About
Mphasis Ltd
Mphasis Limited was incorporated on 10th August, 1992. The Company is a global Information Technology (IT) solutions provider specializing in providing cloud and cognitive services, applies next-generation technology to help enterprises transform businesses globally. Mphasis Group, a global, multicultural organisation headquartered in Bengaluru, India, specializes in providing a suite of application development and maintenance services, infrastructure outsourcing services and business & knowledge process outsourcing solutions to clients around the world.
The Company was formed after the merger of the US-based IT consulting company MphasiS Corporation and the Indian IT services company BFL Software Limited. It had installed an additional workstations and infrastructure with the view to expanding the business in the year 1993. During the year 1995, MphasiS had obtained the ISO 9001-1994 certification from BVQ U.K. To provide high quality support to its customers, the Company was reorganised into six independent Business Units (IBUS) in the year 1996. They are Compaq Development Center, Tandem solution, Applications, Systems and Networking, Products and Y2K. The Company had signed a long-term software development agreement with the US-based Compaq Corporation in the year 1997 and also in the same year MphasiS had set up a dedicated software development centre for the US-based Lanier Worldwide, specializing in medical documentation management and also had entered into a strategic alliance with two US-based companies in an effort to tap the international market. During the year 1998, the company had set up a subsidiary in the United States and started a consulting practice to offer higher margin services. The Company's healthcare first product was launched in the international market during the year 1999 and also in the identical period, signed an agreement with Net Communications, a subsidiary of Netcard Corporation Berhard of Malaysia, to jointly develop and market netKIOS globally. The Company had changed its name to MphasiS BFL Limited in the year 2000 and also reorganised its operations. In the same year 2000, MphasiS made a tie-up with BEA System to build financial solutions on the BEA E-Commerce Transaction Platform aimed at exploiting the Indian and also global financial sector.
MphasiS had acquired 100% interest in MphasiS Corporation - USA in June of the year 2000. In the year 2002, the company had signed an agreement for the acquisition of Navion (Shanghai) software Development Company Ltd. MsourcE Corporation; a subsidiary of MphasiS BFL had entered into a partnership to provide the complete gamut of customer care services to the US Women's Chamber of Commerce (USWCC). After a year, in 2003, the same subsidiary and Accenture had agreed to work together in India to offer their client world-class call centre BPO services. MsourcE Corporation has become the first contact centre in the country to be awarded the BS-7799-2: 2002 certification. During the year 2004, MphasiS achieved the SEI-CMMI Level 5 accreditation. In the year 2006, The International Association of Outsourcing Professionals (IAOP) had named MphasiS in the Global Outsourcing 100 List. Since June 2006, the group became a subsidiary of Electronic Data Systems Corporation (EDS). The name of the company was changed from MphasiS BFL Ltd to MphasiS Ltd with effect from 24th November of the year 2006.
Enterprise applications integration to design and build a common central data store, workflow and collaboration enabling technologies are the key priority areas within MphasiS from the year 2006. As at November 2007, the company had opened a new BPO facility in Indore, along with Idea. The centre operates as a customer service centre for Idea customers in Madhya Pradesh. NASSCOM ranked the company in Top 20 IT Software and Service Exporter, Top 15 BPO Rankings and also in Top 10 IT-BPO Employers for the year 2007-08.
In 2008, Hewlett Packard (HP) acquired EDS. Consequently, MphasiS became a subsidiary of Hewlett Packard (HP).
On 12 August 2009, MphasiS announced that it has reached a definitive agreement to acquire AIG Systems Solutions Pvt. Ltd. (AIGSS), part of American International Group Inc. AIGSS is an India-based provider of Information technology services and solutions to AIG companies worldwide. The transaction is subject to legal and statutory requirements. The acquisition of AIGSS will help MphasiS augment its capabilities for the insurance industry and offer domain solutions. Based in Chennai and Kolkata, AIGSS has more than 800 employees and provides IT services to AIG and its member companies. AIGSS service offerings include application development and maintenance, application implementation, testing, product development and support.
The Board of Directors of MphasiS at its meeting held on 24 November 2009 approved the proposal of merger of MphasiS FinSolutions Pvt. Ltd. (formerly AIG System Solutions Pvt. Ltd.) wholly owned subsidiary, with MphasiS Ltd. The proposal is subject to necessary approvals.
On 8 April 2010, MphasiS announced that it has reached a definitive agreement to acquire Fortify Infrastructure Services, a global provider of offshore based Remote IT Operations and Management (ROM) Services. Fortify Infrastructure Services is a privately held company with presence in India and the US. The acquisition will give MphasiS access to marquee customers, an experienced management team, a talent pool of highly specialized professionals and a proven platform to provide ROM services. This will be part of a new business unit which focuses on ROM services. MphasiS will be acquiring a 100% equity stake in Fortify Infrastructure Services in an all-cash transaction.
On 23 October 2010, MphasiS opened its first near shore integrated development and delivery Center in Australia at the University of Wollongong. The Center will focus exclusively on customers in Australia and New Zealand and will offer a specialised resource pool for the telecommunications industry as well as a Center of Excellence for testing. MphasiS plans to offer specialised automated testing services from the test lab being set up in Wollongong.
MphasiS clocked consolidated revenue of USD 1,099.3 million for the year ended 31 October 2010, crossing the $1 billion mark for the first time.
On 1 August 2011, MphasiS announced that it has entered into a definitive agreement to acquire Wyde Corporation, an international software vendor and creator of Wynsure- an industry leading Insurance Policy Administration Solution. This investment is the second acquisition by MphasiS in the Insurance industry vertical, after acquiring AIGSS (AIG Software Systems), the AIG captive center in India in 2009. Under the terms of the agreement, MphasiS will hold a 100% equity stake in Wyde. The closure of the deal is subject to completion of customary conditions. Headquartered in Minneapolis, USA, with a modern Research & Development (R&D) centre in Paris, France, Wyde has developed and deployed Wynsure, a proven software platform, at many of the leading insurance carriers in North America and Europe. Wynsure is a multi-language, multi-currency, easily customizable software that offers policy administration, claims and billing solutions across Life & Annuities (L&A), disability, health, and Property & Casualty (P&C). Wynsure platform can be deployed at an insurance carrier either one business line at a time, or as a complete end-to-end solution. Wyde has over 200 employees who possess significant domain expertise.
