To,

The Members,

Your Directors are pleased to present the Thirty-Second Annual Report on the business and operations of your Company along with the audited annual accounts for the financial year ended March 31, 2024 (FY2024). The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

The highlights of the performance results for the FY2024 are as follows:

(INR Mn except for EPS)

Brief Description of the Company's Working During the Year and State of the Company's Affairs Operating highlights

Fiscal Year 2024 has been a year of continued strong organic growth for Coforge. The Company registered a consolidated US$ revenue of US$ 1,118.7 million (' 91,790 million) and has clocked an organic revenue growth of 13.3% in CC terms, 11.7% in USD terms and 14.5% in INR terms. The organic revenue growth of 13.3% in CC terms is in-line with the Company's annual revenue guidance stated at the beginning of the year.

The year saw Coforge sign two $300M+ TCV deals, one of which is a US$ 400 M TCV deal signed in Q4FY24. The Company also crossed the US$ 1 Billion mark for the 12-months executable order book thus registering a growth of 17.3% on a year-on- year basis. On the back of eleven large deals signed through the year, the TCV of Company's order book has increased to a record high of US$1.9 billion and is up 56% on a year-on-year basis. Coforge's investment in sales and marketing, despite tough market conditions, have resulted in an increasing velocity and median size of the large contracts it has signed during the year.

Financial highlights

On a consolidated basis, revenues increased 14.5% to ' 91,790 million in FY2024 from ' 80,146 million in FY2023. The growth was led by Banking and Financial Services (BFS) vertical which saw 17.1% YoY growth. Insurance vertical grew by 9.6%, Travel vertical grew 4.9% and the Others emerging verticals grew 12% in US$ terms.

For the full year FY24, the Company's gross margin was flat at 32.6%. EBITDA (before ESOP costs) stood at ' 16,185 million translating in to margin of 17.6% for the year. The decrease by 64 bps in FY24 over FY23 was on account of a 68 bps increase in sales, marketing and pre-sales cost which is bucketed under SG&A. Coforge not only continued to invest robustly in sales and marketing, but we also rolled out its employee increments on time, on day one of the last year itself and also paid 100% variable pay-out during the last fiscal year.

The net profits (after minority interest) for the year increased by 16.5% and stood at ' 8,080 million, implying a net margin of 8.8%.

During the financial year, the company added a net of 1,502 professionals to its headcount thus taking its total headcount to 24,726, at the end of FY24.

The Management's Discussion & Analysis (MD&A) of the Company's global business during the year under review as well as business outlook, along with a discussion of internal controls & risk management and mitigation practices, appears separately in this Annual Report.

Consolidated Financial Statements

The consolidated financial statements are enclosed in addition to the standalone financial statements pursuant to section 129(3) of the Companies Act, 2013 read with all relevant Rules and amendments thereto & SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended, prepared in accordance with the Accounting Standards prescribed by ICAI in this regard. The consolidated Financial Statements together with Auditors Report thereon form the part of the Annual Report.

Return of surplus funds to Shareholders (Dividend)

During the FY24, we continuously followed the practice of returning of surplus cash available with the Company to the shareholders and based on the Company's performance, the Directors have declared four interim dividends, of INR 76 per equity share involving a cash outflow of INR 4,666.20 Mn.

Transfer to Reserves

During the year, the Company has not transferred any amount to the General Reserves.

Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of the Report & change in nature of business, if any There have been following material changes and commitments subsequent to the close of the Financial Year to which Financial Statements relate and the date of the Report.

The shareholders at the Extra-Ordinary General Meeting held on April 12, 2024 have approved raising of funds by way of issuance of equity shares having face value of Rs. 10 each of the Company ("Equity Shares") and / or other eligible securities or any combination thereof for an aggregate amount not exceeding ' 32,000 Mn by way of Qualified Institutional Placement ("QIP") or other permissible modes in accordance with the applicable laws.

The Company has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti Technologies Limited to acquire up to 54% of the share capital of Cigniti Technologies Limited (collectively, the "Share Purchase Agreements") subject to execution of definitive agreements and completion of certain identified conditions precedent. Upon execution of Share Purchase Agreements, the Company will also trigger a mandatory open offer in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended.

The Board of Directors at their meeting held on May 02, 2024 have considered and approvedto carry out certain amendments to the terms of the listed, rated, redeemable, non-convertible bonds of a face value of INR 10,00,000 (Indian Rupees Ten Lakhs only) each and aggregating up to INR 340,00,00,000 (Indian Rupees Three Hundred and Forty Crores only) issued by the Company ("Bonds") inter alia to the change in the benchmark rate for calculation of the interest in relation to the Bonds and change in "interest reset dates" which provides option for early voluntary redemption in respect of the Bonds, in accordance with the provisions of applicable laws and subject to the consent from the Debenture Holders, in relation to the Bonds:

(i) change in the benchmark rate / screen rate for determination of the interest rate from 12 month MIFOR to 3 month MODIFIED MIFOR, on and from 26 April 2024, as MIFOR is no longer being considered as a significant benchmark under the relevant RBI circulars; and

(ii) change in the definition of "interest reset dates" to change the frequency on which voluntary redemption of the Bonds is permitted, from annual basis to quarterly basis. This will allow for early voluntary redemption without payment of any break costs at the end of each financial quarter.

Annual Return

As required, pursuant to section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 every company shall place the copy of annual return on the website of the Company, if any and shall provide the web-link of the same in this report.

Since the Company has a website the Annual return is uploaded on the website of the Company and the web link for the same is https://www.coforgR.com/invRstors/statutory-disclosures

Directors

The Company has recently appointed new Directors on the Board due to completion of tenure of Independent directors and resignation of other directors pursuant to promoter stake sale. The list of all the directors with changes is provided below:

* Mr. Pradhan's tenure as Independent Director and Chairperson of the Board gets completed on June 28, 2024.

** Considering the completion of tenure of Mr. Pradhan as Independent Director and Chairperson of the Board effective June 28, 2024, the Board appointed Mr. Bhatt as Independent Director effective May 01, 2024 subject to shareholders' approval and thereafter as Chairperson of the Board effective June 29, 2024.

Directors retiring by rotation

Mr. Sudhir Singh, Director, retire by rotation and being eligible, offers himself for re-appointment at the 32^nd Annual General Meeting of the Company scheduled to be held on August 23, 2024.

Independent Directors

Pursuant to the provisions of Section 149 of the Companies Act, 2013 & SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended (SEBI Listing Regulations), Mr. Basab Pradhan was appointed as Independent Director of the Company by the Shareholders upto June 28, 2024. There are four other Independent Directors on the Board of the Company Mr. Anil Kumar Chanana, Mr. DK Singh, Ms. Mary Beth Boucher & Mr. Om Prakash Bhatt. The composition of the Board is in accordance with the terms of the SEBI Listing Regulations & Companies Act, 2013 as amended from time to time. Mr. Ashwani Puri (DIN: 00160662) has completed his term as an Independent Director of the Company on March 31, 2024. The Board of Directors have approved the appointment of Mr. Anil Kumar Chanana, Mr. DK Singh & Mr. Om Prakash Bhatt as Additional Director (Non-Executive Independent Director) w.e.f. January 20, 2024, February 12, 2024 and May 01, 2024 respectively and Shareholders via postal ballot approved the said appointment of Mr. Anil Kumar Chanana and Mr. DK Singh on March 29, 2024 on mutually agreed terms and conditions.

All Independent Directors have given declarations that they meet all the requirements specified under Section 149(6) of the Companies Act, 2013 and SEBI Listing Regulations. The eligible Independent directors had qualified the proficiency test, as prescribed by the IICA. In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfil the conditions specified in the Act as well as the Rules made thereunder and are independent of the management.

During the year, Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company.

Details of the Familiarization program for Independent Directors of the Company are available on the website of the Company at https://www.coforge.com/hubfs/ Familiarization-ProgrammR-IndRpRndRnt-Directors.pdf Further, at the time of appointment of an Independent Director, the Company issues a formal letter of appointment outlining his/her role, functions, duties and responsibilities. The terms and conditions of the appointment of Non-Executive Directors are placed on the website of the Company at https:// www.coforge.com/

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Company has the following Directors/ employees as Whole-time Key Managerial Personnel as on March 31, 2024:

a) Mr. Sudhir Singh - Chief Executive Officer & Executive Director

b) Mr. Saurabh Goel - Chief Financial Officer

c) Ms. Barkha Sharma - Company Secretary Changes in the status of KMPs during the year:

Mr. Ajay Kalra has resigned as the Chief Financial Officer w.e.f. January 04, 2024 and Mr. Saurabh Goel has been appointed as Chief Financial Officer of the Company w.e.f. January 05, 2024. There was no other change in the status of the KMPs during the FY2023-24.

Number of meetings of the Board

The Board of Directors of the Company met 9 (Nine) times in the FY2023-24. The details pertaining to the Board Meetings and attendance are provided in the Corporate Governance Report. The intervening gap between two Board Meetings was within the period prescribed under Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended. The details of the attendance and other relevant details are provided in the Corporate Governance Report.

Directors' Responsibility Statement

As required under Section 134(3)(c) read with 134(5) of the Companies Act, 2013, the Board of Directors of the Company hereby states and confirms that:-

a) In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

b) The Company has selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the Profit & Loss of the Company for that period;

c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Annual Accounts are prepared on a going concern basis;

e) Suitable internal financial controls have been implemented by the Company and such internal financial controls are adequate and are operating effectively.

f) Proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and are operating effectively.

g) Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant board committees, including the audit committee, the Company's internal financial controls were adequate and effective during FY2024.

Deposits from Public

The Company has not accepted any Deposits under Chapter V of the Companies Act, 2013 during the year and hence no amount of principal or interest was outstanding on the date of the Balance Sheet.

Insolvency & Bankruptcy Code, 2016

There were no proceedings initiated/pending against your Company under the Insolvency and Bankruptcy Code, 2016 which impacts the business of the Company.

Difference in amount of valuations, if any

There were no instances where your Company required the valuation for one time settlement or while taking any loan from the Banks or Financial Institutions.

Share Capital

a) Issue of equity shares with differential rights or sweat equity shares

During the year, the Company has not issued any equity shares with differential rights/sweat equity shares under Companies (Share Capital and Debentures) Rules, 2014.

b) Issue of Employee Stock Options

During the year, the Company issued 7,33,912 (Seven Lakh Thirty Three Thousand Nine Hundred Twelve) Equity shares on the exercise of stock options under the Employee Stock Option Scheme of the Company (ESOP 2005). Consequently, the issued, subscribed and Paid- up Equity Capital increased to INR 618,209,920 as at March 31, 2024 pursuant to Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014. The grant- wise details of the Employee Stock Option Scheme are partially provided in the Notes to Accounts of the Financial Statement in the Annual Report and a comprehensive note on the same forms part of the Board Report, which is available on the website of the Company https://www.coforgR.com/investors

c) Provision of money by Company for purchase of its own shares by employees or by trustees for the benefit of employees

In terms of Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014, the Company has not provided any funds for purchase of its own shares by employees or by trustees for the benefit of employees.

d) Buy-back of equity shares of the Company

The Company has not bought back any shares during the year.

The Board of Directors has the following Committees. The report contains the details of composition of Committees as on May 02, 2024.

