Board of Directors

S. B. (Ravi) Pandit Auditors

Chairman & Group CEO B S R & Co. LLP
Chartered Accountants
Kishor Patil 7th & 8th Floor,
CEO & Managing Director Business Plaza,
Westin Hotel Campus,
Sachin Tikekar 36/3-B, Koregaon Park Annex,
Whole-time Director Mundhwa Road, Pune - 411001

Lila Poonawalla
Director

Dr. R. A. Mashelkar Legal Advisors

Director AZB & Partners
AZB House,
Adi Engineer Peninsula Corporate Park,
Director Ganpatrao Kadam Marg,
Lower Parel,
Prof. Alberto Sangiovanni Vincentelli Mumbai - 400013
Director

Anant Talaulicar
Director
Financial Institutions
B V R Subbu - State Bank of India
Director - HDFC Bank Limited
- The Hongkong & Shanghai Banking
Sanjay Kukreja - Corporation Limited
Director - Citibank N.A.
- Axis Bank Limited
Anil Patwardhan - BNP Paribas
&KLHI)LQDQFLDO2IÀFHU - Deutsche Bank
- ICICI Bank Limited
Sneha Padve - DBS Bank Limited
Company Secretary - Kotak Mahindra Bank

Contents
Letter from the Chairman and Group CEO............................................................................................................................................................................ 1
Joint Letter from the CEO and Managing Director and Whole-time Director ........................................................................................................ 3
Financial Highlights ........................................................................................................................................................................................................................ 8
Board’s Report .................................................................................................................................................................................................................................. 10
Management Discussion and Analysis ................................................................................................................................................................................... 50
Enterprise Risk Management Report ...................................................................................................................................................................................... 57
Report on Corporate Governance ............................................................................................................................................................................................ 61
Additional Shareholders Information...................................................................................................................................................................................... 79
R & D Activities ................................................................................................................................................................................................................................ 87
Community Initiatives ................................................................................................................................................................................................................... 90
Business Responsibility Report .................................................................................................................................................................................................. 107
Standalone Financial Statements .............................................................................................................................................................................................. 117
Consolidated Financial Statements .......................................................................................................................................................................................... 185
Green Initiative ................................................................................................................................................................................................................................. 261
Notice .................................................................................................................................................................................................................................................. 262
Letter from the Chairman and Group CEO
Dear Fellow KPites, horizon continuously and to keep us up-to-date on the latest
We completed another year of transformation for the Company WHFKQRORJ\ RIIHULQJV (TXDOO\ LPSRUWDQWO\ ZH KDYH IRUWLÀHG
amidst the fast-changing industry scenario and geo-political our PDFs (Product Development Forums) to ensure that
environment. I would like to use this letter to explain the every practice in every SBU reviews its technology roadmap
industry and KPIT performance, the world as we see today and and investments on a quarterly basis with a view to gain
our actions and plans for the subsequent years. leadership position. We will continue to focus on Innovation
through multiple activities coordinated by SBUs as well as the
CTO function. We have seen good sustainable success in new
“The year that went by” offerings around Digital Transformation (especially IoT and IT
Overall Financial Snapshot / OT applications), Application / Infrastructure management
services (revolving around AI and automation) and engineering
In FY17, our revenues grew by 3.0% in ` terms, whereas the
beyond the automotive verticals (energy and life sciences). We
bottom line declined by 15.1%. In US Dollar terms, the overall
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UHYHQXH ZDV ÁDWWLVK ZLWK D JURZWK RI  7KH VHUYLFHV
unit and expect a couple of new products to hit the market
revenue showed a modest growth of 0.5% in US Dollar terms
during the current year.
while there was a growth of 10.2% in the products revenue,
albeit on a smaller base. People & Processes: Over the last one and half years, we have
invested in our training infrastructure, not only for freshers but
2XU RSHUDWLQJ SURÀWDELOLW\ IRU )< ZDV ORZHU DV FRPSDUHG
across all levels in the organization. With the fast-changing
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industry requirements, training to and trainability of the people
UHDVRQVIRUWKHORZHUSURÀWDELOLW\,QVXEVHTXHQWVHFWLRQRIWKLV
KDVEHFRPHDQHYHQPRUHVLJQLÀFDQWIDFWRULQWKH&RPSDQ\
letter, I will also talk about the actions we have already taken
operations. We realize the importance of this and are focussing
to improve the same.
even more sharply on imparting the right training to the right
We continued our investment in global account management SHRSOHWRHQVXUHVPRRWKÁRZRIRSHUDWLRQV
and strengthening of the front end with subject matter experts.
3URÀWDELOLW\ 3URGXFWLYLW\:KLOHWKHSURÀWDELOLW\ZDVORZHU
2YHU WKH ODVW  PRQWKV ZH KDYH DGGHG DOPRVW  DFFRXQW
during the year due to reasons mentioned earlier, we have
managers globally, mostly in the US. As one would appreciate,
PDGHVLJQLÀFDQWSURJUHVVRQWKHSURGXFWLYLW\IURQW:HKDYH
these investments take some time to show actual, on-the-
in-house developed best-in-class productivity improvement
ground results. We also continued our fresher hiring policy
DQGDXWRPDWLRQSODWIRUPVEDVHGRQVHOIOHDUQLQJDQGDUWLÀFLDO
and thus ended the year with a net headcount increase of
intelligence algorithms. These platforms are comparable, and
more than 1,000 people, as compared with the last year. Most
in some cases, better than similar competitive platforms in the
of these net additions were freshers and thus their absorption
PDUNHW:HKDYHJDLQHGVLJQLÀFDQWWUDFWLRQDQGQHZ$06ZLQV
on revenue generating projects was limited, resulting in
with these platforms. We will continue to improve these further
lower offshore utilization. Hence, higher market investments
and deploy them in the market.
and lower utilization, coupled with additional one-time legal
H[SHQVHVWKHRSHUDWLQJSURÀWDELOLW\VXIIHUHGGXULQJ)< 7HFKQRORJ\DQG,QQRYDWLRQ
,Q )< ZH KDG ODLG GRZQ  SULRULW\ DUHDV WR IRFXV RQ YL] Last year, we created a separate CTO function, targeted to
Growth through Account Acquisition & Mining, Leadership in have a consolidated view of technologies across the Company.
2IIHULQJV3HRSOH 3URFHVVHVDQG3URÀWDELOLW\ 3UHGLFWDELOLW\ The CTO function not only works with all the SBUs to create
innovative leadership offerings but also works extensively
Growth through Account Acquisition & Mining: The focus
outside the Company to nurture a culture of innovation within
on industry verticals has yielded us good results. Over 90%
and outside the organization. This provides a platform for
of our revenues come from our focus verticals and we are
attracting innovative minds and bringing forward bright ideas
gaining more traction because of our specialization. We have
to develop smart, safe and sustainable solutions.
PDGH VLJQLÀFDQW LQYHVWPHQWV LQ DFFRXQW PLQLQJ DQG ZH DUH
FRQÀGHQWRIJHWWLQJWKHULJKWUHWXUQVIURPWKHVHLQYHVWPHQWV We have successfully completed the third edition of .3,7
in the years to come, starting this year. Our new account Sparkle, an annual national design and development
acquisition strategy is also much focussed on the right quality innovation contest. KPIT Sparkle 2017 aimed at fostering a
RI HQWHUSULVH FXVWRPHUV IRU ORQJ WHUP PXWXDOO\ EHQHÀWWLQJ culture of innovation and critical thinking among engineering
UHODWLRQVKLSV 7KRXJK WKH RYHUDOO UHYHQXHV ZHUH ÁDWWLVK ZH and science students across colleges in India. The theme of
had decent growth in our strategic accounts. the competition this year was ‘Smart Cities and centered
around creating solutions for Smart Transportation and Smart
Leadership in offerings: We are a technology company and
Infrastructure using Technology’. Sparkle received 1,500
technology is at the heart of everything that we do. Our purpose innovative ideas from over 10,500 students across 300 colleges
is to provide the most appropriate technology solutions for LQ,QGLD7KHÀQDOLVWVZHUHHYDOXDWHGIRUQRYHOW\RIWKHLULGHDV
GLUHFWEXVLQHVVEHQHÀWVWRRXUFXVWRPHUVDQGDWWKHVDPHWLPH FRPSOHWHQHVVRISURWRW\SHIXOÀOOPHQWRIVRFLHW\·VH[SHFWDWLRQV
create a positive impact on the world at large. It is therefore / problem statement and technical knowledge at a grand
essential that we keep a sharp focus on achieving leadership exhibition held at Deccan College ground, Pune. Some of the
in our offerings. We have done a decent job in this area as projects were in areas like urban mobility, autonomous vehicles,
evident by the global leadership that we have in automotive DOWHUQDWHHQHUJ\VROXWLRQVDQGHIÀFLHQWZDVWHPDQDJHPHQW
engineering, JD Edwards, SAP HANA, SucessFactors, Hybris,
6+$1$2UDFOH0'0DQG270:HKDYHVWUHQJWKHQHGRXU 7KHWRWDOQXPEHURISDWHQWVÀOHGE\.3,7DVDWWKHHQGRI)<
CTO organization with a mandate to scan the technological VWRRGDWLQFOXGLQJSDWHQWVZLWKFRPSOHWHVSHFLÀFDWLRQV

Annual Report 2016-17 1

As at the year end, we have 30 granted patents across different 3URÀWDELOLW\ 2XU SURÀWDELOLW\ LPSURYHPHQW DFWLRQV ZLOO VWDUW
geographies. Most of these patents are in the domain of VKRZLQJUHVXOWVIURP+)<7KHPDMRULW\RIWKHDFWLRQVDUHDV
hybrid technology, along with other areas of VLSI and High IRUSURÀWDELOLW\LPSURYHPHQWDUH
Performance computing 1. Revenue and headcount alignment
'LJLWDO#.3,7 2. Automation led productivity improvement
Over the last couple of years, we have been investing in digital 3. Increase in realized onsite billing rate
technologies to create business solutions for our customers.
With expertize and leadership in engineering, IoT is the  0RUHRIIVKRUHUHYHQXHV
leading area of digital for the Company. Our digital approach  &RQWLQXHGULJRULQFDVKÁRZ
to market hovers around four major areas viz. Smart Factory,
Asset Optimization, Supply Chain Management and Digital 'HOLYHU\ ([FHOOHQFH We have created a centralized delivery
Customer Experience. Business driven digital solutions are excellence function to ensure on-time and zero defect delivery.
focused on connected manufacturing, digital supply chain 'HOLYHU\H[FHOOHQFHJRDOVZLOOEHDFKLHYHGWKURXJK
and digital marketing. The technology driven digital solutions 1. Increased customer experience / satisfaction through
mainly involve big data & analytics, middleware and integration delivery excellence
services, cloud deployment, mobility solutions and testing &
validation. 2. Rigor on Multi Level Reviews, weekly cadence with customers
3. Delivery led growth in large accounts
While we take these services to our customers, it is important
that we change our own organization and help transform the  ,PSURYHGSURJUDPPDQDJHPHQWVNLOOVDQGJRYHUQDQFH
way 12,000+ employees perform their work. To spearhead our 5. Clear documentation and communication for effective
fast evolution as a digital organization, we have created a new risk management
UROHRIWKH&KLHI'LJLWDO2IÀFHU&'27DVNHGZLWKWKHJRDORI
building ‘intelligence everywhere’, the CDO function will aim People & Processes: We will continue to improve our
at simplifying & automating business processes, build digital processes and focus on people development and retention
infrastructure and fuel continuous innovation. The capabilities WKURXJKHPSKDVLVRQ
that will get built under the CDO will supplement the digital 1. Cross skilling of selected people on new technologies
efforts of various units across the organization. Another
key objective is to create ‘#ThinkDigital Culture’ amongst  &UHDWLRQ RI &KLHI 'LJLWDO 2IÀFHU &'2 IRU LQFUHDVLQJ
employees across all levels. A digitally enabled workforce will digital awareness
thus set the tone towards improving people productivity. We 3. Clear, simple and nimble processes across the organization
ZLOODOVRFRLQQRYDWHZLWKVWDUWXSVDQGERXWLTXHÀUPVDQGIRUP  5HGXFWLRQLQWRSEORFNDWWULWLRQHVSHFLDOO\LQJURZWKDUHDV
a conducive business ecosystem that fosters new relationships
with customers. 5. Becoming a H1 independent company.
.3,70LVVLRQ 3XUSRVH
“The Year Ahead” At KPIT, our mission and purpose is clear. We envision a
Our growth over the last 3 years has been at the lower end FOHDQHUJUHHQHULQWHOOLJHQWZRUOGDZRUOGWKDWLVVHOIVXIÀFLHQW
of the industry. As a Company, we have a DNA of growth and VXVWDLQDEOH DQG HIÀFLHQW :H SURYLGH WHFKQRORJLHV WKDW KHOS
thus we target to get back on the growth path, this year. We our customers make high quality, less costly products that use
have guided for a constant currency revenue growth of 6% less energy or fewer materials. We strive to improve the state
WRGXULQJ)<DVFRPSDUHGWRWKHODVW\HDU7KLVJURZWK of the industries we serve, by making customer operations
will be more balanced throughout the year and thus we will HIÀFLHQWXVLQJWHFKQRORJ\DQGWKXVFUHDWHYDOXHIRUERWKWKH
H[SHULHQFH TXDUWHURQTXDUWHU JURZWK VWDUWLQJ IURP WKH ÀUVW customer and KPIT. It is our mission to provide Technologies
quarter itself. for a Better World.
,Q WKH FRPLQJ \HDU ZH KDYH VSHFLÀF IRFXV RQ *URZWK DQG 0RUHDERXW.3,7·V0LVVLRQ 3XUSRVHKWWSZZZNSLWFRP
Delivery Excellence, while we continue to deliver on People and company/about-us/mission-purpose).
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We have gone through tough times before and we have always
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come out stronger and better. I am certain we will do this again
Growth: As stated earlier, over the last 2 years, we have because of a core, committed team within KPIT and continued
invested in growth, both for account mining as well as new support from stakeholders like yourself, over the years. I regard
DFFRXQWDFTXLVLWLRQ2XUJURZWKIRU)<ZLOOEHGULYHQE\ this highly and appreciate it thoroughly.
1. Engineering, Digital and SAP I know, with your continued support, we will return to
2. Improved alignment of practice and pre-sales VXVWDLQDEOHSURÀWDELOLW\DQGJURZWKDQGWRJHWKHUEXLOGDPRUH
robust KPIT.
3. Focus on large enterprise customers (revenue in excess of Warm Regards,
$ 5Bn) Sincerely yours,
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IRUXPVDQG&722IÀFH
S. B. (Ravi) Pandit
5. Growth in Product Business Chairman & Group CEO

Annual Report 2016-17 2

Joint Letter from the CEO and MD and Whole-time Director
Dear Stakeholders, offerings, we are working on digital transformation, application/
infrastructure management services and engineering solutions
FY16-17 was another challenging, yet transformational year for
beyond the automotive vertical. We are also focusing on
WKH &RPSDQ\ :KLOH WKH &RPSDQ\ UHSRUWHG ÁDWWLVK UHYHQXHV
including automotive software security, technology for secured,
for the year as compared to the last year, there were a lot of
shared and synchronized data across multiple networks and
qualitative improvements during the year. Our focus on digital
advanced control techniques for complex systems like HEV/
technologies continued to get us newer projects in the latest
EV. Our industry focus, domain expertise and investment in
technology areas. The investments in Products & Platforms
5 'IRULQQRYDWLYHSURGXFWVJLYHVXVWKHFRQÀGHQFHRIJRRG
further took us closer to introducing two new products to
growth in this area in the years to come.
the market. The investments in account management and
strengthening of the front end with industry experts got settled In Extended Product Lifecycle Management (ePLM) area,
DQGZHDUHFRQÀGHQWRIEHWWHUUHWXUQVIURPWKHVHLQYHVWPHQWV we are positioning ourselves under one ePLM umbrella by
in the years to come. Our leadership in automotive embedded XQLI\LQJRXUVWUHQJWKVRILQGXVWU\VSHFLÀFEXVLQHVVSURFHVVHV
electronics was further strengthened during the year and will engineering thought leadership & IT technology, and extending
continue to lead the growth for us in the near future. our offerings across the life cycle. We are re-organizing our
offerings into 3 buckets to align with the changing needs viz.
Globally, the overall markets were facing tough times due to
Value Harvesting, Smart PLM and Integrated Solutions. We
technology disruptions, reduced deal sizes and geo-political
have formed a SmartPLM group which is offering rapid Proof
dynamics. These factors brought about a substantial change
of concept and R&D services in new PLM areas such as cloud,
in customer expectations. While on one side, customers were
XVHU H[SHULHQFH DQG LQGXVWU\ VSHFLÀF DQG UROH EDVHG DSSV
curtailing their budgets on traditional ERP technologies, on the
store. We see good traction in Software Engineering Process
other side there was higher adoption of digital, IoT, Cloud and
transformation for automotive & medical devices industry,
other emerging technologies.
smart connected product design, PLM-ERP integrations, ALM
Looking back at the highs and lows of the year, we saw upgrade and data migrations.
growth in engineering, digital and products and platforms
business. There has been good traction in these business %86,1(66,7
units throughout the year and we expect this momentum to SAP SBU grew by 5% on a Y-o-Y basis with revenue share at
continue. We have also been making necessary investments ZKLOH,(66%8GHFOLQHGE\ZLWKUHYHQXHVKDUHDW
on strengthening our offerings portfolio and sales efforts. With
VLJQLÀFDQWHPHUJHQFHLQFORXGEDVHG,R7DQGGLJLWDORIIHULQJV In SAP, we have aligned our offerings with SAP’s business
we have closed new deals in these areas. However, we faced strategy and we are working towards strengthening our overall
FHUWDLQFKDOOHQJHVRQWKHSURÀWDELOLW\VLGHGXULQJWKH\HDU7KH digital capabilities. We have created our go-to-market around
operating margins were lower as compared to last year, mainly HANA, Hybris, SuccessFactors and IoT. We have witnessed good
GXHWRORZHUXWLOL]DWLRQDQGFURVVFXUUHQF\ÁXFWXDWLRQV traction in all these areas and these will continue to be our key
growth drivers. 0DUNHW UHVHDUFK ÀUP ,'& KDV UHFRJQL]HG
We will discuss the business performance and the markets as .3,7DVDOHDGHULQ6$3+$1$IRUWKHVHFRQG\HDULQDURZ
we see them, in detail, in the ensuing paras. With greater adoption of HANA enabled solutions, we have
structured our HANA go-to-market along with major solution
BUSINESS UPDATE RIIHULQJV OLNH 6 +$1$  1HW 1HZ  0LJUDWLRQV 6 +$1$
&HQWUDO )LQDQFH IRU VKDUHG ÀQDQFLDO VHUYLFHV (QWHUSULVH 'DWD
(1*,1((5,1*
Warehouse solutions and IoT, Big Data & Analytics offerings.
PES SBU grew by 7% on a Y-o-Y basis with revenue share at Amongst solutions, we see interest for our Simple Commerce
 and CPQ Accelerator for manufacturing and IM&C industry,
M&A solutions to integrate and roll out IT and business
7KH$XWRPRWLYHYHUWLFDOLVKHDYLO\LQYHVWLQJLQEURDGWKHPHV
processes for M&A activities, IP tools such as HANAtization
Green, Autonomous and Connected. We have been creating
toolkit and EDW.
solutions around these themes and saw good traction in
Autonomous driving solutions, ADAS, Infotainment & clusters, In Oracle, there is good interest around our cloud based
Powertrain, AUTOSAR, Telematics and Diagnostics practices tools and offerings, mainly from customers undergoing
across markets. To leverage the future growth opportunities, ERP transformation. Our I2D cloud based platform caters
we are making investments to enhance our capabilities and to complete life cycle of upgrade and can be leveraged for
strengthen our go-to-market solutions in these areas. We are implementation, roll outs and maintenance phases in future.
DOVR LQFXEDWLQJ QHZ WHFKQRORJLHV WR UHPDLQ WKH ÀUVW SRUW RI +RZHYHULQWKHODVW\HDUGXHWRVLJQLÀFDQWFKDQJHLQWKLVPL[
call for embedded electronics in automotive. In terms of new in favor of cloud and perceived uncertainty around JDE, there

Annual Report 2016-17 3

was postponement of larger deals. There is good momentum Application Services, North America evaluates 20 service
for transportation and logistics management, AMS around providers’ capabilities to deliver Oracle application
JDE, EBS upgrade and surround applications. Our capabilities implementation and management services in North
in Oracle EBS combined with emergence in EDGE Cloud America.
(MDM, VCE) is opening opportunities in HCM Cloud and
‡ .3,7 ZDV DZDUGHG 2UDFOH ([FHOOHQFH DZDUG  IRU
ERP Cloud. We have built automation tools around SMART
VSHFLDOL]HG 3DUWQHU RI WKH \HDU 0RELOLW\ 1RUWK
AMS, which is helping customers to do more with less. This
$PHULFDThis award recognizes our success in integrating
LV JDLQLQJ VLJQLÀFDQW LQWHUHVW LQ HQHUJ\ DQG PDQXIDFWXULQJ
enterprise mobility technology.
verticals. In JDE, we have added focus on upgrade offering
and enhancement of automation tool (IMPACTA), enabling ',*,7$/75$16)250$7,21'7
and coaching resources on upgrade methodology and best
practices. In asset management, we are using IoT, Mobility DT SBU’s revenue share stood at 10% with Y-o-Y growth of 5%.
and wearables technology and built solutions around Oracle Our overall Digital Revenues (DT SBU plus Digital revenues in
Real Time Service Execution. We have received recognition 6$3DQG2UDFOHDUHDURXQGRIWKHWRWDOUHYHQXHV
from Oracle for the same. With Infor expanding its focus on Our digital practice revolves around Asset Management,
micro verticals, we have also strengthened our collaboration to Customer & Supplier experience, Employee experience
drive next generation IoT / Analytics based industry solutions. and Supply Chain Management with ICAMS as enabling
We are focusing on enhancing overall customer, supplier and technologies for these business solutions. In the IoT space, we
employee experience through our focused digital led solutions see traction across verticals like grid monitoring, distribution
and services. and production in E&U, Asset tracking, medical device
In Infrastructure Management Services (IMS) the key growth tracking, connected car & customer experience. There is
areas are digitization, IoT, Cloud and platform transformation, also good momentum across predictive analytics, warranty
application and infrastructure integrated run services and cost management and content management. We are already
security offerings. We are continuously expanding our offerings working towards integration of IoT with business applications
portfolio on the platform services and have IaaS, PaaS as well DQG KDYH LGHQWLÀHG LQGXVWU\ VSHFLÀF XVH FDVHV RU VFHQDULRV
DV6DD6RIIHULQJVZLWKÁH[LEOHELOOLQJPRGHOV:HDUHRIIHULQJ where we can implement such solutions. Some areas for this
Application and Infrastructure Managed Services (AIMS) to are connected vehicles, and smart cities or remote monitoring
enable integrated service delivery. We have created an IoT and and diagnostics in industrial manufacturing or tracking and
Engineering integrated command center for monitoring and tracing of movable and immovable assets. We are creating
PDQDJLQJ VHQVRUV DQG VKRS ÁRRU ,7 :LWK ,760 DQG SURFHVV solutions in ‘Smart Manufacturing’ which encompasses IoT,
compliance as one of the major focus in all enterprises, we Cloud, Big Data and Analytics, Robotics, Augmented Reality,
have developed a strong ITSM consulting team with best of the System Integration, Simulation and Cyber Security. Our
breed, tools stack. Security is another upcoming growth area offerings also include packaged solution for asset tracking,
DQGZHDUHGHYHORSLQJQHZFDSDELOLWLHVRQ$UWLÀFLDO,QWHOOLJHQFH PDWHULDOV UDWLRQDOL]DWLRQ ZRUNIRUFH SUHGLFWLRQ ÀHOG VHUYLFHV
and security services, as key differentiators. automation, asset diagnostics & prognostics, wearable
diagnostics and connected consumer.
Recognitions:
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´&KDOOHQJHUVµ quadrant in the recently published P&P SBU grew by 13% Y-o-Y growth and has a revenue share
“Magic Quadrant for SAP Application Services, RI
1RUWK $PHULFDµ Gartner’s “Magic Quadrant for SAP
We have witnessed reasonable growth in products and
Application Services, North America” report evaluated 20
platforms business during the year. There is good momentum
service providers’ capabilities to deliver SAP application
for our diagnostics and ITS offerings. Our diagnostics solution
implementation and management services in North
has been doing well, with strong growth registered during
America. The report is focused on the full life cycle
the year and we expect the momentum to continue. Our
of SAP application services, spanning project-based
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implementation and multiyear Application Management
WKH SDVVHQJHU WUDYHOOLQJ H[SHULHQFH DQG RYHUDOO HIÀFLHQF\ RI
Services (AMS).
their operations. In this space, we are trying to create a market
‡ .3,7 KDV EHHQ SRVLWLRQHG E\ *DUWQHU ,QF LQ WKH ´1LFKH segment which will be more robust and sustainable in nature.
3OD\HUVµ quadrant in the recently published “Magic 2XU,76SURMHFWIRU3XQH6PDUW&LW\ZDVODXQFKHGE\3ULPH
4XDGUDQW IRU 2UDFOH $SSOLFDWLRQ 6HUYLFHV 1RUWK 0LQLVWHU 0U 1DUHQGUD 0RGL RQ -XQH WK  and we
$PHULFDµ Gartner’s Magic Quadrant for Oracle DUHDOVRZRUNLQJRQDWUDIÀFPDSSLQJLQLWLDWLYHIRUVPDUWFLWLHV

Annual Report 2016-17 4

with a leading smart city, as a part of our overall ITS portfolio. Data, Mobility and Robotics. We offer expertise in operations
During this year, we achieved another milestone for ITS PRQLWRULQJ DQG VKRS ÁRRU WR WRS ÁRRU LQWHJUDWLRQ :H KDYH
portfolio with successful installation and deployment of 1,000 solutions for customer / supplier integrations through supplier
EXVHV ÀWWHG ZLWK *36 GHYLFHV IRU 3030/ 3XQH 0DKDQDJDU portals, communities’ portal and digital customer experience.
Parivahan Mahamandal Ltd.). We were engaged on a BRTS
In life sciences industry, there is increased focus on product
project with a North Indian smart city for providing our end
and service innovation. We are assisting life science companies
to end ITS solution (including On Bus ITS, Command Center,
in reducing their SG&A costs with smart managed application
Passenger Information Systems, Mobile Apps). This will help
and infrastructure services. We are also offering various cloud
us build credibility for upcoming BRTS projects in smart cities.
With growing environmental concerns, there is strong interest based solutions which help companies in complying with the
WRZDUGVHOHFWULÀFDWLRQRISXEOLFWUDQVSRUWLQPDQ\,QGLDQFLWLHV regulatory mandates of life sciences industry.
During this year, we completed a successful pilot of REVOLO EV In Utilities, there is major trend in IT / OT convergence, Digital
with Karnataka State Tourism Department at Bandipur National Transformation, CRM, BI and Customer Relationship & Billing
Park by using an electric bus for safari rides at the park. The (CR&B) Solution. We are already recognized as a leader in
5(92/2 SRZHUHG HOHFWULF EXV FRPSOHWHG D GD\ WULDO ZLWK solutions such as SAP HANA for the utilities vertical.
76 safaris and covering 2,700 kilometers. We are looking
forward to a formal launch for REVOLO EV during the next In Energy vertical, we are helping our customers reduce the
year. Over the last few years, we have put in lots of investments overall opex by converging IT and OT programs, leveraging
and efforts in developing our products business and we are out Engineering and IT skills, involving digital technologies
gradually reaching the stage where these investments would and analytical capabilities. We are helping in automation of
start delivering expected returns. business processes to increase productivity and reduce costs
and combining these with outcome based business models.
5HFRJQLWLRQVDQG.H\'HYHORSPHQWV
‡ .3,7ZDVUHFRJQL]HGZLWK´&HUWLÀFDWHRI$SSUHFLDWLRQµ GEOGRAPHY UPDATE
for its indigenous electric bus technology – 5(92/2E\ During the year FY2017, APAC was the highest growing
8QLWHG 1DWLRQV 'HSDUWPHQW RI (FRQRPLF DQG 6RFLDO geography for us with Y-o-Y growth of 17% and revenue share
$IIDLUV *UDQW RQ (QHUJ\ ,W ZDV QRPLQDWHG DPRQJ  at 15%. US, which is our largest geography, with revenue share
ÀQDOLVWVIURPLQWHUQDWLRQDODSSOLFDQWVIRUWKLVJUDQWRQ DW  JUHZ E\  RQ D <R< EDVLV ZKLOH (XURSH GHFOLQHG
energy which was themed around “Energy for Sustainable <R<E\ZLWKUHYHQXHVKDUHRI
transport”.
APAC has been the fastest growing geography for us in last
‡ .3,7·V ,76 EDJJHG ´2UGHU RI 0HULWµ DZDUG DW %: two years and the pace has continued for this year as well.
%XVLQHVVZRUOG6PDUW&LWLHV&RQFODYH in Innovative Within APAC we work in ASEAN region, India, Japan and
Smart Solution – Accessibility and Mobility category. China. In ASEAN market, we see traction in life sciences and
‡ .3,7·VHOHFWULÀFDWLRQWHFKQRORJ\¶5(92/2·IRUEXVHVZRQ WUDQVSRUWDWLRQYHUWLFDOIRUWUDQVSRUWDWLRQDQGÁHHWPDQDJHPHQW
3URPLVLQJ7UDQVSRUW,QQRYDWLRQ$ZDUGDWSUHVWLJLRXV solutions, Oracle business and IoT surround offerings. In India,
,QWHUQDWLRQDO 7UDQVSRUW )RUXP ,7)  6XPPLW LQ there is good momentum in SAP offerings, cloud based IoT
/HLS]LJ*HUPDQ\ solutions and engineering services. In Japan, Korea and China
there is good demand for our engineering based offerings
INDUSTRY BUSINESS UNIT (IBU) UPDATE mainly in autonomous vehicles and connected cars. There is
VLJQLÀFDQWLQYHVWPHQWIURP2(0VDQGRWKHULQGXVWU\SOD\HUVLQ
The automotive and transportation IBU grew by 12% with developing various, comprehensive “connected” solutions. The
UHYHQXHVKDUHDW7KHPDQXIDFWXULQJ,%8JUHZE\ZLWK upcoming 2020 Olympics is also seen as a major milestone to
revenue share at 35% while the Energy & Utilities IBU declined
put these technologies in the market. We are well positioned
by 23% with revenue share at 15%.
and seen as a credible partner in key technology areas. We
In the automotive and transportation vertical, we are a solution remain optimistic about strong growth in this region.
provider with leadership and domain expertise in areas like
Being our largest market, we have made most of our IBU
infotainment systems, clusters, AUTOSAR migration and
investments in US geography over the last couple of years. With
integration, Advanced Driver Assistance Systems (ADAS), and
maximum number of enterprise customers in the geography,
diagnostics solutions.
we have strengthened the front-end presence in US by adding
In the manufacturing vertical, there is an emergence and account managers, new sales and industry subject matter
consolidation of digital businesses as companies are experts, for our focus industry verticals. From the technology
transforming their business models due to nexus of IoT, Big perspective, US market is focusing on Green Manufacturing,

Annual Report 2016-17 5

Robotics for Automatic Factories and Repairs, 3D Printing, Social ÁDJVKLSJUDGXDWHHQJLQHHUWUDLQHHSURJUDPDQGLWLVUXQDFURVV
Solutions and Crowd Sourcing and Service as a Product. With SBU’s to ensure that freshers go through technical and soft skill
the new administration pushing to revive the manufacturing training before being inducted into projects. We have made
sector and retaining jobs in the US, the sector looks optimistic certain changes in this program to focus on “Project Based /
with traction seen across digital transformation, wearables, Problem Based Learning” which will make the program more
warranty management and customer experience. practical and ensure more involvement of the SBU practices in
training of freshers.
The European market is currently undergoing transition post
Brexit. In FY17, our revenues from Europe also took hit, mainly The competency needs of SBUs are extremely diverse &
GXH WR FURVV FXUUHQF\ ÁXFWXDWLRQV +DYLQJ VDLG WKDW (XURSH complex. This has paved the way for our Flagship Employee
continues to be an important market for us - mainly for WUDLQLQJ DQG FHUWLÀFDWLRQ SURJUDP .$,=(1 IRFXVLQJ RQ
automotive and manufacturing customers. The key technology developing 6 competency dimensions namely technical,
WUHQGVLQWKLVJHRJUDSK\DUH(OHFWULÀFDWLRQRIYHKLFOHVDGRSWLRQ domain, process, project management, and professional and
of stricter safety standards, push towards smart factories and OHDGHUVKLSVNLOOV:HKDYHDOUHDG\FRYHUHGFORVHWRHOLJLEOH
smart manufacturing, enhanced focus on cyber security and employees in the Oct’15 - Sep’16 cycle. Along with offshore, we
faster adoption of newer digital technologies. Germany and KDYHQRZODXQFKHGFHUWLÀFDWLRQSURJUDPIRURQVLWHHPSOR\HHV
UK are the leading markets for us within Europe. The recent across USA, Europe, UK, Japan & Singapore. We have covered
acquisition of stake in MicroFuzzy has further strengthened 1,350+ employees across 25+ accounts.
our presence in Germany - both in terms of engineering Leaders in the Making Program (LMP) focuses on equipping
resources, especially for eMobility, as well as ability to further employees to enhance their managerial capabilities. Another
penetrate in marquee automotive customers. We also see SURJUDPWLWOHG3URMHFWDQG3URJUDP0DQDJHPHQW&HUWLÀFDWLRQV
momentum in Oracle cloud and have started initial pilots in (PMPD) was launched exclusively for Project Leads, Project
Digital Transformation especially in supply chain and remote Managers & Program Managers and is well aligned with
asset management. Thus, with these developments, we expect international standard such as PMI PMP®. It replaced the
Europe to get back to growth during the next year. HUVWZKLOH35206FHUWLÀFDWLRQSURJUDP2XU+LJKHU(GXFDWLRQ
Initiative is designed as a collaborative program with well-
PEOPLE INITIATIVES known Universities, to provide an opportunity to our employees
Human capital is extremely critical especially in the phase of WR DFTXLUH NQRZOHGJH DQG KLJKHU TXDOLÀFDWLRQ &XUUHQWO\
transformation of IT Industry. As an organization, we have we have formed a partnership with Coventry University, UK
been making investments and efforts to strengthen our people which is offering M.Tech in Automotive Electronics and MBA
function in terms of developing our learning process, training in Strategic Engineering Management. The program comprises
programs, new initiatives for employee engagement and well- RI&RXUVHVD3URMHFWWRFRPSOHWH0DVWHU·V'HJUHHRYHU
EHLQJ'XULQJ)<ZHUHFHLYHGWKHIROORZLQJUHFRJQLWLRQV years.

‡ ´5HJLRQDO %HVW (PSOR\HU $ZDUGµ IRU )< at the During this year, we launched a new job rotation program -
11th Employee Branding awards. ‘ASPIRE’, to provide a platform through which employees can
share their aspirations and work towards their aspired role.
‡ 0V9DLVKDOL9DLG9LFH3UHVLGHQW+HDG+5ZRQWKH´+5 Through this program, we will be enabling 3 types of job
6XSHU$FKLHYHU$ZDUGµIRUWKH:HVWHUQ5HJLRQ¶0RVW rotations – Career Path / Function area change, Customer
LQÁXHQWLDO+5OHDGHUVLQ,QGLD·award by the World HRD account change and Technology change. We also introduced
Congress and :RPHQ/HDGHUVKLS$FKLHYHPHQWDZDUG another initiative of mentoring and coaching - ‘SPACESHIP’,
DW WKH th World Women Leadership Congress & Award ZKHUHLQ VHOHFWHG OHDGHUVKLS PHPEHUV DUH LGHQWLÀHG IRU
(WWLCA). mentoring. This covers strategy, operations and personal
effectiveness aspects for the mentees.
Under our learning organization unit (ECoDe) we have
introduced some new initiatives and training programs Employee engagement is important to ensure higher
which will further accelerate the learning culture within the productivity and our framework aims to make sure that we
RUJDQL]DWLRQ 67(3 ,1  ZH UHYDPSHG RXU IUHVKHU LQGXFWLRQ can stay in constant touch with our employees and address
process in tune with current requirements. Under Program WKHLU FRQFHUQV DV LGHQWLÀHG LQ YDULRXV IRUXPV :H IROORZ DQ
for Academic Collaboration and Engagement (PACE) initiative, open communication approach through one-on-one connect
we have now partnered with 22 colleges across India which or group connect, where employees can interact with the
enables us to get Day 0 slots from these partner colleges to executive leadership team and business leaders and align their
engage, attract and nurture young freshers. GENESIS is our roles and responsibilities with the organization’s goals.

Annual Report 2016-17 6

OPERATIONAL UPDATE new facility in Pune Hinjewadi, Phase III and the construction
ZLOO KDSSHQ LQ WZR SKDVHV 7KH ÀUVW SKDVH ZKLFK ZLOO KDYH D
During FY17, we have launched a business transformation seating capacity of 1,000 seats is currently nearing completion
LQLWLDWLYH QDPHG ¶6LPSOLÀFDU· ,Q DOLJQPHQW ZLWK RXU VWUDWHJ\ DQGZHLQWHQGWRRFFXS\WKHVDPHGXULQJ)<
RI UROOLQJ RXW DQ ´,QWHOOLJHQW (53µ ZH KDYH VHOHFWHG 6$3 6
HANA as our application stack for the ‘Systems of Record’ BUSINESS OUTLOOK
and we are building a next generation ‘Engagement System’
using the latest digital technologies. As we are progressing in Even though the growth rate for the year FY17 was modest,
our digital transformation journey, cyber security will be very there was substantial progress in second half of the year which
important and hence we have invested in the next generation JLYHVXVDJRRGYLVLELOLW\RIPRGHUDWHJURZWKIRU)<%DVHG
DSSOLFDWLRQDZDUH ÀUHZDOOV DQG DGYDQFH WKUHDW SURWHFWLRQ on this visibility we expect constant currency growth in the
solutions. In the same vein, we have also implemented UDQJHRILQ)<RYHU)<
solutions like ‘network as a sensor / enforcer’ that monitors We expect growth across all our business units during next
and blocks possible attacks proactively. year with digital, engineering, SAP and products and platform
Next year, we will have increased focus on innovative digital business, being the key growth drivers. We need to work more
solutions, which will help transform our customer operations. DJJUHVVLYHO\RQWKHSURÀWDELOLW\DVSHFWSULPDULO\LQDUHDVRI
We are setting up digital labs, which will showcase our digital utilization improvement through absorption of freshers onto
prowess by way of demo of use cases relevant to our industry projects and delivery excellence with focus on automation.
verticals. We see a lot of opportunities in the digital space and :LWKIRFXVRQSURÀWDELOLW\ZHZLOOFRQWLQXHWRLQYHVWLQJURZWK
introduced a strategic initiative called ‘Think Digital’ across areas. Despite the challenges, we are excited at the prospect of
the organisation. This initiative has a two-pronged agenda of us being at forefront of disruption and be a change agent in
digital skills development and driving digital culture within the the industry.
organisation. We will continue to enhance the development of
the smart campus solution.
Best Regards,
INFRASTRUCTURE Sincerely Yours,
As at FY17 end, we have total seating capacity of 10,300+ seats
LQ,QGLDRIZKLFKVHDWVDUHRFFXSLHG'XULQJWKLV\HDU
ZH VKLIWHG RXU 0XPEDL DQG &KHQQDL RIÀFH WR QHZ IDFLOLWLHV Kishor Patil Sachin Tikekar
with total seating capacities of 1,000+. We are developing a CEO & Managing Director Whole-time Director

Annual Report 2016-17 7

Financial highlights
(` in million)
)< )<
&2162/,'$7(',1&20(67$7(0(17
Sales ($ million)  
Sales 33,233.61 
*URVV3URÀW  
EBITDA*  
Interest  
Depreciation / Amortization  691.25
Other Income (Net of Exchange gain / loss) 206.60 250.91
3URÀW%HIRUH7D[ 2,991.17 
3URÀW$IWHU7D[  

&2162/,'$7('%$/$1&(6+((7
Share Capital 376.39 375.65
Reserves & Surplus  
Total Shareholder’s Funds  
Non-controlling Interest  -
Non- Current Liabilities  
Current Liabilities  
7RWDO(TXLW\ /LDELOLWLHV  
Fixed Assets  
Goodwill on Consolidation  
Other non-current assets  
Current Investments  
Trade Receivables  
Cash and cash equivalents  
Other Current Assets  3,061.70
Total Assets  

.H\5DWLRV
Revenue growth 3.00% 7.91%
EBITDA Growth  30.37%
PAT Growth (15.09%) 
*URVV3URÀW0DUJLQ  32.15%
EBITDA Margin  13.11%
PAT Margin  
SG&A to Revenue  
ROE 16.07% 20.96%
Return on Capital  16.36%
Debt to Equity 0.21 
Cash / Total Assets 15.03% 13.10%
Basic Earnings Per Share (`)  
*EBITDA before exchange gain / loss and other income

Annual Report 2016-17 8

 Revenue (₹ million) Profit After Tax (₹ million)
35,000 32,264 33,234 3,000 2,809
29,899 2,490
30,000 26,940 2,370 2,385
2,500
25,000 22,386 1,990
2,000
20,000
1,500
15,000
1,000
10,000

5,000 500

- -
FY 13 FY 14 FY 15 FY 16 FY 17 FY 13 FY 14 FY 15 FY 16 FY 17

Revenues by Geography - FY 2017 Basic Earning Per Share (₹)

16 14.69
Rest of World 13.30
14
15% 12.49 12.44
12 10.86

10

8
Europe 17%
6

4
USA 68%
2

0
FY 13 FY 14 FY 15 FY 16 FY 17

Revenues by Strategic Business Units - FY 2017

Customers - Revenue run rate of $ 1 Mn+
Products &
Platform 4% 100 92
Digital 90
87
Transformation 90
80
10% 80 74
Integrated
70
Enterprise
Solutions 29% 60
50
40
30
SAP 23%
20
Product
10
Engineering
Services 34% 0
FY 13 FY 14 FY 15 FY 16 FY 17

Revenues by Industry Verticals - FY 2017

Others 9%

Energy &
Utilities 15%

Automotive &
Transportation
40%

Manufacturing
35%

Annual Report 2016-17 9

Board’s Report
Dear Members,
The Directors are pleased to present the Twenty Sixth Annual Report together with the Audited Accounts of the Company for the
Financial Year ended March 31, 2017.

3HUIRUPDQFHRIWKH&RPSDQ\
(In million)
Particulars Standalone 2016-17 Consolidated 2016-17
USD ` USD `
Revenue from operations 196.72 13,223.23  33,233.61
3URÀWEHIRUH7D[3%7    2,991.17
3URÀWDIWHU7D[3$7 25.19   

Result of Operations LQFUHDVLQJWKHVFRSHRIRXUH[LVWLQJFHUWLÀFDWLRQV'XULQJWKH

During the year under review, the total revenues from year under review, the Company has successfully completed
operations (consolidated) increased to ` 33,233.61 million, a VXUYHLOODQFH DXGLW RI ,62  4XDOLW\ 0DQDJHPHQW
growth of 3% over the previous year. Earnings before interest, Systems).
tax, depreciation and amortization was `  PLOOLRQ
:HDOVRFRQWLQXHWRPDLQWDLQFHUWLÀFDWLRQVIRU,62
RQ FRQVROLGDWHG EDVLV 1HW SURÀW DIWHU WD[ FRQVROLGDWHG
(Information Security Management Systems) and ISO
GHFUHDVHGE\WR`PLOOLRQ
 %XVLQHVV &RQWLQXLW\ 0DQDJHPHQW :H KDYH
In US Dollar terms, revenues from operations for the year on successfully completed our surveillance audits for the above
consolidated basis was `  PLOOLRQ DV DJDLQVW `  WZR FHUWLÀFDWLRQV LQ WKLV \HDU 7KH &RPSDQ\ FRQWLQXHV WR
PLOOLRQGXULQJWKHSUHYLRXV\HDUDJURZWKRI$YHUDJH maintain the highest level of process maturity at Level 5 for
realization rate was ` 67.22 per US Dollar. CMMI-DEV® V1.3 (Development) and the Automotive SPICE
® organization maturity Level 5.
6WDQGDORQHVDOHVIRUWKHÀQDQFLDO\HDUJUHZE\
to reach `PLOOLRQ1HWSURÀWDIWHUWD[GHFUHDVHGE\ Our customers and market place are changing at an
16.67% to `PLOOLRQ unprecedented speed and it is imperative for the Company
to align with the changes in the market by utilizing tools
Dividend and governance mechanisms which can adapt and facilitate
7KH 'LUHFWRUV DUH SOHDVHG WR UHFRPPHQG D ÀQDO GLYLGHQG RI change with ease. Keeping this in mind, we have adopted
` 2.20/- per equity share of face value of ` 2/- each (110%)on industry leading project management tool which has enhanced
the paid-up equity share capital of the Company for the year IHDWXUHVOLNHPRELOHVXSSRUWFXVWRPZRUNÁRZGHÀQLWLRQDQG
under review. The total pay-out will amount to ` 522.95 million Agile support apart from being a platform for aggregating
including dividend distribution tax. information and data to offer consolidated engineering
analytics. We also continue to strengthen its Business IT
6KDUH&DSLWDO delivery through focus on automation levers across SBUs and
The issued, subscribed and paid-up capital of the Company as Practices.
on March 31, 2017 is `PLOOLRQFRQVLVWLQJRI
3URGXFWLYLW\
equity shares of ` 2/- each.
To enhance productivity, a key initiative has been taken to
&5,6,/5DWLQJV create a RAD (Rapid Application Development) Framework –
For the bank loan limits of `  PLOOLRQ &5,6,/ KDV named FoundationK, which has been developed to address the
assigned the long term credit rating of AA-/ Negative. need of the market which is trending towards Agile, rapid go
WR PDUNHW DQG DFKLHYH VLJQLÀFDQW QRW MXVW LQFUHPHQWDO
4XDOLW\DQG,QIRUPDWLRQ6HFXULW\ productivity improvements. This is Transformational and
Our focus on quality and innovation has helped us deliver Disruptive application development framework which has
increased value to our customers. We continue to focus on equipped our developers to build Scalable, Secure, High
strengthening our commitment to quality by sustaining and Performance, Reliable, Responsive UI and Multilingual

Annual Report 2016-17 10

application with a framework which has fundamental In accordance with Section 152 of the Act, Mr. S. B. (Ravi) Pandit
components available eliminating the effort to develop retires by rotation at the forthcoming Annual General Meeting
IURP VFUDWFK 7KLV KDV SURYLGHG VLJQLÀFDQW LPSURYHPHQW LQ and being eligible, offers himself for re-appointment. The
SURGXFWLYLW\JUHDWHUUHGXFWLRQLQWLPHWRPDUNHWDQGVLJQLÀFDQW Board recommends his re-appointment.
code quality improvement leading to enhanced customer
satisfaction. Ms. Lila Poonawalla, Dr. R. A. Mashelkar, Mr. Adi Engineer, Prof
Alberto Sangiovanni Vincentelli were appointed as Additional
Our process improvement drive continues to be strengthened & Independent Directors for a period of 5 years w.e.f April 1,
E\ OHYHUDJLQJ ZRUNÁRZ RSWLPL]DWLRQ VL[ VLJPD DQG OHDQ 2017, subject to approval of the shareholders. The proposal for
principles. We are committed to support the dynamic the same is being made to the shareholders for their approval
business needs of our customers through continuous focus on at the forthcoming Annual General Meeting.
operational and quality excellence.
.H\0DQDJHULDO3HUVRQQHO
,QVWLWXWLRQDO6KDUHKROGLQJ The following persons have been designated as Key Managerial
As on March 31, 2017, the total Institutional shareholding in Personnel of the Company pursuant to Sections 2(51) and 203
WKH&RPSDQ\ZDVRIWKHWRWDOVKDUHFDSLWDO RIWKH$FWUHDGZLWKWKH5XOHVIUDPHGWKHUHXQGHU

,QIRUPDWLRQDERXWWKH6XEVLGLDU\&RPSDQLHV  0U .LVKRU 3DWLO  &KLHI ([HFXWLYH 2IÀFHU &(2 DQG
Managing Director;
As on March 31, 2017, the Company had 15 subsidiaries,
including step-down subsidiaries.  0U$QLO3DWZDUGKDQ&KLHI)LQDQFLDO2IÀFHU&)2
During the year under review, KPIT medini Technologies AG 3. Ms. Sneha Padve - Company Secretary.
was sold to ANSYS Germany GmbH on November 2, 2016.
Also MicroFuzzy Industrie - Elektronic GmbH, a German based Auditors
company was acquired through KPIT Technologies GmbH, Pursuant to the provisions of Section 139(1) of the Act, read
effective November 30, 2016. ZLWK WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV  0V
B S R & Co. LLP, Chartered Accountants, were appointed as
In accordance with Section 129(3) of the Companies Act, the Statutory Auditors of the Company in the Annual General
2013, (hereinafter referred to as “the Act”) the Company has 0HHWLQJKHOGRQ-XO\IRUDSHULRGRIÀYH\HDUVVXEMHFW
SUHSDUHG FRQVROLGDWHG ÀQDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ WRUDWLÀFDWLRQE\WKHPHPEHUVLQHYHU\$QQXDO*HQHUDO0HHWLQJ
and all its subsidiary companies, which forms a part of the Based on the recommendation of the Audit Committee, the
Annual Report. A statement containing salient features of the %RDUG UHFRPPHQGV UDWLÀFDWLRQ RI WKH DSSRLQWPHQW RI % 6 5
ÀQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\FRPSDQLHVLQ)RUP$2& & Co. LLP, as the Statutory Auditors of the Company, at the
1 is annexed to this Report as “Annexure 1”. ensuing Annual General Meeting.
In accordance with Section 136(1) of the Act, the Annual 7KH1RWHVRQÀQDQFLDOVWDWHPHQWVUHIHUUHGWRLQWKH$XGLWRUV·
Report of the Company, containing the standalone and the Report are self-explanatory and do not call for any further
FRQVROLGDWHG ÀQDQFLDO VWDWHPHQWV DQG DOO RWKHU GRFXPHQWV FRPPHQWV 7KH UHSRUW GRHV QRW FRQWDLQ DQ\ TXDOLÀFDWLRQ
required to be attached thereto have been placed on the reservation or adverse remark.
website of the Company, www.kpit.com. Further, a report
on the highlights of performance of subsidiaries and their The Board of Directors of the Company appointed Dr. K. R.
contribution to the overall performance of the Company has Chandratre, Practicing Company Secretary, as the Secretarial
also been placed on the website of the Company. Members Auditor to conduct audit for the year under review. The
interested in obtaining a printed copy of the audited annual Secretarial Auditor’s report for the year under review is annexed
accounts of the subsidiary companies may write to the to this Report as “Annexure 2”. The report does not contain any
&RPSDQ\6HFUHWDU\DWWKH&RPSDQ\·VUHJLVWHUHGRIÀFH TXDOLÀFDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN

Directors &RUSRUDWH*RYHUQDQFH
During the year, Mr. Sachin Tikekar, Whole-time Director of A separate section on Corporate Governance with a detailed
the Company was re-appointed for a period of 5 years w.e.f compliance report thereon forms a part of this Report.
October 20, 2016. 7KH $XGLWRUV· &HUWLÀFDWH LQ UHVSHFW RI FRPSOLDQFH ZLWK WKH
provisions concerning Corporate Governance, forms a part

Annual Report 2016-17 11

of this Annual Report, as required under the Securities and (PSOR\HHV6WRFN2SWLRQ3ODQ(623V
Exchange Board of India (Listing Obligations and Disclosure Information relating to ESOPs of the Company is annexed
Requirements) Regulations, 2015 (hereinafter referred to as
WR WKLV 5HSRUW DV ´$QQH[XUH µ 7KH LQIRUPDWLRQ LV EHLQJ
“the SEBI (LODR) Regulations, 2015”).
SURYLGHG LQ FRPSOLDQFH ZLWK 5HJXODWLRQ  RI WKH 6HFXULWLHV
0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV DQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHÀWV
A detailed review of the operations, performance and future 5HJXODWLRQV
outlook of the Company and its business is given in the 'LVFORVXUH XQGHU WKH 6H[XDO +DUDVVPHQW RI :RPHQ DW
Management Discussion and Analysis Report, which forms a :RUNSODFH 3UHYHQWLRQ 3URKLELWLRQ DQG 5HGUHVVDO $FW
part of this Report. 
Awards & Recognition The Company has in place a policy on prevention of sexual
‡ .3,7·V (OHFWULF %XV WHFKQRORJ\ 5HYROR VHOHFWHG DV D harassment and has put in place a redressal mechanism
Finalist for United Nation’s Energy Grant for sustainable for resolving complaints received with respect to sexual
development; harassment and discriminatory employment practices for all
genders. One case of sexual harassment was reported and due
‡ .3,7UHFRJQL]HGDVD´&KDOOHQJHUµLQ*DUWQHU·V0DJLF diligence was followed as part of the process. The case was
Quadrant for SAP Application Services, North America;
closed post investigation by the internal committee.
‡ .3,7:RQ´1HZFRPHURIWKH<HDUµ$ZDUGDW$QQXDO6$3
)L[HG'HSRVLWV
Hybris Summit;
The Company has not accepted any deposits as on March 31,
‡ 0V9DLVKDOL9DLG93 +HDG*OREDO+5ZDVUHFRJQL]HG 2017.
DVWKH¶0RVWLQÁXHQWLDO+5OHDGHUVLQ,QGLD·E\WKH:RUOG
HRD Congress and also recognized with the Women ,QIRUPDWLRQ RQ FRQVHUYDWLRQ RI HQHUJ\ WHFKQRORJ\
/HDGHUVKLS$FKLHYHPHQW$ZDUGVDWWKHth World Women DEVRUSWLRQ DQG IRUHLJQ H[FKDQJH HDUQLQJV DQG RXWJR
Leadership Congress & Awards (WWLCA); VWLSXODWHG XQGHU 6HFWLRQ P RI WKH $FW UHDG ZLWK
5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
‡ .3,7·V FRPPXQLW\ GULYHQ ZDWHU FRQVHUYDWLRQ SURMHFW
received jury award by FICCI; &RQVHUYDWLRQRI(QHUJ\
‡ .3,7 EDJV ¶2UGHU RI 0HULW· DZDUGV IRU LWV ,76 DW WKH The Company always endeavors to reduce energy consumption
Businessworld Smart Cities Conclave & Awards; and achieve conservation of resources. Many initiatives taken
in this connection have been detailed in the previous Board’s
‡ .3,7ZLQV2UDFOH([FHOOHQFH$ZDUGIRU6SHFLDOL]HG3DUWQHU Reports which the Company continues to implement. Apart
of the Year – North America in Mobility Category;
from those initiatives, the following PAN India measures were
‡ ,'& QDPHV .3,7 :RUOGZLGH OHDGHU LQ GHOLYHULQJ 6$3 undertaken to reduce energy consumption resulting in Pune
Business Suite Powered by SAP HANA. (30%), Bangalore (15%) and Mumbai (19%) saving over the
period of 6 years. Few initiatives undertaken in FY16-17 are
3DUWLFXODUVRI(PSOR\HHV OLVWHGEHORZ
A statement containing the names of every employee employed
WKURXJKRXWWKHÀQDQFLDO\HDUDQGLQUHFHLSWRIUHPXQHUDWLRQRI ‡ 5HSODFHG&)/V:ZLWKHQHUJ\HIÀFLHQW/('OLJKWV
` 1 crore 2 lakhs or more, or employed for part of the year and :UHVXOWLQJLQHQHUJ\VDYLQJRIKWH units per
in receipt of ` ODNKRUPRUHDPRQWKDQGRWKHUHPSOR\HHV annum.
as required under Rule 5(2) of the Companies (Appointment
DQG 5HPXQHUDWLRQ RI 0DQDJHULDO 3HUVRQQHO 5XOHV  LV ‡ 5RRIWRS39VRODUFHOOLQVWDOOHGDW3XQHFDSDFLW\RI.:
annexed to this Report as “Annexure 3(a)”. in December 2016, which is generating average 500 - 600
KWH units per day. This is expected to generate 200,000
The ratio of the remuneration of each director to the median KWH units annually.
employee’s remuneration and other details prescribed in
Section 197(12) of the Act, read with Rule 5(1) of the Companies ‡ (QHUJ\(IÀFLHQW95)+9$&V\VWHPLQVWDOOHGDWQHZIDFLOLW\
(Appointment and Remuneration of Managerial Personnel) at Mahape which has resulted in 25% energy savings. The
5XOHVDUHDQQH[HGWRWKLV5HSRUWDV´$QQH[XUHEµ average savings expected is 700 units per day.

Annual Report 2016-17 12

*UHHQ,QLWLDWLYHV ‡ +HDOWK FKHFN²XSV  GLDJQRVWLF VXSSRUW WR HPSOR\HHV
KPIT is committed towards giving our future generations a DQGWKHLUIDPLOLHV
VXVWDLQDEOHZRUOGWKURXJKHIÀFLHQF\LQRXUEXVLQHVVRSHUDWLRQV
o Subsidized health check-up package offered for
and conservation of natural resources. Highlights from 2016-
LQFOXGH employee + family

‡ UDLQZDWHUKDUYHVWLQJIDUPSRQGVFUHDWHGGHVLOWHGLQ o Negotiated discounts on expensive tests for

Alladahalli (Nelmangala Taluka), Karnataka and Ranza employee + family
(Shivapur) Village, Maharashtra.
‡ ,QLWLDWHG KRVSLWDO WLH XSV IRU GLVFRXQWHG FKHFNXSV IRU
‡ :HOO H[FDYDWLRQ  FRQVWUXFWLRQ DW *XKLQL  0HWSLODZDU OPD and other tests (addition to diagnostic centers);
Village, District Pune resulting in a capacity to store 2.5
‡ $ZDUHQHVV&RPPXQLFDWLRQRQ´:RUOG+HDOWK2UJDQL]DWLRQ
million litres of water.
(WHO) Days”;
‡ :LGHQLQJ DQG GHHSHQLQJ RI ZDWHU FDQDO DW :DMHJKDU
Village, District Pune, creating a water reservoir of 10 ‡ (QJDJHPHQW7KURXJK:HOOQHVV
million litres of capacity.
o Laughter sessions
‡ 6RLO'DPDW9DURWL 3DVDOL'LVWULFW3XQHZLWKDFDSDFLW\
o Special Pranayama sessions for International Yoga
WRFRQVHUYHPLOOLRQOLWUHVRIZDWHU
Day
‡ &HPHQW 1DOD %XQG &1% DW 6KHOJDRQ 9LOODJH 'LVWULFW
o Tug of War
Osmanabad, enabling a water corridor of 22m x 600m x
2m. This will result in a storage of 16 million litres of water. o Random blood sugar testing on World Diabetes Day
‡ $IIRUHVWDWLRQ HIIRUWV OHG WR SODQWLQJ RI VDSOLQJV DW o Dental check-up camps
Bengaluru and Pune locations, with an overall survival
UDWHRISHUFHQW o Eye check-up camps on campus for employees
‡ $V D SDUW RI =HUR *DUEDJH SURMHFW LQ DVVRFLDWLRQ ZLWK o Meditation activity conducted as a mark of “Healthy
Janwani, Pune - a total of 1,069 awareness programs have Mind”
been conducted across Pune city.
o Balloon blowing activity on the World Heart Day
‡ 6LQFH  ZH KDYH EHHQ FHOHEUDWLQJ WKH (QYLURQPHQW
Week on the occasion of “World Environment Day”. In the o Awareness session linked to the WHO days
year 2016-17, Environment Week was celebrated from
June 1 to June 6, at all our locations in India. o Awareness sessions exclusively on alternate therapies

‡ 0U5DYL3DQGLWKDVEHHQQRPLQDWHGDVD1DWLRQDOH[SHUW 7HFKQRORJ\$EVRUSWLRQ
on ‘Technology Evaluation Committee for Solid & Liquid This year, we took a goal of improving the organizational
Waste and Water Supply’.
productivity and enhanced end user experience. In pursuit
2FFXSDWLRQDO+HDOWKDQG6DIHW\$VVHVVPHQW6HULHV2+6$6 of this goal, we have undertaken a strategic initiative
The following activities were carried out by the Company under FDOOHG ¶6LPSOLÀFDU· ZKLFK DLPV IRU SURFHVV VWDQGDUGL]DWLRQ
2+6$6LQ VLPSOLÀFDWLRQ DQG DFWLRQDEOH EXVLQHVV LQVLJKWV VSDQQLQJ
RUJDQL]DWLRQZLGHEXVLQHVVSURFHVVHV6$36+DQDKDVEHHQ
‡ )UDPHZRUN FUHDWHG WR PRYH DZD\ IURP D ZHHN RI chosen as the ERP application and will be the mainstay of the
health and wellness to annual approach for “Health and “System of Records”. We have also initiated the development
Wellness”;
of ‘Next Generation Engagement Systems’ which will
‡ &KRLFH RI ZRUNRXW SURYLGHG FRQVLGHULQJ WKH SRSXODULW\ integrate with the System of Records. The constituents of the
DQGWUHQG\ZD\VRIH[HUFLVH ‘Engagement systems’ are being developed using the Agile
application development methodology. The engagement
R ,QWURGXFWLRQRI=XPED
systems that are being designed, leverage various cognitive
o Introduction of Yoga technologies that will improve user experience on one hand

Annual Report 2016-17 13

and pursue process optimization on the other. Some key customers to co-innovate with us using the lab infrastructure.
features of the ‘Engagement System’ include responsive UX, We have realized the important role of digital technology
Device Agnostic UI, highly personalised Context and Persona on every business unit / function and our customers. We are
based content delivery that gives proactive insights which focusing on creating ‘Think Digital’ culture and initiating steps
would improve ‘In the moment effectiveness’. This will be a towards propagation of digital skills across the organization.
true blue “conversational system” with a focus on ‘Experience
5HVHDUFKDQG'HYHORSPHQW5 '$FWLYLW\
ÀUVW·
We have received an “Order of Merit“ Award at the Businessworld
Last year, we also rolled out an initiative to implement integrated Smart Cities Conclave & Awards for its Intelligent Transport
collaboration platform using Cisco’s WebEx technology. This System - A solution that enables higher ridership in buses by
has led to substantial cost reductions vis a vis traditional audio PDNLQJLWVDIHUVPDUWHUDQGPRUHHIÀFLHQW%XVLQHVVZRUOG6PDUW
conferencing services while providing a seamless meeting Cities Conclave & Awards is a platform that recognizes the
experience that is greatly enhanced by features like ‘one solutions that address problems posed by rapid urbanization
touch audio / video calling’ from any device, application and in the domain of transportation for the cities.
presentation sharing, personalised meeting rooms for relevant
KPIT’s innovative and indigenous electric bus technology -
users, meeting recording and sharing etc. We also invested
Revolo was featured in the UN ‘Energy Grant’ list.
substantially in securing our infrastructure against cyber
security threats. The implementation of the Next Generation .3,7ZDVQRPLQDWHGDPRQJÀQDOLVWVIURPLQWHUQDWLRQDO
)LUHZDOO DQG :LOGÀUH SODWIRUPV IURP 3DOR $OWR 1HWZRUNV DUH applicants for the prestigious 2016 UN-DESA (United Nations
major steps taken in this direction and have helped in securing Department of Economic and Social Affairs) Grant on Energy,
business applications and infrastructure from advance threats. themed around ‘Energy for Sustainable Transport.’ KPIT was
In the same vein, we have also implemented ‘TRAPs’ from UHFRJQL]HGZLWKD¶&HUWLÀFDWHRI$SSUHFLDWLRQ·IRULWVLQGLJHQRXV
Palo Alto networks for Advance Threat Protection solutions electric bus technology — Revolo — that enables clean urban
on end points. This solution protects end user devices mobility.
against Advance Malwares and Exploits. All these preventive
VHFXULW\WHFKQRORJLHVKDYHOHGWRXVUXQQLQJD¶=HUR,QFLGHQW· KPIT was invited to the United Nations HQ in New York, on
infrastructure in the last year. 'HFHPEHU   IRU D VSHFLDO HYHQW RUJDQL]HG E\ WKH
secretariat entity.
We focused not only digitizing IT infrastructure but also
invested in making the campus infrastructure ‘Smart’. Using We bagged the ‘Promising Transport Innovation Award’ at the
our Smart Campus platform, last year we rolled out many International Transport Forum (ITF) 2016 Summit in Leipzig,
applications like Smart Parking that uses automatic number Germany. KPIT won the award for its technology ‘REVOLO’ that
enables clean urban mobility.
plate recognition technologies, Smart Cafeteria uses location
aware solution, provides online ordering of food and uses The ITF Promising Transport Innovation Award recognizes
e-payments. Our Smart Asset Management application LQQRYDWLRQV WKDW KDYH WKH SRWHQWLDO WR VLJQLÀFDQWO\ LPSURYH
provides real time inventory of all the assets while the Smart the quality, performance, user experience, accessibility,
Incident Management application helps our employees initiate sustainability or inter-modality of the transport. It is instituted
a ‘one click’ reporting of incidents by scanning the QR codes by ITF, an inter-governmental organization which acts as a
designated to common areas. These apps have improved think tank for transport policy with 57 member nations.
employee experience and productivity. We are also in process
of digitizing all campus infrastructure like HVAC, CCTV, pumps, REVOLO is a versatile system, designed to work across different
water level controllers, elevators, power meters, D.G sets, bus formats. The key components of the system are lithium ion
access control etc. and bringing real time insights on our batteries, electric motors, a power transmission unit and smart
campus platform. electronic control units. The Smart Electric buses have multiple
features like Intelligent Transport Systems, Mobile Phone
Next year, we aim to focus on setting up Digital Labs and a App for journey planning and ticketing, Wi-Fi Infotainment
Centre of Excellence (CoE) that will showcase transformational etc. which provide a superior ride experience that can help
use cases using digital technologies. The CoE would enable our encourage adoption of public transport.

Annual Report 2016-17 14

7KHWRWDODPRXQWVSHQWRQ5 'DFWLYLWLHVLVJLYHQEHORZ

5 'H[SHQVHVIRUWKH\HDUHQGHG0DUFK

Particulars Amount Key Project Details

(` in million)
([SHQVHGLQWKHVWDWHPHQWRI3URÀWDQG/RVV5HIHU1RWH  Solar,Bus_Program (HEV), ITS Eng, Innovation
Capital work-in-progress 230.22 ADAS, Autosar, K-SAR, BUS, CREST, Powertrain
Assets capitalized during the year 
Total 457.44

1RWHV
1. Out of total R & D expenditure of `PLOOLRQHOLJLEOH5 'UHYHQXHH[SHQGLWXUHXQGHU6HFWLRQ$%RIWKH,QFRPH7D[
Act, 1961, for the Company is ` 125.61 million.

