2	%	5.7	%	6.9	%	8.0	%	5.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Revenue by Industry Verticals	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Insurance	30.3	%	29.7	%	31.3	%	30.6	%	30.5	%
Manufacturing, Retail and Distribution	30.3	%	29.0	%	30.6	%	29.7	%	30.3	%
Financial Services	11.6	%	12.8	%	11.4	%	11.4	%	12.0	%
Communications, Media & Utilities	11.2	%	13.5	%	9.7	%	11.1	%	12.3	%
Product Engineering Services	16.7	%	15.0	%	16.9	%	17.1	%	14.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Revenue by Service Offerings	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Application Development & Maintenance	62.4	%	65.2	%	61.3	%	61.5	%	65.8	%
Package software implementation	12.5	%	13.3	%	11.5	%	12.1	%	12.8	%
Product Engineering Services	12.4	%	11.2	%	12.5	%	12.8	%	11.2	%
Infrastructure Management Services	5.1	%	4.9	%	4.9	%	5.4	%	5.3	%
Business Process Outsourcing	7.5	%	5.4	%	9.9	%	8.2	%	4.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Revenue by Project Type	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Time and Material	55.4	%	59.4	%	53.2	%	55.1	%	57.6	%
Fixed Price (including Fixed Price SLA)	44.6	%	40.6	%	46.8	%	44.9	%	42.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
E2) CLIENT- REVENUE METRICS
Particulars	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Top client	10.9	%	11.9	%	11.5	%	11.1	%	11.1	%
Top 5 Clients	35.9	%	36.5	%	35.9	%	35.6	%	37.0	%
Top 10 Clients	48.8	%	49.7	%	48.8	%	48.5	%	50.9	%
Client data
No of $1 million clients	99		92		99		98		92
No of $5 million clients	28		26		28		27		26
No of $10 million clients	16		15		16		14		15
No of $50 million clients	3		2		3		3		2
No of new clients	52		56		19		13		20
No. of active Clients	297		272		297		282		272
% of Repeat Business	94.6	%	94.0	%	95.6	%	95.9	%	93.7	%
E3) REVENUE MIX AND UTILIZATION
	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Efforts
Onsite	26.7	%	27.4	%	26.7	%	26.0	%	26.9	%
Offshore	73.3	%	72.6	%	73.3	%	74.0	%	73.1	%
Revenue
Onsite	53.7	%	55.8	%	52.7	%	54.6	%	54.9	%
Offshore	46.3	%	44.2	%	47.3	%	45.4	%	45.1	%
Utilization	75.3	%	74.9	%	72.4	%	74.0	%	77.4	%
Utilization (Excl Trainees)	78.7	%	78.7	%	76.0	%	76.8	%	80.3	%
E4) EMPLOYEE METRICS
	2010		2009		Dec 31 2010		Sep 30 2010		Dec 31 2009
Total Employees	17,642		13,995		17,642		16,556		13,995
Offshore	14,326		11,264		14,326		13,394		11,264
Onsite	3,316		2,731		3,316		3,162		2,731
Total	17,642		13,995		17,642		16,556		13,995
Sales & Support Staff	1,491		1,484		1,491		1,531		1,484
Net Additions	3,647		(899	)	1,086		1,663		388
Attrition (LTM) excluding BPO	25.2	%	13.7	%	25.2	%	25.9	%	13.7	%

E5) FACILITIES - INDIA INFRASTRUCTURE (as on Dec 31, 2010)
	Operational**		Under Construction/Furnishing
Location	Built Up Area (Sq ft)	No. of Seats	Built Up Area (Sq ft)	No. of Seats
Mumbai	183,648	1,825
Navi Mumbai	136,669	1,818
Airoli	462,845	4,473
Pune	254,383	2,743
Gandhinagar	52,277	537
Noida	460,000	3,247
Hyderabad	97,497	757
Bangalore	78,343	784
Chennai	148,000	1,189
	1,873,662	17,373	-	-
** Owned plus leased

E6) RUPEE - CURRENCY RATES AGAINST US DOLLAR
	2010	2009	Dec 31 2010	Sep 30 2010	Dec 31 2009
Rupee
Period end rate	44.70	46.52	44.70	44.93	46.52
Period average rate	45.71	48.35	44.83	46.46	46.62
Other Currencies (Average Rate)
AUD	0.92	0.79	0.99	0.90	0.91
EURO	1.33	1.39	1.36	1.29	1.48
GBP	1.55	1.57	1.58	1.55	1.64
YEN	0.01	0.01	0.01	0.01	0.01