KPIT announces Fourth Quarter Results FY 2018

KPIT announces Fourth Quarter Results FY 2018

FY 18 USD revenues grow 14.8% Y-o-Y, reach USD 567.6 Million
Q4 FY18 USD revenue up Q-o-Q by 6.4% at USD 150.2 Million
Pune, May 23, 2018: KPIT (BSE: 532400; NSE: KPIT), a global technology company specializing in providing IT Consulting and Product Engineering solutions and services to Automotive, Manufacturing, Energy and Utilities companies, today reported its consolidated financial results for the fourth quarter and fiscal year ended March 31, 2018.
Highlights for the quarter ended March 31, 2018
  • Q4 FY18 PAT at Rs. 760 Million, a Q-o-Q growth of 23.2%, Y-o-Y growth of 41.6%
  • Q4 FY18 reported EBITDA at 11.4%, Operational EBITDA without transaction expenses at 12.7%
  • Q4 FY18 Rs. Revenue up by 6% Q-o-Q and 12.6% Y-o-Y
  • Net Cash Balance as at March 31, 2018 stood at Rs. 3.18 Billion (Rs. 0.77 Billion as at March 31, 2017)
  • FY19 Growth Outlook of 8% - 10% in USD Revenue
Management comments

Commenting on the performance of Q4 FY18, Ravi Pandit, Co-founder, Chairman & Group CEO, KPIT said, "We are encouraged by the revenue growth during the quarter, led by engineering and certain segments of Business IT viz. Digital and ePLM. We will continue to invest in future technologies relevant for our customers. We are progressing well on the Merger-Demerger transaction, with all regulatory filings on track."

Kishor Patil, Co-founder, CEO & MD, KPIT said, "We are back to industry leading growth, with FY18 registering a healthy growth of ~15%. We have seen reassuring margin improvement in Business IT during the year. We expect to register a growth of 8% to 10% in USD revenues for FY19 with operational EBITDA Margins in the range of 11.5% to 12.5%."

Quick Summary

The year gone by has seen us get back to industry leading growth and we are positive on continuing growth and improved profitability going ahead.

We crossed the USD 500 Million mark and ended FY 2018 with revenues of USD 567.64 Million, a Y-o-Y growth of 15%. The reported EBITDA margin for the year was 10%. We incurred around Rs. 169 Million as expenses towards the Merger-Demerger transaction during the year, of which Rs. 129 Million were incurred in Q4FY18. The operational EBITDA during the quarter and the year, thus was as follows:

Details Unit Q4FY18 FY18
Reported EBITDA Rs. M 1,098 3,785
Merger-Demerger Transaction Expenses Rs. M 129 169
Operational EBITDA Rs. M 1,227 3,954
Reported EBITDA Margin % 11.36% 10.33%
Operational EBITDA Margin % 12.70% 10.79%

The Profit for the year stood at Rs. 2.53 Billion registering a growth of 6% over last year. In FY17 we had an exceptional gain on account of sale of our functional safety business to the tune of Rs. 260.9 Million. Excluding this one-time gain in FY17, the profit for FY18 grew by 19% over FY17.
We continued to focus on Cash Generation during the year and ended the year with a gross cash balance of Rs. 6.3 Billion as compared to Rs. 4.6 Billion as of last year end. The Net Cash Position was even better at Rs. 3.18 Billion as compared to Rs. 770 Million last year end.
In terms of revenue growth, it was a year of balanced growth with good business momentum being maintained throughout the year across geographies, industry verticals and business units. Our digital business continued growing during the year while the Business IT part maintained its steady pace aided by relevant industry recognitions worldwide. Engineering business was the highest growing business during the year and there were some positive and concrete developments in our Products & Platforms business, which contributed to strong growth numbers for the year. Digital Technologies and ePLM also showed good growth during the year.
We continued with the profitability improvement measures, which led to steady and sustainable improvement in the margins, during the year.

Earlier in the year, we announced a transaction of merger and demerger involving KPIT and Birlasoft. Birlasoft is a part of the USD 1.6 billion diversified CK Birla Group.

