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Mastek Limited T +91 22 6722 4200 #106,107 SDF-IV Seepz, Andheri (East), F +91 22 6695 1331 Mumbai 400096, Maharashtra, India W www.mastek.com

SEC/85/2021-22 October 19, 2021

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Listing Department Listing Department
BSE Limited The National Stock Exchange of India Limited
25 [th] Floor, Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G,
Dalal Street, Fort, Mumbai-400 001 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051
Tel No. 022- 22723121, Fax No. 022- 22721919 Tel No.: 022- 26598100, Fax No. 022-26598120
SCRIP CODE: 523704 SYMBOL: MASTEK
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– - Subject: Outcome of the proceedings of Board Meeting held today October 19, 2021 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")

Dear Sir(s)/Ma'am(s),

We wish to inform you that the Board of Directors at their meeting held today – October 19, 2021 , has transacted, approved and taken on record the Unaudited Financial Results for the second quarter and half year ended September 30, 2021; both Consolidated and Standalone prepared in terms of Regulation 33 of SEBI Listing Regulations.

Pursuant to the SEBI Listing Regulations, the Statutory Auditors of the Company, Walker Chandiok & Co LLP, Chartered Accountants, have issued a Limited Review Report with unmodified opinion on the Unaudited Financial Results (Consolidated and Standalone) for the second quarter and half year ended September 30, 2021.

Accordingly, pursuant to the provisions of Regulation 30 and Regulation 33 of the SEBI Listing Regulations, we enclose the following;

Unaudited Financial Results (Consolidated and Standalone) for the second quarter and half year ended September 30, 2021under lndAS along with Limited Review Report issued by M/s. Walker Chandiok & Co. LLP, Statutory Auditors, of the Company.
Press Release and
Investor Presentation

Further, pursuant to the provisions of Regulation 47 of SEBI Listing Regulations, an extract of the aforementioned Financial Results would be published in the newspapers in accordance with the SEBI Listing Regulations and the same will be made available on the Company's website at www.mastek.com.

The meeting of the Board of Directors of the Company commenced at 8.30 p.m. and concluded at 11.45 p.m. This is for your information and record.

Thanking you. Yours Truly,

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Encl: As above

Regd. Off.: 804, 805 President House, Opp. C.N. Vidyalaya, Near Ambawadi Circle, Ambawadi, Ahmedabad - 380 006. Gujarat, India. Tel No: +91-79-2656--4337 E-mail: [email protected] CIN-l74140GJ1982PLC005215

Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower 11, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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

To the Board of Directors of Mastek Limited

We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Mastek Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), (refer Annexure 1 for the list of subsidiaries included in the Statement) for the quarter ended 30 September 2021 and the consolidated year to date results for the period 01 April 2021 to 30 September 2021, 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), including relevant circulars issued by the SEBI from time to time.
This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
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. 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 the Standards on Auditing specified under section 143(10) of the Act, 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 performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

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Page 1 of 3

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Noida and Pune

Mastek Limited

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

Based on our review conducted and procedures performed as stated in paragraph 3 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 Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP

Chartered Accountants Firm R gi ration No:001076N/N500013

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Adi P. Set a Partner Membership No:108840

UDIN:21108840AAAAFW4869

Place: Mumbai Date: 19 October 2021

Page 2 of 3

Walker Chandiok & Co LLP is registered with limited liability with identification number MC-2085 and has ils registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Chartered Accountants

Offices in Bengaturu, Chandig,.h, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Noida and Pune

Mastek Limited

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

Annexure 1

List of entities included in the Statement

Trans American Information Systems Private Limited
Mastek (UK) Limited
Mastek, Inc.
Mastek Digital Inc.
Trans American Information Systems Inc.
Indigo Blue Consulting Limited (merged with Mastek (UK) Limited w.e.f 1 July 2018)
Mastek Arabia - FZ LLC
Evolutionary Systems Private Limited
Evolutionary Systems Qatar WLL
Evolutionary Systems (Singapore) Pte Ltd.
Evolutionary Systems Pty Ltd.
Evolutionary Systems Corp.
Evolutionary Systems Co. Ltd
Evosys Consultancy Services (Malaysia) Sdn Bhd
Evolutionary Systems B.V
Evolutionary Systems Saudi LLC
Evosys Kuwait WLL
Evolutionary Systems Bahrain WLL
Evolutionary Systems Consultancy LLC
Evolutionary Systems Egypt LLC
Newbury Cloud Inc.
Evolutionary Systems Canada Limited (w.e.f 17 May 2021)

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Page 3 of 3

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugrarn, Hyderabad, Kechi, Kolkala. Mumbai, New Delhi, Noida and Pune

MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N. Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Statement of Unaudited Consolidated Financial Results for the Quarter and Six months ended September 30, 2021

1	Particulars Income (a) Revenue from operations lbl Other income Total Income	September 30, 2021 (Unaudited) 53,393 771	September 30, 2021 (Unaudited) 53,393 771	September 30, 2021 (Unaudited) 53,393 771	Quarter ended Six months ended June 30, September 30, SeptemDer 30, Septemler 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 51,647 40,974 105,040 79,580 470 406 1 241 2 076 (Rs In lakhs) Year ended March 31, 2021 (Audited) 172,186 2 791	Quarter ended Six months ended June 30, September 30, SeptemDer 30, Septemler 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 51,647 40,974 105,040 79,580 470 406 1 241 2 076 (Rs In lakhs) Year ended March 31, 2021 (Audited) 172,186 2 791	Quarter ended Six months ended June 30, September 30, SeptemDer 30, Septemler 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 51,647 40,974 105,040 79,580 470 406 1 241 2 076 (Rs In lakhs) Year ended March 31, 2021 (Audited) 172,186 2 791	Quarter ended Six months ended June 30, September 30, SeptemDer 30, Septemler 30, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) 51,647 40,974 105,040 79,580 470 406 1 241 2 076 (Rs In lakhs) Year ended March 31, 2021 (Audited) 172,186 2 791
		54,164 27,385 185 1,042 14 727 43,339			52,117 41,380 106,281 81,656 25.721 21,037 53,106 41,403 171 208 356 458 974 1,164 2,016 2,304 14 648 11,282 29 375 22 710 41,514 33,691 84,853 66 875 1 1			74,977 88,272 810 4,495 47 467 41,044
2	Expenses (a) Employee benefits expenses (b) Finance costs (c) Depreciation and amortisation expenses (dl Other exoenses Total exoenses
3	Profit before exceotional items & tax ( 1- 2 l	10,82		5 5	10,603 7,689 21,428 14,781 - 10 603 7 689 21 428 14 781 2,649 1,901 5,517 3,671 *(67)* (127) (263) (193) - 730 2,582 1,774 5,254 4,208			33,933 33 933 8,136 (131) 753 8,758
4	Exceotional items - net
5	Profit before tax I 3+ 4
6	Income tax expense / (credit) - Current tax - Deferred tax - Tax orovision relatinv to nrior niriods (Refer note 7) - Total tax{netl
7	Net Profit I 5- 6 l	8	,153		8,021 5,915 16,174 10,573			25,175
8	Other Comorehensive floss\/ Income net of tax (Refer note 3l		(323)		1,660 10,260 1,337 13,946			13,709
9	Total Comnrehensive Income net of tax (7 + 8) Profit attributable to	7	,830		9,68	1 16,175 17,51	1 24,519	38,884
						0 5,095 14 15	9 9,138	20 935
	Owners of the Comnanv	7	229		6 93
	Non-controllinl interests		924 8.153		1 09 8,02	1 820 2 01	5 1,435	4,240
	Profit after tax					1 5,915 16,17	4 10,573	25,175
	Other com"rehensive IJossl / Income IOCll attributable to Owners of the Comoanv
			1156		1 55	0 10 191 1 39	4 13 878	13 452
	Non-controllinr interests Total other comorehensive J lossl / Income net of taxes		/1671 *1323'*		11	0 69 157 68		257
					1,66	0 10,260 1,33	7 13,946	13,709
	Total comnrehensive Income attributable to Owners of the Comranv		7 073 757				3 23,016 8 1,503	34 387 4 497
					8 48 1 20	0 15 286 15 55 1 889 1 95
	Non-controllino interests
10	Total comorehensive Income Paid-un enuitv share cacital I Face value Rs. 5/- cer share l	~~�~~ 1	~~.,"~~ ,482		~~�.. ~~ 1,26	~~,~~ 16 175 17 51 4 1.227 1,48	1 24 519 2 1,227	38 884 1,262
11	Other Eouitv	2 2	7.78 6.92		27.4 26.4	3 20.81 55.2 2 19.75 53.4	1 37.45 5 35.57	84,592 84.92 81.88
12	Earnings per share (of face value Rs 5/- each) (not annualised): (a) Basic - Rs lbl Diluted - Rs