On 2 March 2012, MphasiS, announced that it has inked a memorandum of understanding (MoU) to set up a near shore centre at Charlotte Town in Prince Edward Island (PEI), Canada to serve the North America region. Located in the same time zone, with an hour time difference separating it from New York City, MphasiS' PEI center will play a strategic role in the Company's operations in the North American region.
On 2 December 2012, MphasiS announced a definitive agreement to acquire Orlando, Florida, USA based Digital Risk LLC. Digital Risk is one of the largest independent providers of Risk, Compliance and Transaction Management solutions to the United States mortgage market. The acquisition is an all cash deal valued at USD$ 175 million with an additional earn-out component. Later, MphasiS completed the acquisition of Digital Risk LLC on 11 February 2013.
On 5 February 2014, MphasiS unveiled refreshed brand identify, vision and mission. The company's new corporate brand including a vibrant new logo reflects the company's successful evolution into a highly differentiated, customer-centric company. On 10 February 2014, AppCrown, the leading provider for cloud based financial systems across CRM, Banking & Wealth Management, announced its intent to partner with MphasiS.
On 30 June 2015, MphasiS announced the signing of a definitive agreement to transfer a significant portion of its domestic business, subject to regulatory approvals, to Hinduja Global Solutions (HGS), a global BPM leader in optimizing customer experience for clients.
On 10 July 2015, MphasiS announced the signing of a definitive agreement to transfer a portion of its domestic business, subject to regulatory approvals, to Karvy Data Management Services Limited (KDMSL) - a provider of business and knowledge process services in India. This is MphasiS' second definitive agreement further to the recent signing with Hinduja Global Solutions (HGS) to transfer over 7000 employees, which was roughly two-third of the India Domestic Voice business. With this current agreement, over 2000 employees would be transferred to KDMSL.
In 2016, Blackstone, the world's leading private equity (PE) firm acquired Hewlett Packard Enterprise's 60.5% stake in MphasiS. It was largest acquisition by Blackstone in India till date. As part of the agreement, Hewlett Packard Enterprise (HPE) and Blackstone have agreed on the terms of a Master Services Agreement (MSA) for a period of five years, with an additional three automatic renewals of two years each. Under this MSA, HPE has committed a minimum revenue amount of $990 million over the next five years. Also, MphasiS is included in HPE's Preferred Provider Program, opening up significant avenues for growth.
The Board of Directors of MphasiS at its meeting held on 31 January 2017 approved a proposal for Buy-back of equity shares from all the existing shareholders of the Company on a proportionate basis through the Tender Offer method at a maximum price of Rs 635 per equity share, aggregating to an amount not exceeding Rs 1103 crore.
On 25 May 2017, MphasiS and DXC Technology, the world's leading independent, end-to-end IT services company, announced a new Solution Partner relationship to transform and modernize enterprise applications for public, private and hybrid cloud. The collaboration builds on deep, complementary vertical expertise, strong portfolios in next-generation IT services, including cloud and digital innovations and accelerated automation capabilities to deliver strong business value to organizations across industries globally. The two companies will work together to help clients accelerate the modernization of their applications as they move to the cloud.
On 8 January 2018, MphasiS announced block chain-enabled digital solutions, Wealthchain and Chainsure for the Banking, Financial Services and Insurance vertical. These solutions enhance security, efficiency and governance through which these firms and their partners jointly create and deliver value and experiences to their customers.
The Board of Directors of MphasiS at its meeting held on 7 August 2018 approved a proposal for Buy-back of equity shares of the company from all the existing shareholders on a proportionate basis through the Tender Offer method at a maximum price of Rs 1,350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The Board also recorded the intentions of the Promoter to participate in the proposed Buy-back.
During the year 2018, the Company had completed a buyback of 17,370,078 equity shares of the Company, representing 8.26% of the total paid up equity share capital of the Company, at a price of Rs 635 per share, for an aggregate amount of Rs 11,030 million from the existing shareholders of the Company, on a proportionate basis under the Tender Offer method in accordance with the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder, and all compliances have been duly completed. Consequently, the paid up equity share capital of the Company is reduced to the extent of the shares bought back by the Company.
During the FY2019, the Company has completed the buyback of 7,320,555 fully paid-up equity shares of face value Rs 10 each ('equity shares'), representing 3.79% of the total paid-up equity share capital of the Company, at a price of Rs 1,350 per equity share for an aggregate consideration of Rs 9,882.75 million.
The company has been awarded Gold for Excellence in Talent Acquisition by Brandon Hall Group at 2020 HCM Excellence in Awards for Learning and Development, Talent Management, Leadership Development, Talent Acquisition, Workforce Management and HR, Sales Performance and Corporate Initiatives.
The company also been Recognized as Major Contender in the Everest Group 2020 PEAK Matrixr Assessment for Open Banking IT Services.
On 19 November 2020, the Company through its wholly owned subsidiary, Mphasis Consulting Limited, obtained control of Datalytyx Limited and its subsidiaries (Datalytyx') by acquiring 100% of its shares in cash. Datalytyx is a next-gen data engineering and consultancy company providing next-gen data Engineering, Data Ops and Master Data Management solutions on Snowflake and Talend environments. The acquisition seeks to strengthen the Group's next-gen data strategy and build capabilities relevant to the digital priorities of its clients. The acquisition was executed through a share purchase agreement for a consideration of GBP 11.55 million (Rs 1141.92 million).
In Apr'21, the Company acquired Blackstone's majority stake and continued partnership with it. It diversified sales and operations into multiple geographies like Leeds outside of London- UK, Mexico, Costa Rica, Taiwan, Calgary- Canada & Estonia. It acquired Datalytyx, a DataOps specailist in the Snowflake and Talent ecosystem. The company has been recognized in HFS' Market Analysis of Disruptive Hyperscaler Cloud Service Providers 2021.
In FY'22, the Company acquired Blink UX, a user experience research, strategy and design firm. It undertook strategic partnerships with companies like Securonix & Stonebrook. It diversified sales and operations into multiple geographies like Canada, Germany & Mexico. It won new deals in Direct Business worth TVC $1.43 billion.
