Investor Presentation

Q4FY23
April 27, 2023
Safe Harbor and Disclaimer
Forward Looking Statements Safe Harbor
This presentation contains forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other
comparable words. Among other things, the outlook for the full fiscal year 2022, the business outlook and quotations from management in this announcement, as well as Coforge’s
strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports to regulators, in its annual
report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not
historical facts, including statements about Coforge’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A
number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of
the Coforge's clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to maintain its pricing, control costs or continue to grow its
business; the effects of the novel coronavirus (COVID-19) on its business; the continued service of certain of its key employees and management; its ability to attract and retain enough
highly trained employees; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. All information provided in this presentation
is as of the date of this presentation, and Coforge undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Disclaimer
This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries and
affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. person (as such term in defined in Regulation S under the U.S. Securities Act of 1933, as
amended (the “Securities Act”)) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will
be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as
financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities and Exchange Commission but has not yet
become effective. The Form F-1 Registration Statement and all subsequent amendments may be accessed through the SEC’s website at www.sec.gov. Such securities not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. Nothing in this communication shall constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.
Conventions Used Herein
Except as otherwise noted in this presentation, the following conventions have been used. All references to “Y-o-Y” are comparisons between the fourth quarter of fiscal year ended
March 31, 2023 (“Q4 FY2023”) and the fourth quarter of fiscal year ended March 31, 2022 (“Q4 FY2022”), or the full fiscal year ended March 31, 2023 (“FY2023”) and the full fiscal year ended
March 31, 2022 (“FY2022”). All references to “Q-on-Q” are comparison between the third quarter of the fiscal year ended March 31, 2023 (“Q3 FY2023”) and Q4 FY2023.

2
 Coforge Crosses US$ 1 Bn Revenue Milestone, Beats Growth guidance

FY23 – Financial Highlights FY23 – Business Highlights

▪ On consolidated basis, FY23 revenues were up 22.4% YoY on a ▪ Robust total order intake of US$ 1,265 Mn during the year
constant currency basis.
▪ Eleven large deals signed during the year (including two US$
▪ Revenue for the year was INR 80,146 Mn & US$ 1,002 Mn
50M+ and five US$ 30M+ TCV deals)
▪ Up 24.6% in INR terms and 15.6% in US$ terms YoY
▪ Adj. EBITDA at INR 14,649 Mn, up 21.5% YoY ▪ Fifth consecutive quarter of US$ 300+ Mn order intake

▪ Adj. EBITDA margin at 18.3% ▪ Order book executable over next 12 months stood at US$ 869 Mn at
the end of the year, a 20.7% YoY growth
▪ Consolidated PAT (excluding exceptional and one-time expenses) for
the year at INR 8,117 Mn, up 22.7% YoY ▪ 44 new logos opened during the year

▪ Exceptional and one-time expenses include ▪ Attrition declined by 362 bps YoY and stood at 14.1%. Continues to be
▪ Provision of INR 523 Mn towards expenses incurred on ADR amongst the lowest in the industry
process
▪ Amount of INR 803 Mn towards gift to all the employees to ▪ Global headcount at 23,224 as of Mar 31, 2023.
commemorate achievement of US$ 1 bn revenue milestone.
▪ Reported PAT at INR 6,938 Mn for the year

3
 Q4FY23 Revenue up 5.6% QoQ in Reported and 4.7% in CC terms

Q4FY23 – Financial Highlights Q4FY23 – Business Highlights

▪ On consolidated basis, Q4FY23 revenues were up 4.7% QoQ on a ▪ Robust order intake of US$ 301 Mn during the quarter
constant currency basis.
▪ Two large deals signed during the quarter, one each in BFS
▪ Revenue for the quarter was INR 21,700 Mn & US$ 264.4 Mn and Travel verticals

