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Coforge Ltd.

BSE: 532541 Sector: IT
NSE: COFORGE ISIN Code: INE591G01017
BSE 00:00 | 02 Dec 4236.65 120.35
(2.92%)
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4145.95

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4253.85

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4135.15

NSE 00:00 | 02 Dec 4237.50 120.65
(2.93%)
OPEN

4137.00

HIGH

4253.00

LOW

4120.10

OPEN 4145.95
PREVIOUS CLOSE 4116.30
VOLUME 9005
52-Week high 6133.00
52-Week low 3210.00
P/E 43.20
Mkt Cap.(Rs cr) 25,839
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4145.95
CLOSE 4116.30
VOLUME 9005
52-Week high 6133.00
52-Week low 3210.00
P/E 43.20
Mkt Cap.(Rs cr) 25,839
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Coforge Ltd. (COFORGE) - Director Report

Company director report

To

The Members

Your Directors are pleased to present the Twenty Eighth Annual Report on the businessand operations of your Company along with the audited annual accounts for the FinancialYear ended March 31 2020 (FY2020). The consolidated performance of the Company and itssubsidiaries has been referred to wherever required.

FINANCIAL PERFORMANCE OF THE COMPANY

The highlights of the financial results for the financial year 2019-20 are as follows:

(Figures in Rs.mn except for EPS)

Particulars FY 2019-20 FY 2018-19 FY 2019-20 FY 2018-19

Consolidated financials

Standalone financials

Income from operations 41839 36762 22310 19992
Other Income 677 535 2846 1542
Total Income 42516 37297 25156 21534
Profit before depredation and taxes 7755 6928 5775 4485
Depreciation 1730 1248 902 781
Exceptional Item 71 56
Provision fortax & (deferred tax) 1278 1403 648 714
Non-Controlling Interest 236 188
Profit After Tax 4440 4033 4225 2990
Earnings Per Share (Basic) (In Rs.) 71.39 65.49 67.93 48.55

BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR AND STATE OF THE COMPANY'SAFFAIRS

Operating highlights

The financial year under review has been one of out performance across multipleparameters with robust revenue and earnings growth as well as strong deal flows even asthe Company navigated an increasingly difficult and unprecedented situation arising out ofthe Covid-19 pandemic during the last quarter of the fiscal.

Driven by its strategy to transform at the intersect of industry verticals of focusthe Company acquired new customer relationships won multiple new deals and enhanced itsofferings portfolio through both organic and inorganic means which included theacquisition of a 57.6% stake in the total capital of WHISHWORKS IT Consulting PrivateLimited ('WHISHWORKS') a MuleSoft and Big Data specialist. This transaction was closed inJune 2019 and strengthens the Company's Digital capabilities complements its existingcompetencies and creates a powerful offerings combination in the Digital Integrationspace. The Company plans to acquire the remaining equity in WHISHWORKS over two yearsthrough pay-outs linked to financial performance.

The Company's operating performance during the year has also been marked by multiplenew engagements and large deal closures. The Company added 41 new clients during FY2020compared to 40 in the preceding financial year. The Company secured fresh orders worth$748 million during FY2020 (compared to $646 million during FY2019) resulting in a 20%increase in the order book executable over the next 12 months from $390 million as onMarch 31 2019 to $468 million as on March 312020.

Key among the significant operating accomplishments during the year was the Company'sability to ensure Business Continuity and uninterrupted delivery to its customersworldwide even as multiple countries went into lockdowns amidst increasing concerns overthe spread of Covid-19. NIIT Technologies has been proactive and nimble in instituting andimplementing practices and processes to ensure the safety of its human resources as wellas its ability to up to the trust reposed in the Company by its clients. The Company hassuccessfully managed to switch temporarily to a work- from-home-model in order toseamlessly manage business operations and serve its customers while maintaining optimalproductivity levels. By the end of FY2020 almost everyone of the Company's deliveryresources including IT Services and BPO were operating through the work-from-home modelother than the ones who are required to operate from a clean room.

Financial highlights

On a consolidated basis revenues increased 13.8% to Rs 41839 million in FY2020 fromRs. 36762 million in FY2019. Engagements in the emerging technologies and DigitalServices space have been an important growth driver for the Company. During FY2020Digital Services contributed 37% to overall revenues and grew 47%. EBITDA for the yearincreased 11.6% to Rs. 7197 million from Rs. 6452 million in the preceding financialyear. EBITDA margin for FY2020 stood at 17.2% representing a decrease of 35 basis pointsover the previous financial year. EBITDA in FY2020 includes one-time non-recurringexpenses of INR 234 Mn. EBITDA margin excluding non-recurring expense stood at 17.8%.Depreciation during the year at Rs.1730 million represents an increase over the previousyear primarily on account of lease assets and acquired intangibles on acquisition ofsubsidiary. Other income for the financial year derived from investments in mutual fundsgain on exchange fluctuations and other miscellaneous sources stood at Rs.677 million.The effective tax rate for the year was13.30%. Profit after tax (PAT) for the year was Rs.4440 million representing an increase of 10.1% from the preceding financial year.

The Management's Discussion & Analysis (MD&A) of the Company's globalbusiness during the year under review as well as business outlook along with a discussionof internal controls & risk management and mitigation practices appears separately inthis Annual Report.

Consolidated financial statements The consolidated financial statements areenclosed in addition to the standalone financial statements pursuant to section 129(3) ofthe Companies Act 2013 read with all relevant Rules and amendments thereto & SEBIListing Obligations & Disclosure Regulations 2015 as amended prepared in accordancewith the Accounting Standards prescribed by ICAI in this regard. The consolidatedFinancial Statements together with Auditors Report thereon form the part of the AnnualReport.

Dividend

During FY2020 the Company paid INR 1936.00 Mn in aggregate by way of three interimdividends on equity shares first after Q2 FY2020 again after Q3 FY2020 and third interimdividend on May 5 2020 with the dividend in first two instances being INR 10 per share(100%) and in third instance being INR 11 per share (110%)thereby totalling to INR 31 pershare (310% of the face value of equity share of the Company).

Transfer to Reserves

During the year the Company has not transferred any amount to the General Reserves.

