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.


Financial Performance of the Company


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

(INR Mn except for EPS)


  

    

    
Consolidated financials
    
Standalone financials
  
  

    
Particulars
    
FY2023-24
    
FY2022-23
    
FY2023-24
    
FY2022-23
  
  

    
Income from operations
    
91,790
    
80,146
    
48,489
    
42,305
  
  

    
Other Income
    
614
    
619
    
7,598
    
5,879
  
  

    
Total Income
    
92,404
    
80,765
    
56,087
    
48,184
  
  

    
Profit before depreciation, exceptional items and taxes
    
13,635
    
12,620
    
11,971
    
9,835
  
  

    
Depreciation
    
3,186
    
2,585
    
1,283
    
1,087
  
  

    
Exceptional Item
    
-
    
523
    
-
    
523
  
  

    
Provision for tax & (deferred tax)
    
2,093
    
2,061
    
770
    
900
  
  

    
Non-Controlling Interest
    
276
    
513
    
-
    
-
  
  

    
Profit After Tax
    
8,080
    
6,938
    
9,918
    
7,325
  
  

    
Earnings Per Share (Basic) (In INR)
    
131.56
    
113.77
    
161.49
    
120.12
  



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.


Companies Act Disclosures & Corporate Governance


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:


  

    
Name of the Director & DIN
    
Designation
  
  

    
Mr. Basab Pradhan* (00892181)
    
Independent Director- Chairperson
  
  

    
Mr. Om Prakash Bhatt** (00548091) (appointed w.e.f. May 1, 2024)
    
Independent Director
  
  

    
Mr. Sudhir Singh (07080613)
    
Chief Executive Officer & Executive Director
  
  

    
Ms. Mary Beth Boucher (09595668)
    
Independent Director
  
  

    
Mr. Anil Kumar Chanana (00466197) (appointed w.e.f. January 20, 2024)
    
Independent Director
  
  

    
Mr. DK Singh (10485073) (appointed w.e.f. February 12, 2024)
    
Independent Director
  
  

    
Mr. Gautam Samanta (09157177) (appointed w.e.f. May 2, 2024)
    
Executive Director
  
  

    
Name of the Director & DIN
    
Designation
  
  

    
Directors whose tenure completed or resigned during the last financial
    year and till May 02, 2024:
    

  
  

    
Mr. Hari Gopalakrishnan (03289463) (resigned w.e.f. May 02, 2024 - close
    of business hours)
    
Non-Executive Director
  
  

    
Mr. Patrick John Cordes (02599675) (resigned w.e.f. May 02, 2024 - close
    of business hours)
    
Non-Executive Director
  
  

    
Mr. Ashwani Puri (00160662) (tenure completed on March 31, 2024)
    
Independent Director
  
  

    
Mr. Kirtiram Hariharan (01785506) (resigned w.e.f. October 19, 2023 -
    close of business hours)
    
Non-Executive Director
  
  

    
Mr. Kenneth Tuck Kuen Cheong (08449253) (resigned w.e.f. October 19, 2023
    - close of business hours)
    
Non-Executive Director
  


* 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 32nd 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.


Committees of the Board


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 2nd -8th 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.


Risk Management Committee


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.


Policies of the Company


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/.


Performance Evaluation


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.


Managerial Remuneration & Particulars of Employees


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)


  

    
Particulars
    
Year 2023-24
    
Year 2022-23
  
  

    
Foreign Exchange Earnings
    
45,664
    
39,256
  
  

    
Foreign Exchange Outflow
    
14,728
    
14,545
  


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.)


  

    
Investments in equity instruments in subsidiary companies (fully paid)
    
Investment value as on March 31, 2024
  
  

    
2,837,887 (31 March 2023: 2,837,887) Shares having no par value in
    Coforge Inc. USA
    
156
  
  

    
16,614,375 (31 March 2023: 16,614,375) Shares of 1 Singapore USD each
    fully paid- up in Coforge Pte Ltd., Singapore
    
703
  
  

    
3,276,427 (31 March 2023: 3,276,427) Shares of 1 UK Pound each fully
    paid-up in Coforge UK Ltd., UK
    
204
  
  

    
537,900 (31 March 2023: 537,900) Equity Shares of Euro 1 each fully
    paid-up in Coforge GmbH, Germany
    
185
  
  

    
Nil (31 March 2023: 50,000,000) Equity Shares of Rs 10/- each fully
    paid-up in Coforge SmartServe Limited*
    

  
  

    
1,000,000 (31 March 2023: 1,000,000) Equity Shares of Euro 1 each fully
    paid- up in Coforge Airline Technology GmbH Germany
    
224
  
  

    
5,000 (31 March 2023: 5,000) Ordinary Shares of 1000 AED each fully paid
    in Coforge FZ LLC Dubai
    
63
  
  

    
Nil (31 March 2023: 5,000,000) Equity Shares of INR 10 each in Coforge
    Services Limited*
    

  
  

    
5,182,069 (31 March 2023: 4,047,631) Equity Shares of INR 2 each in
    Coforge DPA Private Limited*
    
7,593
  
  

    
Nil (31 March 2023: Nil ) Shares of Peso 100 each in NIIT Technologies
    Philippines Inc (Impaired and under liquidation)
    

  
  

    
Nil (31 March 2023: 2,13,779) Equity Shares of INR 10 each in Coforge SF
    Private Limited*
    
-
  


(Amt. in INR Mn.)


  

    
Investments in equity instruments in subsidiary companies (fully paid)
    
Investment value as on March 31, 2024
  
  

    
722,527 (31 March 2023: 541,895) Equity Shares of ' 10 each in
    Coforge Business Process Solutions Private Limited
    
12,552
  
  

    
Total equity instruments
    
21,680
  


*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/


hubfs/25186482/RPT-Policy-1.pdf


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.


Auditors & Auditors' Report/Certificate


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 31st
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.


Human Resource Initiatives


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


  

    
Training Category
    
Hours of Training
  
  

    
Safety, Security & Diversity related
    
36,677
  
  

    
Behavioral, Leadership & Management
    
36,588
  
  

    
Technical, Domain & Functional
    
351,476
  
  

    
Total Learning Hours
    
424,741
  


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 3rd 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.


Prevention Of Sexual Harassment Of Women At The Workplace


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.


Awards And Recognitions


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 37th
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


Acknowledgements


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