▪ Up 5.6% in INR terms and 5.0% in US$ terms QoQ ▪ Order book executable over next 12 months stood at
$US 869 Mn at the end of the quarter, a 20.7% YoY growth
▪ Up 24.5% in INR terms and 13.8% in US$ terms YoY
▪ 10 new logos opened during the quarter
▪ Adj. EBITDA Margin of 19.6% (up from 18.5% in Q3FY23)
▪ Attrition declined by 170 bps QoQ and stood at 14.1%. Continues
▪ Consolidated PAT (excluding exceptional and one-time
to be amongst the lowest in the industry
expenses) for the quarter increased 12.1% YoY to INR 2,327 Mn
▪ Global headcount at 23,224 as of Mar 31, 2023.
▪ Reported PAT at INR 1,148 Mn for the quarter
▪ Addition of 719 people QoQ

4
 FY23 – A Year of achieving US$ Billion-dollar Revenue Milestone
Revenue (INR Mn) 24.6% Adj. EBITDA (INR Mn) 21.5% PAT* (INR Mn) 22.7%

₹ 80,146 ₹ 14,649 ₹ 8,117

₹ 64,320 ₹ 12,056 ₹ 6,617

FY22 FY23 FY22 FY23 FY22 FY23

Revenue ($Mn) 15.6% Adj. EBITDA ($Mn) 12.7% PAT* ($Mn) 14.0%

$1,002 $183.1 $101.5

$866 $162.4 $89.1

FY22 FY23 FY22 FY23 FY22 FY23

Margin % 18.7% 18.3% 10.3% 10.1%
5
Note: Adj. EBITDA excl. ESOPs.
PAT* reflects Profit after Tax (after Minority interest and excluding one-offs).
 Revenue up 5.6% QoQ and 24.5% YoY in INR terms
Revenue (INR Mn) 5.6% QoQ 24.5% YoY Adj. EBITDA (INR Mn) 19.6% YoY PAT* (INR Mn) 12.1% YoY

₹ 20,558 ₹ 21,700 ₹ 4,244 ₹ 2,282 ₹ 2,327

₹ 3,549 ₹ 3,797 ₹ 2,077
₹ 17,429

Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23

Revenue ($Mn) 5.0% QoQ 13.8% YoY Adj. EBITDA ($Mn) 9.3% YoY PAT* ($Mn) 2.6% YoY
Margin % Margin %
20.4% 18.5% 19.6% 11.1% 10.7%
11.9%

$251.7 $264.4
$232.4 $47.3 $51.7 $28.4
$46.5 $27.7 $27.9

Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23

6
Note: Adj. EBITDA excl. ESOPs.
PAT* reflects Profit after Tax (after Minority interest and excluding one-offs).
 Well Diversified Business Portfolio with Increasing Offshoring Revenues
Vertical Mix Location Mix (IT Revenues Only)

BFS
28% 31% 26% 31%
Insurance 53% 49% 50%
Onsite 56%
TTH 26% 28%
22% 23%
Others
20% 19% 19% 19%
47% 51% 44% 50%
Offshore
27% 28% 27% 28%

Q4FY22 Q4FY23 FY22 FY23 Q4FY22 Q4FY23 FY22 FY23

Horizontal Mix Geography Mix

Product
Engineering 10% 12% 13% 11%
11% 9% 11% 10%
Intelligent Americas
Automation 25% 28% 25% 26%
EMEA 40% 40% 35% 39%
Data &
Integration 18% ROW
18% 19% 18%
CIMS
22% 24% 21% 24%
Software
50% 48% 52% 50%
Engg. 13% 11% 14% 12%
BPM 11% 10% 12% 10%
Q4FY22 Q4FY23 FY22 FY23
Q4FY22 Q4FY23 FY22 FY23
7
 Very Significant Business Momentum Driving Robust Growth
FRESH ORDER INTAKE TCV ($ MN)

$1,265
$1,153

$748 $781
$646
$457 $507

FY17 FY18 FY19 FY20 FY21 FY22 FY23

New Clients 15 31 40 41 45 47 44
Added

8
 High Degree of Visibility Through Contracted Revenues and Repeat
Business
ORDER BOOK EXECUTABLE OVER NEXT 12 MONTHS ($MN)
$1,200
91% 93% 92% 100%
89% 90% 89% 89%
90%
$1,000
80%