Material changes and commitments if any affecting the financial position of theCompany which have occurred between the end of the Financial Year of the Company to whichthe financial statements relate and the date of the Report & change in nature ofbusiness if any There have been no material changes and commitments affecting thefinancial position of the Company subsequent to the close of the Financial Year to whichFinancial Statements relate and the date of the Report

COMPANIES ACT DISCLOSURES & CORPORATE GOVERNANCE

Extract of Annual Return

In accordance with Section 134(3)(a) of the Companies Act 2013 an extract of AnnualReturn (MGT-9) is enclosed as (Annexure A) and the same shall be placed on thewebsite of the Company.

Directors

Consequent to the change of control in the Company on May 17 2019 the Company'serstwhile directors on the Board i.e. Mr. Arvind Thakur Mr. Rajendra S Pawar & Mr.Vijay K Thadani resigned from the Directorships of the Company along with all theCommittees where they were holding memberships/chairmanship . The Board was re-constitutedon May 17 2019 and the shareholders also approved the appointment of the new Directors intheir annual general meeting held on September 21 2019 in FY20. The NonExecutiveChairperson on the Board was appointed on June 29 2019. The details of the Directors andall relevant disclosures are made in the Corporate Governance Report of the Company.

The current composition of the Board of the Company is as under:

Name of the Director & DIN Designation
Mr. Basab Pradhan (00892181) Independent Director- Chairperson
Mr. Sudhir Singh (07080613) Chief Executive Officer & Executive Director
Mr. Hari Gopalakrishnan (03289463) Non-Executive Director
Mr. Patrick John Cordes (02599675) Non-Executive Director
Mr. Kenneth Tuck Kuen Cheong (08449253) Non-Executive Director
Mr. Kirti Ram Hariharan (01785506) Non-Executive Director
Mr. Ashwani Puri (00160662) Independent Director
Ms. Holly Jane Morris (06968557) Independent Director

Independent Directors

Pursuant to the provisions of Section 149 of the Companies Act 2013 &SEBI ListingObligations & Disclosure Regulations 2015 as amended Mr. Basab Pradhan has beenappointed as Non-Executive Independent Director and Chairperson of the company by theBoard on June 29 2019 for a term appointment of Mr. Pradhan in their annual generalmeeting held on September 21 2019 in FY20. There are two other Independent Directors onthe Board of the Company Mr. Ashwani Puri & Ms. Holly Jane Morris. The composition ofthe Board is in accordance with the terms of the SEBI Listing Obligations & DisclosureRegulations 2015 as amended & Companies Act 2013 as amended from time to time.

All Independent Directors have given declarations that they meet all the requirementsspecified under Section 149(6) of the Companies Act 2013 and SEBI Listing Obligations& Disclosure Regulations 2015 as amended.

During the year Independent Directors of the Company had no pecuniary relationship ortransactions with the Company other than sitting fees commission and reimbursement ofexpenses incurred by them for the purpose of attending meetings of the Company.

Details of the Familiarization program for Independent Directors of the Company areavailable on the website of the Company at https://www.niit-tech.com/sites/default/files/Familiarization-Programme-Independent-Directors.pdf) Further at the time ofappointment of an Independent Director the Company issues a formal letter of appointmentoutlining his/her role functions duties and responsibilities. The terms and conditionsof the appointment of Non-Executive Directors are placed on the website on the Company atwww.niit-tech. com.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Companies Act 2013 the Company hasthe following Directors/ employees as Whole-time Key Managerial Personnel as on March 312020:

a) Mr. Sudhir Singh - Chief Executive Officer & Executive Director

b) Mr. Ajay Kalra - Chief Financial Officer

c) Mr. Lalit Kumar Sharma - Company Secretary & Legal Counsel

Changes in the status of KMPs:

- Mr. Sanjay Mal resigned and Mr. Ajay Kalra was appointed as Chief Financial Officerof the Company w.e.f. November 12 2019.

Number of meetings of the Board

The Board of Directors of the Company met 9 (nine) times in the FY2019-20. The detailspertaining to the Board Meetings and attendance are provided in the Corporate GovernanceReport. The intervening gap between two Board Meetings was within the period prescribedunder Companies Act 2013 and SEBI Listing Obligations & Disclosure Regulations 2015as amended. Further the Board also passed circular resolutions during the year on April22 2019; June 13 2019; June 29 2019; August 01 2019; September 30 2019; October 302019 & February 21 2020. The details of the attendance and other relevant details areprovided in the Corporate Governance Report.

Directors' Responsibility Statement As required under Section 134(3)(c) read with134(5) of the Companies Act 2013 the Board of Directors of the Company hereby states andconfirms that:-

a. In the preparation of the Annual Accounts the applicable Accounting Standards havebeen followed along with proper explanation relating to material departures;

b. The Company has selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the Financial Year and of theProfit & Loss of the Company for that period;

c. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularities;

d. The Annual Accounts are prepared on a going concern basis;

e. Suitable internal financial controls have been implemented by the Company and suchinternal financial controls are adequate and are operating effectively.

f. Proper systems have been devised to ensure compliance with the provisions of allapplicable laws and such systems are adequate and are operating effectively.

Deposits from Public

The Company has not accepted any Deposits under Chapter V of the Companies Act 2013during the year and hence no amount of principal or interest was outstanding on the dateof the Balance Sheet.

Share Capital

a) Issue of equity shares with differential rights or sweat equity shares

During the year the Company has not issued any equity shares with differentialrights/sweat equity shares under Companies (Share Capital and Debentures) Rules 2014.

b) Issue of Employee Stock Options

During the year the Company issued 710 685 (Seven Lakhs Ten Thousand Six HundredEighty-Five) Equity shares on the exercise of stock options under the Employee StockOption Scheme of the Company (ESOP 2005). Consequently the issued subscribed and Paid-upEquity Capital increased to Rs. 624945590 as at March 312020 pursuant to Rule 12(9) ofCompanies (Share Capital and Debentures) Rules 2014. The grant-wise details of theEmployee Stock Option Scheme are partially provided in the Notes to Accounts of theFinancial Statement in the Annual Report and a comprehensive note on the same forms partof the Board Report which is available on the website of the Company (www.niit-tech.com/investors).During the year Employee Stock Options Plan 2005 (‘ESOP 2005') of the Companywas amended by the Board on February 21 2020 and by the shareholders through a specialresolution by way of a postal ballot in terms of SEBI (Share Based Employee Benefits)Regulations 2014 on March 27 2020 wherein in addition to the other amendments aceiling limit on the number of options which can be granted under the Plan has beenincreased by 900000 Employee Stock Options. Each option is exercisable forone (1) equityshare offace value of Rs.10.

