COFORGE LIMITED — Interim / Quarterly Report 2023

Jan 20, 2023

C forge

January 20, 2023

The Manager, Department of Corporate Services BSE Limited Floor 25, P.J. Towers, Dalal Street, Mumbai - 400 001 BSE Scrip code - [532541] Non-Convertible Bond ISIN INE591G08012 NSE Scrip code - [CO FORGE]

The General Manager, Department of Corporate Services The National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra, Mumbai - 400 051

Dear Sir/Madam,

Subject: Outcome of Board Meeting - January 20, 2023 under Regulation 30 read with Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 & Chapter V of SEBI (LODR), Regulations, 2015 as amended

Approval of Un-audited standalone and consoHdated financial results of the Company for the third quarter ended December 31, 2022, Limited Review Report from Statutory Audi.tors, web presentatio.n & Fact Sheet

Pursuant to the provisions contained in Regulation 33 of the Securities & Exchange Board oflndia (Listing Obligations & Disclosure Requirements) Regulations, 2015 and all amendments thereto, we wish to inform you that the Board of Directors at their meeting held today on January 20, 2023, have considered and approved the Un-audited Standalone and Consolidated financial results for the third quarter ended December 31, 2022, Limited Review Report from Statutory Auditors, web presentation & Fact Sheet. Please find enclosed the following documents in this regard:

• a) Un-audited Standalone and Consolidated Financial Results for the third quarter ended December 31, 2022 along with Fact Sheet & web presentation;
• b) Unqualified Limited Review Report issued by SR Batliboi & Associates LLP, Statutory Auditors of the Company for the quarter ended December 31, 2022

Further, the Statutory Auditors have issued Limited Review Reports with unmodified opinion on the financial results (Standalone & Consolidated) of the Company for the quarter ended December 31, 2022 pursuant to Regulation 33(3)(d) of the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Third Interim Dividend & Record Date

The Board has also declared third interim dividend of Rs. 19/- (Rupees Nineteen only) per Equity Share of the Company the face value of Rs. l 0/- each fully paid-up, for the financial year 2022-23.

Coforge Limited Speciol Economic Zone, Plot No. TZ-2& 2A Sector - Tech Zone, Greater Noida (UP) - 201308, India T: +91 120 4592300 I F: +91 120 4592 ³⁰¹

Registered office: www.coforge.com 8, Balajl Estate, Third Floor, Guru Ravi Das Marg Kalkaji, New Delhi -110019, India CIN: L721 OODL 1992PLC048753 T: +911141029 2971 F: +91112641 4900

Further in terms of Regulation 42 of the SEBI Listing Regulations, 20 l 5 as amended, the Board has fixed February 03, 2023 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of third interim dividend.

The payment of third interim dividend/ dispatch of dividend warrants would be done within 30 days from the date of declaration of dividend.

The Board Meeting commenced at 06.30 AM 1ST and concluded at 07:22 AM IST on January 20, 2023

We request you to take the above on record and the same be treated as compliance under the applicable provisions of the Listing Regulations.

Thanking you,

Yours truly,

For Coforge Limited

� Company Secretary

Encl as above:

Coforge Limited Speclol Economic Zone, Plot No. TZ-2& 2A Sector - Tech Zone, Greater Noida (UP) - 201308, India T: +91 120 4592300 I F: +91 120 4592 301

Registered office: www.coforge.com 8, Balajl Estate, Third Floor, Guru Ravi Das Marg Kalkaji, New Delhi -110019, India CIN: l72100Dl 1992PLC048753 T: +91 11 41029 2971 F: +91 11 2641 4900

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower - B Sector - 42, Sector Road Gurugram - 122 002, Haryana, India Tel : +91124 681 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Coforge Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Coforge Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended December 3 1, 2022 and year to date from April O 1, 2022 to December 31, 2022 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also perf^o rmed procedures in accordance with the Circular No. CIR/CFD/CMD I /44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

S.No.	Name of the entities
1	Coforge Limited ("Holding Company") -
2	Coforge SmartServe Limited -
3	Coforge Services Limited
4	- Coforge DPA Private Limited
5	Coforge SF Private Limited (erstwhile Whishworks IT Consulting Private Limited)
6	Coforge Business Process Solutions Private Limited (erstwhile SLK Global Solutions Private Limited)
7	Coforge Solutions Private Limited

1. The Statement includes the results of the following entities:

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

8	Coforge Inc. (erstwhile NIIT Technologies Inc.) USA
9	Coforge Pte Ltd. (erstwhile NIIT Technologies Pte. Ltd) Singapore
10	Coforge U.K. Ltd. (erstwhile NIIT Technologies Ltd.) UK
11	NIIT Technologies Philippines Inc (under liquidation)
12	- Coforge GmbH (erstwhile NIIT Technologies GmbH), Germany
13 '--	Coforge FZ LLC (erstwhile NIIT Technologies FZ-LLC, Dubai)
14	Coforge Airline Technologies GmbH (erstwhile NIIT Airline Technologies GmbH, Germany)
15	- Coforge DPA UK Ltd. (erstwhile Incessant Technologies. Ltd. (UK))
16	Coforge DPA Australia Pty Ltd. (erstwhile Incessant Technologies Pty Ltd. Australia)
17	Coforge DPA NA Inc. (erstwhile Incessant Technologies NA Inc (USA)
18	Coforge DPA Ireland Limited (erstwhile Incessant Technologies Ltd. (Ireland))
19	Coforge BPM Inc. (erstwhile RuleTek, Inc)
20	Coforge Healthcare Digital Automation LLC
21	Coforge Technologies (Australia) Pty Ltd. (erstwhile NIIT Technologies Pty Ltd.) Australia
22	Coforge Limited (erstwhile NIIT Technologies Limited), Thailand
23	Coforge BY (erstwhile NIIT Technologies BY Netherlands)
24	--=-=--_----===-- Coforge Advantage Go (erstwhile NIIT Insurance Technologies Limited.) U.K.
25	Coforge S.A. (erstwhile NIIT Technologies S.A., Spain)
26	Coforge SPOLKA Z OGRANICZONA ODPOWIEDZIALNOSCIA, Poland z NIIT (erstwhile TECHNOLOGIES SPOLKA OGRANICZONA ODPOWIEDZIALNOSCIA, Poland)
27	-----~ Coforge SON. BHD (erstwhile NIIT Technologies SON. BHD. Malaysia)
28	Coforge S.R.L. (erstwhile NIIT Technologies S.R.L. Romania)
29	Coforge A.B. (erstwhile NIIT Technologies A.B., Sweden)
30	=-------==- Coforge SpA, Chile
31	Coforge SF Limited, UK (erstwhile Whishworks Limited, UK)
32	Coforge BPS Philippines Inc, (erstwhile SLK Global Philippines Inc, Philippines) -
33	Coforge BPS America Inc. (erstwhile SLK Global Solutions America Inc., USA)
34	Coforge BPS No11h Carolina LLC (erstwhile SLK Global No1ih Carolina LLC, USA)