70%
$800
60%

$600 50%

40%
$869
$400
$720 30%

$468 $520 20%

$200 $339 $390
$320
10%

$0 0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23

9 Repeat Business %
 De-Risked Operating Profile with Declining Client Concentration While
Increasing Large Account Relationships
Top Clients Revenue Contribution Clients by Size
145
45.3% 137
42.4%
39.0% 38.3% 115
106
34.4% 35.5% 35.0% 35.5%
34.0%
90
101
80 100
73
88
80
32.8%
30.4% 66
28.3% 27.9%
24.3% 60
22.9% 23.2% 23.1% 23.0% 55

23
19
16 15 16
10 13 21
18
Top 10 Top 5 8 7 8 11 11

FY17 FY18 FY19 FY20 FY21 FY22 FY23

FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q4 22 Q4 23
>$10 Mn $5 - $10 Mn $1 - $5 Mn
10
 Best-in-Industry Attrition Levels Testament to Coforge Culture
Total Global Headcount LTM Attrition % (Excl. BPS)

22,991 23,224
22,500 22,742 22,505
1008 1059
928 963
291 1035 350
278 285
317

17.7% 18.0%
16.4% 15.8%
14.1%

21,294 21,494 21,692 21,815

21,153

Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
Billable (IT + BPS) Sales & Marketing Others
11
 Select Other Achievements During the Quarter
• Received an award for the ‘Best Use of (AI) Artificial Intelligence in the BFSI sector’ at the Financial Express-FUTECH Awards
2022. Recognized for the application of AI in credit risk scoring. In addition, we won the award from MuleSoft for the
‘Breakthrough Partner of the Year, our 8th consecutive award from MuleSoft in the recent few years.

• Coforge was named in the Top 15 Service and Technology Providers standout globally by ISG and It was among the Leading
Providers in the Booming 15 Category based on the Annual Contract Value won over the last 12 months according to the
Fourth Quarter 2023 Global ISG IndexTM.

• Recognized for the first time in the Everest Peak Matrix for Application & Digital services for both P&C and L&A insurance
segments. Was classified as a star performer in the major contender segment.

• Awarded the Leaders Award for ‘Best Learning Outcome 2022’ by Skillsoft, a global leader in corporate digital learning.

• Coforge was certified a new ISO 23001 model for BCMS, Business Continuity Management System. This new standard
provides an international best practices framework for security, resilience, and business continuity in an organization.

• The CMMI Institute assessed Coforge Delivery Services at CMMI Maturity Level Five. This is the Seventh Consecutive Time
Coforge has achieved CMMI Maturity Level 5, since its very first assessment in 2004.

• Coforge was proudly recognized as one of India's Best Workplaces for Women. Coforge has won this recognition second year
in a row, and this adds to the testament to its people-centric approach, and employee-friendly policies comes after having
12 been certified as a Great Place to Work® in the last quarter.
• .
 Key Tenets of Coforge Growth Strategy

• FY23 total revenue growth of 24.6% and CC revenue growth of 22.4%

Robust
• Q4FY23 $ revenue growth of 5.0% QoQ and 4.7% QoQ in constant currency (CC)

• FY23 Adj. EBITDA margin at of 18.3%

Profitable
• Q4FY23 Adj. EBITDA at INR 4,244 Mn, Margin at 19.6%, up 109 bps QoQ

• Strong executable order book for next 12 months (US$ 869 Mn on Mar 31, 2023)
Predictable
• High degree of repeat business (92% in Q4FY23)

• FY23 order intake of $1.27 billion, including 11 large deals

Sustainable
• 61+ Forbes Global 1000 clients

13
 Appendix

14
 Consolidated Income Statement – Q4FY23 (INR Mn)
Q4FY23 Q4FY23 Q3FY23 QoQ% Q4FY22 YoY%
Particulars
Excl One-Off Reported Reported Excl One-Off Reported Excl One-Off
Gross Revenues 21,700 21,700 20,558 5.6% 17,429 24.5%
Direct Costs 14,306 14,306 13,698 4.4% 11,620 23.1%
Gross Profit 7,394 7,394 6,860 7.8% 5,809 27.3%
GM% 34.1% 34.1% 33.4% 71 Bps 33.3% 75 Bps
Selling / General And Administration 3,150 3,150 3,063 2.9% 2,260 39.4%
SG&A to Revenue % 14.5% 14.5% 14.9% -38 Bps 13.0% 155 Bps
Adj. EBITDA 4,244 4,244 3,797 11.8% 3,549 19.6%
Adj. EBITDA% 19.6% 19.6% 18.5% 109 Bps 20.4% -80 Bps
Cost of ESOPS 168 168 182 -7.9% 210 -20.3%
EBITDA 4,076 4,076 3,615 12.8% 3,293 23.8%
EBITDA% 18.8% 18.8% 17.6% 120 Bps 18.9% -11 Bps