c) Provision of money by Company for purchase of its own shares by employees or bytrustees for the benefit of employees

In terms of Rule 16(4) of Companies (Share Capital and Debentures) Rules 2014 theCompany has not provided any funds for purchase of its own shares by employees or bytrustees for the benefit of employees.

d) Buy-back of equity shares of the Company

The Board in its meeting held on December 23 2019 and the shareholders by way ofpostal ballot by means of a special resolution through postal ballot on February 13 2020has approved buy-back of up to 1956290 fully paid equity shares of a face value of Rs.10/- each at a price of up to INR 1725 (Rupees One Thousand Seven Hundred Twenty FiveOnly) per share aggregating up to INR 3374600250 (Rupees Three Hundred Thirty SevenCrores Forty Six Lakhs and Two Hundred Fifty only) which represents 20.23% of the paid-upequity share capital and free reserves of the Company. The Buyback was proposed to be madefrom the shareholders of the Company as on March 12 2020 Record Date on a proportionatebasis under the Tender Offer route through Stock Exchange mechanism in accordance with theprovisions of the SEBI (Buyback of Securities) Regulations 2018. Due to the COVID-19nationwide lockdown for logistical reasons the Company sought an extension from theSecurities and Exchange Board of India for dispatching the letter of offer and tenderform. SEBI has provided an extension for dispatching the letter of offer and tender formwithin 15 days from the end of the ‘lockdown' as announced by the Government.

COMMITTEES OF THE BOARD

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination & Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

Audit Committee

The Audit Committee of the Company is constituted as per Section 177 of the CompaniesAct 2013 & Regulation 18 of the SEBI Listing Obligations and Disclosure Regulation2015 as amended and it consists of a majority of Independent Directors. The Board in itsmeeting held on March 20 2019 revised the charter of the Committee in line with SEBIListing Obligations & Disclosure Regulations 2015 as amended effective from April 012019. The details of the attendance in the meetings and other details are provided in theCorporate Governance Report. The Audit Committee of the Board comprises of the followingmembers:

1. Mr. Ashwani Puri - Chairperson

2. Ms. Holly Jane Morris

3. Mr. Basab Pradhan

4. Mr. Patrick John Cordes

Mr. Ashwani Puri an Independent Director is the Chairman of the Committee and Mr.Lalit Kumar Sharma is the Secretary to the Committee. The Board accepted all therecommendations of the Audit Committee made during the year. Details pertaining to thenumber of meetings of the Committee held during the year and terms of referencefunctioning and scope are given in the Corporate Governance Report in detail in terms ofthe requirements under SEBI Listing Regulation 2015 as amended.

Nomination and Remuneration Committee

The Company has a duly constituted Nomination & Remuneration Committee under theprovisions of Section 178 of the Companies Act 2013 & SEBI Listing Obligations &Disclosure Regulations 2015 as amended. The Board re-constituted the Nomination &Remuneration Committee with the following as members w.e.f June 29 2019:

1. Ms. Holly Jane Morris - Chairperson of the Committee

2. Mr. Basab Pradhan

3. Mr. Hari Gopalakrishnan

The Board in its meeting held on March 20 2019 revised the charter of the Committee inline with the SEBI Listing Obligations & Disclosure Regulations 2015 as amendedeffective from April 01 2019. The details of the attendance in the meetings terms ofreference and other relevant details are disclosed under the Corporate Governance Reportof the Company. During the year the Nomination and Remuneration Committee also passed thecircular resolutions on April 23 2019 May 16 2019 March 17 2020&March312020.

Stakeholders' Relationship Committee

In terms of provisions of section 178 of the Companies Act 2013 & Regulation 20 ofSEBI (Listing Obligations and Disclosure Regulations) 2015 the Company has reconstitutedStakeholders' Relationship Committee during the year. The Committee is headed by aNon-Executive Director Mr. Kirti Ram Hariharan and consists of Mr. Basab Pradhan and Mr.Patrick John Cordes as members of the Committee. Mr. Lalit Kumar Sharma Company Secretary& Legal Counsel is the Compliance Officer of the Company.

The scope of Stakeholders' Relationship Committee was revised pursuant to SEBI ListingObligations & Disclosure Regulations 2015 as amended effective April 01 2019. TheCommittee has delegated work related to share transfer issue of duplicate sharesdematerialisation/ rematerialisation of shares to the Share Transfer Committee whichreports to the Committee. Details pertaining to the number of meetings of the Committeeheld during the year and terms of reference functioning and scope are given in theCorporate Governance Report in detail in terms of the requirements under SEBI ListingRegulation 2015 as amended.

Corporate Social Responsibility (CSR) Committee

In terms of provisions of the Companies Act 2013 & Rule 9 of Companies(Corporate Social Responsibility Policy) Rules 2014 read with various clarificationsissued by Ministry of Corporate Affairs the Company has a CSR Committee which formulatesand recommends to the Board a Corporate Social Responsibility (CSR) Policy indicating theactivities to be undertaken by the Company as per Schedule VII to the Companies Act2013 recommending the amount of expenditure to be incurred and monitoring the expenditureand activities undertaken under the CSR Policy of the Company. Details pertaining to thenumber of meetings of the Committee held during the year and terms of referencefunctioning and scope are given in the Corporate Governance Report in detail in terms ofthe requirements under SEBI Listing Regulation 2015 as amended The Board reconstitutedthe CSR Committee in its meeting held on October 23 2019. The members include:

1. Mr. Kirti Ram Hariharan (Chairman of the Committee)

2. Mr. Hari Gopalakrishnan

3. Mr. Ashwani Puri

4. Mr. Kenneth Tuck Kuen Cheong

The Company has undertaken activities as per the CSR Policy (available Company'swebsite www.niit-tech.com) and the details are contained in the Annual Report on CSRActivities given in Annexure-B forming part of this Report. The Company's approachis to spend on activities for the welfare of society under Corporate Social Responsibilityactivities ensuring that the total spend in each financial year would be above the levelprescribed under the Companies Act 2013. As part of its CSR initiatives the Companycontinued its CSR drive around Education Employability and Infrastructure support.