1. Audit Committee

2. Nomination & Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

Audit Committee

The Audit Committee of the Company is constituted as per Section 177 of the Companies Act, 2013 & Regulation 18 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended, and it consists of all Independent Directors. The details of the attendance in the meetings and other details are provided in the Corporate Governance Report. The Audit Committee of the Board comprises of the following members:

1. Mr. Anil Kumar Chanana- Chairperson

2. Mr. Basab Pradhan

3. Ms. Mary Beth Boucher

Mr. Ashwani Puri completed his second term as an Independent Director on March 31, 2024 and ceased to be Chairperson of the Audit Committee and further Mr. Anil Kumar Chanana has been appointed as the member of the Audit Committee w.e.f. January 22, 2024 and Chairperson of the Committee w.e.f. April 01, 2024 and Ms. Barkha Sharma is the Secretary to the Committee. The Board accepted all the recommendations of the Audit Committee made during the year. Details pertaining to the number of meetings of the Committee held during the year and terms of reference, functioning and scope are given in the Corporate Governance Report in detail in terms of the requirements under SEBI Listing Regulation, 2015 as amended.

The Company also conducts pre-meetings of Audit Committee Chairperson with management officials including CFO/ Internal Auditors/Statutory Auditors respectively before the quarterly meetings for his review and comments to incorporate the same.

Nomination and Remuneration Committee

The Company has a duly constituted Nomination & Remuneration Committee under the provisions of Section 178 of the Companies Act, 2013 & SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended. The Nomination & Remuneration Committee with the following as members:

1. Ms. Mary Beth Boucher - Chairperson of the Committee

2. Mr. Basab Pradhan

3. Mr. Hari Gopalakrishnan

Mr. Hari Gopalakrishnan ceased to be member of the committee pursuant to resignation as Non-Executive Director of the Company w.e.f. May 02, 2024 (close of business hours).

The details of the attendance in the meetings, terms of reference and other relevant details are disclosed under the Corporate Governance Report of the Company. During the year, the Nomination and Remuneration Committee also passed the circular resolutions on January 20, 2024, February 12, 2024 and February 26, 2024.

Stakeholders' Relationship Committee

In terms of provisions of section 178 of the Companies Act, 2013 & Regulation 20 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has duly constituted Stakeholders' Relationship Committee. The Committee is headed by a Non-Executive Independent Director Mr. Basab Pradhan and consists of Mr. Sudhir Singh, Ms. Mary Beth Boucher and Mr. Patrick John Cordes as members of the Committee. Ms. Barkha Sharma Company Secretary is also is Secretary for Stakeholders' Relationship Committee meeting.

The scope of Stakeholders' Relationship Committee is as per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Committee has delegated work related to share transfer, issue of duplicate shares, dematerialisation/ rematerialisation of shares to the Share Transfer Committee which reports to the Committee. Details pertaining to the number of meetings of the Committee held during the year and terms of reference, functioning and scope are given in the Corporate Governance Report in detail in terms of the requirements under SEBI Listing Regulations, 2015 as amended.

Note: Mr. Kirtiram Hariharan ceased to be chairperson of the committee pursuant to resignation as Non-Executive Director of the Company and Mr. Sudhir Singh & Ms. Mary Beth Boucher has been appointed as the member of the committee w.e.f. October 19, 2023. Mr. Basab Pradhan designated as Chairperson of the committee w.e.f. October 19, 2023. Further, Mr. Patrick John Cordes ceased to be member of the committee pursuant to resignation as Non-Executive Director of the Company w.e.f. May 02, 2024 (close of business hours).

Corporate Social Responsibility (CSR) Committee

In terms of provisions of the Companies Act, 2013 & Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014 read with various clarifications issued by Ministry of Corporate Affairs, the Company has a CSR Committee which formulates and recommends to the Board, a Corporate Social Responsibility (CSR) Policy indicating the activities to be undertaken by the Company, as per Schedule VII to the Companies Act, 2013, recommending the amount of expenditure to be incurred and monitoring the expenditure and activities undertaken under the CSR Policy of the Company. The Annual Report on CSR Activities for FY 24 is enclosed with this Report. Details pertaining to the number of meetings of the Committee held during the year and terms of reference, functioning and scope are given in the Corporate Governance Report in detail in terms of the requirements under SEBI Listing Regulations, 2015 as amended. The constitution of the CSR Committee is as follows:

1. Ms. Mary Beth Boucher (Chairperson of the Committee)

2. Mr. Hari Gopalakrishnan

3. Mr. Sudhir Singh

Note: Mr. Kirtiram Hariharan & Mr. Kenneth Tuck Kuen Cheong ceased to be chairperson and member of the committee respectively pursuant to resignation as Non-Executive Directors of the Company and Mr. Sudhir Singh has joined as the member of the committee w.e.f. October 19, 2023 and Mr. Ashwani Puri ceased to be Chairperson of the committee pursuant to completion of his term as an Independent Director of the Company on March 31, 2024 and Ms. Mary Beth Boucher has been appointed as the new chairperson of the committee w.e.f. April 01, 2024. Further, Mr. Hari Gopalakrishnan ceased to be member of the committee pursuant to resignation as Non-Executive Director of the Company w.e.f. May 02, 2024 (close of business hours).

Coforge- Corporate Social Responsibility FY24

At the heart of our organization lies a deep commitment to uplifting communities across India. With a relentless focus on two pivotal themes: Education & Environment, we have embarked on a journey that has already transformed the lives of over 6 lakh beneficiaries. We have carefully curated each project in alignment with the United Nations Sustainable Development Goals. With projects that span the length and breadth of the country, we are sowing the seeds of positive change in every corner.

A. Education & Skill Development

Education is the cornerstone of progress, and we believe in making it accessible to all. Our pan-India projects in this domain are designed to empower marginalized individuals with the skills and knowledge they need to thrive in an ever-evolving job market. Through strategic partnerships and dedicated volunteers, we have created a ripple effect of change, enabling 50,000+ students to build a brighter future through education. Our programs include:

• Digital skilling interventions for employability for 10000 +students.

• Entrepreneurship training for 1000+

• Formal education and Life skills training for more than 30000 students

• Building Robotics capabilities and computer labs in government schools impacting 5000+ students

• Teacher training and capacity building

• Supporting 1000+ especially abled and physically challenged students.

B. Community Library:

We have set up 'The Coforge Public Library' enabling free access of resources to the community. This is 12000sq. ft space, housing 10000 + books across genres and 35 million digital titles. We also hold skill development workshops periodically for the community.

C. Environment & Sustainability

Our commitment to preserving the environment and fostering sustainable rural development is unwavering. We recognize the interconnectedness of environmental health and livelihoods, and our projects reflect this holistic approach. From afforestation initiatives that rejuvenate our ecosystems to rural development programs that create opportunities for sustainable livelihoods, we are shaping a more eco-conscious and economically stable India. Feel proud to be impacting 5,50,000+ lives. Efforts undertaken in:

I. Water Conservation

• Pond Rejuvenation at 3 major sites (920,000 liters recycled / treated water to be used per site)

• Rainwater Harvesting and provision of clean drinking water at 4 village schools.

II. Soil Conservation

• Commercial cultivation in 30-acre fluoride affected area.

• Produced 885000Kg compost by 59 farmers of total cost of INR 27 L.

• Training of animal fodder- 300 farmers helped to improve health of 800 animals.

• 65 farmers adopted Organic farming, saved soil from 13,700 Kgs chemical fertilizer.

III. Waste management Interventions.

Solid / liquid waste management for sanitation and reducing land pollution, impacting 450,000 lives.

IV. Afforestation for green cover

• Biodiversity parks - 2 parks set up to restore ecological balance, reviving flora, and fauna. 40,000 saplings planted.

• Wetland Revival to attract migratory birds and sustain ecosystem.

V. Combatting climate change

• Promoting and installing Renewable energy- solar panels, 70 solar spray pumps and 426 solar streetlights set up in 6 villages.

• Sponsoring smokeless stoves in villages

D. Employee Volunteering:

Volunteering is the lifeblood of our organization. It's the passion and dedication of countless volunteers that fuel our projects and make a tangible impact. Their tireless efforts not only drive our initiatives but also strengthen the sense of community and solidarity that defines our mission.

Beginning this financial year, we have had 3092+ volunteers devote 15000+ man hours to various initiatives already. This even includes our CEO and leadership team.

Mega Plantation Drive - 600 + employees worked together to plant 5000 trees. Employees actively spent time at our project, digging pits and planting saplings.

Career counselling workshops - Our employees work closely with NGO children to guide them on various career options, entrance tests to be undertaken and books to be referred to.

Wheelchair assembly - Our employees help to assemble wheelchairs for our NGO partner Margadarshi.

Skill development and capacity building - for students, women entrepreneurs, and teachers

Environment conservation rallies - Our employees walked 7.5 km to spread awareness about conserving the environment along with our NGO partner Jnan prabodhini at Pasali valley, Pune.

The Joy of Giving week - 300 + employees donated and participated in spreading the light of knowledge during the week of 2^nd -8^th October across our Pune, Hyderabad, Bangalore, Noida and Kolhapur offices.

Visit to foster homes/ orphanages supported by us for celebrating festivals - Employees curate the events and engage in festivities.

Dam Construction - 40 + volunteers from Coforge, constructed a 70 feet length, 2 feet wide and 2 feet height dam (Vanrai Bandhara)@ Gotangale Wadi Village, Kolhapur. This will be useful to the villagers and their livestock during the tough summer season.

E. Corporate Social Responsibility - Project Snapshot A) Education & Skill development:

1. Community Library

As a service to the community, Coforge has set up a community library in 12000 sq ft area, in sector 59 Noida. This is the first time a corporate has stepped forward to set up a community library providing free access to high quality resources. On identifying the need, Coforge planned this immaculate contribution to the city of Noida. All communities and marginalized sections are welcome to access resources in the library. This library promises to be an outstanding example of a sustainable library which houses a repository of 10,000 books across genres and 35 million digital titles. This knowledge hub is immensely benefiting the community.

We also host a series of workshops free of cost, for the community. These sessions engage all age groups and are eagerly awaited month on month.

2. Udayan Care

We collaborate with Udayan Care to help marginalized girls continue their education. The Udayan Shalini project focuses on girls' education so that they can lead a better life. Additionally, our objective is to sponsor holistic development of children by supporting various educational, digital skilling, and skill development initiatives. Coforge' s executive team, and employees help to make this connection more meaningful and memorable by volunteering in recurrent visits and day-long workshops.

3. Vidya & Child

Through the Vidya & Child project, Coforge assists the students by sponsoring their studies, educational materials such as textbooks and workbooks, stationary, arranging life skills training, setting up computer labs and maintenance, renovating schools, planning various educational interventions such as field trips and awareness sessions, and coordinating numerous recreational events. Coforge' s support contributed to lower school dropout rates, a better learning environment, and academic development for students.

4. CYDA - (Centre for Youth Development and Activities)

Coforge works with CYDA to create an enabling environment in society for young people to grow as responsible and independent adults. Coforge supported children from marginalized families to continue their studies and widows for livelihood generation through entrepreneurship training and seed capital provision at Pune and Kolhapur locations. Through our support, affected families started their small-scale businesses and Increased their family income. The support of school fees helped students to stay in the mainstream of education.

5. Margadarshi

Coforge assists children with disabilities and their families in becoming self-actualizing, respected human beings and socially equal partners. We assist them by holding screening and evaluation camps for appropriate assistive devices at the block level. Wheelchairs and mobility aids such as callipers, walkers, crutches have been distributed, and children and parents have received instructions for their proper use and maintenance.

6. Sparsha

Coforge supports orphan children in coordination with SPARSHA. As a result, potential dropout children have continued their education and the children started participating in various activities that shows increase in confidence.

