Annual Report 2019 2020

Redefining
Customer
Success
Mindtree Limited
Integrated Annual Report
2019-20
Redefining Customer Success Our Strategic Focus Areas
Simplify
At Mindtree, we enable brands to create customer
success in a hyperconnected world through end‑to‑end
digital solutions. Today, digital is the shortest distance
We will simplify and streamline the way we work
between brands and their customers in an increasingly internally and with our customers. This will enhance our
direct-to-consumer market. We help brands and focus on delivering agile, integrated and hyper-efficient
business solutions.
businesses make sure they stay ahead by providing
them with tools to engage with their customers pg53
seamlessly, generating value and growing their
Differentiate
business digitally.
Equipped with our advanced technology and omni-

channel approach, brands deliver hyper‑personalized Mindtree strives to differentiate in the marketplace
through its transformative capabilities, domain depth,
experience based on a unified view of the customer unique solutions and frameworks.
data in real time. We enable them to leverage advanced
pg54
analytics, cognitive technologies such as Artificial
Intelligence (AI) and Machine Learning (MI), as well
as conversational commerce to orchestrate hyper-
automated journeys that lead to consistent customer
Change
engagement, loyalty and delight. To align with the ever-evolving technology landscape
and customer expectations, we continue to change our
We are ‘Born Digital’ and through our expertise business model, IT delivery processes, and enhance
people skills.
in digital, IT and consulting, we power
Global 2000 customers to progress on their digital pg55
transformation journey. We collaborate to help them

become more agile, resulting in greater efficiency
and profitability.
We believe customer success can be achieved

through a three-tiered model of superior customer
experience, enhanced data and cognitive abilities, and
IT modernization. We are Redefining Customer Success
by staying true to what we believe are fundamental
principles of success in digital transformation and serve
as our key strategic focus areas.
FY20 Financial and ESG Highlights
USD 1,089 Million USD 1.2 Billion

Revenue Highest ever deal wins
134.6 (kWh/FTE/month) INR 343 Million

Energy consumption CSR spend
77.13 55%
Average training hours per Independent Directors
Mindtree Mind
Contents
Overview 02
03
Approach to Reporting
Capital-wise Highlights
Governing a 56 Governance
Successful 59
62
Board of Directors
Risk Management
About 04
06
Mindtree at a Glance
Service Offerings
Organization
Mindtree 08 Industries Served
12 Geographic Footprint Our Commitment 74
78
Environment
People Focus
to Sustainable 82 Corporate Social Responsibility
Stable 14
16
Year in Review
Performance Review Business
Performance 18 Message from the Chairman
20 Message from CEO and MD Statutory Reports 92 Management Discussion
and Analysis
22 Message from the CFO
107 Business Responsibility
Report
Components 24 Components Driving
Customer Success
113 Directors’ Report
Driving Customer 26 Customer Experience

155
177
Corporate Governance Report
Risk Management Report
Success 30
34
Data and Cognitive Abilities
IT Modernization
Financial 179 Standalone Financial
Statements
Creating Value 40
42
Value Creation Model
Operating Environment
Statements 227 Consolidated Financial
Statements
44 Stakeholder Engagement 272 IFRS Financial Statements
48 Materiality
310 Global Presence
Strategy that 50
53
Strategic Roadmap
Simplify
312 Notice of the Twenty First
Annual General Meeting
Helps Deliver 54 Differentiate
Customer Success 55 Change

Online report
www.mindtree.com/about/investors/annual-reports/
annual-report-2019-2020/
About this report
This report is prepared in accordance with the Integrated Reporting <IR> framework of the
International Integrated Reporting Council (IIRC) and provides our stakeholders a concise and
accurate assessment of our ability to create sustainable value.
Reporting period Board's responsibility statement

This report is produced and published annually. It provides material The Board of Directors acknowledges its responsibilities to ensure
information relating to our strategy and business model, operating the integrity of this report. The Board has accordingly applied its
context, material risks, stakeholder interests, performance, collective mind and believes the report addresses all material issues
prospects, and governance, for the financial year ending and presents the integrated performance of the Company and its
March 31, 2020. impact in a fair and accurate manner. Information is presented in
accordance with the IIRC framework.
Reporting boundary
Forward-looking statements
This report covers information on Indian and international
operations of Mindtree. It also includes its subsidiaries – Mindtree Certain statements in this document constitute ‘forward-looking
Software (Shanghai) Co. Ltd. (China) and Bluefin Solutions Sdn Bhd. statements’, which involve known and unknown risks and
(Malaysia) collectively referred to as ‘the Group’. opportunities, other uncertainties, and important factors that could
turn out to be materially different following the publication of
Financial and non-financial reporting
actual results.
The report extends beyond financial reporting and includes
These forward-looking statements speak only as of the date of
non-financial performance, opportunities, risks and outcomes
this document. The Company undertakes no obligation to update
attributable to or associated with our key stakeholders, which have
publicly, or release any revisions, to these forward-looking
a significant influence on our ability to create value.
statements, to reflect events or circumstances after the date of this
Materiality document, or to reflect the occurrence of anticipated events.
Our material issues are those that have a significant impact on our Safe harbor
ability to create value. An issue is considered to be material if it has
Certain statements in this release concerning our future growth
the potential to considerably impact our commercial viability, social
prospects are forward-looking statements, which involve a number
relevance and the quality of relationships with our stakeholders.
of risks, and uncertainties that could cause our actual results to
Our material issues are informed by the economic, social and
differ materially from those in such forward-looking statements.
environmental context in which we operate.
The conditions caused by the COVID-19 pandemic could decrease
Our capitals customer’s technology spending, affecting demand for our
services, delaying prospective customers’ purchasing decisions,
Our ability to create long-term value is interrelated and
and impacting our ability to provide on-site consulting services;
fundamentally dependent on various forms of capitals available to
all of which could adversely affect our future revenue, margin
us (inputs), how we use them (value-accretive activities), our impact
and overall financial performance. Our operations may also be
on them and the value we deliver (outputs and outcomes).
negatively affected by a range of external factors related to the
Targeted readers COVID-19 pandemic that are not within our control. We do not
undertake to update any forward-looking statement that may be
This report is primarily intended to address the information
made from time to time by us or on our behalf.
requirements of long-term investors and other stakeholders.
We also present information relevant to the way we create value
for other key stakeholders, including our employees, customers,
regulators and the society.
2 Redefining Customer Success

Capital-wise Highlights
Optimizing resources to deliver value

Our capitals Management approach Value created
Financial Capital Economic value added
The funds we deploy to support Judiciously deploy the INR 3,116 Million
business activities and generate profits, funds we raise and generate,
Dividend paid
as well as retained earnings for funding enabling us to create value for
future business activities. our stakeholders INR 30 per share
pg16 EBITDA
INR 10,898 Million

Manufactured Capital
New Digital Pumpkin
Our tangible infrastructure, including Well-maintained functional
office space and IT hardware used to assets and innovation centers 01
smoothly run our operations.
Launched Immersive
pg12
Technologies Experience Center
Human Capital Expenditure on people skill development
Collective skills and Availability of a committed INR 233 Million

experience of our workforce. and qualified workforce offers
No. of Mindtree Minds
an inclusive and balanced
pg78
work environment FY20 21,991 FY19 20,204
Intellectual Capital R&D expenditure
It refers to the collective knowledge, Consider innovation as INR 373 Million

research, thought leadership, brand a strategic priority
BOTs
management, and intellectual property
used to support business activities. 764
pg30
Social and Relationship Capital New customers CSR expenditure
Our relationships with our stakeholders Enable and enhance the

added during the year
INR 343
in the value chain and communities building of trust with our 38 Million
around us ensure our social license stakeholders, helping
to operate. improve the quality of life Direct beneficiaries of CSR projects
pg82
of communities around our
areas of presence
21,198
Natural Capital Reduction in water consumption
The natural resources we consume Ensure sustainable use of 3.53%

to effectively conduct our business natural resources and contribute
Reduction in energy consumption
activities. to combating climate change
pg74
14.59%
Mindtree Limited | Integrated Annual Report 2019-20 3

Driving digital transformation
Mindtree is a trusted partner guiding some of the world’s biggest brands across a
multitude of industries along their digital transformation journey, by providing customized
end-to-end digital solutions through deep collaboration to foster sustainable growth and
long-term value.
Founded in 1999 and now part of the Larsen & Toubro Group,
we provide analytics and information management, application About Larsen & Toubro Group
development and maintenance, business process management,
Larsen & Toubro (L&T) is a USD 21 Billion technology,
business technology consulting, cloud, independent testing,
engineering, construction manufacturing and financial services
infrastructure management services, mobility, product
conglomerate, with global operations. L&T provides the
engineering, and SAP services. With around 22,000 employees
technological impetus to sectors, including infrastructure,
across 41 offices in 18 countries, we partner the digital
construction, hydrocarbon, petrochemicals, power, defense,
transformation journey of more than 300 enterprise customers.
aerospace, shipbuilding, electrical & automation, and water.
To power its next chapter of sustainable growth, Mindtree has
reinforced its integrated strategy and approach combining
financial and non-financial priorities.
Mission
We engineer meaningful technology solutions to help businesses and societies flourish.
Values
Collaborative Spirit Expert Thinking Unrelenting Dedication
Mindtree believes in developing true Mindtree brings robust skills and Mindtree is driven to meet customer needs
partnerships. We foster a collegial forward-looking perspectives to solve with determination and grit. We embrace
environment where individual customer challenges. We use proven tough challenges and do not rest until the
perspectives are respected, and honest knowledge to make recommendations and problem is solved, the right way.
dialogue is expected. provide expert guidance to our customers.
Our core strengths
Strong knowhow in Strategic Committed management

mapping partnerships team
Deep domain, customers across with leading strongly aligned
functional and industries digital experience with shareholders’
technology platform interests
expertise in design providers Responsible
thinking corporate citizen
Global Dynamic and and a trusted
footprint high-performance partner
culture

Our expertise
Service offerings An approach built Passionate talent

integrating the best on collaboration
available technologies
We deploy a wide range of business, Collaboration is key to how we carry Our people are the drivers of the impact
industry, and technological expertise out our activities. We help customers we create in the success of our customers,
to meet the challenges faced by reimagine their business through high-tech our company and our community.
our customers. collaboration and innovation.
Mindtree Minds are distinguished by
We also provide customer-journey mapping We have changed the way we engage with their superior talent, mental agility and
to transform business processes, resulting in our customers through a platform-led collaborative spirit marked by extreme
deeper engagements with customers. delivery and an IT automation model. ownership. We pride ourselves in belonging
to this exclusive community that is equally
excited about creating community-oriented
digital solutions.
14 44.7% 21,991
Fortune 100 customers Turnover comes from Mindtree Minds
top 10 customers
FY20 highlights
Operational
307 764 2,400 15

Active customers BOTs Courses offered through Strategic alliances
Yorbit learning platform and partnerships
covering 900+ skills
Financial
INR 77,643 INR 10,898 INR 6,309 38.16%

Million Million Million Revenue contribution
Revenue EBITDA Profit after tax from digital business

Service Offerings
Reimagining possibilities with

customized solutions
Mindtree is a leader in digital transformation strategies that are critical to maintaining a keen
competitive edge in a hyper connected world. We offer our customers a comprehensive
range of customizable technological solutions based on our proven expertise in
implementation, to consistently stay ahead of the curve.
Digital solutions
Our in-depth knowledge of digital technologies and domain Our solutions cover digital consulting, brand assessment, competitor
expertise enable us to deliver comprehensive and cost-effective analysis and digital roadmap definition. Our comprehensive set
solutions. Mindtree’s services range from strategy, assessment, of proprietary frameworks helps assess an organization’s digital
design, implementation, operation, and support, assisting footprint across enterprise web, social media, and mobile platforms.
enterprises on their digital transformation journey.
Offerings
Cloud Data Analytics Internet of Things Digital Commerce
Digital Marketing Mobility User Experience Design Portals and Collaboration
The Digital Pumpkin B2B Customer Success Customer Onboarding – Agile

Cloud
Operations
Mindtree manages mission-critical applications for some of the Customer Experience, Augmented Reality (AR) /Virtual Reality
world’s most successful companies. We work with customers (VR), and other mission-critical software platforms. Our solutions,
to understand their businesses and devise custom solutions accelerators, frameworks, and proven building blocks reduce
to maximize application availability, agility and predictability. product risks and ensure faster time-to-market. We offer flexible
This in turn leads to lower costs, reduced risks, better ROI, business models to help organizations keep pace with today’s
enabling faster response to market opportunities. We have built changing marketplace and achieve greater profitability.
engineering centers of excellence around Internet of Things (IoT),
Offerings
Agile Application Development Automation

and Support
Business Process Infrastructure Test Engineering

Management Management
Application Management Integrated Services Reliability Engineering

Services Management Services

Service Offerings
IT consulting
Mindtree’s IT consulting services help organizations better Our solutions are aimed at helping customers to:
understand emerging technologies, implement agile design
‘Run your business’ – streamlining and automating end-to-end IT
principles, and take a strategic approach to adopting tools and
via integrated services to ensure efficient agile operations
methodologies. Using a holistic approach, we help customers
define, design and execute strategies that optimize costs and ‘Grow your business’ – leveraging digital technologies to drive
quality while creating new revenue streams. Our goal is to help our competitive advantage and growth
customers focus on business process design, and strategize and
execute policies for continuous development and automation.
Offerings
Agile Application and Infrastructure DevOps

Optimization
Information Strategy Quality Assurance Strategy Cloud

and Governance and Process
Engineering
Engineering services help transform product vision into successful partnerships give us access to the latest tools and technologies, the
real-world designs through expertise in engineering and ecosystem advantages of which we pass on to our customers. We also assist in
partnerships. We combine core engineering skills with a sharp focus end-to-end sustenance of legacy products and enable customers to
on digital transformation aided by our intrinsic innovation culture to focus on new product development.
deliver comprehensive product engineering services. Our premier
Offerings
Embedded Intelligence Product Sustenance Short-range Wireless
Wireless IP Portfolio Wireless Lighting Solution Software-Defined Wide-Area Network

(SDWAN)
Enterprise software
Mindtree’s IT infrastructure services cater to the changing enterprise complete transparency of IT and applications, thereby enabling
needs in the evolving IT landscape. We combine infrastructure customers to exercise total control over their IT environment.
management with software-as-a-service (SaaS) applications to Our proven track record of executing and delivering has been
optimize performance and availability, as well as quickly remediate further strengthened by an array of enterprise-grade partners.
issues. Our management and operations platform, MWatch, ensures
Partnerships

Industries Served
Differentiated offerings
for diverse sectors
Each business is unique, as are the challenges they face and the solutions they require.
We thus develop a comprehensive understanding of our customers’ market,
challenges, competition, and future strategy to devise solutions that address their
specific digital transformation needs. Mindtree serves customers across business
sectors, including CPG, travel and hospitality, media and technology, manufacturing,
financial services, and insurance.
Revenue distribution by industry
41%
High Technology and
Media (Hi-tech) 21%
Retail, CPG and
Manufacturing (RCM)
Technology companies
Media and entertainment

Retail
Education
Consumer Packaged Goods (CPG)
Consumer electronics
Manufacturing
Travel and hospitality
Transportation and logistics 21%

Banking, Financial Services
and Insurance (BFSI)
17% Banking
Travel and Hospitality Financial services

(TH)
Insurance

Industries Served
High Technology and Media (Hi-tech)
Technology companies Media and entertainment

We help technology companies address the twin challenges of Mindtree uses its expertise to enable broadcasters, publishers,
providing best-in-class technology and services and maintaining gamers, out-of-home services, advertising agencies, and businesses
a competitive edge on price points. We enable our customers to to stay ahead of trends and developments with real-time customer
leverage the best and most advanced of our capabilities to drive data. We enable our customers to respond to these changing
better solutions, and elevate customer experience. scenarios and quickly adapt with their customer needs for better
business outcomes and performance.
Education
Mindtree is helping accelerate the digital disruption in the field
of education, toward increasing affordability, access, innovation
and collaboration. We are driving a digital-led, intelligent connect
between educators and their end-consumers that is enabling
democratization of education and the rise of a generation of highly
engaged and empowered students.

Industries Served
Retail, CPG and Manufacturing (RCM)
Retail Consumer Packaged Goods (CPG)

The retail industry is undergoing a digital disruption across all The packaged goods industry is undergoing transformational
major supply chains, led by changing consumer behavior and changes to create new business models, optimized processes,
expectations. The increasingly digital consumer expects a seamless, innovative products and hyper-personalized consumer
engaging, next-generation experience across all channels. Mindtree engagements at each touchpoint to drive growth. Mindtree is a
helps retailers transform their technology to gain a 360-degree 'partner of choice' for CPG enterprises globally. We ensure that
view of consumers and serve them across the entire purchase the design and execution of the digital strategy remains intelligent,
process using retail supply management and retail consulting. adaptive and focused.
Consumer electronics Manufacturing

Mindtree’s service offerings help customers effectively tackle Mindtree helps manufacturers to connect with their customers in
challenges of hyper-personalized services and meet competitive new ways while enabling the workforce to collaborate and innovate
price points. In addition, we enable them to gain a competitive edge faster. We also help automate, scale manufacturing & aftermarket
by transforming products and services with emerging technologies processes and provide better response to demand.
to deliver exceptional customer experience, accelerate turnaround
time, and ensure business success.

Industries Served
Banking, Financial Services and Insurance (BFSI)
Banking Financial services Insurance

To shape the future of banking, we work Mindtree’s goal is to help financial Mindtree works to provide evolving
with our banking customers to provide organizations respond to changing market businesses with insurance solutions that
scalable services, manage and execute conditions quickly and distribute capital make digital real and help keep pace in a
strategic initiatives, and create innovative more efficiently to grow in the capital transforming industry. We embrace cutting-
delivery models–like omni-directional markets industry. We also help them to edge insurance technologies, including
banking. Mindtree focuses on helping banks embrace new technologies to comply with intelligent automation to enable businesses
and financial institutions better engage with regulatory requirements and combat fraud. settle claims more efficiently, reduce fraud,
their customers and users. and boost their customer experience.
Travel and Hospitality (TH)
Travel and hospitality Transportation and logistics

Mindtree delivers digital-led customer experience for an industry Mindtree delivers digital transformation and technology services
based on omni-channel customer engagement that is high-touch for the transportation and logistics industry including air, rail,
and experiential. We help brands avoid broken experiences and road, shipping and logistics. Through our deep domain expertise
drive better understanding of their customer’s unstated needs and technical capabilities in digital, Internet of Things (IoT),
and expectations. logistics & supply chain, infrastructure transportation and logistics
management, we touch every aspect of the transportation and
logistics business, delivering high value for our customers.

Geographic Footprint
Our world of digital transformation

We are present in 18 countries, which include the world's most digitally advanced
and dynamic markets. We are focused on driving the paradigm of better value
through digital transformation across the world’s economies, enabling better
growth and success all around.
Americas
Arizona Minnesota
California New Jersey
Canada New York
Florida Ohio
Georgia Texas
Illinois Washington Canada
Europe
Belgium Poland Washington
France Switzerland Minnesota
Germany United Kingdom Ohio
Ireland Sweden New York
Americas
Netherlands California Illinois
New Jersey
Texas
Arizona
India Georgia
Bengaluru Hyderabad
Florida
Bhubaneswar Pune
Chennai
Rest of World
Australia Malaysia
China Singapore
Japan UAE
75%
Revenue

Geographic Footprint
17% 4%
Revenue Revenue
Sweden
UK
Netherlands Poland China
Ireland
Belgium Germany
Switzerland
France
Japan
Europe
India
UAE Bhubaneswar
Pune
Hyderabad
Bengaluru
Chennai
Malaysia
Singapore
4%
Revenue
Australia

Year in Review
Of milestones, recognition
and progress
Key highlights
Customer-first approach Emphasis on stability at the Digital service line Established an India-based
resulted in robust service front and managing continues to grow center of excellence,
revenue growth, and customer commitment ensured called Immersive Aurora,
highest-ever deal signings high customer satisfaction to develop immersive
technology experiences
2019
April July
• Received best enterprise learning partner award • Became a subsidiary of L&T. Accordingly, L&T became the
from Coursera Promoter / Parent Company of Mindtree
• Named a Preferred Partner for Microsoft Azure Kubernetes Service
May • Joined Hyperledger to accelerate Blockchain development
• Launched QuikDeploy to accelerate SAP S/4HANA transitions • Named US Rising Star in Connected Cars in the ISG Provider
Lens™: Transformational IoT Services – Technology, Solutions,
• Information Services Group (ISG), recognizes Mindtree’s role in
Platforms, and Industries 2019 Quadrant Report
two of the top 25 examples of digital transformation in 2019, as
featured in the book, Digital Excellence: 25 Winning Partnerships
• UBS Forums confers the ‘Best Compliance Framework of the Year’ September
award at the Compliance Leadership Summit & Awards 2019
• Partnered with Atotech to provide SAP support services
• Opened Atlanta delivery center
• Launched Blockchain-powered merchant on-boarding solution
for banks
• Recognized at the 2019 Paragon Awards™ in the Excellence

Category for Outstanding Service Delivery for a Global Airline
• Developed new container acceleration service, enabling faster

deployment of cloud applications on Microsoft Azure
• Opened new European headquarters in London

Year in Review
October December
• Won 2019 ISG Star of Excellence Award™ • Won SAFA Best Presented Annual Report Award
• Recognized as an Innovator by Avasant in Intelligent

Automation Services
• Mindtree Foundation sponsored the 20th NCPEDP Mindtree

Helen Keller Awards, and honored 7 individuals and
5 organizations promoting employment opportunities for
people with disabilities
• Mindtree Foundation won the Mother Teresa Award for Corporate

Citizenship for Strong Practices on CSR by the Loyola Institute of
Business Administration (LIBA), Chennai
2020
January
• Named a Market Leader in Digital Business Solutions and
Services by ISG
February
• Recognized as a Leader for Next-Gen ADM Services in
ISG Provider Lens™ Archetype Report 2020
• Mindtree Foundation conferred the Rotary Karnataka CSR

• Mindtree Foundation designed and installed a community radio
and NGO Award for 2019-20 in the Skill Development and
center at Bengaluru Central Prison with the support of Radio
Livelihood category. Dr. Ashwath Narayan C.N., Deputy Chief
City 91.1 FM. It was inaugurated by Mr. Basavaraj Bommai,
Minister, Karnataka, presented the award to the Mindtree
Home Minister of Karnataka
Foundation team
November
• Selected as Cisco Partner for Managed Secure SD-WAN Services
• Appraised at CMMI V2.0 Level 5 for capabilities in Product

Development and Services
• Recognized by ISG for Innovative Managed and Public

Cloud Services
March
• Bagged the BW Businessworld HR Excellence awards –
Excellence in Learning Technology (winner) and Excellence in
Diversity and Inclusion (runner-up)
• Partnered with Realogy to enhance its Digital Transformation

offerings
• Closed FY20 with the highest-ever deal wins of USD 1.2 Billion

Performance Review
Delivering stable and profitable growth
Profit and loss metrics
Revenue (INR in Million) EBITDA (INR in Million)
CAGR 13.5% CAGR 7.3%

FY16 46,730 FY16 8,210
FY17 52,364 FY17 7,181
FY18 54,628 FY18 7,405
FY19 70,215 FY19 10,645
FY20 77,643 FY20 10,898
Net profit (INR in Million) Dividend per share * (INR)
CAGR 3.4% CAGR 24.5%

FY16 5,525 FY16 12.5
FY17 4,186 FY17 10.0
FY18 5,701 FY18 9.0
FY19 7,541 FY19 11.0
FY20 6,309 FY20 30.0
EPS (Basic)* (INR) EPS (Diluted)* (INR)
CAGR 3.9% CAGR 3.9%

FY16 32.95 FY16 32.87
FY17 24.93 FY17 24.89
FY18 34.39 FY18 34.28
FY19 45.94 FY19 45.85
FY20 38.35 FY20 38.33
* Adjusted for bonus issue

Performance Review
Balance sheet metrics
Net worth (INR in Million) Market capitalization (INR in Million)
CAGR 6.9% CAGR 5.6%

FY16 24,149 FY16 109,606
FY17 25,771 FY17 76,107
FY18 27,414 FY18 126,543
FY19 33,061 FY19 155,100
FY20 31,568 FY20 136,383
Ratios
Return on capital employed (in %) Return on equity (in %)
FY16 FY16
33.0 25.0
FY17 FY17
22.4 16.8
FY18 FY18
26.5 21.4
FY19 FY19
31.2 24.9
FY20 FY20
25.3 19.5
Operating metrics
Mindtree Minds CSR spend (INR in Million)
FY16 16,623 FY16 94
FY17 16,470 FY17 109
FY18 17,723 FY18 124
FY19 20,204 FY19 150
FY20 21,991 FY20 343

Message from the Chairman
Innovating new possibilities
"The expansion in remote work practices, development

of automation to deliver services, and robotics to de-risk
businesses while safeguarding employees, will enable
Mindtree to build further on its legacy of differentiated
solutions. To bring these technologies to market, Mindtree
has built partnerships in sync with global technology trends."

Message from the Chairman
Dear Shareholders,
I am addressing you at a time when the Mindtree will simplify life for customers by providing integrated
business solutions. It will invest in scalable user experience, and
world is trying to come to terms with a data and cognitive technologies to drive business outcomes.
pandemic which has disrupted our way of A cloud-first approach will add velocity to the digital transformation
of customers; and it will focus on enterprise IT transformation to
life. The leadership at Mindtree has handled provide cost savings.
the onset of this pandemic well and shifted
The expansion in remote work practices, development of
to a remote delivery model with minimal automation to deliver services, and robotics to de-risk businesses
loss of productivity. You will be happy to while safeguarding employees, will enable Mindtree to build further
on its legacy of differentiated solutions. To bring these technologies
know that your company is well positioned to market, Mindtree has built partnerships in sync with global
to partner with global brands as they deal technology trends.
with the pandemic by launching several Your company understands that addressing change is the key to
co‑innovation initiatives. a thriving business. Mindtree will focus on new business models
that include subscription-based projects, and will build learning
To turn now to the performance in FY20, your company has platforms to support the need for talent enhancement. It will also
achieved commendable results, by combining the pioneering develop automated delivery systems that free up human resources
approach of Mindtree with the global network of Larsen & Toubro for roles requiring instinctive decision-making.
(L&T). This has helped to catalyze the adoption of next generation
technologies by our customers worldwide. I am confident that I am confident that Mindtree’s planning for the future will result
Mindtree will achieve its goals and continue to leverage the in continued success. I see a healthy combination of short-term
strengths of L&T. initiatives which address emerging growth opportunities and
long‑term initiatives which help the company adjust its traditional
Your company’s leadership team achieved a smooth transition core. In achieving these objectives, Mindtree can count on support
last year, keeping the core of the organization intact while from L&T’s global network and resources.
maintaining the continuity of the business. At the same time,
Mindtree strengthened its digital DNA, generating enhanced value I wish Debashis and his team the very best in the journey ahead.
for its customers and bringing a sharper focus on cutting edge
digital technologies.
The strategic calls and investments made by Mindtree over the

years and its ability to stay ahead of market trends have proved A M Naik
to be valuable. As COVID-19 has brought about a generational Chairman
upheaval, Mindtree is ready to address the coming changes in
societies, cultures, businesses, trade and governance. Your company
can leverage its innovations and entrepreneurial heritage to
spearhead technology that helps companies and institutions to
respond to the disruptions and confidently navigate uncertainty.
There are difficult times ahead, but the next few months will provide
Mindtree with a challenging environment in which to build the
strategic levers for the next period of growth.

Message from CEO & MD
Driving growth together
for long-term, sustainable growth. We

engaged with customers to develop
technologies and solutions that elevate
the customer experience and address the
challenges of scale without adding linear
costs. We helped customers transform
their IT organizations to be true business
partners, including new subscription-based
business models and helping them migrate
IT infrastructure like data centers and
applications to the cloud, while infusing
them with intelligence.
When I joined Mindtree as CEO & MD on

August 2, 2019, my immediate priority was
to bring greater stability and continuity
to the business, including deepening
relationships with strategic customers.
We then shifted to accelerate our growth by
strengthening our offerings and pursuing
larger, strategic deals through increased
cross-selling with partners.
Mindtree has always demonstrated its

ability to remain aligned with macro trends.
Dear Shareholders, We’ve continuously breathed life into our
vibrant ecosystem of innovation, ensuring
I am delighted to share customers find meaningful solutions to their
challenges. We owe our strong performance
with you, my first message, last year to this approach. Mindtree closed
through this annual report, FY20 with the largest-ever deal wins in
its history of USD 1.2 Billion and revenue
summarizing Mindtree's growth of 9.4% in constant currency terms.
performance, our We were proud to celebrate Mindtree’s
preparedness and handling 20-year anniversary last August, which
brought Mindtree Minds together for
of the pandemic as well as 24 hours of global festivities. The
customer accolades. experience pushed us to think harder about
our next phase of growth as we increased
When confronted with unprecedented our global footprint. We opened a new
challenges, great companies find a way to delivery center in Atlanta, a new European
"We are confident of persevere through. They do it by constantly headquarters in London, and an immersive
building a stronger, more challenging the status quo and striving

for even greater levels of excellence.
technology experience center called
'Immersive Aurora', in Bengaluru.
resilient organization They never stop learning, instead asking
We also achieved high-profile industry
whose entire ethos is the hard questions and adapting. They are
constantly in motion, anticipating the next
recognitions, which demonstrate our
understanding customer challenge or opportunity, staying nimble

ability to add significant value as strategic
partners to our customers. We were named
needs through data, even as they scale.
a Preferred Partner for Microsoft Azure
analytics and cognitive Throughout FY20, even before the

pandemic crisis, Mindtree applied these
Kubernetes Service and joined Hyperledger
to accelerate Blockchain development.
technologies." principles to strategically position itself Avasant identified Mindtree as an Innovator

Message from CEO & MD
in Intelligent Automation Services. and Work from Home to keep their partnerships with Coursera are helping us
Mindtree was also recognized as the Overall businesses running. reskill and stay future ready as we continue
Winner of the 2019 ISG Star of Excellence to invest in top talent across the globe.
We anticipate softening of demand in
Awards for Core Technology Services and Overall, the average learning hours per
FY21, as organizations address their
was positioned in the Leadership Zone Mindtree Mind per year increased from
concerns over business continuity,
in Overall Digital Services and across 70.69 in FY19 to 77.13 in FY20.
availability and survival. Investments that
Six Categories in the Zinnov Zones Digital
drive growth and expansion will be few In the post-COVID world we also anticipate
Services 2019 Report.
and far between. Businesses will remain changes in areas of the business, including
Mindtree was founded as a people-centric focused on mobilizing employees and the customer demand and delivery model.
organization and always believed in giving resuming productive operations without Most customers need to increase workspace
back to the society. We were proud to compromising their health. We don’t truly collaboration and fortify their cybersecurity
receive industry recognitions reflecting know how long it will take for industries to and cloud adoption strategies. Longer term,
both our heritage and present-day value fully recover from COVID-19. When they organizations will require greater resilience
proposition. We received the HR excellence do, they will require new and unfamiliar in their operations, which will accelerate
awards in 2020 for ‘Excellence in Learning approaches to solving problems. demand for cloud, data and customer
Technology’ and ‘Excellence in Diversity & experience technologies. Customers will
However, Mindtree is well positioned with
Inclusion’ from Business World. We’re also continue to conserve cash, reduce waste,
its focus on Simplify, Differentiate and
proud recipients of the Mother Teresa Award and improve productivity of their assets
Change, to continue creating value for
for the Mindtree Foundation’s endeavors. and Mindtree will continue to support these
customers, apply innovation and develop
strategic initiatives.
Very few events have redefined so future-ready strategies while maximizing
dramatically the way we live and work, shareholder value. We are confident we’re building a stronger,
as the COVID-19 global pandemic. I am more resilient organization whose entire
We’ll continue to simplify the IT
extremely proud of Mindtree’s response ethos is understanding customer needs
environment by removing complexities
to the onset of the pandemic and through data, analytics and cognitive
and differentiate through next-generation
corresponding actions once the world went technologies. We will develop effective and
technologies. We’ll also focus on heritage
into lockdown. In less than one week, affordable solutions that keep customers
and evolution for market leadership
we adopted a remote delivery model with nimble. We’ll meet customer expectations
and embracing and managing change
over 99% of our 22,000 Minds working even through dynamic technological,
in the market by increasing expertise
from home. The level of coordination, economic and environmental shifts
through upskilling.
logistics and communication to maintain with exceptional business models and
the highest levels of customer service Mindtree is well on its way to building the delivery excellence.
while keeping employees safe is tools, platforms, insights and expertise that
I would like to thank our leadership team
truly commendable. connect customer, context and experience,
for their relentless pursuit of excellence
which delivers transformative omni-channel
It was our inherent preparedness as a throughout the last financial year and for
digital services and powerful one-to-one
future-ready 'Digital Inside' company that their unmatched guidance through the real
personalization for connected experiences.
helped us mobilize at breakneck speed test of character throughout the recent
while maintaining an unwavering focus on Customers are now rapidly evolving their adversity. I am also grateful for the support
the health and safety of Mindtree Minds, business models and require agile solutions and stewardship that the Board members
as well as business continuity, customer that accelerate time-to-market. In response, and the Larsen & Toubro leaders have
support, and communications. An agile Mindtree will address the growing demand provided through the past year.
delivery framework, a culture of working for niche skills (such as cloud and platform-
We have the talent, the vision and the
remotely, wide implementation of as-a-service based services) tied to
conviction. Together, let’s use them to
collaboration tools, a global contact center technology disruption. We’ll also emphasize
continue building a rewarding future.
and availability of hardware were the key cybersecurity skills which are increasingly
components that helped us during the critical to the success of the long-term
COVID-19 pandemic. remote working model.
Customers have been pleased with our We are also transforming ourselves
approach and many of them have expressed internally. Our migration to the cloud is Debashis Chatterjee
appreciation for how seamlessly Mindtree one example of change we have initiated. Chief Executive Officer and
implemented Business Continuity Plans Our homegrown platforms like Yorbit and Managing Director

Message from the CFO
Sustainable and profitable growth
Dear Shareholders,
Highlights of FY20 • Cash flow conversion (EBITDA to
I am happy to share my first communication operating cash flow conversion) was
with you on a positive note. With our impressive at 75.7% and Free Cash Flow
customer-first approach, we achieved was INR 7,009 Million. During FY19,
revenue growth of 8.7% and 10.6% in our cash flow conversion was 59.2% and
USD and INR terms, respectively, in FY20. Free Cash Flow was INR 4,558 Million.
We closed FY20 with the highest-ever
• Days Sales Outstanding (DSO) on trade
deal wins of USD 1.2 Billion, underlying
receivables improved from 70 days in
our strong transformational capabilities.
FY19 to 66 days.
Our revenue in USD terms has grown at
a CAGR of 13.3% over the last five years • We have consistently stood by our
as against the industry average CAGR of commitment to enhance shareholders’
8.8%, with the growth engine being the value. Dividend per share distributed to
success of our customers. In spite of the equity shareholders for FY20 was INR 30
coronavirus outbreak, we steered the FY20 as against INR 11 for FY19. Our Board
year-close at a remarkable pace in a remote of Directors recommended a final
environment without compromising on dividend of 100% (INR 10 per share of
internal controls, a testimonial to our strong par value INR 10 each), subject to the
leadership, technology capabilities, culture, approval of shareholders in the Annual
collaboration, agility and highest standards General Meeting.
of governance.
As part of next wave of 'Digitization
I would like to share a few financial and Automation', we have
highlights of FY20, which reflect our successfully implemented:
profitable growth strategy coupled with
• SAP S4 HANA on Azure Cloud to leverage
digital capabilities and flawless execution
on robust business-intelligence and
during turbulent times elevating our
modernized reporting capabilities,
customers’ experience:
FY20 Key figures access to data with near-zero latency
• Our EBITDA grew 2.4% to INR 10,898 to aid greater speed and agility in
Million from INR 10,645 Million in FY19 decision‑making as well as reliable
INR 77,643 though our EBITDA margin declined

120 basis points to 14.0% from 15.2%
and accurate financial reporting.
Million in FY19. Through margin improvement

• BOTs will play a larger role in the coming
years. We have deployed 764 BOTs to
initiatives undertaken during the year,
Revenue aid next level of automation. We believe
EBITDA margin for H2 increased to
Intelligent BOTs, coupled with SAP S4
10.6% 16.4% from 11.5% in H1. Absolute
EBITDA recorded a CAGR of 7.3% from
HANA capabilities, will be a critical part
Y-o-Y to unleash the power of people. Instead
FY16 to FY20.
of performing routine tasks, Mindtree
• Diluted Earnings Per Share (EPS) was Minds will be able to spend their time on
INR 10,898 INR 38.33 as against INR 45.85 in FY19, truly challenging tasks and contribute to
Million and recorded a CAGR of 3.9% from

FY16 to FY20.
the success of business outcomes.
Our strategic asset, ‘Technological Expertise’

EBITDA
• Our Return on Capital Employed (ROCE) is leveraged in giving back to the society
2.4% remained strong at 25.3%, despite the

impact of Ind AS 116 that increased
as part of the core philosophy embedded
in Mindtree’s Mission Statement. Through
Y-o-Y
the capital base on recognition of three modes of Integrated Corporate
lease liabilities. Social Responsibility (CSR) initiatives run

Message from the CFO
by the Mindtree Foundation, volunteering curtailment of discretionary spends and cost governance and look upon it as a key
activities among our Mindtree Minds and optimization pressure within customers’ driver of long-term value creation.
addressing diverse social challenges of the businesses. At the same time, we expect
Some of the recognitions we received
large informal sector through our digital demand from our customers for digital and
during the year are summarized here:
mindtree.org platform, we have been transformational services as they invest into
creating an ecosystem to shape societies data, cloud-enabled solutions, customer- • Received the prestigious 'SAFA Best
in an impactful manner. The total outlay centric and end-user experience businesses. Presented Annual Report’ award
toward CSR activities for FY20 amounted to from the South Asian Federation of
Our focus would be on signing multi-year
INR 343 Million which included contribution Accountants (SAFA) as a recognition
annuity deals, rationalizing tail accounts
of INR 200 Million toward PM CARES Fund for strong ethics, excellence in
and going deeper into the limited set
for fighting the coronavirus pandemic. financial reporting and corporate
of strategic customers. We are now part
governance for 2018 in the
Integrated report of the USD 21 Billion Larsen & Toubro
'Communication and Information
During FY18, we had made a head-start conglomerate leveraging on synergies
Technology Sector'. With this,
in the voluntary adoption of Integrated to grow faster and winning bigger deals.
Mindtree achieved the milestone of
Reporting (IR) in accordance with the Accordingly, we expect the top-line
being the recipient of the prestigious
International Integrated Reporting Council’s recovery to fructify during the second
SAFA and ICAI awards for five years
(IIRC) framework and SEBI circular on IR to half of FY21. Margin improvement is one
in a row
aid our key stakeholders to get a holistic of our key priorities. Our endeavor is to
view of the Company’s strategic focus, improve FY21 margin over FY20, as margin • Received the prestigious
future orientation and value creation which improvement initiatives started in FY20 ‘Best Compliance framework of
revolved around the six capitals – Financial, have been yielding good results. We will the year’ award during Compliance
Manufactured, Intellectual, Human, Social continue to explore various optimization Leadership Summit & Awards 2019
and Relationship and Natural. In FY19, avenues to drive efficiencies and ensure conceptualized and curated by
we had intertwined the integrated thinking profitable growth. We have a robust balance UBS Forums
and embedded IR as part of our Integrated sheet and liquidity position with cash
Our achievements so far have been
Annual Report. In FY20, we refined the and investments of INR 13,618 Million as
possible due to the outstanding Mindtree
IR further wherein the integrated business on March 31, 2020 with good visibility
Minds. They continuously challenge
model defines our ability to create of additional cash flow generation in
themselves to innovate and deliver the
long‑term value (outputs and outcomes) FY21. We continue to evaluate and take
best results for our stakeholders.
and how it is fundamentally dependent actions, as necessary, to preserve adequate
on the capitals available to us (inputs), liquidity. This includes limiting discretionary I am grateful to our stakeholders for
and how we use them (value-accretive spending across the organization and their continued trust. Your support helps
activities). It also holistically measures prioritizing our capex judiciously to Mindtree become stronger, everyday.
the organization’s success against the strengthen the top-line and the bottom-line.
Key Performance Indicators (KPIs).
To summarize, our three strategic
Outlook and priorities for FY21 focus areas—Simplify, Differentiate and
The coronavirus outbreak has been creating Change—will enable us to accomplish
Senthil Kumar
an unprecedented level of uncertainty with our endeavor in creating value for our
Chief Financial Officer
major economies virtually coming to a halt. customers, driving sustainable and
We are well equipped to handle the global profitable growth, developing future-ready
crisis based on the business continuity plan talent and maximizing shareholder value.
that we have successfully implemented
Corporate governance
to ensure the health and safety of our
We strongly believe in integrity and
employees while fully supporting our
transparency as key governance pillars.
customers worldwide. Looking ahead in
We take pride in our standards of corporate
FY21, we anticipate softness in overall
revenue in H1 due to a drop in demand,

Components Driving Customer Success
Building
experiences
that matter
Customer success can be achieved through a three-tiered model of superior customer

experience, enhanced data and cognitive abilities, and IT modernization. We enable
organizations to improve their products and services thereby helping to improve
their customer experience. We draw upon data, customer models and analytics to
anticipate customer needs and demonstrate the brand promise.
Customer experience Data and cognitive abilities IT modernization

Customers are insisting on a greater To create superior digital experience for Every organization today is keen on
virtual and digitally connected last mile consumers, an extremely strong undergoing digital transformation.
experience across channels. data and cognitive engine is necessary. However, without streamlined,
At Mindtree, we create an entire value Analytics and cognitive capabilities cost‑effective processes and systems
chain of experience for the last mile enable organizations to sift through large to support business growth initiatives,
consumer by helping organizations volumes of data and derive actionable delivering superior customer
connect customer, connect context, insights. Through analytics, we help experience is a far cry. We leverage
and connect experience. organizations put the right offering in our vast experience in IT operations
front of the consumer at the right time. and deep understanding of the areas
pg26 that accelerate digital journey to
pg30 deliver customer experience solutions
through hyper automation, workplace
collaboration and a cloud-first and
product-first model.
pg34

Components Driving Customer Success

Customer Experience
Trusted partner for seamless

customer delight
Delivering customer delight consistently is a key marker of success approaches and advanced technology to help our customers
in an increasingly digital world. The digital consumer expects achieve this. Our customers benefit from our consulting services,
exceptional experience at each touchpoint, be it digital or physical innovation hub (Digital Pumpkin), and partnerships with leading
and only the brands that understand this, stand to win consumer digital companies such as Adobe, Salesforce, and SAP, among others.
trust and loyalty for the long term. At Mindtree, we use innovative
Elevating customer experience
Connect customer Connect context Connect experience
Drive customer growth through omni- Context is the only way to turn Value we bring to our customers in
channel digital services one‑to‑many approach into true delivering connected experiences
one-to-one personalization through end-to-end strategy and
consulting capabilities
Connect customer
Mindtree’s customer success solution integrates ML and AI to help consumer-facing companies make the next move in analytics and
make customer engagement predictable and proactive. We enable customer insights.
companies to retain and grow their customer base by constantly
The Mindtree customer insights solution leverages cutting-edge
monitoring engagement, which helps drive customer experience as
trend analysis and integrates it with KPIs, dashboards, data models
well as identify high-quality leads to enhance conversions.
and analytical algorithms built on the SAP HANA platform integrated
Our solution enables enterprises to shift their viewpoint from with SAP predictive analytics and Lumira visualization suite.
operational customer management to strategic customer insights,
thereby delivering a rich, personalized experience. It also helps

Customer Experience
Key enablers of customer success include
Data hub Decision

Values Expertise Innovation
approach platform
Collaborative spirit, Deep understanding Flexible delivery Allows data sources to Preset machine
unrelenting dedication, of technology and models, agile be easily integrated learning algorithms,
and expert thinking to industry help create approaches and for deriving business applications
help see possibilities relevant solutions expert frameworks actionable insights and data sets
accelerate results
Connect context
Personalization is a key enabler in delivering superior customer Personalization through conversational commerce
experience in an increasingly crowded marketplace. Marketers
Mindtree has developed an intelligent, self-learning chat-bot that
thus aspire to gain a better understanding of their customers.
can provide customized recommendations on-the-fly based on
Organizations can provide tailored information to their customers
customer’s usage history and other behavioral aspects.
based on page visits, search queries, site referral, and content
delivery platforms.
Personalization through headless commerce integration
Personalization drives both business growth and customer loyalty.
Using a headless approach, developers are able to
With a modern, innovative personalization strategy, an organization
commerce‑enable any system, application or IoT device, and
can not only satisfy its customer’s present needs, but also steer
seamlessly integrate with other content management systems.
them higher in its value chain.
Personalized services deliver better engagement, better pricing,
better promotions of the right product or service, and make it easy
for customers to make informed choices. Backed by data from
multiple sources fed into smart algorithms, personalization enables
seamless commerce while creating a community of advocates.

Customer Experience
Connect Experience
Mindtree’s unique digital innovation hub provides an interactive space where multi-disciplinary teams come together to analyze,
design and create meaningful digital experiences for organizations. It is a powerful digital platform designed to anticipate and
address customers’ evolving expectations.
Mindtree - Anchor partner
Design
Agility Speed Attention
thinking
Building industry- MVP-led nimble Providing attention Re-imagining the

specific cloud-based methodology on from leadership and customer journey
business applications industry-leading CX access to expertise powered by
delivery platforms Digital Studios

Customer Experience
Digital customer experience offerings
Cross channel user experience design Mobility experience design
Our team of seasoned user experience designers incorporate We create compelling, interactive experiences for consumer
context and human factors in end-user design. Consumer lifestyle and business applications, mobile sites, games and more.
components and touchpoints are carefully considered in the Application needs and context are diligently factored in when
seamless, connected experience. developing features and content to ensure a seamless mobile
user‑centric experience.
Unified experience design Data visualization
Our proven approach analytically incorporates user roles, business We understand end-user information needs, priorities, access
transactions and processes to create a logical, collaborative frequency, structure, and hierarchy models, and combine that
experience across applications. understanding with solid data visualization and information
design principles to create interactive displays. The interactive
displays bring clarity and precision to business processes and
decision-making.

Optimize business
with actionable insights
Descriptive, predictive, and prescriptive analytics are increasingly driving better customer
experience design and delivery. Mindtree helps organizations create better products,
improve digital marketing, and engage with their customers, thereby creating elevated
experience for the end user.
We have the expertise in Big Data tools and processes to derive • Big Data analytics labs spread across multiple locations that
actionable insights from large swathes of disparate data that focus on product evaluation and performance benchmarking
enterprises collect each day. Our specialists have pioneered
• Innovative industry-tailored frameworks to meet unique
Big Data analytics solutions for leading organizations around the
domain needs
world, which enable them to harness the power of Big Data by
deploying AI and ML. • Domain-specific KPI toolkits for Big Data tools
At Mindtree, we have deep experience across the lifecycle – from • Business transformation through a mix of performance
designing data lakes based on S3 to complex Customer 360 and management and next-generation analytics
predictive engagements on AWS.
• Industry solution accelerators and data aggregators
Mindtree brings a platform-led approach to deliver

hyper-automation to drive cost benefits:
• Lean and agile delivery model, end-to-end service delivery • Autonomous command center, 24X7 BOTs driven ops
automation, predictive maintenance
• Auto-discovery and reverse engineering to accelerate
• Integrate pre-built Robotic Process Automation (RPA), assessment, service transition
ML and cognitive capabilities from BOT store
(50+ ready-to-deploy BOTs)

Data analytics platforms – driving insights, Key features

simplifying technological complexity
Personalization: Improves customer retention, cross-sell and
Decision Moments up-sell efforts and customer experience
With diagnostic, predictive and prescriptive analytical capabilities,

Decision Moments, Mindtree’s data analytics platform, helps Sales and marketing: Allows for more accurate revenue projections,
organizations deliver targeted digital solutions. It is the data forecasting, marketing mix, campaign effectiveness measures and
analytics platform to apply continuous learning algorithms to large new product development
data pools, allowing businesses to uncover compelling insights
that improve over time. This sense-and-respond system helps
Business efficiency: Enables preventive maintenance to limit or
businesses create greater value from their digital transformation.
prevent unnecessary downtime, and deliver more effective fraud
detection and supply chain optimization
Decision Moments provides a agile and customizable data intelligence platform

that simplifies technological complexity.
Composable Automated Platform Value additions by CAPE

for Enterprises (CAPE)
Enabling intelligent automation-driven operations: Integrating
RPA, ML and cognitive conversational capabilities from our BOT
The platform aims to streamline end-to-end automation. It supports
store repository to automate operations. A few prominent reusable
the entire IT lifecycle and offers modular, tailored solutions by
BOTs include, auto ticket triager/classifier, auto-remediator, anomaly
leveraging existing tools and assets. It offers capabilities including
detector, query handler, access provisioning, health monitors
compose, provision, operate and visualize to enable integrated
service delivery across the entire IT lifecycle to effectively integrate
toolchains and truly make digital real.
Out-of-the-box tooling: Customers can plug in pre-built
components to enhance the value of existing toolchains and derive
visualization benefits immediately
Compose once deploy anywhere: Compose portable blueprints

as canvas and deploy on-prem or multi-cloud
Mindtree offers to deliver up to 30% reduction in deployment time with

our platform-driven approach enabled by CAPE™ by automating the IT lifecycle.


Success Story
Corrective supply chain analytics
Customer overview Challenge

It is a consumer-packaged goods (CPG) major in India catering to During the coronavirus outbreak, Direct Store Delivery (DSD) sales
nearly half a million outlets, with more than 5 product categories, representatives were either unable or unwilling to visit the retail
41+ brands, and 200+ products. stores. With the country under lockdown, the customer faced an
uncertain period in business. The company wanted to understand
the impact and get any inputs that could directly influence
decision‑making on the ground.
Solution
We classified sales into five major channels based on ‘sales This helped answer some specific questions such as:
patterns’ and ‘product segmentation’. We realized that two of
• Is there a change in the package size of buying?
the five channels which were the major revenue contributors
were worst affected. We further analyzed the brand and channel • Are there any panic products that are selling more and can
affinity. We also tried to understand various aspects like the boost sales?
new areas where the market penetration of various brands has
• What are the products that are in low demand so that we can
improved. Brands variants have affinity for specific channels.
reduce production?
How that has changed.
For this analysis, we also integrated live Government data, which

Based on these observations, we were able to provide insights
categorized various districts of India into Red, Amber and Green
on which products to focus on. Having done that, we validated
zones, based on the number of coronavirus positive cases and
the business decisions taken in the prior week by analyzing the
provided corrective surgical recommendations.
weekly change in sales. Was the change we were making to the
supply chain leading to on ground value improvement?
Benefits
Based on the new inputs, the business was able to make changes to
their supply chain on demand basis.
Fast 80%+
We measured this at a 5-day moving scale, leading to a growth on
integration achievement rate
actual sales, which helped the business in closing the sales gap of of live Government data
affected channels and helped reach an achievement rate of 80%+.

IT Modernization
Transform and optimize

IT infrastructure
Today, enterprises are demanding a robust IT infrastructure solution that delivers high
performance, operates in real time and reduces avoidable expenditures. Mindtree’s
infrastructure and application experience enables high availability and continuous
optimization in a hybrid cloud across the business application ecosystem.
We offer our expertise to connect the changing technology trends Our process-driven approach enables us to understand our
to the business goals of our customers. By engaging a model that is customers’ applications and infrastructure. We combine our unique
both predictable and cost effective, Mindtree helps organizations ‘applistructure’ approach with our award-winning MWatch service
keep pace with their evolving IT infrastructure requirements. delivery platform to provide a secure infrastructure, relevant data
and reports, and a dynamic and safe disaster recovery system.
MWatch Cloud-first approach

MWatch is an intelligent service enabler for Mindtree’s managed Mindtree manages cloud infrastructure with an automation-first
services and is available for both on-premise and cloud-based approach, leveraging its AIOps platforms to improve service
infrastructure. It provides customers with a built-in monitoring and availability, observability and reduce overall cost of operations.
management tool encompassing their entire infrastructure from Additional solutions include a minimal viable cloud platform for
desktops to servers, increasing IT and service efficiencies while cloud infrastructure process automation and cloud governance.
reducing costs.
Features
• Automates standard operational activities
• Eliminates daily manual processes and errors

Security
• Improves governance with a common dashboard for services
In this digital age, securing systems is one of the biggest risks facing
• Intelligent integration of a federated database, enterprise-wide all businesses. Security threats are increasing in frequency and
pre-processed reporting, and framework compliance tracking potency, and leading companies worldwide face a tough challenge
as new use cases emerge with constantly changing IT landscape.
With proven experience and a wide range of solutions and services,
we help organizations secure their digital infrastructure.
Our threat and vulnerability management services enable

customers to continuously identify, assess, classify, remediate and
Applistructure management mitigate security weaknesses, including root cause analysis.
Ensuring the right technology infrastructure is no simple matter.

Many companies are left without the necessary resources to
manage this monumental shift effectively and efficiently. We offer
the expertise to connect the dynamic and changing technology
paradigms to the true business goals of your organization.
Our operational centers have built-in disaster recovery operations,
ensuring that your data and infrastructure have industry-leading
safeguards. Our experience enables high availability and
continuous optimization in a hybrid cloud across the business
application ecosystem.