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The accompanying Statement includes the unaudited interim financial information, in respect of thirteen subsidiaries, whose unaudited interim financial results include total revenues of Rs. 6,261 million and Rs. 16,840 million, total net profit after tax of Rs. 300 million and Rs. 1,60 I million and total comprehensive income of Rs. 316 million and Rs. 1,535 million, for the qua1ier ended December 31, 2022 and the period ended on that date respectively, as considered in the Statement which have been reviewed by their respective independent auditors.

Chartered Accountants

The independent auditor's reports on interim financial information of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

1. The accompanying Statement includes unaudited interim financial information in respect of twelve subsidiaries, whose interim financial information reflect total revenues of Rs. 199 million and Rs. 623 million, total net profit after tax of Rs. 35 million and Rs. 71 million and total comprehensive income of Rs. 35 million and Rs. 71 million, for the quarter ended December 31, 2022 and the period ended on that date respectively.

The unaudited interim financial information of the these subsidiaries have not been reviewed by any auditor(s) and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial information. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.

For S.R. BATLIBOI & ASSOCIATES LLP Cha11ered Accountants IC� registration number: 101049W/E300004

per ogender Seth Partne Membership No.: 094524

UDIN: 2'3c^f tl-i 5'24&6\'Y' I Bi

Place: Gurugram Date: January 20, 2023

Coforge Limited
Regd Office :8, Balaji Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019.
Ph : 91 (11) 41029297 Fax : 91 (11) 26414600 Website : https://www.coforge.com
Email : Investors@coforge.com. CIN L7

							Rs. in Mn
			Consolidated Financial Results
	Particulars	Quarter ended December 31. 2022	Preceding Quarter ended September 30. 2022	Corresponding Quarter ended December 31.2021	Year to date figures for the current period ended December 31.2022	Year to date flgures for the previous period ended December 31.2021	Previous year ended March 31,2022
		(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)	(Audited
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
ı	Revenue from Operations	20.558	19.594	16.581	58.446	46.691	64.320
ш	Other Income	318	135	48	593	266	518
Ш	Total	20.876	19.729	16.629	59,039	47,177	64,838
IV	Expenditure	71	53	362	511	1.131	1.724
	Purchases of stock- in- trade / contract cost Employee benefits expense	11.981	11.719	9.689	34.695	28.227	38,346
	Finance Costs	215	212	183	611	467	650
	Depreciation and amortization expense	624	614	566	1.868	1.688	2.272
	Other expenses	4.911	4.451	3.497	13,388	9.639	13.231
	Total	17,802	17,049	14,297	51,073	41,152	56,223
v	Profit before Tax (III-IV)	3,074	2,680	2,332	7,966	6,025	8,615
$\mathsf{M}$	Tax Expense
	- Current tax	780	666	389	2.036	1,412	1,774
	- Deferred tax	(65)	(192)	(29)	(354)	(286)	(306)
	Total tax expense	715	474	360	1.682	1,126	1.468
VII	Profit for the period / year from operations $N - VII$	2,369	2.206	1.972	6,284	4,899	7.147
	Profit altributable to owners of Coforge Limited	2.282	2.011	1,837	5.790	4.540	6.617
	Profit attributable to Non-Controlling Interests (NCI)	77	195	135	494	359	530
VIII	Other Comprehensive Income
	A. Items that will be reclassified to profit or loss
	Deferred gains / (loss) on cash flow hedges	(394)	(5)	30	(585)	98	21
	Exchange Differences on Translation of Foreign	990	(343)	59	494	118	231
	Operations Income tax relating to items that will be reclassified to profit or loss	95	3	(12)	142	(28)	(3)
	B. Items that will not be reclassified to profit or loss Remeasurement of post - employment benefit obligations (expenses) / income	9	4	(1)	(6)	(23)	13
	income tax relating to items that will not be reclassified to profit or loss	(2)	2	1	4	$\overline{\phantom{a}}$	3
	Total	698	(339)	77	49	172	265
IX	Total comprehensive income for the period (Comprising Profit and other comprehensive income for the period)	3,057	1,867	2,049	6,333	5,071	7,412
	Attributable to: Owners of Coforge Limited	2.952	1,694	1.914	5.860	4.712	6.665
	Non-Controlling Interests	105	173	135	473	359	547
x	Paid up Equity Share Capital (Face Value of Rs 10 each, fully paid)	611	610	609	611	609	609
XI	Earnings Per Share of Rs. 10/- each): Basic	37.41	33.00	30.27	94.99	74.89	109.02
	Diluted	36.69	32.41	29.58	93.17	73.17	106.52

Selected explanatory notes to the Consolidated Financial Results for the Quarter and Nine Months ended December 31, 2022

1 The above results were reviewed and recommended by the Audit Committee at the meeting held on January 19, 2023 and approved by the Board of Directors at their meeting held on January 20, 2023.

