RADIANTCMS

RADIANT 6 Cash Management Services Limited See (Formerly known as Radiant Cash Management Service Pvt. Ltd.) Inter tek (An ISO 9001-2015 Company) CIN : U74999TN2005PLC055748 GST No. : 33 AACCR9619R1ZO PAN No. : AACCR9619R RADIANTCMS/EarningsCall/SE/2022-23 Date: 28.01.2023 To To Listing Department, Department of Corporate Services, National Stock Exchange of India Limited BSE Limited C-1, G-Block, Bandra - Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Scrip Code: 543732, Scrip Symbol: RADIANTCMS ISIN: INE855R01021 Sub: Intimation of Earnings Conference Call - Presentation, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Ma’am/Sir(s), Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the “Earnings Conference Call - Presentation” on the Unaudited Financial Results of the Company for the quarter and nine months period ended December 31, 2022, which will be circulated to the Investors/ Analysts for the Earnings Conference Call scheduled on Monday, January 30, 2023 at 11:00 a.m. (IST). Kindly take the above details on record. Thanking you, Yours faithfully, For RADIANT CASH MANAGEMENT SERVICES LIMITED Col. David Devasahayam Chairman and Managing Director (DIN: 02154891) Regd. Office : # 28. Vijayaraghava Road, T. Nagar, Chennai - 600 017. Corporate Office : ‘Radiant Building’, No. 4/3, Raju Nagar, Ist Street, Okkiyam Thoraipakkam, OMR, Chennai - 600 096. Tel. : 044-49044904 « Fax : 044-48523448 e E-mail : contact@radiantcashservices.com e Web : www.radiantcashservices.com Radiant Cash Management Services Limited Investor Presentation Q3FY23 Results Disclaimer This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. I For restricted circulation only Key Strengths of the Company Leading integrated cash logistics player in a consolidating industry © © Pan India presence with strong network in Tier 2 and Tier 3+ locations © Diversified client base with long standing relationship © Robust Operational Risk Management © Significantly built up technology © © Track record of strong financial performance Experienced management team and backed by a reputed institutional investor For restricted circulation only Diversified Revenues across business verticals and end-user industries “2 =f £2 4 & we pe Gi SS wee éLsl WZ BFS| Organized Retail E-Commerce E-Com Logistics Railways Petroleum Others 29.7% 14.7% 14.4% 9.1% 4.1% 2.4% 25.6% | Hire through Banks / Avail Services Radiant Cash Management Services | Providing | 68.8% 18.3% | 4.9% | 5.6% 2.4% | y Vv. Network Cash . Management : Cash Pick - Up & Cash collected Cash Processing Cash ‘as V.f an Others Delivery ys Trained Operations . and deposited in . . Currency Chest Collects/delivers . executives Fabricated vans, . its account by Operations, Man cash on behalf . perform value on long-term or . op Radiant and . . behind Counter of its clients added services ad hoc hire, transferred to Cu©st)om er fr For restricted circulation only GeD1n , Business Model a Py D> & ss Revenue Stream Typical Service description Revenue model Growth drivers Cash Pickup & Delivery Pick up cash from end-user outlet on daily Fixed amount per point per Growth in number of points, (68.8% of revenues, 9MFY23) basis or on request and deposit the cash in month, based on the location particularly beat pick up points client’s bank account. Also selectively deliver of the outlet, and the daily which are serviced every working cash to end-user outlets based on request cash limit. day from banks Network Cash Management Value added service in which cash is Variable amount linked Growth of points in Tier 3+ (18.3% of revenues, 9MFY23) deposited in Radiant’s bank account in directly to the amount of cash locations, where bank branch locations where client does not have a bank deposited in Radiant’s bank presence is limited branch and subsequently transfer funds account electronically Cash Processing At end-user request, cash