IT Modernization
MSecure
Mindtree’s MSecure-Threat Vulnerability Management (TVM) organizations discover vulnerabilities and misconfigurations in
service serves as the backbone in reducing an organization’s real-time, based on data feeds, without having the need for agents
system exposure, hardening the endpoint surface area and or repetitive scans. It prioritizes exposures based on the threat
increasing organizational resilience. It can seamlessly integrate landscape, sensitivity of information on critical assets, and the
with existing processes to improve response speed. It helps business context.
Live assessment of
enterprise level risks
> 95% 100% 100%
Visibility on the critical Tracking of systems and Automated compliance
system’s security posture establishing traceability tracking
Bring various scan plans on

Single portal assessment
a single platform
Assess Infrastructure Application, Code Scan
Scale MSecure to any existing remediation

Leverage automation and
process and migrate to a highly
orchestration capabilities automated process
Standardize remediation with one consistent

Streamline vulnerability remediation
process across the organization
for whole organization
Centralize vulnerability scan logs from
Centralize vulnerability
Network, AppSec and VA/PT solutions into one
remediation centralized console
Provide a centralized, 360-degree

Real-time dashboards
real-time vulnerability management
and reports dashboards and reports

IT Modernization

IT Modernization
Success Story
Enriching customer experience with cloud-native,

scalable infrastructure
Customer overview Challenge

The customer is a global leader in information services and In FY19, the company embarked on a major cloud transformation
solutions for professionals in the health, tax and accounting, risk program to deliver seamless, customer-focused, end-to-end digital
and compliance, finance, and legal sectors. The company provides experience of experts. This transformation required the customer
a range of expert solutions that combine deep domain knowledge to build agility, innovation, insights, speed, and efficiency into its
with advanced technology and services. technology platforms, services, and operations. Completing the
journey to the cloud was pivotal to deliver all these capabilities.
The customer operates 250+ data centers, hosting 1,000+

interdependent business applications in a very complex
infrastructure. The objective was to move the applications to
Azure and AWS as a multi-cloud strategy and build a services
infrastructure that enables its business units to consume cloud
services in a templated format.
Key issues
• Too many data centers and legacy infrastructure posed a • Unavailability of standard templates to consume cloud services
security and maintenance risk across the organization and automation in very few areas
• Distribution of workloads among data centers lacked the • Technical bandwidth and required skills to execute the program
benefits of scale amid time constraints
• A large number of legacy applications had to be migrated to the

cloud – refactoring and not just lifting-and-shifting
Solution
Over the years, we have demonstrated our engineering capabilities thus became a key enabler of the ‘journey to the cloud’ where
in many areas within the customer’s larger and strategic program applications were being migrated from data centers
deliveries. The customer thus decided to partner with Mindtree to to Azure and AWS.
perform the complex migration and build a solid team to deliver the
We established the agile pod teams involved in requirement
cloud services.
gathering, designing and developing the architecture, and delivering
In addition, the Mindtree team was heavily involved in illustrating different services in the areas of cloud infra, hosting, security,
services summary, design, requirement gathering from multiple networking, database, DR, backup, among others.
internal groups, architecture decision-making and implementation,
The program was jointly owned by Mindtree and the customer’s
and making available SOPs and runbook for business to utilize
expert teams, with Mindtree being the primary partner responsible
these services.
for the successful delivery of the program. We scaled this team from
The broad approach was to build a catalog of standards-based zero to 80 niche experts of cloud and infra architects and engineers
services that can be consumed by applications in a ‘IT-as-a-Service’ with cross-platform skills and deep automation expertise.
model. Continuous improvements, self-service request automation,
infrastructure as code were the key design principles. This program
Benefits
The services were built as consumable services that helped • Our deep expertise and experience in similar programs helped
end-users to avoid manual intervention every time a service was the customer in delivering the program with high standards
provisioned, thus reducing redundancy.
• Our strong partnerships with cloud providers helped smoothen
• We built the team of cloud and infra expert team in a very short the adoption of new techniques and tools in the development
span, which was crucial to achieving the program deadlines of the services platform

IT Modernization
Success Story
Delivering data-driven experience through

user‑friendly website
Customer overview
The customer is a leader in the academic medicine community. • The content was not associated with a subject matter expert but
Founded in 1876 and based in Washington, D.C., it is a rather with the organization, which lowered the perceived value
not‑for‑profit association dedicated to transforming healthcare
• Website was an informational ‘attic’ where everything was
through innovative medical education, cutting-edge patient care,
stored, instead of focusing on latest information and data
and ground-breaking medical research. The customer’s members
represent the full spectrum of medical education including • Information for learners was distributed across many disparate
172 accredited US and Canadian medical schools, 400+ major websites and technologies with inadequate search capabilities
teaching hospitals and health systems, 80+ faculty and academic
societies, 173,000+ full-time faculty members, 129,000+ resident Technology and other issues
physicians and 89,000+ medical students.
• The organization wanted to transition from multiple legacy
CMS systems, that were approaching end of support, onto a
Challenge
single, enterprise-class CMS
As part of its digital strategy initiative, the customer conducted
• Deliver a high performance/high security website with
a research study among its members and constituents. The
multi‑browser and multi-device support for seamless end user
research identified the creation and distribution of content to
experience
serve its members and constituents as a challenge. Further, the
customer’s website, despite being the primary channel for content • Build a content authoring and publishing interface that enables
distribution, had its own constraints: the organization to create and deliver timely content
• Content was not easily accessible • Tight deadline for development and delivery of the
redesigned website
− The content was rarely viewed by users despite spending a
lot of time on the website
− Over 33,000+ pages including 6,000 PDFs, but 37% content

was viewed five times or less
− Reports were not packaged for easy consumption

IT Modernization
Solution Benefits
• Designed and migrated the website to a cloud-based Acquia/ • With the timely launch of the new website, the customer made
Drupal platform as the enterprise CMS, with architectural major progress in its digital strategy roadmap in driving greater
emphasis on reusability and ease of migration of other utilization of data and resources
customer properties in the future
• Content clean-up before migration improved information
• Worked closely with the organization’s content team to build architecture and organization of data/reports resulted in the
an inventory of relevant content to migrate to the new site website becoming a source of the latest in academic medicine
and a hub for data
• Built an advanced, federated search functionality that would
enable end users to search for relevant content across • Able to cull 85% of the content that was rarely or never viewed
customer properties by end users, creating a clutter free user experience
• Built a modern page-building feature (using layout builder in • New user-friendly and simplified page creation, content
Drupal), for ease of use and improved experience for content authoring and publishing workflow enabled content teams to
authors and publishers create and share content in a timely fashion
• Developed a unified information/content architecture and tools • Federated search implementation provided the capability to
to group data and reports for easy discovery of relevant data bring content from different sites and the capability to bias
and resources by end users search results and bubble up the most relevant content
• Built a content model to enable association of created content • Associating content with biographies of subject matter experts
with biographies of specific authors and subject matter experts which enhanced content credibility
• Architected the site to use state-of-the-art front-end • Standardized CMS platform which means that building blocks
architecture, content delivery network, multi-layered caching can be reused across sites, providing cost optimization for
for robust performance and security future site builds
• Served as both the developer of the website and service • Blazing fast page loads due to use of CDN and highly responsive
integrator working with the customer and multiple vendors website meant excellent end-user experience across multiple
form factors
• Adopted a fast-track delivery approach involving multiple
product owners and multiple scrum teams across the globe to
meet a tight deadline

Demonstrating agility
and sustainability
We create sustained value by effectively leveraging our resources and relationships.
Further, we attune our business model to address expectations of our customers,
shareholders, business partners, employees and other stakeholders to differentiate
ourselves in a competitive market.
Capitals Inputs Value creation process
Net worth: INR 31,568 Million

Opportunity tracking
Investment in property, plant and
equipment: INR 1,241 Million • Sales intelligence tool
Financial Capital • Partner connects
• Deal database
• Customer referrals
Digital Pumpkin innovation hubs: 3
• Lead generation
Centers of Excellence: 10
and nurturing
Presence in 18 countries with 41 offices
Manufactured Capital • Proactive proposals
Capitalizing on prospects
R&D expenditure: INR 373 Million in FY20
• Deal qualification
vs. INR 476 Million in FY19
• Clarity on value
No. of IPs/Patent: 13
Intellectual Capital
Yorbit learning platform has 2,400 courses
proposition
• Stakeholder mapping
Process
covering 900+ tech skills
• Interlocks with other
enterprise applications
• Collaboration on CRM
• Management review
Mindtree Minds: 21,991 employees
of pipeline
Amount spent on employee training and
• Controlled access to proposal
development: INR 233 Million in FY20
vs. INR 134 Million in FY19 repository
Human Capital
• Customer testimonials
• Deal-based marketing
• Innovative pricing technique
• Win/loss analysis
No. of volunteers: 6,777
CSR expenditure: INR 343 Million in FY20
Key stakeholders
vs. INR 150 Million in FY19
Active customers: 307 in FY20
Social and Relationship Mindtree Minds Partners and suppliers
vs. 349 in FY19
Capital
Strategic alliances and partnerships: 15
Regulatory and public
Customers
policy makers
Read more about how we engage

with our stakeholders on pg44
Water consumption: 0.82 kl/FTE/month in FY20
vs. 0.85 kl/FTE/month in FY19
Strategies
Energy consumption: 134.60 kWh/FTE/month
Natural Capital
in FY20 vs. 157.59 kWh/FTE/month in FY19
Simplify Differentiate
pg53 pg54

Growth Enablers
Dedicated
agile centre of
excellence
Leader Human-centric
in digital culture
Integrated
approach for
continuous
delivery
Activities to sustain value Outcomes
• Diversifying revenue growth streams Revenue: INR 77,643 Million Return on capital
Engagement delivery employed (ROCE):
• Maintaining strong corporate 10.6%
• Skill set based Mindtree Mind governance structures PAT: INR 6,309 Million 25.3% in FY20
mapping (includes liaising with • Regular investor communication 16.3% vs. 31.2% in FY19
talent acquisition team)
• Use of accelerators/new • Best-in-class ecosystem benefiting customers
• Value to customers
solutions, tools, digital • Achieving greater efficiency with reduced cycle time,
• Further developing systems and
inside-out diminished solvent consumption and smaller footprint
processes
• Collaborations, superior with continuous process
personal experience
• Continuous project monitoring,
defect tracking
• Implementation of LEAN
initiative • Implementing agile business • No. of advanced tools, accelerators and platforms
• Robust quality control processes across business units • 764 BOTs available for automation
processes
Customer retention
• Capturing feedbacks
• Evaluation and assessment of • Personal development opportunities Total recruits in FY20: 1,787 Employee
project execution and delivery • Strong focus on diversity attrition rate: 17.4%
Permanent employees who
• Identification of improvement • Maintained drive on building our received safety and skill No. of nationalities –
areas reputation as a quality employer upgradation training: 76.01% FY20: 80 | FY19: 70
• Obtaining dual level customer
feedback on four broad
parameters: satisfaction,
advocacy, loyalty and value
for money • Engaged actively with regulators, CSR beneficiaries: 21,198
pursuing full compliance and driving Customer Experience Survey: ~45% of the respondents
a societal contribution expect Mindtree to move to advisory and strategic
Investors and shareholders • Continued investment in ensuring partnership roles in the future
strong positive customer experience New customers added during the year: 38
Communities and NGOs
• Strong focus on energy efficiency

Reduction in specific water consumption: 3.53%
• Operational excellence for resource
Waste recycled: 92.31%
conservation
Change
pg55

Uniquely positioned
to tap opportunities
We are in the midst of a digital revolution that is transforming services provider with a proven ability to adapt and innovate,
almost every aspect of life and business. The external environment we are well positioned to capitalize on the emerging opportunities
in which we operate is dynamic and complex, influenced by several and deliver sustainable value to our stakeholders.
factors that are beyond our control. However, as a technology
Smart data platforms and services

As the digital economy further alters the way we live, consume and work, Mindtree is recognized globally
organizations are increasingly looking at adopting next generation business
services to meet tomorrow’s demographic, economic and environmental
for its advanced capabilities in
challenges. Artificial Intelligence (AI), Blockchain, Cloud, Internet of Things automation, IoT, and AI, driving
(IoT), and AR/VR technologies are posing significant challenges to traditional
business models and strategies. Thus, demand for integrating these
innovation in high-performance
technologies with real-time and distributed business platforms—on premise or analytics and quantum computing.
cloud—is on the rise.
A boost in ecosystem of multiple infrastructure

Infrastructure is generating data, which is being used to optimize its Mindtree with its DevOps and
performance through automation. AI and ML meet operations, allowing the
infrastructure to restore and improve itself based on the data it generates.
other delivery platforms has
According to Transforma Insights, the number of IoT-connected devices will helped many organizations of
grow from 7.6 Billion in 2019 to 24.1 Billion in 2030. Through new generation
cloud computing, edge and IoT technologies, physical and digital infrastructure
varying size and complexity keep
are converging, driving strong demand in consulting, integration and pace with their infrastructure and
management of hybrid infrastructure ecosystems, and public cloud platforms.
Organizations today need to constantly automate, manage and orchestrate
associated requirements.
these ecosystems of multiple infrastructure to seamlessly design, build and run
next-generation business services and platforms.
Better collaboration for remote workforce

Work from Home (WFH) has become a new reality. Real workplace digitization is Mindtree’s hyper-automation
about leveraging mutual intelligence achieved from mobile interfaces, analytics,
and other sources to mechanize processes and facilitate anytime, anywhere
is driven by Al/ML algorithms
access to real-time insights. Businesses seek to drive down costs and maintain to enable automated response
robust customer engagement quality while supporting a larger‑than‑planned
remote workforce. In such situations, it is important to congregate IT operations
to alerts, as well as predictive
into a highly automated unified command center. The scope of automation maintenance capabilities, and
shifts from distinct individual tasks to knowledge work that leads to more
dynamic experiences and, in the long run, better business outcomes.
delivered through its service delivery
Automation will replace between 11% and 25% of CX-led activity currently platform, MWatchTM.
performed by agents by 2022 (Source: Dimension Data 2019 Global Customer
Experience Benchmarking report).

Transparency and traceability

Organizations are increasingly using AI and ML to drive business decisions. Mindtree’s MSecure-TVM Service
As consumers are becoming more aware about how organizations use their
data, there’s a crisis of confidence. By 2020, Gartner expects companies that
serves as the backbone in
are digitally trustworthy to generate 20% more online profit than those that reducing an organization’s system
are not. Enterprises must adopt ideas like explainable AI and transparent
data policies for both ethical and business reasons. In addition to increasing
exposure, hardening the endpoint
legislation and potential regulatory issues, consumers will begin to decide and surface area, and increasing
select organizations based on these policies.
organizational resilience.
Key focus areas going ahead
Enhancing Boosting Developing new Fostering trust and

customer experience operational excellence business models compliance
Conversational interfaces— Robotic Process Automation Smart machines and automated With intelligent and stringent
such as chatbots, virtual (RPA) and expert systems for systems for new mobility cybersecurity and compliance
assistants, robo-advisors, process optimization, and services, personalized offerings, systems, and intelligent
smart objects and more—will shop floor 4.0 commit much and outcome-based services defense, it will no longer be
enable to serve customers, more than a step change will transform models and just about fighting threats:
citizens and employees in productivity. open pathways for new it will be possible to avoid them
significantly better along monetization streams. before they strike.
their entire journey.
Our approach in a changing world

During this unprecedented global crisis, our priority is to ensure As these trends progress and potentially merge, we are ideating
the safety and well-being of our employees while helping our on novel ways to run a fully automated business while serving
customers maintain their business service continuity. We are customers more engagingly. With our extraordinary depth across
equipped to support the communities we serve and the ones our the digital value chain, we combine digital customer experience
people inhabit. It is our commitment to help citizens live and work capabilities with digital operational excellence to shape new,
sustainably and confidently in an ever-changing digital landscape. innovative business models and partnerships.

Stakeholder Engagement
Nurturing relationships that matter
Working with a diverse group of stakeholders—listening to their issues and aspirations

and managing our relationship in a proactive way—is key to understanding and
maximizing our positive impact on the ecosystem.
Using outcomes of stakeholder dialogue
To set our strategic priorities, we incorporate stakeholder inputs,

Stakeholder group Why they are important
business insights, sector initiatives, peer reviews, and global trends.
This helps to identify the most important issues for our business
Employees
as well as our stakeholders, making it easier to not only define
risks, opportunities, and performance metrics, but also to report Our employees are at the
and set targets. center of all our operations.
Their collaborative
skill and expertise are
What our stakeholders consider important
essential for our growth
Understanding, acknowledging, and listening to the issues
highlighted by our stakeholders enables us to comprehend
what they consider important while carrying out continuous
improvements across our internal processes and strategic business
priorities. This process also provides us the direction to focus
our engagement to capture business opportunities, reduce our
operational risk, and deliver shared value to our communities.
Partners and suppliers

Our operations are closely
linked with the timely
availability and services
that we source. These, in
turn, have a material impact
on the efficiency of our
service delivery
Investors and shareholders

As providers of capital, they
are key to our growth and
expansion plans

Our stakeholder engagement approach
Stakeholder Significance
Prioritization Engagement
identification of impacts
Mode and frequency of engagement Topics of engagement Activities
• Training calendar – Annual • Local employment generation Engagement is fostered through

• Talent management, employee • Happy and productive employees regular interactions between senior
development initiatives – Ongoing management and Mindtree Minds.
• Employee growth and development
We conduct various programs
• Performance appraisal – Bi-annual and
• Human rights to develop the skill sets of our
annual
• Safety employees. We also focus on
• Employee engagement activities –
employee welfare by gauging
Ongoing • Diversity and equal opportunity
employee expectations and conduct
• Diversity and inclusion initiatives • Community initiatives
specific engagement events for
(MindSpace, MindSpeak) – Annual
different groups. Mindtree has
• Chairman & Pillar Awards – Annual adopted an open-door policy where
• All Minds Meet – Quarterly any Mindtree Mind has access to
• Open sessions – Bi-annual the Company’s leadership at any
point of time.
• Operational review – Ongoing • Brand To ensure quality and compliance

• Engagement forums – Ongoing • Supplier engagement and development with applicable environmental,
social and governance standards,
• Specific category and service partner • Compliance with regulatory/statutory
we engage closely with our
meet – Annual requirements
suppliers for audits, training and
• Supplier satisfaction survey – Bi-annual
knowledge exchange.
• Quarterly investor calls/presentations • Credit rating We strive to maintain profitability

• Annual General Meeting • Sustainable business model with cost management efforts
for better efficiency and
• Annual Report • Governance
sustainable growth.
• Annual Business Responsibility Report • Return on net worth/Earnings per share
and Sustainability Report
• Communication with investors

Using outcomes of stakeholder dialogue
Stakeholder group Why they are important
Regulators and
policymakers
Key for ensuring compliance,
interpretation of regulations
and uninterrupted operations
Customers
Customer feedback, or
as we call it, the Voice
of Customer, is key to
process improvements,
quality enhancement,
service performance and
cost optimization
Communities and Non-Governmental

Organizations (NGOs)
A harmonious relationship
with the communities where
we operate is key to our
social license to operate; our
partners in progress

Mode and frequency of engagement Topics of engagement Activities
• Continued engagement and • Credit rating We focus on creating a

representation business‑friendly environment that
• Governance
• Quarterly and annual compliance reports supports overall industry growth.
• Transparency and disclosures
• Performance reports shared with the
• Investor security
Securities and Exchange Board of India
(SEBI) and the Reserve Bank of India (RBI) • Representation with regulators
• Workshops • ESG aspects
• Panel Discussions – National Association

of Software and Service Companies
(NASSCOM) and Confederation of Indian
Industry (CII)
• Steering Committees
• Project feedback through surveys • Digital disruption Our endeavor is to provide our
(Operational and mid-level contacts) – customers value-added and
• Customer need identification and
Quarterly
satisfaction competitive solutions tailored to
• Customer experience survey (CXO and the present and future needs of
• Brand
senior-level contacts) – Annual their end users.
• Customer privacy
• Customer visits – Quarterly
• Product portfolio
• Steering committee meetings for big
customers – Quarterly
• CSR Initiatives – Ongoing • Local employment generation We believe in developing and

• Volunteering activities • Gender equality steering long-term relationships
with our local stakeholders across
• Community need identification – • GHG emissions
the globe. The Mindtree Foundation
Ongoing as per CSR project requirement
• Waste management spearheads all activities related to
• Community engagement initiatives
• Community initiatives our contribution to the society.
• Impact assessment studies

Materiality
What matters most
Material issues have the potential to substantially impact our ability to create value and
deliver on our strategic objectives in the short, medium and long term. Thus, identifying,
prioritizing, responding to material topics are key to meeting stakeholder expectations and
delivering sustainable value over the long term. We constantly engage with our stakeholders
to capture their feedback and inputs in our goal setting and strategizing process.
How we assess materiality
Through our annual materiality assessment, we engage with a range of

internal and external stakeholders to identify and understand the issues that
could create or erode value. These issues may change over time, reflecting
developments in our external operating environment and the evolving
expectations of our stakeholders. We conduct materiality mapping exercise
as a way to link materiality to stakeholder concerns, and for goal setting and
strategy development.
People
well-being
External Create
stakeholder value
Sustainable
livelihoods
MATERIALITY
ASSESSMENT
Business
performance
Internal Identify
stakeholder issue
Ecological
stewardship

Materiality
Mapping material topics with strategic objectives
Material aspect/ topic Stakeholder priority Goals/Scope
People Employees • Hire the best talent
well-being • Promote meritocracy
• Recognize and reward performance
• Adoption of technology in all people-

related processes to enhance experience
• Curated interventions for career and

personal development of different
groups of Mindtree Minds
• Specific focus on diversity and inclusion
• Manage change within the organization
Sustainable Communities and NGOs • Create sustainable livelihood
livelihoods opportunities
• Benefit the differently abled
• Promote education
Business Investors and customers • Simplify
performance • Differentiate
• Change
pg50
Ecological Employees and communities Reduce per capita
stewardship 1%
reduction in GHG emissions
3%
in energy
2%
in water
1%
increase in waste recycling over last year
Stringent environmental compliance with

ISO 14001:2015 certification
Low Medium High

Strategic Roadmap
Simplify, Differentiate and Change
At Mindtree, we have charted out a clear roadmap for delivering attractive long-term
shareholder returns. Our unwavering focus on customers’ needs and aspirations, and ability
to innovate with new-age technologies will further drive growth and profitability and create
sustainable value.
Five key priorities to achieve our aspiration

of redefining customer success
Collaborative
strategic
relationships
Integrated Domain focus

transformative
capabilities
Intensify
geographic
presence
Unique
learning
culture

Strategic Roadmap
Mindtree strives to be the Business Transformation Partner to customers.

We crossed the USD 1 Billion revenue milestone in FY19. Now, we are embarking on
our next phase of growth journey. As we commence this journey, we have identified
five key priorities to achieve our aspiration of redefining customer success:
Invest in integrated transformative capabilities Intensify geographic presence

Enhance and integrate capabilities to differentiate across four Scale up near-shore presence, differentiate through digital
key capability zones – customer experience, data and insights, insurgent branding
cloud & product engineering, and enterprise IT transformation
and automation. Retain unique learning culture
Simplify organization, increase diversity, invest in upskilling
Enhance domain focus and build own IP
Develop and market domain depth led by industry-focused
consulting and solutioning capabilities
Build collaborative strategic relationships

Collaborate with customers across the business value-chain to
build deeper and strategic relationships; drive innovation through
proactive thought leadership

Strategic Roadmap
Mindtree strategy is to deliver unmatched services to its customers

through deep domain knowledge and technical expertise. This will happen
through our strategic levers – Simplify, Differentiate and Change.
Simplify
Key objectives
Streamline internal and Our approach to customer experience Delivery Model

external processes
Delivering on our commitments
Overall project feedback survey increased to 6.5 during the coronavirus situation as customers were happy with the
Business Continuity Planning (BCP) approach to ensure zero disruption
Differentiate
Key objectives
Integration of technology to proprietary platforms to Focused investments to advance our automation

bring in automation and prediction capabilities capabilities through strategic partnerships, research and
innovation hubs
Launched Immersive Aurora to unleash new possibilities and transform interactions throughout the customer experience
and Industry 4.0 touchpoints
Change
Key objectives
Integrated, product-based delivery Consolidate our deliverables and Investment in continuous

model to enable customers to provide best-in-class outcomes future ready talent
create high-quality products and
drive efficiency
Focus on annuity business and driving strategic deals within Virtual onboarding of 500+ Mindtree Minds, along with 3,210
our existing customer profile fresher interviews and 1,181 lateral interviews
People engagement – multiple digital engagement programs for

One Mindtree way of onboarding
safety and well-being of Mindtree Minds

Strategic Roadmap
Simplify
We will simplify and streamline the way we work internally and with our customers.
This will enhance our focus on delivering agile, integrated and hyper-efficient business
solutions. We have had strong capabilities across digital and traditional IT spaces.
Mindtree aims to strengthen its cross-capability offerings – customer experience, data and
insights, cloud & product engineering, and enterprise IT transformation and automation.
Customer experience
To win customers in today’s marketplace, enterprises need much
more than a digital brand presence. They need personalized
offerings, seamless navigation, real-time engagement across
all channels, intuitive user experience, and highly scalable
solutions. User experience design, implementation and operation
for consumer-facing businesses, is a key driver of competitive
advantage. Mindtree’s digital customer experience services provide
that fine balance between form, function, and usability.
Data and insights

In recent times, we have seen a surge in the use of digital platforms
across industry segments to increase productivity, gain deeper
insights into consumer purchase/spending habits, reduce cost
reduction, and carry out preventive maintenance, among others.
Mindtree continues to invest in data and cognitive technologies
to deliver business outcomes through information management,
business intelligence, and analytic solutions.
Cloud & product engineering

The current SMAC and device intensive environment has ushered
in an age of real-time connectivity. By adopting a ‘cloud-first’
and ‘product-first’ approach, Mindtree aims to deliver cloud
transformation that accelerates an enterprise’s move to digital.
We are enhancing our cloud-native development and building
on a product management mindset toward our solutions approach,
Excelling into an agile and product development mindset
including incubating pods, will lead Mindtree to achieve higher
customer success.
Enterprise IT transformation and automation

To compete in today’s dynamic world, IT leaders must deploy
new technologies rapidly to help grow their businesses while
controlling costs. Enterprise IT transformations are platform‑led,
hyper‑automated operations where transformation savings
are driven by hyper-automation. Mindtree offers the most
advanced end-to-end solutions for tailoring ‘run-the-business’.
Our transformation methods unify infrastructure and application
through platform leading to significant cost savings when compared
to traditional operating models.

Strategic Roadmap
Differentiate
Mindtree strives to differentiate in the marketplace through its transformative capabilities,
domain depth, unique solutions and frameworks. We are developing key platforms and
solutions that customers can use for their IT services needs. These platforms and solutions
will help implement faster, scalable and robust IT systems. Mindtree has developed many
such solutions mapping them to its four capability zones. We will continue to build newer
ones based on the evolving technology landscape.
Some of our unique platforms readily available for deployment:
RAPID ALEN CodeMill

Record, Analyze, Pilot, Implement, Deploy Advanced Learning Engine (ALEN) is CodeMill is a radical approach to automate
(RAPID) is a PoC-driven approach to scale Mindtree accelerator to build, train, test, the code generation process for recurring
up enterprise-grade implementation verify and deploy Machine Learning (ML) business needs. It is language and
of differentiated solutions. All business models on customer data rapidly. It is an platform independent, and is a highly
processes are analyzed using this approach interactive approach that enables people customizable framework.
to identify automation possibilities and with minimal ML knowledge to pre-process
following PoC and successful trials, actual unstructured data and build multiple ML
implementations are incorporated and and deep learning models.
deployed. This iterative deployment process
results in faster time to market and higher
returns on investments.
Decision Moments CAPE MWatch™

Mindtree’s Decision Moments is a data Mindtree's Composable Automated Platform Mindtree's integrated IT infrastructure
analytics platform that applies continuous for Enterprises (CAPE) is a composable management and services platform provides
learning algorithms to large data pools, automated meta-platform, incorporating a consolidated view of all IT infrastructure
allowing businesses to derive actionable tools and frameworks to support the and applications. This platform consists of
insights. It is a diagnostic, predictive and entire IT ecosystem – development, more than 400 BOTs with helps customers
prescriptive analytics tool that improves testing, application, maintenance and maintain, manage and monitor their
insights over time. infrastructure operations. This platform offers IT infrastructure. With its ‘big picture’
modular solutions tailored to customers’ integrated dashboard, CIOs can monitor
needs, leveraging their existing tools and network infrastructure, servers, applications
assets. CAPE is embedded with APIs for and other components to optimize IT
plug-in capabilities, helping integrate performance and reduce costs.
organization‑wide tools that operate in silos.
Atlas DTEP MindFlow

Atlas is Mindtree’s proprietary BOT- Mindtree's Dynamic Test Engineering MindFlow is a comprehensive platform to
led managed services framework that Platform (DTEP) is a continuous test delivery build conversational applications. MindFlow
is designed to take complete lifecycle platform, which bundles SaaS and services is a unique multi-tenant solution capable
ownership of enterprise applications. Atlas adoption – TestOps. It is the driving engine of hosting apps on public and private
aims to transform the outdated ticket-in and of MindTest, our test factory, supported by cloud, on-premise or hybrid environments.
ticket-out managed application services standardized processes and methodology. It enables easy adoption and supports
model into one that focuses on optimizing multiple cognitive services.
and delivering business value. The
framework comes with seamless transition
management tool that uses integrated
workflows, processes and templates.

Strategic Roadmap
Change
We are an agile organization that is capable of responding quickly and effectively to any
market disruptions to help our customers grow. To align with the ever-evolving technology
landscape and customer expectations, we continue to optimize our business model,
IT delivery processes, and enhance people skills. As we move ahead, we aim to proactively
bring innovative ideas, processes and solutions to our customers and help shape their
technology roadmap.
Changing business model

We are focusing more on long-term annuity business. We continue
to engage with our customers through outcome and output-based
business models.
Strong delivery model

To constantly create value for our customers, we are coming up
with more Service Level Agreement (SLA) based, outcome‑based
delivery model. We have developed nimble processes to become
more agile in our delivery and introduce automation in every
possible business process.
People focus
We are creating a learning organization that nurtures high
performance, innovation and execution excellence. Our online,
cloud-based learning platform, Yorbit offers personalized course
recommendations and learning programs for all Mindtree Minds.
In addition, we are creating engineers of the future at Mindtree
Kalinga; more than 5,000 Mindtree Minds have been trained so
far to become a vital part of our customer delivery centers.

Governance
Integrity underpins our strategy
Responsible governance and integrity are integral to our vision to be among the world’s
most trusted and successful companies. We hold ourselves accountable to the highest
standards of ethical behavior and transparency. Our Board of Directors (Board) actively
engages with our management team to ensure we have the right strategy, governance,
talent and risk management to identify suitable opportunities for growth and continue
to create long-term value.
We abide by the following governance principles
Act in the spirit of law and not just Do what is right and not what
the letter of law is convenient
Provide complete transparency on Follow openness in our communication

our operations with our stakeholders
Governance structure
Mindtree’s governance structure helps implement our strategy also creates value for the society. The Company emanates its
effectively and transparently. It enables us to deliver long‑term values from the rich governance and disclosure practices followed
value for our shareholders, employees, business partners by its Parent, L&T. We pursue financial profitability and value
and other stakeholders. We embrace the principle of shared creation for all our stakeholders while improving our social and
value, which involves creating economic value in a way that environmental footprint.
Governance Governance
Governance by by the Board by Executive
Shareholders and its Management
Committees

Governance
Awards
Received the prestigious 'SAFA Best Presented Annual Report’ Recognized with the ‘Best Compliance Framework of the Year’
award from the South Asian Federation of Accountants (SAFA) as award at the Compliance Leadership Summit & Awards 2019 by
a recognition for strong ethics, excellence in financial reporting UBS Forums. It acknowledges Mindtree’s focus on transparency,
and corporate governance for 2018 in the 'Communication and accountability, integrity, and independence as the core elements
Information Technology Sector'. With this, Mindtree achieved the of its compliance framework, and how it elevates the organization’s
milestone of being the recipient of the prestigious SAFA and ICAI corporate responsibility index.
awards for five years in a row.
Strong business ethics and transparency Board’s role

At Mindtree, we are committed to conducting our business in The Board reviews and approves strategic directions and initiatives,
compliance with applicable laws, rules, and regulations and in and takes cognizance of issues, forces, and risks that define and
accordance with the highest ethical standards. As our industry drive the Company’s long-term performance. In its supervisory
evolves, our values continue to serve as the pillars on which we role, the Board monitors the performance of the organization and
base our actions. They express who we are, how we behave, and its executives in selecting a course of action and implementing
what we believe in. it. This supervision includes strategy development, design and
implementation. The Board members actively discuss various ESG
A culture of integrity is critical to achieving sustainable growth. High
initiatives of the Company and encourages the senior management
levels of trust, together with a strong business reputation, make it
to take steps beyond regulatory requirements.
easier to operate; help attract and retain our people, customers, and
suppliers; contribute to good relationships in our local communities;
and pave the way to confidently enter new markets. Compliance
is an essential element of our culture of integrity requiring
responsible conduct from all employees, Directors, and third-party
business partners in accordance with all applicable laws, internal
codes, and policies.
Mindtree Board facets
18% 18% 18% 82%

21-30 years 36-55 years >70 years Male
Board Board Age Board

Experience Profile Diversity
82% 64% 18%

> 30 years 56-70 years Female

Governance
Board Committees
The Board Committees play a crucial role in our governance structure and have been constituted to deal with specific areas and
activities that need a closer review. Each committee has a defined charter that helps them to undertake the responsibilities.
All proceedings of the Board are logically segregated, and matters are delegated to the committees.
Committee Responsibilities
Audit Committee • Oversee financial reporting process • Review the functioning of the whistle blower
• Supervise appointment, remuneration and evaluation mechanism
A
of Statutory Auditors, Internal Auditors and • Review of compliance framework and any material
Secretarial Auditors breaches of compliance against regulations applicable
• Evaluate internal financial controls, internal audit to the Company
function and risk management systems
Nomination & • Identify persons who are qualified to become Directors, • Review, approve and grants under any stock-based
Remuneration Key Managerial Personnel (KMP) and who may be schemes such as employee stock option, stock purchase
Committee appointed in Senior Management in accordance with scheme, stock appreciation rights (Phantom Stock)
the criteria laid down, recommend to the Board their
N
appointment and removal and shall specify the manner
for effective evaluation of performance of the Board,
its Committees and individual Directors to be carried
out by the Board or the Nomination & Remuneration
Committee or by an Independent External Agency and
review its implementation and compliance
Stakeholders’ • Resolve the grievances of the Security Holders in • Review of measures taken for effective exercise of
Relationship general and relating to non-receipt of declared voting rights by shareholders
Committee dividends, non-receipt of Annual Reports and to
share transfers, transmissions, issue of new/duplicate
S
certificates, general meetings etc.
Corporate Social • Review, approve the CSR Policy and associated • Identify the areas of CSR activities and recommend the
Responsibility frameworks, processes and practices of the Company amount of expenditure to be incurred on such activities
Committee as well as the Charter, and suggest changes where • Co-ordinate with and monitor Mindtree Foundation
necessary or other agencies through which the CSR projects get
C
• Ensure the Company is taking the appropriate measures implemented
to implement the CSR projects successfully and meet its
CSR obligations under any applicable regulations
Risk Management • Frame, implement, monitor and review the Mindtree risk • Take decisions on organization-level risk treatment
Committee management policy/plan options
R • Evaluate Mindtree risk management procedures, • Review cyber and data security
including risk recognition, assessment, minimization and
definition of risk appetite
Foreign Exchange • Assess the Foreign Exchange (forex) market conditions,

Hedging review forex exposures and deciding on the hedging/de-
Committee hedging decisions within the framework of the Foreign
Exchange hedging policy
F
Management • Manage day-to-day business transactions in accordance

Committee with the terms set by the Board
Chairperson Member

Governance
Board of Directors
Standing: L- R
Ramamurthi Shankar Milind Sarwate Jayant Damodar Bijou Kurien Prasanna Rangacharya Akshaya Bhargava
Raman Patil Mysore
Sitting: L- R
Apurva Purohit Sekharipuram Anilkumar Manibhai Debashis Chatterjee Deepa Gopalan
Narayanan Naik Wadhwa
Subrahmanyan
Anilkumar Manibhai Naik High-standing honors

Non-Executive Chairman
2019: Awarded the 'Padma Vibhushan', India’s most coveted civilian
Mr. Anilkumar Manibhai Naik is the Group Chairman of award, presented by the President of India for his contribution to Indian
Larsen & Toubro (L&T), a company that is ‘building the India of the industry and social upliftment
21st century’. He has served the organization for 55 years and led
2015: Conferred 'The Order of Dannebrog' and 'The Order of Dannebrog
it for the last 20 years. L&T is a USD 21 Billion conglomerate that
– Knight First Class' by Queen Margrethe of Denmark
has unmatched capabilities in Technology, Engineering, Construction,
and Manufacturing, and maintains a leadership position in all its
2009: Awarded the Padma Bhushan, one of India’s top civilian awards
major lines of business. He mirrors the defining characteristics of
presented by the President of India
the company – professionalism, customer-centricity, fidelity to core
values, and a passionate commitment to serving the interests of the
2009: Awarded the Gujarat Garima, the highest civilian award of
society and country.
the Government of Gujarat
He dons an additional statesmanly hat - that of Denmark’s honorary Awards and Accolades
Consul General in India. He is also appointed as the Chairman of
National Skill Development Corporation by the Hon’ble Prime Minister • Asia Business Leader Award by CNBC Asia
of India. His recent biography titled ‘The Nationalist – How A.M. Naik
Transformed L&T into a Global Powerhouse’ has been featured • Lifetime Achievement Award by Business Today
among non-fiction bestsellers by Nielsen. Described by the media
• Ranked one of India’s Top Two CEOs – INSEAD and Harvard
as ‘Mr. Infrastructure’, he has secured several global, national and
professional honors. Business Review
• Ranked 4th Best Performing CEO in the Industrial World and

32nd Best Performing CEO in the World by Harvard Business Review
Chairperson Member • Named 7th Most Powerful CEO – The Economic Times

Governance
Board of Directors
Sekharipuram Narayanan Subrahmanyan F N Akshaya Bhargava A R

Non-Executive Vice Chairman Independent Director
Mr. Sekharipuram Narayanan Subrahmanyan is Chief Executive Officer Mr. Akshaya Bhargava is the founder of Bridgeweave, a B2B Fintech firm
and Managing Director of L&T – a USD 21 Billion conglomerate, with that creates AI-powered, next-generation products for Wealth and Asset
over 80 years of experience being builders of nations; engaged in core, Management industries.
high-impact sectors of the economy with integrated capabilities that
span the entire spectrum of ‘design to deliver’. He has been the global CEO of Wealth and Investment Management,
Barclays plc. Prior to that, he founded InfraHedge, a hedge fund
He took over the reins in July 2017 having previously headed the managed account platform, which was acquired by State Street
construction business of the group which, is presently, among the top Corporation in 2013. He has been CEO of Butterfield Fulcrum Group
15 contractors globally and India’s largest construction organization (acquired by MUFJ Group) and the founding CEO of Progeon (acquired
having clocked an annual revenue of USD 10 Billion in FY19. He is by Infosys and renamed Infosys BPO in 2006). He started his career at
also Vice Chairman on the Boards of LTI and L&T Technology Services, Citibank where he spent 22 years in a variety of senior roles, including
Non‑Executive Chairman of L&T Metro Rail (Hyderabad) Limited. as Country Manager, Citibank Czech Republic; Global Product Head for
Citi’s ELC Business; Regional GTS Head for CEEMEA—Central & Eastern
Currently, at the helm, he seeks to lead the varied businesses of L&T Europe, Middle East and Africa—region and other senior roles in product
to describe a new growth trajectory riding on the enormous benefits of management and corporate banking.
digitalization, big data and predictive analytics that he drives internally
with an almost missionary like zeal. He places a premium on forging He is an alumnus of Indian Institute of Management Calcutta and
and building enduring relationships with customers that according to lives in London.
him is one of the key determinants of success in the modern world of
enterprises. He is also passionate about innovation, project management
and talent, particularly in leadership roles.
Bijou Kurien S C
He holds several positions of pre-eminence on various industry bodies, Independent Director
construction institutions and councils.
Mr. Bijou Kurien has 34 years of experience with marquee brands in
India’s Fast-Moving Consumer Goods (FMCG), consumer durables,
and retail industries. He was among the founding members of Titan
Debashis Chatterjee R M S Industries and Reliance Retail. In his stint with Reliance Retail, he was
at the forefront of one of the most ambitious retail ventures ever which
CEO and Managing Director
dramatically transformed the Indian retail landscape. Currently, he is an
Mr. Debashis Chatterjee is the CEO and Managing Director of Mindtree. independent consultant and a member of the Strategic Advisory Board
He has over 30 years of experience in the field of IT, spanning customer of L Catterton Asia and Operating Partner with Premji Invest.
relationship management, building and managing large business
units, strategic alliances, M&A, change management and delivery He also serves as an Independent Director on the Boards of several
management across multiple industries, business domains, technologies listed and unlisted companies and is associated with the India Retail
and geographies. Forum, the Retailers Association of India, and the World Retail Congress.
In addition, he is also a member of the World Retail Congress since its
In his earlier role, as President, Global Delivery and Digital Systems and inception, as a member of its Advisory board as well as the Grand Jury
Technology at Cognizant, he was responsible for delivery of technology for selection of the World Retail award winners. He has a postgraduate
services across all industry segments. Additionally, he drove technology Diploma in Business Management from XLRI, Jamshedpur.
excellence as well as global client organizations. As a member of the
Executive Leadership Team, he participated in charting the strategic
direction of the company. He helped in laying the foundation of
Cognizant’s Banking & Financial Services business and grew it to be the Prasanna Rangacharya Mysore A S
largest business within Cognizant. Independent Director
He has earlier worked at IBM, TCS and Mahindra & Mahindra. He holds a Mr. Prasanna Rangacharya Mysore is a postgraduate in Law and
bachelor’s degree in Mechanical Engineering from Jadavpur University. a Gold Medalist. After being an independent counsel, he worked
He has served as a member of the Executive Council of NASSCOM. for various corporates from 1977 to 2010. Significant was his
He is an Advisory Board Member of the PGPM program at SP Jain stint as Head of Legal for L&T and as the Group General Counsel
Institute and Board of Studies and MBA Program at NMIMS School of of The Aditya Birla Group where he also served on many Boards.
Business Management. He has been a guest speaker at conferences He is associated with the Institute of Directors as a faculty. He is now
organized by NASSCOM and CII. He has been invited as a guest speaker an independent corporate laws consultant and is a qualified Arbitrator
at various institutes such as MIT Sloan School of Management, IIMA, ISB, & Mediator. He is an accredited Arbitrator with various institutions,
Jadavpur University, VIT and others. including The Singapore International Arbitration Centre. He is a
recipient of many prestigious business and industry awards for his
accomplishments in the field of Corporate Law. He is a regular speaker
on diverse topics and conducts bespoke training programmes for
both legal & non-legal executives. He is the founder and convenor
of the Lawyers Round Table, a knowledge forum for lawyers, which is
into its 7th year.
Chairperson Member

Governance
Jayant Damodar Patil C M

He is also on the Board of several companies within the L&T Group.
Non-Executive Director He has been a recipient of several awards such as the Best CFO of
Asia in the Industrial Sector in a survey conducted by the prestigious
Mr. Jayant Damodar Patil is a Whole-time Director, and Senior Executive
New York-based Institutional Investor Magazine, winner of Best CFO
Vice President (Defence & Smart Technologies) at L&T. He spearheaded
Awards from CNBC TV18, Financial Express and Business Today.
the Company’s foray into the defense sector since its inception at
He was the past Chairman of CII’s National Committee of CFOs.
L&T. Over the years, under his leadership, L&T has built a portfolio of
indigenous, in-house products, systems and technologies and platforms
He was also a member of Uday Kotak Committee on Corporate
both on its own and by teaming up with DRDO and the Indian Navy.
Governance constituted by SEBI. He is a qualified Chartered Accountant
Today, L&T Defence is engaged in design-to-delivery of solutions across
and a Cost Accountant.
its chosen segments viz. Submarines, Warships, Artillery, Armoured
Systems, Weapon Systems, Engineering Systems Avionics, Sensors and
Aerospace. He is also responsible for the strategic initiative ‘L&T‑NxT’
launched recently by L&T as market offering through the use of Milind Sarwate A
new-age digital technologies leveraging the domain expertise of L&T Independent Director
across diverse industry segments. He also oversees Smart World and
Communications business of L&T, which focuses on Smart Cities, Safe Mr. Milind Sarwate has 32 years of experience in finance, HR, strategy,
Cities, and Communication. inorganic growth, product supply, and corporate communication,
across sectors, largely in consumer-facing organizations like Marico
Besides being a member of the Board of Directors of L&T, he is Chairman and Godrej. He is the Founder and CEO of Increate Value Advisors LLP.
of the Board of Directors of L&T MBDA Missile Systems Limited. He is a He enjoys advisory roles for various business functions. His advisory
founder Vice President and current President of the Society of Indian roles in business cover largely the consumer sector and extend to help
Defence Manufacturers set up under the aegis of the CII. He is also a private equity investors enhance investee companies’ value, mentoring
member of CII National Council. promoters and corporate professionals, enhancing effectiveness of
corporate support functions like finance, HR and strategy, and helping
He is an alumnus of IIT Mumbai with an M. Tech. in Mechanical maximize value in IPOs/M&As. His Directorships include Mahindra
Engineering. He has been conferred the Prestigious Distinguished Finance, Glenmark, Metropolis Healthcare and Matrimony.com
Alumnus award and citation by his alma mater in the diamond jubilee with focus on Audit Committee roles. He is a CII-Fulbright Fellow
year of the institute. He has also been conferred Honorary Fellowship (Carnegie Mellon University, US). He is also a Chartered Accountant,
by Indian National Academy of Engineering (INAE) and the Project Cost Accountant and Company Secretary.
Management Associates (India).
Deepa Gopalan Wadhwa N C

Apurva Purohit N C Independent Director
Independent Director Ms. Deepa Gopalan Wadhwa has been a distinguished career diplomat
Ms. Apurva Purohit has over 30 years of experience in the media who joined the Indian Foreign Service (IFS) in 1979 and retired
and entertainment industry, including managing a diverse portfolio in December 2015.
of print, radio, digital, and outdoor. Currently, she is the President
of the Jagran Group. She was named as one of the Most Powerful She has served as Ambassador of India to Japan (2012-15), Qatar
Women in Business by India Today Group and Fortune India. She is (2009-12) and Sweden (2005-09). She was concurrently accredited
on the Boards of Midday Infomedia Limited, Music Broadcast Limited as Ambassador to Latvia (from Stockholm), and Republic of the
and L&T Technology Services Limited Marshall Islands (from Tokyo). During her career, she has also held
other significant assignments in China, Geneva, The Netherlands,
She is also the author of the national bestselling book the International Labour Organization (ILO) and the Ministry of
'Lady, You’re not a Man' – the Adventures of a Woman at Work and External Affairs.
recently launched book, 'Lady, You’re the Boss' that aims to empower
women and encourage them to achieve their full potential. She has been In the course of her career spanning over 36 years, she has
a prominent speaker at industry forums, several marquee organizations handled a wide swathe of issues and subjects related to India’s
and educational institutions. She has a postgraduate diploma in relations with key countries such as Pakistan, China, and Japan;
management from IIM Bengaluru. participated in international conferences and negotiations related
to climate change, sustainable development, disarmament and
human rights and was instrumental in the active promotion
of India’s economic interests in areas of trade, technology,
Ramamurthi Shankar Raman A F investments and energy security during postings in Europe,
Non-Executive Director the Gulf Cooperation Council (GCC) countries and Japan.
Over the past 36 years, Mr. Ramamurthi Shankar Raman has worked She is currently Chairperson of the India - Japan Friendship Forum,
for leading listed corporates in varied capacities in the field of Member Governing Council of the Institute of Chinese Studies and is
finance. He joined the L&T Group in November 1994 to set up on the Governing Council of the Asian Confluence, based in Shillong.
L&T Finance Limited. She also serves as Independent Director and advisor on the Boards of
a few companies.
Over the years, he has assumed various responsibilities to oversee
the entire finance function at the Group level, including functions like
risk management and investor relations. He was appointed as Chief
Financial Officer of Larsen & Toubro Limited in September 2011 and
was subsequently elevated to the Board on October 1, 2011.
Chairperson Member

Risk Management
A proactive and disciplined approach
At Mindtree, we have put in place a robust enterprise-wide risk management framework that
enables identification, assessment, treatment, monitoring and reporting of potential internal
and external risks while pursuing our business objectives. In addition, we have established
a strong oversight and monitoring system at the Board and senior management levels.
Our risk management framework facilitates systematic and Our management culture encourages discussions on risks and
proactive identification of risks and appropriate risk treatment. facilitates informed decision-making. Our robust enterprise
The risks associated with delivering products and services to risk management program propels our culture of informed and
customers are managed through this framework. responsible risk handling to achieve desired results.
Our risk management objectives
Support the executive Reduce the magnitude of Capitalize on potential

management in threat events opportunities
decision‑making
Risk management process
Key
Risk Risk Risk Monitoring &
business
identification assessment treatment reporting
goals
The enterprise risk Determining Evaluating risks Mitigate, transfer, Monitor and report
management approach uncertainties, which identified and possible tolerate, exploit risks and their
is set in the context could potentially impact on Mindtree or terminate treatment strategies
of Mindtree’s key impact achievement of identified risks
business goals as business objectives
set by Executive
Management and the
Board of Directors

Risk Management
Brief overview of our principal risks and treatment strategies
Risk Risk management plan Capitals impacted
Pandemic risk Mindtree set up a War Room business continuity during

The COVID-19 pandemic has had an consisting of senior leaders these challenging times. Some
unprecedented impact on societies from different functions. The key indicators of our successful
and economies worldwide. Mindtree War Room has coordinated response include: Financial Capital
faces impact from this event at different our response to the pandemic.
• Enablement of 99.5% of
levels. Risks include health and safety Our proactiveness in setting
Mindtree Minds to work
risks for our Mindtree Minds, impact up crisis management teams
remotely
on our customers, which may lead to across the globe, mature Human Capital
reduction in customer discretionary business continuity processes • Increase in Project Feedback
IT spends, risk of delivery disruptions and robust infrastructure Survey scores from
as well as increase in financial, ensured uninterrupted services customers for Q4
Social and
compliance and operational risks. In to our customers, while Relationship Capital
• Multiple customer
addition, the pandemic impact may maintaining health and safety of
appreciations have been
result in an increase in political and Mindtree Minds.
received for the smooth and
macro-economic risks.
An extensive health, safety and seamless support provided
people engagement program by Mindtree Manufactured Capital
has been implemented for
Mindtree is actively engaging
Mindtree Minds. This includes
with customers for new
following best practices for
business opportunities. An
employee and workplace safety, Intellectual Capital
extensive cost optimization
travel restrictions, extensive
program has been initiated
awareness communications,
to mitigate potential margin
a medical helpline as well
pressures. Other risks are also
as providing extensive Natural Capital
being tracked and appropriate
digital training channels for
treatment is in progress.
Mindtree Minds.
Oversight for the COVID-19
Mindtree has been a pioneer in
response has been provided
enabling remote working and
by the Risk Management
agile delivery. This, coupled
Committee of the Board.
with our proactive response,
has allowed us to ensure
Mindtree has been a pioneer in

enabling remote working and agile
delivery. This, coupled with our
proactive response, has allowed
us to ensure business continuity
during these challenging times.

Risk Management
Ensuring seamless operations

amid the pandemic
The unprecedented spread of COVID-19 took the world by storm. Everyone felt its
effects, regardless of their position on the economic, political, or sociological plane.
If the COVID-19 situation has taught us anything, it is that truly agile companies need
to factor in a wide range of exigencies to ensure business continuity. Further, activating
remote working comes with its own set of challenges, including managing information
security, infrastructure, collaboration, and productivity.

Risk Management
How we addressed the challenges

Mindtree devised a plan that covered four different but essential large gatherings were deferred. A major awareness initiative was
areas – health and safety, business continuity, customer support, launched, and this included a COVID-19 awareness microsite to
and communications. The primary objective was to ensure that ensure all Mindtree Minds were aware of the gravity of the situation.
everything still functioned without a glitch, even though delivery Project-level Business Continuity Plan (BCP) reviews were initiated,
models would be changing within a short time frame. This meant and all account teams were instructed to request remote working
that a host of measures had to be implemented within very approval from customers.
tight deadlines.
BCP drills were initiated on March 10, 2020 to prepare projects for
By March 3, 2020 a ‘War Room’ had been set up and a core Crisis remote delivery. General WFH was activated by March 16, 2020
Management Team formed. Across geographies, supporting teams and by March 24, 2020 98.5% Mindtree Minds were working from
were also set up, travel restrictions imposed and internal events/ home. By March 27, 2020 this number had touched 99.5%!
“As our office is impacted by the Coronavirus, Mindtree has been vital to
the continuation of our services and support."
IT Operations Manager at one of America’s largest private humanitarian foundations
Mindtree's secret sauce:

Inherent readiness to Work from Home (WFH)
• Information security
controls in Mindtree • Enterprise Risk
corporate environment Management (ERM) team
are available in the monitors emerging risks
home/public network
• 85% of Mindtree • Vertical risk and
Minds had laptops • Data Leakage continuity leaders key
Protection (DLP) to driving business
• Hardware enabled on end points continuity for projects
configuration of
laptop on par/
beyond customer
requirement
WFH Policy Risk

Security
organization
Laptop Usage
Agile
Tools
working
• 6 days WFH per month

allowed for Minds
• Large number of projects • MS Teams usage
• Minds were attuned to on Agile methodology went up by 2.5x
WFH and connectivity
to Mindtree/customer • Ensured agility and • BYOD with virtual
networks was in place daily tracking built into desktop infrastructure
operating model
• Cloud-based
web proxy solution

Risk Management
Our approach
We started with the basics: a central team in India and parallel In parallel, we started preparing our internal systems and POCs to
teams in Mindtree locations across the globe. At the helm of be fully enabled for this transition. Even though some customers
this team was the Chief Risk Officer, who with other War Room hesitated initially, all customers eventually agreed to have their
leaders, looked at multiple perspectives to arrive at decisions that project teams working remotely.
would become immensely important over the following weeks.
All Mindtree locations were monitored closely, and possibilities
were drafted for every level.
A number of key aspects helped Mindtree move at a quick pace to enable business continuity:
Hardware Culture of WFH Tracking productivity

The laptop policy at Mindtree is extremely Mindtree allows six days of Work from Once we initiated the plan, the efficiency
well thought out to ensure that all Mindtree Home (WFH) per month for each Mindtree of WFH routines had to be taken care of. It
Minds are equipped with systems not Mind. So, even in the past, they have been was absolutely crucial to understand what
older than four years. This ensures that 100% productive and connected whenever was happening, and to bring a sense of
everyone has hardware with the most they have worked from home, and this structure to proceedings. This was achieved
updated configuration. practice has been inculcated over years. by our Business Continuity and Delivery
Excellence teams by enabling automated
tracking through the Mindtree Delivery
Platform. Continuous communications were
maintained with all stakeholders to keep
them apprised of developments.
"There is no interruption with everyone "(Mindtree) team has been very

working from home and with their responsive and supportive during
families at home too." the global health crisis."
Marketing Manager at a major global CPG company Architect at one of America’s biggest integrated
managed care providers
“Mindtree's approach to the coronavirus

threat has been extremely professional.”
Senior Manager at a multinational airline IT and telecom
services provider

Risk Management
Collaboration tools Health and safety Agile practices

Mindtree Minds proactively use Microsoft A Global Contact Center (GCC) was Mindtree practices agile methodologies
Teams to collaborate amongst each other activated to respond to the anxieties of across all development projects. A key part
and their customers, to ensure there were Mindtree Minds. We also signed up with is daily stand up meetings that are held to
no roadblocks in terms of ensuring quality a leading travel safety and security firm make sure that everybody was reporting
delivery. This has been standard practice for and started a 24/7 medical helpline, with their tasks to the Delivery Manager and
over a year, ensuring internal and external doctors available on call for Minds and are aware of all their upcoming tasks in a
collaboration, which is key to the business, their families. Our COVID-19 microsite was very efficient manner. Having the practice
does not take a hit under any circumstances. regularly updated with new developments ingrained across different delivery teams
The usage of MS teams increased by 2.5x, and frequently asked questions, in addition ensured there was little change in the
a key facilitator for smooth delivery. to establishing a COVID-19 newsfeed. manner day-to-day activities were carried
out through this transition.
"Your thoughtful plan ensured that there was no lapse in coverage, and in fact,
our teams did not even feel any difference during the switch!
We appreciate your proactive and immediate response – our partnership will
ensure mutual success in these unique times."
Director at one of the world’s largest technology products companies
Kalinga Learning platforms Video and chat –

At Mindtree Kalinga, our global learning and The learning team engaged with Mindtree collaboration support
delivery centre in Odisha, we closed the Minds through our in-house learning While structure, discipline, and community
residential center in two days. Travel was platform, Yorbit, with the aim to upskill were essential during these times,
arranged for almost 600 Campus Minds, them. This ensured that Mindtree Minds productivity also came to the forefront -
and their families were reassured of their remain engaged and learned new not just of an individual but for the entire
safety. The Mindtree travel team was a key technologies even during the difficult team. We also ensured that all Minds
enabler to ensure that within a short span, situation created by COVID-19. were offering high-touch, collaborative
all travel arrangements were in place to get support to customers through video and
the employees to safety. chat. Moreover, we were also able to
sufficiently mobilize remote working for
IP‑related development.