Mphasis Ltd
Company History
Mphasis Limited was incorporated on 10th August, 1992. The Company is a global Information Technology (IT) solutions provider specializing in providing cloud and cognitive services, applies next-generation technology to help enterprises transform businesses globally. Mphasis Group, a global, multicultural organisation headquartered in Bengaluru, India, specializes in providing a suite of application development and maintenance services, infrastructure outsourcing services and business & knowledge process outsourcing solutions to clients around the world.
The Company was formed after the merger of the US-based IT consulting company MphasiS Corporation and the Indian IT services company BFL Software Limited. It had installed an additional workstations and infrastructure with the view to expanding the business in the year 1993. During the year 1995, MphasiS had obtained the ISO 9001-1994 certification from BVQ U.K. To provide high quality support to its customers, the Company was reorganised into six independent Business Units (IBUS) in the year 1996. They are Compaq Development Center, Tandem solution, Applications, Systems and Networking, Products and Y2K. The Company had signed a long-term software development agreement with the US-based Compaq Corporation in the year 1997 and also in the same year MphasiS had set up a dedicated software development centre for the US-based Lanier Worldwide, specializing in medical documentation management and also had entered into a strategic alliance with two US-based companies in an effort to tap the international market. During the year 1998, the company had set up a subsidiary in the United States and started a consulting practice to offer higher margin services. The Company's healthcare first product was launched in the international market during the year 1999 and also in the identical period, signed an agreement with Net Communications, a subsidiary of Netcard Corporation Berhard of Malaysia, to jointly develop and market netKIOS globally. The Company had changed its name to MphasiS BFL Limited in the year 2000 and also reorganised its operations. In the same year 2000, MphasiS made a tie-up with BEA System to build financial solutions on the BEA E-Commerce Transaction Platform aimed at exploiting the Indian and also global financial sector.
MphasiS had acquired 100% interest in MphasiS Corporation - USA in June of the year 2000. In the year 2002, the company had signed an agreement for the acquisition of Navion (Shanghai) software Development Company Ltd. MsourcE Corporation; a subsidiary of MphasiS BFL had entered into a partnership to provide the complete gamut of customer care services to the US Women's Chamber of Commerce (USWCC). After a year, in 2003, the same subsidiary and Accenture had agreed to work together in India to offer their client world-class call centre BPO services. MsourcE Corporation has become the first contact centre in the country to be awarded the BS-7799-2: 2002 certification. During the year 2004, MphasiS achieved the SEI-CMMI Level 5 accreditation. In the year 2006, The International Association of Outsourcing Professionals (IAOP) had named MphasiS in the Global Outsourcing 100 List. Since June 2006, the group became a subsidiary of Electronic Data Systems Corporation (EDS). The name of the company was changed from MphasiS BFL Ltd to MphasiS Ltd with effect from 24th November of the year 2006.
Enterprise applications integration to design and build a common central data store, workflow and collaboration enabling technologies are the key priority areas within MphasiS from the year 2006. As at November 2007, the company had opened a new BPO facility in Indore, along with Idea. The centre operates as a customer service centre for Idea customers in Madhya Pradesh. NASSCOM ranked the company in Top 20 IT Software and Service Exporter, Top 15 BPO Rankings and also in Top 10 IT-BPO Employers for the year 2007-08.
In 2008, Hewlett Packard (HP) acquired EDS. Consequently, MphasiS became a subsidiary of Hewlett Packard (HP).
On 12 August 2009, MphasiS announced that it has reached a definitive agreement to acquire AIG Systems Solutions Pvt. Ltd. (AIGSS), part of American International Group Inc. AIGSS is an India-based provider of Information technology services and solutions to AIG companies worldwide. The transaction is subject to legal and statutory requirements. The acquisition of AIGSS will help MphasiS augment its capabilities for the insurance industry and offer domain solutions. Based in Chennai and Kolkata, AIGSS has more than 800 employees and provides IT services to AIG and its member companies. AIGSS service offerings include application development and maintenance, application implementation, testing, product development and support.
The Board of Directors of MphasiS at its meeting held on 24 November 2009 approved the proposal of merger of MphasiS FinSolutions Pvt. Ltd. (formerly AIG System Solutions Pvt. Ltd.) wholly owned subsidiary, with MphasiS Ltd. The proposal is subject to necessary approvals.
On 8 April 2010, MphasiS announced that it has reached a definitive agreement to acquire Fortify Infrastructure Services, a global provider of offshore based Remote IT Operations and Management (ROM) Services. Fortify Infrastructure Services is a privately held company with presence in India and the US. The acquisition will give MphasiS access to marquee customers, an experienced management team, a talent pool of highly specialized professionals and a proven platform to provide ROM services. This will be part of a new business unit which focuses on ROM services. MphasiS will be acquiring a 100% equity stake in Fortify Infrastructure Services in an all-cash transaction.
On 23 October 2010, MphasiS opened its first near shore integrated development and delivery Center in Australia at the University of Wollongong. The Center will focus exclusively on customers in Australia and New Zealand and will offer a specialised resource pool for the telecommunications industry as well as a Center of Excellence for testing. MphasiS plans to offer specialised automated testing services from the test lab being set up in Wollongong.
MphasiS clocked consolidated revenue of USD 1,099.3 million for the year ended 31 October 2010, crossing the $1 billion mark for the first time.
On 1 August 2011, MphasiS announced that it has entered into a definitive agreement to acquire Wyde Corporation, an international software vendor and creator of Wynsure- an industry leading Insurance Policy Administration Solution. This investment is the second acquisition by MphasiS in the Insurance industry vertical, after acquiring AIGSS (AIG Software Systems), the AIG captive center in India in 2009. Under the terms of the agreement, MphasiS will hold a 100% equity stake in Wyde. The closure of the deal is subject to completion of customary conditions. Headquartered in Minneapolis, USA, with a modern Research & Development (R&D) centre in Paris, France, Wyde has developed and deployed Wynsure, a proven software platform, at many of the leading insurance carriers in North America and Europe. Wynsure is a multi-language, multi-currency, easily customizable software that offers policy administration, claims and billing solutions across Life & Annuities (L&A), disability, health, and Property & Casualty (P&C). Wynsure platform can be deployed at an insurance carrier either one business line at a time, or as a complete end-to-end solution. Wyde has over 200 employees who possess significant domain expertise.
On 2 March 2012, MphasiS, announced that it has inked a memorandum of understanding (MoU) to set up a near shore centre at Charlotte Town in Prince Edward Island (PEI), Canada to serve the North America region. Located in the same time zone, with an hour time difference separating it from New York City, MphasiS' PEI center will play a strategic role in the Company's operations in the North American region.