is counted and Fees directly linked to Growth in volume of cash (4.9% of revenues, 9MFY23) verified at the time of pick-up (as against quantum of cash picked up handled sealed back pick-up) for an additional fee Cash Van Operations Provide armoured vans with full crew A fixed amount per van per Growth in currency in circulation, (5.6% of revenues, S9MFY23) comprising driver, armed guards, cash month (or per day) with extent of currency replacement custodian on short or long term lease mostly additional charges for excess by RBI (culling out soiled notes to banks for their own bulk handling of cash usage of time and distance, if and introducing fresh notes), (between branches and vaults) any. branch expansion network of banks Others Includes Man Behind Counter (providing MBC is billed as per headcount trained manpower at end user location for (2.4% of revenues, S9MFY23) per month. Vault rent is billed handling large volumes of cash in high footfall based on quantum and value outlets), Vault operations where banks and of storage, and its duration. others rent our vaults for storing of cash or valuables For restricted circulation only Retail Cash Management - Highly Underpenetrated Sector with growth tailwinds Driven by the growth in organized retail and the corresponding outsourcing potential, the Retail Cash Management segment is expected to grow at 20.3% CAGR during FY 2021-27 Growth of Retail Touch Points for Cash Management (mn) @ Indian Retail Cash Management market is expected to reach % 20.4bn by FY 2027 from 3 6.8bn in FY 2021. Key drivers likely to aid the growth include: @ Retail using RCM ~—s@ Organised Retail Addressable Retail Growth of CIC Organized Retail Demonstrated Efficiency Cash-on-Delivery Source: Frost and Sullivan Report 4.10 Regardless of digital Growth in organized Improved cost and Higher rates of COD payments, growth in retail (at 20% annual operational orders through e- 3.01 CIC is expected to rate) and large efficiencies lead to commerce map long-term volumes of cash out-sourcing of cash especially in tier 2 nominal GDP growth transactions in management to and tier 3 cities various sectors private RCM players (90% are COD orders) 0.81 01 0.22 9 I ______ ee I Even at FY21 levels, only 3% (0.11 mn out of 3.01 mn) retail touch points are outsourcing Cash Management 1 FY21 rY27 services; with the potential for existing established players to tap ~ 97% of the retail touch points Key trends that drive the adoption of outsourced Retail Cash Management services include Outsourcing of RCM Services 3mn+ addressable retail touch points 9g Increasing preference for cash management services among retailers, NBFCs, restaurants, insurance companies, E- commerce logistics players, railways and the government’s focus Only 15% in the organized sector Indian Scenario towards outsourcing cash management 24% organized retailers use cash management services Convenience of outsourcing rather than spending own resources @ 35% of retail market is organized Increasing number of organized retail outlets with high volume of cash collections © 67% of the organized retailers use some form Expansion of e-commerce into Tier 2+ cities and beyond of cash management solutions ©@ eg @ High concentration of NBFC branches in rural areas For restricted ci rculation only Note : Please refer the tabular form in Annexure for more data on expected growth in Retail Touch Points and outsourcing opportunities 7 Cash in Circulation growing globally alongside digital growth Cash in Circulation (CIC) has grown at 18%+ CAGR between CIC as % of GDP has grown in the last decade even in FY17 to FY22 alongside digital growth in this period developed nations Cash in Circulation (2% Trillion) CIC to GDP Comparison (in %), CY 2010 - CY 2021 41.5 37.8 34.3 15% 14% 28.4 31.2 23.7 12% 12% 10% 18.3 21.4 8% re9% a 8% 13.4 India Singapore Germany China Mexico Brazil FY17 FY18 FY19 FY20 