Coforge Ltd
Directors Reports
To,
The Members, Your Directors are pleased to present the Thirty-first
Annual Report on the business and operations of your Company along with the audited annual
accounts for the financial year ended March 31, 2023 (FY2023). The consolidated
performance of the Company and its subsidiaries has been referred to wherever required.
FINANCIAL PERFORMANCE OF THE COMPANY
The highlights of the performance results for the FY 2023 are as
follows:
| Particulars |
FY |
FY |
FY |
FY |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
|
Consolidated
financials |
Standalone
financials |
| Income from operations |
80,146 |
64,320 |
42,305 |
33,132 |
| Other Income |
619 |
518 |
5,879 |
4,005 |
| Total Income |
80,765 |
64,838 |
48,184 |
37,137 |
| Profit before depreciation, |
12,620 |
10,887 |
9,835 |
7,753 |
| exceptional items and taxes |
|
|
|
|
| Depreciation |
2,585 |
2,272 |
1,087 |
838 |
| Exceptional Item |
523 |
0 |
523 |
- |
| Provision for tax & (deferred tax) |
2,061 |
1,468 |
900 |
470 |
| Non-Controlling Interest |
513 |
530 |
- |
- |
| Profit After Tax |
6,938 |
6,617 |
7,325 |
6,445 |
| Earnings Per Share (Basic) (In Rs.) |
113.77 |
109.02 |
120.12 |
106.19 |
BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR AND
STATE OF THE COMPANY'S AFFAIRS Operating highlights
The financial year under review has been a special one having achieved
the coveted landmark of Coforge joining the US$ 1 billion revenue club. The US$ 1 billion
revenue milestone has been achieved by Company's relentless focus on its areas of
expertise in the chosen verticals. Company's investments in building capability in
the areas such as cloud computing, digital services, low-code and no-code applications, AI
and so on helped fortify these areas of expertise in the chosen verticals. This was also a
year when we laid the foundation for our growth journey towards the next milestone of US$
2 billion in revenue through significant investments and initiatives to materially enhance
firm's leadership, capabilities, and execution prowess.
We continued overhauling top leadership to include executives who have
seen large-scale operations and expanding its reach across key verticals, service lines
and selected geographies to set foundation for the next leg of growth.
The Company's intense focus on execution led to robust deal
signing with the total executable order book for the next 12 months at a record US$ 869
million, an increase of 20.7% on a year-on-year basis. The total order intake through the
year stood at US$ 1.3 billion registering an increase of 9.9% on a year-on-year basis.
Winning regular large deals has been one of the Company's hallmarks for its sustained
growth. During the FY 2023, Coforge signed 11 large deals across its focused verticals and
breadth of capabilities. This included two large deals of US$ 50+ million TCV, one each in
BFS and Insurance space. The Company also signed 5 large deals of US$ 30+ million plus TCV
contracts during the year. The continued growth momentum was coupled with retaining
company's vibrant and conducive work culture. The Company believes in continuously
raising the bar and being an employer of choice; a testimonial to this being Coforge
certified as both ‘Great Place to Work' and ‘Best Workplaces for Women
India', second year in a row. During fiscal year 2023, Coforge was also recognized
among India's Best Workplaces in IT & IT-BPM 2022 – Top 50. These external
accolades in the employee engagement were reflected in the Company's attrition (LTM)
number, which stood at 14.1% as of 31st March 2023 as compared to 17.7% 31st
March 2022. Coforge's attrition rate continues to be the best among the IT industry.
Financial highlights
On a consolidated basis, revenues increased 24.6% to Rs. 80,146 million
in FY 2023 from Rs 64,320 million in FY2022. The growth was led by BFS vertical which grew
47.0% in constant currency (‘cc') terms in FY23 and contributed 30.7% to the
total revenues. The TTH vertical grew 21.5% in cc terms and contributed 19.1% of the total
revenues. The Insurance vertical saw a decline of 3.7% in cc terms and contributed 22.6%
of the total revenues. Other verticals collectively grew 23.1% year-on-year in cc terms
and they represented 27.5% of the overall revenues.
For the full year FY23, Company's gross margin increased by 55 bps
to 32.5% and Company has significantly invested in the front end leadership and capability
enhancements throughout the year. EBITDA (before ESOP costs) increased by 21.5% during the
year and stands at Rs. 14,649 million, translating into margin of 18.3% for the year. EBIT
increased by 29.1% and stands at Rs. 11,468 million, resulting in margin of 14.3%, an
improvement of 50 bps over the previous year.
The net profits (after minority interest) and excluding one-offs for
the year increased by 22.7% and stood at Rs. 8,117 million, implying a net margin of
10.1%. The effective tax rate (excluding one-offs) for the year stood at 20.4% as against
17.0% in the previous year.
During the financial year, we added net 724 people to our headcount.
Total headcount of the firm stood at 23,224, at the end of FY23. The firm added 480 fresh
graduates from college in Fiscal 2023.
The Management's Discussion & Analysis (MD&A) of
the Company's global business during the year under review as well as business
outlook, along with a discussion of internal controls & risk management and mitigation
practices, appears separately in this Annual Report.
Consolidated financial statements
The consolidated financial statements are enclosed in addition to the
standalone financial statements pursuant to section 129(3) of the Companies Act, 2013 read
with all relevant Rules and amendments thereto & SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 as amended, prepared in accordance with the
Accounting Standards prescribed by ICAI in this regard. The consolidated Financial
Statements together with Auditors Report thereon form the part of the Annual Report.
Return of surplus funds to Shareholders (Dividend)
During the FY23, we continuously followed the practice of returning of
surplus cash available with the Company to the shareholders and based on the
Company's performance, the Directors have declared four interim dividends, of INR 64
per equity share involving a cash outflow of INR 390.60 crores aggregating during the
year.
Transfer to Reserves
During the year, the Company has not transferred any amount to the
General Reserves.
Material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of the Financial Year of the
Company to which the financial statements relate and the date of the
Report & change in nature of business, if any
There have been no material changes and commitments affecting the
financial position of the Company subsequent to the close of the Financial Year to which
Financial Statements relate and the date of the Report.
COMPANIES ACT DISCLOSURES & CORPORATE GOVERNANCE Annual Return
As required, pursuant to section 92(3) of the Companies Act, 2013 read
with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 every company
shall place the copy of annual return on the website of the Company, if any and shall
provide the web-link of the same in this report. Since the Company has a website the
Annual return is uploaded on the website of the Company and the web link for the same is
https://www.coforge.com/investors/statutory-disclosures
Directors
The Company has appointed Ms. Mary Beth Boucher (DIN: 09595668) as
Additional Director (Woman – Non Executive
Independent Director) w.e.f. May 07, 2022. 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 |
|
Chief Executive Officer & Executive |
| Mr. Sudhir Singh (07080613) |
|
|
Director |
| Mr. Hari Gopalakrishnan (03289463) |
Non-Executive Director |
| Mr. Patrick John Cordes (02599675) |
Non-Executive Director |
| Mr. Kenneth Tuck Kuen Cheong |
|
|
Non-Executive Director |
| (08449253) |
|
| Mr. Kirti Ram Hariharan (01785506) |
Non-Executive Director |
| Mr. Ashwani Puri (00160662) |
Independent Director |
| Ms. Mary Beth Boucher (09595668)* |
Independent Director |
Note: *Ms. Mary Beth Boucher has been appointed as the Additional
Director (Woman Independent Director w.e.f. May 07, 2022).
Directors retiring by rotation
Mr. Sudhir Singh and Mr. Kenneth Tuck Kuen Cheong, Directors, retire by
rotation and being eligible, offer themselves for reappointment at the 31st Annual General
Meeting of the Company scheduled to be held on 6th July, 2023.
Independent Directors
Pursuant to the provisions of Section 149 of the Companies Act, 2013
& SEBI Listing Obligations & Disclosure Regulations, 2015 as amended, Mr. Basab
Pradhan was appointed as Independent Directors of the Company by the Shareholders upto
June 28, 2024. There are two other Independent Directors on the Board of the Company Mr.
Ashwani Puri & Ms. Mary Beth Boucher. The composition of the Board is in accordance
with the terms of the SEBI Listing Obligations & Disclosure Regulations, 2015 as
amended & Companies Act, 2013 as amended from time to time. On May 06, 2022, the
Nomination and Remuneration Committee approved and recommended to the Board, the
appointment of Ms. Mary Beth Boucher as Additional Woman Independent Director. The Board
& Shareholders approved the said appointment of Ms. Mary Beth Boucher with effect from
May 07, 2022 on mutually agreed terms and conditions.
All Independent Directors have given declarations that they meet all
the requirements specified under Section 149(6) of the Companies Act, 2013 and SEBI
Listing Obligations & Disclosure Regulations, 2015 as amended. The eligible
Independent directors had qualified the proficiency test, as prescribed by the IICA. In
the opinion of the Board, the Independent Directors possess the requisite expertise and
experience and are persons of high integrity and repute. They fulfil the conditions
specified in the Act as well as the Rules made thereunder and are independent of the
management.
During the year, Independent Directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees, commission and
reimbursement of expenses incurred by them for the purpose of attending meetings of the
Company. Details of the Familiarization program for Independent Directors of the Company
are available on the website of the
Company at https://25186482.fs1.hubspotusercontent-eu1.
net/hubfs/25186482/Familarization-Programme-Independent- Directors.pdf Further, at the
time of appointment of an Independent Director, the Company issues a formal letter of
appointment outlining his/her role, functions, duties and responsibilities. The terms and
conditions of the appointment of Non-Executive Directors are placed on the website of the
Company at www.coforge.com
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013,
the Company has the following Directors/ employees as Whole-time Key Managerial Personnel
as on March 31, 2023: a) Mr. Sudhir Singh – Chief Executive Officer & Executive
Director b) Mr. Ajay Kalra - Chief Financial Officer c) Ms. Barkha Sharma - Company
Secretary Changes in the status of KMPs during the year: There was no change in the status
of the KMPs during the FY 2022-23.
Number of meetings of the Board
The Board of Directors of the Company met 7 (Seven) times in the FY
2022-23. The details pertaining to the Board Meetings and attendance are provided in the
Corporate Governance Report. The intervening gap between two Board Meetings was within the
period prescribed under Companies Act, 2013 and SEBI Listing Obligations & Disclosure
Regulations, 2015 as amended. The details of the attendance and other relevant details are
provided in the Corporate Governance Report.