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC00S215

Statement of Consolidated Segmental Information for the Quarter and Six months ended September 30, 2021

	Statement of Consolidated Segmental Information for the Quarter and Six months ended September 30, 2021
l	Quarter ended Six months ended Particulars September 30, June 30, September 30, September 30, September 30, 2021 2021 2020 2021 2020 .(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment Revenue UK & Europe operations 35,808 36,237 27,548 72,045 52,743 North America operations 9,711 7,943 7,257 17,654 13,868 Middle East 4,785 4,393" 4,395 9,178 9,855 Others 3,089 3,074 1,774 6,163 3,114 Revenue from operations, net 53,393 51,647 40,974 105,040 79,580 (Rs In lakhs) Year ended March 31, 2021 (Audited) 116,089 28,755 18,948 8,394 172,186
2	Segment Results profit before exceptional item, tax and finance cost UK & Europe operations 9,715 9,700 6,873 19,415 11,978 North America operations 1,159 678 953 1,837 1,497 Middle East (168) 92 854 (76) 1,428 Others 555 1,192 (415) 1,747 (256) 26,745 4,312 3,950 1,520
	Total 11,261 11,662 8,265 22,923 14,647 36,527
	Less: i. Finance costs 185 171 208 356 458 ii. Other un-allocable expenditure / (income), net 251 888 368 1,139 (592) 810 1,784
	Profit before tax 10,825 10,603 7,689 21,428 14,781 33,933

Notes on Segment Information:

Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on analysis of various performance indicators by geographical location of the customers.

Property, Plant and Equipment used in the Group's business or liabilities contracted have not been identified to any of the reportable segments, as the Property, Plant and Equipment and the support services are used interchangeably between segments. Accordingly disclosures relating to total segment assets and liabilities are not practicable.

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Unaudited Consolidated Balance Sheet as at September 30 2021		( Rs In lakhs )
	As at
Particulars	September 30, 2021	March 31, 2021
	(Unaudited)	(Audited)
ASSES
Non-current assets
Property plant & equipment, net	5,035	4,762
Capital work-in-progress	231	154
Right-of-use Asset	788	1,143
Investment proper	432	450
Goodwill	66,733	66,012
Other intangible assets, net	7,513	8,313
Financial assets
Investments	4,232	4,119
Loans	207	277
Other financial assets	3,258	2,357
Deferred tax assets, net	5,768	5,320
Income tax (Current - tax) assets, net	175
Other non-current assets	494	131
Total Non Current Assets	94,866	93,038
Current Assets
Financial Assets
Investments	18,363	19,291
Trade receivables	38,458	37,488
cash and cash equivalents	71,578	60,761
Bank balances, other than cash & cash equivalents	51	51
loans	328	307
Other financial assets	893	607
Other current assets	23,701	18,032
Total Current Assets	153,372	136,537
Total Assets	248,238	229,575

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. l74140GJ1982PLC005215

Unau ite d dConso idateBalance Sheet as at Seotember 30, 2021		I Rs. In lakhs)
Patticulats	As at
	September 30, 2021	March 31, 2021
EQUITY AND LIABILITIES
Equity
Equity Share capital	1,482	1,262
Other Equity	83,637	84,592
Total Equity	85,119	SS,854
Non Controlling Interest	20,161	18,203
Total Equity	105,280	104,057
LIABILITIES
Non Current Liabilities
Financial liabilities
Borrowings	15,518	19,024
Other financial liabilities	38,453	29,118
Deferred tax liabilities, net	2,889	2,367
Provisions	2,174	1,831
Total Non Current Liabilities	59,034	52,340
Current Liabilities
Financial liabilities
Trade payables	1,678	3,069
Other financial liabilities	56,948	50,289
Other current liabillties	15,266	13,219
Provisions	2,939	2,323
Current tax liabilities (net)	7,093	4,278
Total Current Liabilities	83,924	73,178
Total Liabilities	142,9S8	125,518
Total Equity & liabilities	248,238	229,575

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MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Unaudited Consolidated Statement of Cash Flow for Six months ended September 30 2021		( Rs In lakhs )
Particulars	Six months ended	Six months ended
	September 30, 2021	September 30, 2020
	(Unaudited)	(Unaudited)
Cash flows from operating activities
Profit for the period	16,174	10,573
Adjustments for: Interest income	(158)	(179)
Employee stock compensation expenses	238	332
Fina nee costs	356	458
Depreciation and amortisation	2,016	2,304
Tax expense Provision against trade receivables, loans and advances (net) (Profit)/ Loss on sale of property plant and equipment, net Profit on sale of current investments	5,254 859 10 (310)	4,208 393 (3) (577)
Rental income	(209)	(236)
Operating profit before working capital changes (Increase) in trade receivables (Increase)/ Decrease in loans and advances and other assets Increase in trade payables, other liabilities and provisions	24,230 (1,871) (6,275) 2,635	17,273 (260) 631 386
cash generated from operating activities before taxes Income taxes paid, net of refunds Net cash generated from operating activities	18,719 (3,005) l>,/14	18,030 (2,272) 15,758
Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment and software Interest received	- (1,812) 150	3 (354) 133
Rental income	221	219
Purchase of current investments	(9,904)	(10,851)
Proceeds from current investments	11,137	10,116
Net cash (used in) from investing activities	,�uo	"4
Cash flows from financing activities Proceeds from issue of shares under the employee stock option schemes Repayments of long term loan Payment of lease liabilities Interest paid on vehicle finance Interest paid term loan Net cash (used in) financing activities	72 (3,433) (465) (9) (241) (4,07bl	240 (8,503) (485) (7) (342) (S,u,,
Effect of changes in exchange rates for cash and cash equivalents	(613)	(3)
Net increase in cash and cash equivalents during the period cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	10,817 60,761 11,�,o	5,924 22,033 Ll,S>I

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Notes to the Consolidated financial results:

1 The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on October 19, 2021. The auditors have carried out a limited review of the unaudited consolidated financial results.

2 These results have been prepared in accordance with the Indian Accounting Standards {Ind-AS) notified under the Companies (Ind-AS) Rules, 2015 as amended.

Other Comnrehensive Income includes:								I�. In lakhsl
		Quarter ended				Six months ended		Year ended
Particulars	September 30,	June30,	September	30,	September	30, September	30,	March 31,
	2021	2021	2020		2021	2020		2021
(i)Items that will not be reclassified subsequently to the statement of
lorofit and loss fnet of tax\: Defined benefit clan actuarial (loss)/ e:ain, net	(173)	23		45		(150)	(194)	1261)
Gain on change in fair value of equity instrument through OCI, net•:,	0	0		11,701		0	15,461	15,371
Total	1173)	23		11,746		(150)	15,267	15,110
(ii) Items thatwillbe reclassified subsequently to the statement of profit
and loss I net of taxi: Exchange (loss)/ ii!'.ain on translation of forei�n operations Gain/ {loss) on change in fair value of forv.,ard contracts designated as cash flow hed"es net	(1,306) 1,073	1,738 (93)		(1,640) 84		432 980	(1,813) 465	(1,389) (168)
Gain/ (loss) on change infairvalue of financial instruments, net	83	(8)		70		75	27	156
Total	(150	1,637		(1,486		1,487	(1,321)	(1,401
Other comprehensive !loss)/ income net of tax (i+ii)	(323)	1,660		10,260		1,337	13,946	13,709
" " • 0 denotes amounts less than one lakh rupees.

Includes fair value gain on account of sale of equity shares of MAJ ESCO (US) by Mastek (UK) Limited at different points of time during the year ended March 31,2021.

4 The Group has assessed the ·1mpact of Covid-19 Pandemic on its operations as well as financial reporting process, including but not limited to the areas of financial controls, credit risk, effectiveness of hedge transactions, goodwill, valuation of financial and non-financial assets/ liabilities, and Cyber security pertaining to the remote access of information for the quarter ended September 30, 2021 and up to the date of approval of financial results. While assessing the impact, Group has considered all internal and external sources of information like industry reports, economic forecast, credit reports and company's business forecast basis the global economic situation. Group expects to recover the carrying amount of its assets and retain effectiveness of its hedge transactions. However, the impact of COVID-19 may be different from that estimated as on the date of approval of these financial results and the Group will continue to closely monitor any material changes to the business due to future economic conditions.