7. Ashagram

In coordination with Ashagram, Coforge supports disabled children. These neglected young adults were alienated by families and society. Through our grant, they can sustain and live their life with dignity. We are sponsoring their medical expenses, helping with construction of girl's residential care units, installation of CCTV cameras, sanitation, and healthcare.

8. Kriti

Coforge supports Project Shiksha at Hyderabad in coordination with Kriti organization. They work with Government primary schools for capacity building of teachers, setting up the computer and robotics labs and other infrastructure development. We have been instrumental in sponsoring students, giving scholarships and facilitating teachers trainings for local community. Additionally, we have helped to construct toilets to ensure a hygienic environment. We have also supported women entrepreneurs to get skilled and sustain their families.

B. Environment & Sustainability:

1. BAIF Livelihoods (Bhartiya Agro Industries Foundation)

The objective of this project was integrated livelihood approach for enhanced income and food security of villagers. With a view to increasing farmers' income multiple interventions were planned. This included promoting commercial vegetable cultivation through Hi-tech and trellis system of vegetable cultivation. This resulted in improving crop productivity. Breeding services for crossbreeding and methods to increase fodder availability were followed.

2. Swayamsiddha:

This project focuses on improved agricultural practices & promotion of sustainable livelihoods. The NGO helps to distribute seeds and fruit saplings. They also advise on goat rearing and poultry as means of livelihood. Capacity building sessions, exposure visits, skill & entrepreneurship training are undertaken for villagers. The approach of the project is comprehensive village development.

3. Sehgal Foundation

We support rural development projects in 3 villages of Greater Noida and villages of Hyderabad. Major interventions in the project are rejuvenation of village ponds, promotion of sustainable agricultural practices and transformation of school infrastructure. We are supporting usage of renewable resources by installation of solar streetlights, solar spray pumps, solar torches. We have helped to establish a 'Village Development Committee' and are supporting its capacity building.

4. SAFE (Social Action for Forest and Environment) Mini Biodiversity Parks (urban forestation): With a view to adding green cover in Noida and Ghaziabad, we are contributing to creating mini biodiversity parks at 2 locations. Under these projects two indigenous fruit bearing forest trails in Noida have been designed and developed that would eventually serve as a 'green lung'. This would also help in improving air quality in neighbouring localities and serve as an educational tool for young students. This includes plantation of 20000 trees and maintenance, land levelling & preparation, and rejuvenation of ponds in the middle of the parks. This is Coforge' s contribution to the city of its operations.

Lake rejuvenation at Noida - As per schedule VII, we are ensuring environmental sustainability, by water conservation. Coforge is supporting revival and rejuvenation of a Lake at Noida. In principle with water conservation, we are using recycled water using sewage treatment plant. This project has turned out to be an exceptional way to revive the local flora and fauna and enrich the aquatic ecosystem of the area.

5. Animal Welfare:

Supporting animals across 3 locations. The NGO partners (Voice of street dogs, Kannan animal welfare) help to arrange food, shelter, and medical assistance for stray animals.

We are also supporting an extensive project on Elephant conservation through our partner HEAL. This is helping to ensure food for the elephants, reduce human elephant conflict and damage to the lives of villagers and their crops.

6. Institute of Livelihood Research and Training (ILRT)

We signed a tripartite agreement with ILRT and Noida Authority for promotion of sanitation by Solid and Liquid Waste Management in Noida. This includes plastic waste collection from public places, research, and analysis. The NGO is also helping in installing cloth bag vending machines to reduce use of plastic. The implementing partner is also mobilising transport vehicles for waste segregation and collection. Sessions are being planned for awareness generation. This project is impacting a population of 450,000.

7. Swadhar (Jnanprabodhini)

We work with Jnanprabodhini organization in Pasali valley, Pune for holistic rural development. Our efforts included promoting organic farming for soil nourishment and reduction in usage of chemical fertilisers by 11,500 kgs. Fuel efficient stoves are promoted to reduce deforestation and pollution. We also hold interventions for improving women's health. Livelihood generation activities such as goat rearing, helped to increase average income of farmers by 40%.

Coforge believes that environmental consciousness and community well-being can go hand in hand. By spearheading these projects, we have not only done our bit to mitigate environmental challenges but have also tried to enrich the lives of countless individuals. Our deep-rooted commitment to a sustainable future, serves as a testament to the profound impact that environmentally conscious initiatives can have on communities, reminding us that a better, greener world is within our reach when we all come together for the common good.

The Committee comprises of the following Directors:

1. Mr. Basab Pradhan (Chairperson)

2. Mr. Hari Gopalakrishnan

3. Mr. Sudhir Singh

4. Ms. Mary Beth Boucher

5. Mr. Anil Kumar Chanana

Note: Mr. Anil Kumar Chanana & Ms. Mary Beth Boucher has been appointed as the members of Risk Management Committee w.e.f. January 22, 2024.

Mr. Hari Gopalakrishnan ceased to be member of the committee pursuant to resignation as Non-Executive Director of the Company w.e.f. May 02, 2024 (close of business hours).

The Internal Auditor is invited to the Committee meetings & the Company Secretary of the Company is the Secretary to the Committee. The terms of reference of the Committee are provided under the Corporate Governance Report of the Company. All the Directors are invited for all the Meetings who are not serving members of the RMC.

Nomination & Remuneration Policy

Pursuant to the provisions Section 178(3) of the Companies Act, 2013, the Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection nomination and / or appointment of Senior Management/ Key Managerial Personnel including Directors of the Company and their remuneration. The Policy has been revised by the Board of Directors during the year in terms of the amendments in the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended, the detailed Policy is stated in the Corporate Governance Report.

Vigil mechanism/Whistle Blower Policy

In view of the requirement as stipulated by Section 177 of the Companies Act, 2013 read with Rule 7 of the Companies (Meeting of Board & its power) Rules, 2014 and Corporate Governance under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended, the Company has complied with all the applicable provisions and has adopted a Whistle Blower Policy duly approved by the Audit Committee to report concerns about unethical behavior, actual & suspected frauds, or violation of Company's Code of Conduct and Ethics. The policy is hosted on the website of the Company.

The same provides for adequate safeguards against victimization of director(s)/employee(s) who avail of the mechanism and also provides for direct access to the Chairperson of the Audit Committee in exceptional cases. It is affirmed that no person has been denied access to the Audit Committee.

Policy for Determining Material Subsidiaries

The Policy for determining the material subsidiaries of the Company is in terms of the amendments in the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The said Policy is available on the Website of the Company at https://www.coforge.com/

Risk Management Policy

The Company has developed and implemented a risk management framework for identification of elements of risk, which in the opinion of the Board need close scrutiny.

Dividend Distribution Policy

The Company has a Policy for Distribution of Dividend under Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this policy aims at laying down a broad framework for considering decisions by the Board of the Company, with regard to distribution of dividend to shareholders and/or retention or plough back of its profits. The Policy is enclosed as Annexure -A of the Report and is also available on the website of the Company.

Code of Conduct

The Company Code of Conduct is available on the website of the Company at https://www.coforge.com/. The Chief Executive Officer of the Company has given a declaration that the Directors and Senior Management of the Company have complied with the Code of Conduct during the year 2023-24.

Code on Prevention of Insider Trading

The Company has formulated and adopted a Policy in accordance with the requirements of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended. The Policy lays down the guidelines and procedures to be followed, and disclosures to be made while dealing with the shares of the Company along with consequences for violation. The policy is formulated to monitor, regulate and ensure reporting of deals by employees while maintaining the highest level of ethical standards while dealing in the Company's securities. The policy is amended to bring it in line with the provisions of the prevailing regulations, from time to time.

In compliance to the SEBI PIT Regulations, the Company has a robust Code of Conduct to prohibit and monitor insider trading in the Company, which is strictly followed within the Company and the reporting is done to the Audit Committee/ Board at regular intervals. The company adopted a stringent penalty framework for any violations. Training programs were also conducted to spread awareness and self-assessment tests. Further, the Company is working rigorously on the effective compliance of SEBI PIT Regulations with all the amendments being discussed and their implementation within the stipulated time period. Pursuant to the provision of Regulation 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015 read with SEBI Circular issued in this regard and in view of Coforge Code of Conduct to regulate, monitor and report trading by designated persons ("Coforge PIT Code"), the Company has put in place a Structured Digital Database System.

Code of Fair Disclosure

The Company's Code of Fair Disclosure is placed on the website of the Company https://www.coforge.com/.

The Board carried out the annual evaluation of its own performance, of the Directors individually as also of its statutory committees, pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. The evaluation was based on a comprehensive set of criteria finalized by the board members. The Board considered the evaluation of the members based on one-on-one meetings, questionnaire and the directors who were subject to evaluation did not participate in the process. The performance evaluation of the Independent Directors was carried out by the entire Board excluding the Director being evaluated.

The performance evaluation of the Chairperson and the Non- Independent Directors was carried out by Independent Directors. The Chairperson communicated the feedback to concerned stakeholders. The Directors expressed their satisfaction with the evaluation process.

The information required under section 197(12) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in Annexure-B. Further, managerial remuneration is also provided in the Corporate Governance Report. The information as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, is applicable and forms part of the Report.

However, as per first proviso to Section 136(1) of the Act and second proviso of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Report and Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary and the said annexure is also open for inspection at the Registered Office of the Company.

Conservation of Energy & Technology Absorption Conservation of energy and environment-friendly initiatives

Environmental sustainability aims to enhance human life quality while minimizing strain on the Earth's ecosystems. It embodies the responsibility to conserve natural resources and safeguard global ecosystems for present and future well-being. Achieving this equilibrium between human culture and the natural world involves living in a manner that doesn't squander resources. An unsustainable situation arises when natural resources are depleted faster than they can be replenished.

At Coforge Limited, we are committed to continuously improving our environmental performance to reduce our carbon footprint and contribute to the environment. Our initiatives include participation in annual flower shows, winning for the fifth consecutive year, and maintaining a lush 25-acre campus in Greater Noida with features like the "Valley of Flowers," Herbal Garden, and Fruit Garden. We also encourage tree plantation activities in nearby villages and forests.

To manage resource consumption effectively, we recycle and treat wastewater for low-end uses like horticulture, At Campus we successfully reduced WC flushing capacity from 9 liters to 6 liters per flush by implementing overflow control with motorized valves to optimize water usage. We've converted our employee transport fleet from diesel/ petrol to CNG in NCR locations and EV charging stations are being installed based on current fleet size and its external ecosystem in the respective states within India locations to promote electric vehicle adoption.

Our rooftop areas at Campus and Gurgaon facilities are utilized for generation of solar energy with the Solar plant worth of 150KW, contributing reduction in our carbon footprint and overall grid power consumption. We are actively collaborating with regional government authorities in all areas where Coforge operates, with the goal of securing renewable energy connections to power our facilities, aligning with global sustainability standards. Transitioning from LPG to PNG which is natural & safe versatile fuel for cooking within Coforge in-house cafeterias at campus, has aided in energy savings and reduced hazards associated with gas cylinders.

We are committed to make our offices free from single use plastic, and plastic waste is limited to packaging material and disposed of through authorized recyclers. At campus Food and horticulture waste are processed in-house for manure production, and our entire e-waste is disposed of only through government-approved recyclers. We prioritize the usage of green products for new facilities and appropriate waste segregation throughout during and post construction phase in India.

In line with our commitment to environmental responsibility, our AC units have been upgraded to use environmentally friendly refrigerants, aligning with international agreements.