.
2 The financial results have been prepared in accordance with applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act,
2013 read with Rule 3 of the Companies (Indian Accounting Standar

3 During the quarter ended December 31, 2022, pursuant to Employees Stock Option Plan 2005, 98,171 options were exercised and 58,000 options were lapsed from various Grants and 1,391,752 options were outstanding as on December 31, 2022 issued on various dates.

4 Other expenses includes professional charges and other production expenses (incl. third party license cost).

5 Segment information at Consolidated level

						(Rs in Mn)
	Quarter ended December 31, 2022	Preceding Quarter ended September 30, 2022	Corresponding Quarter ended December 31,2021	Year to date figures for the current period ended December 31,2022	Year to date figures for the previous period ended December 31,2021	Previous year ended March 31,2022
	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)	(Audited)
Revenue from Operations
Americas	10,116	10,047	8,844	29,539	24,586	33,288
Europe, Middle East and Africa	8.293	7.547	5,584	22,586	15,833	22,771
Asla Pacific	1,420	1,465	1,356	4,299	4,079	5,439
India	729	535	797	2,022	2,393	2,822
Total	20,658	19,594	16,581	58,446	46,891	64,320
Adjusted earning before interest, Tax, Depreciation and Amortization (EBITDA)
Americas	1,541	1,796	1,771	4,850	4,459	6,056
Europe, Middle East and Africa	,960	1,576	1,181	4,937	3,098	4,706
Asia Pacific	221	176	137	527	455	590
India	(107)	(104)	(69)	(337)	(151)	(198)
Total	3,615	3,444	3,020	9,977	7,861	11,154
Oepreciation and amortization	624	614	566	1,868	1,688	2,272
Other income (net)	83	(150)	(122)	(143)	(148)	(267)
Profit before tax	3,074	2,680	2,332	7,966	6,025	8,615
Provision for tax	715	474	360	1,682	1,126	1,468
Profit after tax	2.359	2,206	1,972	6,284	4,899	7,147

Notes to segment information : (a) The Chief Operating Decision Maker I.e., the Chief Executive Officer (CEO), primarily uses a measure of revenue and adjusted Eamings before Interest, Tax, Depreciation and Amortization (Adjusted EBITDA) to assess the performance of the operating segments. Eamings
before Interest, Tax, Depreciation and Amortization is adjusted with other and Habilities used in the group's business are not identified to any of the reportable segments, as these are used interchangeably between segments and Habilities used in the group's business are not identified to any of

(b) As per ind AS 108 on 'Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial results

6 The shareholders in the Annual General Meeting held on July 30, 2021, approved raising of funds in one or more tranches by the issuance of equity shares and/or depository receipts and/or other eligible securities. Subsequently, the Company filed a draft registration statement with the U.S. Securities &
Exchange Commission for registration of its American Depository Receipt pertaining to the offering shall be borne by the Selling Shareholder upon successful completion of the offering. The Company plans to launch the offering
percent of the offering shall be borne by the Selling Shareholder up situation closely. As at December 31, 2022, the amount of Rs 429 mn has been recorded as recoverable assuming the successful completion of the offering.

7 The Group, during the previous quarter, consequent to certain amendments in the customer agreement, re-assessed the future projections of taxable profits of one of its foreign subsidiary and recorded deferred tax assets on losses of that subsidiary amounting to INR 108Mn.

8 One of the Indian government customers of the Group had deducted certain amounts due to be paid by such customer in earlier years. The Group, basis Its assessment and legal advice considers such deductions to be arbitrary and is in active discussion with the said customer. The amount involved in respect of above, as at December 31, 2022, considered as recoverable amounts to Rs 137 mn, which the Group is confident of resolving favourably

9 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in
September 2020. The Code has been published in the Gazette of India. the final rules / interpretation have not yet been issued. The Group will assess the impact of the Code when it cornes into effect and will record any related impact in the period the Code becomes effective.

$\circ$

$\star$

10 The Board of Directors at its meeting held on January 20, 2023 has declared an interim dividend of Rs. 19 per equity share,

11 Previous year/period figures have been reclassified to conform to current year/ period's classification.

Place: New Jersey, USA Dale: January 20, 2023

e $\vec{e}$ Ä

By order of the B oforge Limit Mir Sir CEO & Executive Directo

$\bullet$

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower - 8 Sector - 42. Sector Road Gurugram -122 002, Haryana, India Tel : +91124 681 6000

Independent Auditor's Review Report ·on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Coforge Limited

• I. We have reviewed the accompanying statement of unaudited standalone financial results of Coforge Limited (the "Company") for the quarter ended December 31, 2022 and year to date from April 01, 2022 to December 31, 2022 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Perfonned by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: IO 1049W /E300004

pe1 o Partn · Membe · hip No.: 094524 UDIN: 2'3o9�s 24 �Gt Y IBSBo11

Place: Gurugram Date: January 20, 2023

Coforge Limited ourige is alal Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Deihi-110019.
Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforge.com Email: investors@coforge.com. CIN L72100DL1992PLC048753 Statement of Unaudited Financial Results for the quarter and period ended December 31, 2022