A separate section on R & D activities forms a part of this relationships disclosed, the following Non-Executive Directors
Annual Report. are Independent in terms of Regulation 16(1)(b) of the SEBI
/2'55HJXODWLRQVDQG6HFWLRQRIWKH$FW
)RUHLJQ([FKDQJH(DUQLQJVDQG2XWJR
Given the global nature of the business of the Company, exports 1. Ms. Lila Poonawalla
always form its thrust. Total foreign exchange earnings during 2. Dr. R. A. Mashelkar
the year have been `PLOOLRQSUHYLRXV\HDU` 9,900.37 3. Mr. Adi Engineer
million) and foreign exchange outgo (including imports) has been
 3URI$OEHUWR6DQJLRYDQQL9LQFHQWHOOL
` PLOOLRQSUHYLRXV\HDU`PLOOLRQ
5. Mr. Anant Talaulicar
Board Meetings
&RPSDQ\·V 3ROLF\ RQ 'LUHFWRUV· DSSRLQWPHQW DQG
Six meetings of the Board of Directors were held during the
UHPXQHUDWLRQ
year. More details about the meetings are available in the
Report on Corporate Governance, which forms a part of this 3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQHRIWKH$FWWKH
Annual Report. policy of the Company on the appointment and remuneration
RI 'LUHFWRUV LQFOXGLQJ FULWHULD IRU GHWHUPLQLQJ TXDOLÀFDWLRQV
&RPPLWWHHVRI%RDUG positive attributes, independence of a director and other
The details regarding Committees of the Board of Directors of PDWWHUVSURYLGHGXQGHU6HFWLRQRIWKH$FWLVDQQH[HGWR
the Company are given in the report on Corporate Governance, this Report as “Annexure 5”.
which forms a part of this Annual Report.
3DUWLFXODUV RI ORDQV JXDUDQWHHV RU LQYHVWPHQWV XQGHU
,QGHSHQGHQFHRIWKH%RDUG 6HFWLRQRIWKH$FW
The Board of Directors of the Company comprises of optimum Particulars of loans, guarantees or investments made during
QXPEHURI,QGHSHQGHQW'LUHFWRUV%DVHGRQWKHFRQÀUPDWLRQ the year under review, pursuant to the provisions of Section
disclosures received from the Directors and on evaluation of the RIWKH$FWDUHDVEHORZ

Sr. Name of the subsidiary Nature of Duration Rate of Interest Amount Purpose
No. transaction (%) (` in million)
1 KPIT Technologies (UK) Guarantee Till April 30, NA  For setting up the
Limited 2017 credit facilities
2 Impact Automotive Acquisition NA NA 500.10 Equity infusion
Solutions Limited

Annual Report 2016-17 15

3DUWLFXODUV RI FRQWUDFWV RU DUUDQJHPHQWV ZLWK UHODWHG VXSHUYLVLRQRI&(2DQG&)2RIÀFHDQGHIIHFWHGDQGDSSURYHGE\
SDUWLHVUHIHUUHGWRLQ6HFWLRQRIWKH$FW the Board of Directors and management to provide reasonable
3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQKRIWKH$FWWKH DVVXUDQFH UHJDUGLQJ WKH UHOLDELOLW\ RI ÀQDQFLDO UHSRUWLQJ DQG
particulars of contracts or arrangements with related parties WKH SUHSDUDWLRQRI ÀQDQFLDOVWDWHPHQWV IRU H[WHUQDO SXUSRVHV
UHIHUUHGWRLQ6HFWLRQRIWKH$FWDQGSUHVFULEHGLQ)RUP in accordance with Indian Accounting Standard (IND-AS) and
$2&RI&RPSDQLHV$FFRXQWV5XOHVLVDQQH[HGWRWKLV LQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDW
Report as “Annexure 6”.
‡ 3HUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOH
0DWHULDOFKDQJHVDQGFRPPLWPHQWVDIIHFWLQJWKHÀQDQFLDO GHWDLO DFFXUDWHO\ DQG IDLUO\ UHÁHFW WKH WUDQVDFWLRQV DQG
SRVLWLRQRIWKH&RPSDQ\ dispositions of the assets and liabilities of the Company;
There are no material changes and commitments affecting
WKH ÀQDQFLDO SRVLWLRQ RI WKH &RPSDQ\ ZKLFK KDYH RFFXUUHG ‡ 3URYLGH UHDVRQDEOH DVVXUDQFH WKDW WUDQVDFWLRQV DUH
EHWZHHQWKHHQGRIWKHÀQDQFLDO\HDURIWKH&RPSDQ\WRZKLFK UHFRUGHGDVQHFHVVDU\WRSHUPLWSUHSDUDWLRQRIÀQDQFLDO
WKHÀQDQFLDOVWDWHPHQWVUHODWHDQGWKHGDWHRIWKLV5HSRUW statements in accordance with IND-AS and that receipts
and expenditures of the Company are being made only
6LJQLÀFDQWDQGPDWHULDORUGHUV
in accordance with authorizations of management and
7KHUH DUH QR VLJQLÀFDQW DQG PDWHULDO RUGHUV SDVVHG E\ WKH Directors of the Company; and
regulators or courts or tribunals impacting the going concern
status and Company’s operations in future. ‡ 3URYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ RU
timely detection of unauthorized acquisition, use or
5LVN0DQDJHPHQW3ROLF\
disposition of the Company’s assets that could have a
A mechanism to identify, assess, monitor and mitigate various PDWHULDOHIIHFWRQWKHÀQDQFLDOVWDWHPHQWV
risks to key business objectives of the Company is in place.
A write-up on Enterprise Risk Management is included in this $XGLW&RPPLWWHH5HFRPPHQGDWLRQV
Annual Report.
During the year, all the recommendations of the Audit
,QWHUQDO &RQWURO 6\VWHPV DQG $GHTXDF\ RI ,QWHUQDO Committee were accepted by the Board. The composition of the
)LQDQFLDO&RQWUROV Audit Committee is as mentioned in the Report on Corporate
The internal control systems of the Company are adequate Governance, which forms a part of this Annual Report.
considering the nature of its business, size and complexity.
&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65
The Statutory Auditors as well as the Internal Auditors of
the Company review the same on periodical basis. Further, The Policy on Corporate Social Responsibility of the Company
VLJQLÀFDQWREVHUYDWLRQVLIDQ\DQGDFWLRQWDNHQUHSRUWVRQWKH and the details about the development of CSR Policy and
same are considered by Audit Committee at their meeting. initiatives taken by the Company on CSR during the year as per
the Companies (Corporate Social Responsibility Policy) Rules,
The Act has made it mandatory for the Directors in their KDVEHHQDQQH[HGWRWKLV5HSRUWDV´$QQH[XUHµ
Responsibility Statement in the Board’s Report to state that
“the directors, in the case of a listed company, had laid down )RUPDO$QQXDO(YDOXDWLRQE\WKH%RDUG
LQWHUQDOÀQDQFLDOFRQWUROVWREHIROORZHGE\WKH&RPSDQ\DQG
A separate meeting of the Independent Directors of the
WKDW VXFK LQWHUQDO ÀQDQFLDO FRQWUROV DUH DGHTXDWH DQG ZHUH
RSHUDWLQJ´HIIHFWLYHO\µ7KHDERYHVWDWHPHQWKDVWREHDIÀUPHG Company was held on February 17, 2017, in which a formal
to by the Statutory Auditors in their Audit Report. evaluation of performance of the Board, Committees and
the individual Directors was carried out. The performance
$V SHU H[SODQDWLRQ SURYLGHG WR 6HFWLRQ H RI WKH $FW HYDOXDWLRQZDVFRQGXFWHGEDVHGRQWKHFULWHULDVSHFLÀHGLQWKH
´LQWHUQDOÀQDQFLDOFRQWUROVµPHDQV´WKHSROLFLHVDQGSURFHGXUHV Act, Regulation 17 of the SEBI (LODR) Regulations, 2015 and
DGRSWHGE\WKH&RPSDQ\IRUHQVXULQJWKHRUGHUO\DQGHIÀFLHQW Guidance Note on Board Evaluation issued by SEBI.
conduct of its business, including adherence to the Company’s
policies, the safeguarding of its assets, the prevention and The feedback based on evaluation was discussed with the
detection of frauds and errors, the accuracy and completeness Chairman of the Board and given to the Directors.
of the accounting records, and the timely preparation of
9LJLOPHFKDQLVP
UHOLDEOHÀQDQFLDOLQIRUPDWLRQµ
The Company has established a vigil mechanism as per
&RPSRQHQWV RI LQWHUQDO FRQWURO GHÀQH LQWHUQDO FRQWURO RYHU Regulation 22 of the SEBI (LODR) Regulations, 2015 for
ÀQDQFLDO UHSRUWLQJ DV D SURFHVV GHVLJQHG E\ RU XQGHU WKH Directors and employees to report their genuine concerns. The

Annual Report 2016-17 16

details of the same are explained in the Report on Corporate &(2 &)2&HUWLÀFDWLRQ
Governance. The Policy on Vigil Mechanism may be accessed &HUWLÀFDWHE\0U.LVKRU3DWLO&(2 0DQDJLQJ'LUHFWRUDQG
RQ WKH &RPSDQ\·V ZHEVLWH DW WKH OLQN KWWSZZZNSLWFRP 0U $QLO 3DWZDUGKDQ &KLHI )LQDQFLDO 2IÀFHU SXUVXDQW WR WKH
company/investors/corporate-governance). SURYLVLRQVRI5HJXODWLRQRIWKH6(%,/2'55HJXODWLRQV
2015, for the year under review was placed before the Board of
([WUDFWRI$QQXDO5HWXUQ
Directors of the Company at its meeting held on April 26, 2017.
The details forming part of the extract of the Annual Return in
)RUP0*7LVDQQH[HGWRWKLV5HSRUWDV´$QQH[XUHµ $ FRS\ RI VXFK FHUWLÀFDWH IRUPV D SDUW RI WKH 5HSRUW RQ
Corporate Governance.
5HVSRQVLELOLW\6WDWHPHQWRIWKH%RDUGRI'LUHFWRUV
To the best of their knowledge and belief and according to $FNQRZOHGJPHQWV
the information and explanations obtained by them, your We take this opportunity to thank all the shareholders of the
'LUHFWRUVVWDWHWKDW Company for their continued support.

i) in the preparation of the annual accounts for the year We thank our customers, vendors, investors and bankers for
ended March 31, 2017, the applicable accounting their continued support during the year. We place on record
standards have been followed along with proper our appreciation of the contribution made by our employees
explanation relating to material departures, if any; at all levels. Our consistent growth was made possible by their
hard work, solidarity, co-operation and support.
ii) they have selected such accounting policies and applied
them consistently and made judgments and estimates We further thank the governments of various countries where
that are reasonable and prudent so as to give a true and we have our operations. We also thank the Government
fair view of the state of affairs of the Company as at March of India, particularly the Ministry of Communication and
  DQG RI WKH SURÀW RI WKH &RPSDQ\ IRU WKH \HDU Information Technology, the Ministry of Commerce, the
ended March 31, 2017; Ministry of Finance, the Ministry of Corporate Affairs, the
Customs and Excise Departments, the Income Tax Department,
LLL WKH\ KDYH WDNHQ SURSHU DQG VXIÀFLHQW FDUH IRU WKH
the Reserve Bank of India, the State Governments, the Software
maintenance of adequate accounting records in
'HYHORSPHQW&HQWHUV6'&V6SHFLDO(FRQRPLF=RQHV6(=V
accordance with the provisions of the Act, for safeguarding
– Navi Mumbai, Chennai, Bengaluru, Hyderabad, Noida, Pune
the assets of the Company and for preventing and
and all other government agencies for their support and look
detecting fraud and other irregularities;
forward for their continued support in future.
LY WKHDQQXDOÀQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQD
going concern basis; For and on behalf of the Board of Directors
Y WKH\ KDYH ODLG GRZQ LQWHUQDO ÀQDQFLDO FRQWUROV WR EH
IROORZHGE\WKH&RPSDQ\DQGWKDWVXFKLQWHUQDOÀQDQFLDO
controls are adequate and are operating effectively and
Pune S. B. (Ravi) Pandit
vi) they have devised proper systems to ensure compliance April 26, 2017 Chairman & Group CEO
with the provisions of all applicable laws and that such
systems are adequate and operating effectively.

Annual Report 2016-17 17

 $QQH[XUH
)RUP$2&
6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHÀQDQFLDOVWDWHPHQWRIVXEVLGLDULHVDVVRFLDWHFRPSDQLHVMRLQWYHQWXUHV

Annual Report 2016-17

3XUVXDQWWRÀUVWSURYLVRWRVXEVHFWLRQRI6HFWLRQUHDGZLWK5XOHRI&RPSDQLHV$FFRXQWV5XOHV

Part “A”: Subsidiaries

(` in million except exchange rate)
Sr. No. 1 2  4 5 6 7 8  10 11 12  14 15
Name of the KPIT KPIT KPIT KPIT Info- KPIT SYSTIME KPIT Sparta Impact KPIT KPIT MicroFuzzy KPIT Tech- Micro- KPIT
subsidiary (Shang- Technol- Technolo- systems Technolo- Comput- Tech- Consult- Auto- Infos- Solutions Indus- nologies fuzzy Tech-
hai) ogies gies Incor- gies er Cor- nologies ing motive ystems *PE+ trie-Elek- Solucoes KPIT Tec- nol-
6RIWZDUH France (UK) SRUDWHG Neth- SRUDWLRQ *PE+ ,QF86$ Solutions 0()=( Germany tronic Em nologia ogies
Technol- Limited USA erlands USA Germany (Refer Limited UAE (Refer *PE+ Informat- /7'$ Corpo-
ogy Co. (Refer B.V. (Refer note ‘b’ (Refer note ‘e’ Germany LFD/WGD Brazil UDWLRQ
/LPLWHG note ‘f’ note ‘a’ below) note ‘g’ below) (Refer note Brazil (For- Canada
China below) below) below) ‘e’ below) (Refer note merly (Refer
‘c’ below) SYSTIME note ‘d’
Global below)
Solutions
/7'$
Brazil)
(Refer
note ‘d’
below)
Reporting NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
period for the
subsidiary
concerned, if
different from
the holding
company’s
reporting
period
Reporting ` ` ` ` ` ` ` ` ` ` ` ` ` ` `
currency and  69.25   69.25  69.25  1.00 17.62 69.25 69.25 20.75 20.75 
exchange
rate as on the
last date of
the relevant
ÀQDQFLDO\HDU
in the case
of foreign
subsidiaries
Share capital  6.92  3,612.15  7.13  331.01 1,000.00  1.73 1.77  0.02 0.00
Reserves &  172.90 262.11 (660.79)  779.50  201.63    65.61 (76.91) 13.30 359.76
surplus
Total assets  109.61 1,917.60   1,727.57 1,527.50  992.27 330.96 211.05  72.95  
(excluding 9
below)

18
 (` in million except exchange rate)
Sr. No. 1 2  4 5 6 7 8  10 11 12  14 15
Name of the KPIT KPIT KPIT KPIT Info- KPIT SYSTIME KPIT Sparta Impact KPIT KPIT MicroFuzzy KPIT Tech- Micro- KPIT
subsidiary (Shang- Technol- Technolo- systems Technolo- Comput- Tech- Consult- Auto- Infos- Solutions Indus- nologies fuzzy Tech-
hai) ogies gies Incor- gies er Cor- nologies ing motive ystems *PE+ trie-Elek- Solucoes KPIT Tec- nol-
6RIWZDUH France (UK) SRUDWHG Neth- SRUDWLRQ *PE+ ,QF86$ Solutions 0()=( Germany tronic Em nologia ogies

Annual Report 2016-17

Technol- Limited USA erlands USA Germany (Refer Limited UAE (Refer *PE+ Informat- /7'$ Corpo-
ogy Co. (Refer B.V. (Refer note ‘b’ (Refer note ‘e’ Germany LFD/WGD Brazil UDWLRQ
/LPLWHG note ‘f’ note ‘a’ below) note ‘g’ below) (Refer note Brazil (For- Canada
China below) below) below) ‘e’ below) (Refer note merly (Refer
‘c’ below) SYSTIME note ‘d’
Global below)
Solutions
/7'$
Brazil)
(Refer
note ‘d’
below)
Total liabilities  (70.21)  5,106.22 69.65  737.51  395.76 232.62     
(excluding 5
& 6 above)
Investments - - - - - - - - - - - 0.35 - - -
(except
in case of
investment in
subsidiaries)
Turnover    13,179.99       563.66 310.20   
3URÀW/RVV (10.00) (13.15)       (91.01) 159.13 (6.71)   (5.51) 
before tax-
ation
Provision for  (3.03) 16.01 217.65    - - (0.21) (0.53)  (0.90)  
taxation
3URÀW/RVV  (10.12) 62.27 (130.97)     (91.01)  (6.17)    
after taxation
Proposed - - - - - - - - - - - - - 19.23 -
Dividend
% of share- 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 75% 100% 100% 100%
holding
1RWHV
a. 100% owned by KPIT Technologies (UK) Limited
b. 100% owned by KPIT Infosystems Incorporated, USA
c. 99.99% owned by KPIT Infosystems Incorporated, USA
d. 100% owned by SYSTIME Computer Corporation, USA
e. 100% owned by KPIT Technologies GmbH, Germany
f. Includes branch KPIT Technologies (UK) Limited Filial
J ,QFOXGHEUDQFKHV.3,7,QIRV\VWHPV0()=($XVWUDOLDEUDQFKDQG.3,7,QIRV\VWHPV0()=(.RUHD%UDQFK
h. During the year, the Company has sold its stake in KPIT medini Technologies AG.

19
Part “B”: Associates and Joint Ventures

6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHODWHGWR$VVRFLDWH&RPSDQLHVDQG-RLQW9HQWXUHV

Sr. No. Name of Associates / Joint Ventures Yantra Digital Services Private Limited*
1 Latest audited Balance Sheet date March 31, 2017
2 Shares of associate / joint ventures held by the Nil
Company on the year end
No.
Amount of investment in associates / joint venture
Extend of holding (%)
3 'HVFULSWLRQRIKRZWKHUHLVVLJQLÀFDQWLQÁXHQFH $VSHU,1'$6SDUDLIDQHQWLW\KROGVGLUHFWO\RULQGLUHFWO\
(e.g. through subsidiaries), 20% or more of the voting power of the
LQYHVWHH LW LV SUHVXPHG WKDW WKH HQWLW\ KDV VLJQLÀFDQW LQÁXHQFH
unless it can be clearly demonstrated that this is not the case.
Conversely, if the entity holds, directly or indirectly (e.g. through
subsidiaries), less than 20% of the voting power of the investee,
LWLVSUHVXPHGWKDWWKHHQWLW\GRHVQRWKDYHVLJQLÀFDQWLQÁXHQFH
XQOHVVVXFKLQÁXHQFHFDQEHFOHDUO\GHPRQVWUDWHG$VXEVWDQWLDO
or majority ownership by another investor does not necessarily
SUHFOXGH DQ HQWLW\ IURP KDYLQJ VLJQLÀFDQW LQÁXHQFH $V ,PSDFW
Automotive Solutions Limited (a wholly owned subsidiary of KPIT
Technologies Limited) holds 50% share of Yantra Digital Services
3ULYDWH/LPLWHGKHQFHVLJQLÀFDQWLQÁXHQFHLVHVWDEOLVKHG
 Reason why the associate / joint venture is not We follow equity method of accounting as per IND AS, hence, only
consolidated VKDUHRISURÀWRUORVVLVFRQVLGHUHG
5 Networth attributable to shareholding as per latest N.A.
audited Balance Sheet
6 3URÀW/RVVIRUWKH\HDU (` 2.57 million)
i Considered in consolidation (` 0.05 million)
ii Not considered in consolidation (` 2.52 million)

* Associate of Impact Automotive Solutions Limited. As of March 31, 2017, Impact Automotive Solutions Limited holds 50% equity
LQWHUHVWLQ<DQWUD'LJLWDO6HUYLFHV3ULYDWH/LPLWHGDQGH[HUFLVHVVLJQLÀFDQWLQÁXHQFH

For and on behalf of the Board of Directors

Pune S. B. (Ravi) Pandit

April 26, 2017 Chairman & Group CEO

Annual Report 2016-17 20

$QQH[XUH

Secretarial Audit Report (v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017 6(%,$FW³
[Pursuant to Section 204(1) of the Companies Act, 2013 and
Rule 9 of the Companies (Appointment and Remuneration of (a) The Securities and Exchange Board of India
Managerial Personnel) Rules, 2014] (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
To
(b) The Securities and Exchange Board of India
The Members
(Prohibition of Insider Trading) Regulations, 2015;
KPIT Technologies Limited
35 & 36, Rajiv Gandhi Infotech Park, (c) The Securities and Exchange Board of India (Issue of
MIDC, Phase - I, Hinjawadi Capital and Disclosure Requirements) Regulations,
3XQH 2009 (Not applicable to the Company during the
Audit Period);
I have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good (d) The Securities and Exchange Board of India (Share
corporate practices by KPIT Technologies Limited (hereinafter %DVHG(PSOR\HH%HQHÀWV5HJXODWLRQV
called the Company). Secretarial Audit was conducted in a
(e) The Securities and Exchange Board of India (Issue
manner that provided me a reasonable basis for evaluating the
DQG /LVWLQJ RI 'HEW 6HFXULWLHV 5HJXODWLRQV 
corporate conducts / statutory compliances and expressing my
(Not applicable to the Company during the Audit
opinion thereon.
Period);
%DVHG RQ P\ YHULÀFDWLRQ RI WKH &RPSDQ\·V ERRNV SDSHUV
(f) The Securities and Exchange Board of India
PLQXWH ERRNV IRUPV DQG UHWXUQV ÀOHG DQG RWKHU UHFRUGV
(Registrars to an Issue and Share Transfer Agents)
maintained by the Company and also the information
SURYLGHGE\WKH&RPSDQ\LWVRIÀFHUVDJHQWVDQGDXWKRUL]HG Regulations, 1993 regarding the Companies Act and
representatives during the conduct of Secretarial Audit, I dealing with client;
hereby report that in my opinion, the Company has, during the
(g) The Securities and Exchange Board of India (Delisting
DXGLW SHULRG FRYHULQJ WKH ÀQDQFLDO \HDU HQGHG RQ  0DUFK
of Equity Shares) Regulations, 2009 (Not applicable
2017 (‘Audit Period’) complied with the statutory provisions
listed hereunder and also that the Company has proper Board- to the Company during the Audit Period); and
processes and compliance-mechanism in place to the extent, (h) The Securities and Exchange Board of India (Buyback
LQWKHPDQQHUDQGVXEMHFWWRWKHUHSRUWLQJPDGHKHUHLQDIWHU
RI 6HFXULWLHV 5HJXODWLRQV  (Not applicable to
I have examined the books, papers, minute books, forms and the Company during the Audit Period).
UHWXUQVÀOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRU
(vi) , IXUWKHU UHSRUW WKDW having regard to the compliance
WKH ÀQDQFLDO \HDU HQGHG RQ  0DUFK  DFFRUGLQJ WR WKH
system prevailing in the Company and on examination of
SURYLVLRQVRI
the relevant documents and records in pursuance thereof,
(i) The Companies Act, 2013 (the Act) and the rules made the Company has complied with the following laws
thereunder; DSSOLFDEOHVSHFLÀFDOO\WRWKH&RPSDQ\

(ii) The Securities Contracts (Regulation) Act, 1956 (SCRA) (a) The Information Technology Act, 2000.
and the rules made thereunder; I have also examined compliance with the applicable
FODXVHVRIWKHIROORZLQJ
(iii) The Depositories Act, 1996 and the Regulations and Bye-
laws framed thereunder; (i) Secretarial Standards issued by The Institute of
Company Secretaries of India.
(iv) Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign (ii) The Securities and Exchange Board of
Direct Investment, Overseas Direct Investment and India (Listing Obligations and Disclosure
External Commercial Borrowings; Requirements) Regulations, 2015.

Annual Report 2016-17 21

 During the period under review, the Company has All decisions at Board Meetings and Committee Meetings
complied with the provisions of the Act, Rules, Regulations, were carried out unanimously as recorded in the minutes
Guidelines, Standards, etc. mentioned above. of the meetings of the Board of Directors or Committees
of the Board, as the case may be.
 ,IXUWKHUUHSRUWWKDW
The Board of Directors of the Company is duly constituted , IXUWKHU UHSRUW WKDW there are adequate systems and
with proper balance of Executive Directors, Non-Executive processes in the Company commensurate with the size
Directors and Independent Directors. There was no and operations of the Company to monitor and ensure
change in the composition of the Board of Directors compliance with applicable laws, rules, regulations and
during the audit period. guidelines.

Adequate notice is given to all directors to schedule the ,IXUWKHUUHSRUWWKDWduring the audit period, there was
Board Meetings, agenda and detailed notes on agenda no event which had bearing on the Company’s affairs.
were sent at least seven days in advance, and a system
exists for seeking and obtaining further information and
FODULÀFDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQG Dr. K R Chandratre 3ODFH3XQH
for meaningful participation at the meeting. )&61R&31R 'DWH$SULO

Annual Report 2016-17 22

 $QQH[XUHD
6WDWHPHQWRIHPSOR\HHVFRYHUHGXQGHU&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO5XOHV

Employee Age Designation 4XDOLÀFDWLRQ Experience Date of Remuneration Particulars of previous

Annual Report 2016-17

Name (Yrs.) (Yrs.) Joining received employment
(` in million)
3DUW$3DUWLFXODUVRIHPSOR\HHVZKRZHUHLQHPSOR\PHQWWKURXJKRXWWKHÀQDQFLDO\HDUDQGDUHLQUHFHLSWRIUHPXQHUDWLRQRIQRWOHVVWKDQ
`SDLQDJJUHJDWH
S.B. (Ravi) Pandit 67 Chairman & Chartered Accountant, CWA  $SU 31.70 Kirtane & Pandit LLP,
Group CEO & MS (Management) Chartered Accountants
Kishor Patil 55 CEO & Managing Chartered Accountant  'HF 27.35 Kirtane & Pandit LLP,
Director Chartered Accountants
Sachin Tikekar  Whole-time Director MBA (Strategic Management 23 6HS 25.13 KPIT Infosystems
& International Finance) Incorporated
3DUW%3DUWLFXODUVRIHPSOR\HHVZKRZHUHLQHPSOR\PHQWIRUSDUWRIWKHÀQDQFLDO\HDUDQGDUHLQUHFHLSWRIUHPXQHUDWLRQRIQRWOHVVWKDQ
`SP
Vishal Jain  Vice President MBA 19 -DQ  Fujitsu Consulting
India Private Limited

Notes:
Remuneration comprises basic salary, allowances and taxable value of perquisites.
Remuneration does not include Company’s contribution to provident fund and actuarial valuation of gratuity.
None of the above employees is related to any director of the Company.
The nature of employment is contractual in all the above cases.
None of the employees hold two percent or more of the paid up equity share capital of the Company.

23
 ,QIRUPDWLRQDVSHU5XOHRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO5XOHV
7RSWHQHPSOR\HHVLQWHUPVRIUHPXQHUDWLRQGUDZQGXULQJWKH\HDU
Employee Age Designation 4XDOLÀFDWLRQ Experience Date of Remuneration Particulars of previous
Name (Yrs.) (Yrs.) Joining received employment

Annual Report 2016-17

(` in million)
S.B. (Ravi) Pandit 67 Chairman & Group Chartered Accountant, CWA  $SU 31.70 Kirtane & Pandit LLP,
CEO & MS (Management) Chartered Accountants
Kishor Patil 55 CEO & Managing Chartered Accountant 33 'HF 27.35 Kirtane & Pandit LLP,
Director Chartered Accountants
Sachin Tikekar  Whole-time Director MBA (Strategic Management 23 6HS 25.13 KPIT Infosystems
& International Finance) Incorporated
Abhishek Sinha  Chief People and B.Tech 23 5-Nov-13 10.05 Infosys Limited
2SHUDWLRQV2IÀFHU
Anup Sable  EVP & CTO- CTO B.E. (Mechanical) 29 2FW 9.51 The Automotive
Team Research Association
of India
Anil Patwardhan  &KLHI)LQDQFLDO2IÀFHU Chartered Accountant 35 2FW  Praj Industries Limited
Nataraj N  Senior Vice President Bachelor in Physics, Diploma 26 6-May-15  Hexaware
- Global Head SBU in Engineering Technologies Private
Limited
Rajesh  Senior Vice President B.E. (Civil) 27 6HS  CG Smith Software
Janwadkar - Global Head SBU Limited
Shrikrishna 55 Senior Vice President M.Tech 27 1-Jan-90 6.65 Tata Consultancy
Patwardhan - CTO Team Services
Hemant Pande 53 Senior Vice President PHD (Computer Science) 27 )HE  H=HVW6ROXWLRQV
- CTO Team Limited

Notes:
Remuneration comprises basic salary, allowances and taxable value of perquisites.
Remuneration does not include Company’s contribution to provident fund and actuarial valuation of gratuity.
None of the above employees is related to any director of the Company.
The nature of employment is contractual in all the above cases.
None of the employees hold two percent or more of the paid up equity share capital of the Company.

For and on behalf of the Board of Directors

Pune S. B. (Ravi) Pandit

April 26, 2017 Chairman & Group CEO

24
$QQH[XUHE

7KHUDWLRRIWKHUHPXQHUDWLRQRIHDFK'LUHFWRUWRWKHPHGLDQHPSOR\HH·VUHPXQHUDWLRQDQGRWKHUGHWDLOVLQWHUPVRI6HFWLRQ
RIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO5XOHV
Sr. Particulars Disclosure
No.
i. The ratio of the remuneration of each Director to the median remuneration Mr. S. B. (Ravi) Pandit# 
RIWKHHPSOR\HHVIRUWKHÀQDQFLDO\HDU Mr. Kishor Patil# 
Mr. Sachin Tikekar# 
Ms. Lila Poonawalla 
Dr. R. A. Mashelkar 2.96
Mr. Adi Engineer 
Prof. Alberto Sangiovanni Vincentelli 
Mr. B V R Subbu 
#Remuneration does not include amount of Provident Fund. The
Company decides the remuneration of its Managerial Personnel on
the basis of Cost to Company (CTC), whereas, under the provisions
of the Act, the managerial remuneration is calculated as per Income
7D[$FW7KHUHSRUWHGÀJXUHVORRNVKLJKHURUORZHUGHSHQGLQJ
on the components of the CTC. The salaries of the all 3 Whole-time
Directors are in close descending order.
ii. The percentage increase in remuneration of each Director, CFO, CS in the Mr. S. B. (Ravi) Pandit$ 
ÀQDQFLDO\HDU Mr. Kishor Patil$ 
Mr. Sachin Tikekar$ 102.30
Ms. Lila Poonawalla -33.93
Dr. R. A. Mashelkar 
Mr. Adi Engineer 
Prof. Alberto Sangiovanni Vincentelli -20.30
Mr. B V R Subbu -33.29
Mr. Anil Patwardhan (CFO) 21.22
Ms. Sneha Padve# (CS) Not Applicable
$ The Company decides the remuneration of its Managerial
Personnel on the basis of CTC, whereas, under the provisions of the
Act, the managerial remuneration is calculated as per Income Tax
$FW7KHJURZWKLQWKHÀ[HGVDODU\IRUWKHPGXULQJWKH\HDU
under reporting is around 15%. Actual remuneration includes VPI
paid for H2 of previous year and H1 of current year.
1RWDSSOLFDEOHDVÀJXUHVIRUDUHIRUSDUWRIWKH\HDU
iii. 7KHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHÀQDQFLDO\HDU 
iv. The number of permanent employees on the rolls of the Company 9,395 employees as on March 31, 2017.
v. Average percentile increase already made in the salaries of employees other Average percentage increase in salaries of employees other than
WKDQWKH0DQDJHULDO3HUVRQQHOLQWKHODVWÀQDQFLDO\HDUDQGLWVFRPSDULVRQ Managerial Personnel is 5%
ZLWKWKHSHUFHQWLOHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWLÀFDWLRQ
thereof and point out if there are any exceptional circumstances for increase Average increase in the remuneration of Directors and other Key
in the managerial remuneration Managerial Personnel is 71.72%

vi. ,WLVDIÀUPHGWKDWWKHUHPXQHUDWLRQSDLGLVDVSHUWKH5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\

For and on behalf of the Board of Directors

Pune S. B. (Ravi) Pandit

April 26, 2017 Chairman & Group CEO

Annual Report 2016-17 25

 $QQH[XUH
(PSOR\HH6WRFN2SWLRQ3ODQV(623V
'LVFORVXUHDVUHTXLUHGXQGHU6(%,6KDUH%DVHG(PSOR\HH%HQHÀWV5HJXODWLRQVDVRQ0DUFK

Annual Report 2016-17

A. Summary of Status of ESOPs

7KHSRVLWLRQRIWKHH[LVWLQJVFKHPHLVVXPPDUL]HGDVXQGHU

Sr. Particulars ESOP 2004 Scheme ESOP 2006 Scheme ESOP 2014 Scheme ESOP 2015 Scheme
No.

I. Details of the ESOPs

1 Date of Shareholders’ 6HSWHPEHU $XJXVW $SULO August 19, 2015
Approval
2 Total number of options   1,000,000 2,500,000
approved#
3 Vesting Requirements The options shall vest over a The options shall vest over a The options shall vest over a The options shall vest over a
period of 1 to 3 years from the period of 1 to 3 years from the period of 1 to 3 years from the period of 1 to 3 years from the
date of grant. date of grant. date of grant. date of grant.

(QGRI<HDU (QGRI<HDU (QGRI<HDU (QGRI<HDU

(QGRI<HDU (QGRI<HDU (QGRI<HDU (QGRI<HDU

(QGRI<HDU (QGRI<HDU (QGRI<HDU (QGRI<HDU

 The Pricing Formula Closing Market Price of the Closing Market Price of the The Exercise Price shall be Closing Market Price of the
Company’s equity share on Company’s equity share on equal to face value of shares Company’s equity share on
the Stock Exchange which has the Stock Exchange which has i.e. ` 2/- per option. the Stock Exchange which has
highest trading volumes, on highest trading volumes, on highest trading volumes, on
the day prior to the date of the day prior to the date of the day prior to the date of
grant of Options. grant of Options. grant of Options.
5 Maximum term of Options D )RU 9HVWHG 2SWLRQV  D )RU 9HVWHG 2SWLRQV  D )RU 9HVWHG 2SWLRQV  D )RU 9HVWHG 2SWLRQV 
granted (years) Maximum period of 3 years Maximum period of 3 years Maximum period of 3 years Maximum period of 3 years
from the date of grants. from the date of grants. from the date of grants. from the date of grants.

E )RU ([HUFLVH RI 2SWLRQV  E )RU ([HUFLVH RI 2SWLRQV  E )RU ([HUFLVH RI 2SWLRQV  E )RU ([HUFLVH RI 2SWLRQV 
Maximum period of 5 years Maximum period of 5 years Maximum period of 5 years Maximum period of 5 years
from the date of vesting of from the date of vesting of from the date of vesting of from the date of vesting of
options granted. options granted. options granted. options granted.
6 Source of shares These Schemes use both new issue of shares by the Company (“Primary Shares”) as well as secondary acquisition of shares
(“Secondary Shares”) by the Trust as source of shares for implementation.
7 Variation in terms of ESOP NIL

26
# The total number of options approved under each scheme has been adjusted for subsequent share splits and bonus issues for better understanding of the shareholders.
 Sr. Particulars ESOP 2004 Scheme ESOP 2006 Scheme ESOP 2014 Scheme ESOP 2015 Scheme
No No. of Weighted No. of Weighted No. of Weighted No. of Weighted
Options Average Options Average Options Average Options Average
Exercise Exercise Exercise Exercise

Annual Report 2016-17

Price Price Price Price
II. Option Movement during the year ended March 2017
1 No. of Options Outstanding at the  70.60 5,176,953  155,000 2.00 1,051,500 103.70
beginning of the year
2 Options Granted during the year 0 0.00 30,000 151.60 0 0.00 0 0.00
3 Options Forfeited / Surrendered  70.60 252,179 102.21 0 0.00  103.70
during the year
 Options Lapsed during the year 2,902 70.60 0 0.00 0 0.00 0 0.00
5 Options Exercised during the year  70.60 269,602 77.51 5,000 2.00 0 103.70
6 Total number of shares arising as a  NA 269,602 NA 5,000 NA 0 NA
result of exercise of options
7 Money realised by exercise of options  NA  NA 10,000 NA 0 NA
(`)
 Number of Options Outstanding at  70.60   150,000 2.00 965,150 103.70
the end of the year
9 Number of Options vested and  70.60    2.00 290,700 103.70
exercisable at the end of the year
Option Movement during the year ended March 2016
1 No. of Options Outstanding at the     395,000 2.00 0 0.00
beginning of the year
2 Options Granted during the year 0 0.00   60,000 2.00 1,091,000 103.70
3 Options Forfeited / Surrendered 20,750 70.60  102.37 300,000 2.00 39,500 103.70
during the year
 Options Lapsed during the year  30.66  37.53 0 0.00 0 0.00
5 Options Exercised during the year 271,206 70.60 752,326  0 0.00 0 0.00
6 Total number of shares arising as a 271,206 NA 752,326 NA 0 NA 0 NA
result of exercise of options
7 Money realised by exercise of options  NA 65,657,667 NA 10,000 NA 0 NA
(`)
 Number of Options Outstanding at  70.60 5,176,953  155,000 2.00 1,051,500 103.70
the end of the year
9 Number of Options exercisable at the  70.60  79.27 25,000 2.00 0 0.00
end of the year

27
 Sr. Particulars ESOP 2004 ESOP 2006 ESOP 2014 ESOP 2015
No. Scheme Scheme Scheme Scheme
III Diluted Earnings Per Share pursuant to issue of shares on exercise of 
options calculated in accordance with Accounting Standard (AS) 20

Annual Report 2016-17

Method of Accounting )DLU9DOXH0HWKRGLQDFFRUGDQFHZLWK,QG$66KDUHEDVHGSD\PHQW

Sr. Particulars ESOP 2004 ESOP 2006 ESOP 2014 ESOP 2015
No. Scheme Scheme Scheme Scheme
IV :HLJKWHG$YHUDJH)DLU9DOXHRI2SWLRQVJUDQWHGGXULQJWKH\HDUHQGHG0DUFKZKRVH
(a) Exercise price equals market price 0.00 59.36 0.00 0.00
(b) Exercise price is greater than market price 0.00 0.00 0.00 0.00
(c) Exercise price is less than market price 0.00 0.00 0.00 0.00
:HLJKWHG$YHUDJH)DLU9DOXHRI2SWLRQVJUDQWHGGXULQJWKH\HDUHQGHG0DUFKZKRVH
(a) Exercise price equals market price 0.00  0.00 
(b) Exercise price is greater than market price 0.00 0.00 0.00 0.00
(c) Exercise price is less than market price 0.00 0.00  0.00

S r . Particulars ESOP 2004 ESOP 2006 ESOP 2014 ESOP 2015

No. Scheme Scheme Scheme Scheme
V The Weighted Average Market Price of Options exercised during the year ended    Nil
March 2017
The Weighted Average Market Price of Options exercised during the year ended  119.19 Nil Nil
March 2016

Sr. Particulars ESOP 2004 Scheme ESOP 2006 Scheme ESOP 2014 Scheme ESOP 2015 Scheme
No.
VI (PSOR\HHZLVHGHWDLOVRIRSWLRQVJUDQWHGGXULQJWKHÀQDQFLDO\HDUWR
(i) Senior managerial personnel
Name of employee No. of Options Exercise No. of Options Exercise No. of Options Exercise No. of Options Exercise
granted Price (`) granted Price (`) granted Price (`) granted Price (`)
Hemant Pande NIL 30000 151.6 NIL NIL

LL (PSOR\HHVZKRZHUHJUDQWHGGXULQJDQ\RQH\HDURSWLRQVDPRXQWLQJWRRUPRUHRIWKHRSWLRQVJUDQWHGGXULQJWKH\HDU
Name of employee No. of Options granted No. of Options granted No. of Options granted No. of Options granted
None of the employees were granted more than 5% or more of the options granted during the year

LLL ,GHQWLÀHGHPSOR\HHVZKRZHUHJUDQWHGRSWLRQGXULQJDQ\RQH\HDUHTXDOWRRUH[FHHGLQJRIWKHLVVXHGFDSLWDOH[FOXGLQJRXWVWDQGLQJ

ZDUUDQWVDQGFRQYHUVLRQVRIWKH&RPSDQ\DWWKHWLPHRIJUDQW
Name of employee No. of Options granted No. of Options granted No. of Options granted No. of Options granted
None of the employees were granted more than 1% of the issued capital of the Company at the time of grant during the year

28
 Sr. Particulars ESOP 2004 ESOP 2006 ESOP 2014 ESOP 2015
No. Scheme Scheme Scheme Scheme
VII Method and Assumptions used to estimate the fair value of options granted during the year ended March 2017:

The fair value has been calculated using the Black Scholes Option Pricing model

Annual Report 2016-17

 7KH$VVXPSWLRQVXVHGLQWKHPRGHODUHDVIROORZV

Variables Weighted Weighted Weighted Weighted

Average Average Average Average
1. Risk Free Interest Rate 0.00 7.29 0.00 0.00
2. Expected Life (in years) 0.00 3.76 0.00 0.00
3. Expected Volatility 0.00  0.00 0.00
 'LYLGHQG<LHOG 0.00 0.73 0.00 0.00
5. Exercise Price 0.00 151.60 0.00 0.00
6. Price of the underlying share in market at the time of the option grant (`) 0.00 151.60 0.00 0.00

Assumptions:

 6WRFN3ULFH&ORVLQJSULFHRQ1DWLRQDO6WRFN([FKDQJHRQWKHGDWHRIJUDQWKDVEHHQFRQVLGHUHG

 9RODWLOLW\7KHH[SHFWHGSULFHYRODWLOLW\LVEDVHGRQWKHKLVWRULFYRODWLOLW\DGMXVWHGIRUDQ\H[SHFWHGFKDQJHVWRIXWXUHYRODWLOLW\GXHWRSXEOLFO\
available information.

 5LVNIUHHUDWHRIUHWXUQ7KHULVNIUHHLQWHUHVWUDWHEHLQJFRQVLGHUHGIRUWKHFDOFXODWLRQLVWKHLQWHUHVWUDWHDSSOLFDEOHIRUDPDWXULW\HTXDOWRWKH
expected life of the options based on the zero-coupon yield curve for Government Securities.

 ([HUFLVH3ULFH([HUFLVH3ULFHRIHDFKVSHFLÀFJUDQWKDVEHHQFRQVLGHUHG

 7LPHWR0DWXULW\7LPHWR0DWXULW\([SHFWHG/LIHRIRSWLRQVLVWKHSHULRGIRUZKLFKWKH&RPSDQ\H[SHFWVWKHRSWLRQVWREHOLYH

 ([SHFWHGGLYLGHG\LHOG([SHFWHGGLYLGHQG\LHOGKDVEHHQFDOFXODWHGDVDQDYHUDJHRIGLYLGHQG\LHOGVIRUÀYHÀQDQFLDO\HDUVSUHFHGLQJWKHGDWHRI
the grant.

9,,, (IIHFWRIVKDUHEDVHGSD\PHQWWUDQVDFWLRQVRQWKHHQWLW\·V3URÀWRU/RVVIRUWKHSHULRG

Sr. Particulars 0DU 0DU

No.

1 Employee Option Plan expense  

2 Total liability at the end of the period  110.33

29
 IX Details related to Trust

7KHGHWDLOVLQFRQQHFWLRQZLWKWUDQVDFWLRQVPDGHE\WKH7UXVWPHDQWIRUWKHSXUSRVHRIDGPLQLVWHULQJWKHVFKHPHVXQGHUWKHUHJXODWLRQVDUH

i) General Information of the Scheme

Annual Report 2016-17

Particulars Details
Name of the Trust KPIT Technologies Employees Welfare Trust
Details of the Trustee(s) Sr. No. Name Address Occupation Nationality
1 Mr. Shriharsh Ghate 6KDLOHVK6RFLHW\*DQHVK1DJDU3XQH Service Indian
2 Mr. Sudheer Tilloo $PLW%ORVVRPWK/DQH3UDEKDW5RDG3XQH Service Indian
3 Mr. Suhas Deshpande 101, Bhosale Saptasur Apts, Plot N-61/62, Service Indian
%KRVDOH1DJDU3XQH
Amount of loan disbursed by NIL
company / any company in the
group, during the year
Amount of loan outstanding `
(repayable to company / any
company in the group) as at the
end of the year
Amount of loan, if any, taken NIL
from any other source for
which company / any company
in the group has provided any
security or guarantee
Any other contribution made NIL

ii) Brief details of transactions in shares by the Trust

Particulars Details
Number of shares held at the 
beginning of the year
1XPEHURIVKDUHVDFTXLUHGGXULQJWKH\HDUWKURXJK
Primary issuance NIL
Secondary acquisition NIL
Percentage of paid up equity NIL
capital as at the end of the
SUHYLRXVÀQDQFLDO\HDU

30
 Number of shares transferred Number of shares transferred to the employees / sold Purpose for transfer of shares to the employees / sold
to the employees / sold along during the year during the year
with the purpose thereof  KPIT Technologies Employee Welfare Trust (“Trust”), is
a trust formed for employee welfare activities, which

Annual Report 2016-17

includes, administration of our Company’s Employee
Stock Option Plan (“ESOP”) Schemes. As part of its
operations, the Trust is allotted shares by the Company
or it acquires shares from open market and the Trust, in
turn, sells such shares in the course of administration of
the ESOP schemes. The holding of shares and the sale of
shares by the Trust, is done on behalf of the employees.
Number of shares held at the 
end of the year

LLL,QFDVHRIVHFRQGDU\DFTXLVLWLRQRIVKDUHVE\WKH7UXVW
Particulars Number of shares $VDSHUFHQWDJHRISDLGXSHTXLW\FDSLWDODVDW0DUFK
WKHHQGRIWKH\HDULPPHGLDWHO\SUHFHGLQJWKH
\HDULQZKLFKVKDUHKROGHUV·DSSURYDOZDVREWDLQHG
Held at the beginning of the  
year
Acquired during the year NIL 0.00
Sold during the year NIL 0.00
Transferred to the employees  0.12
during the year
Held at the end of the year  

31
$QQH[XUH

Nomination and Remuneration Policy DXWKRULW\WRXQGHUWDNHVXFKRWKHUVSHFLÀFGXWLHVDVWKH%RDUG

prescribes from time to time. The below mentioned roles and
2EMHFWLYH responsibilities are derived from the terms of reference of the
The Nomination and Remuneration (HR) Committee of KPIT Committee as determined and approved by the Board.
Technologies Limited (“Company”) will be a Board Committee
and shall broadly play a dual role of 6SHFLÀFUHVSRQVLELOLWLHVRIWKH&RPPLWWHHLQFOXGH
1. Criteria for appointment as a Director
- Identifying potential candidates for becoming members
of the Board and determining the composition of the The Committee shall formulate criteria for determining
Board based on the need and requirements of the TXDOLÀFDWLRQVVNLOOVH[SHUWLVHTXDOLWLHVSRVLWLYHDWWULEXWHV
Company from time to time to bring out diversity in the required to be a Director of the Company. The criteria to
Board and also identify persons to be recruited in the EH IRUPXODWHG ZLOO EH EHQHÀFLDO WR WKH &RPSDQ\ DQG
senior management of the Company and; also take into consideration the qualities and expertise
essential for the Company to operate going forward in
- Ensuring the Companies compensation packages and a changing business environment. The Committee shall
other human resource practices are effective in maintaining develop and recommend to the Board for its approval,
a competent workforce and make recommendations criteria to be considered for nomination / appointment of
relating to compensation of the Managing Director, a Director.
Whole-time Directors and the senior management of the
Company from time to time.  ,GHQWLÀFDWLRQ DQG QRPLQDWLRQ RI SHUVRQV ZKR DUH
TXDOLÀHGWREH'LUHFWRUV
&RQVWLWXWLRQ
 7KH&RPPLWWHHVKDOOLGHQWLI\SHUVRQVZKRDUHTXDOLÀHGWR
The Committee shall comprise of at least three Directors, become Directors and who satisfy the criteria laid down.
all of whom shall be Non-Executive Directors and at least 7KH SURFHVV RI LGHQWLÀFDWLRQ VKDOO LQFOXGH DVFHUWDLQLQJ
half shall be Independent Directors, the Chairperson being meeting, screening and reviewing candidates for
an Independent Director. The Chairperson of the Company appointment as Directors, whether Independent, Non-
(whether or not a Non-Executive Director) may be a member Executive or Executive. The existing Directors who
of the Committee but shall not chair such Committee. The continue to satisfy the Criteria may also be considered by
Chairperson of this Committee or in case of his absence, the Committee for re-appointment.
any other person authorised by him shall attend the general
meetings of the Company. The Committee may meet, convene The Committee on satisfaction of a potential candidate
and conduct Committee meetings through video conferencing meeting the Criteria and having completed the
or audio visual means, as may be provided by the Company. LGHQWLÀFDWLRQ DQG VHOHFWLRQ SURFHVV ZLOO UHFRPPHQG
such persons’ candidature to the Board for appointment
0HDQLQJRI7HUPV8VHG
as a Non-Executive Director or Independent Director or
a. “Act” means the Companies Act, 2013 including the rules, Executive Director, as the case may be.
VFKHGXOHV FODULÀFDWLRQV DQG JXLGHOLQHV LVVXHG E\ WKH
Ministry of Corporate Affairs from time to time. The Committee may recommend the candidates to the
%RDUGZKHQ
b. “Board” refers to Board of Directors of KPIT Technologies
Limited.   $Q\YDFDQF\LQWKH%RDUGLVUHTXLUHGWREHÀOOHGGXH
to retirement or resignation or
c. “Company” refers to KPIT Technologies Limited pursuant
to this Policy. - Any vacancy arises out of annual Board performance
evaluation or
d. “Rules” means Companies (Meetings of Board) Rules,
LQFOXGLQJDQ\PRGLÀFDWLRQVRUDPHQGPHQWVWKHUHRI - Any vacancy arises as a result of end of tenure in
accordance with the Act, Rules and SEBI (Listing
:RUGVDQGH[SUHVVLRQVXVHGDQGQRWGHÀQHGLQWKHVHUXOHVEXW
Obligations & Disclosure Requirements) Regulations,
GHÀQHGLQWKH$FWVKDOOKDYHWKHVDPHPHDQLQJVUHVSHFWLYHO\
2015 or
assigned to them in the Act.
- Any change is required in the Board on account of
5ROHDQG5HVSRQVLELOLWLHV
diversity
The role and responsibility of the Committee shall be to
XQGHUWDNH VSHFLÀF GXWLHV OLVWHG EHORZ DQG LW ZLOO KDYH WKH - Any change is required by law

Annual Report 2016-17 32

 $SSURYDO RI FULWHULD LGHQWLÀFDWLRQ RI SHUVRQV DQG 6. Compensation of Senior Management
QRPLQDWLRQ RI FDQGLGDWHV UHTXLUHG IRU VHQLRU The Committee shall evaluate the performance of the
management positions senior management of the Company, i.e. the members
The Committee shall lay down criteria including of the Executive Council of the Company, as presented
TXDOLÀFDWLRQV VNLOOV H[SHUWLVH DQG TXDOLWLHV UHTXLUHG IRU by the Managing Director & CEO. The Committee shall
senior management positions like Managing Director also provide an overview of the remuneration payable
 &(2 &KLHI )LQDQFLDO 2IÀFHU DQG &RPSDQ\ 6HFUHWDU\ WR.H\0DQDJHULDO3HUVRQVDVGHÀQHGXQGHUWKH$FWDQG
and members of the Executive Council of the Company. senior management of the Company. The Committee
The Committee shall play a consultative role to Board shall ensure that the remuneration to the Key Managerial
and make recommendations to the Board regarding Persons and Senior Management involves a balance
the appointments, removal and changes to the senior EHWZHHQÀ[HGDQGLQFHQWLYHSD\UHÁHFWLQJVKRUWDQGORQJ
management positions of the Company. term performance objectives appropriate to the working
of the Company and its goals.
4. Evaluation of the performance of the Board
The Committee shall determine a process for evaluating 7. Commission to the Non-Executive Directors
the performance of every Director, Committees of the The Committee shall determine the Commission payable
Board and the Board on an annual basis. The Committee to the Non-Executive Directors after taking into account
shall also review its own performance on an annual basis. their contribution and participation as chairman /
The Committee may seek the support and guidance of member to the decision making at meetings of the Board
external experts and agencies for this purpose.
/ Committees well as providing strategic inputs and
The Committee may evaluate the directors on following supporting highest level of Corporate Governance and
IDFWRUV Board effectiveness. It shall be within the overall limits
À[HGE\WKHVKDUHKROGHUVRIWKH&RPSDQ\
a) Attendance at Board meetings and Board Committee
meetings, 3RZHUV2I7KH&RPPLWWHH
7KH&RPPLWWHHVKDOOKDYHLQWHUDOLDIROORZLQJSRZHUV
b) Chairmanship of the Board and Board Committees,
- Conduct studies or authorise studies of issues within the
c) Contribution and deployment of knowledge and scope of the Committee and will have access to necessary
expertise at the Board and Committee meetings, books, records, facilities and personnel of the Company.
d) Guidance and support provided to senior - Retain or seek advice of consultants and experts for
management of the Company outside the Board performance of their role under this Policy and the costs
meetings, relating thereto shall be borne by the Company.
e) Independence of behaviour and judgment and
- Delegate its powers or form sub-committees to perform
 I ,PSDFWDQGLQÁXHQFH any of its functions or role under this Policy, subject to
approval of the Board.
5. Compensation and evaluate the performance of the
Managing Director and / or Whole-time Director and Meetings
the Executive Director The Committee shall meet at such frequency as it may deem
The Committee shall recommend to the Board the appropriate. Minutes of the meeting shall be circulated to the
compensation package of the Managing Director, Whole- Committee. The Committee shall report to the Board regarding
time Director/s and Executive Director/s on evaluation of its actions and make necessary recommendations to the Board.
performance in light of the short term and long term goals The Committee shall be governed by the same rules regarding
of the Company and overall performance of the Company. meetings as are applicable to the Board.
The Committee shall also ensure that the compensation
packages are in accordance with applicable law, in line Minutes
with the Company’s objectives, shareholders interests, The Committee will maintain written minutes of its meetings,
with industry standards and have an adequate balance LQFOXGLQJIRUPDOWHOHSKRQLFPHHWLQJVZKLFKZLOOEHÀOHGZLWK
EHWZHHQÀ[HGDQGYDULDEOHFRPSRQHQW the minutes of the meetings of the Board.

Annual Report 2016-17 33

$QQH[XUH

)RUP$2&
)RUPIRUGLVFORVXUHRISDUWLFXODUVRIFRQWUDFWVDUUDQJHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWKUHODWHGSDUWLHVUHIHUUHGWR
LQVXEVHFWLRQRI6HFWLRQRIWKH&RPSDQLHV$FWLQFOXGLQJFHUWDLQDUP·VOHQJWKWUDQVDFWLRQVXQGHUWKLUGSURYLVR
thereto
3XUVXDQWWRFODXVHKRIVXEVHFWLRQRI6HFWLRQRIWKH$FWDQG5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil
2. Details of material contracts or arrangements or transactions at arm’s length basis:

Name(s) of the Nature of contracts Duration of Salient terms of the Date(s) of approval Amount
related party / arrangements / the contracts / contracts or arrangements E\WKH%RDUGLI paid as
and nature of transactions arrangements / or transactions including any DGYDQFHVLI
relationship transactions WKHYDOXHLIDQ\ any
(a) (b) (c) (d) (e) (f)
KPIT Infosystems Contract for Contract shall be - KPIT India will carry out Not required. Nil
Incorporated (KPIT providing off- effective from the software development
Contract was
US) shore software April 1, 2016 and and consultancy work as
entered in ordinary
[Wholly Owned development shall remain valid per the requirements of
course of business
Subsidiary of KPIT and consultancy until terminated KPIT US;
and therefore
Technologies services to KPIT US by either party by
- KPIT US will pay to KPIT approval by the
Limited (KPIT JLYLQJGD\V·
India 95% of the fees that Board was not
India)] notice to other
is due to KPIT US, under required.
party.
its contract with the end
customer for provision of
such services.

For and behalf of the Board of Directors

Pune S. B. (Ravi) Pandit

April 26, 2017 Chairman & Group CEO

Annual Report 2016-17 34

$QQH[XUH

Annual Report on Corporate Social Responsibility (CSR) Activities

1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken and a
reference to the web-link to the CSR policy and projects or programs.
 7KH &RPSDQ\ KDV D VWURQJ VRFLDO FRPPLWPHQW WR WKH FRPPXQLW\ ZH OLYH LQ :H IXOÀOO WKLV FRPPLWPHQW ERWK E\ HPSOR\HH
SDUWLFLSDWLRQ DQG ÀQDQFLDO FRQWULEXWLRQ :H VHHN WR IRFXV RQ D IHZ DUHDV RI VRFLDO LQLWLDWLYHV ZKHUH ZH EHOLHYH WKURXJK
WHFKQRORJ\RXUVSHHGRILQQRYDWLRQDQGHPSOR\HHSDUWLFLSDWLRQZHFDQDGGVLJQLÀFDQWYDOXHWRRXUFRPPXQLW\ZRUOGZLGH
KWWSZZZNSLWFRPFRPSDQ\LQYHVWRUVFRUSRUDWHJRYHUQDQFH
 'XULQJWKH\HDUWKH&RPSDQ\KDVXQGHUWDNHQIROORZLQJSURMHFWV
1) Water Conservation Program
2) Afforestation Program
  =HUR*DUEDJH3URMHFW
  &KKRWH6FLHQWLVWV
5) Teach for India
6) Smart India HACKATHON
7) Sparkle

 7KHFRPSRVLWLRQRIWKH&65&RPPLWWHH7KH&RPPLWWHHFRQVLVWVRIWKUHHPHPEHUVLQFOXGLQJDQ,QGHSHQGHQW'LUHFWRUDVEHORZ

Sr. No. Name of the Committee Member Nature of Directorship in the Company
1 Mr. S.B. (Ravi) Pandit (Chairman) Whole-time Director
2 Mr. Sachin Tikekar (Member) Whole-time Director
3 Mr. Adi Engineer (Member) Independent Director

 $YHUDJHQHWSURÀWRIWKH&RPSDQ\IRUWKHODVWWKUHHÀQDQFLDO\HDUV`

 3UHVFULEHG&65([SHQGLWXUHWZRSHUFHQWRIWKHDPRXQWDVLQLWHPDERYH`

 'HWDLOV RI &65 VSHQW GXULQJ WKH ÀQDQFLDO \HDU DUH LQFOXGHG LQ 1RWHV WR $FFRXQWV LQ 6WDQGDORQH )LQDQFLDO 6WDWHPHQWV 5HIHU
QRWH  7KH WRWDO DPRXQW VSHQW UHIHUUHG LQ WKH DQQH[XUH EHORZ LQFOXGHV GLUHFW VSHQG RI `   DQG HPSOR\HH
participation cost of `

 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHÀQDQFLDO\HDULVGHWDLOHGEHORZ
(1) (2)  (4) (5) (6) (7) (8)
Sr. CSR project or 6HFWRULQZKLFKWKH Projects or Amount outlay Amount spent Cumulative Amount spent:
No. DFWLYLW\LGHQWLÀHG project is covered programs (1) Local (budget)project on the projects expenditure up Direct or through
area or other RUSURJUDPZLVH or programs to the reporting implementing
(2) Specify the Sub-heads: period agency
state and district 1. Direct
ZKHUHSURMHFWVRU expenditure
SURJUDPVZHUH on projects or
undertaken programs.
2.Overheads
1 Water Environmental Pune (Maharashtra)    $JHQF\-QDQD
Conservation sustainability Prabodhini
Program
2 Afforestation at Environmental Bangalore 200,000   $JHQF\<RXWKIRU
Nelamangala sustainability (Karnataka) Seva

Annual Report 2016-17 35

 (1) (2)  (4) (5) (6) (7) (8)
Sr. CSR project or 6HFWRULQZKLFKWKH Projects or Amount outlay Amount spent Cumulative Amount spent:
No. DFWLYLW\LGHQWLÀHG project is covered programs (1) Local (budget)project on the projects expenditure up Direct or through
area or other RUSURJUDPZLVH or programs to the reporting implementing
(2) Specify the Sub-heads: period agency
state and district 1. Direct
ZKHUHSURMHFWVRU expenditure
SURJUDPVZHUH on projects or
undertaken programs.
2.Overheads
3 Shivanahalli Environmental Bangalore 300,000   $JHQF\<RXWKIRU
Tree Plantation sustainability (Karnataka) Seva
& Maintenance
Project
 Cementing Environmental Osmanabad 200,000 200,000 200,000 $JHQF\56*6
Nala Band sustainability (Maharashtra)
Construction in
Shelgaon Village
5 =HUR*DUEDJH Ecological balance Pune (Maharashtra) 1,700,000   $JHQF\-DQZDQL
Project
6 Environment Ecological balance Pune (Maharashtra) 3,900,000   Direct
Week
7 Conservation of Ecological balance Pune (Maharashtra) 1,200,000 1,162,396 1,162,396 $JHQF\:LOGOLIH
private forests in Research
Koyna-Chandoli Conservation
Corridor Society
 Afforestation Ecological balance Thane (Maharashtra) 500,000 500,000 500,000 $JHQF\3DU\DYDUDQ
at Mamnoli & Dakshata Mandal
Titwala
9 Green Ecological balance Rameshwaram 200,000 200,000 200,000 $JHQF\3DU\DYDUDQ
Rameshwaram (Tamilnadu) Dakshata Mandal
10 Chhote Scientists Promoting Pune (Maharashtra)    $JHQF\-QDQD
education Prabodhini
11 Teaching Classes Promoting Bangalore 1,500,000   $JHQF\6KUL9LG\D
at Thayimane, education (Karnataka) Vikas Kendra
Bangalore
12 Teach For India Promoting Pune (Maharashtra) 500,000 500,000 500,000 $JHQF\7HDFKIRU
education India
13 Lila Poonawalla Promoting Pune (Maharashtra) 750,000 750,000 750,000 $JHQF\/LOD
Girls Education education Poonawalla
Program & women Foundation
empowerment
 School Kit Drive Promoting Pune (Maharashtra)  763,610 763,610 $JHQF\6HYD
education & Bangalore Sahayog
(Karnataka)
15 Sparkle Promoting Pune (Maharashtra) 12,200,000 12,196,112 12,196,112 Direct
education
16 Innovation Promoting Pune (Maharashtra) 500,000 502,500 502,500 $JHQF\'HZDQJ
Contest by education Mehta Foundation
Dewang Mehta Trust
Foundation Trust
17 Smart India Promoting Pune (Maharashtra) 1,600,000 1,552,000 1,552,000 $JHQF\,QWHU
HACKATHON education Institutional
2017 Inclusive
Innovations Centre
,&

Annual Report 2016-17 36

 (1) (2)  (4) (5) (6) (7) (8)
Sr. CSR project or 6HFWRULQZKLFKWKH Projects or Amount outlay Amount spent Cumulative Amount spent:
No. DFWLYLW\LGHQWLÀHG project is covered programs (1) Local (budget)project on the projects expenditure up Direct or through
area or other RUSURJUDPZLVH or programs to the reporting implementing
(2) Specify the Sub-heads: period agency
state and district 1. Direct
ZKHUHSURMHFWVRU expenditure
SURJUDPVZHUH on projects or
undertaken programs.
2.Overheads
 Vidya Poshak Promoting Hubli & Dharwad 500,000 500,000 500,000 $JHQF\9LG\D
Susnadhi Project education (Karnataka) Poshak
19 Girls Education Promoting Rayagada (Orissa) 100,000 50,000 50,000 $JHQF\1<6$6'5,
Program for education
NYSASDRI
20 Surajya Promoting Pune (Maharashtra) 50,000 50,000 50,000 $JHQF\6XUDM\D
Sarwangin Vikas education Sarwangin Vikas
Prakalpa Prakalpa
21 Navkshitij Special education Pune (Maharashtra) 50,000   $JHQF\1DYNVKLWLM
for differently abled
22 Rashtra Gaurav Promoting Bangalore 30,000 30,000 30,000 $JHQF\
Samrakshana education (Karnataka) Rashtra Gaurav
Pratishthan Samrakshana
Pratishthan
23 Donation to Training to promote Pune (Maharashtra) 3,300,000 3,300,000 3,300,000 $JHQF\06/7$
MSLTA Olympic Sports (Maharashtra
State Lawn Tennis
Association)
TOTAL   

 :HKHUHE\DIÀUPWKDWWKH&65SROLF\DVDSSURYHGE\WKH%RDUGKDVEHHQLPSOHPHQWHGDQGWKH&65FRPPLWWHHPRQLWRUVWKH
implementation of the CSR projects and activities in compliance with our CSR objectives and CSR policy.

For and on behalf of the Board of Directors

Pune S.B. (Ravi) Pandit Kishor Patil

April 26, 2017 Chairman of CSR Committee CEO & Managing Director

Annual Report 2016-17 37

$QQH[XUH

)RUP1R0*7
([WUDFWRI$QQXDO5HWXUQ
DVRQWKHÀQDQFLDO\HDUHQGHG0DUFK
>3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHV@
, 5(*,675$7,21$1'27+(5'(7$,/6
i) &,1 /313/&
ii) 5HJLVWUDWLRQ'DWH 'HFHPEHU
iii) 1DPHRIWKH&RPSDQ\ KPIT Technologies Limited
iv) &DWHJRU\6XE&DWHJRU\RIWKH&RPSDQ\ Public Company / Limited by shares
v) $GGUHVVRIWKH5HJLVWHUHGRIÀFHDQGFRQWDFWGHWDLOV 35 & 36, Rajiv Gandhi Infotech Park, Phase – I, MIDC,
+LQMDZDGL3XQH²0DKDUDVKWUD,QGLD
7HOHSKRQH
)D[
vi) :KHWKHUOLVWHGFRPSDQ\ Yes
vii) Name, Address and Contact details of Registrar Link Intime India Private Limited
DQG7UDQVIHU$JHQWLIDQ\ Block No. 202, 2nd Floor, Akshay Complex, Off Dhole Patil
5RDG3XQH²
7HOHSKRQH
)D[

,, 35,1&,3$/%86,1(66$&7,9,7,(62)7+(&203$1<
Sr. Name and description of main products / services NIC Code of the % to total turnover of
No. product / service the Company
1 Computer programming, consultancy and related activities 62011 

,,, 3$57,&8/$562)+2/',1*68%6,',$5<$1'$662&,$7(&203$1,(6
Sr. Name and address of the company CIN / GLN Holding / % of the Applicable
No. Subsidiary / shares held Section
Associate
1 Impact Automotive Solutions Limited U35923PN2010PLC137191 Subsidiary 100 LL
35 & 36, Rajiv Gandhi Infotech Park, Phase - I,
0,'&+LQMDZDGL3XQH²0DKDUDVKWUD
India.
2 KPIT Technologies (UK) Limited N.A. Subsidiary 100 LL
Ground Floor, The Annexe Hurst Grove,
Sandford Lane, Hurst, Berkshire RG10 0SQ, UK.
3 KPIT Technologies France N.A. Subsidiary 100 LL
$YHQXH)UDQNOLQ'5RRVHYHOW3DULV
France.
 KPIT Technologies GmbH N.A. Subsidiary 100 LL
Adams-Lehmann-Straße 109, Germany.

Annual Report 2016-17 38

 Sr. Name and address of the company CIN / GLN Holding / % of the Applicable
No. Subsidiary / shares held Section
Associate
5 KPIT Technologies Netherlands B.V. N.A. Subsidiary 100 LL
:HVWHUGRNVGLMN%;$PVWHUGDP
The Netherlands.
6 KPIT Infosystems Incorporated N.A. Subsidiary 100 LL
7KRUQDOO6WUHHW(GLVRQ1-86$
7 KPIT Technologies Corporation N.A. Subsidiary 100 LL
6WUHHW6XUUH\%&9:5&DQDGD
 Systime Computer Corporation N.A. Subsidiary 100 LL
7KRUQDOO6WUHHW(GLVRQ1-86$
9 KPIT Technologies Soluções em Informática N.A. Subsidiary 100 LL
Ltda.
Av. Angélica, 1920 – 2º andar – Consolação
&(3²6mR3DXOR63%UDVLO
10 MicroFuzzy KPIT Tecnologia LTDA, N.A. Subsidiary 100 LL
(Formerly Systime Global Solutions Ltda)
5XD-DPHV:DWW²žDQGDU²-DUGLP(GLWK
&(3²6mR3DXOR63²%UDVLO
11 Sparta Consulting Inc. N.A. Subsidiary 100 LL
111, Woodmere Road, Suite 200, Folsom,
California 95630, USA.
12 KPIT (Shanghai) Software Technology Co., N.A. Subsidiary 100 LL
Limited.
 7RZHU % &HQWUDO 7RZHUV 
Langao Road, Shanghai 200333, PRC.
13 .3,7,QIRV\VWHPV0()=( N.A. Subsidiary 100 LL
'XEDL $LUSRUW )UHH =RQH $UHD :HVW :LQJ 
2IÀFH:32%R['XEDL8$(
 KPIT Solutions GmbH N.A. Subsidiary 100 LL
Detmolder Straße 235, 33605, Bielefeld,
Germany.
15 MicroFuzzy Industrie-Elektronic GmbH N.A. Subsidiary 75 LL
7DXQXVVWU0XQLFK*HUPDQ\

Annual Report 2016-17 39

,9 6+$5(+2/',1*3$77(51
L &DWHJRU\ZLVHVKDUHKROGLQJ
Sr. Category of No. of shares held at the beginning of the year No. of shares held at the end of the year % change
No. Shareholders Demat Physical Total % of total Demat Physical Total % of total during
shares shares the year
A PROMOTERS
(1) INDIAN
a Individual / HUF  -    -   (0.10)
b Central Government - - - - - - - - -
c State Government(s) - - - - - - - - -
d Bodies Corporate  -    -   2.22
e Bank & FII - - - - - - - - -
f Any Other - - - - - - - - -
Sub-Total (A)(1)  -  16.80  -   2.12
(2) FOREIGN
a NRIs - Individuals  -  0.02  -  0.02 -
b Other - Individuals - - - - - - - - -
c Bodies Corporate - - - - - - - - -
d Banks & FII - - - - - - - - -
e Any Other - - - - - - - - -
Sub-Total (A)(2)  -  0.02  -  0.02 -
TOTAL  -  16.82  -   2.11
SHAREHOLDING OF
PROMOTERS (A) =
(A)(1) + (A)(2)
B PUBLIC
SHAREHOLDING
(1) Institutions
a Mutual Funds  12,000    12,000   (0.33)
b Banks / FI  2,000  0.21  2,000  0.10 (0.11)
c Central Government - - - - - - - - -
d State Government(s) - - - - - - - - -
e Venture Capital - - - - - - - - -
Funds
f Insurance - - - - - - - - -
Companies
g FIIs 52,032,299 - 52,032,299 26.35 25,555,066 - 25,555,066  
h Foreign Venture - - - - - - - - -
Capital Funds
i Others
(i) Foreign Portfolio  -  22.39  -   16.32
Investor (Corporate)
(ii) Foreign Mutual  -  1.19  -   0.23
Fund
Sub-Total (B)(1)    51.61     

Annual Report 2016-17 40

 Sr. Category of No. of shares held at the beginning of the year No. of shares held at the end of the year % change
No. Shareholders Demat Physical Total % of total Demat Physical Total % of total during
shares shares the year
(2) Non-Institutions
a Bodies Corporate
i Indian    2.31  22,000 3,905,711  (0.33)
ii Overseas  -  6.51 7,776,000 - 7,776,000  (2.57)
b Individuals
i Individual  629,237  12.05  605,237 22,006,130  (0.91)
Shareholders
holding nominal
share capital upto
` 1 lakh
ii Individual  90,000    90,000  2.53 (0.75)
Shareholders
holding nominal
share capital in
excess of ` 1 lakh
c Others
i Clearing Members 397,221 - 397,221 0.20  -   0.22
ii Market Maker  -  0.01  -  0.01 -
iii Non Resident  -    -  1.31 (0.07)
Indians
iv Friends & Associates    0.27    0.27 -
v Foreign Nationals  -  0.22  -  0.10 (0.12)
vi Hindu Undivided  -   696,019 - 696,019 0.35 (0.03)
Families
vii Trusts 105,556 - 105,556 0.05 - - - - (0.05)
Sub-Total (B)(2)    26.67    22.05 (4.62)
Total Public    78.28     
Shareholding (B) =
(B)(1) + (B)(2)
C SHARES HELD BY - - - - - - - - -
CUSTODIAN FOR
ADRs AND GDRs
D Non Promoter-  -    -  4.71 
Non Public (KPIT
Technologies
Employees Welfare
Trust)
GRAND TOTAL    100    100 -
(A+B+C+D)

Annual Report 2016-17 41

ii) Shareholding of Promoters
Sr. Shareholder Name Shareholding at the beginning of the year Shareholding at the End of the year % change
No. No. of % of total No. of % of shares No. of % of total No. of % of shares in
shares shares shares pledged / shares shares shares pledged / shareholding
of the pledged encumbered of the pledged encumbered during the
Company to total Company to total year
shares shares
1 Mr. S. B. (Ravi) Pandit  0.22 - -  0.22 - - -
2 Ms. Nirmala Pandit 235,000 0.12 - - 235,000 0.12 - - -
3 Mr. Chinmay Pandit  0.02 - -  0.02 - - -
 Ms. Prachi Pandit  0.00 - -  0.00 - - -
5 Mr. Kishor Patil  1.51 1,950,000 0.99  1.51 2,300,000 1.16 -
6 Ms. Anupama Patil 122,330 0.06 - - 122,330 0.06 - - -
7 Mr. Shrikrishna 1,100,000 0.56 - - 1,100,000 0.56 - - -
Patwardhan
 Mr. Ajay Bhagwat   - -   - - -
9 Ms. Ashwini Bhagwat  0.02 - -  0.02 - - -
jointly held with Mr.
Ajay Bhagwat
10 Mr. Sachin Tikekar  0.51 - -   - - (0.10)
11 Ms. Saroj Tikekar 37,000 0.02 - - 37,000 0.02 - - -
jointly with Mr. Sachin
Tikekar
12 3URÀFLHQW)LQVWRFN  12.27 3,350,303 1.70     2.22
LLP
13 K and P Management 300,910 0.15 - - 300,910 0.15 - - -
Services Private
Limited
 Ms. Hemlata Shende  0.02 - -  0.02 - - -
Total  16.82      8.40 2.12

iii) Change in Promoters’ Shareholding

Sr. For each of the Promoters Shareholding at the beginning Cumulative shareholding
No. of the Year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
1 Mr. S. B. (Ravi) Pandit
At the beginning of the year  0.22  0.22
Increase / Decrease during the year - -  0.22
At the end of the year  0.22
2 Ms. Nirmala Pandit
At the beginning of the year 235,000 0.12 235,000 0.12
Increase / Decrease during the year - - 235,000 0.12
At the end of the year 235,000 0.12
3 Mr. Chinmay Pandit
At the beginning of the year  0.02  0.02
Increase / Decrease during the year - -  0.02
At the end of the year  0.02

Annual Report 2016-17 42

 Sr. For each of the Promoters Shareholding at the beginning Cumulative shareholding
No. of the Year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
 Ms. Prachi Pandit
At the beginning of the year  0.00  0.00
Increase / Decrease during the year - -  0.00
At the end of the year  0.00
5 Mr. Kishor Patil
At the beginning of the year  1.51  1.51
Increase / Decrease during the year - -  1.51
At the end of the year  1.51
6 Ms. Anupama Patil
At the beginning of the year 122,330 0.06 122,330 0.06
Increase / Decrease during the year - - 122,330 0.06
At the end of the year 122,330 0.06
7 Mr. Shrikrishna Patwardhan
At the beginning of the year 1,100,000 0.56 1,100,000 0.56
Increase / Decrease during the year - - 1,100,000 0.56
At the end of the year 1,100,000 0.56
 Mr. Ajay Bhagwat
At the beginning of the year    
Increase / Decrease during the year - -  
At the end of the year  
9 Ms. Ashwini Bhagwat jointly held
with Mr. Ajay Bhagwat
At the beginning of the year  0.02  0.02
Increase / Decrease during the year - -  0.02
At the end of the year  0.02
10 Mr. Sachin Tikekar
At the beginning of the year  0.51  0.51
,QFUHDVH'HFUHDVHGXULQJWKH\HDU
Sale on June 7, 2016 (35,000) (0.02)  
Sale on June 9, 2016 (95,000) (0.05)  
Sale on June 10, 2016 (70,000)   
At the end of the year  
11 Ms. Saroj Tikekar jointly with Mr.
Sachin Tikekar
At the beginning of the year 37,000 0.02 37,000 0.02
Increase / Decrease during the year - - 37,000 0.02
At the end of the year 37,000 0.02

Annual Report 2016-17 43

 Sr. For each of the Promoters Shareholding at the beginning Cumulative shareholding
No. of the Year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
12 3URÀFLHQW)LQVWRFN//3
At the beginning of the year  12.27  12.27
,QFUHDVH'HFUHDVHGXULQJWKH\HDU
Purchase on March 27, 2017  2.22  
At the end of the year  
13 K and P Management Services Private
Limited
At the beginning of the year 300,910 0.15 300,910 0.15
Increase / Decrease during the year - - 300,910 0.15
At the end of the year 300,910 0.15
 Ms. Hemlata Shende
At the beginning of the year  0.02  0.02
Increase / Decrease during the year - -  0.02
At the end of the year  0.02

LY 6KDUHKROGLQJ3DWWHUQRIWRSWHQVKDUHKROGHUVRWKHUWKDQ'LUHFWRUV3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V
Sr. For each of the Top 10 shareholders Shareholding at the beginning Cumulative shareholding
No. of the year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
1 Warhol Limited
At the beginning of the year    
Increase / Decrease during the year - -  
At the end of the year  
2 KPIT Technologies Employees Welfare
Trust
At the beginning of the year    
Increase / Decrease during the year  (0.19)  
At the end of the year  
3 Fidelity Puritan Trust-Fidelity Low-
priced Stock Fund
At the beginning of the year 9,000,000  9,000,000 
Increase / Decrease during the year - - 9,000,000 
At the end of the year 9,000,000 
 Van Dyck
At the beginning of the year 7,776,000  7,776,000 
Increase / Decrease during the year - - 7,776,000 
At the end of the year 7,776,000 
5 New Horizon Opportunities Master
Fund
At the beginning of the year 6,500,000 3.29 6,500,000 3.29
Increase / Decrease during the year - - 6,500,000 3.29
At the end of the year 6,500,000 3.29

Annual Report 2016-17 44

 Sr. For each of the Top 10 shareholders Shareholding at the beginning Cumulative shareholding
No. of the year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
6 Acacia Partners, LP
At the beginning of the year  3.10  3.10
Increase / Decrease during the year  (0.67)  
At the end of the year  
7 Smallcap World Fund, INC
At the beginning of the year  2.96  2.96
Increase / Decrease during the year    
At the end of the year  
 CX Partners Fund 1 Limited#
At the beginning of the year  2.57  2.57
Increase / Decrease during the year  (2.57) - -
At the end of the year - -
9 Acacia Institutional Partners, LP
At the Beginning of the year    
Increase / Decrease during the year  (0.13)  2.33
At the end of the year  2.33
10 Acacia Conservation Fund LP
At the beginning of the year    
Increase / Decrease during the year - -  
At the end of the year  
11 Acacia Banyan Partners*
At the beginning of the year    
Increase / Decrease during the year - -  
At the end of the year  

 &HDVHGWREHLQWKHOLVWRI7RSVKDUHKROGHUVDVRQ0DUFK7KHVDPHLVUHÁHFWHGDERYHVLQFHWKHVKDUHKROGHUZDV
one of the Top 10 shareholder as on April 1, 2016.

