Mphasis Limited — Investor Presentation 2021

Oct 22, 2021

DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

22 October 2021

The Manager, Listing The Manager, Listing BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. c/1, Dalal Street, G-Block, Bandra-Kurla Complex, MUMBAI - 400 001 MUMBAI – 400 051

Dear Sirs,

Sub: Presentation for Investor(s)/Analyst(s) call

Please find enclosed a copy of the presentation proposed to be made at the Investor/Analyst call to be held today at 9:00 am (IST) in connection with the results of the Company for the quarter and half year ended 30 September 2021.

The presentation is also being hosted on the website of the Company at www.mphasis.com.

We request you to kindly take the above on record as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Yours faithfully,

For Mphasis Limited

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Subramanian Narayan Senior Vice President and Company Secretary

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Encl: As above

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Mphasis Earnings Q2 FY 2022

Building for sustainable Growth

22[nd] October 2021

Nitin Rakesh

Chief Executive Officer and Managing Director

Manish Dugar

Chief Financial Officer

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Safe Harbor

Certain statements mentioned in this our are presentation concerning future growth prospects forward looking statements (the “Forward Statements”) and are based on reasonable expectations of the management, which involves a number of risks, and uncertainties that could cause actual results to differ materially from those in such Forward Statements. The risks and uncertainties relating to these Forward Statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, fluctuations in foreign exchange rates, revenue and profits, our ability to generate and manage growth, intense competition in IT services, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price and fixed-time frame contracts, restrictions on immigration, industry segment concentration, our ability to manage our international operations, our revenues being highly dependent on clients in the United States of America, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of fiscal governmental incentives, political instability, adverse impact of global pandemics (including COVID-19 impact), war, legal restrictions on raising capital or unauthorized use our intellectual and economic conditions our acquiring companies, of property(ies) general affecting businesses and industry. We may, from time to time, make additional written and oral Forward Statements . We do not undertake to update any Forward Statements that may be made from time to time by us or on our behalf, unless required under the law.

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Looking at the Future: Three engines powering our growth

1

2

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DISCRETIONARY OPS IT SERVICES SPEND AS CAPEX MARKET GROWTH REDUCES

3

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TECH SPEND ORIGINATING FROM NEW SPEND AREAS

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Our track record tells the story : Decade-high growth

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Q2-FY22 Overall revenue grew 17.2% YoY in CC; Decade-high growth
Accelerated growth with larger
Direct business grew 31.5% YoY in CC; Consecutive Quarter of 30%+YoY growth scale in Direct
385
YoY  10.3% 12.5% 19.0% 32.1%
363
354
342
CQGR +3.1%
334
327
CAGR +13.1%
318 [320]
305 305
CAGR +18.2%
292 [297]
268
283
276
CAGR 264 [269]
250 -4.4% 252 225
242
240
235 [237]
231
227 [228] 229 225 225 224 224 222 200
181
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2’18 Q2’19 Q2’20 Q2’21 Q2’22
’15 ’15 ’15 ’15 ’16 ’16 ’16 ’16 ’17 ’17 ’17 ’17 ’18 ’18 ’18 ’18 ’19 ’19 ’19 ’19 ’20 ’20 ’20 ’20 ’21 ’21 ’21 ’21 ’22 ’22
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• Revenue in USD $M at average USD/INR rate for the respective years

# Constant Currency

Direct Business revenues

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Continuing success of our strategy in numbers

53 34 25 268 323 354 Q2’22 Q2’21 Q1’22 Direct DXC Others 327 363 385 Y-o-Y 32% Revenue in USD M 36 42 38 35 44 46 256 277 301 363 385 EMEA Q2’21 Q1’22 Q2’22 327 ROW Americas Y-o-Y Direct Y-o-Y 27% 18% 44% 31% 86% 5% 47 41 49 87 97 101 193 225 235 Q2’21 363 Q1’22 ITO Q2’22 327 BPO APPS 385 Direct Y-o-Y 39% 16% 46% Y-o-Y 22% 16% 4% 18%	53 34 25 268 323 354 Q2’22 Q2’21 Q1’22 Direct DXC Others 327 363 385 Y-o-Y 32% Revenue in USD M 36 42 38 35 44 46 256 277 301 363 385 EMEA Q2’21 Q1’22 Q2’22 327 ROW Americas Y-o-Y Direct Y-o-Y 27% 18% 44% 31% 86% 5% 47 41 49 87 97 101 193 225 235 Q2’21 363 Q1’22 ITO Q2’22 327 BPO APPS 385 Direct Y-o-Y 39% 16% 46% Y-o-Y 22% 16% 4% 18%	53 34 25 268 323 354 Q2’22 Q2’21 Q1’22 Direct DXC Others 327 363 385 Y-o-Y 32% Revenue in USD M 36 42 38 35 44 46 256 277 301 363 385 EMEA Q2’21 Q1’22 Q2’22 327 ROW Americas Y-o-Y Direct Y-o-Y 27% 18% 44% 31% 86% 5% 47 41 49 87 97 101 193 225 235 Q2’21 363 Q1’22 ITO Q2’22 327 BPO APPS 385 Direct Y-o-Y 39% 16% 46% Y-o-Y 22% 16% 4% 18%