Risk Management
At this point, we were actively strategizing how to energize talent online. Our taskforces also found ways to lighten the situation, by
and prepare them to be creative. We had a taskforce to energize playing games, taking quizzes, and more! Using Yammer to connect
teamwork with a scrum master so that teams could be motivated. with other teammates across Microsoft Teams also made for an
They were encouraged to follow daily routines as usual - take a interesting process.
shower, get ready, be on computer, and to be as active as possible
"As usual, Mindtree continues to meet and surpass expectations. We appreciate

your continued flexibility, especially in light of the global pandemic."
Team Lead at one of UK’s biggest news broadcasters
Mindtree's secret sauce:

Response execution
• Proactive and transparent
communication to Mindtree
Minds, customers and
• 1,500 desktops sent to
other stakeholders
Mindtree Mind's homes;
540 hotspots and 800 UPS • Frequency and quality of
procured; 7,100 users communication appreciated
enabled with VPNs by customers
War Room set up with
CRO, Head of Delivery, • 600 air tickets booked
CIO, CISO, Admin Head in three days for Kalinga • Tracking of weekly
and leaders from other center evacuation project status reports
functions. Instrumental
in driving COVID-19
response across
the organization
CMT teams Agility Communication
War room
Online
Oversight
tracking
Crisis Management
Teams (CMTs) set up
across all centers and • Monitoring and support • BCP module created on
geographies. Stellar role provided by CXOs. delivery platform for
played in supporting Minds Oversight provided by tracking of projects WFH
across the globe. Support the Risk Management and customer approvals
provided by central team Committee of the Board
where required. • Tracking of weekly
• WFH enabled project status reports
without diluting
compliance requirement

Risk Management
It was a combination of the slew of measures that we undertook early on which helped us
ensure the safety of our employees with zero impact to customer deliverables. From setting
up the War Room to conducting mock drills to taking measures to ensure productivity
and creativity during WFH routines to upskilling Mindtree Minds on Yorbit, every possible
measure was taken to ensure that the continuity of business was not interrupted.
Communication program
Targeted for specific themes and audience
COVID-19
Security, microsite
Travel and Leadership
Health, safety privacy, Customer
risk advisories communications
and employee integrity and communications
engagement compliance
Overall success indicators
99.5% 6.3/7 0
Mindtree Minds working remotely Project Feedback Survey (PFS) results Negative customer feedback received
for Q4FY20 – highest in FY20 in PFS and a huge number of customer
appreciations

Risk Management
Customer concentration Our customer satisfaction surveys indicate a very high relationship
We face the risk of revenue concentration score with our largest customer. In addition to the top customer,
with our top customer. we are also strengthening the connect with the next set of top
Financial Capital
customers to ensure a broad-based growth.
Social and
Relationship Capital
Legislation impacting outsourcing NASSCOM continuously We continue to evaluate

We continue to see restrictions on engages with governments, different business models to
outsourcing from countries like the US, and policymakers in the US and improve the onsite/offshore Human Capital
which are tightening their visa norms. other countries to promote the delivery mix, enhance
As a significant part of our business benefits of IT outsourcing. our global development
comes from these countries, such centers and engage with our
We believe such legislative Social and
legislations may have a huge impact on customers to provide a holistic Relationship Capital
changes require multiple levels
us. This risk may get aggravated due to value proposition.
of concurrences and therefore
the economic impact of COVID-19.
may not take full form of
proposed intent.
Financial Capital
Competition To meet the continuously As we move forward, we

We face competition from Indian as well changing technology landscape want to proactively bring
as international companies and captive and customer expectations innovative ideas, processes Social and
offshore centers. Given the dynamics of we continue to change our and solutions to our customers Relationship Capital
our industry, we must manage the risks of business model, IT delivery and help shape their
competitors—larger players or emerging processes and people skills. technology roadmap.
challengers—coming up with new We are an agile organization
We also continue to invest
offerings/business models to challenge capable of responding quickly Financial Capital
in making our talent future-
our market share and growth. and effectively to any market
ready and strengthen our
disruptions. Due to these
front-end team to engage
factors, our customers consider
with the business ecosystem
us as their partner-of-choice for
through collaboration with
digital transformation.
partners, start-ups and alliances
to support transformation
initiatives of customers.
Proactively bring innovative

ideas, processes and
solutions to our customers
and help shape their
technology roadmap.

Risk Management
Margin pressures Our high value and An extensive cost optimization

In a highly competitive environment, differentiated services, program to improve margins
we may face margin pressures due to combined with deep domain is in progress.
Financial Capital
competitive pricing, tactical movements expertise in our core business
by competitors to gain market share, or areas, enable us to mitigate
escalating costs. pricing pressures.
Foreign currency rate fluctuations We have a formal Board- exchange exposures helps
A major portion of our revenues approved hedging strategy us to minimize the impact of
are in foreign currencies and a that is reviewed periodically exchange volatility.
Financial Capital
significant portion of our expenses in the light of macro-economic
are in Indian Rupees. The exchange scenarios such as actions of the
rate between the INR and the USD, US Federal Reserve, impact of
as well as other currencies has been the COVID-19 pandemic and
very volatile in recent years and may other global events. Judicious
continue in the future. hedging against adverse foreign
Compliance risks We have a dedicated in-house We have also formed a

Adherence to laws, regulations and local compliance team that manages dedicated data privacy team
statutes across the globe is a challenge compliance globally. with members from cross Human Capital
for any IT company today. There is a risk functional teams to roll out
We also engage with specialist
of non-compliance in the geographies a data privacy framework
consultants across the globe,
where we operate, due to changing compliant with GDPR
who support us in adhering to Social and
regulations. Additionally, data privacy requirements. This includes Relationship Capital
country-specific compliance and
laws across the globe are evolving, mandatory privacy training for
regulatory requirements.
especially in Europe with the introduction Mindtree Minds.
of the General Data Protection Regulation
(GDPR) levying significant fines for
Financial Capital
non-compliance.
Engage with specialist

consultants across the globe,
who support us in adhering to
country-specific compliance and
regulatory requirements.

Risk Management
Business continuity risks We have a comprehensive We also have a detailed Disaster

Potential natural or man-made hazards Business Continuity Recovery Plan (DRP) to manage
may impact business operations and Management (BCM) program infrastructure outages.
Human Capital
even pose a risk to employee safety. that addresses disruptions at
Critical corporate infrastructure
floor level, building level, city
has been moved to the
level and country level and
cloud to provide additional
oversight is provided through Social and
resilience. From a financial Relationship Capital
periodic audits.
perspective, we undertake
The BCM framework includes appropriate insurance cover
infrastructure redundancy, for hazard events.
intra/inter-city recovery
Financial Capital
sites, WFH, onsite as well as
split-site operations and has
been successfully executed
during the spread of the
COVID-19 pandemic.
Cybersecurity risk We have leveraged leading or while working remotely.

Cyber risk has emerged as a top risk industry standards to develop In addition, a comprehensive
across industries as organizations are cybersecurity frameworks. security awareness
moving to newer areas of engagement program is in place.
Controls implemented to
such as social, mobile computing and
secure IT infrastructure include Oversight is provided through
cloud computing.
intrusion prevention systems, periodic internal and external
Social and
Hacking, ransomware, social engineering firewalls, anti-malware software, audits. The information security Relationship Capital
and other cyber-attacks represent content filtering gateways, data program is reviewed regularly
ever‑present threats to data security and encryption and data leakage by the Risk Management
system availability. protection systems. Committee of the Board.
Endpoint security controls Financial Capital

deployed ensure that levels
of security are similar whether
in the corporate environment
Endpoint security controls

deployed ensure that levels of
security are similar whether in
the corporate environment or
while working remotely.

Risk Management
People risks We have been successful in In addition, we conduct

In the knowledge industry, attracting and positioning Mindtree as an succession planning for
retaining people with the right skills are employer of choice. key personnel to ensure Human Capital
imperative for long-term success. that attrition does not
Our employee-friendly
impact operations.
policies, learning plans and
career growth options have
ensured that attrition remains
within tolerable limits.
Social and
Relationship Capital
Litigation Risks Mindtree has an experienced There is a robust mechanism to

Given the scale and geographic spread of in-house legal team and we also track and respond to notices as
our operations, litigation risks can arise obtain specialist expertise from well as defend our position in
Human Capital
from commercial disputes, perceived external law and advisory firms all claims and litigation.
violation of intellectual property rights wherever required.
and employment related matters. In
Internal controls and processes
addition to incurring legal costs and
are being strengthened Intellectual Capital
distracting management, litigations
to adequately ensure
garner negative media attention and
compliance with contractual
pose reputational risk. Adverse rulings
obligations, information
can result in substantive damages.
security and protection of Financial Capital
intellectual property.
For a more detailed view,

please refer to the Mindtree risk
management report

Environment
Delivering green transformation
Technology has a pivotal role to play in enabling the global transition to a truly low-carbon
economy. As a leading player in digital transformation, Mindtree aims to create a world
where digital technology contributes to protecting the planet.
With this goal in mind, we are working to reduce our carbon footprint with digitalization as a key tool. Our environmental agenda
is directed toward maximizing resource efficiency while minimizing the negative impact of our operations on the ecology.
Digital technologies afford us greater opportunities for building a decarbonized, circular economy.
FY20 highlights
Energy per capita improved to Water consumption decreased from GHG emissions per capita
0.85 kl/employee/month to
134.6 2.05
kWh/employee/month 0.82 tons CO2e/employee/
from 157.59 kWh/employee/month
kl/employee/month annum
in FY19
Recycled
92.31%
of our waste generated

Environment
UPS optimization: At MTW Phase - 2 & 5 facilities located at

Sustainability journey Bengaluru, total installed UPS capacity is 2,118 KVA and the total
study load is 421 KVA, which forms 20% utilization. On analysis
Mindtree started its sustainability journey in FY12, determined
of load pattern of past one year and considering future load,
to reduce its carbon footprint through initiatives to conserve
optimized UPS by reducing the installed capacity to 1,470 KVA from
energy and water.
2,118 KVA, which results in the reduction of 648 KVA and energy
Our approach conservation of 3.97 Lakh KWH per annum.
• Following the ISO 14001 framework for more than 10+ Over last five years, UPS systems along with batteries with capacity
years; all our India locations are ISO14001:2015 and totaling 3,318 KVA have been retired. This has yielded annualized
ISO 45001:2018 certified savings in power consumption of 9.91 Lakh units, which is
equivalent to cost savings of INR 6.9 Million and 902 tons of carbon
• Complying with all applicable environmental regulations
emission reduction. This has also led to a reduction in battery
• Striving to improve energy efficiency by increasing the use of purchases (also generation of hazardous battery waste) by 620,
renewable energy, enhancing water sustainability, and reducing generating costs savings of INR 13.2 Million and lowering carbon
waste to landfills emission by 196 kg.
• Strong commitment to ensuring a safe and healthy workplace

Replacement of CFL to LED: In FY20 also, we continued with
for our employees. With an aim to make zero incident campus,
phase‑wise shift from CFL to LED. In the last five years, smart
we are working to improve our systems and processes toward
LED initiative has replaced over 19,636 light fixtures across pan
enhancing our performance on health and safety
India locations resulting in saving 50% of energy consumption.
Average annual saving was 1.55 Million watts, total cost saving
We are committed to reducing our Greenhouse Gas (GHG)
INR 10.86 Million.
emissions, for which we have a comprehensive GHG mitigation
strategy comprising:
Installed Chiller Plant Manager (CPM): The CPM placed for chiller
• Resource conservation practices operation enabled through IoT, helps monitor and control chiller
• Energy efficiency operations over the system and reduces human intervention.
• Sustainable waste management
Water conservation: In order to reduce freshwater consumption

Several initiatives thus undertaken have resulted in a significant
at Pune facility and to make zero discharge facility in the city,
reduction in carbon emission, from 2.44 tons CO2/FTE/month to
we upgraded our sewage treatment plant with newer technology
2.05 tons CO2/FTE/month between April 2015 and March 2020.
and modified plumbing line. We use treated water for flushing
Installation of LED fixtures across locations, UPS optimization,
and landscaping, which helped save 260 KL of water per month.
AC retrofitting, have resulted in savings of 29.76 Lakh units of
At Bengaluru, we have various water conservation programs like
energy, INR 20.8 Million in cost, and reduction of 2,708 tons
installation of advanced aerators and reuse of RO reject water for
carbon emission.
flushing, which resulted in saving of 10,365 KL of fresh water and
Water is an increasingly scarce resource in many parts of the world. around INR 0.93 Million in costs per annum.
Water conservation and optimum usage via a number of initiatives
such as rainwater harvesting, rainwater earth charging, usage of
Removal of multiple plastic dustbins from workstations: Plastic
aerators to achieve the required flow of water, and usage of sub-soil
dustbins were widely used in all workstations for collecting waste
water are a part of our Environment, Health and Safety (EHS) policy.
from each employee. We have initiated a ‘One Floor with One
Mindtree has successfully increased the amount of reused, recycled
Dustbin’ drive to reduce usage of plastics. Removing dustbins from
and recovered waste, and has consistently maintained at high levels
workstations and keeping one common dustbin on the floor limits
for several years. The EHS policy forms the foundation (3R method –
unnecessary daily garbage generation. Steel dustbins have been
Reduce, Recycle, Reuse) for implementing such programs.
customized further segregating waste at source, which helps in
disciplined disposal.
FY20 key projects
• Wet waste to be dropped in the earmarked bin in the pantry
Installed turbo core chiller: This which has a magnetic bearing
• Replaced food grade plastic serve plates with steel plates
technology that increases the compressor's efficiency and reliability.
This adoption resulted in an average annualized reduction of • Stopped use of plastic straws, plastic spoons, bowls, glass at
540,000 units of power consumption, which is equivalent to 490 café counters
tons of CO2 emission reduction and cost savings of INR 4 Million.
• Introduced mugs and glass tumblers for meetings, eliminating
polyethylene terephthalate (PET) bottles

Environment
Case Study
Installation of centrifugal turbocore

compressor chiller
The newly installed 180 TR turbocore chiller provides good Recommendation

efficiency and can run for 12 hours in a day. For night AC operation,
New turbocore chiller – capacity 180 TR
we run one of the three 250 TR inefficient chillers which consume
high electricity. Existing compressors, mechanical parts have also
• Turbo core twin circuit compressor
gone through wear and tear, and most of the spares are no longer
available in the market. • Chillers are equipped with environment-friendly refrigerant
R-134a
Condensers are running with higher discharge pressure due to less
efficiency and such condensation is leading to higher chiller • Compressors are centrifugal VFD driven; compressor speed
water temperature. In summer, we have to run additional chiller adjusts automatically to match the load
with 180 TR to meet the required temperature. Efficiency of
• Inbuilt inverter in the compressor, along with rest of the
existing chillers is low, resulting in high power consumption,
control system
maintenance cost, turnaround time (TAT), and lead time of spare
parts without delivering the desired chiller capacity. • Operating speed: 18,000 to 48,000 RPM (Rotation per Minute)
• Unmatched efficiency: IPLV 0.4 kW/TR

Benefits
• Smallest footprint space for equivalent capacity chiller
• Lower noise level of 72 dB - no moving parts in the system
18,000 - 48,000 RPM (decibel)
• Chillers’ performance test can be witnessed in our factory

Operating speed
• In-built time delays for compressors and condenser fans,
single phase/phase reversal protection and anti-freeze
protection
IPLV 0.4 kW/TR • Easy to maintain spares inventory
Unmatched efficiency
• RS232 and RS485 ports for remote connectivity, fault indication
and status facility

Environment
Case Study
Gladius IoT
Gladius IoT is a full-fledged building Internet of Technology (IoT) Equipment and devices currently onboarded
solution to integrate all aspects of building management systems in the system:
with the IT systems. It is live and operational at Mindtree Kalinga
• Total Equipment: 182, Devices: ~ 2,818
and Phase-1 & -2 buildings at the Bengaluru West campus at
present. The system monitors energy consumption in the building, • Device Protocol:
across the floors and helps prevent avoidable energy loss. It BACnet over IP, Modbus over IP
also helps to control power consumption by energy-intensive
• Locations:
equipment such as chillers, by making it possible to modify the set
MTW (Mindtree West) facility in Bengaluru
point for cooling based on ambient conditions.
MTK (Mindtree Kalinga) facility in Bhubaneswar
• MTW details:
Equipment: 94 (1 CPM, 4 chillers, 5 primary pumps, 5 secondary
182 pumps, the rest energy meters); devices: 1,757
Total equipment • MTK details:

Equipment 88 (AHU, FAHU, split AC, cassette AC, energy meters,
exhaust fans, jet fans, axial fans, UPS, breakers, DG, lift, PAC,
battery room, hub rooms); devices 1,061
~ 2,818
The comfort of occupants is extremely important to ensure
Devices
optimum productivity levels. The tool helps to avoid the extremes
of shutting down or idle consumption of power by the cooling
equipment as temperatures can be intelligently monitored and
easily adjusted. IoT has high potential for sustainability impact on
the triple bottom lines of business, environment as well as people.

People Focus
Empowering, fueling, enriching

Bringing out the best in our people to bring out the best in our business.
Performance, retention and talent management
However, clichéd it may sound, Mindtree believes that people Mindtree’s performance management philosophy aims to bring
are not only its greatest asset but also the biggest competitive out the best in Mindtree Minds through continuous evaluation
advantage. In Mindtree an employee is not a number or resource or and developmental feedback. Our performance management
an associate – but a Mindtree Mind who makes a difference to our system and process are focused on creating an empowered and
Customers, Community and the Company. The function is called motivated talent pool. Our bi-annual performance review focuses
the 'People Function' in contrast to the industry practice of calling on role‑based goal settings led by managers, feedback process co-
it the Human Resources function. owned by Mindtree Minds and their managers, and development
plan for self-led by Mindtree Minds. Our 360-degree feedback
Every Mindtree Mind is special and so we, at People Function
process for Mindtree Minds in middle and senior management roles
department craft the best people initiatives to keep them
enables us to ascertain their leadership competencies. ‘Ozone’ our
happy and motivated.
internal job portal has delivered excellent value to Mindtree Minds
We seek out people who are passionate about their work and then in finding the right role for their talent. Focused approach to hiring,
ensure to nurture and support their development and success. assimilation, evaluation, recognition through awards, differentiated
compensation and growth opportunities linked to performance
help attract and retain high-caliber Mindtree Minds.
Total number of Mindtree Minds (including subsidiaries)
In the recent past, policies like flexible holiday calendar that allows
people to choose their holidays from a list, gift a leave policy that
FY19 20,204
allows people to gift leaves to a colleague who may be in need,
and different country specific benefits have been introduced.
FY20 21,991
Compensation and benefits

Mindtree’s rewards and benefits programs are designed to We have created a business aligned variable compensation
differentially recognize Mindtree Mind’s performance, expertise structure for Mindtree Minds in sales, middle and senior
and potential to attain business goals while remaining competitive management roles to foster desired behaviors and outcomes such
and equitable. Our investments are focused on attracting and as profitable growth, revenue, annuity business, strategic deals,
retaining talent for in-demand niche skills, campus talent, establish delivery excellence, customer satisfaction and collaboration.
gender pay parity and compliance with trending employee, We research and review market insights and technology
employer regulations. advancement in total rewards area to support our broader talent
strategy continuously.

People Focus
Fostering workplace diversity and inclusion

We constantly focus on creating an environment that promotes programs—Exuberance and MiFootprints—continue to grow and
a sense of belonging for everyone. Our focus on diversity and cover more Lady Minds throughout the organization. We conducted
inclusion remains strong, guided by our charter EDGES – Ethnicity, various recruitment drives to improve our gender parity and attract
Disability, Gender and Sexual Orientation. In FY20, we achieved an women in technology. In March 2020, Mindtree was recognized
industry-leading diversity ratio of 32%, and we target to increase in the Business World HR Excellence Awards for Excellence in
it to 35% in the next two years. Our women-centric leadership Diversity & Inclusion.
32%
Women employees in FY20
Creating a dynamic, high-performance culture

Our culture stories are evergreen and full of life. At Mindtree, we are Simply put, culture is what Mindtree Minds engage in when no one
expertise-led and culture-backed. We proudly display our culture is looking. During the year, we also ran a Culture Photo Contest, for
through written and video stories on our culture application which our Minds submitted over 90 entries showcasing Mindtree
culture.mindtree.com/. We have over 300 wonderful stories by and our culture. Currently, we are in the process of collecting and
Mindtree Minds that define what our culture is all about. The app publishing 20 lockdown stories, which would be collected from the
can be used by anyone across the globe to view the stories and teams across the globe who went beyond the call of duty to ensure
they can also submit their own. business continuity during COVID–19 situations.
Investing in skills and development

Our investment in training and development is aimed at not only Mindtree Kalinga
ensuring we have the skills we require today but also to build a
talent pool for the future.
Yorbit
Our home-grown, cloud-based learning platform has been growing
in size and uptake. Yorbit now has over 2,400 courses that cover
900+ skills. More than 87,000 courses were completed in FY20,
and over 2,91,000 since its inception in 2016. Over 2.3 Million
hours have been spent in learning since its inception. This year,
Yorbit began offering personalized course recommendations, which
it generates from a complex algorithm that considers multiple
The Global Learning Centre in Mindtree Kalinga was designed
factors to give Mindtree Minds relevant recommendations. We also
to create engineers of tomorrow. 'Culture and values cannot be
added the next wave of disruptive technologies such as AI, IoT,
taught' is a general consensus among people. They happen through
and Blockchain. Mindtree has tied up with the best learning
inspiration. At Kalinga, we stretched this understanding a bit to say:
partners, such as Coursera and Pluralsight, to deliver world-class
'nothing can be taught'. Here, we onboard and train new campus
programs for our employees.
recruits through our 90-day program – Orchard. Since the inception
Osmosis, our annual tech-fest, was a huge success in FY20 with a of this program in 2015, 6,328 Mindtree Minds have experienced its
high level of participation from the technical community within benefits and have successfully worked in customer projects on new
and outside Mindtree. A highlight was Mindtree winning the CII and emerging technologies.
MIKE Awards for the ‘most innovative knowledge enterprise’.
We launched the ‘Orchard Refresh’ initiative to reduce the number
The ‘Recruit to Reskills 301’ program where Java/DotNet
of training days from 90 to 75 by conducting some of the basic
professionals are being transformed to digital experts have been
programming skill sessions for prospective joiners. The modified
experienced by 130 Mindtree Minds thus far. In March 2020,
Orchard program would be piloted from our next batch of joiners.
Mindtree was recognized in the Business World HR Excellence
Awards for Excellence in Learning Technology.
6,328
87,000+ Mindtree Minds have undergone the Orchard
Courses completed on Yorbit in FY20 program and have successfully worked in customer
projects on new and emerging technologies

People Focus
Leadership development and succession planning
We formalized our leadership development program, christened as

‘Proteas’ with an endeavor to identify the leadership competency
stack needed to deliver on our strategy, soft-link it to the relevant
aspects of the group’s leadership development framework, identify
key leaders performing critical roles, get them externally assessed
by a professional organization on the chosen competencies,
create Individual Development Plans (IDPs), start the customized
individual developmental journey and conduct succession planning.
We have finalized leadership competencies, created Talent Board

to go through leadership profiles, their performance, assessment
scores, strategic need, aspiration of leaders, review the progress
of individual developmental journey and come up with succession
plan and career mobility to increase retention and enhance
productivity. So far, 15 key leaders have completed their external
assessments, two leaders have been chosen to be mentored by our
non-executive Chairman and CEO & MD of the group. Currently,
we are in the process of designing the Multi-Source Feedback
creating individual IDPs, creating customized development plan and
conducting effective succession planning.
Talent acquisition
Campus hiring Lateral hiring
Our campus hiring strategy has evolved over the years. We hire Digitization of recruitment workflow
the best talent by launching a community effort which begins • Went 100% paperless from sourcing to onboarding
with the right marketing and branding. In FY20, we conducted
• Deployed automated Interactive Voice Response (IVR) based
four calibration workshops for all our Technical Panels steered
calls to automate and improve efficiencies in candidate
by our C2 team. This included what and how to evaluate, FAQs
screening and interview scheduling
that talent could ask, and also live interviews that they observed
and documented as part of their calibration and certification to • Launched online tech assessments to enhance selection quality
interview. Our women diversity through campus hiring improved
Created a focused approach for increasing diversity in hiring
from 45% in FY19 to 47% in FY20.
• Conducted dedicated recruitment drives in partnership with
With travel coming to a halt due to COVID-19 advisories on industry experts; e.g., Women in Tech
March 1, 2020, the Campus team started the process of ‘digital
• 31% of overall lateral hires were women
hiring’ via online platform using MS Teams and Sharepoint.
Over 1,000 interviews were conducted virtually in March alone Built internal sourcing efficiencies and reduced external vendor
and 100+ offers were made. It has also led to greater participation dependency, thus reduced the hiring cost
from women interview panels.
Candidate experience improved with a multi-pronged approach
Currently, we are in the process of making significant changes to • Created a playbook to help organize weekend drives in a
the entire Campus hiring strategy, which includes selection of seamless manner
right colleges, campus engagement, choosing right partners for
• Standardized all communication templates
evaluation, enhancing employer value proposition and changes
to compensation and benefits to attract better Minds from better • Increased focus through dedicated post-offer engagement
colleges and pre-learning before joining.
• Brought in candidate delight by means of goodies to pipeline
talent for critical-project-specific ramp-ups
Organized periodic knowledge and fun sessions that helped

improve team capabilities and motivation

People Focus
Arboretum
Our onboarding program has seen a transformation this year.

The focus has been on ensuring new Mindtree Minds feel welcomed
and are given the right information at the right time, from the
moment they accept the offer till they join Mindtree and thereafter.
Arboretum turned fully digital aligning to the COVID–19 situations.
Digital Arboretum has earned huge accolades from all new recruits
around the globe. New joiners were awestruck by getting laptops
and joining hampers delivered at their respective homes on the day
of joining, leaders taking sessions explaining our culture and way of
working and collaborative effort to address all their possible issues
and ensuring a feeling of the right decision to join Mindtree.
Rewards and recognition

We refreshed our overall rewards and recognition program
to convert it from an ‘Individual’ centric program to a more
comprehensive one having the facets of celebrating individual as
well as team excellence, rewarding the key contributions which help
execute on our strategy and goals, rewarding at the right intervals
(Spotlight: real-time, Crest: quarterly and Pinnacle: yearly). The new
R&R framework was rolled out at the end of Q3 FY20 and as part
of our quarterly Crest award, 44 Minds and 19 Teams were chosen
as the winners. Currently, we are in the process of launching our
Annual Award (Pinnacle) at the beginning of Q2 FY21.
Seamless integration of enabling functions

'Born digital', Mindtree takes an agile, collaborative approach in As a result of such automation initiatives, cost of operations in
creating customized solutions across the digital value chain not running internal processes has been decreasing on a yearly basis
just for its valued customers, but also for Mindtree Minds. People for the last four years. The speed at which the services are being
Shared Services (PSS) was created to perform such tasks and it is a delivered has been increasing as well. The automation has also
constantly evolving team that incorporates the latest technologies facilitated higher customer satisfaction scores from Mindtree Minds.
to achieve excellence in the different areas that it encompasses. Better career opportunities for our people is another intangible
Automation in PSS has been a key focus area. PSS has 'digitized' benefit, as mundane non-intelligent tasks are offloaded from them.
the operations across several processes that results in smiles
for Mindtree Minds, managers, processors, controllers and
multiple stakeholders.
PSS uses multiple systems developed in-house and acquired from

103
BOTs rolled out for internal
vendors to deliver services globally to Mindtree Minds. Mindtree is
processes by PSS
one of the earliest companies in the world and the first in India to
report number of BOTs that exists, along with its headcount as part
of our quarterly results. Mindtree is also one of the earliest in the
world to roll out an enterprise-wide multi-functional Chatbot called
‘MACI’ developed in-house, which has already answered more than
2 Lakh queries from Mindtree Minds. PSS has rolled out 103 BOTs
for internal processes as part of its Robotic Process Automation
(RPA) initiatives. We have also started performing background
checks digitally for our new hires.

Corporate Social Responsibility
Our role in societal progress
At Mindtree Limited, we are fully cognizant of the various aspects of our social responsibility.
We engage with multiple stakeholders to drive positive impact.
Social inclusion platform –

Democratising technology
Mindtree.org is an initiative of Mindtree Limited, an open- professional services accessible to millions working in India’s
access digital platform providing domain solutions and building informal sector by collaborating with government and multilateral
technology interventions aimed at social inclusion. These consist agencies, social enterprise, foundations and citizen groups.
of vibrant marketplaces, networked communities, scalable micro-
businesses and social security. It makes digital technology and
Domain solutions
Mindtree.org offers domain-specific interventions specifically focusing on livelihood generation, skilling, entrepreneurship and
community engagement.
I Got Garbage creates scalable waste I Got Crops connects thousands of marginal I Got Knowledge improves student
ecosystems through collaboration with farmers and artisanal communities through learning through gap-strength-interest
municipal bodies, social enterprises, capacity building and provides access based learning plans, micro-learning
citizen communities and waste-pickers to information as well as transparent interventions, principal leadership and
as independent entrepreneurs. market linkages, helping to formalize teacher capacity development.
the value chain.
I Got Skills transforms the semi-skilled University of Commons builds capacity

labor marketplace by emphasizing the through its network of labs and enabling
concept of expertise of skills, building projects, programs, and initiatives
career paths for labor, and creating that link partners in social businesses
opportunities for them to set up and civil society.
independent micro-businesses.

I Got Garbage I Got Crops
India’s waste-pickers take huge risks every day to ensure that at Today, in India, the farmer gets 1% to 3% income of what the
least 15% of trash reaches recycling centers and does not rot at public spends on food consumption. This, when over 58% of
landfills. Yet, their lives are not easy or even ordinary, exposed rural households depend on agriculture. Most of our farmers
as they are to chemical poisoning and biological infections. I Got lack a substantial livelihood. Poor financial assistance, lack of
Garbage (IGG) as a digital platform empowers waste-pickers by technological expertise, low crop prices, and scarcity of natural
enabling them to operate as Independent Entrepreneurs. resources are pushing farmers to take extreme steps!
The I Got Crops (IGC) platform is aimed at helping to build value

Key differentiators
chain equity for farmers and enabling them to move up the value
Takes a holistic view of the solid waste ecosystem to create chain. Using IGC, farmers can directly sell their produce to the
socioeconomic and environmental impact end‑consumer, increasing their revenues. In the process, IGC
enhances the entire agriculture value chain for a farmer – from crop
FY20 key initiatives selection to distribution and sales.
Technology and knowledge partner for the Prithvi initiative

Key differentiators
in partnership with the United Nations Development
Program (UNDP). • Defined the interoperability standards help to create an
ecosystem of solutions leveraging data and system capabilities.
Prithvi is a plastic recycling initiative of the UNDP that is building
These are used to holistically address the needs of the farmers
a successful model for an inclusive reverse supply chain in
and the agriculture domain in the country
plastic waste management in India. In 2019, IGG worked with
Prithvi to build user capacities for UNDP’s Implementation • Increased the geographic and demographic coverage of the
Partners (IPs) managing waste-picker operated Swachhta Kendras platform’s impact through state-level roll-outs
in 10 cities pan-India. These include Goa, Bhopal, Hyderabad,
Mumbai, Bengaluru, Ahmedabad, Ghaziabad, Vijayawada, Chennai FY20 key initiatives
and Bhubaneswar.
Deployment of the platform with three governments
From helping communities make informed choices in waste The IGC platform was deployed at the state level with state
management to digitally enabling a waste-picker centric governments of Kerala, Andhra Pradesh and Bihar in India. It is also
marketplace, the platform has helped break the waste ecosystem helping to build capacity for planning, deployment and adoption
into simpler, traceable transactions generating livelihoods and of the platform for various users across the states, including IT
building visibility over the movement of waste. departments, agri departments, AG Tech operators, non-profit
agencies, farmer communities and Farmer Producer Organizations
(FPOs). The platform is enabling the following interventions:
FY20 impact
• Multi-sided inputs – services marketplace and multi-channel,
multi-partner market linkage
Number of waste-pickers 10,204
• Advisory integration for zinc application
Total number of cities 24
• Urea traceability
Bulk generators on the platform 854
• Integrated crop advisory
Waste generators on the platform 3,72,772
• Zero-budget natural farming
Waste recyclers and aggregators nationally 146
All the interventions have been designed keeping in mind
Dry waste collected through the system (kg) 5,93,47,05
the farmers, especially marginal and small landholders, as the
Wet waste collected through the system (kg) 13,56,52,766 key beneficiary.

CODE: Agri-business school program in Idukki, Kerala

The agri-business school program for rural schools was launched
I Got Knowledge
in Idukki, Kerala, in May 2019. In all, 75 students aged 11-13
years participated from more than 15 schools in Idukki district in
a series of pilots conducted from May to November, 2019. The
program is intended to prepare a future generation of agri-based
entrepreneurs in rural areas, equipped with an awareness and
basic skill sets for entrepreneurial opportunities in agriculture and
allied services.
Outcomes
• Agri action club set up in 15 schools in Idukki, focused on

activities that promote entrepreneurial spirit and skills in
students
• Eight value-added market-ready products and 15 rural services

designed and developed by students
• A detailed student workbook with adequate technical content

and Do-It-Yourself (DIY) exercises
• A detailed facilitators guidebook developed for those

conducting the sessions
• Awareness among students of a world beyond farming

in agriculture
• Students curious about entrepreneurship as a potential career I Got Knowledge (IGK) is a technology platform used to build
option and are able to implement problem-solving in their children’s learning experiences. Amidst the massive proliferation
day‑to-day activities of ed-tech startups in India, IGK has emerged as a truly integrated
platform for government schools. The school enablement
technology platform allows government schools of India to
FY20 impact transform their operations from stone age to the digital age we live
in. It offers schools, shelter homes and small education centres the
Farmers 12,51,851 technology advantage that only private schools can afford.
Farmer producer companies 36

Key differentiators
Farmer micro-businesses 1,388
• Tools that digitize everyday operations of a teacher giving her
States 8 more time to focus on improving student learning experience.
This includes building quick and intelligent assessment apps,
Districts 26
attendance apps, and student management systems
Villages 24,566
• Completed 8 Million assessments in the year 2019 across eight
states in India
• Moved existing solutions in School Management Committee

(SMC) space to new states like Maharashtra, Jharkhand and North
Karnataka
• Platformized its solutions and made these available to small and

medium non-profits
FY20 key initiatives
School management committee app in Maharashtra tribal schools

IGK and Saajha (a reputed organization working toward improving
parents’ engagement in school progress) drove a large-scale
program to engage parents of students in tribal areas in the state
of Maharashtra.

Building leadership through sports FY20 key initiatives

Launched a leadership development program in schools in
Magic Bus India program (In partnership with DISHA initiative
Bengaluru, Karnataka, where trained volunteers engaged with
by United Nations Development Program)
students of VI, VII and VIII grades to develop 21st century
Magic Bus India is a highly reputed and dedicated organization
leadership skills through sports activities, mainly football.
working toward improving the quality of education and life skills for
The program ran for six months and produced phenomenal results.
children from under-privileged sections, in the age group of
It has become a successful case study. It is now being scaled by
11-18 years. IGS was chosen as the technology partner for a
involving many more schools.
livelihood project in the Aurangabad district of Maharashtra,
wherein 3,600 girl students from under-privileged backgrounds
FY20 impact were onboarded for a skilling and placement program. This was
run in partnership with DISHA, an initiative by the United Nations
Rural school students 8,93,038 aligned to their sustainable development goals framework. During
this one-year pilot, all the students were registered, counselled
States 16
and trained in several employability skills through IGS platform.
Districts 61 As a result, over 2,500 students have already been placed with
employers on-boarded on IGS in Maharashtra.
Schools onboarded 13,896
Medha-JEECUP Pilot (In partnership with the Board of Technical
Micro assessments 21,36,883
Education, Government of Uttar Pradesh)
Types of skills assessed 846
Medha is a Lucknow-based organization working in the education
and skills domain. Through a joint partnership with JEECUP under
the Board of Technical Education, State Government of Uttar
I Got Skills Pradesh, they have been chosen to train and place over 80,000
students from 150 polytechnic colleges. This is the most recent
engagement with IGS playing the role of a technology partner.
The colleges will use IGS to onboard employers, register students,
counsel them and place them. Between October, 2019 and March
2020, over 80,000 candidates have been registered on IGS, and
over 20,000 of them have been counseled. The trainings and
placements have been currently put on hold due to COVID-19
lockdown but will be resumed later.
Stakeholder testimonials
"UNDP India has funded 46 livelihood projects under our flagship

DISHA program during 2019. Of all these projects, Magic Bus India
pilot in partnership with I Got Skills has emerged as the most
successful one."
Vasundhara Dash
Employment Marketplace Expert, UNDP
"We wish to thank I Got Skills team for proactive support for this
I Got Skills (IGS) is a digital platform for providing skilling and
project and event which went a long way in ensuring big success
employment opportunities targeted at the unemployed youth and
we have achieved. We look forward to your continuing support
of India. The IGS platform connects job seekers, training providers,
for expanding this program in Aurangabad and other locations
employers based on their unique requirements and preferences.
pan India."
It also enables job seekers to seek career guidance regarding
the required skills and the industry demand for their preferred Arun Nalavadi
job roles. Built using a state-of-the-art technology stack, the IGS Head of Partnerships, Magic Bus India
platform hosts a smart assessment and match-making engine based
on National Skills Qualifications Framework (NSQF), covering over
FY20 impact
2,200 job roles and 4,500 skills required across 37 industry sectors.
Candidates 14,15,989
Key differentiators
Districts 411
• Scaled up to support multiple programs during FY20 in both
self-service and partner-led models Candidates trained 5,92,781
• Successfully developed a ‘phygital’ model for the skilling and IGS counseled candidates 1,45,143
livelihood ecosystem, creating an optimum balance between
IGS count of NSQF job roles 2,146
technology and field operations. It can be adopted by any
stakeholder in the domain

University of Commons conservation. During FY20, UoC partnered with AP ZBNF Team to
launch the India Agri Fellowship, to bring about change in the lives
of small and landless farmers. During this one‑year long, full-time
fellowship, 10 fellows were chosen, trained and initiated work with
farmers to connect to market, help them shift toward best agricultural
approaches and organize themselves into producer cooperatives.
The 10 chosen India Agri fellows underwent a foundation course and
specialized in one area of their choice.
U&I Teach program that power volunteers to teach

at shelter homes
Through their after-school learning program, U&I Teach invests in
children from underprivileged backgrounds with courses in English,
Math, Science and Social Studies. U&I also runs a 360-degree
program where children are provided a holistic education. U&I
leveraged UoC’s volunteer platform that caters to more than
At University of Commons (UoC), we explore solving community
20,000+ volunteers, through which they could provide voluntary
challenges, and strive to build sustainable, systemic solutions.
services to 80 shelter homes in 20 cities across India.
The mission is to build an online and on-ground network of
communities for meaningful volunteering, purposeful fellowships Active Citizen Fellowship in Bengaluru Government Schools
and social entrepreneurship. UoC launched the 2nd edition for the Active Citizen Fellowship
for students from journalism, political science, management,
To fulfill its mission, UoC has chosen a three-fold strategy.
technology and allied fields to support initiatives in the areas
First to build capacity with citizens that drive change locally.
of governance, participatory democracy and empowerment of
Secondly, to identify and support changemakers in achieving their
marginalized communities. The chosen 50 fellows got to work on
mission. And third, to build cutting-edge digital platform for such
a neighbourhood improvement project and facilitate a leadership
transformation to happen.
program with children of an appointed school.
Key differentiators Volunteer Management Platform for NSS Karnataka

(Ministry of Youth Affairs, Government of Karnataka)
• Platformized solutions for small and medium non-profits
NSS Karnataka is one of the leading public service programs
• Scaled up user base and took a leap as a design-led product conducted by the Ministry of Youth Affairs, Karnataka. It provides
organization a platform for college students in 5,000+ academic institutions
across the state, to engage in voluntary national service. NSS
• Journeys of change, the change-making platform is now being
Karnataka partnered with UoC to launch a pilot program in
used across agriculture, education and citizenship domains
volunteer management with progressive NSS institutes. Based on
• Circle In, the community collaboration platform is now poised the resounding feedback, UoC is currently working toward rolling
to be used by prestigious national organizations like National out the platform in all 5,000+ institutions in FY21.
Social Service, Unnat Bharat Abhiyan across India, with a target
Volunteer Management Platform for Unnat Bharat Abhiyan
user base of over lakh; the pilot is under way.
(Ministry of Human Resource Development, Government of India)
Unnat Bharat Abhiyan (UBA) is a flagship program of the Ministry
FY20 key initiatives of Human Resource Development (HRD) that aims to enrich rural
India by leveraging knowledge institutions to help build the
District transformation program (in partnership with Kaivalya architecture of an Inclusive India. UBA aims to link higher education
Education Foundation and NITI Aayog, Government of India) institutions with a set of at least five villages, so that they can
UoC and Kaivalya Education Foundation partnered to drive the contribute to economic and social betterment of these village. UBA
District Transformation Program (DTP), in collaboration with and UoC launched a volunteer management program as a pilot with
NITI Aayog. The DTP has a vision of simultaneously creating participating institutes. The pilot is currently ongoing.
robust governance mechanisms, building capabilities of
middle management and constructive community action across
FY20 impact
25 aspirational districts in the next four years. During the first-year
pilot, more than 5,000 schools were chosen and 4 Lakh assessments
Communities onboarded 24,212
were conducted. It helped to gauge baseline student learning
outcomes. Based on these results, a capability improvement Collaboration projects 23,071
framework-based intervention program was initiated.
Beneficiary involvement rate 84
India agri fellowship (in partnership with AP ZBNF Program,
UoC conversations 2,29,065
Government of Andhra Pradesh)
Government of Andhra Pradesh (GoAP), Department of Agriculture UoC community actions 2,46,911
(DoA) has been implementing Andhra Pradesh ‘Zero-Budget’ Natural
UoC hours of community work 5,51,325
Farming (APZBNF) program since FY16 with multiple objectives of
enhancing farmers’ welfare, consumer welfare and environmental

Mindtree Foundation
The Mindtree Foundation has been serving the society for over two
decades to address societal challenges.
FY20 key highlights

Social impact assessment
• Sponsored the 20th NCPEDP-Mindtree Helen Keller Awards, During the year, Mindtree Foundation was externally audited
and honored seven individuals and five organizations promoting (Social Impact Assessment) by Social Audit Network (SAN). It was
employment opportunities for people with disabilities rated on the basis of REESS framework. It measures the performance
of program on five parameters – Relevance, Effectiveness, Efficiency,
• Designed and installed Community Radio Center at Bengaluru
Social Impact and Sustainability.
Central Prison with the support of Radio City 91.1 FM. It was
inaugurated by Shri Basavaraj Bommai, Honorable Home All the three verticals have a 4+ score indicating a performance
Minister of Karnataka that is highly satisfactory across all projects implemented by
the Foundation.
• Along with our Diversity & Inclusivity (D&I) team,
we coordinated the celebrations for International Day of People
with Disabilities (PwD) across all Mindtree locations in India.
21,198 10,513 14
Direct beneficiaries of our Beneficiaries through NGO partners
CSR projects volunteering programs
#BetheGiveR
‘#BeTheGiveR’ characterizes our spirit of giving back to the society,

which lies at a level deeper than just ‘doing CSR’. While compliance
goads one to ‘do CSR’, we believe it is the heart of the giver that can
lead and make a lasting impact beyond a mere change.
Focus Areas
• Benefit the PwDs
• Promote education
• Create sustainable livelihood opportunities

Benefit people with disabilities Supporting youth

We support AMBA learn and earn centers in Andhra Pradesh
by training intellectually challenged youngsters over 16 years
of age in computer data entry and enable them to earn their
livelihood with dignity.
247
Youths with intellectual disabilities
benefited through AMBA program
Promote education
We are enabling PwDs to live more
independent, empowered lives.
Empowering rural children
Sanchalana
Our project with Association of People with Disability (APD) at
Vijaypura, Karnataka improves physical well-being of rural children
with disabilities through corrective surgeries, physiotherapies,
mobility aids and access to education.
305 Providing education and skill-based tools to

Children benefited empower people take control of their lives.
Bal Roshini Supplementing education

With Karnataka State Council for Child Welfare (KSCCW), we identify
Lab-On-Bike
children with disabilities from economically weaker background
With Agastya International Foundation, we stimulate creative
and support them on their school journeys as well as physical
thinking, and foster curiosity to seek scientific solutions
rehabilitation.
among school children from 4th - 6th standard and teachers in
85 Maharashtra and Karnataka.
Children benefited through Bal Roshini

program
14,395
Children reached
Vachana
Coaching program
Our project with Sparsh Foundation and in collaboration with
Coaching program through BEEM Rural Development Organisation
APD conducts screening camps in rural areas in Bijapur, Karnataka
(BRDO) provides special coaching in Maths, Science, English,
and identifies children with disabilities from poor families, for
Social Studies, and Kannada to children from 7th -10th standard
complex surgeries, post-surgical physiotherapies, mobility-aids
from five government schools from 10 villages around
and follow-ups.
Bychapura, Karnataka.
15 156
Children benefited through Vachana
Children benefited through
school education
Community-based rehabilitation
We work with The Spastics Society of Tamil Nadu (SPASTN) at
Literacy enhancement
several places in Tiruvallavur district, Tamil Nadu, offering children
Literacy enhancement project with Spastics Society of Karnataka
with disabilities early detection, early intervention and post-
(SSK) enhances learning in children with learning difficulties from
corrective therapies and school readiness interventions.
12 government schools in Ramanagara, Karnataka.
We also conduct public awareness programs.
576 285
Children benefited through
Children benefited through SPASTN
literacy enhancement

Creating medical professionals through long-term support
Udaan School support for tribal children

Our project with Narayana Hrudalaya at Kanakpura, Karnataka, In Rani Kajal School in Madhya Pradesh, adivasi children are
inspires, mentors and coaches young bright minds from rural trained in modern education so as to enable them to live in
landscape to become medical professionals. It has now widened its modern society while preserving their rich culture and heritage for
scope to include children pursuing other health professions too that generations to come.
are better aligned to their aptitude.
214
04 Children benefited
Beneficiaries of Udaan program
Gubbachi learning community project Not Just a Piece of Cloth (NJPC)

Through this project we provide foundational literacy and numeracy NJPC, a project with Goonj at Kandhamal, Odisha, creates awareness
for children from migrated family enrolled in grades 1st – 3rd among tribal women about menstrual challenges and offers
standard in Bengaluru rural district. ‘MY Pad’ kits free.
71 2,523
Children benefited through Tribal women benefited through NJPC
Gubbachi program

Sustainable livelihood programs

Enabling women
Urban Micro Business Unit Centre (UMBC)

UMBC with Centurion University, enable urban poor youth and
adult women in a range of vocational skills such as digital learning,
bakery and confectionery, packing and sealing, machine operation
and maintenance, beauty and wellness, and in entrepreneurship
development, giving them life-changing exposure.
Enabling and empowering people from

underprivileged backgrounds to live a life of 89
Urban slum women benefited
dignity through sustainable livelihoods. through UMBC
Enabling youth
Balsevika Training Institute (BSTI)

Gram Tarang BSTI facilitated by KSCCW empowers poor young women in child
Through this program, we impart vocational training for unemployed development, preschool education, health, nutrition, social work,
rural youth in industrial sewing machine operations, carpentry and computer education, spoken English and preparation of teaching
quick service restaurant services in Bhubaneshwar, Odisha. aids from rural Bengaluru to earn a livelihood with dignity.
250 40
Youth benefited through Gram Tarang Women benefited through BSTI
Yuva Jyoti (BRDO) Women prison livelihood training

BRDO project trains school drop-out rural youths in: Tailoring, Prison women livelihood project works with BRDO in the
Computer Education, Data Entry, English language, and life-skills in Central Prison, Bengaluru to train inmates in computer, tailoring,
Bychapura, Koratgere at Tumkur district, Karnataka. embroidery, mushroom cultivation, and horticulture, enabling them
to earn money as well as remissions in their sentence.
1,800
Rural youths benefited through Yuva 120
Jyoti program People benefited through livelihood
training

Dream2 Reality
Medical Professionals from Rural Area
Mindtree Foundation’s direct

project of village adoption.
Somanahalli Village in Tamil Nadu has been
taken up by Mindtree Foundation to groom
its young talent pool and help them fulfill
their aspirations.
Poor rural children with dreams in their eyes but no money, find
support and succour in the hearts of Mindtree Minds and grow
wings to fly into their lives of their dreams. So far 45 children
have been nurtured for several years to fulfill their aspirations.
Currently, 23 children are studying, while the rest have finished
Our short film on one of the girls in this project who is now a
their education in their chosen fields and are successfully
college lecturer.
employed. The program includes a child who cracked the NEET
exam and secured a seat in a Government Medical College in Thangam’s story
Pudukottai, Tamil Nadu. www.mindtreefoundation.org/video-gallery/

Management Discussion
and Analysis
Company overview
Mindtree is a technology and consulting services company. We are the go-to digital solutions
partner for some of the world's leading companies. Delivering cutting-edge solutions that
solve the most complex problems, we get our customers future, faster.
FY20 quick facts
307 $1,089 Million 764 21,991

Active customers Revenue BOTs Mindtree Minds across
the globe

Management Discussion and Analysis
Economy review
Global Global growth forecast (%)
The coronavirus pandemic has put world economies into a tailspin, Particulars Actual Projections
impacting all spheres of life as nations imposed varying degrees
2019 2020 2021
of lockdown to break the chain of transmission. The International
Monetary Fund (IMF) estimates the global economy to contract by World Output 2.9 -3.0 5.8
as much as 3% in 2020, leading to the worst downturn since the
Advanced Economies 1.7 -6.1 4.5
Great Depression in the 1930s. However, if the pandemic subsides
by the second half of 2020, we could see a sharp rebound by 5.8% US 2.3 -5.9 4.7
in 2021, supported by the stream of fiscal and monetary stimulus
Eurozone 1.2 -7.5 4.7
measures announced by various governments.
Japan 0.7 -5.2 3.0
US GDP is expected to de-grow by 5.9% in 2020 (+2.3% in 2019),
before recovering by 4.7% in 2021. Unemployment is estimated UK 1.4 -6.5 4.0
to grow to above 15% due to the disruption in economic activity.
Other Advanced Economies 1.7 -4.6 4.5
The US Federal Reserve slashed its policy rates to near zero to
cushion the blow. Emerging Markets and 3.7 -1.0 6.6
Developing Economies
The European economy is expected to contract by 7.5% in 2020
after registering a moderate 1.2% growth in 2019. Unemployment China 6.1 1.2 9.2
is rising rapidly. Core consumer price inflation remained muted
across most advanced economies. The UK grew at just 0.1% till
Source: IMF
February 2020, due to subdued productivity growth. The rise of
trade barriers as the UK exits, the EU is expected to further weigh
on productivity growth. India
Growth across emerging economies was weaker than expected in
The Indian economy witnessed a cyclical slowdown in FY20.
2019, mostly due to weak domestic demand. The Chinese economy
The coronavirus outbreak compelled the government to impose
was impacted by the prolonged trade dispute with the US, which
a nationwide lockdown in the last week of March which brought
was aggravated by the coronavirus outbreak at the end of 2019.
economic activities to a halt. The IMF estimates India to grow
As China has been the global manufacturing hub for some time,
at 1.9% in FY21, before rebounding sharply by 7.4% in FY21.
the coronavirus outbreak and the resultant supply chain disruptions
The central government announced a massive ` 20 Trillion stimulus
could prompt major economies to reduce their dependence on
in tranches to minimize the impact, including an ` 1.7 Trillion
Chinese production.
package directed at daily wage earners and the bottom of the
pyramid. The IMF lauded India’s efforts in using digital technologies
Outlook
to directly deliver the benefits to its citizens. The Reserve Bank
As the extent of the coronavirus impact is yet to be ascertained, of India (RBI) also sprang into action, cutting policy rates and
we see significant downside risks to the forecasts. A lot will depend announcing measures to stabilize the system.
on the virus epidemiology, the effectiveness of control measures,
and the development of therapeutics and vaccines. Emerging
economies face additional challenges of a flight of capital, as global
risk appetite wanes, while weak healthcare systems further strain
` 20 Trillion
public finances, leaving limited fiscal space to stimulate growth. Stimulus announced by
Indian government
Outlook
The massive fiscal and monetary responses are likely to stabilize

the economy. However, with rising unemployment and struggling
small and medium-sized businesses, any recovery is likely to be
slow and gradual. That said, India could stage a sharp rebound once
the pandemic weakens, thanks to its domestic consumption-driven
economy with low, albeit increasing, linkages with global supply
chains. Further, sustained low oil prices could further positively
impact its fiscal balance.

Industry review Business review
India’s IT industry contributes ~ 7.7% to GDP. The IT Business For FY20, our revenue stood at $1,089 Million up 9.4% in constant
Process Management (BPM) industry grew 6.1% year-on-year, currency and 8.7% in USD terms, driven by the highest-ever deal
while the IT & ITES industry grew from $170 Billion in FY19 to signings. We saw robust performance across all verticals, with
$181 Billion in FY20. India has become the world’s largest digital Hi-Tech and Media reporting 13.3% growth, Travel and Hospitality
capability hub, accounting for ~ 75% of the global digital talent. 10.6%, BFSI 4.7%, and Retail, CPG and Manufacturing 3.2%.
Revenue from digital is expected to contribute 38% of all IT & ITES
revenue by FY25. Indian IT industry employed 4.1 Million people
with a budget of about $90 Billion in FY19. Due to lowering of
Strengths & opportunities
IT systems related spend by most customers (except infrastructure
spend, which will grow to accommodate remote work and business
Digital-next, intelligent enterprise for future possibilities
support), the hiring trend could dip in FY21.
In the present connected world, businesses are highly influenced by
Outlook their customer experience and the ease of use of their products and
services. Emerging technologies are defining businesses even more
The pandemic will bring in long-term changes in the IT industry.
than before, and simplicity and convenience are driving customer
These include remote delivery, improvement in productivity,
loyalty. Thus, companies are turning more aggressive in their uptake
increased offshore work, restructuring of contracts, and new
of new offerings to mitigate any possible disruptions to their
compensation structures with IT customers. The lockdown in
business models. The primary technology trends in the digital world
different countries across the Americas and Europe and travel
is evolving around AI, Blockchain, Cloud Computing, Analytics, IoT,
restrictions will negatively impact growth. Further, prior projections
and augmented and virtual reality.
of the industry size at $350 Billion by FY25 are likely to be revised
following cutbacks by customers globally across different sectors. The IT market is projected to grow at 6.6% per annum and digital
services are expected to lead this growth. This upbeat outlook
stems from the increase in the adoption of digital practices by
almost all sectors and its ever-increasing scope in governing
38.16% company spends.
Revenue contribution from Mindtree plays a pivotal role in its customers’ digital transformation
digital business and the experience of their end-users. Digital contributes to nearly
40% of the Company’s revenue and continues to grow, as more
digital practices based on the emerging technologies come to
the fore. Innovative solutions and platforms are being developed
around unique customer asks and cross-sector requirements.
Mindtree’s unique digital innovation hub—Digital Pumpkin—

brings together multi-disciplinary and interactive teams to ideate,
design and craft meaningful business solutions around the IoT, AI,
cognitive computing, virtual and augmented reality (VR/AR), ML,
conversational BOTs, cloud and big data.