Standalone Financial Results Year to date Year to date Preceding Corresponding figures for the Naures for th Quarter ended Previous vear Quarter ended Quarter ended current period previous December 31, ended March Particulars September 30 December ended .
Priod ender $2022$ 31.2022 31,2021 December 2022 December 31,2022 31,2021 (Unaudited) (Audited) (Audited) (Audited) (Unaudited) (Unaudited ) $(1)$ $(2)$ $(3)$ $(4)$ $(5)$ $(6)$ $\overline{u}$ Revenue from operations 10.439 8799 31.038 24.289 33 132 10 BBD Other income $1,594$
12,474 3,278
34,318 $3,021$
$27,310$ $4,005$
$37,137$ $\mathbf{u}$ GOR 820 Total $11,137$ $9,619$ m N Expenditure Purchases of slock- in- trade / contract cost $\Omega$ $\mathbf{o}$ $343$ 383 969 979 Employee benefits expense 7,195 7.088 5,447 20,805 15,769 21.565 Finance Costs 159 161 149 456 388 518 Depreciation and amortization expense 241 268 208 790 631 838 Other expenses $2.143$ 2.251 1.650 6,268 4,472 6,322 $9,738$ $9,748$
1,389 $7,795$
1,824 28,882
5,634 Total 22,209 30,222 Profit before tax (III-IV)
Tax expense 2.736 6.915 v 5.101 $\mathsf{v}$ - Current tax 357 202 142 727 513 515 - Deferred tax $(18)$ $17$ $20$ $(58)$ $(4.3)$ $(6)$ Total tax expense $\frac{339}{2,397}$ 219 162 $\frac{721}{4,913}$ 470 459 Profit for the period / year from operations 1,170 $1,862$ 4,642 6,445 $VII$ $(V-VI)$ VIII Other Comprehensive Income A. Items that will be reclassified to profit or loss Deferred gains on cash flow hedges $(347)$ 20 23 $(455)$ 42 $\mathbf{I}$ income tax relating to items that will be 83 $(4)$ $(7)$ 109 $(14)$ $\overline{2}$ medias including to home that we be
reclassified to profit or loss
B. Items that will not be reclassified to profit or loss Remeasurement of post - employment benefit $(15)$ $(31)$ $(6)$ $(75)$ $(35)$ $(28)$ obligations (expenses) / income Income tax relating to items that will not be $\ddot{\phantom{a}}$ $\bf{8}$ $\mathbf{1}$ 19 $11$ $\bf{g}$ reclassified to profit or loss $(402)$ $(275)$ $(7)$ $(14)$ Total Total comprehensive income for the period
(Comprising Profit and other comprehensive 1,163 1,673 4,648 $2.122$ 4.511 6,431 ۱Х income for the period) Paid up Equity Share Capital $611$ $610$ $609$ $\overline{611}$ $\overline{609}$ 609 $\boldsymbol{\mathsf{x}}$ (Face Value of Rs 10 each, fully paid) $\boldsymbol{\mathsf{x}}$ Earnings Per Share of Rs. 10/- each) : Basic 39.31 19.18 27.39 60,61 76.57 106.19 Oiluted 18,84 79.06 103.75 38.56 26.76 74.82

Rs. In Mn

• Selected explenatory notes to the Statement of Standalone Financial Results for the Quarter and Nine months ended December 31, 2022
  I The above results were reviewed and recommended by the Audit Commiliee at the meeting he Directors at their meeting held on January 20, 2023.
• 2 The financial results have been prepared in accordance with applicable Indien Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 (as amended time to time).
• 3 During the quarter ended December 31, 2022, pursuant to Employees Slock Option Plan 2005, 98,171 options were exercised and 58,000 options were lapsed from various Grants and 1,391,752 options were outstanding as on December 31, 2022 issued on various dates.
• 4 Olher expenses includes professional charges and other production expenses (incl. third party license cost). 5 The shareholders in the Annual General Meeting held on July 30, 2021, approved raising of funds in one or more tranches by the issuance of equity shares ine sharehousers in the Ammusic Overlay the company and company filed a draft registration statement with the U.S. Securities &
  Exchange Commission for registration of its American Subsequently, the Company filed a draft r pertaining to the offering shall be borne by the Selling Shareholder upon successful completion of the offering. The Company plans to launch the offering
  once the market conditions are favourable. Currenlly the market cond situation closely. As at December 31, 2022, the amount of Rs 429 mn has been recorded as recoverable assuming the successful completion of the offering
• 6 One of the indian government customers of the Company had deducted certain amounts due to be paid by such customer in earlier years. The Company,
  basis its assessment and legal advice considers such deductions to be arbi
• 7 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in
  September 2020. The Code has been published in the Gazette of India. the final rules / interpretation have not yet been Issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• any and the person of the contract enterpret in the Ball of the Ball of the Ball of the Board of Rs. 19 per equity share.
  In the Board of Directors at its meeting held on January 20, 2023 has declared an interim dividend o

Place: New Jersey, USA
Dale: January 20, 2023

By order of the Bog Coforce Limited $\bullet$ CEO & Executive Directo

Coforge Limited
.Regd Office :8, Balaji Eetate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019
.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforge.com
.Email : investors@coforge.com. CIN

Additional disclosures as per Regulation 52 (4) of Securities and Exchange Board of India (Lieting Obligations and Disclosure Requirements) Regulations, 2015 as amended:

	Si. No Particulars	Quarter ended December 31, 2022	Preceding Quarter ended September 30, 2022	Corresponding Quarter ended December 31,2021	Year to date figures for the current period bebne December	Year to date figures for the previous period ended December	Previous year ended March 31,2022
1	Debt-equity ratio (times) (Total borrowings (current	0.19	0.21	0.21	31,2022 0.19	31,2021 0.21	0.15
$\overline{\mathbf{2}}$	& non-currenty Total equity) Dabt service coverage ratio (times) [Earnings before Interest, tax, depreciation and	6.30	7.95	9.82	8.33	6.93	9.06
	amortisation/(interest expense on short term and long term borrowings+ principal repayment of long term horrowings and short term borrowing during the pariod) - Not annualised
3	Interest service coverage ratio (times) (Eamings before interest, tax, depreciation and amortisation /interest expense on current & non-current borrowings during the period]- Not annualised	10.05	7.95	9.96	8.37	9.12	9.22
4	Current ratio (times) [Total current asset/ Total current liabilities]	1.34	1.17	0.97	1.34	0.97	1.04
5	Long term debt to working cepital (times) (Non- current borrowings including current malurities/ Working capital (Total current asset -Total current (labilities)	1.32	2.65	$-15.79$	1.32	$-15.79$	14.27
6	Bad debts to Account receivable ratio (times) (Bad debts / Average trade receivable) - Not annualised	0.00	0.00	0.00	0.00	0.00	0.00
$\overline{\mathbf{z}}$	Current liability ratio (times) [Current Liability / Total] Liability	0.61	0.62	0.63	0.61	0.63	0.59
8	Total debts to total assets (times) [Total borrowings (current & non-current) / Total Assets]	0.13	0.14	0.14	0.13	0.14	0.10
$\mathbf{9}$	Debtors turnovar (limes) [Annualised revenue from operations / Average trade receivable)	5.63	6.86	5,35	5.63	5.35	8.13
10	Inventory turnover (times) [(Purchases of stock-in- trade / contract cost + Changes in inventories of stock in- trade)/ Average inventory] - Not annualised	NA	NA	NA	NA	NA	NA
11	Operating margin (%) [Earnings before interest and tax /Revenue from operations]	11.9%	9.1%	12.9%	9.0%	9.9%	10.2%
12	Net profit margin (%) [Profit after tax / Revenue from operations)	22.0%	11.2%	18.9%	15.8%	19,1%	19.5%
13 14	Net worth (Rs. in Mn) [Total equity] Credit rating and change in credit rating (no change in CRISIL	24.635	23,081 CRISIL	21.095 CRISIL	24.635 CRISIL	21,095 CRISIL	22,061 CRISIL
	credit rating) dated April 11, 2022	AA/S1able	AA/Slabie	AA/Stable	AA/Slabie	AA/Slable	AA/Stable
15 16 17	Capilal redemption reserve (Rs. in Mn) Net profit after tax (Rs. In Mn) Eamings Per Share of Rs. 10/- each:	36 2,397	38 1,170	36 1,662	36 4,913	36 4,642	38 6,445
	Basic	39.31	19.16	27.39	80.61	76.57	106.19
18	Diluted Outslanding Listed, Rated, Redeemable, Non- Convertible Bonds (Rs. In Mn)	38.56 3,400	18.64 3,400	26.76 3,400	79.08 3,400	74.82 3,400	103.75 3.400
	Next due date; Interest payment date : interest payment amount (Rs. in Mn)	April 26, 2023 336	April 26, 2023 336	April 26, 2022 327	April 26, 2023 336	April 26, 2022 327	April 26, 2022 327
	Next due date: Principal psymant date : Principal payment amount (Rs. In Mn)	April 24, 2028 3.400	April 24, 2026 3,400	April 24, 2026 3.400	April 24, 2026 3.400	April 24, 2026 3.400	April 24, 2026 3,400
19	Asset cover available, in case of non convertible debt securities [The non-convertible securities of the Company is unsecured)	Not applicable	Not applicable	Not applicable	Nol applicable	Not applicable Not applicable
20	Previous due date for the payment of interest/ repayment of principal of non convertible debt	April 26, 2022	Interest paid on Interest paid on Not applicable April 26, 2022		Interest paid on April 26, 2022	Not applicable Nol applicable
	securities and whether the same has been paid or not	amounting to Rs. 327 Mn	amounting to Rs. 327 Mn		amounting to Rs. 327 Mn
21	Outstanding redeemable preference shares (quantity and value)	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable Not applicable

Place: New Jersey, USA
Dale: January 20, 2023

$\alpha$

$\bullet$ .

By order of the Board Coforge Limit Sudhir Singh
CEO & Executive Director ۳

Investor Presentation Q3FY23

Jan 20, 2023

Safe Harbor and Disclaimer

Forward Looking Statements Safe Harbor

This presentation contains forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Among other things, the outlook for the full fiscal year 2022, the business outlook and quotations from management in this announcement, as well as Coforge's strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports to regulators, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Coforge's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of the Coforge's clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to maintain its pricing, control costs or continue to grow its business; the effects of the novel coronavirus (COVID-19) on its business; the continued service of certain of its key employees and management; its ability to attract and retain enough highly trained employees; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. All information provided in this presentation is as of the date of this presentation, and Coforge undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Disclaimer

This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries and affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. person (as such term in defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The Form F-1 Registration Statement and all subsequent amendments may be accessed through the SEC's website at www.sec.gov. Such securities not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.

Conventions Used Herein

Except as otherwise noted in this presentation, the following conventions have been used. All references to "Y-o-Y" are comparisons between the third quarter of fiscal year ended March 31, 2023 ("Q3 FY2023") and the third quarter of fiscal year ended March 31, 2022 ("Q3 FY2022"). All references to "Q-on-Q" are comparison between the second quarter of the fiscal year ended March 31, 2023 ("Q2 FY2023") and Q3 FY2023.

Coforge signs highest number of large deals in its history during Q3 FY23

Financial Highlights Business Highlights

• On consolidated basis, Q3FY23 revenues were up 3.7% QoQ and 20.7% YoY on a constant currency basis.
• Revenue for the quarter was INR 20,558 Mn & \$251.7 Mn
• Up 4.9% in INR terms and 2.0% in USD terms QoQ
• Up 24.0% in INR terms and 13.6% in USD terms YoY
• Adj. EBITDA Margin of 18.5% (up from 18.4% in Q2FY23)
• Consolidated PAT (after minority interest) for the quarter increased 24.2% YoY to INR 2,282 Mn

• Robust order intake of \$345 Mn during the quarter
• Five large deals signed during the quarter (including one \$50M+ TCV deal)
• Fourth consecutive quarter of \$300+ Mn order intake
• Order book executable over next 12 months stood at \$841 Mn at the end of the quarter, a 20.0% YoY growth
• 11 new logos opened during the quarter
• Attrition declined by 60 bps QoQ and stood at 15.8%. Continues to be amongst the lowest in the industry
• Global headcount at 22,505 as of Dec 31, 2022.