Direct performance in Q2’22

• YoY growth of 31.5% in CC; Consecutive quarter of 30%+ YoY growth

• Strong and Consistent growth across all vectors: Segment, Geography and Service type

• Broad based growth across client segments; Top 10 accounts continue to deliver strong growth

* Revenue in USD $M at average USD/INR rate for the respective years

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Broad-based Growth Across Verticals Sustained

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Revenue in USD M Overall Direct Direct Direct
385
363 Q-o-Q Q-o-Q Y-o-Y CAGR
327
210 13.1% 13.8% 23.8% 17.6%
186
175
Banking & Financial Services
2.1% 1.0% 12.7% 2.4%
33 34
Insurance 31
52 48
TMT 39 -6.5% 10.8% 168% 46.8%
Logistics & Transportation 40 51 50 -0.8% 1.5% 39.0% 36.1%
Others 42 41 42
2.5% 5.7% 28.1% 10.8%
Q2’21 Q1’22 Q2’22
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• BFS (renamed from BCM): Consistent track record of double-digit YoY growth

• Delivered growth of 20%+ YoY growth in past 5 quarters ; “Best in class performance”

• With our tech-led positioning, we are replicating our performance in BFS in other verticals

• TMT (renamed from ITCE): YoY growth of over 160% driven by recent large deal wins; the next US$100 million vertical

• Logistics and Transportation: Strong YoY growth of 39.0%

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* CAGR for the past 4-year period

DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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All constituents of Direct growth progressing well; key clients lead growth

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Accelerated Growth in Direct Revenue
Q2’22: Consecutive Quarter of 30%+ YoY organic growth rate
YoY
+32.1% 354
323
268
Q2’21 Q1’22 Q2’22
Top Accounts leading growth in Direct
LTM revenue ($M) for top 10 accounts in Direct ( as per MDA disclosures)
YoY * Q2’22
+28.1% YoY
49%
Top 6 - 10
22%
Top 1 - 5
Q2’21 Q1’22 Q2’22
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Strong Q2’22 YoY (31.5% CC) Overall growth; Broad based growth across all vectors Top 10 accounts grew 28.1%[[*]] YoY; Top 10 All US$50M + accounts grew

Top 10 accounts grew 28.1%[[*]] YoY; All US$50M + accounts grew sequentially in Q2’22 for 2[nd] straight quarter

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Europe
NCA
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Europe region delivering strong growth; Q2’22 revenue has grown at 40.7% YoY on CC basis

NCA continues to contribute to growth in Direct; YoY growth of 63.0%

Revenue in $M at average USD/INR rate for the respective quarters ; * Basis LTM revenue

NCA: New Client acquisitions

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Direct TCV trends stable

Direct TCV Wins

Direct: Revenue vs TCV – Strong Correlation

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CAGR
+50.2%
747
619
331
New Gen
Traditional
H1’20 H1’21 H1’22
TCV wins : $M
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1,200
1,100
1,000
R² = 0.9303
900
800
700
600
350 550 750 950 1,150 1,350
TCV of Direct (TTM in US$ M)
Direct Revenue (TTM in US$ M)
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• TCV wins of $241M for Q2’22; 7th consecutive quarter of $200M+ TCV wins

• YTD TCV wins at $747M ; CAGR of 50% in the past 2 years;

• ~80% of YTD deal wins in New Gen areas

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Improving client mining and large-deal metrics: Direct

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Client Pyramid Focus on winning large-deals (>$20M TCV)
# of cumulative deal wins since Q1’18
88
Client Additions
LTM avg deal size
Category Y-o-Y Q-o-Q
(large deals) 27 29 59 80
$100M + 2 - 80
60
$50M + 3 - 41
28
$5M + 10 2
$1M + 8 4
22
Healthy conversion of 60%-70% clients 31
at each stage to the next
26
19
17
13
Q2’18 13
9
Q2’21
9
Q2’22 8
7 7
5
4 4 4 3
3
2
1 1
>$100 M >$75 M >$50 M >$20 M >$10 M >$5 M >$1 M Q2’18 Q2’19 Q2’20 Q2’21 Q2’22
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Note: All metrics based on LTM revenues

Includes large deal of $250M won in Q1’22

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Strong performance in all financial metrics

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Revenue growth
YoY
385
+17.6%
363
327
Q2’21 Q1’22 Q2’22
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Gross Revenue in $M at average USD/INR rate for respective periods

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EPS growth
YoY
+19.0%
19.1
18.2 0.9
M&A Charges adj
Reported
16.0 18.2
Q2’21 Q1’22 Q2’22
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Basic EPS in INR for respective periods

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Operating Profit growth
YoY
61
+15.6%
3
58
M&A Charges adj
Reported 53 58
Q2’21 Q1’22 Q2’22
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EBIT in $M at average USD/INR rate for respective periods