Automation Application Management Services (AMS)
Automation has become an integral part of all IT processes across With the increasing dependence on IT services, companies are more
all sectors and geographies, as it enables businesses to be more inclined to eliminate redundant processes, lowering inefficiencies
efficient by increasing productivity and accuracy while reducing and costs, while focusing more on the core business processes to
costs and human interventions. At Mindtree, automation strategy is increase revenue.
platform and technology agonistic. Niche technologies like RPA are
Mindtree has developed unique end-to-end workflow-driven AMS,
used to automate repeatable and reusable tasks. We have deployed
which takes complete lifecycle ownership of customer enterprise
764 BOTs, providing support to Mindtree Minds enabling us to
applications and help in:
ensure top notch delivery to our customers.
• Providing business requirements without services interruption.
Improving efficiency, reliability and quality Through this, customers can typically save 10-15% on the costs
incurred due to business process interruptions
• Lowering the cost of ownership for the platforms. By transferring

Efficiency - the maintenance cost of the platforms, customers could free up
doing more with less 15-20% funds for IT projects, which could be better utilized for
Throughput like Quality - less errors innovations in the core business processes
volume of tickets handled
(Incidents, service, requests, Defect Removal • Maintaining control over business applications, and thereby
problem tickets, enhancement) Efficiency (DRE) tracking, measuring and managing business process matrices for
No. of cases solved per team size Reduce reopened better governance
tickets per team size;
Defects, bugs logged - first-time right
per team size Through the AMS practice, we have grown to become a strategic
partner for our customers’ business growth. It has grown to become
Automation a key differentiator for Mindtree and is one of the most sought-after
practices across our customer base. The wide range of services
provided through the AMS practice include:
• Transition and planning management: perform system audit

Reliability - possibilities and creating a tailored plan for IT transformation completely
of failures reduced aligned to business objectives and relevant KPIs
Availability (e.g 95%) or
Reduced downtime (e.g 5%) • DevOps: automation of all possible IT services and
Mean Time transformation into an agile and lean IT system
Between Failure (MTBF)
• Test automation capabilities: for complete software
Mean Time to test automation of customer application with reduced
Restore Service (MTRS)
time to production
Mean Time to Repair (MTTR)
• End-to-end managed services: provide omni-channel support
and business aligned KPIs
• Application modernization: identify and eliminate redundancies

Automation works best in conjunction with project lifecycle
in customer systems, thereby enhancing customer experience
management, when implemented by teams involved in a project's
through increased speed of operation, new features and add-ons
day-to-day work and when implemented systematically over time.
Apart from automation consultants, Mindtree has also built a strong With the high rate of adoption of AMS in their IT landscape,
automation technical team of over 1,300 engineers covering all customers rely on Mindtree to manage some of their business-
modern business/IT automation areas, helping customers build critical services. This will be further upgraded in the coming years,
automation solutions involving tools and technologies around enabling Mindtree to become a strategic partner to its customers
RPA, Conversational BOTs, Test Automation, Machine Learning and across multiple domains.
Cognitive Computing.
764
BOTs deployed

Expert thinking
Mindtree helps its customers reimagine their business, providing

unique solutions and digital transformation by leveraging
next‑generation and emerging technologies. Our services span from
ideation to customized solution building to implementation across Mindtree and Magnet 360 are considered strategic innovator within
the entire digital value chain. the Salesforce partner ecosystem. Salesforce relies on Magnet 360
for multi-cloud expertise and marketing automation knowledge, as
Highlights of our industry-leading customer engagements well as an agile approach in implementing award-winning solutions
on the Salesforce platform. As a Platinum partner, we specialize in
• Merchant onboarding solution on Blockchain for banks and
Salesforce implementation strategies to drive digital growth through
payment service providers to streamline due diligence and
customer engagement. Our core Salesforce expertise and our skill
third‑party check processes
in implementing and integrating Salesforce’s marketing automation
• Immersive Aurora Platform using AR/VR technology and IoT to solutions in conjunction with Salesforce Community Cloud provides
help customers with enhanced and contextual experience across competitive edge. Our Munich CoE spans the full range of the
multiple sectors Salesforce Customer Success Platform, including Sales Cloud,
Service Cloud and Community Cloud.
• Cross-company loyalty point exchange program $wap to allow
end-users make their reward points more versatile and enable
exchange of assets among different entities
• Creation of price elasticity model using AI and ML to provide the

optimum price point for travelers
• Solutions for preventive maintenance issue faced by real estate We are currently the only integrated service provider in the world
and manufacturing sector players to reduce downtime with expertise on the SAP HANA platform across all three major
public cloud platforms: AWS, Azure, and Google. Mindtree is among
a handful of Lighthouse Partners, which enables the Company
Alliances and partnerships
to offer its customers SAP’s reimagined enterprise resource
Mindtree is a digital-next company with the main emphasis on planning solution, SAP S/4HANA via the public cloud. We not
the digital transformation of its customers to make them better only consult and implement SAP, but also have our own product
positioned for future disruptions. Mindtree has grown as a trusted offerings built on SAP technology: mInspect for commercial project
service provider for its customers and has repeatedly proven its management, mPromo for trade promotion, mWorkspace for project
technological expertise and domain capabilities. Mindtree’s proven health indicator.
track record in developing actionable business solutions and their
technical implementation has been further accentuated by our
strategic and consulting partnerships with some of the leading
enterprise-level product companies.
Mindtree is an Advanced Consulting Partner in the Amazon Partner

Our key partner relationships
Network (APN) for AWS. Partnerships range in the programs like
Channel Reseller Program, AWS Service Delivery Program, AWS
Public Sector Partner Program, AWS Managed Service Program.
As a Microsoft Gold Cloud Partner, Mindtree is one of just 25

partners who have access to all Microsoft resources to deliver
the best possible solutions to our customers. Through Microsoft’s
partner-led sales model, Mindtree delivers value through its
digital, testing, Information Management System (IMS) and other
Under the Adobe Solution Partner Program, our partnership brings a
horizontal practices and industry verticals. Mindtree has more
full suite of customer experience transformation services and Adobe
than 4,000 Microsoft experts, offering a vast knowledge base and
Experience Cloud solutions to accelerate digital transformation. Our
skills in Azure, Office 365, Xamarin, SharePoint®, and Microsoft.
growing relationship with Adobe provides a wide-open lane for our
NET platform, SQL Server®, BizTalk® and Windows Server®. Together
digital experts to unleash the power of Adobe Experience Cloud for
with Microsoft, we offer a range of solutions for Azure migration,
our customers. Mindtree is a recognized industry leader by Forrester
Customer Experience, Digital Marketing, Insights, Office 365, etc.
for digital customer experience, digital operational excellence and
application management. This recognition is a testimony to our
expertise in helping global brands such as Avis Budget and Kellogg’s
elevate customer experience with Digital Studio, Experience cloud
solution, Agile factory model, automation and insights solution.

Customer focus Strategy

Customer satisfaction is one of the key performance indicators in
services industry. At Mindtree, we give utmost importance to our Mindtree strategy is to deliver unmatched services to its customers
customer relationships. We strive to provide the best business through deep domain knowledge and technical expertise. While we
and technical solutions and forge a relationship of trust. We have continue to focus on existing industry verticals, we have identified
stayed strong to our core values of Collaborative Spirit, Unrelenting three strategic levers to consolidate our deliverables and provide
Dedication, and Expert Thinking even in the times of turmoil and best-in-class outcomes to both our customers and shareholders.
remained flexible with our offerings that best suit our customers’ We believe focusing on those areas will enable us to attain market
interests. At Mindtree, we always keep communication channels to leadership in the identified business segments.
our customers open to identify and prioritize their needs and create
a roadmap for better future engagement.
Simplify
We regularly gather customer feedback through quarterly Project
Feedback Survey (PFS) and annual Customer Experience Survey We will simplify and streamline the way we work
(CES), which helps in monitoring account health and interest, and internally and with our customers. This will enhance our
provides us the opportunity to understand how we can improve focus on delivering agile, integrated and hyper-efficient
our services. Our customers spread across different industries
business solutions.
and geographies provide us key insights from all spheres of
engagement, which help us create unique solutions. Customers
are also invited to collaborate and co-create innovative solutions
leveraging existing and emerging technologies, which adds to Differentiate
Mindtree’s unique value proposition.
Mindtree strives to differentiate in the marketplace through
its transformative capabilities, domain depth, unique
solutions and frameworks.
Customer Experience Survey (CES)
Satisfaction Loyalty Change

To align with the ever-evolving technology landscape
5.55 5.50
and customer expectations, we continue to change our
5.86 5.77 business model, IT delivery processes, and enhance
people skills.
5.68 5.67
5.73 5.79
Advocacy Value for money
5.56 5.35
5.95 5.66
5.75 5.50
5.88 5.42
For more details on strategy

CES'17 CES'18 CES'19 CES'20 please refer page 50

Financial review
An overview of our consolidated financial results for FY20 and FY19.
FY20 FY19
Particulars ` in million % of revenue ` in million % of revenue Growth %
Income from operations 77,643 100.0 70,215 100.0 10.6
Expenses:
- Employee benefits expense 50,647 65.2 44,212 62.9 14.6
- Other expenses 16,098 20.7 15,358 21.9 4.8
Earnings before Interest, Tax, Depreciation and

10,898 14.0 10,645 15.2 2.4
Amortization (EBITDA)
Other income (net) 756 1.0 626 0.9 20.8
Foreign exchange gain/(loss) (83) -0.1 267 0.4 -131.1
Finance costs 529 0.7 29 0.0 1,724.1
Depreciation and amortization expense 2,754 3.5 1,641 2.3 67.8
Profit before tax 8,288 10.7 9,868 14.1 -16.0
Tax expense 1,979 2.5 2,327 3.3 -15.0
Profit for the year (PAT) 6,309 8.1 7,541 10.7 -16.3
Key financial ratios
Particulars FY20 FY19
Debtors turnover ratio 5.597 5.973
Interest coverage ratio 16.667 341.276
Current ratio 2.459 3.236
Debt equity ratio 0.1795 0.0003
EBITDA margin 14.0% 15.2%
Net profit margin 8.1% 10.7%
Return on networth 19.5% 24.9%
Change in the interest coverage ratio is due to higher interest costs arising out of the adoption of Ind AS 116 ‘Leases’. Similarly, change in
the Debt equity ratio is attributable to the component of debt being higher on recognition of lease liability consequent to the adoption of
Ind AS 116 ‘Leases’.

Income Revenue by distribution mix (%)
For FY20, USD revenue grew 8.7% to $1,089 Million while INR Onsite
revenue rose 10.6% to ` 77,643 Million. We analyze our revenue 59
(in USD terms) based on various parameters:
58
• Revenue by vertical: High Technology and Media (Hi-tech) grew Offshore
13%, followed by Travel and Hospitality (TH) by 11% 41
• Revenue by geography: US grew 11%, while India grew 27% 42
• Revenue by service offering: Infrastructure management and

tech support grew 16%, followed by digital which grew 15%; FY19 FY20
Package Solutions de-grew by 14%
• Revenue by mix: Onsite was up 8%, while offshore was up 10%

Revenue distribution by service offering (%)
Digital
Revenue distribution by geography (%)
36
US 38
73
Test Engineering
75
19
Europe
18
19
Package Solutions
17
8
India
7
4
Infrastructure Management & Tech Support
4
23
Rest of the World
25
4
ADM & Product Engineering
4
14
12
FY19 FY20
FY19 FY20
Revenue distribution by industry (%)
Hi-tech
39 Split of digital revenue (%)
41
BFSI
22 Cloud Services
Others
9%
21 1%
RCM
22
21
TH Data Science
17 and Engineering
17 services
30%
FY19 FY20
Interactive
60%
(The figures are both for FY19 and FY20)

Our active customers list as on March 31, 2020 stood at 307 in the previous year, primarily due to an increase in MTM loss
as against 349 in the previous year. The number of $10 Million on forward covers and loss on foreign currency valuation of
customers remained unchanged at 23, while $25 Million customers lease liability.
increased from 4 to 5.
Expenses
Other income (excluding foreign exchange loss/gain)
Employee benefits expenses
Other income for the year ending March 31, 2020 increased to
` 756 Million from ` 626 Million in FY19. The increase was on Employee benefits expenses account for 65.2% of our total
account of a gain on fair valuation of investment in mutual funds by revenue and are a major part of our total expenses. The expenses
` 88 Million and an increase in Interest income on financial asset at include fixed as well as variable components of our employees’
amortized cost by ` 43 Million. salaries, and contribution to provident fund and gratuity.
Stock-based compensation and staff welfare expenses are also
Foreign exchange loss/gain part of that cost.
Foreign exchange loss for the year ending March 31, 2020 was
` 83 Million as against a foreign exchange gain of ` 267 Million
Break-up of employee benefits expense
For the year ended March 31,
Particulars 2020 2019 Increase/

(Decrease)
` in million % of revenue ` in million % of revenue
%
Salaries and wages 46,962 60.5 40,985 58.4 14.6
Contribution to provident and other funds 3,205 4.1 2,829 4.0 13.3
Expense on employee stock based compensation 102 0.1 162 0.2 -37.0
Staff welfare expenses 378 0.5 236 0.3 60.2
Total 50,647 65.2 44,212 62.9 14.6
Total employee benefits expenses increased by 14.6%. As a percentage of revenue, employee benefits expenses has increased from
62.9% in FY19 to 65.2% in FY20. The increase was in line with revenue and head count and takes into account the one-time incentive
given to employees on account of our 20th Anniversary celebrations.

Other expenses
Other expenses comprise all other incidental costs apart from employee benefits costs like travel, sub-contractor charges, rent, computer
consumables, among others.
Statement of other expenses
Increase/
Particulars 2020 2019
(Decrease)
` in million % of revenue ` in million % of revenue %
Travel expenses 3,265 4.2 3,006 4.3 8.6
Communication expenses 691 0.9 793 1.1 -12.9
Sub-contractor charges 6,208 8.0 5,281 7.5 17.6
Computer consumables 1,166 1.5 919 1.3 26.9
Legal and professional charges 599 0.8 452 0.6 32.5
Power and fuel 313 0.4 302 0.4 3.6
Lease rentals 170 0.2 1,223 1.7 -86.1
Repairs and maintenance
- Buildings 383 0.5 102 0.1 275.5
- Machinery 59 0.1 61 0.1 -3.3
Insurance 95 0.1 76 0.1 25.0
Rates and taxes 344 0.4 266 0.4 29.3
Other expenses 2,805 3.6 2,877 4.1 -2.5
Total 16,098 20.7 15,358 21.9 4.8
Other expenses increased 4.8% year-on-year mainly due to higher Segmental reporting
sub-contractor charges, travel expenses, computer consumables
The CEO & MD of the Company has been identified as the
and legal and professional charges, repairs and maintenance
Chief Operating Decision Maker (CODM) as defined by Ind AS 108,
toward buildings, rates and taxes. There was a one-time expense
Operating Segments. The CODM evaluates the Group’s performance
of ` 200 Million toward donation to the PM CARES Fund. The
and allocates resources based on an analysis of various
increase was, however, offset by the impact of Ind AS 116 - Leases
performance indicators by industry classes. Accordingly, segment
relating to lease-rentals being accounted during FY20 as payment
information has been presented for industry classes.
of interest and repayment of principal, instead of as expenses
in FY19. However, other expenses, as a percentage of revenue The Group is structured into four reportable business segments
decreased by 1.2%. – Retail, CPG and Manufacturing (RCM), Banking, Financial
Services and Insurance (BFSI), High Technology and Media (Hi-
Profitability and margins tech) and Travel and Hospitality (TH). The reportable business
segments are in line with the segment-wise information being
• PAT margin dropped by 2.6%, and as a percentage of revenue,
presented to the CODM.
decreased from 10.7% to 8.1% in FY20
Each segment item reported is measured at the measure used to
• EBITDA margin decreased from 15.2% in FY19 to 14% in FY20
report to the Chief Operating Decision Maker for the purposes of
• Effective tax rate was at 23.9% in FY20 as compared making decisions about allocating resources to the segment and
with 23.6% in FY19 assessing its performance.
Geographic information is based on business sources from that

region and delivered from both on-site and offshore. America

comprises the United States of America and Canada, Europe segment disclosures relating to such expenses and accordingly
includes continental Europe and United Kingdom and the Rest of such expenses are separately disclosed as 'unallocated' and
the World comprises all other geographies, except those mentioned directly charged against total income.
here and India.
The CODM does not review assets and liabilities at the reportable
Income and direct expenses in relation to segments are categorized segment level, thus segment disclosure relating to total assets
based on items that are individually identifiable to that segment, and liabilities is not provided. Geographical information on
while the remainder of costs are apportioned on an appropriate revenue and industry revenue information is collated based on
basis. Certain expenses are not specifically allocable to individual individual customers invoices or in relation to which the revenue is
segments as the underlying services are used interchangeably. The otherwise recognized.
Management therefore believes that it is not practical to provide
Statement of Income
` in Million
Particulars For the year ended
March 31, 2020 March 31, 2019
Segment revenue from external customers
RCM 16,439 15,660
BFSI 16,479 15,472
Hi-tech 31,793 27,586
TH 12,932 11,497
Total 77,643 70,215
Segment operating income
RCM 2,844 2,579
BFSI 2,001 628
Hi-tech 4,754 5,810
TH 1,299 1,628
Total 10,898 10,645
Depreciation and Amortization expense (2,754) (1,641)
Profit for the year before finance expenses, other income and tax 8,144 9,004
Finance costs (529) (29)
Other income 567 480
Interest income 189 146
Foreign exchange gain/ (loss) (83) 267
Net profit before taxes 8,288 9,868
Income taxes (1,979) (2,327)
Net profit after taxes 6,309 7,541

Significant changes in Balance Sheet items People focus, learning and

• Other equity decreased by ` 1,497 Million and primarily due high‑performance culture
to the following:
Mindtree creates a work environment where Mindtree Minds feel
• Balance in the statement of profit and loss increased by
recognized for their efforts and contribution, thus creating an
` 337 Million from ` 30,265 Million to ` 30,602 Million due
organization nurturing high performance, innovation and execution
to current year profit of ` 6,309 Million, which is offset by
excellence. It provides the opportunity for Mindtree Minds to
payment of dividend (including dividend distribution tax) of
recognize other Mindtree Minds for their effort, result, and the
` 5,947 Million.
impact that it has created at an organizational level.
• Loss arising from the change in the effective portion of
cash flow hedge (changes in the fair value of the derivative
hedging instrument designated as a cash flow hedge) to the
extent of ` 2,035 Million.
• Non-current liabilities increased from ` 179 Million to

` 6,762 Million mainly due to the recognition of lease liabilities
(Impact on adoption of Ind AS 116 ‘Leases’) and unrealized loss
on derivative financial instruments.
• Current liabilities increased by ` 4,686 Million mainly

due to derivative financial liabilities recognized to the
extent of ` 1,623 Million, increase in employee benefits
payable by ` 1,191 Million, recognition of lease liabilities D&I: Our focus on Diversity and Inclusion remains strong, guided
(Impact on adoption of Ind AS 116 ‘Leases’) to the extent by our charter EDGES with focuses on Ethnicity, Disability,
of ` 699 Million and increase in current tax liabilities Gender and Sexual Orientation. Our women-centric leadership
by ` 631 Million. programs – Exuberance and Mi-Footprints continue to grow and
cover more Lady Minds throughout the organization. We conducted
• Our cash and current investments (net of short-term borrowings
various recruitment drives to increase our gender ratio and
and book overdraft) increased from ` 9,390 Million as on
conducted events such as International Day of Persons with
March 31, 2019 to ` 12,809 Million as on March 31, 2020,
Disabilities and Women’s Day across Mindtree.
mainly due to cash generated from operations of ` 8,251 Million,
offset by dividend payout (including dividend distribution
ulture application: At Mindtree, we are Expertise-led and
C
tax) of ` 5,940 Million and payment of lease liabilities of
Culture‑backed. We proudly display our culture through
` 1,019 Million.
written and video stories on our Culture Application -
• Days Sales Outstanding (DSO) as on March 31, 2020 stood at culture.mindtree.com/. We have over 300 wonderful stories by
66 days versus 70 days as on March 31, 2019. Mindtree Minds that really define what Mindtree Culture is all about.
The app can be used by anyone across the globe to view the stories
and they can also submit their own.
Arboretum: Our onboarding program for new Mindtree Minds has

seen a transformation this year. The focus has been on ensuring
new Mindtree Minds feel welcomed and are given the right
information at the right time, from the moment they accept the offer
to when they join Mindtree.

orbit: Our homegrown, cloud-based learning platform—Yorbit—

Y were made in line with the succession plan for leaders covered in
has been growing in size and consumption! Yorbit now has over talent review last year.
2,400 courses that cover 900+ skills. More than 87,000 courses
Spot on: At Mindtree, recognition has always been a cornerstone to
have been completed on Yorbit in the current financial year, and
up the motivation levels of Mindtree Minds and SpotOn – Mindtree's
over 291,000 courses since Yorbit’s inception in 2016. Over
Rewards and Recognition tool has been built to strengthen the ways
2.3 Million hours have been spent learning on Yorbit since its
by which Mindtree Minds can recognize each other. Provides people
inception. This year Yorbit began offering personalized course
manager and peer awards that focus on instantaneous recognition.
recommendations, which it generates from a complex algorithm that
considers multiple factors to give relevant recommendations. Outstanding performers and achievers: All Mindtree's high performers
are recognized as the Outstanding Performers of the year. Flagship
program that recognizes, nurtures and enables high-performing
Mindtree Minds to reach the pinnacle of success in their careers.
Pillar Program - With focus on different career, personal growth

and learning related initiatives, the Pillar Program has evolved and
continues to be an aspiration for all Mindtree Minds. Today we
have 1,143 Pillars, with 8 Legends, 9 Titanium, 13 Platinum+,
41 Platinum, 153 Gold, 289 Silver and 630 Bronze Pillars. Pillars of
Mindtree across the globe were felicitated in star-studded events in
October and November.
Milestone completion celebration - Celebrating Mindtree Minds

Mindtree Kalinga: The Global Learning Center in Mindtree
who have completed 5/10/15 and 20 years with Mindtree.
Kalinga was designed to create Engineers of Tomorrow. Here
we onboard and train new campus recruits through our 90- Mindtree Fellow program: The first two titleholders of the Mindtree
day onboarding program – Orchard. Since the inception of this Fellow program were identified and recognized based on a rigorous
program in 2015, over 6,328 Minds have undergone the program evaluation by an eminent jury comprising the CTO and experts from
and have successfully worked in customer projects on new and academia and industry.
emerging technologies.
With a focus on showcasing the achievements to motivate Mindtree
Minds and Teams and to reinforce the right behaviors and culture,
the Overall Reward and Recognition framework has been revisited
for the coming year.
Headcount
Mindtree Minds FY20 FY19
Total Mindtree Minds 21,991 20,204
Software professionals 20,817 19,017
Sales 229 256

Leadership development: The 4-day Enterprise Leadership Program
Support 945 931
was conducted in June 2019 for 33 leaders identified from a
combination of talent review and leadership nominations to ensure Gross additions 5,608 5,346
a diverse group across functions (sales, delivery, enabling functions)
Net additions 1,787 2,481
and geographies. This group has also been given access to Harvard’s
Learning Platform for anytime anywhere learning. A digital academy Attrition (Last 12 Months) 17.4% 14.2%
was created on Yorbit for ‘Enterprise Leadership’ spanning
Lady Mindtree Minds 32% 31%
nine themes identified as key focus areas for Mindtree Leaders
(Strategy, Technology, Consulting, Story-telling, Design Thinking, Nationalities* 80 70
Finance, Rainmaking, Business and Execution) – this academy is
* Nationalities represent the count of countries to which Mindtree
currently open to all Mindtree Minds.
Minds belong to.
Succession Planning: Succession insights from talent review
process were shared with leadership team on need-basis to support
BOTs* 764 576
fulfillment/temporary replacement of key positions that fell vacant
during the year. Seven internal movements/role enhancements
* A BOT is defined as a software that acts autonomously, free from any
interference, human or otherwise, to perform a significant task which will
otherwise be performed by a human.

Sources:
Coronavirus impact on the industry
www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
www.imf.org/en/Publications/WEO/Issues/2020/01/20/weo-
update-january2020
www.nasscom.in/knowledge-center/publications/strategic-review-it-bpm-
sector-india-2019-decoding-digital
www.thebalance.com/us-economic-outlook-3305669
www.bankofengland.co.uk/monetary-policy-report/2020/january-2020/the-
economic-outlook
www.cnbc.com/2019/11/06/european-economy-to-grow-at-its-lowest-rate-
since-2013-imf-says.html
According to ICRA, the coronavirus outbreak is likely to weigh on the
www.mindtree.com/about/alliances Indian IT services industry in the short term, with the sector clocking
3-5% growth in FY21, down from earlier estimates of 6-8%. Margins
www.forbes.com/sites/isabeltogoh/2019/09/12/what-to-expect-from-the-
are also likely to be negatively impacted, with a recovery likely in
european-central-bank-decision/#5bef9e823df9
FY22. However, the credit outlook for Indian IT companies remains
peoplehubcontent.mindtree.com/sites/autom/Pages/HOME.aspx stable, with healthy free cash flows providing cushion to short-term
disruptions and significant liquidity.
www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/
gdpmonthlyestimateuk/february2020 Although ICRA forecasts a gradual recovery during the second half
of the year, the estimates may prove to be conservative given the
tradingeconomics.com/united-kingdom/forecast
current uncertainty around the pandemic’s evolution and the full
www.nytimes.com/2020/01/31/business/economy/european-union- extent of its economic costs. On the supply side, Indian IT services
eurozone-economy.html will face issues such as travel restrictions to developed countries
as well as closure of offices/work from home at various offshore
www.cnbc.com/2020/03/04/euro-zone-growth-likely-to-slow-to-a-crawl-
and onshore development centers. At the initial stages of a project,
over-the-next-10-years.html
it is essential to visit customer’s site, while the latter part can be
economictimes.indiatimes.com/markets/stocks/news/us-fed-slashes- managed remotely. Commissioning of new projects is likely to
rates-global-central-banks-coordinate-to-cushion-coronavirus-blow/ get delayed by at least 3-6 months; projects in the pipeline will
articleshow/74644335.cms?from=mdr also face a similar fate. As companies try to ensure least impact
on financial payouts and compliance costs, and focus more on
https://www.marketwatch.com/story/jobless-claims-might-top-5-million-for-
outcome-driven engagements, flexi workers will have an edge.
third-straight-week-push-unemployment-to-15-2020-04-15
qz.com/1837890/the-us-unemployment-rate-is-about-to-become-useless/
www.imf.org/en/publications/weo
Internal control systems
Mindtree has an Internal Control system, commensurate with the
www.grainmart.in/news/indias-growth-forecast-cut-by-imf-barclays-world-
size, scale and complexity of its operations.
bank-moodys-and-fitch/
www.business-standard.com/article/economy-policy/ Read more on page 121

gdp-first-advance-estimates-predict-economic-growth-at-5-
in-2019-2020-120010700990_1.html
Threats, Risks and Concerns
Mindtree is exposed to a wide variety of connected and
interconnected risks. To ensure suitable risk prioritization and
mitigation, we identify the internal and external events that may
affect our strategies and potentially impact our results, capital
and reputation. Enterprise risk management (ERM) enables the
management to efficiently deal with uncertainty and the associated
risks and opportunities together with enhancing the capacity to
build shareholder value.
Read more on page 62 and 177

Outlook
The coronavirus outbreak has virtually brought major economies such forward‑looking statements. The Company undertakes
to a halt, with heightened uncertainty around kickstarting the no obligation to publicly update or revise any forward-looking
economic engines. We have invoked our business continuity plan statements, whether because of new information, future events,
to ensure the health and safety of our employees while fully or otherwise. Actual results, performances or achievements could
supporting our customers worldwide. In FY21, we expect softness differ materially from those expressed or implied in such forward-
in overall revenue in H1 due to a drop in demand, curtailment looking statements. Readers are cautioned not to place undue
of discretionary spends and cost-optimization pressure within reliance on these forward-looking statements that speak only as of
customers’ business. At the same time, we expect demand for digital their dates. The following discussion and analysis should be read
transformational services from our customers to increase as they in conjunction with the Company’s financial statements included
invest into data, cloud-enabled solutions, and customer-centric and in this report and the notes thereto. Investors are also requested
end-user experience. We will focus on signing multi-year annuity to note that this discussion is based on the consolidated financial
deals, rationalizing tail accounts and going deeper into the limited results of the Company.
set of strategic customers. We are now part of the $21 Billion Larsen
& Toubro conglomerate, deriving synergies to grow faster and
winning bigger deals. We will continue co-selling with long-standing
Safe harbor
strategic partners to increase the top-line. Accordingly, we expect
Certain statements in this release concerning our future growth
the top-line recovery to fructify during the second half of FY21.
prospects are forward-looking statements, which involve a number
We will further improve operational efficiencies to continue our
of risks, and uncertainties that could cause our actual results to
profitable growth journey. Our balance sheet remains robust with
differ materially from those in such forward-looking statements.
Cash and Investments of ` 13,618 Million as on March 31, 2020
The conditions caused by the COVID-19 pandemic could decrease
and good cash flow visibility for FY21. We continue to evaluate and
customer’s technology spending, affecting demand for our
take action as necessary to conserve cash. This includes limiting
services, delaying prospective customers’ purchasing decisions, and
discretionary spending across the organization and prioritizing our
impacting our ability to provide on-site consulting services; all of
CAPEX judiciously to strengthen the top-line and the bottom-line.
which could adversely affect our future revenue, margin and overall
financial performance. Our operations may also be negatively
Forward-looking statement affected by a range of external factors related to the COVID-19
pandemic that are not within our control. We do not undertake to
Readers are cautioned that this discussion contains forward- update any forward-looking statement that may be made from time
looking statements that involve risks and uncertainties. When to time by us or on our behalf.
used in this discussion, the words 'anticipate', 'believe', 'estimate',
'intend', 'will' and 'expect' and other similar expressions as they
relate to the Company or its business are intended to identify

Business Responsibility Report
Committed to the National Voluntary Guidelines on Social, 4. Total Spending on Corporate Social Responsibility (CSR)
Environmental and Economic Responsibilities of Business (NVG – percentage of profit after tax (%): As disclosed in the
SEERB), Mindtree reports on the nine principles of the guidelines as Directors’ Report- Annexure 6.
its Business Responsibility Report (BRR), in its annual report.
5. List of activities in which expenditure in 4 above has been
We also publish a comprehensive Sustainability Report annually.
incurred: A detailed table is disclosed in the Directors’
Our Business Responsibility Report includes our responses to Report- Annexure 6.
questions on our practices and performance on key principles
defined by Regulation 34(2)(f) of the SEBI (Listing Obligations and SECTION C: Other Details
Disclosure Requirements) Regulations 2015, covering topics across
environment, governance, and stakeholder relationships. We have 1. Does the Company have any Subsidiary Company/
provided cross-references to the reported data within the main Companies?
sections of this Annual Report for all aspects that are material to us The Company has 2 direct subsidiaries.
and to our stakeholders.
2. Do the Subsidiary Company/Companies participate in the
BR Initiatives of the parent company? If yes, then indicate
SECTION A: General Information About The Company
the number of such subsidiary company(s)
1. Corporate Identity Number (CIN) of the Company:
Our responsibility practices and reporting are focussed on
L72200KA1999PLC025564
India, our home ground. However, our subsidiaries share
2. Name of the Company: Mindtree Limited. our vision and values and are responsible businesses.
3. Registered address: Mindtree Ltd, Global Village, RVCE Post, 3. Do any other entity/entities (e.g. suppliers, distributors
Mysore Road, Bengaluru-560059, Karnataka, India etc.) that the Company does business with, participate in
the BR initiatives of the Company? If yes, then indicate the
4. Website: www.mindtree.com
percentage of such entity/entities? [Less than 30%, 30-
5. E-mail id: investors@mindtree.com 60%, More than 60%]
6. Financial Year reported: April 01, 2019 - March 31, 2020 We engage our suppliers in our vendor engagement forums
from time to time, as part of our responsibility initiative,
7. Sector(s) that the Company is engaged in (industrial activity
and our vendors are glad to participate in these forums and
code-wise: Information Technology Sector)
share feedback and suggestions for a mutually beneficial
8. List three key products/services that the Company relationship.
manufactures/provides (as in balance sheet): The company
provides services in the area of Application Development SECTION D: BR Information
and Maintenance, Infrastructure Support, Data Analytics,
Automation, Testing and Package Solutions. 1. Details of Director/Directors responsible for BR
(a) Details of the Director/Directors responsible for
9. Total number of locations where business activity is
implementation of the BR policy/policies
undertaken by the Company - Please refer to our
website for details : https://www.mindtree.com/about/ 1. DIN Number: 00823966
locations 2. Name: Debashis Chatterjee
10. Markets served by the Company – Local/State/National/ 3. Designation : CEO & Managing Director
International: North America, Asia Pacific, Europe, Middle (b) Details of the BR head
East, India
No. Particulars Details
1 DIN Number (if applicable) 00823966
SECTION B: Financial Details of The Company (On Consolidated
basis) 2 Name Debashis Chatterjee
3 Designation CEO & Managing Director
1. Paid up Capital (INR): 1,646 million
4 Telephone number 080-67064000
2. Total Turnover (INR): 77,643 million
5 e-mail id DC@mindtree.com
3. Total profit after taxes (INR): 6,309 million

2. Principle-wise (as per NVGs) BR Policy/policies
(a) Details of compliance (Reply in Y/N)
No. Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
1 Do you have a policy/ policies for.... Y Y Y Y Y Y N Y Y
2 Has the policy being formulated in consultation with the relevant stakeholders? Y Y Y Y Y Y Y Y
3 Does the policy conform to any national / international standards? If yes, specify? Y Y Y Y Y Y Y Y
(50 words)
People policies including POSH, non-discrimination, ethics such as whistle blower

policy, anti- slavery policy etc. are as per the national and global norms. Other
policies (e.g. sustainability, CSR, EH&S) have originated internally from our values.
4 Has the policy being approved by the Board? Y Y Y Y Y Y Y Y

Is yes, has it been signed by MD/ owner/ CEO/ appropriate Board Director?
5 Does the company have a specified committee of the Board/ Director/ Official to Y Y Y Y Y Y Y Y
oversee the implementation of the policy?
6 Indicate the link for the policy to be viewed online? Links are provided below this table
7 Has the policy been formally communicated to all relevant internal and external Y Y Y Y Y Y Y Y
stakeholders?
8 Does the company have in-house structure to implement the policy/ policies? Y Y Y Y Y Y Y Y
9 Does the Company have a grievance redressal mechanism related to the policy/ Y Y Y Y Y Y Y Y
policies to address stakeholders’ grievances related to the policy/ policies?
10 Has the company carried out independent audit/ evaluation of the working of this Y Y Y Y Y Y Y Y
policy by an internal or external agency?
Website links to our policies:
Policy 1 : Whistle Blower Policy Also, Reasonable Accommodation policy (internally

https://www.mindtree.com/sites/default/files/2019-12/ published)
mindtree-whistle-blower-policy.pdf
Anti-Slavery and Anti-Human Trafficking Statement Policy 5 : Equal Opportunity policy

https://www.mindtree.com/sites/default/files/2020-04/ https://www.mindtree.com/sites/default/files/2017-12/
modern-slavery-statement-mindtree.pdf Equal%20Opportunity%20Policy%20New.pdf
Integrity Policy
http://www.mindtree.com/code-conduct Policy 6 : Environmental Health & Safety Policy
https://www.mindtree.com/sites/default/files/2018-08/
Policy 2 : Sustainability Policy EHS-Policy-Aug2018_0.pdf
http://www.mindtree.com/sites/default/files/mindtree-
sustainability-policy.pdf Policy 7 : There is no distinct policy on public advocacy. Please refer
Environmental Health & Safety Policy to the details given under Principle 7 of this Report for
https://www.mindtree.com/sites/default/files/2018-08/ details of our advocacy and outreach engagements.
EHS-Policy-Aug2018_0.pdf
Policy 8 : Corporate Social Responsibility Policy
Policy 3 : Equal Opportunity Policy https://www.mindtree.com/about/investors/policies/
https://www.mindtree.com/sites/default/files/2017-12/ policy-corporate-social-responsibility
Equal%20Opportunity%20Policy%20New.pdf
Policy 9 : Code of Conduct

Policy 4 : Equal Opportunity Policy http://www.mindtree.com/code-conduct
https://www.mindtree.com/sites/default/files/2017-12/
Equal%20Opportunity%20Policy%20New.pdf

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
No. Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
1 The company has not understood the Principles

2 The company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3 The company does not have financial or manpower resources available for
the task
4 It is planned to be done within next 6 months
5 It is planned to be done within the next 1 year
6 Any other reason (please specify) 
 There is no distinct policy on public advocacy. Please refer to the details given under Principle 7 of this Report for details of our
advocacy and outreach engagements
3. Governance related to BR incorporated social or environmental concerns, risks and/

(a) Indicate the frequency with which the Board of or opportunities.
Directors, Committee of the Board or CEO to assess the • Being a software solutions Company, our products and
BR performance of the Company. Within 3 months, 3-6 services do not involve ESG risks. Our commitment to
months, Annually, More than 1 year? the precautionary principle keeps us vigilant on our
The CSR Committee has met in the time frame of processes and operations regarding energy, emissions
3-6 months during the FY 2019-20. Three meetings water and waste management, and our CDP report is
were held during the FY 2019-20. a testimony to our efforts. Our Mindtree Foundation
is engaged in numerous community engagement
(b) Does the Company publish a BR or a Sustainability
initiatives. Our CSR platforms are focussed on
Report? What is the hyperlink for viewing this report?
leveraging technology for addressing social and
How frequently it is published?
environmental risks in the larger society and creating
BRR is a part of our annual report . We publish sustainable value over years.
Sustainability report every year.
https://www.mindtree.com/about/sustainability 2. For each such product, provide the following details in
respect of resource use (energy, water, raw material etc.)
per unit of product(optional):
SECTION E: PRINCIPLE-WISE PERFORMANCE
(a) Reduction during sourcing/production/ distribution
Principle 1: Businesses should conduct and govern themselves achieved since the previous year throughout the value
with Ethics, Transparency and Accountability chain?
1. Does the policy relating to ethics, bribery and corruption (b) Reduction during usage by consumers (energy, water)
cover only the company? Yes/ No. Does it extend to the has been achieved since the previous year?
Group/Joint Ventures/ Suppliers/Contractors/NGOs / • Not applicable on product-basis. (However, our
Others? achievements in operational resource conservation
• Mindtree is a strong endorser of ethics and has stringent, and overall climate change risk mitigation efforts
‘zero tolerance’ stance towards lack of integrity. Our are shared in our CDP report and our sustainability
integrity policy is all pervasive, across locations and report.)
units, with our training on integrity covering all our
3. Does the company have procedures in place for sustainable
people and contractors. Our suppliers are bound by
sourcing (including transportation)?
our code of conduct. Our business partners and NGO
partners are aligned to our ethical values. (a) If yes, what percentage of your inputs was sourced
sustainably? Also, provide details thereof, in about 50
2. How many stakeholder complaints have been received words or so.
in the past financial year and what percentage was
• Mindtree is a strong believer in local sourcing
satisfactorily resolved by the management? If so, provide
when it comes to talent and materials. Local
details thereof, in about 50 words or so.
hiring is a norm across Mindtree. Our local hiring
• All the 118 complaints received from shareholders at outside India locations also has increased over
were resolved during the year the years. Procurement of materials from local
• 46 grievances received from employees, 43 were sources is a smart strategy we have been following
resolved, with 3 cases pending redressal. for years, since it reduces time, cost and efforts
in procurement, apart from being responsible to
Principle 2: Businesses should provide goods and services that
the growth of supply base around our locations.
are safe and contribute to sustainability throughout their life
Our sustainability report shares the details of our
cycle
performance on local hiring and sourcing.
1. List up to 3 of your products or services whose design has

4. Has the company taken any steps to procure goods (b) Permanent Women Employees: 81.93%
and services from local & small producers, including (c) Casual/Temporary/Contractual Employees: 13.24%
communities surrounding their place of work?
(d) Employees with Disabilities: 60%
(a) If yes, what steps have been taken to improve their
capacity and capability of local and small vendors? Principle 4: Businesses should respect the interests of, and be
responsive towards all stakeholders, especially those who are
• Minorities and women entrepreneurs do have a
disadvantaged, vulnerable and marginalized.
place of attention in our procurement practice.
They form an important segment of our supply 1. Has the company mapped its internal and external
base. We are in the process of establishing the stakeholders?
capacity enhancement measures for this segment. • Yes
5. Does the company have a mechanism to recycle products 2. Out of the above, has the company identified the
and waste? If yes what is the percentage of recycling of disadvantaged, vulnerable & marginalized stakeholders?
products and waste (separately as <5%, 5-10%, >10%).
• Yes
Also, provide details thereof, in about 50 words or so.
3. Are there any special initiatives taken by the company
• Recycle and reuse principle takes not only systemic
to engage with the disadvantaged, vulnerable and
structures and capacity but also advocacy and
marginalized stakeholders. If so, provide details thereof, in
awareness. Our investments in recycling have gone a
about 50 words or so.
long way in resource conservation, and our recycling
efficiencies have always been high. Our advocacy and • Our CSR endeavours focus attention towards
awareness campaigns have also worked hard towards the disadvantaged, vulnerable and marginalised
decreasing generation of waste in the first place. Our stakeholders. Our Mindtree Foundation spreads its
people have enthusiastically spearheaded waste initiatives across education for the under privileged,
management efforts, details are made available in support for people with disabilities, and empowering
our sustainability report. Also refer to our Integrated the women and youth of the country. Please refer to
Reporting for more details. our website, the Directors’ report of our annual report
and our sustainability report for the details.
Principle 3: Businesses should promote the well-being of all
employees Principle 5: Businesses should respect and promote human
rights
1. Please indicate the Total number of employees: 21,991
1. Does the policy of the company on human rights cover
2. Please indicate the Total number of employees hired on only the company or extend to the Group/Joint Ventures/
temporary/contractual/casual basis: 1,676 Suppliers/Contractors/ NGOs/Others?
3. Please indicate the Number of permanent women • We endorse the importance of human rights at all
employees: 7,124 levels at all times. Mindtree has been envisaged and
designed from the beginning as a humane organisation,
4. Please indicate the Number of permanent employees with
and we insist it reflects in our conduct at all levels. Our
disabilities: 45
operations, functions, people, contractors, supply chain
5. Do you have an employee association that is recognized by partners are all a part of our philosophy on human
management? No. rights.
6. What percentage of your permanent employees is members 2. How many stakeholder complaints have been received in
of this recognized employee association? NA the past financial year and what percent was satisfactorily
resolved by the management?
7. Please indicate the Number of complaints relating to child
• Our stakeholder engagement processes are robust and
labor, forced labor, involuntary labor, and sexual harassment
have strong listening mechanisms. Additionally, all
in the last financial year and pending, as on the end of the
stakeholders have access to the Whistleblower Policy.
financial year.
Refer to point 7 under principle 3 above.
Category No of complaints No of complaints
Principle 6: Business should respect, protect, and make efforts
filed during the pending as on end
to restore the environment
financial year of the financial
year 1. Does the policy related to Principle 6 cover only the
Sexual harassment 5 Nil company or extends to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/others.
There have been no complaints relating to child labor, • Our EHS policy covers all our locations and all our
forced labor, involuntary labor during the year. people- permanent and contractual employees and
Vendors.
8. What percentage of your under mentioned employees
were given safety & skill upgradation training in the last 2. Does the company have strategies/ initiatives to address
year? global environmental issues such as climate change,
(a) Permanent Employees: 76.01% global warming, etc.? Y/N. If yes, please give hyperlink for
webpage etc.
• As a responsible company, Mindtree is committed to friendly practices, and anti-sexual harassment

addressing climate change risks in proactive ways mechanisms form some of the themes our leadership
and modes. We endorse the precautionary principle has taken up for public policy and advocacy. Knowledge
towards global warming and climate change, and take and innovation also form the themes of leadership
up various committed initiatives towards resource engagement, owing to the relevance of these themes
conservation and preservation. Our initiatives for in today’s times and Mindtree’s forte in new age
energy, water conservation and waste recycling have technology and innovation.
seen increasing efficiencies over the years. Our CDP
Principle 8: Businesses should support inclusive growth and
and Sustainability reports detail out our efforts in this
equitable development
direction.
1. Does the company have specified programmes/initiatives/
3. Does the company identify and assess potential
projects in pursuit of the policy related to Principle 8? If
environmental risks? Y/N
yes details thereof.
• Mindtree believes protecting the environment is the • The Directors’ Report-Annexure 6 shares details of our
responsibility of every Mindtree Mind. In addition, social inclusion initiatives. Our sustainability report
individual Function Heads own environmental risk carries a broad picture of our inclusion impacts.
management within their sphere of operations.
Oversight of significant risks identified is provided by 2. Are the programmes/projects undertaken through in-
the Mindtree Enterprise Risk Management (ERM) team. house team/own foundation/external NGO/government
structures/any other organization?
4. Does the company have any project related to Clean
• Our CSR policy that guides our inclusion philosophy
Development Mechanism? If so, provide details thereof,
is operationalized through our inclusion programmes
in about 50 words or so. Also, if yes, whether any
conducted by our Mindtree Foundation. Various
environmental compliance report is filed?
NGOs support the work of the Mindtree Foundation,
• No. Not applicable. lending us their special expertise, local infrastructure
and execution capabilities. External partners form
5. Has the company undertaken any other initiatives on –
an important component in the execution of such
clean technology, energy efficiency, renewable energy,
initiatives.
etc.? Y/N. If yes, please give hyperlink for web page etc.
• Yes, we are committed to clean technology initiatives. 3. Have you done any impact assessment of your initiative?
Please refer to our Directors' Report-Annexure 6 in this • We are connected to the ground level realities of our
report and also in our Sustainability Report. inclusion projects in a direct way, with involvement of
our leaders and management at personal levels, and we
6. Are the Emissions/Waste generated by the company within
constantly assess, monitor and capture feedback both
the permissible limits given by CPCB/SPCB for the financial in formal and informal ways. The effectiveness index
year being reported? which the Mindtree Foundation employs measures the
• Yes, our emissions and waste generated are within the effectiveness of all its programmes. During the year
permissible limits. detailed impact assessment by an external agency
has been carried out. The impact assessment outcome
7. Number of show cause/ legal notices received from CPCB/
results were highly satisfactory.
SPCB which are pending (i.e. not resolved to satisfaction) as
on end of Financial Year. 4. What is your company’s direct contribution to community
• Nil development projects- Amount in INR and the details of the
projects undertaken?
Principle 7: Businesses, when engaged in influencing public and
• Please refer to Annexure 6, Directors’ Report.
regulatory policy, should do so in a responsible manner
5. Have you taken steps to ensure that this community
1. Is your company a member of any trade and chamber or
development initiative is successfully adopted by the
association? If Yes, Name only those major ones that your
community? Please explain in 50 words, or so.
business deals with:
• Our inclusion initiatives are conceived as sustainable
(a) CII projects, with a long term view in mind. Neither
(b) NASSCOM sporadic in our contributions, nor adhoc in our
compassion, we are believers in transformation of the
(c) ASSOCHAM
long term kind, and hence plan our interventions in
2. Have you advocated/lobbied through above associations an integrated manner, often linking out themes with
for the advancement or improvement of public good? Yes/ one another. Our direct connect with beneficiaries at
No; if yes specify the broad areas ( drop box: Governance and the grass root, and our integrated approach has not
Administration, Economic Reforms, Inclusive Development only ensured sustained impacts for the beneficiaries
Policies, Energy security, Water, Food Security, Sustainable but has also won their hearts to make them and their
Business Principles, Others) families participate in the efforts towards change. Thus,
our social change projects become sustainable from
• Inclusive development policies, sustainable business
the beneficiaries’ end as well.
principles, workplace engagement, diversity, women-
Principle 9: Businesses should engage with and provide value to 4. Did your company carry out any consumer survey/
their customers and consumers in a responsible manner consumer satisfaction trends?
1. What percentage of customer complaints/consumer cases • Customer Satisfaction is the primary Business Objective
are pending as on the end of financial year. of Mindtree. To ensure completeness of understanding
customer’s experience of our services, Mindtree has
• Nil
two levels of feedback surveys – Customer Experience
2. Does the company display product information on the Survey (CES) and Project Feedback Survey (PFS) .The
product label, over and above what is mandated as per annual Customer Experience Survey (CES) aims at
local laws? Yes/No/N.A. / Remarks(additional information) understanding customer’s perception at account
• Not applicable, as Mindtree is a software services management and engagement practices administering
Company. CES to our customer organizations’ CXO and Senior-
level contacts. The quarterly Project Feedback Survey
3. Is there any case filed by any stakeholder against the (PFS) aims at understanding customer’s satisfaction
company regarding unfair trade practices, irresponsible with Mindtree project execution and delivery practices.
advertising and/or anti-competitive behaviour during the We administer PFS to our customer organizations’ Mid-
last five years and pending as on end of financial year. If so, level contacts who have day-to-day interaction with our
provide details thereof, in about 50 words or so. project teams. The project and account teams analyze
• Nil the results from the surveys and take appropriate
actions to improve the feedback

Directors’ Report
DIRECTORS’ REPORT
Dear Shareholders,
Your Directors have pleasure in presenting Twenty First Board’s Report on the business and operations of the Company (“Mindtree Limited")
or (“Mindtree” or “Company”), together with the audited standalone and consolidated financial statements for the year ended March 31,
2020.
Financial Performance ` in million

For the year ended March 31
Particulars
2020 2019 2020 2019
Consolidated Standalone
Revenue from operations 77,643 70,215 77,643 70,215
Other income 756 893 756 893
Total revenues 78,399 71,108 78,399 71,108
Employee benefits expense 50,647 44,212 50,647 44,211
Finance costs 529 29 529 29
Depreciation and amortization expense 2,754 1,641 2,754 1,641
Other expenses 16,181 15,358 16,182 15,360
Total expenses 70,111 61,240 70,112 61,241
Profit before tax 8,288 9,868 8,287 9,867
Tax expense 1,979 2,327 1,979 2,327
Profit for the year 6,309 7,541 6,308 7,540
Company Performance Acquisition of shares by Larsen and Toubro Limited (L&T)