Directors' Responsibility Statement
As required under Section 134(3)(c) read with 134(5) of the Companies
Act, 2013, the Board of Directors of the Company hereby states and confirms that:-a. In
the preparation of the Annual Accounts, the applicable Accounting Standards have been
followed along with proper explanation relating to material departures; b. The Company has
selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the Financial Year and of the Profit & Loss of
the Company for that period; c. Proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; d. The Annual Accounts are prepared on a going concern basis; e.
Suitable internal financial controls have been implemented by the Company and such
internal financial controls are adequate and are operating effectively. f. Proper systems
have been devised to ensure compliance with the provisions of all applicable laws and such
systems are adequate and are operating effectively. g. Based on the framework of internal
financial controls and compliance systems established and maintained by the Company, the
work performed by the internal, statutory and secretarial auditors and external
consultants, including the audit of internal financial controls over financial reporting
by the statutory auditors and the reviews performed by management and the relevant board
committees, including the audit committee, the Company's internal financial controls
were adequate and effective during FY 2023
Deposits from Public
The Company has not accepted any Deposits under Chapter V of the
Companies Act, 2013 during the year and hence no amount of principal or interest was
outstanding on the date of the Balance Sheet.
Insolvency & Bankruptcy Code, 2016
There were no proceedings initiated/pending against your Company under
the Insolvency and Bankruptcy Code, 2016 which impacts the business of the Company.
Difference in amount of valuations, if any
There were no instances where your Company required the valuation for
one time settlement or while taking any loan from the Banks or Financial Institutions.
Share Capital a) Issue of equity shares with differential rights or
sweat equity shares
During the year, the Company has not issued any equity shares with
differential rights/sweat equity shares under Companies (Share Capital and Debentures)
Rules, 2014. b) Issue of Employee Stock Options
During the year, the Company issued 1,73,928 (One Lakh Seventy Three
Thousand Nine Hundred Twenty Eight) Equity shares on the exercise of stock options under
the Employee Stock Option Scheme of the Company (ESOP 2005). Consequently, the issued,
subscribed and Paid-up Equity Capital increased to Rs.61,08,70,800 as at March 31, 2023
pursuant to Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014. The
grant-wise details of the Employee Stock Option Scheme are partially provided in the Notes
to Accounts of the Financial Statement in the Annual Report and a comprehensive note on
the same forms part of the Board Report, which is available on the website of the Company
(www.coforge. com/investors). c) Provision of money by Company for purchase of its own
shares by employees or by trustees for the benefit of employees
In terms of Rule 16(4) of Companies (Share Capital and Debentures)
Rules, 2014, the Company has not provided any funds for purchase of its own shares by
employees or by trustees for the benefit of employees. d) Buy-back of equity shares of
the Company
The Company has not bought back any shares during the year.
COMMITTEES OF THE BOARD
The Board of Directors has the following Committees:
1. Audit Committee
2. Nomination & Remuneration Committee
3. Stakeholders' Relationship Committee
4. Risk Management Committee
5. Corporate Social Responsibility Committee
Audit Committee
The Audit Committee of the Company is constituted as per Section 177 of
the Companies Act, 2013 & Regulation 18 of the SEBI Listing Obligations and Disclosure
Regulation, 2015 as amended, and it consists of all Independent Directors. The details of
the attendance in the meetings and other details are provided in the Corporate Governance
Report. The Audit Committee of the Board comprises of the following members:
1. Mr. Ashwani Kumar Puri - Chairperson
2. Mr. Basab Pradhan
3. Ms. Mary Beth Boucher*
Mr. Ashwani Kumar Puri, an Independent Director is the Chairman of the
Committee and Ms. Barkha Sharma is the Secretary to the Committee. The Board accepted all
the recommendations of the Audit Committee made during the year. Details pertaining to the
number of meetings of the Committee held during the year and terms of reference,
functioning and scope are given in the Corporate Governance Report in detail in terms of
the requirements under SEBI Listing Regulation, 2015 as amended. The company also conducts
pre-meetings of Audit Committee Chairman with management officials including CFO/Internal
Auditors/Statutory Auditors respectively before the quarterly meetings for his review and
comments to incorporate the same. Note:
*Ms. Mary Beth Boucher was appointed as member w.e.f. May 07, 2022.
Nomination and Remuneration Committee
The Company has a duly constituted Nomination & Remuneration
Committee under the provisions of Section 178 of the Companies Act, 2013 & SEBI
Listing Obligations & Disclosure Regulations, 2015 as amended. The Nomination &
Remuneration Committee with the following as members:
1. Ms. Mary Beth Boucher – Chairperson of the Committee*
2. Mr. Basab Pradhan
3. Mr. Hari Gopalakrishnan
Note:
*Ms. Mary Beth Boucher was appointed as member and Chairperson of the
Committee w.e.f. May 07, 2022.
The details of the attendance in the meetings, terms of reference and
other relevant details are disclosed under the Corporate Governance Report of the Company.
During the year, the Nomination and Remuneration Committee also passed the circular
resolutions on May 14, 2022, July 24, 2022, September 20, 2022, December 02, 2022 and
January 14, 2023.
Stakeholders' Relationship Committee
In terms of provisions of section 178 of the Companies Act, 2013 &
Regulation 20 of SEBI (Listing Obligations and Disclosure Regulations), 2015, the Company
has reconstituted Stakeholders' Relationship Committee during the year. The Committee
is headed by a Non-Executive Director Mr. Kirti Ram Hariharan and consists of Mr. Basab
Pradhan and Mr. Patrick John Cordes as members of the Committee. Ms. Barkha Sharma Company
Secretary is also is Secretary for Stakeholders' Relationship Committee meeting The
scope of Stakeholders' Relationship Committee is as per SEBI Listing Obligations
& Disclosure Regulations, 2015. The Committee has delegated work related to share
transfer, issue of duplicate shares, dematerialisation/rematerialisation of shares to the
Share Transfer Committee which reports to the Committee. Details pertaining to the number
of meetings of the Committee held during the year and terms of reference, functioning and
scope are given in the Corporate Governance Report in detail in terms of the requirements
under SEBI Listing Regulation, 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
clarifications issued by Ministry of Corporate Affairs, the Company has a CSR Committee
which formulates and recommends to the Board, a Corporate Social Responsibility (CSR)
Policy indicating the activities to be undertaken by the Company, as per Schedule VII to
the Companies Act, 2013, recommending the amount of expenditure to be incurred and
monitoring the expenditure and activities undertaken under the CSR Policy of the Company.
Details pertaining to the number of meetings of the Committee held during the year and
terms of reference, functioning and scope are given in the Corporate Governance Report in
detail in terms of the requirements under SEBI Listing Regulation, 2015 as amended. The
constitution of the CSR Committee is as follows:
1. Mr. Kirti Ram Hariharan (Chairman of the Committee)
2. Mr. Hari Gopalakrishnan
3. Mr. Ashwani Kumar Puri
4. Mr. Kenneth Tuck Kuen Cheong
Coforge- Corporate Social Responsibility FY23
CSR programs at Coforge Group are driven by care, compassion, and
commitment. We are catalysts in transforming lives through our social initiatives. As a
socially responsible corporate, we acknowledge our responsibility to enable growth and
development of communities and to positively impact the environment. We have been
earnestly trying to make a difference to thousands of lives through our interventions in
the areas of education & employability, rural development, livelihood enhancement,
animal welfare, environment conservation and sustainability. Our Focus: At Coforge,
we are committed to identifying and supporting programs aimed at:
A)Education,SkilldevelopmentandEmployability:Education is a major
catalyst for societal transformation. To bridge the educational equity gap, we help
marginalised populations gain access to holistic, high-quality education and improve their
skills for employability. Our programmes assist students in breaking free from the
constraints of their socioeconomic background and realise their full potential. We have a
solid programme in place, in collaboration with our NGO Partners, to assist the education
of over 47300 children across the country. This includes not only funding for their
schooling, but also teaching them life skills necessary for survival.
1. Udayan Care
We collaborate with Udayan Care to help marginalized girls continue
their education. The Udayan Shalini project focuses on girls' education so that they
can lead a better life. Additionally, our objective is to sponsor holistic development of
2600 children by supporting various educational, digital skilling, and skill development
initiatives. Coforge's executive team, and employees help to make this connection
more meaningful and memorable by volunteering in recurrent visits and day-long workshops.
2. Vidya & Child
Through the Vidya & Child project, Coforge assists over 1310
children by sponsoring their studies, educational materials such as textbooks and
workbooks, stationary, arranging life skills training, setting up computer labs and
maintenance, renovating schools, planning various educational interventions such as field
trips and awareness sessions, and coordinating numerous recreational events.
Coforge's support contributed to lower school dropout rates, a better learning
environment, and academic development for students.
3. CYDA - (Centre for Youth Development and Activities)
Coforge works with CYDA to create an enabling environment in society
for young people to grow as responsible and independent adults. FY 22-23 Coforge supported
1544 COVID affected families – widows for livelihood and children for education at
Pune and Kolhapur locations. Through our support, affected families started their
small-scale businesses and increased income by more than 400% on average. The support of
school fees helped students to stay in the mainstream of education.350 people from
Kolhapur benefited from the entrepreneurship training program sponsored by us.
4. Margadarshi
Coforge assisted 200 people with disabilities and their families (1400)
in becoming self-actualizing, respected human beings and socially equal partners. We
assist them by holding screening and evaluation camps for appropriate assistive devices at
the block level. 20 wheelchairs and 40 mobility aids such as callipers, walkers, crutches
have been distributed, and children and parents have received instruction in their proper
use and maintenance.
5. Sparsha
Coforge supported Covid affected families by sponsoring school fees,
counselling, guiding to obtain schemes for social entitlements in coordination with
SPARSHA TRUST. As a result, 32% of children scored more than 60% potential dropout
children have continued their education, family income has increased, children started
participating in various activities that shows increase in confidence. Coforge employees
also volunteered to celebrate New Year with kids.
6. Ashagram
In coordination with Ashagram, Coforge supports 103 disabled children.