 1RWLQWKHOLVWRI7RSVKDUHKROGHUVDVRQ$SULO7KHVDPHKDVEHHQUHÁHFWHGDERYHVLQFHWKHVKDUHKROGHUZDVRQHRI
the Top 10 shareholder as on March 31, 2017.

v) Shareholding of Directors and Key Managerial Personnel

Sr. For each of the Directors and KMP Shareholding at the beginning Cumulative shareholding
No. of the year during the year
No. of shares % of total No. of shares % of total
shares of the shares of the
Company Company
1 Mr. S. B. (Ravi) Pandit
At the beginning of the year  0.22  0.22
Increase / Decrease during the year - -  0.22
At the end of the year  0.22
2 Mr. Kishor Patil
At the beginning of the year  1.51  1.51
Increase / Decrease during the year - -  1.51
At the end of the year  1.51

Annual Report 2016-17 45

 Sr. For each of the Directors and KMP Shareholding at the beginning Cumulative shareholding
No. of the year during the year
No. of shares % of total No. of shares % of total
shares of the shares of the
Company Company
3 Mr. Sachin Tikekar
At the beginning of the year 1,003,800 0.51 1,003,800 0.51
Increase / Decrease during the year:
Sale on June 7, 2016 (35,000) (0.02) 968,800 0.49
Sale on June 9, 2016 (95,000) (0.05) 873,800 0.44
Sale on June 10, 2016 (70,000) (0.04) 803,800 0.41
At the end of the year 803,800 0.41
4 Ms. Lila Poonawalla
At the beginning of the year 114,000 0.06 114,000 0.06
Increase / Decrease during the year:
Allotment on November 10, 2016 16,000 0.01 130,000 0.07
At the end of the year 130,000 0.07
5 Dr. R. A. Mashelkar
At the beginning of the year 56,000 0.03 56,000 0.03
Increase / Decrease during the year - - 56,000 0.03
At the end of the year 56,000 0.03
6 Mr. Sanjay Kukreja
At the beginning of the year 32,400 0.02 32,400 0.02
Increase / Decrease during the year - - 32,400 0.02
At the end of the year 32,400 0.02
7 Mr. Anil Patwardhan (Key Managerial
3HUVRQQHO²&KLHI)LQDQFLDO2IÀFHU
At the beginning of the year 103,920 0.05 103,920 0.05
Increase / Decrease during the year - - 103,920 0.05
At the end of the year 103,920 0.05
8 Ms. Sneha Padve (Key Managerial
Personnel - Company Secretary)
At the beginning of the year - - - -
Increase / Decrease during the year:
Purchase on August 4, 2016 10 0.00 10 0.00
Purchase on August 10, 2016 50 0.00 60 0.00
At the end of the year 60 0.00

Annual Report 2016-17 46

9 ,1'(%7('1(66
 ,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQWLVDVIROORZV
(Amount in ` million)
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
Deposits
Indebtedness at the
EHJLQQLQJRIWKHÀQDQFLDO\HDU
i) Principal Amount  - - 
ii) Interest due but not paid  - - 
iii) Interest accrued but not due - - - -
Total (i+ ii +iii)  - - 
&KDQJHLQ,QGHEWHGQHVVGXULQJWKHÀQDQFLDO\HDU
‡$GGLWLRQ  12.23 - 1,295.29
‡5HGXFWLRQ - - - -
Net Change  12.23 - 
,QGHEWHGQHVVDWWKHHQGRIWKHÀQDQFLDO\HDU
i) Principal Amount  11.97 - 
ii) Interest due but not paid 1.29 0.27 - 1.56
iii) Interest accrued but not due 7.01 - - 7.01
Total (i + ii + iii)  12.24 - 
 &KDQJHLQLQGHEWHGQHVVGXULQJWKHÀQDQFLDO\HDULVFRQVLGHUHGRQQHWEDVLV

9, 5(081(5$7,212)',5(&7256$1'.(<0$1$*(5,$/3(56211(/
$ 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU
(Amount in ` million)
Sr. Particulars of Remuneration* Name of MD / WTD / Manager Total
No. Mr. S. B. Mr. Kishor Mr. Sachin
(Ravi) Pandit Patil Tikekar**
1. Gross Salary
(a) Salary as per provisions contained in Section  27.35  
17(1) of the Income Tax Act, 1961
(b) Value of perquisites under Section 17(2) of the - 0.70 - 0.70
Income Tax Act, 1961
F 3URÀWV LQ OLHX RI VDODU\ XQGHU 6HFWLRQ  RI - - - -
the Income Tax Act, 1961
2. Stock Option - - - -
3. Sweat Equity - - - -
 Commission
DVRISURÀW - - - -
- others - - - -
5. Others - - - -
Total (A)  28.05 25.45 86.68
Ceiling as per the Act EHLQJRIQHWSURÀWRIWKH&RPSDQ\FDOFXODWHGDV
SHU6HFWLRQRIWKH&RPSDQLHV$FW

 5HPXQHUDWLRQÀJXUHVUHSRUWHGDUHDVSHUWKHSURYLVLRQVRIWKH,QFRPH7D[$FWDVUHTXLUHGE\WKHSUHVFULEHGIRUPDWDQG
WKHUHIRUHPD\GLIIHUIURPWKHUHPXQHUDWLRQÀJXUHVUHSRUWHGXQGHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWHOVHZKHUHLQWKLV
Annual Report.
 'RHVQRWLQFOXGH86'SDLGWR0U6DFKLQ7LNHNDUE\.3,7,QIRV\VWHPV,QFRUSRUDWHG86$GXULQJ)<

Annual Report 2016-17 47

B. Remuneration to other Directors:
(Amount in ` million)
Sr. Particulars of Remuneration Name of Directors Total
No. Ms. Lila Dr. R. A. Mr. Adi Prof. Mr. Anant
3RRQDZDOOD Mashelkar Engineer Alberto Talaulicar
Sangiovanni
Vincentelli
1 Independent Directors
‡)HHIRUDWWHQGLQJERDUG 0.33 0.10 0.30 0.11 - 0.84
committee meetings
‡&RPPLVVLRQ 2.23  2.16 2.65 - 
‡2WKHUV - - - - - -
Total (1) 2.56  2.46 2.76 - 
Sr. Particulars of Remuneration Mr. B V R Subbu Mr. Sanjay Kukreja Total
No.
2 Other Non-Executive Directors
‡ )HH IRU DWWHQGLQJ ERDUG  0.12 - 0.12
committee meetings
‡&RPPLVVLRQ 1.61 - 1.61
‡2WKHUV - - -
Total (2)  - 
Total (B) = (1+2) 11.46
Total Managerial Remuneration 
Overall Ceiling as per the Act EHLQJRIQHWSURÀWRIWKH&RPSDQ\FDOFXODWHGDVSHU6HFWLRQRIWKH
Companies Act, 2013).

C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD:

(Amount in ` million)
Sr. Particulars of Remuneration Key Managerial Personnel Total
No. Chief Executive Company Chief Financial
Director Secretary 2IÀFHU
1 Gross Salary
(a) Salary as per provisions contained in Section 27.35   
17(1) of the Income Tax Act, 1961
(b) Value of perquisites under Section 17(2) of the 0.70 - - 0.70
Income Tax Act, 1961
(c) 3URÀWVLQOLHXRIVDODU\XQGHU6HFWLRQRI - - - -
the Income Tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - - -
 Commission
DVRISURÀW - - - -
- others - - - -
5 Others - - - -
Total 28.05   

Annual Report 2016-17 48

9,, 3(1$/7,(6381,6+0(17&203281',1*2)2))(1&(6
Type Section Brief Details of Authority Appeal
of the Description Penalty / [RD / NCLT / PDGH
Companies Punishment / COURT] if any
Act Compounding
fees imposed
A. COMPANY
Penalty
Punishment NIL
Compounding
B. DIRECTORS
Penalty
Punishment NIL
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment NIL
Compounding

For and on behalf of the Board of Directors

Pune S. B. (Ravi) Pandit

April 26, 2017 Chairman & Group CEO

Annual Report 2016-17 49

Management Discussion & Analysis
GLOBAL OUTLOOK blockchain technology will be further developed and adopted
The year gone by, 2016, was another mixed year for global by innovative manufacturing companies. This can prove to be a
markets. There were several events which impacted economies secure approach to creating more agile supply chains that can
all over the world for good and at the same time for bad. DXWRPDWLFDOO\ QHJRWLDWH DQG FORVH QHZ ÀQDQFLDO DQG VXSSO\
The year started on a sketchy note with risk assets selling off, side partnership deals, ensure IP protection, provide trusted
RLO IDOOLQJ WR  SHU EDUUHO DQG JURZLQJ LQYHVWRU FRQFHUQV SURRI RI SURGXFW SURYHQDQFH DQG FHUWLÀFDWLRQ DQG UDWLI\
regarding China devaluing its currency. This was followed by material traceability and transparency.
UK voting to leave EU (Brexit) and Mr. Donald Trump winning ,R7As per popular estimates, the total IoT market size in 2015
the US presidential elections. However, the major impact of was around $900 million, growing up to $3.7 billion by 2020
these economic and geopolitical changes would largely be felt with CAGR of 32.6%. The IoT market is expected to grow from
during calendar 2017 and thus 2017 is not expected to be a big DQLQVWDOOHGEDVHRIELOOLRQGHYLFHVLQWRELOOLRQ
improvement on 2016. devices in 2020. IoT has been well adapted across industries
On the technology front, the key disruptive trends for 2016 like manufacturing, distribution including asset management,
LQFOXGHG DXJPHQWHG DQG YLUWXDO UHDOLW\ DUWLÀFLDO LQWHOOLJHQFH logistics, supply chain management and marketing.
data visualization, blockchain and crypto-tech and IoT. These
,1'8675<*52:7+(67,0$7(6
trends are expected to mature further and become more
prominent, going into the next year. ‡ :RUOGZLGH,7VSHQGLQJLVSURMHFWHGWRWRWDOWULOOLRQLQ
DLQFUHDVHIURP
$XJPHQWHGDQGYLUWXDOUHDOLW\ Previously it was considered
as a set of consumer gaming technologies, however the ‡ 7KH HQWHUSULVH VRIWZDUH VSHQGLQJ LV HVWLPDWHG WR UHDFK
perception changed in 2016 with many companies searching $351 billion in 2017 as compared to $332 billion in 2016,
for ways to make data accessible and easier to understand. a growth of 5.5%.
7KHEHQHÀWVRIWKHVHWHFKQRORJLHVDUHQRWUHVWULFWHGWRVRPH ‡ 7KH,7VHUYLFHVVSHQGLQJLVHVWLPDWHGWRUHDFKELOOLRQ
VSHFLÀF LQGXVWULHV EXW FRXOG EH XVHG DFURVV RUJDQL]DWLRQV LQDJDLQVWELOOLRQLQDJURZWKRI
and roles such as viewing digital dashboards for knowledge The growth in IT services will be driven by investments
workers or providing a digital overlay that displays equipment LQ GLJLWDOL]DWLRQ DXWRPDWLRQ DUWLÀFLDO LQWHOOLJHQFH DQG
health to a factory manager. Automotive manufacturers are optimization of services. However, there is an air of caution
also using AR / VR to improve product designs. due to uncertain macro-economic circumstances.
$UWLÀFLDO,QWHOOLJHQFH$, 2016 saw this technology evolving 7KH JOREDO WHFKQRORJ\ LQGXVWU\ VDZ D JURZWK RI  LQ 
in a big manner and in 2017 it is expected to just get bigger. with global IT-BPM market (excl hardware) at $1.2 trillion in
7KHUHLVDVLJQLÀFDQWLQFUHDVHLQLWVLQYHVWPHQWDQGDGRSWLRQ 2016. The sub-segment with fastest growth was packaged
E\ HQWHUSULVHV $V SHU D VXUYH\ DOPRVW  RI HQWHUSULVHV software which grew by 6.2%.
were using AI in 2016. This is expected to grow up to 62% by
FY17 Outlook for Indian IT-BPM Industry
$QRWKHUUHVHDUFKKDVSUHGLFWHGWKHLQYHVWPHQWVLQ$,WR
grow by more than 300% in 2017 as compared to 2016. It is 7KH LQGXVWU\ LV H[SHFWHG WR JURZ DURXQG  LQ  IURP
H[SHFWHG WKDW WKH PDUNHW IRU $, ZLOO JURZ IURP  ELOOLRQ LQ ELOOLRQLQ)<WRELOOLRQ
WRELOOLRQLQ$ORWRIWHFKQRORJLFDOUHVHDUFKLV ‡ 7KH,QGLDQ,7%30H[SRUWVLVH[SHFWHGWRJURZE\WR
going on to make our machines better and over the next few reach $117 billion in FY2017.
years we could be approaching human level intelligence with ‡ 7KH,7%30GRPHVWLFPDUNHWLVOLNHO\WRJURZE\WR
these systems. ELOOLRQH[FOH&RPPHUFH
'DWD YLVXDOL]DWLRQ  Regarding Big Data, one of the most (Data Source: Gartner, NASSCOM, Industry Reports)
important aspect is the ability to properly interpret and analyze
the gathered data and draw meaningful conclusions. Many ,1'8675<75(1'6
companies have sprung up to aggregate, project, visualize and Digital technology has taken over our focus industries, be
interpret data on behalf of non-professional data analysts to it manufacturing, automotive or energy & utilities. The
make Big Data little more practical for businesses. manufacturing industry has continued to push through
Blockchain - Blockchain is a specialized way of sending, WKH IRXUWK LQGXVWULDO UHYROXWLRQ NQRZQ DV ,QGXVWU\  1HZ
receiving and processing information, which made it the technologies like Cybersecurity, advanced materials, 3D
ideal way to track the “crypto currency” of BitCoin. In 2017, printing, predictive analytics and collaborative robots were

Annual Report 2016-17 50

some of the most commonly discussed topics within the regulatory front, the key focus areas during the year would be
industry during 2016. During CY2017, these technologies are cybersecurity, drug and device safety, IP protection, managing
expected to become more advanced. the menace of counterfeit drugs and corruption. Consumer
As manufacturers adopted connectivity and became more engagement has greatly increased in this sector with increase
dependent on digital infrastructure for their day-to-day in data and information access, mobile applications and
operations, they also exposed themselves to new business risk personal health devices. Pharma companies are collaborating
in the form of cyber threats. There is a need to make these with consumers, using data analytics to provide better tools
systems more secure as any such attack will bring the business and detailed information about the drugs they are using. Data
to a standstill. Therefore, cyber security would be a crucial analytics is helping companies at various functional levels like
area of investment by manufacturers during 2017. 3D printing R&D, commercial, risk and compliance and supply chain. Cloud
already soared high during last year and calendar 2017 could computing has helped life sciences companies to modernize
see its adoption on a large scale. New additive manufacturing their business processes and this year the adoption will be
systems and materials have made their way into manufacturers’ higher leading to transformation within the industry.
facilities across the world. As the selection of materials In the automotive industry, some of the major trends that will
continues to expand and the accuracy of these machines be particularly visible during 2017 include in-car connectivity,
improve, industrial manufacturers are starting to realize the shared transportation, open source 3D printing for better
huge potential of this technology. It helps in the manufacturing costs and driverless cars. For the new set of consumers in this
operations by ensuring less materials and weight coupled industry, digital capabilities are becoming a key differentiator. A
with overall cost savings. Predictive analytics is another area premium range of apps and digital functions are now expected
wherein manufacturers are still in the early stages of adoption. as standard, with the latest models still selling primarily on
This area could see a big uptick during calendar 2017. Through power and weight. Many new regulations and mandates by
the entire network of connected machines, manufacturers JRYHUQPHQWVDFURVVWKHJOREHE\DUHRQWKHWRSRIWKH
can utilize predictive analytics to monitor and analyze their mind of auto manufacturers. In the US, it will be mandatory to
manufacturing processes. The software will analyze the data have a rear-view camera. For most manufacturers, rear cameras
uploaded by the machine and immediately notify management DUHDOUHDG\DSULRULW\%\RIDOOPDQXIDFWXUHGFDUV
or the maintenance staff of any potential disturbances, thereby will have one. Back-up cameras are included on around half of
reducing the probability of stoppage of work. It could be used all new cars sold in the US today. Wi-Fi hotspots in vehicles are
to ensure timely maintenance of machines and equipments, becoming a standard, with 20% of car manufacturers planning
with less troubleshooting, no stoppages and overall more to provide WLAN hotspots in vehicles in 2017. Our smart devices
HIÀFLHQF\ %\ DGRSWLQJ SUHGLFWLYH DQDO\WLFV PDQXIDFWXUHUV are getting connected to the in-car infotainment systems thus
can do away with preventative maintenance schedules which facilitating many innovative features for the users like playing
greatly increase the amount of uptime. In advanced robotics multimedia content simultaneously, with more than 5 devices.
technology, the trend that caught maximum interest from Augmented reality solutions are expected to play an important
manufacturers is Collaborative robots, which offer the unique role during this year, starting with smart head-up displays and
EHQHÀW RI DQ DXWRPDWHG V\VWHP ZLWK WKH DELOLW\ WR ZRUN infotainment displays followed by apps for repair shops. With
alongside human employees. New safety standards have been growing connectivity and more data available, the predictive
put in place for them. This will lead to Co-bots of all kinds to be analytics tools will also play a pivotal role in dealing with
a widely-used technology, for manufacturers. cost pressures, competition, globalization, market shifts and
In life sciences industry, the global healthcare spend is expected volatility. They could provide real time insights about customer
WR LQFUHDVH VLJQLÀFDQWO\ WR UHDFK  WULOOLRQ E\  7KLV preferences to Original Equipment Manufacturers (OEMs) thus
growth is expected to be driven by increasing demand from helping them manage their production schedules, marketing,
an ageing population and the prevalence of chronic diseases. inventory and supply chain in a more organized manner. They
As we enter CY2017, the industry is looking at cost pressures, could also help consumers through cheaper insurance for safe
regulatory challenges, changed political environments and drivers to fewer break downs also helping eventually for the
emerging consumer behavior. The R&D budgets are shrinking vehicle to last longer.
for companies and there is also the pressure to maintain or :LWK JURZLQJ YHKLFXODU WUDIÀF DQG SROOXWLRQ RQ WKH ULVH WKH
reduce their cost. To optimize cost, companies are increasing concept of e-hailing and networking for car pools is garnering a
RSHUDWLRQDOHIÀFLHQF\WKURXJKGLJLWDOVXSSO\QHWZRUNV2QWKH lot of interest. It is expected that going forward a part of private

Annual Report 2016-17 51

vehicle sales will decline but the case for shared vehicles will particularly in offshore environment due to less resources.
go up. Thus, auto companies have also started to collaborate Drone technology can help in this scenario as an inspection
outside their traditional market space and looking for ways to VROXWLRQWRLQVSHFWUHPRWHDQGGLIÀFXOWWRUHDFKRQODQGDVVHWV
PDNHQHZSURÀWVIURPVXFKGLVUXSWLQJWUHQGV'SULQWLQJLQ or offshore rigs. This data can be then integrated with backbone
automotive industry is expected to become big this year in asset management and workforce management software to
areas such as basic car construction as its cost effectiveness schedule relevant maintenance actions. Overall, organizations
will challenge today’s fundamental car designing. Through 3D with leaner IT systems and emerging technologies are well
printing the industry could build cars with solid chassis with placed to adapt new business strategies to grow their share in
an outer body designed for a single crash which could be the market. There is a big increase in the use of analytics within
replaced later cost effectively while leaving the basic vehicle RSHUDWLRQEXVLQHVVXQLWVHQDEOHGE\DÁH[LEOHGLJLWDOVWUDWHJ\
structure in place. This could disrupt the concept of accident through resorting to the cloud.
repair. The concept of autonomous vehicles is going steady in Globally, in the utility industry, the demand for energy, water
the automotive ecosystem with various tests being conducted and transportation resources is outpacing the available supply.
for technology features like self-parking and adaptive cruise. Consumers are facing increasing prices and fewer choices of
These technologies could be soon made available across a energy sources from their utilities. To meet these demands,
wide range of new vehicles by almost every OEM. Another the industry is moving from centralized to decentralized
example which will be a step forward in this direction is high HQHUJ\ SURGXFWLRQ FRQYHQWLRQDO WR UHQHZDEOH HQHUJ\ À[HG
SURÀOHWULDORIWHFKQRORJLHVOLNHSODWRRQLQJLQZKLFKFRQYR\RI WR ÁH[LEOH UHVRXUFHV HOHFWULÀFDWLRQ RI WUDQVSRUWDWLRQ V\VWHPV
driverless vehicles follow each other to reduce congestion on and from passive to active customers. Customer engagement
KHDY\WUDIÀFURDGV is a very critical trend which involves providing relevant and
The global spending in oil & gas is expected to increase in 2017 timely information to customers for better management of
IRUWKHÀUVWWLPHLQ\HDUV$VSHUHVWLPDWHVJOREDOLQYHVWPHQW their energy consumption. There is also the rise of energy
in the exploration and production of oil and gas will rise by prosumer i.e. set of customers who take control of their own
QH[W\HDUWR86ELOOLRQLVSUHVHQWLQJQHZVHWRI energy management including generation via Distributed
opportunities for the energy industry as organizations need to Energy Resources (DER). Companies are now adhering to
balance budget cuts and reduced headcounts and extract more various channels, using mobile, digital or social media to
value from the existing opportunities. The industry considers offer customized services to consumers by bridging the
digitization as the way forward. The use of fossil fuels will communication gap and improving the overall customer
continue to grow alongside renewables. Digital tools will help experience. Increasing customer expectations along with
the industry get more out of wind and solar, and software will digitally aware workforce is also pushing utilities to make
KHOSQHZDQGH[LVWLQJIRVVLOIXHOSODQWVEHFRPHPRUHHIÀFLHQW investments in technologies delivered to their crews in the
As per estimates, global IT spending in the Oil & Gas industry ÀHOGDQGRSHUDWRUVLQWKHSODQWV8WLOLWLHVDUHPRYLQJWRKLJK
ZLOO EH ZRUWK  ELOOLRQ E\  $ NH\ JURZWK GULYHU ZLOO speed communication infrastructure to meet real-time data
EHWKHHQKDQFHGHIÀFLHQF\RIDOOUHVRXUFHV1HZWHFKQRORJLHV requirements. They are exploring ways to improve situational
such as Internet of Things (IoT) have become more affordable. awareness through head up displays and wearables. This
7KLVHQDEOHVQRWRQO\WKHELJFRPSDQLHVEXWDOVRVPDOOHUÀUPV provides means for workforce to interconnect within the utility,
to transform their Enterprise Asset Management systems and just like social media platforms. Various utility systems like
increase uptime. With their early adoption of sensor technology, AMI, CIS, OMS are capturing vast amount of customer and
the industry has been collecting large volumes of data. This will operational data, which is being built into focused analytics use
KHOSWKHPWREXLOGVPDUWHUÀQDQFLDOPRGHOVOLNHFRQVXPSWLRQ FDVHVIRUXOWLPDWHFRQVXPHUEHQHÀW&ORXGEDVHGDSSOLFDWLRQV
and performance based pricing, rather than rigid fees. With will gain more acceptance as reliability, availability and
unpredictability prevailing in this sector, the companies have performance is demonstrated by early adopters. Cybersecurity
reduced their spending on large scale maintenance and concerns will require utilities and providers to demonstrate
DVVHW PRGLÀFDWLRQ EXW KDYH QRW VWRSSHG RSHUDWLQJ DQG DUH adequacy of their systems and procedures.
therefore looking at effective use of reduced headcounts and (Data Source: Industry Reports)
contingent labour. Agile technologies with application based
approach including modules for operational planning, crew 285675$7(*<
rotation and workforce scheduling is therefore the need of the Our key expertise lies in the art of convergence - converging
hour. There is an increasing maintenance gap being created Engineering, Operations and Information Technology. This

Annual Report 2016-17 52

KHOSV RUJDQL]DWLRQV OHYHUDJH WKH ÁRZ RI LQIRUPDWLRQ EHWWHU Analytics, Manufacturing Execution Systems, Connectivity
Over the past few years, we have been making long term and IoT based solutions. We have developed our offerings
investments for sustainable growth. These investments include competency around Industrial IoT. We are proposing solutions
strengthening of our front-end team by adding account to our customers leveraging Digital Transformation. We have
managers, subject matter experts and new sales for our focus offerings around supply chain solutions with ERP systems,
verticals and specialized offerings across geographies. We have VKRS ÁRRU WR WRS ÁRRU LQWHJUDWLRQ DQG FXVWRPHU H[SHULHQFH
also been investing in creation of technologies for software management solutions. In Hi-Tech we are largely focusing on
automation, smart AMS, digital transformation, products and offering IT transformation, cloud, mobility, Big Data & Analytics
SODWIRUPV DQG LQGXVWU\ VSHFLÀF VROXWLRQV LQ HQJLQHHULQJ DQG and product engineering solutions. In life sciences, there is
business IT. rising customer expectations on value added services and
The automotive industry continues to move forward in the margin pressure created by commodization of medical devices.
direction of a convergence between automotive and digital We are thus working with customers to help them bring down
world. These are being driven by mega trends like innovative their operating costs by leveraging digital with operational
powertrain technologies, stricter regulations, changing technologies. With rising M&A deals, there is growing demand
consumer needs and increasing demand for connectivity and for consolidation of ERPs. This has helped us in winning deals
digitalization. We are enhancing our practice capabilities to in SAP consolidation and migration projects. There is higher
leverage the growth opportunities in areas such as Connected adoption of cloud based solutions in regulatory compliance
Vehicle, Autonomous Vehicles, Powertrain (traditional sensitive areas like serialization, track & trace, Unique Device
and alternate fuel technologies), Software Architecture ID (UDI), Global Trade Management (GTM) and PLM.
Standardization and Diagnostics. We are focusing on revenue The changing customer expectation is driving the IT spend
growth in existing accounts through sharpened practice IRU XWLOLW\ LQGXVWU\ :H DUH RIIHULQJ EHVW ÀW VROXWLRQV IRU WKH
focus, cross selling opportunities, tapping new geographies industry, leveraging our engineering, digital and Business IT
and offering IT + Engineering + Digital integrated solutions. capabilities. With large number of connected devices, there is
We are also leveraging our platform / products and services a vast amount of data being generated and it is leading to
engagement model across OEMs, Tier Is, Tier IIs and technology more emphasis on predictive technologies. We are leveraging
providers. Apart from engineering, we are also witnessing our HANA capabilities in this space. Through SuccessFactors
good traction for Extended Product Lifecycle Management and other work management solutions, we are enabling
(ePLM) and new technology offerings in our existing utilities to manage better their skilled labour, contractors and
automotive customers. With growing customer interactions, workforce forecasting. With growth in IT / OT convergence and
we are creating a strong pipeline for Engineering and Digital LQFUHDVLQJVLJQLÀFDQFHRIPRELOHGHYLFHVXWLOLW\FRPSDQLHVDUH
transformation solutions with KPIT being positioned well for moving from software platform alignment to best of breed and
transformational engagements. disparate solutions. In the mobility area, we have capabilities to
In manufacturing vertical, we work with industrials, Hi-Tech deliver custom and off the shelf mobile solutions catering to all
and Life Sciences sub vertical customers. As most of our business needs. We are offering digital transformation using
customers are largely in discreet manufacturing and they sell Big Data and analytics with focus on HADOOP and predictive
products which have intelligence, our ability of engineering methods. Our wind energy operational intelligence and action
plus business IT plus digital, presents a special advantage to platform and omnichannel engagements and customer
these customers. Globally the industry is under cost pressure segmented marketing offerings are greatly appreciated
leading to our customers looking for faster, leaner and less E\ RXU XWLOLWLHV FXVWRPHUV 2XU K\EULV TXDOLÀFDWLRQV DOORZ
expensive solutions in their operations. We have developed development of omnichannel engagement for consumer and
various solutions which are cost effective in nature by usage prosumer. We are also exploring opportunities to bring our
RI SUHFRQÀJXUHG DQG SHUFHUWLÀHG VROXWLRQV 7KLV KHOSV product engineering capabilities to the utilities domain.
reduced SG&A costs and measuring operations effectiveness. With gloomy market conditions, the energy industry continues
Our solutions for the manufacturing vertical cover the entire to be under cost pressure. Thus, they are looking for innovative
range of requirements from product design, manufacturing emerging technologies which will help them manage their
processes, supply chain management, after market and cost and contribute towards lower emissions. We are working
customer experience. We are developing the roadmap for with companies to reduce their overall operating costs by
integrated offerings, leveraging our capabilities in Predictive optimizing overall delivery model, vendor consolidation and

Annual Report 2016-17 53

improve productivity by leveraging offshore and outsourcing. our Solutions and Services business while Products & Platform
There is higher traction around initiatives in areas of digital business grew by 10.2% on a Y-o-Y basis.
transformation, IoT and data analytics capabilities. In digital
Total Revenues )< )< Growth
transformation, we have developed IoT solutions which make
WKHLU EXVLQHVV RSHUDWLRQV PRUH SURGXFWLYH DQG FRVW HIÀFLHQW Sales in $ million   
We are already working with energy customers in JDE, Oracle, Sales in ` million  33,233.61 3.00%
SAP and DT domains. We are focusing on vertical led solutions in In terms of geographies APAC was the leading growth
the areas of asset management, rig management, productivity geography with Y-o-Y growth of 16% followed by US which
improvement, cost reduction and process automation, grew by 2% while Europe geography saw an Y-o-Y decline of
leveraging engineering, IT and digital technologies.  ,Q $3$& ZH VDZ JRRG WUDFWLRQ IRU RXU HQJLQHHULQJ DQG
+RUL]RQWDOO\ RXU VHUYLFHV DUH GLYLGHG LQWR ÀYH 6WUDWHJLF digital business which was the major growth driver for the
Business Units (SBU) - Integrated Enterprise Solutions SBU market. US continues to be our largest market and we are
which includes Oracle, JD Edwards and IMS offerings, PES SBU optimistic to keep growing in this geography. However Europe
which offers engineering services and PLM offerings, P&P SBU got impacted by uncertainties following Brexit and cross
which includes our products and platforms mainly catering FXUUHQF\ÁXFWXDWLRQVZKLFKUHVXOWHGLQDGHFOLQHLQUHYHQXHV
to the automotive vertical, SAP SBU and DT SBU which offers
5HYHQXHVE\ )< )< Growth
digital solutions and services. A detailed note on SBU update
*HRJUDSK\`PLOOLRQ
has been covered in joint letter from the CEO & MD and
US   
Whole-time Director.
Europe  5,559.56 
Though we saw modest growth during the year, the year ended
on a positive note with a strong base and better business ROW  5,110.20 
YLVLELOLW\IRU)<:HH[SHFWWKHJURZWKGULYHUVWRUHPDLQVDPH Amongst SBUs, there was growth across all SBUs except IES.
for next year i.e. engineering, digital technologies and products Products & Platform SBU registered highest Y-o-Y growth of
& platforms. A lot of work is required on the operations part 3(66%8JUHZE\6$36%8JUHZE\DQG'7
of our business, mainly in the areas of utilization improvement, 6%8JUHZE\7KHUHZDVDGHFOLQHRILQ,(66%8RQ
employee pyramid and delivery excellence, to improve the a Y-o-Y basis. Engineering, Products & Platform and digital
SURÀWDELOLW\ :H ZLOO FRQWLQXH WR LQYHVW LQ JURZWKRULHQWHG businesses have been the key growth drivers for us during this
industry and operations technology solutions for our focus year. Due to macro-economic conditions we have experienced
verticals. budget cuts and lower IT spend for traditional ERP, this is also
fueled by growing acceptance of digital technologies. All these
),1$1&,$/3(5)250$1&( factors have created some pressure on the revenues for IES
5(9(18(6 SBU.
2XUUHYHQXHIRUWKH\HDUVWRRGDWPLOOLRQD<R< 5HYHQXHVE\%XVLQHVV )< )< Growth
JURZWK RI  DJDLQVW  PLOOLRQ LQ )< 'XULQJ WKLV 6HJPHQW`PLOOLRQ
year we divested a small business KPIT medini Technologies
Integrated Enterprise   
AG which was focusing on functional safety products and
Solutions
the revenues from this business were only consolidated
for 7 months of this FY. We also invested into a strategic Automotive  11,015.32 
partnership in a German engineering services company, SAP  7,697.75 
MicroFuzzy, focused on powertrain mainly electric powertrain. Others 3,100.70  
7KH ÀQDQFLDOV RI 0LFUR)X]]\ ZHUH FRQVROLGDWHG GXULQJ ODVW The above mentioned tables of revenues by geography and
quarter of the year which included revenue contribution to business segment has been prepared as per segment revenues
WKH WXQH RI  PLOOLRQ ,Q ` terms revenue for the year was RIFRQVROLGDWHGÀQDQFLDOV
`33,233.61 million as compared to `PLOOLRQD<R<
growth of 3%. Our business could be divided into two broad 352),7$%,/,7<
segments - Solutions & Services business (constitute 96% of Our PAT for the year stood at ` PLOOLRQ DJDLQVW
total revenues) and Products & Platform business (constitute ` PLOOLRQ LQ ODVW \HDU D <R< GHFOLQH RI  2XU
RIWRWDOUHYHQXHV,QWHUPVWKHUHZDVDJURZWKRILQ (%,7'$ PDUJLQ IRU WKH \HDU VWRRG DW  DJDLQVW 

Annual Report 2016-17 54

LQ)<DGLSRIESV:HJDYHZDJHKLNHVGXULQJWKH\HDU 6+$5(+2/',1*3$77(51
effective April 1, 2016. The average realized rate for the year Our shareholders include promoters, renowned domestic and
was `67.22/$ against `LQ)<7KHUHZHUHPDQ\IDFWRUV ÀQDQFLDO LQVWLWXWLRQDO LQYHVWRUV DQG LQGLYLGXDOV $V RQ 0DUFK
which impacted EBITDA margin. During the year, our revenue RXUVKDUHKROGLQJVWUXFWXUHZDVDVIROORZV
growth rate was slow, there was lower fresher absorption into
SURMHFWV UHVXOWLQJ LQ ÁDW XWLOL]DWLRQ ZLWK LQFUHDVHG ZDJH FRVW Shareholding Paern as on March 31, 2017
as compared to last year. There was also some lateral hiring Employee
during second half of the year in anticipation of new deal Welfare Trust
5%
FORVXUHVZKLFKJRWSXVKHGWRQH[WÀVFDO$OVRZLWK0LFUR)X]]\
consolidation in the last quarter there were additional Warhol & Promoters
LQWHJUDWLRQ UHODWHG H[SHQVHV ZKLFK LPSDFWHG SURÀWDELOLW\ Vandyck 19%
14%
7KH RWKHU LQFRPH ÀJXUH IRU WKH \HDU ZDV `206.6 million as
compared to ` PLOOLRQ LQ )< 7KH H[FKDQJH JDLQ
amount included in other income was `51.93 million in this
year against `PLOOLRQLQODVW\HDU7KHWD[H[SHQVHIRUWKLV Public
year was `605.73 million against `PLOOLRQLQ)<7KH 18%

SURÀWRQVDOHRI.3,7PHGLQL7HFKQRORJLHVEXVLQHVVWRWKHWXQH Instuonal
of `260.91 million was recorded as an exceptional item during 44%

the year.
3URÀWV`PLOOLRQ )< )< Growth
,QVWLWXWLRQDO KROGLQJ RI PRUH WKDQ  DV RQ 0DUFK 
EBITDA   

PAT   (15.09%)
)RUHLJQ,QVWLWXWLRQDO,QYHVWRUV
6+$5(+2/'(56·)81'6 Warhol Limited
Ruane Cunniff & Goldfarb Inc. (Acacia Partners)
Shareholder's Funds (` million)
18,000
Fidelity Group
15,825
16,000 New Horizon Funds
13,854
14,000 12,736 12,954 Vanguard Funds
12,000 10,361 Small Cap World Fund Inc.
10,000
8,000
LSV Emerging Markets
6,000 American Funds Insurance Series Global Small Capitalization
4,000 Fund
2,000 Government Pension Fund Global
-
FY 13 FY 14 FY 15 FY 16 FY 17
Grandeur Peak Fund
Blackrock Institutional Trust Company
Dimensional Fund Advisors

Annual Report 2016-17 55

/,48,',7< 5LVNDQG&RQFHUQV
The cash balance as at March 31, 2017 stood at `PLOOLRQ A separate report on Enterprise Risk Management is provided
while total debt was ` PLOOLRQ FRPSULVLQJ RI `1,610.3 elsewhere in this Annual Report.
million of term loan and `2,203.9 million of working capital Cautionary Statement
loan. Thus the net cash balance as at March 31, 2017 stood
Certain statements under ‘Management Discussion & Analysis’
at `PLOOLRQ2XUFDSH[IRUWKH\HDUZDV`PLOOLRQDV
describing the Company’s objectives, projections, expectations
ZHPDGHVLJQLÀFDQWFDSH[LQYHVWPHQWIRURXUQHZIDFLOLW\2XU
may be forward looking statement within the applicable
'62VWRRGDWGD\V:LWKFDSH[JRLQJGRZQIRUQH[W\HDUZH
securities laws and regulations. Although the expectations are
H[SHFWWRLPSURYHRXUFDVKÁRZ
based on reasonable assumptions, the actual results could
,QWHUQDOFRQWUROV\VWHPVDQGWKHLUDGHTXDF\ differ materially from those expressed or implied, since the
&RPSDQ\·V RSHUDWLRQV DUH LQÁXHQFHG E\ H[WHUQDO DQG LQWHUQDO
7KH&(2 &)2FHUWLÀFDWLRQSURYLGHGHOVHZKHUHLQWKLV$QQXDO
factors beyond the Company’s control. The Company assumes
Report discusses the adequacy of internal control systems and
no responsibility to publicly amend, modify or revise any
procedures in place.
forward looking statements, on the basis of any subsequent
0DWHULDO GHYHORSPHQWV LQ KXPDQ UHVRXUFHV  LQGXVWULDO developments, information or events.
UHODWLRQVIURQWLQFOXGLQJQXPEHURISHRSOHHPSOR\HG

Employee Headcount
14,000
12,110
12,000 10,980 10,910

10,000 9,296
8,321
8,000

6,000

4,000

2,000

-
FY 13 FY 14 FY 15 FY 16 FY 17

The above mentioned headcount does not include interns on

stipend.

Annual Report 2016-17 56

Enterprise Risk Management
The currenW ÀVFDO \HDU ZLWQHVVHG JOREDO XQFHUWDLQWLHV adequacy of ERM framework. The executive management
geopolitical instability, market volatilities and technological team of the Company is responsible for implementing ERM
developments in digital world that has increased business under the direction of RMC.
complexities. This has profoundly complicated the risk
landscape, rendering it more challenging and unpredictable. As The Risk owners of business teams and enabling functions are
WKHVHULVNHYHQWVJURZPRUHFRPSOH[DQGLQÁXHQFHFRUSRUDWH accountable for managing risks in their areas with delegated
business models and strategies, the impetus on the Company responsibility to their respective line managers.
will be to achieve better risk visibility for timely risk mitigation.
7KH 5LVN 2IÀFH LV UHVSRQVLEOH IRU RYHUDOO H[HFXWLRQ RI (50
Enterprise Risk Management (ERM) continues to enhance strategy. It works closely with Risk Owners for deploying
risk management capabilities by adopting proactive, mitigating action plans and monitoring their effectiveness
forward looking and fully integrated approach for increased and is also responsible for providing periodic updates to the
performance, ensuring long term growth and business Management and RMC on risks to key business objectives. It is
sustainability through effective risk management. entrusted to update risk register on need basis.

5LVNPDQDJHPHQWRYHUYLHZ 5LVN0DQDJHPHQW)UDPHZRUN
The Company aspires to be valued as “Vertically focused Increased digitization, Internet of Things (IoT), restrictive cross
Technology Company that cares”. To achieve this, it adopts border mobility etc. has introduced threats which mandates
LQWHJUDWLRQRI(50SURJUDPZLWKLWVGHÀQHGVWUDWHJLFJRDOVYL] the Company to implement a resilient ERM framework
– growth through account acquisition and mining, leadership vigilant to the global volatilities. ERM framework embeds risk
LQ RIIHULQJV SHRSOH SURFHVVHV SURGXFWLYLW\ DQG SURÀWDELOLW\ management into all activities as an integral part of business.
This approach has assisted the Company to align risk appetite This is to ensure existence of effective internal controls
and tolerance with business strategy for each vertical viz-Auto related to risks that are reported on continuous basis to the
and Transportation, Manufacturing, Energy & Resources and Board. ERM framework is formalized by implementation of
Utilities. ERM policy which articulates the scope and objectives for
ERM, overall risk approach (as explained below in detail),
The verticals of the Company are exposed to risks viz-growth roles and responsibilities for execution of ERM activities, risk
in manufacturing vertical is dampened due to political categorization, maintenance and updation of comprehensive
uncertainties and margin pressures and auto vertical is risk register. Risk register is reviewed periodically and provides
confronted with competition to launch autonomous vehicles. the Management a consolidated view of the risks being faced
Energy and Resources vertical is impacted by volatility in oil by the Company and their potential impact. The framework
prices and increasing competition while Utilities vertical is facing GHÀQHVIROORZLQJSURFHGXUHV
challenges of growing customer expectations and stringent
environmental regulations and compliances. These risks are ‡ 5LVN,GHQWLÀFDWLRQ
mitigated and the risk management objectives are achieved  5LVN LGHQWLÀFDWLRQ LV D FRQWLQXRXV SURFHVV ZKHUHLQ
through effective risk governance and implementation of systematic efforts are undertaken to generate a
robust risk management framework. comprehensive list of threats and opportunities based on
events that might enhance, prevent, degrade, accelerate
5LVN0DQDJHPHQW*RYHUQDQFH or delay the achievement of enterprise objectives.
(IIHFWLYH JRYHUQDQFH SURYLGHV IRU LGHQWLÀFDWLRQ DQG
management of risks from the Board level to business unit At KPIT, periodic assessment of various business processes,
level. quarterly Internal Audits, need based Management
Audits, monthly internal business review meetings, annual
The Board retains overall accountability for risk governance RSHUDWLQJSODQVIRUEXVLQHVVDVVLVWLQLGHQWLÀFDWLRQRIULVNV
and is committed to effective risk management in pursuit of impacting enterprise objectives.
our strategic objectives. It is assisted by the Risk Management
Committee (RMC) in discharging this responsibility.  7KHEURDGFDWHJRULHVRIULVNLGHQWLÀHGDUH²VWUDWHJLFULVN
RSHUDWLRQDOULVNÀQDQFLDOULVNSK\VLFDODQGVHFXULW\ULVN
RMC is responsible to review and assess ERM effectiveness and economic and political risk, legal and compliance risk and
to ensure that the same complies with the relevant governance reputational risk. Refer to more details in “risk overview”
requirements and standards. It also provides assurance for section.

Annual Report 2016-17 57

‡ Risk Assessment risk is tracked by comparing actual growth in revenue
Risk assessment includes risk analysis. For every risk, from targeted customers’ vis-à-vis planned growth from
probability of occurrence (likelihood) and impact of risk these customers along with customer satisfaction scores.
are determined, based on which risk is prioritized. Top ten
In order to manage and mitigate this risk, the Company
SULRULWL]HGULVNVDUHLGHQWLÀHGIRUFORVHPRQLWRULQJ
continues to deepen relationship with strategic customers
‡ Risk Mitigation and Treatment through GAM (Global Account Management). GAM is an
initiative under which a customer-wise strategy is devised
Based on risk appetite, the Company either accepts
for permeating each GAM customer, which has enabled
or mitigates or avoids or transfers the risks. For review
sustainable business growth in selected customer
on status of risks, periodical updates to mitigating plan
accounts. Further, the Company also envisage growth
are obtained from risk owners and are presented to the through account acquisition and mining.
Management for further discussions and approvals.
Through accounts acquisition, those accounts are
‡ 5LVN0RQLWRULQJ targeted, that fall in category of focused verticals, have
Risk monitoring is ongoing process and it provides reasonable size and the accounts wherein needs and
assurance of effectiveness of mitigating actions opportunities resonates our abilities. Account mining
undertaken to address the risks, change in status of risk refers to association with few customers but providing
and identify new risks, if any. them full spectrum of services.

‡ 5LVN5HSRUWLQJDQG5HYLHZ This is realized by deployment of account managers,

Comprehensive risks applicable to the Company are practice directors and sales coach, brand building through
reviewed periodically in various business forums. This also webinars, tradeshows and growth of product business.
includes review of risks by the Board annually and half
2. Maintaining gross margins
yearly review by RMC. Based on such review, changes to
the risk mitigation actions are done with the approval of Gross margins are pressurized mainly by increase
the Management and changes to risks to be monitored in employee and other related costs which may not
necessarily be commensurate with the realizations
are done with the approval of RMC.
from the customer. Maintaining requisite gross margins
6XPPDU\RI.H\5LVNV LV WKH NH\ IDFWRU IRU SURÀWDELOLW\ ,W FDQ EH DFKLHYHG E\
either increasing employee productivity and controlling
Top ten risks are those risks that have direct potential impact on
costs or enforcing customer reimbursable expenses and
WKHDFKLHYHPHQWRINH\EXVLQHVVJRDOVDQGVLJQLÀFDQWO\DIIHFW
receivables. This risk is measured by comparing actual
business sustainability and execution of company strategy.
gross margins against budgeted gross margins.
These risks are monitored diligently by the Company.
To mitigate this risk, gross margins are reviewed rigorously
Continuous risk evaluation has resulted in inclusion of three risks
with increased focus on engineering productivity
as a part of top ten risks. These risks are - geo political factors
improvement. Usage of automation and tools to increase
(e.g. immigration), reputational risk, liquidity and funding risk.
productivity, billed utilisation improvement, focus on
These three risks are already included in comprehensive risks
GHOLYHU\ H[FHOOHQFH SURÀWDELOLW\ LPSURYHPHQW IRU À[HG
of the Company.
priced projects, correction of employee pyramid, charge
 *URZWKLQGHÀQHGWDUJHWDFFRXQWV out ratio, enhanced governance and review mechanism
for capturing and analyzing contribution etc. are some
Risk of inadequate growth affects business sustainability
of the important initiatives undertaken for increase in
DQG SURÀWDELOLW\ 7R DFKLHYH JURZWK ZH FRQWLQXH WR
SURGXFWLYLW\DQGSURÀWDELOLW\
concentrate on few cognate industries relating to
manufacturing and energy with focus on technology  7DOHQWPDQDJHPHQW
led Engineering plus Business IT solutions, as the core The risk of succession challenges and the ability to
offerings to customers. Thus growth in business from attract and retain talent is prevailing concern for a
targeted customers and managing relationship with them
knowledge-based business like ours. The changing trends
is critical and mandates for periodical monitoring. This
in technology, increasing demands from customers etc.

Annual Report 2016-17 58

 warrants the Company to focus on talent for its growth  *URZWK LQ HPHUJLQJ OLQH RI EXVLQHVV YL]3URGXFWV DQG
and existence. This risk is measured by tracking attrition Platform (P&P)
of high performers and new recruits becoming high The Company continues to have rigorous focus on
performers within year of joining. growth in engineering product business which comprise
of Intelligent Transportation Systems (ITS), KPIT
This risk is addressed by acquiring, developing and
Diagnostics and Connectivity Platform (KDCP), KPIT In-
retaining the right talent with requisite knowledge
Vehicle Infotainment Platform (KIVI), Konnect (solution
and skills, increased connect with top performers by
for transforming automotive device connectivity),
management, actions initiated on employee satisfaction
Autosar and Revolo. In this line of business, the Company
survey, etc. While the Company continues to focus
lays special emphasis on innovation which has led to
RQ IUHVKHU UHFUXLWPHQWV LW KDV DOVR PDGH VLJQLÀFDQW
the creation of multiple cutting-edge technologies for
investments in employee trainings. Kaizen is introduced,
various industries, e.g. transportation industry. This risk
ZKLFK LV D WUDLQLQJ DQG FHUWLÀFDWLRQ SURJUDP IRFXVLQJ
is measured by comparing actual growth rate of P&P
on developing technical, domain, project management,
against its budgeted growth rate.
professional and leadership skills of our associates. To
develop competencies of employees by establishing For P&P business, the Company anticipates growth through
collaborative educational partnerships, the Company has pre-devised strategy of providing effective delivery against
signed higher education MOU with one of the reputed concrete projections, winning opportunities with large
university in UK and has also introduced Program for corporates, expansion of offerings through partnerships
Academic Collaboration & Engagement (PACE) which to win large deals and entry into new business segments
is a university collaboration program to engage, attract for growth in Infotainment.
and nurture young talent from campuses. The efforts
undertaken has resulted in attrition numbers under 7. Operational liability
control. In customer oriented business like ours, ambiguity in
project scope and requirements, delayed executions,
4. Fluctuations in currencies
GHÀFLHQWGHOLYHUDEOHVHWFPLJKWUHVXOWLQKLJKHUFRVWVWR
The Company is exposed to volatility in foreign currency the Company or lower revenues from customer. This may
exchange rates as considerable revenue is generated in also culminate in claims for damages from the customer,
foreign currency, with major portion of costs incurred in adversely impacting operating margins.
,15 &XUUHQF\ ÁXFWXDWLRQV PD\ KDYH DGYHUVH LPSDFW RQ
operating results. This risk is measured by comparing  )RU LGHQWLÀFDWLRQ RI SRWHQWLDO RSHUDWLRQDO OLDELOLW\ IHZ
actual realized rate against planned rate. aspects like substantial delay in deliverables, low customer
satisfaction ratings, defective deliverables, long disputed
To mitigate this risk, the Company follows a prudent outstanding receivables etc. are considered for deriving
forex hedging policy based on a consistent approach estimated amounts of claims. This risk is measured by
to hedging. This policy is reviewed periodically by the FRPSDULQJSRWHQWLDOYDOXHRIFODLPVDJDLQVWSUHGHÀQHG
Management and the Board. threshold claim limit.
5. Geopolitical risks This risk is mitigated by periodical review of operational
The Company has existence in multiple geographies liability which includes scrupulous review of customer
DQG JHRSROLWLFDO XQFHUWDLQWLHV FDQ VLJQLÀFDQWO\ LPSDFW contracts, reinforcing effective customer delivery
achievement of strategic objectives of the Company. management, setting of realistic expectations with
Impact on mobility of resources due to restrictive cross customers & business users in large IT projects and
border legislations can result in increase in costs with implementing good project management practices.
pressure on margins. The Company proposes to increase Further, the Company has also insured some of these
focus on onsite hiring and its periodical monitoring, risks.
enhancing skills for onsite talent through ECODE, effective
manpower planning and deployment, exploring offshore
work execution and building onsite global delivery
centers.

Annual Report 2016-17 59

8. Management of large deal delivery RUJDQL]DWLRQ·VUHSXWDWLRQULVNZLOOKDYHVLJQLÀFDQWLPSDFW
With rapid growth in size and our customer engagements on the Company revenues, trust of stakeholders and
becoming large (in dollar value), complex (multi- sustainability of business.
technology, cross-SBU) and global (presence in many
To mitigate this risk, a committee comprising of cross
countries), effective customer deliverables is crucial for
functional teams is created and entrusted with the task
successful business. While management of such large of review and strengthening the policies and procedures
deals is complex and challenging process, inability to at the organizational level and ensuring compliance
execute such deals effectively might erode margins and of core value systems. For violations, if any, root cause
growth. analysis is done and corrective measures are undertaken.
Further, through various forums, the Company has
To address this risk, delivery excellence team of the
strengthened periodical communication on expected
Company has deployed robust framework of Program
core values, including enforcement of employee safety,
and Project Management Methodology which supports
data protection, corporate branding etc.
planning and execution of client engagements by
creating value to them. This team is involved in all large  ,QHIIHFWLYHFDSLWDOPDQDJHPHQWOLTXLGLW\DQGIXQGLQJ
deals to ensure accurate scoping of deals, setting right
 &DSLWDO PDQDJHPHQW LV LQÁXHQFHG E\ XQDQWLFLSDWHG
expectations with customers and ensuring qualitative
changes in market variables, business terms with
deliverables. Additionally, margins for large deal contracts
customers and vendors, regulatory environment etc.
are monitored meticulously and reviewed periodically by Ineffective capital management, liquidity and funding can
the senior management. VLJQLÀFDQWO\DIIHFWRSHUDWLQJSURÀWDELOLW\RIWKHEXVLQHVV
 5HSXWDWLRQDOULVN The Company focuses on optimizing working capital by
The Company views that its reputation is vulnerable to effective deployment of funds, maintaining robust cash
global and political changes, technology advancements ÁRZFRQWURORQ'D\V6DOHV2XWVWDQGLQJ'62SHULRGLFDO
including cyber-attacks, weak corporate governance, analysis and meticulous review of liquidity position to
inadequate employee safety, poor brand perception HQVXUH DGHTXDF\ RI ZRUNLQJ FDSLWDO WR PHHW ÀQDQFLDO
etc. The Company comprehends that damage to an obligations.

Annual Report 2016-17 60

Report on Corporate Governance
Corporate Governance Philosophy: ¾ Entrepreneurship and Innovation
¾ Teamwork and boundarylessness
Corporate Governance entails managing business in a manner
that is accountable and responsible to the shareholders. In a Our philosophy is aimed at conducting business ethically,
wider interpretation, corporate governance includes company’s HIÀFLHQWO\DQGLQDWUDQVSDUHQWPDQQHUIXOÀOOLQJLWVFRUSRUDWH
accountability to shareholders and other stakeholders such as responsibility to various stakeholders and retaining and
employees, suppliers, customers and local community. enhancing investor trust and is based on the following
SULQFLSOHV
Corporate Governance implies an accurate, adequate and
WLPHO\GLVFORVXUHRIUHOHYDQWLQIRUPDWLRQ(IÀFLHQWWUDQVSDUHQW 1. Compliance with the relevant provisions of securities
and impeccable Corporate Governance is vital for stability, laws and conformity with globally accepted practices of
SURÀWDELOLW\ DQG GHVLUHG JURZWK RI WKH EXVLQHVV RI DQ\ corporate governance, secretarial standards provided by
organization. The importance of such corporate governance the Institute of Company Secretaries of India and laws of
KDV QRZ EHFRPH PRUH LQWHQVLÀHG RZLQJ WR HYHUJURZLQJ ,QGLDLQWUXHVSLULW
competition and rivalry in the businesses of almost all  ,QWHJULW\ LQ ÀQDQFLDO UHSRUWLQJ DQG WLPHOLQHVV RI
economic sectors, both at the national and international levels. GLVFORVXUHV
Therefore, new Companies Act, 2013, has introduced some
3. Transparency in the functioning and practices of the
new and innovative means to make corporate governance in
%RDUG
,QGLD RSWLPDOO\ SURJUHVVLYH WUDQVSDUHQW DQG EHQHÀFLDO WR DOO
the stakeholders.  %DODQFHEHWZHHQHFRQRPLFDQGVRFLDOJRDOV
 (TXLWDEOHWUHDWPHQWDQGULJKWVRIVKDUHKROGHUV
Corporate Governance is basically an approach of managing
6. Maintenance of ethical culture within and outside the
HIÀFLHQWO\ DQG SUXGHQWO\ DOO WKH DFWLYLWLHV RI D FRPSDQ\ LQ
RUJDQL]DWLRQ
RUGHUWRPDNHWKHEXVLQHVVVWDEOHDQGVHFXUHJURZWKRULHQWHG
PD[LPDOO\ SURÀWDEOH WR LWV VKDUHKROGHUV DQG KLJKO\ UHSXWHG 7. Establishing better risk management framework and risk
and reliable among all customers and clients. The Company is mitigation measures and
directed and controlled in a way in order to achieve the goals 8. Maintaining independence of auditors.
DQGREMHFWLYHVWRDGGYDOXHWRWKH&RPSDQ\DQGDOVREHQHÀW
the stakeholders in the long term. The Board Structure and We seek to protect the shareholders’ rights by providing
Top Management are directly and exclusively responsible for WLPHO\DQGVXIÀFLHQWLQIRUPDWLRQWRWKHVKDUHKROGHUVDOORZLQJ
such governance. For these purposes, the top management effective participation in key corporate decisions and by
PXVWKDYHÁDZOHVVDQGHIIHFWLYHFRQWURORYHUDOODIIDLUVRIWKH providing adequate mechanism to address the grievances
organization, regular monitoring of all business activities and of the shareholders. This ensures equitable treatment of all
transactions, proper care and concern for the interest and shareholders including minority and foreign shareholders. We
EHQHÀWRIWKHVKDUHKROGHUVDQGVWULFWFRPSOLDQFHVWRUHJXODWRU\ HQVXUH WLPHO\ DQG DFFXUDWH GLVFORVXUH RQ VLJQLÀFDQW PDWWHUV
and governmental regulations. Thus, corporate governance is LQFOXGLQJ ÀQDQFLDO SHUIRUPDQFH RZQHUVKLS DQG JRYHUQDQFH
VWULFWDQGHIÀFLHQWDSSOLFDWLRQRIDOOEHVWPDQDJHPHQWSUDFWLFHV of the Company. We implement the prescribed accounting
and corporate & legal compliances, amid the contemporary VWDQGDUGV LQ OHWWHU DQG VSLULW LQ WKH SUHSDUDWLRQ RI ÀQDQFLDO
and continually changing business scenarios. statements taking into account the interest of the stakeholders
and the annual audit is conducted by an independent and
We, have been practicing corporate governance to ensure TXDOLÀHG DXGLWRU ,QYHVWRU XSGDWHV DUH XSORDGHG RQ WKH
transparency in our corporate affairs and are committed to Company’s website on quarterly basis and also intimated to
continuously scale up the corporate governance standards. the stock exchanges for its stakeholders. Further, additional
updates are provided to the stakeholders on any matter that
Our corporate governance framework has been built on a value concerns them, as and when the circumstances arise.
system which has evolved over a period of time. This value
system has been abbreviated as CRICKET, which illustrates the Our Board of Directors periodically reviews its corporate
Company’s attributes as follows: strategies, annual budgets and sets, implements and monitors
corporate objectives. It effectively monitors the Company’s
¾ Customer Focus governance practices and ensures transparent Board processes.
¾ Respect for Individual Further, it appoints and compensates the key executives and
¾ Integrity also monitors their performance. It strives to maintain overall
LQWHJULW\RIWKHDFFRXQWLQJDQGÀQDQFLDOUHSRUWLQJV\stems.
¾ Community Initiative
¾ Knowledge Worship

Annual Report 2016-17 61

I. BOARD OF DIRECTORS  ,QGHSHQGHQW  1RQ([HFXWLYH 'LUHFWRUV DQG WKUHH DUH
([HFXWLYH 'LUHFWRUV 7KH 1RQ([HFXWLYH 'LUHFWRUV FRPH
A. Size and composition of the Board from diverse background and possess rich experience
In order to maintain independence of the Board, we and expertise in various industries such as automotive,
KDYH D MXGLFLRXV PL[ RI ([HFXWLYH 1RQ([HFXWLYH HQHUJ\  XWLOLWLHV PDQXIDFWXULQJ HOHFWURQLFV ÀQDQFH
and Independent Directors on the Board which is and research. The Board periodically evaluates the need
for increasing or decreasing its size. The composition of
essential to separate the two main Board functions viz.
the Board and the number of directorships held by each
governance and management. Out of the total strength
Director both in the Company as well as outside the
of ten Directors as on March 31, 2017, seven are Company is detailed in Table 1.

Table 1: The composition of the Board and the number of directorships held by them as on March 31, 2017

Sr. Name of Director Category of Relationship No. of No. of No. of

No. Directorship at with the Director Committee Chairmanship
KPIT Directors ships held Membership in in
in Public Companies@ Committees@
Companies*
1 Mr. S. B. (Ravi) Pandit, Chairman Executive None 4 2 Nil
2 Mr. Kishor Patil, CEO & Managing Director Executive None 4 2 Nil
3 0U6DFKLQ7LNHNDU:KROHWLPH'LUHFWRU Executive None 1 Nil Nil
4 Ms. Lila Poonawalla Independent None 7 2 2
5 Dr. R. A. Mashelkar Independent None 6 3 1
6 Mr. Adi Engineer Independent None 3 2 Nil
7 Prof. Alberto Sangiovanni Vincentelli Independent None 1 Nil Nil
8 Mr. Anant Talaulicar Independent None 2 2 Nil
9 Mr. B V R Subbu 1RQ([HFXWLYH None 2 Nil Nil
10 Mr. Sanjay Kukreja 1RQ([HFXWLYH None 2 Nil Nil

* including directorship in KPIT Technologies Limited.

@ includes only Audit Committee & Stakeholders Relationship Committee in all public limited companies including KPIT Technologies
Limited.

B. Independent Directors: b. who is or was not a Promoter of the Company or its

1. Independent Director VXEVLGLDU\RUDVVRFLDWHFRPSDQLHV
 $OO RXU ,QGHSHQGHQW 'LUHFWRUV IXOÀOO WKH FULWHULD RI c. who is not related to Promoters or Directors in the
independence as prescribed under Regulation 16 of &RPSDQ\RULWVVXEVLGLDU\RUDVVRFLDWHFRPSDQLHV
the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, d. who, apart from receiving director’s remuneration,
2015 (hereinafter referred to as “the SEBI (LODR) has or had no material pecuniary relationship
Regulations, 2015”) as explained below. with the Company or its subsidiary or associate
companies, or their promoters, or Directors, during
 ,QGHSHQGHQW 'LUHFWRU VKDOO PHDQ D 1RQ([HFXWLYH WKH WZR LPPHGLDWHO\ SUHFHGLQJ ÀQDQFLDO \HDUV RU
Director, other than a Nominee Director of the Company: GXULQJWKHFXUUHQWÀQDQFLDO\HDU
a. who, in the opinion of the Board of Directors, is a e. none of whose relatives has or had pecuniary
person of integrity and possesses relevant expertise relationship or transaction with the Company or
DQGH[SHULHQFH its subsidiary or associate companies, or their

Annual Report 2016-17 62

 promoters, or Directors, amounting to two per 3. Maximum tenure of Independent Directors
cent or more of its gross turnover or total income None of the Independent Directors has exceeded the
RU ÀIW\ ODNK UXSHHV RU VXFK KLJKHU DPRXQW DV PD\ tenure prescribed under Regulation 25 of the SEBI (LODR)
be prescribed, whichever is lower, during the two Regulations, 2015 and under Section 149 (10) of the
LPPHGLDWHO\SUHFHGLQJÀQDQFLDO\HDUVRUGXULQJWKH Companies Act, 2013.
FXUUHQWÀQDQFLDO\HDU
4. Formal letter of appointment to Independent
 I ZKRQHLWKHUKLPVHOIQRUZKRVHUHODWLYHV
Directors
(i) holds or has held the position of a key
The Company has issued formal appointment letters to
managerial personnel or is or has been an
the Independent Directors which have been placed on the
employee of the Company or its subsidiary or
Company’s website.
DVVRFLDWHFRPSDQLHVLQDQ\RIWKHWKUHHÀQDQFLDO
\HDUVLPPHGLDWHO\SUHFHGLQJWKHÀQDQFLDO\HDU 5. Performance evaluation of Independent Directors
LQZKLFKKHLVSURSRVHGWREHDSSRLQWHG
The Nomination and Remuneration (HR) Committee
(ii) is or has been an employee or proprietor or has laid down criteria for performance evaluation of
D SDUWQHU LQ DQ\ RI WKH WKUHH ÀQDQFLDO \HDUV Independent Directors, which are given below:
LPPHGLDWHO\ SUHFHGLQJ WKH ÀQDQFLDO \HDU LQ
which he is proposed to be appointed, of– a) Attendance at Board meetings and Board Committee
PHHWLQJV
   $ DÀUPRIDXGLWRUVRUFRPSDQ\VHFUHWDULHV
in practice or cost auditors of the Company  E &KDLUPDQVKLSRIWKH%RDUGDQG%RDUG&RPPLWWHHV
RU LWV VXEVLGLDU\ RU DVVRFLDWH FRPSDQLHV
or c) Contribution and deployment of knowledge and
H[SHUWLVHDWWKH%RDUGDQG&RPPLWWHHPHHWLQJV
   % DQ\OHJDORUDFRQVXOWLQJÀUPWKDWKDVRU
had any transaction with the Company d) Guidance and support provided to senior
or its subsidiary or associate companies management of the Company outside the Board
amounting to ten per cent or more of the PHHWLQJV
JURVVWXUQRYHURIVXFKÀUP
e) Independence of behaviour and judgment and
(iii) holds together with his relatives two per cent or
PRUHRIWKHWRWDOYRWLQJSRZHURIWKH&RPSDQ\  I ,PSDFWDQGLQÁXHQFH
or
6. Separate meeting of the Independent Directors
(iv) is a chief executive or director, by whatever
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WKDW UHFHLYHV WZHQW\ÀYH SHU FHQW RU PRUH RI Directors of the Company was held on February 17, 2017.
its receipts or corpus from the Company, any
7. Familiarization Programme for Independent Directors
of its promoters, Directors or its subsidiary
or associate companies or that holds two per Our Directors, at the time of their appointment, are
cent or more of the total voting power of the provided with information about the Company and its
&RPSDQ\ organization structure, business model, vision and values,
latest published results and internal policies to enable
(v) is a material supplier, service provider or
them to familiarize themselves with the Company’s
FXVWRPHURUOHVVRURUOHVVHHRIWKH&RPSDQ\
procedures and practices. The new Directors are also
g. who is not less than 21 years of age. invited for meetings of Board of Directors and Board
Committees held before their appointment which helps
2. Limit on number of directorships them to familiarize themselves with the Company and
The number of companies in which each Independent its Board process. The details of such familiarization
'LUHFWRURIWKH&RPSDQ\KROGVRIÀFHDVDQ,QGHSHQGHQW programmes are uploaded on the website of the Company
Director is within the limits prescribed under Regulation KWWSZZZNSLWFRPFRPSDQ\LQYHVWRUVFRUSRUDWH
25 of the SEBI (LODR) Regulations, 2015. governance).

Annual Report 2016-17 63

 Further, at every Board meeting, there is a detailed and Prof. Alberto Sangiovanni Vincentelli for a term of
business presentation made which is useful to the three years, from April 1, 2014. In the Annual General
Directors in understanding the business. The presentation Meeting held on August 19, 2015, the Company appointed
is made by the business leader so that the Directors are Mr. Anant Talaulicar as an Independent Director, for a term
able to connect with the leader and ask him related of three years from October 21, 2014. During the year
questions. XQGHUUHYLHZWKH%RDUGUHDSSRLQWHG0V/LOD3RRQDZDOOD
Dr. R. A. Mashelkar, Mr. Adi Engineer and Prof. Alberto
C. Responsibilities of the Chairman and other Executive Sangiovanni Vincentelli as Additional and Independent
Directors 'LUHFWRUVRIWKH&RPSDQ\IRUIXUWKHUSHULRGRIÀYH\HDUV
from April 1, 2017 subject to approval of shareholders in
Mr. S. B. (Ravi) Pandit is the Chairman of the Board of
the ensuing Annual General Meeting.
'LUHFWRUV 0U .LVKRU 3DWLO LV WKH &KLHI ([HFXWLYH 2IÀFHU
(CEO) & Managing Director and Mr. Sachin Tikekar is a  $VIRUWKH1RQ,QGHSHQGHQW'LUHFWRUVDWOHDVWWZRWKLUGV
:KROHWLPH 'LUHFWRU DQG 3UHVLGHQW 7KH DXWKRULWLHV DQG RI WKHP VKDOO EH OLDEOH WR UHWLUH E\ URWDWLRQ  2QHWKLUG
responsibilities of each of the above Directors are clearly of such directors as are liable to retire by rotation shall
GHPDUFDWHGDVXQGHU UHWLUHHYHU\\HDUDQGLITXDOLÀHGVKDOOEHHOLJLEOHIRUUH
appointment. Mr. Sanjay Kukreja, Nominee Director of
The Chairman leads the team in overseeing Solutions
one of the investors is not liable to retire by rotation as
& Services business, assessment of new technologies,
per the resolution of the shareholders appointing him as
management of key external relationships and managing
a Director. As such, Mr. S. B. (Ravi) Pandit, retires at the
Board matters. He is a Promoter of the Company and
forthcoming Annual General Meeting and being eligible,
also plays a strategic role in Community Initiatives and
VHHNVUHDSSRLQWPHQWDVD'LUHFWRU
Corporate Governance.
The Executive Directors are appointed by the shareholders
 7KH &(2  0DQDJLQJ 'LUHFWRU LV LQFKDUJH RI WKH
RI WKH &RPSDQ\ IRU D PD[LPXP SHULRG RI ÀYH \HDUV DW
RYHUDOO PDQDJHPHQW RI WKH &RPSDQ\ +H LV VSHFLÀFDOO\
a time (subject to retirement by rotation as mentioned
UHVSRQVLEOH IRU DOO GD\WRGD\ RSHUDWLRQDO LVVXHV OLNH
KHUHLQDERYH EXW DUH HOLJLEOH IRU UHDSSRLQWPHQW XSRQ
planning and executing business, reviewing and guiding
completion of their respective term.
WKHFRXQWU\RIÀFHVFXVWRPHUGHOLYHU\XQLWVDQGVXSSRUW
IXQFWLRQVDQGHQVXULQJHIÀFLHQWDQGHIIHFWLYHIXQFWLRQLQJ E. Board & Committee Meeting Agenda and Minutes
of the organization as a whole. Currently, he is focusing on
creation and management of new Product Business Units, The Company Secretary receives details on the matters
executive sponsorship of critical GAMs, management of which require the approval of the Board / Committees
key external relationships in India & strategic infrastructure of the Board, from various departments of the Company,
projects. well in advance, so that they can be included in the Board
/ Committee meeting agenda, if required. The information
 7KH :KROHWLPH 'LUHFWRU DQG 3UHVLGHQW ZRUNV RQ WKH as required under the SEBI (LODR) Regulations, 2015, is
overall strategy, operating systems, creation of some made available to the members of the Board / Committee.
new solutions, executive sponsorship of the Key Global All material information is incorporated in the agenda
Accounts and Partnerships along with Succession Planning papers for facilitating meaningful and focused discussions
and Development of senior people in the organization. at the meetings. In compliance with the statutory
requirements, the following items are discussed in the
D. Membership Term
quarterly meetings:
As per the current laws in India, Independent Directors
 ‡ 0LQXWHVRIWKHSUHYLRXV%RDUGPHHWLQJDQGPHHWLQJV
FDQ KROG RIÀFH IRU D WHUP RI XSWR ÀYH \HDUV ZKLFK FDQ
of Board committees held in the previous calendar
EH H[WHQGHG IRU DQRWKHU SHULRG RI ÀYH \HDUV E\ WKH
TXDUWHU
shareholders of the Company. In the Annual General
Meeting held on July 25, 2014, the Company appointed  ‡ 0LQXWHVRI%RDUGPHHWLQJVRIDOOVXEVLGLDULHVKHOGLQ
Ms. Lila Poonawalla, Dr. R. A. Mashelkar, Mr. Adi Engineer WKHSUHYLRXVFDOHQGDUTXDUWHU

Annual Report 2016-17 64

 ‡ 4XDUWHUO\UHVXOWVRIWKH&RPSDQ\DQGLWVRSHUDWLQJ  ‡ )DWDO RU VHULRXV DFFLGHQWV GDQJHURXV RFFXUUHQFHV
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liability claims of substantial nature, including any
includes the following:
judgment or order which, may have passed strictures
¾ Financials for the quarter and its analysis on the conduct of the Company or taken an adverse
view regarding another enterprise that can have
¾ &DVKSURÀWJHQHUDWHGGXULQJWKHTXDUWHU QHJDWLYHLPSOLFDWLRQVRQWKH&RPSDQ\
¾ <HDUO\ÀQDQFLDOSODQYVDFWXDO  ‡ 'HWDLOV RI DQ\ MRLQW YHQWXUH RU FROODERUDWLRQ
¾ SBU (Strategic Business Unit) wise performance DJUHHPHQWDQGLWVFRPSOLDQFH

¾ 3URÀWDELOLW\GULYHUV  ‡ 7UDQVDFWLRQV WKDW LQYROYH VXEVWDQWLDO SD\PHQW

towards goodwill, brand equity, or intellectual
¾ Utilization of resources SURSHUW\

¾ Peer group analysis and analyst coverage  ‡ 6LJQLÀFDQW ODERXU SUREOHPV DQG WKHLU SURSRVHG
VROXWLRQV $Q\ VLJQLÀFDQW GHYHORSPHQW LQ +XPDQ
¾ Mergers and acquisitions pursuits
Resources / Industrial Relations front like signing
¾ Investments in the Company of wage agreement, implementation of Voluntary
5HWLUHPHQW6FKHPHHWF
¾ 6XEVLGLDULHV·ÀQDQFLDOVDQGRSHUDWLRQV
 ‡ 6DOHRIPDWHULDOQDWXUHRILQYHVWPHQWVVXEVLGLDULHV
¾ Statement on foreign exchange exposure and DVVHWVQRWLQQRUPDOFRXUVHRIEXVLQHVV
related mitigating activities.
 ‡ 4XDUWHUO\GHWDLOVRIIRUHLJQH[FKDQJHH[SRVXUHVDQG
 ‡ 3UHVHQWDWLRQV RI 6WDWXWRU\ $XGLWRUV· $XGLW  DQG the steps taken by management to limit the risks of
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 ‡ 5HODWHG SDUW\ WUDQVDFWLRQV LQFOXGLQJ PDWHULDO
 ‡ 1RQFRPSOLDQFH RI DQ\ UHJXODWRU\ VWDWXWRU\ RU
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listing requirements and any shareholders’ service
 ‡ &RUSRUDWH *RYHUQDQFH FRPSOLDQFHV DQG VWDWXWRU\ VXFK DV QRQSD\PHQW RI GLYLGHQG GHOD\ LQ VKDUH
FRPSOLDQFHFHUWLÀFDWH transfer etc.

