H C L Technologies Ltd.

: Balance Sheet
Rs. Crore Jun 1999 Jun 2000 Jun 2001 Jun 2002
ASSETS
Gross fixed assets 64.65 108.81 194.99 267.69
Land & building 12.83 30.34 60.83 74.32
Plant & machinery 0.00 54.59 85.86 133.56
Other fixed assets 49.97 12.93 22.21 50.36
Capital WIP 1.85 10.95 26.09 9.45
Less: cummulative depreciation 24.10 39.12 60.97 95.09
Net fixed assets 40.55 69.69 134.02 172.60

Investments 44.92 829.01 990.95 1,608.92

In group / associate cos. 44.92 73.97 159.57 257.39
In mutual funds 0.00 755.04 369.52 604.94
Other investments 0.00 0.00 461.86 746.59

Marketable investment 0.00 0.00 822.00 1,071.93

In group / associate cos. 0.00 0.00 0.00 0.00
Quoted investment 0.00 0.00 452.48 466.99
Market value of quoted investment 0.00 0.00 849.90 218.92

Deferred tax assets 0.00 0.00 0.00 1.57

Inventories 0.00 0.00 0.00 0.00

Raw materials and stores 0.00 0.00 0.00 0.00
Raw materials 0.00 0.00 0.00 0.00
Stores and spares 0.00 0.00 0.00 0.00
Finished and semi-finished goods 0.00 0.00 0.00 0.00
Finished goods 0.00 0.00 0.00 0.00
Semi-finished goods 0.00 0.00 0.00 0.00
Incomplete construction contracts 0.00 0.00 0.00 0.00
Stock real estate 0.00 0.00 0.00 0.00
Stock of shares / securities 0.00 0.00 0.00 0.00
Other stock 0.00 0.00 0.00 0.00

Receivables 97.66 240.05 365.92 440.50

Sundry debtors 62.36 120.16 199.88 221.44
Debtors exceeding six months 3.53 0.00 0.83 1.27
Accrued income 1.55 1.19 64.80 18.18
Advances / loans to corporate bodies 21.99 98.81 57.54 42.63
Group / associate cos. 21.99 98.81 32.54 42.63
Other cos. 0.00 0.00 25.00 0.00
Deposits with govt. / agencies 0.00 0.00 0.00 0.00
Advance payment of tax 1.04 5.13 21.86 46.06
Other receivables 10.72 14.76 21.84 112.19

Cash & bank balance 56.23 145.61 342.52 84.75

Cash in hand 0.01 29.82 29.78 19.88
Bank balance 56.22 115.79 312.74 64.87

Intangible / DRE not written off 0.00 0.00 0.00 2.32

Intangible assets (goodwill, etc.) 0.00 0.00 0.00 1.00
DRE not written off 0.00 0.00 0.00 1.32
Share issue expenses not written off 0.00 0.00 0.00 0.00
VRS expenses not written off 0.00 0.00 0.00 0.00
 Other misc. expenses not written off 0.00 0.00 0.00 1.32

Total assets 239.36 1,284.36 1,833.41 2,310.66

LIABILITIES

Net worth 214.88 1,237.07 1,704.58 2,101.80

Authorised capital 50.00 70.00 70.00 70.00
Issued equity capital 33.19 55.91 56.98 57.58
Paid-up equity capital 33.19 55.91 56.98 57.58
Preference capital 0.00 0.00 0.00 0.00

Bonus equity capital 0.00 16.60 16.60 16.60

Buy back amount 0.00 0.00 0.00 0.00
Buy back shares (nos.) 0.00 0.00 0.00 0.00

Reserves & surplus 181.69 1,181.16 1,647.60 2,044.22

Free reserves 181.69 1,181.16 1,647.60 2,044.22
Share premium reserves 0.00 819.58 890.64 927.34
Other free reserves 181.69 361.58 756.96 1,116.88
Specific reserves 0.00 0.00 0.00 0.00
Revaluation reserves 0.00 0.00 0.00 0.00
Accumulated losses 0.00 0.00 0.00 0.00

Borrowings 0.00 0.00 0.00 3.30

Bank borrowings 0.00 0.00 0.00 0.00
Short term bank borrowings 0.00 0.00 0.00 0.00
Long term bank borrowings 0.00 0.00 0.00 0.00
Financial institutional borrowings 0.00 0.00 0.00 0.00
Govt. / sales tax deferral borrowings 0.00 0.00 0.00 0.00
Debentures / bonds 0.00 0.00 0.00 0.00
Fixed deposits 0.00 0.00 0.00 0.00
Foreign borrowings 0.00 0.00 0.00 0.00
Borrowings from corporate bodies 0.00 0.00 0.00 0.00
Group / associate cos. 0.00 0.00 0.00 0.00
Borrowings from promoters / directors 0.00 0.00 0.00 0.00
Commercial paper 0.00 0.00 0.00 0.00
Other borrowings 0.00 0.00 0.00 3.30