Note: Adj. EBITDA excl. ESOPs. PAT reflects Profit after Tax (after Minority interest).

Well Diversified Business Portfolio with Increasing Offshoring Revenues

5

Banking & Financial Services (BFS) ■

Location Mix (IT Revenues Only)

Insurance ■

By Vertical

• Travel, Transportation & Hospitality (TTH) ■
• Others ■

Software Engineering BPM ■ ■

Note: CIMS = Cloud & Infrastructure Management Services; BPM = Business Process Management.

Very Significant Business Momentum Driving Robust Growth FRESH ORDER INTAKE TCV (\$ MN)

C forge

High Degree of Visibility Through Contracted Revenues and Repeat Business

ORDER BOOK EXECUTABLE OVER NEXT 12 MONTHS (\$MN)

Repeat Business %

C forge

De-Risked Operating Profile with Declining Client Concentration While Increasing Large Account Relationships

Top Clients Revenue Contribution

Clients by Size

8

Best-in-Industry Attrition Levels Testament to Coforge Culture

Total Global Headcount LTM Attrition % (Excl. BPS)

c forge

Select Other Achievements During the Quarter

• Coforge was recognized among 'India's Best Workplaces TM in IT & IT-BPM 2022 – Top 50' by Great Place to Work® India.
• The US Green Building Council has awarded the prestigious LEED Platinum Green Building Certification to Coforge consecutively for the 2 nd time. Coforge's Greater Noida campus won the prestigious accolade for its healthy, efficient, carbon, and cost-saving green buildings.
• Partnership with the Mack Institute for Innovation Management at the Wharton School of the University of Pennsylvania.
• Launched Coforge Xtreme Navigator a 3D wayfinding solution that uses 3D visualization to help people navigate through physical spaces
• The Coforge Metaverse Center of Excellence (CoE) announced the Coforge Digital & Metaverse CoE Showcase, a VR space
• VR space to showcase and give a walkthrough of the Digital CoE capabilities and offerings,
• VR space to show the demos and use cases already developed covering various industries,
• Showcase to meet and greet the participants including clients and internal stakeholders.
• Coforge won the STPI IT Export Award 2021-22 from the Government of Karnataka.
• Coforge is a Star Performer in the 'Major Contenders' category in the Everest Group Application and Digital Services (ADS) in both Life & Annuity (L&A) Insurance and Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.

C forge

• Coforge is now accredited by AWS with Public Sector Program.

10

Key Tenets of Coforge Growth Strategy

11

	Robust	• FY22 total revenue growth of 38% and organic revenue growth of 25% • Q3FY23 revenue growth of 3.7% QoQ and 20.7% YoY in constant currency (CC)
	Profitable	• FY22 Adj. EBITDA margin of 18.7% (margin expansion of 75 bps) • Q3FY23 Adj. EBITDA margin of 18.5% (up from 18.4% in Q2FY23)
C forge	Predictable	• Strong executable order book for next 12 months (\$841 Mn as of Dec 31, 2022) • High degree of repeat business (93% in Q3FY23)
	Sustainable	• FY22 order intake of \$1.15 billion, including 11 large deals • 60+ Forbes Global 1000 clients
		C forge

Appendix

Consolidated Income Statement – Q3FY23 (INR Mn)

Particulars	Q3FY23	Q2FY23	QoQ%	Q3FY22	YoY%
Gross Revenues	20,558	19,594	4.9%	16,581	24.0%
GM%	33.4%	32.0%	133 Bps	32.4%	97 Bps
Selling / General And Administration	3,063	2,682	14.2%	2,145	42.8%
SG&A to Revenue %	14.9%	13.7%	121 Bps	12.9%	196 Bps
Adj. EBITDA	3,797	3,596	5.6%	3,226	17.7%
Adj. EBITDA%	18.5%	18.4%	12 Bps	19.5%	-99 Bps
Cost of ESOPS	182	147	23.5%	158	15.1%
EBITDA	3,615	3,444	5.0%	3,020	19.7%
EBITDA%	17.6%	17.6%	1 Bps	18.2%	-63 Bps
Depreciation and Amortization	624	614	1.6%	566	10.2%
Other Income (net)	83	-150	-155.3%	-122	-168.0%
Profit Before Tax	3,074	2,680	14.7%	2,332	31.8%
PBT %	15.0%	13.7%	127 Bps	14.1%	89 Bps
Provision for Tax	715	474	50.8%	360	98.6%
Minority Interest	77	195	-60.5%	135	-43.0%
Profit After Tax (after Minority Int.)	2,282	2,011	13.5%	1,837	24.2%
PAT%	11.1%	10.3%	84 Bps	11.1%	2 Bps
Basic EPS (INR)	37.4	33.0	13.5%	30.3	23.5%

C forge

Consolidated Income Statement – Q3FY23 (USD Mn)

Particulars	Q3FY23	Q2FY23	QoQ%	Q3FY22	YoY%
Gross Revenues	251.7	246.9	2.0%	221.6	13.6%
GM%	33.4%	32.0%	133 Bps	32.4%	97 Bps
Selling / General And Administration	37.5	33.8	11.0%	28.7	30.8%
SG&A to Revenue %	14.9%	13.7%	121 Bps	12.9%	196 Bps
Adj. EBITDA	46.5	45.3	2.6%	43.1	7.8%
Adj. EBITDA%	18.5%	18.4%	12 Bps	19.5%	-99 Bps
Cost of ESOPS	2.2	1.9	19.8%	2.1	5.4%
EBITDA	44.3	43.4	2.0%	40.4	9.7%
EBITDA%	17.6%	17.6%	1 Bps	18.2%	-63 Bps
Depreciation and Amortization	7.6	7.7	-1.4%	7.6	0.9%
Other Income (net)	1.0	-1.9	-153.7%	-1.6	-162.3%
Profit Before Tax	37.6	33.8	11.5%	31.2	20.8%
PBT %	15.0%	13.7%	128 Bps	14.1%	90 Bps
Provision for Tax	8.8	6.0	46.4%	4.8	82.0%
Minority Interest	0.9	2.5	-61.7%	1.8	-47.8%
Profit After Tax (after Minority Int.)	27.9	25.3	10.3%	24.5	13.9%
PAT%	11.1%	10.3%	84 Bps	11.1%	3 Bps
Basic EPS (INR)	37.4	33.0	13.5%	30.3	23.6%