 ‡ 2WKHUVWDWXWRU\DJHQGDLQFOXGLQJDFWLRQWUDFNHURQ Every agenda and minutes of the meetings are

implementation of decisions taken in previous Board prepared in compliance with the SEBI (LODR)
PHHWLQJVDQGSUHVHQWDWLRQE\,QWHUQDO$XGLWRUV Regulations, 2015 as well as the Companies Act,
2013 and the rules framed thereunder, in force from
 ‡ 7KHLQIRUPDWLRQRQUHFUXLWPHQWDQGUHPXQHUDWLRQRI time to time and the Secretarial Standards issued by
VHQLRURIÀFHUVMXVWEHORZWKH%RDUGOHYHOLQFOXGLQJ the Institute of Company Secretaries of India. The
DSSRLQWPHQW RU UHPRYDO RI &KLHI )LQDQFLDO 2IÀFHU
draft minutes of the proceedings of the meetings of
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the Board as well as the Committees of the Board
 ‡ 6KRZ FDXVH GHPDQG SURVHFXWLRQ QRWLFHV DQG are circulated to all the Directors / Members of the
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Annual Report 2016-17 65

F. Non-Executive Directors’ shareholding The Board meetings are generally held at the Registered
The number of Equity Shares of the Company held by 2IÀFH RI WKH &RPSDQ\ ORFDWHG LQ 3XQH 7KH DJHQGD IRU
1RQ([HFXWLYH'LUHFWRUVDVRQ0DUFKDUHJLYHQ each meeting is drafted by the Company Secretary in
in Table 2. consultation with the Chairman of the Board and circulated
to the Board members in advance of the meetings. The
Table 2: Shareholding details of Non-Executive Directors
Board meets at least once every quarter to review and
approve the quarterly results and other items on the
Sr. Name Shareholding
No. agenda. In addition, the Board normally meets annually,
No. of % of Total Paid
IRUGLVFXVVLRQVRQWKHDQQXDORSHUDWLQJSODQDQGIRUPLG
shares up Capital
year review of the plan. Additional Board meetings are
1 Ms. Lila Poonawalla 130,000 0.07
held, whenever necessary.
2 Dr. R. A. Mashelkar 56,000 0.03
3 Mr. Sanjay Kukreja 32,400 0.02 During the year, six Board meetings were held on the
Total 2,18,400 0.12 following dates:

 'HWDLOV RI FRPSHQVDWLRQ SDLG  SD\DEOH WR RWKHU 1RQ  D $SULO

Executive Directors are disclosed elsewhere in this Report.
 E -XQH
G. Other provisions as to Board and Committees
 F -XO\
1. Board meetings schedule:
As a good practice, the dates of the Board meetings in a  G 2FWREHU
ÀQDQFLDO\HDUDUHGHFLGHGEHIRUHWKHVWDUWRIWKHÀQDQFLDO
e) January 18, 2017 and
year and circulated to all the Board members. These
dates are also included in the ‘Additional Shareholder f) February 17, 2017.
Information’, which forms a part of this Annual Report.

Table 3: Number of Board meetings and the attendance of Directors during FY 2016-17

Sr. Name of the Director No. of Board meetings held No. of Board meetings Attendance at
No. during the tenure of each attended* the last AGM
Director
1 Mr. S. B. (Ravi) Pandit, Chairman 6 6 Yes
2 Mr. Kishor Patil, CEO & Managing Director 6 6 Yes
3 0U6DFKLQ7LNHNDU:KROHWLPH'LUHFWRU 6 5 Yes
4 Ms. Lila Poonawalla 6 6 Yes
5 Dr. R. A. Mashelkar 6 4 Yes
6 Mr. Adi Engineer 6 6 Yes
7 Prof. Alberto Sangiovanni Vincentelli 6 5 
8 Mr. Anant Talaulicar 6 1 
9 Mr. B V R Subbu 6 5 
10 Mr. Sanjay Kukreja 6 2 

*Including attendance by videoconference or teleconference.

Annual Report 2016-17 66

2. Membership of Board committees 1. receipt, retention and treatment of complaints
None of the Directors of the Company hold membership received by the Company regarding improper
of more than ten committees nor is any Director a DFWLYLWLHVÀQDQFLDORURWKHUZLVHLQWKH&RPSDQ\DQG
&KDLUPDQRIPRUHWKDQÀYHFRPPLWWHHVRIERDUGVRIDOO
  VXEPLVVLRQE\:KLVWOH%ORZHURQDFRQÀGHQWLDODQG
the companies where he / she holds directorships. (Please or anonymous basis, of concerns regarding improper
refer Table 1). activities.
3. Review of compliance reports The purpose of this policy is also to state clearly
For monitoring and ensuring compliance with applicable and unequivocally that the Company prohibits
laws by the Company and its subsidiaries located in and discrimination, harassment and / or retaliation against
outside India and for establishing adequate management DQ\:KLVWOH%ORZHUZKR
control over the compliances of all acts, laws, rules,
1. raises concerns against improper activities or
regulations and regulatory requirements, the Company
KDV VHWXS D UHJXODWRU\ FRPSOLDQFH SURFHVV ZLWKLQ WKH 2. provides information or otherwise assists in an
RUJDQL]DWLRQ 7KH &RPSOLDQFH 2IÀFHU LV WKH SURFHVV investigation or proceeding regarding improper
owner of this process and is responsible for obtaining activities.
FRPSOLDQFHFHUWLÀFDWHVIURPDOOGHSDUWPHQWVDQGHQWLWLHV
and reporting compliance to the Board of Directors. The Policy also aims to protect any Whistle Blower
The CFO and the Company Secretary of the Company who legitimately and in good faith raises concerns
WKHUHDIWHU SUHVHQWV D TXDUWHUO\ FRPSOLDQFH FHUWLÀFDWH or provides information against improper activities.
before the Board of Directors of the Company which
Everyone in the Company is responsible for
reviews compliance reports of all laws applicable to the
ensuring that the workplace is free from all forms
Company on a quarterly basis in its Board Meetings.
of discrimination, harassment and retaliation
H. Code of conduct prohibited by this policy. No employee or Director
of the Company has the authority to engage in any
The Company has adopted a Code of Conduct for its
conduct prohibited by this Policy.
Board members, senior management and all employees
and this Code has been posted on the Company’s J. Corporate Disclosure Policy
website. All the Board members and senior management The Company has a Corporate Disclosure Policy
SHUVRQQHODIÀUPFRPSOLDQFHZLWKWKH&RGHRQDQDQQXDO LQ SODFH 7KH &KLHI ,QYHVWRU 5HODWLRQV 2IÀFHU GHDOV
basis. The declaration of the CEO & Managing Director to with dissemination of information and disclosure of
this effect is provided in this Report. unpublished price sensitive information under the Policy

I. Whistle Blower Policy

In an effort to demonstrate the highest standards of
II. COMMITTEES OF THE BOARD
transparency, the Company has adopted the ‘Whistle During the year, the Board of the Company had eight regular
Blower Policy’, which has established a mechanism for committees – Audit Committee, Nomination and Remuneration
employees to express and report their concerns to the (HR) Committee, Stakeholders Relationship Committee, meets
management in a fearless manner about unethical DQQXDOO\4XDOLW\&RXQFLO,QQRYDWLRQ&RXQFLO(623$OORWPHQW
behavior, fraud, violation of the code of conduct or Committee, Corporate Social Responsibility (CSR) Committee
ethics. This mechanism also provides for adequate and Risk Management Committee. Most of these Committees
safeguards against victimization of employees who DUH FKDLUHG E\ 1RQ([HFXWLYH,QGHSHQGHQW 'LUHFWRUV 7KH
%RDUG LV UHVSRQVLEOH IRU FRQVWLWXWLQJ FRRSWLQJ DQG À[LQJ
avail this mechanism and also provide direct access to
the terms of reference for the committees. Normally, the
the Chairman and members of the Audit Committee
Audit Committee and Nomination and Remuneration (HR)
in exceptional cases. This policy has been uploaded on
Committee meet at least four times a year, Stakeholders
the website of the Company for effective circulation and
Relationship Committee meets annually, CSR Committee meets
implementation. The purpose of this policy is to establish
DWOHDVWWZLFHD\HDUDQGWKH,QQRYDWLRQ&RXQFLO4XDOLW\&RXQFLO
procedures for the:

Annual Report 2016-17 67

and ESOP Allotment Committee meet as and when the need a) matters required to be included in the director’s
arises. The Risk Management Committee met twice during responsibility statement to be included in the
WKH\HDU([FHSWZKHUHDVWDWXWRU\TXRUXPKDVEHHQ %RDUG·V UHSRUW LQ WHUPV RI FODXVH F RI VXE
prescribed, the quorum for committee meetings is either two section (3) of Section 134 of the Companies Act,
PHPEHUVRURQHWKLUGRIWKHWRWDOVWUHQJWKRIWKHFRPPLWWHH 
whichever is higher. Draft minutes of the committee meetings
b) changes, if any, in accounting policies and
are circulated to the members of those committee for their
SUDFWLFHVDQGUHDVRQVIRUWKHVDPH
FRPPHQWV DQG WKHUHDIWHU FRQÀUPHG LQ LWV QH[W PHHWLQJ
The Board of Directors also take note of the minutes of the c) major accounting entries involving estimates
committee meetings held in the previous calendar quarter, at based on the exercise of judgment by
its meetings. PDQDJHPHQW

A. Audit Committee   G VLJQLÀFDQW DGMXVWPHQWV PDGH LQ WKH ÀQDQFLDO

VWDWHPHQWVDULVLQJRXWRIDXGLWÀQGLQJV
Composition
The Company has set up an Audit Committee consisting e) compliance with listing and other legal
of two Independent Directors and one Executive Director. UHTXLUHPHQWVUHODWLQJWRÀQDQFLDOVWDWHPHQWV
0V/LOD3RRQDZDOODLVWKH&KDLUSHUVRQRIWKLV&RPPLWWHH   I GLVFORVXUHRIDQ\UHODWHGSDUW\WUDQVDFWLRQV
Mr. Adi Engineer & Mr. S. B. (Ravi) Pandit are the other
PHPEHUV$OOPHPEHUVRIWKLV&RPPLWWHHDUHÀQDQFLDOO\   J PRGLÀHGRSLQLRQVLQWKHGUDIWDXGLWUHSRUW
OLWHUDWH $ EULHI SURÀOH RI DOO WKH &RPPLWWHH PHPEHUV LV
5. reviewing, with the management, the quarterly
provided in ‘Additional Shareholders Information’ section
ÀQDQFLDOVWDWHPHQWVEHIRUHVXEPLVVLRQWRWKH%RDUG
of this Annual Report. The CFO attends all the meetings of
IRUDSSURYDO
the Committee. The Company Secretary is the Secretary
to the Committee. The Statutory Auditors and the Internal 6. reviewing, with the management, the statement of
Auditors also make their presentations at the Committee uses / application of funds raised through an issue
meetings. (public issue, rights issue, preferential issue, etc.), the
statement of funds utilized for purposes other than
Role and objectives
those stated in the offer document / prospectus /
 7KH &RPSDQ\ KDV GXO\ GHÀQHG WKH UROH DQG REMHFWLYHV
notice and the report submitted by the monitoring
of the Audit Committee on the same lines as provided
agency monitoring the utilisation of proceeds of
under Regulation 18(3) read with Schedule II of the SEBI
a public or rights issue and making appropriate
(LODR) Regulations, 2015, and the Companies Act, 2013,
recommendations to the Board to take up steps in
as amended from time to time. The role and objectives of
WKLVPDWWHU
WKH$XGLW&RPPLWWHHDVGHÀQHGE\WKH%RDUGRI'LUHFWRUV
inter alia include: 7. reviewing and monitoring the auditor’s independence
  RYHUVLJKWRIWKHÀQDQFLDOUHSRUWLQJSURFHVVDQGWKH DQGSHUIRUPDQFHDQGHIIHFWLYHQHVVRIDXGLWSURFHVV
GLVFORVXUHRILWVÀQDQFLDOLQIRUPDWLRQWRHQVXUHWKDW
  DSSURYDO RU DQ\ VXEVHTXHQW PRGLÀFDWLRQ RI
WKH ÀQDQFLDO VWDWHPHQWV DUH FRUUHFW VXIÀFLHQW DQG
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FUHGLEOH
2. recommendation for appointment, remuneration   VFUXWLQ\RILQWHUFRUSRUDWHORDQVDQGLQYHVWPHQWV
and terms of appointment of auditors of the
10. valuation of undertakings or assets of the Company,
&RPSDQ\
ZKHUHYHULWLVQHFHVVDU\
3. approval of payment to statutory auditors for any
RWKHUVHUYLFHVUHQGHUHGE\WKHVWDWXWRU\DXGLWRUV   HYDOXDWLRQ RI LQWHUQDO ÀQDQFLDO FRQWUROV DQG ULVN
management systems
4. reviewing, with the management, the annual
ÀQDQFLDO VWDWHPHQWV DQG DXGLWRU·V UHSRUW WKHUHRQ 12. reviewing, with the management, performance of
before submission to the Board for approval, with statutory and internal auditors, adequacy of the
particular reference to: LQWHUQDOFRQWUROV\VWHPV

Annual Report 2016-17 68

 13. reviewing the adequacy of internal audit function, 26. statement of deviations:
if any, including the structure of the internal audit a) quarterly statement of deviation(s) including
GHSDUWPHQW VWDIÀQJ DQG VHQLRULW\ RI WKH RIÀFLDO report of monitoring agency, if applicable,
heading the department, reporting structure submitted to stock exchange(s) in terms of
FRYHUDJHDQGIUHTXHQF\RILQWHUQDODXGLW 5HJXODWLRQ
  GLVFXVVLRQ ZLWK LQWHUQDO DXGLWRUV RI DQ\ VLJQLÀFDQW b) annual statement of funds utilized for purposes
ÀQGLQJVDQGIROORZXSWKHUHRQ other than those stated in the offer document
  UHYLHZLQJWKHÀQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQV / prospectus / notice in terms of Regulation
by the internal auditors into matters where there is 32(7).
suspected fraud or irregularity or a failure of internal
 7KH &KDLUSHUVRQ RI WKH $XGLW &RPPLWWHH FRQÀUPHG WR
control systems of a material nature and reporting
the Board that the Committee has carried out the role
WKHPDWWHUWRWKH%RDUG
assigned to it during the year under review.
16. discussion with statutory auditors before the audit
Meetings
commences, about the nature and scope of audit as
ZHOODVSRVWDXGLWGLVFXVVLRQWRDVFHUWDLQDQ\DUHDRI  'XULQJ)<WKH$XGLW&RPPLWWHHPHWÀYHWLPHV
FRQFHUQ – April 26 & 27, 2016, July 19 & 20, 2016, October 18 &
19, 2016, January 3, 2017 and January 17 & 18, 2017. The
17. to look into the reasons for substantial defaults in
details of meetings and attendance are given in Table 4.
the payment to the depositors, debenture holders,
VKDUHKROGHUV LQ FDVH RI QRQSD\PHQW RI GHFODUHG Table 4: Audit Committee - meetings and attendance
GLYLGHQGVDQGFUHGLWRUV
Sr. Name of the No. of No. of
18. to review the functioning of the whistle blower
No. Committee Member meetings meetings
PHFKDQLVP
held during attended
  DSSURYDO RI DSSRLQWPHQW RI FKLHI ÀQDQFLDO RIÀFHU the tenure
DIWHU DVVHVVLQJ WKH TXDOLÀFDWLRQV H[SHULHQFH DQG 1 Ms. Lila Poonawalla – 5 5
EDFNJURXQGHWFRIWKHFDQGLGDWH Chairperson

20. carrying out any other function as is mentioned in 2 Mr. S. B. (Ravi) Pandit 5 5
WKHWHUPVRIUHIHUHQFHRIWKHDXGLWFRPPLWWHH 3 Mr. Adi Engineer 5 5

  PDQDJHPHQW GLVFXVVLRQ DQG DQDO\VLV RI ÀQDQFLDO B. Nomination and Remuneration (HR) Committee
FRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV
Composition
  VWDWHPHQW RI VLJQLÀFDQW UHODWHG SDUW\ WUDQVDFWLRQV  7KH&RPSDQ\KDVVHWXSD1RPLQDWLRQDQG5HPXQHUDWLRQ
DV GHÀQHG E\ WKH DXGLW FRPPLWWHH VXEPLWWHG E\ (HR) Committee. The Committee consists of two
PDQDJHPHQW ,QGHSHQGHQW 'LUHFWRUV RQH 1RQ([HFXWLYH 'LUHFWRU
and one Executive Director. Mr. Adi Engineer, chairs this
23. management letters / letters of internal control Committee, Ms. Lila Poonawalla, Mr. S. B. (Ravi) Pandit
ZHDNQHVVHVLVVXHGE\WKHVWDWXWRU\DXGLWRUV and Mr. Sanjay Kukreja are the other members of the
24. internal audit reports relating to internal control Committee.
ZHDNQHVVHV Role and objectives
25. the appointment, removal and terms of remuneration The role and objectives of the Committee, as provided
of the chief internal auditor shall be subject to review under Regulation 19(4) read with Schedule II of the SEBI
E\WKHDXGLWFRPPLWWHH /2'55HJXODWLRQVDQGDVGHÀQHGE\WKH%RDUGRI
the Directors of the Company, are as under:

Annual Report 2016-17 69

 1. formulation of the criteria for determining and Mr. S. B. (Ravi) Pandit and Mr. Kishor Patil are the
TXDOLÀFDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFH other members of the Committee. The meetings of the
of a director and recommend to the Board of Committee are held to review and resolve only those
Directors a policy relating to, the remuneration of cases which are pending for action for more than normal
the directors, key managerial personnel and other processing period. The details of complaints received,
HPSOR\HHV solved and pending from the shareholders / investors
are given elsewhere in this Annual Report. The monthly
2. formulation of criteria for evaluation of performance review of the activities of Registrar & Share Transfer Agent
RILQGHSHQGHQWGLUHFWRUVDQGWKHERDUGRIGLUHFWRUV is undertaken regularly by the CFO and the Company
6HFUHWDU\ZKRLVWKH&RPSOLDQFH2IÀFHURIWKH&RPSDQ\
  GHYLVLQJDSROLF\RQGLYHUVLW\RI%RDUGRI'LUHFWRUV
 7KH &RPSDQ\ KDV D GHGLFDWHG HPDLO DGGUHVV
  LGHQWLI\LQJ SHUVRQV ZKR DUH TXDOLÀHG WR EHFRPH [email protected] for communicating shareholders’
directors and who may be appointed in senior grievances.
management in accordance with the criteria laid
down, and recommend to the Board of Directors Role and objectives
WKHLUDSSRLQWPHQWDQGUHPRYDO The role and objectives of the Committee as provided
under Regulation 20(4) read with Schedule II of the SEBI
5. decide whether to extend or continue the term of /2'5 5HJXODWLRQV  DQG DV GHÀQHG E\ WKH %RDUG
appointment of the independent director, on the of Directors of the Company is to consider and resolve
basis of the report of performance evaluation of the grievances of the security holders of the Company
independent directors. including complaints related to transfer of shares,
QRQUHFHLSW RI DQQXDO UHSRUW QRQUHFHLSW RI GHFODUHG
Meetings dividends and approval of matter relating share transfers
 7KH &RPPLWWHH PHW ÀYH WLPHV GXULQJ WKH \HDU ² $SULO except those which have been delegated to the Registrar
26, 2016, July 19, 2016, October 18, 2016, January 17, & Share Transfer Agent.
2017 and February 17, 2017. The details of meetings and
Meetings
attendance are given in Table 5.
During the year, one meeting of the Stakeholders
Table 5: Nomination and Remuneration (HR) Committee - Relationship Committee was held on February 17, 2017.
meetings and attendance The details of the meeting and attendance are given in
Table 6.
Sr. Name of the No. of No. of
No. Committee Member meetings meetings Table 6: Stakeholders Relationship Committee – meetings
held during attended* and attendance
the tenure
Sr. Name of the No. of No. of
1 Mr. Adi Engineer – 5 5
No. Committee Member meetings meetings
Chairman
held during attended
2 Ms. Lila Poonawalla 5 5 the tenure
3 Mr. S. B. (Ravi) Pandit 5 5 1 'U5$0DVKHONDU 1 1
4 Mr. Sanjay Kukreja* 5 2 Chairman
2 Mr. S. B. (Ravi) Pandit 1 1
* Including attendance by videoconference or teleconference.
3 Mr. Kishor Patil 1 1
C. Stakeholders Relationship Committee
D. Quality Council
Composition
Composition
The Board has formed a Stakeholders Relationship
&RPPLWWHH WR ORRN LQWR VKDUHKROGHUUHODWHG PDWWHUV  7KH 4XDOLW\ &RXQFLO HQDEOHV WKH %RDUG WR IRFXV RQ
Dr. R. A. Mashelkar is the Chairman of the Committee qualitative aspects of the operations of the Company
and resolve customer issues proactively. This is chaired

Annual Report 2016-17 70

 by Mr. B V R Subbu and the other members being Prof. Meetings
Alberto Sangiovanni Vincentelli, Mr. Kishor Patil and Ms. During the year, the Council met once on February 18,
Lila Poonawalla. 2017. The details of the meeting and attendance is given
in Table 8.
Role and objectives
Table 8: Innovation Council – meeting and attendance
 7KHUROHDQGREMHFWLYHVRIWKH&RXQFLODVGHÀQHGE\WKH
Board of Directors of the Company, is as under: Sr. Name of the No. of No. of
No. Committee Member meetings meetings
To suggest measures to enhance quality and productivity
held during attended
and the means to optimize the use of the Company’s
resources. the tenure
1 Dr. R. A. Mashelkar – 1 1
Meetings Chairman
The Council has met twice during the year – July 19, 2 Ms. Lila Poonawalla 1 1
2016 and January 17, 2017. The details of meetings and 3 Mr. S. B. (Ravi) Pandit 1 1
attendance are given in Table 7.
4 Mr. Kishor Patil 1 1
Table 7: Quality Council - meetings and attendance 5 Prof. Alberto 1 1
Sangiovanni Vincentelli
Sr. Name of the No. of No. of 6 Mr. B V R Subbu 1 0
No. Committee Member meetings meetings
held during attended* F. ESOP Allotment Committee
the tenure The Company has an ESOP Allotment Committee for
1 Mr. B V R Subbu – 2 2 allotment of shares against options exercised under the
Chairman Company’s Employee Stock Option Plans (ESOPs).

2 Ms. Lila Poonawalla 2 2 Composition

3 Mr. Kishor Patil 2 2 Mr. S. B. (Ravi) Pandit is the Chairman of the Committee
4 Prof. Alberto 2 2 and Mr. Kishor Patil and Mr. Sachin Tikekar are the other
members of the Committee.
Sangiovanni
Vincentelli* Role and objectives
*Including attendance by videoconference or teleconference.  7KHUROHDQGREMHFWLYHVRIWKH&RPPLWWHHDVGHÀQHGE\
the Board of Directors of the Company, is as under:
E. Innovation Council
Allotment of shares against options exercised under the
The Innovation Council of the Board advises the Company Company’s Employee Stock Option Plans (ESOP) and
on matters related to innovation. In addition to the Employee stock Option Schemes (ESOS) and matters
PHPEHUVRIWKH&RXQFLOH[WHUQDOH[SHUWVIURPWKHÀHOGV incidental thereto.
of interest to the Company from innovation point of
view, are also invited for the meetings of the Council. Meetings
The Council suggests measures to encourage innovation
KPIT Technologies Employees Welfare Trust (the Trust)
within the Company and foster a culture of innovation
is a trust formed for employee welfare activities, which
amongst employees of the Company. The Council
includes, administration of Company’s Employee Stock
reviews the status of various innovation projects being
Option Plan (“ESOP”) Schemes. As a part of its operations,
implemented by the Company. The Council helps develop
the Trust is allotted shares by the Company or it acquires
a strategy around innovation, particularly with respect shares from open market and the Trust, in turn, sells
WR FRPPHUFLDOL]DWLRQ RI WKH EHQHÀWV RI LQQRYDWLRQ 7he such shares in the course of administration of the ESOP
Council also evaluates and rewards innovative ideas of the schemes. The holding of shares and the sale of shares
employees. by the Trust, is done on behalf of the employees. As per
provisions of Securities and Exchange Board of India
6KDUH %DVHG (PSOR\HH %HQHÀWV 5HJXODWLRQV  WKH
total number of shares under secondary acquisition held

Annual Report 2016-17 71

 E\ WKH 7UXVW VKDOO DW QR WLPH H[FHHG ÀYH SHUFHQW RI WKH required. A comprehensive Enterprise Risk Management
paid up equity capital. To comply with these provisions, report is provided separately in this Report.
shares are allotted during the year under ESOP scheme
by way of transfer of shares from trust to concerned Composition
employee and no fresh allotments were made by ESOP
Committee. Thus, no meetings were held during the year. Ms. Lila Poonawalla is the Chairperson of the Committee
and Mr. Adi Engineer and Mr. S. B. (Ravi) Pandit are the
G. Corporate Social Responsibility (CSR) Committee other members of the Committee.
The Company has set up a Corporate Social Responsibility Role and objectives
(CSR) Committee to oversee the discharge of Corporate
Social Responsibility obligations, as required by Section  7KHUROHDQGREMHFWLYHVRIWKH&RPPLWWHHDVGHÀQHGE\
135 of the Companies Act, 2013 and the relevant rules. the Board of Directors of the Company, is as under:
The Committee consists of three directors including one
Independent Director. To monitor & review the Risk Management Plan of the
Company.
Composition
Mr. S. B. (Ravi) Pandit is the Chairman of the Committee. Meetings
Mr. Sachin Tikekar and Mr. Adi Engineer are the other The Committee met twice during the year on July 19,
members of the Committee.
2016 and February 17, 2017. The details of meetings and
Role and objectives attendance are given in Table 10.

 7KHUROHDQGREMHFWLYHVRIWKH&RPPLWWHHDVGHÀQHGE\ Table 10: Risk Management Committee - meetings and

the Board of Directors of the Company, are as under: attendance
1. formulation and recommendation of CSR policy to Sr. Name of the No. of No. of
WKH%RDUG No. Committee Member meetings meetings
  LGHQWLÀFDWLRQ RI DFWLYLWLHV WR EH XQGHUWDNHQ E\ WKH held during attended
&RPSDQ\ the tenure
3. recommendation of amount of expenditure on CSR 1 Ms. Lila Poonawalla – 2 2
DFWLYLWLHV Chairperson

4. monitor the CSR policy from time to time. 2 Mr. Adi Engineer 2 2
3 Mr. S. B. (Ravi) Pandit 2 2
Meetings
The Committee met twice during the year on April 26,
2016 and October 18, 2016. The details of meetings and III. SUBSIDIARY COMPANIES
attendance are given in Table 9.  7KH &RPSDQ\ GRHV QRW KDYH DQ\ PDWHULDO QRQOLVWHG
Indian Subsidiary company, as per the criteria given in
Table 9: CSR Committee - meetings and attendance Regulation 16 of SEBI (LODR) Regulations, 2015.
Sr. Name of the No. of No. of
Brief details of the Company’s subsidiaries, including
No. Committee Member meetings meetings
VWHSGRZQ VXEVLGLDULHV DUH JLYHQ LQ WKH %RDUG·V 5HSRUW
held during attended The updates of major decisions of the unlisted subsidiary
the tenure companies are regularly presented before the Audit
1 Mr. S. B. (Ravi) Pandit – 2 2 Committee and the Board.
Chairman
2 Mr. Adi Engineer 2 2 Following are the key matters relating to subsidiaries
which are regularly taken up in the Audit Committee /
3 Mr. Sachin Tikekar 2 2
Board meeting:
H. Risk Management Committee
‡ 0LQXWHV RI DOO WKH PHHWLQJV RI VXEVLGLDULHV KHOG LQ
The Company has an integrated approach to managing WKHSUHYLRXVTXDUWHU
the risks inherent in the various aspects of business. As a  ‡ 5HYLHZRIWKHÀQDQFLDOVWDWHPHQWVWKHLQYHVWPHQWV
part of this approach, the Company’s Board is responsible
PDGHE\WKHVXEVLGLDULHV
for monitoring risk levels according to various parameters
and ensuring implementation of mitigation measures, if

Annual Report 2016-17 72

 ‡ 0DMRU GHDOLQJV RI VXEVLGLDULHV· LQYHVWPHQW À[HG Table 11: Remuneration paid to Executive Directors in FY
DVVHWVORDQVHWF 2016-17
 ‡ 6WDWHPHQW RI DOO VLJQLÀFDQW WUDQVDFWLRQV DQG (Amount in ` million)
DUUDQJHPHQWV Name of Director Mr. S. B. Mr. Kishor Mr. Sachin
/ Remuneration (Ravi) Patil Tikekar*
 ‡ &RPSOLDQFHVE\VXEVLGLDULHVZLWKDOODSSOLFDEOHODZV Details Pandit
of that country.
Chairman CEO & Whole
The Company has formulated a policy for determining Managing - time
‘material subsidiaries’ and the said policy has been Director Director
uploaded on the Company’s website (http://www.kpit. Salary 11.54 8.04 9.10
FRPFRPSDQ\LQYHVWRUVFRUSRUDWHJRYHUQDQFH
PF 1.48 0.70 0.33

IV. DISCLOSURES Leave Encashment 0.32 0.22 0.25

Variable Performance 19.84 18.39 15.75
A. Related Party Transactions
Incentive
The Company has formulated a policy on materiality
Perquisites  0.70 
of Related Party Transactions and also on dealing with
Related Party Transactions and the same has been Bonus   0.02
uploaded on the Company’s website (http://www.kpit. Notice Period 6 months 6 months 6 months
FRPFRPSDQ\LQYHVWRUVFRUSRUDWHJRYHUQDQFH 7KH
Severance fees Notice pay Notice pay Notice pay
related party transactions are placed before the Audit
Committee and the Board on a quarterly basis for their Total 33.18 28.05 25.45
approval / noting as the case may be. There have been no *Does not include USD 4,800 paid to Mr. Sachin Tikekar by KPIT
PDWHULDOO\VLJQLÀFDQWUHODWHGSDUW\WUDQVDFWLRQVSHFXQLDU\ ,QIRV\VWHPV,QFRUSRUDWHG86$GXULQJ)<
transactions or relationships between the Company and
Note: Managerial remuneration excludes provision for gratuity,
its Directors, management, subsidiary or relatives except as separate actuarial valuation for the directors is not available.
IRUWKRVHGLVFORVHGLQWKHÀQDQFLDOVWDWHPHQWVIRUWKH\HDU
ended March 31, 2017. Details of all material transactions Under Section 197 of the Companies Act, 2013, a Director
with related parties have been disclosed quarterly to the who is neither in the whole time employment of the
stock exchanges along with the compliance report on &RPSDQ\ QRU D 0DQDJLQJ 'LUHFWRU ¶1RQ([HFXWLYH
corporate governance. Directors’), may be paid remuneration by way of
commission if the members of the Company, authorize
B. Disclosure of Accounting Treatment such payment. However, the remuneration paid to all
VXFK 1RQ([HFXWLYH 'LUHFWRUV WDNHQ WRJHWKHU VKRXOG
The Company has adopted the prescribed accounting
QRW H[FHHG  RI WKH QHW SURÀW RI WKH &RPSDQ\ LQ DQ\
standards i.e. Indian Accounting Standards (Ind AS), for UHOHYDQW ÀQDQFLDO \HDU LI WKH &RPSDQ\ KDV D 0DQDJLQJ
SUHSDUDWLRQRIÀQDQFLDOVWDWHPHQWVGXULQJWKH\HDU RU D :KROHWLPH 'LUHFWRU RU PDQDJHU 7KH %RDUG RI
Directors of the Company has approved a commission of
C. Remuneration of Directors ` 10.50 (previous year `PLOOLRQWRWKH1RQ([HFXWLYH
Within the limits prescribed under the Companies Act, 'LUHFWRUVRIWKH&RPSDQ\IRUWKHÀQDQFLDO\HDU
2013 and by the shareholders’ resolutions, the Nomination 7KHUH LV QR RWKHU UHPXQHUDWLRQ WR WKH 1RQ([HFXWLYH
and Remuneration (HR) Committee determines and Directors, except sitting fees for the meetings attended by
recommends to the Company’s Board the remuneration WKHP7KHGHWDLOVRIUHPXQHUDWLRQWRWKH1RQ([HFXWLYH
SD\DEOH WR ([HFXWLYH DQG 1RQ([HFXWLYH 'LUHFWRUV DQG 'LUHFWRUVIRUWKHÀQDQFLDO\HDUDUHJLYHQLQ7DEOH
thereafter the Board considers the same for approval. 12.
During the year under review, no ESOPs were granted
to the Directors. The details of remuneration paid to the
Executive Directors of the Company are given in Table 11.

Annual Report 2016-17 73

Table 12: Remuneration to Non-Executive Directors striving to strengthen the reporting system to take care of
the continuously evolving compliance scenario.
(Amount in ` million)
Name of Director Commission Sitting Fees F. Reconciliation of Share Capital
Ms. Lila Poonawalla 2.23 0.33
As stipulated by the Securities and Exchange Board of
>&KDLUSHUVRQ$XGLW
India (SEBI), a Practicing Company Secretary carries out
Committee and Risk the audit of Reconciliation of Share Capital and provides
Management Committee ] a report to reconcile the total admitted capital with the
Dr. R. A. Mashelkar 1.85 0.10 National Securities Depository Limited (NSDL) and Central
[Chairman – Innovation Depository Services (India) Limited (CDSL) and the total
Council and Stakeholders issued and listed capital. This reconciliation is carried out
Relationship Committee] every quarter and the report thereon is submitted to the
Mr. Adi Engineer 2.16 0.30 stock exchanges and is also placed before the Board.
>&KDLUPDQ1RPLQDWLRQ 7KH $XGLW LQWHUDOLD FRQÀUPV WKDW WKH WRWDO OLVWHG DQG
& Remuneration (HR) paid up capital of the Company is in agreement with the
Committee] aggregate of the total number of shares in dematerialized
Prof. Alberto Sangiovanni 2.65 0.11 form (held with NSDL and CDSL) and total number of
Vincentelli shares in physical form.
Mr. B V R Subbu [Chairman 1.61 0.12 G. Shareholders
²4XDOLW\&RXQFLO@
i) Disclosure regarding appointment or re-appointment
TOTAL 10.50 0.96
of Directors
Basis for remuneration paid to Non-Executive Directors According to the provisions of the Companies Act,
 DW OHDVW WZRWKLUG RI WKH 1RQ,QGHSHQGHQW
Remuneration Board Committee Committee
'LUHFWRUV DUH OLDEOH WR UHWLUH E\ URWDWLRQ 2QHWKLUG
member Chairman member
of the Directors who are liable to retire by rotation,
Sitting Fees ` ` `SHU retire at every Annual General Meeting and, if
per meeting per meeting meeting HOLJLEOH DQG ZLOOLQJ PD\ EH UHDSSRLQWHG E\ WKH
Commission The total amount of commission to be shareholders. Accordingly, Mr. S. B. (Ravi) Pandit
SDLG WR WKH 1RQ([HFXWLYH 'LUHFWRUV IRU retires at the forthcoming Annual General Meeting
)<  LV ` 10.50. This is distributed of the Company and being eligible, offers himself
DPRQJWKH1RQ([HFXWLYH'LUHFWRUVRQWKH IRU UHDSSRLQWPHQW 7KH %RDUG KDV UHFRPPHQGHG
basis of their chairmanship / membership his reappointment. Detailed resume of Mr. S. B.
of Board committees, duration of their (Ravi) Pandit is provided in ‘Additional Shareholders
directorship during the year and their Information’ section in this Annual Report.
general contribution to the Company ii) Communication to shareholders
outside board / committee meetings.
  7KH &RPSDQ\·V TXDUWHUO\ ÀQDQFLDO UHVXOWV LQYHVWRU
D. Management Discussion & Analysis updates and other investor related information
A detailed Management Discussion and Analysis is given are posted on the Company’s website (www.kpit.
as a separate section in this Annual Report. During the FRP7KHTXDUWHUO\ÀQDQFLDOUHVXOWVRIWKH&RPSDQ\
\HDUWKHUHKDYHEHHQQRPDWHULDOÀQDQFLDODQGFRPPHUFLDO were published in Financial Express and Loksatta.
transactions made by the management, where they had Financial results and all material information are also
SHUVRQDO LQWHUHVW FRQÁLFWLQJ ZLWK WKH LQWHUHVW RI WKH regularly provided to the Stock Exchanges as per the
Company at large. requirements of the SEBI (LODR) Regulations, 2015.
Any presentation made to analysts and others are
E. Legal Compliance Reporting also posted on the Company’s website.
The Company has installed a compliance tool which
The details of correspondence received from the
provides automated Statutory Compliance Report from
shareholders / investors during the period April 1,
various functions on PAN India basis for compliance with
2016 to March 31, 2017, are given in the ‘Additional
laws applicable to the respective function. A consolidated
Shareholder Information’ section in this Annual
report on compliance with applicable laws is presented
Report.
to the Board every quarter. The Company is constantly

Annual Report 2016-17 74

iii) General body meetings
Table 13: Details in respect of the last three Annual General Meetings (AGMs) of the Company
Date of the Venue of the meeting Time Special Resolution Passed
meeting(year) of the
meeting
July 25, 2014 KPIT Technologies Ltd. Auditorium SDB II, 35 10.30 A.M. 1) Appointment of Mr. S. B. (Ravi) Pandit as a
   5DMLY *DQGKL ,QIRWHFK 3DUN 3KDVH  I, :KROHWLPH'LUHFWRU
0,'&+LQMDZDGL3XQH  5HDSSRLQWPHQW RI 0U .LVKRU 3DWLO DV &KLHI
([HFXWLYH2IÀFHUDQG0DQDJLQJ'LUHFWRU
3) Revision of terms and conditions of appointment
of Mr. Sachin Tikekar, Whole time Director.
4) Approval for entering into contract with
(XURÀQDQFH 7UDLQLQJ 3ULYDWH /LPLWHG IRU
availing marketing consultancy services.
5) Increase in the number of directors from
ÀIWHHQWRHLJKWHHQDQGFRQVHTXHQW
alteration of Articles of Association of the
Company.
6) Approval for Foreign Institutional Investors
(FIIs) to collectively hold not more than 80%
of equity shares of the Company.
August 19, 2015 KPIT Technologies Ltd. Auditorium SDB II, 35 10.30 A.M.  3D\PHQW RI &RPPLVVLRQ WR 1RQ([HFXWLYH
   5DMLY *DQGKL ,QIRWHFK 3DUN 3KDVH  I, Director.
0,'&+LQMDZDGL3XQH 2) Approval of KPIT Technologies Limited
Employee Stock Options Plan 2015 and grant
of Stock Options to the employees of the
Company.
3) Grant of Stock Options to the employees of
the Subsidiary Company(s) of the Company
under KPIT Technologies Limited Employee
Stock Options Plan 2015.
4) Approval of Acquisition of Secondary Shares
through Employee Welfare Trust for the
implementation of Employee Stock Option
Plans of the Company.
5) Approval of extension of exercise period
under Employee Stock Option Plan 2004.
6) Approval of extension of exercise period
under Employee Stock Option Plan 2006.
7) Approval of extension of exercise period
under Employee Stock Option Plan 2014.
8) To approve a scheme for provision of money
by the Company to employee welfare trust /
trustees for purchase of or subscription for
IXOO\SDLGXSVKDUHVRIWKH&RPSDQ\IRUWKH
EHQHÀWRIHPSOR\HHVXQGHUYDULRXV(PSOR\HH
Stock Option Plans.
9) Adoption of new set of Articles of Association.

August 24, 2016 KPIT Technologies Ltd. Auditorium SDB II, 35 10.30 A.M.  5HDSSRLQWPHQWRI0U6DFKLQ7LNHNDU:KROH
   5DMLY *DQGKL ,QIRWHFK 3DUN 3KDVH  I, WLPH'LUHFWRUIRUDSHULRGRIÀYH\HDUV
0,'&+LQMDZDGL3XQH

Annual Report 2016-17 75

 iv) Special Resolution through Postal Ballot VII. COMPLIANCE WITH MANDATORY
During the year, the Company has not passed any 5(48,5(0(176
special resolution through postal ballot.
The Company has complied with the mandatory
v) The details of Investors’ / Shareholders’ Grievance requirements of the SEBI (LODR) Regulations, 2015.
Committee are given in ‘Additional Shareholders
Information’ section in this Report.
VIII. C O M P L I A N C E A G A I N S T
 ',6&5(7,21$5<5(48,5(0(176
vi) The details of Share transfer system is given in OF THE SEBI (LODR) REGULATIONS,
‘Additional Shareholders Information’ section in this 2015
Annual Report. 1. The Company has appointed different persons for
the post of Chairman and Managing Director / Chief
vii) None of the Directors is related to any other Director.
([HFXWLYH2IÀFHU
H. Dividend Distribution Policy 2. The Company prepares quarterly investor updates
Pursuant to the SEBI (LODR) Regulations, 2015, the ZKLFKFRYHUVRSHUDWLRQDOGHWDLOVDSDUWIURPÀQDQFLDO
Company has formulated Dividend Policy to state the details which are uploaded on the website of the
guiding principles of dividend declaration by the Company Company and stock exchanges. Copies of the same
and the same has been uploaded on the website of the are being provided on request.
Company (https://www.kpit.com/company/investors/ 3. The Internal Auditor presents the internal audit
FRUSRUDWHJRYHUQDQFH report to the Audit Committee.

Training of Board members

V. CEO and CFO CERTIFICATION
During the year, the Board members were provided a deep
As required by Regulation 17(8) of the SEBI (LODR) and thorough insight to the business model of the Company
5HJXODWLRQV  WKH &(2 DQG &)2 FHUWLÀFDWH WR WKH through detailed presentations on the operational aspects of
Company’s Board is annexed to this Report. the Company’s business. At every Board meeting, there is a
detailed business presentation made which is useful to the
VI. COMPLIANCE Directors in understanding the business. The presentation is
As required by Regulation 34(3) read with Schedule V of made by the business leader so that the Directors are able to
WKH6(%,/2'55HJXODWLRQVWKH$XGLWRUV·FHUWLÀFDWH connect with the leader and also ask him related questions.
on corporate governance is annexed to this Report. Efforts are also made to acquaint and train the Board members
about the emerging trends in the industry. The internal
Further, during the last three (3) years, there have been newsletters of the Company are regularly shared with the Board
no penalties, strictures imposed on the Company by the PHPEHUVWRNHHSWKHPXSWRGDWHZLWKWKHGHYHORSPHQWVLQ
stock exchanges and other statutory authorities, on any the Company, on a continuing basis.
matter relating to capital markets.
Corporate Sustainability Report
Lastly, the Company has also made the necessary The Company has prepared a Corporate Sustainability Report
GLVFORVXUHVDVUHTXLUHGLQVXESDUDWRRI3DUW&RI giving detailed information of the Company’s efforts towards
Schedule V of the SEBI (LODR) Regulations, 2015. managing sustainable growth. The report can be accessed on
the Company’s website.

Annual Report 2016-17 76

Business Responsibility Report DECLARATION OF THE CHIEF EXECUTIVE
Pursuant to the provisions of Regulation 34 of the SEBI (LODR) OFFICER & MANAGING DIRECTOR
Regulations, 2015, the Company has prepared a Business This is to certify that the Company has laid down code of
Responsibility Report and the same has been given on page conduct for all the Board members and senior management
no. 107 in this Annual Report. personnel of the Company and the same is uploaded on the
Secretarial Standards issued by the Institute of Company website of the Company www.kpit.com.
Secretaries of India )XUWKHUFHUWLÀHGWKDWWKHPHPEHUVRIWKH%RDUGRI'LUHFWRUV
DQG VHQLRU PDQDJHPHQW SHUVRQQHO KDYH DIÀUPHG WKH
The Institute of Company Secretaries of India (‘ICSI’), one of the compliance with the code applicable to them during the year
premier professional bodies in India, has issued 10 Secretarial ended March 31, 2017.
Standards. Out of which 2 Secretarial Standards have been
made mandatory as per the provisions of the Companies Act, Pune Kishor Patil
2013. The Company adheres by these standards. April 26, 2017 CEO & Managing Director

$XGLWRUV·FHUWLÀFDWHRQ&RUSRUDWH*RYHUQDQFH
To the Members of KPIT Technologies Limited

We have examined the compliance of the conditions of Corporate Governance by KPIT Technologies Limited (“the Company”) for
the year ended on 31 March 2017, as stipulated in Chapter IV of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).

The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to
procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate
*RYHUQDQFH,WLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKHÀQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Regulations, as applicable.

:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIÀFLHQF\RU
effectiveness with which the Management has conducted the affairs of the Company.

For B S R & Co. LLP

Chartered Accountants
)LUP5HJLVWUDWLRQ1R::

Vijay Mathur
Partner
Membership No.047483

Place: Pune
Date: 26 April 2017

Annual Report 2016-17 77

&KLHI([HFXWLYH2IÀFHU&(2DQG&KLHI)LQDQFLDO2IÀFHU
&)2&HUWLÀFDWLRQ
We, Kishor Patil, CEO & Managing Director and $QLO3DWZDUGKDQ&KLHI)LQDQFLDO2IÀFHU of KPIT Technologies Limited (“the
&RPSDQ\µWRWKHEHVWRIRXUNQRZOHGJHDQGEHOLHIFHUWLI\WKDW
$ :HKDYHUHYLHZHGÀQDQFLDOVWDWHPHQWVFRQVROLGDWHGDQGVWDQGDORQHIRUWKH\HDU$SULOWR0DUFKDQGWRWKH
best of our knowledge and belief:

(1) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might
EHPLVOHDGLQJ

(2) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year i.e. April 1,
2016 to March 31, 2017 which are fraudulent, illegal or violative of the Company’s code of conduct.

& :HDFFHSWUHVSRQVLELOLW\IRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOFRQWUROVIRUÀQDQFLDOUHSRUWLQJDQGWKDWZHKDYHHYDOXDWHGWKH
HIIHFWLYHQHVVRILQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRÀQDQFLDOUHSRUWLQJDQGZHKDYHGLVFORVHGWRWKHDXGLWRUV
DQGWKHDXGLWFRPPLWWHHGHÀFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRIVXFKLQWHUQDOFRQWUROVLIDQ\RIZKLFKZHDUHDZDUHDQGWKH
VWHSVZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGHÀFLHQFLHV

D. We have indicated to the auditors and the Audit Committee

  VLJQLÀFDQWFKDQJHVLQLQWHUQDOFRQWURORYHUÀQDQFLDOUHSRUWLQJGXULQJWKH\HDULH$SULOWR0DUFK

  VLJQLÀFDQW FKDQJHV LQ DFFRXQWLQJ SROLFLHV GXULQJ WKH \HDU DQG WKDW WKH VDPH KDYH EHHQ GLVFORVHG LQ WKH QRWHV WR WKH
ÀQDQFLDOVWDWHPHQWV

  LQVWDQFHVRIVLJQLÀFDQWIUDXGRIZKLFKZHKDYHEHFRPHDZDUHDQGWKHLQYROYHPHQWWKHUHLQLIDQ\RIWKHPDQDJHPHQWRU
DQHPSOR\HHKDYLQJDVLJQLÀFDQWUROHLQWKH&RPSDQ\·VLQWHUQDOFRQWUROV\VWHPRYHUÀQDQFLDOUHSRUWLQJ

Pune Kishor Patil Anil Patwardhan

$SULO     &(2 0DQDJLQJ'LUHFWRU  &KLHI)LQDQFLDO2IÀFHU

Annual Report 2016-17 78

$GGLWLRQDO6KDUHKROGHU,QIRUPDWLRQ
1. 5HJLVWHUHGDQG&RUSRUDWH2IÀFH :  5DMLY*DQGKL,QIRWHFK3DUN0,'&3KDVHI, Hinjawadi, Pune –
7HO1R)D[1R
Website: www.kpit.com.
2. Date of Incorporation : December 28, 1990
3. Registration No./CIN : L72200PN1990PLC059594
4. Date, Time and Venue of 26th AGM : August 23, 2017, 10.30 a.m. at Auditorium, KPIT Campus, 35 & 36, Rajiv
*DQGKL,QIRWHFK3DUN3KDVHI, MIDC, Hinjawadi, Pune – 411057. The
Notice of the Annual General Meeting is being sent to the Members
along with this Annual Report.
5. Book Closure Dates : August 12, 2017 to August 23, 2017 (both days inclusive)
6. Dividend Payment Date : After August 23, 2017, but within the statutory time limit of 30 days,
subject to shareholders’ approval.
7. Financial Year : $SULO0DUFK
8. Financial Calendar for 2017-2018 (tentative and
subject to change)
)LQDQFLDO UHSRUWLQJ IRU WKH ÀUVW TXDUWHU HQGLQJ : July 19, 2017
June 30, 2017
Financial reporting for the second quarter ending : October 31, 2017
September 30, 2017
Financial reporting for the third quarter ending : January 24, 2018
December 31, 2017
Financial reporting for the last quarter and year : April 25, 2018
ending March 31, 2018
Annual General Meeting for the year ending : August, 2018
March 31, 2018
9. The shares of the Company are listed on the
following Stock Exchanges:
National Stock Exchange of India Limited : ([FKDQJH 3OD]D 3ORW 1R & * %ORFN %DQGUD.XUOD &RPSOH[
Bandra (E), Mumbai – 400 051.
NSE Code : KPIT
BSE Limited : Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001.
BSE Code: 532400
ISIN Number of the Company : INE836A01035

 7KH&RPSDQ\KDVSDLGWKH$QQXDO/LVWLQJ)HHIRUWKH)LQDQFLDO<HDUWRERWKWKH6WRFN([FKDQJHVRQZKLFKWKHVKDUHV
of the Company are listed.

10. Shareholders are requested to send all share transfers and correspondence relating to shares, dividend etc. to our Registrar
& Share Transfer Agent at:

Link Intime India Private Limited, Contact Person: Mr. Bhagavant Sawant, Block No. 202, Akshay Complex, Off Dhole Patil Road,
1HDU*DQHVK7HPSOH3XQH²3KRQH(PDLO[email protected]. You can also contact
0V6QHKD3DGYH&RPSDQ\6HFUHWDU\DQG&RPSOLDQFH2IÀFHU1R([WQ²)D[1R
(PDLO[email protected], in case you need any further assistance. For any kind of grievance and for their speedy redressal,
the shareholders may send their grievances to [email protected].

11. Share transfer system:

The share transfer activities are carried out by our Registrar & Share Transfer Agent, the details of which are given above. The
GRFXPHQWVDUHUHFHLYHGDWWKHLURIÀFHLQ0XPEDL3XQHDQGDOVRDWWKH5HJLVWHUHG2IÀFHRIWKH&RPSDQ\7KHVKDUHWUDQVIHUV
DUHFDUULHGRXWZLWKLQDSHULRGRIÀIWHHQGD\VIURPWKHGDWHRIORGJPHQWSURYLGHGDOOWKHSDSHUVUHFHLYHGDUHLQRUGHU

Annual Report 2016-17 79

12. Dematerialization of shares and liquidity:

As on March 31, 2017, 99.41% of the total issued share capital was held in electronic form with National Securities Depository
Limited and Central Depository Services (India) Limited.

 6KDUHVDOORWWHGGXULQJWKHÀQDQFLDO\HDUHQGHG0DUFK

KPIT Technologies Employees Welfare Trust (“the Trust”) is a trust formed for employee welfare activities, which includes,
administration of Company’s Employee Stock Option Plan (“ESOP”) Schemes. As part of its operations, the Trust is allotted
shares by the Company or it acquires shares from open market and the Trust, in turn, sells such shares for administration of the
ESOP schemes. The holding of shares and the sale of shares by the Trust, is done on behalf of the employees. As per provisions
RI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHÀWV5HJXODWLRQVWKHWRWDOQXPEHURIVKDUHVXQGHU
VHFRQGDU\DFTXLVLWLRQKHOGE\WKH7UXVWVKDOODWQRWLPHH[FHHGÀYHSHUFHQWRIWKHSDLGXSHTXLW\FDSLWDO7RFRPSO\ZLWKWKHVH
provisions, shares are allotted during the year under ESOP schemes by way of transfer of shares from trust to employee and no
fresh allotments were made by ESOP Committee during the year.

14. Shareholding Pattern as on March 31, 2017:

Category No. of shares held % of total share capital
Promoters 37,391,122 18.93
Public 150,802,276 76.36
Mutual Funds 5,044,746 2.56
Foreign Institutional Investors 25,555,066 12.94
Foreign Portfolio Investors 76,450,920 38.71
Bodies Corporate 3,905,711 1.98
Foreign Company 7,776,000 3.94
1RQ5HVLGHQW,QGLDQ 2,585,808 1.31
Others 29,484,025 14.92
Non-Promoter – Non-Public 9,305,344 4.71
TOTAL 197,498,742 100.00

15. As on March 31, 2017, the top ten shareholders of the Company were as under:
Sr. Name of the Shareholder No. of % of total paid Category
No. Shares held up share capital
1 3URÀFLHQW)LQVWRFN//3 28,609,782 14.49 Promoter
2 Warhol Limited 19,483,674 9.87 Foreign Institutional Investor
3 KPIT Technologies Employees Welfare Trust 9,305,344 4.71 1RQ3URPRWHU1RQ3XEOLF
4 )LGHOLW\3XULWDQ7UXVW)LGHOLW\/RZ3ULFHG6WRFN)XQG 9,000,000 4.56 Foreign Institutional Investor
5 Van Dyck 7,776,000 3.94 Foreign Company
6 New Horizon Opportunities Master Fund 6,500,000 3.29 Foreign Portfolio Investor (Corporate)
7 Acacia Partners, LP 4,800,000 2.43 Foreign Portfolio Investor (Corporate)
8 Acacia Institutional Partners, LP 4,597,575 2.33 Foreign Portfolio Investor (Corporate)
9 Acacia Conservation Fund LP 3,430,056 1.74 Foreign Portfolio Investor (Corporate)
10 Smallcap World Fund, Inc 3,036,444 1.54 Foreign Portfolio Investor (Corporate)
TOTAL 96,538,875 48.90

Annual Report 2016-17 80

16. Distribution Schedule as on March 31, 2017:

Quantity of Shares Shareholders Face Value of

%
From - To Number % shares held (`)
 56,597 96.99 27,064,764 6.85
 833 1.43 61,81,934 1.57
 384 0.66 5,828,774 1.48
 105 0.18 2,598,852 0.66
 96 0.16 3,471,262 0.88
 35 0.06 1,598,200 0.40
 108 0.19 79,49,386 2.01
1,00,001 & above 193 0.33 340,304,312 86.15
TOTAL 58,351 100.00 394,997,484 100.00

17. Monthly high / low and average of KPIT’s share prices on the National Stock Exchange of India Limited (NSE) and BSE Limited
(BSE)

NSE BSE Total Volume

High Low Average Volume High Low Average Volume NSE + BSE
April ‘16 163.70 141.20 151.31 12,246,408 163.50 141.20 151.15 1,863,593 14,110,001
May ‘16 182.00 156.30 164.19 14,447,632 181.80 156.45 163.96 1,717,179 16,164,811
June ‘16 196.85 172.85 182.02 25,327,194 196.60 173.10 181.92 3,103,933 28,431,127
July ‘16 166.45 130.60 142.50 38,739,821 166.60 130.55 142.36 5,238,565 43,978,386
Aug ‘16 138.00 125.05 129.76 19,823,875 137.90 125.10 129.79 2,558,681 22,382,556
Sept ‘16 136.70 122.00 129.72 19,585,238 126.20 122.60 129.67 2,036,539 21,621,777
Oct ‘16 147.30 125.10 136.02 27,020,066 144.65 105.55 135.76 3,436,054 3,529,888
Nov ‘16 143.90 121.05 130.51 12,876,108 143.90 121.30 130.56 1,679,621 14,555,729
Dec ‘16 141.00 128.70 134.37 10,537,210 141.00 129.10 134.35 1,521,217 12,058,427
Jan ‘17 146.80 128.80 137.77 16,263,071 146.90 129.30 137.71 2,061,930 12,599,140
Feb ‘17 144.00 128.10 133.61 9,631,651 143.70 128.30 133.52 838,892 10,470,543
Mar ‘17 142.00 129.30 132.92 13,504,489 142.00 129.40 132.92 5,334,002 18,838,491

18. Share performance chart of the Company in comparison to BSE Sensex and Nifty:

KPIT share price at BSE v/s BSE Sensex

35000 200

KPIT share price BSE (Closing)

150
25000
BSE Sensex

100

15000

50

5000 0
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17
Months Sensex KPIT Price

Annual Report 2016-17 81

 KPIT share price at NSE v/s Nifty
9500 250

9000

KPIT share price NSE (Closing)

200

8500 150
Nifty

8000 100

7500 50

7000 0
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17

Months Nifty KPIT Price

19. Details of dividend in the Unpaid / Unclaimed Dividend Accounts as on March 31, 2017 :
(` in million)
Year Balance Date of completion of 7 years*
)RUWKHÀQDQFLDO\HDU 0.18 August 19, 2017
)RUWKHÀQDQFLDO\HDU 0.17 August 11, 2018
)RUWKHÀQDQFLDO\HDU 0.33 August 29, 2019
)RUWKHÀQDQFLDO\HDU 0.50 August 15, 2020
)RUWKHÀQDQFLDO\HDU 1.53 August 28, 2021
)RUWKHÀQDQFLDO\HDU 1.78 September 22, 2022
)RUWKHÀQDQFLDO\HDU,QWHULP 0.70 May 4, 2023
)RUWKHÀQDQFLDO\HDU)LQDO 0.64 September 27, 2023

During the year, the Company transferred an amount of `EHLQJWKHXQFODLPHGGLYLGHQGSHUWDLQLQJWRWKHÀQDQFLDO

\HDUWRWKH,QYHVWRUV(GXFDWLRQDQG3URWHFWLRQ)XQG,(3)LQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQRIWKH
Companies Act, 2013.

*As per Section 124 of the Companies Act, 2013, any money transferred to the Unpaid Dividend Account of a Company in
pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be
transferred by the Company along with interest accrued, if any, thereon to IEPF. In view of this provision, the shareholders are
NLQGO\UHTXHVWHGWRJHWWKHLUSHQGLQJGLYLGHQGZDUUDQWVLIDQ\SHUWDLQLQJWRWKHDERYHÀQDQFLDO\HDUVHQFDVKHGDWWKHHDUOLHVW
Shareholders can send the unpaid dividend warrants to the Registrar & Share Transfer Agent of the Company for the purpose
of revalidation / reissue.

Please note that pursuant to section 124 (6) read with Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer & Refund) Amendment Rules, 2016 (“Rules”) as amended from time to time, shares in respect of such dividend will be
WUDQVIHUUHGLQWKHQDPHRI,(3)LQFOXGLQJDOOEHQHÀWVDFFUXLQJRQVXFKVKDUHV7KH&RPSDQ\KDVVHQWRXWLQGLYLGXDOFRPPXQLFDWLRQ
to shareholders whose dividends remains unclaimed for seven years and published an advertisement in newspapers, inviting
such shareholders to claim their dividend. The information in respect of such shares is uploaded on the website of the Company
KWWSVZZZNSLWFRPFRPSDQ\LQYHVWRUVSROLFLHVUHSRUWVÀOLQJV0HPEHUVFDQFODLPEDFNVXFKGLYLGHQGDQGVKDUHVLQFOXGLQJ
DOOEHQHÀWVDFFUXLQJRQVXFKVKDUHVIURPWKH,(3)$XWKRULW\DIWHUIROORZLQJWKHSURFHGXUHSUHVFULEHGLQWKH5XOHV

Annual Report 2016-17 82

20. Details of correspondence received from the Shareholders / Investors during the period from April 1, 2016 to March 31, 2017:

Sr. Nature of request / complaints No. of pending No. of No. of requests No. of pending
No. requests / requests / / complaints requests /
complaints as on complaints processed complaints as on
as on April 1, 2016 received March 31, 2017
1 Change of Address Nil 5 5 Nil
2 Bank Details / Mandate / Electronic Clearing Nil 17 17 Nil
Services
3 Stop Transfer/ Procedure for Duplicate Share Nil 3 3 Nil
4 Revalidation of warrants / Replacement of Nil 127 127 Nil
dividend warrant / Issue of fresh drafts
5 ,VVXHRI'XSOLFDWH6KDUH&HUWLÀFDWH Nil 1 1 Nil
6 Correction of Name Nil 1 1 Nil
7 SEBI Complaints Nil 2 2 Nil
8 Change of Signature Nil 1 1 Nil
9 ([FKDQJHRI6KDUH&HUWLÀFDWH Nil 1 1 Nil
10 Others Nil 7 7 Nil
Total Nil 165 165 Nil

21. Outstanding GDRs / ADRs / Warrants or any convertible instruments, conversion date and likely impact on equity:

The Company has not issued any GDRs / ADRs / Warrants or any convertible instruments.

22. Unclaimed Shares

As mandated under Regulation 39(4) read with Schedule VI of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, (hereinafter referred to as “the SEBI (LODR) Regulations, 2015”) for shares in demat form, the Company is required to
transfer the unclaimed shares to a Demat Suspense Account maintained with a Depository Participant. Further, in case of shares
in physical form, the Company shall transfer all the shares into one folio in the name of “Unclaimed Suspense Account” and
shall dematerialize the shares held in Unclaimed Suspense Account with a Depository Participant. The Company has sent three
reminder notices to the concerned shareholders in this regard. The details in terms of Regulation 34(3) read with Schedule V (F)
of the SEBI (LODR) Regulations, 2015, are stated below:

Sr. Particulars No. of No. of shares

No. shareholders
(i) Aggregate number of shareholders and the outstanding shares in the Unclaimed 67 50,000
Suspense Account lying at the beginning of the year i.e. April 1, 2016
(ii) Number of shareholders who approached the issuer for transfer of shares from 2 1,000
shares in the Unclaimed Suspense Account during the year from April 1, 2016 to
March 31, 2017
(iii) Number of shareholders to whom shares were transferred from shares in 2 1,000
the Unclaimed Suspense Account during the period from April 1, 2016 to March
31, 2017
(iv) Aggregate number of shareholders and the outstanding shares in the Unclaimed 65 49,000
Suspense Account at the end of the year from April 1, 2016 to March 31, 2017

Voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.

Annual Report 2016-17 83

23. Publication of results and presentation made to institutional investors & analysts:

The Company has been regularly publishing its quarterly and yearly results in newspapers, detailed below, as per the requirement
of the SEBI (LODR) Regulations, 2015:

Date of Publication Particulars Newspaper

April 29, 2016 $XGLWHG FRQVROLGDWHG ÀQDQFLDO UHVXOWV IRU The Financial Express & Loksatta
the quarter and year ended March 31, 2016.
July 22, 2016 8QDXGLWHGFRQVROLGDWHGÀQDQFLDOUHVXOWVIRU The Financial Express & Loksatta
the quarter ended June 30, 2016.
October 21, 2016 8QDXGLWHGFRQVROLGDWHGÀQDQFLDOUHVXOWVIRU The Financial Express & Loksatta
the quarter and half year ended September
30, 2016.
January 20, 2017 8QDXGLWHG FRQVROLGDWHG ÀQDQFLDO UHVXOWV The Financial Express & Loksatta
for the quarter and nine months ended
December 31, 2016.
April 28, 2017 $XGLWHG FRQVROLGDWHG ÀQDQFLDO UHVXOWV IRU The Financial Express & Loksatta
the quarter and year ended March 31, 2017.

The results and presentations made to institutional investors & analysts have also been regularly uploaded in Investor section
of our website www.kpit.com.

%RDUGPHPEHUV·SURÀOHV

 7KH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\ FRQVLVWV RI H[HFXWLYH DQG QRQH[HFXWLYH PHPEHUV 7KH SUHVHQW %RDUG FRQVLVWV RI
following members:

Co-Founder, Chairman & Group CEO

Mr. S. B. (Ravi) PanditLVD&RIRXQGHU&KDLUPDQDQG*URXS&(2RI.3,77HFKQRORJLHV/LPLWHG+LVYLVLRQDVWKHIRXQGHURI.3,7KDV

steered the Company towards achieving leadership position as product engineering, technology solutions and services provider.
+HSRVVHVVHVH[WHQVLYHH[SHULHQFHLQWKHÀHOGVRI,7&RUSRUDWH6WUDWHJ\)RUPXODWLRQDQG0DQDJHPHQW&RQVXOWLQJ+HKDVEHHQ
instrumental in shaping KPIT’s strategy based on the tenets of innovation and sustainable development. Widely respected for
integrity, innovation and dynamism, Mr. Pandit has successfully established and grown partnerships with customers, partners
DQGLQGXVWU\ERGLHVVHWWLQJEHQFKPDUNVLQFRUSRUDWHJRYHUQDQFHUHJLRQDOFRRSHUDWLRQDQGFRLQQRYDWLRQ)RUKLVFRPPLWPHQW
to conducting business in an ethical manner and for the value KPIT partnership has brought to Cummins, Mr. Pandit has
been honored with the J Irwin Miller Award of Excellence by Cummins. He has been awarded the Rotary Excellence Award for
exemplary leadership and outstanding performance and honored with the Maharashtra Corporate Excellence (MAXELL) Awards
for Excellence in Entrepreneurship and for his contribution to the economic and industrial development of Pune City. He was
3UHVLGHQWRIWKH0DKUDWWD&KDPEHURI&RPPHUFH,QGXVWULHVDQG$JULFXOWXUHGXULQJ+HKROGVD060DQDJHPHQW
degree from Sloan School of Management, MIT, Cambridge, USA. He is a gold medalist and fellow member of the Institute of
Chartered Accountants of India and an associate member of the Institute of Cost Accountants of India.

Co-Founder, CEO & Managing Director

Mr. Kishor PatilLVD&RIRXQGHU&(2DQG0DQDJLQJ'LUHFWRURI.3,7+HJXLGHVRYHUDOOPDQDJHPHQWRIWKH&RPSDQ\DQGLV

UHVSRQVLEOHIRUFXVWRPHUGHOLYHU\XQLWVDQGVXSSRUWIXQFWLRQVDQGHQVXULQJHIÀFLHQWDQGHIIHFWLYHIXQFWLRQLQJRIWKHRUJDQL]DWLRQ
DVDZKROH+HKDVDSDUWLFXODUIRFXVDQGYLVLRQIRUJURZLQJSURGXFWVDQGSODWIRUPV8QGHUKLVOHDGHUVKLS.3,7KDVÀOHGPRUH
WKDQSDWHQWVKDVGHYHORSHGRYHU,3VLQFXWWLQJHGJHWHFKQRORJLHVLQLWVIRFXVDUHDVDQGKDVZRQVHYHUDOQDWLRQDODQG
international awards including the Wall Street Journal Technology Innovation Award, and Knowledge@Wharton Technovation

Annual Report 2016-17 84

 Award. Mr. Patil is a member of the Institute of Chartered Accountants of India and an associate member of the Institute of Cost
$FFRXQWDQWVRI,QGLD,Q0U3DWLOZDVKRQRUHGZLWKWKH&$%XVLQHVV/HDGHU$ZDUG&RUSRUDWHDZDUGE\WKH,QVWLWXWH
of Chartered Accountants of India. For his excellence in entrepreneurship, he was honored with the Maharashtra Corporate
Excellence (MAXELL) Awards 2014. In 2013, Mr. Patil was named among the top 16 entrepreneurs in India by Ernst and Young
in its Entrepreneur of the Year award program, recognized among the Top 50 CEOs of 2013 by The Entrepreneur Magazine,
DQGDZDUGHGWKH5RWDU\([FHOOHQFH$ZDUG+HLVDSUROLÀFVSHDNHUDQGKDVSUHVHQWHGDWYDULRXVQDWLRQDODQGLQWHUQDWLRQDO
forums including the World Economic Forum (WEF), on topics such as entrepreneurship, innovation, building high performance
organizations, and business transformation.

President and Board Member

Mr. Sachin TikekarLVD&RIRXQGHURI.3,7DQGVHUYHVDV%RDUG0HPEHUDQG3UHVLGHQW&XUUHQWO\KHLVIRFXVLQJRQWKHJURZWK

RI $VLD 3DFLÀF VDOHV RYHUDOO VWUDWHJ\ RSHUDWLQJ V\VWHPV FUHDWLRQ RI QHZ VROXWLRQV DQG H[HFXWLYH VSRQVRUVKLS RI NH\ *OREDO
Accounts and Partnerships along with succession planning and development of senior people in the organization. Mr. Tikekar
IRUPHUO\ VHUYHG DV WKH &KLHI 3HRSOH 2IÀFHU DQG WKH &KLHI 2SHUDWLQJ 2IÀFHU RI WKH 86 RSHUDWLRQV RI .3,7 +H LV LQWULQVLFDOO\
involved in building and growing strategic relationships and developing transformational solutions for key customers and
partners. He holds a Masters’ degree in Strategic Management and International Finance from Temple University’s Fox School of
Business and Management, Pennsylvania.

Non-Executive and Independent Directors

Ms. Lila Poonawalla was awarded the Padmashree in 1989 recognized for her exemplary contribution to the world of Engineering
DQG,QGXVWU\6KHZDVWKH&KDLUSHUVRQDQG0DQDJLQJ'LUHFWRURI$OID/DYDO7HWUD3DN,QGLDDQGZDVWKHÀUVWZRPDQWRUHDFK
the post of Managing Director in the Alfa Laval group. She is currently a Director on the Board of Bajaj Allianz General Insurance
Company Limited, Bajaj Allianz Life Insurance Company Limited, VE Commercial Vehicles Limited, Blossom Industries Limited,
Pragati Leadership Institute Private Limited, Noble Tek PLM Solutions Private Limited, Impact Automotive Solutions Limited
and Nihilent Technologies Limited. She has been on the governing body of organizations such as the Confederation of Indian
Industries (CII) and Technology Information Forecasting and Assessment Council formed by the Government of India (TIFAC).
6KHZDVDPHPEHURIWKH6FLHQWLÀF$GYLVRU\ERDUGRIWKH&HQWUDO&DELQHW6$&&DQG&KDLUSHUVRQRIWKH+HUEDODQG)ORULFXOWXUH
7DVNIRUFHRI6$&&$FWLYHO\LQYROYHGLQVRFLDOLQLWLDWLYHVVKHLVRQWKHERDUGRIWUXVWHHVRIWZR3XQHEDVHG1RQ*RYHUQPHQWDO
Organizations (NGOs). In 1994, she started the ‘Lila Poonawalla Foundation’ to promote education among women. She is
presently a member of Executive Council of Maratha Chamber of Commerce Industries (MCCI), National Institute of Agricultural
Extension Management and Top Management Consortium. She is also the Vice Chairperson of the Poona Blind Men’s Association.