Secured borrowings 0.00 0.00 0.00 3.30

Unsecured borrowings 0.00 0.00 0.00 0.00
Current portion of long term debt 0.00 0.00 0.00 0.00
Total foreign currency borrowings 0.00 0.00 0.00 0.00

Deferred tax liabilities 0.00 0.00 0.00 0.00

Current liabilities & provisions 24.48 47.29 128.83 205.56

Current liabilities 15.01 24.37 48.89 87.23
Sundry creditors 13.96 22.01 39.14 83.17
Interest accrued / due 0.00 0.00 0.00 0.00
Creditors for capital goods 0.00 0.00 0.00 0.00
Other current liabilities 1.05 2.36 9.75 4.06
Share application money 0.00 1.97 2.71 1.33
Advance against WIP 0.00 0.00 0.00 0.00
Provisions 9.47 22.92 79.94 118.33
Tax provision 5.57 15.22 41.48 55.61
 Dividend provision 1.66 2.80 28.49 43.18
Dividend tax provision 0.17 0.62 2.91 0.00
Other provisions 2.07 4.28 7.06 19.54

Total liabilities 239.36 1,284.36 1,833.41 2,310.66

Contingent liabilities
Bills discounted 0.00 0.00 0.00 0.00
Disputed taxes 0.00 0.00 0.00 0.00
Letters of credit 0.00 0.00 0.00 0.11
Total guarantees 0.00 0.00 0.00 0.00
Future lease rent payable 1.92 1.13 0.00 0.00
Liabilities on capital account 1.77 13.03 21.59 8.53
Jun 2003

339.11
85.76
172.38
68.92
12.05
150.54
188.57

1,922.68
615.72
508.56
798.40

1,292.88
0.00
784.32
189.44

7.42

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

466.18
228.93
2.46
14.49
57.78
57.78
0.00
0.00
61.78
103.20

37.12
17.29
19.83

3.07
0.57
2.50
0.00
0.00
 2.50

2,625.04

2,315.58
70.00
57.69
59.11
0.00

16.60
0.00
0.00

2,256.47
2,256.47
934.19
1,322.28
0.00
0.00
0.00

5.83
0.00
0.00
0.00
0.41
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.42

5.42
0.41
0.10
0.00

0.00

303.63
160.79
151.21
0.00
0.00
9.58
0.29
0.00
142.84
62.48
 59.11
7.57
13.68

2,625.04

0.00
0.65
1.34
131.40
16.34
29.98
H C L Technologies Ltd.: Profit & Loss Statement
Rs crore Jun-99 Jun-00 Jun-01 Jun-02 Jun-03
Sales 275.97 399.94 724.74 723.42 871.73
Other income 5.88 82.76 76.79 131.34 30.01
Expenses capitalised 0.00 0.00 0.00 0.00 0.00
Change in stocks 0.00 0.00 0.00 0.00 0.00
Raw material, stores, etc. 0.00 0.00 0.00 0.00 0.00
Power and fuel expenses 2.59 3.95 7.24 8.88 11.80
Total indirect taxes 1.12 8.04 7.67 9.11 7.24
Salaries and wages 44.85 72.83 139.91 175.40 263.07
Advertising expenses 0.63 0.33 0.12 0.07 0.10
Marketing expenses 0.00 0.35 0.55 0.54 29.82
Distribution expenses 0.00 0.00 0.00 0.00 0.00
Depreciation 16.47 15.44 22.53 35.47 49.31
Lease rent 0.00 1.53 2.35 0.81 1.69
Other financial charges 1.37 0.36 0.52 1.52 0.46
Tax provisions 2.06 10.88 26.40 21.73 19.46
PAT 100.97 199.91 426.78 401.95 312.47
PBDIT 125.23 228.12 478.58 461.69 383.99
PBDT 119.50 226.23 475.71 459.15 381.24
PBT 103.03 210.79 453.18 423.68 331.93
Dividends 1.83 3.42 31.41 43.21 131.81
Retained profits 99.14 196.49 395.37 358.74 180.66
DPS 0.50 0.20 1.00 1.50
Adjusted Closing Price 805.00 377.15 242.65 135.15
EPS 11.87 13.78 14.62 10.48
H C L Technologies Ltd.: Cash Flow Statement
Rs. Crores Jun-99 Jun-00 Jun-01 Jun-02

Net Profit Before Tax & Extra Ord. Items 103.03 210.19 453.00 417.89
Depreciation 16.47 15.44 22.53 35.47
Interest Payable 0.00 0.00 0.00 0.21
Foreign exchange gain/loss 0.00 0.00 0.00 0.00
Write offs/amortisations 0.00 0.00 0.57 1.03
Profit on Sale of Investment -11.89 30.95 -31.59 -1.79
Profit on Sale of Assets 0.00 0.10 -0.01 0.21
Interest Income 0.00 -62.55 0.00 -108.41
Dividend Income -14.91 0.00 -63.57 0.00
Other Income Adjustments 0.00 0.00 0.00 0.00