On 2 December 2012, MphasiS announced a definitive agreement to acquire Orlando, Florida, USA based Digital Risk LLC. Digital Risk is one of the largest independent providers of Risk, Compliance and Transaction Management solutions to the United States mortgage market. The acquisition is an all cash deal valued at USD$ 175 million with an additional earn-out component. Later, MphasiS completed the acquisition of Digital Risk LLC on 11 February 2013.
On 5 February 2014, MphasiS unveiled refreshed brand identify, vision and mission. The company's new corporate brand including a vibrant new logo reflects the company's successful evolution into a highly differentiated, customer-centric company. On 10 February 2014, AppCrown, the leading provider for cloud based financial systems across CRM, Banking & Wealth Management, announced its intent to partner with MphasiS.
On 30 June 2015, MphasiS announced the signing of a definitive agreement to transfer a significant portion of its domestic business, subject to regulatory approvals, to Hinduja Global Solutions (HGS), a global BPM leader in optimizing customer experience for clients.
On 10 July 2015, MphasiS announced the signing of a definitive agreement to transfer a portion of its domestic business, subject to regulatory approvals, to Karvy Data Management Services Limited (KDMSL) - a provider of business and knowledge process services in India. This is MphasiS' second definitive agreement further to the recent signing with Hinduja Global Solutions (HGS) to transfer over 7000 employees, which was roughly two-third of the India Domestic Voice business. With this current agreement, over 2000 employees would be transferred to KDMSL.
In 2016, Blackstone, the world's leading private equity (PE) firm acquired Hewlett Packard Enterprise's 60.5% stake in MphasiS. It was largest acquisition by Blackstone in India till date. As part of the agreement, Hewlett Packard Enterprise (HPE) and Blackstone have agreed on the terms of a Master Services Agreement (MSA) for a period of five years, with an additional three automatic renewals of two years each. Under this MSA, HPE has committed a minimum revenue amount of $990 million over the next five years. Also, MphasiS is included in HPE's Preferred Provider Program, opening up significant avenues for growth.
The Board of Directors of MphasiS at its meeting held on 31 January 2017 approved a proposal for Buy-back of equity shares from all the existing shareholders of the Company on a proportionate basis through the Tender Offer method at a maximum price of Rs 635 per equity share, aggregating to an amount not exceeding Rs 1103 crore.
On 25 May 2017, MphasiS and DXC Technology, the world's leading independent, end-to-end IT services company, announced a new Solution Partner relationship to transform and modernize enterprise applications for public, private and hybrid cloud. The collaboration builds on deep, complementary vertical expertise, strong portfolios in next-generation IT services, including cloud and digital innovations and accelerated automation capabilities to deliver strong business value to organizations across industries globally. The two companies will work together to help clients accelerate the modernization of their applications as they move to the cloud.
On 8 January 2018, MphasiS announced block chain-enabled digital solutions, Wealthchain and Chainsure for the Banking, Financial Services and Insurance vertical. These solutions enhance security, efficiency and governance through which these firms and their partners jointly create and deliver value and experiences to their customers.
The Board of Directors of MphasiS at its meeting held on 7 August 2018 approved a proposal for Buy-back of equity shares of the company from all the existing shareholders on a proportionate basis through the Tender Offer method at a maximum price of Rs 1,350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The Board also recorded the intentions of the Promoter to participate in the proposed Buy-back.
During the year 2018, the Company had completed a buyback of 17,370,078 equity shares of the Company, representing 8.26% of the total paid up equity share capital of the Company, at a price of Rs 635 per share, for an aggregate amount of Rs 11,030 million from the existing shareholders of the Company, on a proportionate basis under the Tender Offer method in accordance with the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder, and all compliances have been duly completed. Consequently, the paid up equity share capital of the Company is reduced to the extent of the shares bought back by the Company.
During the FY2019, the Company has completed the buyback of 7,320,555 fully paid-up equity shares of face value Rs 10 each ('equity shares'), representing 3.79% of the total paid-up equity share capital of the Company, at a price of Rs 1,350 per equity share for an aggregate consideration of Rs 9,882.75 million.
The company has been awarded Gold for Excellence in Talent Acquisition by Brandon Hall Group at 2020 HCM Excellence in Awards for Learning and Development, Talent Management, Leadership Development, Talent Acquisition, Workforce Management and HR, Sales Performance and Corporate Initiatives.
The company also been Recognized as Major Contender in the Everest Group 2020 PEAK Matrixr Assessment for Open Banking IT Services.
On 19 November 2020, the Company through its wholly owned subsidiary, Mphasis Consulting Limited, obtained control of Datalytyx Limited and its subsidiaries (Datalytyx') by acquiring 100% of its shares in cash. Datalytyx is a next-gen data engineering and consultancy company providing next-gen data Engineering, Data Ops and Master Data Management solutions on Snowflake and Talend environments. The acquisition seeks to strengthen the Group's next-gen data strategy and build capabilities relevant to the digital priorities of its clients. The acquisition was executed through a share purchase agreement for a consideration of GBP 11.55 million (Rs 1141.92 million).
In Apr'21, the Company acquired Blackstone's majority stake and continued partnership with it. It diversified sales and operations into multiple geographies like Leeds outside of London- UK, Mexico, Costa Rica, Taiwan, Calgary- Canada & Estonia. It acquired Datalytyx, a DataOps specailist in the Snowflake and Talent ecosystem. The company has been recognized in HFS' Market Analysis of Disruptive Hyperscaler Cloud Service Providers 2021.
In FY'22, the Company acquired Blink UX, a user experience research, strategy and design firm. It undertook strategic partnerships with companies like Securonix & Stonebrook. It diversified sales and operations into multiple geographies like Canada, Germany & Mexico. It won new deals in Direct Business worth TVC $1.43 billion.
Mphasis Ltd
Directors Reports
Dear Shareholders,
We have pleasure in presenting you the thirty first Annual Report of your Company for
the year ended 31 March 2022.