Dr. R. A. Mashelkar is deeply committed to the world of Science and Engineering. Dr. Mashelkar has been hugely instrumental in
propagating a culture of innovation and balanced intellectual property rights regime for over a decade. He is a Chancellor in the
$FDGHP\RI6FLHQWLÀF ,QQRYDWLYHUHVHDUFK+HZDVWKHWKLUG,QGLDQHQJLQHHUWRKDYHEHHQHOHFWHGDVD)HOORZRI5R\DO6RFLHW\
)56/RQGRQZDVWKHÀUVW,QGLDQ3UHVLGHQWRIWKH,QVWLWXWHRI&KHPLFDO(QJLQHHUV8.DQGWKHÀUVW,QGLDQ)RUHLJQ)HOORZRI
$XVWUDOLDQ7HFKQRORJLFDO6FLHQFHDQG(QJLQHHULQJ$FDGHP\7ZHQW\HLJKWXQLYHUVLWLHVKDYHKRQRUHGKLPZLWKKRQRUDU\
doctorates, which include Universities of London, Salford, Pretoria, Wisconsin and Delhi. Dr. Mashelkar served as the Director
*HQHUDORI&RXQFLORI6FLHQWLÀFDQG,QGXVWULDO5HVHDUFK&6,5+HZDVDOVRWKH3UHVLGHQWRI,QGLDQ1DWLRQDO6FLHQFH$FDGHP\
+HLVFXUUHQWO\D'LUHFWRURQWKH%RDUGRI5HOLDQFH,QGXVWULHV/LPLWHG7KHUPD[,QGLD/LPLWHG7DWD0RWRUV/LPLWHG
Piramal Enterprises Limited, Tal Manufacturing Solutions Limited, Vyome Biosciences Limited, Invictus Oncology Private Limited,
6DNDO 3DSHU 3ULYDWH /LPLWHG ,QWHUQDWLRQDO /RQJHYLW\ &HQWUH²,QGLD *KDUGD 6FLHQWLÀF 5HVHDUFK )RXQGDWLRQ *KDUGD 0HGLFDO 
Advanced Technical Foundation. Dr. Mashelkar has won over 50 awards and medals at national and international levels and was
honored by the President of India with Padma Vibushan award in the year 2014. Earlier, he was conferred Padma Shri award
(1991) and Padma Bhushan award (2000), in recognition of his contribution to nation building.

Annual Report 2016-17 85

 Mr. Adi Engineer is a Chartered Engineer by profession with a degree in Civil Engineering from the Pune University. He was
associated with Tata group of companies for nearly three decades prior to joining KPIT board, which includes a stint as Managing
Director of Tata Power Limited. In that role, he transformed the company by successfully launching various new initiatives that
VXEVWDQWLDOO\OHGWRLPSURYHGSURÀWDELOLW\+LVFRPSDQ\DOVRVHFXUHGWKH´*RRG&RUSRUDWH&LWL]HQµDZDUGGXULQJKLVFKDUJH
Prior to joining the Tata Group, Mr. Engineer had a successful 20 years stint with the ICI group where he held senior positions in
the management team including setting up large chemical plant projects and later into operations and general management.
0U(QJLQHHUKDVVHUYHGDVWKH'LUHFWRURQWKHERDUGRIVHYHUDOFRPSDQLHVLQWKHÀHOGRIHQHUJ\LQIUDVWUXFWXUHDQGHQJLQHHULQJ
Reckoned for his varied and differentiating experience, Mr. Engineer is a Director in Finolex Cables Limited and Impact Automotive
Solutions Limited. The Confederation of Indian Industry (CII) had also appointed him as the Chairman of the Committee on
Power for the year 2006. He has been a preferred and insightful spokesperson for the power sector at many media interactions.
Having served the industry on numerous fronts, Mr. Engineer brings with him wide experience from more than a dozen boards
of major companies.

Prof. Alberto Sangiovanni Vincentelli ZDV D FRIRXQGHU RI &DGHQFH DQG 6\QRSV\V WZR OHDGLQJ FRPSDQLHV LQ WKH DUHD RI
Electronic Design Automation. He is the Chief Technology Adviser of Cadence and a member of its Board of Directors. He was
a member of the HP Strategic Technology Advisory Board. He is currently a member of the Science and Technology Advisory
Board of General Motors, as well as a member of the Technology Advisory Council of United Technologies Corporation. He is
also a Professor in University of California, Berkeley and Department of Electrical Engineering & Computer Sciences.

Mr. Anant Talaulicar holds a B.E. (Mechanical) degree from Mysore University, M.S. degree from the University of Michigan in
Ann Arbor and a MBA from Tulane University, USA. He is the President of the Cummins Components Group and Vice President
and Managing Director of the Cummins India Area Business Organization. He has been serving Cummins for the past 20 years
LQYDULHGÀHOGVOLNH)LQDQFH0DQXIDFWXULQJ3URGXFW0DQDJHPHQW6WUDWHJ\0DUNHWLQJDQG*HQHUDO0DQDJHPHQW+HKDVOHG
the North and South American Commercial Power Generation business for Cummins with revenues of $300 million. Since 2004,
Mr. Talaulicar has also led the Cummins India Foundation which has implemented sustainable community initiatives such as
UXUDOHOHFWULÀFDWLRQDQGLPSURYLQJDFFHVVWRZDWHU+HVHUYHVDVDPHPEHURIWKH&RQIHGHUDWLRQRI,QGLDQ,QGXVWULHV6RFLHW\RI
Indian Automobile Manufacturers and Automobile Components Manufacturers Association. Currently, he is the Chairman and
Managing Director of Cummins India Limited.

Mr. B V R Subbu is an automotive industry expert and a thought leader. Mr. B V R Subbu holds a post graduate degree in
Economics from Jawaharlal Nehru University and a post graduate diploma from the Indian Institute of Foreign Trade. He was
the President of Hyundai India earlier. He was also extensively involved with the Tata Group holding various responsibilities,
including responsibilities in Tata Motors’ Light Commercial Vehicles and Multi Utility Vehicles business.

Mr. Sanjay KukrejaLVDIXQGPDQDJHUE\SURIHVVLRQ+HMRLQHG&KU\V&DSLWDODIXQGPDQDJHPHQWÀUPLQ$SULO+HPDQDJHV

the investments of ChrysCapital in business services sector. Mr. Sanjay Kukreja received his MBA from the Indian Institute of
Management, Bangalore and graduated with a BA in economics from Delhi University.

Annual Report 2016-17 86

R&D Activities
&KLHI7HFKQRORJ\2IÀFH&72  ‡ .QRZVLWXDWLRQDOVSHHGOLPLWV

Enabling Innovation, Technology, Research and Development  ‡ .QRZURXWHULVNLQDGYDQFH

5 ' DW .3,7 WKH &KLHI 7HFKQRORJ\ 2IÀFH LV .3,7·V 5 '  ‡ 'LVWUDFWLRQOHVVGULYLQJ
center. CTO drives R&D activities along three broad initiatives:
R&D for customers, technology development and fostering  ‡ 5HFHLYHDGYDQFHGLQWLPDWLRQV
innovation.
™ 6PDUW$06  6PDUW $SSOLFDWLRQ 0DQDJHPHQW 6HUYLFHV
R&D for Customers Enabling Technology through SmartAMS

™ KwikPick  +DQGV )UHH $XJPHQWHG 5HDOLW\ 6ROXWLRQ RQ  ‡ 7UDGLWLRQDO $06 LV LQHIÀFLHQW ULJLG ZLWK FRVW
Smart Glass increasing year on year

 ‡ .3,7·V “KwikPick” Hands Free Warehouse Picking  ‡ %XVLQHVVGLVFRQQHFWH[LVWVXVLQJWUDGLWLRQDO$06

Solution with wearable Augmented Reality Smart
Glasses SmartAMS is a service offering to reduce operational
cost and help organizations to focus on business
 ‡ ,WLVPRUHSURGXFWLYHDQGFKHDSHUWKDQ9RLFH3LFNLQJ
transformation
™ JRM -RXUQH\5LVN0DQDJHPHQWIRUVDIHDQGLQFLGHQWIUHH Key focus of SmartAMS is Automation to Automation
transportation of petroleum & petrochemical products. (A2A)
For the customer
 ‡ $XWRPDWLRQ WR UDLVH SURDFWLYH DOHUWV RU HYHQWV DV
 ‡ 3UHGLFWWKHMRXUQH\ soon as the warning or issue is detected

 ‡ 6WDWXWRU\FRPSOLDQFH  ‡ $XWRPDWHGUHVROXWLRQWRUHGXFHUHVROXWLRQWLPH
 ‡ 6DIHGULYLQJSUDFWLFHV  ‡ )RFXV RQ /HIW VKLIW /!/!/!8VHU DSSURDFK
 ‡ 3UHHPSWLQJLQFLGHQWV using technology to reduce operational cost

 ‡ 0LVDSSURSULDWLRQRIJRRGV SmartAMS is based on 3 key principles:

 ‡ 6KLSPHQWKHDOWK  ‡ 6PDUWHU8VH$XWRPDWLRQWRUDLVHSURDFWLYHDOHUWVIRU
prevention of issue
 )RUWKHÁHHWRSHUDWRU
 ‡ )DVWHU$XWRPDWHUHFXUULQJLVVXHUHVROXWLRQWLPH
 ‡ $XWR9HKLFOH/RFDWRU6\VWHP
 ‡ $GKHUHWRYDOLGURXWH  ‡ $YRLGDQFH  $YRLG WLFNHWV  LVVXHV EHLQJ UDLVHG E\
user through Ticket Diagnostics
 ‡ $OHUWV QRWLÀFDWLRQV
 ‡ 6DIHGULYLQJSUDFWLFHV Technology Development Research
 ‡ &RPPXQLFDWLRQWRFXVWRPHU Projects
 ‡ )UHLJKWVHWWOHPHQW ™ City Movement Modeling
 ‡ 8QGHUVWDQG7UDIÀF3DWWHUQV
For the driver
 ‡ &KDQJLQJURDGWUDMHFWRULHV   8QGHUVWDQG WUDIÀF SDWWHUQV LQ FLW\ E\ DQDO\]LQJ
anonymized mobile network data
 ‡ $FFLGHQWSURQH]RQHV
 ‡ 2ULJLQ'HVWLQDWLRQ$QDO\VLV
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In a geo fence area of interest, analyze people
 ‡ 6DIHUSODFHVWRVWRSSDUN
movement to and from the area of interest at
 ‡ 0DQDJHIDWLJXHEUHDNVFKHGXOH different times of the day

Annual Report 2016-17 87

 ‡ &RQJHVWLRQ,QVLJKWV
  8QGHUVWDQG W\SLFDO WUDIÀF ERWWOHQHFN DUHDV E\
studying movement across different parts of the city
by time zones

 ‡ *DSVLQ3XEOLF7UDQVSRUW
  &RUHODWHFXUUHQWGHPDQGFDUU\LQJFDSDFLW\RISXEOLF
transport to the estimated demand on a selected
route

 %HQHÀWV
 ‡ 'HPDQGGULYHQFLW\WUDQVSRUWSODQQLQJ
 ‡ ,QSXWIRUWUDIÀFVLPXODWLRQ
 ‡ 8VHIXOGDWDIRUHFRPPHUFHFRPSDQLHVIRUORJLVWLFV Papers: Further to patents, we also have publications in
different forums for the research work currently in progress.
™ 03& ² 0RGHO 3UHGLFWLYH &RQWURO )RU 5HWURÀW +\EULG
Electric Vehicle Number of Papers Published Per Year
120
104
 ‡ 5XOH EDVHG ORJLF ODFNV PHWKRGLFDO DQG FRQVLVWHQW 100 97
reduction in fuel consumption and emissions of
SUDFWLFDOUHWURÀW+(9 80 75
68

60 56
 ‡ ([WUD FDOLEUDWLRQ HIIRUW UHTXLUHG WR VXLWDEO\ RSHUDWH
46
vehicle in various drive cycles 40

 ‡ ,QFRQVLVWHQWIXHOHIÀFLHQF\EHQHÀWVREVHUYHGDFURVV 20
21

varied driving conditions 10

0
2009 2010 2011 2012 2013 2014 2015 2016 2017
 ‡ 03& EDVHG VROXWLRQ LQYROYHV IUDPLQJ WKH UHWURÀW
Number of Papers
HEV system in terms of MPC architecture

 ‡ 3K\VLFV EDVHG G\QDPLF PRGHO RI SUDFWLFDO UHWURÀW

HEV and its validation KPIT Sparkle 2017
This was the third year of KPIT Sparkle, a national design and
 ‡ 6XSHUYLVRU\FRQWUROOHURI(9UHWURÀW+(9EDVHGRQ development innovation contest for science and engineering
MPC methodology students. The theme of the competition in this edition was
on Smart Cities and centered on creating solutions for Smart
 ‡ 03&EDVHGDSSURDFKUHVXOWVLQRSWLPDOPRWRUWRUTXH
Transportation and Smart Infrastructure using technology.
(leading to optimal torque split) without sensing or
This year, we received over 1,500 ideas from over 10,500
actuating any engine parameters
students across 300 colleges in India with participation of 9
 ‡ &RQVLVWHQW IXHO HIÀFLHQF\ EHQHÀWV REVHUYHG DFURVV premier institutes like IIT’s and NIT’s. The 35 shortlisted teams
multiple drive cycles exhibited their solutions through working prototypes at the
JUDQGÀQDOHKHOGRQFebruary 18 & 19, 2017, at the Deccan
Fostering Innovation College Ground in Pune.
3DWHQWV 7KH SDWHQWLQJ SURFHVV EHJDQ LQ  ZLWK RXU ÀUVW 2Q GLVSOD\ DW WKH ÀQDOV ZHUH VRPH LQWHUHVWLQJ DQG QRYHO
SDWHQWÀOLQJ7KLV\HDUVL[QHZSDWHQWDSSOLFDWLRQVKDYHEHHQ projects in areas such as urban mobility, autonomous vehicles,
ÀOHG DQG VL[ RI RXU SDWHQWV KDYH EHHQ JUDQWHG LQ YDULRXV VPDUW HOHFWULF YHKLFOHV DQG VHOIOHDUQLQJ ERWV FOHDQ DQG
FRXQWULHVDFURVVWKHJOREH:HDOVRJRWRXUÀUVWSDWHQWJUDQW HIÀFLHQW IXHOV WHFKQRORJ\ VROXWLRQV WR UHFRYHU DQG FOHDQ RLO
in India during the year. spills, coherent use of energy from plants, wind, solar and
waste water and separation of plastics from waste.

Annual Report 2016-17 88

7KH ÀQDOLVWV ZHUH HYDOXDWHG IRU QRYHOW\ RI WKHLU LGHDV
FRPSOHWHQHVVRISURWRW\SHIXOÀOOPHQWRIVRFLHW\·VH[SHFWDWLRQV
/ problem statement and technical knowledge.

The winners of the contest were evaluated by a panel of eminent

jurors headed by Padma Vibhushan Dr. R. A. Mashelkar and
announced at an award ceremony on February 19, 2017, where
cash prizes of over ` 20 Lakhs were awarded to them.

The award ceremony was presided by Union Minister for

Human Resources Development (HRD), Hon. Shri Prakash
Javadekar as the Guest of Honor and Padma Shri Dr. Kiran
Karnik, Former President, NASSCOM was the chief guest.
Team Robo-Climb from College of Engineering, Pune (COEP)
won the Silver Award 1 worth ` 2.5 Lakhs for their autonomous
vehicle solution called Wall Climbing Robot, which can be used
for transportation of goods as well as passengers over the
distance.

Team AlphaGears from Mangalore Institute of Technology and

Engineering won the Platinum award of ` 10 lakhs for their
project on frictionless gear transmission system for vehicles
using Polymagnets. This solution will overcome the drawbacks
of present day mechanical gear system.

7HDP 7UDIÀF (\H from Birla Institute of Technology

and Science (BITS), Pilani won the Silver award 2 worth
` 2.5LakhsIRUWKHLUSURMHFW7UDIÀF(\HWRFKHFNWUDIÀFYLRODWLRQV

Team Robo-X-Prime from R. C. Patel Institute of Technology,

Shirpur, Maharashtra won the Gold award worth ` 5 Lakhs
for developing a robot for cleaning and inspection of Power
Transmission Line.

Annual Report 2016-17 89

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Transforming communities through Community Contribution is one of the seven core values at
employee engagement .3,7 ,W KDV D VLJQLÀFDQW PHQWLRQ LQ RXU 0LVVLRQ DQG 9LVLRQ
VWDWHPHQWVWRUHÁHFWRXUFRPPLWPHQWWRZDUGVLW&RQVLGHULQJ
Community Initiatives have been a part of the DNA of KPIT
since its formative days. Our philosophy and guiding principle our capabilities and the needs of the communities that we
towards Community Contribution leverages our expertise serve, we have continued working within the following focus
and knowledge in IT and Engineering, combined with the areas:
volunteering efforts of our employees. We believe responsible
volunteering has the ability to have a long lasting impact on 1. Environment: Making this planet a better place to live in.
WKH VRFLHW\ WKXV PD[LPL]LQJ WKH RXWUHDFK WR EHQHÀFLDULHV
within communities. At KPIT, we aim to create a more equitable 2. Energy: 'HYHORSLQJ LQQRYDWLYH VROXWLRQV IRU HIÀFLHQW
and inclusive society by supporting communities that lead to energy consumption and renewable supply.
sustainable transformation and social integration.
3. Education: Transforming lives through science and
technology education.

4. Employee Engagement: Maximizing impact through

responsible volunteering.

ENVIRONMENT
KPIT is committed towards giving our future generations a
VXVWDLQDEOHZRUOGWKURXJKHIÀFLHQF\LQRXUEXVLQHVVRSHUDWLRQV
and conservation of natural resources.
Volunteers from KPIT Pune at rice plantation activity

Annual Report 2016-17 90

¾ Water Conservation through Mass Volunteering
India has a long tradition of water harvesting. Many of the
traditional water harvesting systems are no longer utilized
or have lost their relevance due to their inability to meet the
community demands. For agrarian villages located in arid
DQGVHPLDULGUHJLRQVRI.DUQDWDND 0DKDUDVKWUDDQ\DFXWH
shortage in rainfall can jeopardize agricultural yields, drinking
water supplies, and the community’s entire existence.

KPIT Volunteers engaged in excavating farm ponds at

Check dam construction at Pasali Village, District Pune Nelamangala, Karnataka
KPIT, along with local farmers association, have taken up
To expand on the water conservation projects, apart from the
project “Krishi Honda” (farm pond), primarily with an aim to
desilting of farm ponds and tree plantation started in 2012, we utilize rain water harvesting as a means to give a new lease of
adopted few new and different models for water conservation life to the village of Alladahalli (Nelmangala Taluk), tainted by
this year. We excavated new wells in the villages, constructed scorching summers.
Check Dams and Cement Nala Bund (CNB), widening and
Krishi Honda, are usually square or rectangular dug out ponds,
deepening of water canal, with incentivizing land levelling
surrounded by a small bund, which harvest rainwater and store
activities. it for further use. Agricultural ponds have a variety of uses,
ranging from providing water for irrigation, domestic purposes
¾ Farm Pond Activity (Nelamangala, Karnataka & Velha,
and livestock, recharging the ground water, improving
Maharashtra)
drainage, among many others. The bunds can be used to
Karnataka and Maharashtra, both being predominantly nurture vegetables and fruits, thus incrementing the source
agrarian states, cultivation and sustenance of water, coupled of income of the villagers as well. KPIT has built three Krishi
with unpredictable monsoons, has been a very pertinent issue. Hondas in Alladahalli Village, where close to 90 volunteers
worked tirelessly to ensure that the villagers can reap the
Often, even the meagre water received during the monsoons,
EHQHÀWVRILWLQWKHGD\VWRFRPH
just drains away. But if the rainwater is stored properly, the
ground water table will be recharged and crops can get Year 2016 also accommodated construction of two farm ponds
adequate water during critical conditions. in Ranza (Shivapur) village, near Pune, Maharashtra.

Farm Pond at Kerekathignur village, Nelamangal a, Karnataka

Annual Report 2016-17 91

¾ Well Excavation & Construction at Guhini &
Metpilawar Village, District - Pune
This project is aimed at addressing the drinking water problem
of Guhini & Metpilawar village. Geological survey was
conducted in order to excavate the well and build it. Live spring
ZDV LGHQWLÀHG DQG D ZHOO RI IW GHHS DQG IW LQ GLDPHWHU
was developed around the spring and it was converted into a
reservoir which has the capacity to store 25lakh litres of water.
KPIT, in association with the local villagers & Jnana Prabodhini,
volunteered towards this initiative. Nearly, 200 volunteers were
part of this project. :DWHUÀOOHGZHOODW*XKLQL

¾ Widening and deepening of water canal at Wajeghar

Village, District Pune
Wajhegar has the only water resource in the form of a well
which is located at the bank of canal. This water reserve dries
out every year after the month of March, leaving villagers with
QRZDWHUIRUWKHUHVWRIWKH\HDU%\GHVLOWLQJRIP[P
x 8ft canal, we have created water reservoir of the capacity
storage of 10 million litres of water lasting until monsoon.

Water canal at Wajeghar Village: Before (L) & After (R)

¾ Soil Dam at Varoti & Pasali, District Pune

Construction of check dams enables to conserve water and at
WKHVDPHWLPHKHOSWRSUHYHQWWKHRYHUÁRZRIZDWHUREVHUYHG
GXULQJÁRRGV6XFKVLWXDWLRQSUHYDLOVLQWKHPRQVRRQVDQGWKH
Volunteering activities in full swing at Metpilawar & Guhini ULYHUWHQGVWRRYHUÁRZGXHWRWKHKHDY\GRZQSRXU+HQFHZH
adopted the method of construction of check dams on River
Velvandi at Varoli & Pasali villages to support the villagers
in conserving water. We conserved 8 million litres of water
through active participation from nearly 300 volunteers from
KPIT, our partner NGO Jnana Prabodhini volunteers, including
villagers.

:DWHUÀOOHGZHOODW0HWSLODZDU
Volunteering at Varoti

Annual Report 2016-17 92

 ¾ Dr. Rajendra Singh visits KPIT’s Project sites

River Velvandi (Varoti) and the well on the river bank

¾ Shelgaon Village, District – Osmanabad – Cement Nala
Bund (CNB) Project
Osmanabad district is one of the worst drought affected
regions in Maharashtra. As a long term solution to the drought
situation in the village, KPIT, in association with Rashtriya
Sarvanghin Gram Vikas Sanstha, embarked upon an ambitious
project of building a CNB in the year 2016. About 20m x2.6m
x2.6m CNB was constructed in the village, enabling a water
corridor of 22m x 600m x 2m. This will result in a storage of 16
million litres of water.
Dr. Rajendra Singh visits the projects initiated by the KPIT CSR Team

Dr. Rajendra Singh Rana also known as “The Water Man of

India” visited our Water Conservation Project sites at four
GLIIHUHQW YLOODJHV LQ 9HOKD 7HKVLO 3XQH +H LV D ZHOONQRZQ
water conservationist from Rajasthan, India and has won the
“Stockholm Water Prize“ (an award known as Nobel Prize for
:DWHU IRU KLV VLJQLÀFDQW FRQWULEXWLRQ WRZDUGV UHMXYHQDWLQJ
more than 10 rivers by constructing 11,000+ check dams &
ponds. Dr. Rajendra Singh Rana was extremely delighted
to know about KPIT’s efforts and initiatives towards water
Cement Nala Bund (CNB) construction at Shelgaon, Pune conservation. He acknowledged and appreciated the work
carried out by KPIT volunteers in association with our NGO
partner, Jnana Prabodhini.

KPIT’s Rain Water Harvesting action, through multiple

stakeholder approach, has yielded the below mentioned
quantitative impact:
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Annual Report 2016-17 93

 Koyna Chandoli Afforestation Corridor
KPIT, as a socially responsible organization, has taken up the
task of restoring forests, to bring back some semblance in the
IRUHVWHG HQYLURQPHQW ,Q 0DKDUDVKWUD WKH .R\QD  &KDQGROL
corridor has been a host of KPIT’s afforestation efforts.
Following up with previous year’s efforts, KPIT inclined its’
afforestation efforts with the monsoon, ensuring plantation of
more 2,500 saplings aggregating with 7,500 previously planted
with an overall survival rate of 80 percent.

Media Coverage of KPIT Water Conservation Projects

KPIT Volunteers at Koyna afforestation corridor

In Bengaluru, the efforts have been replicated, with RK Mission
at Shivanahalli and a group of villages in Nelamangala playing
host to KPIT’s environmental efforts. KPIT planted and adopted
¾ Afforestation 1,000 saplings, over a period of two years, strengthening
the buffer zones in the Bannerghatta National Park and the
Encumbering forests in the name of development has slowly
Nelamangala bypass corridor.
EHHQ GHYRLGLQJ XUEDQ ,QGLD RI LWV OXQJ VSDFHV 7KH FXUUHQW
projected development rate will only increase the rate of Plantation activities year round engaged 437 employees, all of
carbon emisssion in the vicinity, thereby painting a worrisome whom supported the initiative in collectively ensuring a more
picture for future generations. hospitable environment in our cities.

Annual Report 2016-17 94

 Along with the coordination and support of KPIT, Janwani, a
3XQHEDVHG 9ROXQWDU\ 2UJDQL]DWLRQ KDV EHHQ VXFFHVVIXO LQ
showing positive results of the project in all municipal wards.
The total population reached was approx. 8,77,000 covering
about 2,19,478 houses. The door step collection of waste in the
wards has increased from 38% at the beginning of the project
WRDWWKHHQGRIFXUUHQW\HDU7KHUHKDVEHHQDVLJQLÀFDQW
increase in the practice of wet and dry waste segregation
DW KRXVHKROG OHYHO ZKLFK ZDV UHFRUGHG WR EH  DW WKH
beginning of the project and 63% at the end of current year.
The number of community bins has been reduced from 137 to
85 (62%) whereas, the chronic spots of mixed garbage at the
roadsides and corners of the city have been reduced from 268
Volunteers from KPIT Bengaluru at Shivanahalli, during sapling to 142 (52%).
plantation and maintenance
Within the project, Janwani, along with KPIT, has conducted
Consequentially, the following alterations in the micro climate total 1,069 awareness programs in the city. These programs
could be witnessed: include street plays, puppet shows, poster presentations,
‡ &UHDWLQJR[\JHQKXEV multilevel meetings of the members of the Solid Waste
0DQDJHPHQW V\VWHP RI 3XQH ÀOP VFUHHQLQJV TXL] FRQWHVWV
‡ 5HGXFLQJWKHDWPRVSKHULFWHPSHUDWXUH
etc.
‡ ,QFUHDVLQJWKHFDUERQVHTXHVWUDWLRQ
‡ 5LVHWRPLQLHFRV\VWHPV
‡ ,QFUHDVHLQELUGPLJUDWLRQ

¾ Zero Garbage Project

In 2013, the Zero Garbage Project was initiated for increasing
the livability of people within the city of Pune. The project over
the years has been encouraging segregation of dry and wet
waste at the source.

Our Chairman and Group CEO, Mr. Ravi Pandit, has been a
deeply engaged mentor in execution of the Zero Garbage
Project. Owing to the practicality and vision of Mr. Pandit in
this project, he has been nominated as a National Expert on
'Technology Evaluation Committee for Solid & Liquid Waste
and Water Supply'. The committee is formed by Government of
Citizens and KPIT Volunteers at the Cleanliness and Awareness
India, Ministry of Urban Development under the chairmanship
Drives in Pune
of Dr. Raghunath A. Mashelkar, who is also an honourable
board member of KPIT.

Annual Report 2016-17 95

ENERGY
,QDELGWREHFRPHHQHUJ\LQGHSHQGHQW.3,73XQHRIÀFHKDVWXUQHGWRVRODUHQHUJ\UDLVLQJD.:URRIWRSVRODUSRZHUSODQW7KLV
URRIWRSIDFLOLW\JHQHUDWHVXQLWVRIHOHFWULFLW\HYHU\GD\7KHJHQHUDWHGHOHFWULFLW\LVXWLOL]HGLQKRXVHWRZDUGV
units / day of electricity consumption, thereby reducing the load of the main supply grid by more than 3%.

,QXSFRPLQJ\HDUV.3,7SODQVWRGRXEOHWKHFDSDFLW\WRXWLOL]HFOHDQHUDQGJUHHQHUHQHUJ\SURGXFHGLQVLWXSURPRWLQJHQYLURQPHQW
friendliness at multiple levels.

,Q6LWXVRODULQVWDOODWLRQVDW.3,73XQHRIÀFH

EDUCATION
We aim to transform lives of people in our community through science and technology education. The focus on science and
technology is because of our belief that technology can change lives and that science brings in rational thinking. Starting as early as
KLJKVFKRRO.3,7LGHQWLÀHVLWVHOIZLWKWKHSURJUHVVLYHVWHSVWKDWOHDGSHRSOHWRZDUGVWKHDGRSWLRQRI6FLHQFH7HFKQRORJ\(QJLQHHULQJ
& Maths (STEM) as a career choice and develops the acumen of an individual towards constant learning.

Annual Report 2016-17 96

¾ Chhote Scientists Chhote Scientists walk into USA
.3,7·VÁDJVKLSLQLWLDWLYHLQDVVRFLDWLRQZLWK-QDQD3UDERGKLQL $VSDUWRIWKH&65DFWLYLWLHVLQ&ROXPEXV86$ZHNLFNHGRII
Chhote Scientists has been charting impactful engagement the Science Learning Event for kids (as an extension of our
among government schools across Bengaluru, Mumbai, ‘Chhote Scientists’ initiative in India). There were 15 children
Noida and Pune. Since 2012, almost 20,000 students have EHWZHHQWKHDJHJURXSRI\HDUVZKRSDUWLFLSDWHGLQWKH
experienced science learning through the Chhote Scientists program and created small toys to understand the concepts
program, with over 3000 employees having delivered the same of Sound. Based on the local requirements, Chhote Scientists
WKURXJKKDQGVRQSHGDJRJ\ LVEHLQJVKDSHGLQWRDQHQJDJLQJKDQGVRQLQLWLDWLYHLQ86$
Chhote Scientists made strides in expanding its circle of
knowledge sharing to Hubli and Dharwad in Karnataka, with
Vidya Poshak, a Voluntary Organization, playing the host. 300+
FKLOGUHQ DFURVV  VFKRROV QRZ VWDQG WR EHQHÀW IURP &KKRWH
Scientists program.

Based on KPIT’s model of engaging graduating science

students, Jalana College, was taken up as a pilot project. 25
student volunteers delivered 360 sessions across 25 schools
RI -DODQD GLVWULFW EHQHÀWLQJ  VWXGHQWV RI YDULRXV ORFDO Chhote Scientists USA at Columbus Public Library, USA
government schools.

¾ vSolve Competition
vSolve 2017, was the problem solving competition marking
the culmination of Chhote Scientists calendar for the year.
A Chhote Scientists session in progress

Following the teachers training model of Chhote Scientists

SURJUDP D WZRGD\ ZRUNVKRS ZDV RUJDQL]HG KRVWLQJ 
teachers from Pune district. The teachers, post the workshop,
have been instrumental in delivering the Chhote scientists
program back in their respective schools. The model adopts a
biannual training workshop, with one each in two terms of the
annual calendar year.

To expand the reach of Chhote scientists, as a responsible

corporate house, KPIT has been extending the boundaries Children from Government Model Primary School during
of business partnerships to include social projects as well. So Y6ROYHÀQDOVDW.3,7%HQJDOXUX
IDU 0HUFHGHV%HQ] 5HVHDUFK DQG 'HYHORSPHQW ,QGLD 3ULYDWH
Limited and Excel Industries Limited have come forward in This year’s competition in Bengaluru saw all the four Chhote
building a partnership and adopting Chhote Scientists into Scientists’ schools participate with enthusiasm and competitive
their Corporate Social Responsibility circles. spirit. 42 participants representing 14 teams competed in a

Annual Report 2016-17 97

VFLHQFHJDPLQJFLUFXLWKDYLQJWRFRPSOHWHIRXUWKHPHEDVHG VXFFHVVLRQRIWKHUHOHDVHWKDWWRRNSODFHLQWKHÀUVWVHPHVWHU
games, on a timed format. Earlier, children were shortlisted RIWKHDFDGHPLF\HDUZKHUHLQWKHÀUVWYROXPHDQGWKH&KKRWH
WKURXJK WZR URXQGV RI VHOHFWLRQ SURFHVV  0XOWLSOH &KRLFH Scientists App was unveiled.
4XHVWLRQV0&4WHVWDQGVFLHQFHGHPRQVWUDWLRQV

Dr. Girish Bapat(L), Mr. Mr. Vivek Ponkshe (L) and Dr.
The enthusiasm of the children peaked where records tumbled Aravind Paranjape(M) and L. S. Shashidhara (R) at the
GXULQJWKHY6ROYHÀQDOVDW.3,7%HQJDOXUX Mr. Kishor Patil(R) at the unveiling of Chhote Scientists
unveiling of Chhote Scientists Volume 2
The event at Pune saw 180 students across 36 government
Volume 1 in 2016
schools from Maval & Mulshi Tehsil and Pune Municipal
Corporation participate in the event. The competition saw
participation by schools, wherein Chhote Scientists program
was introduced through Daimler India’s CSR program in Pune.
The competition also played host to students emerging out of
Bharat Forge Limited’s Pradnya Vikas program.

The competition was formally inaugurated by Prof. L.S.

Shashidhara, Chair of Biology, Indian Institute of Science
Education and Research, Pune (IISER). Mr. Ravi Pandit, Chairman
and Group CEO, KPIT, along with Mr. Vivek Ponkshe, Secretary
(Education), Jnana Prabodhini presided the event. Mr. Pandit
interacted extensively with the students to learn about their
projects, before handing over the prizes to the winners.

,JQLWHGPLQGVDWZRUNGXULQJY6ROYHÀQDOVDW.3,73XQH

Based on respective problem statements given, class 8 students

had to assemble a portable light source with the help of easily
available materials like aluminum cans, battery, LED etc., while
Class 9 students had to build a vacuum cleaner making use
of pet bottles, DC motor, pipes etc. These events were ably
conducted by a strong group of 100+ KPIT volunteers across
the venues of Pune and Bengaluru.

The occasion also saw the second volume of Chhote

Scientists syllabus being released, conceptualized and
Media coverage of Chhote Scientists and vSolve 2017
designed exclusively by Jnana Prabodhini and KPIT. This is in

Annual Report 2016-17 98

¾ Sparkle 2017 ¾ Smart India Hackathon 2017 - World’s Biggest Digital
This was the third year of KPIT Sparkle, a national design and Movement!
development innovation contest for science and engineering
students. The theme of the competition in this edition was
on Smart Cities and centered on creating solutions for Smart
Transportation and Smart Infrastructure using technology. This
year we received over 1,500 ideas from over 10,500 students
across 300 colleges in India with participation of 9 premier
institutes like IITs and NITs. The 35 shortlisted teams exhibited
WKHLUVROXWLRQVWKURXJKZRUNLQJSURWRW\SHVDWWKHJUDQGÀQDOH KPIT, partnered with the Ministry of Human Resources
held on February 18 and 19, 2017, at the Deccan College and Development (MHRD) in organizing the Smart India
Ground in Pune. Total cash prizes amounting to ` 21 lakhs were +DFNDWKRQ¶SLWWHGDVZRUOG
VODUJHVWGLJLWDOQDWLRQEXLOGLQJ
given out to the winners of various categories at the event to initiative. The Hackathon aimed at harnessing the creativity
support their innovative endeavors. and technical expertise of over 40,000 students from various
technology institutes across the country. Approximately 16,000
college students participated in this event to solve problems
listed by various Central Ministries.

Programmers at KPIT participated in the evaluation committee

RI+DFNDWKRQ7KHHIIRUWZHQWLQWRVKRUWOLVWLQJWKHÀQDO
entries based on description of ideas, the corresponding
technology stack and the solution approach. 60 of KPIT’s
employees volunteered as evaluators while 5 were engaged as
MXGJHVLQWKHJUDQGÀQDOH

7KHÀQDOLVWVRI.3,76SDUNOHKHOGLQ3XQH The Grand Finale was hosted in 26 centers across India

ZLWK  VKRUWOLVWHG VWXGHQWV ,W ZDV D  KRXUV QRQ
stop challenge to win over digital challenges faced by the
Government of India.

Panel of KPIT Evaluators and Judges interacting with

participants at the Grand Finale of Hackathon
Eminent dignitaries at KPIT Sparkle 2017

Annual Report 2016-17 99

EMPLOYEE ENGAGEMENT
We use energy and spirit of our employees to bring in a positive change in the communities that we live in. One time community
engagement activities bolster other focus areas by aligning employees’ time and interest. Be it disaster relief work, donation drives,
volunteering drives or workshops, they all instill the commitment of our employees to society’s causes.

¾ Blood Donation Employees Location Partner NGOs

Engaged
220 Pune Jankalyan Blood Bank &
Deenanath Blood Bank
230 Bangalore Rashtrotthana Blood Bank
75 Mahape Samarpan Blood Bank
60 Noida Rotary Noida Blood Bank
Figures represent the number of employees participated and
associated Partner NGO

Employees donating blood at various blood donation drives

across India
KPIT, in association with various NGOs across multiple KPIT
locations, organized blood donation camps to support
hospitals and blood banks to tackle the blood shortage issue.
The event camps received an appreciable response from
employees across all locations resulting in 900 units of blood,
EHQHÀWLQJOLYHV

Annual Report 2016-17 100

¾ Annadaan (Food Grains Donation Drive) 2016. Employees participating in the challenge had to log their
Food is the basic requirement for all living beings, including community contributions on the app to earn points. With a
humans. considerable number taking part, the challenge emerged as a
successful hosting platform for KPIT’s CSR activities.
KPIT, each year, drives this unique initiative of Annadaan,
ZKHUHLQWKHHPSOR\HHVDUHUHTXHVWHGWRVHWDVLGHDÀVWIXOORI
grains every day for a period of three weeks. Employees across
KPIT India locations participated in amassing 15 tons of food
grains and groceries for this year, expected to feed nearly 4,300
EHQHÀFLDULHVDFURVV.3,7,QGLDORFDWLRQVDQGZLWKLQWKHLUYLFLQLW\

6QDSVKRWRIÀUVW&65$SS&KDOOHQJH
Groceries contribution during the Food donation drive
With an intent of growing people’s consciousness of their
Location Collection in No. of No of surroundings and encouraged by previous challenge’s success,
kgs Employees %HQHÀFLDULHV WKH VXEVHTXHQW 'HHG$'D\ &KDOOHQJH ORRNHG DW IXUWKHU
Involved stimulating employees into a month long challenge with
having to act and contribute everyday through the duration
Bengaluru 3,000 600 1,000
of it. The challenge focused employees’ logs predominantly
Mumbai 2,000 200 400 under community, environment and personal categories.
Noida 1,000 200 400
Pune 9,000 1,500 2,500
15,000 2,500 4,300

Annadaan impact statistics from 2016-17

¾ KPIT CSR APP - Quarterly App Challenge

In today’s world of smartphones, with increasing amount of
time being spent on it, KPIT’s quarterly app challenge was
LGHDWHG WR OHYHUDJH RQ WKLV DIÀQLW\ WR VPDUWSKRQH  $V SDUW
of our “ONE KPIT” initiative and in conjunction with our CSR
efforts, we rolled out an interactive Smartphone app, “KPIT …
IRUDEHWWHUZRUOGµ7KHDSSFUHDWHGLQDJDPHOLNHIRUPDWLV
meant to recognize and encourage efforts of our employees
participating in community activities within and outside of the
Company.

7KH ÀUVW RI WKH FKDOOHQJHV &65 9ROXQWHHULQJ FKDOOHQJH ZDV Snapshots of second CSR App Challenge
a time based challenge, run globally in the month of October

Annual Report 2016-17 101

¾ Meet the Legends Mrs. Sindhutai Sapkal: Also known
To inspire employees into social contribution, we invited as Mother of Orphans, is an Indian
luminaries, who have achieved stupendous heights in social worker and social activist
known particularly for her work for
WKHLU UHVSHFWLYH DUHDV RI H[FHOOHQFH  6RFLDO (QWUHSUHQHXUV raising orphan children.
Reformists, Environmentalists, Community Leaders and
She has devoted her entire life
International Athletes for athletes with special needs. This year, for orphans. As a result, she is
KPIT at Pune hosted four such dignitaries – fondly called ‘Mai’(mother). She
has nurtured over 1,050 orphaned
Dr. Vikas Amte: ‘the Social children. Many of the children whom
Mechanic’, as he likes to call VKH DGRSWHG DUH ZHOOHGXFDWHG
KLPVHOI VRQ RI %DED $PWH DQ lawyers and doctors, and some,
HQJLQHHUDWKHDUWWXUQHGPHGLFDO including her biological daughter,
are running their own independent
professional, carrying forward the
orphanages. One of her children
family’s legacy of service to the is doing a PhD on her life. She has
society, rooted in indispensable been honored with over 273 awards
culture and values. for her dedication and work.
Mr. Sunil & Mrs. Nirupama
Deshpande: The founders of COMMUNITY INITIATIVES, AMERICA
Sampoorna Bamboo Kendra, ¾ Holiday Toy Collection Drive
the two have been awarded
Dr. Babasaheb Ambedkar ,Q'HFHPEHUWKH5DOHLJK1RUWK&DUROLQDRIÀFHRUJDQL]HG
Samaj Bhushan Award and the D KROLGD\ WR\ GULYH LQ ZKLFK WR\V ZHUH FROOHFWHG WR EHQHÀW
Madhya Pradesh government’s the Women’s Center of Wake County. With 15 volunteers
Shri Agrasen Maharaj Rashtriya contributing, the group was able to collect over 40 new
Samman Puruskar for their toys which were donated to a number of extremely thankful
relentless work in tribal areas families. The Women’s Center of Wake County provides
RI 0HOJKDW ZLWK D YLVLRQ RI  FDVH PDQDJHPHQW ÀQDQFLDO DVVLVWDQFH FRXQVHOLQJ QXWULWLRQ
Reestablishing Respect & Honor assistance, short term shelter and health education and testing
for Artisans in Society.
services for single women and women with families.
Divyanshu Ganatra: is a clinical
psychologist, corporate facilitator
by profession, adventure
sportsperson by passion and a Hello All!
VHOIPDGH VRFLDO HQWUHSUHQHXU On behalf of the Women’s Center of Wake County, I would like to thank
known particularly for his work for
each and everyone of you. For all that you have done this year to make our
blind & differently abled people.
Holiday Hopes program a su could not have done it without you and we
Founder of Adventures Beyond appreciate you so much. Again, thanks for making it possible for our women
%DUULHUV)RXQGDWLRQ$%%)DQRW
and children to have a very Merry Christmas this year. I look forward to
IRUSURÀW RUJDQL]DWLRQ EDVHG RXW
working with you again this upcoming year. We wish you Merry Christmas
of Pune, to promote “inclusivity,”
and a Happy New Year!
Divyanshu spreads awareness
that the spirit of adventure is
not impeded by disability & Tameka Brown
attempts to ward off common Intake & Service Coordinator / Housing Team Leader
misconceptions about disability.
He happens to be India’s 1st ´:LWKRXWFKDQJHWKHUHZLOOEHQREXWWHUÁLHVµ

Blind Solo paragliding pilot where

KH·V GHÀHG PHQWDO  SK\VLFDO
boundaries. A Thank you note for volunteering at Wake County Women
Center, Raleigh, NC

Annual Report 2016-17 102

¾ Senior Design Project and Recruitment Event
As students in North America returned to school for the spring
semester, the Raleigh team ramped up involvement with North
&DUROLQD 6WDWH 8QLYHUVLW\ 1&68 SDUWLFLSDWLQJ LQ ERWK WKH
NCSU Senior Design program and a private recruiting event
JHDUHGVSHFLÀFDOO\WRZDUGVFRPSXWHUVFLHQFHPDMRUV

The Senior Design program allows corporations from across

WKH QDWLRQ WR SURYLGH UHDOZRUOG OHDUQLQJ H[SHULHQFHV IRU .3,7YROXQWHHUVDQG1&68VWXGHQWVDWODXQFKRIÀUVWURERWDW
NCSU students as part of the colleges required coursework, TechnoWolves 2017
CSC 492. Organizations provide a problem statement and a
¾ Clothing Donation at Columbus, Indiana
mentor team, and the university provides talented students
suited to the needs of the project. Under the direction of the Employees from KPIT donated clothes for the underprivileged
Columbus community through San Souci, a volunteering
Senior Design Center staff, the student teams follow a software
organization in Columbus. The employees helped in sorting
development methodology, develop project documentation
and organizing the donated clothes to be distributed free /
and present progress reviews. This unique academic and
sold at a very nominal price to the poor and needy people
experiential focus gives students the opportunity to enhance
in the community. The drive spanning a couple of months
their communication, collaboration, project management and
engaged 20 of KPIT’s volunteers, supporting 200+ benefactors.
OHDGHUVKLS VNLOOV 7KLV FUHDWHV D WUXH ZLQZLQ VLWXDWLRQ IRU
both, company sponsors and NCSU students.

KPIT volunteers at the clothes donation drives for the

underprivileged Columbus community

¾ Community Website
Senior Design Project and recruitment event at NCSU KPIT, in Bartholomew County Financial Literacy Coalition
(BCFLC), are helping build a website for the county to increase
¾ TechnoWolves 2017
awareness of Financial Management, among children and
KPIT’s team at Raleigh continued their support of the VHQLRU SHRSOH DQG SHRSOHLQQHHG 7KH ZHEVLWH LV H[SHFWHG
“TechnoWolves”, a local First Robotics Competition (FRC) WRUDLVHDZDUHQHVVRILQGHSHQGHQWÀQDQFLDOPDQDJHPHQWDQG
team. While the robot was just unveiled, the competitions also facilitate basic transitioning. The website from the onset is
began in March and continued for several months through the expected to reach an audience of at least 2,000 people and is
championship battle. This year’s competition was called First expected to grow with future promotions and provisions.
Steam Works and is inspired by steam punk. The competition
LQYROYHV SLFNLQJ XS DQG VKRRWLQJ ZKLIÁH EDOOV WUDQVSRUWLQJ ¾ TechExchange
gears from a loading station to a lift and climbing a rope (at TechExchange program of Bartholomew County collects
the end of the game). Something particularly interesting about donations of used computers, printers, keyboards etc., repairs
them and donates / sells at nominal price to poor and needy
their robot is how they tackled the autonomous period of the
people in the community. It also helps provide computer
game. They mounted a camera on their robot, so that it could related service to the senior citizens. In a day long workshop,
avoid other robots or unexpected obstacles created during this KPIT’s six employees engaged in disassembling the hardware
period.

Annual Report 2016-17 103

components and assembling the repaired peripherals into a the Marathon event by distributing runner packets before the
functional system. run and volunteering on the running track during the race day.

KPIT volunteers from Columbus at Mill Race Park clean up and

marathon event
¾ Volunteering at Community Food Bank, New Jersey
KPIT Volunteers engaged in recovering and reassembling
computer hardware KPIT New Jersey volunteered at The Community Food Bank
of New Jersey. Six of our volunteers bagged 227 lbs. of pasta,
¾ Volunteering at Urban Roots ATX, Austin which would help feed 900 people.
,Q $XJXVW  DV SDUW RI WKH .3,7 $XVWLQ RIÀFH ORFDO &65
initiative, an organization called Urban Roots ATX was sought.
Urban Roots ATX uses food and farming to transform the lives of
young people and inspire, engage and nourish the community.
They have an ongoing youth internship programs where 40%
of their produce goes directly to local food pantries, the rest is
sold to farmer’s markets.

The KPIT team worked hard physically for a day at the Urban
Roots Farm preparing them for the end of the hot Texas KPIT Volunteers bagging pastas for children from community
VXPPHU VHDVRQ *HUDUG %XIIRQH IURP .3,7 3DULV RIÀFH DOVR homes of New Jersey
chipped in with a helping hand.
AWARDS AND ACCOLADES
KPIT Honored with the ‘Special Jury Commendation Award'
at FICCI CSR Summit and Awards, 2016

.3,7YROXQWHHUVIURP$XVWLQRIÀFHHQJDJHGLQIDUPERXQG
volunteering
Special Commendation Award at FICCI CSR Summit 2016
¾ Mill Race Clean Up and Marathon
In September 2016, a team of 8 volunteers from KPIT’s KPIT was specially recognized this year at the Federation of
&ROXPEXVRIÀFHKHOSHGFOHDQWKH0LOO5DFH3DUNZDONLQJWUDLO Indian Commerce and Chamber of Industries (FICCI) CSR
for the visitors and people in the community in association with Summit 2016 for persistence in its’ Water Conservation Project.
United Way. Around 20 volunteers from KPIT, later helped in With an overall 139 entries shortlisted to 39, KPIT was one
DPRQJWKHÀQDOWKUHHFRQWHVWDQWV

Annual Report 2016-17 104

Valued Partner Award VOICE OF VOLUNTEERS
Youth for Seva, in Bengaluru, recognized KPIT as a valued partner in
community development initiatives. This appreciation was conferred
at the NGO’s Annual Day Convention on January 22, 2017. “I got involved in Company’s CSR initiative
12 months ago and have really enjoyed
partnering with local organizations to
make a difference in our community. I just
know that we work for a company which
is supportive of the local community and
isn’t just concerned about how to grow
business alone. I am looking forward to the
continued work we are going to do next
year and beyond.”

KPIT’s volunteers receiving the Valued Partner Recognition at - Erica Rose, Biz HR, KPIT North America
Youth for Seva Annual Day in Bengaluru

(PSOR\HH (QJDJHPHQWV YV %HQHÀFLDULHV RI RXU &65

initiatives “Thank you KPIT CSR for encouraging
people to take up voluntary responsibility
for social and environmental causes, which
has become alien to the modern society. I
hope that the alert message would have
reached the ignorant people at least now.”

- Viswa Narayanan S, volunteer, KPIT

Bengaluru

“Everybody should involve in CSR activity

As per our CSR guidelines, all practices and initiatives should
EH PHWULFVGULYHQ IRU JUHDWHU WUDQVSDUHQF\ DQG WR HQVXUH ZKLFK LV XVHIXO LQ JDLQLQJ FRQÀGHQFH
measurable results. We aim to achieve employee engagements enhancing your own skills and personality,
equal to or greater than 1.5 times of the total employee strength spreading social awareness which in turn
LQ D JLYHQ \HDU )RU WKH \HDU  ZH UHDFKHG EH\RQG promotes us to think and work for the
EHQHÀFLDULHVZLWKHPSOR\HHHQJDJHPHQWVLQWKH
community initiatives. VRFLHW\DQGFRXQWU\ÀUVW:KDW,IHHOLV´7KH
ultimate enormous of merriness is doing
We, at KPIT, are proud to announce that, in adherence to our such an act which would be propitious for
REMHFWLYH WR DFKLHYH HPSOR\HH HQJDJHPHQWV IRU WKH )< 
others.”
ZHFRXOGVXFFHVVIXOO\UHDFKRXWWRPRUHEHQHÀFLDULHVDQG
engage more number of employees in CSR initiatives than ever
– Shreyas Thakre, volunteer, KPIT Pune
before.

Annual Report 2016-17 105

VOICE OF BENEFICIARIES
“The biggest advantage of these farm
“We would like to thank KPIT for their
ponds is that we are now less dependent
on rain water. They also replenish ground involvement at our school, their business has
water supplies, improve moisture levels in helped our students with opportunities and
the soil and recharge borewells. We now job shadows. They have their doors open
can have multiple crops. We are 100% for our students and staff to go over and
EHQHÀWHGE\WKLVµ visit. They have been involved in working
– Balasaheb Malekar, Mangdari village, with our students over their projects here
Velha Taluk, Pune District, Maharashtra DWVFKRRODQGRXU5RERWLFVWHDPDQRWKHU
fantastic opportunity for students of our
“Feels good about Chhote Scientists nature and in our building. So thank you
program. At school, we can understand
again KPIT for your involvement at our
VFLHQFHEHWWHUQRZ,WLVEHQHÀWWLQJDOOWKH
school.”
students at school. I would like to thank you
all organizers for Chhote Scientists.”
- David Schwenker, Principal, WAKE STEM
– Sanjana Bhond, Pune Early College High School, NC State, USA.

Annual Report 2016-17 106

%XVLQHVV5HVSRQVLELOLW\5HSRUW
SECTION A: GENERAL INFORMATION ABOUT THE Sr. No. Region Country
COMPANY
3 APAC China
1. Corporate Identity Number (CIN) of the Company: United Arab Emirates
L72200PN1990PLC059594 Australia
2. Name of the Company: KPIT Technologies Limited Japan
Korea
3. Registered address: 35 & 36, Rajiv Gandhi Infotech Park,
Singapore
Phase – I0,'&+LQMDZDGL3XQH
4 Africa South Africa
4. Website: www.kpit.com
(b) Number of National Locations:
5. E-mail ID: [email protected]
1. Pune, Maharashtra
6. Financial Year reported 2. Mumbai, Maharashtra
7. Sector(s) that the Company is engaged in (industrial 3. Bengaluru, Karnataka
activity code-wise): Computer programming, consultancy
4. Chennai, Tamil Nadu
and related activity – Code 62011
5. Noida, Uttar Pradesh
8. List three key products / services that the Company
manufactures / provides (as in balance sheet): 10. Markets served by the Company – Local / State /
National / International: Company serves the Indian as
KPIT business can be broadly divided into two buckets – well as international markets.

A. Services and Solutions Business (S&S) includes SECTION B: FINANCIAL DETAILS OF THE COMPANY
1. Paid up Capital (`) – 394.99 million
i. Product Engineering
2. Total Turnover (`) – 13,223.23 million
ii. Digital Transformation and
3. 7RWDOSURÀWDIWHUWD[HV`) – 1,692.94 million
iii. Business IT and
4. Total spending on Corporate Social Responsibility (CSR)
B. Product & Platforms (P&P). DVSHUFHQWDJHRISURÀWDIWHUWD[

9. Total number of locations where business activity is The Company was required to spend ` 46.42 million (2% of
undertaken by the Company (Major locations): WKHDYHUDJHQHWSURÀWRIWKH&RPSDQ\IRUWKUHHÀQDQFLDO
years) towards CSR. During the year, the Company has
(a) Number of International Locations: spent and paid ` 25.61 million.
5. List of activities in which expenditure in 4 above has
Sr. No. Region Country
been incurred –
1 USA United States of America
1) Water Conservation Program
Canada
Brazil 2) Afforestation program
2 Europe United Kingdom 3) Zero Garbage Project
France 4) Chhote Scientists
Germany
5) Teach for India
Netherlands
6) Smart India HACKATHON
Italy
Sweden 7) Sparkle

Annual Report 2016-17 107

SECTION C: OTHER DETAILS 2. Do the Subsidiary Company / Companies participate
in the BR Initiatives of the parent company? If yes, then
1. Does the Company have any Subsidiary Company / indicate the number of such subsidiary company(s).
Companies?
Yes, two subsidiaries take up BR initiatives in line with the
Yes, the Company has the following subsidiaries: initiatives of the parent company.

Sr. Name of Subsidiary Nature 3. Do any other entity / entities (e.g. suppliers, distributors
No. etc.) that the Company does business with, participate in
1 KPIT Technologies (UK) Limited Wholly owned subsidiary the BR initiatives of the Company? If yes, then indicate the
2 KPIT Technologies France Wholly owned subsidiary SHUFHQWDJHRIVXFKHQWLW\HQWLWLHV">/HVVWKDQ
3 KPIT Technologies GmbH Subsidiary of KPIT 60%, More than 60%]
Technologies (UK) Limited Yes, i.e less than 30%
4 KPIT Technologies Netherlands Wholly owned subsidiary
B. V. SECTION D: BR INFORMATION
5 KPIT Solutions GmbH Subsidiary of KPIT
1. Details of Director / Directors responsible for BR:
Technologies GmbH
6 KPIT Infosystems Incorporated Wholly owned subsidiary (a) Details of the Director / Directors responsible for
7 Sparta Consulting Inc. Subsidiary of KPIT implementation of the BR policy / policies:
Infosystems Incorporated
8 KPIT Technologies Solucoes em Subsidiary of KPIT 1. DIN: 02918460
Informatica Ltda. Infosystems Incorporated
2. Name: Mr. Sachin Tikekar
9 SYSTIME Computer Wholly owned subsidiary
Corporation   'HVLJQDWLRQ:KROHWLPH'LUHFWRU
10 KPIT Technologies Corporation Subsidiary of Systime
Computer Corporation (b) Details of the BR head:
11 MicroFuzzy KPIT Tecnologia Subsidiary of Systime
Ltda. Brazil (formerly SYSTIME Computer Corporation Sr. Particulars Details
Global Solutions Ltda.) No.
12 KPIT (Shanghai) Software Wholly owned subsidiary 1 DIN 02918460
Technology Co. Limited 2 Name Mr. Sachin Tikekar
13 KPIT Infosystems ME FZE Wholly owned subsidiary 3 Designation :KROHWLPH'LUHFWRU
14 Impact Automotive Solutions Wholly owned subsidiary
4 Telephone number 
Limited
15 0LFUR)X]]\,QGXVWULH(OHNWURQLF Subsidiary of KPIT 5 (PDLO,' [email protected]
GmbH Technologies GmbH

Annual Report 2016-17 108

 3ULQFLSOHZLVHDVSHU19*V%53ROLF\SROLFLHV

(a) Details of compliance (Reply in Y / N)

Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 Do you have a policy / policies for.... Y Y Y Y Y Y Y Y Y
2 Has the policy been formulated in Y Y Y Y Y Y Y Y Y
consultation with the relevant stakeholders?
3 Does the policy conform to any national / Y Y Y Y Y Y Y Y Y
international standards? If yes, specify? (50
words).
These policies have been devised in
FRQÀUPDWLRQ WR UHVSHFWLYH UHJXODWLRQV 
national standards that come into effect
from time to time (like ISO 9001, ISO 14000,
OHSAS 18000, OHSAS 27001:2005, ISO
20000:2011, ISO 22301:2012).
These policies are revisited on regular basis
and are updated as and when there is any
change in the norms.
4 Has the policy been approved by the Y Y Y Y Y Y Y Y Y
Board? If yes, has it been signed by MD /
owner / CEO / appropriate Board Director?
These policies are signed by the respective
owners.
5 'RHV WKH FRPSDQ\ KDYH D VSHFLÀHG Y Y Y Y Y Y Y Y Y
FRPPLWWHHRIWKH%RDUG'LUHFWRU2IÀFLDO
to oversee the implementation of the
policy?
6 Indicate the link for the policy to be viewed Code of Available Available CSR POSH & Available Available CSR Code of
online? conduct on our on our policy Whistler on our on our Policy conduct
& intranet intranet Blower intranet intranet
Whistler Policy
Blower
Policy
7 Has the policy been formally communicated Y Y Y Y Y Y Y Y Y
to all relevant internal and external
stakeholders?
8 'RHVWKHFRPSDQ\KDYHLQKRXVHVWUXFWXUH Y Y Y Y Y Y Y Y Y
to implement the policy / policies.
9 Does the Company have a grievance Y Y Y Y Y Y Y Y Y
redressal mechanism related to the policy /
policies to address stakeholders’ grievances
related to the policy / policies?
10 Has the company carried out independent Y Y Y Y Y Y Y Y Y
audit / evaluation of the working of this
policy by an internal or external agency?

Annual Report 2016-17 109

(b) If answer to the question at serial number 1 against any 2. Does it extend to the Group / Joint Ventures / Suppliers /
principle, is ‘No’, please explain why: (Tick up to 2 options) Contractors / NGOs / Others?

Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 The policy covers employees of the Company as well as

No. its Subsidiaries, contractual service providers, contractors,
1 The company has customers & other third parties dealing with the Company.
not understood the 3. How many stakeholder complaints have been received
Principles LQ WKH SDVW ÀQDQFLDO \HDU DQG ZKDW SHUFHQWDJH ZDV
2 The company is not satisfactorily resolved by the management? If so, provide
at a stage where details thereof, in about 50 words or so.
LW ÀQGV LWVHOI LQ D
position to formulate During the year, 3 complaints were registered with SEBI
and implement the which were resolved successfully.
SROLFLHV RQ VSHFLÀHG The Company’s Code of Conduct summarizes the conducts
principles of its business in accordance with the requirements of
3 The company does all laws and regulations of the country and in a manner
Not Applicable
QRW KDYH ÀQDQFLDO RU consistent with the highest standards of business and
manpower resources professional ethics.
available for the task
4 It is planned to be The KPIT Code of Conduct is applicable to all KPIT
done within next 6 Technologies directors and employees (all KPIT managers
months and employees, including managers and employees of its
5 It is planned to be GLYLVLRQV VXEVLGLDULHV DQG RWKHU DIÀOLDWHV ZRUOGZLGH DV
done within the next well as agents and contractors working on behalf of the
1 year &RPSDQ\LWVVXEVLGLDULHVDQGDIÀOLDWHV
6 Any other reason
The scope of the Code is to outline and create a set of
(please specify)
values for all concerned people to behave in an ethical
3. Governance related to BR manner while working for and on behalf of the Company.
It takes into account factors like regulatory compliance,
(a) Indicate the frequency with which the Board of HTXDO HPSOR\PHQW RSSRUWXQLW\ QRQKDUDVVPHQW 
Directors, Committee of the Board or CEO to assess prevention of sexual harassment, prevention of use of
the BR performance of the Company. Within 3 alcohol, illegal drug or medication, use of Company’s,
PRQWKVPRQWKV$QQXDOO\0RUHWKDQ\HDU Customers’ and Suppliers’ resources and competition.

Annually Prevention of Sexual Harassment (POSH) policy: The

policy framework aims at educating employees on any
(b) Does the Company publish a BR or a Sustainability sort of harassment (including sexual harassment) and
Report? What is the hyperlink for viewing this report? report about it appropriately when seen or experienced at
How frequently it is published? : the workplace. All the cases are acted upon immediately
DQGFRUUHFWLYHDFWLRQVDUHWDNHQ(OHDUQLQJRQ326+KDV
The Company publishes the Sustainability report
been mandated for all employees.
yearly. The same is available on (https://www.kpit.
FRPFRPSDQ\LQYHVWRUVFRUSRUDWHJRYHUQDQFH Principle 2

SECTION E: PRINCIPLE-WISE PERFORMANCE 1. List upto 3 of your products or services whose design has
incorporated social or environmental concerns, risks and /
Principle 1 or opportunities.

1. Does the policy relating to ethics, bribery and corruption KPIT business is broadly divided as Services and Solutions
cover only the company? Business (S&S) and Products & Platforms (P&P) which does
not have a direct impact on social and environment factors.
No, it also covers the Subsidiary Companies.

Annual Report 2016-17 110

 However, KPIT believes in reduction in carbon footprint   ‡ 7RWDOXQLWVJHQHUDWHGWKURXJKWKLVSODQWZLOOEH
being the major cause of global warming. As a result, KPIT 180,000 units p.a.
KDVFRPHXSZLWKDKROLVWLFVROXWLRQIRUHIÀFLHQWWUDQVSRUW
PDQDJHPHQW  D 6PDUW (OHFWULF EXV D UHOLDEOH VDIH DQG   ‡ 7KHVH XQLWV ZLOO VDYH XS WR  RI WRWDO
well suited commute for Indian road conditions. The aim consumption of SDB1
of this project is to develop indigenous, innovative and
  ‡ 7KLVLQVWDOODWLRQZLOOUHGXFHWKHLPSDFWRIGLUHFW
pollution free transport. It enables clean mobility and is
VXQOLJKWRQWKHURRIWRSRIFDIHWHULD7KHÁRRUV
aligned with the Indian Governments initiatives of Make in
below will be much cooler and employees will
India and Swachh Bharat and KPIT’s moto for technologies
get more comfort during summers
for a better world.

2. For each such product, provide the following details in   ‡ 7KLVV\VWHPLVGLUHFWO\FRQQHFWHGWRWKHPDLQ/7

respect of resource use (energy, water, raw material etc.) SDQHOIHHGHUVRZHZLOOJHWEHQHÀWLQUHGXFLQJ
per unit of product (optional): the MSEDCL KWH units

(a) Reduction during sourcing / production / distribution   ‡ 7KHVH XQLWV ZLOO KDYH D À[HG UDWH IRU QH[W 
achieved since the previous year throughout the years resulting in a saving of ` 2 lakhs p.a. with
value chain? existing rate of MSEDCL

(b) Reduction during usage by consumers (energy, E-waste Management:

water) has been achieved since the previous year?
We have a waste management policy in place, which
The Smart Electric buses have multiple features like LV WKH GHÀQLQJ JXLGHOLQH IRU KDQGOLQJ DOO W\SHV RI
Intelligent Transport Systems, Mobile Phone App for waste and complying with the Government and
MRXUQH\ SODQQLQJ DQG WLFNHWLQJ :L)L ,QIRWDLQPHQW HWF Maharashtra Pollution Control Board (MPCB) norms.
which provide a superior ride experience that can help
encourage adoption of public transport. Hazardous Waste:

3. Does the company have procedures in place for Hazardous waste is disposed through authorized
sustainable sourcing (including transportation)? agencies as per the guidelines of Ministry of
(a) If yes, what percentage of your inputs was sourced Environment and Forests (MoEF). Additionally, all
sustainably? Also, provide details thereof, in about the used printer cartridges are sent back to the
50 words or so. manufacturer under “Planet HP Take Back Program”
to ensure proper recycling.
Sustainable sourcing at KPIT represents contribution
to the following areas namely: Solar Energy, 4. Has the company taken any steps to procure goods
Waste Management, Environment Awareness and and services from local & small producers, including
Occupational Health & Safety. communities surrounding their place of work?

Solar Energy: Solar Panel Installation (a) If yes, what steps have been taken to improve their
capacity and capability of local and small vendors?
We have initiated many projects to cut down
energy and water consumption. The latest project The Company through its CSR activities contributes
undertaken is to generate energy through solar to the society through its projects like Water & Forest
power plant which has been installed on the roof top Conservation, Jalyukta Shivir Abhiyan, Zero Garbage,
RI&RUSRUDWH2IÀFHDW3XQH Tree plantation, teaching the under privileged
Highlights of the project: schools, donating school kits in association with
agencies.
  ‡ 6RODU V\VWHP LV LQVWDOOHG RQ SRZHU SXUFKDVH
model A stall of bamboo products was put up in the
Company campus where the employees could buy
  ‡ 6\VWHP KDV  SDQHOV LQVWDOOHG ZLWK D
bamboo products made by people of Sampoorna
generation capacity of 125KW

Annual Report 2016-17 111

 Bamboo Kendra Melghat. The Company also 5. Do you have an employee association that is recognized
organized Recycle Product stall and an Organic by management.
Product stall in partnership with Youth for Seva.
No.
The Company makes sure that the housekeeping
and security staff is hired from in and around the 6. What percentage of your permanent employees are
areas where the Company is located, resulting in members of this recognized employee association?
good opportunities for villages nearby. Through this
Not applicable.
the Company contributes to the society in which it
exists. 7. Please indicate the number of complaints relating to
child labour, forced labour, involuntary labour, sexual
5. Does the company have a mechanism to recycle products
KDUDVVPHQWLQWKHODVWÀQDQFLDO\HDUDQGSHQGLQJDVRQ
and waste? If yes, what is the percentage of recycling of
WKHHQGRIWKHÀQDQFLDO\HDU
products and waste (separately as 10%). Also, provide
details thereof, in about 50 words or so.
Sr. Category No. of No. of
The Company has taken the following initiatives to recycle No. complaints complaints
products and waste: ÀOHGGXULQJ pending as
WKHÀQDQFLDO on end of
 ‡ 5HF\FODEOHZDVWHVXFKDVSDSHUSODVWLFFDUGSDSHU
year WKHÀQDQFLDO
steel, other metals, etc. are sent for recycling through
year
authorized scrap dealers
1 Child labour / NIL NIL
 ‡ 2WKHUPL[HGGU\ZDVWHDUHVHQWWRDXWKRUL]HGGHDOHUV forced labour /
for municipal disposal involuntary labour
 ‡ +D]DUGRXV ZDVWH DQG HZDVWH ² OLNH ZDVWH OXEH 2 Sexual harassment 1 0
RLO 836 EDWWHULHV DQG RWKHU HZDVWH JHQHUDWHG LQ 3 Discriminatory NIL NIL
the organization is disposed through government employment
authorized recycler
8. What percentage of your under mentioned employees
 ‡ 3ULQWHU DQG WRQHU FDUWULGJHV DUH VHQW EDFN WR WKH
were given safety & skill upgradation training in the last
2(0XQGHUSURGXFWWDNHEDFNDUUDQJHPHQW
year?
Principle 3
(a) Permanent Employees: 35%
1. Please indicate the total number of employees.
(b) Permanent Women Employees: 11%
9,395
(c) Casual / Temporary / Contractual Employees: 0.2%
2. Please indicate the total number of employees hired on
temporary / contractual / casual basis. (d) Employees with Disabilities: The company do not
segregate the employees based on special ability
 RIHPSOR\HHVDUHKLUHGWKURXJKFRQWUDFWRUVDQGVXE
but as need be they are given preferences as per
contractors.
needs.
3. Please indicate the number of permanent women
employees.  $OOHPSOR\HHVSDUWLFLSDWHLQWKHVDIHW\DQGPRFNÀUHGULOOV
which take place at regular intervals.
24% are women employees
We undertake several initiatives to upskill our employees.
4. Please indicate the number of permanent employees with Be it the campus recruits or the experienced hires, we
disabilities. have tailored competency development plan for all the
employees who need it. A few of them include:
Less than 1%.

Annual Report 2016-17 112

 ‡ 3URJUDP IRU $FDGHPLF &ROODERUDWLRQ  ‡ $FFRXQW0DQDJHPHQW(GXFDWLRQ3URJUDP
Engagement (PACE):
Organization has absolute focus to grow the GAM
A strategic initiative to bridge the gap between accounts. In line with this business need we have
academia and industry needs, KPIT has trained designed an exclusive offering, called ACE program,
college students as well as conducted multiple for Account managers to build Account Management
Faculty Development programs. We now have 17 competencies.
PACE partner colleges where we go for campus
hiring for our business units.  ‡ (&R'H_.$,=(1

 ‡ *(1(6,6 The Company believes that for employees to

effectively perform their role appropriate skills,
We ensure that campus hires at KPIT are adequately knowledge and competencies are needed. Thus, we
trained and are made available in time for project FUHDWHG (&R'(_ .$,=(1 D &HUWLÀFDWLRQ IUDPHZRUN
deployment. Genesis program has a robust training FRQVLVWLQJRI7UDLQLQJ &HUWLÀFDWLRQVFRQGXFWHGIRU
and assessment structure and is completely driven employees on permanent roles from A – I grades,
in house by a competent team of educators from the DFURVV VL[ FRPSHWHQFLHV  7HFKQLFDO 'RPDLQ
respective academies. Process, Project management, Professional skills and
/HDGHUVKLSGHYHORSPHQW7KH6%8VSHFLÀFDFDGHP\
We inducted and trained about 1,109 campus educators work closely with businesses to develop,
UHFUXLWVWKLV\HDUZKLFKLQFOXGHVERWK%(DQGQRQ%( create and deliver these trainings. This program
trainees. ZDVDOVRUROOHGRXWIRUWKHÀUVWWLPHWRRXURQVKRUH
employees covering 800 employees worldwide.
 ‡ 3URIHVVLRQDO6NLOOV'HYHORSPHQW
‡ /HDGHUVKLS'HYHORSPHQW3URJUDPV
$ ZHOOVWUXFWXUHG SURIHVVLRQDO VNLOO GHYHORSPHQW
program, built around 5 core Competencies is ¾ LIFT: This program is run in collaboration with
available to KPIT employees. We now have a bouquet HR. The details have been already highlighted
of 20+ Professional skills development programs in the HR section.
that can be offered to employees across the grades.
¾ Leaders in the Making Program (LMP): This
 ‡ 3URMHFW 0DQDJHPHQW 'HYHORSPHQW 3URJUDP is a Leadership development program for E &
(PMDP): F grade employees, who have been promoted
and will be taking up larger responsibilities
Project Management being the core competency within the organization. It is a short burst
requirement for the delivery excellence, we have program that helps these leaders learn key skills
PXOWLSOHOHYHOVRI3URMHFW0DQDJHPHQWFHUWLÀFDWLRQV on People, Client, Operational and Financial
under PMDP for the beginners, advanced, specialized Management.
and leadership levels. Majority of these programs
are internally developed and delivered and the ¾ 100 X 100 Leadership Program: This is a
leadership level program is being delivered through leadership development program in planning
the reputed management institution like IIMs. phase for G+ grade associates and is specially
designed to highlight and reinforce the critical
‡ 7UDLQLQJVIRU6XSSRUW)XQFWLRQV “KPIT Leadership Mindset Tenets” to be
developed amongst leaders. The program is
The focus is also on competency development for
being designed on the belief that if we develop
support functions. Trainings are in place for Facilities
at least 100 leaders who are seen as role models
and Logistic Management team, Global Mobility
in the company, we would have secured the
Management team and will be extended to other
future generation of leaders by strengthening
enabling functions like ECoDe, Recruitment, HR.
the KPIT DNA.