  • The merger of KPIT and Birlasoft will create a USD 700+ Million entity which will immediately demerge into two separate companies :
    • KPIT Technologies (USD 220+ Million revenue company, post-merger), a global leader in Automotive Engineering and Mobility Solutions, which will evolve from the existing Engineering business of KPIT.
    • Birlasoft (a USD 500+ Million revenue company, post-merger), a new Digital Business IT Services company, focusing on the mid-tier IT space formed by combining Birlasoft with the KPIT's IT business

We have almost completed all the regulatory requirements of the mandatory Open Offer in KPIT pursuant to the above transaction. We are currently in the process of various regulatory filings required for the transaction to get completed and we believe we are on track for the same.

Services Update
IES SBU contributed 30% of the total revenue for the quarter depicting a sequential growth of 0.3%. For FY18, its revenue contribution was 31% with annual growth of 6%.
SAP SBU contributed 18.4% of the total revenue for the quarter depicting a decline of 2%. The SBU contributed 20% to the annual FY18 revenues with a Y-o-Y marginal decline of 0.8%.
  • Oracle has changed its release strategy for JD Edwards (JDE) to incremental and regular Application Software Updates (ASUs) rather than version releases.
  • In line with the same, we have developed a new offering "Remain perpetually current on EnterpriseOne 9.2 in Oracle Cloud Infrastructure" which will help customers stay current on ASU's, tools, Releases and patches.
  • There is traction for JDE on Oracle Cloud (OCI) besides technical Application Services Interfaces (ASIs) upgrades to get updated to the latest application released version.
  • We see strong traction in US geography for all Infor technologies i.e. M3, LN, XA and Syteline while a few of them also have good potential in Europe, APAC and META regions.
  • The key growth areas in SAP are S/4HANA, Hybris, SuccessFactors, Leonardo and Integrated Business Planning (IBP) solutions.
  • KPIT has been named as a strategic partner by SAP to deliver express innovation services for SAP® Leonardo Internet of Things (IoT) accelerator packages. As part of the collaboration, KPIT will build and offer solution accelerators in specific domain areas of expertise for Connected Goods & Assets, Connected Fleet, Predictive Maintenance and Asset Intelligence Networks.
  • KPIT has been selected as the 2018 Winner of the SAP Hybris Americas Delivery Partner Of The Year. The SAP Hybris Partner Awards are a long-standing tradition, where SAP recognizes the best of the best in the partner ecosystem. Winning the award places KPIT in a very elite group of only 17 partners worldwide to achieve winner status for this year. The Americas Delivery Partner of Year Award showcases excellence in driving SAP Hybris business, commitment to co-innovation and helping customers achieve their goals.
  • In cloud and cyber security, besides a strong security practice we have also developed GDPR offering for European market which includes assessment and remediation services.
  • For digital workplace, we have created a few solutions around digital and mobile technologies to enhance end-user experience like a voice and chat based ticket creation solution across different platforms.
  • Under hybrid cloud transformation, we have a strong DC COE in place with all major cloud and DC providers' partnerships with MS, AWS among others.
  • For integrated tools stack, we have developed a shared/ dedicated iSight platform stack with pick and choose feature. We have integrated iSight with various Tier 1 ITSM tools. This platform also facilitates workplace automation by initiating corrective actions in real-time based on configured triggers.
  • In ePLM, we see momentum for implementation, upgrade and support of PLM offerings in automotive, medical and A&D sector while ALM implementation and support opportunities in automotive customers.
Thought Leadership (Business IT)
  • KPIT has recently signed a Business Processes Services (BPS) agreement with Oracle to meet the evolving product data classification and attribution demands of global clients. Through this agreement, KPIT will add Oracle EDQ application as one of the tools in KPIT's Product Data-as-a Service (P-DaaS) offering to provide customers with the capability to classify, attribute, and enrich their existing parts, items, or product information based on industry standard taxonomy.
  • KPIT has been positioned by Gartner Inc. in the niche players quadrant of the 2018 "Magic Quadrant for Oracle Application Services, Worldwide" and named in the 2018 "Critical Capabilities for Oracle Application services, worldwide."
  • KPIT has been recognized as a market leader in a recent Cloud services report, published by ISG, a leading technology research and advisory firm. According to the ISG Provider LensTM Cloud Services Quadrant Report, KPIT was named among the leading providers for the "SAP Services" quadrant.