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

S During the year ended March 31, 2020, Mastek acquired control of the business of Evolutionary Systems Private Limited ("ESPL") and its subsidiary companies (together referred to as "Evosys"). The acquisition was as follows: i. Mastek (UK) Limited, a wholly-owned subsidiary of Mastek Limited, entered into a Business Transfer Agreement ("BTA") on February 8, 2020 to acquire the business of Evosys Arabia FZ LLC and Share Transfer Agreements (STA) to acquire Middle East Companies ("MENA Acquisition") by paying a cash consideration (net of cash & cash equivalents) of USO 64.9 million i.e. � 48,204 lakhs. The closing of such transaction occurred on March 17, 2020, which is considered to be the date of transfer of control or the date of acquisition, as per Ind AS 103, and necessary effects have been recognised in the standalone financial statements of the respective entities and consolidated financial statements of the Company and its subsidiaries.
The acquisition has been effected and full consideration has been paid and procedures to complete the legal processes like registering sale of shares in five geographies has been completed. The legal procedures for one geography are delayed because of COVID-19 pandemic related lockdown. The Company has been legally advised that such legal procedures are administrative in nature and the parties to the BTA expect to complete these by December 31, 2021, subject to lockdown relaxation/ lifting in the concerned geography.
ii. With respect to a business undertaking of ESPL (including investments in certain subsidiaries of ESPL), the parties (Mastek group and Evosys group) entered into a Demerger Co-operation Agreement (DCA) and Shareholders Agreement on February 8, 2020. The manner of discharge of the non-cash consideration and the acquisition of legal ownership, was decided to be achieved through a demerger scheme filed before the NCLT ("the Scheme"), or, as per DCA, the parties were to complete this transaction with the same economic effect, by an alternate arrangement within the period specified in the DCA. The DCA gave Trans American Information Systems Private limited (TAISPL} a wholly owned subsidiary of Mastek the right to appoint majority of the board of directors in ESPL and its subsidiaries and also provided for the relevant activities of ESPL and its subsidiaries to be decided by a majority vote of such board of directors, thereby resulting in transfer of control of business of ESPL and its subsidiaries to Mastek Group. The date of acquisition of business undertaking for the purposes of Ind AS 103 is the date of transfer of control to the Group, i.e. February 8, 2020. Discharge of consideration for demerger is through issue of 4,235,294 equity shares of Mastek Limited (face value� 5 each) and balance through 15 Compulsorily Convertible Preference Shares (CCPS), (face value of� 10 each) of TAISPL for ever; 10,000 equity shares of ESPL of face value of� 10 each which carry a Put Option to be discharged at agreed EBITDA multiples, based on actual EBIDTA of 3 years commencing from financial year ending March 31, 2021 including adjustments for closing cash. Subsequent change in fair valuation of put option liability written on non-controlling interest� 13,921 [akhs, for the six months ended September 30, 2021, is debited to other equity.
Purchase consideration for both the acquisitions (EVOSYS) aggregates to� B0,647 lakhs which has resulted in a Goodwill of� 38,017 lakhs for MENA acquisition and, 18,402 lakhs for acquisition through DCA as at March 31, 2020, as per the purchase price allocation valuation report. Such goodwill, which is the excess of fair value of purchase consideration determined over the fair value of assets acquired, is primarily attributable to growth expectations, expected future profitability, the substantial skill and expertise of acquired workforce and expected synergies.
On September 14, 2021, the above transaction has been approved by the National Company Law Tribunal, pursuant to the Scheme of De-merger ('the Scheme'}, for the demerger of Evolutionary Systems Private Limited (ESPL or demerged entity), into TAISPL, with the effective date of February 8, 2020 (Appointed Date}. Accordingly, 4,235,294 equity shares of Mastek Limited (face value � 5 each) have been issued on September 17, 2021 and considered for the calculation of basic earnings per share for the quarter and period ended September 30, 2021.
6 The Group has accounted net foreign exchange gain under "Other income" and net foreign exchange loss under "Other Expenses". Further, 'Revenue from operations' includes net realised foreign exchange loss/ {gain) arising from currency hedges relating to certain firm commitments and forecasted sales transactions. The table below shows the impact of the net foreign exchange (gain} / loss on the Group's results in each of the periods presented:

from currency hedges relating to certain firm commitments and f presented:	orecasted sales transa	ctions. Th	e table below show	s the	impact of the net	foreig	n exchange (g	ain}	/ loss on the Group's re	sults in	each of the periods
											(�. In lakhsl
			Quarter ended					Six	months ended		Year ended
Particulars	September	30,	June 30,		September 30,		September	30,	September 30,		March 31,
	2021		2021		2020		2021		2020		2021
Net forei•n exchan•e (•ain) / loss		(480)		18		21		{462)		30	1,385
Net realised foreign exchange (gain)/ loss arising from hedein£ accounted under Revenue from Ooerations		{42)		54		{11)			12	(64)	{17)

7 During the quarter ended June 30, 2020, the company had recognised a provision Rs. 730 Lakhs, for prior years towards the possible impact of an uncertain tax treatment based on the present status of the on-going proceedings of its Advance Pricing Arrangement with the tax authorities. These adjustments have been incorporated on a similar basis while estimating the current tax expense for all periods commencing with the period ended June 30, 2020. Current tax expense for the quarter ended and for the period ended September 30, 2021 includes !I! 211 lakhs and 1' 404 lakhs, respectively, recognised on a similar basis.
8 Previous period's/ year's figures have been regrouped or reclassified wherever necessary.

Place: Mumbai, India Date : October 19, 2021

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Ashank Desai Vice Chairman & Managing Director

Walker Chandiok &_Co LLP

Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai -400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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

To the Board of Directors of Mastek Limited

We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Mastek Limited ('the Company') for the quarter ended 30 September 2021 and the year to date results for the period 01 April 2021 to 30 September 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 O, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. 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 the Standards on Auditing specified under section 143(10) of the Act, 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.
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 Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Page 1 of 2

Chartered Accountants

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office al L-41, Connaughl Circus, Outer Circle, New Delhi, 110001, India

Offices in Bengaluru, Chandiga,h, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Naida and Pune

Mastek Limited

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

5. Emphasis of Matter- Restatement of prior period financial information

We draw attention to note no. 6 to the Statement which indicates that the Company has accounted for the scheme of de-merger with an appointed date of 8 February 2020, between Trans American Information Systems Private Limited (a wholly owned subsidiary of the Company), Evolutionary Systems Private Limited (demerged undertaking) and the Company in the quarter ended 30 September 2021, pursuant to the approval received from the Honorable National Company Law Tribunal on 14 September 2021, which has resulted in the restatement of the comparative financial information presented in the Statement.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP

Chartered Accountants Firm gi !ration No:001076N/N500013

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Partner Membership No:108440

U DIN :21108840AAAAFV6331

Place: Mumbai Date: 19 October 2021

Page 2 of 2

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Statement of Unaudited Standalone Financial Results for the Quarter and Six months ended Seotember 30. 2021

1	Particulars Income (a) Revenue from operations {bl Other income(Refer note 10)	Quarter ended Six months ended September 30, June 30, September 30, September 30, September 30, 2021 2021 2020 2021 2020 (Unaudited) {Restated - refer note 6) (Restated - refer note 6) (Unaudited) (Restated - refer note 6) (Unaudited) [Unaudited) (Unaudited) 6,107 5,956 4,211 12,063 8,271 2,891 589 409 3,480 1,115 8,998 6,545 4,620 15,543 9,386 (Rs In lakhs) Year ended March 31, 2021 (Restated - refer note 6) (Audited) 18,714 3,487 22,201
	Total Income
2	Expenses (a) Employee benefits expenses (b) Finance costs (c) Depreciation and amorisation expenses (d) Other expenses	4,897 4,463 3,594 9,360 6,617 23 10 12 33 24 298 269 264 567 521 483 782 588 1,265 1,231 5,701 5,524 4,458 11,225 8,393 14,120 58 1,079 2,848 18,105
	Total expenses
3	Profit before exceptional items & tax( 1- 2)	3,297 1,021 162 4,318 993 4,096
4	Exceptional items - Gain/ {loss) (Refer note 4)	483 211 167 694 7,115 (459)
5	Profit before tax( 3 + 4]	3,780 1,232 329 5,012 8,108 3,637
6	Income tax expense/ (credit) -Current tax - Deferred tax - Tax provision relating to prior periods (Refer note 9) • Total tax(net)	392 503 (56) 895 245 (24) (12) (51) (36) (61) 730 1,040 (20) 730
		368 491 (107) 859 914 1,750
7	Net Profit( 5 • 6)	3,412 741 436 4,153 7,194 1,887
8	Other Comprehensive Income/ (loss), net of tax(Refer note 3)	901 (36) 65 865 253 (313)
9	Total Comprehensive Income/ (loss), net of tax(7 +8)	4,313 705 501 5,018 7,447 1,574
10	Paid-up equity share capital( Face value Rs. S/· per share I	1,482 1,264 1,227 1,482 1,227 1,262
11	Other Equity	13.11 2.93 1.78 16.20 29.48 12.70 2.82 1.69 15.68 28.01 46,702 7.65 7.38
12	Earnings per share (of face value Rs 5/- each) (not annualised) : (a) Basic - Rs (bl Diluted· Rs