Annual Report 2016-17 113

Principle 4 iv) Employee Engagement: Maximizing impact through
responsible volunteering
1. Has the company mapped its internal and external
stakeholders? Yes / No For details please refer Community Initiatives which forms
a part of this Annual Report.
Yes. KPIT has mapped its internal and external shareholders
and their mode of engagement is as below: Principle 5

1. Does the policy of the company on human rights cover

Stakeholders Mode of Engagement
only the company or extend to the Group / Joint Ventures /
Government and Industry body / forums
Suppliers / Contractors / NGOs / Others?
regulatory authorities
Employees Newsletters, employee The policies not only cover employees but also contractors,
satisfaction survey and clients and others.
various trainings, rewards and
2. How many stakeholder complaints have been received in
recognitions, meeting with
WKHSDVWÀQDQFLDO\HDUDQGZKDWSHUFHQWZDVVDWLVIDFWRULO\
eminent personalities and team
resolved by the management?
building activities
Local community CSR activities No complaints received which in line with qualifying as
Investors and Analyst calls, AGM and annual QRQFRPSOLDQFHWR+XPDQ5LJKWV
shareholders report Principle 6
Bankers, customers & Visits
vendors 1. Does the policy related to Principle 6 cover only the
company or extends to the Group / Joint Ventures /
 2XW RI WKH DERYH KDV WKH FRPSDQ\ LGHQWLÀHG WKH Suppliers / Contractors / NGOs / others.
disadvantaged, vulnerable & marginalized stakeholders?
 3ROLF\FRYHUVRQO\WKHDFWLYLWLHVLQ.3,7&RUSRUDWHRIÀFH
Yes. Pune and does not extends to Group / Joint Ventures /
Suppliers / Contractors / NGOs / others.
3. Are there any special initiatives taken by the company
to engage with the disadvantaged, vulnerable and 2. Does the company have strategies / initiatives to address
marginalized stakeholders? If so, provide details thereof, global environmental issues such as climate change,
in about 50 words or so. global warming, etc.? Y / N. If yes, please give hyperlink
for webpage etc.
Community Contribution is one of the seven core values
DW .3,7 ,W KDV D VLJQLÀFDQW PHQWLRQ LQ RXU 0LVVLRQ DQG  KWWSVZZZNSLWFRPFRPSDQ\LQYHVWRUVFRUSRUDWH
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our capabilities and the need of the communities that we
3. Does the company identify and assess potential
serve, we have reassessed the focus of our CSR initiatives.
environmental risks?
Actions in line with CSR guiding principles, our strategies
IRU WKH \HDU  DUH IRFXVHG RQ NH\ LQLWLDWLYHV WR Yes.
HQVXUHVLJQLÀFDQWLPSDFW7KHLQLWLDWLYHVDUHLPSOHPHQWHG
through 4 focus areas: 4. Does the company have any project related to Clean
Development Mechanism? If so, provide details thereof,
i) Environment: Making this planet a better place to in about 50 words or so. Also, if Yes, whether any
live in HQYLURQPHQWDOFRPSOLDQFHUHSRUWLVÀOHG"

ii) Education: Transforming lives through science and Not applicable.

technology education
5. Has the company undertaken any other initiatives on –
iii) Energy: 'HYHORSLQJ LQQRYDWH VROXWLRQV IRU HIÀFLHQW FOHDQ WHFKQRORJ\ HQHUJ\ HIÀFLHQF\ UHQHZDEOH HQHUJ\
energy consumption and renewable supply etc. Y / N. If yes, please give hyperlink for web page etc

Annual Report 2016-17 114

 <HV3OHDVHUHIHU4XHVWLRQ RI3ULQFLSOHDQG3DUWLLL <HV  1R LI \HV VSHFLI\ WKH EURDG DUHDV GURS ER[
RI4XHVWLRQRI3ULQFLSOHRIWKLVUHSRUW Governance and Administration, Economic Reforms,
Inclusive Development Policies, Energy Security, Water,
 KWWSVZZZNSLWFRPFRPSDQ\LQYHVWRUVFRUSRUDWH Food Security, Sustainable Business Principles, Others).
governance).
The Company has given inputs to NASSCOM related to
6. Are the Emissions / Waste generated by the company annual union budget, policy level inputs on schemes like
within the permissible limits given by CPCB / SPCB for the smart cities mission etc.
ÀQDQFLDO\HDUEHLQJUHSRUWHG"
The Company is an active member of Hinjawadi Industries
The emission and the waste generated at KPIT Corporate
Association (HIA) and helps HIA to voice common
RIÀFH3XQHLVXQGHUWKHSHUPLVVLEOHOLPLWVRI03&%:H
concerns with the government authorities and to interact
have a continuous monitoring and tracking system in
with all the stakeholders such as State Government, local
place which is reviewed periodically.
bodies and authorities to make improvements in the
7. Number of show cause / legal notices received from CPCB / Infrastructure, Safety and Security, mode of Transport and
SPCB which are pending (i.e. not resolved to satisfaction) 7UDIÀFUHODWHGLVVXHVLQ+LQMDZDGL
as on end of Financial Year.
Principle 8
No. We have not received any show cause / legal notice
 'RHVWKHFRPSDQ\KDYHVSHFLÀHGSURJUDPPHVLQLWLDWLYHV
IURP03&%IRUÀQDQFLDO\HDU
/ projects in pursuit of the policy related to Principle 8? If
KPIT’s ‘Environmental Policy’ has been designed as yes details thereof.
per the requirement from standard of ISO 14001:2004
 <HV3OHDVHUHIHU4XHVWLRQRI3ULQFLSOHRIWKLVUHSRUW
(QYLURQPHQW0DQDJHPHQW6\VWHPV:HKDYHDGHÀQHG
Org chart for EOHS (Environmental, Occupational Health 2. Are the programmes / projects undertaken through
and Safety) and the overall responsibility lies with the LQKRXVH WHDP  RZQ IRXQGDWLRQ  H[WHUQDO 1*2 
Management Appointee. The status and the effectiveness government structures / any other organization?
of EOHS is reviewed by Management Appointee in every
6 months. We are committed to protect the environment The initiatives are undertaken jointly with agencies and
and ensure the occupational health and safety of all its partner NGOs.
employees, contractors and subcontractors and also
visitors / guests working / visiting the company. All 3. Have you done any impact assessment of your initiative?
the relevant public documents pertaining to EOHS are
Every activity / initiative undertaken by the Company is
available for consumption on our portal. KPIT Corporate
assessed and its impact to the society is published in the
RIÀFH 3XQH LV FHUWLÀHG IRU ,62  DQG 2+6$6
Annual Report and the Sustainability Report.
18001:2007.
4. What is your company’s direct contribution to community
Principle 7
GHYHORSPHQWSURMHFWV$PRXQWLQ` and the details of the
1. Is your company a member of any trade and chamber or projects undertaken.
association? If Yes, Name only those major ones that your
For details please refer CSR Annexure which forms a part
business deals with:
of this Annual Report.
a. Mahratta Chamber of Commerce, Industries and
5. Have you taken steps to ensure that this community
Agriculture (MCCIA)
development initiative is successfully adopted by the
b. NASSCOM & CII community? Please explain in 50 words, or so.

c. Hinjawadi Industries Association (HIA)  :H KDYH D GHJUHH DSSURDFK ZKLOH DVVHVVLQJ DQ\
project. Thus, in line with this we have in place a committee
2. Have you advocated / lobbied through above associations or a team of experts outside the stakeholders involved
for the advancement or improvement of public good? in the project. Dr. Rajendra Singh Rana also known as

Annual Report 2016-17 115

 “The Water Man of India” visited our Water Conservation 2. Does the company display product information on
Project sites at four different villages in Velha Tehsil, Pune. the product label, over and above what is mandated
+HLVDZHOONQRZQZDWHUFRQVHUYDWLRQLVWIURP5DMDVWKDQ as per local laws? Yes / No / N.A. / Remarks (additional
Dr. Rajendra Singh Rana was extremely delighted to information).
know about KPIT’s efforts and initiatives towards water Not applicable.
conservation. He acknowledged and appreciated the
work carried out by KPIT volunteers in association with  ,V WKHUH DQ\ FDVH ÀOHG E\ DQ\ VWDNHKROGHU DJDLQVW WKH
our NGO partner, Jnana Prabodhini. Further, he also company regarding unfair trade practices, irresponsible
guided us with his valuable suggestions. DGYHUWLVLQJ DQG  RU DQWLFRPSHWLWLYH EHKDYLRXU GXULQJ
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As a practice, we interview the local people where the If so, provide details thereof, in about 50 words or so.
initiatives were conducted to ensure that the initiatives
NIL.
taken by the Company are successfully adopted and are
EHQHÀWHGWRWKHVRFLHW\DWODUJH 4. Did your company carry out any consumer survey /
consumer satisfaction trends?
Principle 9
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1. What percentage of customer complaints / consumer GHÀQHG IUHTXHQF\ DJUHHG ZLWK FXVWRPHU WKURXJK D
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Annual Report 2016-17 116

Independent Auditors’ Report
To the Members of
KPIT Technologies Limited

Report on the Standalone Ind AS Financial Statements

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policies and other explanatory information.

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year ended on that date.

Annual Report 2016-17 117

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For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/ W-100022

Vijay Mathur
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Annual Report 2016-17 118

Annexure A to the Independent Auditors’ Report – 31 March 2017
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Annual Report 2016-17 119

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the year.
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employees has been noticed or reported during the year.
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For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/ W-100022

Vijay Mathur
3ODFH3XQH 3DUWQHU
'DWH$SULO 0HPEHUVKLS1R

Annexure B to the Independent Auditors’ Report on the Standalone Ind AS Financial Statements of KPIT Technologies Limited
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PHPEHUVRI.3,77HFKQRORJLHV/LPLWHGRQWKHVWDQGDORQH,QG$6ÀQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG0DUFK

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
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LQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH,QG$6ÀQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH

Management’s Responsibility for the Internal Financial Controls

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Annual Report 2016-17 120

Auditor’s Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\·VLQWHUQDOÀQDQFLDOFRQWUROVRYHUÀQDQFLDOUHSRUWLQJEDVHGRQRXUDXGLW
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´*XLGDQFH1RWHµDQGWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\,&$,DQGGHHPHGWREHSUHVFULEHGXQGHUVHFWLRQRIWKH&RPSDQLHV
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DQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGVDQGWKH*XLGDQFH1RWHUHTXLUHWKDWZHFRPSO\
ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUDGHTXDWHLQWHUQDOÀQDQFLDO
FRQWUROVRYHUÀQDQFLDOUHSRUWLQJZDVHVWDEOLVKHGDQGPDLQWDLQHGDQGLIVXFKFRQWUROVRSHUDWHGHIIHFWLYHO\LQDOOPDWHULDOUHVSHFWV
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDOÀQDQFLDOFRQWUROVV\VWHPRYHU
ÀQDQFLDOUHSRUWLQJDQGWKHLURSHUDWLQJHIIHFWLYHQHVV2XUDXGLWRILQWHUQDOÀQDQFLDOFRQWUROVRYHUÀQDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJ
DQXQGHUVWDQGLQJRILQWHUQDOÀQDQFLDOFRQWUROVRYHUÀQDQFLDOUHSRUWLQJDVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVVH[LVWVDQGWHVWLQJ
DQGHYDOXDWLQJWKHGHVLJQDQGRSHUDWLQJHIIHFWLYHQHVVRILQWHUQDOFRQWUROEDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHGGHSHQG
RQWKHDXGLWRU·VMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHÀQDQFLDOVWDWHPHQWVZKHWKHUGXH
to fraud or error.
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIÀFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKH
&RPSDQ\·VLQWHUQDOÀQDQFLDOFRQWUROVV\VWHPRYHUÀQDQFLDOUHSRUWLQJ

Meaning of Internal Financial Control Over Financial Reporting

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ÀQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVDQGWKDWUHFHLSWVDQGH[SHQGLWXUHVRIWKHFRPSDQ\
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could have a mDWHULDOHIIHFWRQWKHÀQDQFLDOVWDWHPHQWV

Inherent Limitations of Internal Financial Control Over Financial Reporting

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LPSURSHU PDQDJHPHQW RYHUULGH RI FRQWUROV PDWHULDO PLVVWDWHPHQWV GXH WR HUURU RU IUDXG PD\ RFFXU DQG QRW EH GHWHFWHG $OVR
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RIFRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH

Opinion
,QRXURSLQLRQWKH&RPSDQ\KDVLQDOOPDWHULDOUHVSHFWVDQDGHTXDWHLQWHUQDOÀQDQFLDOFRQWUROVV\VWHPRYHUÀQDQFLDOUHSRUWLQJDQG
VXFKLQWHUQDOÀQDQFLDOFRQWUROVRYHUÀQDQFLDOUHSRUWLQJZHUHRSHUDWLQJHIIHFWLYHO\DVDW0DUFKEDVHGRQWKHLQWHUQDOFRQWURO
RYHUÀQDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI
India.

For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/ W-100022

Vijay Mathur
3ODFH3XQH 3DUWQHU
'DWH$SULO 0HPEHUVKLS1R

Annual Report 2016-17 121

Balance Sheet
$PRXQWLQ`PLOOLRQ
Note As at As at As at
31 March 2017 31 March 2016 01 April 2015
ASSETS
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 3A   
&DSLWDOZRUNLQSURJUHVV   
Intangible assets 3B   
Intangible assets under development   
)LQDQFLDODVVHWV
Investments    
Loans    
 2WKHUÀQDQFLDODVVHWV  22.02  
,QFRPHWD[DVVHWVQHW   
'HIHUUHGWD[DVVHWVQHW 7   
2WKHUQRQFXUUHQWDVVHWV    37.12
10,510.08 8,916.79 8,675.28
Current assets
Inventories    
)LQDQFLDODVVHWV
Investments 10   
Trade receivables 11   
 &DVKDQGFDVKHTXLYDOHQWV 12   
 2WKHUEDODQFHVZLWKEDQNV 12   
Loans 13   
Unbilled revenue 323.71  
 2WKHUÀQDQFLDODVVHWV    
2WKHUFXUUHQWDVVHWV    
8,689.74 7,996.76 8,450.18

TOTAL ASSETS 19,199.82 16,913.55 17,125.46

EQUITY AND LIABILITIES

Equity
(TXLW\VKDUHFDSLWDO    
2WKHUHTXLW\ 32   
13,743.20 12,191.27 10,727.77

Annual Report 2016-17 122

Balance Sheet
$PRXQWLQ`PLOOLRQ
Note As at As at As at
31 March 2017 31 March 2016 01 April 2015
Liabilities
Non-current liabilities
)LQDQFLDOOLDELOLWLHV
 %RUURZLQJV 17   
Provisions    
1,251.66 1,903.19 833.40
Current liabilities
)LQDQFLDOOLDELOLWLHV
 %RUURZLQJV    
Trade payables 20   
 2WKHUÀQDQFLDOOLDELOLWLHV 21   
2WKHUFXUUHQWOLDELOLWLHV 22   
Provisions 23  127.12 
&XUUHQWLQFRPHWD[OLDELOLWLHVQHW   130.07
4,204.96 2,819.09 5,564.29

TOTAL EQUITY AND LIABILITIES 19,199.82 16,913.55 17,125.46

6LJQLÀFDQWDFFRXQWLQJSROLFLHV 1
Notes referred to above form an integral part of the standalone 
ÀQDQFLDOVWDWHPHQWV

As per our report of even date attached

For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
0HPEHUVKLS1R

Sneha Padve Kishor Patil

&RPSDQ\6HFUHWDU\ &(2 0DQDJLQJ'LUHFWRU

3ODFH3XQH 3ODFH3XQH
'DWH$SULO 'DWH$SULO

Annual Report 2016-17 123

6WDWHPHQWRI3URÀWDQG/RVV
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Note For the year ended For the year ended
31 March 2017 31 March 2016
Revenue from operations   
2WKHULQFRPH   
Total income 13,382.63 12,917.93
Expenses
&RVWRIPDWHULDOVFRQVXPHG  233.03 
&KDQJHVLQLQYHQWRULHVRIÀQLVKHGJRRGVDQGZRUNLQSURJUHVV 27  
(PSOR\HHEHQHÀWVH[SHQVH   
)LQDQFHFRVWV   
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH 3  
([FLVHGXW\  
2WKHUH[SHQVHV 30  
Total expenses 11,400.19 10,424.16
3URÀWEHIRUHWD[ 1,982.44 2,493.77
Tax expense 
&XUUHQWWD[  
MAT credit entitlement  
'HIHUUHGWD[EHQHÀWFKDUJH  
Total tax expense 289.50 462.09
3URÀWIRUWKH\HDU 1,692.94 2,031.68
Other comprehensive income
,WHPVWKDWZLOOQRWEHUHFODVVLÀHGWRSURÀWRUORVV
 5HPHDVXUHPHQWVRIGHÀQHGEHQHÀWSODQV  
,QFRPHWD[RQLWHPVWKDWZLOOQRWEHUHFODVVLÀHGWRSURÀWRUORVV  13.13

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 (IIHFWLYHSRUWLRQRIJDLQVORVVHVRQKHGJLQJLQVWUXPHQWVLQFDVKÁRZKHGJHV  
,QFRPHWD[RQLWHPVWKDWZLOOEHUHFODVVLÀHGWRSURÀWRUORVV  1.27
Total other comprehensive income 23.07 (32.87)

Total comprehensive income for the year 1,716.01 1,998.81

Earnings per equity share for continuing operations (face value per share ` 2 each)
Basic   
'LOXWHG   10.17
6LJQLÀFDQWDFFRXQWLQJSROLFLHV 1
1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV 
As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
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3ODFH3XQH 3ODFH3XQH
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Annual Report 2016-17 124

6WDWHPHQWRIFDVKÁRZV
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PARTICULARS For the year ended For the year ended
31 March 2017 31 March 2016
A] CASH FLOW FROM OPERATING ACTIVITIES
3URÀWIRUWKH\HDU  
Adjustments for
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Interest expense  
Interest income  
'LYLGHQGLQFRPH  
8QUHDOLVHGIRUHLJQH[FKDQJHORVVJDLQ  
Provision for doubtful debts  
%DGGHEWVZULWWHQRII  0.02
Share based compensation expenses 30.73 
2SHUDWLQJ3URÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV  
Adjustments for changes in working capital:
Trade receivables and unbilled revenue  
Inventories  
/RDQVRWKHUÀQDQFLDOVDVVHWVDQGRWKHUDVVHWV  
Trade Payables  
2WKHUÀQDQFLDOOLDELOLWLHVRWKHUOLDELOLWLHVDQGSURYLVLRQV  
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Taxes Paid  
Net cash from operating activities (A) 1,259.62 3,598.73

B] CASH FLOW FROM INVESTING ACTIVITIES

3XUFKDVHRI)L[HG$VVHWV  
3URFHHGVIURP6DOHRI)L[HG$VVHWV  
,QYHVWPHQWLQ(TXLW\6KDUHVRI6XEVLGLDULHV  
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/RDQJLYHQWRUHSDLGE\VXEVLGLDU\  
Interest received  
'LYLGHQGUHFHLYHG 3.21 
)L[HG'HSRVLWZLWKEDQNVQHWKDYLQJPDWXULW\RYHUWKUHHPRQWKV  
Net Cash from /( used in ) investing activities (B) (1,541.21) (1,234.98)

Annual Report 2016-17 125

6WDWHPHQWRIFDVKÁRZV
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PARTICULARS For the year ended For the year ended
31 March 2017 31 March 2016
C] CASH FLOW FROM FINANCING ACTIVITIES
3URFHHGVIURP/RQJWHUPORDQIURPEDQNV  
5HSD\PHQWRI/RQJWHUPORDQIURPEDQNV  
3URFHHGVIURP/RQJWHUPORDQIURPRWKHUWKDQEDQNV  
5HSD\PHQWRI/RQJWHUPORDQIURPRWKHUWKDQEDQNV  
3URFHHGVIURPLVVXHRI6KDUH&DSLWDODQGDSSOLFDWLRQPRQH\ 0.22 
3URFHHGVIURP:RUNLQJ&DSLWDOORDQ1HW  
3URFHHGVIURPSD\PHQWVIRUVKDUHVLVVXHGSXUFKDVHGE\(PSOR\HH:HOIDUH7UXVWQHW  
'LYLGHQGSDLGLQFOXGLQJFRUSRUDWHGLYLGHQGWD[  
,QWHUHVWDQGÀQDQFHFKDUJHV  
1HWFDVKIURPXVHGLQÀQDQFLQJDFWLYLWLHV& 504.92 (2,704.67)

D] Exchange differences on translation of foreign currency cash and cash equivalents  

Net Increase / (decrease ) in cash and cash equivalents (A + B+ C + D) 223.29 (339.40)

&DVK FDVKHTXLYDOHQWVDWFORVHRIWKH\HDUUHIHUQRWHEHORZ  

&DVK FDVKHTXLYDOHQWVDWEHJLQQLQJRIWKH\HDUUHIHUQRWHEHORZ  
&DVKVXUSOXVGHÀFLWIRUWKH\HDU 223.29 (339.40)

Note 1:
Cash and cash equivalents include:
&DVKRQKDQG 0.02 0.11
&KHTXHVLQKDQG  1.17
%DODQFHZLWKEDQNV
,QFXUUHQWDFFRXQWV  
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Total Cash and cash equivalents 1,332.29 1,109.00
Note 2: )LJXUHVLQEUDFNHWVUHSUHVHQWRXWÁRZVRIFDVKDQGFDVKHTXLYDOHQWV
Note 3: 7KHDERYH&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGDVVHWRXWLQ,QGLDQ$FFRXQWLQJ6WDQGDUG
,QG$VRQ6WDWHPHQWRIFDVKÁRZV
As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
0HPEHUVKLS1R

Sneha Padve Kishor Patil

&RPSDQ\6HFUHWDU\ &(2 0DQDJLQJ'LUHFWRU

3ODFH3XQH 3ODFH3XQH
'DWH$SULO 'DWH$SULO

Annual Report 2016-17 126

 Statement of changes in equity
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A Equity share capital

Annual Report 2016-17

Balance as at 1 April 2015 376.13
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Balance as at 31 March 2016 375.65
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Balance as at 31 March 2017 376.39

B Other equity
Share Reserves & surplus Items of other comprehensive income Total
application
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money
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pending
reserve reserve reserve (Refer note 31) Plans
allotment

Balance as on 7.65 19.40 40.00 3,849.17 56.59 152.00 51.40 6,139.29 36.14 - 10,351.64
01 April 2015

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Total comprehensive income for - - - - - - - 2,031.68 (2.40) (30.47) 1,998.81

the year

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recognised directly in equity

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Balance as on 0.63 19.40 40.00 3,904.43 110.33 354.00 51.40 7,332.16 33.74 (30.47) 11,815.62
31 March 2016

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Total comprehensive income for - - - - - - - 1,692.94 40.17 (17.10) 1,716.01

the year

127
 Statement of changes in equity
Share Reserves & surplus Items of other comprehensive income Total
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Annual Report 2016-17

Reserve redemption premium reserve payment amation earnings FDVKÁRZKHGJHV QHWGHÀQHGEHQHÀW
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Transactions with owners

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Balance as on 31 March 2017 0.11 19.40 40.00 3,904.43 168.76 354.00 51.40 8,802.37 73.91 (47.57) 13,366.81

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As per our report of even date attached

For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

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over shorter of useful lives and period of lease. H[WHUQDODQGLQWHUQDOVRXUFHVZKHWKHUWKHUHLV
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8,945.58 (28.79) 8,916.79 8,706.24 (30.96) 8,675.28

Annual Report 2016-17 139

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7,918.81 77.95 7,996.76 8,393.62 56.56 8,450.18

TOTAL ASSETS 16,864.39 49.16 16,913.55 17,099.86 25.60 17,125.46

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TOTAL EQUITY AND 16,864.39 49.16 16,913.55 17,099.86 25.60 17,125.46

LIABILITIES

Annual Report 2016-17 140

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Reconciliation of total comprehensive income for the year ended on 31 March 2016, as previously reported under IGAAP to
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Total other comprehensive income - (32.87) (32.87)

Total comprehensive income for the year 2,019.14 (20.33) 1,998.81

Notes explaining the effects of transaction from IGAAP to Ind-AS:
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Annual Report 2016-17 141

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Land Building Leasehold Plant and Furniture Vehicles 2IÀFH Total

Annual Report 2016-17

(Leasehold) improvements Equipment and Equipments
Fixtures
Leased Owned
Gross carrying amount as 342.21 470.01 - 356.09 60.60 7.21 6.05 201.37 1,443.54
at 1 April 2015
Additions 107.31        
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derecognition
Gross carrying amount as 449.52 474.44 174.53 613.79 106.78 7.21 6.05 252.41 2,084.73
at 31 March 2016
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Accumulated 5.76 25.81 12.01 181.05 14.75 2.80 2.40 45.64 290.22
depreciation as at 31
March 2016
Carrying amount as at 1 342.21 470.01 - 356.09 60.60 7.21 6.05 201.37 1,443.54
April 2015
Carrying amount as at 31 443.76 448.63 162.52 432.74 92.03 4.41 3.65 206.77 1,794.51
March 2016

Gross carrying amount as 449.52 474.44 174.53 613.79 106.78 7.21 6.05 252.41 2,084.73
at 1 April 2016
Additions         
'LVSRVDOUHWLUHPHQWV    0.30     10.02
derecognition
Gross carrying amount as 449.52 474.08 255.30 918.80 136.81 6.71 14.55 293.34 2,549.11
at 31 March 2017
Accumulated 5.76 25.81 12.01 181.05 14.75 2.80 2.40 45.64 290.22
depreciation as at 1 April
2016
'HSUHFLDWLRQ         
'LVSRVDOUHWLUHPHQWV  0.02  0.01 2.03   2.03 
derecognition
Accumulated 12.32 51.62 36.25 401.44 31.16 4.40 4.88 89.58 631.65
depreciation as at 31
March 2017
Carrying amount as at 1 443.76 448.63 162.52 432.74 92.03 4.41 3.65 206.77 1,794.51
April 2016
Carrying amount as at 31 437.20 422.46 219.05 517.36 105.65 2.31 9.67 203.76 1,917.46
March 2017
1RWH
5HIHUQRWHIRUGHWDLOVRISURSHUW\SODQWDQGHTXLSPHQWSOHGJHGDVVHFXULW\IRUERUURZLQJV
1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV

142
1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
% ,QWDQJLEOHDVVHWV
&KDQJHVLQWKHFDUU\LQJDPRXQWRIRWKHULQWDQJLEOHDVVHWV
$PRXQWLQ`PLOOLRQ
Internally Other than Total
Generated Internally
Generated
Product Software
Development
Cost
(Refer note (i))
Gross carrying amount as at 1 April 2015 211.68 293.51 505.19
Additions   
Gross carrying amount as at 31 March 2016 243.21 549.08 792.29
'HSUHFLDWLRQ   
Accumulated depreciation as at 31 March 2016 70.65 222.79 293.44
Carrying amount as at 1 April 2015 211.68 293.51 505.19
Carrying amount as at 31 March 2016 172.56 326.29 498.85

Gross carrying amount as at 1 April 2016 243.21 549.08 792.29

Additions   302.01
Gross carrying amount as at 31 March 2017 276.29 818.01 1,094.30
Accumulated depreciation as at 1 April 2016 70.65 222.79 293.44
'HSUHFLDWLRQ   
Accumulated depreciation as at 31 March 2017 185.24 473.51 658.75
Carrying amount as at 1 April 2016 172.56 326.29 498.85
Carrying amount as at 31 March 2017 91.05 344.50 435.55

1RWH
L :LWKUHVSHFWWRRQHRIWKHLQWDQJLEOHDVVHWVWKH&RPSDQ\LVXQDEOHWRWUDFNVHSDUDWHO\WKHIXWXUHHFRQRPLFEHQHÀWVDQG
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RYHUZKLFKWKHEHQHÀWVDUHH[SHFWHGWRÁRZ+HQFHGXULQJWKH\HDUHQGHG0DUFKWKH&RPSDQ\KDVLPSDLUHG
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Annual Report 2016-17 143

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$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
 1RQFXUUHQWLQYHVWPHQWV
Investments (Unquoted)
Investments in equity instruments of subsidiaries (at cost)
 6\VWLPH&RPSXWHU&RUSRUDWLRQ86$   
 >3UHYLRXV\HDUFRPPRQVWRFNRILVVXHGHTXLW\QRSDU
value]
 .3,7,QIRV\VWHPV0()=(8$(   
 >3UHYLRXV\HDUHTXLW\VKDUHRIQRPLQDOYDOXHRI$('@
 .3,77HFKQRORJLHV8./LPLWHG   
 $ZKROO\RZQHGVXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ8.
 3UHYLRXV\HDU(TXLW\VKDUHVRI…HDFKIXOO\
SDLGXS
KPIT Infosystems Inc.   
 $ZKROO\RZQHGVXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ86$
 3UHYLRXV\HDU(TXLW\VWRFNZLWKRXWSDUYDOXHIXOO\SDLG
up.
 .3,77HFKQRORJLHV)UDQFH6$6   
 $ZKROO\RZQHGVXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ)UDQFH
 3UHYLRXV\HDU(TXLW\VWRFNRI(XURHDFKIXOO\SDLG
up.
 .3,76KDQJKDL6RIWZDUH7HFKQRORJ\&R/LPLWHG   
 $ZKROO\RZQHGVXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ&KLQD
 3UHYLRXV\HDU(TXLW\VKDUHVRI50%HDFKIXOO\
paid up
 .3,77HFKQRORJLHV1HWKHUODQGV%9   
 $ZKROO\RZQHGVXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ1HWKHUODQGV
 3UHYLRXV\HDU(TXLW\VKDUHVRI(XURHDFKIXOO\SDLGXS
 .3,77HFKQRORJLHV6ROXFRHV(0,QIRUPDWLFD/7'$   
A subsidiary of KPIT Infosystems Inc
 3UHYLRXV\HDUVKDUHVRI%UD]LOLDQ5HDVHDFKIXOO\SDLGXS
Impact Automotive Solutions Limited   
 3UHYLRXV\HDU(TXLW\VKDUHVRI` 10 each fully
SDLGXS
Investments in equity instruments of other entities measured at fair
YDOXHWKURXJK3URÀWDQG/RVV
 ,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG5HIHUQRWH   
 3UHYLRXV<HDUHTXLW\VKDUHVRI` 2 each fully paid up
 6DUDVZDW&RRSHUDWLYH%DQN/LPLWHG 0.00* 0.00* 0.00*
 3UHYLRXV\HDUHTXLW\VKDUHRI` 10 each fully paid up
5,538.96 5,156.41 4,942.61
* Since denominated in ` Million

Annual Report 2016-17 144

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 /RDQV

$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Loans and advances to related parties (Refer note 38)
/RDQWRGLUHFWRU  22.70 
/RDQWR.3,7,QIRV\VWHPV,QFRUSRUDWHG86$   
/RDQWR.3,77HFKQRORJLHV8./LPLWHG   
Loans and advances to other than related parties
Security deposits   137.71
Loan to employees   
118.68 78.14 848.74

Note:
 L,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 2WKHUÀQDQFLDODVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
)L[HGGHSRVLWVZLWKEDQNV   
,QWHUHVWDFFUXHGRQÀ[HGGHSRVLWV   0.13
22.02 10.94 11.62

Note:
 L,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 'HIHUUHGWD[DVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Deferred tax assets
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV   
3URYLVLRQIRUOHDYHHQFDVKPHQW   
3URYLVLRQIRUJUDWXLW\   
MAT credit entitlement   
  
Deferred tax liabilities
([FHVVRIGHSUHFLDWLRQDPRUWLVDWLRQRQÀ[HGDVVHWVXQGHULQFRPHWD[   
ODZRYHUGHSUHFLDWLRQDPRUWLVDWLRQSURYLGHGLQDFFRXQWV
)RUZDUGFRQWUDFWVGHVLJQDWHGDVFDVKÁRZKHGJHV   
2WKHUV   
  
Net deferred tax asset 502.96 430.51 390.99

Annual Report 2016-17 145

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 2WKHUQRQFXUUHQWDVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
&DSLWDODGYDQFHV   2.77
Advance rentals   17.12
Prepaid expenses   
)ULQJHEHQHÀWWD[SDLGLQH[FHVVRISURYLVLRQQHW   
%DODQFHLQ*URXS*UDWXLW\7UXVW$FFRXQW   
96.55 103.78 37.12

 ,QYHQWRULHV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Valued at the lower of cost and net realisable value)
5DZPDWHULDOV5HIHUQRWHLEHORZ 73.32  
:RUNLQSURJUHVV   
)LQLVKHGJRRGV   0.01
Stores and spares   
74.99 307.24 207.66

Note :
L 'XULQJ WKH \HDU HQGHG  0DUFK  WKH &RPSDQ\ KDV ZULWWHQGRZQ LWV VORZ PRYLQJ LQYHQWRU\ RI `  PLOOLRQ ZLWK
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 &XUUHQWLQYHVWPHQWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Investments in equity instruments of other entities measured at fair
YDOXHWKURXJK3URÀWDQG/RVVXQTXRWHG
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG5HIHUQRWH   
3UHYLRXV<HDUHTXLW\VKDUHVRI` 2 each fully paid up
,QYHVWPHQWVLQ0XWXDOIXQGVPHDVXUHGDWIDLUYDOXHWKURXJK3URÀWDQG
Loss (quoted)
1LOXQLWV3UHYLRXV\HDU1LOXQLWV%LUOD6XQ/LIH6DYLQJV)XQG5HJXODU   112.71
3ODQ'DLO\'LYLGHQG
1LOXQLWV3UHYLRXV\HDU1LOXQLWV+')&/LTXLG)XQG'LYLGHQG'DLO\   
Reinvestment
1LOXQLWV3UHYLRXV\HDU1LOXQLWV$[LV/LTXLG)XQG'DLO\'LYLGHQG   
 XQLWV 3UHYLRXV \HDU 1LO XQLWV 5HOLDQFH /LTXLG )XQG 7UHDVXU\   
3ODQ'DLO\'LYLGHQG2SWLRQ
1LOXQLWV3UHYLRXV\HDU1LOXQLWV6%,3UHPLHU/LTXLG)XQG5HJXODU3ODQ   0.00*
'DLO\'LYLGHQG
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1LO XQLWV 3UHYLRXV \HDU 1LO XQLWV '63 %ODFN5RFN /LTXLGLW\ )XQG    
,QVWLWXWLRQDO3ODQ'DLO\GLYLGHQG
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777.68 - 590.34
* Since denominated in ` Million
Note:
L7KHGHWDLOVRIDJJUHJDWHYDOXHRITXRWHGXQTXRWHGLQYHVWPHQWVDQGWKH&RPSDQ\·VH[SRVXUHWROLTXLGLW\ULVNDUHGLVFORVHGLQQRWH

Annual Report 2016-17 146

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 7UDGHUHFHLYDEOHV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured)
7UDGHUHFHLYDEOHV8QVHFXUHG
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&RQVLGHUHGGRXEWIXO   
  
/HVV$OORZDQFHIRUEDGDQGGRXEWIXOWUDGHUHFHLYDEOHV   
5,005.65 3,648.21 4,690.91

Notes:
 L7UDGHUHFHLYDEOHVIURPUHODWHGSDUWLHVDUHGLVFORVHGLQQRWH
 LL7KH&RPSDQ\·VH[SRVXUHWRFUHGLWULVNFXUUHQF\ULVNDQGORVVDOORZDQFHUHODWHGWRWUDGHUHFHLYDEOHVDUHGLVFORVHGLQQRWH

 &DVKDQGEDQNEDODQFHV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
&DVKDQGFDVKHTXLYDOHQWV
&DVKRQKDQG 0.02 0.11 0.21
&KHTXHVLQKDQG  1.17 
%DODQFHVZLWKEDQNV
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2WKHU EDQN EDODQFHV LQFOXGHV XQFODLPHG GLYLGHQG RI `  PLOOLRQ   
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1,380.29 2,198.04 1,805.72

Note:
 L,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 /RDQV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Loans and advances to related parties (Refer note 38)
/RDQWR.3,7,QIRV\VWHPV,QFRUSRUDWHG86$   
/RDQWRGLUHFWRU   
'XHVIURPVXEVLGLDULHV   213.17
Loans and advances to other than related parties
Other loans and advances
/RDQWRHPSOR\HHV   
6HFXULW\GHSRVLWV   
2WKHUUHFHLYDEOHV  0.02 
686.99 1,107.05 257.92

Note:
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Annual Report 2016-17 147

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 2WKHUFXUUHQWÀQDQFLDODVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
)RUZDUGFRQWUDFWVGHVLJQDWHGDVFDVKÁRZKHGJHV5HIHU1RWH 113.03  
,QWHUHVWDFFUXHGRQÀ[HGGHSRVLWV 1.72  
114.75 60.40 59.04
 1RWH
 L,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 2WKHUFXUUHQWDVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Advance rentals   
(PSOR\HHDGYDQFHV
&RQVLGHUHGJRRG   
&RQVLGHUHGGRXEWIXO   10.22
 70.32 70.27
/HVV3URYLVLRQIRUGRXEWIXODGYDQFHV   10.22
  
Advance to suppliers   
Prepaid expenses   112.72
%DODQFHVZLWKVWDWXWRU\DXWKRULWLHV   
325.68 366.50 404.93

 6KDUHFDSLWDO
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Authorised:
3UHYLRXV\HDUHTXLW\VKDUHVRI` 2 each.   
1,250.00 1,250.00 1,250.00
Issued subscribed and fully paid up:
3UHYLRXV\HDUHTXLW\VKDUHVRI` 2 each fully   
paid up
376.39 375.65 376.13

16.17KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGWREHGLVWULEXWHGWRHTXLW\VKDUHKROGHUV
for the year ended 31 March 2017 is `PLOOLRQLH`SHUVKDUH3UHYLRXV\HDU`PLOOLRQLH`SHUVKDUH
7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO
Meeting.
 'LYLGHQGVGXULQJWKH\HDUHQGHG0DUFKLQFOXGH`SHUVKDUHWRZDUGVÀQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFK
'LYLGHQGVGXULQJWKH\HDUHQGHG0DUFKLQFOXGH`SHUVKDUHWRZDUGVLQWHULPGLYLGHQGIRUWKH\HDUHQGHG
0DUFKDQG`SHUVKDUHWRZDUGVÀQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFK

16.2,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHUVRIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHDVKDUHLQWKHUHPDLQLQJDVVHWV
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shares held by the shareholders.

Annual Report 2016-17 148

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16.3 Reconciliation of the number of equity shares outstanding at the beginning and at the end of the year:

Paritculars As at 31 March 2017 As at 31 March 2016

Number of (` million) Number of (` million)
shares shares
Equity shares
At the beginning of the year    
$GG 6KDUHV LVVXHG RQ H[HUFLVH RI HPSOR\HH VWRFN    
options
/HVV ,QFUHDVH LQ VKDUHV KHOG E\ .3,7 7HFKQRORJLHV    
/LPLWHG(PSOR\HH:HOIDUH7UXVW
2XWVWDQGLQJDWWKHHQGRIWKH\HDU 188,193,398 376.39  

16.47KH&RPSDQ\KDVRQO\RQHFODVVRIVKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`(DFKVKDUHKROGHURIHTXLW\
shares is entitled to one vote per share.

16.51XPEHURIHTXLW\VKDUHVKHOGE\HDFKVKDUHKROGHUKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\DUHDVIROORZV

Name of the shareholders Number of % of shares Number of % of shares

shares as at held shares as at held
31 March 2017 31 March 2016
3URÀFLHQW)LQVWRFN//3    
Warhol Limited    

16.6$JJUHJDWHQXPEHURIHTXLW\VKDUHVDOORWWHGDVIXOO\SDLGXSE\ZD\RIERQXVVKDUHVIRUWKHSHULRGRIÀYH\HDUVLPPHGLDWHO\
SUHFHGLQJWKH%DODQFH6KHHWGDWH3UHYLRXV\HDU

16.7 Capital Management

 7KH&RPSDQ\·VREMHFWLYHLVWRVDIHJXDUGLWVDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQDQGWRPDLQWDLQLQYHVWRUFUHGLWRUDQGPDUNHW
FRQÀGHQFHDQGWRPD[LPL]HVKDUHKROGHUYDOXH,QRUGHUWRIXOÀOLWVREMHFWLYHWKHPDQDJHPHQWRIWKH&RPSDQ\PRQLWRUVWKH
UHWXUQRQFDSLWDODVZHOODVWKHOHYHORIGLYLGHQGVWRRUGLQDU\VKDUHKROGHUV

 /RQJWHUPERUURZLQJV

$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Term loans
)URPEDQNV6HFXUHG
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/RQJWHUPPDWXULWLHVRIÀQDQFHOHDVHREOLJDWLRQV6HFXUHG   
6HFXUHGDJDLQVWÀ[HGDVVHWVREWDLQHGXQGHUÀQDQFHOHDVH
DUUDQJHPHQWV5HIHUQRWH
985.31 1,653.31 628.08

Annual Report 2016-17 149

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
Notes:
L 7KH(&%ORDQFRQVLVWVRIORDQVHFXUHGE\SDULSDVVXFKDUJHRYHU&RPSDQ\·V/DQGDQG%XLOGLQJORFDWHGDW3ORW1R
0,'&DUHDRI5DMLY*DQGKL,QIRWHFK3DUN3KDVH,+LQMDZDGLH[FOXGLQJFKDUJHRYHU5 '&HQWUHGHYHORSHGLQWKH
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VHPLDQQXDOLQVWDOOPHQWVRI86'PLOOLRQHDFKXSWR1RYHPEHU7KHSULQFLSDODPRXQWRIORDQRXWVWDQGLQJDVDWWKH
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LLL 2WKHUWHUPORDQVIURPEDQNDUHVHFXUHGDJDLQVWÀ[HGDVVHWVREWDLQHGXQGHUWKHORDQDUUDQJHPHQW7KHORDQFDUULHVLQWHUHVW
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LY 7HUPORDQIURPRWKHUWKDQEDQNVLVVHFXUHGE\ZD\RIÀUVWDQGH[FOXVLYHFKDUJHRQÀ[HGDVVHWVDFTXLUHGXQGHUWKHORDQ
DUUDQJHPHQW7KHORDQLVUHSD\DEOHLQWZRHTXDOLQVWDOOPHQWVRI`PLOOLRQHDFKXSWR0D\
Y 7HUPORDQIURPRWKHUWKDQEDQNVFRQVLVWRIXQVHFXUHGORDQFDUU\LQJLQWHUHVWUDWHRI7KHUHSD\PHQWRIORDQZLOOVWDUW
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YL ,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH
31.

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3URYLVLRQIRUHPSOR\HHEHQHÀWV
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2WKHUSURYLVLRQV
SURYLVLRQIRUZDUUDQW\5HIHUQRWH   
266.35 249.88 205.32

 6KRUWWHUPERUURZLQJV
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31 March 2017 31 March 2016 01 April 2015
Loans repayable on demand
)URPEDQNV6HFXUHG
:RUNLQJFDSLWDOORDQVIURPEDQNVVHFXUHG5HIHUQRWHLEHORZ   
:RUNLQJFDSLWDOORDQIURPEDQNXQVHFXUHG5HIHUQRWHLLEHORZ   
/LDELOLW\IURPEDQNDJDLQVWELOOGLVFRXQWLQJXQVHFXUHG5HIHUQRWHLLL   
EHORZ
)URPRWKHUWKDQEDQNVVHFXUHG5HIHUQRWHLYEHORZ 13.03  
1,876.29 553.81 3,489.31

Notes:
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Annual Report 2016-17 150

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LL 7KHORDQFDUULHGLQWHUHVWUDWHXSWRPRQWKV/,%25SOXVSD7KHORDQZDVUHSDLGGXULQJWKHSUHYLRXV\HDU

LLL 7KHLQYRLFHVUDLVHGE\WKH&RPSDQ\DUHGLVFRXQWHGZLWKEDQNHUVZKLFKDUHXQVHFXUHGE\QDWXUH

LY 7KHORDQIURPRWKHUWKDQEDQNVLVVHFXUHGE\ZD\RIÀUVWDQGH[FOXVLYHFKDUJHRQÀ[HGDVVHWVDFTXLUHGXQGHUWKHORDQ
DUUDQJHPHQW7KHORDQLVUHSD\DEOHLQIRXUHTXDOLQVWDOOPHQWVRI`PLOOLRQHDFKXSWR0D\

Y ,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 7UDGHSD\DEOHV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Trade payables
7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV5HIHU   0.13
QRWH
Total outstanding dues of creditors other than micro enterprises and   
small enterprises
588.76 492.25 648.37

Notes:
L 7UDGHSD\DEOHIURPUHODWHGSDUWLHVDUHGLVFORVHGLQQRWH
LL ,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 2WKHUFXUUHQWÀQDQFLDOOLDELOLWLHV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
&XUUHQWPDWXULWLHVRIORQJWHUPGHEW
IURPEDQNVVHFXUHG   
5HIHU QRWH    7HUP ORDQ IURP EDQNV IRU GHWDLOV RI VHFXULW\ DQG
UHSD\PHQWWHUPV
IURPRWKHUVVHFXUHG   
5HIHUQRWH7HUPORDQIURPRWKHUWKDQEDQNVIRUGHWDLOVRIVHFXULW\
DQGUHSD\PHQWWHUPV
&XUUHQWPDWXULWLHVRIÀQDQFHOHDVHREOLJDWLRQV5HIHUQRWH   
2WKHUWKDQWUDGHSD\DEOHV
Accrued employee costs   
Interest accrued and due  0.13 
Interest accrued and not due 7.01  
Unclaimed dividend   
3D\DEOHVLQUHVSHFWRIÀ[HGDVVHWV   
3D\DEOHWRVXEVLGLDULHV5HIHUQRWH  3.73 
Interim dividend payable   
Security deposits   
1,228.72 1,202.42 880.26

Note:
 L,QIRUPDWLRQDERXWWKH&RPSDQ\·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

Annual Report 2016-17 151

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 2WKHUFXUUHQWOLDELOLWLHV

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31 March 2017 31 March 2016 01 April 2015
Unearned revenue   
Advances from customers 7.23  
Statutory remittances   
Tax on interim dividend payable   
2WKHUV   
253.83 302.69 303.29

 6KRUWWHUPSURYLVLRQV

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31 March 2017 31 March 2016 01 April 2015
3URYLVLRQIRUHPSOR\HHEHQHÀWV
&RPSHQVDWHG$EVHQFHV   
*UDWXLW\5HIHUQRWH 22.77  
Provision for taxes
)ULQJHEHQHÀWWD[   
2WKHUSURYLVLRQV
6HUYLFHWD[SD\DEOHQHWRIWD[SDLGXQGHUSURWHVW5HIHUQRWHL   
E
3URYLVLRQIRUZDUUDQW\5HIHUQRWH   
192.26 127.12 112.99

 5HYHQXHIURPRSHUDWLRQV

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31 March 2017 31 March 2016
Software services  
Sale of products
)LQLVKHGJRRGV  
13,223.23 12,641.02

 2WKHULQFRPH

$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
,QWHUHVWLQFRPH5HIHUQRWHLEHORZ  
'LYLGHQGLQFRPHIURPFXUUHQWLQYHVWPHQWV 3.21 
3URÀWRQVDOHRIÀ[HGDVVHWVQHW  
)RUHLJQH[FKDQJHJDLQQHW5HIHUQRWHLLEHORZ  
2WKHU QRQ RSHUDWLQJ LQFRPH QHW RI H[SHQVHV GLUHFWO\ DWWULEXWDEOH WR VXFK LQFRPH  
LQFOXGLQJPLVFHOODQHRXVLQFRPH
159.40 276.91

Notes:
L ,QWHUHVWLQFRPHLQFOXGHVDPRXQWRI`PLOOLRQ3UHYLRXV\HDU`PLOOLRQDVLQWHUHVWRQÀQDQFLDODVVHWVFDUULHGDW
amortised cost.
LL ,QFOXGHV JDLQVORVVHV QHW RQ IRUZDUG FRQWUDFWV GHVLJQDWHG DV FDVK ÁRZ KHGJHV WUDQVIHUUHG IURP FDVK ÁRZ KHGJLQJ
reserve `PLOOLRQ3UHYLRXV\HDU`PLOOLRQ5HIHUQRWH

Annual Report 2016-17 152

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 &RVWRIPDWHULDOVFRQVXPHG
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
Inventory of materials at the beginning of the year  
Purchases  
Inventory of materials at the end of the year 73.32 
233.03 141.04

 &KDQJHVLQLQYHQWRULHVRIÀQLVKHGJRRGVDQGZRUNLQSURJUHVV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
Finished goods
Inventories at the beginning of the year  0.01
Inventories at the end of the year  
 
Work-in-progress
Inventories at the beginning of the year  
Inventories at the end of the year  
 
6.61 (8.01)

 (PSOR\HHEHQHÀWVH[SHQVH
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
6DODULHVZDJHVDQGLQFHQWLYHV  
&RQWULEXWLRQWRSURYLGHQWIXQG5HIHUQRWH  
6KDUHEDVHGFRPSHQVDWLRQWRHPSOR\HHV5HIHUQRWH 30.73 
6WDIIZHOIDUHH[SHQVHV  
7,965.40 7,175.02

 )LQDQFHFRVWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
,QWHUHVWH[SHQVH5HIHUQRWHLEHORZ  
Net loss on foreign currency transactions and translations  
FRQVLGHUHGDVÀQDQFHFRVWV
85.39 106.42

Note
 L,QFOXGHVDPRXQWRI`PLOOLRQ3UHYLRXV\HDU`PLOOLRQSHUWDLQLQJWRÀQDQFHOHDVHREOLJDWLRQV

Annual Report 2016-17 153

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 2WKHUH[SHQVHV

$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016
7UDYHODQGRYHUVHDVH[SHQVHVQHW  
7UDQVSRUWDQGFRQYH\DQFHQHW  
&RVWRIVHUYLFHGHOLYHU\QHW  
&RVWRISURIHVVLRQDOVXEFRQWUDFWLQJQHW  
Recruitment and training expenses  
3RZHUDQGIXHO  
5HQW5HIHUQRWH  
5HSDLUVDQGPDLQWHQDQFH
EXLOGLQJV  
SODQW HTXLSPHQW  
RWKHUV  
Insurance  
5DWHV WD[HV 7.12 
&RPPXQLFDWLRQH[SHQVHVQHW  
Legal and professional fees  
0DUNHWLQJH[SHQVHV  
3ULQWLQJ VWDWLRQHU\  
$XGLWRUVUHPXQHUDWLRQQHWRIVHUYLFHWD[
$XGLWIHHV  
/LPLWHGUHYLHZRITXDUWHUO\UHVXOWV 1.20 1.20
)HHVIRURWKHUVHUYLFHV  
2XWRISRFNHWH[SHQVHVUHLPEXUVHG  
%DGGHEWVZULWWHQRII  0.02
3URYLVLRQIRUGRXEWIXOGHEWVXQELOOHGUHYHQXHDQGDGYDQFHVQHW  
&RQWULEXWLRQVWRZDUGVFRUSRUDWHVRFLDOUHVSRQVLELOLW\5HIHUQRWH  
0LVFHOODQHRXVH[SHQVHVQHW  
2,370.73 2,403.57

Note
&HUWDLQH[SHQVHVDUHQHWRIUHFRYHULHVUHLPEXUVHPHQWVIURPFXVWRPHUV

Annual Report 2016-17 154

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 )LQDQFLDO,QVWUXPHQWV
31.1 Financial Instruments by category
 7KHFDUU\LQJYDOXHDQGIDLUYDOXHRIÀQDQFLDOLQVWUXPHQWVE\FDWHJRULHVDVRQ0DUFKDUHDVIROORZV
$PRXQWLQ`PLOOLRQ
Particulars Amortised Financial assets/ Financial assets/ Total Total fair
cost liabilities at fair value liabilities at fair value carrying value
WKURXJKSURÀWRUORVV through OCI value

Designated Mandatory Designated Mandatory

upon initial upon initial
recognition recognition
Assets
Investments       
Trade receivables       
&DVKDQGFDVKHTXLYDOHQWV       
2WKHUEDODQFHVZLWKEDQNV       
Loans       
Unbilled revenue 323.71     323.71 323.71
2WKHUÀQDQFLDODVVHWV     113.03  
Total Assets 7,539.06 - 777.68 - 113.03 8,429.77 8,429.77

Liabilities
%RUURZLQJV       
Trade payables       
2WKHUÀQDQFLDOOLDELOLWLHV       
Total Liabilities 4,679.08 - - - - 4,679.08 4,652.53

7KHFDUU\LQJYDOXHDQGIDLUYDOXHRIÀQDQFLDOLQVWUXPHQWVE\FDWHJRULHVDVRQ0DUFKZHUHDVIROORZV
$PRXQWLQ`PLOOLRQ
Particulars Amortised Financial assets/ Financial assets/ Total Total fair
cost liabilities at fair value liabilities at fair value carrying value
WKURXJKSURÀWRUORVV through OCI value
Designated Mandatory Designated Mandatory
upon initial upon initial
recognition recognition
Assets
Investments       
Trade receivables       
&DVKDQGFDVKHTXLYDOHQWV       
2WKHUEDODQFHVZLWKEDQNV       
Loans       
Unbilled revenue       
2WKHUÀQDQFLDODVVHWV       
Total Assets 7,360.51 - 117.55 - 51.59 7,529.65 7,529.65

Liabilities
%RUURZLQJV       
Trade payables       
2WKHUÀQDQFLDOOLDELOLWLHV       
Total Liabilities 3,901.79 - - - - 3,901.79 3,880.59

Annual Report 2016-17 155

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 7KHFDUU\LQJYDOXHDQGIDLUYDOXHRIÀQDQFLDOLQVWUXPHQWVE\FDWHJRULHVDVRQ$SULOZHUHDVIROORZV

$PRXQWLQ`PLOOLRQ
Particulars Amortised Financial assets/ Financial assets/ Total Total fair
cost liabilities at fair value liabilities at fair value carrying value
WKURXJKSURÀWRUORVV through OCI value
Designated Mandatory Designated Mandatory
upon initial upon initial
recognition recognition
Assets
Investments       
Trade receivables       
&DVKDQGFDVKHTXLYDOHQWV       
2WKHUEDODQFHVZLWKEDQNV       
Loans       
Unbilled revenue       
2WKHUÀQDQFLDODVVHWV       
Total Assets 8,052.35 - 707.89 - 55.26 8,815.50 8,815.50

Liabilities
%RUURZLQJV       
Trade payables       
2WKHUÀQDQFLDOOLDELOLWLHV       
Total Liabilities 5,646.02 - - - - 5,646.02 5,637.72

31.2 Fair value hierarchy

 )LQDQFLDODVVHWVDQGOLDELOLWLHVLQFOXGHFDVKDQGFDVKHTXLYDOHQWVRWKHUEDODQFHVZLWKEDQNVWUDGHUHFHLYDEOHVORDQVXQELOOHG
UHYHQXHRWKHUÀQDQFLDODVVHWVWUDGHSD\DEOHVDQGRWKHUÀQDQFLDOOLDELOLWLHVZKRVHIDLUYDOXHVDSSUR[LPDWHWKHLUFDUU\LQJDPRXQWV
largely due to the short term nature of such assets and liabilities.

 /HYHO4XRWHGSULFHVXQDGMXVWHGLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV

 /HYHO²,QSXWVRWKHUWKDQTXRWHGSULFHVLQFOXGHGZLWKLQ/HYHOWKDWDUHREVHUYDEOHIRUWKHDVVHWRUOLDELOLW\HLWKHUGLUHFWO\LH
DVSULFHVRULQGLUHFWO\LHGHULYHGIURPSULFHV

 /HYHO,QSXWVIRUWKHDVVHWVRUOLDELOLWLHVWKDWDUHQRWEDVHGRQREVHUYDEOHPDUNHWGDWDXQREVHUYDEOHLQSXWV

 7KHIROORZLQJWDEOHSUHVHQWVIDLUYDOXHKLHUDUFK\RIDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars As at Fair value measurement
31 March 2017 Level 1 Level 2 Level 3
,QYHVWPHQW LQ 6DQNDOS 6HPLFRQGXFWRUV 3ULYDWH    
Limited
Investments in Mutual funds    
,QYHVWPHQWLQHTXLW\LQVWUXPHQWVRIRWKHUHQWLWLHV 0.00*   0.00*
'HULYDWLYHÀQDQFLDODVVHWV 113.03  113.03 
%RUURZLQJV    

Annual Report 2016-17 156

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7KHIROORZLQJWDEOHSUHVHQWVIDLUYDOXHKLHUDUFK\RIDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars As at Fair value measurement
31 March 2016 Level 1 Level 2 Level 3
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG    
,QYHVWPHQWLQHTXLW\LQVWUXPHQWVRIRWKHUHQWLWLHV 0.00*   0.00*
'HULYDWLYHÀQDQFLDODVVHWV    
%RUURZLQJV    

 7KHIROORZLQJWDEOHSUHVHQWVIDLUYDOXHKLHUDUFK\RIDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHDVRQ$SULO
$PRXQWLQ`PLOOLRQ
Particulars As at Fair value measurement
01 April 2015 Level 1 Level 2 Level 3
,QYHVWPHQW LQ 6DQNDOS 6HPLFRQGXFWRUV 3ULYDWH    
Limited
Investments in Mutual funds    
,QYHVWPHQWLQHTXLW\LQVWUXPHQWVRIRWKHUHQWLWLHV 0.00*   0.00*
'HULYDWLYHÀQDQFLDODVVHWV    
%RUURZLQJV    
* Since denominated in ` million.

 9DOXDWLRQWHFKQLTXHDQGVLJQLÀFDQWXQREVHUYDEOHLQSXWV

Level 2:

L 'HULYDWLYHÀQDQFLDODVVHWVDUHYDOXHGEDVHGRQLQSXWVWKDWDUHGLUHFWO\RULQGLUHFWO\REVHUYDEOHLQWKHPDUNHW

LL %RUURZLQJVDUHYDOXHGXVLQJWKHGLVFRXQWHGFDVKÁRZPHWKRGWKHQHWFDVKÁRZVH[SHFWHGWREHJHQHUDWHGDUHGLVFRXQWHG
XVLQJWKHFRVWRIERUURZLQJWKDWDUHGLUHFWO\RULQGLUHFWO\REVHUYDEOHLQWKHPDUNHW

Level 3:
Valuation techniques 6LJQLÀFDQWXQREVHUYDEOHLQSXWV
)RUYDOXDWLRQRILQYHVWPHQWLQHTXLW\LQVWUXPHQWVGLVFRXQWHG %XGJHWHGUHYHQXHJURZWKUDWH
FDVK ÁRZ PHWKRG LV XVHG WR FDSWXUH WKH SUHVHQW YDOXH RI
H[SHFWHGIXWXUHHFRQRPLFEHQHÀWV8QGHUWKHGLVFRXQWHGFDVK :HLJKWHGDYHUDJHFRVWRIFDSLWDO
ÁRZPHWKRGWKHQHWFDVKÁRZVH[SHFWHGWREHJHQHUDWHGDUH
GLVFRXQWHGXVLQJWKHZHLJKWHGDYHUDJHFRVWRIFDSLWDO

 6LJQLÀFDQWLQFUHDVHLQGLVFRXQWUDWHVDQGVSUHDGVDERYHULVNIUHHUDWHLQLVRODWLRQZRXOGUHVXOWLQORZHUIDLUYDOXHV$VLJQLÀFDQW
LQFUHDVHLQYRODWLOLW\LQUHYHQXHJURZWKUDWHVZLOOUHVXOWLQKLJKHUIDLUYDOXH

31.3 Financial risk management

 7KHERDUGRIGLUHFWRUVKDVRYHUDOOUHVSRQVLELOLW\IRUWKHHVWDEOLVKPHQWDQGRYHUVLJKWRIWKH&RPSDQ\ULVNPDQDJHPHQWIUDPHZRUN
7KHERDUGRIGLUHFWRUVKDVHVWDEOLVKHGWKH5LVN0DQDJHPHQW&RPPLWWHHVZKLFKLVUHVSRQVLEOHIRUGHYHORSLQJDQGPRQLWRULQJ
WKH&RPSDQ\·VULVNPDQDJHPHQWSROLFLHV

Annual Report 2016-17 157

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
 7KH&RPSDQ\KDVH[SRVXUHWRWKHIROORZLQJULVNVDULVLQJIURPÀQDQFLDOLQVWUXPHQWV
a. Credit risk
 &UHGLW ULVN LV WKH ULVN RI ÀQDQFLDO ORVVHV WR WKH &RPSDQ\ LI D FXVWRPHU RU FRXQWHUSDUW\ WR ÀQDQFLDO LQVWUXPHQWV IDLOV WR
GLVFKDUJH LWV FRQWUDFWXDO REOLJDWLRQV DQG DULVHV SULPDULO\ IURP WKH &RPSDQ\·V UHFHLYDEOHV IURP FXVWRPHUV DPRXQWLQJ
to `  PLOOLRQ `  PLOOLRQ DQG `  PLOOLRQ DQG XQELOOHG UHYHQXH DPRXQWLQJ WR `  PLOOLRQ
`PLOOLRQDQG`PLOOLRQDVRQ0DUFK0DUFKDQG$SULOUHVSHFWLYHO\7RPDQDJHWKLV
WKH&RPSDQ\SHULRGLFDOO\DVVHVVHVWKHNH\DFFRXQWVUHFHLYDEOHEDODQFHV$VSHU,QG$6)LQDQFLDO,QVWUXPHQWVWKH
&RPSDQ\XVHVH[SHFWHGFUHGLWORVVPRGHOWRDVVHVVWKHLPSDLUPHQWORVVRUJDLQ
  7KHFDUU\LQJDPRXQWRIWUDGHDQGRWKHUUHFHLYDEOHVDQGRWKHUÀQDQFLDODVVHWVUHSUHVHQWVWKHPD[LPXPFUHGLWH[SRVXUH
i. Trade receivables
 7KHPDQDJHPHQWKDVHVWDEOLVKHGDFFRXQWVUHFHLYDEOHSROLF\XQGHUZKLFKFXVWRPHUDFFRXQWVDUHUHJXODUO\PRQLWRUHG
7KH &RPSDQ\ KDV D GHGLFDWHG VDOHV WHDP DW HDFK JHRJUDSK\ ZKLFK LV UHVSRQVLEOH IRU FROOHFWLQJ GXHV IURP WKH
FXVWRPHUZLWKLQVWLSXODWHGSHULRG7KHPDQDJHPHQWUHYLHZVVWDWXVRIFULWLFDODFFRXQWVRQDUHJXODUEDVLV
ii. Impairment
Movement in the allowance for impairment in respect of trade and other receivables

Particulars (Amount in ` million)

Balance as on April 1, 2015 244.72
Impairment during the year 
Reversal of impairment on account of collection 
8WLOLVDWLRQRIDOORZDQFH 
)RUHLJQH[FKDQJHWUDQVODWLRQ 
Balance as on March 31, 2016 295.71
Impairment during the year 
Reversal of impairment on account of collection 
8WLOLVDWLRQRIDOORZDQFH 
)RUHLJQH[FKDQJHWUDQVODWLRQ 1.37
Balance as on March 31, 2017 81.50

Trade receivables that were not impaired

$PRXQWLQ`PLOOLRQ
Particulars Carrying amount
31 March 2017 31 March 2016 01 April 2015
Neither past due nor impaired   
3DVWGXHGD\V   
3DVWGXHGD\V   
3DVWGXHGD\V  302.30 
0RUHWKDQGD\V   

8QELOOHGUHYHQXHLVQRWRXWVWDQGLQJIRUPRUHWKDQGD\V

Annual Report 2016-17 158

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
iii. Cash and bank balances
  7KH&RPSDQ\KHOGFDVKDQGEDQNEDODQFHVRI`PLOOLRQ`PLOOLRQDQG`PLOOLRQDVRQ
0DUFK0DUFKDQG$SULOUHVSHFWLYHO\7KHFDVKDQGEDQNEDODQFHVDUHKHOGZLWKEDQNV
ZKLFKKDYHKLJKFUHGLWUDWLQJVDVVLJQHGE\LQWHUQDWLRQDOFUHGLWUDWLQJDJHQFLHV

iv. Guarantees
  7KH&RPSDQ\·VSROLF\LVWRSURYLGHÀQDQFLDOJXDUDQWHHVRQO\RQEHKDOIRIVXEVLGLDULHV7KH&RPSDQ\KDVLVVXHG
WKHJXDUDQWHHVWRFHUWDLQEDQNVLQUHVSHFWRIFUHGLWIDFLOLWLHVJUDQWHGWRLWVVXEVLGLDULHV

b. Liquidity risk
 /LTXLGLW\ULVNLVWKHULVNWKDWWKH&RPSDQ\ZLOOHQFRXQWHUGLIÀFXOW\LQPHHWLQJWKHREOLJDWLRQVDVVRFLDWHGZLWKLWVÀQDQFLDO
OLDELOLWLHVWKDWDUHVHWWOHGE\GHOLYHULQJFDVKRUDQRWKHUÀQDQFLDODVVHW7KH&RPSDQ\·VDSSURDFKWRPDQDJLQJOLTXLGLW\LV
WRHQVXUHDVIDUDVSRVVLEOHWKDWLWZLOOKDYHVXIÀFLHQWOLTXLGLW\WRPHHWLWVOLDELOLWLHVZKHQWKH\DUHGXHXQGHUERWKQRUPDO
DQGVWUHVVHGFRQGLWLRQVZLWKRXWLQFXUULQJXQDFFHSWDEOHORVVHVRUULVNLQJGDPDJHWRWKH&RPSDQ\·VUHSXWDWLRQ
 7KH&RPSDQ\KDVDYLHZRIPDLQWDLQLQJOLTXLGLW\DQGWRWDNHPLQLPXPSRVVLEOHULVNZKLOHPDNLQJLQYHVWPHQWV,QRUGHUWR
PDLQWDLQOLTXLGLW\WKH&RPSDQ\LQYHVWVLWVH[FHVVIXQGVLQVKRUWWHUPOLTXLGDVVHWVOLNHOLTXLGPXWXDOIXQGV7KH&RPSDQ\
PRQLWRUVLWVFDVKDQGEDQNEDODQFHVSHULRGLFDOO\LQYLHZRILWVVKRUWWHUPREOLJDWLRQVDVVRFLDWHGZLWKLWVÀQDQFLDOOLDELOLWLHV
  7KHOLTXLGLW\SRVLWLRQDWHDFKUHSRUWLQJGDWHLVJLYHQEHORZ
$PRXQWLQ`PLOOLRQ
Particulars 31 March 2017 31 March 2016 01 April 2015
&DVKDQGFDVKHTXLYDOHQWV   
2WKHUEDODQFHVZLWKEDQNV   
,QYHVWPHQWVLQ0XWXDOIXQGVTXRWHG   
)L[HGGHSRVLWVZLWKEDQNVLQFOXGLQJLQWHUHVWDFFUXHG   
Total 2,058.32 2,212.90 2,407.90

  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars Less than 1-2 years 2-4 years 4-5 years Total
1 year
%RUURZLQJV     
Trade payables     
2WKHUÀQDQFLDOOLDELOLWLHV     

  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars Less than 1-2 years 2-4 years 4-5 years Total
1 year
%RUURZLQJV     
Trade payables     
2WKHUÀQDQFLDOOLDELOLWLHV     

Annual Report 2016-17 159

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ$SULO
$PRXQWLQ`PLOOLRQ
Particulars Less than 1-2 years 2-4 years 4-5 years Total
1 year
%RUURZLQJV     
Trade payables     
2WKHUÀQDQFLDOOLDELOLWLHV     

c. Market risk
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i. Foreign currency risk

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Exposure to Currency Risk

The following is the Company’s expRVXUHWRFXUUHQF\ULVNIURPÀQDQFLDOLQVWUXPHQWVDVRI0DUFK
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Particulars US Dollars Euros Pound Sterling Other Total
currencies
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Trade receivables     
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Net assets/(liabilities) 560.37 21.70 329.55 662.43 1,574.05

Annual Report 2016-17 160

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Net assets/(liabilities) 604.81 376.36 353.79 586.68 1,921.64

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Net assets/(liabilities) (142.75) 483.32 363.19 753.05 1,456.81

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of hedged items.

Annual Report 2016-17 161

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Particulars 31 March 2017 31 March 2016 01 April 2015
Foreign ` (million) Foreign ` (million) Foreign ` (million)
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(million) (million) (million)
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Particulars 31 March 2017 31 March 2016
Balance at the beginning of the year  
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Balance at the end of the year  

iii. Interest rate risk

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Annual Report 2016-17 162

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(i) Capital reserve
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reserve.
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preference shares.
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as at 31 March 2017 is `PLOOLRQ3UHYLRXV\HDU`PLOOLRQLQFOXGLQJXQSDLGDPRXQWVRI`1LO3UHYLRXV\HDU
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b. Amount of payments made to suppliers beyond the appointed date during the year is `PLOOLRQ3UHYLRXV\HDU`
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c. The amount of estimated interest accrued and remaining unpaid as at 31 March 2017 is `PLOOLRQ3UHYLRXV\HDU
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d. The amount of further estimated interest due and payable for the period from 1 April 2017 to actual date of payment or
$SULOZKLFKHYHULVHDUOLHULV` Nil.

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Annual Report 2016-17 163

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years.