Our campus is LEED Platinum certified from construction and operations point of view, and we are working towards similar certifications for our other locations. Additionally, we are certified with Environment Health & Safety Management System (EHSMS) standards i.e., ISO 14001:2015 and ISO 45001:2018 to ensure compliance through periodic audits. We recognize that environmental commitment requires collective awareness and actions. Therefore, we have launched Health, Safety & Environment training modules in India to instill sustainability concepts in our employees' routines and actions.

Technology absorption and R&D (Research & Development)

Coforge is a client centric and growth obsessed organization, focusing on providing holistic and integrated solutions to our clients globally.

Our GTM and Integrated solution approach to solve client problems leverages a 4-tiered approach:

• Strategy Tier: The overarching strategy for the enterprise is chalked out at the cusp of Domain Consulting + Strategic Design + Enterprise Architecture. We co-work with our clients in a strategic partnership to define their long-term transformation roadmap.

• Technical Capabilities Tier: To realize the transformative roadmap we leverage our horizontal technical capabilities as end-to-end Value Streams. Our Technical capabilities span across: User Experience, Process Journeys, High Velocity Engineering, AI & Analytics and Packaged Applications.

• Product Engineering Capabilities Tier: To realize Platforms and Products, we leverage new ways of working and iteratively implement them with a business aligned IT operating model, Product Management, Full Stack Developers, DevSecOps, Quality Engineering, based fully stacked agile teams that focus on modern/cloud based technologies.

• Cloud Hyper-scaler & Security Capabilities Tier:

Infrastructure is built on Agile, Nimble and Reliable design principles that have built in zero trust security capabilities.

We always strive to be at the forefront of emerging technologies and use the same for realising Business Value for our clients. Our Innovation mindset, Design Thinking methodology and focus on Emerging Technologies and Patterns help us use these technologies to gain disproportionate value for the business.

Our partnership with Microsoft is a strategic asset that enables us to deliver value to our clients and grow our business. Microsoft is one of the hyper-scalers that can drive significant growth for Coforge. A relationship that spans 360 degrees including, buying-from, selling-to and partner-with which forms the basis of the go-to-market with Microsoft.

We leverage Microsoft's cutting-edge technologies to optimize our operations, enhance our productivity, and improve our efficiency. We use Microsoft Azure as our preferred cloud platform to host our applications, data, and infrastructure, taking advantage of its scalability, security, and reliability. We also use Microsoft 365 as our main productivity suite, enabling our employees to collaborate seamlessly across teams and locations, using tools like Teams, Outlook, Word, Excel, and PowerPoint. We empower our workforce with Microsoft Power Platform, a low-code solution that allows them to create apps, automate workflows, and analyze data without requiring extensive coding skills. We also harness the power of Microsoft AI and cognitive services to augment our capabilities and deliver intelligent solutions to our clients.

In addition to optimizing our own operations, we also help our clients to benefit from Microsoft technologies. We have a dedicated Microsoft business unit that provides end-to- end services across the Microsoft stack, from consulting and design to implementation and support. We have deep expertise in various Microsoft technologies, such as Azure, Microsoft 365, Dynamics 365, Power BI, SharePoint, SQL Server, .NET, and more.

We work closely with Microsoft to co-create and co-innovate new offerings that address the emerging needs of the market and generate new opportunities for both parties. We have developed several industry-specific and domain-specific solutions based on Microsoft technologies, such as Coforge Financial Advisor Copilot, Insurance Underwriter Copilot and are in the process of adding our domain knowledge into building smart Copilots. These solutions enable our clients to optimize their processes, enhance their customer experience, and drive innovation in their respective sectors.

By partnering with Microsoft, we create value for our clients. We are proud to be a Microsoft Azure Expert MSP along with various advanced solution competencies such as Data and AI, Business Applications, etc. As part of the Go-To-Market (GTM), we leverage the Microsoft Partner Network, which gives us access to exclusive resources, learning paths, training, and support from Microsoft. We are also recognized as a Microsoft Azure Expert Managed Service Provider, a Microsoft FastTrack Ready Partner, and a Microsoft Co-Sell Ready Partner, which demonstrate our capabilities and achievements in delivering Microsoft-based solutions.

We have modeled and conducted internal pilots and with clients on developer productivity with GitHub Copilot. The results have been on multiple dimensions with developers using GitHub Copilot report up to 25% faster code writing without sacrificing quality, improved job satisfaction by developers up to 50%, as it enables them to spend more time on meaningful and satisfying work. We believe that GitHub Copilot can enable increased developer productivity, faster time-to-market, and higher employee satisfaction and retention.

Amongst others, following are the key technologies and horizontal capabilities that Coforge has used effectively during FY24:

Generative AI: A burgeoning technology area, GenAI has garnered significant interest among our clients. Over the past year, we have been at the forefront of evangelizing Generative AI and have implemented use cases for BFS, Insurance, Travel, Hospitality and Healthcare verticals. By working closely with Microsoft for Azure OpenAI platform, a renowned leader in this space, we have implemented innovative use cases.

Metaverse: An emerging technology area, this has sparked significant interest among our clients. Over the past year, we developed various use cases in areas such as virtual bank branches, travel desks, contact-centre, employee onboarding, training, and Digital Humans, among others. We also organized our annual two-day Technology Conference in the Metaverse, allowing hundreds of Coforge personnel to remotely participate in the conference. Our partners for Metaverse include Microsoft, Virbela, Gesture Research, Pointr, and others. Our efforts in the Metaverse space have been recognized by HFS Research, which has identified Coforge as an Enterprise Innovator in their Horizons 2023 - Metaverse Services research report.

Blockchain & Web3: These technologies have matured now and new & better use cases are emerging. Coforge has been actively participating in this arena with partners like Hedera and AWS. Innovative solutions have been developed for our clients including for Belgium based Insuretech startup and Swirlds labs. Our product for Invoice discounting marketplace has garnered much interest from the market.

Composable Architecture: Has emerged as an effective solution to address the challenges of enabling seamless and consistent experience across multiple touchpoints and channels while delivering at accelerated pace. We have created reference architecture and frameworks to support Composable Architecture for Banks. By leveraging micro frontends and composable architecture, banks can empower product squads to work independently in parallel to develop micro apps. These apps get composed seamless to provide the users a modern cross-channel experience. We are already implementing this with a UK bank and have consulted with a middle east bank to take a composable architecture approach in their multi-year program to modernize their corporate portal.

Hyper-scalar Alignment & Investments: We have placed our big bets on realizing at improved velocity the Journey to Cloud for our clients and have made deep investments in aligning our operating model to AWS, Azure and GCP dedicated hyperscalers structure with integrated solutions cutting across Infra + Apps + Data. We lead with Cloud maturity assessment, define the disposition strategy using R-Lane analysis and create a business plan based on the Cloud economics and its associated benefits. In this context, we have partnered with many strategic partners such as VMWare, RedHat, HPE, Dell, Cisco, Juniper, Citrix and Oracle etc.

Strategic Design and Marketing: We are building strategic partnerships in this space and co-work with our partners to take human centred approach to solving client problems. Our differentiated approach includes: interviewing stakeholders, conducting ethnographic research, identifying personas, building customer journeys and realizing MarTech and Commerce implementation and rollouts.

Cybersecurity and Compliance:

We focus towards information security and ensure we are in line with modern day IT and cyber security challenges. Coforge has made significant addition to its cyber security preparedness by integrating third-party Threat Intelligence Services. We now leverage advanced services including Dark Web and Deep Web Monitoring, Attack Surface Management, Brand Protection, and Cyber Threat Intelligence for safety and privacy of our information assets. We have integrated IBM QRadar SIEM platform for automated event and log monitoring of compute and network devices in our network. The platform has also been integrated with other security platforms in use at Coforge, giving our 24x7 dedicated Cyber Intelligence Centre team a unified way of assessing threats and a high level of automation towards accurately identifying and reporting for quick remediation. We have achieved advanced compliance certifications like SOC2 Type 2 + HIPAA, in addition to ISO27001, across the firm. Demonstrating the maturity of our Business Continuity Planning, we have also achieved BCMS 22301:2019 certification for our Greater Noida, Bengaluru, Pune, and Kolhapur centres. Some of the notable new initiatives planned this year are, Enterprise-wide Privileged Access Management, to ensure controlled, monitored and Just-in-Time access for privileged accounts; and advanced technologies for Automated Detection and Autonomous Response to fast spreading threats like Ransomware. We are also focusing on Zero trust security framework that has been gaining popularity among organizations globally as a proactive approach to cybersecurity for data protection and governance that focuses on maximize the business value of customers data while maximizing security and reducing compliance risks. Over the past 1 year Coforge has helped multiple customers in their journey to achieve zero trust security implementation.

Digital: Consumer expectations are evolving at an unprecedented pace, this is creating more demand than ever before for powering meaningful Digital Experiences, Products and Services to increase Consumer Delight. To solve for this, we at Digital are focused on creating Business Value by powering Consumer Solutions at Speed and Scale. As a part of our Digital Value Proposition, we focus on the below areas: Innovating Businesses, Elevating Experiences, Contextualizing Actions, Digitalizing Processes, Modernizing Systems, Connecting Enterprises and Productizing Solutions. In order to bring the above Digital Value Proposition to live, we have meaningfully organized our Digital organization into 4 Practices to drive specific capabilities:

1) Interactive Services: All Experience related capabilities are housed in Interactive Services Practice.

Innovating Businesses and Elevating Experiences part of the Digital Value Proposition is aligned to this Practice.

2) Product Engineering: All Modernize related capabilities are housed in Product Engineering Practice.

Modernizing Systems and Productizing Solutions part of the Digital Value Proposition is aligned to this Practice.

3) Connected Enterprise: All Responsive related capabilities are housed in Connected Enterprise Practice.

Modernizing Systems and Connecting Enterprise part of the Digital Value Proposition is aligned to this Practice.

4) Intelligent Automation: All Optimize related capabilities are housed in Intelligent Automation Practice.

Contextualizing Actions and Digitalizing Processes part of the Digital Value Proposition is aligned to this Practice.

Salesforce: We help enterprises build stronger, more valuable relationships with customers and partners across all engagement channels. We combine our deep industry / domain expertise with the senior mix of Salesforce technical and functional experts that is required to implement complex Sales, Service and Marketing transformations. We have worked on multi-pronged strategy creation for our clients to reengineer legacy infrastructure through digitization into a modern state-of-the art platforms. Keeping the cloud architecture vision in focus, Coforge's solution focus on abstracting data from mainframes through core APIs and serverless technology on the cloud. DynamicCustomer Journey Orchestration solutions are developed for Mortgage Lending and Underwriting on Salesforce Financial Services Cloud and Service Cloud leveraging various Salesforce technologies including Lightning Web Component (LWC), Omni Studio and Salesforce Flow technologies. This reusable journey orchestration solution can be easily configured for Personal Loans, Auto Loans and Credit cards. Based on specific customer needs, we have developed several reusable frameworks to include:

1) Loan origination customer journey orchestration which can be applied to Consumer, Credit Card, Mortgages and other types of loan products.

2) Insurance industry Broker Management, to understand and manage the profitability of activities of a large Broker network.

3) Customer Service Disruption Management for the travel industry.