FINANCIAL PERFORMANCE
Key aspects of the financial performance of the Company are as follows:
|
|
(Rs. Million) |
|
CONSOLIDATED |
STANDALONE |
| Particulars |
Year ended 31 March 2022 |
Year ended 31 March 2021 |
Year ended 31 March 2022 |
Year ended 31 March 2021 |
| Total Income |
1,21,219 |
98,553 |
75,128 |
56,507 |
| Expenses |
1,02,090 |
82,246 |
58,926 |
42,049 |
| Profit before taxation |
19,129 |
16,306 |
16,202 |
14,458 |
| Net Profit |
14,309 |
12,168 |
12,353 |
11,104 |
| Transfer to General Reserve |
Nil |
Nil |
Nil |
Nil |
Note: The figures are rounded off to the nearest Rupee.
A detailed analysis of the performance is available in the section, titled Management
Discussion and Analysis of Financial Condition and Results of Operations, of this Annual
Report.
OUTLOOK
The rapidly changing environment that was the backdrop to many world events in the past
couple of years, continues to remain so event at present. In these two years of the global
pandemic, the world has witnessed the consequences of the most widely shared economic
crisis on record and a robust recovery the very next year, marking the highest growth rate
in more than four decades according to the UN's World Economic Situation and Prospects
2022 report. With the emergence of new COVID variants across the globe becoming a routine,
it is heartening that modern medicine, vaccinations and technology have largely helped to
decouple and mitigate the link between mobility and economic growth. While the road to
complete economic recovery remains fragile, people and organizations have adapted to life
with the virus, bolstered by the effectiveness of vaccines with ease of living and
technology enabled working, resulting in more resilient economies. While we can expect
economies to shift from stimulus spending and policy supports, potentially resulting in a
slower pace for global growth in 2022, a recent report from McKinsey however suggests that
the growth will still be faster than the pre-pandemic levels.
As we step into the third year of the pandemic, the urgent priorities for organizations
have seen a marked shift. While 2020 was the year of adapting to the ‘new normal' and
2021 was seeking crisis-led opportunities, today, most enterprises are navigating
persistent labor market and supply-chain challenges in the technology decade or
‘techade' they find themselves in. According to McKinsey, 2022 will witness more
"enterprises capitalizing on sophisticated provider offerings, including customized
industry solutions and advances in digital technology, such as AI, analytics and machine
learning." This analysis is echoed by NASSCOM's latest report which states that while
enterprises focused on short-term digital transformation projects that had to be
implemented rapidly in 2020, the focus in 2021 and beyond has been on larger initiatives
with longer time frames while investing in emerging technology segments. It has become
increasingly clear that all businesses will have to reinvent themselves as digital-first
businesses to survive in the new world.
The new realities of this world have led to a recalibration and reimagining of your
Company's purpose in the world - To be the Driver in the Driverless car - where next-gen
design, architecture and engineering services deliver scalable and sustainable software
and technology solutions to global enterprises. From this reinvigorated purpose, your
Company has renewed its commitment to nurture and empower employees by fostering a
Hi-Tech, Hi-Touch and Hi-Trust environment as part of Mphasis' value proposition to all of
its stakeholders. The pandemic has more than ever before cast a spotlight on the
importance of growth in a sustainable way which is fundamental to our strategy. With the
global pandemic enhancing our role as a leading technology partner, our responsibility of
being a committed corporate citizen, required us to further our formal Environmental,
Social, and Governance (ESG) journey.
Having made strategic bets in next-gen technologies early on, your Company was able to
capitalize on the maturity of these investments to seek out crisis-led opportunities when
it mattered the most. Through the pandemic, your Company remained agile, quick to adapt
and willing to go the extra mile for its clients and other stakeholders. With your
Company's help, enterprises were able to accelerate their digital journeys thereby
cementing Mphasis' position as a preferred technology partner for many clients. As
enterprises accelerate the adoption of digital business and seek more direct digital
routes to connect with their customers, the industry's future growth will be driven by
three factors - growth of the tech services market, shift toward a subscription model of
consumption and tech spends originating from new areas. This has resulted in a tech
investing super cycle which is likely to last for the next three to five years.
Acceleration in tech adoption is a great tailwind, but it brings with it a higher risk of
obsolescence. For your Company, however, it represents an opportunity to engineer a better
future by partnering with enterprises and enabling all stakeholders to move forward
together.
Your Company will continue to invest in the engines of growth - expansion of
capabilities, geographic presence, leadership and creating a portfolio of IP-driven AI/ML
innovation and focus on these vectors:
• Trend and composition of Total Contract Value (TCV) - generates over 80% of
their TCV through proactive deal pursuits where win rates are much higher at ~50% compared
to competitive RFP situations;
• Sustained Pipeline growth - growing pipeline is marked by a strong influx of
new-gen tribe deals over the past two years;
• New Client Acquisition (or NCA) program - in each of the chosen NCA verticals,
the organization has built sales and account management structures bringing to bear the
optimum blend of technology leadership and domain depth in these verticals;
• Total Addressable Market (TAM) expansion - wallet share gains with their
strategic accounts highlights the organization's ability to continually expand their
addressable market within the client's technology footprint going beyond the traditional
CIO domain and
• Augmenting capabilities - the organization is also strengthening its cloud first
approach to build and partner with cloud-ready tribes and hyperscaler partnerships.
Your Company will continue to make big bets led by our engineering DNA mindset and stay
ahead of technology curve, by remaining true to our renewed purpose. Together, we will
continue to grow and accelerate our Hi-Tech, Hi-Touch, Hi-Trust organization for future
success.
DIVIDEND
Your directors are pleased to recommend a final dividend of '46/- per equity share of
Rs.10 each for the financial year ended 31 March 2022, subject to your approval at the
ensuing Annual General Meeting.
ACQUISITIONS
Your Company through its wholly owned subsidiary Mphasis Corporation, USA, acquired
Blink Interactive, Inc, USA on 21 September 2021. Blink Interactive, Inc, a US based
(Seattle) corporation specializing in design consultancy services around User Experience
(UX), User research-based software product design and strategy and Customer Experience
(CX) design for marquee brands. The synergy opportunity revolves around Product,
Experience and Service design, as well as the end-to-end implementation services across
the spectrum of clients and industries serviced. Consequent to this acquisition, Blink
Interactive, Inc, is a subsidiary of Mphasis Corporation USA.