The overall digital revenues including digital in SAP and Oracle are ~ 30% of the Business IT revenues of the company. The overall digital revenues grew by around 20%+ in FY18 over FY17.
DT SBU (which addresses DT outside of SAP and Oracle) constituted 10.3% of the total revenue for the quarter with sequential growth of 6.3%. For FY18, the SBU's revenue contribution was 10.3% with annual growth of 15.3%.
  • Our Digital SBU primarily focuses on Enterprise Asset Management, Customer Experience, IOT, Factory Automation and Supply Chain Management.
  • Going forward, the key growth areas would be connected products (IOT), robotic process automation, digital manufacturing, AI and Smart Glass.
Thought Leadership
  • Forbes India published an article by KPIT's thought leader within the Digital space titled - 'Connected Factories and Business Application of Smart Glass' article.
PES SBU contributed 36% of the total revenue for the quarter, depicting a sequential growth of 12%.
For FY18, the SBU contributed 34% with Y-o-Y growth of 32%.
  • Our major growth opportunities came across Autonomous driving, AUTOSAR, Connected Vehicle, In-Vehicle Infotainment and Electric Powertrain domains.
  • We continue to strive for the leadership position in automotive embedded electronics space and going forward our key focus areas would revolve around CLEAN (ePowertrain), SMART (Autonomous), CONNECTED (Infotainment) and SAFE (Diagnostics, Security)
Thought Leadership (Engineering)
  • KPIT showcased solutions and assets to enable Autonomous driving, Connected mobility, Electrified powertrain at CES 2018 in Las Vegas, US.
  • Artificial Intelligence (AI) is considered as the next digital frontier. Automotive industry in pursuit of building self-driving vehicles is at the forefront of adopting AI. KPIT shared its point of view on the role of AI in automotive industry with a special focus on autonomous driving and diagnostics domains at IT Trans 2018 event, Europe.
  • Auto ecosystem perceives simulation as one of the key areas to achieve autonomous driving. KPIT showcased its solutions in virtual simulation for autonomous driving at IPG Open House 2018. The solutions will help the automakers in accelerating their journey to driverless vehicles.
  • KPIT delivered a special address that delved into the megatrends that are changing the automotive landscape at the 10th Edition Conference on Automotive R&D Trends organized by CII.
P&P SBU contributed 5.4% to the total revenue for the quarter and it grew sequentially by 50%.
For FY18, the SBU contributed 4.7% to the total revenues with Y-o-Y growth of 53.8%.
  • Eicher Trucks & Buses, part of VE Commercial Vehicle, recently forayed into the electric bus segment and has formed a partnership with KPIT Technologies for its indigenously developed electrification technology, 'REVOLO'. VE Commercial Vehicles will integrate REVOLO on its industry leading bus platform - 'Skyline Pro'. The new smart electric bus Skyline Pro E will be manufactured at VECV's state-of-the-art manufacturing facility in Indore, Madhya Pradesh. With the electrification technology and the buses being developed in India, these vehicles truly embody the 'Made in India, for India' promise.
  • KPIT has expanded its mobility solution portfolio by launching India's first ARAI certified AIS-140 compliant vehicle telematics system and emergency button solution. The AIS-140 regulation, applicable from April 1st, 2019, mandates a vehicle tracking device and one or more emergency button(s) in all existing and new public service vehicles.
Thought Leadership
  • We have received the ARAI Certification (Homologation) for 'REVOLO' powered Electric Bus developed with Eicher.
  • To enable and empower the 'Smart Cities Mission' in India, KPIT participated in:
    • 5th Sm@rt Urbanation Convention & Expo 2018 and shared thoughts on "Mobility Solutions for the Cities of Future"
    • 4th India-Europe29 Business Forum and shared perspective on "Collaborating to develop 100 Smart Cities in India: Innovative urban transport solutions and clean technologies to define India-E29 future partnerships".
  • One of the major commercial vehicle makers in India organized a technical consortium that served as a platform to show tech expertise and exchange innovative ideas. KPIT displayed solutions such as AIS-140, Vehicle Tracking System (VTS), School Bus ITS and demonstrated how advanced mobility is shaping up the commercial vehicle space.
Vertical Update
Automotive vertical contributed 44.5% of total revenue for the quarter, registering a Q-o-Q growth of 6.8%. For FY18, the revenue contribution was 43.3% with Y-o-Y growth of 23%.
  • Some of the key trends expected to drive the industry in 2018 include: voice-recognition driven personal assistants such as Amazon Alexa and Google Assistant, reduction in EV battery prices and application of deep learning in autonomous vehicle development.