MuleSoft: We help remove data silos and create a seamlessly connected ecosystem that allows instant access to information and drives new, data-driven insights. Seamless customer experiences require companies to create a fully connected ecosystem, where data is continuously collected, analyzed and transformed to serve the needs of the entire value chain. The need is not only for a point-to-point integration but a multi-point to multi-point cross connect systems. Unlocking data from legacy and/or business critical applications (leveraging out-of-the-box connectors from MuleSoft), connecting to legacy applications (such as files, queueing, databases etc.) and SaaS-based applications (such as workday, SAP, Service Now etc.) and surfacing data from these disparate applications into granular micro-services (alias System APIs), along with functionality (such as data transformation / data aggregation / data orchestration) embedded within Process APIs (across lines of business) helps in building an API economy and thereby monetizing those APIs to deliver business outcomes quickly, with reduced operational overheads. Our proprietary Mule 4 - Migration as a Service (M4- MaaS) helpsaccelerate migration from Mule v3.x to Mule v4.x at a rapid pace and at a fraction of a cost. Our migration accelerator was vetted by MuleSoft product team as well and today Coforge along with MuleSoft have a combined Go-To-Market migration strategy to drive customers moving towards Mule 4 and to take advantage of all the enhanced features. Another key value add to talk about is our proprietary Retail Framework. Coforge has a huge presence within the retail sector and what we understood from our experience working with our customers is that there is a lot of commonality in terms of the digital initiatives that all our customers think about (such as single view of inventory, 360 degree customer view, omni channel initiatives etc.). Coforge's Retail Framework helps in accelerating and delivering projects faster, as we leverage prebuilt data models and customize them as required for our customers.

Data & Analytics: We support our clients across 4 main areas helping them:

1) Modernize: Big Data, Cloud Data and Data Management services help customers modernize data ecosystems (such as cloud data migration to AWS, Azure and GCP).

2) Monetize: Business Analytics innovations leveraging latest analytics technology platforms (e.g. Snowflake, Databricks, Power BI, Celonis, Denodo, Dataiku) to help customers implement data analytics and data science use cases for actionable insights. This also contains pre-built frameworks and algorithms to accelerate data science development (e.g. Credit and Financial Crime Risk or Marketing decisioning).

3) Manage: Consulting frameworks and templates to create and implement data and Analytics strategy and to drive awareness and adherence (e.g., data governance policies and procedures, predictive model review /validation as per OCC guideline).

4) Cognize: Cognitive AI solutions for text & document mining, creating knowledge graphs, Advanced analytics on Audio, Images and Videos to derive insights (e.g. advanced analytics algorithms for image, text, video classification).

Pega:

• Intelligent automation, Decisioning driven 1:1 customer engagement and customer service:

Intelligent automation refers workflow and RPA driven case management, 1:1 customer engagement refers to personalized interaction (Sales, Service and Marketing) between a customer and a business representative, leveraging the core AI engine. Pega has invested significantly in this technology and leveraging it for their core account growth strategy using Predictive analytics, Adaptive model Natural language processing (NLP), Text analytics, Decision management using customer decision hub (CDH) and native platform machine learning capabilities. Coforge DPA has invested building this capability and built use cases across insurance, banking, public sector and others.

• Interactive, high performant and responsive UI/UX: Pega Cosmos React & now constellation-based architecture includes a range of pre-built UI components that can be used out of the box or customized to fit the specific needs of a project, which are flexible to connect to multiple systems, utilising Pega headless architecture delivering seamless user experience across different devices and multiple sources of data.

• Workflow and IDP synergy: Intelligent Document Processing (IDP) combines artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), and automation to extract, analyse, and process data from various types of documents. IDP systems are designed to handle complex, unstructured, and semi-structured data from sources such as forms, invoices, emails, contracts, and other business documents. DPA is also actively proposing QUASAR (An in-house intelligent document management system (IDP)) to clients supplementing Workflow solutions for scenarios like document ingestion, Pre-processing, Text analysis and extraction and continuous learning, in use cases like Claims and KYC.

• Cloud migration and Upgrade: The latest versions of Pega 8.8 Cloud features enable customers achieve on demand scalability and enhanced security using modern Kubernetes container-based architecture, keeping the user experience seamless. Coforge has built accelerators for Pega 8.8 upgrades including migration tool kit, upgrade assessment and pseudo code. Using this upgrade service offerings, we have delivered for one customer and have signed two more opportunities.

• Coforge Healthcare (INFUSED) has developed multiple solutions to provide though leadership client namely Interqual Connect Asset on Pega Marketplace facilitating clinical information intake and workflow for Pega Care Management clients, ARC Asset (Authorizations Rule Center) for managing prior authorization rules in multiple systems (demo capable mid-May). It also has architected disruptive platform for next generation provider office technology solution.

Appian & Low Code No Code:

• Hyper automation powered by AI: Coforge has effectively used the Hyper automation capabilities of Appian like RPA, AI, Unified Workflows and IDP to modernize and automate elaborate workflows in traditionally manual processes. Our industry specific solution accelerators created for Insurance, Finance, Public Services and Travel have gained significant interest because of the end-to- end AI led automation leveraging the amazon.ai capability embedded in Appian.

Using low code no code intelligent process automation and API based routing, Coforge designed a trade management application for crypto brokerage enabling brokers, to access real time market data, place trades and monitor portfolio performance in real time. In this solution, Coforge integrated Tradius system to initiate the orders.

• Smart citizen central service using low code no code:

Coforge has designed a smart citizen central service for public legal aid application, on the Appian low code no code platform embedding NLP & chatbot for automating citizen query responses, prompt report statuses and ongoing intelligent workflow.

• ServiceNow CoE: We have a dedicated ServiceNow CoE with 200+ ServiceNow Consultants having experience of 50+ implementations across Fortune 500 customers supporting 65,000+ fulfiller licenses with over 1 million configuration items/assets in complex environments comprising of multiple integrations. ServiceNow CoE delivers ServiceNow Consulting services, Implementation & Integration Services and Managed Services and have developed accelerators such as LicenseWise (track & optimize ServiceNow Licenses), One-Click Translator (for translating knowledge articles, notifications, catalogue in language of choice), GuardRailNow (Health Scan utility to check configuration issues and recommend fixes). We are Elite Segment Partner for US, UK and India region and has been identified as Rising Star in ISG Provider Lens™ (IPL) Quadrant study on "ServiceNow Ecosystem Partners 2023 ISG Provider Lens™ Study."

• Cloud & Infrastructure Management Services (CIMS):

We run business-critical systems and operations for our global customers while ensuring security and scalability across public, private and hybrid clouds. We help clients reimagine and modernize their IT infrastructure strategy towards a flexible and scalable cloud environment that delivers fast and efficient business value while delivering superior digital workplace experience for their customer, partners and employees. Our service offerings span across Cloud (Public, Private, Hybrid), DevOps & Automation, Data Centre, Network, Cybersecurity, Digital Workplace Services, and IT Services and Operations Management. We also help customers in their Journey to Cloud through Advisory & Consulting Services so that can transform their business by building a Cloud Native or an Hybrid Cloud Operating Model.

• Business Process Solutions (BPS):

The BPS unit leads with a digital-first approach that couples our technology expertise with deep domain expertise, led by experienced consultative practitioners to deliver value in our 3 E model - enhance customer experience, improve business effectiveness and increase efficiency. Our domain expertise covers industry specific solutions like Banking, Cards, Mortgage, Financial Services, Insurance, Travel and Hospitality along with cross- industry solutions like Customer Experience.

We operate in multiple locations across the globe - US, India, Philippines and Mexico and in other countries in client locations and with partners where needed. Reliable and consistent delivery is critical to client retention in our business given the nature of the operations - 24X7, impact on our clients' revenues, end customer experience in all the work we undertake for our clients.

In our technology-driven Business Process Services (BPS), the services we offer leverage leading platforms and also point solutions with our internal tools. One example of an internal tool is Copasys, a patented QA automation software to drive digitized processes in a platform plus services model. Ont other hand to assess current processes we leverage industry standard tools like Celonis and once the opportunities for automation are identified, we use range of solutions like intelligent workflows and RPA. The recent advent of advanced digital technologies like AI/GenAI thas helped us further enhance our services to develop tailored solutions and tools for specific challenges. Our BPS offerings are augmented by LLMs such as ChatGPT and Google Gemini.

A few focus areas are:

(a) Enterprise document processing, data extraction, and classification using DocAI.

(b) Speech-to-text transcription for QA and call data summarization using Microsoft AI & ChatGPT for agent training and performance management.

(c) Development of conversational chatbots for responding to loan queries.

(d) Knowledge management solutions leveraging GenAI capabilities.

(e) Code generation, test case creation, and business/compliance rules configuration using GenAI.

(f). BPM Workflow Automation, Workforce Productivity Management, Contact Centre Digitization, Communication Automation (e.g., emails), Process & Task Mining, and utilizing Microsoft Copilot for solutions like Mortgage Underwriting.

Quality Engineering: We provide Quality Engineering & Testing services using an automation-first approach to drive software and application quality. Our Quality Engineering services - enabled by 2,400+ passionate Quality Engineering experts - are designed to inject speed, quality, productivity, and intelligent insights across the SDLC. Whether customers want to accelerate time to market, reduce costs, or transform their testing function and workforce, Coforge Quality Engineering has the right skills, capabilities, and accelerators to help them succeed. Our suite of frameworks and accelerators leverage AI for self-healing and autonomous automation. We offer services around: QE Transformation, Test Lifecycle Automation, Business Assurance, Digital Assurance, and Enterprise Application & Product testing.

Foreign Exchange Earnings and Outgo

(INR Million)

Details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations in future.

During the year, no order was passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

Details in respect of adequacy of internal financial controls with reference to the Financial Statements

The Company monitors and evaluates the efficacy and adequacy of internal control systems in the Company, their compliances with operating systems, accounting procedures and policies of the Company. Based on the report of Internal Audit Function, process owners undertake corrective action in their respective areas and thereby strengthen controls.

Details of Subsidiary/Joint Ventures/Associate Companies

As on March 31, 2024, the Company has subsidiaries in the United States of America, United Kingdom, Germany, India, Singapore, Thailand, Australia, Dubai, Spain, Poland, Netherlands, Romania, Sweden, Malaysia, Japan, Saudi Arabia and Mexico

Details about the companies which have become/ ceased to be subsidiaries during the Financial Year

The Company has not acquired any company directly during the year. However, two new step down subsidiary companies were incorporated: -

- Coforge Limited- Company One Person (Saudi Arabia)

- Coforge S.A. de C.V. (Mexico)

The Company has carried out internal group restructuring amongst its wholly owned subsidiaries to consolidate for operational efficiency and administrative convenience. Pursuant to the same, the shareholding of Coforge Services Limited ("CSL"), Coforge SmartServe Limited ("CSS") and Coforge SF Private Limited ("SF India") (collectively referred as "Transferor Companies") are transferred to Coforge DPA Private Limited ("DPA India") at its carrying value and received the shares of DPA India pursuant to this transaction. The Company also approved merger of these entities with Coforge DPA Private Limited subject to necessary approvals required in this regard.

Performance and financial position of each of the subsidiaries, associates and joint venture companies included in the consolidated financial statement.

During the year, the Board of Directors reviewed the affairs of the subsidiaries. Pursuant to provisions of Section 129 (3) of the Companies Act, 2013, a statement containing a report on the performance and financial position of each of the subsidiaries, associates and joint venture companies is included in the consolidated financial statement and the same has been annexed to this Report as AOC-1 given in Annexure C.

In accordance with the provisions of Section 136 of the Companies Act, 2013, the audited Financial Statements of the Company, consolidated Financial Statements along with relevant documents are available on the website of the Company (www. coforge.com).

Particulars of loans, guarantees or investments under section 186 of the Companies Act, 2013

The Company has not given any loan to any person or any other body corporate. The Particulars of loans, guarantees or investments under section 186 of the Companies Act, 2013 by the Company, have been disclosed in the financial statements.