FY21 FY22E FY23E FY24E FY25E mcy2010 mCcy2021 Lack of financial infrastructure such as bank branches and ATMs in lower tiers such as semi- India has low volume of non-cash transactions, in comparison to other countries urban and rural areas increases the importance of cash % of Non-Cash Trans across Countries, by Volume, CY 2020 Commercial Bank Branches Per Lakh Population, FY 2021 Indonesia mmm 4% 61 Mexico Di 14% Japa) 16%, C27] 530, Ch 59%, SNP A 6), 16 United StateS LL 77%, LI ~ United KingCo Ls 770%, 7 Nether an S Lk 8 55, SVC 0 eS C)‘) 9, URBAN SEMI-URBAN RURAL For restricted circulation only Source: Frost and Sullivan Report * SURU: Semi-urban and rural CIC: Cash In Circulation Pan India footprint with strong network in Tier 2 and Tier 3+ locations As Dec 31, 2022, Radiant is present at more than 59,750 touch points, across all states Radiant has a Pan-India Presence with a focus on Non-Metro cities ... and union territories in India (except Lakshadweep) 7 >) (— Pan-India presence Strong presence in Key Markets NORTH WEST-2988 UTTARAKHAND-710 Strong presence in fast growing tier 28 States and 8 Union Territories 2 and tier 3+ markets NORTH-4345 Ole] UES 7} 83.6% of the total touch points and 59,750+ touch points covering NORTH EAST -2090 86.8% of Revenues from Non-Metro ~5,500 locations across India Cities NS / NX S MADHYA PRADESH-2776 eee ee 7...) .. where the importance of cash is demonstrated even in new age businesses EAST -2111 COD as % of E-commerce Radiant’s Revenues from tier 2 and Transactions, By Tiers (FY 2020) go tier 3+ towns MUMBAI-2241 / CENTRAL-2505 88.05% 86.34% 87.19% 86.8% 70% WY 50% isa yy KARNATAKA-5320 i00):7 ae) aN) ANDHRA PRADESH -5248 La TNE ts) Metro Tier 2&3 Tier 4 FY20 FY21 FY22 QMFY23 TAMIL NADU -7296 (Chennai & ROTN) For restricted circulation only Diversified client base with long standing relationship . . . . . Revenue Contribution Macias | Some of the largest foreign, private and public sector banks in India as GEE clients owing to our pan India presence especially in Non-Metro cities MTop Client lm Top 3 clients 45.10%* 39.80% 43.10%9, 39.74% 19.44% 13.91% 17.11%9 14.24% Strong Company- . . . . Stent Ws) Bespoke Services + track record of consistent delivery of quality + cost- [| || [| | | Pen effective services has helped cement long term clientele EY20 FY21 FY22 9 months ended 31 Dec 2022 Better Productivity @rraclitaea) Significant ability to cross sell value added services such as network understanding of Efficiency Products currency management and cash processing services requirements and future plans Margins Marquee Clients of Radiant Cash Management include Direct 2%C lients PSU Banks 14% ! India’s Top 5 Private Sector Banks by Mar ket Capitalization ! ee ! India’s largest Public Sector Bank ! Most of the large Foreign Banks operating in India ..and many direct clients J Private Bank s 58% For restricted circulation only 10 Robust Operational Risk Management Lowest cash losses in the industry Strong risk management team Highest share of armed forces in staff = Company handles, transports and manages large = Risk management team of 134 employees, which include Hiring subject to rigorous background _ verification quantities of cash on behalf of clients 70 ex-armed forces personnel — headed by Director (Ops). followed by police verification = Risk management is a very critical aspect of operations = Clear escalation matrix - incidents quickly escalated 74 risk managers and 60 supervisors (majority - retired junior commissioned officers from the armed forces) = Instituted a robust risk management framework — = Senior staff is immediately dispatched to the incident for Combination of Human Touch and Technology on-site resolution 100% of all cash movement and storage are Insured ay Cash Loss (¥ million) Cash movement annual (% Mn) Ex-Armed Forces Staff as % of Total Staff 40.64 1,290,773 1,303,804 23% 22‘%0, 22%‘0, 21% 1,176,951 25.16 26.96 18.85 ; j ; ; FY20 FY21 FY22 9 months ended FY20 FY21 FY22 9MFY23 FY20 FY21 FY22 9MFY23 31 Dec 2022 For restricted circulation only 11 Significantly built up technology to optimise operations ... 