  • There will be a few other factors which will come into play while OEMs consider their roadmap: Investment in developing long range EVs, decline in sale of diesel cars and wider adoption of driver monitoring systems in vehicles.
Manufacturing vertical contributed 29.7% of total revenue for the quarter, depicting a Q-o-Q growth of 9%. For FY18, the revenue contribution was 30.3% with Y-o-Y decline of 2%.
  • In Life sciences industry, we see growing momentum for IoT programs for service enablement while there is higher adoption of cloud solutions in regulatory compliance sensitive areas like track and trace, MDM, PLM.
  • There is strong demand for MDM as companies continue to digitally transform their business processes and innovate business models. Technologies enabling modern/ connected/ IIoT Manufacturing 4.0 are also gaining pace.
  • Some of the key areas where we are investing and developing offerings include cold chain management, Blockchain, integrated smart glass applications, DaaS and CPQ cloud solution for medical device manufacturers.
  • In Hi-Tech industry, there is unpredictable demand while product lifecycles are becoming shorter. There is also emergence of new business models and supporting technologies.
  • The industry has been witnessing frequent M&As which emphasize the need for right solutions and joint GTM strategy. There is also growing opportunity with complex supply chain networks.
  • Also in terms of security, while there is need for highly competitive solutions for IP protection there is also growing demand for statutory and regulatory compliance solutions.
  • We are offering solutions to address these trends- PLM/ ALM solutions, IoT, Big Data and Analytics solutions/ CPQ, Cloud readiness, Data Quality and MES Solution/ Stratos M&A, HighTECH Edge/ Channel management, Remote Service and Warranty Analytics/ Global Trade management, IFRS services among others.
Energy vertical contributed 11.6% of the total revenue for the quarter depicting a marginal sequential decline of 0.4%. For FY18, the revenue contribution was 11.8% with Y-o-Y growth of 22%.
  • Renewables, smart homes, AI and IoT will continue driving the energy industry through 2018.
  • With strong sales capabilities, vertical specific offerings and Cross-SBU leverage we are working towards developing new technologies and digital offerings focusing on AMS, cost efficiency and automation.
Utilities vertical contributed 6.3% of the total revenue for the quarter depicting a sequential growth of 12.4%. For FY18, the revenue contribution was 6% with Y-o-Y growth of 95%.
  • The modern utility faces an array of challenges due to growing demand, stricter regulations, environmental mandates, and consumer expectations. These challenges require strategic technology investment and innovation.
  • The major trends in the industry today are convergence of information and operations technology, increased use of connected devices, increasing regulatory requirements, changing customer engagement models, focus on renewable energy generation and innovations in operations.
  • KPIT enables organizations in the Utilities industry to excel by focusing on innovative technology, synchronizing people, process and technology and streamlining business processes across a full breadth of applications. Our focus areas include Operations Excellence, Workforce Enablement, Business Transformation, Customer Experience and Digital Transformation.
  • The US Geography continues to be the largest geography for us with a revenue share of 61.5% and it grew by 2.8% on a Q-o-Q basis. For FY18, US contributed 63.2% to the total revenues with Y-o-Y growth of 6.5%. We see good traction in the US geography for Infor, Oracle Cloud, engineering and digital technologies.
  • Europe geography with a revenue share of 20.8%, grew strongly by 11.2% sequentially during this quarter. During the year, Europe's revenue share increased to 19.5% with strong Y-o-Y growth of 36.3%. Europe geography saw very good traction in engineering led by epowertrain, AD-ADAS and diagnostics. We expect the geography to continue growing at a faster pace, especially in Germany.
  • Asia was the highest growing geography during the quarter as it grew sequentially by 14.3% while contributing 17.7% to the total revenues. For FY18, the geography contributed 17.3% to the annual revenues with Y-o-Y growth of 28.7%. Asia has been leading growth for us for the past couple of years and we see good traction in products and platforms, digital and engineering in the Asia geography.
*All the revenue growth numbers mentioned under IBU, Geography and SBU update are in equivalent $ terms.
Technology Update
  • We have filed 6 patents during the quarter in automotive and energy domain. With this the total number of patents filed as on Q4 FY18 end stood at 58 including 53 patents with complete specifications.
  • We were also granted 3 patents during this quarter taking the total count of granted patents to 40. The details of granted patents in Q4 FY18 are mentioned below:
Patent Number Patent Title Country Domain