These neglected young adults were alienated by families and society. Through our grant,
they can sustain and live their life with dignity. We are sponsoring their medical
expenses, helping with construction of girl's residential units, installation of CCTV
cameras, sanitation and healthcare
7. Lend a Hand-Skill development
In coordination with Lend a Hand, Coforge supports underprivileged
youth in developing skills such as communication, networking, problem-solving, creative
thinking, digital skills, teamwork. This project further helps personal development of
540 lives.
8. Vidyadaan Sahayak Mandal
Supporting needy students to their higher education in streams like
engineering, medical, nursing, and teaching. The NGO partner hand holds them by providing
individual counselling and mentoring for overall development. Through this intervention,
we are supporting 145 students.
9. Kriti
Coforge supports Project Shiksha at Hyderabad in coordination with
Kriti organisation. They work with 4 Government primary schools for capacity building of
teachers, setting up the computer labs and other infrastructure. Robotics workshops with
over 1000 children across 10 government high schools are also conducted. This
program trains all the children on robotics and teaches the children 21 different
activities in a one-day workshop. Further, interested children are included in a science
club and given advanced kits so that they can develop their interest. These children are
given monitoring support to encourage a real interest and understanding of the principals
of robotics.
10. Industry – Academia partnership
Coforge supported universities like Chandigarh University and Amity
University to set up AI labs. These helped to provide agricultural solutions for farmers.
These solutions helped identification of diseased crops and developing low-cost smart crop
monitoring systems. Coforge Lab has been leveraged extensively by students pursuing AI /
ML studies to develop solutions listed above for the betterment of the society. Reached
over 6000 students to enrich their knowledge
11. Community Library with RURAL EDUCATION AND
DEVELOPMENT (READ) INDIA
As a service to the community, Coforge is setting up a state-of-the-art
public library on 12000 sq ft area, in sector 59 Noida. This is the first time a corporate
has stepped forward to set up a community library providing free access to high quality
resources. On identifying the need, Coforge planned this immaculate contribution to the
city of Noida. All communities and marginalized sections will be welcome to access
resources in the library.This library promises to be an outstanding example of a
sustainable library which houses a repository of books across genres and multifarious
notable authors. This knowledge hub would undoubtedly benefit the community.
B.Environment Conservation, Sustainability and Livelihood generation:
Every drop contributes to make an ocean, and every contribution towards
the environment is valuable. To ensure that the global agenda of climate change and
sustainability is driven in even the remotest areas, we at Coforge support multiple
projects. We also focus on strengthening rural and urban areas by improving environmental,
health care, women empowerment, infrastructure development, drinking water, sanitation,
sustainable livelihood, animal welfare and organic farming.
1. BAIF (Bharatiya Agro Industries Foundation)
The objective of this project was integrated livelihood approach for
enhanced income and food security of villagers. With a view to increasing farmers'
income multiple interventions were planned. This included promoting commercial vegetable
cultivation through Hi-tech and trellis system of vegetable cultivation. This resulted in
improving crop productivity. Breeding services for crossbreeding and methods to increase
fodder availability were followed. Outreach :4584 villagers
2. Swayamsiddha:
This project focuses on improved agricultural practices &promotion
of sustainable livelihoods. The NGO helps to distribute seeds and fruit saplings. They
also advise on goat rearing and poultry as means of livelihood. Capacity building
sessions, exposure visits, skill & entrepreneurship training are undertaken for
villagers. The approach of the project is of comprehensive village development. Outreach:
5416 villagers
3. Sehgal Foundation
We support rural development projects in 3 villages of Greater Noida
and 10 villages of Hyderabad. Major interventions in the project are rejuvenation of
village ponds, promotion of sustainable agricultural practices and transformation of
school infrastructure. We are supporting usage of renewable resources by installation of
solar streetlights, solar spray pumps, solar torches. We have helped to establish a
‘Village Development Committee' and are supporting its capacity building.
4. SAFE (Social Action for Forest and Environment)
Mini Biodiversity Parks (urban forestation) With a view to adding
green cover in Noida and Ghaziabad,we are contributing to creating mini biodiversity parks
at 2 locations. Under these projects two indigenous fruit bearing forest trails in Noida
have been designed and developed that would eventually serve as a ‘green lung'.
This would also help in improving air quality in neighbouring localities and serve as an
educational tool for young students. This includes plantation of 40000 trees and
maintenance, land levelling & preparation, and rejuvenation of ponds in the middle of
the parks. This is Coforge' s contribution to the city of its operations.
Lake rejuvenation at Noida - As per schedule VII, we are ensuring
environmental sustainability. Coforge is supporting revival and rejuvenation of a Lake at
Noida. In principle with water conservation, we would be using recycled water using sewage
treatment plant. The team would also help to clean up the garbage dumping site and convert
it to a lake.
5. ILRT (Institute of Livelihood Research And Training)
We signed up with ILRT for promotion of sanitation by Solid and Liquid
Waste Management in Noida. This includes plastic waste collection from public places,
research, and analysis.The NGO would also help in installing cloth bag vending machines to
reduce use of plastic. The implementing partner would also mobilise transport vehicles for
waste segregation and collection. Sessions would be planned for awareness generation. This
project would impact a population of 44000.
6. Jnanprabodhini (Swadhar project)
We work with Jnaprabodhini organisation in Pasali valley, Pune for
holistic rural development. The outreach is 7293 villagers. Our efforts included promoting
organic farming for soil nourishment and reduction in usage of chemical fertilisers by
11,500 kgs. Fuel efficient stoves are promoted to reduce deforestation and pollution. We
also hold interventions for improving women's health. Livelihood generation
activities such as goat rearing, helped to increase average income of farmers by 40%.
7. Animal Welfare
Supporting over 1500 animals across 3 locations. The NGO partners(
Voice of street dogs, Kannan animal welfare, People for animals ) help to arrange food,
shelter,and medical assistance for stray animals.
Risk Management Committee
The Committee comprises of the following Directors:
1. Mr. Basab Pradhan (Chairperson)
2. Mr. Hari Gopalakrishnan
3. Mr. Sudhir Singh
The Internal Auditor is invited to the Committee meetings & the
Company Secretary of the Company is the Secretary to the Committee. The terms of reference
of the Committee are provided under the Corporate Governance Report of the Company. All
the Directors are invited for all the Meetings who are not serving members of the RMC.
POLICIES OF THE COMPANY Nomination & Remuneration Policy
Pursuant to the provisions Section 178(3) of the Companies Act, 2013,
the Board has on the recommendation of the Nomination and Remuneration Committee framed a
policy for selection nomination and / or appointment of Senior Management including
Directors of the Company and their remuneration. The Policy has been revised by the Board
of Directors during the year in terms of the amendments in the SEBI Listing Obligations
& Disclosure Requirements Regulations 2015 as amended, The detailed Policy is stated
in the Corporate Governance Report.
Vigil mechanism/Whistle Blower Policy
In view of the requirement as stipulated by Section 177 of the
Companies Act, 2013 read with Rule 7 of the Companies (Meeting of Board & its power)
Rules, 2014 and Corporate Governance under SEBI Listing Obligations & Disclosure
Regulations, 2015 as amended, the Company has complied with all the applicable provisions
and has adopted a Whistle Blower Policy duly approved by the Audit Committee to report
concerns about unethical behaviour, actual & suspected frauds, or violation of
Company's Code of Conduct and Ethics. The policy is hosted on the website of the
Company.
The same provides for adequate safeguards against victimisation of
director(s)/employee(s) who avail of the mechanism and also provides for direct access to
the Chairman of the Audit Committee in exceptional cases. It is affirmed that no person
has been denied access to the Audit Committee.
Policy for Determining Material Subsidiaries
The Policy for determining the material subsidiaries of the Company is
in terms of the amendments in the SEBI Listing Obligations & Disclosure Regulations,
2015. The said Policy is available on the Website of the Company at https://www.coforge.
com/
Risk Management Policy
The Company has developed and implemented a risk management framework
for identification of elements of risk, which in the opinion of the Board need close
scrutiny.
Dividend Distribution Policy
The Company has a Policy for Distribution of Dividend under Regulation
43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This
policy aims at laying down a broad framework for considering decisions by the Board of the
Company, with regard to distribution of dividend to shareholders and/or retention or
plough back of its profits. The Policy is enclosed as Annexure -A of the Report and
is also available on the website of the Company.
Code of Conduct
The Company Code of Conduct is available on the website of the Company
at https://www.coforge.com/. The Chief Executive Officer of the Company has given a
declaration that the Directors and Senior Management of the Company have complied with the
Code of Conduct during the year 2022-23.
Code on Prevention of Insider Trading
The Company has formulated and adopted a Policy in accordance with the
requirements of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended. The
Policy lays down the guidelines and procedures to be followed, and disclosures to be made
while dealing with the shares of the Company along with consequences for violation. The
policy is formulated to monitor, regulate and ensure reporting of deals by employees while
maintaining highest level of ethical standards while dealing in the Company's
securities. The policy is amended to bring it in line with the provisions of the
prevailing regulations, from time to time. In compliance to the SEBI PIT Regulations, the
Company has a robust Code of Conduct to prohibit and monitor insider trading in the
Company, which is strictly followed within the Company and the reporting is done to the
Audit Committee/Board at regular intervals. The company adopted a stringent penalty
framework for any violations. Training programs were also conducted to spread awareness
and self-assessment test. Further, the Company is working rigorously on the effective
compliance of SEBI PIT Regulations with all the amendments being discussed and their
implementation within stipulated time period. Pursuant to the provision of Regulation 3(5)
and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015 read with SEBI
Circular issued in this regard and in view of Coforge Code of Conduct to regulate, monitor
and report trading by designated persons ("Coforge PIT Code"), the Company has
put in place a Structured Digital Database System and quarterly Compliance Certificates as
required under the Regulations duly issued by Company Secretary/Ranjeet Pandey and
Associates – Practicing Company Secretary firm after their review and assessment were
submitted to Stock Exchanges.
Code of Fair Disclosure
The Company's Code of Fair Disclosure is placed on the website of
the Company https://www.coforge.com/.