As part of its sustained CSR initiatives the Company continued with the Scholarshipprogram for deserving students in NIIT University. NIIT Institute of InformationTechnology “TNI” a society registered under the Societies Act 1860 (CentralAct No 21 of 1860) in the office of Registrar of Societies Government of NCT of Delhihas set up NIIT University “NU” as a private University at Neemrana Dist.Alwar Rajasthan. Some High Impact Programs at Organization Level in the area ofEducation Employability & Infrastructure -

1) SHIKSHA Dankaur Village Greater Noida - A Career Development Centre providingIT and employability training to the underprivileged students in and around Dankaurvillage. NIIT Technologies launched the center in collaboration with NIIT foundation on 2ndDec 2015. In FY20 the center impacted around 1500 underprivileged students of thecommunity by imparting various career courses and IT skill trainings. The center alsoprovided placements to 125 students from the center.

2) SHIKSHA Madanpur Khadar Delhi - The second Career Development Centre providingIT and employability training to the underprivileged students in and around MadanpurKhadar area in Delhi was adopted in partnership with NIIT Foundation on 1st Jan 2017. InFY20 this center impacted 1465 underprivileged students including some differently abledstudents as well. The center provided placements to over 200 students from the center.

3) Shiksha Bhangel Noida - This Career Development Center was added under theShiksha Program in Oct 2019. The Bhangel Center in partnership with NIIT Foundationfocusses on providing IT and employability training to the underprivileged students in andaround Bhangel area in Noida. In FY20 it has impacted over 1200 underprivileged studentsand provided placements to around 125 students from the center. The center also providedplacements to 125 students from the center.

4) Shiksha Gurgaon - This year witnessed the addition of another CareerDevelopment Center under the Shiksha Program in August 2019. The organization launched theGurgaon Center in partnership with NIIT Foundation the center focusses on providing ITand employability training to the underprivileged students in and around Dundahera area inGurgaon. The center became operational in October and in the last 6 months it has impactedaround 600 underprivileged students.

5) Educational sponsorship at Vatsalyam - The organization has sponsored theeducation for a Shelter Home cum primary school for daughters of lepers and beggars called“Vatsalayam Gurukul” at Village Hazipur in Sector 104 Noida (U.P). The schoolis presently housing and educating 44 poor girls between the age groups of 5 years to 17years whose parents are predominantly lepers and/or beggars.

6) Alzheimer's and Related Disorders Society of India (ARDSI) - The organizationextended its support to Alzheimer's Society by sponsoring its project of setting up aNational Dementia Training Center in Trivandrum to provide comprehensive training onDementia Care management Skills for care workers family care and health professionals.The center would target training - Family care givers Professional care givers/caresupport staff Nursing supervisors/care center managers.

7) Volunteers from NIIT Technologies (AASHA a group of self-motived NIITians drivingCSR volunteering across Greater Noida campus) adopted the Jaganpur Primary Govt Schoolnear Greater Noida campus. NIITians from campus volunteered for this year long teachingdrive at Jaganpur Govt Primary School this included teaching all the subjects to studentstill class 5. The volunteers organized several events on all major festivals andcelebrated the festivals with the school kids.

8) Location level events conducted at offshore like- Plantation drive Donationdrive Teaching drive Sports day medical camps etc.

Risk Management Committee

The requirement of constituting Risk Management Committee is mandated by SEBI on top500 companies based on the market capitalization as on March 31 2018. As on March 312018 the Company was listed under the said category and hence it is required toconstitute a Risk Management Committee as per the provisions of the SEBI ListingObligations & Disclosure Regulations 2015 as amended effective from April 012019.The Board approved the re-constitution of Risk Management Committee of the Company w.e.f.July 23 2019. The Committee comprises of the following Directors:

Mr. Basab Pradhan (Chairperson)

Mr. Hari Gopalakrishnan

Mr. Sudhir Singh

The Internal Audit Head shall be an invitee to the Committee meetings & the CompanySecretary of the Company shall be the Secretary to the Committee. The terms of referenceof the Committee are provided under the Corporate Governance Report of the Company.

POLICIES OF THE COMPANY

Nomination & Remuneration Policy

Pursuant to the provisions Section 178(3) of the Companies Act 2013 the Board has onthe recommendation of the Nomination and Remuneration Committee framed a policy forselection and appointment of Senior Management and their remuneration. The Policy has beenrevised by the Board of Directors in their meeting held on January 18 2019 in terms ofthe amendments in the SEBI Listing Obligations & Disclosure Requirements Regulations2015 as amended effective from April 01 2019. The terms of reference of the Committeehave also been revised by the Board in its meeting held on March 20 2019. The detailedPolicy is stated in the Corporate Governance Report.

Vigil mechanism/Whistle Blower Policy In view of the requirement as stipulated bySection 177 of the Companies Act 2013 read with Rule 7 of the Companies (Meeting of Board& its power) Rules 2014 and Corporate Governance under SEBI Listing Obligations &Disclosure Regulations 2015 as amended the Company has complied with all the applicableprovisions and has adopted a Whistle Blower Policy duly approved by the Audit Committee toreport concerns about unethical behaviour actual & suspected frauds or violation ofCompany's Code of Conduct and Ethics. The policy is hosted on the website of the Company(https://www.niit-tech. com/sites/default/files/WhistleBlower-Policy-upload.pdf).

The same provides for adequate safeguards against victimisation ofdirector(s)/employee(s) who avail of the mechanism and also provides for direct access tothe Chairman of the Audit Committee in exceptional cases. It is affirmed that no personhas been denied access to the Audit Committee.

Policy for Determining Material Subsidiaries

The Policy for determining the material subsidiaries of the Company has been revised bythe Board of Directors in their meeting held on Jan 17 2019 in terms of the amendments inthe SEBI Listing Obligations & Disclosure Regulations 2015 as amended effective fromApril 01 2019. The said Policy is available on the Website of the Company URLhttps://www.niit-tech.com/sites/default/files/Policy-on-determining-material-subsidiaries.pdf

Risk Management Policy

The Company has developed and implemented a risk management framework foridentification of elements of risk which in the opinion of the Board need close scrutiny.

Dividend Distribution Policy

The Company has a Policy for Distribution of Dividend under Regulation 43A of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 adopted during theFY2017. The Board amended the Policy in its meeting held on January 18 2019. This policyaims at laying down a broad framework for considering decisions by the Board of theCompany with regard to distribution of dividend to shareholders and/or retention orplough back of its profits. The Policy is enclosed as Annexure -C of the Report andis also available on the website of theCompany.https://www.niit-tech.com/sites/default/files/ Dividend-Distribution-Policy.pdf

Code of Conduct

The Company Code of Conduct is available on the website(https://www.niit-tech.com/investors/code-conduct). The Chief Executive Officer of theCompany has given a declaration that the Directors and Senior Management of the Companyhave complied with the Code of Conduct during the year 2019-20.

