Q1 FY 20 Performance Update

...We are controlling our spend and capex while we remain with a strong balance sheet and are focusing on improving profitability ... Gross margin holding up despite continuing price erosion in the US Spend optimization initiatives & improved productivity INR Cr. 6,592 6,517 6,450 55.6% FY17 53.7% 54.2% Gross Margin as a % to sales FY18 Moderation seen in capital expenditure FY19 4,637 4,691 4,889 1,955 1,826 1,561 FY17 FY18 FY19 R&D SG&A SG&A + R&D Headroom available for borrowing FY17 FY18 FY19 Mar-17 Mar-18 Mar-19 Capital Expenditure 1,228 925 696 Net Debt to Equity 0.25 0.24 0.09 PROPRIETARY

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