PERFORMANCE EVALUATION
The Board carried out the annual evaluation of its own performance, of
the Directors individually as also of its statutory committees, pursuant to the provisions
of the Companies Act, 2013 and SEBI Listing Obligations and Disclosure Requirements
Regulations, 2015 as amended. The evaluation was based on a comprehensive set of criteria
finalised by the board members. The Board considered the evaluation of the members based
on one-on-one meetings, questionaire and the directors who were subject to evaluation did
not participate in the process. The performance evaluation of the Independent Directors
was carried out by the entire Board excluding the Director being evaluated. The
performance evaluation of the Chairman and the Non-Independent Directors was carried out
by Independent Directors. The Chairperson communicated the feedback to concerned
stakeholders. The Directors expressed their satisfaction to the evaluation process.
MANAGERIAL REMUNERATION & PARTICULARS OF EMPLOYEES
The information required under section 197(12) read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is
provided in Annexure-B. Further, 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 with Rule 5(2) of Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014, is applicable and forms part of the Report.
However, as per first proviso to Section 136(1) of the Act and second
proviso of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Report and Financial Statements are being sent to the
Members of the Company excluding the statement of particulars of
employees under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. Any Member interested in obtaining a copy of the said statement
may write to the Company Secretary and the said annexure is also open for inspection at
the Registered Office of the Company.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Conservation of energy and environment-friendly initiatives
Environmental sustainability aims to improve the quality of human life
without putting unnecessary strain on the earth's supporting ecosystems. The sense of
environment sustainability shares the responsibility to conserve natural resources and
protect global ecosystems to support health and wellbeing, now and in the future.
It's about creating an equilibrium between consumerist human culture and the living
world. We can do this by living in a way that doesn't waste or unnecessarily deplete
natural resources. An ‘unsustainable situation' occurs when natural resources is
used up faster than it can be replenished. We at Coforge Limited always strive to improve
our environmental performance continuously to improve upon our carbon footprint
performance and contribute our bit towards environment we participated in the annual
flower shows and winning the same for fifth years in a row. At Greater Noida the company
is having a lush green 25 acres campus comprising of a "Valley of Flowers",
Herbal Garden and Fruit Garden. We also encourage our employees and clients for tree
plantation activity in the nearby villages and forest area. As a major initiative for the
resource consumption in the campus, we have adopted the sensor based water taps for water
dispensing and lighting system. To reduce the fresh water consumption, wastewater being
recycled with the onsite available water treatment system and is being utilized for
low-end uses, i.e. Horticulture, Flushing etc. The employee transport fleet has been
converted from diesel/ petrol to CNG, which is a cleaner fuel and significantly reduced
the company's carbon footprint. The roof top area of the offices are being utilized
for the solar energy generation, which contributes to reduction of carbon foot print of
organization, along with that the management has also working toward getting a solar based
energy connection of 4 MW to power the campus facilities. This would be a leap to meet the
global standards and join the sustainability crusade.
As a part of green initiative, as well as to improve upon the energy
consumption pattern we have migrated from LPG connection to PNG Connection aiding us save
10-15 % on our energy consumption requirement and also helped us improve our carbon
footprint and minimize hazards associated with the use of gas cylinders.
Coforge offices are single use plastic free zones and plastic waste
generation is limited to the packaging material, the same is being disposed thorough
authorized recyclers. Food and horticulture waste material is being process in house for
manure production, which is utilized further in horticulture. E- waste material generated
from the campus is being disposed only through government authorized recycler in
environment friendly manner.
Coforge Greater Noida campus got recertified with LEED Green Building
Platinum standards for operation and maintenance from US Green Building Council. Same is
being projected for other location offices.
At Coforge we don't leave a chance to showcase our environment
commitment, like every year this year also we participated in Noida Floriculture
competition conducted by Noida Authority and stood first in the competition fifth year in
a row.
CoforgeiscertifiedwithEnvironmentHealth&SafetyManagement System
(EHSMS) in agreement of the i.e. ISO 45001:2018 and ISO 14001:2015 standards. To ensure
the effectiveness of the standards, the management system undergoes though periodic
internal and external surveillance audits.
Environmental commitment cannot be fulfilled alone until we all are
aware of our environmental impacts, until we inculcate concept of sustainability in our
routine and to achieve the same we have also launched environment health safety training
module at global level where every employee needs to go through the awareness training to
improve its environment act.
Technology absorption and R&D (Research & Development)
Coforge is a client centric and growth obsessed organization, focusing
on providing holistic and integrated solutions that are Desirable (Strategic Design),
Viable (Domain Consulting) and Feasible (Enterprise Architecture) to our clients globally.
Our GTM and Integrated solution approach to solve client problems leverages a 4-tiered
approach:
• Strategy Tier: The overarching strategy for the
enterprise is chalked out at the cusp of Domain Consulting + Strategic Design + Enterprise
Architecture. We co-work with our clients in a strategic partnership to define their
long-term transformation roadmap.
• Technical Capabilities Tier: To realize the
transformative roadmap we leverage our horizontal technical capabilities as end-to-end
Value Streams. Our Technical capabilities span across: User Experience, Process Journeys,
High Velocity Engineering, AI & Analytics and Packaged Applications.
• Product Engineering Capabilities Tier: To realize
Platforms and Products, we leverage new ways of working and iteratively implement them
with a business aligned IT operating model, Product Management, Full Stack Developers,
DevSecOps, Quality Engineering, based fully stacked agile teams that focus on modern/cloud
based technologies.
• Cloud Hyper-scaler & Security Capabilities Tier:
Infrastructure is built on Agile, Nimble and Reliable design principles that have built in
security capabilities. We always strive to be at the forefront of emerging technologies
and use the same for realising Business Value for our clients. Our Innovation mindset,
Design Thinking methodology and focus on Emerging Technologies and Patterns help us use
these technologies to gain disproportionate value for the business.
Amongst others, following are the key technologies and horizontal
capabilities that Coforge has used effectively during FY23: Generative AI: Burgeoning
technology area, has garnered significant interest among our clients. Over the past year,
we have been at the forefront of evangelizing Generative AI and have implemented use cases
for BFS, Insurance, Travel, Hospitality and Healthcare verticals. By working closely with
Microsoft for Azure OpenAI platform, a renowned leader in this space, we have implemented
innovative use cases.
Metaverse: Emerging technology area, has sparked significant
interest among our clients. Over the past year, we developed various use cases in areas
such as virtual bank branches, travel desks, contact-centre, employee onboarding,
training, and Digital Humans, among others. We also organized our annual two-day
Technology Conference in the Metaverse, allowing hundreds of Coforge personnel to remotely
participate in the conference. Our partners for Metaverse include Microsoft, Virbela,
Gesture Research, Pointr, and others. Our efforts in the Metaverse space have been
recognized by HFS Research, which has identified Coforge as an Enterprise Innovator in
their Horizons 2023 - Metaverse Services research report. Blockchain & Web3:
These technologies have matured now and new & better use cases are emerging. Coforge
has been actively participating in this arena with partners like Hedera and AWS.
Innovative solutions have been developed for our clients including for Belgium based
Insuretech startup and Swirlds labs. Our product for Invoice discounting marketplace has
garnered much interest from the market.
Composable Architecture: Has emerged as an effective solution to
address the challenges of enabling seamless and consistent experience across multiple
touchpoints and channels while delivering at accelerated pace. We have created reference
architecture and frameworks to support Composable Architecture for Banks. By leveraging
micro frontends and composable architecture, banks can empower product squads to work
independently in parallel to develop micro apps. These apps get composed seamless to
provide the users a modern cross-channel experience. We are already implementing this with
a UK bank and have consulted with a middle east bank to take a composable architecture
approach in their multi-year program to modernize their corporate portal.
Hyper-scalar Alignment & Investments: We have placed our big
bets on realizing at improved velocity the Journey to Cloud for our clients and have made
deep investments in aligning our operating model to AWS, Azure and GCP dedicated
hyper-scalers structure with integrated solutions cutting across Infra + Apps + Data. We
lead with Cloud maturity assessment, define the disposition strategy using R-Lane analysis
and create a business plan based on the Cloud economics and its associated benefits
Strategic Design and Marketing: We are building strategic
partnerships in this space and co-work with our partners to take human centred approach to
solving client problems. Our differentiated approach includes: interviewing stakeholders,
conducting ethnographic research, identifying personas, building customer journeys and
realizing MarTech and Commerce implementation and rollouts.
Cybersecurity and Compliance: We focus towards information security
and ensure we are in line with modern day IT and cyber security challenges. Coforge has
made significant addition to its cyber security preparedness by integrating third-party
Threat Intelligence Services. We now leverage advanced services including Dark Web and
Deep Web Monitoring, Attack Surface Management, Brand Protection, and Cyber Threat
Intelligence for safety and privacy of our information assets. We have integrated IBM
QRadar SIEM platform for automated event and log monitoring of compute and network devices
in our network. The platform has also been integrated with other security platforms in use
at Coforge, giving our 24x7 dedicated Cyber Intelligence Centre team a unified way of
assessing threats and a high level of automation towards accurately identifying and
reporting for quick remediation. We have achieved advanced compliance certifications like
SOC2 Type 2 + HIPAA, in addition to ISO27001, across the firm. Demonstrating the maturity
of our Business Continuity Planning, we have also achieved BCMS 22301:2019 certification
for our Greater Noida, Bengaluru, Pune, and Kolhapur centres. Some of the notable new
initiatives planned this year are, Enterprise-wide Privileged Access Management, to ensure
controlled, monitored and Just-in-Time access for privileged accounts; and advanced
technologies for Automated Detection and Autonomous Response to fast spreading threats
like Ransomware. We are also focusing on Zero trust security framework that has been
gaining popularity among organizations globally as a proactive approach to cybersecurity
for data protection and governance that focuses on maximize the business value of
customers data while maximizing security and reducing compliance risks. Over the past 1
year Coforge has helped multiple customers in their journey to achieve zero trust security
implementation.