Prevention of Insider Trading

The Company has formulated and adopted a Policy in accordance with the requirements ofSEBI (Prohibition of Insider Trading) Regulations 2015 as amended. The Policy lays downthe guidelines and procedures to be followed and disclosures to be made while dealingwith the shares of the Company along with consequences for violation. The policy isformulated to monitor regulate and ensure reporting of deals by employees whilemaintaining highest level of ethical standards while dealing in the Company's securities.The policy is amended to bring it in line with the provisions of the prevailingregulations from time to time.

Code of Fair Disclosure

The Company's Code of Fair Disclosure is placed on the website of the Company(https://www.niit-tech/investors). During the year the Board suitably amended the Code ofFair Disclosure in terms of amendments in the SEBI (Listing Obligations & DisclosureRegulations) 2015 effective April 012019.

PERFORMANCE EVALUATION

The Board carried out the annual evaluation of its own performance of the Directorsindividually as also of its Statutory Committees Pursuant to the provisions of theCompanies Act 2013 and SEBI Listing Obligations and Disclosure Requirements Regulations2015 as amended. The evaluation was based on a comprehensive set of criteria finalised bythe members in their meeting held on May 4 2017. A detailed note was placed before theBoard on the same in its meeting held on March 20 2019. The Board considered theevaluation of the stakeholders based on one-on-one meetings and the directors who weresubject to evaluation did not participate in the process. The performance evaluation ofthe Independent Directors was carried out by the entire Board excluding the Director beingevaluated. The performance evaluation of the Chairman and the Non-Independent Directorswas carried out by Independent Directors. The Chairperson communicated the feedback toconcerned stakeholders. The Directors expressed their satisfaction to the evaluationprocess.

MANAGERIAL REMUNERATION & PARTICULARS OF EMPLOYEES

The information required under section 197(12) read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is provided in Annexure-D.Further the managerial remuneration is also provided in the Corporate Governance Report.The information as required under Section 197(12) of the Companies Act 2013 read withRule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014is applicable and forms part of the Report. However as per first proviso to Section136(1) of the Act and second proviso of Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Report and Financial Statements arebeing sent to the Members of the Company excluding the statement of particulars ofemployees under Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014. Any Member interested in obtaining a copy of the said statementmay write to the Company Secretary at the Registered Office of the Company and the saidannexure is also open for inspection at the Registered Office of the Company.

Conservation of energy and environment-friendly initiatives

We at NIIT Technologies are aware of the importance of reconciling profitable growthwith minimization of any adverse impact of our operations on the environment. Motivated bythe philosophy of ‘Conserving More and Consuming Less' the Company has a clearintent and track record of optimizing consumption of energy and natural resources. Thefirm has been proactively embracing and introducing several environment- friendly actionsaimed conservation of resources including energy and water recycling or efficientdisposal of waste as well as leveraging the use of renewable resources where possible.

In order to reduce energy consumption the Company has undertaken multiple initiativesincluding installation of roof top solar system (150 KW) external & internal lightsLEDification installation of high-energy efficient equipment removal of single useplastic and recycling of paper waste over the years. As a result of these efforts theCompany has been able to reduce its energy consumption by 30%.

The Company has also made investments toward increasing its share of renewable energy.It is now focussing on generating solar-powered electricity integrated with the governmentpower supply system in a bulk process of 2MW to 4 MW of power through the authorisedgovernment generation and distribution system.

In another step towards further reducing its carbon footprint the Company is alsoshifting its Greater Noida SEZ campus kitchen cooking system from LPG to PNG powered. Thiswould not only improve the Company's carbon footprint but also minimize risks associatedwith fire hazards.

Our determinations continuous surveillance reviews to check our performance has helpedus in maintaining our certification and recognition processes:

• ISO 14001:2015 (Environment Management)

• OHSAS 18001:2007 (Occupational Health and Safety Assessment Series)

• LEED Platinum Certification Operation & Maintenance at Greater Noida campusfrom USGBC (US Green Building Council).

Technology absorption and R&D (Research & Development)

Research & development for new offerings services processes frameworks andcapabilities continues to be important for the Company and is integral to its businessstrategy that envisages “Engage with the Emerging” by “Transforming at theIntersect”.

During the year under review NIIT Technologies continued to strengthen itscapabilities around Platforms Products and Partnerships and also reinforced itscompetencies in emerging technologies and related service lines by investing in talent andinfrastructure. There has been focus on technology incubation that bring the firm'sworkforce and customers together to incubate new solutions that exploit the new andemerging technologies. NIIT Technologies recently launched Digital Foundry itsengineering platform that brings together its digital assets that can jumpstart innovationand transformation initiatives for clients. Digital Foundry is a repository of plug-and-play digital assets based on the firm's digital reference model that ensures repeatablefast engineering. It consists of various studios namely DX interactive data cognitivecloud and quality engineering with over forty digital assets.

Focus on internalizing emerging technologies has led to creation of various innovationlabs and competency centres within the organization. The Company's Technology Innovationcentre (TIC) continues to focus on emerging technologies in the areas of artificialintelligence (Al) and Cognitive like Video Analytics (VA) Advanced NLP NLG TextSummarization Extended Reality (XR) and Advanced User Interfaces like Smart Speakers Voice Assistant Voice Enabled Ul Mixed reality UX. Multiple proof-of-concepts (POCs)have been created in partnership with customers in the Company's lab at Bangalore fortechnology incubation and adoption to solve business problems. In the area of General AIand Advanced Reinforcement Learning frameworks like deeplearning4J and Tensorflow arebeing explored and deployable POC has been created around these frameworks. The firm'sBlockchain Competency Centre & Lab in its Greater Noida campus has developed asolution on cold supply chain and AI based claim processing. The Blockchain lab is focusedon R3 Corda HyperLedger Fabric and Ethereum platforms. A Reference Architecture has beendeveloped to enable accelerated development of Blockchain solutions for customers. Initialwork on the quantum computing has started in the Company's labs to identify variousframework available.

There has been significant investment done in bolstering the Company's ArtificialIntelligence and Automation Services capabilities. NIIT Technologies has developedsolutions around IT Operation automation Business AI process automation and applicationdevelopment automation. A lab on Artificial Intelligence was setup to focus on the variousaspect of cognitive process automation like computer vision language processing andmachine learning. There is dedicated effort to build capabilities on open source packagesCOTS products cloud-based services and other upcoming distributive technologies in thearea of Cognitive Automation.