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Annual Report 2016-17 164

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Annual Report 2016-17 165

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A. Relationship between the parent and its subsidiaries:

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Annual Report 2016-17 166

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No. Name of related party FY 2016-17 FY 2015-16

Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
Transactions with subsidiary companies*
1 KPIT Technologies (UK) Limited
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Loan granted to subsidiary NIL NIL
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Annual Report 2016-17 167

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No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
2 KPIT Technologies France
,QYHVWPHQWLQHTXLW\ NIL  NIL 
Sales  
 
Reimbursement revenue  
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHJLYHQQHW  
0.01 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
3 KPIT Technologies GmbH, Germany
Sales  
 
Reimbursement revenue 12.31 
6RIWZDUHVHUYLFHFKDUJHV    
$GYDQFHJLYHQQHW 10.03 
12.73 
5HLPEXUVHPHQWRIH[SHQVHVQHW 31.23 37.73
4 KPIT Infosystems Incorporated, USA
,QYHVWPHQWLQHTXLW\ NIL  NIL 
Sales  
 
Reimbursement revenue  
6RIWZDUHVHUYLFHFKDUJHV    
$GYDQFHJLYHQQHW  
 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
Repayment of loan granted to  
subsidiary***
 
Loan granted to subsidiary NIL NIL
Interest income 20.20 
5 Sparta Consulting Inc., USA
$GYDQFHJLYHQQHW 0.32 
 
5HLPEXUVHPHQWRIH[SHQVHVQHW 2.71 
Reimbursement revenue  
 
Sales  
6RIWZDUHVHUYLFHFKDUJHV 0.01  0.12 

Annual Report 2016-17 168

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
6 KPIT (Shanghai) Software Technology
Co. Limited, China
,QYHVWPHQWLQHTXLW\ NIL  32.00 
Sales  
 
Reimbursement revenue  1.02
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHJLYHQQHW NIL 
$GYDQFHWDNHQQHW   NIL 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
7 KPIT Technologies Corporation, Canada
Sales  
 
Reimbursement revenue  
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHWDNHQQHW NIL 
$GYDQFHJLYHQQHW   NIL 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
8 KPIT Infosystems ME FZE, Dubai
,QYHVWPHQWLQ(TXLW\ NIL  NIL 
Sales NIL NIL
 
Reimbursement revenue NIL 
$GYDQFHJLYHQQHW  
 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
9 KPIT Infosystems ME FZE (Australia
Branch)
Sales  
 
Reimbursement revenue  
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHJLYHQQHW  
1.37 
5HLPEXUVHPHQWRIH[SHQVHVQHW 2.10 

Annual Report 2016-17 169

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
10 KPIT Infosystems ME FZE (Korea
Branch)
Sales  
 
Reimbursement revenue 0.32 
6RIWZDUHVHUYLFHFKDUJHV NIL NIL  
$GYDQFHJLYHQQHW  
 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
11 KPIT Technologies Netherlands B.V.
,QYHVWPHQWLQ(TXLW\ NIL  NIL 
Sales  
 
Reimbursement revenue 1.01 
$GYDQFHJLYHQQHW  
 
5HLPEXUVHPHQWRIH[SHQVHVQHW  
12 KPIT Technologies Soluções EM
Informática Ltda.
,QYHVWPHQWLQ(TXLW\ NIL  NIL 
6RIWZDUHVHUYLFHFKDUJHV    
13 KPIT Technologies (UK) Limited
(Sweden Branch)
Sales  
 
Reimbursement revenue 3.13 
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHJLYHQQHW NIL 
$GYDQFHWDNHQQHW 0.02  NIL 
5HLPEXUVHPHQWRIH[SHQVHVQHW  0.20
14 SYSTIME Computer Corporation, USA
,QYHVWPHQWLQ(TXLW\ NIL  NIL 
Sales  
 
Reimbursement revenue  
6RIWZDUHVHUYLFHFKDUJHV   NIL NIL
$GYDQFHJLYHQQHW 3.02 
 107.23
5HLPEXUVHPHQWRIH[SHQVHVQHW  

Annual Report 2016-17 170

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
15 Impact Automotive Solutions Limited
,QYHVWPHQWLQ(TXLW\    
$GYDQFHJLYHQQHW  
 
5HLPEXUVHPHQWRIH[SHQVHVQHW  0.37
3XUFKDVHRI&RPSRQHQWV NIL 0.01 NIL 0.01
Rent and administration charges  NIL  NIL
Sales    
16 KPIT Solutions GmbH
5HLPEXUVHPHQWRIH[SHQVHVQHW   NIL NIL
17 CPG Solutions, LLC USA
Sales NA 
NA NIL
Reimbursement revenue NA 
18 KPIT medini Technologies AG
Purchase of license NIL 0.27
NIL 
6RIWZDUHVHUYLFHFKDUJHV  
Transactions with Key Management Personnel
1 Mr. S. B. (Ravi) Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV 31.70 NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV  NIL  NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW 2.37 NIL  NIL
2 Mr. Kishor Patil
6KRUWWHUPHPSOR\HHEHQHÀWV  NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV 0.70 NIL  NIL
3HUTXLVLWHV 0.70 NIL  NIL
Loan given NIL 30.00
 
Repayment of loan granted  
Interest received  NIL  NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW    NIL
3 Mr. Sachin Tikekar
6KRUWWHUPHPSOR\HHEHQHÀWV  NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV 0.33 NIL 0.32 NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW    NIL

Annual Report 2016-17 171

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
4 Mr. Anil Patwardhan
6KRUWWHUPHPSOR\HHEHQHÀWV  NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV 0.21 NIL  NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW 0.32 NIL  NIL
5 Mr. Swaminathan R (upto 21 July 2015)
6KRUWWHUPHPSOR\HHEHQHÀWV NA NA  NIL
3RVWHPSOR\PHQWEHQHÀWV NA NA 0.03 NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW NA NA  NIL
6 Ms. Sneha Padve (w.e.f 22 July 2015)
6KRUWWHUPHPSOR\HHEHQHÀWV 3.70 NIL 2.10 NIL
3RVWHPSOR\PHQWEHQHÀWV 0.12 NIL 0.07 NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW NIL NIL 0.01 NIL
7 Dr. Raghunath Anant Mashelkar
&RPPLVVLRQSDLG  
Share based compensation NIL NIL 0.23 NIL
Sitting fees 0.10 0.11
8 Ms. Lila Poonawalla
&RPPLVVLRQSDLG 3.12 
Share based compensation NIL NIL 0.23 NIL
Sitting fees 0.33 
9 Prof. Alberto Sangiovanni Vincentelli
&RPPLVVLRQSDLG  
Share based compensation NIL NIL 0.23 NIL
Sitting fees 0.11 
10 Mr. Anant Talaulicar
Sitting fees NIL NIL 0.02 NIL
11 Mr. Adi Engineer
&RPPLVVLRQSDLG  
NIL NIL
Sitting fees 0.30 
12 Mr. B V R Subbu
&RPPLVVLRQSDLG 2.32 2.20
NIL NIL
Sitting fees 0.12 0.10

Annual Report 2016-17 172

1RWHVIRUPLQJSDUWRIWKHVWDQGDORQHÀQDQFLDOVWDWHPHQWV
No. Name of related party FY 2016-17 FY 2015-16
Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
Transactions with relative of Key Management Personnel
1 Mr. Chinmay Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV  NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV 0.11 NIL  NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW  NIL  NIL
2 Ms. Jayada Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV 1.72 NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV  NIL  NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW NIL NIL 0.01 NIL
3 Mr. Shreyas Patwardhan
6KRUWWHUPHPSOR\HHEHQHÀWV  NIL  NIL
3RVWHPSOR\PHQWEHQHÀWV 0.02 NIL 0.02 NIL
5HLPEXUVHPHQWRIH[SHQVHVQHW NIL NIL 0.00 NIL
7UDQVDFWLRQVZLWKHQWHUSULVHRYHUZKLFK.H\0DQDJHPHQW3HUVRQQHOKDYHVLJQLÀFDQWLQÁXHQFH
1 KP Corporate Solutions Ltd.
Sales NIL NIL  NIL
Professional fees  0.01  0.00
2 Kirtane & Pandit LLP
Professional fees  0.03  NIL
3 3URÀFLHQW)LQ6WRFN//3
'HSRVLWVIRUUHDSSRLQWPHQWRIGLUHFWRUV   NIL NIL

 1RWH  5HPXQHUDWLRQ H[FOXGHV SURYLVLRQ IRU HPSOR\HH EHQHÀWV DV VHSDUDWH DFWXDULDO YDOXDWLRQ IRU WKH GLUHFWRUV NH\
management personnel and their relatives is not available.

  $OOWUDQVDFWLRQVZLWKWKHVHUHODWHGSDUWLHVDUHSULFHGRQDQDUP·VOHQJWKEDVLV

 7KHORDQFDUULHVLQWHUHVWUDWHRIDQGLVUHSD\DEOHZLWKLQWKLUW\VL[PRQWKVRQUROOLQJEDVLVIURPWKHGDWHRIORDQ
JUDQWHG7KHORDQZDVUHSDLGE\.3,77HFKQRORJLHV8./LPLWHGGXULQJWKHSUHYLRXV\HDU

 7KHORDQFDUULHVLQWHUHVWUDWHRIDQGLVUHSD\DEOHRQGHPDQGQRWH[FHHGLQJWKLUW\VL[PRQWKVIURPWKHGDWHRI
loan granted.

Annual Report 2016-17 173

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 /HDVHWUDQVDFWLRQV

1. Finance leases
 7KH&RPSDQ\KDVWDNHQYHKLFOHVXQGHUÀQDQFHOHDVHIRUDSHULRGUDQJLQJIURPWR\HDUV8SRQSD\PHQWRIDOOVXPVGXH
WRZDUGVWKHDJUHHPHQWWKH&RPSDQ\KDVWKHRSWLRQRIDFTXLULQJWKH9HKLFOHV'XULQJWKHOHDVHSHULRGWKH&RPSDQ\FDQ
QHLWKHUVHOODVVLJQVXEOHWSOHGJHPRUWJDJHFKDUJHHQFXPEHURUSDUWZLWKSRVVHVVLRQRIWKHDVVHWVQRUFUHDWHRUDOORZ
WRFUHDWHDQ\OLHQRQWKHYHKLFOHVWDNHQRQOHDVH

 7KH&RPSDQ\KDVDOVRWDNHQODQGXQGHUÀQDQFHOHDVHDQGWKHOHDVHUHQWDORIZKLFKKDVEHHQSDLGLQLWVHQWLUHW\DWWKH
commencement of the lease period.

 5HFRQFLOLDWLRQEHWZHHQIXWXUHPLQLPXPOHDVHSD\PHQWVDQGWKHLUSUHVHQWYDOXHVXQGHUÀQDQFHOHDVHDVDWWKH\HDUHQGLV
DVIROORZV

Particulars 31 March 2017 31 March 2016 01 April 2015

` million ` million ` million
)XWXUHPLQLPXPOHDVHSD\PHQWV
QRWODWHUWKDQRQH\HDU   
ODWHUWKDQRQH\HDUDQGQRWODWHUWKDQÀYH\HDUV  2.00 
ODWHUWKDQÀYH\HDUV NIL NIL NIL
Total future minimum lease payments 2.00  
Amount representing future interest   0.70
Present value of future minimum lease payments   
QRWODWHUWKDQRQH\HDU   
ODWHUWKDQRQH\HDUDQGQRWODWHUWKDQÀYH\HDUV   
ODWHUWKDQÀYH\HDUV NIL NIL NIL

1HWFDUU\LQJDPRXQWRIDVVHWVKHOGXQGHUÀQDQFHOHDVHDVRQ0DUFKLV`PLOOLRQ0DUFK`
PLOOLRQDQG$SULO`PLOOLRQ

2. Operating leases

  2EOLJDWLRQVWRZDUGVQRQFDQFHOODEOHRSHUDWLQJ/HDVHV

  7KH&RPSDQ\KDVWDNHQIDFLOLWLHVDQGRIÀFHSUHPLVHVRQOHDVH7KHIXWXUHOHDVHSD\PHQWVIRUWKHVHIDFLOLWLHVDUHDVXQGHU

Particulars 31 March 2017 31 March 2016 01 April 2015

` million ` million ` million
Minimum lease payments
1RWODWHUWKDQRQH\HDU   131.07
ODWHUWKDQRQH\HDUDQG1RWODWHUWKDQÀYH\HDUV   
/DWHUWKDQÀYH\HDUV   
Total minimum lease payments   

Rental expenses of `PLOOLRQ3UHYLRXV\HDU`PLOOLRQLQUHVSHFWRIREOLJDWLRQXQGHURSHUDWLQJOHDVHVKDYH

EHHQUHFRJQL]HGLQWKH6WDWHPHQWRI3URÀWDQG/RVV

 0RVWRIWKHRSHUDWLQJOHDVHDUUDQJHPHQWVDUHUHQHZDEOHRQDSHULRGLFEDVLV6RPHRIWKHVHOHDVHDJUHHPHQWVKDYHSULFH
escalation clauses.

Annual Report 2016-17 174

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 %DVLFDQGGLOXWHGHDUQLQJVSHUVKDUH
Particulars FY 2016-17 FY 2015-16
Nominal value per equity share ` 2.00 2.00
3URÀWIRUWKH\HDU `PLOOLRQ  
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHV No. of shares  
Earnings per share - Basic `  
(IIHFWRIGLOXWLYHSRWHQWLDOHTXLW\VKDUHV
(PSOR\HH VWRFN RSWLRQV LQFOXGLQJ VKDUHV KHOG E\ (PSOR\HH :HOIDUH No. of shares  
7UXVW
:HLJKWHGDYHUDJHQXPEHURIGLOXWHGHTXLW\VKDUHV No. of shares  
Earnings per share - Diluted `  10.17

41 7KH&RPSDQ\KDVUHFHLYHGUHFRJQLWLRQIURP'HSDUWPHQWRI6FLHQWLÀFDQG,QGXVWULDO5HVHDUFK0LQLVWU\RI6FLHQFHDQG7HFKQRORJ\
'6,5RQ$SULOIRULWV5HVHDUFKDQG'HYHORSPHQW5 'IDFLOLW\DWLWVSUHPLVHVLQ+LQMDZDGLZKLFKLVHIIHFWLYHIURP$SULO
WR0DUFK'XULQJWKH\HDUWKH5 'IDFLOLW\LVDSSURYHGIRUWKHSXUSRVHRIVHFWLRQ$%RIWKH,QFRPH7D[$FW
IURP$SULOWR0DUFK

 5HVHDUFKDQGGHYHORSPHQWH[SHQGLWXUHGHELWHGWRWKH6WDWHPHQWRI3URÀWDQG/RVVDJJUHJDWLQJWR`PLOOLRQ3UHYLRXV
year `PLOOLRQKDVEHHQLQFXUUHGE\WKH&RPSDQ\DQGGLVFORVHGXQGHUDSSURSULDWHDFFRXQWKHDGV2XWRIWRWDO5 '
expenditure incurred during the year `PLOOLRQ3UHYLRXV\HDU`PLOOLRQLVWRZDUGVHOLJLEOH5 'H[SHQGLWXUHXQGHU
VHFWLRQ$%$OVRUHIHUQRWH

 %DVHGRQWKLVDSSURYDODWD[EHQHÀWRQWKHZHLJKWHGGHGXFWLRQXQGHUVHFWLRQ$%RIWKH,QFRPH7D[$FWDPRXQWLQJ

to `PLOOLRQ3UHYLRXV\HDU`PLOOLRQSHUWDLQLQJWRHDUOLHU\HDUVKDVEHHQFRQVLGHUHGLQWKHFXUUHQWÀQDQFLDO\HDU

 7KH&RPSDQ\KDVVHWXSDQHZIDFLOLW\IRULWV5 'DFWLYLWLHVFRQVWUXFWLRQRIZKLFKZDVFRPSOHWHGRQ0DUFK7RWDOFDSLWDO
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Particulars FY 2016-17 FY 2015-16

` million ` million
Building NIL 
&RPSXWHUV 3.31 NIL
Plant and Machinery  
)XUQLWXUHDQG)L[WXUHV  NIL

 &DSLWDOH[SHQGLWXUHLQFXUUHGRQYDULRXVUHVHDUFKDQGGHYHORSPHQWSURMHFWVLV`PLOOLRQ3UHYLRXV\HDU`PLOOLRQ

Annual Report 2016-17 175

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 'HWDLOVRISURYLVLRQVDQGPRYHPHQWVLQHDFKFODVVRISURYLVLRQVDVUHTXLUHGE\WKH,QGLDQ$FFRXQWLQJ6WDQGDUG,QG$V
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1. Warranty
 7KH&RPSDQ\KDVDQREOLJDWLRQE\ZD\RIZDUUDQW\WRPDLQWDLQWKHVRIWZDUHGXULQJWKHSHULRGRIZDUUDQW\ZKLFKPD\YDU\
IURPFRQWUDFWWRFRQWUDFWIURPWKHGDWHRIVDOHRIOLFHQVHRIVRIWZDUHWR7LHU,VXSSOLHUV7KHPRYHPHQWLQWKHVDLGSURYLVLRQ
LVDVXQGHU
Particulars 31 March 2017 31 March 2016 01 April 2015
` million ` million ` million
&DUU\LQJDPRXQWDVDWWKHEHJLQQLQJRIWKH\HDU   
Additional provision made during the year 3.07  
$PRXQWSDLGXWLOL]HGGXULQJWKH\HDU NIL NIL NIL
Unused amount reversed during the year  7.10 
&DUU\LQJDPRXQWDWWKHHQGRIWKH\HDU   

  7KHZDUUDQW\SURYLVLRQLVH[SHFWHGWREHXWLOL]HGRYHUDSHULRGRIRQH\HDU

2. Contingent liabilities
Sr. Particulars 31 March 2017 31 March 2016 01 April 2015
No. ` million ` million ` million
1 2XWVWDQGLQJEDQNJXDUDQWHHVLQURXWLQHFRXUVHRIEXVLQHVV   
2 &RUSRUDWH JXDUDQWHH SURYLGHG E\ WKH &RPSDQ\ IRU ORDQ   
DYDLOHGE\.3,7,QIRV\VWHPV,QFRUSRUDWHG86$
3 &RUSRUDWH JXDUDQWHH SURYLGHG E\ WKH &RPSDQ\ IRU ORDQ   
DYDLOHGE\.3,7,QIRV\VWHPV0()=(8$(
 &RUSRUDWH JXDUDQWHH SURYLGHG E\ WKH &RPSDQ\ IRU ORDQ   
DYDLOHGE\.3,77HFKQRORJLHV8./LPLWHG
 Income tax matters   
 9$7PDWWHUV   2.22
7 6HUYLFH WD[ PDWWHUV H[FOXGLQJ LQWHUHVW DQG SHQDOW\5HIHU   
QRWHL

Note:

(i) Service tax matters

 D 7KH&RPSDQ\KDVUHFHLYHGDVKRZFDXVHFXPGHPDQGQRWLFHIURP&RPPLVVLRQHURI&HQWUDO([FLVH 6HUYLFH7D[

3XQH,IRUWKHSHULRG2FWREHUWR0DUFKGHPDQGLQJVHUYLFHWD[UHODWLQJWR

     `PLOOLRQ3UHYLRXV\HDU`PLOOLRQWRZDUGV6HUYLFH7D[RQWKHDPRXQWUHFHLYHGE\EUDQFKHV

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     `  PLOOLRQ 3UHYLRXV \HDU `  PLOOLRQ  WRZDUGV WKH DPRXQW RI H[SHQGLWXUH PDGH LQ IRUHLJQ
currency in respect of category II and III services.

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Annual Report 2016-17 176

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    7KH&RPSDQ\KDVÀOHGDQ$SSHDOLQWKH0XPEDL7ULEXQDO

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,QWHOOLJHQFH0XPEDLIRUWKHSHULRG2FWREHUWR0DUFKFKDOOHQJLQJWKHFRUUHFWQHVVRIVHUYLFHWD[LQSXW
credit availed and correctness of discharge of service tax liability.
The contingent liability in respect of this notice is `PLOOLRQ3UHYLRXV\HDU`PLOOLRQ

3. Commitments
  (VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWDQGQRWSURYLGHGIRU
  D 7DQJLEOHDVVHWV`PLOOLRQ0DUFK`PLOOLRQDQG$SULO`PLOOLRQ
  E ,QWDQJLEOHDVVHWV`PLOOLRQ0DUFK`PLOOLRQDQG$SULO`PLOOLRQ

 6WRFNRSWLRQSODQV

1 Employee Stock Option Plan– 2004

 7KH%RDUGRI'LUHFWRUVDQGWKHVKDUHKROGHUVRIWKH&RPSDQ\DSSURYHGWKH(PSOR\HHV6WRFN2SWLRQ3ODQDWWKHLUPHHWLQJ
LQ$XJXVWDQGLQ6HSWHPEHUUHVSHFWLYHO\3XUVXDQWWRWKLVDSSURYDOWKH&RPSDQ\LQVWLWXWHG(6233ODQ
LQ -XO\  7KH FRPSHQVDWLRQ FRPPLWWHH RI WKH &RPSDQ\ DGPLQLVWHUV WKLV 3ODQ (DFK RSWLRQ FDUULHV ZLWK LW WKH ULJKW
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  1XPEHUDQGZHLJKWHGDYHUDJHH[HUFLVHSULFHVRIRSWLRQVJUDQWHGH[HUFLVHGDQGFDQFHOOHGODSVHGGXULQJWKHÀQDQFLDO\HDU

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average average
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year
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Annual Report 2016-17 177

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 7KHZHLJKWHGDYHUDJHUHPDLQLQJFRQWUDFWXDOOLIHDUHDVIROORZV

Range of Exercise Price FY 2016-17 FY 2015-16

Weighted No. of Options Weighted No. of Options
average Outstanding average Outstanding
contractual life contractual life
(years) (years)
` 0 to ` NIL NIL NIL NIL
`WR` 100 1.21  2.11 
` 100 to ` NIL NIL NIL NIL
`WR` 200 NIL NIL NIL NIL

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Range of Exercise Price FY 2016-17 FY 2015-16

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the date of vesting.

Annual Report 2016-17 179

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Annual Report 2016-17 180

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Annual Report 2016-17 181

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Annual Report 2016-17 182

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Annual Report 2016-17 183

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For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
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Sneha Padve Kishor Patil

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Annual Report 2016-17 184

Independent Auditors’ Report
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Annual Report 2016-17 185

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Report on Other Legal and Regulatory Requirements

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For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/ W-100022

Vijay Mathur
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Annual Report 2016-17 186

Annexure A to the Independent Auditors’ Report on the Consolidated Ind AS Financial Statements of KPIT Technologies Limited
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Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of Companies Act, 2013 (‘the Act’)
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Management’s Responsibility for Internal Financial Controls

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Auditor’s Responsibility
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Meaning of Internal Financial Control Over Financial Reporting

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that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors
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Annual Report 2016-17 187

Inherent Limitations of Internal Financial Control Over Financial Reporting
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Opinion
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Other Matters
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For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/ W-100022

Vijay Mathur
3ODFH3XQH 3DUWQHU
'DWH$SULO 0HPEHUVKLS1R

Annual Report 2016-17 188

Consolidated Balance Sheet
$PRXQWLQ`PLOOLRQ
Note As at As at As at
31 March 2017 31 March 2016 01 April 2015
ASSETS
Non-current assets
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Intangible assets under development   
Financial assets
Investments    
Loans    
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10,582.17 9,049.82 9,606.12
Current assets
Inventories    
Financial assets
Investments    
Trade receivables    
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 2WKHUEDODQFHVZLWKEDQNV    
Loans    
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14,631.47 12,781.84 13,154.65

TOTAL ASSETS 25,213.64 21,831.66 22,760.77

EQUITY AND LIABILITIES

Equity
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Equity attributable to owners of the Company   
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Total equity 15,841.49 13,854.38 12,795.68

Annual Report 2016-17 189

Consolidated Balance Sheet
$PRXQWLQ`PLOOLRQ
Note As at As at As at
31 March 2017 31 March 2016 01 April 2015
Liabilities
Non-current liabilities
Financial liabilities
 %RUURZLQJV    
 2WKHUÀQDQFLDOOLDELOLWLHV    
Provisions    
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1,696.41 2,243.82 1,467.93
Current liabilities
Financial liabilities
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Trade payables 22   
 2WKHUÀQDQFLDOOLDELOLWLHV    
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Provisions    
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7,675.74 5,733.46 8,497.16

TOTAL EQUITY AND LIABILITIES 25,213.64 21,831.66 22,760.77

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As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
0HPEHUVKLS1R

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Annual Report 2016-17 190

&RQVROLGDWHG6WDWHPHQWRI3URÀWDQG/RVV
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Note For the For the
Year Ended Year Ended
31 March 2017 31 March 2016
Revenue from operations   
2WKHULQFRPH   
Total income 33,440.21 32,545.93
Expenses
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&KDQJHVLQLQYHQWRULHVRIÀQLVKHGJRRGVDQGZRUNLQSURJUHVV   
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Finance costs   
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH   
([FLVHGXW\  
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Total expenses 30,709.90 28,778.44
3URÀWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 2,730.31 3,767.49
([FHSWLRQDOLWHPV5HIHUQRWH   
3URÀWEHIRUHVKDUHRIHTXLW\DFFRXQWHGLQYHVWHHVDQGWD[ 2,991.22 3,654.51
6KDUHRISURÀWORVVRIHTXLW\DFFRXQWHGLQYHVWHHVQHWRIWD[  -
3URÀWEHIRUHWD[ 2,991.17 3,654.51
Tax expense 
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'HIHUUHGWD[EHQHÀWFKDUJH  
Total tax expense 605.73 845.48
3URÀWIRUWKH\HDU 2,385.44 2,809.03
Other comprehensive income
,WHPVWKDWZLOOQRWEHUHFODVVLÀHGWRSURÀWRUORVV
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 ([FKDQJHGLIIHUHQFHVLQWUDQVODWLQJWKHÀQDQFLDOVWDWHPHQWVRIIRUHLJQRSHUDWLRQV  
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Total other comprehensive income (250.72) 123.32
Total comprehensive income for the year 2,134.72 2,932.35
3URÀWDWWULEXWDEOHWR
 2ZQHUVRIWKHFRPSDQ\  
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Other comprehensive income for the year (250.72) 123.32

Annual Report 2016-17 191

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Note For the For the
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31 March 2017 31 March 2016
Total comprehensive income attributable to
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Total comprehensive income for the year 2,134.72 2,932.35

Earnings per equity share for continuing operations (face value per share ` 2 each)
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As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
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Annual Report 2016-17 192

Consolidated Statement of Cash Flows
$PRXQWLQ`PLOOLRQ
PARTICULARS For the For the
Year Ended Year Ended
31 March 2017 31 March 2016
A] CASH FLOW FROM OPERATING ACTIVITIES
3URÀWIRUWKH\HDU  
Adjustments for
Income tax expense  
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Share based compensation expenses  
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Fair value changes in purchase consideration payable  
2SHUDWLQJ3URÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV  
Adjustments for changes in working capital:
Trade receivables and unbilled revenue  
Inventories  
/RDQVRWKHUÀQDQFLDOVDVVHWVDQGRWKHUDVVHWV  
Trade Payables  
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Income taxes paid  
Net cash from operating activities (A) 1,630.34 4,099.51

B] CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets  
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3XUFKDVHRILQYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKSURÀWDQGORVV  -
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Interest received  
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Net Cash used in investing activities (B) (1,501.85) (1,456.66)

Annual Report 2016-17 193

Consolidated Statement of Cash Flows
$PRXQWLQ`PLOOLRQ
PARTICULARS For the For the
Year Ended Year Ended
31 March 2017 31 March 2016
C] CASH FLOW FROM FINANCING ACTIVITIES
3URFHHGVIURP/RQJWHUPORDQIURPEDQNV  
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3URFHHGVIURP:RUNLQJ&DSLWDOORDQQHW  
3URFHHGVIURPSD\PHQWVIRUVKDUHVLVVXHGSXUFKDVHGE\(PSOR\HH:HOIDUH7UXVWQHW  
'LYLGHQGSDLGLQFOXGLQJFRUSRUDWHGLYLGHQGWD[  
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1HWFDVKXVHGLQIURPÀQDQFLQJDFWLYLWLHV& 801.25 (3,065.36)

D] Exchange differences on translation of foreign currency cash and cash equivalents  

Net Increase / (decrease ) in cash and cash equivalents (A + B+ C + D) 929.70 (420.99)

&DVK FDVKHTXLYDOHQWVDWFORVHRIWKH\HDU5HIHUQRWHEHORZ  

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&DVK6XUSOXVGHÀFLWIRUWKH\HDU 929.70 (420.99)

Note 1 :
Cash and cash equivalents include:
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Total Cash and cash equivalents 3,788.93 2,859.23
Note 2: )LJXUHVLQEUDFNHWVUHSUHVHQWRXWÁRZVRIFDVKDQGFDVKHTXLYDOHQWV
Note 3: 7KHDERYH&DVK)ORZ6WDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGDVVHWRXWLQWKH,QGLDQ$FFRXQWLQJ6WDQGDUG
,QG$6RQVWDWHPHQWRIFDVKÁRZV
As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
0HPEHUVKLS1R

Sneha Padve Kishor Patil

&RPSDQ\6HFUHWDU\ &(2 0DQDJLQJ'LUHFWRU

3ODFH3XQH 3ODFH3XQH
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Annual Report 2016-17 194

 Consolidated Statement of Changes in Equity
A Equity share capital
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Annual Report 2016-17

Balance as at 1 April 2015 376.13
&KDQJHVLQHTXLW\VKDUHFDSLWDOGXULQJ 
Balance as at 31 March 2016 375.65
&KDQJHVLQHTXLW\VKDUHFDSLWDOGXULQJ 
Balance as at 31 March 2017 376.39

B Other equity
Share Reserves & surplus Items of Other Comprehensive Income Equity Non- Total
application attributable controlling equity
money Capital Capital Securities Share General Amalgama- Retained Foreign Effective Remeasurement to owners of interest
pending Reserve redemption premium based reserve tion reserve earnings currency portion of of the net the Company
allotment reserve reserve payment translation FDVKÁRZ GHÀQHGEHQHÀW
reserve reserve hedges Plans
(Refer
note 33)

Balance as on 01 April 2015 7.65 27.71 40.00 3,849.17 56.59 53.21 51.40 8,297.68 - 36.14 - 12,419.55 - 12,419.55

3URÀWIRUWKH\HDU - - - - - - -  - - -  - 

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Total comprehensive income - - - - - - - 2,809.03 156.94 (2.40) (31.22) 2,932.35 - 2,932.35

for the year

Transactions with owners

recognised directly in equity

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employee welfare trust

Premium on issue of shares - - -  - - - - - - -  - 

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Share based payments to - - - -  - - - - - -  - 

employees

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to Ind-AS

Balance as on 31 March 2016 0.63 27.71 40.00 3,904.43 110.33 255.21 51.40 8,929.56 156.94 33.74 (31.22) 13,478.73 - 13,478.73

Balance as on 01 April 2016 0.63 27.71 40.00 3,904.43 110.33 255.21 51.40 8,929.56 156.94 33.74 (31.22) 13,478.73 - 13,478.73

3URÀWIRUWKH\HDU - - - - - - -  - - -   

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Total comprehensive income - - - - - - - 2,385.05 (273.48) 40.17 (17.41) 2,134.33 0.39 2,134.72
for the year

195
 Consolidated Statement of Changes in Equity
Share Reserves & surplus Items of Other Comprehensive Income Equity Non- Total
application attributable controlling equity
money Capital Capital Securities Share General Amalgama- Retained Foreign Effective Remeasurement to owners of interest

Annual Report 2016-17

pending Reserve redemption premium based reserve tion reserve earnings currency portion of of the net the Company
allotment reserve reserve payment translation FDVKÁRZ GHÀQHGEHQHÀW
reserve reserve hedges Plans
(Refer
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Transactions with owners

recognised directly in equity

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Share based payments to - - - -  - - - - - -  - 

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in subsidiaries

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Balance as on 31 March 2017 0.11 27.71 40.00 3,904.43 168.76 255.21 51.40 11,091.88 (116.54) 73.91 (48.63) 15,448.24 16.86 15,465.10

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As per our report of even date attached

For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
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Sneha Padve Kishor Patil

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Annual Report 2016-17 205

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Particulars Note 31 March 2016 01 April 2015
IGAAP Effects of Ind-AS IGAAP Effects of Ind-AS
transition transition
ASSETS
Non-current assets
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development
Financial assets
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9,293.53 (243.71) 9,049.82 9,639.73 (33.61) 9,606.12
Current assets
Inventories  -   - 
Financial assets
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12,777.46 4.38 12,781.84 13,148.91 5.74 13,154.65

TOTAL ASSETS 22,070.99 (239.33) 21,831.66 22,788.64 (27.87) 22,760.77

Annual Report 2016-17 209

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Particulars Note 31 March 2016 01 April 2015
IGAAP Effects of Ind-AS IGAAP Effects of Ind-AS
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EQUITY AND LIABILITIES
Equity
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Equity attributable to owners of 13,807.54 46.84 13,854.38 12,961.50 (165.82) 12,795.68
the Company
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Total equity 13,807.54 46.84 13,854.38 12,961.50 (165.82) 12,795.68
Liabilities
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2,188.42 55.40 2,243.82 1,207.98 259.95 1,467.93
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6,075.03 (341.57) 5,733.46 8,619.16 (122.00) 8,497.16

TOTAL EQUITY AND LIABILITIES 22,070.99 (239.33) 21,831.66 22,788.64 (27.87) 22,760.77

Annual Report 2016-17 210

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Total income 32,511.78 34.15 32,545.93
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Total comprehensive income for the year 2,960.44 (28.09) 2,932.35

Annual Report 2016-17 211

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Total comprehensive income for the year 2,960.44 (28.09) 2,932.35

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Annual Report 2016-17 212

 $ 3URSHUW\SODQWDQGHTXLSPHQW
&KDQJHVLQWKHFDUU\LQJDPRXQWRISURSHUW\SODQWDQGHTXLSPHQW $PRXQWLQ`PLOOLRQ
Land Building Leasehold Plant and Furniture Vehicles 2IÀFH Total
(Leasehold) improvements Equipment and Equipments

Annual Report 2016-17

Fixtures
Leased Owned
Gross carrying amount as at 1 342.21 470.01 27.61 422.39 91.82 7.22 6.04 232.07 1,599.37
April 2015
Additions      - -  
Foreign exchange translation - -       
'LVSRVDOUHWLUHPHQWV - - -   - -  
derecognition
Gross carrying amount as at 31 449.52 474.43 203.14 717.61 142.26 7.26 6.05 287.39 2,287.66
March 2016
'HSUHFLDWLRQ         
Foreign exchange translation - -       
'LVSRVDOUHWLUHPHQWV - - -   - -  
derecognition
Accumulated depreciation as 5.76 25.81 23.34 215.24 23.57 2.84 2.41 55.14 354.11
at 31 March 2016
Carrying amount as at 1 April 342.21 470.01 27.61 422.39 91.82 7.22 6.04 232.07 1,599.37
2015
Carrying amount as at 31 443.76 448.62 179.80 502.37 118.69 4.42 3.64 232.25 1,933.55
March 2016

Gross carrying amount as at 1 449.52 474.43 203.14 717.61 142.26 7.26 6.05 287.39 2,287.66
April 2016
Additions on account of - - -   -   
business combinations
Additions - -    -   
Foreign exchange translation - -       
'LVSRVDOUHWLUHPHQWV -        
derecognition
Gross carrying amount as at 31 449.52 474.07 286.01 1,104.73 183.27 6.74 19.50 335.46 2,859.30
March 2017
Accumulated depreciation as 5.76 25.81 23.34 215.24 23.57 2.84 2.41 55.14 354.11
at 1 April 2016
Additions on account of - - -   -   
business combinations
'HSUHFLDWLRQ         
Foreign exchange translation - -       
'LVSRVDOUHWLUHPHQWV -        
derecognition
Accumulated depreciation as 12.32 51.62 57.62 500.48 45.45 4.42 9.02 104.60 785.53
at 31 March 2017
Carrying amount as at 1 April 443.76 448.62 179.80 502.37 118.69 4.42 3.64 232.25 1,933.55
2016
Carrying amount as at 31 437.20 422.45 228.39 604.25 137.82 2.32 10.48 230.86 2,073.77
March 2017

1RWH
5HIHUQRWHIRUGHWDLOVRISURSHUW\SODQWDQGHTXLSPHQWSOHGJHGDVVHFXULW\IRUERUURZLQJV
1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV

213
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% *RRGZLOO
Changes in the carrying amount of goodwill
Amount in ` million)
31 March 2017 31 March 2016
Carrying amount at the commencement of the year 3,846.99 5,162.20
$GMXVWPHQWXQGHUVFKHPHRIDPDOJDPDWLRQ5HIHUQRWH - 
*RRGZLOORQVDOHRI.3,7PHGLQL7HFKQRORJLHV$*5HIHUQRWH  -
*RRGZLOORQDFTXLVLWLRQRI0LFUR)X]]\,QGXVWULH(OHNWURQLF*PE+5HIHUQRWH  -
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Foreign exchange translation  
Carrying amount at the end of the year 4,116.81 3,846.99

Note:

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RSHUDWLRQV ZHUH QRW SXUVXLQJ VDOHV VSHFLÀFDOO\ ZLWK UHVSHFW WR WKLV DFTXLVLWLRQ EXW ZHUH \LHOGLQJ UHVXOWV RQ DFFRXQW RI
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SHULRGRYHUZKLFKEHQHÀWVDUHH[SHFWHGWRÁRZ$QGKHQFHWKH*URXSKDVLPSDLUHGWKHJRRGZLOOZLWKFRUUHVVSRQGLQJ
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& 2WKHULQWDQJLEOHDVVHWV
Changes in the carrying amount of other intangible assets
$PRXQWLQ`PLOOLRQ
Internally Generated Other than Total
Internally
Generated
Product Technical Software
Development Knowhow
Cost
(Refer note (i))
Gross carrying amount as at 1 April 2015 211.68 9.51 312.83 534.02
Additions  -  
Foreign exchange translation  -  
'LVSRVDOUHWLUHPHQWVGHUHFRJQLWLRQ - -  
Gross carrying amount as at 31 March 2016 251.22 9.51 580.53 841.26
Amortisation    
Foreign exchange translation  -  
Accumulated amortisation as at 31 March 2016 78.66 3.80 237.59 320.05
Carrying amount as at 1 April 2015 211.68 9.51 312.83 534.02
Carrying amount as at 31 March 2016 172.56 5.71 342.94 521.21

Gross carrying amount as at 1 April 2016 251.22 9.51 580.53 841.26

Additions    
Foreign exchange translation  -  

Annual Report 2016-17 214

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
$PRXQWLQ`PLOOLRQ
Internally Generated Other than Total
Internally
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Product Technical Software
Development Knowhow
Cost
(Refer note (i))
'LVSRVDOUHWLUHPHQWVGHUHFRJQLWLRQ -  - 
Gross carrying amount as at 31 March 2017 330.26 9.51 874.14 1,213.91
Accumulated amortisation as at 1 April 2016 78.66 3.80 237.59 320.05
Amortisation    
Foreign exchange translation  -  
'LVSRVDOUHWLUHPHQWVGHUHFRJQLWLRQ -  - 
Accumulated amortisation as at 31 March 2017 190.05 7.60 498.39 696.04
Carrying amount as at 1 April 2016 172.56 5.71 342.94 521.21
Carrying amount as at 31 March 2017 140.21 1.91 375.75 517.87

Note:
 L :LWKUHVSHFWWRRQHRIWKHLQWDQJLEOHDVVHWVWKH&RPSDQ\LVXQDEOHWRWUDFNVHSDUDWHO\WKHIXWXUHHFRQRPLFEHQHÀWVDQG
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 1RQFXUUHQWLQYHVWPHQWV
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31 March 2017 31 March 2016 01 April 2015
Investments (Unquoted)
Investments in equity instruments of other entities measured at fair
YDOXHWKURXJKSURÀWRUORVV
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG5HIHUQRWH -  
3UHYLRXV<HDUHTXLW\VKDUHVRI` 2 each fully paid
up
,QYHVWPHQWVLQ*$,$6\VWHP6ROXWLRQV,QF - - 
1LO3UHYLRXV\HDU1LO(TXLW\VKDUHVDWSDUIXOO\SDLGXS
Lithium Urban Technologies Private Limited  - -
3UHYLRXV\HDU1LO&RPSXOVRULO\&RQYHUWLEOH3UHIHUHQFHVKDUHV
of `IXOO\SDLGXS
6DUDVZDW&RRSHUDWLYH%DQN/LPLWHG     
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0XQFKQHUEDQN3UHYLRXV\HDU1LOHTXLW\VKDUHRI½HDFKIXOO\  - -
paid up

Annual Report 2016-17 215

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$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Investments in equity accounted investees
<DQWUD'LJLWDO6HUYLFHV3ULYDWH/LPLWHG5HIHUQRWH  - -
3UHYLRXV<HDU1LOHTXLW\VKDUHVRI`HDFKIXOO\SDLGXS
/HVV6KDUHRIORVVUHVWULFWHGWRWKHH[WHQWRILQYHVWPHQW  - -
- - -
10.35 117.55 224.72
  6LQFHGHQRPLQDWHGLQ` Million

 /RDQV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Loans and advances to related parties
/RDQWR'LUHFWRU   -
Loans and advances to other than related parties
Security deposits   
Loan to employees   -
156.35 125.60 137.92

Note:
 L ,QIRUPDWLRQDERXWWKH*URXS·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 2WKHUÀQDQFLDODVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
)L[HGGHSRVLWVZLWKEDQNV   
Margin money deposits   
,QWHUHVWDFFUXHGRQÀ[HGGHSRVLWV   
6DOHFRQVLGHUDWLRQUHFHLYDEOH5HIHUQRWH  - -
89.68 34.95 109.60

Note:
 L ,QIRUPDWLRQDERXWWKH*URXS·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 'HIHUUHGWD[DVVHWVQHW
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
Deferred tax assets
-Provision for doubtful debts and advances   
-Provision for leave encashment   
-Provision for gratuity   
-Provision for depreciation   
2WKHUV   
-MAT credit entitlement   
  

Annual Report 2016-17 216

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31 March 2017 31 March 2016 01 April 2015
Deferred tax liabilities
([FHVVRIGHSUHFLDWLRQDPRUWLVDWLRQRQÀ[HGDVVHWVXQGHULQFRPHWD[   
ODZRYHUGHSUHFLDWLRQDPRUWLVDWLRQSURYLGHGLQDFFRXQWV
)RUZDUGFRQWUDFWVGHVLJQDWHGDVFDVKÁRZKHGJHV   
2WKHUV   -
  
Net deferred tax asset 963.16 954.92 819.98

6RPHVXEVLGLDULHVRIWKH*URXSKDYHXQDEVRUEHGGHSUHFLDWLRQDQGORVVHVXQGHUUHVSHFWLYHORFDOWD[ODZVDQGLWLVQRWSUREDEOH
WKDWWD[DEOHSURÀWVZLOOEHDYDLODEOHLQWKHIXWXUH+HQFHGHIHUUHGWD[DVVHWVRQWHPSRUDU\GLIIHUHQFHVKDYHEHHQUHFRJQL]HG
RQO\WRWKHH[WHQWRIGHIHUUHGWD[OLDELOLWLHV7KHDPRXQWRIXQUHFRJQLVHGGHIHUUHGWD[DVVHWVLV`PLOOLRQ3UHYLRXV\HDU
`PLOOLRQ    

 2WKHUQRQFXUUHQWDVVHWV
$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
&DSLWDODGYDQFHV   
Advance rentals   
Prepaid expenses   
)ULQJHEHQHÀWWD[SDLGLQH[FHVVRISURYLVLRQQHW   
%DODQFHLQ*URXS*UDWXLW\7UXVW$FFRXQW   
104.25 108.82 37.39
 ,QYHQWRULHV
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31 March 2017 31 March 2016 01 April 2015
(Valued at the lower of cost and net realisable value)
5DZPDWHULDOV5HIHUQRWHLEHORZ   
:RUNLQSURJUHVV   
Finished goods   
Stores and spares   
433.49 380.04 228.77
Note :
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31 March 2017 31 March 2016 01 April 2015
Investments in equity instruments of other entities measured at fair
YDOXHWKURXJKSURÀWRUORVVXQTXRWHG
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG5HIHUQRWH  - -
3UHYLRXV<HDUHTXLW\VKDUHVRI` 2 each fully paid up
,QYHVWPHQWVLQ0XWXDOIXQGVPHDVXUHGDWIDLUYDOXHWKURXJKSURÀWRU
loss (quoted)
(At cost or market value whichever is lower)
1LOXQLWV3UHYLRXV\HDU1LOXQLWV%LUOD6XQ/LIH&DVK3OXV'DLO\'LYLGHQG - - 
Regular Plan
1LO XQLWV 3UHYLRXV \HDU 1LO XQLWV  +')& &DVK 0DQDJHPHQW )XQG  - - 
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Annual Report 2016-17 217

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31 March 2017 31 March 2016 01 April 2015
 XQLWV 3UHYLRXV \HDU 1LO XQLWV 5HOLDQFH /LTXLG )XQG 7UHDVXU\  - 
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2WKHUIXQG -  
777.68 0.04 590.38
 6LQFHGHQRPLQDWHGLQ` Million
Note:
 L 7KHGHWDLOVRIDJJUHJDWHYDOXHRITXRWHGXQTXRWHGLQYHVWPHQWVDQGWKH*URXS·VH[SRVXUHWROLTXLGLW\ULVNDUHGLVFORVHGLQ
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31 March 2017 31 March 2016 01 April 2015
(Unsecured)
&RQVLGHUHGJRRG   
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/HVV$OORZDQFHVIRUGRXEWIXOWUDGHUHFHLYDEOHV   
7,843.39 6,860.87 6,978.71

Notes:
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 &DVKDQGEDQNEDODQFHV
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&DVKDQGFDVKHTXLYDOHQWV
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&KHTXHVLQKDQG   
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,QGHSRVLWDFFRXQWVZLWKRULJLQDOPDWXULW\RIPRQWKVRUOHVV   
  
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3,901.81 3,953.27 3,637.54

Note:
 L ,QIRUPDWLRQDERXWWKH*URXS·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

Annual Report 2016-17 218

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 /RDQV
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31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Loans and advances to related parties
- Loan to director   -
Loans and advances to other than related parties
Other loans and advances
- Loan to employees   -
- Security deposits   
2WKHUUHFHLYDEOHV   -
93.88 119.50 57.41

Note:
 L ,QIRUPDWLRQDERXWWKH*URXS·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

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31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
,QWHUHVWDFFUXHGRQÀ[HGGHSRVLWV   
)RUZDUGFRQWUDFWVGHVLJQDWHGDVFDVKÁRZKHGJHV5HIHU1RWH   
2WKHUUHFHLYDEOHV  - 
136.48 60.42 88.81

Note:
 L ,QIRUPDWLRQDERXWWKH*URXS·VH[SRVXUHWRLQWHUHVWUDWHULVNIRUHLJQFXUUHQF\ULVNDQGOLTXLGLW\ULVNLVGLVFORVHGLQQRWH

 2WKHUFXUUHQWDVVHWV

$PRXQWLQ`PLOOLRQ
31 March 2017 31 March 2016 01 April 2015
(Unsecured, considered good unless otherwise stated)
Advance to suppliers   
(PSOR\HHDGYDQFHV
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&RQVLGHUHGGRXEWIXO   
  
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Advance rentals   
Prepaid expenses   
502.88 561.43 599.81

Annual Report 2016-17 219

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16 6KDUHFDSLWDO
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31 March 2017 31 March 2016 01 April 2015
Authorised:
3UHYLRXV\HDUHTXLW\VKDUHVRI`HDFK   
1,250.00 1,250.00 1,250.00
Issued subscribed and fully paid up:
3UHYLRXV\HDUHTXLW\VKDUHVRI` 2 each fully   
paid up
376.39 375.65 376.13

16.17KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV7KHGLYLGHQGSURSRVHGWREHGLVWULEXWHGWRHTXLW\VKDUHKROGHUV
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7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO
0HHWLQJ    
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16.3 Reconciliation of the number of equity shares outstanding at the beginning and at the end of the year:
Particulars As at 31 March 2017 As at 31 March 2016
Number of (` million) Number of (` million)
shares shares
Equity shares
At the beginning of the year    
$GG 6KDUHV LVVXHG RQ H[HUFLVH RI HPSOR\HH VWRFN    
options
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/LPLWHG(PSOR\HH:HOIDUH7UXVW
2XWVWDQGLQJDWWKHHQGRIWKH\HDU 188,193,398 376.39  
16.47KH&RPSDQ\KDVRQO\RQHFODVVRIVKDUHVUHIHUUHGWRDVHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`(DFKVKDUHKROGHURIHTXLW\
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16.51XPEHURIHTXLW\VKDUHVKHOGE\HDFKVKDUHKROGHUKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\DUHDVIROORZV
Name of the shareholders Number of % of shares Number of % of shares
shares as at held shares as at held
31 March 2017 31 March 2016
3URÀFLHQW)LQVWRFN//3    
Warhol Limited    
16.6$JJUHJDWHQXPEHURIHTXLW\VKDUHVDOORWWHGDVIXOO\SDLGXSE\ZD\RIERQXVVKDUHVIRUWKHSHULRGRIÀYH\HDUVLPPHGLDWHO\
SUHFHGLQJWKH%DODQFH6KHHWGDWH3UHYLRXV\HDU   
16.7 Capital Management
 7KH&RPSDQ\·VREMHFWLYHLVWRVDIHJXDUGLWVDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQDQGWRPDLQWDLQLQYHVWRUFUHGLWRUDQGPDUNHW
FRQÀGHQFHDQGWRPD[LPL]HVKDUHKROGHUYDOXH,QRUGHUWRIXOÀOLWVREMHFWLYHWKHPDQDJHPHQWRIWKH&RPSDQ\PRQLWRUVWKH
UHWXUQRQFDSLWDODVZHOODVWKHOHYHORIGLYLGHQGVWRRUGLQDU\VKDUHKROGHUV   

Annual Report 2016-17 220

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 /RQJWHUPERUURZLQJV

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31 March 2017 31 March 2016 01 April 2015
Term loans
)URPEDQNV6HFXUHG
 ([WHUQDO&RPPHUFLDO%RUURZLQJ(&%5HIHUQRWHL LLEHORZ   
 2WKHUORDQ5HIHUQRWHLLLEHORZ   
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6HFXUHGDJDLQVWÀ[HGDVVHWVREWDLQHGXQGHUÀQDQFHOHDVHDUUDQJHPHQWV
5HIHUQRWH
985.38 1,657.36 776.11
Notes:
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2WKHUWKDQWUDGHSD\DEOHV
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Loans repayable on demand
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2,216.91 498.09 3,677.16
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Trade payables
7RWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHV5HIHU   
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1,311.06 1,183.94 1,294.66
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Unclaimed dividend   
3D\DEOHVLQUHVSHFWRIÀ[HGDVVHWV   
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2,175.65 2,201.91 2,104.57

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Unearned revenue   
Advances from customers   
Statutory remittances   
Tax on interim dividend payable -  -
2WKHUV -  
1,054.58 1,062.84 988.01

Annual Report 2016-17 223

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Software services  
Sale of products
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33,233.61 32,264.08

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206.60 281.85

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Inventory of materials at the beginning of the year  
Purchases  
Inventory of materials at the end of the year  
360.13 172.27

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Finished goods
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20,905.25 19,334.99

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135.98 165.41

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Insurance  
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Annual Report 2016-17 225

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&RPPXQLFDWLRQH[SHQVHVQHW  
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8,552.77 8,431.45

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cost liabilities at fair value liabilities at fair value carrying value
WKURXJKSURÀWRUORVV through OCI value
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Designated Mandatory Designated Mandatory
upon initial upon initial
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&DVKDQGFDVKHTXLYDOHQWV  - - - -  
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Loans  - - - -  
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2WKHUÀQDQFLDODVVHWV   - -   
7RWDOÀQDQFLDODVVHWV 13,016.53 44.24 777.68 - 113.03 13,951.48 13,951.48
Financial liabilities
%RUURZLQJV  - - - -  
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2WKHUÀQDQFLDOOLDELOLWLHV  -  - -  
7RWDOÀQDQFLDOOLDELOLWLHV 6,753.46 - 67.21 - - 6,820.67 6,794.12

Annual Report 2016-17 226

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7KHFDUU\LQJYDOXHDQGIDLUYDOXHRIÀQDQFLDOLQVWUXPHQWVE\FDWHJRULHVDVRQ0DUFKZHUHDVIROORZV
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Investments - -  - -  
Trade receivables  - - - -  
&DVKDQGFDVKHTXLYDOHQWV  - - - -  
2WKHUEDODQFHVZLWKEDQNV  - - - -  
Loans  - - - -  
Unbilled revenue  - - - -  
2WKHUÀQDQFLDODVVHWV  - - -   
7RWDOÀQDQFLDODVVHWV 11,949.29 - 117.59 - 51.59 12,118.47 12,118.47
Financial liabilities
%RUURZLQJV  - - - -  
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2WKHUÀQDQFLDOOLDELOLWLHV  -  - -  
7RWDOÀQDQFLDOOLDELOLWLHV 5,449.15 - 162.88 - - 5,612.03 5,590.83

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&DVKDQGFDVKHTXLYDOHQWV  - - - -  
2WKHUEDODQFHVZLWKEDQNV  - - - -  
Loans  - - - -  
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2WKHUÀQDQFLDODVVHWV  - - -   
7RWDOÀQDQFLDODVVHWV 11,927.95 - 815.10 - 55.26 12,798.31 12,798.31
Financial liabilities
%RUURZLQJV  - - - -  
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2WKHUÀQDQFLDOOLDELOLWLHV  -  - -  
7RWDOÀQDQFLDOOLDELOLWLHV 7,705.78 - 410.41 - - 8,116.19 8,109.45

Annual Report 2016-17 227

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Particulars As at Fair value measurement
31 March 2017 Level 1 Level 2 Level 3
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG  - - 
Investment in Lithium Urban Technologies Private  - - 
Limited
,QYHVWPHQWLQHTXLW\LQVWUXPHQWVRIRWKHUHQWLWLHV  - - 
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31 March 2016 Level 1 Level 2 Level 3
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01 April 2015 Level 1 Level 2 Level 3
,QYHVWPHQWLQ6DQNDOS6HPLFRQGXFWRUV3ULYDWH/LPLWHG  - - 
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Annual Report 2016-17 228

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Paid during the year  
Closing during the year 67.21 162.88

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generated are discounted using the weighted average cost
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amount to be paid under each scenario and the probability
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a. Credit risk
&UHGLWULVNLVWKHULVNRIÀQDQFLDOORVVHVWRWKH*URXSLIDFXVWRPHURUFRXQWHUSDUW\WRÀQDQFLDOLQVWUXPHQWVIDLOVWRGLVFKDUJH
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`PLOOLRQDVRQ0DUFK0DUFKDQG$SULOUHVSHFWLYHO\7RPDQDJHWKLVWKH*URXSSHULRGLFDOO\
DVVHVVHVWKHNH\DFFRXQWVUHFHLYDEOHEDODQFHV$VSHU,QG$6)LQDQFLDO,QVWUXPHQWVWKH*URXSXVHVH[SHFWHGFUHGLW
ORVVPRGHOWRDVVHVVWKHLPSDLUPHQWORVVRUJDLQ

Annual Report 2016-17 229

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i. Trade receivables
   7KHPDQDJHPHQWKDVHVWDEOLVKHGDFFRXQWVUHFHLYDEOHSROLF\XQGHUZKLFKFXVWRPHUDFFRXQWVDUHUHJXODUO\PRQLWRUHG
7KH*URXSKDVDGHGLFDWHGVDOHVWHDPDWHDFKJHRJUDSK\ZKLFKLVUHVSRQVLEOHIRUFROOHFWLQJGXHVIURPWKHFXVWRPHU
ZLWKLQVWLSXODWHGSHULRG7KHPDQDJHPHQWUHYLHZVVWDWXVRIFULWLFDODFFRXQWVRQDUHJXODUEDVLV)RUWKHGHWDLOVRIWKH
*URXS·VH[SRVXUHWRFUHGLWULVNE\JHRJUDSKLFUHJLRQDQGUHYHQXHJHQDUDWHGIURPWRSFXVWRPHUUHIHUQRWH$
ii. Impairment
Movement in the allowance for impairment in respect of trade and other receivables
Particulars (Amount in ` million)
Balance as on April 1, 2015 867.54
Impairment during the year 
Reversal of impairment on account of collection 
Utilisation of allowance 
Foreign exchange translation 
Balance as on March 31, 2016 1,087.45
Impairment during the year 
Reversal of impairment on account of collection 
Utilisation of allowance 
Foreign exchange translation 
Balance as on March 31, 2017 758.89

Trade receivables that were not impaired

$PRXQWLQ`PLOOLRQ
Particulars Carrying amount
31 March 2017 31 March 2016 01 April 2015
1HLWKHUSDVWGXHQRULPSDLUHG   
3DVWGXHGD\V   
3DVWGXHGD\V   
3DVWGXHGD\V   
0RUHWKDQGD\V   

8QELOOHGUHYHQXHLVQRWRXWVWDQGLQJIRUPRUHWKDQGD\V
iii. Cash and bank balances
  7KH*URXSKHOGFDVKDQGEDQNEDODQFHVRI`PLOOLRQ`PLOOLRQDQG`PLOOLRQDVRQ
0DUFK0DUFKDQG$SULOUHVSHFWLYHO\7KHFDVKDQGEDQNEDODQFHVDUHKHOGZLWKEDQNV
ZKLFKKDYHKLJKFUHGLWUDWLQJVDVVLJQHGE\LQWHUQDWLRQDOFUHGLWUDWLQJDJHQFLHV
iv. Guarantees
  7KH*URXS·VSROLF\LVWRSURYLGHÀQDQFLDOJXDUDQWHHVRQO\RQEHKDOIRIVXEVLGLDULHV7KH*URXSKDVLVVXHGWKH
JXDUDQWHHVWRFHUWDLQEDQNVLQUHVSHFWRIFUHGLWIDFLOLWLHVJUDQWHGWRLWVVXEVLGLDULHV
b. Liquidity risk
 /LTXLGLW\ ULVN LV WKH ULVN WKDW WKH *URXS ZLOO HQFRXQWHU GLIÀFXOW\ LQ PHHWLQJ WKH REOLJDWLRQV DVVRFLDWHG ZLWK LWV ÀQDQFLDO
OLDELOLWLHVWKDWDUHVHWWOHGE\GHOLYHULQJFDVKRUDQRWKHUÀQDQFLDODVVHW7KH*URXS·VDSSURDFKWRPDQDJLQJOLTXLGLW\LVWR
HQVXUHDVIDUDVSRVVLEOHWKDWLWZLOOKDYHVXIÀFLHQWOLTXLGLW\WRPHHWLWVOLDELOLWLHVZKHQWKH\DUHGXHXQGHUERWKQRUPDO
DQGVWUHVVHGFRQGLWLRQVZLWKRXWLQFXUULQJXQDFFHSWDEOHORVVHVRUULVNLQJGDPDJHWRWKH*URXS·VUHSXWDWLRQ
 7KH *URXS KDV D YLHZ RI PDLQWDLQLQJ OLTXLGLW\ DQG WR WDNH PLQLPXP SRVVLEOH ULVN ZKLOH PDNLQJ LQYHVWPHQWV ,Q RUGHU
WR PDLQWDLQ OLTXLGLW\ WKH *URXS LQYHVWV LWV H[FHVV IXQGV LQ VKRUW WHUP OLTXLG DVVHWV OLNH OLTXLG PXWXDO IXQGV 7KH *URXS
PRQLWRUVLWVFDVKDQGEDQNEDODQFHVSHULRGLFDOO\LQYLHZRILWVVKRUWWHUPREOLJDWLRQVDVVRFLDWHGZLWKLWVÀQDQFLDOOLDELOLWLHV

Annual Report 2016-17 230

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  7KHOLTXLGLW\SRVLWLRQDWHDFKUHSRUWLQJGDWHLVJLYHQEHORZ
$PRXQWLQ`PLOOLRQ
Particulars 31 March 2017 31 March 2016 01 April 2015
&DVKDQGFDVKHTXLYDOHQWV   
2WKHUEDODQFHVZLWKEDQNV   
,QYHVWPHQWVLQ0XWXDOIXQGVTXRWHGQRQWUDGH   
)L[HGGHSRVLWVZLWKEDQNVQRQFXUUHQWSRUWLRQLQFOXGLQJLQWHUHVW   
accrued thereon
Total 4,590.76 3,968.22 4,239.90

  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars Less than 1 year 1-2 years 2-4 years 4-5 years Total
%RUURZLQJV     
Trade payables  - - - 
2WKHUÀQDQFLDOOLDELOLWLHV  -  - 

  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ0DUFK
$PRXQWLQ`PLOOLRQ
Particulars Less than 1-2 years 2-4 years 4-5 years Total
1 year
%RUURZLQJV     
Trade payables  - - - 
2WKHUÀQDQFLDOOLDELOLWLHV   - - 

  7KHIROORZLQJDUHWKHUHPDLQLQJFRQWUDFWXDOPDWXULWLHVRIÀQDQFLDOOLDELOLWLHVDVRQ$SULO
$PRXQWLQ`PLOOLRQ
Particulars Less than 1-2 years 2-4 years 4-5 years Total
1 year
%RUURZLQJV     
Trade payables  - - - 
2WKHUÀQDQFLDOOLDELOLWLHV    - 

c. Market risk
 0DUNHWULVNLVDULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKÁRZVRIDÀQDQFLDOLQVWUXPHQWZLOOÁXFWXDWHEHFDXVHRIFKDQJHVLQ
PDUNHWSULFHV7KHREMHFWLYHRIPDUNHWULVNPDQDJHPHQWLVWRPDQDJHDQGFRQWUROPDUNHWULVNH[SRVXUHVZLWKLQDFFHSWDEOH
SDUDPHWHUVZKLOHRSWLPL]LQJWKHUHWXUQ

i. Foreign currency risk

 6LJQLÀFDQWSRUWLRQRIWKH*URXS·VUHYHQXHVDUHLQIRUHLJQFXUUHQFLHVZKLOHDVLJQLÀFDQWSRUWLRQRIWKHFRVWVDUHLQ
,QGLDQUXSHHLHIXQFWLRQDOFXUUHQF\RIWKH*URXS7KHIRUHLJQFXUUHQFLHVWRZKLFKWKH*URXSLVPDMRUO\H[SRVHGWRDUH
86'ROODUV(XURVDQG3RXQG6WHUOLQJ

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LQWKHPDUNHWDQGFRYHUVLWVH[SRVXUHXSWRRQQHWEDVLV)RUWKLVSXUSRVHWKH&RPSDQ\XVHVIRUHLJQFXUUHQF\

Annual Report 2016-17 231

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GHULYDWLYHLQVWUXPHQWVVXFKDVIRUZDUGFRYHUVWRPLWLJDWHWKHULVN7KHFRXQWHUSDUW\WRWKHVHGHULYDWLYHLQVWUXPHQWV
LVDEDQN7KH&RPSDQ\KDVGHVLJQDWHGFHUWDLQGHULYDWLYHLQVWUXPHQWVDVFDVKÁRZKHGJHWRPLWLJDWHWKHIRUHLJQ
H[FKDQJHH[SRVXUHRIKLJKO\SUREDEOHIRUHFDVWHGFDVKÁRZV

Exposure to Currency Risk

   7KHIROORZLQJLVWKH*URXS·VH[SRVXUHWRFXUUHQF\ULVNIURPÀQDQFLDOLQVWUXPHQWVDVRI0DUFK
$PRXQWLQ`PLOOLRQ
Particulars US Dollars Euros Pound Other Total
Sterling currencies
&DVKDQGFDVKHTXLYDOHQWV     
Trade receivables   -  
2WKHUÀQDQFLDODVVHWVLQFOXGLQJORDQ     
%RUURZLQJV   - - 
Trade payables     
2WKHUÀQDQFLDOOLDELOLWLHV   -  
Net assets/(liabilities) (2,894.60) (295.41) 20.65 542.23 (2,627.13)

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$PRXQWLQ`PLOOLRQ
Particulars US Dollars Euros Pound Other Total
Sterling currencies
&DVKDQGFDVKHTXLYDOHQWV     
Trade receivables   -  
2WKHUÀQDQFLDODVVHWVLQFOXGLQJORDQ     
%RUURZLQJV  - - - 
Trade payables     
2WKHUÀQDQFLDOOLDELOLWLHV  - -  
Net assets/(liabilities) (1,964.72) 16.76 16.63 407.08 (1,524.25)

7KHIROORZLQJLVWKH*URXS·VH[SRVXUHWRFXUUHQF\ULVNIURPÀQDQFLDOLQVWUXPHQWVDVRI$SULO
$PRXQWLQ`PLOOLRQ
Particulars US Dollars Euros Pound Other Total
Sterling currencies
&DVKDQGFDVKHTXLYDOHQWV     
Trade receivables   -  
2WKHUÀQDQFLDODVVHWVLQFOXGLQJORDQ     
%RUURZLQJV  - - - 
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2WKHUÀQDQFLDOOLDELOLWLHV   -  
Net assets/(liabilities) (3,975.45) 151.24 54.43 640.86 (3,128.92)

7KHDERYHÀJXUHVH[FOXGHDPRXQWVLQORFDOFXUUHQF\RIIRUHLJQVXEVLGLDULHV

Annual Report 2016-17 232

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  LL 'HULYDWLYHDVVHWVDQGOLDELOLWLHVGHVLJQDWHGDVFDVKÁRZKHGJHV
 ,QDFFRUGDQFHZLWKLWVULVNPDQDJHPHQWSROLF\DQGEXVLQHVVSODQWKH*URXSKDVKHGJHGLWVFDVKÁRZV7KH*URXS
HQWHUVLQWRGHULYDWLYHFRQWUDFWVWRRIIVHWWKHIRUHLJQFXUUHQF\ULVNDULVLQJIURPWKHDPRXQWVGHQRPLQDWHGLQFXUUHQFLHV
RWKHUWKDQLQ,QGLDQUXSHHV7KHFRXQWHUSDUW\WRWKH*URXS·VIRUHLJQFXUUHQF\FRQWUDFWVLVDEDQN7KHVHFRQWUDFWV
DUHHQWHUHGLQWRWRKHGJHWKHIRUHLJQFXUUHQF\ULVNVRIÀUPFRPPLWPHQWVVDOHVRUGHUVDQGKLJKO\SUREDEOHIRUHFDVW
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prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and
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LWHPV

 7KHIROORZLQJDUHWKHRXWVWDQGLQJ*%386'(85,15&XUUHQF\([FKDQJH&RQWUDFWVHQWHUHGLQWRE\WKH*URXSZKLFK
KDVEHHQGHVLJQDWHGDV&DVK)ORZ+HGJHV 
Particulars 31 March 2017 31 March 2016 01 April 2015
Foreign ` (million) Foreign ` (million) Foreign ` (million)
Currency Currency Currency
(million) (million) (million)
(85      
86'      
*%3      

 7KHIRUZDUGFRQWUDFWVHQWHUHGKDYHPDWXULW\EHWZHHQGD\VWRPRQWKVIURPWKH%DODQFH6KHHWGDWH

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$PRXQWLQ`PLOOLRQ
Particulars 31 March 2017 0DUFK
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iii. Interest rate risk

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Annual Report 2016-17 233

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Particulars 31 March 2017 31 March 2016 01 April 2015
Fixed rate instruments
Financial assets   
Financial liabilities   
Variable rate instruments
Financial assets - - -
Financial liabilities   

   $FKDQJHRIEDVLVSRLQWVLQLQWHUHVWUDWHVDWWKHUHSRUWLQJGDWHZRXOGKDYHLQFUHDVHGRUGHFUHDVHGÀQDQFHFRVWVE\
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FDUULHGRXWE\WKHVHOHJDOHQWLWLHV

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WKH\ DOVR UHYLHZ WKH ULVNV DQG UHZDUGV LQ WKH HDFK JHRJUDSK\ 7KH ULVN DQG UHZDUGV RI WKH FRPSDQ\ LV GLUHFWO\ DIIHFWHG E\
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A) Geographical segments
6HJPHQWLQIRUPDWLRQLVEDVHGRQJHRJUDSKLFDOORFDWLRQRIFXVWRPHUV
31 March 2017 31 March 2016
USA UK & Rest of Total USA UK & Rest of Total
Europe World Europe World
` ` ` ` ` ` ` `
(million) (million) (million) (million) (million) (million) (million) (million)
a) Segment Revenue
5HYHQXHIURP([WHUQDO        
customers
Inter Segment Revenue     - -  
Total Segment Revenue        

b) Segment Results        
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Annual Report 2016-17 234

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31 March 2017 31 March 2016
USA UK & Rest of Total USA UK & Rest of Total
Europe World Europe World
` ` ` ` ` ` ` `
(million) (million) (million) (million) (million) (million) (million) (million)
3URÀWEHIRUHVKDUH  
RIHTXLW\DFFRXQWHG
investees and tax
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Income Tax  
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c) Allocated Segment        
Assets
Unallocated Segment  
Assets
8QDOORFDWHG&RUSRUDWH  
Assets
Total Assets  

d) Allocated Segment        
Liabilities
Unallocated Segment   
Liabilities
8QDOORFDWHG&RUSRUDWH  
Liabilities
Total Liabilities  

e) Cost incurred during - - - -# - - - -

the period to acquire
Segment Non-current
Assets

f) Depreciation / # 

Amortisation

g) Non cash expenses -# 

other than
Depreciation /
Amortisation

Annual Report 2016-17 235

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B) Business segments
31 March 2017 31 March 2016
Auto IES SAP Others Total Auto IES SAP Others Total
` million ` million ` million ` million ` million ` million ` million ` million ` million ` million
D Segment 11,015.32 11,141.97 7,697.75 3,378.57 33,233.61 10,189.37 11,608.41 7,344.43 3,100.70 32,242.91
Revenue
E Segment 10,545.69* 8,813.62
Assets

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WKHVHDUHXVHGLQWHUFKDQJHEO\EHWZHHQVHJPHQWV

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C) India Segment Revenue

Total segment revenue of Rest of the World includes revenue from external customers attributable to India amounting to
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D) Major customer
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% 'LVFORVXUHUHODWLQJWRHQWLWLHVFRQVLGHUHGLQWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV  
Sr. Name of entity Net assets i.e. total assets 6KDUHLQSURÀWRUORVV Share in other Share in total
No. minus total liabilities comprehensive income comprehensive income
(OCI) (TCI)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` million) consolidated (` million) consolidated (` million) consolidated (` million)
net assets SURÀWRU OCI TCI
(loss)
A Parent Company:
KPIT Technologies Limited        
(A) 13,743.20 1,692.94 23.07 1,716.01
B Subsidiaries:

I Indian:
Impact Automotive Solutions        
Limited
II Foreign:
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2 .3,7,QIRV\VWHPV,QFRUSRUDWHG        
USA
 KPIT Technologies France SAS        
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USA
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Annual Report 2016-17 236

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Sr. Name of entity Net assets i.e. total assets 6KDUHLQSURÀWRUORVV Share in other Share in total
No. minus total liabilities comprehensive income comprehensive income
(OCI) (TCI)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` million) consolidated (` million) consolidated (` million) consolidated (` million)
net assets SURÀWRU OCI TCI
(loss)
 .3,77(&+12/2*,(662/8d¯(6        
(0,1)250É7,&$/7'$
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USA
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(B) 7,706.64 713.25 (52.86) 660.39
C Associate:
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(C) - (0.05) - (0.05)
D Non-Controlling Interest      -  
E Intercompany eliminations      
F Total (A+B+C+D+E) 15,824.63 2,385.05 (250.72) 2,134.33

* During the year, KPIT Technologies GmbH sold the investment in KPIT medini Technologies AG, its subsidiary company. The transaction resulted in loss of
control with effect from 1 November 2016.