On a consolidated basis, revenue for the year was ` 77,643 million L&T had acquired 98,779,179 equity shares (Comprising of (i)
signifying growth of 10.6% in Rupee terms. The growth in revenue 32,760,229 (ii) 14,693,579 and (iii) 51,325,371 equity shares
is attributable towards growth across all verticals, predominantly pursuant to the Share Purchase Agreement, Purchase Orders and
Hi-Tech. PAT for the year was ` 6,309 million. Since the difference the Open Offer respectively) during the year. On July 2, 2019, L&T
between the standalone and consolidated results being insignificant, became the Promoter and the holding Company of your Company
the commentary provided for explaining the company’s consolidated and Mindtree is now a part of the larger L&T Group. Further, L&T
performance applies to companies’ standalone performance also. For purchased 1,748,555 shares in the open market and the holding of
more details, please refer to the "Financial Review" section provided L&T stood at 100,527,734 equity shares of ` 10/- each amounting
in Management Discussion and Analysis Report, which is a part of
to 61.08% of the total shareholding of the Company on March 31,
this Annual Report.
2020.
Update on COVID 19 impact and our initiatives
Share Capital
During the current COVID 19 pandemic situation, leadership team
During the year, your Company allotted 360,025 equity shares of
at Mindtree and all employees (“Mindtree Minds”) have done a
` 10/- each, to Mindtree Minds under Mindtree Employee Restricted
commendable job in navigating through the crisis. We were among
Stock Purchase Plan 2012 (ESPS/ERSP 2012). With the said
the first few companies to make a quick transition to work from home
allotment, the paid-up equity share capital has increased from
model for almost all Mindtree Minds. Our pro-activeness in setting up
a crisis management team operating in Hub-and-Spoke model, robust ` 1,642,140,410/- as on March 31, 2019 to ` 1,645,740,660/- as on
business continuity processes, and infrastructure at Mindtree ensured March 31, 2020.
uninterrupted services to our customers while maintaining health People Strategy
and safety of Mindtree Minds. We have received multiple customer
accolades for the smooth and seamless business continuity. This is However, cliché it may sound, Mindtree believes that people are not
reinforced in our quarterly project feedback survey where we have only its greatest asset but also the biggest competitive advantage. In
achieved higher overall score than the last quarter. Our customers Mindtree an employee is not a number or resource or an associate
were delighted with the way Mindtree teams managed the current – but a Mindtree Mind who makes a difference to the Customers,
pandemic situation to ensure business continuity keeping health and Community and Company. The function is called the “People
safety of Mindtree Minds as well as customers. Function” contrast to the industry practice of calling it the Human
Considering well-being of Mindtree Minds, we launched various Resources function.
initiatives to connect with them such as creation of Tech and Fun Every Mindtree Mind is special and so we, at People Function, craft
communities and forums where people can seek counsel to their the best People initiatives to keep them happy & motivated. Some
stress, anxieties and fears. Giving back to society has been in the of them include:
DNA of Mindtree. In these trying times, Mindtree donated ` 20 Crores
to PM-CARES fund for fighting COVID-19 pandemic. I. Diversity & Inclusion
We constantly focus on creating an environment that promotes
Any other material changes and commitments a sense of belonging for everyone. Our focus on Diversity and
No material changes and commitments affecting the financial Inclusion remains strong, guided by our charter EDGES which focuses
position of the Company occurred between April 1, 2020 and the on Ethnicity, Disability, Gender and Sexual Orientation. In FY20, we
date of signing this report. achieved industry leading diversity ratio of 32% and we target to
Directors’ Report
increase it to 35% in next two years. Our women centric leadership V. Mindtree Kalinga
programs – Exuberance and MiFootprints continue to grow and cover The Global Learning Centre in Mindtree Kalinga was designed to create
more Lady Minds throughout the organization. We conducted various Engineers of tomorrow. “Culture and values cannot be taught” is a
recruitment drives to increase our gender ratio and attract women in general consensus among people. They happen through inspiration.
Technology. In March 2020, Mindtree was recognized in the Business At Kalinga, we took a little stretched position saying "nothing can be
World HR Excellence Awards for Excellence in Diversity & Inclusion. taught". Here we on board and train new campus recruits through
II. Culture Application our 90-day on-boarding program – Orchard. Since the inception of
this program in 2015, over 6,328 Mindtree Minds have undergone
Our culture stories are evergreen and full of life. At Mindtree, we are
the program and have successfully worked in customer projects on
Expertise-led and Culture-backed. We proudly display our culture
new and emerging technologies. We launched the ‘Orchard Refresh’
through written and video stories on our Culture Application- https://
initiative to reduce the number of training days from 90 days to 75
culture.mindtree.com/. We have over 300 wonderful stories by
days by conducting some of the basic programming skill sessions
Mindtree Minds that define what Mindtree Culture is all about. The
while the prospect joiners are waiting to join. The modified Orchard
app can be used by anyone across the globe to view the stories and
program would be piloted from our next batch of joiners.
they can also submit their own.
Simply put, Culture is what Mindtree Minds engage in when no one VI. Campus Hiring
is looking. At Mindtree, we are proud of our Culture and take pride in Our campus hiring strategy has continued to evolve over the years.
being Expertise-Led and Culture-Backed. During the year, we also ran We hire the best talent by launching a community effort which
a Culture Photo Contest, for which our Mindtree Minds submitted over begins with the right marketing and branding geared to attract the
90 entries show-casing Mindtree and Mindtree Culture. Currently, we right talent. In FY20, we conducted four calibration workshops for all
are in the process of collecting & publishing 20 lockdown stories our Technical Panels steered by our C2 team. This included what and
which would be collected from the teams across the globe who went how to evaluate, FAQs that talent could ask and also live interviews
beyond the call of duty to ensure business continuity during COVID that they observed and documented as part of their calibration and
– 19 situations. certification to interview. Our women diversity through campus
improved from 45% (YoY) in FY19 to 47% (YoY) in FY20.
III. Arboretum
With travel coming to a halt due to COVID-19 Advisories on March
Our on boarding program for new Mindtree Minds has seen a
1, 2020, the Campus team started the process of ‘digital hiring’ via
transformation this year. The focus has been on ensuring new
online platform using MS Teams & Sharepoint environment. Over
Mindtree Minds feel welcomed and are given the right information
1,000 interviews were conducted virtually in March alone and 100+
at the right time, from the moment they accept the offer till they join
offers were made. It has also led to greater participation from women
Mindtree & thereafter. Arboretum turned fully digital aligning to the
interview panels because of remote presence.
COVID – 19 situations. Digital Arboretum has earned huge accolades
from all new joiners around the globe. New Joiners were awestruck Currently, we are in the process of making significant changes to
by getting laptops & joining hampers delivered at their respective the entire Campus hiring strategy which includes, selection of right
homes on the day of joining, leaders taking sessions explaining our colleges, campus engagement, choosing right partners for evaluation,
Culture & way of working and collaborative effort to address all their enhance employer value proposition & changes to compensation &
possible issues and ensuring a feeling of the right decision to join benefits to attract better Mindtree Minds from better colleges & pre-
Mindtree. learning before joining.
IV. Yorbit VII. Leadership Development and Succession Planning
Our home grown, cloud-based learning platform – Yorbit – has We formalized our leadership development program christened as
been growing in size and consumption! Yorbit now has over 2,400 “Proteas” with an endeavour to identify the leadership competency
courses that cover 900 + skills. More than 87,000 courses have been stack needed to deliver on our strategy, soft-link it to the relevant
completed on Yorbit in the current year, and over 291,000 courses aspects of the group’s leadership development framework, identify
since Yorbit’s inception in 2016. Over 2.3 million hours have been key leaders performing critical roles, get them externally assessed
spent in learning on Yorbit since its inception. This year, Yorbit began by a professional organization on the chosen competencies, create
offering personalized course recommendations, which it generates individual IDPs, start the customized individual developmental
from a complex algorithm that considers multiple factors to give journey & conduct succession planning. We have finalized leadership
Mindtree Minds relevant recommendations. During this year, we competencies, created Talent Board to go through leadership profiles,
also added the next wave of disruptive technologies such as AI, their performance, assessment scores, strategic need, aspiration of
automation, IOT, and Blockchain. Mindtree has partnered with the leaders, review the progress of individual developmental journey
best learning partners, such as Coursera and Pluralsight, to deliver & come up with succession plan and career mobility to increase
world-class programs for our employees. retention and enhance the productivity. So far, 15 key leaders have
completed their external assessments, two leaders were chosen
“Osmosis”, our annual tech-fest, was a huge success last year with
to be mentored by our Non-Executive Chairman and the CEO &
a great level of participation from the technical community within
Managing Director of the group. Currently, we are in the process of
and outside Mindtree. A highlight was Mindtree winning the CII MIKE
designing the 360 degree feedback, creating individual IDPs, create
Awards for the ‘most innovative knowledge enterprise’. The “Recruit
customized development plan and conduct effective succession
to Reskills 301” program where Java/DotNet professionals are
planning.
being transformed to Digital experts have been experienced by 130
Mindtree Minds thus far. In March 2020, Mindtree was recognized in VIII. Rewards and Recognition
the Business World HR Excellence Awards for Excellence in Learning We refreshed our overall reward & recognition program to convert
Technology. it from an ‘Individual’ centric program to a more comprehensive
Directors’ Report
one having the facets of celebrating individuals’ as well as teams’ Minds. People Shared Services has rolled out 103 bots for internal
excellence, rewarding the key contributions which help execute on processes as part of its Robotic Process Automation (RPA) initiatives.
our strategy & goals, rewarding at the right intervals (Spotlight: real- Last year we also started performing employment checks digitally
time, Crest: quarterly & Pinnacle: Yearly). The new R&R framework for our new hires.
was rolled out in end of Q3’ FY20 and as part of our quarterly Crest As a result of such automation initiatives, cost of operations in
award, 44 Mindtree Minds & 19 Teams were chosen as the winners. running internal processes has been decreasing on a yearly basis for
Currently, we are in the process of launching our Annual Award the last 4 years. The speed at which the services are being delivered
(Pinnacle) in the beginning of Q2’ FY21. has been increasing as well. The automation has also facilitated
IX. Performance, Retention and Talent Management higher customer satisfaction scores from Mindtree Minds. Better
career opportunities for the staff is another intangible benefit as
Mindtree’s performance philosophy aims to bring out the best in
mundane non-intelligent tasks are offloaded from our people.
Mindtree Minds through continuous evaluation and developmental
feedback. Mindtree’s performance management system and process XII. Headcount
are focused on creating empowered and motivated talent pool. Our The total number of Mindtree Minds including subsidiaries as on
bi- annual performance review focuses on role-based goal settings March 31, 2020 was 21,991 as against 20,204 as on March 31, 2019.
led by managers, feedback process co-owned by Mindtree Minds
and their managers and development plan for future prospects for Awards and Recognitions
oneself led by Mindtree Minds. 360-degree feedback process for During the year under review, your Company received the following
Mindtree Minds in middle and senior management roles enables us awards and recognitions:
to ascertain their leadership competencies. “Ozone” our internal job • Recognized as Rising Star for Cloud Transformation/
portal has delivered excellent value to Mindtree Minds in finding Operation Services & XaaS by ISG in its Quadrant Report (US
right role for their talent. Focused approach to hiring, assimilation, and Global)
evaluation, recognition through awards, differentiated compensation
• Recognized as Leader for Next-Gen Application Development
and growth opportunities linked to performance are helping in
& Maintenance Services in ISG Quadrant Report (Global, US,
attracting and retaining high calibre Mindtree Minds.
Australia, UK)
In the recent past, policies like flexible holiday calendar which allows • Recognized as Rising Star in the ISG Provider Lens™ Report
people to choose their holidays from a list, gift a leave policy which on SIAM/ITSM for Service Operation and Delivery (US)
allows people to gift leaves to a colleague who may be in need,
• Placed on The Best of The Global Outsourcing 100® list by
different country specific benefits have been introduced.
the International Association of Outsourcing Professionals
X. Compensation & Benefits (IAOP)
Mindtree’s rewards and benefits programs are designed to • Positioned in the Leadership Zone in Overall Digital
differentially recognize Mindtree Mind’s performance, expertise and Services and across Six Categories in the Zinnov Zones for
potential to attain business goals while remaining competitive and Digital Services 2019 Report - Application and Platform
equitable. Our investments are focused to attract & retain talent for Development, UI/ UX & Customer Experience Management,
in-demand niche skills, campus talent, establish gender pay parity & Legacy Modernization, Deployment & integration, Data
compliance with trending employee, employer regulations. Analytics & AI, Infra & Managed Services
We have created a business aligned variable compensation structure • Recognized as an Innovator in Avasant’s Applied Intelligence
for Mindtree Minds in sales, middle & senior management roles to and Advanced Analytics Services RadarView™ Report
foster desired behaviours & outcomes such as profitable growth, • The ISG Provider Lens™ Report on Salesforce Ecosystem
revenue, annuity business, strategic deals, delivery excellence, names Magnet 360, Mindtree’s Salesforce practice as
customer satisfaction & collaboration. We research & review market Rising Star (Germany) for providing Professional Services
insights & technology advancement in total rewards area to support for Salesforce Sales and Service Cloud and Leader (US) for
our broader talent strategy continuously. providing Professional Services for Salesforce Sales and
XI. Seamless Integration of enabling processes Service Cloud
• Awarded "Outstanding IT Service Supplier 2018" by the
“Born digital”, Mindtree takes an agile, collaborative approach in
creating customized solutions across the digital value chain not Lufthansa Group
just for its valued customers, but also for Mindtree Minds. People • The 2019 ISG Provider Lens™ Report on IoT –
Shared Services (PSS) was created to perform such tasks and it is a Transformational Services and Solution Partners recognized
constantly evolving team that incorporates the latest technologies Mindtree as Rising Star (Global) for Transformational IoT -
to achieve excellence in the different areas that it encompasses. Consulting and Services, Rising Star (US) for Transformational
Automation in PSS has been a key focus area. PSS has “digitized” IoT - Consulting and Services and Rising Star (US) for IoT
the operations across several processes that results in smiles for Services – Connected Cars
the Mindtree Minds, managers, processors, controllers and multiple • Mindtree's Case Studies on the Digital Transformation
stakeholders. People Shared Services uses multiple systems work done at the Lufthansa Group and a Global CPG
developed in-house and acquired from vendors to deliver services Company Featured in ISG's "Digital Excellence: 25 Winning
globally to Mindtree Minds. Mindtree is one of the earliest companies Partnerships", an E-book Profiling the Best Examples of
in the world and first in India to report number of bots that exists Digital Transformation Success
along with its headcount as part of our quarterly results. Mindtree is • The ISG Provider Lens™ Report on SAP HANA and Leonardo
one of the earliest companies in the world to roll out an enterprise- Ecosystem Partners recognized Mindtree as Rising Star
wide multi-functional Chatbot called “MACI” developed in-house (Global), Leader (UK) and Leader (Nordics)
that has already answered more than 2 lakh queries from Mindtree
Directors’ Report
• ISG Provider Lens™ Archetype Report on Managed Services The dividend payout amount for the current year inclusive of tax on
Archetype (Mid-sized focus) recognized Mindtree as Leader dividend will be ` 5,947 million as compared to ` 2,183 million in
for Private/Hybrid Cloud – Data Center Services & Solutions the previous year.
• Mindtree named Overall Winner of the 2019 ISG Star of
Dividend Distribution Policy
Excellence Awards™️ for Core Technology Services
• Named Rising Star in The ISG Provider Lens™ Public Cloud Your Company has formulated Dividend Distribution Policy in
– Solutions & Service Partners 2019 Quadrant Report for accordance with Regulation 43A of the SEBI (Listing Obligations and
Public Cloud Transformation Services, and Managed Public Disclosure Requirements) Regulations, 2015 and any amendments
Cloud Transformation Services thereto (“hereinafter referred to as LODR Regulations”) for bringing
• Mindtree wins at the 2019 Paragon Awards™ in the transparency in the matter of declaration of dividend and to protect
Excellence Category for Outstanding Service Delivery for a the interest of investors. During the year, your Company has amended
Global Airline the Dividend Distribution Policy and the same is available on the
• Named Leader (Global, US) in The ISG Provider Lens™ Report website of the Company: https://www.mindtree.com/dividend-policy
on Next-gen Application Development & Maintenance Your Company intends to maintain similar or better levels of dividend
(ADM) - ADM Services, Agile Development and Continuous payout in future. However, the actual dividend payout in each year
Testing will be based on the profits and investment opportunities of the
• Recognized as an Innovator in Avasant’s Intelligent Company.
Automation Services RadarView™ Report 2019 – 2020
Deposits
• The ISG Provider Lens™ Report on Digital Business –
Solutions and Service Partners names Mindtree as Leader Your Company had no opening balances of Deposits. Further, your
(US) for Digital Backbone Managed Services and Digital Company has not accepted any Deposits during the financial year
Product Lifecycle Services - Midmarket 2019-20 and as such, no principal or interest were outstanding as
on March 31, 2020 as per the provisions of the Companies Act, 2013
Branding
(hereinafter referred to as "Act") and the Rules framed thereunder.
Mindtree, as a brand, reflects our identity, values and beliefs.
Mindtree has grown by leaps and bounds in the last 20+ years. We Liquidity
now punch above our weight, competing with much larger companies Your Company maintains sufficient cash to meet its operations
and widely known brands. But we’re just getting started. Greater and strategic objectives. Cash and investments (net of short-term
growth and success is ahead of us, and our brand is instrumental in borrowings) have increased from ` 9,375 million as on March 31,
getting us there. 2019 to ` 12,794 million as on March 31, 2020. The balance funds
Unrivaled expertise, empathetic partner and agility at scale are key have been invested in deposits with banks, highly rated financial
qualitative characteristics of Mindtree that enable us to deliver on institutions and debt schemes of mutual funds.
our positioning statement and establish the overall behavior of our Business Responsibility Report
brand. Mindtree’s brand voice actively promotes brightness and
Your Company has embedded in its core business philosophy, the
confidence and stands for our forward thinking approach, confidence,
vision of societal welfare and environmental protection. Responsible
strength and passion. These themes are custom stitched across all
business characterizes its policies, practices and operations. As a
the collaterals, inspired by our fresh design thinking.
believer in the principle of transparency, Mindtree publishes its
The elevation of brand aesthetics for Mindtree is a continuous process Business Responsibility Report, as a part of its annual report, in
with the right mix of Public Relations, Social Media, Advertisement accordance with the LODR Regulations and the National Voluntary
and Digital Marketing. The year has witnessed the execution of ‘Make Guidelines of the Government of India. The Business Responsibility
AI pervasive’, our AI strategy which is driving our leadership in the Report is also available on the Company’s website: www.mindtree.
digital era and reinforcing the need for re-imagination approach for com/investors.
business opportunities. Our website reflects the digital in our DNA,
and has been instrumental in lead generation, driving sales and is Subsidiaries
optimized across digital devices. Our social media strategy echoes Your Company has two subsidiaries as on March 31, 2020. During
Mindtree’s values, and is ably supported by focused advertisement the year, Bluefin Solutions Limited, UK, Bluefin Solutions Pte Ltd,
campaigns. Singapore and Bluefin Solutions Inc. USA, (the wholly owned
subsidiaries of erstwhile Subsidiary, Bluefin Solutions Limited, UK)
Dividend
were liquidated.
The details of Dividend declared/recommended for the FY 2019-20
In accordance with Section 129 (3) of the Act, a separate statement
were as follows:
containing salient features of the financial statement of the
(i) The Board of Directors at its meeting on October 16, 2019, subsidiaries of the Company in Form AOC-1 is given in Annexure 1.
declared an interim dividend of ` 3/- per equity share of
In accordance with Section 136 of the Act, the annual report of
face value of ` 10/- each. The above dividend was paid to
your Company containing inter alia, financial statements including
the Shareholders on October 31, 2019;
consolidated financial statements, has been placed on our website:
(ii) Further, the Board at its meeting on April 24, 2020 have also
https://www.mindtree.com/about-us/investors. Further, the financial
recommended, a final dividend of ` 10/- per equity share of
statements of the subsidiaries have also been placed on our website:
face value of ` 10/- each for the financial year ended March
https://www.mindtree.com/about-us/investors.
31, 2020, which are payable on obtaining the Shareholders’
approval at the Twenty First Annual General Meeting. The Investor Relations
final dividend, if approved, will be paid on or before July 31, Your Company has an effective Investor Relations Program through
2020.
Directors’ Report
which the Company continuously interacts with the investment 6. The financial statements have been audited by M/s. Deloitte
community across various channels such as Periodic Earnings Haskins & Sells, Chartered Accountants, the Company’s
Calls, Annual Investor / Analyst Day, Individual Meetings, Video- Auditors.
Conferences, Participation in One on One interactions and group 7. The Audit Committee meets periodically with the Internal
meetings through Non-Deal Roadshows. Your Company ensures Auditors and the Statutory Auditors to review the manner
that critical information about the Company is available to all the in which the Auditors are discharging their responsibilities
investors by uploading all such information at the Company’s website and to discuss audit, internal control and financial reporting
under the Investors section. Your Company also sends regular email issues.
updates to analysts and investors on upcoming events like earnings 8. To ensure complete independence, the Statutory Auditors
calls, declaration of quarterly and annual earnings with financial and the Internal Auditors have full and free access to the
statements. Members of the Audit Committee to discuss any matter of
Infrastructure substance.
Your company currently uses 2,474,340 square feet of space Directors and Key Managerial Personnel (KMP)
consisting of 18,705 seats spread across various locations across The Board of Directors of your company comprised of eleven
India apart from Mindtree Kalinga – Training and residential facility Directors, viz., Non-Executive Chairman, an Executive Director, three
for 500 campus minds measuring about 302,000 square feet. Non-Executive Directors and six Independent Directors including
Residential facility of about 240 beds (75,000 square feet) is two Women Directors as on March 31, 2020. As per the Articles of
currently under construction at Mindtree-Kalinga, Bhubaneswar. This Association of the Company, one third of the Directors are liable to
facility is expected to be ready for occupation by October 2020. This retire by rotation at the Annual General Meeting of the Company,
will help to meet increased training requirement. every year. Mr. Jayant Damodar Patil (DIN 01252184) retires by
Your Company has offices at multiple locations in USA, Europe, APAC rotation and being eligible, offers himself for re-appointment at the
and Middle east regions consisting of about 2,407 seats all together. ensuing Twenty First Annual General Meeting.
Your Company has sufficient capacity to meet its growth needs over The following were the changes to the Board and KMP during
short and medium terms. Your Company has prioritized adopting the year:
sustainable best practices in accordance with LEED green building Mr. Jayant Damodar Patil, Mr. Sekharipuram Narayanan Subrahmanyan
design for creating & maintaining workplace infrastructure projects. (Mr. S N Subrahmanyan), Mr. Ramamurthi Shankar Raman (Mr. R Shankar
Raman) were appointed as Non-Executive Directors with effect from
Directors' Responsibility Statement
July 16, 2019. Further Mr. S N Subrahmanyan, Non-Executive Director
Your Company’s Directors make the following statement in terms was appointed as Vice Chairman with effect from August 2, 2019.
of sub-section (5) of Section 134 of the Act, which is to the best of Mr. Prasanna Rangacharya Mysore (Mr. M R Prasanna), Ms. Deepa
their knowledge and belief and according to the information and Gopalan Wadhwa were appointed as Independent Directors with effect
explanations obtained by them: from July 16, 2019. Mr. Anilkumar Manibhai Naik (Mr. A M Naik) was
1. The financial statements have been prepared in conformity appointed as Non-Executive Chairman with effect from July 18, 2019.
with Indian Accounting Standards (Ind As) and requirements Mr. Debashis Chatterjee was appointed as CEO and Managing
of the Act and that of guidelines issued by SEBI, to the extent Director with effect from August 2, 2019.
applicable to Company; on the historical cost convention Mr. Subroto Bagchi, Non-Executive Director retired on July 16, 2019.
except financial instruments which are measured at Fair Mr. Krishnakumar Natarajan, Mr. N S Parthasarathy and Mr. Rostow
Value; as a going concern and on the accrual basis. There Ravanan resigned as Directors on July 17, 2019. Mr. Rostow Ravanan
are no material departures in the adoption of the applicable resigned as CEO on July 31, 2019.
Accounting Standards.
Mr. Pradip Kumar Menon resigned as Chief Financial Officer on
2. The Board of Directors have selected such accounting November 15, 2019. Mr. Senthil Kumar was appointed as Chief
policies and applied them consistently and made judgments Financial Officer with effect from March 11, 2020.
and estimates that are reasonable and prudent so as to give
Further, Mr. Milind Sarwate, Independent Director of the Company
a true and fair view of the state of affairs of the Company
has resigned on April 24, 2020.
at the end of the financial year and of the profit of the
Company for that period. Pursuant to Rule 8(5)(iii)(a) of the Companies (Accounts) Rules,
3. The Board of Directors have taken proper and sufficient 2014, in the opinion of the Board, the Independent Directors
care for the maintenance of adequate accounting records in appointed during the year are competent, experienced (including
accordance with the provisions of the Act for safeguarding the proficiency) and are the persons of expertise, positive attribute,
the assets of the Company and for preventing and detecting standards of integrity, ethical behaviour, and independent judgement.
fraud and other irregularities. Criteria for the appointment of Directors
4. The Board of Directors have laid down internal financial The Nomination and Remuneration Committee (NRC) is responsible
controls to be followed by the Company and that such for developing competency requirements for the Board based on
internal financial controls are adequate and were operating Industry and Strategy of the Company. The Board composition
effectively. analysis reflects in depth understanding of the Company’s
5. The Board of Directors have devised proper systems to strategies, environment, operations, financial conditions, compliance
ensure compliance with the provisions of all applicable requirements, etc.
laws and that such systems were adequate and operating In terms of provisions of the Act and LODR Regulations, NRC has
effectively. identified list of core skills, expertise and competencies required

Directors’ Report
for a person to possess in order to be selected as a Board member. roles and functions of the Board, relationship with the management,
The NRC also focuses on the qualification and competence of the engagement with the Board and external stakeholders and
person, professional experience, the positive attributes, standards effectiveness of Board’s decisions.
of integrity, ethical behaviour, and independent judgement of the The performance of the Committees was evaluated after seeking the
person in selecting a new Board member. inputs of Committee members on the criteria such as understanding
The Committee satisfies itself with regard to the criteria for the terms of reference, Committee Composition, Independence,
independence of the Directors as required under the applicable updating the Board on the committee decisions, comprehensiveness
statutes in order to enable the Board to discharge its functions in the discussion of issues and contributions to Board decisions,etc.
and duties effectively. The details of core skills, expertise and The performance of the individual Directors was evaluated after
competencies identified by NRC are provided in detail in the seeking inputs from all the Directors other than the one who is
Corporate Governance Report. being evaluated. The evaluation was based on the criteria such as
In case of re-appointment of Non-Executive and Independent Director’s Commitment, knowledge and understanding of the role,
Directors, the NRC and the Board takes into consideration the Company’s vision and mission, market potential, qualification, skill
performance of the Director based on the Board evaluation and his/ and experience, openness in communication, etc.
her engagement level during their previous tenure. The performance of the Board Chairman was evaluated after seeking
Nomination and Remuneration Policy the inputs from all the Directors other than the Board Chairman
on the basis of the criteria such as Chairman’s role, accountability
The Company’s remuneration Policy is market-driven and aims at
and responsibilities, promotion of effective relationship and open
attracting and retaining high performance talent. Mindtree follows
communication, positive and appropriate working relationship with
a compensation mix of fixed pay, benefits and performance based
CEO, commitment, etc.
variable pay, which is paid based on the business performance
and goals of the different business units/ overall company. The The evaluation report contains an executive summary of findings and
remuneration / compensation / commission etc. to the Directors are key recommendations from the evaluation process.
determined by the Nomination and Remuneration Committee and Number of meetings of the Board
recommended to the Board for its approval. The above remuneration
The Board of Directors of the Company met nine times during the
/ compensation / commission etc. shall be subject to the approval of
year. The details of Board Meetings are provided in the Corporate
the shareholders of the Company, wherever required.
Governance Report. The gap intervening between two meetings of
The Nomination and Remuneration Policy has been updated on the the board was within the time prescribed under the Act and LODR
website of the Company at: www.mindtree.com\investors. Regulations.
Details of remuneration to Directors Committees
The information relating to Remuneration paid to Directors as The following are the details of the Committees during the Financial
required under Section 197(12) of the Act, is given in Annexure 3. Year 2019-20:
Declaration of Independence by Independent Directors 1 Audit Committee;
The Company has received necessary declaration from the 2 Nomination and Remuneration Committee;
Independent Directors as required under Section 149(7) of the Act 3 Stakeholders’ Relationship Committee;
and LODR Regulations confirming that they meet the criteria of 4 Corporate Social Responsibility Committee;
independence as laid down in Section 149(6) of the Act and that of 5 Risk Management Committee;
LODR Regulations.
6. Foreign Exchange Hedging Committee;
Independent Directors’ Meeting 7 Administrative Committee (dissolved and ceased to operate
Independent Directors met four times during the financial year with effect from July 18, 2019) and
2019-20. These meetings were held on April 18, 2019, July 17, 8 Management Committee
2019, October 16, 2019 and January 14, 2020. In the said meetings, The composition of each of the above Committees, their respective
the Independent Directors reviewed the matters as required under roles and responsibilities are provided in detail in the Corporate
the LODR Regulations and that of Act. Action items, if any, were Governance Report.
communicated to the Executive management and tracked to closure
Vigil Mechanism / Whistle Blower Policy
to the satisfaction of Independent Directors.
The Company has a Whistle Blower Policy and has established the
Board Evaluation necessary vigil Mechanism in accordance with the Act and LODR
The NRC and the Board of Directors have appointed an external Regulations. The Company’s vigil mechanism /Whistle blower Policy
Independent Agency to carry out the evaluation of the (i) performance aims to provide the appropriate platform and protection for Whistle
of the Board as a whole (ii) functioning of the Committees of the blowers to report instances of any actual or suspected incidents
Board (iii) individual Directors and (iv) the Chairman of the Board, of unethical practices, violation of applicable laws and regulations
in accordance with the applicable provisions of the Act and LODR including the Integrity Code, Code of Conduct for Prevention of
Regulations. Detailed questionnaires were sent out to the Board Insider Trading, Code of Fair Practices and Disclosure. All employees
members. The criteria for the evaluation were broadly based on the and Directors have access to the Chairperson of the Audit Committee.
SEBI’s Guidance Note on Board Evaluation. Mindtree investigates such complaints speedily, confidentially and
The performance of the Board was evaluated on the basis of various in an impartial manner and take appropriate action to ensure that
criteria such as composition of the Board, functioning of the Board, the requisite standards of professional and ethical conduct are
information flow to the Board and its dynamism, strategic issues, always maintained. The details of the Whistle Blower Policy and the

Directors’ Report
Committee which oversee the compliance are explained in detail in 2021 respectively. In view of this, the Members of the Company, who
the Corporate Governance Report. have not yet encashed their dividend warrant(s) or those who have
not claimed their dividend amounts, may write to the Company/
Code of Conduct for Prevention of Insider Trading in Mindtree
Company’s Registrar and Share Transfer Agent, Link Intime India
Securities
Private Limited.
Mindtree has amended Code of Conduct for Prevention of Insider
Trading in Mindtree Securities (“PIT Code”) in accordance with Transfer of Shares in favour of Investor Education and Protection
Securities and Exchange Board of India (Prohibition of Insider Trading) Fund (IEPF) Authority
(Amendment) Regulations, 2018 during the year. The amended PIT Pursuant to the provisions of the Act, read with the Investor Education
Code is uploaded on the website of the Company. The objective of and Protection Fund Authority Rules, the shares on which dividends
the PIT Code is to protect the interest of shareholders at large, to have not been claimed for 7 consecutive years have been transferred
prevent misuse of any unpublished price sensitive information and in favour of IEPF Authority. As on date, the company had transferred
to prevent any insider trading activity by dealing in shares of the 18,040 equity shares in favour of IEPF Authority.
Company by its Designated Persons and their immediate relatives.
Particulars of Employees
Mr. Pradip Kumar Menon acted as the Compliance Officer under
the PIT Code until November 15, 2019. Ms. Vedavalli S, Company Information as required under the provisions of Section 197 of
Secretary is appointed as the Compliance Officer under the PIT Code the Act, Rules 5(2) & 5(3) of the Companies (Appointment and
with effect from November 16, 2019. Remuneration of Managerial Personnel) Rules, 2014, are set out
in Annexure 3 to the Directors’ Report. There were no employees
Related Party Transactions who were employed throughout the financial year or part thereof,
All related party transactions were entered into with the prior approval who were in receipt of remuneration in excess of that drawn by the
of the Audit Committee. During the financial year 2019-20, all the Managing Director or Executive Director and by himself/herself or
transactions with related parties were entered into at arm’s length along with his/her spouse and dependent children, held more than
and in the ordinary course of business and none of such related party two percent of the equity shares of the company. As per the proviso
transactions required the approval of the Board of Directors or the to Rule 5(3) of the Companies (Appointment and Remuneration of
Shareholders as per the Act or LODR Regulations. Further, there were Managerial Personnel) Rules, 2014, the particulars of employees
no materially significant related party transactions that may have posted and working outside India not being Directors or their
potential conflict of interests of the Company at large. relatives, drawing the salary in excess of the prescribed limits
During the year, your company has amended the policy for under the above Rules need not be included in the statement but,
determining material related party transactions. The Policy is such particulars shall be furnished to the Registrar of Companies.
uploaded on the Company’s website and can be accessed at http:// Accordingly, the statement included in this report does not contain
www.mindtree.com/policy-for-determining-material-related-party- the particulars of employees who are posted and working outside
transactions. India. If any Member is interested in obtaining a copy thereof, such
Member may write to the Company in this regard.
The details of the related party transactions as required under the
Act and the Rules are attached in Form AOC-2 as Annexure 4. Disclosure as required under Section 22 of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act,
Litigation
2013
No material litigation was outstanding as on March 31, 2020. Details
Your Company is committed to creating a safe and healthy work
of litigation on tax matters are disclosed in the financial statements.
environment, where every Mindtree Mind is treated with respect and
Details of unclaimed shares is able to work without fear of discrimination, prejudice, gender bias,
The details of unclaimed shares as required under LODR Regulations or any form of harassment at workplace. Your Company has in place
is provided in Annexure 2. a Prevention of Sexual Harassment (POSH) policy in accordance with
the requirements of the Sexual Harassment of Women at Workplace
Transfer of Dividend to Investor Education and Protection Fund (Prevention, Prohibition and Redressal) Act, 2013. The essence of the
(IEPF) policy is communicated to all Mindtree Minds at regular intervals
Dividends unclaimed for a period of seven years amounting through assimilation and awareness programs. Following are some
to ` 574,685/- were transferred to the Investor Education and of the programs and initiatives in place to train Mindtree Minds and
Protection Fund Authority in accordance with the provisions of the the Internal Complaints (IC) for POSH during the year.
Act. The details of the consolidated unclaimed/unpaid dividend 1. Each Mindtree Mind is required to undergo a mandatory
as required by the Act read with Investor Education and Protection e-learning module on ‘Prevention of Sexual Harassment at
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 Workplace’.
(hereinafter referred to as "IEPF Rules") for all the unclaimed/ unpaid 2. All new joiners are trained in person on Prevention of Sexual
dividend accounts outstanding (drawn up to the Twentieth Annual Harassment during their induction program.
General Meeting held on July 16, 2019) have been uploaded under
3. The IC Members are provided relevant training by an
the Company website: https://www.mindtree.com/sites/default/
external agency during quarterly meetings of the IC.
files/2018-19/iepf-data-for-financial-year-ending-march-31-2019.
4. The Prevention of Sexual Harassment policy is available on
pdf
the intranet portal for Mindtree Minds to access and refer
Attention is drawn that the unclaimed/ unpaid dividend for the when required.
Financial Years 2012-13 (Second Interim), 2012-13 (Final), 2013-14
5. Penal consequences of sexual harassment and the
(First Interim) and 2013-14 (Second Interim) is due for transfer to
constitution of the IC are displayed at conspicuous places.
IEPF during May 2020, August 2020, November 2020 and February

Directors’ Report
Further, your Company has setup an IC both at the head office / prescribed SEBI guidelines. Refer to Notes to accounts of Standalone
corporate office and at every location where it operates in India. Financial Statements of this Annual Report for details on accounting
The IC at each location has a fair representation of men and women, policy.
including a senior woman as Presiding Officer and external members Disclosure on ESOPs and ESPS/ERSP 2012, details of options/
who are women. shares granted, shares allotted on exercise, etc., as required under
The following are the summary of the complaints received and Employee Benefits Regulations read with SEBI circular no. CIR/CFD/
disposed off during the financial year 2019-20: POLICYCELL/2/2015 dated June 16, 2015 are available on the
Company’s website: www.mindtree.com\investors.
In India*
No employee was granted options/shares (under ESOPs and ESPS/
a) No. of Sexual Harassment complaints received: 3
ERSP 2012), during the year equal to or exceeding 1% of the issued
b) No. of Sexual Harassment complaints disposed off: 3 capital.
* One complaint which was pending at the beginning of the year
Corporate Governance
was closed during the year.
Mindtree Limited considers Corporate Governance as an instrument
Rest of the World
to maximize value for all Stakeholders, i.e. investors, employees,
a) No. of Sexual Harassment complaints received: 2 shareholders, customers, suppliers, environment and the community
b) No. of Sexual Harassment complaints disposed off: 2 at large. Good governance practices emerge from the culture and
Risk Management mind-set of the organization. The Company emanates its values from
the rich governance and disclosure practices followed by L&T Group.
Risk Management is a strategic business discipline that supports the In line with the Group’s philosophy, Mindtree has adopted fair and
achievement of an organization’s objectives by addressing the full transparent governance and disclosure practices. A detailed report
spectrum of its risks and managing the combined impact of those on Corporate Governance is a part of this Annual Report. Auditor’s
risks as an interrelated risk portfolio. Mindtree uses Enterprise Risk Certificate on Corporate Governance obtained from Deloitte Haskins
Management (ERM) as a key tool to help achieve its short term and & Sells, Chartered Accountants (Firm Registration No.008072S) for
long term business objectives to generate value for its customers, compliance with LODR Regulations, is provided as Annexure 9 and
investors, employees and other stakeholders. ERM encompasses is a part of this Report.
areas of organizational exposure to risk (strategic, operational,
financial and compliance) and provides a structured process for Management Discussion and Analysis Report
management of risks. This has been achieved by deploying an Management Discussion and Analysis Report as required under LODR
effective risk management framework to proactively identify, assess, Regulations, is disclosed separately in this Annual Report.
treat, monitor and report risks as well as to create a risk-aware culture
within Mindtree. The Mindtree ERM framework has been designed by Integrated Reporting (IR)
incorporating elements of leading risk management standards such Mindtree was one of the early adopters of IR in the IT industry. This
as: is our third IR which is set out in accordance with the integrated
• ISO 31000 reporting framework outlined by International Integrated Reporting
Council and SEBI circular on IR. Our IR has integrated thinking
• COSO
embedded in our strategic framework and our integrated business
• IRM Risk Management Standard
model defines our ability to create long-term value (outputs
Mindtree’s risk management framework enabled the organization to and outcomes) out of the capitals available to us (input) with
respond effectively to the crisis situation caused by the COVID-19 value-accretive activities operating under the strong-governance
pandemic outbreak. The pandemic risk was identified and proactive framework. Our IR encompasses both financial and non-financial
measures were initiated to ensure customer deliverables were not information and aids all the key stakeholders to get a holistic and
impacted while also safeguarding the health and safety of Mindtree long-term view of our company’s strategic focus areas, future
Minds. outlook and value creation which revolves around the 6 capitals –
The Chief Risk Officer is the custodian of the framework and oversight Financial, Manufactured, Intellectual, Human, Social and Relationship
of the framework is provided by the Risk Management Committee to and Natural. The Integrated Report is a part of this Annual Report.
the Board of Directors which also monitored Mindtree’s pandemic
Conservation of Energy, Technology Absorption, Foreign Exchange
response program. The Audit Committee of the Board monitors
Earnings and Outflow
effectiveness of risk management systems. Detailed report on Risk
Management is disclosed separately in this Annual Report. Pursuant to the provisions of Section 134(3)(m) of the Act, read with
the Companies (Accounts) Rules, 2014, the details of Conservation
Employee Stock Option Plans and Employee Stock Purchase Scheme of energy, Technology Absorption, Foreign Exchange earnings and
During the year, your Company has granted shares under Employee outgo are attached as Annexure 5 to this report.
Stock Purchase Scheme namely Mindtree Employee Restricted Stock
Sustainability, Green Initiatives and Corporate Social Responsibility
Purchase Plan 2012 (ESPS or ERSP 2012).
Initiatives
The Employee Stock Option Plans and ESPS or ERSP 2012 are in Responsibility for social and environmental wellbeing is ingrained
compliance with SEBI (Share Based Employee Benefits) Regulations, into the Mindtree mission and culture. Helping businesses and
2014 (“Employee Benefit Regulations”) and there has been no societies flourish is integrated into our mission. Our sustainability
material changes to these plans during the financial year 2019-20. framework stands on tripe bottom line pillars of workplace
The summary information of various Employee Stock Option Plans sustainability (people), ecological stewardship (planet) and
(ESOPs) and ESPS/ERSP 2012 of the Company is provided under ethical business (profit). Our CSR initiatives complete our ideal of
Notes to Accounts under Standalone Financial Statements of this responsible business. We endorse and follow global frameworks
Annual Report. The Company has recorded compensation cost for all and commitments for sustainability and report our performances as
grants using the fair value- based method of accounting, in line with a principle of transparency. Our ecological initiatives benefit both
Directors’ Report
our business as well as the planet through resource efficiencies in with the financial statements in the Annual Report. The Secretarial
energy, emission, water and waste management, while we commit Auditor’s report is annexed as Annexure 8 and is a part of this report.
to help communities thrive through several CSR initiatives. We
Reporting of frauds by Auditors
have constantly met our short term goals in resource efficiencies
and are performing well on clean energy usage. We look forward to During the year under review, the Statutory Auditors or Secretarial
continue our commitments to people, planet and profits- the triple Auditors of the Company have not reported any frauds to the Audit
bottom lines of a responsible business. As a green initiative, we send Committee or to the Board of Directors under Section 143(12) of the
Annual Reports by email every year to those shareholders who have Act, including rules made thereunder.
registered their email IDs with the Company/Depository Participant/ Quality Initiatives and Certifications
Registrar and Share Transfer Agent.
Mindtree continues to have unique way of defining quality processes.
As part of its Corporate Social Responsibility (CSR) initiatives, Your Our process methodology is context-composed; we work closely
Company has undertaken several projects in accordance with with customers to understand the unique ‘value’ expected from each
Schedule VII of the Act. Mindtree implements its CSR initiatives via engagement, and then tailor our processes to enable realization of
three channels: that value.
- Directly by Mindtree; Mindtree Quality Management Service (QMS) portal is one single
- Through Mindtree Foundation; focal point for processes and it helps to bring in standardization,
- Through “Individual Social Responsibility” programs institutionalization, and industry best practices/standards and
undertaken by Mindtree Minds and supported by Mindtree frameworks. QMS is built on the concept of practitioner defined
as appropriate and refined where knowledge and best practices are shared and
Further, Mindtree’s CSR primarily focuses on programs that published.
- Benefit the differently abled; Mindtree uses multiple standards and models to predictably deliver
- Promote education; high quality services.
- Create sustainable livelihood opportunities Mindtree adopted the Capability Maturity Model (CMM) family since
The Annual Report on CSR activities, is annexed herewith as early 2002 and embarked on the CMMI-DEV and SVC Level 5 journey
Annexure 6. to enhance project management and engineering capabilities and to
bring in continuous improvements in the organization.
Auditors
In this path to business excellence, Mindtree reached a significant
Statutory Auditors milestone by getting assessed to CMMI Level 5- 2.0 for our strategic
Your Company at its Sixteenth Annual General Meeting held on June projects. Mindtree is one of the first IT organizations to be globally
22, 2015 had appointed M/s. Deloitte Haskins & Sells, Chartered recognized for the suite’s development and services view.
Accountants (Firm Registration No. 008072S) as Statutory Auditors Mindtree is a very active user of ISO standards and has been certified
of the Company for a period of 5 consecutive years i.e., from the by adopting one-of-its-kind integrated audit approach. Mindtree is
Sixteenth Annual General Meeting till Twenty First Annual General certified for ISO27001 -Information Security Management, ISO 27701
Meeting at a remuneration as may be fixed by the Board of Directors – Privacy Information Management, ISO 14001 – Environmental
and Audit Committee in consultation with the Auditors thereof. The Management System , ISO 45001 – Occupational Health and Safety,
said appointment will be completed at this Twenty First Annual ISO 22301 – Business Continuity Management, ISO 20001 IT Service
General Meeting. Management. The Company has successfully completed the annual
The Audit Committee and the Board of Directors at their meeting ISO surveillance audit.
held on April 24, 2020, after considering various parameters of These certifications are a testimony of the excellent services by
M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Mindtree every time and also during the unprecedented times like
Registration No. 008072S) such as expertise on IT services industry, COVID.
market standing of the firm, clientele served, technical knowledge Customer Satisfaction is the primary business objective of Mindtree.
etc., recommended the re-appointment as Statutory Auditors of the To ensure completeness of understanding customer’s experience of
Company to hold office for another period of five consecutive years our services, Mindtree has two levels of feedback surveys – Customer
commencing from the conclusion of this Twenty First Annual General Experience Survey (CES) and Project Feedback Survey (PFS) .
Meeting up to the conclusion of Twenty Sixth Annual General
The annual Customer Experience Survey (CES) aims at understanding
Meeting of the Company. The resolution for the re-appointment of
customer’s perception at account management and engagement
Statutory Auditors is being included in the Notice of Twenty First
practices administering CES to our customer organizations’ CXO and
Annual General Meeting of the Company.
Senior-level contacts.
The Statutory Auditors have confirmed their Independence, eligibility
The quarterly Project Feedback Survey (PFS) aims at understanding
and willingness to be re-appointed.
customer’s satisfaction with Mindtree project execution and delivery
Secretarial Auditor practices. We administer PFS to our customer organizations’ Mid-
Pursuant to the provisions of Section 204 of the Act and the level contacts who have day-to-day interaction with our project
Companies (Appointment and Remuneration of Managerial teams. The project and account teams analyze the results from the
Personnel) Rules, 2014, Secretarial Audit has been carried out by surveys and take appropriate actions to improve the feedback.
Mr. G Shanker Prasad, Practicing Company Secretary. Internal Control Systems and Adequacy of Internal Financial
Auditor’s Report and Secretarial Audit Report Controls
There are no qualifications, reservations or adverse remarks in Mindtree has an Internal Control System, commensurate with the
the Statutory Auditor’s Report and Secretarial Audit Report for the size, scale and complexity of its operations. The Audit Committee,
financial year 2019-20. The Statutory Auditor’s Report is enclosed comprises of professionally qualified Directors, who interact with the

Directors’ Report
statutory auditors, internal auditors and management in dealing with Company also engages external consultants to update the existing
matters within its terms of reference. list of compliances applicable globally and key compliances/
Your Company has a proper and adequate system of internal regulations are covered as part of internal audit every year. The
controls. These controls ensure transactions are authorized, recorded Global Compliance update is placed before the Audit Committee
and reported correctly and assets are safeguarded and protected on quarterly basis and the Committee updates to the Board at its
against loss from unauthorized use or disposition. In addition, there meetings confirming status of compliances along with remediation
are operational controls and fraud risk controls, covering the entire plan for non-conformities, if any.
spectrum of internal financial controls within the meaning the Act. Annual Return
An extensive program of internal audits and management reviews
As per the requirements of Section 92(3) of the Act and Rules
supplements the process of internal financial control framework.
framed thereunder, the extract of the annual return for FY 2019-20
Documented policies, guidelines and procedures are in place for
is given in Annexure 7 in the prescribed Form No. MGT-9, which is
effective management of internal financial controls.
a part of this report and the same is also available on our website:
To maintain its objectivity and independence, the Internal Auditor www.mindtree.com\investors.
reports to the Chairperson of the Audit Committee of the Board. The
Audit committee defines the scope and authority of the Internal Significant & Material Orders passed by Regulators or Courts
Auditor. The Internal Auditor monitors and evaluates the efficacy and There are no significant and material orders passed by Regulators or
adequacy of internal control system in the Company, its compliance Courts, during the year under review.
with operating systems, accounting procedures and policies at all
Particulars of Loans, Guarantees and Investments
locations of the Company and its subsidiaries. Based on the report
of Internal Auditor, process owners undertake corrective action Disclosure on details of loans, guarantees and investments pursuant
in their respective areas and thereby strengthen the controls. to the provisions of Section 186 of the Act and LODR Regulations, are
Significant audit observations and the necessary corrective actions provided in the financial statements.
are presented to the Audit Committee.
Listing Fees
The internal financial control framework design ensures that the
The Company affirms that the annual listing fees for the year 2020-
financial and other records are reliable for preparing financial and
21 has been paid to both National Stock Exchange of India Limited
other statements. In addition, the Company has identified and
(NSE) and BSE Limited (Bombay Stock Exchange).
documented the key risks and controls for each process that has
a relationship to the financial operations and reporting. At regular Other matters
intervals, internal teams test identified key controls. The internal During the year, there was an inspection under section 206 of the
auditors also perform an independent check of effectiveness of key Act by the Office of the Regional Director, Ministry of Corporate
controls in identified areas of internal financial control reporting. The Affairs. The Company provided all the information as required by
Statutory Auditors Report include a report on the internal financial the Authorities during the inspection and is confident of being
controls over financial reporting. compliant with all the applicable Regulations . The final report of the
The Audit Committee and the Board are of the opinion that the inspection is awaited.
Company has sound Internal Financial Control commensurate
Acknowledgements
with the nature and size of its business operations and operating
effectively and no material weaknesses exist during the financial The Board places on record, their deep sense of appreciation to all
year 2019-20. the Mindtree Minds, support staff, for adopting to the values of the
Company, viz., collaborative sprit, unrelenting dedication and expert
Audit Committee Recommendation thinking, for making Mindtree an expertise led organization and the
During the year, all recommendations of the Audit Committee were Company’s customers for letting us deliver the Company’s Mission
accepted by the Board. The Composition of the Audit Committee is as statement, to engineer meaningful technology solutions to help
described in the Corporate Governance Report. the businesses and societies flourish. The Board also immensely
thank all the Departments of Central and State Government of India,
Compliance Monitoring System Authorities, Reserve Bank of India, Ministry of Corporate Affairs,
The Company believes that good statutory Compliance system Securities and Exchange Board of India, Stock Exchanges and other
is essential requirement for the successful conduct of business governmental/ Semi-governmental bodies and look forward to their
operations and high standards of Corporate governance. The continued support in all future endeavors. The Board also would
Company ensures that appropriate business processes and adequate like to thank our shareholders, investors, vendors, service providers,
tools are in place for adherence with all the statutory obligations bankers and academic institutions and all other stakeholders for their
and has a framework on “Global Compliance” which outlines the continued and consistent support to the Company during the year.
Company’s requirement of compliance under various regulations The Directors are deeply grateful for every person who risked their
across the locations in which the company conduct its business. life and safety to fight this COVID-19 pandemic. The Directors
Under this framework, identified key stakeholders across business appreciate and value the contribution made by every Mindtree Mind
units, corporate functions, ensure and confirm compliance with to combat COVID 19.
the provisions of all applicable laws on a continuous basis. The
For and on behalf of the Board of Directors
Place: Bengaluru R Shankar Raman Debashis Chatterjee

Date: April 24, 2020 Director CEO & Managing Director

Directors’ Report
ANNEXURE 1
Form AOC-1
[Pursuant to first proviso to sub-section (3) of Section 129 of the Act read with Rule 5 of Companies (Accounts) Rules, 2014]
Financial Summary of the Subsidiaries ` in million
Mindtree Software (Shanghai) Bluefin Solutions Sdn Bhd -

Name of Subsidiary
Co. Ltd Malaysia
As at March 31 As at March 31
Particulars
2020 2019 2020 2019
Share capital / Members' Funds 14 14 2 2
Reserves and Surplus 1 1 - -
Total Assets 16 16 2 2
Total Liabilities 1 1 - -
Details of investments - - - -
Total income 7 8 - -
Profit /(Loss) before taxation 1 1 - -
Provision for taxation - - - -
Profit /(Loss) after taxation 1 1 - -
Proposed dividend - - - -
% of share holding 100% 100% 100% 100%
Reporting Currency CNY CNY MYR MYR
Exchange Rate to INR on March 31 10.6339 10.3055 17.4460 16.9350
Notes: During the year, Bluefin Solutions Limited, UK, Bluefin Solutions Pte Ltd, Singapore and Bluefin Solutions Inc. USA, (the wholly owned
subsidiaries, of erstwhile Subsidiary, Bluefin Solutions Limited, UK) were liquidated.
The detailed financials of the Subsidiaries shall be made available to any Shareholder seeking such information.

Place: Bengaluru
Date: April 24, 2020 R Shankar Raman Debashis Chatterjee
Director CEO & Managing Director

Senthil Kumar Vedavalli S

CFO Company Secretary


Directors’ Report
ANNEXURE 2
Details of unclaimed shares as per LODR Regulations
As required under the LODR Regulations, the Registrar and Share Transfer Agent of the Company had sent three reminders to the Shareholders
whose physical shares were unclaimed/undelivered. These unclaimed/undelivered shares have been transferred to Unclaimed Suspense
Account opened by the Company as required under LODR Regulations, when no response was received from any Shareholder to the reminders.
The status of the aforesaid unclaimed shares, as on March 31, 2020 is given below:
Particulars No. of Shareholders No. of Shares
Aggregate number of Shareholders and the outstanding shares lying in the Unclaimed Suspense 299 56,621
Account as on April 1, 2019
Number of shares transferred in favour of IEPF Authority from the Unclaimed Suspense Account - 9
during FY 2019-20
Number of Shareholders / legal heirs to whom the shares were transferred from the Unclaimed 5 486
Suspense Account during FY 2019-20
Aggregate number of Shareholders and outstanding shares held in the Unclaimed Suspense Account 294 56,126
as on March 31, 2020
The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.


Directors’ Report
ANNEXURE 3
Details of Ratio of Remuneration of Directors
[Section 197(12) of the Act read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014]
(i) The ratio of the remuneration of each Director to the median

Name of the Director Ratio to the Median
remuneration of the employees of the Company for the financial year
Mr. A M Naik1 4.55
Mr. S N Subrahmanyan2 NA
Mr. R Shankar Raman2 NA
Mr. Jayant Damodar Patil2 NA
Mr. Debashis Chatterjee3 58.7
Ms. Apurva Purohit 2.58
Mr. Bijou Kurien 2.58
Mr. Milind Sarwate 2.58
Mr. Akshaya Bhargava4 6.04
Mr. M R Prasanna5 1.83
Ms. Deepa Gopalan Wadhwa5 1.83
Mr. Krishnakumar Natarjan6 67.4
Mr. Rostow Ravanan6 89.3
Mr. N S Parthasarathy 6 53.3
1
Appointed on July 18, 2019
2
No Remuneration was paid
3
Appointed on August 2, 2019
4
Remuneration paid in GBP
5
6
Resigned on July 17, 2019. The remuneration includes special incentive on $1bn
revenue milestone, PAT based commission and the payout pursuant to Phantom
Stocks for FY 2018-19 paid during the year.
(ii) The percentage increase in remuneration of each Director, Chief

Name of the Director/ KMP % change
Financial Officer, Chief Executive Officer, Company Secretary or
Mr. A M Naik1 NA
Manager, if any, in the Financial Year
Mr. Debashis Chatterjee2 NA
Mr. S N Subrahmanyan 3
NA
Mr. R Shankar Raman3 NA
Mr. Jayant Damodar Patil3 NA
Ms. Apurva Purohit -20%
Mr. Milind Sarwate -20%
Mr. Akshaya Bhargava -17%
Mr. Bijou Kurien4 13%
Mr. M R Prasanna 5
NA
Ms. Deepa Gopalan Wadhwa5 NA
Mr. Krishnakumar Natarajan6 94%
Mr. N S Parthasarathy6 175%
Mr. Rostow Ravanan6 118%
Mr. Pradip Kumar Menon7 88%
Mr. Senthil Kumar8 NA
Ms. Vedavalli S 32%
1
2
Appointed on August 2, 2019
3
No Remuneration was paid
4
Appointed on July 17, 2018 and hence amount paid in last year was prorated
earnings
5
6
Resigned on July 17, 2019. The remuneration includes special incentive on
$1bn revenue milestone, PAT based commission and the payout pursuant to
Phantom Stocks for FY 2018-19 paid during the year
7
Resigned as CFO on November 15, 2019
8
Appointed as CFO effective March 11, 2020.

Directors’ Report
(iii) T he percentage increase in the median remuneration of employees The percentage increase in the median remuneration of Mindtree Minds during
in the Financial Year FY 19-20 is 3%. This has been arrived at, by comparing the median remuneration
of the cost-to-the Company of all the Mindtree Minds globally as on March
31, 2020 and the median remuneration of the cost-to-the Company of all the
Mindtree Minds globally as on March 31, 2019. This also has the impact of
change in exchange rate.
(iv) The number of permanent employees on the rolls of Company The total number of Mindtree Minds excluding subsidiaries as on March 31,
2020 is 21,991 and as on March 31, 2019 was 20,204.
(v)
Average percentile increase already made in the salaries of The average % of increase for employees eligible for a compensation increase
employees other than the managerial personnel in the last was 6%. For the Former Executive Directors (upto July 17, 2019), while there was
financial year and its comparison with the percentile increase in no change in the fixed remuneration, the average % of increase in remuneration
the managerial remuneration and justification thereof and point is 121% including the payout pursuant to phantom stocks, special incentive on
out if there are any exceptional circumstances for increase in the $1bn revenue milestone and the PAT based commission for the FY 2018-19 paid
managerial remuneration in the current year. The compensation decisions for each year are taken after
considering the following parameters: comparison of Mindtree salaries for various
roles, benchmark data for such roles and the approved compensation budget
as per the financial plan for the Financial Year. In addition the compensation
revision of the senior leadership team is approved by the Nomination and
Remuneration Committee.
(vi) Affirmation that the remuneration is as per the remuneration policy Yes, the remuneration is as per the remuneration policy of the Company.
of the Company

Information as required under Section 197 of the Act, read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and forming part
of the Directors’ Report for the Financial Year ended March 31, 2020.
A. Top 10 employees (in terms of Remuneration)
Total
Sl. Age Designation at Previous Date of Remuneration** Country of
Employee Name Designation Qualification Previous Employer Experience
No. (in years) Employment Joining (Amount in ` ) employment
(in years)
1 Mr. Rostow Ravanan* CEO & Managing Director CA 49 Lucent Technologies 26 Business Value Manager 5-Aug-99 82,997,459 IN
Head of System
2 Ms. Guita Blake* Senior Vice President MS 57 Atos 28 1-Feb-16 72,600,424 UK
Integration
Mr. Sreedhar Tata Consultancy Global Head of Sales -
3 Senior Vice President BE 51 29 4-Aug-17 68,555,472 US
Bhagavatheeswaran Services TCS DIG
Master’s Degree -
4 Mr. Nalin Vij Senior Vice President 48 R- Systems Inc 22 Director, Sales 1-Mar-05 63,425,993 US
Management
Mr. Krishnakumar
5 Executive Chairman PGDM 63 Wipro Technologies 39 Group President 5-Aug-99 62,611,603 IN
Natarajan*
Mr. Anil Kumar Infosys Technologies Associate Engagement
6 Senior Vice President B.Tech 42 21 1-Aug-10 58,388,336 UK
Gandharve Ltd Manager
President, Global
Mr. Debashis Cognizant Technology
7 CEO & Managing Director BE 54 30 Delivery and Digital 2-Aug-19 54,506,632 IN
Chatterjee*** Solutions
Systems and Technology
Tata Consultancy
8 Mr. Satya Ramaswamy* Executive Vice President PhD 54 25 Senior Vice President 15-Jan-18 51,789,724 US
Services
Executive Vice Chairman
9 Mr. N S Parthasarathy * M.Tech 59 Wipro Technologies 36 General Manager 14-Aug-99 49,517,605 IN
& COO
Director - DG Business
10 Mr. Balaji Thirumalai* Senior Vice President MBA 48 Sun Edison 22 13-Mar-17 48,686,390 US
& RSC
* Resigned during FY 2019-20.

** For employees based overseas, the average exchange rates as on March 31, 2020 have been used for conversion to INR. Remuneration paid includes perquisite value of shares allotted under ESPS/
ERSP 2012 and payout pursuant to Phantom Stocks, if any.
*** Appointed on August 2, 2019.
B. Employees drawing remuneration of ` 1.02 crores or above per annum posted in India (Other than Employees included in A above)
Sl. Employee Name Designation Qualification Age Previous Employer Total Experience Designation at Previous Date of Joining Remuneration*
No. (in years) (in years) Employment (Amount in `)
1 Mr. Suresh H P Senior Vice President M.Tech 52 Abacus International 29 Staff Analyst 2-Nov-00 27,414,442
2 Mr. Madhusudhan K M Chief Technology Officer M.Tech 51 Misys International 28 Principal Architect 25-Oct-06 26,344,919
Financial Systems
Pvt Ltd
3 Mr. Manas Chakraborty Senior Vice President M.Sc 51 HCL Technologies 26 Associate Vice President 1-Feb-16 23,701,538
Mindtree Limited | Integrated Annual Report 2019-20

4 Mr. Balaji Krishnan Senior Vice President PGDSM 53 IR Multi-Media 31 Project Manager 10-Nov-99 18,525,445
Solutions Pvt. Ltd
5 Mr. Srinivasa Rao Senior Vice President M. Tech 52 United Layer 30 Executive Vice President 12-Dec-16 16,620,951
Kottamasu
127
Directors’ Report
Sl. Employee Name Designation Qualification Age Previous Employer Total Experience Designation at Previous Date of Joining Remuneration*
128
6 Mr. Rajesh Kumar R Vice President BE 45 Sutherland 24 Associate Vice President 11-Apr-16 15,674,566
7 Mr. Sudarshan Byataraya Vice President BE 49 HCL Technologies Ltd 27 Operations Director 2-Apr-14 15,348,957
8 Mr. Pramod Prakash Senior Vice President B.Tech 46 Infosys Technologies 22 Senior Vice President 5-Jun-17 14,151,920
Directors’ Report
Panda Ltd
9 Mr. Venkata Madhava Vice President MBA 48 Cognizant Technology 23 Director 23-Mar-17 14,054,799
Krishna Gollapudi Solutions
10 Mr. Manoj N Karanth Vice President BE 43 SLK Software Service 21 Senior Engineer Analysis - 27-May-02 13,334,781
Design
11 Ms. Rosalee M Kombial Vice President PGDM 45 Larsen & Toubro 21 Deputy Head- Human 23-Jan-13 12,564,801
Infotech Ltd Resources
12 Mr. Prashant Mehra Vice President B.Tech 46 Wipro Technologies 25 Systems Manager 2-Nov-99 11,598,328
13 Mr. Suresh Gurumurthy Associate Vice President- IT MCA 47 Wipro Technologies 25 Systems Manager 25-Oct-99 11,214,618
Redefining Customer Success

Services
14 Mr. Rohit Srinivasan Associate Vice President BE 42 Wipro Technologies 21 Technical Manager 15-Nov-99 10,950,468
15 Mr. Naresh K N Senior Vice President BE 48 Xoriant Corporation 30 EManager at Level 5 3-Oct-00 10,253,527
* Remuneration paid includes perquisite value of shares allotted if any, under ESPS/ERSP 2012.
C. Employees employed for part of the year with an average salary of ` 8.5 lakhs per month posted in India
Sl Employee Name Designation Qualification Age Previous Employer Total Experience Designation at Previous Date of Joining Remuneration*
1 Mr. Ramesh Executive Vice President BE 52 Tata Infotech 29 Core Member E-Commerce 14-Aug-00 37,101,469
Gopalakrishnan Group
2 Mr. Pradip Kumar Menon Senior Vice President and CFO CA 51 Akzo Nobel India Ltd 27 CFO 24-Sep-18 23,164,232
3 Mr. Anil M Rao Senior Vice President MBA 51 Wipro Technologies 27 Consultant 16-Apr-01 22,774,873
4 Mr. Gaurav Johri Senior Vice President PGDM 49 On mobile Asia Pacific 27 Sbu Head, Corporates & 25-Feb-08 18,268,527
M Commerce
5 Mr. Anindya Maitra Associate Vice President M.Tech 50 IBM India Pvt Ltd 14 Advisory Project Manager- 14-May-07 17,817,942
Deputy GM
6 Mr. Anish Philip Vice President PGDM 45 Sasken Technologies 20 Vice President 27-Jan-15 14,313,987
7 Mr. Srinivas Bhagavatula Associate Vice President B.Tech 45 Intergraph 22 Software Analyst 22-Oct-99 10,195,569
8 Mr. Vinod Sarma Associate Vice President B.Tech 45 Philips India Ltd 23 System Architect 24-Aug-15 9,515,785
9 Mr. Erwan Carpentier Senior Vice President LLB 46 Wipro Limited 18 Legal Head Of Europe 12-Jan-15 9,443,671
10 Mr. Koushik Ramani Associate Vice President B.Tech 43 Happiest Minds 12 GM – IMS 1-Aug-12 8,810,431
Technologies Pvt. Ltd.
11 Mr. Seshagiri Rao Vice President B.Com 53 IBM 29 Recruitment Lead 21-May-15 5,647,270
Injarapu
12 Mr. Dayapatra Nevatia Chief Operating Officer M.Tech 51 Accenture Solutions 27 MD & Director of Delivery 2-Mar-20 4,068,038
for Advanced Technology
13 Mr. Ajay Mittal Associate Vice President M.Sc 57 Visesh Infotecnics 30 Chief Executive Officer 5-Jun-06 2,952,363
Limited
* Remuneration paid includes perquisite value of shares allotted if any, under ESPS/ERSP 2012.