TRON (NTL's Smart Automation Platform) is the Company's integrated enterpriseautomation framework which leverages Artificial Intelligence based on automationtechnologies like Machine Learning Natural Language Processing and Robotic ProcessAutomation. The TRON framework is being enhanced with introduction of new in-houseframeworks such as SLICE. A repository of virtual workforce of more than 300 cognitiveagents across all verticals like banking insurance and travel has been created.

NIIT Technologies continuously investing in identifying the leading global influencerson the technology streams of relevance and tries to forge industry level partnerships thatenable efficient solutions for our customers. In Digital and Cognitive space NTL hasalready formed partnerships with industry leading technology providers like Amazon IBMUiPath Artificial Solutions Microsoft Mulesoft Salesforce Appian Sitecore Automation Anywhere and PEGA. These industry partnerships helps NIIT Technologies toincubate and industrialize emerging technologies to manage the entire lifecycle for itsenterprise customers.

Foreign Exchange Earnings and Outgo (Rs. Million)

Particulars Year Year
2019-20 2018-19
Foreign Exchange Earnings 21207 19010
Foreign Exchange Outflow 9486 8730

Details of significant and material orders passed by the Regulators or Courts orTribunals impacting the going concern status and Company's operations in future

During the year no order was passed by the regulators or courts or tribunals impactingthe going concern status and company's operations in future.

Details in respect of adequacy of internal financial controls with reference to theFinancial Statements

The Company monitors and evaluates the efficacy and adequacy of internal controlsystems in the Company its compliances with operating systems accounting procedures andpolicies of the Company. Based on the report of Internal Audit Function process ownersundertake corrective action in their respective areas and thereby strengthen controls. Allsignificant audit observations and corrective actions are presented to the Audit Committeefor its review and suggestions.

Details of Subsidiary/Joint Ventures/Associate Companies As on March 31 2020 theCompany has subsidiaries in the United States of America United Kingdom Germany IndiaSingapore Thailand Australia Dubai Spain Poland.

Details about the companies which have become/ ceased to be subsidiaries during theFinancial Year A company is acquired in Poland in the month of October 2019 throughits subsidiary in UK. The Company enhanced its stake by acquiring an additional 10% in theequity share capital of NIIT Incessant Private Limited (Erstwhile Incessant TechnologiesPrivate Limited on Feb 14 2019) in May 2019 aggregating to100% of the total sharecapital of Incessant. The Company also acquired 57.6% stake in Whishworks IT ConsultingPvt. Ltd. In the FY20 the details of which are covered in the Report elsewhere.

Performance and financial position of each of the subsidiaries associates and jointventure companies included in the consolidated financial statement.

During the year the Board of Directors reviewed the affairs of the subsidiaries.Pursuant to provisions of Section 129(3) of the Companies Act 2013 a statementcontaining a report on the performance and financial position of each of the subsidiariesassociates and joint venture companies is included in the consolidated financial statementand the same has been annexed to this Report as AOC-1 given in Annexure E.

In accordance with the provisions of Section 136 of the Companies Act 2013 theaudited Financial Statements of the Company consolidated Financial Statements along withrelevant documents are available on the website of the Company (www.niit-tech.com).

Particulars of loans guarantees or investments under section 186 of the Companies Act2013

The Company has not given any loan to any person and any other body corporate. Thedetails of guarantees provided is given as under:

Particulars Amount in Local Currency (In Mn.) Currency Amount in INR as on 31.03.20 (In Mn.) Purpose
Issued to Citibank NA on behalf of NIIT Technologies Limited UK 7.50 USD 565 Working Capital Loan
Issued to Citibank NA on behalf of NIIT Insurance Technologies Limited 3.00 USD 226 Working Capital Loan
Issued to Citibank NA on behalf of NIIT Technologies Limited Thailand 1.50 USD 113 Working Capital Loan
Total 12 904

*Conversion rate - 75.37

The details of the securities acquired by the Company of other body corporates is givenas under:

(Amt. in INR Mn.)

Investments in equity instruments in subsidiary companies (fully paid) Investment value as on March 31 2020
2837887 (31 March 2019: 2837887) Shares having no par value in NIIT Technologies Inc. USA 156
16614375 (31 March 2019: 16614375) Shares of 1 Singapore $ each fully paid-up in NIIT Technologies Pacific Pte Ltd. Singapore 703
3276427 (31 March 2019: 3276427) Shares of 1 UK Pound each fully paid-up in NIIT Technologies Ltd. UK 204
537900 (31 March 2019: 537900) Equity Shares of Euro 1 each fully paid-up in NIIT Technologies GmbH Germany 185
50000000 (31 March 2019: 50000000) Equity Shares of Rs. 10/- each fully paid-up in NIIT SmartServe Limited 500
1000000 (31 March 2019: 1000000) Equity Shares of Euro 1 each fully paid-up in NIIT Airline Technology GmbH Germany 224
5000 (31 March 2019: 5000) Ordinary Shares of 1000 AED each fully paid in NIIT Technologies FZ LLC Dubai 63
5000000 (31 March 2019: 5000000) Equity Shares of Rs. 10 each in NIIT Technologies Services Limited 25
4047631 (31 March 2019: 3642868) Equity Shares of Rs. 2 each in NIIT Incessant Private Limited (Formerly known Incessant Technologies Private Limited) 4701
135682 (31 March 2019: NIL) Equity Shares of Rs. 10 each in Whishworks IT Consulting Private Limited* 1494
Nil (31 March 2019: Nil) Shares of Peso 100 each in NIIT Technologies Philippines Inc”
Total equity instruments 8255

Note:

a. * The Company signed a Share Purchase Agreement on April 06 2019 to acquireWhishworks IT Consulting Private Limited. The acquisition concluded on June 14 2019.

b. **During the year ended March 31 2018 the Board of Directors had approved theproposal for closure of NIIT Technologies Philippines Inc and accordingly the Company hasimpaired the investment in the subsidiary. The subsidiary is still under closure.

c. ***The Board in its meeting held on April 06 2019 has signed a Share PurchaseAgreement with ESRI Inc. USA to sell the entire stake held by the Company in ESRI IndiaTechnologies Ltd. The details are provided in the Annual Report hence the same isremoved.