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MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Unaudited Standalone Balance Sheet as at September 30,2021		( Rs. In lakhs l
Particulars	As at
	September 30, 2021	March 31,2021
	(Unaudited)	(Restated refer note 6) (Audited)
ASSES
Non-current assets
Property plant & equipment	2,735	2,828
Capital work-in-progress	147	154
Right-of-use assets	66	82
Investment property	432	450
Intangible assets	41	200
Investment in subsidiaries	28,391	28,391
Financial assets
Investments	4,232	4,119
loans	102	106
Other financial assets	793	319
Deferred tax assets	2,813	2,899
Income tax (Current - tax) assets, net		85
Other non-current assets	410	116
Total Non Current Assets	40,162	39,749
Current Assets
Financial Assets
Investments	17,501	15,865
Trade receivables	4,684	4,476
Cash and Cash equivalents	4,719	2,393
Bank balances other than cash & cash equivalents	51	51
loans	17	17
Other financial assets	749	832
Other current assets	1,480	1 575
Total Current Assets	29 201	25,209
Total Assets	69,363	6,958

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MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Orcle, Ahmedabad-380 006 CIN No. L74l40GJl982PLC005215

	CIN No. L74l40GJl982PLC005215
Unaudited Standalone Balance Sheet as at Seotember 30,2021		( Rs. In lakhs I
Particulars	Asat
	Seotember 30, 2021	March 31 ,2021
	(Unaudited)	(Restated refer note 6) !Audited)
EQUIT ANO LIABILITIES
Equity
Equity Share capital	l,482	l,262
Other Equity	49,139	46,702
Total Equity	50,621	47.964
LIABILITIES
Non Current liabilities
Financial liabilities
Borrowings	134	80
Other financial liabilities	841	2,021
Provisions	882	648
Total Non Current Liabilities	l,857	2,749
Current liabilities
Financial liabilities
Trade payables
Dues of micro and small enterprises	20	27
Dues of creditors other than micro and small enterprises	54	107
Other financial liabilities	14,180	12,146
Other current liabilities	931	1,046
Provisions	l,074	919
Current tax liability (net)	626
Total Current Liabilities	16.885	14,245
Total Liabilities	18,742	16,994
Total EQuit & liabilities	69,363	64,958

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. l74140GJ1982PLC005215

CIN N	o. l74140GJ1982PLC005215
Unaudited Standalone Statement of Cash Flow for Six months ended Sectember 30, 2021
Particulars	Six months ended	Six months ended
	Sentember 30 2021	Sel")tember 30 2020
	[Unaudited)	(Restated refer note {Unaudited)	6
Cash flows from operating activities
Profit for the period	4,153	7,194
Adjustments for:
Interest income	[168)	1180)
Guarantee Commission	[88)	1115)
Employee stock compensation expenses	124		136
Finance costs	33		24
Depreciation and amortisation	567		521
Trade receivables, loans and advances provided/ written off {net)	32		77
Tax expense	859		914
Exceptional item	[694)	17,115)
Dividend from subsidiary	12,696)
(Profit) on sale of property plant and equipment, net			13)
Profit on sale of current investments	1261)		[523)
Rental income	1209)		1232)
Operating profit before working capital changes	1,652		698
(Increase) in trade receivables	[240)		1547)
Decrease in loans and advances and other assets	596		603
(Decrease)/ Increase in trade payables, other liabilities and provisions	[499)		184
Cash generated from operating activities before taxes	1,509		938
Income taxes paid, net of refunds	1417)		1357)
Net cash generated from operating activities	1,092		581
Cash flows from investing activities
Proceeds from sale of property, plant&equipment			3
Purchase of property, plant & equipment and software	[645)		1194)
Interest received	148		91
Dividend from subsidiary	2,696
Rental income	221		219
Guarantee Commission received	139		223
Purchase of current investments	[7,004)	15,899)
Proceeds from current investments	5,623	4,880
Net cash generated from/ (used in} investing activities	1,178		1677
Cash flows from financing activities
Proceeds from issue of shares under the employee stock compensation schemes	71		240
Proceeds and repayment of borrowings, net	27		[14)
Payment of lease liabilities	119)		(24)
Interest paid on finance lease and others	123)		(7)
Net cash generated from financing activities	56		195
Net increase in cash and cash eQuivalents durini;: the period Cash and cash equivalents at the beginning of the period	2,326 2,393	99 2,018
Cash and cash equivalents at the end of the period	4,719	2,117

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MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, AhmedabadM380 006 CIN No. L74140GJ1982PLC005215

Notes to the Standalone financial results:

The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on October 19, 2021. The auditors have carried out a limited review of the standalone financial results.

2 These results have been prepared in accordance with the Indian Accounting Standards (lndMAS) notified under the Companies (lndMAS) Rules, 201S (as amended).

Other Comarehensive Income includes:											. n a s (Rs I I kh )
Particulars			Quarter ended					Six	months ended		Year ended
	September 30,		June 30,		September 30,		September	30,	September 30,		March 31,
	2021		2021		2020		2021		2020		2021
{i) Items that will not be reclassified subsequently to the statement of
profit and loss (net of tax):
Defined benefit plan actuarial (loss)/ gain, net		(90)		43		49			(47)	8	(19)
Total		(90)		43		49			(47)	8	(19)
(ii) Items that will be reclassified subsequently to the statement of profit
or loss (net of tax}:
Gain/ (loss) on change in fair value of forward contracts designated as		909		(72)		(53)			837	219	(451)
cash flow hedaes net
Gain/ (loss) on change in fair value of financial instruments, net		82		(7)		69			75	26	157
Total		991		(79)		16			912	245	(294)
Other comprehensive income, net of tax(i+ii)		901		(36)		65			865	253	(313)

Exceptional items represents the following:											(Rs. In lakhs)
Particulars			Quarter ended					Six	months ended		Year ended
	September 30,		June 30,		September 30,		September	30,	September 30,		March 31,
	2021		2021		2020		2021		2020		2021
Settlement provision relating to revenue contracts						(700)				(700)	(700)
Gain on changes in fair value of put option liability		483		211		867			694	7,815	241
Total		483		211		167			694	7,115	(459)

The Company has accounted net foreign exchange gain under "Other income" and net foreign exchange loss under "Other Expenses". Further, during the period company has realised foreign exchange loss/ (gain) arising from currency hedges relating to certain firm commitments and forecasted sales transactions. The table below shows the amount of gain or !oss in each of the periods presented:

											IRs. In lakhsl
Particulars			Quarter ended					Six	months ended		Year ended
	September 30,		June 30,		September 30,		September	30,	September 30,		March 31,
	2021		2021		2020		2021		2020		2021
Net foreign exchange loss/ (gain}		132		(150)		(22)			(18)	(18)	(218)
Net realised foreign exchange (gain)/ loss arising from hedaina accounted under Revenue from Onerations		(22)		69		(13)			47	(83)	(10)

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MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad•380 006 CIN No. L74140GJ1982PLC005215