Depreciation and Amortization 717 717 624 14.9% 584 22.8%

Other Income (net) -487 -487 83 -686.7% -119 309.2%
Profit Before Tax (Before exceptional
2,872 2,872 3,074 -6.6% 2,590 10.9%
items)
PBT % (Before exceptional items) 13.2% 13.2% 15.0% -172 Bps 14.9% -162 Bps
Exceptional items* 0 523 0 NA 0 NA
$1 Bn Milestone celebration cost 0 803 0 NA 0 NA
Profit Before Tax 2,872 1,546 3,074 -6.6% 2,590 10.9%
PBT % 13.2% 7.1% 15.0% -172 Bps 14.9% -162 Bps
Provision for Tax 526 379 715 -26.4% 342 53.8%
Minority Interest 19 19 77 -75.3% 171 -88.9%
Profit After Tax (after Minority Int.) 2,327 1,148 2,282 2.0% 2,077 12.1%
PAT% 10.7% 5.3% 11.1% -38 Bps 11.9% -119 Bps
EPS - INR
Basic EPS (INR) 38.1 18.8 37.4 1.8% 34.1 11.8%
611 611 609 609
15
* Exceptional item includes provision on account of expenses incurred on ADR listing
 Consolidated Income Statement – Q4FY23 (USD Mn)
Particulars Q4FY23 Q4FY23 Q3FY23 QoQ% Q4FY22 YoY%
Excl One-Off Reported Reported Excl One-Off Reported Excl One-Off
Gross Revenues 264.4 264.4 251.7 5.0% 232.4 13.8%
Direct Costs 174.3 174.3 167.7 3.9% 154.9 12.5%
Gross Profit 90.1 90.1 84.0 7.3% 77.5 16.3%
GM% 34.1% 34.1% 33.4% 71 Bps 33.3% 75 Bps
Selling / General And Administration 38.4 38.4 37.5 2.4% 30.1 27.3%
SG&A to Revenue % 14.5% 14.5% 14.9% -38 Bps 13.0% 155 Bps
Adj EBITDA 51.7 51.7 46.5 11.2% 47.3 9.3%
Adj EBITDA% 19.6% 19.6% 18.5% 109 Bps 20.4% -80 Bps
Cost of ESOPS 2.0 2.0 2.2 -8.3% 2.8 -27.3%
EBITDA 49.7 49.7 44.3 12.2% 43.9 13.2%
EBITDA% 18.8% 18.8% 17.6% 120 Bps 18.9% -10 Bps
Depreciation and Amortization 8.7 8.7 7.6 14.4% 7.8 12.0%
Other Income (net) -5.9 -5.9 1.0 -683.9% -1.6 273.3%
PBT (Before exceptional items) 35.0 35.0 37.6 -7.0% 34.5 1.4%
PBT % (Before exceptional items) 13.2% 13.2% 15.0% -172 Bps 14.8% -161 Bps

Exceptional items* 0.0 6.4 0.0 NA 0.0 NA

$1 Bn Milestone celebration cost 0.0 9.8 0.0 NA 0.0 NA
Profit Before Tax 35.0 18.8 37.6 -7.0% 34.5 1.4%
PBT % 13.2% 7.1% 15.0% -172 Bps 14.8% -161 Bps
Provision for Tax 6.4 4.6 8.8 -26.8% 4.6 40.3%
Minority Interest 0.2 0.2 0.9 -75.4% 2.3 -89.9%
Profit After Tax (after Minority Int.) 28.4 14.0 27.9 1.5% 27.7 2.6%
PAT% 10.7% 5.3% 11.1% -38 Bps 11.9% -117 Bps
Basic EPS (INR) 38.1 18.8 37.4 1.8% 34.1 11.8%
16 #REF! #REF!
* Exceptional item includes provision on account of expenses incurred on ADR listing
 Consolidated Income Statement – FY23 (INR Mn)
Particulars FY2023 FY2023 FY2022 YoY%
Excl One-Off Reported Reported Excl One-Off
Gross Revenues 80,146 80,146 64,320 24.6%
GM% 32.5% 32.5% 32.0% 55 Bps
Adj. EBITDA 14,649 14,649 12,056 21.5%
Adj. EBITDA% 18.3% 18.3% 18.7% -47 Bps
Acquisition related expenses 0 0 269 NA
Cost of ESOPS 596 596 634 -6.0%
EBITDA 14,053 14,053 11,154 26.0%
EBITDA% 17.5% 17.5% 17.3% 19 Bps