Your Company had announced a deal with the Specialty Broking Segment of The Ardonagh
Group, UK (the "Ardonagh") in 2020. Expanding on this, during the year, Mphasis
Consulting Limited, UK, a wholly owned subsidiary of the Company, ( "Mphasis
Consulting") and Ardonagh set up a shared services entity to service middle and
back-office functions. Mphasis Consulting entered into a Business Venture Agreement with
Ardonagh Services Limited, UK on 23 December 2021 and acquired 51% (100% economic rights)
in Mrald Limited,("Mrald"), a company incorporated and registered in England and
Wales. Consequent to this acquisition, Mrald, (and its wholly owned subsidiary Mrald
Services Limited, UK) is a subsidiary of Mphasis Consulting, UK. This acquisition will
enable operational services and transformation for insurance intermediary services and
reinsurance including, but not limited to, client administration, payment processing,
claims processing, procurement, data management and storage software management and
network and security solutions.
ENTERPRISE RISK MANAGEMENT
A detailed analysis of monitored risks and their mitigation plans are available in the
section headed Management Discussion and Analysis of Risks and Concerns, in this Annual
Report.
CORPORATE GOVERNANCE
A report on Corporate Governance along with a certificate from the Secretarial Auditors
confirming the compliance for the year ended 31 March 2022 as required under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is annexed and forms part of
this Report.
EMPLOYEES
At Mphasis we strongly believe that our employees are our most important asset and we
empower them to perform their best. Our HR programs are designed on the principles of
equality, fairness, collaboration and transparency to reinforce our deep-rooted winning
culture. With the tectonic shifts in supply and demand of digital talents, we are focused
on investing in a best-in-class, future-ready talent. Towards this end, we have been
implementing efficient processes through enhancement of digital platform. We have
customized hire- to-retire policies, frameworks and programs for specific talent segments
and skill communities. We ensure that our talent management programs across employee
lifecycle - including pay models and career progression encourage meritocracy and skill
development.
Talent Next, our flagship program, has now evolved into a comprehensive HR ecosystem
through robust iterations of practical application. This program has ensured alignment to
the objective of hyper-specialized competency development in line with the X2C2
™ strategy (read as "Applying Cloud and Cognitive to everything": i.e.,
capability building in NextGen Digital skills). In FY22, this program became the basis for
all strategic talent programs - integrating talent acquisition, talent development,
performance management, employee productivity, engagement, total rewards, and retention
efforts.
Talent Next is a hyper-personalized cognitive automation platform with a
‘recommendation engine for skill acquisition' that provides suggestions based on both
business requirements as well as employees' aspirational needs. Further, it is powered by
a host of immersive learning features, social learning ecosystem and diverse learning
resources for over 1,000 skills. On the learning adoption, there has been a two-fold
increase as compared to the previous year.
We have continued to invest in employee welfare through policy and budget enhancements
in medical and life insurance programs across the globe. From 24/7 support on insurance
during pandemic to Covid-specific policies, we put our employees' physical and mental
well-being at the front and center. Instead of a bi-annual pay review, we have now
implemented a continuous review mechanism that enables flexibility and skill-based
intervention with speed. With the guiding principle of hyper-personalized rewards, our
focus on identified talent segments like specific digital skills, campus hires, leadership
etc., has helped us to secure the intended results.
With the changes brought in through accelerated adoption of hybrid work environment, we
saw the need to redefine the single purpose that draws Mphasians across remote teams and
geographies to work together every day. Our ‘Hybrid first' workplace model has
enabled us to think beyond engagement. Our Hi-Touch, Hi-Tech and Hi-Trust proposition
stays at the core of all people programs, with a keen focus on employee experience,
wellness, and connections.
COMMUNITY OUTREACH
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Mphasis CSR is committed to bringing social change by applying the power of technology
and disruptive solutions. Our belief is that the use of technology, tools and resources
responsibly can play a transformational role for positive outcomes in the areas of
education, livelihood creation and equitable development. Our 2-pronged approach to
sustainability, enables us to deliver value to the community and our stakeholders, by
applying tech for the good of our business and society. This has led us to undertake
several CSR programs that aim to benefit socially excluded and economically disadvantaged
target groups, including support towards COVID-19 relief for vulnerable communities. We
have also focused on the larger goal to become a corporate technology partner of choice,
for certain Indian higher educational institutions, to enable the development of
demonstrable, applied research projects that are of social relevance, thereby also
bridging the gap between corporate and academia.
CSR at Mphasis is implemented through Mphasis F1 Foundation (an independent registered
trust). During the year, the Company spent Rs.282.08 million on the CSR expenditure as
against the mandated spend of Rs.281.58 million. The CSR Annual Report for the year ended
31 March 2022 is annexed and forms part of this Report.
The highlights of your Company's CSR activities are described in detail on the
Company's website available at: https://www.mphasis.com/home/corporate/community-social-responsibility.html.
PREVENTION OF SEXUAL HARASSMENT (POSH)
Your Company is committed to the provision of a workplace, free of Sexual Harassment
("SH") and to provide a redressal mechanism for all complaints of SH without
fear or threat of reprisals in any form or manner whatsoever to all its employees
irrespective of their gender and sexuality.
It is confirmed that during the year, the Company has complied with applicable
provisions in relation to Sexual harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013, including the provisions relating to the constitution of
Internal Complaints Committee under the said Act.
During FY22, 30 sexual harassment complaints were filed and all the complaints were
disposed as on 31 March 2022.
ESTABLISHMENT OF VIGIL MECHANISM
Mphasis Code of Conduct requires directors, officers and employees to observe high
standards of business and personal ethics in the conduct of their duties and
responsibilities. The Company has a Whistleblower Policy to enable persons who observe
unethical practices (whether or not a violation of law), to approach the Whistleblower
Custodian without revealing their identity, if they choose to do so. Further the complaint
can be reported to the Ombudsperson (Chairman of the Audit Committee) where the
Complainant feels that the complaint has not been addressed or actioned in a timely and
appropriate manner. This Policy governs reporting and investigation of allegations that
are breach of Code of Business Conduct and violation under code for prevention of Insider
Trading. This Policy covers all Mphasis group companies and its affiliates and further
extends to all Mphasis suppliers and contractors engaged in rendering the services.