Digital: Consumer expectations are evolving at an unprecedented
pace, this is creating more demand than ever before for powering meaningful Digital
Experiences, Products and Services to increase Consumer Delight. To solve for this, we at
Digital are focused on creating Business Value by powering Consumer Solutions at Speed and
Scale. As a part of our Digital Value Proposition, we focus on the below areas: Innovating
Businesses, Elevating Experiences, Contextualizing Actions, Digitalizing Processes,
Modernizing Systems, Connecting Enterprises and Productizing Solutions. In order to bring
the above Digital Value Proposition to live, we have meaningfully organized our Digital
organization into 4 Practices to drive specific capabilities:
1) Interactive Services: All Experience related capabilities are housed
in Interactive Services Practice. Innovating Businesses and Elevating Experiences part of
the Digital Value Proposition is aligned to this Practice. 2) Product Engineering: All
Modernize related capabilities are housed in Product Engineering Practice. Modernizing
Systems and Productizing Solutions part of the Digital Value Proposition is aligned to
this Practice. 3) Connected Enterprise: All Responsive related capabilities are housed in
Connected Enterprise Practice. Modernizing Systems and Connecting Enterprise part of the
Digital Value Proposition is aligned to this Practice. 4) Intelligent Automation: All
Optimize related capabilities are housed in Intelligent Automation Practice.
Contextualizing Actions and Digitalizing Processes part of the Digital Value Proposition
is aligned to this Practice.
Salesforce: We help enterprises build stronger, more valuable
relationships with customers and partners across all engagement channels. We combine our
deep industry / domain expertise with the senior mix of Salesforce technical and
functional experts that is required to implement complex Sales, Service and Marketing
transformations. We have worked on multi-pronged strategy creation for our clients to
reengineer legacy infrastructure through digitization into a modern state-of-the art
platforms. Keeping the cloud architecture vision in focus, Coforge's solution focus
on abstracting data from mainframes through core APIs and serverless technology on the
cloud. DynamicCustomer Journey Orchestration solutions are developed for Mortgage Lending
and Underwriting on Salesforce Financial Services Cloud and Service Cloud leveraging
various Salesforce technologies including Lightning Web Component (LWC), OmniStudio and
Salesforce Flow technologies. This reusable journey orchestration solution can be easily
configured for Personal Loans, Auto Loans and Credit cards. Based on specific customer
needs, we have developed several reusable frameworks to include: 1) Loan origination
customer journey orchestration which can be applied to Consumer, Credit Card, Mortgages
and other types of loan products. 2) Insurance industry Broker Management, to understand
and manage the profitability of activities of a large Broker network. 3) Customer Service
Disruption Management for the travel industry.
MuleSoft: We help remove data silos and create a seamlessly
connected ecosystem that allows instant access to information and drives new, data-driven
insights. Seamless customer experiences require companies to create a fully connected
ecosystem, where data is continuously collected, analyzed and transformed to serve the
needs of the entire value chain. The need is not only for a point-to-point integration but
a multi-point to multi-point cross connect systems. Unlocking data from legacy and/or
business critical applications (leveraging out-of-the-box connectors from MuleSoft),
connecting to legacy applications (such as files, queueing, databases etc.) and SaaS-based
applications (such as workday, SAP, Service Now etc.) and surfacing data from these
disparate applications into granular micro-services (alias System APIs), along with
functionality (such as data transformation / data aggregation / data orchestration)
embedded within Process APIs (across lines of business) helps in building an API economy
and thereby monetizing those APIs to deliver business outcomes quickly, with reduced
operational overheads. Our proprietary Mule 4 – Migration as a Service (M4-MaaS)
helpsaccelerate migration from Mule v3.x to Mule v4.x at a rapid pace and at a fraction of
a cost. Our migration accelerator was vetted by MuleSoft product team as well and today
Coforge along with MuleSoft have a combined Go-To-Market migration strategy to drive
customers moving towards Mule 4 and to take advantage of all the enhanced features.
Another key value add to talk about is our proprietary Retail Framework. Coforge has a
huge presence within the retail sector and what we understood from our experience working
with our customers is that there is a lot of commonality in terms of the digital
initiatives that all our customers think about (such as single view of inventory, 360
degree customer view, omni channel initiatives etc.). Coforge's Retail Framework
helps in accelerating and delivering projects faster, as we leverage prebuilt data models
and customize them as required for our customers.
Data & Analytics: We support our clients across 4 main areas
helping them: 1) Modernize: Big Data, Cloud Data and Data Management services help
customers modernize data ecosystems (such as cloud data migration to AWS, Azure and
GCP). 2) Monetize: Business Analytics innovations leveraging latest analytics
technology platforms (e.g. Snowflake, Databricks, Power BI, Celonis, Denodo, Dataiku) to
help customers implement data analytics and data science use cases for actionable
insights. This also contains pre-built frameworks and algorithms to accelerate data
science development (e.g. Credit and Financial Crime Risk or Marketing decisioning). 3)
Manage: Consulting frameworks and templates to create and implement data and Analytics
strategy and to drive awareness and adherence (e.g., data governance policies and
procedures, predictive model review /validation as per OCC guideline). 4) Cognize:
Cognitive AI solutions for text & document mining, creating knowledge graphs, Advanced
analytics on Audio, Images and Videos to derive insights (e.g. advanced analytics
algorithms for image, text, video classification).
Pega:
• Intelligent automation, Decisioning driven 1:1 customer
engagement and customer service:
Intelligent automation refers workflow and RPA driven case management,
1:1 customer engagement refers to personalized interaction (Sales, Service and Marketing)
between a customer and a business representative, leveraging the core AI engine. Pega has
invested significantly in this technology and leveraging it for their core account growth
strategy using Predictive analytics, Adaptive model Natural language processing (NLP),
Text analytics, Decision management using customer decision hub (CDH) and native platform
machine learning capabilities. Coforge DPA has invested building this capability and built
use cases across insurance, banking, public sector and others.
• Interactive, high performant and responsive UI/ UX: Pega
Cosmos React & now constellation-based architecture includes a range of pre-built UI
components that can be used out of the box or customized to fit the specific needs of a
project, which are flexible to connect to multiple systems, utilising Pega headless
architecture delivering seamless user experience across different devices and multiple
sources of data.
• Workflow and IDP synergy: Intelligent Document Processing
(IDP) combines artificial intelligence (AI), machine learning (ML), natural language
processing (NLP), optical character recognition (OCR), and automation to extract, analyse,
and process data from various types of documents. IDP systems are designed to handle
complex, unstructured, and semi-structured data from sources such as forms, invoices,
emails, contracts, and other business documents. DPA is also actively proposing QUASAR (An
in-house intelligent document management system (IDP)) to clients supplementing Workflow
solutions for scenarios like document ingestion, Pre-processing, Text analysis and
extraction and continuous learning, in use cases like Claims and KYC.
• Cloud migration and Upgrade: The latest versions of Pega
8.8 Cloud features enable customers achieve on demand scalability and enhanced security
using modern Kubernetes container-based architecture, keeping the user experience
seamless. Coforge has built accelerators for Pega 8.8 upgrades including migration tool
kit, upgrade assessment and pseudo code. Using this upgrade service offerings, we have
delivered for one customer and have signed two more opportunities.
• Coforge Healthcare (INFUSED) has developed multiple
solutions to provide though leadership client namely
Interqual Connect Asset on Pega Marketplace facilitating clinical
information intake and workflow for Pega Care Management clients, ARC Asset
(Authorizations Rule Center) for managing prior authorization rules in multiple systems
(demo capable mid-May). It also has architected disruptive platform for next generation
provider office technology solution.
Appian & Low Code No Code:
• Hyper automation powered by AI: Coforge has effectively
used the Hyper automation capabilities of Appian like RPA, AI, Unified Workflows and IDP
to modernize and automate elaborate workflows in traditionally manual processes. Our
industry specific solution accelerators created for Insurance, Finance, Public Services
and Travel have gained significant interest because of the end-to-end AI led automation
leveraging the amazon.ai capability embedded in Appian.
Using low code no code intelligent process automation and API based
routing, Coforge designed a trade management application for crypto brokerage enabling
brokers, to access real time market data, place trades and monitor portfolio performance
in real time. In this solution, Coforge integrated Tradius system to initiate the orders.
• Smart citizen central service using low code no code:
Coforge has designed a smart citizen central service for public legal
aid application, on the Appian low code no code platform embedding NLP & chatbot for
automating citizen query responses, prompt report statuses and ongoing intelligent
workflow.
ServiceNow CoE: We have a dedicated ServiceNow CoE with 200+
ServiceNow Consultants having experience of 50+ implementations across Fortune 500
customers supporting 65,000+ fulfiller licenses with over 1 million configuration
items/assets in complex environments comprising of multiple integrations. ServiceNow CoE
delivers ServiceNow Consulting services, Implementation & Integration Services and
Managed Services and have developed accelerators such as LicenseWise (track & optimize
ServiceNow Licenses), One-Click Translator (for translating knowledge articles,
notifications, catalogue in language of choice), GuardRailNow (Health Scan utility to
check configuration issues and recommend fixes). We are Elite Segment Partner for US, UK
and India region and has been identified as Rising Star in ISG Provider Lens™ (IPL)
Quadrant study on "ServiceNow Ecosystem Partners 2023 ISG Provider Lens™
Study."
Cloud & Infrastructure Management Services (CIMS): We run
business-critical systems and operations for our global customers while ensuring security
and scalability across public, private and hybrid clouds. We help clients reimagine and
modernize their IT infrastructure strategy towards a flexible cloud environment that
delivers fast and efficient business value while delivering superior digital workplace
experience for their employees. Our service offerings span across Cloud, DevOps
& Automation, Data Centre, Network, Cybersecurity, Digital
Workplace Services, and IT Ops Management.
Business Process Solutions (BPS): The BPS unit leads with a
digital-first approach, deep domain expertise, led by experienced consultative
practitioners - to deliver value in our 3 E model - enhance customer experience,
improve business effectiveness and increase efficiency . Our domain
expertise covers industry specific solutions like Banking, Cards, Mortgage, Financial
Services, Insurance, Travel and Hospitality and cross-industry solutions. The services we
offer leverage leading technology platforms and also point solutions with our tools like
Copasys, a patented QA automation software to drive digitized processes in a platform
plus services model. This is what leads to our core strategy of "Digital First,
Digital Now" as we approach solving some of our customers' compelling business
problems built on over 20+ years of experience with 6,500+ BPS experts delivering work
from centers across USA, India & Philippines.