01 | Technology acting as a key differentiator 02 | API integration with few clients = Allows efficient handling of operations in a high-fidelity business = Created API integration with a few of clients’ ERP software, with a view . . . . . towards providing a seamless experience to client = Technology solutions help clients to increase their focus on their core competence withouta need to make significant investments in operational = Allows the clients and the end-users to track real time data for cash infrastructure management which are outsourced to the company = Enhanced partner engagement and experience through digitization of = Added benefit of being able to continue to service the client and may act processes and augmentation of technology platforms as a barrier to the client to switch service providers in the future 03 | Key initiatives undertaken by the Company 04 | Mobile Applications = Implementation of CPIN/OTP during cash collection adding one more = Radmus App and Radiant Sandesh App for end-to-end reconciliation level of security = Client view application provides direct access to their points and pick ups and thereby providing real time data = QR code Scan to record cash collected thereby avoiding any manual intervention while picking up cash and any possible errors For restricted circulation only 12 Board of Directors Mr. A.P. Vasanthakumar Col. David Devasahayam Dr. Renuka David Chairman and Managing Director Whole Time Director Nominee Director Founder with a B.Sc. from JNU, M.Sc from University of Madras, Founder Director with an MBBS from Bharathiar University, a Nominee Director of Ascent Capital with a B.Tech from Bharthiar PG from the Defense Services Staff College and Owner/President Ph.D from The American University for Global Peace in USA. University and an MBA from Bharathidasan University. Management Program at Harvard Business School. Over 24 Previously associated with Apollo Hospitals, Thirunal Hospital Associated with multiple companies in the Ascent Capital years of experience in the Indian Army and over 16 years of and the Assam Rifles. 16 years of experience in the Company. portfolio. Over 19 years of experience in PE & venture capital experience in the Company o a Ms. Jayanthi, 1.A.S (retd) Mr. Ashok Kumar Sarangi Independent Director Independent Director Independent Director with a B.A and M.A in Politics and Public Independent Director with a B.A Political Science from Administration from the University of Madras. Over 35 years of Sambalpur University, Master’s Degree of Arts in Political experience in the Indian Administrative Services and has held Science as well as a M.Phil from JNU. Over 32 years of various positions in the Government experience with the RBI and retired as Chief General Manager ?a< Lt. Gen. (Retd.) Devraj Anbu Independent Director Independent Director with a B.A. from the National Defence Academy, JNU, M.Sc from the University of Madras and M.Phil in Defence and Management from SDMS. Over 35 years in the Indian Army in senior positions and has been decorated with several medals in the course of his career The experience of the Board and senior management team has enabled the Company to develop a strong understanding of industry-specific aspects of the business and operations. For restricted circulation only 13 Management Team Col. K.M . Rai GM (Ops & Admin) Alexander David Col. Benz K. Jacob GM (Ops) -—| Chief Operating Officer Senior M anager HR 18 Regional Heads We. Cdr. S hashank AGM = Naidu Audit & Compliance Dir (Audit) Board of Directors Dr. Renuk a David WTD Deputy General Manager Swamid oss | Col. David Devasahayam -|____Dir (Banking) General Manager CMD