DIRECTORS AND KMP
Pursuant to provisions of Section 149 of the Companies Act, subject to approval of the
shareholders, Ms. Maureen Anne Erasmus was appointed as an Independent Director
(Additional Director) on the Board for a period of 5 years effective from 20 December
2021. The Company has received declarations from Ms. Maureen Anne Erasmus confirming that
she meets the criterion of independence as per the law and has consented for being
appointed as an Independent Director. Pursuant to Section 161 of the Companies Act, 2013,
Ms. Maureen Anne Erasmus holds office until the date of ensuing Annual General Meeting.
However, the Company has received a notice under Section 160 of the Companies Act, 2013,
from a member proposing her candidature to the office of the Directorship. The Board of
directors recommends her appointment as an Independent Director to the members of the
Company.
Mr. Kabir Mathur, Mr. Pankaj Sood and Ms. Courtney della Cava were appointed as the
non-executive additional directors by the Board vide its resolution dated 20 December
2021. Pursuant to Section 161 of the Companies Act, 2013, the additional directors hold
office until the date of the ensuing Annual General Meeting. However, the Company has
received notices under Section 160 of the Companies Act, 2013, from members proposing
their candidatures to the office of directorship. Accordingly, necessary resolutions in
relation to the appointment of the above directors are placed before the members at the
ensuing Annual General Meeting and the Board recommends their appointment as the Directors
of the Company.
In accordance with Section 152 of the Companies Act, 2013, Mr. David Lawrence Johnson
[DIN:07593637] and Mr. Amit Dalmia [DIN:05313886] will retire by rotation at the ensuing
Annual General Meeting and are eligible for re-election.
The Board recommends the re-appointment of the above directors for approval of the
members. Necessary resolutions in connection with the above are being placed for approval
of the members at the ensuing Annual General Meeting.
STATUTORY AUDITORS
The members have at the twenty seventh Annual General Meeting held on 7 August 2018,
appointed M/s. B S R & Co. LLP (Registration No.101248W/W-100022), Chartered
Accountants, as the Statutory Auditors of the Company under Section 139 of the Companies
Act, 2013, for a period of 5 years, from the conclusion of Twenty Seventh Annual General
Meeting till the conclusion of Thirty Second Annual General Meeting.
There are no qualifications, reservations or adverse remarks made by the Statutory
Auditors in their audit reports on the financial statements for the year ended 31 March
2022.
SECRETARIAL AUDITOR
The Board had in its meeting held on 20 January 2022 appointed Mr. S P Nagarajan,
Practicing Company Secretary (CP No. 4738), as the Secretarial Auditor for the financial
year ended 31 March 2022. In addition, as required under the SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2019, the secretarial audit of Msource
(India) Private Limited, a material subsidiary, has also been carried out.
As required under the Section 204 of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) (Amendment) Regulations, 2019, the secretarial
audit reports of the Company and its material subsidiary for the FY22 are annexed and form
part of this Report. The audit reports do not contain any qualification, reservation or
adverse remarks.
DIRECTORS' RESPONSIBILITY STATEMENT
Information as per Section 134(5) of the Companies Act, 2013, is annexed and forms part
of the Report. Further, based on the confirmation and certificates received, the Board
confirms that the Company has complied with the Secretarial Standards on the Board
Meetings issued by the Institute of Company Secretaries of India, as applicable to the
Company, during the financial year ended 31 March 2022.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)
Sustainability and social responsibility have always been the cornerstone of your
Company. As a committed corporate citizen, your Company has kickstarted its formal ESG
journey. All our efforts are underpinned by our commitment to the community and building a
sustainable business and is fundamental to our strategy; enabled by the power of
technology and disruptive solutions. Our ESG mission focuses on reducing company-wide
environmental footprint, building sustainable supply chains with diverse professional
culture and transparent and ethical governance. The details of ESG initiatives are
available on our website at https://www.mphasis.com/home/esg.html.
Your Company has voluntarily adopted the BRSR for the year ended 31 March 2022 and the
report detailing the business responsibility and sustainability practices is uploaded on
the website of the Company at www.mphasis.com and forms part of the Annual Report.
OTHER DISCLOSURES SUBSIDIARIES
As on 31 March 2022, your Company has subsidiaries in Australia, Belgium, Canada,
France, Germany, India, Ireland, Mauritius, Netherlands, People's Republic of China,
Philippines, Poland, Singapore, the United Kingdom and the United States of America. In
addition, the overseas subsidiaries have branches in Canada, Costa Rica, France, Hungary,
Japan, Malaysia, Mexico, People's Republic of China, Sweden, Switzerland and Taiwan.
In accordance with Section 129 (3) of the Companies Act, 2013 the consolidated
financial statements are attached to this Annual Report. Further, a statement containing
salient features of the financial statements of subsidiaries in the prescribed Form AOC-1
is annexed to this Report. The statements provide the performance and financial position
of each of the subsidiaries.
The audited financial statements of the subsidiaries are available for inspection of
the members at the Registered Office of the Company and are also being uploaded on the
website of the Company, www.mphasis.com. A translated copy of the financial
statements have been provided where such financial statements are in the foreign language.
A copy of the above financial statements shall be sent to the members upon request.
EMPLOYEES STOCK OPTION PLANS AND RESTRICTED STOCK UNIT PLANS
The Company's Employee Stock Option Plans (ESOPs) are administered through the Mphasis
Employees Equity Reward Trust and the Restricted Stock Unit Plans (RSUs) are administered
through the Mphasis Employees Benefit Trust. Further, all the plans are administered by
the ESOP Compensation Committee of the Board.
The Company currently has two stock option plans in operation, namely, Mphasis
Employees Stock Option Plan-1998 (ESOP 1998) (Version II) and Mphasis Employees Stock
Option Plan-2016 (ESOP 2016). During the year ended 31 March 2022, the Company has
allotted 775,683 equity shares pursuant to the exercise of stock options. Further, during
the year ended 31 March 2022 the ESOP Compensation Committee granted 853,275 stock options
to the eligible employees.
The shareholders at its Annual General Meeting held on 29 September 2021 approved
institutionalisation of Restricted Stock Units Plan 2021 (RSU 2021) with the underlying
shares not exceeding 3,000,000 shares. During the year, the Company obtained in-principle
approval for RSU 2021 from BSE Limited and the National Stock Exchange of India Limited on
21 October 2021. Further to this, during the financial year the ESOP Compensation
Committee granted 1,075,188 stock units to the eligible employees.
The information to be disclosed as per SEBI (Share Based Employee Benefits and Sweat
Equity) Regulations 2021, for the year ended 31 March 2022 is annexed to the Board's
report and is also uploaded on the website of the Company at www.mphasis.com.