Annual Report 2016-17 237

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Annual Report 2016-17 238

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Annual Report 2016-17 241

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B. List of Key Management Personnel :

Key Management Personnel (‘KMP’) 0U6%5DYL3DQGLW ([HFXWLYH'LUHFWRU
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C. List of other related parties with whom there are transactions

Relative of KMP 0U&KLQPD\3DQGLW
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Annual Report 2016-17 242

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D. Transactions with related parties
Sr. Name of related party FY 2016-17 FY 2015-16
No Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
Transactions with KMP
1 Mr. S. B. (Ravi) Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
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5HLPEXUVHPHQWRIH[SHQVHVQHW  1,/  1,/
2 Mr. Kishor Patil
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
3RVWHPSOR\PHQWEHQHÀWV  1,/  1,/
5HLPEXUVHPHQWRIH[SHQVHVQHW    1,/
3HUTXLVLWHYDOXH  1,/  1,/
Loan given 1,/ 
 
Repayment of loan granted  
Interest received  1,/  1,/
3 Mr. Sachin Tikekar
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
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4 Mr. Anil Patwardhan
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5 Mr. R Swaminathan
6KRUWWHUPHPSOR\HHEHQHÀWV 1$ 1$  1,/
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5HLPEXUVHPHQWRIH[SHQVHVQHW 1$ 1$  1,/
6 Ms. Sneha Padve
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
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5HLPEXUVHPHQWRIH[SHQVHVQHW 1,/ 1,/  1,/
7 Dr. Raghunath Anant Mashelkar
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Share based compensation 1,/ 
Sitting fees  1,/  1,/
8 Ms. Lila Poonawalla
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Share based compensation 1,/ 
Sitting fees  1,/  1,/
9 Prof. Alberto Sangiovanni Vincentelli
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Share based compensation 1,/ 
Sitting fees  1,/  1,/
10 Mr. Anant Talaulicar
Sitting fees 1,/ 1,/  1,/

Annual Report 2016-17 243

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Sr. Name of related party FY 2016-17 FY 2015-16
No Amount of Balance as on Amount of Balance as on
transactions 31 March 2017 transactions 31 March 2016
during the year Debit/(Credit) during the year Debit/(Credit)
(` million) (` million) (` million) (` million)
11 Mr. Adi Engineer
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Sitting fees  
Transactions with relative of KMP
1 Mr. Chinmay Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
3RVWHPSOR\PHQWEHQHÀWV  1,/  1,/
5HLPEXUVHPHQWRIH[SHQVHVQHW  1,/  1,/
2 Ms. Jayada Pandit
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
3RVWHPSOR\PHQWEHQHÀWV  1,/  1,/
5HLPEXUVHPHQWRIH[SHQVHVQHW 1,/ 1,/  1,/
3 Mr. Shreyas Patwardhan
6KRUWWHUPHPSOR\HHEHQHÀWV  1,/  1,/
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Transactions with enterprise over which KMP
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1 Kirtane & Pandit LLP
Professional fees    1,/
2 KP Corporate Solutions Limited
Sales 1,/ 1,/  1,/
Professional fees    
3 3URÀFLHQW)LQ6WRFN//3
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Transactions with associate
1 Yantra Digital Services Private Limited
Investment  1,/ 1$ 1$
Advance given   1$ 1$
Loan given  1,/ 1$ 1$
Repayment of loan including interest  1,/ 1$ 1$
Interest income on loan given  1,/ 1$ 1$

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1. Finance leases
 7KH*URXSKDVWDNHQYHKLFOHVDQGSODQWDQGHTXLSPHQWXQGHUÀQDQFHOHDVHIRUDSHULRGUDQJLQJIURPWR\HDUV8SRQ
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Annual Report 2016-17 244

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Future minimum lease payments
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2. Contingent liabilities
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FRQGLWLRQV7KHWD[KROLGD\SHULRGEHLQJFXUUHQWO\DYDLODEOHWRWKH*URXSH[SLUHVLQYDULRXV\HDUVWKURXJKÀVFDO\HDU)URP
$SULOXQLWVVHWXSXQGHU6(=VFKHPHDUHVXEMHFWWR0LQLPXP$OWHUQDWH7D[0$7
 6RPHVXEVLGLDULHVRIWKH*URXSKDYHXQDEVRUEHGGHSUHFLDWLRQDQGORVVHVXQGHUUHVSHFWLYHORFDOWD[ODZVDQGLWLVQRWSUREDEOH
WKDWWD[DEOHSURÀWVZLOOEHDYDLODEOHLQWKHIXWXUH+HQFHGHIHUUHGWD[DVVHWVRQWHPSRUDU\GLIIHUHQFHVKDYHEHHQUHFRJQL]HG
RQO\WRWKHH[WHQWRIGHIHUUHGWD[OLDELOLWLHV7KHDPRXQWRIXQUHFRJQLVHGGHIHUUHGWD[DVVHWVLV`PLOOLRQ3UHYLRXV\HDU
`PLOOLRQ

Annual Report 2016-17 252

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
Deferred tax
 7KHJURVVPRYHPHQWLQWKHGHIHUUHGLQFRPHWD[DFFRXQWIRUWKH\HDUHQGHG0DUFKDQG0DUFKLVDVIROORZV

Particulars FY 2016-17 FY 2015-16

` million ` million
1HWGHIHUUHGLQFRPHWD[DVVHWDWWKHEHJLQQLQJ  
Translation differences  
0$7&UHGLWHQWLWOHPHQWIRUWKH\HDU  
&UHGLWVFKDUJHUHODWLQJWRWHPSRUDU\GLIIHUHQFHV  
Temporary differences on other comprehensive income  
1HWGHIHUUHGLQFRPHWD[DVVHWDWWKHHQG  

 7KH FKDUJH UHODWLQJ WR WHPSRUDU\ GLIIHUHQFHV GXULQJ WKH \HDU HQGHG  0DUFK  DUH SULPDULO\ RQ DFFRXQW SURYLVLRQ IRU
GRXEWIXOGHEWVDQGSURYLVLRQIRUOHDYHHQFDVKPHQWDQGEDGGHEWVUHVHUYHSDUWLDOO\RIIVHWE\FUHGLWRQDFFRXQWRISURSHUW\SODQW
DQGHTXLSPHQWDQGSURYLVLRQIRUJUDWXLW\7KHFKDUJHUHODWLQJWRWHPSRUDU\GLIIHUHQFHVGXULQJWKH\HDUHQGHG0DUFK
DUHSULPDULO\RQDFFRXQWRISURSHUW\SODQWDQGHTXLSPHQWDQGSURYLVLRQIRUGRXEWIXOGHEWVSDUWLDOO\RIIVHWE\FUHGLWRQDFFRXQW
RISURYLVLRQIRUJUDWXLW\DQGOHDYHHQFDVKPHQW

 2WKHUGLVFORVXUHVDQGH[SODQDWRU\QRWHV
1 'XULQJWKHSUHYLRXV\HDUWKHIDLUYDOXHRIDQLQYHVWPHQWKDGGHFOLQHGE\`PLOOLRQ7KLVORVVZDVUHFRUGHGXQGHU
H[FHSWLRQDOLWHPVLQWKH&RQVROLGDWHG6WDWHPHQWRI3URÀWDQG/RVV
2 'XULQJ WKH \HDU WKH *URXS KDV GLVSRVHG RI LWV ZKROO\ RZQHG VXEVLGLDU\ .3,7 PHGLQL 7HFKQRORJLHV $* .3,7 PHGLQL
7HFKQRORJLHV$*ZDVHQJDJHGLQWKHEXVLQHVVRIIXQFWLRQDOVDIHW\SURGXFWV
  7KHHIIHFWLYHGDWHRIGLVSRVDOLV1RYHPEHU
Details of the disposal are as follows:
A. Book values of net assets over which control was lost

Assets Amount
(` million)
1RQFXUUHQWDVVHWV 
&DVKDQGFDVKHTXLYDOHQWV 
&XUUHQWDVVHWVH[FOXGLQJFDVKDQGFDVKHTXLYDOHQWV 
Total 163.75

Liabilities Amount
(` million)
&XUUHQWLQFRPHWD[OLDELOLWLHVQHW 
2WKHUFXUUHQWOLDELOLWLHV 
Total 63.76

Net assets derecognised 99.99

Annual Report 2016-17 253

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
B. Gain on disposal of subsidiary:
Difference between the total consideration received and the net assets derecognised Amount
(` million)
Total consideration 
/HVVYDOXHRIQHWDVVHWVGHUHFRJQLVHG 
/HVVJRRGZLOORQFRQVROLGDWLRQ 
/HVVLQFLGHQWDOH[SHQVHV 
Gain on disposal 260.91

  7KHJDLQRQGLVSRVDORIVXEVLGLDU\LVUHFRUGHGXQGHUH[FHSWLRQDOLWHPVLQWKH&RQVROLGDWHG6WDWHPHQWRI3URÀWDQG/RVV

3 Acquisition of MicroFuzzy Industrie-Elektronic GmbH

  2Q'HFHPEHUWKH*URXSWKURXJKLWVZKROO\RZQHGVXEVLGLDU\.3,77HFKQRORJLHV*PE+*HUPDQ\KDVDFTXLUHG
 VWDNH LQ 0LFUR)X]]\ ,QGXVWULH(OHNWURQLF *PE+ ´µ0LFUR)X]]\µµ DQ (QJLQHHULQJ VHUYLFHV FRPSDQ\ IRFXVHG RQ
SRZHUWUDLQVROXWLRQVDQGPRUHVRRQHOHFWULFSRZHUWUDLQ7KLV*HUPDQ\KHDGTXDUWHUHG$XWRPRWLYH(QJLQHHULQJVHUYLFHV
FRPSDQ\KDVRYHU\HDUVRISURYHQHQJLQHHULQJH[SHUWLVHRQHQJLQHHULQJSRZHUWUDLQV\VWHPV'ULYHWUDLQ(OHFWURQLFV
,WKDVFRUHH[SHUWLVHLQWKHDUHDVRI6RIWZDUHGHYHORSPHQWIRU(0RELOLW\(($UFKLWHFWXUH(QGWR(QG7HVWDQG9DOLGDWLRQ
VROXWLRQVIRUSRZHUWUDLQFRPSRQHQWV,WKDVPDUTXHFXVWRPHUVLQ*HUPDQ\DQGH[SDQGLQJEDVHLQ(XURSHDQGEH\RQG
  :LWKWKLVSDUWQHUVKLSWKH*URXSZLOOEHDEOHWRHQKDQFHDQGEULQJLQQH[WJHQHUDWLRQRIIHULQJVLQWKHNH\JURZWKDUHD
RI(0RELOLW\7KLVIXUWKHUVWUHQJWKHQVRXUOHDGHUVKLSSRVLWLRQLQWKH$XWRPRWLYH(QJLQHHULQJGRPDLQDQGEROVWHUVRXU
SUHVHQFHLQ*HUPDQ\7KHUHIRUHWKHNH\REMHFWLYHRIWKLVDFTXLVLWLRQWRXWLOL]HLWVFRUHGRPDLQDQGRIIHULQJVLQRXUH[LVWLQJ
$XWRPRWLYH2(0FXVWRPHUVDFURVVJHRJUDSKLHVDQGGULYHXSVFDOLQJRSSRUWXQLWLHVDPRQJRXUFXVWRPHUEDVH
a. Consideration transferred (at the acquisition date fair values)
Particulars Amount
(` million)
&DVK 
'HIHUUHGFRQVLGHUDWLRQ 
Total 638.83

  $FTXLVLWLRQUHODWHGFRVWRI`PLOOLRQLVUHFRJQLVHGXQGHURWKHUH[SHQVHVLQWKHVWDWHPHQWRISURÀWDQGORVVIRUWKH\HDU
HQGHG0DUFK

b. The fair value of assets acquired and liabilities assumed as at the date of acquisition were:
Particulars Amount
(` million)
Assets
3URSHUW\SODQWDQGHTXLSPHQW 
Investments 
Long-term loans and advances 
Trade receivables 
&DVKDQGEDQNEDODQFHV 
Short-term loans and advances 
2WKHUFXUUHQWDVVHWV 
Total 464.17

Annual Report 2016-17 254

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
Particulars Amount
(` million)
Liabilities
Trade payables 
2WKHUFXUUHQWOLDELOLWLHV 
Short-term provisions 
Total 398.28
7RWDOLGHQWLÀDEOHQHWDVVHWVDWIDLUYDOXH 65.89

c. Non-controlling interest
  7KH*URXSKDVHOHFWHGWRPHDVXUHWKHQRQFRQWUROOLQJLQWHUHVWLQWKH$FTXLUHHDWWKHSURSRUWLRQDWHVKDUHLQWKHUHFRJQLVHG
DPRXQWVRIWKHLGHQWLÀDEOHQHWDVVHWV

d. Goodwill arising on acquisition

Particulars Amount
(` million)
Purchase consideration 
$GG1RQFRQWUROOLQJLQWHUHVW 
/HVV)DLUYDOXHRILGHQWLÀDEOHQHWDVVHWVDFTXLUHG 
Goodwill arising on acquisition 589.41

The goodwill of `  PLOOLRQ FRPSULVHV WKH YDOXH RI H[SHFWHG V\QHUJLHV DULVLQJ IURP WKH DFTXLVLWLRQ 1RQH RI WKH
JRRGZLOOUHFRJQLVHGLVH[SHFWHGWREHGHGXFWLEOHIRULQFRPHWD[SXUSRVHV   

 H 1HWFDVKRXWÁRZRQDFTXLVLWLRQRIVXEVLGLDU\
Particulars Amount
(` million)
&RQVLGHUDWLRQSDLGLQFDVK 
/HVV&DVKDQGFDVKHTXLYDOHQWVEDODQFHVDFTXLUHG 
1HWFDVKÁRZ 441.85

f. )URPWKHGDWHRIDFTXLVLWLRQWKH$FTXLUHHKDVFRQWULEXWHG`PLOOLRQWRUHYHQXHDQG`PLOOLRQWRWKHSURÀW
EHIRUHWD[IURPFRQWLQXLQJRSHUDWLRQVRIWKH*URXS,IWKHFRPELQDWLRQKDGWDNHQSODFHDWWKHEHJLQQLQJRIWKH\HDUWKH
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  'LVFORVXUHRIÀQDQFLDOLQIRUPDWLRQRIVXEVLGLDULHVZLWKPDWHULDOQRQFRQWUROOLQJLQWHUHVW
  7KHLQWHUHVWWKDWQRQFRQWUROOLQJLQWHUHVWKDYHLQWKH*URXS·VDFWLYLWLHVDQGFDVKÁRZV
A. Proportion of equity interest held by non-controlling interest
Name of the subsidiary Country of incorporation 31 March 2017
and operation
0LFUR)X]]\,QGXVWULH(OHNWURQLF*PE+ *HUPDQ\ 

B. Details of non-controlling interest

Particulars 31 March 2017
(` million)
Accumulated balance of non-controlling interest 
3URÀWDQGORVVDOORFDWHGWRQRQFRQWUROOLQJLQWHUHVW 

Annual Report 2016-17 255

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
C. Summarised balance sheet as on 31 March 2017 (before inter-company eliminations)
Particulars Amount
(` million)
1RQFXUUHQWDVVHWV 
&DVKDQGFDVKHTXLYDOHQWV 
&XUUHQWDVVHWVH[FOXGLQJFDVKDQGFDVKHTXLYDOHQWV 
Total 306.77
Trade payables 
&XUUHQWOLDELOLWLHVH[FOXGLQJWUDGHSD\DEOHV 
Total 240.29
Total equity 66.48
Attributable to:
2ZQHUVRIWKH*URXS 
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 ' 6XPPDULVHG VWDWHPHQW RI SURÀW DQG ORVV IRU WKH IRXU PRQWKV HQGHG RQ  0DUFK  (before inter-company
eliminations)
Particulars Amount
(` million)
Revenue 
2WKHULQFRPH 
Total income 311.41
(PSOR\HHEHQHÀWVH[SHQVH 
Finance costs 
'HSUHFLDWLRQDQGDPRUWL]DWLRQ 
2WKHUH[SHQVHV 
Total expenses 306.93
3URÀWEHIRUHWD[ 4.48
&XUUHQWWD[ 
3URÀW/RVVIRUWKHSHULRG 1.55
2WKHUFRPSUHKHQVLYHLQFRPH -
Total comprehensive income 1.55

 ( 6XPPDULVHGFDVKÁRZLQIRUPDWLRQIRUWKHIRXUPRQWKVHQGHGRQ0DUFK (before inter-company eliminations)

Particulars Amount
(` million)
&DVKÁRZIURP
2SHUDWLQJDFWLYLWLHV 
Investing activities 
Financing activities 
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV 

5 Disclosure of interest in associate

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engagHGLQSURYLGLQJWKHFRPSXWHUUHODWHGVHUYLFHVVXFKDVPDLQWHQDQFHRIZHEVLWHVFUHDWLRQRIPXOWLPHGLDSUHVHQWDWLRQ
HWF

Annual Report 2016-17 256

1RWHVIRUPLQJSDUWRIWKHFRQVROLGDWHGÀQDQFLDOVWDWHPHQWV
A. Summarised balance sheet as on 31 March 2017
Particulars Amount
(` million)
1RQFXUUHQWDVVHWV 
&DVKDQGFDVKHTXLYDOHQWV 
&XUUHQWDVVHWVH[FOXGLQJFDVKDQGFDVKHTXLYDOHQWV 
Total 202.23
Trade payables 
&XUUHQWOLDELOLWLHVH[FOXGLQJWUDGHSD\DEOHV 
Total 204.70
Total equity (2.47)
7KH*URXS
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Particulars Amount
(` million)
Revenue from operations -
Finance costs 
2WKHUH[SHQVHV 
Total expenses 2.57
3URÀW/RVVEHIRUHWD[ (2.57)
&XUUHQWWD[ -
3URÀW/RVVIRUWKHSHULRG (2.57)
2WKHUFRPSUHKHQVLYHLQFRPH -
Total comprehensive income (2.57)
7KH*URXS
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C. Reconciliation of carrying amount of investment as on 31 March 2017

Particulars Amount
(` million)
Amount of investment in associate 
Share of loss from associate 
Carrying amount of investment in associate -

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has spent and paid `  PLOOLRQ 3UHYLRXV \HDU `  PLOOLRQ WRZDUGV &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ LQ YDULRXV
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Annual Report 2016-17 257

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$PRXQWLQ`
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%DODQFHDVRQ   
Receipts   
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'HSRVLWHGLQEDQNV  - 
Balance as on 30.12.2016 - 82,981 82,981

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RI SURYLGLQJ VRIWZDUH FRQVXOWDQF\ VHUYLFHV LQ WKH DUHDV RI (53 6XSSO\ &KDLQ 0DQDJHPHQW DQG %XVLQHVV ,QWHOOLJHQFH
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The accounting of merger was done by using pooling of interest method and as per the articles of the Agreement and Plan
RI0HUJHU
'LIIHUHQFHEHWZHHQWKHFRVWRILQYHVWPHQWDQGWKHYDOXHRIQHWLGHQWLÀDEOHDVVHWV CPG Amount I-cubed
acquired as adjusted in Reserves : (USD million) Amount (USD
million)
&RVWRILQYHVWPHQW  
/HVVYDOXHRIQHWLGHQWLÀDEOHDVVHWVDFTXLUHG  
Adjusted in Reserves 12.98 13.64

As per our report of even date attached

For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants KPIT TECHNOLOGIES LIMITED
Firm Registration Number: 101248W / W-100022

Vijay Mathur Anil Patwardhan S. B. (Ravi) Pandit

Partner &KLHI)LQDQFLDO2IÀFHU &KDLUPDQ *URXS&(2
0HPEHUVKLS1R

Sneha Padve Kishor Patil

&RPSDQ\6HFUHWDU\ &(2 0DQDJLQJ'LUHFWRU

3ODFH3XQH 3ODFH3XQH
'DWH$SULO 'DWH$SULO

Annual Report 2016-17 258

KPIT’s global presence
,QGLDRIÀFHV GGR TOWERS, Unit – II,
Ground Floor, “Right Wing” Sy#18/2b,
5HJLVWHUHG &RUSRUDWH2IÀFH Ambalipura Village, Sarjapur Road,
Bellandur gate, Bengaluru East Taluk,
35 & 36, Rajiv Gandhi Infotech Park,
Bengaluru - 560103, Karnataka, India.
Phase - I, MIDC, Hinjawadi,
Phone: +91-80-6606 6202
Pune - 411057, Maharashtra, India.
Phone: +91-20-6652 5000 GGR TOWERS, Unit – II,
Fax: +91-20-6652 5001 Ground Floor, “Left Wing” Sy#18/2b,
Ambalipura Village, Sarjapur Road,
Software Development Centres Bellandur Gate, Bengaluru East Taluk,
SEZ Premises Bengaluru - 560103, Karnataka, India.
Phone: +91-80-6606 6202
SEZ Unit - I, 3rd Floor, IT-3 Building,
Qubix Business Park Private Limited, Other Premises
Plot No. 2, Blueridge Township,
Rajiv Gandhi Infotech Park, Phase - I, 6th Floor, SKCL Triton Square
Hinjawadi, Pune - 411057, Maharashtra, India. C3 to C7, Thiru-Vi-Ka Industrial Estate
Phone: +91-20-4203 7000 Guindy, Chennai – 600032, India.
Phone: +91-44-2250 2371
SEZ Unit - III, Ground & First Floor,
IT-9 Building, Plot No. 2, Blueridge Township, 5HVHDUFKDQG'HYHORSPHQW8QLW
Rajiv Gandhi Infotech Park, Phase - I,
45, Rajiv Gandhi Infotech Park,Phase - I, MIDC, Hinjawadi,
Hinjawadi, Pune - 411057, Maharashtra, India.
Pune - 411057, Maharashtra, India.
Phone: +91-20-4203 7000
Phone: +91-20-6652 5000
Custom Wing Unit, Fax: +91-20-6652 5001
Seepz SEZ, Andheri (E),
Mumbai – 400096, India. 2YHUVHDVRIÀFHV
Phone: +91-22-2829 6100
Fax: +91-22-2829 0126 8QLWHG6WDWHVRI$PHULFD

IT-3 Unit, SDF VII, 379, Thornall Street, Edison, NJ 08837,

Seepz SEZ, Andheri (E), United States of America.
Mumbai – 400096, India. Phone: +732-321-0921
Phone: +91-22-2829 6200 Fax: +732-321-0922
Fax: +91-22-2829 0126 1266 Washington Street,
No. 20 & 21, RMZ Ecoworld Infrastructure Private Limited - SEZ, Columbus, IN 47201,
Sarjapur Outer Ring Road, United States of America.
Deverabeesanahalli, Phone: +812-379-1811 / 1816 / 1308 / 1319
Bengaluru – 560103, Fax: +812-379-1812
Karnataka, India. 9720 Cypresswood Dr, Suite # 226
Phone: +91-80-3028 7500 Houston, TX 77070,
Fax: +91-80-3026 0503
United States of America.
Unit – II, Plot B, Campus 5B, 9th Floor, Phone: +1-281-241-6240
RMZ Ecoworld Infrastructure Private Limited, SEZ, Fax: +1-281-720-0293
Devarabeesanahalli Village, Sarjapur Outer Ring Road,
28001 Cabot DR, Suite 110
Bengaluru - 560103, Karnataka, India.
Novi, MI 48377,
Phone: +91-80-6606 6262
United States of America.
34 & 35, Noida Special Economic Zone, Phone: +248-215-0304
Phase – II, Noida – 201305,
111 Woodmere Road, Suite 200
Uttar Pradesh, India.
Folsom, California 95630,
Phone: +91-120-3073555
United States of America.
Fax: +91-120-3073554
Phone: +1-916-985-0300
STPI Premises Fax: +916-985-0302

Building A, Plot No. EL-207/1, 920 Main Campus DR,

TTC Industrial Area, Mahape, STE 400, Raleigh,
Navi Mumbai – 400710, India. North Carolina 27606,
Phone: +91-22-2778 3110 United States of America.
Fax: +91-22-2768 2197 Phone: +919-755-5300

Annual Report 2016-17 259

Canada China
8120-128 Street, 1603-1604, Tower B,
Surrey BC V3W 1R1, Central Towers,
Canada. 567 Langao Road,
Phone: +1-647-274-6979 Shanghai 200333, PRC.
Phone: +86-21-5631-5785
2800 Skymark Avenue, Suite 203 Fax: +86-21-5631-3925
Mississauga, Ontario, L4W 5A7
Phone: +1-647-274-6979 Japan
Brazil Muromachi CS Bldg. 5F, 4-6-5,
Nihonbashi-Muromachi Chuo-ku,
Av. Angélica, 1920 – 2º andar - Consolação Tokyo, Japan 103-0022
CEP 01228-200 – São Paulo / SP- Brasil Phone: +03-6913-8501
Phone: +55-11-3664-9918 Fax: +03-5205-2434
Rua James Watt, 84 – 8º andar – sala 2 - Jardim Edith
Singapore
CEP 04576-050 – São Paulo / SP – Brasil.
Phone: +55-11-3664-9918 #11-07 Paya Lebar Square
60 Paya Lebar Road, Singapore 409 051
8QLWHG.LQJGRP Phone: +65 6822 7206
Ground Floor, 6RXWK$IULFD
The Annexe, Hurst Grove,
Sandford Lane, Hurst, 22 Wellington Road,
Berkshire RG10 0SQ, Parktown, 2193,
United Kingdom. South Africa.
Phone: +44-118-934-5656 Phone: +27 (0) 11 488 1888
Fax: +44-118-934-1165
6RXWK.RUHD
Sweden
A-607, SAMHWANHIPEX, Sampyung-Dong,
Box 1208, 240, Pangyoyeok-ro,
164 28 Kista, Sweden Budang-gu, Seongnam-si,
Phone: +46-764362005 Gyeonggi-do 13493, Korea.
Phone: +82-31-606-9996
Germany
8QLWHG$UDE(PLUDWHV
Adams-Lehman-Str. 109,
80797 Munich, Germany Dubai Airport Free Zone Area,
Phone: +49-89-3229-9660 :HVW:LQJ2IÀFH:
Fax: +49-89-3229-9669 99 P.O. Box: 54931, Dubai,
United Arab Emirates.
Detmolder Straße 235, Phone: +971-4-2998842
33605 Bielefeld, Germany Fax: +971-4-2998843
Phone: +49-521-305665-0
Fax: +49-521-305665-19 $XVWUDOLD
)UDQFH Level 36, Governor Phillip Tower
One Farrer Place, Sydney NSW 2000
10 Avenue Franklin D. Roosevelt, Phone: +612-8823-3384
75008 Paris, France. Fax: + 61-451-351-771
Phone: +33-147178190
Fax: +33-147181 97 Italy
The Netherlands Galleria Pattari,
2 (Piazza Duomo) 20122,
Westerdoksdijk 423, Milan, Italy.
1013 BX, Amsterdam, Phone: +44-118-934-5656
The Netherlands. Fax: +44-118-934-1165
Phone: +31-0204190779

Annual Report 2016-17 260

 .3,77HFKQRORJLHV/LPLWHG
CIN: L72200PN1990PLC059594
5HJLVWHUHG &RUSRUDWH2IÀFH 5DMLY*DQGKL,QIRWHFK3DUN3KDVHI, MIDC, Hinjawadi, Pune – 411057, India.
Tel.: +91–20–6652 5000 | Fax: +91-20-6652 5001 | Email: [email protected] | Website: www.kpit.com

6XEMHFW*UHHQ,QLWLDWLYHLQ&RUSRUDWH*RYHUQDQFH6KDUHKROGHUV·&RQVHQWWRUHFHLYHFRPPXQLFDWLRQLQ(OHFWURQLF)RUP

Dear Shareholder,
<RXU&RPSDQ\LVDÀUPEHOLHYHURIDQGKDVDOZD\VEHHQIRVWHULQJJUHHQDQGLQFOXVLYHJURZWK&RLQQRYDWLRQIRUJUHHQJURZWKLV
now a quintessential part of your Company’s values. Your Company has been taking major initiatives all along in green growth. For
last several years KPIT has been publishing its Corporate Sustainability Report, and is now taking the ‘Green Initiative in Corporate
Governance’ in accordance with the agenda promoted by the Ministry of Corporate Affairs (MCA).
The MCA vide Section 20 of the Companies Act, 2013 and Rule 35 of the Companies (Incorporation) Rules, 2014 allow companies to
serve documents through electronic mode thus encouraging the green initiative.
In view of the above, we propose to send you all shareholder communications and documents like Annual Reports, Notices etc.
through electronic mode, in future. In order to facilitate electronic communication with you, we request you to register your e-mail
address with your depository participant (the agency with whom your demat account is maintained) or with our Registrar and Share
Transfer Agent, Link Intime India Private Limited at: [email protected]. Alternatively, you may register your e-mail
address with the Company by writing an email to [email protected] with the subject line - ‘Green Initiative’. If you have already
registered your e-mail address, you are not required to re-register the same unless there is a change in your e-mail address.
Kindly note that shareholders are entitled to be furnished with a printed copy of all the shareholder communication and reports and
the Company undertakes to provide the same at no extra cost to you, upon request.
We believe that by subscribing to this green initiative, you would be contributing towards the protection of your environment. We
request your concurrence so as to enable us to e-mail the Annual Reports, Notices, etc. to you.

Thanking you,
For .3,77HFKQRORJLHV/LPLWHG

Sneha Padve
Company Secretary

Annual Report 2016-17 261

 .3,77(&+12/2*,(6/,0,7('
CIN: L72200PN1990PLC059594
5HJLVWHUHG &RUSRUDWH2IÀFH 5DMLY*DQGKL,QIRWHFK3DUN3KDVH²I, MIDC, Hinjawadi, Pune – 411057, India.
Tel.: +91 20 6652 5000 | Fax: +91 20 6652 5001 | Email: [email protected] | Website: www.kpit.com

NOTICE RESOLVED FURTHER THAT any of the key managerial

personnel of the Company, be and is hereby authorized,
NOTICE is hereby given that the Twenty Sixth Annual General to do all such acts, deeds, matters or things as may be
Meeting of KPIT Technologies Limited will be held on necessary or desirable to give effect to this resolution.”
Wednesday, August 23, 2017, at 10.30 a.m., at KPIT Auditorium,
SDB – II, 35 & 36, Rajiv Gandhi Infotech Park, Phase – I, MIDC,  7RFRQVLGHUDQGLIWKRXJKWÀWWRSDVVZLWKRUZLWKRXW
Hinjawadi, Pune – 411057, to transact the following business: PRGLÀFDWLRQV WKH IROORZLQJ UHVROXWLRQ DV D 63(&,$/
5(62/87,21

ORDINARY BUSINESS “RESOLVED THAT pursuant to Section 149 and Section

152, read with Schedule IV and all other applicable
1. To receive, consider and adopt the Audited Financial provisions of the Companies Act, 2013 and the Rules
6WDWHPHQWVIRUWKHÀQDQFLDO\HDUHQGHG0DUFK PDGHWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLÀFDWLRQV
together with the reports of the Auditors and the report or re-enactment thereof for the time being in force
of the Board of Directors thereon. and as per the Securities and Exchange Board of India
2. To receive, consider and adopt the Audited Consolidated (Listing Obligations and Disclosure Requirements)
)LQDQFLDO6WDWHPHQWVIRUWKHÀQDQFLDO\HDUHQGHG0DUFK Regulations, 2015, Dr. R. A. Mashelkar (DIN: 00074119),
2017, together with the reports of the Auditors thereon. who was appointed as an Additional Director of the
Company and whose term expires at the ensuing Annual
 7RGHFODUHGLYLGHQGIRUWKHÀQDQFLDO\HDUHQGHG0DUFK
General Meeting, be and is hereby re-appointed as an
2017.
,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDSHULRGRIÀYH
[The Board has recommended dividend at ` 2.20 per years from April 1, 2017, not liable to retire by rotation.
equity share of ` 2/- each (at 110%)]. RESOLVED FURTHER THAT any of the key managerial
4. To appoint a Director in place of Mr. S. B. (Ravi) Pandit personnel of the Company, be and is hereby authorized,
(DIN: 00075861), who retires by rotation and being to do all such acts, deeds, matters or things as may be
eligible, offers himself for re-appointment. necessary or desirable to give effect to this resolution.”

5. To ratify the appointment of Statutory Auditors.  7RFRQVLGHUDQGLIWKRXJKWÀWWRSDVVZLWKRUZLWKRXW

PRGLÀFDWLRQV WKH IROORZLQJ UHVROXWLRQ DV D 63(&,$/
5(62/87,21
SPECIAL BUSINESS
“RESOLVED THAT pursuant to Section 149 and Section
 7RFRQVLGHUDQGLIWKRXJKWÀWWRSDVVZLWKRUZLWKRXW
152, read with Schedule IV and all other applicable
PRGLÀFDWLRQV WKH IROORZLQJ UHVROXWLRQ DV D 63(&,$/
provisions of the Companies Act, 2013 and the Rules
5(62/87,21
PDGHWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLÀFDWLRQV
“RESOLVED THAT pursuant to Section 149 and Section or re-enactment thereof, for the time being in force
152, read with Schedule IV and all other applicable and as per the Securities and Exchange Board of India
provisions of the Companies Act, 2013 and the Rules (Listing Obligations and Disclosure Requirements)
PDGHWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLÀFDWLRQV Regulations, 2015, Mr. Adi Engineer (DIN: 00016320),
or re-enactment thereof for the time being in force and who was appointed as an Additional Director of the
as per the Securities and Exchange Board of India (Listing Company and whose term expires at the ensuing Annual
Obligations and Disclosure Requirements) Regulations, General Meeting, be and is hereby re-appointed as an
2015, Ms. Lila Poonawalla (DIN: 00074392), who was ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDSHULRGRIÀYH
appointed as an Additional Director of the Company years from April 1, 2017, not liable to retire by rotation.
and whose term expires at the ensuing Annual General RESOLVED FURTHER THAT any of the key managerial
Meeting, be and is hereby re-appointed as an Independent personnel of the Company, be and is hereby authorized,
'LUHFWRURIWKH&RPSDQ\IRUDSHULRGRIÀYH\HDUVIURP to do all such acts, deeds, matters or things as may be
April 1, 2017, not liable to retire by rotation. necessary or desirable to give effect to this resolution.”

Annual Report 2016-17 262

 7RFRQVLGHUDQGLIWKRXJKWÀWWRSDVVZLWKRUZLWKRXW 4. A person can act as a proxy on behalf of not more than
PRGLÀFDWLRQV WKH IROORZLQJ UHVROXWLRQ DV D 63(&,$/ ÀIW\PHPEHUVDQGKROGLQJLQDJJUHJDWHQRWPRUHWKDQWHQ
5(62/87,21 percent of the total share capital of the Company carrying
voting rights. A member holding more than ten percent
“RESOLVED THAT pursuant to Section 149 and Section of the total share capital of the Company carrying voting
152, read with Schedule IV and all other applicable rights may appoint a single person as a proxy and such
provisions of the Companies Act, 2013 and the Rules person shall not act as a proxy for any other shareholder.
PDGHWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLÀFDWLRQV
or re-enactment thereof for the time being in force 5. Proxies are requested to bring their valid photo identity
and as per the Securities and Exchange Board of India proof at the meeting.
(Listing Obligations and Disclosure Requirements) 6. The Register of Members and Share Transfer Books of
Regulations, 2015, Prof. Alberto Sangiovanni Vincentelli the Company will remain closed from 6DWXUGD\ $XJXVW
(DIN: 05260121), who was appointed as an Additional   WR :HGQHVGD\ $XJXVW   ERWK GD\V
Director of the Company and whose term expires at the LQFOXGHG
ensuing Annual General Meeting, be and is hereby re-
appointed as an Independent Director of the Company 7. Members holding shares in physical form are requested to
IRUDSHULRGRIÀYH\HDUVIURP$SULOQRWOLDEOHWR communicate immediately any change in address to the
retire by rotation. Registrar & Share Transfer Agent of the Company at Link
Intime India Private Limited (Attention - Mr. Bhagavant
RESOLVED FURTHER THAT any of the key managerial Sawant) Block No. 202, Akshay Complex, Off Dhole Patil
personnel of the Company, be and is hereby authorized, Road, Near Ganesh Temple, Pune - 411001, Telephone:
to do all such acts, deeds, matters or things as may be +91-20-26161629, E-mail: bhagavant.sawant@linkintime.
necessary or desirable to give effect to this resolution.” co.in. Members holding shares in dematerialized form
are requested to notify change in address, if any, to their
By Order of the Board of Directors respective Depository Participants (DPs).
For KPIT Technologies Limited
8. Members desirous of obtaining any information
concerning the accounts and operations of the Company
Pune Sneha Padve are requested to address their queries to the Chief
April 26, 2017 Company Secretary )LQDQFLDO 2IÀFHU DW [email protected] or to the
secretarial department at [email protected] so
NOTES: as to reach them at least seven days before the date of
1. An Explanatory Statement pursuant to Section 102 of the the meeting, to enable the Company to make available
the required information at the meeting, to the extent
Companies Act, 2013, is annexed hereto.
possible.
2. Pursuant to SS-2 i.e. Secretarial Standard on General
9. The Securities and Exchange Board of India (“SEBI”)
Meetings as issued by the Institute of Company Secretaries
has made it mandatory to distribute dividends through
of India, the route map for reaching the Meeting venue
National Electronic Clearing System (NECS). Members
showing the prominent landmarks is given elsewhere
holding shares in demat form are requested to notify
in this Notice. Further, the Company has uploaded the change in their bank account details, if any, to their DPs
above route map on its website at (http://www.kpit.com/ immediately and not to send the requests directly to the
company/investors/corporate-governance). Company or to its Registrar & Share Transfer Agent.
3. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE Members holding shares in physical form are requested
MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND to intimate change in their Bank account details, if any, to
AND VOTE ON A POLL INSTEAD OF HIMSELF AND SUCH the Registrar & Share Transfer Agent of the Company.
PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE
PROXY, IN ORDER TO BE EFFECTIVE, MUST BE DULY FILLED, 10. SEBI has mandated the submission of the Permanent
STAMPED, SIGNED AND DEPOSITED AT THE REGISTERED Account Number (PAN) by every participant in the
OFFICE OF THE COMPANY NOT LATER THAN 48 HOURS securities market. Members holding shares in electronic
BEFORE THE COMMENCEMENT OF THE MEETING. form are, therefore, requested to submit their PAN to

Annual Report 2016-17 263

 their DPs. Members holding shares in physical form are Members are requested to note that dividend which
required to submit their PAN details to the Company, or are not encashed or claimed within seven years from
to its Registrar & Share Transfer Agent. the date of transfer of the dividend to the Company’s
Unpaid Dividend Account, will, as per Section 124 of
11. Members are requested to:
the Companies Act, 2013, be transferred to the Investor
 ‡ TXRWHWKHLU5HJLVWHUHG)ROLRQXPEHULQFDVHRIVKDUHV Education and Protection Fund (“IEPF”).
in physical form and DP ID and Client ID in case of
shares in demat form, in their correspondence(s) to Please note that pursuant to Section 124(6) read with
the Company. the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer & Refund) Amendment Rules,
 ‡ GLUHFWDOOFRUUHVSRQGHQFHUHODWHGWRVKDUHVLQFOXGLQJ 2016 (“Rules”) as amended from time to time, shares in
consolidation of folios, if shareholdings are under
respect of such dividend will be transferred in the name
multiple folios, to the Registrar & Share Transfer
RI ,(3) LQFOXGLQJ DOO EHQHÀWV DFFUXLQJ RQ VXFK VKDUHV
$JHQWRIWKH&RPSDQ\RUWRWKH5HJLVWHUHG2IÀFHRI
The Company has sent out individual communication to
the Company.
shareholders whose dividends remain unclaimed for seven
 ‡ EULQJFRSLHVRIWKH$QQXDO5HSRUWDQGWKH$WWHQGDQFH years and published an advertisement in newspapers,
6OLSGXO\ÀOOHGLQDWWKH$QQXDO*HQHUDO0HHWLQJ inviting such shareholders to claim their dividend. The
information in respect of such shares is uploaded on the
 ‡ WDNHQRWHWKDW6(%,KDVLQFOXGHGWKHVHFXULWLHVRIWKH
website of the Company (https://www.kpit.com/company/
Company in the list of companies for compulsory
LQYHVWRUVSROLFLHVUHSRUWVÀOLQJV 0HPEHUV FDQ FODLP
settlement of trades in dematerialized form for all the
EDFN VXFK GLYLGHQG DQG VKDUHV LQFOXGLQJ DOO EHQHÀWV
investors effective June 26, 2000. Accordingly, shares
of the Company can be traded only in dematerialized accruing on such shares from the IEPF Authority after
form with effect from June 26, 2000. Members following the procedure prescribed in the Rules.
holding shares in physical form are, therefore,
requested to get their shares dematerialized at the 14. The Company has transferred the unpaid or unclaimed
earliest. GLYLGHQGV GHFODUHG XSWR ÀQDQFLDO \HDUV  IURP
time to time, to the Investor Education and Protection
Corporate members intending to send their authorized Fund (IEPF) established by the Central Government.
representatives to attend the meeting are requested
WR VHQG D FHUWLÀHG FRS\ RI WKH UHVROXWLRQ RI WKH %RDUG 15. All documents referred to in any item of business
authorizing their representative to attend and vote on hereinabove will be available for inspection at the
their behalf at the meeting. &RPSDQ\·V UHJLVWHUHG RIÀFH RQ DOO ZRUNLQJ GD\V H[FHSW
holidays during business hours upto the date of the
 $FHUWLÀFDWHIURPWKH$XGLWRUVRIWKH&RPSDQ\FHUWLI\LQJ
that the Company’s Employee Stock Option Plan 2004, Annual General Meeting.
Employee Stock Option Plan 2006, Employee Stock
16. Members interested in availing transport facility (within
Option Plan 2014 and Employee Stock Option Plan 2015
are being implemented in accordance with the SEBI (Share Pune) for attending the Annual General Meeting are
%DVHG(PSOR\HH%HQHÀWV5HJXODWLRQVDVDPHQGHG UHTXHVWHGWRUHJLVWHUWKHPVHOYHVDWOHDVWÀYHGD\VEHIRUH
from time to time and in accordance with the resolutions the meeting by contacting Ms. Shalini Vishwakarma at
passed at the general meeting(s) will be placed before the [email protected] at +91-20-6652-5000,
members at the Meeting. Extn. – 2915.

13. Members wishing to claim the unpaid dividend, are 17. Pursuant to the provisions of Section 108 of the Companies
requested to correspond with the Registrar & Share Act, 2013, the Rules made thereunder and Regulation
Transfer Agent of the Company at Link Intime India Private 44 of the SEBI (Listing Obligations and Disclosure
Limited (Attention - Mr. Bhagavant Sawant) Block No.
Requirements) Regulations, 2015, the Company is
202, Akshay Complex, Off Dhole Patil Road, Near Ganesh
providing an option to the shareholders to exercise their
Temple, Pune - 411001. Telephone: +91- 20-26161629,
right to vote by electronic means (e-voting). Instructions
E-mail: [email protected].
for e-voting are attached to this notice.

Annual Report 2016-17 264

18. The Register of Directors and Key Managerial Personnel He does not hold any membership or chairmanship of any
and their shareholding, maintained under Section 170 of committees in other Indian companies.
the Companies Act, 2013, will be available for inspection
At KPIT, Mr. Pandit is the Chairman of Corporate Social
by the members at the Meeting.
Responsibility Committee and ESOP Allotment Committee and
19. The Register of Contracts or arrangements in which the a member of Audit Committee, Nomination and Remuneration
Directors are interested, maintained under Section 189 of (HR) Committee, Stakeholders Relationship Committee, Risk
the Companies Act, 2013, will be available for inspection Management Committee and Innovation Council.
by the members at the Meeting.
0U3DQGLWLVFXUUHQWO\KROGLQJRIÀFHDVD:KROHWLPH'LUHFWRU
RI WKH &RPSDQ\ IRU D SHULRG RI ÀYH \HDUV IURP $SULO 
ADDITIONAL INFORMATION ON 2014, subject to retirement by rotation. Since the proposed
DIRECTORS SEEKING RE-APPOINTMENT re-appointment is caused by his retirement by rotation and
AT THE ANNUAL GENERAL MEETING the members have already approved his remuneration upto
[Pursuant to Regulation 36 of the SEBI (Listing Obligations and March 31, 2019, no additional remuneration will be payable to
Mr. Pandit consequent upon his re-appointment as a Director.
Disclosure Requirements) Regulations, 2015 and Secretarial
Standard on General Meetings (“SS-2”), issued by the Institute Mr. Pandit attended all 6 meetings of Board of the Company
of Company Secretaries of India and approved by the Central during the year.
Government]
Mr. Pandit holds 430,500 shares in the Company as on March
,7(012 31, 2017.
Mr. S. B. (Ravi) Pandit, aged 67 years, is a Director, Co-founder
Mr. Pandit is not related to any other Director or key managerial
and Chairman of the Company since inception. He is a gold
personnel of the Company or the relatives of Directors or key
medalist and fellow member of the Institute of Chartered
managerial personnel.
Accountants of India and an associate member of the Institute
of Cost Accountants of India. With a Master’s degree from Mr. Pandit will be deemed to be concerned or interested in the
Sloan School of Management, MIT, Cambridge, USA, he proposed resolution to the extent of the remuneration that the
KDV H[WHQVLYH H[SHULHQFH RI RYHU IRXU GHFDGHV LQ WKH ÀHOGV RIÀFHRID:KROHWLPH'LUHFWRUPD\FDUU\
of information technology, corporate strategy formulation
None of our Directors or key managerial personnel or relatives
and management consulting, accounting and audit. From
of Directors or key managerial personnel are concerned or
his accounting roots, Mr. Pandit, along with his team, built
interested in the proposed resolution.
KPIT into a global technology company, with leadership in
VKDUSO\ GHÀQHG IRFXV DUHDV +H KDV SUHYLRXVO\ ZRUNHG DV DQ ,7(012
Audit Professional at Alexander Grant & Co., USA, following
Ms. Lila Poonawalla, aged 72 years, was appointed as a
which he became a partner at Kirtane & Pandit LLP, Chartered Director since May 30, 2008 and as an Independent Director
Accountants. Mr. Pandit possesses 42 years of experience. of the Company pursuant to the provisions of Section 149 of
the Companies Act, 2013, with effect from April 1, 2014, for a
The details of his directorships in other Indian companies are
period of three years.
as follows:
1DPHRIWKHFRPSDQ\ 'HVLJQDWLRQ Ms. Lila Poonawalla is a Mechanical Engineer and was awarded
the Padmashree in 1989 in recognition of her exemplary
Finolex Cables Limited Director
contribution to the world of Engineering and Industry. She was
K & P Capital Services Limited Director the Chairperson and Managing Director of Alfa Laval-Tetra Pak
KP Corporate Solutions Limited Director ,QGLDDQGZDVWKHÀUVWZRPDQWRKROGWKHSRVWRI0DQDJLQJ
Kirtane & Pandit Consulting Private Limited Director Director in the Alfa Laval group. She was also a member of
WKH 6FLHQWLÀF $GYLVRU\ %RDUG RI WKH &HQWUDO &DELQHW 6$&&
Kirtane Pandit Foundation Private Limited Director
and Chairperson of the Herbal and Floriculture Taskforce of
K & P Management Services Private Limited Director
SAC-C. She has been on the governing body of organizations
Aga Khan Rural Support Programme (India) Director like the Confederation of Indian Industries (CII) and Technology

Annual Report 2016-17 265

Information Forecasting and Assessment Council (TIFAC) of Nomination and Remuneration (HR) Committee, Quality
formed by the Government of India. Actively involved in social Council Committee, and Innovation Council.
initiatives, she is on the board of trustees of two Pune-based
NGOs. In 1994, she started the ‘Lila Poonawalla Foundation’ to Ms. Poonawalla attended all 6 meetings of Board of the
promote education among women. Ms. Poonawalla possesses Company during the year.
50 years of experience.
Ms. Poonawalla holds 130,000 shares in the Company as on
The Board of Directors of the Company, on the recommendation March 31, 2017.
of the Nomination and Remuneration (HR) Committee, in its
As per the provisions of the Companies Act, 2013, the re-
meeting held on February 17, 2017, re-appointed Ms. Lila
appointment of Independent Director(s) of the Company shall
Poonawalla as an Additional & Independent Director w.e.f.
be approved at the meeting of shareholders. Accordingly, it is
$SULODQGVKHKROGVRIÀFHWLOOWKHGDWHRIWKHHQVXLQJ
proposed to approve the re-appointment of Ms. Poonawalla
Annual General Meeting and is eligible for re-appointment.
as an Independent Director in the Annual General Meeting for
The details of her directorships and membership of committees DSHULRGRIÀYH\HDUVIURP$SULOQRWOLDEOHWRUHWLUHE\
in other Indian companies are as follows: rotation.

Ms. Poonawalla will be entitled to receive sitting fees and

1DPHRIWKHFRPSDQ\ 'HVLJQDWLRQ
commission in the same manner as any other Independent
Blossom Industries Limited Director Director is entitled to. The terms and conditions of
Bajaj Allianz General Insurance Company Limited Director appointment are given more elaborately in the appointment
Bajaj Allianz Life Insurance Company Limited Director letter of Independent Directors displayed on the website of
VE Commercial Vehicles Limited Director the Company at (http://www.kpit.com/company/investors/
Impact Automotive Solutions Limited Director corporate-governance).

Nihilent Technologies Limited Director The Company has received a notice in writing from a member
Pragati Leadership Institute Private Limited Director along with a deposit of requisite amount under Section 160
NobleTek PLM Solutions Private Limited Director of the Companies Act, 2013, proposing Ms. Poonawalla’s
FDQGLGDWXUHIRUWKHRIÀFHRID'LUHFWRURIWKH&RPSDQ\
1DPHRIWKHFRPSDQ\ Name of the &KDLUSHUVRQ
Ms. Lila Poonawalla has submitted a declaration of her
committee 0HPEHU
independent status as required under Section 149 of the
Impact Automotive ‡ $XGLW&RPPLWWHH Chairperson Companies Act, 2013, which has been taken on record by the
Solutions Limited ‡ 1RPLQDWLRQDQG Member Board of Directors of the Company. In the opinion of the Board
Remuneration RI'LUHFWRUV0V3RRQDZDOODIXOÀOOVWKHFRQGLWLRQVVSHFLÀHGLQ
Committee the Companies Act, 2013 and the rules made thereunder and
Bajaj Allianz General ‡ $XGLW&RPPLWWHH Member the SEBI (Listing Obligations and Disclosure Requirements)
Insurance Company ‡ 1RPLQDWLRQDQG Member Regulations, 2015, for being appointed as an Independent
Limited Remuneration Director and Ms. Lila Poonawalla is independent of the
Committee management.
Bajaj Allianz Life ‡ $XGLW&RPPLWWHH Member
&RQVLGHULQJ WKH TXDOLÀFDWLRQV H[SHULHQFH H[SHUWLVH WKH
Insurance Company ‡ 1RPLQDWLRQDQG Member accomplishments alongwith the performance evaluation as
Limited Remuneration an Independent Director of Ms. Lila Poonawalla, the Board of
Committee Directors is of the view that appointment of Ms. Lila Poonawalla
NobleTek PLM Solutions Audit Committee Member DV DQ ,QGHSHQGHQW 'LUHFWRU ZLOO EHQHÀW WKH &RPSDQ\ DQG
Private Limited recommends the special resolution set forth as Item No. 6 of
Blossom Industries Remuneration Member the Notice for the approval of the shareholders.
Limited Committee
Ms. Lila Poonawalla is not related to any other Director or key
At KPIT, Ms. Poonawalla is the Chairperson of the Audit
managerial personnel of the Company or relatives of Directors
Committee and Risk Management Committee and a member
or key managerial personnel.

Annual Report 2016-17 266

Ms. Lila Poonawalla will be deemed to be concerned or 1DPHRIWKHFRPSDQ\ 'HVLJQDWLRQ
interested in the proposed resolution to the extent of the
TAL Manufacturing Solutions Limited Director
UHPXQHUDWLRQWKDWWKHRIÀFHRIDQ,QGHSHQGHQW'LUHFWRUPD\
carry. Piramal Enterprises Limited Director
Vyome Bioscience Private Limited Director
None of our Directors or key managerial personnel or relatives
Sakal Papers Private Limited Director
of Directors or key managerial personnel are concerned or
interested in the proposed resolution. Invictus Oncology Private Limited Director
International Longevity Centre - India Director
,7(012 (Section 8 Company)
Dr. R. A. Mashelkar, aged 74 years, was appointed as a Director *KDUGD6FLHQWLÀF5HVHDUFK)RXQGDWLRQ Director
since May 30, 2008 and as an Independent Director of the (Section 8 Company)
Company pursuant to the provisions of Section 149 of the Gharda Medical & Advanced Technologies Director
Companies Act, 2013, with effect from April 1, 2014, for a
Foundation
period of three years.

Dr. R. A. Mashelkar, a Chemical Engineer by profession, 1DPHRIWKHFRPSDQ\ Name of the Chairman /

has been hugely instrumental in propagating a culture of committee 0HPEHU
innovation and balanced intellectual property rights regime for Piramal Enterprises ‡ $XGLW 5LVN Member
RYHUDGHFDGH+HLV WKH&KDQFHOORURI$FDGHP\RI6FLHQWLÀF Limited Committee
& Innovative Research. He was the third Indian engineer
Tata Motors Limited ‡ 6DIHW\+HDOWK Chairman
to have been elected as a Fellow of Royal Society (FRS),
and Environment
/RQGRQWKHÀUVW,QGLDQ3UHVLGHQWRIWKH,QVWLWXWHRI&KHPLFDO
(SHE) Committee
(QJLQHHUV8.DQGWKHÀUVW,QGLDQWREHWKH)RUHLJQ)HOORZRI
Australian Technological Science and Engineering Academy ‡ &RUSRUDWH6RFLDO Chairman
(2008). Twenty-eight universities have honoured him with Responsibility
honorary doctorates, which include Universities of London, (CSR) Committee
Salford, Pretoria, Wisconsin and Delhi. Dr. Mashelkar served ‡ $XGLW&RPPLWWHH Member
DVWKH'LUHFWRU*HQHUDORI&RXQFLORI6FLHQWLÀFDQG,QGXVWULDO
‡ 1RPLQDWLRQDQG Member
Research (CSIR). He was also the President of Indian National
Remuneration
Science Academy (2005-2007). Dr. Mashelkar has won over 50
Committee
awards and medals at national and international levels and
was honoured by the President of India with Padma Vibushan ‡ 5LVN Member
award in 2014. Earlier, he was conferred Padma Shri award Management
(1991) and Padma Bhushan award (2000), in recognition of Committee
his contribution to nation building. Dr. Mashelkar possesses Reliance Industries ‡ $XGLW&RPPLWWHH Member
48 years of experience. Limited ‡ &RUSRUDWH6RFLDO Member
The Board of Directors of the Company, on the recommendation Responsibility
of the Nomination and Remuneration (HR) Committee, in its (CSR) Committee
meeting held on February 17, 2017, re-appointed Dr. R. A. ‡ 5HPXQHUDWLRQ Member
Mashelkar as an Additional & Independent Director w.e.f. April Committee
DQGKHKROGVRIÀFHWLOOWKHGDWHRIWKHHQVXLQJ$QQXDO TAL Manufacturing Nomination and Member
General Meeting and is eligible for re-appointment. Solutions Limited Remuneration
Committee
The details of his directorships and membership of committees
in other Indian companies are as follows: At KPIT, Dr. Mashelkar is the Chairman of Stakeholder
1DPHRIWKHFRPSDQ\ 'HVLJQDWLRQ Relationship Committee and Innovation Council.
Reliance Industries Limited Director
Dr. Mashelkar attended 4 meetings of Board of the Company
Thermax India Limited Director during the year.
Tata Motors Limited Director

Annual Report 2016-17 267

Dr. Mashelkar holds 56,000 shares in the Company as on March None of our Directors or key managerial personnel or relatives
31, 2017. of Directors or key managerial personnel are concerned or
interested in the proposed resolution.
As per the provisions of the Companies Act, 2013, the re-
appointment of independent director(s) of the Company shall ,7(012
be approved at the meeting of shareholders. Accordingly, it is Mr. Adi Engineer, aged 79 years, was appointed as a Director
proposed to approve the re-appointment of Dr. Mashelkar as since October 22, 2013 and as an Independent Director of
an Independent Director in the Annual General Meeting for a the Company pursuant to the provisions of Section 149 of
SHULRGRIÀYH\HDUVIURP$SULOQRWOLDEOHWRUHWLUHE\ the Companies Act, 2013, with effect from April 1, 2014, for a
rotation. period of three years.
Dr. Mashelkar will be entitled to receive sitting fees and Mr. Adi Engineer is a Civil Engineer and was associated with
commission in the same manner as any other Independent Tata group of companies for nearly three decades. Mr. Engineer
Director is entitled to. The terms and conditions of was Managing Director of Tata Power Limited. In that role, he
appointment are given more elaborately in the appointment transformed Tata Power by successfully launching various new
letter of Independent Directors displayed on the website of LQLWLDWLYHVZKLFKOHGWRLPSURYHGSURÀWDELOLW\7DWD3RZHUDOVR
the Company at (http://www.kpit.com/company/investors/ received “Good Corporate Citizen” award during his tenure. Mr.
corporate-governance). Engineer possesses 57 years of experience.
The Company has received a notice in writing from a member The Board of Directors of the Company, on the recommendation
along with a deposit of requisite amount under Section 160 of the Nomination and Remuneration (HR) Committee, in
of the Companies Act, 2013, proposing Dr. R. A. Mashelkar’s its meeting held on February 17, 2017, re-appointed Mr. Adi
FDQGLGDWXUHIRUWKHRIÀFHRID'LUHFWRURIWKH&RPSDQ\ Engineer as an Additional & Independent Director w.e.f. April
DQGKHKROGVRIÀFHWLOOWKHGDWHRIWKHHQVXLQJ$QQXDO
Dr. R. A. Mashelkar has submitted a declaration of his
General Meeting and is eligible for re-appointment.
independent status as required under Section 149 of the
Companies Act, 2013, which has been taken on record by The details of his directorships and membership of committees
the Board of Directors of the Company. In the opinion of in other Indian companies are as follows:
WKH %RDUG RI 'LUHFWRUV 'U 0DVKHONDU IXOÀOOV WKH FRQGLWLRQV
VSHFLÀHG LQ WKH &RPSDQLHV $FW  DQG WKH UXOHV PDGH 1DPHRIWKHFRPSDQ\ 'HVLJQDWLRQ
thereunder and the SEBI (Listing Obligations and Disclosure Finolex Cables Limited Director
Requirements) Regulations, 2015, for being appointed as an
Impact Automotive Solutions Limited Director
Independent Director and Dr. R. A. Mashelkar is independent
of the management.
1DPHRIWKHFRPSDQ\ Name of the Chairman /
&RQVLGHULQJ WKH TXDOLÀFDWLRQV H[SHULHQFH H[SHUWLVH WKH committee 0HPEHU
accomplishments alongwith the performance evaluation as Impact Automotive ‡ 1RPLQDWLRQDQG Chairman
an Independent Director of Dr. R. A. Mashelkar, the Board of Solutions Limited Remuneration
Directors is of the view that appointment of Dr. R. A. Mashelkar Committee
DV DQ ,QGHSHQGHQW 'LUHFWRU ZLOO EHQHÀW WKH &RPSDQ\ DQG ‡ $XGLW&RPPLWWHH Member
recommends the special resolution set forth as Item No. 7 of
the Notice for the approval of the shareholders. At KPIT, Mr. Engineer is the Chairman of the Nomination and
Remuneration (HR) Committee and a member of the Audit
Dr. Mashelkar is not related to any other Director or key Committee, Corporate Social Responsibility Committee and
managerial personnel of the Company or relatives of Directors Risk Management Committee.
or key managerial personnel.
Mr. Engineer attended all 6 meetings of Board of the Company
Dr. R. A. Mashelkar will be deemed to be concerned or interested during the year.
in the proposed resolution to the extent of the remuneration
WKDWWKHRIÀFHRIDQ,QGHSHQGHQW'LUHFWRUPD\FDUU\ Mr. Engineer does not hold any shares in the Company as on
March 31, 2017.

Annual Report 2016-17 268

As per the provisions of the Companies Act, 2013, the re- ,7(012
appointment of independent director(s) of the Company shall Prof. Alberto Sangiovanni Vincentelli, aged 69 years, was
be approved at the meeting of shareholders. Accordingly, it is appointed as a Director since April 30, 2012 and as an
proposed to approve the re-appointment of Mr. Engineer as Independent Director of the Company pursuant to the
an Independent Director in the Annual General Meeting for a provisions of Section 149 of the Companies Act, 2013, with
SHULRGRIÀYH\HDUVIURP$SULOQRWOLDEOHWRUHWLUHE\ effect from April 1, 2014, for a period of three years.
rotation.
Prof. Alberto Sangiovanni Vincentelli is an Engineer and was a
Mr. Engineer will be entitled to receive sitting fees and co-founder of Cadence and Synopsys, two leading companies
commission in the same manner as any other independent in the area of Electronic Design Automation. He is the Chief
director is entitled to. The terms and conditions of Technology Adviser of Cadence. Prof. Alberto is a member
appointment are given more elaborately in the appointment of the Board of Directors of Cadence. He was a member of
letter of Independent Directors displayed on the website of the HP Strategic Technology Advisory Board. He is currently
the Company at (http://www.kpit.com/company/investors/ a member of the Science and Technology Advisory Board
corporate-governance). of General Motors, as well as a member of the Technology
Advisory Council of United Technologies Corporation. He is
The Company has received a notice in writing from a member
also a Professor with University of California, Berkeley, and
along with a deposit of requisite amount under Section 160
Department of Electrical Engineering & Computer Sciences.
of the Companies Act, 2013, proposing Mr. Adi Engineer’s
Prof. Alberto possesses 46 years of experience.
FDQGLGDWXUHIRUWKHRIÀFHRID'LUHFWRURIWKH&RPSDQ\
The Board of Directors of the Company, on the recommendation
Mr. Adi Engineer has submitted a declaration of his independent
of the Nomination and Remuneration (HR) Committee, in its
status as required under Section 149 of the Companies Act,
meeting held on February 17, 2017, re-appointed Prof. Alberto
2013, which has been taken on record by the Board of Directors
Sangiovanni Vincentelli as an Additional & Independent
of the Company. In the opinion of the Board of Directors, Mr.
'LUHFWRU ZHI $SULO   DQG KH KROGV RIÀFH WLOO WKH GDWH
(QJLQHHU IXOÀOOV WKH FRQGLWLRQV VSHFLÀHG LQ WKH &RPSDQLHV
of the ensuing Annual General Meeting and is eligible for re-
Act, 2013 and the rules made thereunder and the SEBI (Listing
appointment.
Obligations and Disclosure Requirements) Regulations, 2015,
for being appointed as an Independent Director and Mr. Adi Prof. Alberto does not hold any directorship and membership
Engineer is independent of the management. of committees in other Indian companies.
&RQVLGHULQJ WKH TXDOLÀFDWLRQV H[SHULHQFH H[SHUWLVH WKH At KPIT, Prof. Alberto is a member of the Quality Council
accomplishments alongwith the performance evaluation as Committee and Innovation Council.
an Independent Director of Mr. Adi Engineer, the Board of
Directors is of the view that appointment of Mr. Adi Engineer Prof. Alberto Sangiovanni Vincentelli attended 5 meetings of
DV DQ ,QGHSHQGHQW 'LUHFWRU ZLOO EHQHÀW WKH &RPSDQ\ DQG Board of the Company during the year.
recommends the special resolution set forth as Item No. 8 of
the Notice for the approval of the shareholders. Prof. Alberto does not hold any shares in the Company as on
March 31, 2017.
Mr. Engineer is not related to any other Director or key
managerial personnel of the Company or relatives of Directors As per the provisions of the Companies Act, 2013, the re-
or key managerial personnel. appointment of independent director(s) of the Company shall
be approved at the meeting of shareholders. Accordingly, it
Mr. Adi Engineer will be deemed to be concerned or interested is proposed to approve the re-appointment of Prof. Alberto
in the proposed resolution to the extent of the remuneration Sangiovanni Vincentelli as an Independent Director in the
WKDWWKHRIÀFHRIDQLQGHSHQGHQWGLUHFWRUPD\FDUU\ $QQXDO*HQHUDO0HHWLQJIRUDSHULRGRIÀYH\HDUVIURP$SULO
2017, not liable to retire by rotation.
None of our Directors or key managerial personnel or relatives
of Directors or key managerial personnel are concerned or Prof. Alberto will be entitled to receive sitting fees and
interested in the proposed resolution. commission in the same manner as any other independent
director is entitled to. The terms and conditions of

Annual Report 2016-17 269

appointment are given more elaborately in the appointment Requirements) Regulations, 2015 and the Secretarial
letter of Independent Directors displayed on the website of Standards issued by the Institute of Company Secretaries of
the Company at (http://www.kpit.com/company/investors/ India, the Company is pleased to provide members facility
corporate-governance). to exercise their right to vote on resolutions proposed to
be considered at the Annual General Meeting (AGM) by
The Company has received a notice in writing from a member electronic means and the business may be transacted
along with a deposit of requisite amount under Section 160 of through e-voting. The facility of casting the votes by
the Companies Act, 2013, proposing Prof. Alberto Sangiovanni the members using an electronic voting system from a
Vincentelli’s candidature for the office of a Director of the place other than venue of the AGM (“remote e-voting”
Company. or “e-voting”) will be provided by the National Securities
Depository Limited (NSDL).
Prof. Alberto has submitted a declaration of his independent
status as required under Section 149 of the Companies Act, II. The facility for casting the vote through ballot paper
2013, which has been taken on record by the Board of Directors shall be made available at the AGM and the members
of the Company. In the opinion of the Board of Directors, Prof. attending the meeting who have not cast their vote by
Alberto Sangiovanni Vincentelli fulfills the conditions specified remote e-voting shall be able to exercise their right at the
in the Companies Act, 2013 and the rules made thereunder meeting through ballot paper.
and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, for being appointed as an Independent III. The members who have cast their vote by remote e-voting
Director and Prof. Alberto is independent of the management. prior to the AGM may also attend the AGM but shall not
be entitled to cast their vote again.
Considering the qualifications, experience, expertise, the
accomplishments alongwith the performance evaluation as an IV. The remote e-voting period commences on Friday,
Independent Director of Prof. Alberto Sangiovanni Vincentelli, August 18, 2017 (09:00 a.m.) and ends on Tuesday, August
the Board of Directors is of the view that appointment of Prof. 22, 2017 (05:00 p.m.). During this period, members of the
Alberto Sangiovanni Vincentelli as an Independent Director will Company, holding shares either in physical form or in
benefit the Company and recommends the special resolution dematerialized form, as on the cut-off date i.e. Wednesday,
set forth as Item No. 9 of the Notice for the approval of the August, 16, 2017, may cast their vote by remote e-voting.
shareholders. The remote e-voting shall be disabled by NSDL after the
remote e-voting period ends. Once the vote is cast, the
Prof. Alberto is not related to any other Director or key Member shall not be allowed to change it subsequently.
managerial personnel of the Company or relatives of Directors
or key managerial personnel. V. The process and manner for remote e-voting are as under:

Prof. Alberto will be deemed to be concerned or interested in A. In case a Member receives an e-mail from NSDL [for
the proposed resolution to the extent of the remuneration that members whose e-mail IDs are registered with the
the office of an independent director may carry. Company / Depository Participant(s)]:

None of our Directors or key managerial personnel or relatives (i) Open e-mail and open PDF file viz; “remote
of Directors or key managerial personnel are concerned or e-voting.pdf” with your Client ID or Folio No. as
interested in the proposed resolution. password. The said PDF file contains your user
ID and password / PIN for remote e-voting.
INSTRUCTIONS FOR ELECTRONIC Please note that the password is an initial
password.
VOTING BY MEMBERS
I. In compliance with the provisions of Section 108 of NOTE: Shareholders already registered with
the Companies Act, 2013, Rule 20 of the Companies NSDL for e-voting will not receive the PDF file
(Management and Administration) Rules, 2014, as “remote e-voting.pdf”.
amended by the Companies (Management and
(ii) Launch internet browser by typing the following
Administration) Amendment Rules, 2015 and Regulation
URL: https://www.evoting.nsdl.com/.
44 of the SEBI (Listing Obligations and Disclosure

Annual Report 2016-17 270

 (iii) Click on Shareholder - Login. VI. In case of any queries, you may refer the Frequently Asked
Questions (FAQs) for Members and remote e-voting user
(iv) Put user ID and password as initial password /
manual for Members available under the downloads
PIN noted in step (i) above. Click Login.
section of www.evoting.nsdl.com or contact Mr. Amit
(v) When password change menu appears, please Vishal, Senior Manager at [email protected] or evoting@
change the password / PIN with new password nsdl.co.in or call on toll free no.: 1800-222-990.
of your choice with minimum 8 digits /
characters or combination thereof. It is strongly VII. If you are already registered with NSDL for remote
recommended not to share your password with e-voting, then you can use your existing user ID and
any other person and take utmost care to keep password / PIN for casting your vote.
your password confidential.
NOTE:
(vi) Once the home page of remote e-voting opens, Shareholders who forgot the User Details / Password can
click on “remote e-voting: Active Voting Cycles”. use “Forgot User Details/Password?” or “Physical User Reset
(vii) Select “EVEN” of “KPIT Technologies Limited”. Password?” option available on www.evoting.nsdl.com.

(viii) Now Cast Vote page opens. In case Shareholders are holding shares in demat mode,
USER-ID is the combination of (DPID+ClientID).
(ix) Cast your vote by selecting appropriate option
and click on “Submit” and also “Confirm” when In case Shareholders are holding shares in physical mode,
prompted. USER-ID is the combination of (EVEN No+Folio No).
(x) Upon confirmation, the message “Vote cast
VIII. You can also update your mobile number and e-mail ID in
successfully” will be displayed.
the user profile details of the folio which may be used for
(xi) Once you have voted on the resolution, you will sending future communication(s).
not be allowed to modify your vote.
IX. The voting rights of members shall be in proportion to
(xii) Institutional shareholders (i.e. other than the number of shares held by the member as on the cut-
individuals, HUF, NRI, etc.) are required to send off date, i.e. Wednesday, August, 16, 2017.
scanned copy (PDF / JPG format) of the relevant
Board Resolution / Authority letter, etc. together X. Any person, who acquires shares of the Company and
with attested specimen signature of the duly becomes a member of the Company after dispatch of
authorized signatory(ies) who are authorized the notice and holds shares as of the cut-off date i.e.
to vote, to the Scrutinizer through e-mail to Wednesday, August, 16, 2017, may obtain the login ID
[email protected] with a copy marked to and password by sending a request at [email protected]
[email protected]. or [email protected].

B. In case a Member receives physical copy of the However, if you are already registered with NSDL for
Notice of AGM [for members whose e-mail IDs remote e-voting, then you can use your existing user
are not registered with the Company / Depository ID and password for casting your vote. If you forget
Participant(s)]: your password, you can reset your password by using
(i) Initial password is provided at the bottom of the “Forgot User Details/Password?” or “Physical User Reset
Attendance Slip for the AGM in the following Password?” option available on www.evoting.nsdl.com or
manner: contact NSDL at the following toll free no.: 1800-222-990.

EVEN (Electronic USER ID PASSWORD / XI. A member may participate in the AGM even after
Voting Event PIN exercising his right to vote through remote e-voting but
Number) shall not be allowed to vote again at the AGM.

XII. A person, whose name is recorded in the register

(ii) Please follow all steps from Sr. No. (ii) to Sr. No. of members or in the register of beneficial owners
(xii) above, to cast vote. maintained by the depositories as on the cut-off date only

Annual Report 2016-17 271

 shall be entitled to avail the facility of remote e-voting as and thereafter unblock the votes cast through remote
well as voting at the AGM through ballot paper. e-voting in the presence of at least two witnesses not
in the employment of the Company and shall make, not
XIII. The Company has appointed Mr. Jayavant Bhave, later than three days of the conclusion of the AGM, a
Proprietor, J. B. Bhave & Co., Practicing Company consolidated scrutinizer’s report of the total votes cast in
Secretaries, as the Scrutinizer to scrutinize the e-voting favor or against, to the Chairman or a person authorized
process and ballot process in a fair and transparent by him in writing, who shall countersign the same and
manner. declare the result of the voting forthwith.
XIV. The Chairman will, at the end of discussion on the XVI. The Results declared alongwith the report of the Scrutinizer
resolutions on which voting is to be held, allow voting shall be placed on the website of the Company (www.kpit.
by use of “Ballot Paper” for all those members who are com) and on the website of NSDL (www.evoting.nsdl.
present at the AGM and have not cast their votes by com) immediately after the declaration of result by the
availing the remote e-voting facility. Chairman or a person authorized by him in writing. The
results shall also be immediately forwarded to the stock
XV. The Scrutinizer shall, after the conclusion of voting
exchanges where the shares of the Company are listed.
DW WKH $*0 ÀUVW FRXQW WKH YRWHV FDVW DW WKH PHHWLQJ

Annual Report 2016-17 272

Road map of AGM venue - KPIT Technologies Limited
 .3,77(&+12/2*,(6/,0,7('
CIN: L72200PN1990PLC059594
5HJLVWHUHG &RUSRUDWH2IÀFH 5DMLY*DQGKL,QIRWHFK3DUN3KDVH²I, MIDC, Hinjawadi, Pune – 411057, India.
Tel.: +91 20 6652 5000 | Fax: +91 20 6652 5001 | Email: [email protected] | Website: www.kpit.com
PROXY FORM
[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014]

Name of the member(s):

Registered address:

E-mail Id:

Folio No / Client Id:

DP ID:

I / We, being the member(s) of __________________________ shares of the above named Company, hereby appoint:

1) Name: __________________________________________________________________ Email Id: __________________________________________________ Address: ______

______________________________________________________________________________________________________________________________________________________
___________________________________________ Signature: ________________________________________________ or failing him / her

2) Name: __________________________________________________________________ Email Id: __________________________________________________ Address: ______

______________________________________________________________________________________________________________________________________________________
___________________________________________ Signature: ________________________________________________ or failing him / her

3) Name: __________________________________________________________________ Email Id: __________________________________________________ Address: ______

______________________________________________________________________________________________________________________________________________________
___________________________________________ Signature: ________________________________________________
as my / our proxy to attend and vote (on a poll) for me / us and on my / our behalf at the 26th Annual General Meeting of the Company to be held on
Wednesday, August 23, 2017 at 10.30 a.m. at KPIT Auditorium, SDB-II, 35 & 36, Rajiv Gandhi Infotech Park, Phase - I, MIDC, Hinjawadi, Pune – 411057
and at any adjournment thereof in respect of such resolutions as are listed below:
Resolutions:
 7RUHFHLYHFRQVLGHUDQGDGRSWWKH$XGLWHG)LQDQFLDO6WDWHPHQWVIRUWKHÀQDQFLDO\HDUHQGHG0DUFKWRJHWKHUZLWKWKHUHSRUWVRIWKH
Auditors and the report of the Board of Directors thereon.
 7RUHFHLYHFRQVLGHUDQGDGRSWWKH$XGLWHG&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVIRUWKHÀQDQFLDO\HDUHQGHG0DUFKWRJHWKHUZLWKWKH
reports of the Auditors thereon.
 7RGHFODUHGLYLGHQGIRUWKHÀQDQFLDO\HDUHQGHG0DUFK
4. To appoint a Director in place of Mr. S. B. (Ravi) Pandit, who retires by rotation and being eligible, offers himself for re-appointment.
5. To ratify the appointment of Statutory Auditors.
6. To re-appoint Ms. Lila Poonwalla as an Independent Director.
7. To re-appoint Dr. R. A. Mashelkar as an Independent Director.
8. To re-appoint Mr. Adi Engineer as an Independent Director.
9. To re-appoint Prof. Alberto Sangiovanni Vincentelli as an Independent Director.

Signed this ______ day of ___________2017.

$IÀ[
Revenue
Signature of the shareholder Stamp

Signature of proxy holder(s)

1RWH A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote on a poll instead of himself and such
SUR[\QHHGQRWEHDPHPEHURIWKH&RPSDQ\7KHSUR[\LQRUGHUWREHHIIHFWLYHPXVWEHGXO\ÀOOHGVWDPSHGVLJQHGDQGGHSRVLWHGDWWKHUHJLVWHUHG
RIÀFHRIWKH&RPSDQ\QRWODWHUWKDQKRXUVEHIRUHWKHFRPPHQFHPHQWRIWKHPHHWLQJ
Notes
Notes
Notes
Notes
Corporate Leadership Team

S. B. (Ravi) Pandit Chairman & Group CEO

Kishor Patil CEO & Managing Director

Sachin Tikekar President & Board Member

Pawan Sharma CEO - Solutions & Services

Pankaj Sathe Head - Europe and CMO

Anup Sable Chief Technology Officer

Anil Patwardhan Chief Financial Officer

Abhishek Sinha Chief People and Operations Officer

35 & 36, Rajiv Gandhi Infotech Park, Phase - I, MIDC,
Hinjawadi, Pune - 411057, India.
Phone: +91-20-6652 5000 | Fax: +91-20-6652 5001
[email protected]