Depreciation and Amortization 2,585 2,585 2,272 13.8%

Other Income (net) -630 -630 -267 136.4%
Profit Before Tax (Before exceptional items) 10,838 10,838 8,615 25.8%
PBT % (Before exceptional items) 13.5% 13.5% 13.4% 13 Bps
Exceptional items* 0 523 0 NA
$1 Bn Milestone celebration cost 0 803 0 NA
Profit Before Tax 10,838 9,512 8,615 25.8%
PBT % 13.5% 11.9% 13.4% 13 Bps
Provision for Tax 2,208 2,061 1,468 50.4%
Minority Interest 513 513 530 -3.2%
Profit After Tax (after Minority Int.) 8,117 6,938 6,617 22.7%
PAT% 10.1% 8.7% 10.3% -16 Bps
EPS - INR
Basic EPS (INR) 133.1 113.8 109.0 22.1%
610 610 606
17
* Exceptional item includes provision on account of expenses incurred on ADR listing
 Consolidated Income Statement – FY23 (USD Mn)
Particulars FY2023 FY2023 FY2022 YoY%
Excl One-Off Reported Reported Excl One-Off
Gross Revenues 1,002 1,002 866 15.6%
Direct Costs 676 676 589 14.7%
Gross Profit 326 326 277 17.6%
GM% 32.5% 32.5% 32.0% 55 Bps
Selling / General And Administration 143 143 115 24.4%
SG&A to Revenue % 14.3% 14.3% 13.3% 101 Bps
Adj EBITDA 183.1 183.1 162.4 12.7%
Adj EBITDA% 18.3% 18.3% 18.7% -47 Bps
Acquisition related expenses 0 0 4 NA
Cost of ESOPS 7 7 9 -13.9%
EBITDA 175.7 175.7 150.2 16.9%
EBITDA% 17.5% 17.5% 17.3% 20 Bps
Depreciation and Amortization 32 32 31 5.6%
Other Income (net) -8 -8 -4 117.1%
PBT (Before exceptional items) 136 136 116 16.8%
PBT % (Before exceptional items) 13.5% 13.5% 13.4% 14 Bps

Exceptional items* 0 6 0 NA
$1 Bn Milestone celebration cost 0 10 0 NA
Profit Before Tax 135.6 119.4 116.0 16.8%
PBT % 13.5% 11.9% 13.4% 14 Bps
Provision for Tax 28 26 20 39.5%
Minority Interest 6 7 7 -10.3%
Profit After Tax (after Minority Int.) 101.5 87.1 89.1 14.0%
PAT% 10.1% 8.7% 10.3% -14 Bps
Basic EPS (INR) 133.1 113.8 109.0 22.1%
18
* Exceptional item includes provision on account of expenses incurred on ADR listing
 Other Key Metrics
Q4FY23 Q3FY23 Q4FY22 Q4FY23 Q3FY23 Q4FY22
DSO

Position
(in Million)
Hedge
61 73 63 USD 214.94 159.30 129.60

GBP 83.80 44.23 22.24

EUR 7.56 4.40 4.22

Q4FY23 Q2FY23 Q4FY22
Dollar Rate

Q4FY23 Q3FY23 Q4FY22

Outstanding
Rupee

Period Closing Rate 82.11 82.73 75.90

Average

Hedges
82.76 81.41 77.43

Rates
USD
Period Average Rate 82.35 81.86 74.87 GBP 100.47 98.56 105.47

EUR 88.42 85.74 90.73

19
 Thank You
End of Document

20