During the quarter and year ended March 31, 2020, Mastek acquired control of the business of Evolutionary Systems Private Limited {"ESPL") and its subsidiary companies (together referred to as "Evosys"). The acquisition was as follows:•

i. Mastek (UK) limited, a wholly-owned subsidiary of Mastek limited, entered into a Business Transfer Agreement ("STA") on February 8, 2020 to acquire the business of Evosys Arabia FZ LLC and Share Transfer Agreements {STA) to acquire Middle East Companies ("MENA Acquisition") by paying a cash consideration (net of cash & cash equivalents) of USO 64.9 million i.e.-=-: 48,204 lakhs. The closing of such transaction occurred on March 17, 2020, which is considered to be the date of transfer of control or the date of acquisition, as per Ind AS 103, and necessary effects have been recognised in the standalone financial statements of the respective entities and consolidated financial statements of the Company and its subsidiaries.
While the acquisition has been effected and full consideration has been paid, procedures to complete the legal processes like registering sale of shares in one geography is ongoing. The legal procedures are delayed because of COVID·19 pandemic related lockdown. The Company has been legally advised that such legal procedures are administrative in nature and the parties to the STA expect to complete these by December 31, 2021, subject to loc:kdown relaxation/ lifting in the concerned geography. ii. With respect to a business undertaking of ESPL (including investments in certain subsidiaries of ESPL), the parties (Mastek group and Evosys group) entered into a Deme:rger Co•operation Agreement (DCA) and Shareholders Agreement on February 8, 2020. The manner of discharge of the non•cash consideration and the acquisition of legal ownership, was decided to be achieved through a demerger scheme filed before the NCLT ("the Scheme"), or, as per DCA, the parties were to complete this transaction with the same economic effect, by an alternate arrangement, within the period specified in the DCA. The DCA eave Trans American Information Systems Private limited (TA1SPL) a wholly owned subsidiary of Mastek, the right to appoint majority of the board of directors in ESPL and its subsidiaries and a!so provided for the relevant activities of ESPL and its subsidiaries to be decided by a majority vote of such board of directors, thereby resulting in transfer of control of business of ESPL and its subsidiaries to Mastek Group. The date of acquisition of business undertaking for the purposes of Ind AS 103 is the date of transfer of control to the Group, i.e. February 8, 2020. Discharge of consideration for demerger is through issue of 4,235,294 equity shares of Mastek Limited (face value � 5 each) and balance through Compulsorily Convertible Preference Shares {CCPS) of TAISPL, which carry a Put Option to be discharged at agreed EBlTDA multiples, based on actual EBIDTA of 3 years commencing from financial year ending March 31, 2021 including adjustment for closing cash. Pending completion of legal acquisition, this transaction had only been considered for disclosure in the standalone financial statements for the years ended March 31, 2020 and 2021 and all periods ending June 30, 2021.

On September 14, 2021, the above transaction has been approved by the National Company Law Tribunal, pursuant to the Scheme of De•merger ('the Scheme'), for the demerger of Evolutionary Systems Private limited (ESPL or demerged entity}, into TAISPL, with the effective date of February 8, 2020 (Appointed Date). Consequently, the effect of the De•merger has been considered in the above financial results in accordance with Ind AS 103 - 'Business Combinations' and standalone financial results for the previous quarter/ six months ended September 30, 2020, quarter ended June 30, 2021 and year ended March 31, 2021, have been restated. Followine is the impact of restatement on the amounts reported in the financial results/financial statements of earlier periods.

Balance Sheet								I Rs.	In lakhs l
Particulars						March 31 ,2021		March 31 ,2021
						Before restatement		After restatement
Other Equity							27,292		46,702
Other financial liabilities (non--current)							920		2,021
Other financial liabilities (current)							5,669		12,146
Investment in subsidiaries							1 403		28,391
aem , an St t ent of Proft	d loss										(Rs In lakhs)
Particulars				Quarter ended					Six months ended		Year ended
		September 30,		June 30,		September	30,	September	30, September 30,		March 31,
		2021		2021		2020		2021	2020		2021
Before restatement
Exc:el"!tional items• floss)							(700)			(700)	(700)
After restatement
Excentional items • o-ain / I loss)			483		211		167		694	7 115	1459

The Group has assessed the impact of Covid·l9 Pandemic on its operations as well as financial reporting process, including but not limited to the areas of financial controls, credit risk, effectiveness of hedge transactions, goodwill, valuation of financial and non·financ:ial assets/ liabilities, and Cyber security pertaining to the remote access of information for the quarter ended September 30, 2021 and up to the date of approval of financial results. While assessing the impact, Group has considered all internal and external sources of information like industry reports, economic forecast, credit reports and company's business forecast basis the global economic: situation. Group expects to recover the carrying amount of its assets and retain effectiveness of its hedge transactions. However, the impact of COV10·19 may be different from that estimated as on the date of approval of these financial results and the Group will continue to closely monitor any material changes to the business due to future economic: conditions.

8 In accordance with Ind AS 108-'Operating Segments', the Company has opted to present segment information along with the consolidated financial results of the Group.
9 During the quarter ended June 30, 2020, the company had recognised a provision Rs. 730 lakhs, for prior years towards the possible impact of an uncertain tax treatment based on the present status of the on•going proceedings of its Advance Pricing Arrangement with the tax authorities. These adjustments have been incorporated on a similar basis while estimating the current tax expense for all periods commencing with the period ended June 30, 2020. Current tax expense for the quarter ended and for the period ended September 30, 2021 includes � 211 lakhs and "- 404 !akhs, respectively, recognised on a similar basis.
10 Other income for the quarter and six months ended September 30, 2021 includes dividend income from subsidiary Rs. 2,696 lakhs.

1�

11 Previous period's/ year's figures have been regrouped or reclassified wherever necessary.

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Ashank Desai Vice Chairman & Managing Director

Place: Mumbai, India

Date : October 19, 2021

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Press Release | Q2FY22

For Immediate Release

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Q2FY22 revenue at Rs 533.9 crore; up by 30.3% Y-o-Y basis

EBITDA Margin at 21.1% for Q2FY22
PAT grew 37.8% Y-o-Y
12 month order backlog grew 22.7% Y-o-Y
Added 45 new clients in the quarter

Mumbai, India – 19[th] October, 2021: Mastek, a global digital transformation specialist and a trusted partner in complex digital & cloud programs in the Government and Global Enterprises worldwide, announced today its financial results for the Second Quarter & Half Year of FY22 ended on 30th September 2021.

Commenting on the Q2FY22 results, Hiral Chandrana, Global Chief Executive Officer, Mastek Group, said: “ We continue to demonstrate sustained growth across geographies and industry sectors. I am pleased with our expansion in Fortune 1000 clients in Americas and increasing deal sizes in our pipeline. As an organization, we have made progress on our Vision 2025, strategic priorities and big bets that will drive accelerated growth in digital & cloud services over the next 3 years. We will continue to invest on our talent and our Mastekeer experience. As we shape the future in partnership with our clients, we will stay focused on delivering business outcomes & solutions, living the trust with stakeholders and innovating with disruptive technologies to drive time to value.”

Arun Agarwal, Global Chief Financial Officer, Mastek Limited, said: “Q2FY22 has been another quarter of consistent financial performance. We reported Rs 533.9 crore revenue, reflecting a growth of 30.3% on Y-o-Y basis, demonstrating the strong fundamentals of our business. Despite increase in costs due to salary hikes and investments in sales & marketing, we have been able to maintain healthy operating EBITDA margin at 21.1%. We are confident that with refreshed focus towards new age practices and strategic investments, we are well placed to sustain the growth momentum, create values for our customers and maximize value for our shareholders.”

2 of 7

For Immediate Release

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Review of the Consolidated Financial Performance for Quarter ended 30[th] September 2021:

Figures in $mn	Q2FY22	Q1FY22	*Q-o-Q Growth*	Q2FY21	*Y-o-Y Growth*
Revenue from Operations	72.0	70.2	3.9% (CC)	55.1	25.0% (CC)
					*Y-o-Y Growth* 30.9% 30.3% 30.3% 1bps 33.0% 35bps 37.8% 76bps
Figures in Rs Crore	Q2FY22	Q1FY22	*Q-o-Q Growth*	Q2FY21	*Y-o-Y Growth*
Total Income	541.6	521.2	3.9%	413.8	30.9%
Revenue from Operations	533.9	516.5	3.4%	409.7	30.3%
Operating EBITDA	112.8	112.8	0.0%	86.6	30.3%
% of Op. Income	21.1%	21.8%	(71)bps	21.1%	1bps
Total EBITDA	120.5	117.5	2.6%	90.6	33.0%
% of Total Income	22.3%	22.5%	(29)bps	21.9%	35bps
Net Profit	81.5	80.2	1.6%	59.2	37.8%
Net Profit %	15.1%	15.4%	(34)bps	14.3%	76bps
EPS (Rs) – Diluted	26.9	26.4		19.7

Figures in Rs Crore	H1FY22	H1FY21	*Y-o-Y Growth*
Total Income	1,062.8	816.6	30.2%
Revenue from Operations	1,050.4	795.8	32.0%
Operating EBITDA	225.6	154.7	45.9%
% of Op. Income	21.5%	19.4%	204bps
Total EBITDA	238.0	175.4	35.7%
% of Total Income	22.4%	21.5%	91bps
Net Profit	161.7	105.7	53.0%
Net Profit %	15.2%	12.9%	227bps
EPS (Rs) – Diluted	53.4	35.6

Operating highlights:

New accounts added during the quarter: The Company added 45 new clients in Q2FY22. Total client count as of 30[th] September, 2021 was 649 (LTM) as compared to 651 (LTM) in Q1FY22.
12 month Order Backlog: 12 month order backlog was Rs 1,154.3 crore ($155.5mn) as on 30[th] September, 2021 as compared to Rs 940.5 crore ($127.5mn) in Q2FY21, reflecting a growth of 22.7% in rupee terms and 18.8% in constant currency terms on Y-o-Y basis and Rs 1,177.7 crore ($158.4mn) in Q1FY22, this represents a degrowth of 2% in rupee terms and flat in constant currency on Q-o-Q basis.