Quality Engineering: We provide Quality Engineering & Testing
services using an automation-first approach to drive software and application quality. Our
Quality Engineering services - enabled by 2,400+ passionate Quality Engineering experts
– are designed to inject speed, quality, productivity, and intelligent insights
across the SDLC. Whether customers want to accelerate time to market, reduce costs, or
transform their testing function and workforce, Coforge Quality Engineering has the right
skills, capabilities, and accelerators to help them succeed. Our suite of frameworks and
accelerators leverage AI for self-healing and autonomous automation. We offer services
around: QE Transformation, Test Lifecycle Automation, Business Assurance, Digital
Assurance, and Enterprise Application & Product testing.
Foreign Exchange Earnings and Outgo (Rs. Million)
| Particulars |
Year 2021-22 |
Year 2022-23 |
| Foreign Exchange Earnings |
29,608 |
39,256 |
| Foreign Exchange Outflow |
11,293 |
14,545 |
Details of significant and material orders passed by the
Regulators or Courts or Tribunals impacting the going concern status
and Company's operations in future
During the year, no order was passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
Details in respect of adequacy of internal financial controls with
reference to the Financial Statements
The Company monitors and evaluates the efficacy and adequacy of
internal control systems in the Company, its compliances with operating systems,
accounting procedures and policies of the Company. Based on the report of Internal Audit
Function, process owners undertake corrective action in their respective areas and thereby
strengthen controls.
Details of Subsidiary/Joint Ventures/Associate Companies
As on March 31, 2023, the Company has subsidiaries in the United States
of America, United Kingdom, Germany, India, Singapore, Thailand, Australia, Dubai, Spain,
Poland, Netherlands, Romania, Sweden, Malaysia and Japan
Details about the companies which have become/ ceased to be
subsidiaries during the Financial Year
The Company has not acquired any company directly during the year.
However, two new step down subsidiary companies were incorporated:-- Coforge Solution Pvt.
Ltd., India - Coforge Japan GK, Japan
Performance and financial position of each of the subsidiaries,
associates and joint venture companies included in the consolidated financial statement.
During the year, the Board of Directors reviewed the affairs of the
subsidiaries. Pursuant to provisions of Section 129(3) of the Companies Act, 2013, a
statement containing a report on the performance and financial position of each of the
subsidiaries, associates and joint venture companies is included in the consolidated
financial statement and the same has been annexed to this Report as AOC-1 given in
Annexure C.
In accordance with the provisions of Section 136 of the Companies Act,
2013, the audited Financial Statements of the Company, consolidated Financial Statements
along with relevant documents are available on the website of the Company (www.
coforge.com).
Particulars of loans, guarantees or investments under section 186 of
the Companies Act, 2013
The Company has not given any loan to any person and any other body
corporate. The Particulars of loans, guarantees or investments under section 186 of the
Companies Act, 2013 by the Company, have been disclosed in the financial statements
The details of the securities acquired by the Company of other body
corporates is given as under
| Investments in equity instruments in
subsidiary companies (fully paid) |
Investment value as on |
|
March 31, 2023 |
| 2,837,887 (31 March 2022: 2,837,887) |
156 |
| Shares having no par value in Coforge Inc. |
|
| USA |
|
| 16,614,375 (31 March 2022: 16,614,375) |
703 |
| Shares of 1 Singapore $ each fully paid-up |
|
| in Coforge Pte Ltd., Singapore |
|
| 3,276,427 (31 March 2022: 3,276,427) |
204 |
| Shares of 1 UK Pound each fully paid-up |
|
| in Coforge UK Ltd., UK |
|
| 537,900 (31 March 2022: 537,900) Equity |
185 |
| Shares of Euro 1 each fully paid-up in |
|
| Coforge GmbH, Germany |
|
| 50,000,000 (31 March 2022: 50,000,000) |
500 |
| Equity Shares of Rs 10/- each fully paid-up |
|
| in Coforge SmartServe Limited |
|
| 1,000,000 (31 March 2022: 1,000,000) |
224 |
| Equity Shares of Euro 1 each fully paid- |
|
| up in Coforge Airline Technology GmbH |
|
| Germany |
|
| 5,000 (31 March 2022: 5,000) Ordinary |
63 |
| Shares of 1000 AED each fully paid in |
|
| Coforge FZ LLC Dubai |
|
| 5,000,000 (31 March 2022: 5,000,000) |
25 |
| Equity Shares of Rs. 10 each in Coforge |
|
| Services Limited |
|
| 4,047,631 (31 March 2022: 4,047,631) |
4,701 |
| Equity Shares of Rs. 2 each in Coforge |
|
| DPA Private Limited |
|
| 2,13,779 (31 March 2022: 2,13,779) |
2,392 |
| Equity Shares of Rs. 10 each in Coforge |
|
| SF Private Limited |
|
| 541,895 (31 March 2022: 541,895) Equity |
9,183 |
| Shares of Rs. 10 each in Coforge Business |
|
| Process Solutions Private Limited |
|
| (Formerly known as SLK Global Solutions |
|
| Private Limited) |
|
| Total equity instruments |
18,336 |
Particulars of Contracts or arrangements with Related
Parties
The Related Party Transaction Policy deals with the review and approval
of related party transactions. The Board of Directors of the Company has approved the
criteria for making the omnibus approval by the Audit Committee. The Board has the Policy
in line with the recent amendments in SEBI Listing Regulations and is uploaded on the
website of the Company at https://25186482.
fs1.hubspotusercontent-eu1.net/hubfs/25186482/policy-on-related-party-transactions-new.pdf
A Statement of all related party transactions is presented before the
Audit Committee on a quarterly basis and prior/ omnibus approval is also obtained for the
entire year, specifying the nature, value and terms and conditions of the transactions.
None of the transactions with the related parties fall under the scope of Section 188 (1)
of the Companies Act, 2013. Details of Related Party transactions pursuant to Section
134(h) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are given in
Form No. AOC-2 in Annexure – D.
Management's Discussion and Analysis Report
In terms of Regulation 34(e) of the SEBI (Listing Regulations), 2015 as
amended from time to time, the Management's Discussion and Analysis Report is set out
in this Annual Report.
Business Responsibility and Sustainability Report
The SEBI (Listing Regulations), 2015, read with SEBI Circular no.
SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021 has prescribed the format for the
Business Responsibility and Sustainability Reporting (BRSR) in respect of reporting on ESG
(Environment, Social and Governance) parameters by listed entities mandates the inclusion
of Business Responsibility and Sustainability Report (‘BRSR') for top 1000
listed companies based on market capitalization as on March 31, 2023. In compliance with
the same the Company has formulated Business Responsibility and Sustainability Reporting
Initiatives, Policy, and Framework at its Board Meeting held on April 27, 2023. The BRSR
Report for the Financial Year ended March 31, 2023 has been enclosed with this Report.
Corporate Governance
In terms of Regulation 34 of the Securities Exchange Board of India
(Listing Regulations), 2015 as amended from time to time, a Report on Corporate Governance
along with Compliance Certificate issued by Statutory Auditor's in terms of Part E of
Schedule V of the said Regulations of the Company forms an integral part of Corporate
Governance Report.
Compliance with applicable Secretarial Standards
The Company is in compliance with the applicable Secretarial Standards
issued by Institute of Company Secretaries of India and notified by the Ministry of
Corporate Affairs with all amendments thereto.
AUDITORS & AUDITORS' REPORT/CERTIFICATE a. Statutory Audit:
M/s S R Batliboi & Associates LLP (FRN 101049W/ E300004) have
carried out Statutory Audit under the provisions of section 139 of the Companies Act, 2013
for the financial year 2022-23. The Report given by Auditors forms part of this Report.
The Auditors Report to the Shareholders does not contain any qualification, reservation or
adverse remarks.
b. Secretarial Audit:
During the year, the Board of Directors of the Company appointed Mr.
Ranjeet Pandey (Membership No.5922) of M/s Ranjeet Pandey & Associates, Company
Secretaries (CP No.–6087), in Whole-time Practice, to carry out Secretarial Audit
under the provisions of Section 204 of the Companies Act, 2013 and the Rules framed
thereunder, for the Financial Year 2022-23. The Secretarial Audit Report for the financial
year ended 31st March 2023 was considered by the Board in its meeting held on
April 27, 2023 and the said Report given by Secretarial Auditors is annexed to this Report
as Annexure-E. The Secretarial Audit Report does not contain any qualification,
reservation or adverse remarks. c. Internal Auditors:
The Board on the recommendation of Audit Committee had appointed M/s
KPMG Assurance and Consulting Services LLP, Limited Liability Partnership, Firm
Registration Number: AAT- 0367 as its Internal Auditors of the Company. The Internal
Auditors report to the Chairman of the Audit Committee. The Internal Audit teams monitor
and evaluate the efficacy and adequacy of internal control systems in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of
the Company. Based on their reports, the corrective actions in respective areas are taken
to strengthen the controls. There are no significant audit observations made by Internal
Auditors. d. Auditors Certificate on Corporate Governance:
As required by SEBI (Listing Regulations), 2015, the Auditor's
Certificate on Corporate Governance is provided within the Corporate Governance Report.
The Auditors Report to the Shareholders does not contain any qualification, reservation or
adverse remarks. e. Cost audit & records:
Section 148 of the Companies Act, 2013 is not applicable on the
Company. Therefore, cost audit has not been conducted for the financial year 2022-23 and
records are not maintained. f. No fraud has been reported by the Auditors to the Audit
Committee, Board or any other relevant authority.
HUMAN RESOURCE INITIATIVES
Nurturing a positive corporate culture is integral to our business and
it reflects in our phenomenal growth. Guided by our vision ‘Engage with the
Emerging', we have been delivering best-in-class solutions using new-age
technologies, and our mission ‘Transform at the Intersect' has cemented our
position as an expert in focused industry verticals. We follow through 4E strategy for
curating a holistic employee experience,whichentails-Examiningthepulseoftheorganization on
an ongoing basis, taking actions around Engagement, Education through robust learning and
development initiatives, and Encouragement for meaningful interactions with our people.
The outcomes of these interventions are visible through our key people indicators like
retention, EES Scores and external recognitions.
As an organization, that over the years has lived by the belief ‘Coforge
is People', & thanks to all our collective efforts, we were able to emerge
stronger – stay the course of our growth story, continue to deliver value to our
customers, and remain focused on nurturing our culture.