TV. Venkat aramanan “LL Sunder F ernando CFO General Manager Jaya Bharati Karumuri cs Cyrus Shroff | General Manager Chief Marketing Officer Manager Charles Francis Chief Business Officer (New Initiatives) Karthik Sankaran Senior Manager Chief Technical Officer For restricted circulation only 14 Q3FY23 Results — Key Highlights Revenues for the 3-month ended 31, Dec 2022 was Rs. 932.7 million, registering a growth of 19.4% over the same period the previous year Revenues for the 9-month ended 31, Dec 2022 was Rs. 2661.1 million, registering a growth of 27.6% over the same period the previous year PAT for the 3-month ended 31, Dec 2022 was Rs. 170.3 million, registering a growth of 53.0% over the same period the previous year. PAT for the 9-month ended 31, Dec 2022 was Rs. 471.9 million, registering a growth of 73.3% over the same period the previous year. PAT margin for the 3-month ended 31, Dec 2022 was 18.9%, as against 14.2% for the same period the previous year. PAT margin for the 9-month ended 31, Dec 2022 was 17.7%, as against 13.1% for the same period the previous year. Healthy y ROCE of 33.3% ( (annualized) ) and ROE of 27.4% ( (annualized) ) for the 9-month ended Dec 31, , 2022 Financial and Operational Snapshot’ 13,317 599,/58 5,497 1,177 67.386 840 8,211 Pin Codes Touch Points Total Currency Revenue from Tier 3+ Fleet of Fabricated Total employees & Covered? Covered 3 Locations? Movement (% b) 2 cities (%)2 Armoured Vans? contractual workers? 2661.1 6/5.8 25.4 472 17./ 33.4 27.4 RoCE Total Income EBITDA EBITDA margin PAT Margin RoE (® mn)? (% mn)2 (%)? (® mn)? (%)? (%)? (%)* Note 1: As on / period ended Dec 31, 2022, annualized; 2: As on / period ended Dec 31, 2022; 3: As on / period ended Dec 31, 2022 For restricted circulation only 16 ANumbers are rounded up to the nearest whole number where possible | *other than Lakshadweep Healthy growth in Revenue and Profitability LAST 3 YEARS 9 MONTHS 3 MONTHS Revenue (2mn) Revenue (mn) Mmm Revenue (2 mn) Linear (Revenue (2 mn)) 27.6%T 19.4% 2,860.35 2,482.78 oeY an WA 2,216.72 AU RY FY20 FY21 FY22 QMFY22 9MFY23 Q3FY22 Q3FY23 M EBITDA (& mn) Mm EBITDA (2 mn) EBITDA Margin(%) Mmm EBITDA (2 mn) == EBITDA Margin(%) Linear (EBITDA (2 mn)) 25.44% 25.40% 42.2% 21.37% 20.20% 60.5%7 557.70 LN Mey FY20 FY21 FY22 QMFY22 QMFY23 Q3FY22 Q3FY23 @ PAT (2 mn) Mmmm PAT (2 mn) = —=PAT Margin(%) Mme PAT (2 mn) = ——PAT Margin(%) 17.73% 18.25% 13.06% 73:3% 14.25% 53.0% 365.03 324.33 BioPAOhs ] 272.24 sya FY20 FY21 FY22 QMFY22 QMFY23 Q3FY22 Q3FY23 For restricted circulation only 17 Healthy return ratios and Cash Flows Healthy ROCE of 33.3% (annualized) for the 9-month ended Dec 31, 2022 as against 33.07% for the previous year Robust ROE of 27.4% (annualized) for the 9-month ended Dec 31, 2022 as against 27.3% for the previous year Net Cash Generated from operations was robust at Rs. 425.2 million’ for the 9-month ended Dec 31, 2022 as against Rs. 310.9 for the previous year Return on Capital Employed (%) Return on Equity (%) Cash flow from Operations (Rs. Mn) 33.07% 4 33.34% 36.8% % 425.2 27.30% ” 27.40% 310.9 FY22 SMFY23 (Annualized) FY22 SMFY23 (Annualized) FY22 SMFY23 Overall financial performance characterized by v Steady growth in revenues v Significantly higher growth in EBITDA and PAT because of high operating leverage VY Healthy ROCE and ROE v Consistently positive cash flow from operations and VA healthy dividend payment track record For restricted circulation only 4 After Working Capital Changes, excluding payables to selling shareholders from the proceeds of the [PO 18 Radiant Cash Management Services Limited Radiant Building, 4/3 Raju Nagar, First Street, Okkiyam Thoraipakkam, Old Mahabalipuram Road, Chennai 600 096, Tamil Nadu, India Ms. Jaya Bharathi Karumuri, Company Secretary and Compliance Officer; Registered Office: 28, Vijayaraghava Road, T. Nagar, Chennai 600 017, Tamil Nadu, India Tel: +91 044 4904 