The details of the securities acquired by the Company of other body corporates is given as under

(Amt. in INR Mn.)

(Amt. in INR Mn.)

*Coforge Limited ("Coforge" or "Parent" or "Company") has carried out internal group restructuring amongst its wholly owned subsidiaries to consolidate for operational efficiency and administrative convenience. Pursuant to the same, the shareholding of Coforge Services Limited ("CSL"), Coforge SmartServe Limited ("CSS") and Coforge SF Private Limited ("SF India") (collectively referred as "Transferor Companies") are transferred to Coforge DPA Private Limited ("DPA India") at its carrying value and received the shares of DPA India pursuant to this transaction.

Particulars of Contracts or arrangements with Related Parties

The Related Party Transaction Policy deals with the review and approval of related party transactions. The Board of Directors of the Company has approved the criteria for making the omnibus approval by the Audit Committee. The Board has the Policy in line with the recent amendments in SEBI Listing Regulations and is uploaded on the website of the Company at https://2B186482.fs1.huhspotusRrcontRnt-Ru1.net/

A Statement of all related party transactions is presented before the Audit Committee on a quarterly basis and prior/ omnibus approval is also obtained for the entire year, specifying the nature, value and terms and conditions of the transactions. None of the transactions with the related parties fall under the scope of Section 188 (1) of the Companies Act, 2013. Details of Related Party transactions pursuant to Section 134(h) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are given in Form No. AOC-2 in Annexure - D.

Management's Discussion and Analysis Report

In terms of Regulation 34(e) of the SEBI (Listing Regulations), 2015 as amended from time to time, the Management's Discussion and Analysis Report is set out in this Annual Report.

Business Responsibility and Sustainability Report

The SEBI (Listing Regulations), 2015, read with SEBI Circular no. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021 has prescribed the format for the Business Responsibility and Sustainability Reporting (BRSR) in respect of reporting on ESG (Environment, Social and Governance) parameters by listed entities mandates the inclusion of Business Responsibility and Sustainability Report ('BRSR') for top 1000 listed companies based on market capitalization as on March 31, 2024. In compliance with the same the Company has formulated Business Responsibility and Sustainability Reporting

Initiatives, Policy, and Framework at its Board Meeting held on April 27, 2023. The BRSR Report for the Financial Year ended March 31, 2024 has been enclosed with this Report.

Corporate Governance

In terms of Regulation 34 of the Securities Exchange Board of India (Listing Regulations), 2015 as amended from time to time, a Report on Corporate Governance along with Compliance Certificate issued by Statutory Auditor's in terms of Part E of Schedule V of the said Regulations of the Company forms an integral part of Corporate Governance Report.

Compliance with applicable Secretarial Standards

The Company is in compliance with the applicable Secretarial Standards issued by Institute of Company Secretaries of India and notified by the Ministry of Corporate Affairs with all amendments thereto.

a. Statutory Audit:

M/s S R Batliboi & Associates LLP (FRN 101049W/ E300004) have carried out Statutory Audit under the provisions of section 139 of the Companies Act, 2013 for the financial year 2023-24. The Report given by Auditors forms part of this Report. The Auditors Report to the Shareholders does not contain any qualification, reservation or adverse remarks.

b. Secretarial Audit:

During the year, the Board of Directors of the Company appointed Mr. Ranjeet Pandey (Membership No.5922) of M/s Ranjeet Pandey & Associates, Company Secretaries (CP No.- 6087), in Whole-time Practice, to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013 and the Rules framed thereunder, for the Financial Year 2023-24. The Secretarial Audit Report for the financial year ended 31^st March 2024 was considered by the Board in its meeting held on May 02, 2024, and the said Report given by Secretarial Auditors is annexed to this Report as Annexure-E. The Secretarial Audit Report does not contain any qualification, reservation or adverse remarks.

c. Internal Auditors:

The Board on the recommendation of Audit Committee had appointed M/s KPMG Assurance and Consulting Services LLP, Limited Liability Partnership, Firm Registration Number: AAT- 0367 as its Internal Auditors of the Company. The Internal Auditors report to the Chairperson of the Audit Committee.

The Internal Audit teams monitor and evaluate the efficacy and adequacy of internal control systems in the Company, their compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on their reports, corrective actions in respective areas are taken to strengthen the controls. There are no significant audit observations made by Internal Auditors.

d. Auditors Certificate on Corporate Governance:

As required by SEBI (Listing Regulations), 2015, the Auditor's Certificate on Corporate Governance is provided within the Corporate Governance Report. The Auditors Report to the Shareholders does not contain any qualification, reservation or adverse remarks.

e. Cost audit & records:

Section 148 of the Companies Act, 2013 is not applicable to the Company. Therefore, Cost Audit has not been conducted for the financial year 2023-24 and records are not maintained.

f. No fraud has been reported by the Auditors to the Audit Committee, Board or any other relevant authority.

Nurturing a positive corporate culture is integral to our business and it reflects in our phenomenal growth. Guided by our vision 'Engage with the Emerging', we have been delivering best-in- class solutions using new-age technologies, and our mission 'Transform at the Intersect' has cemented our position as an expert in focused industry verticals.

We follow through 4E strategy for curating a holistic employee experience, which entails - Examining the pulse of the organization on an ongoing basis, taking actions around Engagement, Education through robust learning and development initiatives, and Encouragement for meaningful interactions with our people. The outcomes of these interventions are visible through our key people indicators like retention, EES Scores and external recognitions.

As an organization, that over the years has lived by the belief 'Coforge is People', & thanks to all our collective efforts, we were able to emerge stronger - stay the course of our growth story, continue to deliver value to our customers, and remain focused on nurturing our culture.

Elements of our strategy have been listed below:

Examine -

We at Coforge use various tools to assess and monitor the pulse of our employees. My Voice, Annual Employee Engagement Survey (EES) is our most comprehensive tool that focuses on key areas like professional growth, work-life balance, training, teamwork, commitment index, and so on.

Similar to last year, Coforge participated in Great Place to Work (GPTW) survey. We got certified as Great Place to Work third year in a row, and among India's Best Workplaces in IT & IT-BPM 2023 - Top 100, second time in row.

Engagement

We are a people-first organization with friendly, flexible policies and practices. The testimony to this is the sustenance of being GPTW certified for three consecutive years. A robust talent framework that is aimed at a sustainable employee experience, that includes multi-channel touchpoints, an open culture of speaking up, well-timed recognition, a transparent work environment and focused coaching and development opportunities.

Coforge ensures that our people do not only have the right skills but also aligned with the business strategy and goals of its client organization.

1) Training and learning opportunities to ensure the right individual productivity.

2) Fostering team spirit to enable collaboration and alignment to project goals and outcomes.

3) Awards and recognition to ensure people feel valued for their contribution.

In our annual employe engagement survey, My Voice, we clocked a record participation of 90%, demonstrating employee trust and commitment to making Coforge a great place to work! Satisfaction and Commitment Scores continue to be above the industry benchmark at 80%.

Coforge won the Silver Award - Excellence In Creating A Culture Of Continuous Learning & Upskilling by the Economic Times Human Capital Awards 2024.

Coforge offices across Greater Noida, Gurgaon, Hyderabad, Bengaluru, and Pune, India rang out with joy and laughter as 600+ little ones came visiting us! It was the "Bring Your Kids to Work" Day and we laid out the red carpet for our very important guests.

We celebrated International Women's Day across our global offices through the month of March - applauding the contribution made by women employees and embracing the spirit of Inspiring Inclusion.

Upskilling & Reskilling through Capability Development

Coforge recognizes the importance of a systematic approach in building a future-ready workforce and achieving business goals. We offer an immersive, agile & global learning solution with diversified learning methodologies which include cutting-edge content & hybrid methodology of learning. Our learning framework and future-facing approach prioritize the development of technical, domain, functional, project management, human & leadership skills through academy models, on a solid bedrock of Xcellerate

- Competency Framework, delivered through customized learning methodology

- Growth hubs, Action Learning Projects, Sandbox/ labs assessments, Virtual, blended and ILT programs, E-Learning platforms, OEM partnerships and social learning avenues. In this submission, we will showcase to you our approach to developing capability within the firm to meet business objectives along with real-life examples of this impact and screen grabs of the solutions in place.

Our vision is to 'Design & deliver a scalable global learning strategy that is integral to business success - an agile learning ecosystem skilling the firm for the future'.

Our L&D ecosystem has enabled us to build a framework that isagile, scalable, and democratized, and it is focused on developing the skills for ~25,000 workforce that areessential for success in the digital age and meeting business outcomes.

Pillars that make the learning edifice stand strong:

1. The bedrock is Xcellerate: a Role-Skill Combination based competency framework

2. Ensuring career enrichment & progression for roles of today & tomorrow

3. Eight global learning academy clusters with curated journeys based on role proficiencies

4. Focus on domain & technical certifications through accredited institutes

5. Learning methodologies: blend of structured learning tracks & democratized avenues via social learning & portals

6. Business outcome-driven governance structure

7. Enabling ecosystem of OEM partnerships, sandbox environments, and global learning vendor partnerships

This unique framework integrates technology into learning strategies through multiple avenues:

• Anytime Anywhere Solutions

• Virtual / Instructor-led solutions

• Partnering with Practitioners from the Business

• Cross & Upskilling Opportunities: CETTC (Capability Enhancement Technical Training Calendar) and Skills Certification Policy

• Habit Calendars

• Micro-learning

Xcellerate is our Internal Talent Marketplace: an inhouse program & portal designed to

• Mapping of Demand to unique Role Skill Combination (RSC)

• Building Skill and Certification Inventory - Scalable & Customized

• Continuous Skilling of Workforce through training and certification programs

• Enhanced Real-Time Self-development Opportunities

The program entails structured mechanism of identifying technical skills, functional competencies and behavioural skills for each role, assessing the jobholders and upskilling them to mitigate the skill gap areas for current and aspired role. This helps the firm in effectively deploying the workforce and planning their movement across the projects.

Process of Competency Assessment, Development & Deployment

More than 800 Unique RSCs identified across various HBUs/IBUs, which are linked with 1200+ Unique skills and their certifications. These skills have been mapped with 1000+ trainings/ e -learning modules and 700+ certifications.

Key Behavioural Indicators (KBI): These KBIs have been defined as core Behavioural/Leadership Competencies that cut across the jobs, however, desired proficiency would vary depending upon the band/level of employees. There are seven of such KBIs, some of these KBIs are Business Communication, Analytical and Critical Thinking, Business Knowledge etc.

Assessments and proficiency levels are determined in partnership with the delivery functions to ensure-

1. Contextual relevance of the skills & proficiency levels basis current business requirement

2. Ability to amend RSCs with evolving tech skillsets in real time

3. Self-search option for employees to evaluate skill-gaps for current and aspired job roles

4. Learning & Development journey based Individual Development Plans (IDPs)

IDPs created by Career Managers are aggregated and L&D plan is created for technical, domain, functional, leadership trainings and certifications to address both existing skill gap areas & role-readiness for the next level. We leverage the academies curated to address these requirements.

Career Lattices

Competency/ skill-based career lattices have been charted in each of the service lines based on the RSCs identified. Employees may move vertically, horizontally, or diagonally to different career paths, upon attaining/ acquiring required skills and certifications and opportunities available.

This talent marketplace enables the firm to have a ready pool of talent that the RDG leverages through IJPs. The entire process is intertwined with People Lifecycle - right from Workforce planning, performance management to career progression and employee movement.