3 of 7

For Immediate Release

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Employees: As on 30[th] September, 2021, the company had a total of 4,510 employees, of which 3,411 employees were based offshore in India while the rest were at various onsite locations. Employee count at the end of 30[th] September 2020 was 3,354 and at the end of 30[th] June 2021 was 4,302.
Cash Balance: The total cash, cash equivalents and fair value of Mutual Funds stood at Rs 943.9 crore as on 30[th] September 2021 as compared to Rs 959.8 crore at the end of 30[th] June 2021. Net Cash balance (after adjusting for debts) stood at Rs 719.1 crore as on 30[th] September 2021 as compared to Rs 702.9 crore at the end of 30[th] June, 2021.
Update on Evosys Acquisition: On 15[th] September, 2021, the company received the order of the Hon’ble National Company Law Tribunal, Ahmedabad Bench, pronounced on September 14, 2021 sanctioning the Scheme of Arrangement between Evolutionary Systems Private Limited, Trans American Information Systems Private Limited and the Company and their respective Shareholders and Creditors under Sections 230 to 232 of Companies Act, 2013 read with Companies (Compromise, Arrangements and Amalgamations) Rules, 2016.
Key wins for the quarter: During the quarter, we continued to experience momentum in winning deals as illustrated below:
As a Direct to Stakeholder (D2X) Partner Mastek would enable its Canadian Client in providing a highly performant, secure, mobile-friendly user experience to its patients and customers and provide them with curated, tailored, one stop shop for Lab Services and tests.
Mastek would leverage its D2X methodology and enable the US Client to migrate from existing legacy applications to a Modern Enterprise Platform that supports its continued eCommerce growth. This new platform would help the client distinguish themselves by driving better customer experience.
Mastek received 2-year multi-million commitment, from a UK Government Agency, for Azure/ Data and DevSecops services to be provided in their ‘data as a service’ programme – shifting customers’ business from paper-based maritime charts to realtime geo-spatial services.
Mastek will provide services to UK’s Government Agency, which will include agile squad supplementation in major digital programmes which will help in driving advanced digital services for the citizens, for their vehicles and driving licenses, and will be 100% online.

4 of 7

For Immediate Release

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Mastek has won a new logo, wherein it will provide consulting strategic advisory services to the British Army on their Zodiac program for shaping their intelligence, surveillance, targeting and reconnaissance (iSTAR) programme. This is to drive Army’s Digital Strategy, leveraging information exploitation in the Battlespace, using the latest AI and Integration technologies.
Mastek will be working with the Scottish Local Government Council for transforming their back-office and migrating to Oracle cloud while retiring legacy system. This will benefit our client to improve the process management, support digital channel shift and ensure statutory compliance and continuity of service.
With Oracle Cloud Applications and Mastek’s Expertise in their industry, the Finnish based customer will be able to move to single Platform and eliminate several on-prem based solutions. The customer will be able to achieve enhanced functionalities such as continued accessibility, better reliability and eliminate upfront capital expenditures.
Awards & Recognition: During the quarter, Mastek and its Subsidiaries received awards and recognitions conferred by reputable organizations. Some of them are:
Mastek featured in the list of Indian companies on the ‘Forbes Asia Best Under a Billion 2021’ list;
The Mastek Digital Catalyst Team was awarded the ‘Innovation in Infrastructure Management’ Award at Data Center Summit 2021 presented by UBS forums on Cloud Data Center in digital world – focus Security and cloud computing;
IIT- Bombay named its Centre for Policy Studies after Mastek’s Co-founder, MD and VC Ashank Desai, who is also an alumni of the institute;
Evosys has been certified as an achiever in 2021-2022 by the Oracle Partner Network for its Service Expertise in:
- Project Portfolio Management in UK & Ireland;
- Human Resources(Core) in Middle East & North Africa, North America, UK & Ireland; and
- Payroll in North America.

5 of 7

For Immediate Release

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About Mastek

Mastek (NSE: MASTEK; BSE: 523704), is an enterprise digital transformation specialist that engineers excellence for customers across 41 Countries worldwide including UK, US, Europe, Middle East, and Asia Pacific. We enable business outcomes for clients through our differentiated digital and cloud services, which includes Digital & Application Engineering; Cloud & Enterprise Apps; Digital Commerce & Experience; Data, Automation and AI and Next Generation Managed Services. Mastek helps enterprises to navigate the IT and business landscape and stay competitive by unlocking the power of data, modernizing applications, and accelerating digital advantage for our customers. Evosys – A Mastek company, is an Oracle Platinum partner and a leading Oracle Cloud implementation and consultancy company, with 1,200+ Oracle Cloud clients.

Mastek is well poised to be among the top providers of agile digital transformation solutions across diverse set of industries such as retail, manufacturing, healthcare & life sciences, public sector and financial services.

For more information and past results & conference call transcripts, please visit our web site www.mastek.com (and/or the Investors section at https://www.mastek.com/in/financialinformation or https://www.mastek.com/in/investor-information). Updated disclosures regarding corporate governance may also be accessed in the web site’s Investors section at: http://www.mastek.com/investors/corporate-governance.html.

Investor / Analyst contact:

Asha Gupta Christensen IR +91-22-4215-0210 [email protected]

Shareholders may also contact Mastek via email at [email protected], which has been specifically created for the redressal of investor grievances. You may also contact the Investor Relations team by email at [email protected].

Note: Except for the historical information and discussion contained herein, statements included in this release may constitute forward looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those that be projected by these forward looking statements. These risks and uncertainties include, but not limited to such factors as competition, growth, pricing environment, recruitment and retention, technology, wage inflation, law and regulatory policies etc. Such risks and uncertainties are detailed in the Annual Report of the company which is available on the website www.mastek.com. Mastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.

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For Immediate Release

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Investor Presentation – Q2FY22 19 October 2021

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Presented by:

Hiral Chandrana | Global Chief Executive Officer, Mastek Arun Agarwal | Global Chief Financial Officer, Mastek

Mastek Limited | Investor Presentation 2021 |

Highlights of the Quarter Financial Performance

Operational Performance

Key Wins for the Quarter

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Mastek Limited | Investor Presentation 2021 | 2
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Highlights of the Quarter

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Mastek Limited | Investor Presentation 2021 | 3

Highlights of Q2FY22

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Q2FY22 revenue at Rs 533.9 crore
Q1 Q2 Q3 Q4
30.3 % YoY revenue growth
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Proud Moment

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Mastek featured in the list of Indian companies on the ‘Forbes Asia Best Under a Billion 2021 list’

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PAT grew by 37.8% YoY
15.1% PAT margin in
Q2
FY Q2FY22, 76 bps
22
improvement YoY
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Total headcount of 4,510 as on 30 September 2021 208 headcount added during the quarter (net of attrition)

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Mastek Limited | Investor Presentation 2021 | 4

Financial Performance

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01
02
03
04
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Mastek Limited | Investor Presentation 2021 | 5

Consistent Financial Performance

30.3 %

Revenue growth YoY

Revenue from Operations (Rs Crore) Operating EBITDA Margin PAT Margin

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23.5% 21.9% 21.8% 21.1% 21.1% 17.3%[17.6%] 13.8%[13.2%][13.3%] 12.1% 12.0%[12.3%][12.4%][12.7%] 12.2%[12.8%] 11.8% 15.7% 15.6% 15.4% 15.1% 14.3%[11.6%][11.0%] 9.1% 9.4% 9.8%[10.0%] 9.6% 9.7%[10.3%] 8.6% 8.6% 8.4% 7.8% 186 198 210 224 244 257 265 267 248 244 244 337 386 410 443 483 517 534 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22

21.1 %

EBITDA margin Flat YoY

15.1 %

PAT Margin improved by 76 bps YoY

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Mastek Limited | Investor Presentation 2021 | 6

Financial Summary – Q2FY22

Financial Summary – Q2FY22	Financial Summary – Q2FY22	Financial Summary – Q2FY22	Financial Summary – Q2FY22	Financial Summary – Q2FY22	Financial Summary – Q2FY22	Financial Summary – Q2FY22