Directors’ Report
ANNEXURE 4
Form AOC-2
Details of Related Party Transactions
[Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014]
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1)
of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under fourth proviso thereto:
1. Details of contracts or arrangements or transactions not at arm's length basis
(a) Name(s) of the related party and nature of relationship

(b) Nature of contracts/arrangements/transactions
(c) Duration of the contracts/arrangements/transactions Not Applicable.
There were no transactions or arrangements which were not at
(d) Salient terms of the contracts or arrangements or transactions including the
arm’s length and which were not in the ordinary course of business
value, if any
during financial year 2019-20. The Company has laid down
(e) Justification for entering into such contracts or arrangements or transactions
policies and processes/ procedures so as to ensure compliance to
(f) Date(s) of approval by the Board the Act. In addition, the transactions are placed before the Audit
(g) Amount paid as advances, if any: Committee on a quarterly basis.
(h) Date on which the special resolution was passed in general meeting as
required under first proviso to Section 188
2. Details of material contracts or arrangement or transactions at arm's length basis
(a) Name(s) of the related party and nature of relationship

(b) Nature of contracts/arrangements/transactions
(c) Duration of the contracts/arrangements/transactions Not Applicable.
(d) Salient terms of the contracts or arrangements or transactions including the There were no material contracts or arrangements with related
value, if any parties during financial year 2019-20.
(e) Date(s) of approval by the Board
(f) Amount paid as advances, if any:


Directors’ Report
ANNEXURE 5
Details of Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outflow
[Clause (m) of sub-section (3) of Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014]
(A) Conservation of Energy controlling of chiller operation over the system and reduced
We believe in improving and maintaining ecological balance by human interference.
monitoring, measuring and controlling environmental impact • Various initiatives like installation of LED fixtures across
at our workplaces by adopting technologically sound and location, UPS optimization, AC retrofit activity, Shift
sustainable practices. The following are the few major initiatives Rationalization through Routematic Application, Common
and interventions completed. Bus System & so on, taken in last five years resulted in 29.76
• Installed Turbo Core Chiller which is a magnetic bearing lakhs units of savings energy, amounting to ` 20.8 million
technology which increases the compressor's efficiency and and 2708 tons of carbon emission reduction.
reliability. This resulted in an average annualized reduction • In order to reduce fresh water consumption and to make
of 540,000 units of power consumption, which is equivalent Zero discharge facility, at Pune, upgraded sewage treatment
to 490 Tons of Co2 emission reduction and cost savings of plant to a newer technology and modified plumbing line
` 4 million. there by using treated water for flushing, thus helps in saving
• UPS Optimization Program: As part of this program objective 260 KL per month. At Bangalore, various water conservation
over 3318 KVA capacity of UPS, systems along with programs like installation of advanced aerators, reuse of RO
batteries have been retired. This has yielded annualized reject water for flushing resulted in saving 10365 KL-A of
savings in power consumption by 9.91 lakhs units, which fresh water amounting to ` 0.93 million.
is equivalent to cost savings of ` 6.9 million & reduction (B) Technology Absorption
by 902 tons of carbon emissions. Also resulted in reducing
Your Company has more than 19 years of proven track record
battery purchase-generation of hazardous waste (battery
of its commitment and investments into technology and
waste) of 620 numbers amounting to ` 13.2 million which is
innovation as a key differentiator. In this financial year, your
equivalent to 196 kgs of carbon emission reduction.
company has further sharpened its focus on Strategic &
• Installed Chiller Plant Manager (CPM) for chiller operation Emerging technologies and innovation, leading to differentiated
enabled through IOT, which helps in monitoring and business engagement with its customers.
I Emerging Technologies
Your Company has consistently invested in technology and innovation to prepare for the future. In this financial year, this has been
further strengthened by our investments in Centers of Excellence (CoE) under Chief Technology Officer (CTO) organization, tasked
with all round concerted thrust on emerging technologies and to understand their role in the context of business of customers.
In the CoEs, the following emerging technologies were explored in depth and several reusable assets were built to enable delivery.
1.1 Artificial Intelligence (AI)

New Technologies & Tools Adopted • Vision
• Language
Innovative Solution Accelerators Developed Gladius Vision – A set of pre-built models for Object Detection, Activity
Detection, Foot fall detection etc.
Mindtree Document AI – A set of pre-built models for handwriting
recognition in application forms (loans, claims etc.), Invoice and receipt
processing etc.
Contact Center AI – Models to recognize emotion in speech, speech-to-text
etc.
1.2. Robotic Process Automation (RPA) & Bots

New Technologies & Tools Adopted • Blue Prism
• Work Fusion
• Power Automate
• SAP IPA
Innovative Solution Accelerators Developed • Total No. of bots added this year – 764
• 21,000 hours/month saved by 714 bots across customers
• Cradle – A solution accelerator for Insurance customers to fast track the
digital journey
• Bot doctor – A tool to validate the quality of a bot. This tool can work on
bots built for Automation Anywhere and UIPath
• 100+ reusable bots in Automation Anywhere, UIPath, SAP and Blue Prism.
Some of the bots are SAP User Creation bot, SAP batch job processing bot,
SAP Access provisioning and revoke bot etc.
• Automated Infra management for 1000+ servers across 4 geos using bots
Directors’ Report
1.3. Blockchain
New Technologies & Tools Adopted • Multi-VM Raft Algorithm implementation for Hyperledger Fabric using
Kubernetes & Docker Swarm (with Orderer nodes combinations: 1-4, 1-2-2 &
1-1-3)
• Performance Testing using Caliper tool
• Ionic Framework implementation for Hybrid Mobile Apps
• Hyperledger Fabric 2.0 smart Contract implementations
• Soft HSM implementation using Hyperledger Fabric
• Quorum Framework
Innovative Solution Accelerators Developed • Merchant On-Boarding Solution
• Proxy Re-encryption framework for IAM on Blockchain
1.4. Augmented Reality (AR) and Virtual Reality (VR)

New Technologies & Tools Adopted • Shared AR / VR
• Open CV
• Flutter
• Motion Tracking
• AR Foundation
Innovative Solution Accelerators Developed Innovative solutions
• AR 3D Eye wear Trial
• Interactive Avatars for training (2 way communication)
• 3D Data Visualization
Solution accelerators
• Shared AR Foundation
• Face shape detection algorithm ( 5 different shapes)
• Automated pipeline for DL based object recognition (Input videos and
receive trained DL model of the objects in the video)
• Real time Region detection and Color Blending Module (Akzo Nobel)
• Speech recognition module integration with AR
1.5. Emerging Architecture Patterns and Technologies

New Technologies & Tools Adopted • AI in SDLC
• Partnership with Applitools for AI based visual testing
• ML based prediction models for performance testing
Innovative Solution Accelerators Developed • NDC aggregator to help travel management companies and Online Travel
agencies for smooth adoption of NDC standards which is becoming the
defector travel industry standard.
2. Solutions for Verticals
2.1. Banking, Financial Services & Insurance

New Technologies & Tools Adopted • Contactless payments
• Quandamental Investing
• Digital Insurance Framework
• Insurance Analytics Framework
Innovative Solution Accelerators Developed • Turbo Lending – Unified loan onboarding solution on Salesforce
• Murex on cloud – Murex digital solution for faster onboarding on cloud
• Churn analytics – Analytics for customer relationship
• Insurance In A Box – DuckCreek based solution for faster innovation on the
cloud
• Digital Insurance Framework – Innovative digital business models for
Content, CX, Business logistics and insights
2.2. Retail, CPG & Manufacturing

New Technologies & Tools Adopted In cyber security space we partnered with Aujas and adopted a few security
related products
• Varacode – Static code analysis and cloud security scanning tool
• BurpSuite – Penetration testing
• Acunetix – Web vulnerability scanner
In CMS space we have adopted a couple of headless content management
tools
• Contentful - Commercial headless content management software
• Strapi CMS – Open source CMS option
Innovative Solution Accelerators Developed • LEAF – Web based light weight Enterprise Architecture Visualization tool,
developed to help Mindtree Architects during Enterprise Architecture
assessments

Directors’ Report
2.3. Travel, Transport & Hospitality

New Technologies & Tools Adopted IoT based solutions for Airlines and Airports. Partnered with ZestIoT to
provide
• AviLeap – Improve airline on time performance
• AviTag – Better baggage tracking
• AviQ – Passenger queue optimization
• AviX – Contactless boarding
Innovative Solution Accelerators Developed • Semantic search – Search for airlines, hotels etc using voice and free
flowing text using NLP techniques
• MARCH (Ancillary merchandizing platform) – Personalized offers by
businesses to their customers
3. Solutions for Service Lines
3.1. Data Science & Engineering

New Technologies & Tools Adopted • Increased level of partnership with Databricks and took several projects live
based on Databricks Delta
• Went live with deep learning use cases which impact demand estimation,
sales predictions directly impacting business outcomes
• Automation driven data operations
Innovative Solution Accelerators Developed • Upgraded Apex, to provide better recommendations based on deep
learning. Apex is an analytics platform for CPG industries that helps sell the
right assortment, in the right quantity, at every store, on every sales rep’s visit
• Launched MatchPoint with live customers. MatchPoint gives you the tools,
utilities and algorithms that you need to successfully prepare, cleanse and
match your data specifically for the CPG Industry. Data Cleansing, Data
Matching and Record Linkage are huge issues for corporations. Especially
global companies that sell products all over the world and on the internet
3.2. Cloud
New Technologies & Tools Adopted • Continued to keep pace with new cloud adoptions
Innovative Solution Accelerators Developed • Minimum Viable Cloud (MVC) is a cloud application management framework
designed to accelerate development and deployment of cloud applications.
It enables faster “go to cloud” while lowering the cost of ownership. MVC
is a combination of methodology, a framework of patterns, and a solution
accelerator that is based on 12 Factor App principles. It decreases time to
value by introducing repeatability and reduces the number of technologies
and tools that need to be maintained, thereby bringing down the total cost
of ownership (TCO) of the solution. Automation, blueprints and best practices
are the core implementation tools of MVC.
4. Digital Pumpkin to Inspire & Ideate for Disruptive Ideas

Digital Pumpkin is Mindtree’s unique digital innovation hub. It is a collaborative environment that helps customers accelerate digital
innovation, conduct primary research, and create functional prototypes and pilotable solutions. The Digital Pumpkin conducts
customer, portfolio, and competitor diagnostics to pinpoint the highest potential opportunities and the best business models for
bringing them to market, synthesizing consumer behavior insights, business insights, and technology adoption trends.
5. Technology Research & Academia Collaboration

Mindtree has invested in creating endowment with various Academic Institutions in India and Abroad. The Primary goals of this
endowment and partnership is to leverage research in the area of Emerging Technologies and also to solve some of the difficult
challenges faced by our customers. The partnership is also aimed at recruiting world class talent to solve real world problems.
Your Company has spent ` 373 million on research and development during the FY 2019-20 as against ` 476 million for the
FY 2018-19.
The capital investment on energy conservation equipment was ` 4.30 million during the FY 2019-20.
(C) Foreign Exchange Earnings and Outgo –
Foreign Exchange Earnings ` in million
Particulars FY 2019-20 FY 2018-19

Income from software development 74,788 67,935
Other income 27 18
Total 74,815 67,953

Directors’ Report
Foreign Exchange Outgo ` in million
Particulars FY 2019-20 FY 2018-19

Branch office expenses 41,507 37,527
Travel expenses 265 216
Professional charges 18 15
Others 349 758
Total 42,139 38,516


Directors’ Report
ANNEXURE 6
Annual Report on CSR Activities
1. A brief outline of the Company’s Corporate Social Responsibility (CSR) Policy, including overview of projects or programs proposed to
be undertaken and a reference to the web-link to the CSR Policy and projects or programs:
CSR Policy: Mindtree focuses on CSR initiatives that promotes the areas identified in this policy. Mindtree implements the chosen
programs via three channels:
a) Directly by Mindtree;
b) Through Mindtree Foundation;
c) Through “Individual Social Responsibility” programs undertaken by Mindtree Minds and supported by Mindtree as appropriate.
Further, Mindtree’s CSR primarily focuses on programs that:
a) Benefit the differently abled;
b) Promote education;
c) Create sustainable livelihood opportunities.
The CSR policy of the Company is stated in http:--www.mindtree.com-corporate-social-responsibility-policy
2. The composition of the CSR Committee:

The members of the CSR Committee of the Board as on March 31, 2020 are :
a) Mr. Jayant Damodar Patil, Chairperson
b) Ms. Apurva Purohit, Member
c) Mr. Bijou Kurien, Member
d) Ms. Deepa Gopalan Wadhwa, Member
3. Average Net Profit of the Company for last three Financial Years for the purpose of computation of CSR: ` 6,164.38 Million
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above) : ` 123.29 Million
5. Details of the CSR spent during the Financial Year 2019-20:

a) Total amount to be spent for the financial year: ` 123.29 Million
b) Total amount spent for the financial year : ` 343.50 Million
c) Amount unspent if any : None
d) Manner in which the amount spent during the financial year is detailed below :
Details of the CSR spent during the Financial Year: ` in million
Sl. CSR project or activity Sector in which Projects or Programs Amount Amount spent Cumulative Amount
No. identified the Project is (1) Local area or others outlay on the projects expenditure spent:
covered (2) Specify the state and district budget or programs upto the Direct or
where project or programs were -project or Subheads: reporting through
undertaken program (1) Direct period implementing
wise* expenditure on agency
project
(2) Overheads
I. Mindtree.org - 72.86 Direct: 72.86 72.86 Direct: 72.86
Mindtree.org is a digital
platform for social inclu-
sion. Through Mindtree.
org initiative, we make
digital technology and
professional services
accessible to millions of
people working in India’s
informal sector. Here is an
overview of our domain
Solutions:

Directors’ Report
project
(2) Overheads
I Got Garbage (IGG) - Schedule 7(i), Goa ( Bicholim)
Initiative in the area of Eradicating Madhya Pradesh (Bhopal)
poverty reduction for poverty Telangana (Hyderabad )
rag-pickers and waste Maharashtra (Mumbai)
reduction. Enabling the Karnataka (Bengaluru)
waste pickers to climb Gujarat ( Ahmedabad)
up the value chain and Uttar Pradesh (Ghaziabad)
earn a dignified livelihood Andhra Pradesh (Vijayawada)
by setting up their own Tamil Nadu (Chennai)
micro-businesses. Odisha (Bhubaneshwar)
I Got Crops (IGC) - A digital Schedule 7(i), Kerala (Trivandrum, Kannur, Idukki)
platform to improve Eradicating Andhra Pradesh (Kurnool, Srikakulam,
farmer’s earning. Enabling poverty Vizianagaram, East Godavari, Krishna,
the small-holders and Guntur, Prakasam, Nellore, Chittoor)
marginal farmers climb up Bihar (Muzzafarpur, Dharbanga,
the food value chain and Madhubani)
earn a fair share of profits Tamil Nadu (Virudhunagar,
by setting up their own Aruppukottai);
micro-businesses Karnataka (Chikballapur, Ramanagara,
Gulbarga)
Madhya Pradesh (Bhopal, Sehore,
Chhindwara)
Telangana( Medak)
Chhattisgarh (Kanker)
I Got Skills (IGS) – A Schedule 7 (ii) Various States and Districts. The
digital platform to Promoting following are the major places :
improve student learning education Karnataka {Bengaluru rural, Dakshina
and skill training. Focused Kannada, Mysuru, Bengaluru Urban,
on providing career Chikkaballapur, Ramanagara, Mandya,
guidance to unemployed Davangere, Hassan, Raichur, Tumkur,
youth and help them Kalaburagi, Kolar, Bidar, Haveri,
find the right skilling and Gulburga, Uttara Kannada (Karwar),
livelihood opportunities Bellary, Belgaum}
Maharashtra (Pune, Mumbai City, Nashik,

Nagpur, Kolhapur, Aurangabad, Jalna
Thane, Solapur, Amravati, Yavatmal,
Satara, Buldhana, Ahmednagar, Akola,
Sindhudurg, Palghar, Nandurbar, Sangli,
Mumbai, Suburban, Raigad, Ratnagiri,
Gondia)
Uttar Pradesh {Amethi (Chatrapati
Sahuji Mahraj Nagar), Rae Bareli, Kanpur
Nagar, Unnao, Agra, Meerut, Lucknow,
Varanasi, Allahabad}
University of Commons Schedule 7 (ii), Various States and Districts. The
Promoting following are the major places :
education and
vocational skills Gujarat (Ahmedabad)
Karnataka (Bengaluru, Mangalore,
Mysuru)
Assam (Guwahati)
Tamil Nadu (Chennai, Coimbatore,
Vellore, Trichy, Tirupur)
Kerala (Kochi, Kollam, Thrissur,
Trivandrum)
Maharashtra (Mumbai, Pune)
Andhra Pradesh (Visakhapatnam)
Pondicherry
Delhi
Telangana (Hyderabad)
Jharkhand
Haryana (Gurugram)

Directors’ Report
project
(2) Overheads
I Got Knowledge (IGK) - Schedule 7 (ii) Various States and Districts. The
Enriching the education Promoting following are the major places :
landscape through education Delhi (South Delhi, New Delhi)
technology solutions Maharashtra (Ahmednagar, Buldhana,
that help address Gadchiroli, Mumbai Suburban, Thane,
learning gaps in school Amravati, Nandurbar)
processes and bring Uttar Pradesh (Budaun, Amroha Agra,
together the multiple Balrampur, Bahraich, Chitrakoot,
ecosystem stakeholders Shravasti, Sonbhadra)
to collaborate Uttarakhand (Bageshwar)
II Employee Cost : Cost of Administrative - 12.94 Overhead: 12.94 12.94 Direct: 12.94
the employees working Expenses
on CSR
III Other Donation Schedule 7 (v) Karnataka (Bengaluru) 10.70 10.70 10.70 10.70
Protection Through
of National Implementing
Heritage, Art agency
Culture
Schedule 7 (i)
Promoting
Healthcare,
women health,
pure drinking
water
IV Donation to Mindtree Details as Details as provided below: 47 47 47 47
Foundation: Donation provided below: Details Details of the Details of Through
has been made to of the Projects are the Projects Mindtree
Mindtree Foundation Projects given below: are given Foundation
during the year are given below:
below:
V Contribution to PM Cares COVID -19 Pan India 200 200 200 200
Fund Through
Implementing
agency
Total CSR Expenditure 343.50 343.50 343.50 343.50
(I+II+III+IV+V)
* Amount budgeted is for the reporting period.

Directors’ Report
Details of CSR spent by Mindtree Foundation on various projects

CSR Project Project Objective Sector in which Projects or Amount Amount spent Cumulative Amount spent:
or activity the Project is Programs outlay on the projects expenditure Direct or
identified covered (1) Local area or budget - or programs upto the through
others project or Subheads: reporting implementing
(2) Specify the program (1) Direct period agency
state and district wise expenditure on
where projects or project
programs were (2) Overheads
undertaken
Employability To promote the livelihood Schedule 7(ii), Bhubaneswar
Training of unemployed rural Promoting (Odisha)
Services youths with or without vocational skills
disabilities through: Job-
training in cognitive and
practical abilities, Develop
social and behavioral traits
for specific industries
Yuva Jyoti To create sustainable Schedule 7(ii), Bychapura and
livelihood opportunities Promoting Koratagere
for school dropouts and vocational skills (Koratagere Taluk,
unemployed rural youths Tumkuru District,
Karnataka)
Sanchalana To improve physical well- Schedule 7(ii), Vijayapura Taluk
being of rural children Promoting (Vijayapura District,
with disabilities through education Karnataka)
corrective surgeries,
physiotherapies, mobility
aids, and access to
Education
Lab-On-Bike To stimulate creative Schedule 7(ii), Pune (Maharashtra)
thinking, and the curiosity Promoting Kanakapura Taluk
of seeking solutions education (Karnataka)
among school children
from 4th to 6th Std and
teachers
Community Children with disabilities Schedule 7(ii), Redhills,
As per details provided in Sl. No. IV
Based are benefitted through Promoting Padiyanallur,
Rehabilitation early detection, education Perambakkam,
– Disability early intervention, Minjur, Avadi,
Schedule 7 (iii),
Inclusive and post-corrective Thiruvallur,
Providing
Development therapies and school Ellapuram
measures
(CBR-DID) readiness interventions (Tiruvallur District,
for reducing
in Community Based Tamil Nadu)
inequalities faced
Rehabilitation Centres.
by socially and
The awareness programs
economically
on disabilities are
backward groups
conducted to the public.
Learn and Earn Train intellectually Schedule 7(ii), Rangareddy,

Centres challenged youngsters Promoting Medhak, Kakinada,
over 16 years of age in Education and Ongole, West
computer data entry vocational skills Godavari, and
such that they earn their Srikakulam Districts
livelihood with dignity. (Andhra Pradesh)
Urban Micro To bring positive social Schedule 7(ii), Bhubaneswar
Business Centre and economical impacts Promoting (Odisha)
(UMBC) in the lives of urban poor Education and
youths and adult women vocational skills
Bal sevika To bring positive Schedule 7(ii), Bengaluru
Training social and economical Livelihood (Karnataka)
Institute (BSTI) impacts in the lives of Enhancement to
underprivileged young the rural youth.
women

Directors’ Report
undertaken
Bal Roshini To identify children Schedule 7(ii), Bengaluru
with disabilities from Promoting (Karnataka)
economically weaker Education and
background and support Livelihood
them for their school Enhancement to
education by ways of the differently
Academic Fees, Assistive abled
Devices, Physiotherapies
etc.
Literacy 1. Strengthen the Schedule 7(ii), Magadi Taluk
Enhancement educational Promoting (Ramanagar
approaches and education District, Karnataka)
enhancing learning
in children from 6 to
15 ages with learning
difficulties from 12
Govt. schools from
As per details provided in Sl. No. IV
Harohalli
2. To minimize school
Dropouts and enhance
the literacy levels and
ability to think and
solve problems in
higher grades.
3. To promote the value
of literacy in rural
areas.
4. To provide additional
support by training the
local community based
workers and establish
Three Reading rooms
for children in main
stream schools
Udaan To inspire, mentor and Schedule 7(ii), Kanakapura Taluk
coach the young bright Promoting (Bengaluru Rural
minds from the rural education District, Karnataka)
corners of India to
become Doctors. Prepare
the children to get
through Medical Entrance
exams and create doctors
for the rural India.
Coaching To provide special Schedule 7(ii), Bychapura
Program - coaching in Maths, Promoting (Koratagere Taluk,
Education Science, English, Social, education Tumakuru District,
and in Kannada subjects Karnataka)
to 7th to 10th standard
children from 5 Govt
schools from 10 villages
around Bychapura

Directors’ Report
undertaken
Not Just a Piece Goonj creates awareness Schedule 7(ii), Daringbadi
of Cloth (NJPC) among with Kui tribal Promoting (Kandhamal
women about menstrual education District, Odisha)
challenges, makes the
clean cloth ‘MY Pad’ kits
at free of cost made from
surplus cotton cloth from
the cities. Goonj creates
a safe space for women
to share their challenges
and restrictions and
make their menstrual
challenges normal.
Gubbachi To provide foundational Schedule 7(ii), Kodathi and
literacy and numeracy Promoting Sullikunte Dinne,
for migration children education (Bengaluru Rural
enrolled in grades 1st District, Karnataka)
to 3rd thereby creating
a Positive condition for
strong future learning of
the child.
VACHANA Sparsh in colloboration Schedule 7 (iii), Vijapura Taluk
with APD conducts Providing (Karnataka)
screening camps in measures As per details provided in Sl. No. IV
rural areas and identify for reducing
children with disabilities inequalities faced
from families with poor by socially and
economic background economically
and do complex backward groups
surgeries, post-surgical
physiotherapies, provide
mobility-aids and will do
follow-ups
Prison Women Prison inmates are Schedule 7 (iii), Bengaluru
Livelihood trained in computer, Providing (Karnataka)
tailoring, embroidery, measures
mushroom cultivation for reducing
and horticulture to inequalities faced
enable them to earn their by socially and
remissions that results in economically
the reduction of a prison backward groups
sentence, especially as a
reward for good behavior.
For every month they
work the convicts earn
seven days remission of
their sentence.
School support The Adivasi children Schedule 7(ii), Kakrana village,
are trained in modern Promoting (Alirajpur district
education such that they education in Madhya
are equipped to play a Pradesh)
part in the larger society;
at the same time, they are
provided with confidence
and abilities to preserve
their rich culture and
heritage for generations
to come.

Directors’ Report
6. In case if the Company has failed to spend the two percent of the average net profit of the last three financial years or part thereof,
the Company shall provide reasons for not spending the amount in the Board’s Report
Not Applicable.
7. A responsibility statement of the CSR committee that the implementation and monitoring of CSR policy, is in compliance with CSR
objectives and policy of the Company
The CSR Committee, hereby confirms that the implementation and monitoring of CSR Policy is in compliance with CSR objectives and
CSR Policy of the company.
Debashis Chatterjee Jayant Damodar Patil

CEO & Managing Director Chairman of CSR Committee

Place: Bengaluru
Date: April 24, 2020

Directors’ Report
ANNEXURE 7
Form No. MGT-9
Extract of Annual Return as on the Financial Year ended on March 31, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. Registration and Other Details:
Particulars Details
CIN L72200KA1999PLC025564
Registration Date August 05, 1999
Name of the Company Mindtree Limited
Category/Sub-Category of the Company Company Limited by shares
Public Non-Government Company

Address of the Registered office and contact details Global Village, RVCE Post, Mysore Road,
Bengaluru - 560 059, Karnataka.
Telephone: +91 80 6706 4000
Email: investors@mindtree.com
Website: www.mindtree.com
Whether listed Company: Yes / No Yes. Listed on BSE Limited (Bombay Stock Exchange) and National Stock
Exchange of India Limited (NSE)
Name, Address and Contact details of Registrar and Link Intime India Pvt. Ltd
Share Transfer Agent , if any C-101, 247 Park, L.B.S Marg,
Vikhroli (West), Mumbai- 400 083, India.
Tel: +91 22 4918 6000 | Fax: +91 22 4918 6060
e-mail: rnt.helpdesk@linkintime.co.in
Website: www.linkintime.co.in
II. Principal Business Activities of the Company
All the business activities contributing 10 % or more of the total turnover of the Company are as below:
Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the Company
Computer Programming, Consultancy and Related 620 100
Activities
III. Particulars of Holding, Subsidiary and Associate Companies
Name of the Address of the Company CIN/GLN Holding/ Subsidiary / % of shares/ Applicable
Company Associate membership held Section
Larsen & Toubro L & T House, Ballard L99999MH1946PLC004768 Holding 61.08 2(87)
Limited Estate, Mumbai - 400001
Mindtree Software Room 2986, 29F, No. 913101150609180327 Subsidiary 100 2(87)
(Shanghai) Co. 501 Middle Yin Cheng
Limited Road, Pudong District,
Shanghai, China.
Bluefin Solutions 1 Sentral , Level 16 Jalan 829837 U Subsidiary 100 2(87)
Sdn. Bhd Stesen Sentral
KL Sentral , 50470
Kuala Lumpur
Malaysia
Note: During the year, Bluefin Solutions Limited, UK, Bluefin Solutions Pte Ltd, Singapore and Bluefin Solutions Inc. USA, (the wholly owned
subsidiaries of erstwhile Subsidiary, Bluefin Solutions Limited, UK) were liquidated.

IV Shareholding Pattern (Equity Share capital Break up as % to total Equity)
142
(i) Category wise Shareholding
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change
Demat Physical Total % of Total Demat Physical Total % of Total during the
year
Directors’ Report
Shares Shares
A. PROMOTERS AND PROMOTER
GROUP
(1) Indian
a) Individual/HUF 14,709,446 - 14,709,446 8.9575 14,649,446 - 14,649,446 8.9014 (0.0561)
b) Central Govt. or State Govt. - - - - - - - - -
c) Bodies Corporates - - - - 100,527,734 - 100,527,734 61.0836 61.0836

d) Bank/FI - - - - - - - - -
e) Any other (Promoter Group/ 4,944,896 - 4,944,896 3.0113 4,877,873 - 4,877,873 2.9639 (0.0474)
Person Acting in Concert (PAC)
SUB TOTAL(A) (1) 19,654,342 - 19,654,342 11.9687 120,055,053 - 120,055,053 72.9489 60.9802
(2) Foreign
a) NRI- Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - -
c) Bodies Corporate - - - - - - - -- -
d) Banks/FI - - - - - - - - -
e) Any other- Foreign Promoter 2,223,375 - 2,223,375 1.3539 1,914,639 - 1,914,639 1.1634 (0.1905)
Company
SUB TOTAL (A) (2) 2,223,375 - 2,223,375 1.3539 1,914,639 - 1,914,639 1.1634 (0.1905)
Total Shareholding of Promoters 21,877,717 - 21,877,717 13.3227 121,969,692 - 121,969,692 74.1123 60.7896
and Promoter Group
(A)= (A)(1)+(A)(2)
B. PUBLIC SHAREHOLDING
(1) Institutions
a) Mutual Funds 14,813,160 - 14,813,160 9.0206 6,055,442 - 6,055,442 3.6795 (5.3411)
b) Banks/FI 1,028,917 - 1,028,917 0.6266 2,041,659 - 2,041,659 1.2406 0.6140
C) Central Govt. / State Govt. 563,319 - 563,319 0.3430 - - - - (0.3430)
d) Venture Capital Fund - - - - - - - - -
e) Alternate Investment Funds 2,443,578 - 2,443,578 1.4880 108,772 - 108,772 0.0661 (1.4219)
f) Insurance Companies - - - - 1,307,238 - 1,307,238 0.7943 0.7943
g) FIIs (including Foreign Portfolio 64,477,441 - 64,477,441 39.2643 19,515,128 - 19,515,128 11.8580 (27.4063)
Investors)
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - - -
SUB TOTAL (B) (1) 83,326,415 - 83,326,415 50.7426 29,028,239 - 29,028,239 17.6384 (33.1042)
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change
Demat Physical Total % of Total Demat Physical Total % of Total during the
Shares Shares year
(2) Non Institutions

a) Bodies corporates 38,491,377 36 38,491,413 23.4398 659,895 - 659,895 0.4010 (23.0388)
b) Individuals
i) Individual shareholders holding 8,110,671 117,021 8,227,692 5.0103 6,477,636 114,647 6,592,283 4.0057 (1.0046)
nominal share capital upto ` 1
lakh
ii) Individuals shareholders 9,482,384 13,280 9,495,664 5.7825 4,387,238 - 4,387,238 2.6658 (3.1167)
holding nominal share capital in
excess of ` 1 lakh
c) NBFC registered with RBI 27,614 - 27,614 0.0168 5,412 - 5,412 0.0033 (0.0135)
d) Others (specify)
Clearing Members 376,025 - 376,025 0.2290 200,346 - 200,346 0.1217 (0.1073)
Foreign Nationals 649,035 16,860 665,895 0.4055 350,445 1,700 352,145 0.2140 (0.1915)
Hindu Undivided Family 297,378 - 297,378 0.1811 166,409 - 166,409 0.1011 (0.0800)
Non Resident Indians 693,672 51,728 745,400 0.4539 579,945 55,692 635,637 0.3862 (0.0677)
(Repatriable)
Non Resident Indians (Non 603,318 - 603,318 0.3674 477,020 - 477,020 0.2899 (0.0775)
Repatriable)
Directors (excluding Promoter - - - - - - - - -
Directors)
Trusts 61,928 - 61,928 0.0377 81,710 - 81,710 0.0496 0.0119
IEPF 17,582 - 17,582 0.0107 18,040 - 18,040 0.0110 0.0003
SUB TOTAL: (B) (2) 58,810,984 198,925 59,009,909 35.9348 13,404,096 172,039 13,576,135 8.2493 (27.6855)
Total Public Shareholding 142,137,399 198,925 142,336,324 86.6773 42,432,335 172,039 42,604,374 25.8877 (60.7896)
(B) = (B) (1) + (B) (2)
C. Shares held by Custodian for - - - - - - - - -
GDRs & ADRs
GRAND TOTAL (A+B+C) 164,015,116 198,925 164,214,041 100.00 164,402,027 172,039 164,574,066 100.00 -

143
Directors’ Report
(ii) Shareholding of Promoters and Promoter Group/ Persons Acting in Concert (PAC)
144
Sl. No. Name of the Promoters Shareholding at the beginning of the year Shareholding at the end of the year % change in
and Promoter Group/PAC No. of shares % of total % of shares No. of shares % of total % of shares shareholding
shares of the pledged / shares of the pledged / during the year
company encumbered to company encumbered to
Directors’ Report
total shares total shares

1 Larsen & Toubro Limited - - 100,527,734 61.084 61.084
2 Mr. Krishnakumar Natarajan 6,102,262 3.716 - 6,102,262 3.708 - (0.008)
3 Mr. Subroto Bagchi 5,098,221 3.105 - 5,098,221 3.098 - (0.007)
4 LSO Investment Private Limited 2,223,375 1.354 - 1,914,639 1.163 - (0.191)
5 Mr. N S Parthasarathy 2,340,527 1.425 - 2,340,527 1.422 - (0.003)
6 Mr. Rostow Ravanan 1,168,436 0.712 - 1,108,436 0.674 - (0.038)
7 Ms. Susmita Bagchi 2,687,577 1.637 - 2,687,577 1.633 - (0.004)

8 Ms. Akila Krishnakumar 1,105,627 0.673 - 1,105,627 0.672 - (0.001)
9 Mr. Sanjay Kumar Panda 58,069 0.035 - 58,069 0.035 - -
10 Ms. Seema Ravanan 16,272 0.010 - - - - (0.010)
11 Mr. Siddarth Krishna Kumar 510,000 0.311 - 510,000 0.310 - (0.001)
12 Mr. Abhirath K Kumar 510,000 0.311 - 510,000 0.310 - (0.001)
13 Mr. N G Srinivasan 26,477 0.016 - - - - (0.016)
14 Ms. Jayanthi Vasudevan 19,600 0.012 - 4,600 0.003 - (0.009)
15 Ms. Jayasri Dwarakanath 9,274 0.006 - - - - (0.006)
16 Mr. Krishnaswamy L P 2,000 0.001 - 2,000 0.001 - -
Total 21,877,717 13.323 - 121,969,692 74.112
1.Promoters & Promoter Group/PAC –Sl. No.1 to 6 are classified as Promoters and Sl. No. 7 to 16 are classified as Promoter Group/PAC
2. Persons listed in Sl. No. 2, 3, 5 & 6 were also Directors of the Company. Mr. Krishnakumar Natarajan, Mr. N S Parthasarathy and Mr. Rostow Ravanan resigned as Directors on July 17,
2019 and Mr. Subroto Bagchi retired on July 16, 2019.
(iii) Change in Promoter’s Shareholding including date wise increase / decrease in each of the Promoter’s Shareholding during the year specifying the reasons for increase / decrease
Particulars Larsen & Toubro Mr. Mr. Subroto LSO Investment Mr. N S Mr. Rostow Cumulative Reason for
Limited Krishnakumar Bagchi Private Limited Parthasarathy Ravanan Shareholding Change
Natarajan (Total No. of
shares)
Shares as on April 1, 2019 (At the - 6,102,262 5,098,221 2,223,375 2,340,527 1,168,436 16,932,821 -
beginning of the year)
% of total shares of the Company as - 3.716% 3.105% 1.354% 1.425% 0.711% 10.311% -
on April 01, 2019 (At the beginning
of the year)
Date wise increase/decrease during
the year (Sale/Purchase/allotment/
transfer/bonus)
April 30, 2019 32,760,229 - - - - - 49,693,050 Acquired
pursuant to the
Share Purchase
Agreement
May 03, 2019 22,474 - - - - - 49,715,524 Purchase
May 10, 2019 6,501,600 - - - - - 56,217,124 Purchase
May 17, 2019 3,306,953 - - - - - 59,524,077 Purchase
May 24, 2019 1,173,267 - - - - - 60,697,344 Purchase
May 31, 2019 3,636,456 - - - - - 64,333,800 Purchase
June 7, 2019 26,974 - - - - - 64,360,774 Purchase
June 14, 2019 25,855 - - - - - 64,386,629 Purchase
July 2, 2019 51,325,371 - - - - - 115,712,000 Purchased
through Open
offer
July 5, 2019 871,000 - - - - - 116,583,000 Purchase
July 24, 2019 - - - (60,000) - - 116,523,000 Sale
Sept 18, 2019 - - - - - (20,000) 116,503,000 Sale
Sept 20, 2019 - - - - - (10,000) 116,493,000 Sale
Sept 23, 2019 - - - (20,000) - (10,000) 116,463,000 Sale
Oct 23 to 24, 2019 - - - (120,000) - - 116,343,000 Sale
Oct 25, 2019 - - - (6,282) - - 116,336,718 Sale
Oct 27, 2019 - - - (12,454) - - 116,324,264 Sale
Dec 2 to 3, 2019 - - - - - (15,861) 116,308,403 Sale
Dec 5, 2019 - - - (40,000) - (4,139) 116,264,264 Sale
Jan 27, 2020 - - - (21,814) - - 116,242,450 Sale
Jan 31, 2020 - - - (28,186) - - 116,214,264 Sale
Mar 16 to 18, 2020 719,000 - - - - - 116,933,264 Purchase
Mar 19 to 20, 2020 158,555 - - - - - 117,091,819 Purchase
Shares as on March 31, 2020 (At the 100,527,734 6,102,262 5,098,221 1,914,639 2,340,527 1,108,436 117,091,819 -
end of the year)
Percentage of total shares of the 61.084% 3.710% 3.098% 1.163% 1.422% 0.674% 71.148% -

Company as on March 31, 2020 (At
the end of the year)
145
Directors’ Report
(iv) Change in Shareholding of Promoter Group/PAC including date wise increase / decrease in each of the Promoter Group/PAC’s Shareholding during the year specifying the rea-
146
sons for increase / decrease
Particulars Ms. Susmi- Ms. Akila Mr. Sanjay Ms. Seema Mr. Mr. Mr. N G Ms. Ms. Jayasri Mr. Krish- Cumula- Reason
ta Bagchi Krishna Kumar Ravanan Siddarth Abhirath K Srinivasan Jayanthi Dwara- na swamy tive Share- for
Kumar Panda Krishna Kumar Vasudevan kanath LP holding Change
Kumar (Total No.
Directors’ Report
of shares)
Shares as on April 1, 2019 2,687,577 1,105,627 58,069 16,272 510,000 510,000 26,477 19,600 9,274 2,000 4,944,896 -
(At the beginning of the
year)
% of total shares of the 1.637% 0.673% 0.035% 0.010% 0.311% 0.311% 0.016% 0.012% 0.006% 0.001% 3.011% -
Company as on April 01,
2019 (At the beginning of
the year)

Date wise increase/de-
crease during the year
(Sale/Purchase/allotment/
Transfer/Bonus)
Aug 20, 2019 - - - (16,272) - - - - - - 4,928,624 Sale
Feb 24 to 25, 2020 - - - - - - (26,477) - (9,274) - 4,892,873 Sale
March 2, 2020 - - - - - - - (15,000) - - 4,877,873 Sale
Shares as on March 31, 2,687,577 1,105,627 58,069 - 510,000 510,000 - 4,600 - 2,000 4,877,873 -
2020 (At the end of the
year)
Percentage of total shares 1.633% 0.672% 0.035% - 0.310% 0.310% - 0.003% - 0.001% 2.964% -
of the Company as on
March 31, 2020 (At the end
of the year)
(v) Shareholding of Directors (excluding Promoter Directors) and KMP
Particulars Mr. Pradip Kumar Menon* Cumulative Shareholding Reason for Change
(Chief Financial officer) (Total No. of shares)
Shares as on April 1, 2019 (At the beginning of the year) - -
% of total shares of the Company as on April 01, 2019 (At the beginning of the year) - -
June 17, 2019 7,875 7,875 Acquired shares by way of ESPS
Shares as on November 15, 2019 7,875 7,875
*Mr. Pradip Kumar Menon, CFO, resigned on November 15, 2019.
Notes:
1. None of the Directors (who were Directors as on March 31, 2020) were holding any equity shares of the Company as on March 31, 2020.
2. Ms. Vedavalli S, Company Secretary was not holding any equity shares of the Company as on March 31, 2020.
3. Mr. Senthil Kumar, CFO was not holding any equity shares of the Company as on March 31, 2020.
Directors’ Report
(vi) Shareholding Pattern of top ten Shareholders (other than Directors, KMP, Promoters and Promoter Group)
Sl. Name of the Shareholder and the details of changes during the year No. of Shares % of total shares of
NO the Company
1 Mirae Asset Emerging Bluechip Fund
Shareholding at the beginning of the year (April 01, 2019) - -
Purchase(s) during the year 3,720,944 2.27
Sale(s) during the year (612,320) (0.38)
Shareholding at the end of the year (March 31, 2020) 3,108,624 1.89
2 Vanguard Total International Stock Index Fund
Shareholding at the beginning of the year (April 01, 2019) 2,164,987 1.32
Purchase(s) during the year 694,092 0.42
3 Mr. S Janakiraman
4 Vanguard Emerging Markets Stock Index Fund,
A Series of Vanguard International Equity Index Funds
5 Life Insurance Corporation of India
Shareholding at the beginning of the year (April 01, 2019) 432,511 0.26
Sale(s) during the year - -
6 UTI-Equity Fund
Sale(s) during the year (3,886,281) (2.37)
7 Eastspring Investments India Equity Open Limited
8 HDFC Life Insurance Company Limited
Sale(s) during the year (1,849,475) (1.13)
9 Axis Mutual Fund Trustee Limited A/C
Axis Mutual Fund A/c Axis Mid Cap Fund
Shareholding at the beginning of the year (April 01, 2019) 12,600 0.01
Shareholding at the end of the year (March 31, 2020) 969,443 0.59
10 Government Pension Fund Global
Shareholding at the end of the year (March 31, 2020) 886,445 0.54
Note: The shares of the Company are traded on daily basis and hence the datewise increase/decrease in shareholding is not indicated.

Directors’ Report
V. Indebtedness
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Amount in ` (in Million)
Particulars Secured Loans Unsecured Loans Unsecured Loans Deposits Total Indebtedness
excluding deposits (Commercial Paper
Liability)
Indebtedness at the beginning of
the financial year
(i) Principal Amount - 9.16 - - 9.16
(ii) Interest due but not paid - - - - -
(iii) Interest accrued but not due - 0.23 - - 0.23
Total (i+ii+iii) - 9.39 - - 9.39
Change in Indebtedness during
the financial year
Addition - 0.16 - - 0.16
Reduction - (4.86) - - (4.86)
Net Change - (4.70) - - (4.70)
Indebtedness at the end of the
financial year
(i) Principal Amount 4.58 - 4.58
(ii) Interest due but not paid - - - - -
(iii) Interest accrued but not due - 0.11 - - 0.11
Total (i+ii+iii) - 4.69 - - 4.69
VI. Remuneration of Directors and KMP
A. Remuneration paid to Managing Director, Whole-time Directors and/or Manager:

Particulars of Remuneration Mr. Debashis Mr. Krishnakumar Mr. Rostow Ravanan Mr. N S Total
Chatterjee Natarajan (CEO & Managing Parthasarathy
(CEO & Managing (Executive Director) ** (Executive
Director)* Chairman)** Vice Chairman,
President & COO)**
Gross Salary
(a) Salary as per provisions 49.30 57.02 78.31 45.84 230.47
contained in Section 17(1) of the
Income-tax Act, 1961
(b) Value of perquisites under 2.96 3.27 2.41 1.33 9.97
Section 17(2) of the Income-tax
Act, 1961
(c) Profits in lieu of salary under - - - - -
Section 17(3) of the Income-tax
Act, 1961
Stock Option - - - - -
Sweat Equity - - - - -
Commission-as % of Profit - - - - -
Others – Specify - - - - -
Others – (Non- taxable 2.25 2.32 2.27 2.35 9.19
reimbursements)
Total (A) 54.51 62.61 82.99 49.52 249.63
Overall Ceiling as per the Act 820
*Appointed as CEO & Managing Director with effect from August 2, 2019.
**Resigned as Directors on July 17, 2019. The remuneration includes special incentive on $1bn revenue milestone, PAT based commission and the payout
pursuant to Phantom Stocks for FY 2018-19 paid during the year.
B. Remuneration to other Directors:

Particulars of Mr. A M Ms. Mr. Mr. Mr. Bijou Mr. M R Ms. Deepa Mr. Total
Remuneration Naik** Apurva Milind Akshaya Kurien Prasanna* Gopalan Subroto
Purohit Sarwate Bhargava Wadhwa* Bagchi***
Independent Directors
Fee for attending Board - - - - - - - - -
/Committee meetings
Commission - 2.40 2.40 5.61 2.40 1.70 1.70 - 16.21
Others, (Perks Tax) - - - - - - - - -

Directors’ Report
Particulars of Mr. A M Ms. Mr. Mr. Mr. Bijou Mr. M R Ms. Deepa Mr. Total
Remuneration Naik** Apurva Milind Akshaya Kurien Prasanna* Gopalan Subroto
Purohit Sarwate Bhargava Wadhwa* Bagchi***
Total (1) - 2.40 2.40 5.61 2.40 1.70 1.70 - 16.21
Non-Executive/Non-
Independent Directors
Fee for attending Board - - - - - - - - -
Committee meetings
Commission 4.23 - - - - - - 0.75 4.98
Others, please specify - - - - - - - - -
Total (2) 4.23 - - - - - - 0.75 4.98
Total Managerial 4.23 2.40 2.40 5.61 2.40 1.70 1.70 0.75 21.19
Remuneration
(B)=(1+2)
Overall Ceiling as per 82
the Act
Note: In view of the economic conditions impacted by the COVID-19 pandemic, the Non-Executive/ Independent Directors have accepted
the reduced remuneration for this year to express solidarity and conserve resources. No remuneration was paid to Mr. S N Subrahmanyan,
Mr. R Shankar Raman and Mr. Jayant Damodar Patil, Non-Executive Directors for the FY 2019-20.
* Appointed as Independent Directors with effect from July 16, 2019.
** Appointed as Non-Executive Chairman with effect from July 18, 2019.
*** Retired on July 16, 2019.
C. Remuneration paid to KMP other than MD / Manager /Whole time Director

Particulars of Remuneration Mr. Senthil Kumar Mr. Pradip Kumar Menon Ms. Vedavalli S
(Chief Financial Officer)* (Chief Financial Officer)** (Company Secretary)
Gross Salary
(a) Salary as per provisions contained in Section 17(1) of 0.30 14.95 5.28
the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income-tax Act, - - 0.13
1961
(c) Profits in lieu of salary under Section 17(3) of the - - -
Income-tax Act, 1961
Stock Option - 7.67 -
Sweat Equity - - -
Commission-as % of Profit - - -
Others – Specify
Others 0.01 0.54 0.18
(Non-taxable reimbursements)
Total (C) 0.31 23.16 5.59
Overall Ceiling as per the Act Not Applicable
* Appointed as CFO with effect from March 11, 2020.
** Resigned as CFO on November 15, 2019.
VII. Penalties / Punishment/ Compounding of Offences

There were no penalties/punishment or compounding of offences under the Act during the year ended March 31, 2020.

Place: Bengaluru
Date: April 24, 2020 R Shankar Raman Debashis Chatterjee
Director CEO & Managing Director

Directors’ Report
ANNEXURE 8
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH 2020
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
MINDTREE LIMITED,
CIN:L72200KA1999PLC025564
Bengaluru, Karnataka
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
Mindtree Limited (hereinafter called the “Company”). The secretarial audit was conducted in a manner that provided me a reasonable basis
for evaluating the corporate conduct/ statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the company
and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit,
I hereby report that in my opinion, the company has, during the audit period covering the financial year ended on 31st March 2020 complied
with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place
to the extent, in the manner and subject to the reporting made hereinafter.
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended on 31st March 2020 according to the provisions of:
i. The Companies Act, 2013 (the Act) and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
v. The following Regulations and Guidelines (and any amendments thereto) prescribed under the Securities and Exchange Board of India
Act, 1992 (‘SEBI Act’), as applicable:-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and The Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018;
d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies
Act and dealing with client;
g) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 and The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 2018.
vi. The other laws as applicable to the company, as per Para I of Annexure hereto.
I have also examined compliance with the applicable clauses of the Secretarial Standards 1 and 2 issued by The Institute of Company
Secretaries of India.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines and Standards
mentioned above.
I further report that:
• The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive Directors,
Independent Directors and Women Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
• Adequate notice was given to all Directors to schedule the Board/Committee Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation at the meeting.
• The decisions at the Board and Committee meetings were carried unanimously and the related discussions were duly recorded in the
minutes.
I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company
to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

Directors’ Report
I further report that an inspection under section 206 of the Companies Act had been ordered by the Regional Director, South East Region,
Ministry of Corporate Affairs and the final report of the Regional Director is awaited.
I further report that during the audit period there were the following specific events/actions having a major bearing on the Company’s affairs
in pursuance of the laws, rules, regulations, guidelines, standards, etc. mentioned above.
Larsen & Toubro Limited acquired 61.08% of equity shares of the Company (through open offer, share purchase agreement and open market
purchase) and was categorized as Promoter during the year. Consequently, the Company has become the subsidiary of Larsen & Toubro
Limited.
G. Shanker Prasad
ACS No.: 6357
CP No: 6450
Place: Bengaluru
Date: 24.04.2020
UDIN: A006357B000177627
This report is to be read with my letter of even date (Para II) of the Annexure and forms an integral part of the report.

Directors’ Report
ANNEXURE (Para I)
(The other laws as may be applicable to the Company referred to in Para (vi) of the report including corresponding State Laws, wherever
applicable, and the relevant regulations thereunder)
A. Environmental Laws
a) Air (Prevention & Control of Pollution) Act, 1981
b) Environment (Protection) Act, 1986
c) Water (Prevention and Control of Pollution) Act, 1974
d) Cigarettes and other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply
and Distribution) Act, 2003
e) Electricity Act, 2003
B. Employment Laws
a) Labour Welfare Fund Acts and the rules made thereunder
b) Apprenticeship Act 1961 and the rules made thereunder
c) Factories and Establishments (National, Festival and Other Holidays) Acts and the rules made thereunder.
d) Maternity Benefit Act, 1961
e) Minimum Wages Act, 1948
f) Payment of Bonus Act, 1965 and the rules made thereunder
g) Payment of Gratuity Act, 1972 and the rules made thereunder
h) Payment of Wages Act, 1936
i) Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
j) Contract Labour (Regulation and Abolition) Act, 1970
k) Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
l) The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959 and the rules made thereunder
m) The Employee's Compensation Act, 1923
n) The Equal Remuneration Act, 1976 and the rules made thereunder
o) The Employee State Insurance Act, 1948 and the rules and regulations made thereunder
p) The Industrial Employment (Standing Orders) Act, 1946 and rules made thereunder
q) The Shops and Commercial Establishments Acts and rules made thereunder
r) Workmen Compensation Act, 1923
s) Tax on professions, Trade, callings and employment Acts and rules made thereunder
t) Industrial Disputes Act, 1947
u) Rights of Persons with Disabilities Act, 2016
C. Establishment Laws
a) Lift Acts
b) Fire Acts
c) Town Panchayats, Municipalities and Municipal Corporations (Collection of Tax On Professions, Trades, Callings And
Employments) Rules, 1999
d) Municipal Laws
e) Food Safety and Standards Act, 2006
f) Petroleum Act, 1934 and the rules made thereunder
g) Explosives Act 1884
D. Fiscal Laws
a) Central Goods and Service Tax Act 2017 and rules made thereunder
b) Integrated Goods and Service Tax Act 2017 and rules made thereunder
c) Income-Tax Act, 1961 and the rules made thereunder
d) Foreign Exchange Management Act, 1999 and the rules made thereunder
e) Foreign Trade Policy 2015-2020
E. Sectoral Laws
a) Information Technology Act, 2000 and the applicable rules thereunder
b) Special Economic Zones Act, 2005 and the rules made thereunder
c) National Telecom Policy, 1999
F. Other Laws
a) Micro, Small and Medium Enterprises Development Act, 2006
b) Motor Vehicles Act, 1988
c) Competition Act, 2002
d) Transgender Persons (Protection Of Rights) Act 2019

Directors’ Report
ANNEXURE (Para II)

To,
The Members,
MINDTREE LIMITED,
CIN:L72200KA1999PLC025564
Bengaluru, Karnataka
My report of even date is to be read along with this letter:
1. The maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion
on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the con-
tents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I
believe that the processes and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
4. Wherever required, I have obtained the management representation about the compliance of laws, rules and regulations and happening
of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of manage-
ment. My examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which
the management has conducted the affairs of the Company.
7. Some of the required information for the audit were shared through email and other online channel as physical verification could not be
done due to lockdown on account of COVID -19 Pandemic during the last few weeks of the quarter.
G. Shanker Prasad
ACS No.: 6357
CP No: 6450
Place: Bengaluru
Date: 24.04.2020

Directors’ Report
ANNEXURE 9
INDEPENDENT AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE
TO THE MEMBERS OF MINDTREE LIMITED
1. This certificate is issued in accordance with the terms of our engagement letter dated July 16, 2019.
2. We, Deloitte Haskins & Sells, Chartered Accountants, the Statutory Auditors of Mindtree Limited (“the Company”), have examined the
compliance of conditions of Corporate Governance by the Company, for the year ended on March 31, 2020, as stipulated in regulations
17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the “Listing Regulations”).
Management’s Responsibility
3. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design,
implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate
Governance stipulated in the Listing Regulations.
Auditor’s Responsibility
4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance
with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the
Company.
5. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of
providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
6. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification of
Corporate Governance issued by the Institute of Chartered Accountants of India (the “ICAI”), the Standards on Auditing specified under
Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per the Guidance Note on
Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code
of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
Opinion
8. Based on our examination of the relevant records and according to the information and explanations provided to us and the representations
provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in
regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the Listing Regulations during the year
ended March 31, 2020.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the Management has conducted the affairs of the Company.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm‘s Registration No. 008072S)
V. Balaji
Partner
BENGALURU, April 24, 2020 (Membership No. 203685)
VB/JT/SMG/SS/2020 UDIN-20203685AAAAAN4160
Ref No- VB/2020/330

CORPORATE GOVERNANCE REPORT

I. Corporate Governance Philosophy at Mindtree
Mindtree Limited (hereinafter referred to as 'Mindtree’ Mindtree’s Corporate Governance Philosophy is focused on:
or ‘Company') considers the Corporate Governance as an (i) Acting in the spirit of law and not just the letter of law;
instrument to maximize value for all Stakeholders, i.e. investors,
(ii) Doing what is right and not what is convenient;
employees, shareholders, customers, suppliers, environment
(iii) Providing complete transparency on our operations; and
and the community at large. Good governance practices
emerge from the culture and mind-set of the organization. The (iv) Following openness in our communication with our
Company emanates its values from the rich governance and stakeholders.
disclosure practices followed by L&T Group. In line with the
The structure of Corporate Governance in Mindtree includes
Group’s philosophy, Mindtree has adopted fair and transparent
the below:
governance and disclosure practices. Ethical business conduct,
• Governance by Shareholders
integrity and commitment to values, which enhance and retain
stakeholders' trust are the traits of your Company’s Corporate • Governance by the Board and its Committees
Governance. At Mindtree, good governance practices forms part • Governance by Executive Management
of business strategy, which includes, inter alia, focusing on long Your Company operates on the principle “We engineer
term value creation and protecting stakeholders interests by meaningful technology solutions to help businesses and
applying due care and diligence in its business decisions. societies flourish”. Mindtree believes in the power of people
Corporate Governance is one of the essential pillars for and the impact people can have on technology.
building an efficient and sustainable environment. Your II. The Board of Directors (The Board)
Company follows the best governance practices with highest
integrity, transparency and accountability. Mindtree’s Corporate Board Structure
Governance Philosophy is further strengthened by its adoption The Board composition comprised of eleven Directors consisting
of Integrity Policy, Code of Conduct for the Board members of Non-Executive Chairman, an Executive Director, three
and Senior Management, the Board process, Code of Conduct Non-Executive and Non-Independent Directors and six Non-
for Prevention of Insider Trading in Mindtree Securities, Code Executive and Independent Directors, including two Women
of Fair Practices and Disclosure. The Company has in place an Directors as at the year ended March 31, 2020, in accordance
Information Security Policy that ensures proper utilization of with SEBI (Listing Obligations and Disclosures Requirements)
Information Technology resources. The Company recognizes Regulations, 2015 (hereinafter referred as “LODR Regulations”)
and Companies Act, 2013.
that good governance is a continuing exercise and reiterates
its commitment to pursue highest standards of Corporate Key information of Directors
Governance. The Board Members are not related to each other. The number
Mindtree received the prestigious 'SAFA Best Presented Annual of Directorships held by Executive, Non-Executive and
Report’ award from the South Asian Federation of Accountants Independent Directors are within the permissible limits under
(SAFA) as a recognition for strong ethics, excellence in LODR Regulations and Companies Act, 2013. The Directors have
financial reporting and Corporate Governance for 2018 in the provided necessary disclosures regarding change in Committee
'Communication and Information Technology Sector', which is a positions, if any, during the year. Further, none of the Directors is
token of its best practices adopted. a Member of more than 10 Committees or Chairperson of more
than 5 Committees (only Audit committee and Stakeholders’
Mindtree employees (“Mindtree Minds”) are expected to adhere
Relationship Committee) across all Public Limited Companies
to the highest standards of integrity. Mindtree Minds are guided
during the year.
by the values of collaborative spirit, unrelenting dedication and
expert thinking. These values are core to all our operations.