Cash Flow Before working capital change 92.75 194.13 381.31 357.23
Trade and Other Receivables -15.38 -72.05 -174.68 8.60
Inventories 0.00 0.00 0.00 0.00
Trade Payables 0.46 9.13 23.20 41.86

Cash Flow from operations 98.15 131.21 229.83 407.69

Interest paid 0.00 0.00 0.00 -0.21
Direct taxes paid -0.26 -4.73 -16.67 -26.37
Dividend tax paid 0.00 0.00 0.00 0.00

Cash Flow Before Extra Ordinary Items 97.89 126.48 213.16 381.11
Extra Ordinary Items 0.00 0.00 0.00 -1.32

Cash flow from Operating Activities 97.89 126.48 213.16 379.79

Net Cash used in Investing Activities -24.25 -862.94 -85.72 -641.85

Purchase of Fixed Assets -15.94 -44.33 -83.85 -71.37
Sale of Fixed Assets 0.09 0.12 0.33 0.53
Acquisition of Companies 0.00 0.00 0.00 0.00
Purchase of Investment -44.92 -815.04 -455.84 -840.93
Sale of Investment 43.62 0.00 417.06 241.84
Project Expenses 0.00 0.00 0.00 0.00
Loans to Subsidiary/Group cos -21.99 -65.39 -26.99 -3.35
Loans to Other Companies 0.00 0.00 0.00 0.00
Interest Received 0.00 61.70 0.00 108.41
Dividend Received 14.89 0.00 63.57 0.00
Other Income 0.00 0.00 0.00 -76.98

Net Cash used in Financing Activity -39.78 825.84 69.46 4.29

Proceeds from Share Issue 0.00 827.66 72.88 35.93
Proceeds from Total Borr. 0.00 0.00 0.00 0.00
Proceeds from Long Term Borr. 0.00 0.00 0.00 0.00
Proceeds from Short Term Borr. 0.00 0.00 0.00 0.00
Repayment of Long Term Borr. 0.00 0.00 0.00 0.00
Repayment of Short Term Borr. 0.00 0.00 0.00 0.00
Share Issue Expenses 0.00 0.00 0.00 0.00
Dividend Paid -1.83 -1.82 -3.42 -31.35
Other Financing Activity 0.00 0.00 0.00 0.00
Net Cash Flow 33.86 89.38 196.90 -257.77

Opening cash balance 22.37 56.24 145.62 342.52

Closing cash balance 56.23 145.62 342.52 84.75

Jun-03

322.91
49.31
0.60
0.00
1.21
-56.52
-0.01
-23.04
0.00
0.00

294.46
13.98
0.00
75.19

383.63
-0.60
-25.16
0.00

357.87
-14.45

343.42

-281.40
-62.40
1.46
1.40
-286.52
40.01
0.00
-7.46
0.00
23.04
0.00
9.07

-109.65
5.92
0.00
0.00
0.00
-5.94
0.00
0.00
-107.94
0.00
-47.63

84.75

37.12
H C L Technologies Ltd.
Closing Index
Price Closing
BSE
Year Sensex
Mar-00 1,738.95 5001.28
Apr-00 1,610.00 4657.55
May-00 1,233.20 4433.61
Jun-00 1,288.40 4748.77
Jul-00 1,013.40 4279.86
Aug-00 1,301.30 4477.31
Sep-00 1,152.95 4090.38
Oct-00 1,189.55 3711.02
Nov-00 598.90 3997.99
Dec-00 536.95 3972.12
Jan-01 648.35 4326.72
Feb-01 622.65 4247.04
Mar-01 368.70 3604.38
Apr-01 377.15 3519.16
May-01 392.80 3631.91
Jun-01 293.15 3456.78
Jul-01 247.05 3329.28
Aug-01 222.45 3244.95
Sep-01 129.85 2811.6
Oct-01 164.30 2989.35
Nov-01 231.45 3287.56
Dec-01 274.30 3262.33
Jan-02 245.35 3311.03
Feb-02 261.40 3562.31
Mar-02 253.65 3469.35
Apr-02 242.65 3338.16
May-02 221.65 3125.73
Jun-02 224.00 3244.7
Jul-02 187.70 2987.65
Aug-02 203.55 3181.23
Sep-02 208.70 2991.36
Oct-02 163.15 2949.32
Nov-02 191.25 3228.82
Dec-02 186.60 3377.28
Jan-03 162.30 3250.38
Feb-03 175.30 3283.66
Mar-03 151.55 3048.72
Apr-03 135.15 2959.79
May-03 123.40 3180.75
Jun-03 154.55 3607.13
Jul-03 162.45 3792.61
Aug-03 183.65 4244.73
Sep-03 172.10 4453.24
Oct-03 216.50 4906.87
Nov-03 269.50 5044.82
Dec-03 306.40 5838.96
Jan-04 304.30 5695.67
Feb-04 291.95 5667.51
Mar-04 247.85 5590.6
Apr-04 275.10 5655.09