EP 2477835

Motor Assistance for a Hybrid Vehicle Based on User Input




A System for Detecting, Locating and Tracking A Vehicle


Automotive (ADAS)


Method for manufacturing a modular structure




Customer Highlights
  • KPIT was chosen as a partner in the Connected Vehicle domain by one of the leading OEMs in the world.
  • KPIT was chosen by a large global OEM for power electronics and inverter development in ePowertrain space.
  • One of the world's leading Tier1 suppliers selected KPIT for its domain expertise in Autonomous Driving space.
  • KPIT was selected by one of the world's largest multinational oil and natural gas companies for process consulting – Application Managed Services.
  • Two major commercial vehicle manufacturers and one passenger car manufacturer have chosen KPIT as a partner to provide AIS-140 related systems
  • KPIT was selected by a SE Asian marine & offshoring engineering company for Oracle Middleware support.
  • KPIT was selected by a Fortune 500 American health care company for a JD Edwards 9.2 Upgrade.
  • A Europe-based producer of distilled beverages selected KPIT for JD Edwards AMS.
  • A North America-based manufacturer of upholstered furniture chose KPIT for SAP Managed Services
  • A company specializing within the Aerospace and Defense sector selected KPIT to support their PLM systems.
  • A European renewable energy solutions provider selected KPIT for their PLM and ALM implementation.
Other Highlights
  • KPIT has partnered with the Indian government to support the first Smart India Hackathon 2018-Hardware edition. The company will be steering the evaluation committee of the automotive and smart vehicle segment of the hackathon.
  • KPIT won multiple awards at the Dassault Systèmes 2018 Value Solutions Sales Convention Americas, held in Fort Lauderdale, Florida. KPIT was awarded ‘Key Team Win of the Year’ for work on behalf of its client, Soucy Group, a Canada based manufacturer and supplier of components for recreational, industrial, agricultural and defence vehicles.
Other Update

This morning a California jury delivered a verdict in a lawsuit that has been pending for over four years in District Court (USA).  The lawsuit involved various claims brought by Copart, Inc. against Sparta Consulting, Inc., KPIT Infosystems, Inc. and KPIT Technologies Ltd., and Sparta Consulting, Inc.’s claims against Copart, Inc.  While we do not yet have a copy of the jury’s written decision (the “verdict form”), what we understand from the oral proceedings in court yesterday is that the jury awarded damages to both Sparta and Copart with respect to their respective claims.  We understand the net result is an amount owing to Copart, Inc.  approximately US $ 16 M. The court set a further hearing on July 13, 2018, at which time the parties’ respective motions regarding the jury’s decision will be considered.  After those motions are heard and considered, the court will issue its final written judgment.

Even before the jury issued its verdict, the court had previously ruled that any direct claims against KPIT Technologies Ltd. should be dismissed as a matter of law.   

Sparta and KPIT Infosystems continue to vigorously deny any and all wrongdoing, and will continue to explore all possible challenges to the verdict.

Financial Update
Revenue Update

Our $ revenue for the quarter stood at $150.2 Million, a Q-o-Q growth of 6.4% and Y-o-Y growth of 17.1%. In Rs. terms revenue grew by 5.9% Q-o-Q and 12.6% Y-o-Y to Rs. 9,664.3 Million.  

Amongst SBUs, there was a significant Q-o-Q growth in P&P SBU as it grew by 50% while PES and DT SBU grew by 12% and 6.3% respectively. IES SBU grew marginally by 0.3% on a Q-o-Q basis while SAP SBU declined by 2.1%. On an annual basis for FY18, P&P SBU grew by 53.8% while PES grew by 32.3%. DT and IES SBU grew by 15.3% and 5.9% respectively. There was a marginal decline of 0.8% in SAP SBU.
Amongst geographies, APAC was the highest growing geography with 14.3% Q-o-Q growth while Europe grew by 11.2% and US grew by 2.8%. On an annual basis for FY18, Europe was the highest growing geography with 36.3% followed by APAC which grew by 28.7% and US which grew by 6.5%.
In terms of industry verticals, manufacturing grew by 9% while Automotive & Transportation vertical grew by 6.8%. There was a sequential growth of 3.8% in Energy & Utilities vertical. On an annual basis for FY18, Energy & Utilities grew by 39.4% while Automotive & Transportation vertical grew by 23%. There was a marginal decline of 2% in manufacturing vertical.