Elements of our strategy have been listed below:
Examine
We at Coforge use various tools to assess and monitor the pulse of our
employees. My Voice, Annual Employee Engagement Survey (EES) is our most comprehensive
tool that focuses on key areas like professional growth, work-life balance, training,
teamwork, commitment index, and so on. Similar to last year, Coforge participated in Great
Place to Work (GPTW) survey. We got certified as both Great Place to Work and Best
Workplaces for Women India, second year in a row. This year, Coforge was also recognized
among India's Best Workplaces in IT & IT-BPM 2022 – Top 50.
Engagement
Keeping our employees engaged continues to be our top focus and
priority. We're proud to say that we've been able to keep our employees engaged
through a framework that revolves around several aspects. The various Leadership and HR
connect sessions and Townhalls we have had with our employees on a periodic basis has kept
the fuel burning and kept everyone engaged with the growth the organization is witnessing.
The appreciation through our regular Inspire Awards, Spot Awards and Gratitude Month
activities has kept the spirits of all our employees very high. The various fun activities
that have happened at various junctures when we celebrated big events like Coforge Day or
Diwali/Holiday party has been assimilated by employees in a beautifully positive an
inexplicable manner. Such engagements have gone a long way in keeping our employee base
motivated.
Celebration of festivals is another such activity that brings the
entire employee base together. Small quiz sessions with gifts as takeaways have gone a
long way in bringing some fun elements along with the commitment that every employee
brings in terms of their contribution to the organization. Regular HR Leadership connect
sessions with the new joiners is another such event that has garnered a lot of acceptance
amongst our fresh hires and has gone a long way in establishing the trust that is needed
for a win-win situation for the employee and the organization.
Several technical and non-technical learning opportunities were also
created for our employees to help them upskill themselves and grow within the
organization. Overall, the year was filled with a number of touchpoints with every
employee starting from fun to learning and growing within the organization, the
culmination of which was the employee satisfaction survey where we scored very similar to
what we had scored the previous year. Our employees are equally satisfied and even more
committed to the journey of Coforge! Winning the Bronze Award for Excellence in Employee
Retention Strategy by Economic Times Human Capital Awards is a testimony to these
practices and efforts.
Education through Capability Development
A systematic approach to the Learning and Development (L&D) of
employees is vital for any organization. At Coforge, we are focused on building
people's capabilities to create a future-ready workforce that contributes to
achieving business goals of the organization. We offer an immersive, agile & global
learning solution with diversified learning methodologies which include cutting-edge
content & hybrid methodology of learning. With our one-of-a-kind learning framework
and future-facing approach, we integrate technology seamlessly into our holistic learning
strategy & solutions cutting across technical, domain, functional skills and human
skills.
Annual Training Snapshot
| Training Category |
Hours of Training |
| Safety, Security & Diversity related |
31,138 |
| Behavioural, Leadership & Management |
32,000 |
| Technical, Domain & Functional |
352,897 |
| Total |
416,035 |
Leadership & Behavioural Training
An agile learning ecosystem skilling the firm for the future and to
create impactful learning solutions catering to all leadership, sales, behavioral &
human skills capability development'. We have designed an experiential and
impact-driven approach for developing employees, team leaders, and managers to learn,
practice, and implement behaviour change and related attitudes further enhancing personal
efficiency and performance.
In the LEAD canvas, we have created a holistic set of solutions: -
Virtual Instructor Led Learnings - Anytime Anywhere Solutions - Learning from the Experts
- Sales Capability Build
LEAD Learning Catalogue
LEAD is working towards strengthening a learning culture at Coforge to:
- Align learning to org and global employee needs.
- Create a continuous learning experience through multiple learning
avenues.
- Strengthen L&D presence across the globe.
- Acknowledge & recognize learning & learners - build
learnability.
- Showcase & report-out progress & impact stories.
Apart from our open calendar offerings, here are few high impact
solutions delivered in FY 23:
1. LPODs (LEAD Programs on Demand): Delivered ~ 25
customized blended solutions addressing business-specific learning needs across verticals,
geos, service lines & functions.
2. Senior Leaders New Hire Assimilation Program: This
program is aimed at helping the new leaders in:
- Gaining a deeper understanding of the firm, our priorities and key
business drivers
- Better navigating the organisational matrix by meeting the Coforge
leadership
- Providing them an opportunity to interact and engage with them
- Creating an informal cohort network for you to leverage in your
Coforge journey
3. Promoting usage of GlobeSmart: A platform which provides
an effective, user-friendly intuitive global learning experience to approach intercultural
differences in a meaningful way. It advances inclusion, increases collaboration, builds
interpersonal relationships and eliminates boundaries with peers, customers &
stakeholders for organizations to succeed globally.
4. Building LEAD presence globally: Open calendar programs
catering to all time zones. Focussed Anytime Anywhere solutions to bridge the learning
gaps by leveraging platform like Percipio. Designed contextually relevant programs for the
global audience. Engaging with global business leaders via panel discussions, fireside
chats.
5. Launched ELEVATE – Navigating Leadership Transitions: A
global structured 3- month long learning journey for all our middle managers that aims at
building the mindsets and skillsets for role effectiveness and is curated around three
focus areas – Managing self, Manging teams & stakeholders and Building business
alignment. Consultative approach with business leaders, identified 6 leadership
competencies for people leaders. This is a blended learning journey leveraging vILT'
s, self-paced & leaders masterclasses.
6. Continued rigour & focus on compliance trainings.
Technical/ Functional / Domain Training & Certification through
iEnable iEnable is one-stop solution for all technical, functional, and domain
learning solutions for the firm ensuring our employees' skills stay contextually
relevant and they always have the edge! In alignment to the deep-rooted legacy of
training, we have a dedicated training team that partners with the business to design
& deliver learning solutions for different roles across the organization for employees
across the globe to upskill & cross-skills employees including:
• New Joiners
• Existing Staff Members
• Professional Accreditation through relevant Certifications As
learning culture is critical for keeping up with workplace transformation, it is
imperative to give the employees opportunities to up skills and tools they need to thrive
in a remote environment. Mentioned below are few aspects:
1. Ensuring availability of learning opportunities outside of
formal company trainings to employees by alliances with multiple external enterprise
learning partners
2. Executives and Leaders involvement to contribute and support
learning at work by strategizing and initiating learning and capability enhancement drives
3. Capability Enhancement/ Upskilling through Service Line Training:
Multiple planned learning interventions are facilitated by the Horizontal contributors
of the Organisation the Service Line COC's like – QE, Data & Analytics,
Digital, AI, Software Engineer, CIMS, Sales Force, Mulesoft, and Pega & Appian to
build capability. Through these training we focus on upskilling technical employees- on
niche technologies, domain and client specific requirement - it enables the organization
to beat the competition and achieve strategic goals. Upskilling
4. Quarterly Training Calendar for Laterals PACE (Pro Active
Capability Enhancement) specially curated Calendar in collaboration with Horizontals to
build focused & efficient Learning & Development plan
– Upskill/Cross-skill on the market-ready technologies relevant to
the Clients for existing Laterals deployed to various projects/ accounts
– Continued support as per the projection from RDG for new hired
Campus Graduates Boot Camp / GET Training
– Pool Upskilling to continually keep a robust pipeline to
meet the emerging requirements
5. Building Professional Credibility around Azure, AWS, GCP, SAFe
Agile, Scrum, POPM and Pega Appian – 2204+ professionally certified workforce -
as on31 March in FY'23, to enhance capabilities and create a future-ready workforce.
– Training + Certification to enhance capability through
certifications like Azure, Salesforce, AWS, ISTQB
– Participation in specially designed Microsoft Future Ready
Champions of Code Certification & CLOUD Certification Drive with 112 certified
workforce out of 660+ SM participation.
6. Partnership For Success
– Leveraging the Learning Partner Portals like Percipio,
Microsoft ESI, AWS, GCP, AWS, AIT, LOMA, ISTQB, Unqork, Appian , ITIL, Mule Soft, Focus on
Force, Trailhead to access the free Training & Certification programs available a.
Ensuring availability of learning opportunities outside of formal company training to
employees by alliances with multiple external enterprise learning partners in alignment
with our stakeholders request like – Decisions Portal, Respective D&A technology
portals & Thought Machine b. Adoption of Percipio – the intelligent
enterprise Learning Platform - providing a culture of continuous self-learning thus
enabling team Coforge to stay abreast of the emerging technologies. With an increase in
the adoption trend c. Through Percipio we also offer specialized Aspire Learning
Journeys- are Role-based training across key in-demand career paths from Data
Scientists to AI Developers to CloudOps Architects to SecOps Engineers. From a Data
Analyst working with Excel to a Data Scientist utilizing best practices with Python.
Aspire Journey helps to accelerate skill development
7. Domain Training
Dedicated Domain specific, self-paced learning programs across
Verticals for continual improvement through Learning Portals like Percipio and Udemy
• Insurance Domain: Basics of Insurance Level -1 Training for all
employees mapped with INS BU
• TTH Level 1 Domain Training ongoing embellishing Learning
Academy
• BFS Domain Training: AWS Cloud Journey Learning for Santander
employees
• Specific Trainings led by Instructors/Practitioners to cater to
individual development needs mapping to the respective Verticals/Horizontals
• External Experts for Deep Dive discussions from renowned
organizations like, Percipio Microsoft etc. together and created Lounges for discussion
and query resolution.
Co-Build with HBU's to meet the Upskilling & Reskilling
Needs of the Organization, L&D Team in Collaboration with HBUs,
have set up various Academies to empower employees in leveling up their skills. Technical
Training team at Coforge (iEnable) launched PACE [Pro –Active Capability Enhancement]
– A specially crafted training calendar comprising the latest technologies to meet
the skill build agenda in collaboration with respective HBU's
| HBU |
Count of SMs Covered |
| Digital |
1459 |
| Data & Analytics |
824 |
| QE |
1623 |
| CIMS |
1783 |
| DPA |
12368 |
| DE |
528 |
8. Functional Competency Building and supporting with relevant learning
offerings
- Upgrading Functional knowledge to enhance skills workforce can
manage work more efficiently and effectively like ITIL - 230, SAFe, Agile PMP – 483
– Launch of PM Upskilling Series for existing/aspiring
Project Managers - 1196, with 11 Sessions delivered on the right use of knowledge,
processes and tools.