The Key information of Directors as on March 31, 2020 is as below:
156
Name of the Director Designation/Position Directorship Position held in Directorship in other Category of Directorship
in other Committees (only Audit Listed entities
Indian and Stakeholders’
Companies Relationship Committee)
of the Board of other
Public Companies
As
As Member
Chairperson
1. Larsen & Toubro Limited
Mr. AnilKumar Manibhai Naik
Non-Executive Chairman 7 - - 2. Larsen & Toubro Infotech Limited Non-Executive Chairman
(Mr. A M Naik)1
3. L&T Technology Services Limited
Mr. Sekharipuram Narayanan 1. Larsen & Toubro Limited 1. CEO & Managing Director
Subrahmanyan Non-Executive Vice Chairman 6 - 1 2. Larsen & Toubro Infotech Limited 2. Non-Executive Vice Chairman

(Mr. S N Subrahmanyan)2 3. L&T Technology Services Limited 3. Non-Executive Vice Chairman
Mr. Debashis Chatterjee3 CEO & Managing Director 1 - - - -
1. Larsen and Toubro Limited 1. CFO & Whole-Time Director
Mr. Ramamurthi Shankar Raman Non- Executive and Non-Independent
9 - 5 2. Larsen & Toubro Infotech Limited 2. Non-Executive Director
(Mr. R Shankar Raman)4 Director
3. L&T Finance Holdings Limited 3. Non-Executive Director
Non- Executive and Non-Independent
Mr. Jayant Damodar Patil5 4 - - Larsen & Toubro Limited Whole-Time Director
Director
1. Music Broadcast Limited 1. Non-Executive Director
Ms. Apurva Purohit Non-Executive and Independent Director 3 1 3
2. L&T Technology Services Limited 2. Independent Director
1. Glenmark Pharmaceuticals Limited
2. Matrimony.com Limited
Mr. Milind Sarwate8 Non-Executive and Independent Director 8 3 3 3. Mahindra and Mahindra Financial Independent Director
Services Limited
4. Metropolis Healthcare Limited
Mr. Akshaya Bhargava Non-Executive and Independent Director 1 - - - -
1. Timex Group India Limited
Mr. Bijou Kurien Non-Executive and Independent Director 8 2 3 2. Future Lifestyle Fashions Limited Independent Director
3. Brigade Enterprises Limited
1. J K Cement Limited
Ms. Deepa Gopalan Wadhwa6 Non-Executive and Independent Director 5 - 1 2. J K Paper Limited Independent Director
3. Bengal & Assam Company Limited
Mr. Prasanna Rangacharya Mysore
Non-Executive and Independent Director 3 - 3 - -
(Mr. M R Prasanna)7
1
Appointed as Non-Executive Chairman with effect from July 18, 2019.
2
Appointed as Non-Executive and Non-Independent Director with effect from July 16, 2019 and as Non -Executive Vice Chairman with effect from August 2, 2019.
3
Appointed as CEO & Managing Director with effect from August 2, 2019.
4
Appointed as Non- Executive and Non-Independent Director with effect from July 16, 2019.
5
6
Appointed as Non-Executive and Independent Director on July 16, 2019.
7
8
Resigned on April 24, 2020.
Notes:
Mr. Krishnakumar Natarajan, Mr. Rostow Ravanan and Mr. N S Parthasarathy resigned as Directors on July 17, 2019. Mr. Rostow Ravanan resigned as CEO with effect from July 31, 2019. Mr. Subroto Bagchi, Non-Executive
Director retired at the Annual General meeting of the Company on July 16, 2019.
Board tenure, Change in Board composition and other Information
Mr. A M Naik was appointed as Non-Executive Chairman with effect from July 18, 2019, which has been approved by the Shareholders
on September 23, 2019 through Postal Ballot. Mr. A M Naik is liable to retire by rotation.
Mr. S N Subrahmanyan was appointed as Non-Executive and Non-Independent Director with effect from July 16, 2019. Further he was
appointed as Non-Executive Vice Chairman with effect from August 2, 2019 and is liable to retire by rotation.
Mr. Debashis Chatterjee was appointed as CEO & Managing Director from August 2, 2019 to August 1, 2024, not liable to retire by
rotation and his notice period for resignation is three months, which has been approved by Shareholders on September 23, 2019
through Postal Ballot. Further, the appointment of the Managing Director is governed by the Articles of Association of the Company,
resolutions passed by the Board of Directors/Committees and the Members of the Company along with the Employment Contract.
Mr. R Shankar Raman and Mr. Jayant Damodar Patil were appointed as Non- Executive and Non-Independent Directors with effect from
July 16, 2019 and are liable to retire by rotation.
Mr. Krishnakumar Natarajan, Mr. N S Parthasarathy and Mr. Rostow Ravanan resigned as Directors on July 17, 2019. Mr. Subroto Bagchi,
Non-Executive Director retired from the Board at the Annual General Meeting of the Company held on July 16, 2019.
The tenure of Independent Directors are as follows:
Name Tenure
From To
Ms. Apurva Purohit* January 01, 2019 December 31, 2023
Mr. Milind Sarwate*** July 19, 2016 July 18, 2021
Mr. Akshaya Bhargava December 12, 2016 September 30, 2021
Mr. Bijou Kurien July 17, 2018 July 16, 2021
Ms. Deepa Gopalan Wadhwa** July 16, 2019 July 15, 2024
Mr. M R Prasanna** July 16, 2019 March 31, 2022
* serving second term.

** Appointed on July 16, 2019.
*** Resigned on April 24, 2020.
Mr. Milind Sarwate, Non-Executive and Independent Director or impact their ability to discharge their duties. Based on the
resigned on April 24, 2020, due to the re-organisation of his declarations received from them, in the opinion of the Board,
portfolio of Board membership across various companies. the Independent Directors fulfill the conditions specified in
Further Mr. Milind Sarwate has provided a confirmation there the LODR Regulations and that of Companies Act, 2013 and are
are no other material reasons other than the above mentioned independent of the management.
reason for his resignation.
Familiarisation Programme for Independent Directors
The service contracts, notice period and severance fees are not
applicable to Non-Executive and/or Independent Directors. Mindtree has an elaborate Familiarisation Programme for
Independent Directors to enable them to familiarise themselves
Independent Directors with the Company, its management and operations. This
Independent Directors are Non-Executive Directors as defined Programme is focused on facilitating Independent Directors
under Regulation 16(1)(b) of the LODR Regulations and Section to clearly understand their roles and responsibilities for the
149(6) of the Companies Act, 2013. Mindtree’s Board comprised purpose of contributing significantly towards the growth of the
of six Independent Directors as on March 31, 2020. The Company Company. The Business Heads, CFO and other leaders provide
had issued formal letter of appointment/re-appointment to detailed update to the new Independent Directors, as a part of
its Independent Directors. The terms and conditions of draft their induction on the business model, nature of Industry and
appointment letter is published on the website of the Company its dynamism. The CFO and the Company Secretary explains in
in the following link: https://www.mindtree.com/sites/default/ detail the roles, responsibilities and liabilities of Independent
files/2017-10/letter-of-appointment-for-independent-director. Directors. The business presentations at the Board/Committee
pdf. The tenure of Independent Directors is in accordance with meetings cover business strategies, management structure,
the Companies Act, 2013 and LODR Regulations. People Function initiatives, Compliance framework, Succession
All the Independent Directors have confirmed that they meet Planning, Business Performance, Finance Plan, customer
the criteria of independence as mentioned under Regulation experience, Innovative Solutions, Digital Platforms, review of
16(1)(b) of the LODR Regulations and Section 149(6) and Internal Audit, Risk Management framework, Internal Financial
have provided the declaration under Section 149 (7) of the Controls, Regulatory updates, etc. Please refer to the details
Companies Act, 2013. In terms of Regulation 25(8) of LODR of Familiarization Programme of Independent Directors at our
Regulations, the Independent Directors have confirmed that website in the following link: https://www.mindtree.com/sites/
they were not aware of any circumstance or situation which default/files/2020-05/details-of-familiarization-programme-
exists or may be reasonably anticipated that could impair for-independent-directors.pdf

III. Board Meetings the Company or taken an adverse view regarding another
The schedule of the Board and Committee meetings are decided enterprise that can have negative implications on the
in advance in consultation with Board/Committee members. The Company;
Board members have complete access of company information. • Details of any joint venture or collaboration agreements, if
The Board meetings are governed by structured agenda, which any;
is backed by comprehensive presentations. The board agenda • Transactions that involve substantial payment towards
covers update from the committees, highlights of the business goodwill, brand equity, or intellectual property;
and finance for the quarter, CEO’s update on the top priorities,
• Significant labor problems and their proposed solutions.
risks, actions, etc. The Board agenda also covers the strategic
Any significant development in Human Resources/
matters, compliance and other statutory matters. The Board
Industrial Relations front like signing of wage agreement,
members advise the management on all the critical issues and
implementation of Voluntary Retirement Scheme etc.;
provide them strategic guidance. The agenda for the Board
meetings includes all the matters as required to be placed • Sale of investments, subsidiaries, assets, which are material
under Part A of Schedule II of LODR Regulations and that of in nature and not in normal course of business;
Companies Act, 2013. • Quarterly details of foreign exchange exposures and the
The agenda is generally shared seven clear days prior to the date steps taken by management to limit the risks of adverse
of the meeting. Other business presentations and resolutions exchange rate movement, if material and
are shared ahead of the meeting. The draft resolutions include • Non-compliance of any regulatory, statutory or listing
detailed notes on the items to be discussed at the meeting requirements and shareholders service such as non-payment
to enable the Directors to take informed decisions. The Board of dividend, delay in share transfer etc. and such other
agenda and documents for the Board/Committee meetings matters as stated in Part A of Schedule II of LODR Regulations.
are shared through secured web based application with login The Board periodically reviews the compliance reports of all
credentials. The Board agenda covers the following matters: laws applicable to the Company. In case of urgent business
• Annual operating plans, budgets and any updates; needs, the Board’s approval is obtained by way of circular
• Capital Budgets and any updates; resolutions in accordance with the Companies Act, 2013.
• Quarterly and/or Annual results for the Company and its During the year, members of the Board and Senior Managerial
operating divisions or business segments; Personnel disclosed to the Board whether they, directly,
indirectly or on behalf of third parties, have a material interest in
• Key business risks faced by the Company;
any transaction or matter directly affecting the Company. They
• Minutes of meetings of Audit Committee and other made necessary disclosures so as to meet the expectations of
Committees of the Board; operational transparency to stakeholders while at the same
• The information on recruitment and remuneration of senior time maintaining confidentiality of information in order to foster
officers just below the board level, including appointment a culture for good decision-making.
or removal of Chief Financial Officer and the Company
Schedule of Board meetings
Secretary;
There were nine Board meetings, held during the financial year
• On the issue of Show cause, demand, prosecution notices
2019-20 i.e. on April 17, 2019, June 20, 2019, July 5, 2019, July
and penalty notices, if any, which are materially important;
17, 2019 (two meetings) August 02, 2019, October 16, 2019,
• On the fatal or serious accidents, dangerous occurrences, any January 14, 2020 and March 11, 2020. The Board had passed
material effluent or pollution problems, if any; four circular resolutions during the financial year 2019-20.
• Material default in financial obligations to and by the The necessary quorum was present for all the Board Meetings.
Company, or substantial non-payment for goods sold by the The interval between any two Board Meetings was well within
Company, if any; the maximum allowed gap of one hundred and twenty days.
• Any issue, which involves possible public or product liability After each Board Meeting, your Company has a well-articulated
claims of substantial nature, including any judgment or system of follow up, review and reporting on actions taken by
order which, may have passed strictures on the conduct of the Management with regard to the decisions of the Board.
The details of attendance of the Board members at Board Meetings, Annual General Meeting and their shareholding in Mindtree are as
follows:
Name of the Director Shareholding in Mindtree Attendance at Board Meetings Attendance at Twentieth AGM
as on March 31, 2020 for the FY 2019-20*
Mr. A M Naik1 Nil 4 out of 4 NA
Mr. S N Subrahmanyan 2
Nil 6 out of 6 NA
Mr. Debashis Chatterjee3 Nil 3 out of 3 NA
Mr. R Shankar Raman4 Nil 6 out of 6 NA
Mr. Jayant Damodar Patil5 Nil 6 out of 6 NA
Ms. Apurva Purohit Nil 8 out of 9 Yes
Mr. Milind Sarwate8 Nil 8 out of 9 Yes

Name of the Director Shareholding in Mindtree Attendance at Board Meetings Attendance at Twentieth AGM
as on March 31, 2020 for the FY 2019-20*
Mr. Akshaya Bhargava Nil 8 out of 9 Yes
Mr. Bijou Kurien Nil 8 out of 9 Yes
Ms. Deepa Gopalan Wadhwa6 Nil 6 out of 6 NA
Mr. M R Prasanna7 Nil 6 out of 6 NA
Notes: Mr. Krishnakumar Natarajan, Former Executive Chairman, Mr. Rostow Ravanan, Former CEO & Managing Director and Mr. N S
Parthasarathy, Former Executive Vice Chairman, attended four out of five Board Meetings held during their tenure and were present at the
Twentieth AGM. Mr. Subroto Bagchi, Former Non-Executive Director attended all the three Board Meetings held during his tenure and was
present at the Twentieth AGM. The shareholding details of the above Former Directors are available in Annexure 7 in Form No. MGT-9 of the
Directors' Report.
* Meetings attended includes attendance through audio visual means/video conferencing.
1
Appointed as Non-Executive Chairman with effect from July 18, 2019.
2
Appointed as Non-Executive and Non-Independent Director with effect from July 16, 2019 and as Non-Executive Vice Chairman with effect
from August 2, 2019.
3
Appointed as CEO & Managing Director with effect from August 2, 2019.
4
5
6
7
8
Resigned on April 24, 2020.
Meeting of Independent Directors A. Audit Committee;

The Independent Directors of the Company generally meet B. Nomination and Remuneration Committee;
among themselves after every quarterly Board meeting, C. Stakeholders’ Relationship Committee;
without the presence of the Executive Directors/Non-Executive
D. Corporate Social Responsibility Committee;
Directors and members of the Management of the Company.
The purpose of these meetings is to promote open and candid E. Risk Management Committee;
discussion among the Independent Directors. F. Foreign Exchange Hedging Committee;
During the financial year 2019-20, Independent Directors met G. Administrative Committee (dissolved and ceased to
four times among themselves, i.e. on April 18, 2019, July 17, operate with effect from July 18, 2019) and
2019, October 16, 2019 and January 14, 2020. In the said H. Management Committee.
meetings, the Independent Directors reviewed the matters as
required under the LODR Regulations and that of Companies Act, A. Audit Committee
2013. Action items, if any, were communicated to the Executive Composition of Audit Committee
management and tracked to closure to the satisfaction of
The Audit Committee was constituted in accordance with the
Independent Directors.
requirement of statutes. The Audit Committee reports to the
Ms. Apurva Purohit is the Lead Independent Director and she Board. The Chairperson and the members of Audit Committee
leads the meeting of Independent Directors. are financially literate and have the required accounting and
IV. Committees financial management expertise. The Chairperson of the Audit
Committee was present at the Twentieth Annual General
Mindtree has constituted the following Committees and each
Meeting to answer Shareholders’ queries.
Committee has its terms of reference :
The Audit Committee met six times i.e. on April 16, 2019, July 16, 2019, September 24, 2019, October 16, 2019, January 14, 2020 and
March 11, 2020 during the financial year 2019-20. The Composition of Audit Committee as on March 31, 2020 and the attendance of
members at the above Audit Committee meetings during the year were as follows :
Attendance of the members at the

Name of the Director Category Chairperson/Member
Audit Committee meetings*
Non-Executive and
Mr. Milind Sarwate Chairperson 6 out of 6
Independent Director
Non-Executive and Non-
Mr. R Shankar Raman** Member 4 out of 4
Non-Executive and
Mr. Akshaya Bhargava Member 6 out of 6
Non-Executive and
Mr. M R Prasanna** Member 4 out of 4

Notes: Mr. Bijou Kurien, Non-Executive and Independent Director ceased to be the Member of Audit Committee with effect from July 18, 2019.
He attended one out of two meetings held during his tenure.
** Appointed as Members of Audit Committee with effect from July 18, 2019.
The interval between two Audit Committee Meetings has not exceeded one hundred and twenty days. The necessary quorum was
present for all the said Audit Committee Meetings.
The CFO, Chief Risk Officer, Legal Counsel, Finance Controller, representatives of the Statutory Auditor/Internal Auditor are the regular
invitees to attend the Audit Committee Meetings. The Audit Committee also invites such other executives as it considered appropriate
to be present at the meetings of the Committee. Ms. Vedavalli S, Company Secretary and Compliance Officer acted as Secretary to the
Audit Committee. The Audit Committee had powers of investigation, within the terms of reference, wherever necessary during the year.
Roles, responsibilities and the terms of reference of the Audit of compliance against regulations applicable to the
Committee Company;
The roles, responsibilities and the terms of reference of the • Review any concerns raised by Mindtree Minds or others
Audit Committee inter alia includes the following: about possible improprieties in financial reporting, including
• Appointment & changes to the Statutory Auditors, Internal management override of internal controls and financial
and Secretarial Auditors (Collectively referred to as irregularities involving management team members;
“Auditors”); • Review of major accounting estimates, which have an impact
• Assess the independence and objectivity of the Statutory of +/- 5% on the PAT for the period based on the exercise of
Auditors and to ensure that the nature and amount of judgment by management;
non-audit work does not impair the Statutory Auditor's • Review of compliance with listing and other legal
independence and objectivity; requirements relating to financial statements;
• Fix the remuneration of the Auditors;
• Review of matters required to be included in the Directors’
• Approval of payment to Statutory Auditors for any other
Responsibility Statement to be included in the Board’s report
services rendered by the Statutory Auditors;
• Changes, if any, in accounting policies and practices and
• Reviewing, with the management, performance of Statutory
reasons for the same;
and Internal Auditors and the effectiveness of the audit
process; • Modified opinion(s) in the draft audit report, if any;
• Discussion with Statutory Auditors before the audit • Scrutiny of inter-corporate loans and investments, if any;
commences, about the nature and scope of audit as well as • Management discussion and analysis of financial condition
post-audit discussion to ascertain any area or concern; and results of operations, which is published in the Annual
• Review, at least annually, a formal written report from the Report;
Statutory Auditors providing details of:
• Discuss financial information and earnings guidance
- Their internal quality-control procedures;
provided to analysts and ratings agencies. Such discussions
- Any material issues raised within the preceding five years may be in general terms (i.e., discussion of the types of
by: information to be disclosed and the type of presentations to
- their internal quality-control reviews, be made) ;
- peer reviews of the Statutory Auditors, or
• Review of statement of significant related party transactions;
- any governmental or other inquiry or investigation
• Review the effect of regulatory and accounting initiatives,
relating to any audit conducted by the Statutory
Auditors. as well as off-balance-sheet structures, on the financial
statements of the company, if any;
The Committee will also review steps taken by the Statutory
Auditors to address any findings in any of the foregoing • Oversee, review, and periodically update the company’s code
reviews: of conduct and the company’s system to monitor compliance
• Review of the reports from the Statutory Auditors & Internal with and enforce this code;
Auditors; • Review, with the management team, legal compliance and
• Overseeing of the Company’s financial reporting process and legal matters that could have a significant impact on the
the disclosure of its financial information to ensure that the company’s financial statements;
financial statement is correct, sufficient and credible; • Reviewing, with the management, the statement of uses /
• Review critical accounting policies and any changes to such application of funds raised through an issue (public issue,
policies and reasons for the same; rights issue, preferential issue, etc.), the statement of funds
• Review of disclosure of related party transactions in financial utilized for purposes other than those stated in the offer
statements; document / prospectus / notice and the report submitted
• Review of the quarterly and annual financial statements of by the monitoring agency monitoring the utilisation of
the Company before they are presented to the Board for proceeds of a public or rights issue, and making appropriate
approval; recommendations to the board to take up steps in this
• Review of significant adjustments made in the financial matter;
statements arising out of audit findings; • Valuation of undertakings or assets wherever necessary;
• Review & approve any transactions with related parties and • Reviewing the adequacy of Internal Audit function, if any,
modifications thereof; including the structure of the Internal Audit Department,
• Review of Compliance Framework and any material breaches staffing and seniority of the official heading the department,

reporting structure coverage and frequency of Internal Audit; • Internal audit reports relating to internal control weaknesses;
• Discussion with Internal Auditors of any significant findings • Evaluation of internal financial controls and risk management
and follow up thereon; systems;
• To look into the reasons for substantial defaults in the • Reviewing the findings of any internal investigations by the
payment to the depositors, debenture holders, shareholders Internal Auditors into matters where there is suspected fraud
(in case of non-payment of declared dividends) and creditors; or irregularity or a failure of internal control systems of a
• To review the functioning of the whistle blower mechanism material nature and reporting the matter to the board;
and • Review the financial statements, in particular, the investments
• Approval of appointment of Chief Financial Officer after made by the subsidiaries;
assessing the qualifications, experience and background, etc. • Review of compliance of the Code of Conduct for Prevention
The Audit Committee mandatorily reviews the statement of of Insider Trading in Mindtree Securities;
deviations, if applicable: • Any other matter referred to the Audit Committee by the
- quarterly statement of deviation(s) including report of Board of Directors of the Company;
monitoring agency, B. Nomination and Remuneration Committee (NRC)
- annual statement of funds utilized for purposes other than Composition of Nomination and Remuneration Committee
those stated in the offer document/prospectus/notice.
• Review and assess the effectiveness of systems for internal The Nomination and Remuneration Committee was constituted
financial control, financial reporting and risk management in accordance with the requirement of statutes. The Nomination
and compliance controls with Management and Statutory and Remuneration Committee met nine times i.e., on April
Auditors; 17, 2019, June 4, 2019, June 20, 2019, July 17, 2019 (two
meetings), August 2, 2019, October 16, 2019, January 14, 2020
• Management letters / letters of internal control weaknesses
issued by the Statutory Auditors,if any; and March 11, 2020 during the financial year 2019-20.
The Composition of Nomination and Remuneration Committee as on March 31, 2020 and the attendance of members at the above
Nomination and Remuneration Committee meetings during the year were as follows:
Name of the Director Category Chairperson/Member Attendance of the members at

the NRC meetings*
Ms. Apurva Purohit Non-Executive and Chairperson 9 out of 9
Mr. S N Subrahmanyan** Non-Executive Vice Chairman Member 5 out of 5
Ms. Deepa Gopalan Wadhwa** Non-Executive and Independent Member 5 out of 5
Director
Notes:
1. Mr. Subroto Bagchi, Former Non-Executive Director ceased to the Member of Nomination and Remuneration Committee with effect from
July 16, 2019 and he attended all the three meetings held during his tenure.
2. Mr. Krishnakumar Natarajan, Former Executive Chairman ceased to be the Member of Nomination and Remuneration Committee with
effect from July 17, 2019 and he attended all the four meetings held during his tenure.
3. Mr. Akshaya Bhargava, Non-Executive and Independent Director ceased to be the Member of Nomination and Remuneration Committee
with effect from July 17, 2019. He attended all the four meetings held during his tenure.
4. Mr. N S Parthasarathy, Former Executive Vice Chairman ceased to be the Secretary of Nomination and Remuneration Committee with
effect from July 17, 2019.
** Appointed as Members of Nomination and Remuneration Committee with effect from July 17, 2019.
The frequency, agenda, duration, etc., are as set by the Chairperson of the Nomination and Remuneration Committee.
Ms. Apurva Purohit, Chairperson of the Nomination and and who may be appointed in Senior Management in
Remuneration Committee was present at the Twentieth Annual accordance with the criteria laid down, recommend to the
General Meeting to answer the Shareholders’ queries. Board their appointment and removal and shall specify the
manner for effective evaluation of performance of Board, its
Ms. Vedavalli S, Company Secretary and Compliance Officer
Committees and individual Directors to be carried out by the
acted as the Secretary to the Nomination and Remuneration
Board or the Nomination & Remuneration Committee or by an
Committee as on March 31, 2020.
Independent External Agency and review its implementation
Roles, responsibilities and the terms of reference of the and compliance;
Nomination and Remuneration Committee • To formulate the criteria for determining qualifications,
The roles responsibilities and terms of reference of Nomination positive attributes and independence of a Director and
and Remuneration Committee inter alia includes the following: recommend to the Board a policy, relating to the remuneration
for the Directors, Key Managerial Personnel (KMP) and other
• To identify persons who are qualified to become Directors
employees;

• To ensure that level and composition of remuneration is • To formulate a criteria for evaluation of Independent
reasonable and sufficient to attract, retain and motivate Directors performance and select the partner who would
Directors of the quality required to run the company carry out the evaluation annually;
successfully; • Developing a succession plan for the Board and Senior
• Relationship of remuneration to performance is clear and Management and regularly reviewing the plan;
meets appropriate performance benchmarks; • Recommend to the Board on the policy relating to
• Remuneration to Directors, Key Managerial Personnel remuneration payable to Directors, KMPs and other
(KMP) and Senior Management involves a balance between employees;
fixed and incentive pay reflecting short and long-term • Any other matter referred to the NRC by the Board of
performance objectives appropriate to the working of the Directors of the company.
Company and its goals;
Board Membership Criteria/Skills
• Devising a policy on Board diversity;
• Determining the appropriate size, diversity and composition The NRC along with the Board, identifies the right candidate
of the Board; with right qualities, skills, diversity and experience required for
an individual member to possess and also the Board as a whole.
• Formulate the criteria for determining qualifications, positive
The NRC also focuses on the qualification and competence
attributes and independence of a Director;
of the person, the positive attributes, standards of integrity,
• Recommend to the Board, appointment and removal of ethical behaviour, independent judgement of the person, in
Director, KMP and Senior Managerial Personnel; selecting a new Board member. In addition to the above, in case
• Review, approve and grants under any stock based schemes of appointment of Independent Directors, the Committee shall
such as Employee Stock option, stock purchase scheme, satisfy itself with regard to the independence of the Directors
Stock appreciation rights (Phantom Stock); to enable the Board to discharge its functions and duties
effectively.
The NRC has identified the following core skills, expertise and competencies for the effective functioning of the Company which are
currently available with the Board:
Skills Definition
Business/ Domain expertise Business expertise in one of the verticals of Mindtree, Technology expertise and visionary innovation, and
knowledge of specific markets and emerging technologies
Strategy & Marketing/Planning Advising management in making strategic choices, experience in guiding management team in decision
making process in uncertain environments, Guiding management in branding and sales transformation
People Practices/Leadership Leadership Development, Leadership Skills, People practices and policies
Governance, Risk and Compliance Experience in Driving Global best practices in Governance, Ethics and Values to enhance the value of the
Stakeholders. To identify key risks associated with the operations of the Company including broad legal and
regulatory framework and its mitigation plans
Accounts, Audit & Finance To understand financial policies, disclosure practices, financial statements and assess financial viability and
performance; contribute to strategic financial planning and analyse adequacy of internal financial controls.
Global Exposure Understanding of Global business dynamics across international markets and advising the management
Customer /Stakeholders engagement Engaging with customers/key stakeholders including relevant industry investor and business customers to
effectively engage/network and communicate with them
Remuneration Policy and Directors’ Remuneration remuneration paid to Independent Directors are within the
The Remuneration Policy is market-driven and aims at attracting limits approved by the members of the Company. None of the
and retaining high performance talent. Remuneration to Non-Executive Directors received remuneration amounting to
Directors, Key Managerial Personnel and Senior Management 50% of the total remuneration paid to Non‑Executive Directors
involves a balance between fixed and incentive pay reflecting during the financial year 2019-20.
short and long-term performance objectives appropriate to The shareholders have approved, payment of remuneration
the working of the Company and its goals. The remuneration by way of commission to Non-Executive and/Independent
Policy is focused on ensuring that level and composition of Directors a sum not exceeding 1% per annum of the net profits
remuneration is reasonable and sufficient to attract, retain and of the Company.
motivate directors of the quality required to run the company During the year, there were no pecuniary relationships or
successfully. During the year the Nomination and Remuneration transactions between the Company and any of its Non-Executive
Policy was amended, which was approved by NRC and the Board. and/or Independent Directors apart from the remuneration
The Nomination and Remuneration policy is also available on and the transactions as disclosed under the “Related Party
the website of the Company - www.mindtree.com Transactions” in the financial statements.
The remuneration to Independent Directors and Non-Executive No stock options have been granted to any of the Non-Executive
Directors, is fixed by the Nomination and Remuneration and/or Independent Directors during the financial year 2019-20.
Committee and the Board based on their contribution to the The details of remuneration paid to Executive, Non-Executive
decision making at the Board level and the Industry standards/ and/or Independent Directors for the financial year 2019-20 are
practice. The Company has not paid sitting fees for attending provided in Annexure 7 in Form No. MGT-9 of Directors’ Report
any meetings of the Board and its Committees. Further, the

as per the requirements of Section 92(3) of the Companies the Directors’ Report.
Act, 2013 and the same is also available on our website of the
Succession Planning
Company : www.mindtree.com
The Nomination and Remuneration Committee follows an
Board Evaluation effective succession planning mechanism, which focuses on
During the year, the Board in consultation with the Nomination orderly succession for the Board members including CEO
and Remuneration Committee has engaged an external agency and one level below the Board and other key employees and
to conduct the evaluation of the following (i) Board as a whole (ii) updates the Board about the same on a periodical basis. The
Directors including Independent Directors (iii) Committees (iv) Board of Directors are satisfied that plans are in place for orderly
Chairperson of the Board. The criteria for the above evaluation succession for the appointment of Board members and other
including that of Independent Directors are provided in detail in senior management.
C. Stakeholders’ Relationship Committee (SRC)

Composition of Stakeholders’ Relationship Committee
The Stakeholders' Relationship Committee was constituted in accordance with the requirement of statutes. The Stakeholders’ Relationship
Committee met two times during the financial year 2019-20 i.e., on April 4, 2019 and January 9, 2020. The Composition of Stakeholders’
Relationship Committee as on March 31, 2020 and the attendance of members at the above Stakeholders’ Relationship Committee
meetings during the year were as follows:

SRC meetings*
Non-Executive and
Mr. Bijou Kurien Chairperson 2 out of 2
Mr. Debashis Chatterjee** CEO & Managing Director Member 1 out of 1
Non-Executive and
Mr. M R Prasanna** Member 1 out of 1
Notes: Mr. N S Parthasarathy, Former Executive Vice Chairman and Mr. Rostow Ravanan, Former CEO & Managing Director ceased to be the
Members of Stakeholders’ Relationship Committee with effect from July 17, 2019. Mr. Rostow Ravanan attended one meeting held during his
tenure and Mr. N S Parthasarathy has not attended any meeting (one held) during his tenure.
** Appointed as the Members of Stakeholders’ Relationship Committee with effect from August 2, 2019.
Ms. Vedavalli S, Company Secretary and Compliance Officer acted as Secretary to the Stakeholders’ Relationship Committee. Further, she
is the Nodal Officer for the purpose of Investor Education and Protection Fund Rules.
The Chairperson of the Stakeholders’ Relationship Committee was present at the Twentieth Annual General Meeting to answer the
Shareholders’ queries.
Grievances received from investors and other miscellaneous correspondence on change of address, mandates, etc. are processed by the
Registrar and Share Transfer Agent in due course after verification.
Your Company has a designated e-mail ID, investors@mindtree.com for the redressal of any Stakeholders’ related grievances exclusively
for the purpose of registering complaints by Members/stakeholders. Your Company has also displayed the said email ID under the
investors section at its website, www.mindtree.com and other relevant details prominently for creating investor/stakeholder awareness.
Roles, responsibilities and the terms of reference of the • Review of the various measures and initiatives for reducing
Stakeholders’ Relationship Committee the quantum of unclaimed dividends and ensuring timely
The roles, responsibilities and the terms of reference of receipt of dividend warrants/annual reports/statutory
Stakeholders’ Relationship Committee interalia, includes the notices by the shareholders of the company;
following: • Shareholders Engagement initiatives;
• Resolving the grievances of the Security Holders in general • Such other matters as may be required under various
and relating to: Statutes and/or as may be assigned by the Board of Directors
- non-receipt of declared dividends; from time to time.
- non-receipt of Annual Reports;
SEBI Complaints Redress System (SCORES)
- share transfers, transmissions, issue of new/duplicate
certificates, general meetings etc. The Investors can also raise complaints in a centralized web-
• Review of measures taken for effective exercise of voting based complaints redress system called “Scores”. The Company
rights by shareholders; uploads the action taken report on the complaints raised by
• Review of adherence to the service standards adopted by the Shareholders on “Scores”, which can be viewed by the
the Company in respect of various services being rendered Shareholder. The complaints are closed to the satisfaction of
by the Registrar & Share Transfer Agent; the shareholders and SEBI.

Details of complaints/requests etc., received and resolved during the Financial Year 2019-20 are as below:
Nature of Complaints/Correspondence/Requests Outstanding Received during Resolved during Outstanding as

as on April 01, the year the year on March 31,
2019 2020
Non-receipt of Annual Report/ Dividend/Share transfer Nil 118 118 Nil
D. Corporate Social Responsibility Committee (CSR Committee)

The Board had constituted the CSR Committee as per the requirements of the Companies Act, 2013 and the applicable rules. During
the year, CSR Committee has reviewed and approved the amendments to the CSR Policy, which has been approved by the Board. The
amended CSR policy is available on the following link: http://www.mindtree.com/corporate-social-responsibility-policy
Composition of CSR Committee

The CSR Committee met thrice i.e., on September 4, 2019, January 9, 2020 and March 11, 2020 during the financial year 2019-20.
The Composition of CSR Committee as on March 31, 2020 and the attendance of members at the above CSR Committee meetings during
the year were as follows:

CSR Committee meetings*

Mr. Jayant Damodar Patil** Chairperson 3 out of 3
Non-Executive and
Ms. Apurva Purohit*** Member 3 out of 3
Independent
Non-Executive and
Mr. Bijou Kurien*** Member 3 out of 3
Non-Executive and
Ms. Deepa Gopalan Wadhwa*** Member 3 out of 3
Notes: Mr. Subroto Bagchi, Former Non-Executive Director ceased to the Chairperson of CSR Committee with effect from July 16, 2019. Mr.
Krishnakumar Natarajan, Former Executive Chairman, Mr. N S Parthasarathy, Former Executive Vice Chairman ceased to be Members of the
CSR Committee with effect from July 17, 2019. Mr. Milind Sarwate, Non-Executive and Independent Director ceased to be the Member of CSR
Committee with effect from July 18, 2019. No meetings were held during their tenure.
** Appointed as Chairperson of the CSR Committee with effect from July 18, 2019.
*** Appointed as the Members of CSR Committee with effect from July 18, 2019.
Ms. Vedavalli S, Company Secretary and Compliance Officer acted as Secretary to the CSR Committee.
Roles, responsibilities and the terms of reference of the CSR disclosure of CSR activities in the Directors' Report and any
Committee other disclosure required under applicable regulations;
• The Committee shall identify the areas of CSR activities and
The roles, responsibilities and the terms of reference of CSR
recommend the amount of expenditure to be incurred on
Committee inter alia, includes the following:
such activities;
• The Committee shall periodically review and approve the
• The Committee shall co-ordinate with and monitor Mindtree
CSR Policy and associated frameworks, processes and
Foundation or other agencies through which the CSR projects
practices of the Company as well as the Charter, and suggest
get implemented;
changes where necessary;
• The Committee shall grant approvals to the CSR Steering
• The Committee shall ensure the Company is taking the
Committee / implementation agencies for overruns /
appropriate measures to implement the CSR projects
deviations wherever required;
successfully and meet its CSR obligations under any
applicable regulations. Further, it will oversee the appropriate • The Committee shall regularly report to the Board about its
activities.
E. Risk Management Committee (RMC)
Composition of Risk Management Committee

The Board has constituted the Risk Management Committee in accordance with the LODR Regulations.
The Risk Management Committee met four times during the financial year 2019-20 i.e. on April 16, 2019, July 15, 2019, October 11,
2019 and January 10, 2020.

The Composition of Risk Management Committee as on March 31, 2020 and the attendance of members at the above Risk Management
Committee meetings during the year were as follows:
Attendance of the members at

Name of the Director Category Chairperson/Member the Risk Management Committee
meetings*
Mr. Debashis Chatterjee** CEO & Managing Director Chairperson 2 out of 2
Non-Executive and
Mr. Akshaya Bhargava Member 4 out of 4
Notes: Mr. Krishnakumar Natarajan, Former Executive Chairman ceased to the Chairperson of Risk Management Committee with effect from
July 17, 2019. Mr. Rostow Ravanan, Former CEO & Managing Director and Mr. N S Parthasarathy, Former Executive Vice Chairman ceased
to be the Members of Risk Management Committee with effect from July 17, 2019. Mr. Krishnakumar Natarajan, Mr. Rostow Ravanan and
Mr. N S Parthasarathy attended all the two meetings held during their tenure.
** Appointed as Chairperson of the Risk Management Committee with effect from August 2, 2019.
Mr. Piyush Kabra, Chief Risk officer acted as the Secretary to the Risk Management Committee.
The frequency, agenda, duration, etc., are as set by the Chairperson of the Risk Management Committee.
Roles, responsibilities and the terms of reference of the Risk management) and;
Management Committee • Any other matter referred to the Risk Management Committee
The roles, responsibilities and the terms of reference of the Risk (RMC) by the Board of Directors.
Management Committee inter alia, includes the following:
Enterprise Risk Management
• Framing, implementation, monitoring and review of the
Mindtree risk management policy/ plan; Risk Management is a strategic business discipline that supports
the achievement of an organization’s objectives by addressing
• Evaluation of Mindtree risk management procedures
the full spectrum of its risks and managing the combined
including risk recognition, assessment, minimization and
impact of those risks as an interrelated risk portfolio. Mindtree
definition of risk appetite;
uses Enterprise Risk Management (ERM) as a key tool to help
• Reviewing and discussing adoption of the Risk Management achieve its short term and long term business objectives to
Policy and management’s recommended risk management generate value for its customers, investors, employees and
framework; other stakeholders. ERM encompasses areas of organizational
• Ensuring the company is taking the appropriate measures to exposure to risk (strategic, operational, financial and compliance)
achieve prudent balance between risk and reward in both and provides a structured process for management of risks.
ongoing and new activities;
This has been achieved by deploying an effective risk
• Reviewing management’s prioritization of risks as set out in
management framework to proactively identify, assess, treat,
the framework and recommend significantly high risks to the
monitor and report risks as well as to create a risk-aware
Board for review;
culture within Mindtree. The Mindtree ERM framework has been
• Reviewing and discussing management’s annual risk designed by incorporating elements of leading risk management
management program to ensure risks are managed in a standards such as:
systematic and prioritized manner and assessed regularly;
• ISO 31000
• Conducting an annual review with the owner of the process
• COSO
by which Mindtree manages its enterprise risks;
• Reviewing risk issues identified by audits and the resolution
of such issues by management; Mindtree’s risk management framework enabled the
• Ensuring key risks identified are audited, if required; organization to respond effectively to the crisis situation
caused by the COVID-19 pandemic outbreak. The pandemic
• Reviewing quarterly risk reports provided by the Chief Risk
risk was identified and proactive measures were initiated to
Officer;
ensure customer deliverables were not impacted while also
• Providing executive sponsorship for significantly high safeguarding the health and safety of Mindtree Minds.
enterprise-level risks;
• Taking decisions on organization-level risk treatment options; The Chief Risk Officer is the custodian of the framework and
oversight of the framework is provided by the Risk Management
• Reviewing Cyber and Data Security;
Committee to the Board of Directors. The Audit Committee of
• Resolving conflicts of interests (in the context of risk the Board monitors effectiveness of risk management systems.
F. Foreign Exchange Hedging Committee
The Board has constituted Foreign Exchange Hedging Committee with effect from August 2, 2019. This committee meets at requisite
periodicity and the terms of reference include assessing the Foreign Exchange market conditions, reviewing the Foreign Exchange
exposures and deciding on the hedging / de-hedging decisions within the framework of the Foreign Exchange Hedging policy.

The Foreign Exchange Hedging Committee met two times during the financial year 2019-20 i.e. on August 2, 2019 and January 29, 2020.
The Composition of the Foreign Exchange Hedging Committee as on March 31, 2020 and the attendance of members at the above
Foreign Exchange Hedging Committee meetings during the year were as follows:
Attendance of the members at

Name of the Director Category Chairperson/Member the Foreign Exchange Hedging
Committee meetings
Mr. S N Subrahmanyan Non-Executive Vice Chairman Chairperson 2 out of 2
Mr. R Shankar Raman Member 2 out of 2
G. Administrative Committee Ms. Vedavalli S, Company Secretary and Compliance Officer

acted as Secretary to the Administrative Committee.
The Board had constituted Administrative Committee for
managing day-to-day business transactions inter alia, The Committee dissolved and ceased to operate with effect
authorisation to operate bank accounts, signing of various from July 18, 2019.
documents with Statutory Authorities, granting Power
of Attorneys, authorisation to sign customer and vendor H. Management Committee
agreements, Rematerialisation of shares, issue of Duplicate
The Board has constituted Management Committee for managing
Share Certificates, Demat, transfer of shares, opening and
its day to day business operations with effect from July 18,
closure of dividend accounts, fixing record dates, adoption of
2019 and the terms of reference of the Management Committee
branch accounts, decision on working capital requirements,
being similar to Administrative Committee. The Management
Allotment under DSOP/ ESOP & ESPS Schemes.
Committee comprised of Mr. Debashis Chatterjee, CEO &
Mr. Krishnakumar Natarajan, Former Executive Chairman Managing Director as the Chairperson, Mr Jayant Damodar Patil,
was the Chairperson of the Administrative Committee. Mr. Non-Executive and Non-Independent Director and Mr. Paneesh
Rostow Ravanan, Former CEO & Managing Director and Mr. N Rao, Chief People Officer, as Members as on March 31, 2020.
S Parthasarathy, Former Executive Vice Chairman were the Ms. Vedavalli S, Company Secretary and Compliance Officer
Members of the Administrative Committee. acted as Secretary to the Management Committee.
V. Governance to Shareholders
General Meetings and Postal Ballot
Annual General Meetings of the earlier three years:
Year Day, date and Time Venue Summary of Special Resolution(s) passed
2018-19 Tuesday, July 16, 2019 Hotel ‘Radisson Blu Atria Bengaluru’, No.1, Palace Road, No Special Resolutions passed
at 9.30 AM Bengaluru 560 001, Karnataka, India
2017-18 Tuesday, July 17, 2018 Hotel ‘Radisson Blu Atria Bengaluru’, No.1, Palace Road, No Special Resolutions passed
at 10.30 AM Bengaluru 560 001, Karnataka, India
2016-17 Tuesday, July 18, 2017 Hotel ‘Radisson Blu Atria Bengaluru’, No.1, Palace Road, To approve change in the place of
at 10.30 AM Bengaluru 560 001, Karnataka, India maintenance of the Register of Members, etc.,
Extra-Ordinary General Meetings (EGM) of the earlier three Resolution No. 2: Appointment of Mr. Anilkumar Manibhai
years Naik (Mr. A M Naik) (DIN 00001514) as Non-Executive
Chairman – Special Resolution
No EGMs were held during the last three years.
The Notice of Postal Ballot was approved by the Board of
Directors at their meeting held on August 2, 2019. Mr. Nagendra
Postal Ballot
D Rao, Practicing Company Secretary was appointed by the
Mindtree had sought approval of shareholders through Postal Board to act as the scrutinizer for the process of Postal Ballot
Ballot pursuant to Section 110 of the Companies Act, 2013, to be conducted as per the provisions of Section 110 of
read with Rules 20 and 22 of the Companies (Management and Companies Act, 2013. The procedure for the Postal ballot was
Administration) Rules, 2014 during the financial year 2019-20 stated in the notice of Postal Ballot. Please refer the Notice of
for the following businesses: Postal Ballot under https://www.mindtree.com/sites/default/
Resolution No.1: Appointment of Mr. Debashis Chatterjee files/2019-08/postal-ballot-notice-form-and-instructions-
(DIN 00823966) as Chief Executive Officer and Managing dated-august-02-2019.pdf
Director (CEO and Managing Director) – Ordinary Resolution

The results of the Postal Ballot, including the E-Voting are as follows:
Total of Postal Ballot & e-Voting FOR AGAINST PERCENTAGE (%)

Voter Count Vote Count Voter Count Vote Count FOR AGAINST
(No. of (No. of Shares) (No. of (No. of Shares)
Shareholders) Shareholders)
Resolution No. 1- Appointment

of Mr. Debashis Chatterjee (DIN
00823966) as Chief Executive
1,000 120,773,508 65 935,478 99.23% 0.77%
Officer and Managing Director (CEO
and Managing Director)- Ordinary
Resolution
Resolution No. 2-Appointment
of Mr. Anilkumar Manibhai Naik
(Mr. A M Naik) (DIN 00001514) as 983 120,283,755 79 298,856 99.75% 0.25%
Non-Executive Chairman – Special
Resolution
All the Resolutions were approved with requisite majority, the results were displayed on the website of the Company and necessary
disclosures were made to the Stock Exchanges.
VI. Means of Communication displayed on the Company’s website at www.mindtree.com

Your Company focuses on prompt, continuous and efficient Annual Report
communication to all its stakeholders. Mindtree constantly
Annual Report containing audited standalone and consolidated
interacts with Shareholders through multiple channels of
financial statements together with Directors’ Report, Auditor's
communication such as result announcements, annual report,
Report and other important information are circulated to
media releases, updating the information on Company’s
Members entitled thereto and is also made available on the
website, etc.
Company’s website: www.mindtree.com
Financial Results and Newspaper Publications
Stock Exchange filings
Quarterly and Annual financial results are published in English
and Regional (Kannada) newspapers, i.e., Business Standard The Company also uploads its disclosures and announcements
and Kannada Prabha. The audited financial results for the under the LODR Regulations at the link, https://www.
quarter ended June 30, 2019 was published on July 18, 2019, connect2nse.com/LISTING/ to NSE Electronic Application
September 30, 2019 was published on October 17, 2019, Processing System (NEAPS) and to BSE Online Listing Centre at
December 31, 2019 was published on January 15, 2020 and the link, http://listing.bseindia.com/
March 31, 2020 will be published on April 25, 2020. During the year, the Company also submitted a quarterly
The management participates in the press call and earnings call compliance report on Corporate Governance to the stock
every quarter, after the announcement of results. During the exchanges within 15 days from the close of quarter as per the
financial year 2019-20, your Company had participated in four formats given under the LODR Regulations.
Earnings/Analysts Call. The transcripts of the quarterly earnings
VII. General Shareholders’ Information
calls with Analysts have also been published on its website.
Mindtree also sends quarterly financial updates to all Investors Corporate Identity Number (CIN)
and Shareholders whose e-mail ids/addresses are registered/ The Corporate Identity Number (CIN) allotted by the
made available to us on a voluntary basis. Ministry of Corporate Affairs, Government of India, is
Website L72200KA1999PLC025564 and the Company’s Registration No.
is 08/25564 of 1999. Your Company is registered in the State
Mindtree maintains an active website i.e., https://www.
of Karnataka, India.
mindtree.com/about/investors wherein all the information
relevant for the Shareholders are displayed. Copy of the press Registered Office
releases, Quarterly results, presentations to Financial Analysts
The Registered Office of the Company is situated at:
and Institutional Investors, subsidiary financials, policies of
the Company, fact sheet reports, earnings conference call Global Village, RVCE Post, Mysore Road, Bengaluru-560 059,
transcripts, shareholding pattern, stock exchange disclosures, Karnataka, India.
Annual Reports, etc. as required under Regulation 46 of LODR Ph: +91 80 6706 4000, Fax: +91 80 6706 4100,
Regulations are made available on the website. Website: www.mindtree.com
Press Releases and Analysts/Investors presentations Listing on Stock Exchanges
Mindtree sends the copy of Press releases/official media Your Company's equity shares are listed on the following Stock
releases to stock exchanges and also disseminates the same on Exchanges as on March 31, 2020:
its website at www.mindtree.com • BSE Limited (Bombay Stock Exchange), Phiroze Jeejeebhoy
The Company makes detailed presentation to the Analysts Towers, Dalal Street, Mumbai 400 001 &
and Institutional Investors on the quarterly financial results. • National Stock Exchange of India Limited (NSE), Exchange
These presentations are sent to stock exchanges and are also

Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 International Securities Identification Number (ISIN)
051. ISIN is an identification number for traded shares. This
Listing fees for the financial year 2020-21 has been paid to both number needs to be quoted in each transaction relating to the
NSE and BSE Limited. dematerialized equity shares of the Company. Your Company’s
ISIN number for its equity shares is INE018I01017.
Stock Code
Stock Exchange Scrip ID/Code Reuters Code

NSE MINDTREE MINT.NS
BSE MINDTREE /532819 MINT.BO
Twenty First Annual General Meeting
Day, Date and Time Venue

Tuesday, July 14, 2020 at 3.30 PM IST Kindly refer to the notice of the AGM
In compliance with the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 and Regulation 44 of LODR Regulations, the Company has extended e-voting facility, for its Members to
enable them to cast their votes electronically on the proposed resolutions in the Notice of the Twenty First AGM. Instructions for e-voting
are listed under the segment “Notes” in the Notice of the Twenty First AGM.
Financial Year
Board Calendar: Financial Year from April 1, 2019 to March 31, 2020
For the Financial Year 2019-2020, the financial results were announced on:
• First quarter – July 17, 2019
• Second quarter – October 16, 2019
• Third quarter – January 14, 2020
• Fourth quarter – April 24, 2020
For the Financial Year 2020-21, the tentative dates of announcement of financial results (subject to change) are as follows:
• First quarter – July 14, 2020
• Second quarter – October 15, 2020
• Third quarter – January 18, 2021
• Fourth quarter – April 15, 2021
• Date of Annual General meeting – July 15, 2021
Date of Book Closure
The dates of book closure shall be from Wednesday, July 8, 2020 to Tuesday, July 14, 2020 (both the days inclusive).
Dividend information for Financial Year 2019-20

Your Directors have declared the following interim dividend during the year:
Particulars Date of Declaration Amount of Dividend (in `.) Pay-out date
Interim Dividend October 16, 2019 ` 3/- per equity share of face value October 31, 2019
of ` 10/- each
Further, your Directors have also recommended, a final dividend of ` 10 /- per equity share of face value of ` 10/- each, for the financial
year ended March 31, 2020, which is subject to the approval of the shareholders at the Twenty First Annual General Meeting of the
Company.
The final dividend if approved, will be paid on or before July 31, 2020.