Particulars of Contracts or arrangements with Related Parties

The Related Party Transaction Policy deals with the review and approval of relatedparty transactions. The Board of Directors of the Company has approved the criteria formaking the omnibus approval by the Audit Committee. The Board amended the Policy in termsof the revised SEBI (Listing Regulations) 2015 regulations effective from April 012019and the amended Policy is uploaded on the website of the Company https://www.niit-tech.com/sites/default/files/ NIITTechnologies-LimitedRPT-policy-Summarized-2909.pdf.

A Statement of all related party transactions is presented before the Audit Committeeon a quarterly basis and prior/ omnibus approval is also obtained for the entire yearspecifying the nature value and terms and conditions of the transactions. None of thetransactions with the related parties fall under the scope of Section 188 (1) of theCompanies Act 2013. Details of Related Party transactions pursuant to Section 134(h) ofthe Act read with Rule 8 of the Companies (Accounts) Rules 2014 are given in Form No.AOC-2 in Annexure - F.

Management's Discussion and Analysis Report

In terms of Regulation 34(e) of the SEBI (Listing Regulations) 2015 as amended fromtime to time the Management's Discussion and Analysis Report is set out in this AnnualReport.

Business Responsibility Report

The SEBI (Listing Regulations) 2015 mandates the inclusion of Business ResponsibilityStatement (‘BRR') for top 500 listed companies based on market capitalization as onMarch 31 2020. In compliance with the same the Company has integrated BRR as part of itsAnnual Report.

Corporate Governance

In terms of Regulation 34 of the Securities Exchange Board of India (ListingRegulations) 2015 as amended from time to time a Report on Corporate Governance alongwith Compliance Certificate issued by Statutory Auditor's in terms of Part E of Schedule Vof the said Regulations of the Company forms an integral part of Corporate GovernanceReport.

Compliance with applicable Secretarial Standards

The Company is in compliance with the applicable Secretarial Standards issued byInstitute of Company Secretaries of India and notified by the Ministry of CorporateAffairs with all amendments thereto.

AUDITORS & AUDITORS' REPORT/CERTIFICATE

a. Statutory Audit:

M/s S R Batliboi & Associates LLP (FRN 101049W/ E300004) have carried out StatutoryAudit under the provisions of section 139 of the Companies Act 2013 for the financialyear 2019-20. The Report given by Auditors forms part of this Report. The Auditors Reportto the Shareholders does not contain any qualification reservation or adverse remarks.

b. Secretarial Audit:

During the year the Board of Directors of the Company appointed Mr. Ranjeet Pandey(Membership No.5922) of M/s Ranjeet Pandey & Associates Company Secretaries (CPNo.-6087) in Whole-time Practice to carry out Secretarial Audit under the provisions ofSection 204 of the Companies Act 2013 and the Rules framed thereunder for the FinancialYear 2019-20. The Secretarial Audit Report for the financial year ended 31st March 2020was considered by the Board in its meeting held on May 05 2020 and the said Report givenby Secretarial Auditors is annexed to this Report as Annexure G. The SecretarialAudit Report does not contain any qualification reservation oradverse remarks.

c. Auditors Certificate on Corporate Governance:

As required by SEBI (Listing Regulations) 2015 the Auditor's Certificate on CorporateGovernance is provided within the Corporate Governance Report. The Auditors Report to theShareholders does not contain any qualification reservation or adverse remarks.

d. Cost audit & records:

Section 148 of the Companies Act 2013 is not applicable on the Company. Thereforecost audit has not been conducted for the financial year 2019-20 and records are notmaintained.

e. No fraud has been reported by the Auditors to the Audit Committee Board or anyother relevant authority.

HUMAN RESOURCE INITIATIVES

Emerging technologies like Artificial Intelligence automation and analytics aredisrupting traditional business models and opening up newer opportunities. Continuouslearning is the key to staying relevant in any industry especially in IT and ITeS. NIITTechnologies' HR strategies make way for such policies processes and systems which arealigned to its business goals and impact every aspect of an employee lifecycle. The peoplestrategies aim to create learning opportunities for career enhancement foster anempowering and inclusive culture that encourages NIITians to do their best and therebycreate value for the clients and organization alike. The outcomes of these interventionsare visible through key people indicators like attrition employee engagement surveyresults gender diversity numbers etc. Some key HR initiatives during FY20 are discussedbelow:

PAPERLESS ON BOARDING

Enriching employee experience is a key to achieving an engaged and productive team ofpeople. To provide ease to the new joiners of NIIT Technologies the onboarding processhas been automated and made completely paperless. All the required formalities can becompleted through a system (designed in-house) at the convenience of the candidate evenbefore the joining date. The feature of document upload does not necessitate thecandidates to carry a bunch of documents on the date of joining. This feature will beenhanced further to create an e-filing system.

LEARNING AND DEVELOPMENT

The Company's School for Employee Education Development (SEED) meets the need thatorganizations have for broader diverse and more integrated employee skills sets—aportfolio of skills and knowledge to create a more versatile workforce and a more agileorganization in general.

The organization learning initiatives are focused on competency-building aroundBusiness Analysis Service Lines Large and Complex Program Management Skills and ManagedServices. SEED applies up-to-date training methods and techniques like remote onlineplatforms licensed learning partners like Microsoft etc. and by hosting classroomsessions. The integrated learning approach helps employees become more versatileaccumulating to 306301 learning hours in the development movement.

Keeping in view the changing nature of jobs and the future of work the companyrecognized the need for continuous and self-directed learning by employees to stayrelevant. Towards the same the organization invested in an enterprise-wise intelligentlearning platform “Percipio” - One year continued plan in partnership withSkillsoft one of the most renowned global players in the space of online learning. Over8047 NIITians are actively using the platform to upskill or re-skill themselves and haverecorded over 118963 aggregated learning hours for the enterprise.

The Learning Team offers comprehensive solutions aimed at improving employees'competencies through certifications like LOMA AINS Sales force Microsoft Azure andSitecore providing 409 certifications. The courses are organized based on the attendees'level of knowledge and allow for the continuous development of business skills whileconsidering professional growth and job enlargement. NIIT Technologies Limited (India) hasbeen named one of LOMA's 2020 Excellence in Education (EIE) award winners amongstthe 900 LOMA members companies.