Key Performance Metrics		Q2FY22	Q1FY22	Q2FY21	Growth QoQ	Growth YoY
Revenue Margins (Rs Crore) Margin (%) EPS (Rs)
	Revenue from Operations ($mn)	$72.0	$70.2	$55.1	3.9% (CC)	25.0% (CC)
	Revenue from Operations (Rs Crore)	533.9	516.5	409.7	3.4%	30.3%
	Other Income (Rs Crore)	7.7	4.7	4.1	64.0%	89.9%
	Total Income(Rs Crore)	541.6	521.2	413.8	*3.9%*	*30.9%*
	Op. EBITDA	112.8	112.8	86.6	0.0%	30.3%
	Total EBITDA	120.5	117.5	90.6	2.6%	33.0%
	PBT	108.3	106.0	76.9	2.1%	40.8%
	PAT	81.5	80.2	59.2	1.6%	37.8%
	Op. EBITDA	21.1%	21.8%	21.1%	(71) bps	1 bps
	Total EBITDA	22.3%	22.5%	21.9%	(29) bps	35 bps
	PBT	20.0%	20.3%	18.6%	(36) bps	140 bps
	PAT	15.1%	15.4%	14.3%	(34) bps	76 bps
	Basic	27.8	27.4	20.8
	Diluted	26.9	26.4	19.7

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Mastek Limited | Investor Presentation 2021 | 7

Financial Summary – H1FY22

Financial Summary – H1FY22	Financial Summary – H1FY22	Financial Summary – H1FY22	Financial Summary – H1FY22	Financial Summary – H1FY22

Key Performance Metrics		H1FY22	H1FY21	Growth YoY
Revenue Margins (Rs Crore) Margin (%) EPS (Rs)
	Revenue from Operations ($mn)	$142.2	$105.8	26.0% (CC)
	Revenue from Operations (Rs Crore)	1,050.4	795.8	32.0%
	Other Income (Rs Crore)	12.4	20.8	(40.2)%
	Total Income(Rs Crore)	1,062.8	816.6	*30.2%*
	Op. EBITDA	225.6	154.7	45.9%
	Total EBITDA	238.0	175.4	35.7%
	PBT	214.3	147.8	45.0%
	PAT	161.7	105.7	53.0%
	Op. EBITDA	21.5%	19.4%	204 bps
	Total EBITDA	22.4%	21.5%	91 bps
	PBT	20.2%	18.1%	206 bps
	PAT	15.2%	12.9%	227 bps
	Basic	55.2	37.5
	Diluted	53.4	35.6

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Mastek Limited | Investor Presentation 2021 | 8

Comparison: Quarter-on-Quarter and Year-on-Year (Figures in Rs Crore)

Consolidated Financial Highlights Q2FY22

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Operating EBITDA &
Operating Revenue PAT & Margin (%) 12 Months Order Backlog
Margin (%)
21.8% 15.4% 15.1%
21.1% 21.1%
14.3%
533.9
516.5
1,177.7 1,154.3
112.8 112.8 940.5
409.7 80.2 81.5
86.6
59.2
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
3.4% QoQ Flat QoQ 1.6% QoQ 22.7% YoY
3.9% QoQ (CC) 30.3% YoY 37.8% YoY 18.8% YoY (cc)
30.3% YoY 2.0% QoQ
25.0% YoY (CC) Flat QoQ (cc)
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Mastek Limited | Investor Presentation 2021 | 9

Strengthening the Balance Sheet (Figures in Rs Crore)

Balance Sheet Metrics H1FY22 - Consolidated

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Return on Capital
Free Cash Flow Cash & Cash Equivalent Return on Equity [#]
Employed [#]
275.6 943.9
848.9 31.2%
28.7%
25.6% 27.3%
168.0
139.0 17.1%
414.7 14.6%
FY20 FY21 H1FY22 FY20 FY21 H1FY22 FY20 FY21 H1FY22
FY20 FY21 H1FY22
FCF to PAT: Net Cash:
H1FY22: 86.0% H1FY22: Rs 719.1 cr
FY21: 109.5% FY21: Rs 588.6 cr
FY20: 147.6% FY20: Rs 81.0 cr
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# Return on Equity = PAT/Average Networth; Return on Capital Employed = EBIT/Average Capital Employed; H1FY22 numbers are annualized for ROE and ROCE calculations

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Mastek Limited | Investor Presentation 2021 | 10

Operational Performance

01 02 03 04

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Mastek Limited | Investor Presentation 2021 | 11

Operating Metrics Q2FY22

	Operating Metrics Q2FY22	Operating Metrics Q2FY22	Operating Metrics Q2FY22	Operating Metrics Q2FY22

Strengthening our	business	Q2FY22	Q1FY22	Q2FY21
Client Base Employee Base DSO FX Hedges for next 12 months
	New Clients Added	45	40	37
	Active Client (immediately preceding 12 months)	649	651	542
	Top 5	30.8%	33.0%	35.1%
	Top10	45.3%	47.7%	45.8%
	Total Employee	4,510	4,302	3,354
	- Offshore	3,411	3,181	2,283
	- Onsite	1,099	1,121	1,071
	- Diversity (Women employees)	26.9%	26.0%	25.8%
	LTM attrition	24.2%	19.6%	14.7%
	Days	76	72	71
	Value (In mn) – £	11.1	12.2	10.1
	Average rate/ Rs.	104.7	103.6	99.3
	Value (In mn) – $	8.5	6.7	3.6
	Average rate/ Rs.	77.1	76.6	76.0

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Mastek Limited | Investor Presentation 2021 | 12

Balancing our portfolio

Revenue Analysis Q2FY22 - Consolidated

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Revenue by Market Region Revenue by Q2FY22 35.4% 20.9% 14.5% 9.8% 19.4%
Industry Segment
4.3% 6.0% 5.7%
Government Q1FY22 34.1% 25.6% 13.9% 9.6% 16.8%
10.8% 8.5% 9.0%
Health & Life Sciences
17.7% 15.4% 18.2%
Retail/ Consumer
Q2FY21 35.1% 18.2% 19.9% 12.1% 14.7%
70.1% Financial Services
67.2% 67.1%
Others
Revenue by
Contract Type Q2FY22 54.3% 45.7%
Q1FY22 57.6% 42.4%
Time & Material
Q2FY21 Q1FY22 Q2FY22
Fixed Price
UK & Europe US ME ROW
Q2FY21 54.4% 45.6%
ROW includes India, Singapore, Malaysia and Australia
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Mastek Limited | Investor Presentation 2021 | 13

Operational Performance

Revenue By Practice Line* Q2FY22 – Consolidated

Digital & Application Engineering

Cloud & Enterprise Apps

Digital Commerce & Experience Data, Automation and AI

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12.5% 7.8%
Q2FY22 48.0% 31.7%
Q1FY22 50.5% 30.2% 12.2% 7.1%
Q2FY21 46.5% 30.1% 14.9% 8.5%
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Note (*) : Reclassification of practice lines in Q2FY22

Mastek Limited | Investor Presentation 2021 | 14

Gartner Recognizes Evosys & Mastek

Evosys named in Gartner 2021 Magic Quadrant for Oracle Cloud Applications Services, Worldwide report. This is the third consecutive year the global research and advisory firm has recognized Evosys for its Oracle Cloud Application Services, Worldwide

2021*

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2021
Awards & Recognition
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IIT- Bombay named its Centre for Policy Studies after Mastek’s Co-founder, MD and VC Ashank Desai, who is also an alumni of the institute
The Mastek Digital Catalyst Team was awarded the ‘Innovation in Infrastructure Management’ Award at Data Center Summit 2021 presented by UBS forums on Cloud Data Center in digital world – focus Security and cloud computing

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Mastek Limited | Investor Presentation 2021 | 15

* Magic Quadrant for Oracle Cloud Application Services; Source: Gartner

Key Wins For The Quarter

01 02 03 04

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Mastek Limited | Investor Presentation 2021 | 16

Key wins for the quarter

Public Sector & Government

UK

Client: UK's government agency providing hydrographic and marine geospatial data to mariners and maritime organizations across the world

About the deal: Mastek received 2-year multi-million commitment for Azure/ Data and DevSecops services to be provided in their ‘data as a service’ programme – shifting customers’ business from paperbased maritime charts to real-time geospatial services

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UK
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Client: UK’s government agency responsible for maintaining a database of drivers in Great Britain and a database of vehicles for the entire UK

About the deal: Mastek will provide services which will include agile squad supplementation in major digital programmes which will help in driving advanced digital services for the citizens, for their vehicles and driving licenses , and will be 100% online