4904 E-mail: jayabharathi@radiantcashlogistics.com Thank You Key Performance Indicators Company FY20 FY21 FY22 As of Dec 31, 2022 Clients 57 56 65 78 End customers 3,014 2,469 2,675 3,231** Pin codes 11,052 12,043 12,934 13,317 Locations 4,294 5,414 6,147 5,497 States 28 28 28 28 Union Territories 8 8 8 8 Total touch points 47,270 42,420 49,980 59,758** - Cash Pick-up points 41,450 39,375 45,082 55,452 - Beat pick-up points 36,009 35,863 41,151 52,742 - Request pick-up points 5,441 3,512 3,931 2,710 - Cash Delivery points 5,820 3,045 4,898 4,306 Split of touch points (tier 1, tier 2 and tier iii) 47,270 42,420 49,980 59,758** - Tier1 6,682 6,618 6,113 9,805 - Tier 2 5,862 6,759 8,285 12,262 - Tier 3+ 34,726 29,043 35,582 37,694 Cash Vans 629 694 739 840 Strong rooms 14 16 16 15 Safes 27 28 28 28 Vaults 11 11 11 12 Cash movement for the period (= mn) 1,290,773 912,216 1,303,804 1,176,951 Ex-Armed Forces Employees 1,801 1,803 1,896 1,932 % of Ex-Armed Forces Employees (%) 22% 23% 22% 21% Insurance Coverage (%) 100% 100% 100% 100% Cash Loss (% mn) 25.16 26.96 18.85 40.64 Cash Loss as % of Cash movement (%) 0.002% 0.003% 0.001% 0.003% Insurance Premium Paid (% mn) 21.61 30.95 29.67 39.13 * For an annual period of 12 months ** For an annual period of 12 months For restricted circulation only 20 Restated Statement of Assets and Liabilities ASSETS EQUITY AND LIABILITIES Equity (a) Equity Share Capital 101.25 101.25 10.25 11.10 Non-Current Assets (b) Share Application Money 540.00 (a) Property, Plant and Equipment 132.97 131.59 94.49 67.30 (c) Other Equity 1,651.72 1,296.37 1,260.72 1,184.61 (b) Intangible Assets 5.49 9.32 16.05 14.66 Total Equity 2,292.97 1,397.62 1,270.97 1,195.71 Liabilities (c) Financial Assets Non-Current Liabilities (i) Investments 282.37 Financial Liabilities (ii) Other Financial Assets 55.08 38.84 32.33 7.22 (i) Long Term Borrowings 9.84 12.63 14.63 16.40 (d) Deferred Tax Assets (Net) 14.52, 18.57 14.15 30.81 (ia) Lease Liabilities 0.09 7.95 17.59 0.10 (e) Non Current Tax Asset (Net) 5.03 14.44 14.44 26.13 Total Non Current Liabilities 9.93 20.58 32.22 16.50 (f) Other Non Current Assets 0.08 0.31 7.73 0.30 Current Liabilities Total Non Current Assets 213.17 213.07 179.19 428.79 (a) Financial Liabilities (i) Short Term Borrowings 256.05 254.85 95.86 194.89 Current Assets (ia) Lease Liabilities 12.15 12.09 11.81 0.57 (a) Financial Assets (ii) Trade Payables a) Total Outstanding Dues of MSME; 5.96 3.65 5.79 2.98 (i) Trade Receivables 787.21 785.29 700.81 536.68 b) Total Outstanding Dues of Creditors other than MSME 30.45 11.18 25.22 11.39 (ii) Cash and Cash Equivalents 2,278.20 702.06 537.75 379.24 (iii) Other Financial Liabilities 129.42) 119.55 101.63 104.69 (iii) Bank Balances other than (ii) above 228.61 90.63 136.22 127.21 (b) Other Current Liabilities 962.97 65.42 56.77 44.81 (iv) Other Financial Assets 135.48 70.27 10.87 58.43 (c) Provisions 16.07 17.67 0.80 0.35 (d) Current Tax Liabilities (Net) 0.76 3.12 20.37 4.34 (b) Other Current Assets 74.06 44,41 56.60 45.88 1,413.83 Total Current Liabilities 487.53 318.25 364.02 Total Current Assets 3,503.56 1,692.66 1,442.25 1,147.44 1,423.76 Total Liabilities 508.11 350.47 380.52 Total Assets 3,716.73 1,905.73 1,621.44 1,576.23 Total Equity and Liabilities 3,716.73 1,905.73 1,621.44 1,576.23 For restricted circulation only 9MFY23 — As at Dec 31, 2022 Restated Statement of Income and Expenses | Revenue from operations 2,652.17 2,860.35 2,216.72 2,482.78 Il Other income 8.93 9.39 24.86 35.02 I Total Income (I+I1) 2,661.10 2,869.74 2,241.58 2,517.80 IV Expenses Employee benefits expenses 448.52 497.27 389.78 445.29 Finance costs 6.26 36.71 19.79 31.05 Depreciation and Amortisation expenses 32.93 37.59 27.39 24.09 Other expenses 1,536.77 1,777.59 1,354.18 1,514.81 Total Expenses (IV) 2,024.48 2,349.16 1,791.14 2,015.24 V Profit Before Tax ( IIl- IV) 636.62 520.58 450.44 502.56 VI Tax