A huge progress is also marked towards Management Development Programs which aimed atdeveloping future leaders to effectively lead engage and develop their teams. With theclear perspective of strengthening people management skills and building trust througheffective leadership and communication the Management Development Program - StrlDE(Structured Intervention to Deliver Excellence) was designed and piloted for aneminent vertical in the organization. The program covered approximately 135 peoplemanagers. The execution was divided in 4 stages starting from Assignments -Self-Studybefore getting into the program ILT's - for two half-days coaching sessions and therebyassigning individual coaches to all 13 leaders for a duration of 6 months and in the endconcluding the program through collective transformation series. Each training sessiondelivered by the In- house Learning Team contained elements from allied knowledge areasand is designed around industry specifics and best practices.

Training Imparted (FY2019-20) Total Female NIITians Male NIITians
Total No. of Hours of Training 306301 137072 (45%) 169229 (55%)

Category wise distribution

Category % Hours
Technical + Digital 47%
Behavioural / Soft Skills 38%
Safety Security and Diversity 8%
Domain 5%
Leadership and Management 1%

Enhanced Referral Scheme - Each One Get One Employee referrals is a major channel forsourcing the right set of culturally inclined candidates at NIIT Technologies. A stepfurther in this direction led to a major overhaul in the referral scheme with the mostlucrative rewards that the employees have ever seen. The scheme was made even moreinclusive by opening global channels of referrals with no geographical boundaries. Theinitiative led to an overwhelming response and resulted in more than 10000+ referrals in2 months with more than 100 offers rolled out in the same duration.

EMPLOYEE ENGAGEMENT

BU Annual Days culminating into a grand Annual Day

The Company lays great emphasis on effective internal communication to drive betterteamwork productivity cohesiveness and collaboration. During FY2020 November 2019 wasa communication and leadership interaction intensive month for NIITians at Greater Noidacampus. The leadership team visited the campus and addressed every individual working intheir Business Units through floor walks special presentations and a BU Annual Day. TheAnnual Days this year were divided into two phases - BU Annual Days and a grand AnnualDay. BU Annual Days focused on BU level updates strategy roadmap and awarding NIITianswho have added value to the BUs through their superlative performance during the year with“Award of Excellence”.

The grand annual day had the Arm's CEO along with the rest of the leadership teamaddress employees and showcase “The Year that Was” highlighting key achievementsduring the year and strategy and focus for the future. The Annual Day was made morespecial through the introduction of two new awards “CEO's Club of Achievers”awarded to high-performers who will be sponsored for a leadership development program atIIM Ahmedabad and will also get an opportunity to work on a 100-day futuristic projectwith the leadership team. The second new category of award - Global Leadership Award - isthe highest award in NIIT Technologies awarded to individuals who have broken allbarriers and created exceptional value for the organization. They will be sponsored for aleadership development program with Harvard Business School. The grand Annual Day wasclosed with an entertaining performance by a musical band.

Employee Engagement Survey

In order to get useful insights into engagement levels and employee satisfaction theCompany conducts annual Employee Satisfaction Surveys the findings of which enables it tomake improvements in its workplace environment and employee training and welfareprogrammes. EES 2019 showed a measurable progress over last year results.

Particulars EES 2018 EES 2019 Increase/Decrease
Participation 80.12% 81.76% 1.64%
Overall Engagement Score 65% 69% 4%
Commitment Index 67% 70% 3%

• Teamwork (82%) Basic Needs (81%) and Company Image and Brand (73%) -Highest-rated drivers of engagement.

• Top rated questions:

• My job is important to achieve Business goals (89%)

• My team and other teams that I work with are committed to doing quality work(87%)

• I am aware of what my goals are and what I am expected to do (86%)

• Top 3 questions that have shown the maximum increase over EES 2018 are -

• Someone at work talks to me about my career periodically (19%)

• I have close friends at work (16%)

• I get enough opportunities at NIIT Technologies to learn and grow (12%)

The above results are indicative of the various HR & Business interventionsincluding but not limited to welfare policies training programs availability of variousplatforms for feedback and communication between managers and employees clarity of rolesand responsibilities through individual goal sheets that are aligned to business visionand strategy etc.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

The Company has a Policy on Prevention of Sexual Harassment of Women at the workplacein line with The Sexual Harassment of Women at the Workplace (Prevention Prohibition& Redressal) Act 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment .The Company believes in providing allemployees a congenial work atmosphere which is free from discrimination and harassmentwithout regard to caste religion marital status gender sexual orientation etc. Duringthe year the Company conducted various awareness programs and workshops at all locations.Employees are required to attend compulsory awareness and training program on POSH on ourvirtual learning platform - Percipio. During the year the Company conducted variousawareness programs and workshops at all locations. The Company received four complaintspertaining to this and three were duly resolved. Only one compliant is pending forresolution.

AWARDS AND RECOGNITIONS

The Company has been recognized in several important ways at the national and globallevels related to its leadership in specific industry verticals and its robust HRpractices.

a) NIIT Technologies recognized as a ‘Leader' in Agile and DevOps by Nelson Hall

b) AdvantageGo Named as one of the “Hot 100” Insurtech Firms by IntelligentInsurer magazine

c) NIIT Technologies ranked #1in ‘Business Understanding' for the secondconsecutive year in Whitelane's 2019 UK IT Sourcing Study'

d) NIIT Technologies Recognized as a Leader among Midsize Agile Software DevelopmentService Providers by Independent Research Firm

e) Incessant Technologies and RuleTek NIIT Technologies companies Receive Pega PartnerAward 2019 for ‘Excellence in Growth and Delivery'

f) A TBR Perspective on Transform at the intersect - NIIT Technologies and the nearfuture of Digital and Postdigital Transformation

g) A special blog by Nelson Hall on how NIIT Technologies Delivers DigitalTransformation with Capacity & Capability at Speed and Scale

h) HfS Research PoV on Change the game with verticalized AI: NIIT Technologies' uniqueplay as a post-digital firm

i) NIIT Technologies positioned as a Star Performer and Major Contender in EverestGroup P&C and L&A PEAK Matrix2019

ACKNOWLEDGEMENTS

The Board of Directors would like to take this opportunity to place on record itsappreciation for the committed services and contributions made by employees of the Companyduring the year. In addition the Directors wish to thank the Company's customersvendors bankers & financial institutions all government & non-governmentalagencies and other business associates for their continued support. The Directorsacknowledge and appreciate the support and confidence of the Company's shareholders andremain committed to enabling the Company to achieve its growth objectives in the comingyears.

For and on behalf of the Board of Directors
Basab Pradhan
Sd/-
Chairperson
Place: California USA DIN:00892181
Date : May 05 2020

   

   

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