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Consistent Operating Cash flow generation
YoY
54
+27.2%
48
42
Q2’21 Q1’22 Q2’22
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Net Operating Cash flow as per MDA disclosures; Converted at average USD/INR for respective periods

* Adjusted for M&A related charges

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DocuSign Envelope ID: 9DCBB437-9E83-48D3-94E7-910CD8607A90

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Healthy New client wins and pipeline growth to sustain growth momentum

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Fortune 500 – New Client additions
Cumulative Fortune 500 Client additions
30
Healthy mix of Fortune 500 client
additions across all segments
10
Blin k
18
16 16
15
14
11
9 20
5
2
Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22
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New Gen Pipeline

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Y-o-Y
27.7%
13.1%
Q-o-Q
11%
10%
15%
11%
Data 18%
16%
16%
Modernization 15%
5% 9%
DevOps 23% 15% 11%
Cyber Security 8% 17% 13%
Next Ops
13%
9%
Xaap 14%
Experience
23% 16%
Next Gen IT Ops 13%
Q2’21 Q1’22 Q2’22
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• Client additions basis TCV wins; includes hunting licenses

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Multiple vectors to drive sustainable growth

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Deal Wins

Pipeline

NCA

• High % of proactive deal • Pipeline momentum in pursuits; higher win rates NCA channel

• Several Marquee logos converted in the past 6 Qtrs

• Integrated, multi• Pipeline increases despite component deals a larger strong TCV conversion proportion of TCVs • Pipeline driven by new gen deals

• Expanded into newer verticals

• Integrated, multicomponent deals signed in NCA

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• TAM Capability

• • Tapping the • Cloud-ready tribes and discretionary digital delivery spend coming from • Growing hyperscalers Capex to Opex release linkages

• • Focus on expanding into • M&A-led - Research, Non-CIO spend areas Strategy and Design

• • Capability accretion and Capabilities via Blink geography expansion

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Summary

• Strong Direct performance sustained – FYTD 32% Y/Y Constant Currency Direct growth; second straight quarter of 10% Q/Q and 30%+ Y/Y organic growth; accelerating growth on an enlarging revenue base

• KPIs moving in the right direction with our tribe-based propositions paying off

o Broad-based nature of growth sustained with Europe & multiples verticals (TMT, Logistics & Transportation) aiding growth besides anchor vertical (BFS) and geography (US)

• Continued share gains with key clients; Strong Top-5/Top-10/Top-20 client LTM growth, Client mining metrics across revenue buckets consistently strengthening

• Investments in NCA architecture bearing fruit with 20+ F-500 new clients over past 10 quarters; NCA Revenue growth 63% Y/Y

• Cash flow generation metrics trending up with 2Q22 cash flow generation at US$54M (9-year high)

• Growth-accretive margin stance ensures predictable margin performance (adjusted for M&A-related expenses) while providing room to make essential investments and managing supply headwinds

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Summary

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Sustained investments in tune with our “Continuity and Acceleration” theme – geography footprint expansion, greater leadership breadth and depth, build-up of digital competencies (including M&A), NCA

• Industry-leading growth in Direct

• Target organic operating (EBIT) margin band of 15.5%-17%

• Increasing convergence of overall revenue growth with Direct growth going forward

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Q&A
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Link to financial data for the past three years: https://www.mphasis.com/home/corporate/investors.html

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Analysts/Advisor Recognitions

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HFS MARKET ANALYSIS

Ranked 2nd – Banking and Financial Services Formidable Challengers report

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STAR
PERFORMER
LEADER
& MAJOR
CONTENDER
Capital Markets Operations, 2021
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Established Player
Life /Annuity/Benefits Policy
Administration Systems
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MAJOR
CONTENDER
IT Managed Security Services
Providers, 2021
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MAJOR
CONTENDER
Property and Casualty (P&C) Insurance
BPS PEAK Matrix Assessment 2021
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G A R T N E R
MAGIC QUADRANT
Challenger – Life Insurance Policy
Administration Systems,
North America
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STAR PERFORMER & MAJOR CONTENDER Application and Digital Services in Banking – Global Service Provider

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Established Player
Quantum Technology and Insurance
2021
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THANK YOU

About Mphasis

Mphasis (BSE: 526299; NSE: MPHASIS) applies next-generation technology to help enterprises transform businesses globally. Customer centricity is foundational to Mphasis and is reflected in the Mphasis’ Front2Back™Transformation approach. Front2Back™uses the exponential power of cloud and cognitive to provide hyper-personalized (C=X2C[2] TM=1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialization are key to building strong relationships with marquee clients. Click here to know

Important Confidentiality Notice

This document is the property of, and is proprietary to Mphasis, and identified as “Confidential”. Those parties to whom it is distributed shall exercise the same degree of custody and care afforded their own such information. It is not to be disclosed, in whole or in part to any third parties, without the express written authorization of Mphasis. It is not to be duplicated or used, in whole or in part, for any purpose other than the evaluation of, and response to, Mphasis’ proposal or bid, or the performance and execution of a contract awarded to Mphasis. This document will be returned to Mphasis upon request.

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