9. Global Reach for Onsite & Offshore SMs
- Plan Upskilling and real-Time Learning Opportunities across the Globe
to Learn and Grow - to ensure that iEnable team offers an eco-system through blended
learning modes to cater to ever evolving business requirements and skill build by
facilitating Training session in different time zones through instructor and accessing
online portals, to build capabilities in the right place at the right time
10. Program on Demand
– Tailor made Training programs basis the requirements shared by
verticals to achieve the desired expertise eg Santander, HSBC, Sabre, Aflac.
– Special Focus drive on Pool upskilling picked up,
delivering both exclusive & mixed batches like SL Focused
- SQL/Data Warehousing, Data bricks, Snowflake and Client requested -
Microstrategy, Snowflake,
– A focused - JAVA FSD which was a Proactive JAVA FSD Upskilling
in Collaboration with Digital HBU - Building capabilitiesJAVA Full stack and DotNet
through pilot batches planned org. wide as on Ongoing continual Java capability
interventions for resource pool and laterals.
11. Campaign for Lateral Hire - L&D Induction – GROWTH
HUB! - Point of Contact for various Development Needs, to enhance and align their
capability, to meet the business & client expectation. We have had a participation and
coverage of more than 87% for the identified 3363 SMs and have a projection to continue
for lateral hires we continue to grow.
12. Utilizing Gamified & Social Media Platforms
– Encourage regular social learning opportunities through
Communities on Yammer, iShare & as chat channels on MS Teams – Teams
dedicated to the specific training, as learning from peers is an essential tool to
increasing skill proficiency
– Engaging Learners through Gamified platforms like Kahoot IT
& Mentimeter for knowledge retention L&D function has ensured capability
enhancement by adhering to the vision & Mission statement Engage with the Emerging,
Transform at the Intersect. In the new normal we are enabling Team Coforge to Unlearn,
Relearn and Adapt by making learning Intentional, Personalized &
Immersive.
Encouragement:
We at Coforge believe in creating a culture of appreciation,
encouraging and rewarding excellence, and promoting innovation at the workplace. We have
Annual awards, ongoing Inspire awards, and awards for innovation.
• Annual Awards: Every year, an array of Annual awards are given
to recognize our employees, to encourage and motivate them. The annual structure of our
awards is as below:
_ Global Leadership Awards (GLA) is awarded to people in leadership
cadre who have significantly impacted the organization growth through strategic
initiatives, and the winners of this award are sponsored to an Executive Management
Program at the prestigious Harvard Business School.
_ CEO's Club of Achievers (CCA) is the second most coveted and
prestigious award at Coforge. The recipients have the flexibility & opportunity to
choose what they believe is the best way to utilize the reward that comes with this
prestigious CEO's Club of Achievers - leverage to enroll in a learning course of
choice, sign up for certification in an area of interest or spend some quality time with
their families.
_ Award of Excellence (AOE): The award endeavors to recognize employees
for whom excellence is a passion and they ‘walk the extra mile' and stand out in
the crowd.
_ Excellerator: An employee who makes excellence a habit and has been
awarded the Award of Excellence for the third time in their tenure is conferred with the
honor of being called an Excellerator, and it's a practice to name a meeting room
after the person.
• INSPIRE: We also have a Reward and Recognition mechanism called
INSPIRE that nurtures a culture of value creation for customers. It is an online, on-going
point-based rewards mechanism with exciting redemption options where employees can
exercise their choice! Since the platform is digital, it became easier for us to propel
this medium in the pandemic time when everything moved from in-person set-up to a virtual
set-up in corporate world. The Inspire award winners are felicitated during the quarterly
town halls. My Voice - Employee Engagement Survey 2023 In order to get useful insights
into engagement levels and employee satisfaction, the Company conducts an annual Employee
Satisfaction Survey – My Voice, the findings of which enable it to make improvements
in its workplace environment. My Voice - EES for FY22 showed measurable progress over last
year's results.
| Particulars |
EES FY22 |
EES FY23 |
| Participation |
83% |
89.3% |
| Overall Satisfaction Score |
82% |
81.4% |
| Commitment Index |
82% |
83.3% |
• As per FY23 My Voice EES, the highest-rated drivers of
engagement are Basic Needs (90%), Teamwork (89%), Manager Support (83%), and Company Brand
& Image (85%)
• Top rated areas are: o My job is important for my Business Unit
/ Organization to achieve its goals (94%) o My team is committed to doing quality work (94
%) o I am aware of what my goals are and what I am expected to do (93%) The above results
are indicative of our approach of We Care through differentiated employee benefits
globally, EAP, Covid support, We Engage with our employees and their families effectively,
through virtual engagement activities, induction programs, celebrations, We Grow through
learning avenues provided, career opportunities, We Innovate with our culture of
Innovation as a service offering, We Contribute to society with our CSR initiatives,
environment sustainability, We Connect with our employees through virtual and physical
modes, and We Inspire continuously via our Rewards and Recognition programs, inspiring
campaigns, quarterly & Annual RnR, etc.
Diversity, Equity & Inclusion
Diversity is our Strength; Equity is what we Value & Inclusion is
our Commitment.
At Coforge, we understand that supporting diversity, equity, and
inclusion practices is not only the right thing to do; it is the right thing to do for the
business. Our mission is to make diversity, equity, and inclusion our way of doing
business. Coforge strives to create and foster a supportive and understanding environment
in which all individuals realize their true potential regardless of their differences; and
where everyone can feel a sense of belonging. Our DEI motto is "Bring Your True Self
to Work" which enables us to be our true selves and be active allies to each other
fostering this open culture of inclusion. Being certified for 2nd year in a row as both a
Great Place to Work? and Top 100 India's Best Workplaces for Women (Large) is a
testimony to the all-inclusive culture we foster and take pride. Below is the snapshot of
the DEI initiatives performing under each pillar.
PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE
The Company has a Policy on Prevention of Sexual Harassment of Women at
the workplace, in line with The Sexual Harassment of Women at the Workplace (Prevention,
Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set
up to redress complaints received regarding sexual harassment. The Company believes in
providing all employees a congenial work atmosphere, which is free from discrimination and
harassment, without regard to caste, religion, marital status, gender, sexual orientation,
etc. During the year, the Company conducted various awareness programs and workshops at
all locations. Employees are required to attend compulsory awareness and training program
on POSH on our virtual learning platform – Percipio. During the year, the Company
conducted training session for the ICC members and the HR team. The Company received two
complaints pertaining to this and both of them were not falling within the purview of POSH
and hence was directed to the aligned HR for taking it up for closure. The Company
received two complaints pertaining to this and both of them were duly resolved in the
Financial Year.
AWARDS AND RECOGNITIONS
The Company has been recognized in several important ways at the
national and global levels, related to its leadership in specific industry verticals, and
its robust HR practices.
1. Coforge was chosen as one of the ‘Most Preferred Workplaces of
2022' by Marksmen Daily in association with India Today
2. Coforge received the prestigious Great Place to Work? certification
in India from July 2022-July 2023 - the second consecutive year that the company got Great
Place to Work?-Certified.
3. Coforge achieved the Azure Expert MSP from Microsoft – a
critical milestone in the partnership with Microsoft that will unlock significant value.
4. Coforge received an award for the ‘Best Use of AI in BFSI'
sector at the FE Futech Awards 2022
5. Coforge was felicitated with ET Best Tech Brands 2022
6. Coforge was felicitated with The Economic Times Employee Excellence
2022
7. Coforge was shortlisted as one of the Iconic brands at the fifth
edition of "The Economic Times Iconic Brands Conclave."
8. Coforge received the prestigious "Great Place to Work?
Certification in India from July 2022 – July 2023". This is the second
consecutive year that the company has got Great Place to Work-Certified™
9. Coforge won "India's Best Workplaces™ for Women 2022
– Large (Top 100)" for celebrating women all year round and contributing to the
vision of making India a Great Place to Work for all.
10. Coforge was recognized among ‘India's Best WorkplacesTM
in IT & IT-BPM 2022 – Top 50' by Great Place to Work? India.
11. The US Green Building Council has awarded the prestigious LEED
Platinum Green Building Certification to Coforge consecutively for the second time. The
company's Greater Noida campus won the prestigious accolade for its healthy,
efficient, carbon, and cost-saving green buildings. 12. Coforge won the STPI IT Export
Award 2021-22 from the Government of Karnataka. 13. Coforge is a Star Performer in the
‘Major Contenders' category in the Everest Group Application and Digital
Services (ADS) in both Life & Annuity (L&A) Insurance and Property & Casualty
(P&C) Insurance PEAK Matrix? Assessment 2023. 14. Coforge was accredited by AWS with
Public Sector Program.
15. Coforge won Duck Creek Technologies 2022 Innovation Award for
OnDemand Enablement Tooling 16. Coforge ranked 13th in the Tussell & techUK #Tech200 -
the 200 fastest-growing tech suppliers in the public sector 17. Coforge received an award
from The Economic Times Human Capital Awards for Excellence in Employee Retention Strategy
18. Coforge won the DevOps Project of the Year award at DevOps Conclave and Awards 2023
organized by UBS Forums in Bengaluru 19. Coforge was selected as a part of
Microsoft's ‘Future Ready Champions of Code', a pan-India program for
developers, focused on skilling and certification.
20. Coforge was accredited with the "AWS Immersion Days Partner
Program" enabling the company to conduct customizable workshops.
21. Coforge was recognized as one of the 10 Most Promising Best Tech
Companies To Work For 2023 by Silicon India Magazine 22. The Floriculture Society Noida
awarded Coforge with the first prize in the Corporate Garden category at the Noida Flower
Show Garden competition in 2023.
23. Coforge cricket team was the runner-up at the 10th edition of the
Hero Pro Corporate League Cricket Tournament, held at the PCL Sports Complex in Noida,
also known as the World Cup of Corporates.
ACKNOWLEDGEMENTS
The Board of Directors would like to take this opportunity to place on
record its appreciation for the committed services and contributions made by employees of
the Company during the year. In addition, the Directors wish to thank the Company's
customers, vendors, bankers & financial institutions, all government &
nongovernmental agencies, and other business associates for their continued support. The
Directors acknowledge and appreciate the support and confidence of the Company's
shareholders and remain committed to enabling the Company to achieve its growth objectives
in the coming years.
For and on behalf of the Board of Directors
Basab Pradhan
Chairman
DIN: 00892181
Place: California, USA
April 27, 2023