C forge

Other Key Metrics

O	Q3FY23	Q2FY23	Q3FY22
S D	73	70	70

e t e a		Q3FY23	Q2FY23	Q3FY22
R e r p u a	Period Closing Rate	82.73	81.38	74.50
oll R D	Period Average Rate	81.86	79.28	74.87

n		Q3FY23	Q2FY23	Q3FY22
n) e o o g ti Milli d	USD	159.30	155.01	129.48
si e o n H P (i	GBP	44.23	40.19	21.18
	EUR	4.40	4.18	4.39
g n		Q3FY23	Q2FY23	Q3FY22
e s di s g e n e a g t r	USD	81.41	79.78	77.32
a d a e t e v R s H t A u	GBP	98.56	99.91	106.04

Thank You

End of Document

Coforge Limited Consolidated Profit and Loss Statement

C forge

31st December 2022

					INR Mn
Particulars	Q3FY23	Q2FY23	QoQ%	Q3FY22	YoY%
Gross Revenues	20,558	19,594	4.9%	16,581	24.0%
Direct Costs	13,698	13,316	2.9%	11,210	22.2%
Gross Profit	6,860	6,277	9.3%	5,371	27.7%
GM%	33.4%	32.0%	133 Bps	32.4%	97 Bps
Selling / General And Administration	3,063	2,682	14.2%	2,145	42.8%
SG&A to Revenue %	14.9%	13.7%	121 Bps	12.9%	196 Bps
Adj. EBITDA	3,797	3,596	5.6%	3,226	17.7%
Adj. EBITDA%	18.5%	18.4%	12 Bps	19.5%	-99 Bps
Acquisition related expenses	0	4		48
Cost of ESOPS	182	147	23.5%	158	15.1%
EBITDA	3,615	3,444	5.0%	3,020	19.7%
EBITDA%	17.6%	17.6%	1 Bps	18.2%	-63 Bps
Depreciation and Amortization	624	614	1.6%	566	10.2%
Other Income (net)	83	-150	-155.3%	-122	-168.0%
Profit Before Tax	3,074	2,680	14.7%	2,332	31.8%
PBT %	15.0%	13.7%	127 Bps	14.1%	89 Bps
Provision for Tax	715	474	50.8%	360	98.6%
Minority Interest	77	195	-60.5%	135	-43.0%
Profit After Tax (after Minority Int.)	2,282	2,011	13.5%	1,837	24.2%
PAT%	11.1%	10.3%	84 Bps	11.1%	2 Bps
Basic EPS (INR)	37.4	33.0	13.5%	30.3	23.5%

Coforge Limited Consolidated Profit and Loss Statement

31st December 2022

C forge

Particulars	Q3FY23	Q2FY23	QoQ%	Q3FY22	YoY%
Gross Revenues	251.7	246.9	2.0%	221.6	13.6%
Direct Costs	167.7	167.8	0.0%	149.8	11.9%
Gross Profit	84.0	79.1	6.2%	71.8	17.0%
GM%	33.4%	32.0%	133 Bps	32.4%	97 Bps
Selling / General And Administration	37.5	33.8	11.0%	28.7	30.8%
SG&A to Revenue %	14.9%	13.7%	121 Bps	12.9%	196 Bps
Adj EBITDA	46.5	45.3	2.6%	43.1	7.8%
Adj EBITDA%	18.5%	18.4%	12 Bps	19.5%	-99 Bps
Acquisition related expenses	0.0	0.0		0.6
Cost of ESOPS	2.2	1.9	19.8%	2.1	5.4%
EBITDA	44.3	43.4	2.0%	40.4	9.7%
EBITDA%	17.6%	17.6%	1 Bps	18.2%	-63 Bps
Depreciation and Amortization	7.6	7.7	-1.4%	7.6	0.9%
Other Income (net)	1.0	-1.9	-153.7%	-1.6	-162.3%
Profit Before Tax	37.6	33.8	11.5%	31.2	20.8%
PBT %	15.0%	13.7%	128 Bps	14.1%	90 Bps
Provision for Tax	8.8	6.0	46.4%	4.8	82.0%
Minority Interest	0.9	2.5	-61.7%	1.8	-47.8%
Profit After Tax (after Minority Int.)	27.9	25.3	10.3%	24.5	13.9%
PAT%	11.1%	10.3%	84 Bps	11.1%	3 Bps
Basic EPS (INR)	37.4	33.0	13.5%	30.3	23.6%

USD Mn

Coforge Limited Consolidated Balance Sheet

--- Coforge Limited Consolidated Balance Sheet 31st December 2022				------		C	forge ----
- Particulars	------ As at Dec 31 2022	As at Sep 30 2022	As at Dec 31 2021	- Particulars	----- As at Dec 31 2022	As at Sep 30 2022	INR Mn As at Dec 31 2021
Equity	611	610	609	Fixed Assets	6,608	6,230	5,478
Reserves & Surplus	29,990	27,669	25,765	Capital Work in Progress	44	88	78
				Intangible Assets	16,500	14,805	14,781
NET Worth	30,601	28,279	26,374	Current Assets
				Cash and Cash Equivalent	4,091	4,090	3,036
Bank Borrowings	5,612	5,840	4,620	Debtors	15,152	14,054	11,791
Non Controlling Interest	954	898	877	Other Assets	11,064	11,242	9,903
Deferred Tax Liability	536	551	735	Other Liabilities	-15,278	-14,504	-12,555
				Future Acquisition Liability	-3,803	-3,425	-2,342
				Deferred Tax Assets	3,325	2,988	2,436
-	37,703 -------	35,568	32,606	-	37,703 -------	35,568	32,606
---				------			----

