Dr. Anand Deshpande, Chairman and Managing Director of the company addressed the call.

Highlights of the call:

In FY 2019 $ revenue stood at $ 480.97 million, up 2.2%.

Indian Rupee revenue stood at Rs 3365.94 crore, up 11.0%.

FY 2019 PAT stood at Rs 351.68 crore, up 8.8%. PAT margin was 10.4% of revenue.

In Q4 USD revenue stood at US$ 118.30 Million, down 2.1% QoQ and growth of 1.2% YoY.

In Q4 revenue in Indian rupee stood at Rs 8,31.85 crore, down 3.7% QoQ and up 10.5% YoY.

In Q4 EBITDA stood at Rs 126.55 crore. EBITDA margins stood at 15.2% of revenue. EBITDA fell 25.7% QoQ and grew 13.9% YoY.

Q4 PAT stood at Rs 84.48 crore at 10.2% of revenue. It fell 7.9% on QoQ basis and grew 14.6% on yoy basis.

Q1 and Q3 are stronger and Q2 and Q4 are weaker.

Lower IP led revenue had adverse impact on margins at gross and EBITDA level. This was partially offset by cost optimization and better utilization of resources.

Christopher O'Connor who joined on February 25, 2019 has been appointed by the Board as the Chief Executive Officer and Additional Director (Executive Director) with immediate effect.

The management is excited with the new leadership team as it initiates next phase of growth.

Enterprises business continues to invest in building software defined businesses.

Its investments are aligned, and client interests remain strong as demonstrated by exciting new projects and opportunities.

Value of forward contracts hedged stands at $ 112 million at 73 per dollar.

It was a tough year and growth was less than anticipated.

Revenue from top customer declined which impacted the sales.

As of April 26, 2019, the company purchased 2,230,113 shares for a total value of Rs 1,42.17 crore, representing 63 per cent of the total buyback size. The board had approved a share buyback via open market route for Rs 225 crore with a maximum buyback price of Rs 750 per share.

The management thinks that it is currently in the position to hold on to margins.

The management wants to use the current cash for couple of quick acquisitions especially with the new management on board.

The company faces challenges in its services business in terms of growth rates.

In last 2 quarters percentage of offshore business has grown more than onsite business. Offshore trend is expected to continue in FY 2020 as well.

In FY 2019 multiple new projects were started which will deliver long-term revenue growth.

Digital business accounted for 24.4% of sales in Q4 against 22.9% qoq and 22.0% yoy.

Top customer accounted for 20.2% of sales against 26.3% in qoq and 25.7% yoy.