The LEAD (Learning Experiences Accelerating Development) Team offers a gamut of impactful learning solutions & initiatives catering to all leadership, behavioral & human skills capability development, designing an experiential impact-driven approach for developing employees, managers, & leaders to practice, implement behavior change and related-attitudes.

We have designed an experiential and impact-driven approach for developing employees, team leaders, and managers to learn, practice, and implement behavior change and related attitudes, further enhancing personal efficiency and performance.

In the LEAD canvas, we have a holistic set of solutions:

- Virtual Instructor Led Learnings

- Anytime Anywhere Solutions

- Learning from the Experts

Guided Learning Experiences through LEAD vILT Learning Catalogue

- Align learning to org and global employee needs

- Create a continuous learning experience through multiple learning avenues.

- Strengthen L&D presence across the globe.

- Acknowledge & recognize learning & learners - build learnability.

- Showcase & report-out progress & impact stories.

Apart from our open calendar offerings, here are some high impact solutions delivered in FY24.

1. LPODs (LEAD Programs on Demand): Delivered multiple customized blended solutions addressing business- specific learning needs across verticals, horizontals, countries, & functions.

2. Senior Leaders New Hire Assimilation Program: quarterly program for all leaders joining us globally enabling them to:

- Gain a deeper understanding of the firm, our priorities and key business drivers

- Better navigating the organizational matrix by meeting the Coforge leadership

3. ELEVATE: A structured 3- month long learning journey for all our middle managers that aims at building the mindsets and skillsets for role effectiveness and is curated around three focus areas

- managing self, managing teams & building business alignment. Consultative approach with business leaders, identified 6 leadership competencies for people leaders. This is a blended learning journey leveraging vILT' s, self- paced & leaders masterclasses. We have already completed 8 cohorts, covering 1000+ participants.

4. Learning Playbook - The LEAD Learning Playbook is a strategic guide to developing behavioral competencies across career levels. It provides learners learning journeys across the behavioral competencies required for success at each career level:

- Customized Learning Paths: Tailored to your specific needs and aspirations.

- Focus on Key Behaviors: Master the key skills that define success in your role.

- Actionable Learning: Dive into focused learning modules that get you results.

5. Continued rigor & focus on compliance trainings: Global Compliance module, Prevention of Sexual Harassment, Environment, Health & Safety.

6. Learning Week 2024:

The campaign aimed to promote a learning culture by highlighting a variety of resources readily available to everyone. The focus was to encourage lifelong learning, curiosity, and connection. Our Read, Watch, Listen & Do approach empowered our employees to ignite their potential and fuel their professional growth. Masterclass marathons, Crossword, mind-bending quizzes, skill benchmarks, and capturing the memories with dig frames and interactive learning playbooks - Learning Week 2024 had it all. 15000+ employees participating in these masterclasses and activities from across the globe.

7. Leveraging AI in Learning:

- Skill Benchmarks: Skill Benchmarks provide a score and level to measure individuals' proficiency and offer personalized online course recommendations to close gaps. Skill benchmarks enable:

• Crafting personalized plans based on benchmarking results

• These are assessments to gauge the current proficiency levels that return personalized learning plan to help employees focus on what they need to succeed. These quick, low-pressure assessments (around 20 questions) offer a powerful way to:

• 800+ benchmarks available across technical, functional, project management & leadership skills

- CAISY Conversation AI Simulator: CAISY empowers new managers to lead their teams successfully through interactive sessions and practical exercises. Employees can learn fundamental skills like communication, delegation, conflict resolution, motivation, and leadership.

• Purpose: Elevating our approach to AI-driven conversations

• Designed for Excellence: Transforming how we train and enhance conversational abilities

• Adaptive Learning: Tailors simulations to individual needs, optimizing skill development.

• Scalability: To meet the evolving needs of our conversational AI training initiatives.

8. Globe Smart powered by Aperian:

Enables navigating the exciting world of global collaboration unlocking cultural dexterity by revealing anemployee's unique workstyle across five key dimensions. This is a cultural intelligence (CQ) tool designed to helpnavigate the complexities of working across cultures, bridge cultural gaps to foster collaboration. This one-of-a-kind tool unlocks the cultural dexterity by revealing an employee's unique workstyle across five key dimensions. The tool helps in:

• Effortlessly bridging cultural gaps.

• Building stronger relationships with colleagues around the world.

• Boosting your global impact.

Technical/ Functional / Domain Training & Certification through iEnable

iEnable is the one-stop solution for all technical, functional, and domain learning solutions for the firm ensuring our employees' skills stay contextually relevant and they always have the edge.

In alignment with the deep-rooted legacy of training, we have a dedicated training team that partners with the business to design & deliver learning solutions for different roles across the organization for employees across the globe to upskill & cross- skills employees including:

• New Joiners

• Existing Staff Members

• Professional Accreditation through relevant Certifications

As the learning culture is critical for keeping up with workplace transformation, it is imperative to give the employees opportunities to upskill/reskill and provide tools that are needed to thrive in this dynamic techspace. Mentioned below are a few aspects:

1. Ensuring availability of learning opportunities outside of formal company trainings to employees by alliances with multiple external enterprise learning & OEM partners

2. Executives and Leaders involvement to contribute and support learning at work by strategizing and initiating learning and capability enhancement drives.

3. Capability Enhancement/ Upskilling: Learning interventions facilitated by the business: QE,Data & Analytics, Digital, AI, Software Engineer, CIMS, Salesforce, Mulesoft, and Pega & Appian toenhance capability. Through these interventions, we focus on upskilling technical employees - on niche technologies, domain, and client-specific requirements, enabling the organization to achieve strategic learning goals.

4. Quarterly Training Calendar for Laterals PACE (Pro Active Capability Enhancement): curated Calendar in collaboration with Horizontals to build focused & efficient Learning & Development plan. Upskill/Cross-skill on the market-ready technologies relevant to the Clients for existing Laterals deployed to various projects/accounts.

5. GET (Graduate Engineering Training) : Continued support as per the projection from RDG for newly hired Campus Graduates Boot Camp

6. Building Professional Credibility around Azure, AWS, GCP, SAFe Agile, Scrum, POPM Salesforce, ISTQB, and Pega Appian Certifications 8000+ certified resources, to enhance capabilities and create a future-ready workforce.

7. Participation in specially curated upskilling drives with OEM partners like Microsoft

8. PEGA Elite Partnership status achieved exceeding the target of 75% as 852 Certifications completed & 1016 PEGA Express badges earned

9. Launched CISA Coforge Insurance SME Academy launching soon to enhance the level of learning and upgrade the skills from basic to intermediate.

10. Partnership For Success

a. Leveraging the Learning Partner Portals like Percipio, Microsoft ESI 667 Trained, AWS, GCP, AWS, AIT, LOMA, ISTQB, Unqork, Appian, ITIL, MuleSoft, to access the free Training & Certification programs available

b. Ensuring availability of learning opportunities outside of formal company training to employees by alliances with multiple external enterprise learning partners in alignment with our stakeholders request like - Decisions Portal, Respective D&A technology portals & Thought Machine

c. Adoption of Percipio - the intelligent enterprise Learning Platform - providing a culture of continuous self-learning thus enabling team Coforge to stay abreast of the emerging technologies. With an increase in the adoption trend

d. Through Percipio we also offer specialized Aspire Learning Journeys - Role-based training across key in-demand career paths from Data Scientists to AI Developers to CloudOps Architects to SecOps Engineers. From a Data Analyst working with Excel to a Data Scientist utilizing best practices with Python. Aspire Journey helps to accelerate skill development.

11. Domain Training

Dedicated Domain specific, self-paced learning programs across Verticals for continual improvement through Learning Portals like Percipio and Udemy

• Insurance Domain: Basics of Insurance Level -1 Training for all employees mapped with INS BU

• TTH Level 1 Domain Training ongoing embellishing Learning Academy

• TTH Level 2 Domain Training content curation and design for 3 modules ready for a soft launch on Percipio

• BFS Domain Training: AWS Cloud Journey Learning for Santander employees

• Specific Trainings led by Instructors/Practitioners to cater to individual development needs mapping to the respective Verticals/Horizontals

• External Experts for Deep Dive discussions from renowned organizations like, Percipio Microsoft etc. together and created Lounges for discussion and query resolution.

12. Curated Learning Academies for the Upskilling & Reskilling: L&D Team in collaboration with HBUs, has set upvarious Academies to empower employees in leveling up their skills. Technical Training team (iEnable) launchedPACE [Pro -Active Capability Enhancement]

- a curated learning calendar for latest technologies.

13. Program on Demand

- Tailor made Training programs basis the requirements shared by verticals to achieve the desired expertise eg Santander, HSBC, Sabre, Aflac.

- SQL/Data Warehousing, Data bricks, Snowflake and Client requested - Microstrategy, Snowflake

14. Proactive JAVA FSD Upskilling in Collaboration with Digital HBU - Building capabilities JAVA Full stack and DotNet through pilot batches planned org. wide as on Ongoing continual Java capability interventions for resource pool and laterals. 1085 learners trained on technologies like Java Full Stack, AWS, Angular and Azure as part of the Digital & SE Horizontal Upskilling Coverage

15. HBU & Client-specific Academies launched:

a. Digital Academy - hosted on Percipio exclusively for tracks like Java Full Stack, UI Angular, Adobe, Sitecore, UI Angular, UI React JS

b. Quality Engineering: Tracks on Automation Engineering, Cloud Testing, ISTQB, Accessibility Testing, Performance Testing & Engineering, Test Environment Management, AI/AL Programs etc

16. Campaign for Lateral Hire - L&D Induction - GROWTH HUB! - Point of Contact for various Development Needs, to enhance and align their capability, to meet the business & client expectation. We have had participation and coverage of the identified 2400+ SMs and have a projection to continue for lateral hires we continue to grow.

17. TECH BYTES learning on the go initiative fosters flexible and convenient learning experiences for an audience that loves scrolling. Published through Percipio Learning Videos on select technologies, all under 10 minutes and validated by respective SMEs. Three learning journeys launched with over 5000+ learner access count.

18. Tech4Tomorrow: In July 2023 Launched a talk series to equip Coforge leaders with a perspective of Talent, Technology, Transformation in 2025 to prepare and strategize for Industry 4.0. Internal and external experts in leadership roles discuss the shape of Technology Industry in 2025; Panel discussions and Fireside chats on how Mid & senior level managers can prepare self and teams for Future in alignment with Coforge strategy. Attended by 3500+ employees globally.

19. Project Managers Upskilling Program - Organized a Project Managers Upskilling Program in collaboration with a Learning Partner. The program was designed to create a pool of upskilled Project managers. Pool of total 96 PMs trained on Skills for successful Project delivery.

BPS L&OD Initiatives -

1) Keeping in line with worldwide transition of workplaces from home to office or hybrid structure, the BPS L&OD team started offering more and more L&OD interventions in F2F and hybrid modes. The most popular programs include Interviewing Skills, Situational Leadership and Customer First program.

2) Play to Win - a theatre-based management development program arranged for Manager and above employees. This program is implemented F2F. It was a huge success owing to its novel approach, emphasis on learner involvement and interaction and learning by doing methodology.

3) Training on MS Excel - considering the constant requirement of Operations for an MS Excel training program, the BPS L&OD team created Basic and Advanced Level MS Excel Training programs under the name 'Beyond VLOOKUP'. This program is offered as part of monthly 'Skill Up!' calendar and implemented virtually and F2F depending upon the business requirement.