Analyst Data Sheet Period Ended December 31, 2022

C forge

Revenue and Revenue Growth	Q3FY23	Q2FY23	Q3FY22
Q-o-Q CC Revenue Growth	3.7%	6.2%	5.2%
Revenue (USD Mn)	252	247	222
Q-o-Q Growth	2.0%	3.4%	4.2%
Y-o-Y Growth	13.6%	16.0%	37.8%
Revenue (INR Mn)	20,558	19,594	16,581
Q-o-Q Growth	4.9%	7.1%	5.7%
Y-o-Y Growth	24.0%	24.8%	39.3%
Hedge Gain/(Loss) - INR Mn	(129)	(11)	55
Profitability	Q3FY23	Q2FY23	Q3FY22
Adj. EBITDA Margin	18.5%	18.4%	19.5%
Order Book (USD Mn)	Q3FY23	Q2FY23	Q3FY22
Fresh Order Intake	345	304	247
Americas	208	141	91
	113	134	110
EMEA
Rest of World	I 24	I 29	I 47

	Horizontal Product Engineering Intelligent Automation Data and Integration Cloud and Infrastructure Management (CIMS) Software Engineering Business Process Management (BPM) Geography Americas EMEA Rest of World Onsite vs. Offshore (IT Revenue Only) Onsite Offshore Project Type Fixed Price	Q3FY23 9.9% 11.8% 23.9% I 18.6% 26.7% 9.1% Q3FY23 49.2% I 40.3% 10.5% Q3FY23 I 49.5% 50.5% Q3FY23 I 50.4%	Q2FY23 10.5% 12.6% 23.1% I 17.5% 25.8% 10.4% Q2FY23 51.3% I 38.5% 10.2% Q2FY23 I 50.2% 49.8% Q2FY23 I 49.8%	Q3FY22 10.8% 14.0% 20.5% I I 18.6% 24.7% 11.4% Q3FY22 53.3% 33.7% 13.0% Q3FY22 54.0% 46.0% Q3FY22 53.9%
% of Revenue)
	(1) Others primarily include Healthcare, Retail, Hi-Tech, Manufacturing and Public Sector
	Others(1)	I 27.4%	I 25.8%	I I 25.4%
	Travel, Transportation and Hospitality (TTH)	19.3%	19.3%	18.3%
	Banking and Financial Services (BFS)	31.1%	31.7%	28.4%
	Insurance	22.1%	23.2%	27.8%
	Vertical	Q3FY23	Q2FY23	Q3FY22
		I	I	I I
	Executable Order Book over Next 12 Months	841	802	701
	Rest of World	24	29	47
	EMEA	113	134	110
	Americas	208	141	91
	Fresh Order Intake	345	304	247
	Order Book (USD Mn)	Q3FY23	Q2FY23	Q3FY22
	Adj. EBITDA Margin	18.5%	18.4%	19.5%
	Profitability	Q3FY23	Q2FY23	Q3FY22
	Hedge Gain/(Loss) - INR Mn	(129)	(11)	55
Financial
	Y-o-Y Growth	24.0%	24.8%	39.3%

Analyst Data Sheet Period Ended December 31, 2022

c forge

New Clients Added		Q3FY23	Q2FY23	Q3FY22
Americas		5	5	8
EMEA		2	4	3
Rest of World		4	2	2
Total		11	11	13
Client Data Repeat Business %	I	93%	I 94%	I I 92%
Client Concentration (% of Revenue)		Q3FY23	Q2FY23	Q3FY22
Top 5		23.9%	23.1%	25.2%
Top 10	I	36.3%	I 35.8%	I I 36.1%
No. of Clients (by Client Engagement Size)		Q3FY23	Q2FY23	Q3FY22
Above USD 10 Mn		21	19	18
USD 5-10 Mn		23	26	21
USD 1-5 Mn	I	98	I 97	I I 94
		142	142	133

	By Role	Q3FY23	Q2FY23	Q3FY22
	Billable Personnel
	IT	15,721	15,912	14,122
	BPS	5,432	5,780	6,816
	Total Billable	21,153	21,692	20,938
	Sales and Marketing	317	291	281
	Others	1,035	1,008	911
	Grand Total	22,505	22,991	22,130
People Data
	Utilization/Attrition (Excl BPS)	Q3FY23	Q2FY23	Q3FY22
	Utilization (incl. Trainees)	80.3%	77.3%	77.1%
	Attrition Rate	15.8%	16.4%	16.3%

	Q3FY23	Q2FY23	Q3FY22
Days Sales Outstanding (DSO)	73	70	70
INR / USD Rate	Q3FY23	Q2FY23	Q3FY22
Period Closing Rate	I 82.73	I 81.38	I I 74.50
Period Average Rate	81.86	79.28	74.87
Hedge Position	Q3FY23	Q2FY23	Q3FY22
USD	159.30	155.01	129.48
Other Data GBP	44.23	40.19	21.18
Euro	4.40 I I	4.18 I	4.39 I
Average Rates for Outstanding Hedges as on:	Q3FY23	Q2FY23	Q3FY22
USD	81.41	79.78	77.32
GBP	98.56	99.91	106.04
Euro	85.74 I I	87.06 I	91.59 I
Other Income (INR Mn)	Q3FY23	Q2FY23	Q3FY22
Income on mutual Funds / Net Interest Income	(165)	(176)	(121)
Difference in Exchange*	248	26	(2)

I I I I

Other Income (Net) 83 (150) (123)

* Includes gain/loss on revaluation of foreign currency current assets and liabilities