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Mastek Limited | Investor Presentation 2021 | 17

Key wins for the quarter

Public Sector & Government

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UK
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Client: A British company conducting R&D in the fields of communications, networks, electronic sensors, AI/ ML, data science, information assurance and human science

About the deal: Mastek has won a new logo, wherein it will provide consulting strategic advisory services to the British Army on their Zodiac program for shaping their intelligence, surveillance, targeting and reconnaissance (iSTAR) programme. This is to drive Army’s Digital Strategy, leveraging information exploitation in the Battlespace, using the latest AI and Integration technologies

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UK
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Client: Scottish Local Government Council that is responsible for providing public services to its residents

About the deal: Mastek will be working with the council for transforming their back-office and migrating to Oracle cloud while retiring legacy system. This will benefit our client to improve the process management, support digital channel shift and ensure statutory compliance and continuity of service

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Mastek Limited | Investor Presentation 2021 | 18

Key wins for the quarter

Healthcare and Lifesciences

UK

Client: NHS Digital

About the deal: New 4-year commitment received through the Digital Capability for health framework ‘Cancer Waiting Times’, having framework value of circa £8mn. It will include data & process services to manage and direct critical waiting list for cancer treatment in England. This is a critical service to drive the recovery of cancer care in UK which has been significantly delayed during the pandemic

Americas

Client : Canada’s leader in laboratory diagnostic information serving Canadians & conducting 100mn+ tests annually

About the deal: As a Direct to Stakeholder (D2X) Partner, Mastek would enable the company in providing a highly performant, secure, mobile-friendly user experience to its patients and customers and provide them with curated, tailored, one stop shop for Lab Services and tests

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AMEA
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Client : An international private healthcare company with an extensive network of hospitals across Indonesia, Malaysia and Vietnam

About the deal : Mastek helps the customer to remove manual interventions and processes while implementing a system which provides information symmetricity, consolidation of transactions and financial information to facilitate single data source

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Mastek Limited | Investor Presentation 2021 | 19

Key wins for the quarter

Manufacturing and Engineering & Construction

AMEA

Europe

AMEA

Client: A leading provider of rigid packaging and plastics catering to the South East Asia and China Markets

About the deal: The company partnered with Mastek to achieve the configurable and upgradable consolidation and close framework, to tailor solution to specific requirements with Oracle EPM solution

Client : Finnish based company operating in the construction, energy and utilities domain

About the deal: With Oracle Cloud Applications and Mastek’s Expertise in their industry, customer will be able to move to single Platform and eliminate several on-prem based solutions. The customer will be able to achieve enhanced functionalities such as continued accessibility, better reliability and eliminate upfront capital expenditures

Client: One of the largest asset management and infrastructure solutions company

About the deal : Mastek helps the customer to upgrade from existing system to Oracle Recruitment Cloud, to accelerate time to productivity for new hires thereby reducing sourcing costs

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Mastek Limited | Investor Presentation 2021 | 20

Key wins for the quarter

Retail

Americas

Client: Leading pop culture toy manufacturer based in US having operations globally. With revenues of ~$800mn, its growing at a very fast pace

About the deal: Mastek has been chosen as a Strategic Technology Partner to accelerate programs very critical to their business transformation. The first is the above deal for enabling business through BI & Reporting. Another deal won is for integrating Magento Commerce with their Oracle back office

AMEA

Client :One of the largest QSR operator in India and having presence in Sri Lanka & Maldives as well

About the deal: Mastek’s proposed solution will help customer to reduce the lead time for MIS generation, thereby improving their business decision making. Mastek will be automating 20+ processes across Finance & MIS for them in the first phase using the UiPath RPA Platform. Mastek managed and closed the deal including a trust-building PoC in quick time

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Mastek Limited | Investor Presentation 2021 | 21

Key wins for the quarter

Travel & Logistics

Americas

Client: A leading provider of freight transportation and logistics solutions. Providing customers with supply chain solutions that can be scaled to meet changing demands and volumes

About the deal : Mastek would leverage Microsoft platform based OCR solutions to improve operational efficiency for its Client. A digital transformation program complementing with their back office implementation

Media

Americas

Client: A US based, media & marketing services conglomerate serving consumers through its magazines, television stations, websites & radio stations

About the deal: Mastek would leverage its D2X methodology and enable the Client migrate from existing legacy applications to a Modern Enterprise Platform that supports its continued eCommerce growth. This new platform would help the client distinguish themselves by driving better customer experience

BFSI

AMEA

Client: One of the biggest private general insurance company in India

About the deal: Customer valued our end-to-end D2X proposition and partnered with us in enhancing features of their existing Mobile Application. Mastek will provide integrated service capabilities around UI/UX, Mobile App Dev, Analytics, Testing and Integration to ensure deal closure

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Mastek Limited | Investor Presentation 2021 | 22

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Mastek and Evosys
Cross-Sell
Opportunity
Mastek Services: Evosys Services:
Application Development Oracle Cloud Application
Digital Commerce Implementation
Application Support & Oracle On Premise
Maintenance Implementations and Upgrade
BI & Analytics Oracle Application Support
Agile Consulting Oracle Cloud Technology
Assurance & Testing Evosys IP on Cloud
The acquisition
126 523
enables company to
active active
provide end-to-end clients clients
digital transformation
and cloud migration
500+ 1,300+
services Clients Clients
globally globally
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Mastek Limited | Investor Presentation 2021 | 23

Strengthening Our Joint Sale

Co-sell Opportunity

Advantages of joint bids for Evosys ERP/ HCM bids

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Joint Mastek Services Go-toMarket Evosys Services Strategy

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Competitive “Total Digital Transformation” Solution offering Size benefit to bid for large contracts and compete against large players Multi-pillar sales and customer for life

Grow the managed services portfolio of Evosys

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Mastek Limited | Investor Presentation 2021 | 24

THANK YOU Questions & Answers

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AI assistant

Mastek Limited — Interim / Quarterly Report 2021

62169_rns_2021-10-20_c61a846a-e66b-4a17-b087-8f1f29c4184b.pdf

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

To the Board of Directors of Mastek Limited

Mastek Limited

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

For Walker Chandiok & Co LLP

UDIN:21108840AAAAFW4869

Mastek Limited

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

Annexure 1

List of entities included in the Statement

MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N. Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Statement of Unaudited Consolidated Financial Results for the Quarter and Six months ended September 30, 2021

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC00S215

Statement of Consolidated Segmental Information for the Quarter and Six months ended September 30, 2021

Notes on Segment Information:

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. l74140GJ1982PLC005215

MASTEK LIMITED

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

Notes to the Consolidated financial results:

Includes fair value gain on account of sale of equity shares of MAJ ESCO (US) by Mastek (UK) Limited at different points of time during the year ended March 31,2021.

MASTEK LIMITED

To the Board of Directors of Mastek Limited

Mastek Limited

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

5. Emphasis of Matter- Restatement of prior period financial information

For Walker Chandiok & Co LLP

U DIN :21108840AAAAFV6331

MASTEK LIMITED

Registered Office: 804/805, President House, Opp.C.N.Vidyalaya

Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215

MASTEK LIMITED

MASTEK LIMITED

MASTEK LIMITED

MASTEK LIMITED

Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, AhmedabadM380 006 CIN No. L74140GJ1982PLC005215

Notes to the Standalone financial results:

2 These results have been prepared in accordance with the Indian Accounting Standards (lndMAS) notified under the Companies (lndMAS) Rules, 201S (as amended).

MASTEK LIMITED

Near Ambawadi Circle, Ahmedabad•380 006 CIN No. L74140GJ1982PLC005215

Press Release | Q2FY22

Q2FY22 revenue at Rs 533.9 crore; up by 30.3% Y-o-Y basis

Operating highlights:

About Mastek

Presented by:

TABLE OF CONTENTS

Highlights of the Quarter

Highlights of Q2FY22

Proud Moment

Financial Performance

Consistent Financial Performance

30.3 %

21.1 %

15.1 %

Financial Summary – Q2FY22

Financial Summary – H1FY22

Consolidated Financial Highlights Q2FY22

Strengthening the Balance Sheet (Figures in Rs Crore)

Balance Sheet Metrics H1FY22 - Consolidated

Operational Performance

Operating Metrics Q2FY22

Balancing our portfolio

Revenue Analysis Q2FY22 - Consolidated

Operational Performance

Gartner Recognizes Evosys & Mastek

Key Wins For The Quarter

Key wins for the quarter

Public Sector & Government

UK

Key wins for the quarter

Mastek Limited Interim / Quarterly Report 2021