EPS. Our basic EPS decreased 34.0% to % 4.62 as of March 31, 2021 from 2 7.00 as of March 31, 2020 and our
diluted EPS decreased by 34.1% to % 4.55 as of March 31, 2021 from 2 6.90 as of March 31, 2020, due to a
decrease in profit for the year attributable to equity shareholders by 34.0% to % 547.92 million for the financial
year 2021 from % 830.14 million for the financial year 2020.

March 31, 2020 Compared to March 31, 2019

Total Current Assets. Our total current assets increased by 10.3% to % 8,569.00 million as of March 31, 2020
from 2 7,772.30 million as of March 31, 2019, primarily on account of an increase in bank balances other than
cash and cash equivalents to = 652.69 million as of March 31, 2020 from 2 111.07 million as of March 31, 2019,
which was due to an increase in margin money with maturity of less than three months to % 453.00 million as of
March 31, 2020 from 2 32.67 million as of March 31, 2019 as a result of margin money given in relation to
performance execution under our business contracts, as well as an increase in trade and unbilled receivables,
which consists of trade receivables and unbilled receivables, to = 6,159.42 million as of March 31, 2020 from
% 5,614.85 million as of March 31, 2019, primarily on account of an increase in unbilled receivables to
% 1,594.57 million as of March 31, 2020 from % 1,185.16 million as of March 31, 2019.

Investments. We did not record investments as of March 31, 2020 and March 31, 2019.

Total Non-Current Liabilities. Our total non-current liabilities increased by 0.3% to % 7,175.02 million as of
March 31, 2020 from 2 7,152.26 million as of March 31, 2019, primarily due to an increase in borrowings by
8.5% to % 3,488.81 million as of March 31, 2020 from % 3,216.61 million as of March 31, 2019.

Total Other Current Financial Liabilities. Our total other current financial liabilities increased by 64.6% to
% 800.78 million as of March 31, 2020 from 2 486.36 million as of March 31, 2019, primarily due to an increase
in payable for capital goods to = 190.39 million as of March 31, 2020 from 26.42 million as of March 31,
2019, and our ICD reconciliation liability of funds held relating to cash burial business of = 151.81 million as of
March 31, 2020 as compared to nil as of March 31, 2019, on account of monies in our accounts held on behalf
of our customers under our cash burial business as at March 31, 2020.

Other Current Liabilities. Our other current liabilities increased to 776.38 million as of March 31, 2020 from
% 486.47 million as of March 31, 2019, primarily due to an increase in balances due to government authorities to
% 597.33 million as of March 31, 2020 from % 242.61 million as of March 31, 2019.

Net Worth. Our net worth increased by 17.4% to 24,989.55 million as of March 31, 2020 from
% 4,249.34 million as of March 31, 2019, due to the addition of total comprehensive income in the amount of
% 833.15 million in the financial year 2020.

EPS. Our basic EPS increased by 25.4% to % 7.00 as of March 31, 2020 from @ 5.58 as of March 31, 2019 and
our diluted EPS increased by 24.8% to 2 6.90 as of March 31, 2020 from % 5.53 as of March 31, 2019, due to an
increase in profit for the year attributable to equity shareholders by 25.4% to % 830.14 million for the financial
year 2020 from % 661.94 million for the financial year 2019.

Financial Condition, Liquidity and Capital Resources

We define liquidity as our ability to generate sufficient funds from internal and external sources to meet our
obligations and commitments. In addition, liquidity includes the ability to obtain appropriate equity and debt
financing and to convert into cash those assets that are no longer required to meet existing strategic and financial
objectives. Liquidity cannot be considered separately from capital resources that consist of current or potentially
available funds for use in achieving long-range business objectives and meeting debt service and other
commitments.

We have historically financed our capital requirements primarily through financing from banks and other
financial institutions in the form of term loans, cash generated from the issuance of equity shares and cash
generated from operating activities. We are required to undertake capital investment on a regular basis to
purchase and upgrade automated products, among other things. Our financing requirements are primarily for
such capital expenditures, developing and implementing new technologies, acquiring and investing in new
businesses, expanding our operations into new jurisdictions and working capital. We believe that we will have
sufficient capital resources from our operations, net proceeds of the Issue and other financing from banks,
financial institutions and other lenders to meet our capital requirements for at least the next twelve months.

351