4) Train the Trainer Certification - an internally developed, 10-hour duration program for Process Trainers. Objective - to enhance their training skills and acquaint them with new training methods and principles. Some of the topics covered include, PASS technique of presentation structure, 7Cs of communication, strategies for enhancing learner motivation, probing techniques, audience management and feedback models such as STAR. There topics would surely improve the way Process Trainers deliver the training, present complex information, gauge knowledge retention through probing, use feedback as a tool for coaching and mentoring.

5) The Tangibles and Intangibles of Business Finance - The program aimed to give a comprehensive understanding of business finance, incorporating diverse perspectives, and promoting the synergy of sales & marketing for our Leadership Team (18 Leaders attended the program). Additionally, it also gave them an opportunity to explore the intricate relationship between operational efficiency and shareholder value, all while encouraging participants to grasp the intricacies of business growth and cultivate an entrepreneurial mindset.

6) HR Excellence Program - a specially designed first of its kind program for BPS HR team. It was a 2-phase program consisting of Learning and Implementation phases. An important topic was Business Storytelling - an effective way of presenting data to stakeholders for maximum impact and smooth collaboration. The program was highly customised keeping in mind prevalent HR trends in the market and org-specific factors.

7) On Trac Star Certification Program - an externally facilitated 27-hour, classroom + project-based learning program for TLs. It was designed to enhance the delivery capability of Team Leaders in the areas of Operations Management and People Management. The program structure allowed smooth execution of classroom learning into day-to-day work. It also provided a framework for higher managers to observe their TLs implementing their learning and help them overcome the obstacles effectively.

8) Customer First Program - a customised client service-oriented learning program for new team members of the AFLAC process. It provided many insights into the working of a global workplace. It covered other important topics such as AFLAC culture and values, standard client-centric phrases and ways to enhance client service. It also educated the audience on important of right messaging and ways to achieve it.

9) Learning Needs Identification Survey - revised and enhanced Learning Needs survey, implemented band-wise to capture role-centric learning needs of different employee groups. The BPS L&OD team aims to design its Skill Up! calendar and other learning interventions using the insights gained through this survey. It will serve as the north-star for the upcoming year's learning journey of the employees.

10) Learning Week - a weeklong, action-packed kaleidoscope of learning activities aimed at making learning much more accessible, relevant and fun. The BPS L&OD team turned this initiative into huge success by drawing upon the expertise and excellent facilitation skills of the external trainers, offering a wide portfolio of learning programs with different methodologies and objectives for the participants to choose from, and creating a continuum from learning to implementation through which a learner can move smoothly and enjoy tangible benefits of the newly acquired knowledge. The Learning Week provided a glimpse of the vastness of contemporary Learning and Development area and allowed participants to try different learning methodologies and decide what works best for them.

Annual Learning Investment Snapshot FY24

Empowering Accessibility

The Capability Development page on the firm's intranet provides a one-stop shop for all L&OD initiatives, empowering employees to accelerate their careers, transform their skills, and shape the future of the organization.

My Voice - Employee Engagement Survey 2024

In order to get useful insights into engagement levels and employee satisfaction, the Company conducts an annual Employee Satisfaction Survey - My Voice, the findings of which enable it to make improvements in its workplace environment.

In MyVoice FY24, we clocked a record participation of 90%. The Satisfaction and Commitment Scores continue to be above the industry benchmark at 80%.

As per FY24 My Voice EES, the highest-rated drivers of engagement are Basic Needs (90%), Teamwork (89%), Manager Support (82%), and Company Brand & Image (82%)

• Top rated areas are:

• My job is important for my Business Unit / Organization to achieve its goals (94%)

• My team is committed to doing quality work (94 %)

• I am aware of what my goals are and what I am expected to do (92%)

The above results are indicative of our approach of We Care through differentiated employee benefits globally, EAP, Covid support, We Engage with our employees and their families effectively, through virtual engagement activities, induction programs, celebrations, We Grow through learning avenues provided, career opportunities, We Innovate with our culture of Innovation as a service offering, We Contribute to society with our CSR initiatives, environment sustainability, We Connect with our employees through virtual and physical modes, and We Inspire continuously via our Rewards and Recognition programs, inspiring campaigns, quarterly & Annual RnR, etc.

Diversity is our Strength; Equity is what we Value & Inclusion is our Commitment.

At Coforge, we understand that supporting diversity, equity, and inclusion practices is not only the right thing to do; it is the right thing to do for the business. Our mission is to make diversity, equity, and inclusion our way of doing business. Coforge strives to create and foster a supportive and understanding environment in which all individuals realize their true potential regardless of their differences; and where everyone can feel a sense of belonging.

Our DEI motto is "Bring Your True Self to Work" which enables us to be our true selves and be active allies to each other fostering this open culture of inclusion. Being certified for 3^rd year in a row as both a Great Place to Work? - IT & IT-BPM is a testimony to the all-inclusive culture we foster and take pride.

Here are a few key launches under the DEI adage this year:

• Coforge For All (DEI Academy): Dedicated Learning initiative designed to empower our diverse workforce with knowledge, skills, and resources that promote a culture of inclusivity.

• Leadership Advocacy: Leaders serve as champions of the DEI journey, fostering a sense of belonging and innovation through mentorship and support. Initiatives like virtual Executive Fireside Chats, Meet the Leader Series, Inclusion Begins With I and Digital Transformation Leaders Series provide employees with opportunities to interact, engage, and share experiences with our executive leadership. 10 such sessions were conducted with 6000+ employees participated.

• InclusiLearn - Habit Calendar: It is a transformative program designed to make inclusion an everyday habit. It empowers employees to embrace diversity and foster a more inclusive work environment. It goes beyond traditional training. It focuses on habit formation. These 3-week micro-learning journeys focus on building specific inclusion-related skills, one habit at a time.

DEI In Action SharePoint: One-stop destination for all DEI initiatives. The internal SharePoint platform serves as a centralized hub where employees can access updates on ongoing DEI programs. This powerful tool reinforces our commitment to fostering an inclusive and supportive work environment, encouraging collaboration, and celebrating the diverse voices within the organization.

Employee Spotlight Series: Our Employee Spotlight Series showcases diverse employees, sharing their journeys, achievements, and efforts towards inclusion. These stories celebrate the richness of our workforce and amplify diverse voices.

lAmRemarkable is a Google initiative (A special program for all women employees)

This is an exclusive program for our workforce globally, with the primary aim of empowering the underrepresented to celebrate their achievements in the workplace and beyond. It breaks the taboos around self-promotion. 2000+ women employees participated.

Wellness & Wellbeing: Engaging well-being sessions: Considering Mental and Physical well-being an important component of a diverse and engaged workforce - we run corporate wellness programs through employee assistance program, wellbeing sessions, and mailers.

Celebrating Diversity: impact global campaigns the year through: International Women's Month, Diversity Awareness, Diversitree Wall, Pride Month Celebrations, InclusionMatters etc.

EmpowHER

Stemming from the success of our DEI initiatives, we launched EmpowHER - It is more than just a program; it's a celebration of the strength, growth, and holistic development of our women employees. Through EmpowHER, we weave together learning, development, and well-being initiatives, fostering a nurturing ecosystem that empowers them to thrive both personally and professionally. EmpowHER provides a nurturing space for women to connect, share experiences, and support one another, ensuring they thrive at every stage of their journey.

The Company has a Policy on Prevention of Sexual Harassment of Women at the workplace, in line with The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. The Company believes in providing all employees a congenial work atmosphere, which is free from discrimination and harassment, without regard to caste, religion, marital status, gender, sexual orientation, etc. During the year, the Company conducted various awareness programs and workshops at all locations. Employees are required to attend compulsory awareness and training program on POSH on our virtual learning platform

- Percipio. During the year, the Company conducted training session for the ICC members and the HR team. The Company received five complaints pertaining to this and two of them were upheld and actions were taken within the purview of POSH. Two of the other complaints did not fall in the purview of POSH and hence were directed to the aligned HR for taking it up for closure. However, the investigation for one of the complaints was truncated due to the to the exit of the respondents prior to the completion of the investigation.

The Company duly resolved these complaints within the Financial Year.

The Company has been recognized in several important ways at the national and global levels, related to its leadership in specific industry verticals, and its robust HR practices.

- Coforge was recognized with the "Market Maker Partner of the Year" award at the Pega ANZ Partner Summit 2024

- Coforge was honored with the ServiceNow 2024 Emerging Industry Partner of the Year - Worldwide award

- Coforge won the Silver at the Economic Times Human Capital Awards (ETHCA) 2024 for Excellence in Creating a Culture of Continuous Learning and Upskilling

- The Coforge BPS Learning & Organizational Development (L&OD) team won the Meritorious Award for their exemplary use of Kaizen principles at the 37^th National Convention on Quality Concepts ceremony held by Quality Circle Forum of India.

Analysts Accolades

• HFS recognized Coforge as an Enterprise Innovator in the Best Service Providers for Asset and Wealth Management, 2024 Horizon assessment.

• Avasant positioned Coforge as an Enterprise Innovator in the Airlines and Airports Digital Services 2024 RadarView.

• ISG recognized Coforge as a Leader in the Provider Lens Study - U.K., U.S. Salesforce Ecosystem Partners 2024

• NelsonHall positioned Coforge as a

o Leader in the Salesforce Services NEAT - in the MuleSoft Services

o High-Achiever' in the Overall and Marketing Cloud Services segments.

o Major Player' in the Experience Cloud Services segment.

• Everest recognized Coforge as a Leader in the Pega Services PEAK Matrix? Assessment 2024

• ISG recognized Coforge as a Product Challenger in the ISG Provider Lens 'ServiceNow Ecosystem Partners 2024

• Avasant positioned Coforge as a Disruptor in the Intelligent Automation Services 2024 RadarView.

• Avasant positioned Coforge as a Challenger in the Gulf Cooperation Council (GCC) Region Digital Services 2024 RadarView.

• Forrester recognized Coforge in the Automation Fabric Services Landscape, Q1 2024

• HFS recognized Coforge as a Disruptor in the HFS Horizons Assuring the Generative Enterprise™, 2024

• Forrester recognized Coforge in Continuous Automation And Testing Services Landscape, Q1 2024

• Everest recognized Coforge as a Major Contender in the Financial Crime and Compliance (FCC) Operations Services PEAK Matrix? Assessment 2024.

• Avasant positioned Coforge as a Challenger in the Multisourcing Service Integration 2023-2024 RadarView

• MajorContenderin TalentReadinessfor Next-Generation IT Services PEAK Matrix? Assessment 2023 by Everest Group

Alliances, partnerships, and solutions offerings

- P&O Cruises and Cunard partnered with Coforge for precision quality engineering & testing

- Coforge launched Orion- A Gen Al-based autonomous self-service solution to enhance customer experience across multiple industries

CSR milestone

- Coforge inaugurated The Coforge Public Library in Noida. An open-for-all, fully digitized, one-of-its-kind public library in Sector 59, Noida, the Coforge Public Library is spread over an area of 12000 sq ft. and boasts a collection of over 10,000 books, 3.5 crore titles available online, and 200 books in Braille

The Board of Directors would like to take this opportunity to place on record its appreciation for the committed services and contributions made by employees of the Company during the year. In addition, the Directors wish to thank the Company's customers, vendors, bankers & financial institutions, all government & non- governmental agencies, and other business associates for their continued support. The Directors acknowledge and appreciate the support and confidence of the Company's shareholders and remain committed to enabling the Company to achieve its growth objectives in the coming years.

For and on behalf of the Board of Directors

Sd/-

Basab Pradhan

Chairman DIN: 00892181

Place: Gurugram

May 02, 2024