The Board of Directors of the Company, in its meeting held on 28 April 2022, approved
an amendment to ESOP 2016 to align with Regulation 9(4) of the SEBI (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021, which exempts one-year minimum vesting
requirement in the event of death/permanent disablement of an Employee.
DIRECTORS' INTEREST AND RELATED PARTY DISCLOSURES
No director was interested in any contracts or arrangements existing during or at the
end of the year that was significant in relation to the business of the Company. No
director holds any shares or stock options in the Company as on 31 March 2022 except Mr.
Davinder Singh Brar, Chairman, who holds 28 shares and Mr. Nitin Rakesh, Chief Executive
Officer and Managing Director, who holds 12,53,226 stock options (includes 274,226 stock
options granted during the financial year) and 345,196 stock units (granted during the
financial year). None of the directors had any other interest in the share capital of the
Company as at 31 March 2022. All the transactions entered into with Related Parties as
defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, during the financial
year were in the ordinary course of business and are at an arm's length basis.
The Company has a policy for dealing with Related Party Transactions which has been
uploaded on the Company's website at www.mphasis.com. The particulars of the
contract or arrangements with the Related Parties in form AOC-2 is annexed and forms part
of this Report.
SHARE CAPITAL
During the year under review, the Company has allotted, on various dates, 775,683
equity shares pursuant to the exercise of stock options. The Issued Share Capital of the
Company as on 31 March 2022 stood at Rs.1,878 million and Reserves and Surplus stood at
Rs.67,553 million (consolidated basis) and Rs.42,598 million (standalone basis)
respectively.
PARTICULARS OF EMPLOYEES' REMUNERATION
The statement containing particulars of employees as required under Section 197(12) of
the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, is given in an annexure and forms part of this
report.
However, in terms of Section 136(1) of the Companies Act, 2013, the report is being
sent to the Members excluding the aforesaid annexure and shall be available for inspection
of the members, till the date of the Annual General Meeting, at the registered office of
the Company during working hours. Any Member interested in obtaining a copy of the
annexure may write to the Company Secretary at the Registered Office of the Company.
In terms of proviso to Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the particulars of the employees posted and working in
a country outside India is not circulated to the members, but the same shall be filed with
the Registrar of Companies while filing the Financial Statements and Board's Report.
ANNUAL RETURN
The Annual Return of the Company as at 31 March 2022 in Form MGT-7 is uploaded on the
website of the Company under financials and filings section at https:// www.mphasis.com
/home/corporate/investors.html. The Annual Return will be filed with the Registrar of
Companies, after the Annual General Meeting, within the prescribed time.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The particulars of Loans, Guarantees and Investments under Section 186 of the Companies
Act, 2013 are disclosed in the financial statements of the Company.
DEPOSITS
Your Company has not accepted any deposits from the public and as such no principal or
interest was outstanding as on the date of the Balance Sheet.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
A. CONSERVATION OF ENERGY:
Your Company is committed towards Energy conservation. We recognize energy efficiency
plays a central role in lowering our operational Green House Gas emissions. Various
improvements and initiatives are implemented to enhance efficiency through technological
upgrades and effective monitoring of operational and maintenance activities. We have been
able to reduce our electricity consumption and carbon footprint over the years through
effective energy management and sustainable initiatives including installation of LED
lamps, hydrogen sensors for data rooms, occupancy sensors at the office premises and
procurement of new state of art/energy efficient VRV AC units and PAC units which replaced
the old and inefficient AC units.
We have been one of the early adopters of renewable energy and we strive to move
towards the same.
We have installed solar panels with a capacity of 10KW at Mangalore facility and solar
inverters at identified facilities to promote sustainable energy usage. Year on year
target has been set for reduction of Energy consumption by 5% and Carbon footprint by 1%
and the set targets are consistently achieved.
One of the Company's facilities at Bengaluru has been certified LEED (Leadership in
Energy and Environmental Design) Gold by United States Green Building Council (USGBC). The
key facilities have been awarded with 5-star, 4-star and 3-star rating by Bureau of Energy
Efficiency, Government of India (BEE) for the last 7 years. The rating is a nationally
accepted industry benchmark and Mphasis is certified by BEE in India. Your Company has
been awarded, by Confederation of Indian Industry, an Environment, Health and Safety (EHS)
Award with a ??? (3 star) and ???? (4 star) rating for the facilities at Bengaluru
appreciating its sustainable initiatives. The Company's facilities in Bengaluru - WTC 2,
WTC 3, WTC 4, Parin, Laurel, Pritech, GTP Towers "B" and "E" are
certified for ISO 14001:2015 by British Standards Institution (BSI) showcasing the
demonstration and competence towards the Environmental management system.
B. TECHNOLOGY ABSORPTION:
Particulars relating to technology absorption are not applicable.
C. FOREIGN EXCHANGE EARNINGS OR OUTGO:
|
|
(Rs. Million) |
| (a) |
Foreign Exchange earned in terms of actual inflows during the year |
67,088 |
| (b) |
Foreign Exchange outgo in terms of actual outflows during the year |
26,450 |
D. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:
During the year under review, there were no significant material orders passed by the
Regulators or the Courts, Tribunals impacting the going concern status and the Company's
operations in future.
ACKNOWLEDGMENT
Your directors acknowledge with thanks the continued support and valuable co-operation
extended by the business constituents, investors, vendors, bankers and shareholders of the
Company. The directors place on record their appreciation for the support from the
Software Technology Parks of India, the Department of Communication and Information
Technology, the Government of India, Government of Karnataka, Maharashtra, Tamil Nadu,
Telangana, Uttar Pradesh, Reserve Bank of India, other governmental agencies, Trade
Associations and NASSCOM. We also thank the government agencies of various other countries
where we have our operations.
Your directors would like to place on record their appreciation for the Employees of
the Company and its subsidiaries, at all levels, for their hard work and commitment. Their
dedication and competence have ensured that the Company continues to be a significant and
leading player in the industry.
Your directors specially thank the front-line employees and support staff who acted
selflessly to keep the business continuity during the challenging times of pandemic and
have supported to serve our clients and other stakeholders.
|
For and on behalf of the Board of Directors |
| New Delhi, India |
D S Brar |
| 28 April 2022 |
Chairman |