On a Q-o-Q basis our top customer grew by 6% with revenue share of 12.1%. The 20 top strategic accounts constituted 51.8% of the total revenues and grew by 8.6%. Similarly, the 40 top strategic accounts constituted 63.1% of the revenues and had a Q-o-Q growth of 9.5%.  For FY18, the top client grew by 10% while there was a growth of 32.7% and 25% in Top 20 and Top 40 strategic clients respectively.

*All the revenue growth numbers mentioned under revenue update are in equivalent $ terms.

The realized rate for the quarter was Rs. 64.35 /$ against Rs. 64.64/$ in Q3 FY18.

The offshore revenues grew faster during the quarter and employee productivity also showed a steady increase resulting in increased offshore utilization. Higher engineering revenues also resulted in a higher offshore realized billing rate during the quarter. There was an increase in the Business IT profitability during the quarter and we see it increasing steadily. We have done significant R&D and new solutions development investments both in Engineering as well as Business IT, albeit tilted more towards engineering, which had some impact on the engineering profitability for the quarter.

We will continue to focus on improving people utilization, productivity and revenue mix leading to steady improvement in operating profitability over the next year.

Cash flow
Rs. Million
Cash Profit for Q4 FY18
Working Capital Adjustments
Cash Generated from Operations
Fixed Assets + ESOPs
Balance Cash Flow
Investment in Subsidiary (Net)
Debt Repayment
Total Increase/(Decrease) in cash balance
Total Net Cash balance as at Q4 FY18 end
  • The Cash Balance as at March 31, 2018 stood at Rs. 6,266 Million as compared to Rs. 5,024 Million as on December 31, 2017.
  • The DSO were at 70 days, at the quarter end.
  • As on March 31, 2018 our total debt stood at Rs. 3,088 Million (Rs. 3,252 Million as of December 31, 2017) comprising of Rs. 970 Million of Term Loan and Rs. 2,188 Million of Working Capital Loan.
  • Thus, the Net Cash Balance as at March 31, 2018 stood at Rs. 3,178 Million (Rs. 1,772 Million as on December 31, 2017).
Income Statements


* The SBU revenues have been re-classified based on new organizational changes and previous period figures have been restated for comparison.
Products & Platforms SBU revenue has been separated from Product Engineering Services SBU.
^ Digital Transformation SBU (erstwhile Enterprise Solutions SBU)
# SI represents the revenues for our Telematics and KIVI Bus Entertainment solutions.


Hedging details
The currency market has been extremely volatile in the recent period and the company has major exposure in 3 currencies- USD, Euro and GBP. As per our hedging policy, we cover 75% of the net exposure through forward contracts for the next two quarters.
Total Outstanding Hedges:
Total amount of USD hedges as on 31st March 2018 : $ 39.35 Million
These hedges are maturing in the next 2 quarters and average rate for these hedges is Rs 65.91/$
Conference call details
Conference name
KPIT Q4 FY2018 Conference Call
May 24, 2018
1600 Hours (IST)
Dial-in Numbers for all the participants
Primary number
+91 22 6280 1325/ +91 22 7115 8226
Local access Number
+91 70456 71221
Toll free Number
USA- 1 866 746 2133
UK- 0 808 101 1573
Singapore- 800 101 2045
Hongkong- 800 964 448

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About KPIT Technologies
KPIT (BSE:532400, NSE: KPIT) is a global technology company specializing in providing IT Consulting and Product Engineering solutions and services to Automotive, Manufacturing, Energy & Utilities and Life Sciences companies. Together with its customers and partners, it creates and delivers technologies to enable creating a cleaner, greener and more intelligent world that is sustainable and efficient.
Forward Looking Statements
Some of the statements in this update that are not historical facts are forward-looking statements. These forward-looking statements include our financial and growth projections as well as statements concerning our plans, strategies, intentions and beliefs concerning our business and the markets in which we operate. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from these forward-looking statements. These risks include, but are not limited to, the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce Their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions in India and elsewhere around the world, and other risks not specifically mentioned herein but those that are common to industry.
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