Expense - Current tax 164.13 141.08 108.50 138.79 - Tax relating to previous years (3.43) - 1.26 6.80 - Deferred tax charge/(credit) 4.05 (2.59) 16.35 (8.06) Total Tax Expense (VI) 164.75 138.49 126.11 137.53 VII Profit for the Year/ Period ( V- VI) 471.87 382.09 324.33 365.03 VIIl Other Comprehensive Income Items that will not be reclassified to Profit or Loss Remeasurements of Defined Benefit Plan Actuarial Gains / (Losses) 6.66 (7.27) 1.23 3.43 Less: Income Tax expense on above 1.68) (1.83) 0.31 0.86 Total Other Comprehensive Income (VIII) 4.98 (5.44) 0.92 2.57 IX Total Comprehensive Income for the Year* (VII+VIII) 476.85 376.65 325.25 367.60 X Earnings Per Equity Share ( Face Value of INR 1 each) (1) Basic (in INR) 4.66 3.77 3.20 3.60 (2) Diluted (in INR) 4.66 3.77 3.20 3.60 For restricted circulation only 9MFY23 — For 9 month ended Dec 31, 2022 *Comprising Profit and other comprehensive Income for the Year * Not Annualised Restated Statement of Cash Flows Particulars SMFY23 FY22 Fy21 FY20 Particulars SMFY23 FY22 Fy21 FY20 Cash Flows from Operating Activities Cash Flows from Investing Activities Profit Before Tax 636.62 520.58 450.44 502.56 Purchase of Property, Plant & Equipment, Intangibles (30.48) (61.05) (30.56) (52.33) (including capital advances) Adjustments: Proceeds from Sale of Fixed Assets 1.86 0.18 0.46 Depreciation and Amortization expenses 32.93) 37.59 27.39 24.09 Investment in Fixed Deposits (226.50) (187.75) (118.05) (276.08) Provision for Gratuity 12.00 9.60 2.30 3.97 Proceeds from maturity of Fixed Deposits 65.53 218.68 114.73 314.59 Provision for Bad & Doubtful Debts 2.85 0.20 (6.41) (3.83) Proceeds from redemption of Mutual funds 282.37 450.99 Dividend Income (2.75) (11.18) Investment in Mutual funds (385.00) Interest income (6.50) (6.58) (11.29) (11.12) Interest income 4.28 6.52 5.26 5.04 Profit on sale of mutual funds (5.22) Dividend Income 2.75 Profit on sale of fixed assets (1.86) (0.08) (0.19) Net Cash Generated from/(used in) Investing Activities (185.31) (23.42) 256.50 57.67 Interest Expense 5.67 21.08 19.79 31.05 Operating Cash Flow before Working Capital Changes 681.71 582.39 479.47 530.13 Cash Flows from Financing Activities Changes in Proceeds from Shares / Shares bought back 540.00 (250.00) Decrease/(Increase} In Trade Receivables (1.92) (84.68) (157.72) (3.05) Dividend paid (including Dividend Distribution Tax, as (121.50) (250.00) (229.06) applicable) Decrease/(Increase} In Other Current Financial Asset(s) (65.21) (59.34) 47.90 4.88 Proceeds from borrowings 0.49 1.65 1.17 21.30 Decrease/(Increase} In Other Current Asset(s) (29.65) 12.20 (10.72) 0.35 Repayment of long term loans (2.56) (3.08) (2.50) (2.42) 8.14 Decrease/(Increase) In Other Non-Current Financial Assets (22.19) (25.11) 35.34 Net increase / (decrease) in Short Term Borrowings 0.97 158.42 (99.46) 15.17 Decrease/(Increase} In Other Non-Current Asset 9.41 (0.08) Payment of principal portion of lease Liability (7.80) (9.36) (4.14) (0.68) (Decrease)/Increase In Trade Payables Current 21.58 (16.52) 17.26 7.91 Interest paid (including interest on lease liability) (20.74) (19.44) (31.05) (Decrease}/Increase In Other Current Liabilities 897.55 3.65 12.30 13.27 Net Cash Generated from/(used in) Financing Activities 404.25 (123.11) (374.37) (226.74) (Decrease}/Increase In Other Financial Liabilities 9.87 18.34 (4.34) 4.17 Increase/(Decrease) in Cash and Cash Equivalents 1,576.14 164.31 158.51 239.44 (Decrease}/Increase In Short Term Provisions Current (0.62) (0.33) Cash and Cash Equivalents at the Beginning of the Year 702.06 537.75 379.24 139.80 Income Taxes paid (net) (143.96) (158.34) (82.04) (184.08) Cash and Cash Equivalents at the End of the Period/Year 2,278.20 702.06 537.75 379.24 Net Cash Generated from / (used in) Operating activities 1,357.20 310.84 276.38 408.51 For restricted circulation only 3MFY22 — As at June 30, 2021 *including capital advances