Market Price Data: High, Low during each month in the Financial Year 2019-20
The Company’s monthly high and low share price data as well as the total turnover during each month in the financial year 2019-20 on
the National Stock Exchange of India Limited and BSE Limited (Bombay Stock Exchange) are as mentioned below:
National Stock Exchange of India Limited (NSE), Mumbai BSE Limited (Bombay Stock Exchange), Mumbai
Month High Low Total Volume High Low Total Volume
(`) (`) (` in Lakhs) (`) (`) (` in Lakhs)
Apr-19 995 939 167,029 997 940 327,894
May-19 990 962 203,882 990 962 11,562
Jun-19 986 912 106,371 985 912 4,729
Jul-19 933 652 387,001 933 653 25,493
Aug-19 758 669 124,853 758 669 6,288
Sep-19 734 667 78,669 734 667 3,324
Oct-19 751 704 102,498 750 704 3,560
Nov-19 729 675 45,864 729 676 1,401
Dec-19 807 695 144,580 807 696 5,148
Jan-20 919 796 246,492 920 797 8,227
Feb-20 1,063 867 211,044 1,062 868 7,013
Mar-20 1,034 700 169,412 1,034 700 5,921
Performance in comparison to broad-based indices such as NSE Nifty and BSE Sensex
Mindtree’s share price movement compared to NSE Nifty (closing price on last trading day of the month)
13000 1700
11923 12056 11902
11474 1600
11118 12168 11202 1500
11748 11789 11877
11000 1400
11023
1300
1200
9000 8598 1100
981 944 1000
927
800 900
7000 978
689 713 888 800
829 Nifty close
700
716 708 700
5000 600 Mindtree close
500
400
3000 300
200
100
1000 0
19
19
19
19
19
19
20
20
0
9
-1
-1
-2
l-1
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p-
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c-
n-
b-
ay
ct
ar
Ap
De
No
Au
Ju
Ja
Se
Fe
Ju
M
M
Mindtree’s share price movement compared to BSE Sensex (closing price on last trading day of the month)
45000 1700
39032 39395 40129 41254 1600
40000 37333 38297 1500
39714 40794 40723 1400
35000 37481 38667 1300
1200
30000 981 1100
928 953 1000
29468
978 799 900
25000 713
689 888 800
828 700 BSE Sensex close
20000 717 708 700 600
500 Mindtree close
15000 400
300
10000 200
100
5000 0
19
19
19
19
19
19
20
20
20
-1
l-1
-1
r-
n-
g-
p-
v-
c-
n-
b-
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ay
ct
ar
Ju
Ap
De
No
Au
Ju
Ja
Se
Fe
O
M
M

Distribution of Shareholding
Range of Equity Shares As at March 31, 2020

Number of Shareholders Percentage Number of Shares Percentage
– Folio wise details (%) (%)
Up to 500 76,032 96.94 4,284,704 2.60
501-1,000 1,201 1.53 879,423 0.53
1,001-2,000 471 0.60 675,200 0.41
2,001-3,000 182 0.23 454,220 0.28
3,001-4,000 84 0.11 296,187 0.18
4,001-5,000 58 0.07 260,001 0.16
5,001-10,000 139 0.18 980,576 0.60
10,001 and above 264 0.34 156,743,755 95.24
Total 78,431 100.00 164,574,066 100.00
Shareholding Pattern as on March 31, 2020
Sl. Number of Shareholders Total Number of Percentage

Category of Shareholder
No. PAN wise details Shares (%)
a Promoters & Promoter Group 16 121,969,692 74.11
b Public 76,873 42,604,374 25.89
c Non-Promoter - Non Public
(i) Shares Underlying DRs - - -
(ii) Shares Held By Employee Trust - - -
Total 76,889 164,574,066 100
For detailed shareholding pattern, kindly refer to Form No. MGT-9 in Annexure 7 of the Directors' Report.
Top ten Shareholders of the Company as on March 31, 2020
Name of the Shareholder Number of Shares Percentage (%)

Larsen and Toubro Limited* 100,527,734 61.08
Mr. Krishnakumar Natarajan 6,102,262 3.71
Mr. Subroto Bagchi 5,098,221 3.10
Mirae Asset Emerging Bluechip Fund 3,108,624 1.89
Ms. Susmita Bagchi 2,687,577 1.63
Vanguard Total International Stock Index Fund 2,382,739 1.45
Mr. N S Parthasarathy 2,340,527 1.42
Mr. S Janakiraman 2,037,707 1.24
Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International 1,957,143 1.19
Equity Index Funds
LSO Investment Private Limited 1,914,639 1.16
Total 128,157,173 77.87
*During the year, Larsen and Toubro Limited was categorized as Promoter on July 2, 2019, pursuant to their acquisition of 60.06% of the
total shareholding of the Company and acquired control.
Dematerialization of Shares and Liquidity

Your Company's shares are held with both the Depositories i.e. National Securities Depository Limited (‘NSDL’) and Central Depository
Services (India) Limited (‘CDSL’). 99.90% of the Company's shares are held in electronic/demat form as on March 31, 2020.
As on March 31, 2020, the number of shares held in dematerialized and physical mode are as under:
Percentage (%) to
Particulars Number of Shares Total Number of
shares issued
Held in dematerialized mode in NSDL 160,661,541 97.623
Held in dematerialized mode in CDSL 3,740,486 2.273
Total Demat Segment 164,402,027 99.896
Physical Segment 172,039 0.104
Total 164,574,066 100.000

Audit on Reconciliation of Share Capital disclosure as required under LODR Regulations is not applicable.
The Reconciliation of Share Capital Audit was undertaken on Please refer to Management Discussion and Analysis report for
a quarterly basis and the audit covers the reconciliation of the the information on foreign exchange risk and hedging activities.
total admitted capital with NSDL and CDSL and the total issued Branch Locations of the Company
and listed capital. The Reconciliation Reports were submitted
The branch locations consisting of address and other contact
to the Stock Exchanges and is also placed on the website of the
details have been provided separately in this Annual Report
Company.
and the details are also available at https://www.mindtree.com/
Registrar and Share Transfer Agent (‘RTA’) about/locations
All work related to Share Registry, both in physical and Address for Correspondence
electronic form, are handled by the Company’s Registrar and
Shareholders can also send their correspondence to the
Share Transfer Agent, Link Intime India Private Limited. The
Company with respect to their shares, dividend, request for
communication address of the Registrar and Share Transfer
annual reports and other grievances. The contact details are
Agent is given hereunder:
provided below:
Link Intime India Pvt. Ltd. C-101, 247 Park, L.B.S Marg, Vikhroli
(W), Mumbai – 400 083, India. Ms. Vedavalli S
Company Secretary and Compliance Officer
Tel: +91 22 4918 6000| Fax: +91 22 4918 6060| e-mail:
Mindtree Limited
rnt.helpdesk@linkintime.co.in | Website: www.linkintime.co.in
Global Village, RVCE Post, Mysore Road,
Share Transfer System
Bengaluru - 560 059, India.
All communications regarding share certificates, change of
P + 91 80 6706 4000
address, dividends, etc. should be addressed to the RTA.
F +91 80 6706 4100
Link Intime India Private Limited is the common Share Transfer
Agent for both physical and dematerialised mode. Transfer of Email: investors@mindtree.com
shares in electronic form were processed and approved by Website: www.mindtree.com
NSDL and CDSL through their Depository Participant without
Investor Relations
the involvement of the Company.
Analysts can reach our Investor Relations Team for any queries
The Company also obtains a certificate from the Practicing
and clarifications on Financial/Investor Relations related
Company Secretary on half yearly basis under Regulation 40(9)
matters. The contact details are provided below:
of the LODR Regulations, to the effect that all share certificates
have been issued within 30 days of lodgment of the transfer, Ms. Amisha Ravindra Munvar
sub-division, consolidation and renewal and files the same with Head - Investor Relations
stock exchanges. Mindtree Limited
Shares held in Demat or Electronic Form Global Village, RVCE Post, Mysore Road,
For shares held in electronic form, after confirmation of sale/ Bengaluru - 560 059, India.
purchase transaction from the broker, Shareholders should P + 91 80 6706 57174
approach their respective Depository Participant (DP) with a
F + 91 80 6706 4100
request to debit or credit the account for the transaction. The DP
Email: amisha.munvar@mindtree.com
will immediately arrange to complete the transaction by updating
the account. There is no need for separate communication Website: www.mindtree.com
to either Company or Registrar and Share Transfer Agent to
Credit Rating
register such share transfers in electronic/demat form. For
matters related to dividends, change of address, change of bank Your Company has been rated by India Ratings and Research
mandates, etc., Shareholders should communicate directly with Private Limited (Ind-Ra, a Fitch Group Company) for its Banking
their respective Depository Participant. facilities. It has re-affirmed the highest credit rating for your
Company’s Short Term facilities with A1+ rating. It has also
Shares held in Physical Form upgraded Long Term Issuer Rating to ‘IND AA+’ with a Positive
For matters regarding shares held in physical form, share outlook to your Company.
certificates, dividends, change of address, etc., Shareholders The upgrade reflects your company’s continued strong
should communicate with Link Intime India Private Limited, our parentage, credit profile, liquidity position, strong corporate
Registrar and Share Transfer Agent. governance practices, financial flexibility and conservative
Outstanding GDRs / ADRs / Warrants or any Convertible financial policies.
instruments, conversion date and likely impact on equity VIII. Management and Board matters
There are no outstanding GDRs / ADRs / Warrants / Convertible
Integrated Reporting and Management Discussion and
Instruments of the Company and hence, the same is not
Analysis Report
applicable to the Company.
The Annual report comprises of detailed report on Integrated
Commodity price risk or foreign exchange risk and hedging Reporting and Management Discussion and Analysis Report,
activities which forms a part of this annual report.
Your Company does not deal in commodities and hence the

Codes/Policies relating to Corporate Governance The PIT Code and Fair Disclosure Codes are available on
The Board has laid down the following Codes/policies to ensure the website of the Company: https://www.mindtree.com/about/
governance in an ethical manner: investors
• CSR Policy Compliance Certificate by CEO and CFO
• Nomination and Remuneration Policy
The Compliance Certificate by CEO and CFO are provided on a
• Code of Conduct quarterly basis. The Compliance Certificate as required under
• Policy for determining material information the Regulation 17 of SEBI LODR Regulations, is provided as
• Policy for determining material subsidiary Annexure B to the Corporate Governance Report in this Annual
• Whistle Blower Policy Report.
• Policy on determining material related party transactions IX. Other Disclosures
• Document Retention & Archival Policy
Related Party Transactions
• Code of Conduct for Prevention of Insider Trading in
Mindtree Securities Your Company has formulated a policy on materiality of related
party transactions and on dealing with related party transactions
• Code of Fair Practices and Disclosure
in accordance with Companies Act, 2013 and LODR Regulations.
• Dividend Distribution Policy The Company amended the Policy during the year and the same
The above policies are also updated on the website of the is available on the website of the Company in the following link:
Company: https://www.mindtree.com/about/investors http://www.mindtree.com/policy-for-determining-material-
related-party-transactions
Code of Conduct
All related party transactions are entered into with the prior
Your Company’s Code of Conduct is applicable to all the Board approval of the Audit Committee. The interested Directors do
members and the Senior Managerial Personnel of Mindtree. not participate in the discussions and vote on such matters,
The duties of Directors including duties as an Independent
when they are placed for approval.
Director as laid down in the Companies Act, 2013 also forms
part of the Code of Conduct. The Code of Conduct is available on During the financial year 2019-20, no transactions have been
the Company’s website at: https://www.mindtree.com/about/ entered into with the related parties which required the
investors. All Directors and Senior Managerial Personnel of the approval of the Board of Directors/shareholders of the Company
Company have affirmed compliance with the Company’s Code under the Companies Act, 2013 or LODR Regulations. Further,
of Conduct and disclosure under Regulation 26(5) and 26(6) of there were no materially significant related party transactions
LODR Regulations, for the financial year ended March 31, 2020. that had potential conflict of interests of the Company at large.
A declaration signed by the Chief Executive Officer (CEO) to this The Company maintains Register under Section 189 of the
effect is attached as Annexure A to the Corporate Governance Companies Act, 2013. The management updates the Board
Report in this Annual Report. and Audit Committee on the related party transactions, as set
out in the financials on a quarterly basis. The Audit Committee
Compliance of SEBI (Prohibition of Insider Trading)
and the Board takes the same on record and notes that these
Regulations, 2015 (“PIT Regulations”) and Code of Fair
transactions are at arm’s length and in the ordinary course of
Practices and Disclosure ("Fair Disclosure Code")
business.
Mindtree has framed Code of Conduct for Prevention of Insider
Trading in Mindtree Securities (“PIT Code”) and Fair Disclosure Details of non-compliance by the Company, penalties,
Code in accordance with PIT Regulations. These codes are strictures imposed on the Company by the Stock Exchange(s)
framed to protect the interest of Shareholders at large and to or SEBI or any statutory authority, on any matter related to
prevent misuse of any Unpublished Price Sensitive Information capital markets, during the last three years
(UPSI). The PIT Code aims at preventing insider trading activity No penalty or stricture was imposed by the Stock Exchanges or
by dealing in shares of the Company by its Designated Persons SEBI or any other authority, during the last 3 (three) years. All
and their immediate relatives. The objective of Fair Disclosure applicable requirements were fully complied with.
Code is to ensure timely and adequate public disclosure of UPSI
no sooner than credible and concrete information comes into Whistle Blower Policy / Vigil Mechanism
being in order to make such information generally available. The Your Company has adopted a Whistle Blower Policy and has
Company has amended PIT Code in accordance with Securities established vigil mechanism in line with the requirements
and Exchange Board of India (Prohibition of Insider Trading) under the Companies Act, 2013 and LODR Regulations for the
(Amendment) Regulations, 2018 during the year. employees and other stakeholders to report concerns about any
The Company also has in place the Policy and Procedure for actual or suspected incidents of unethical behaviour, Code of
inquiry in case of leak or suspected leak of UPSI. Conduct violations, violation of applicable laws and regulations,
actual or suspected fraud or violation of the integrity policy.
Further the details of the trading by Designated Persons and
During the year, the Company has amended the Whistle Blower
their immediate relatives are placed before the Audit Committee
Policy in accordance with Securities and Exchange Board of
and Board meeting on a quarterly basis. Mr. Pradip Kumar
India (Prohibition of Insider Trading) (Amendment) Regulations,
Menon, CFO acted as Compliance Officer under the PIT Code
2018 and other applicable laws. The Whistle Blower Policy is
until November 15, 2019. Ms. Vedavalli S, Company Secretary,
available at the following link: https://www.mindtree.com/sites/
was appointed as the Compliance Officer under the PIT Code
default/files/2019-12/mindtree-whistle-blower-policy.pdf
with effect from November 16, 2019.

The vigil mechanism provides adequate safeguards to the Certificate from Practicing Company Secretary on Non-
whistle blowers against any victimization or vindictive practices Disqualification of Directors
like retaliation, threat or any adverse (direct or indirect) action Mindtree has obtained a certificate from a Practicing Company
on their employment. The Policy also ensures that strict Secretary that none of the Directors on the Board of the company
confidentiality is maintained while dealing with concerns and have been debarred or disqualified from being appointed or
also that no discrimination will be made to any person for a continuing as Directors of companies by the SEBI/Ministry of
genuinely raised concern. Corporate Affairs or any such statutory authority in accordance
The Company has constituted Ethics and Compliance Committee with LODR Regulations.
(previously known as Cultural Protection Committee) which Recommendation of Committees
looks into the complaints raised and resolves the same. The
above Committee reports to the Audit Committee and Board. The Board had accepted recommendation of all the committees
The Company has also constituted Prevention of Insider Trading of the board, in the financial year 2019-20, which were
Committee (PIT Committee), which will look into the complaints mandatorily required.
relating to the violation of PIT Code and Fair Disclosure Code. Auditors’ Remuneration
The Audit Committee looks into matters reported on a quarterly
basis and track matters to closure as per law. The details of total fees for all services paid by Mindtree and its
subsidiaries, on a consolidated basis, to the statutory auditor
No personnel has been denied access to the Audit Committee. and all entities in the network firm/network entity of which the
Details of compliance with mandatory and adoption of statutory auditor is a part of are as follows:
discretionary requirements under SEBI (Listing Obligations Particulars Amount in ` (million)
and Disclosure Requirements) Regulations, 2015
Payment to Statutory Auditors 27
The Company has disclosed and complied with all the (including out of pocket
mandatory requirements under LODR Regulations. The details expenses)
of these compliances have been given in the relevant sections Payments to entities in the 35
of this report. network firm/network entity
of the statutory auditors.
Among discretionary requirements, as specified in Part E of
Schedule II of LODR Regulations, the Company has adopted the Total 62
following:
Disclosures as required under the Sexual Harassment of
Shareholders’ Rights – Quarterly / half yearly audited financial
Women at Workplace (Prevention, Prohibition and Redressal)
results along with the press release are uploaded on the website
Act, 2013
of the Company at www.mindtree.com\investors. The quarterly
/ half yearly audited consolidated financial results along with The Company has formulated a Policy for Prevention of Sexual
the key highlights for the quarter were also sent to those Harassment at Workplace to ensure prevention, prohibition and
shareholders electronically who have registered their email protection against sexual harassment. The policy provides the
addresses with Registrar and Share Transfer Agent/ Company. guidelines for reporting of such harassment and the procedure
Reporting of Internal Auditor - The Internal Auditor reports for resolution & redressal of the complaints of such nature.
directly to the Audit Committee.
Details of such complaints for the financial year 2019-20 are
Audit Qualifications – The Auditors of the Company have issued as follows:
Audit Reports with unmodified opinion on the standalone and
consolidated financial statements for the year ended March 31, In India*
2020.
a) No. of Sexual Harassment complaints received: 3
Subsidiaries
b) No. of Sexual Harassment complaints disposed off: 3
Your Company does not have any material subsidiary. The Board
of Directors are regularly updated on the performance of the * One complaint which was pending at the beginning of the year
subsidiaries. The Company places a statement of all significant was closed during the year.
transactions and arrangements entered into by unlisted
Rest of the World
subsidiaries and the minutes of the Board meeting of those
subsidiaries on a quarterly basis, before the Board. The Audit a) No. of Sexual Harassment complaints received: 2
Committee reviews the financial statements of subsidiaries,
including the investments made by the subsidiaries, if any, on b) No. of Sexual Harassment complaints disposed off: 2
a regular basis.
Please refer to Directors’ Report for further details.
The information on subsidiaries are provided in detail in
Directors’ Report. Non-compliance of Regulations relating to Corporate
The Company’s Policy for determining material subsidiaries Governance under SEBI (Listing Obligations and Disclosure
is available on the following link: http://www.mindtree.com/ Requirements) Regulations, 2015, if any
policy-for-determining-material-subsidiary Your Company is fully compliant with LODR Regulations and
there are no such non-compliances.

Disclosure on Accounting treatment in preparation of Auditor’s Certificate on Corporate Governance

Financial Statements
The Auditor's Certificate on Corporate Governance obtained
The Company has prepared financial statements in accordance from Deloitte Haskins & Sells, Chartered Accountants (Firm
with Indian Accounting Standards (“Ind AS”) notified under the Registration No.008072S) for compliance with SEBI (Listing
Companies (Indian Accounting Standards) Rules, 2015 and Obligations and Disclosure Requirements) Regulations, 2015, is
relevant amendment rules issued thereafter. provided as Annexure 9 to the Directors’ Report.
Secretarial Audit Disclosure on Compliance
During the financial year 2019-20, Secretarial Audit was Your Company has complied with the requirements of the
conducted as required under the provisions of Section 204 Regulation 17 to 27 and Clauses (b) to (i) of sub-regulation (2)
of the Companies Act, 2013. Mr. G. Shanker Prasad, Practicing of Regulation 46 of SEBI (Listing Obligations and Disclosure
Company Secretary, Membership Number: 6357; CP Number: Requirements) Regulations, 2015.
6450 conducted the audit and the Secretarial Audit Report is
attached as Annexure 8 to the Directors’ Report.

ANNEXURE A
Declaration by the CEO under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding compliance with
Code of Conduct
In accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I hereby confirm that, all Board Members
and Senior Managerial Personnel of the Company have affirmed compliance with the Code of Conduct, as applicable to them, for the financial
year ended March 31, 2020.
Place: Bengaluru Debashis Chatterjee

Date: April 24, 2020 CEO & Managing Director

ANNEXURE B
Compliance Certificate
{As per Regulation 17 (8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015}
We, Debashis Chatterjee, CEO & Managing Director and Senthil Kumar, Chief Financial Officer of Mindtree Limited, to the best of our
knowledge, information and belief, certify that:
1) We have reviewed financial statements and the cash flow statement for the year ended March 31, 2020 and:
a. These Financial Statements do not contain any materially untrue statement or omit any material fact or contain statements that might
be misleading;
b. These Financial Statements together present, in all material respects, a true and fair view of the Company's affairs, the financial
condition and results of operations and are in compliance with applicable accounting standards, laws and regulations.
2) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent,
illegal or which violate the Company's code of conduct.
3) We are responsible for establishing and maintaining internal controls over financial reporting by the Company and we have:
a. Designed such controls to ensure that material information relating to the Company, including its consolidated subsidiaries, is made
known to us by others;
b. Designed or caused to be designed, such internal control systems over financial reporting, so as to provide reasonable assurance
regarding the preparation of financial statements in accordance with Indian Accounting Standards (Ind AS) in India; and
c. Evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting.
4) During the year, we have disclosed to the Company's Auditors and the Audit Committee of the Board of Directors:
a. Any change, that has materially affected or is reasonably likely to materially affect, the Company's internal control over financial
reporting;
b. Any significant changes in accounting policies during the year, and that the same have been disclosed appropriately in the notes to the
financial statements;
c. Instances of significant fraud, if any, that we are aware especially if any Member of management or employee involved in financial
reporting related process. No such instances were noticed during the year 2019-20;
d. All significant changes and deficiencies, if any, in the design or operation of internal controls, which could adversely affect the
Company's ability to record, process, summarize and report financial data; and
e. Any material weaknesses in internal controls over financial reporting including any corrective actions with regard to deficiencies.
5) In the event of any materially significant misstatements or omissions, we will return to the Company that part of any bonus or incentive
which was inflated on account of such mistakes or omissions.
6) We affirm that we have not denied any employee, access to the Audit Committee of the Company (in respect of matters involving alleged
misconduct) and we have provided protection to whistle blowers from unfair termination and other unfair or prejudicial employment
practices.
7) We further declare that, all Board Members and Senior Managerial Personnel have affirmed compliance with the code of conduct for the
current year.
Place: Bengaluru Debashis Chatterjee Senthil Kumar

Date: April 24, 2020 CEO & Managing Director Chief Financial Officer

RISK MANAGEMENT REPORT

Risk Management is a strategic business discipline that supports the framework to pro-actively identify, assess, treat, monitor and report
achievement of an organization’s objectives by addressing the full risks as well as to create a risk-aware culture within Mindtree. The
spectrum of its risks and managing the combined impact of those Mindtree ERM frame work has been designed by incorporating
risks as an interrelated risk portfolio. Mindtree uses Enterprise Risk elements of leading risk management standards such as:
Management (ERM) as a key tool to analyze potential risks to the • COSO Enterprise Risk Management - Integrating with
scalability and sustainability of the organization in order to achieve Strategy and Performance
its business objectives of generating value for customers, investors, • ISO 31000:2018
employees and other stakeholders. ERM encompasses areas of
organizational exposure to risk in categories of strategic, operational
The Chief Risk Officer is the custodian of the frame work and
(including sustainability related risks), financial and compliance risks
appropriate governance is provided by the Risk Management
in order to provide a structured process for management of risks.
Committee of the Board.
This has been achieved by deploying an effective risk management
Mindtree Risk and Assurance Framework
Operational Controls
Security
De
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io Au Risk M ag ise
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Oversight is provided by
external auditors and
regulators
Mindtree follows a multi-layer integrated risk and assurance 3. Oversight Layer

framework. Oversight for risks is provided through different risk and
assurance programs.
1. Operational Controls Layer: • The Chief Risk Officer and the ERM team manage the
Operational controls deployed by management constitute Mindtree Risk Management Framework to ensure risks are
the first level of protection for Mindtree. These controls are identified, assessed, treated, monitored and reported in the
integrated into systems and processes and are driven by internal context of our business objectives.
policies and procedures. • Internal and external information security audits provide
assurance for cyber risks. Quality audits provide assurance
2. Finance, Insurance, Security, Legal and Delivery Excellence over our delivery processes.
Layer • The Compliance team ensures systems to manage compliance
Risk management measures implemented by the Mindtree with applicable laws and regulations are adequate and
Finance, Delivery Excellence, Legal and Information Security operating effectively. Mindtree has constituted an Ethics
teams at an organizational level constitute the next layer and Compliance Committee and an Internal Complaints
of protection. Such measures include risk transfer through Committee (POSH Committee) to deal with issues such as
insurance/hedging, quality checks, contractual safe guards whistle blowing, code of conduct violations and harassment
and security controls to protect confidentiality, availability and cases.
integrity of Mindtree and customer data/information. • Internal audits are conducted to evaluate and improve the

effectiveness of risk management, control and governance • Business Continuity framework has been further improved
processes. by aligning to the ISO 22301:2019 Business Continuity
Management (BCM) standard and undergoing audit for the
4. Governance same. Initiatives taken to strengthen our BCM framework
Governance for the risk management program is provided by during the year helped immeasurably in responding
the Board of Directors through the Risk Management Committee effectively to the situation created by the outbreak of
(RMC) of the Board. The Mindtree RMC is chaired by the CEO COVID-19.
and includes an Independent Director. The CFO and CRO are • Credit risk management has been further enhanced to keep
permanent invitees to RMC meetings. Potential risks have pace with COVID-19 developments.
designated risk owners who are responsible for risk treatment • An enhanced Supplier Risk Management frame work has
as per Mindtree’s risk management policy. The RMC meets every been created to strengthen holistic risk-based oversight over
quarter to discuss risks and their treatment plans along with our supply chain.
risks that have emerged during the course of the year. Updates
• Risk surveys have been conducted to obtain comprehensive
on risk management systems are also provided to the Audit
inputs for business and delivery related risks
Committee of the Board for review.
• The risk awareness program continued to gather pace
New initiatives in 2019-20 included: throughout the year.
• Mindtree’s risk management frame work enabled the • Additional information security controls have been deployed
organization to respond effectively to the crisis situation to mitigate cyber threats.
caused by the COVID-19 pandemic outbreak. The pandemic A detailed description of significant risks and their treatment
risk was identified and proactive risk treatment initiated to plans is given in the Risk Management section (refer page 62) and
ensure customer deliverables were not impacted while also Management Discussion and Analysis section (refer page 105).
safeguarding the health and safety of Mindtree Minds.

Standalone Financial Statements
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MINDTREE LIMITED

Report on the Audit of the Standalone Financial Statements
Opinion accordance with the Standards on Auditing specified under section

We have audited the accompanying standalone financial statements 143(10) of the Act (SAs). Our responsibilities under those Standards
of MINDTREE LIMITED (“the Company”), which comprise the Balance are further described in the Auditor’s Responsibility for the Audit of
Sheet as at March 31, 2020, and the Statement of Profit and Loss the Standalone Financial Statements section of our report. We are
(including Other Comprehensive Income), the Statement of Cash independent of the Company in accordance with the Code of
Flows and the Statement of Changes in Equity for the year then Ethics issued by the Institute of Chartered Accountants of India
ended, and a summary of significant accounting policies and other (“ICAI”) together with the ethical requirements that are relevant to
explanatory information. our audit of the standalone financial statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our
In our opinion and to the best of our information and according
other ethical responsibilities in accordance with these requirements
to the explanations given to us, the aforesaid standalone financial
and the ICAI’s Code of Ethics. We believe that the audit evidence
statements give the information required by the Companies Act, 2013
obtained by us is sufficient and appropriate to provide a basis for our
(“the Act”) in the manner so required and give a true and fair view in
audit opinion on the standalone financial statements.
conformity with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian Accounting Key Audit Matters
Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting Key audit matters are those matters that, in our professional judgment,
principles generally accepted in India, of the state of affairs of the were of most significance in our audit of the standalone financial
Company as at March 31, 2020, and its profit, total comprehensive statements of the current period. These matters were addressed in
income, its cash flows and the changes in equity for the year ended the context of our audit of the standalone financial statements as a
on that date. whole, and in forming our opinion thereon, and we do not provide a
Basis for Opinion separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in
We conducted our audit of the standalone financial statements in
our report.
Sr. No. Key Audit Matter Auditor’s Response

1 Leases: Principal audit procedures performed
As described in Note 2.1(a)(i) to the standalone We have performed the following procedures:
financial statements, the Company has adopted i. Evaluated the design and implementation of the relevant controls over the application of
Ind AS 116 “Leases” with effect from April the new lease accounting standard in respect of the data used for transition calculation as
1, 2019. The standard involves certain key well as for the current period, and from a sample of existing lease agreements, tested the
judgements with respect to identification operating effectiveness of such internal controls.
of leases, determination whether there ii. Reviewed the trial balance as at April 1, 2019 and March 31, 2020 to identify the ledger
is reasonable certainty that an extension accounts which would have an operating lease included in them. Also, obtained list of
or termination option will be exercised, active vendor contracts and on a sample basis, obtained contract copies to confirm on
identification of appropriate discount rate using the completeness of all the lease contracts considered for computation and also to verify
the interest rate implicit in the lease or lessee’s whether the contract contains any embedded lease element.
incremental borrowing rate, as applicable,
iii. Selected a sample of contracts from such accounts identified and:
to calculate the lease obligation, measuring
• Tested if such contracts were considered as lease contracts if they met the condition
any impairment of the ‘right of use asset’,
specified in Ind AS 116.
modification/termination to the leases etc.
• Verified if the terms and conditions of the contracts identified as lease contracts were
The new accounting standard additionally
considered in the quantification of the lease amounts and disclosures.
requires disclosures together with the
• Verified the discount rate used to determine lease obligation and measure any
information to be provided in the balance sheet,
impairment of the right of use asset, where applicable.
statement of profit and loss, the statement of
cash flows and in the explanatory notes (Refer • Verified if necessary adjustments arising from re-measurement of lease liability
Note 4, 29 and 40 to the standalone financial (including corresponding adjustment to the related right of use asset), where applicable,
statements) which involve information with due to lease modifications/ termination, is appropriately made.
regard to right of use assets and liabilities. • Recomputed and compared the value of the right of use asset and the corresponding
liability based on the above lease contracts and the discount rate and reconciled any
In addition to the above, there is a risk that
material differences.
the lease data which underpin the Ind AS
116 transition calculation is incomplete or iv. Tested the presentation and disclosures (including presentation/disclosures arising
inaccurate. consequent to lease modifications/ termination) with reference to the requirements of Ind
AS.
Based on the above factors, the implementation
of the new accounting standard on leases has
been identified as a key audit matter.

2 Expected Credit Loss: Principal audit procedures performed

As described in Note 2.2 (ix), the Management We have performed the following procedures:
has determined the allowance for credit losses i. Evaluated the design and implementation including the operating effectiveness of the
based on historical loss experience adjusted to controls over :
reflect current and estimated future economic • Basis of consideration of the current and estimated future economic conditions
conditions. The historical loss experience model
• Completeness and accuracy of the data used in estimation of probability of default
previously used needed revisions considering
• Computation of the expected credit loss allowance
the current and future economic conditions and
the effect of the COVID-19 pandemic event on ii. Selected a sample of the customers, and
the customers’ business operations/ability to • Tested a sample of invoices to test the accuracy of the ageing data.
pay dues. • Verified publicly available credit reports and other information relating to the Company’s
Based on such analysis, the Company has customers to test if the Management had correctly considered the adjustments to credit
recorded an allowance aggregating to ` 386 risk.
Million as at March 31, 2020, as included in • Obtained and verified the details of credit period extension granted to the customers
Note 8.2 of the standalone financial statements. and developed an expectation of similar extensions across other customers of the
Company.
We identified allowance for credit losses as
a key audit matter because the Company iii. Recomputed the expected credit loss allowance considering the above determined
exercises significant judgment in calculating input data and compared the amounts so recomputed with the amounts recorded by the
the expected credit losses. Management to determine if there were any material differences individually or in the
aggregate.
Information Other than the Financial Statements and Auditor’s This responsibility also includes maintenance of adequate
Report Thereon accounting records in accordance with the provisions of the Act
• The Company’s Board of Directors is responsible for the other for safeguarding the assets of the Companyand for preventing and
information. The other information comprises the information detecting frauds and other irregularities; selection and application of
included in the Annual Report, for example, Business appropriate accounting policies; making judgments and estimates
Responsibility Report, Director’s Report, Corporate Governance that are reasonable and prudent; and design, implementation
Report, Management Discussion and Analysis, Risk Management and maintenance of adequate internal financial controls, that were
Report, etc. but does not include the consolidated (including operating effectively for ensuring the accuracy and completeness of
financial statements prepared in accordance with International the accounting records, relevant to the preparation and presentation
Financial Reporting Standards as issued by the International of the standalone financial statement that give a true and fair view
Accounting Standards Board) and standalone financial statements and are free from material misstatement, whether due to fraud or
and our auditor’s report thereon, which we obtained prior to the error.
date of this auditor’s report, and the Financial Highlights, Risk In preparing the standalone financial statements, management is
Management Report and Keynote of the Chairman, CEO and CFO, responsible for assessing the Company’s ability to continue as a
which is expected to be made available to us after that date. going concern, disclosing, as applicable, matters related to going
• Our opinion on the standalone financial statements does not concern and using the going concern basis of accounting unless
cover the other information and we do not express any form of management either intends to liquidate the Company or to cease
assurance conclusion thereon. operations, or has no realistic alternative but to do so.
• In connection with our audit of the standalone financial Those Board of Directors are also responsible for overseeing the
statements, our responsibility is to read the other information Company’s financial reporting process.
and, in doing so, consider whether the other information is Auditor’s Responsibility for the Audit of the Standalone Financial
materially inconsistent with the standalone financial statements Statements
or our knowledge obtained during the course of our audit or
Our objectives are to obtain reasonable assurance about whether the
otherwise appears to be materially misstated.
standalone financial statements as a whole are free from material
• If, based on the work we have performed, we conclude that misstatement, whether due to fraud or error, and to issue an auditor’s
there is a material misstatement of this other information, we are report that includes our opinion. Reasonable assurance is a high
required to report that fact. We have nothing to report in this level of assurance, but is not a guarantee that an audit conducted
regard. in accordance with SAs will always detect a material misstatement
Management’s Responsibility for the Standalone Financial when it exists. Misstatements can arise from fraud or error and are
Statements considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
The Company’s Board of Directors is responsible for the matters
users taken on the basis of these standalone financial statements.
stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair As part of an audit in accordance with SAs, we exercise professional
view of the financial position, financial performance including judgment and maintain professional skepticism throughout the
other comprehensive income, cash flows and changes in equity of audit. We also:
the Company in accordance with the Ind AS and other accounting • Identify and assess the risks of material misstatement of the
principles generally accepted in India. standalone financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks, auditor’s report unless law or regulation precludes public disclosure
and obtain audit evidence that is sufficient and appropriate about the matter or when, in extremely rare circumstances, we
to provide a basis for our opinion. The risk of not detecting a determine that a matter should not be communicated in our report
material misstatement resulting from fraud is higher than for because the adverse consequences of doing so would reasonably
one resulting from error, as fraud may involve collusion, forgery, be expected to outweigh the public interest benefits of such
intentional omissions, misrepresentations, or the override of communication.
internal control.
Report on Other Legal and Regulatory Requirements
• Obtain an understanding of internal financial control relevant to
1. As required by section 143(3) of the Act, based on our audit we
the audit in order to design audit procedures that are appropriate
report that:
in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the a) We have sought and obtained all the information and
Company has adequate internal financial controls system in explanations which to the best of our knowledge and belief were
place and the operating effectiveness of such controls. necessary for the purposes of our audit.
• Evaluate the appropriateness of accounting policies used and the b) In our opinion, proper books of account as required by law
reasonableness of accounting estimates and related disclosures have been kept by the Company so far as it appears from our
made by the management. examination of those books.
• Conclude on the appropriateness of management’s use of the c) The Balance Sheet, the Statement of Profit and Loss including
going concern basis of accounting and, based on the audit Other Comprehensive Income, the Statement of Cash Flows and
evidence obtained, whether a material uncertainty exists the Statement of Changes in Equity dealt with by this Report are
related to events or conditions that may cast significant doubt in agreement with the books of account.
on the Company’s ability to continue as a going concern. If we d) In our opinion, the aforesaid standalone financial statements
conclude that a material uncertainty exists, we are required to comply with the Ind AS prescribed under Section 133 of the Act.
draw attention in our auditor’s report to the related disclosures e) On the basis of the written representations received from the
in the standalone financial statements or, if such disclosures are directors as on March 31, 2020 taken on record by the Board of
inadequate, to modify our opinion. Our conclusions are based Directors, none of the directors is disqualified as on March 31,
on the audit evidence obtained up to the date of our auditor’s 2020 from being appointed as a director in terms of Section 164
report. However, future events or conditions may cause the (2) of the Act.
Company to cease to continue as a going concern.
f) With respect to the adequacy of the internal financial controls
• Evaluate the overall presentation, structure and content of the over financial reporting of the Company and the operating
standalone financial statements, including the disclosures, and effectiveness of such controls, refer to our separate Report in
whether the standalone financial statements represent the “Annexure A”. Our report expresses an unmodified opinion on the
underlying transactions and events in a manner that achieves adequacy and operating effectiveness of the Company’s internal
fair presentation. financial controls over financial reporting.
Materiality is the magnitude of misstatements in the standalone g) With respect to the other matters to be included in the Auditor’s
financial statements that, individually or in aggregate, makes it Report in accordance with the requirements of section 197(16)
probable that the economic decisions of a reasonably knowledgeable of the Act, as amended:
user of the standalone financial statements may be influenced. We
In our opinion and to the best of our information and according
consider quantitative materiality and qualitative factors in (i) planning
to the explanations given to us, the remuneration paid/provided
the scope of our audit work and in evaluating the results of our work;
by the Company to its directors during the year is in accordance
and (ii) to evaluate the effect of any identified misstatements in the
with the provisions of section 197 of the Act.
standalone financial statements.
h) With respect to the other matters to be included in the Auditor’s
We communicate with those charged with governance regarding,
Report in accordance with Rule 11 of the Companies (Audit and
among other matters, the planned scope and timing of the audit and
Auditors) Rules, 2014, as amended, in our opinion and to the
significant audit findings, including any significant deficiencies in
best of our information and according to the explanations given
internal control that we identify during our audit.
to us:
We also provide those charged with governance with a statement
i. The Company has disclosed the impact of pending litigations
that we have complied with relevant ethical requirements regarding
on its financial position in its standalone financial statements;
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our ii. The Company has made provision, as required under the
independence, and where applicable, related safeguards. applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
From the matters communicated with those charged with governance,
including derivative contracts;
we determine those matters that were of most significance in the
audit of the standalone financial statements of the current period and iii. There has been no delay in transferring amounts, required
are therefore the key audit matters. We describe these matters in our to be transferred, to the Investor Education and Protection
Fund by the Company.

2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11)
of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Deloitte Haskins & Sells

(Firm’s Registration No. 008072S)
V. Balaji
Bengaluru, April 24, 2020 Partner
(Membership No. 203685)
UDIN: 20203685AAAAAJ9776

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT internal control based on the assessed risk. The procedures selected
(Referred to in paragraph 1(f) under ‘Report on Other Legal and depend on the auditor’s judgement, including the assessment of the
Regulatory Requirements’ section of our report of even date) risks of material misstatement of the financial statements, whether
due to fraud or error.
Report on the Internal Financial Controls Over Financial Reporting
We believe that the audit evidence we have obtained is sufficient
under Clause (i) of Sub-section 3 of Section 143 of the Companies
and appropriate to provide a basis for our audit opinion on the
Act, 2013 (“the Act”)
Company’s internal financial controls system over financial reporting.
We have audited the internal financial controls over financial
reporting of MINDTREE LIMITED (“the Company”) as of March 31, Meaning of Internal Financial Controls Over Financial Reporting
2020 in conjunction with our audit of the standalone financial A company’s internal financial control over financial reporting is a
statements of the Company for the year ended on that date. process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
Management’s Responsibility for Internal Financial Controls
statements for external purposes in accordance with generally
The Company’s management is responsible for establishing and accepted accounting principles. A company’s internal financial
maintaining internal financial controls based on the internal control control over financial reporting includes those policies and
over financial reporting criteria established by the Company procedures that (1) pertain to the maintenance of records that, in
considering the essential components of internal control stated reasonable detail, accurately and fairly reflect the transactions and
in the Guidance Note on Audit of Internal Financial Controls Over dispositions of the assets of the company; (2) provide reasonable
Financial Reporting issued by the Institute of Chartered Accountants assurance that transactions are recorded as necessary to permit
of India. These responsibilities include the design, implementation preparation of financial statements in accordance with generally
and maintenance of adequate internal financial controls that were accepted accounting principles, and that receipts and expenditures of
operating effectively for ensuring the orderly and efficient conduct the company are being made only in accordance with authorisations
of its business, including adherence to company’s policies, the of management and directors of the company; and (3) provide
safeguarding of its assets, the prevention and detection of frauds and reasonable assurance regarding prevention or timely detection of
errors, the accuracy and completeness of the accounting records, and unauthorised acquisition, use, or disposition of the company’s assets
the timely preparation of reliable financial information, as required that could have a material effect on the financial statements.
under the Companies Act, 2013.
Inherent Limitations of Internal Financial Controls Over Financial
Auditor’s Responsibility Reporting
Our responsibility is to express an opinion on the Company’s internal Because of the inherent limitations of internal financial controls over
financial controls over financial reporting based on our audit. We financial reporting, including the possibility of collusion or improper
conducted our audit in accordance with the Guidance Note on Audit management override of controls, material misstatements due to
of Internal Financial Controls Over Financial Reporting (the “Guidance error or fraud may occur and not be detected. Also, projections of any
Note”) issued by the Institute of Chartered Accountants of India and evaluation of the internal financial controls over financial reporting
the Standards on Auditing prescribed under Section 143(10) of the to future periods are subject to the risk that the internal financial
Companies Act, 2013, to the extent applicable to an audit of internal control over financial reporting may become inadequate because
financial controls. Those Standards and the Guidance Note require of changes in conditions, or that the degree of compliance with the
that we comply with ethical requirements and plan and perform policies or procedures may deteriorate.
the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting was established Opinion
and maintained and if such controls operated effectively in all In our opinion, to the best of our information and according to the
material respects. explanations given to us, the Company has, in all material respects, an
adequate internal financial controls system over financial reporting
Our audit involves performing procedures to obtain audit evidence
and such internal financial controls over financial reporting were
about the adequacy of the internal financial controls system over operating effectively as at March 31, 2020, based on the internal
financial reporting and their operating effectiveness. Our audit of control over financial reporting criteria established by the Company
internal financial controls over financial reporting included obtaining considering the essential components of internal control stated
an understanding of internal financial controls over financial in the Guidance Note on Audit of Internal Financial Controls Over
reporting, assessing the risk that a material weakness exists, and Financial Reporting issued by the Institute of Chartered Accountants
testing and evaluating the design and operating effectiveness of of India.
V. Balaji

ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(i) (a) The Company has maintained proper records showing full the Act.
particulars, including quantitative details and situation of fixed (iv) In our opinion and according to the information and explanations
assets. given to us, the Company has complied with the provisions
(b) The Company has a program of verification of fixed assets of Section 186 of the Act in respect of investments made.
to cover all the items in a phased manner over a period of According to the information and explanations given to us, the
3 years which, in our opinion, is reasonable having regard Company has not granted any loan or provided any guarantees
to the size of the Company and the nature of its assets. and securities.
Pursuant to the program, certain fixed assets were physically (v) According to the information and explanations given to us, the
verified by the Management during the year. According to Company has not accepted any deposits during the year and
the information and explanations given to us, no material does not have any unclaimed deposits.
discrepancies were noticed on such verification.
(vi) Having regard to the nature of the Company’s business/
(c) According to the information and explanations given to activities, reporting under clause (vi) of the Order with regard to
us and the records examined by us and based on the cost records is not applicable.
examination of the registered conveyance deed/ approved
(vii) According to the information and explanations given to us, in
building plan provided to us, we report that, the title deeds,
respect of statutory dues:
comprising all the immovable properties of buildings which
are freehold as at the balance sheet date, are held in the (a) The Company has generally been regular in depositing
name of the Company. In respect of immovable properties undisputed statutory dues, including Provident Fund,
of land that have been taken on lease, the lease agreements Employees’ State Insurance, Income-tax, Goods and Services
are in the name of the Company, where the Company is the Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value
lessee in the agreement. Added Tax, Cess and other material statutory dues applicable
to it to the appropriate authorities.
(ii) The Company does not have any inventory and hence reporting
under clause (ii) of the Order is not applicable. (b) Details of dues of Income-tax, Sales Tax, Service Tax, Customs
Duty, Excise Duty and Value Added Tax which have not been
(iii) The Company has not granted any loans, secured or unsecured,
deposited as on March 31, 2020 on account of disputes are
to companies, firms, limited liability partnerships or other
given below:
parties covered in the register maintained under section 189 of
Name of the statute Nature of dues Forum where dispute is pending Period to which the Amount
amount relates (` in
million)
AY 2002-03 to 2004-05 147.29*
Commissioner of Income Taxes AY 2007-08 and 2008-09 3.14**
(Appeals) AY 2010-11 5.65
Income-tax Act, 1961 Income-tax AY 2013-14 and 2014-15 15.43
Income Tax Appellate Tribunal AY 2005-06 and 2007-08 27.92***
AY 2006-07 -****
Assessing Officer
AY 2008-09 and 2009-10 30.84#
Customs, Excise and Service Tax July 2003 to May 2008 125.83##
The Finance Act, 1994 Service tax Appellate Tribunal
Commissioner (Appeals)- LTU March 2008 to March 2009 0.68###
The Karnataka Sales Tax Act, 1957 Value added tax Assistant Commissioner of Upto July 2004 0.29####
Commercial Taxes (Recovery)
The Central Sales Tax Act, 1956 Sales tax Commissioner (Appeals) 2011-12 0.46
Maharashtra Value Added Tax Act, Value added tax Joint Commissioner of Sales Tax 2013-14 0.17
2002
* Net of ` 177.47 Million adjusted against amount paid under protest and refunds.
** Net of ` 18.13 Million adjusted against refunds.
*** Net of ` 33.18 Million adjusted against amount paid under protest and refunds.
**** Net of ` 57.67 Million adjusted against refunds.

#
Net of ` 307.35 Million adjusted against refunds.
##
Net of ` 30.03 Million adjusted against amount paid under protest.
###
####

(viii) In our opinion and according to the information and explanations under clause (xii) of the Order is not applicable.
given to us, the Company has not defaulted in repayment of (xiii) In our opinion and according to the information and explanations
loans to bank and government. There are no borrowings from given to us, the Company is in compliance with Section 177 and
financial institutions and the Company has not issued any 188 of the Act for all transactions with the related parties and
debentures. the details of related party transactions have been disclosed
(ix) The Company has not raised moneys by way of initial public in the financial statements etc. as required by the applicable
offer or further public offer (including debt instruments) or term accounting standards.
loans and hence reporting under clause (ix) of the Order is not (xiv) During the year, the Company has not made any preferential
applicable. allotment or private placement of shares or fully or partly
(x) To the best of our knowledge and according to the information convertible debentures and hence reporting under clause (xiv)
and explanations given to us, no fraud by the Company and no of the Order is not applicable to the Company.
material fraud on the Company by its officers or employees has (xv) In our opinion and according to the information and explanations
been noticed or reported during the year. given to us, during the year, the Company has not entered into
(xi) In our opinion and according to the information and explanations any non-cash transactions with its directors or directors of
given to us, the Company has paid / provided managerial its subsidiaries or persons connected with them and hence
remuneration in accordance with the requisite approvals provisions of section 192 of the Act are not applicable.
mandated by the provisions of section 197 read with Schedule (xvi) The Company is not required to be registered under section 45-
V to the Act. IA of the Reserve Bank of India Act, 1934.
(xii) The Company is not a Nidhi Company and hence reporting

V. Balaji

Balance Sheet
` in million
As at As at
Note
March 31, 2020 March 31, 2019
ASSETS
Non-current assets
Property, plant and equipment 3 3,400 3,757
Capital work in progress 136 297
Right-of-use assets 4 5,201 -
Goodwill 5 4,730 4,730
Other intangible assets 5 759 1,180
Financial assets 6
Investments 6.1 820 1,216
Loans 6.2 457 675
Deferred tax assets (Net) 17 1,835 388
Other non-current assets 7 1,693 1,889
19,031 14,132
Current assets
Financial assets 8
Investments 8.1 6,944 6,836
Trade receivables 8.2 14,389 13,356
Cash and cash equivalents 8.3 3,894 2,547
Bank balances other than cash and cash equivalents 8.4 1,961 -
Loans 8.5 99 123
Other financial assets 8.6 2,805 2,528
Other current assets 9 1,981 2,268
Non-current assets held for sale 40 461 -
32,534 27,658
TOTAL ASSETS 51,565 41,790
EQUITY AND LIABILITIES

Equity
Equity share capital 10 1,646 1,642
Other equity 11 29,920 31,418
31,566 33,060
Liabilities
Non-current liabilities
Financial liabilities 12 & 29
Borrowings 12.1 - 5
Lease liabilities 29 4,964 -
Other financial liabilities 12.2 1,798 1
Other non-current liabilities 13 - 173
6,762 179
Current liabilities
Lease liabilities 29 699 -
Trade Payables
Total outstanding dues of micro enterprises and small enterprises 41 8 3
Total outstanding dues of creditors other than micro enterprises and small enterprises 2,579 2,128
Other financial liabilities 14.1 5,250 2,434
Other current liabilities 15 1,597 1,838
Provisions 16 1,724 1,399
Current tax liabilities (Net) 1,380 749
13,237 8,551
19,999 8,730
TOTAL EQUITY AND LIABILITIES 51,565 41,790
See accompanying notes to the standalone financial statements
As per our report of even date attached
For Deloitte Haskins & Sells For and on behalf of the Board of Directors of Mindtree Limited
V. Balaji Ramamurthi Shankar Raman Debashis Chatterjee

Partner Non-Executive Director CEO & Managing Director
Place: Mumbai Place: Bengaluru
Senthil Kumar Vedavalli Sridharan

Chief Financial Officer Company Secretary
Place: Bengaluru Place: Bengaluru
Place: Bengaluru
Date: April 24, 2020 Date: April 24, 2020

Statement of profit and loss

` in million, except per share data
For the year ended
Particulars Note
March 31, 2020 March 31, 2019
Revenue from operations 18 77,643 70,215
Other income 19 756 893
Total income 78,399 71,108
Expenses:
Employee benefits expense 20 50,647 44,211
Finance costs 22 529 29
Depreciation and amortization expense 23 2,754 1,641
Other expenses 24 16,182 15,360
Total expenses 70,112 61,241
Profit before tax 8,287 9,867
Tax expense:
Current tax 17 2,333 2,456
Deferred tax 17 (354) (129)
Profit for the year 6,308 7,540
Other comprehensive income 28
A (i) Items that will not be reclassified to profit or loss (109) (86)
(ii) Income tax relating to items that will not be reclassified to profit or loss 26 21
B (i) Items that will be reclassified to profit or loss (3,128) 262
(ii) Income tax relating to items that will be reclassified to profit or loss 1,093 -
Total other comprehensive income (loss) (2,118) 197
Total comprehensive income for the year 4,190 7,737
Earnings per share: 26
Equity shares of par value ` 10 each
(1) Basic (`) 38.35 45.94
(2) Diluted (`) 38.33 45.84




Place: Bengaluru

Statement of cash flows

` in million
2020 2019
Cash flow from operating activities
Adjustments for :
Income tax expense 1,979 2,327
Depreciation and amortization expense 2,754 1,641
Impairment loss recognized on non-current assets held for sale 39 -
Share based payments to employees 102 89
Allowance for expected credit losses 160 107
Finance costs 529 29
Interest income on financial assets at amortised cost (189) (146)
Net gain on disposal of property, plant and equipment (12) (19)
Net gain on disposal of right-of-use assets (8) -
Net gain on financial assets designated at fair value through profit or loss (509) (421)
Unrealised exchange difference on lease liabilities 246 -
Unrealised exchange difference on derivatives 320 (95)
Effect of exchange differences on translation of foreign currency cash and cash equivalents (287) (132)
Changes in operating assets and liabilities
Trade receivables (1,193) (3,308)
Other assets (156) (348)
Bank balances other than cash and cash equivalents (1,961) -
Trade payables 537 422
Other liabilities 908 692
Provisions 325 181
Net cash provided by operating activities before taxes 9,892 8,559
Income taxes paid, net of refunds (1,640) (2,255)
Net cash provided by operating activities 8,252 6,304
Cash flow from investing activities
Purchase of property, plant and equipment (1,241) (1,747)
Proceeds from sale of property, plant and equipment 21 39
Interest income on financial assets at amortised cost 133 76
Purchase of investments (33,066) (18,161)
Proceeds from sale of investments 33,924 17,860
Net cash (used in) investing activities (229) (1,933)
Cash flow from financing activities
Issue of share capital (net of issue expenses paid) 4 3
Payment of lease liabilities (490) -
Finance costs (including interest towards lease liabilities - refer note 22) (529) (40)
Repayment of long-term borrowings (5) (4)
Repayment of short-term borrowings - (3,000)
Dividends paid (including distribution tax) (5,940) (2,180)
Net cash (used in) financing activities (6,960) (5,221)
Effect of exchange differences on translation of foreign currency cash and cash equivalents 287 132
Net increase (decrease) in cash and cash equivalents 1,350 (718)
Cash and cash equivalents at the beginning of the year 2,544 3,262
Cash and cash equivalents at the end of the year (refer note 8.3) 3,894 2,544

Reconciliation of liabilities from financing activities for the year ended March 31, 2020 ` in million
Particulars As at Proceeds/ Repayment Fair value As at
March 31, 2019 impact of Ind changes March 31, 2020
AS 116
Long-term borrowings (including current portion) 10 - (5) - 5
Lease liabilities - 5,907 (490) 246 5,663
Total liabilities from financing activities 10 5,907 (495) 246 5,668
Particulars As at March 31, Proceeds Repayment Fair value As at March 31,
2018 changes 2019
Short-term borrowings 3,000 - (3,000) - -
Total liabilities from financing activities 3,014 - (3,004) - 10




Place: Bengaluru
Statement of changes in equity

` in million
(a) Equity share capital Amount
Balance as at April 1, 2018 1,639
Add: Shares issued on exercise of stock options and restricted shares 3
Balance as at March 31, 2019 1,642

Statement of changes in equity (Contd.)
190
(b) Other equity ` in million
Items of Other Comprehensive Income
Reserves and Surplus (refer note 11)
(refer note 11)
Total other
Particulars Capital General Special Economic Capital Securities Share option Retained Foreign Currency Effective portion of Other items of equity
reserve reserve Zone reinvestment redemption premium outstanding earnings Translation Cash Flow other Comprehensive
reserve reserve account Reserve (FCTR) Hedges Income
Balance as at April 1, 2018* 87 226 764 42 8 201 25,179 (678) - (54) 25,775
Profit for the year - - - - - - 7,540 - - - 7,540
Other comprehensive income (net of taxes) - - - - - - - 262 - (65) 197

Created/ (utilised) during the year - - 1,348 - - - (1,348) - - - -
Utilised during the year - - (1,076) - - - 1,076 - - - -

Transferred to securities premium on allotment against
- - - - 125 (125) - - - - -
stock options
Compensation cost related to employee share based

- - - - - 89 - - - - 89
payment
Cash dividends (refer note 11.1) - - - - - - (1,805) - - - (1,805)
Dividend distribution tax (refer note 11.1) - - - - - - (378) - - - (378)
Balance as at March 31, 2019 87 226 1,036 42 133 165 30,264 (416) - (119) 31,418
Balance as at April 1, 2019 87 226 1,036 42 133 165 30,264 (416) - (119) 31,418
Impact of adoption of Ind AS 116 (refer note 29) - - - - - - 157 - - - 157
Other comprehensive income (net of taxes)

- - - - - - - - (2,035) (83) (2,118)
(refer note 28)
Created during the year - - 1,022 - - - (1,022) - - - -
Utilised during the year - - (840) - - - 840 - - - -
Transferred to securities premium on allotment against

- - - - 166 (166) - - - - -
stock options
Compensation cost related to employee share based

- - - - - 102 - - - - 102
payment (refer note 20)
Dividend distribution tax (refer note 11.1) - - - - - - (1,014) - - - (1,014)
Balance as at March 31, 2020 87 226 1,218 42 299 101 30,600 (416) (2,035) (202) 29,920
*As per comparative figures disclosed in the standalone financial statements for the year ended March 31, 2019

Place: Bengaluru
Significant accounting policies and notes to the standalone financial

statements for the year ended March 31, 2020
(` in millions, except share and per share data, unless otherwise stated)
1. Company overview
Mindtree Limited (‘Mindtree’ or ‘the Company’) is an international The Company is a public limited company incorporated and
Information Technology consulting and implementation domiciled in India and has its registered office at Bengaluru,
company that delivers business solutions through global Karnataka, India and has offices in India, United States of
software development. The Company is structured into four America (USA), United Kingdom, Japan, Singapore, Malaysia,
industry verticals – Retail, CPG and Manufacturing (RCM), Banking, Australia, Germany, Switzerland, Sweden, UAE, Netherlands,
Financial Services and Insurance (BFSI), High Technology and Canada, Belgium, France, Ireland, Poland, Mexico and Republic
Media (Hi-tech) (erstwhile Technology, Media and Services-TMS) of China. The Company has its primary listings on the Bombay
and Travel and Hospitality (TH). The Company offers services Stock Exchange and National Stock Exchange in India. The
in the areas of agile, analytics and information management, Company became a subsidiary of Larsen & Toubro Limited (L&T)
application development and maintenance, business process with effect from July 2, 2019 (Refer note 34). The standalone
management, business technology consulting, cloud, digital financial statements were authorized for issuance by the
business, independent testing, infrastructure management Company’s Board of Directors on April 24, 2020.
services, mobility, product engineering and SAP services.
2. Significant accounting policies

2.1 Basis of preparation and presentation by applying this appendix. The amendment is effective
a) Statement of compliance from April 1, 2019. The Company has evaluated the
effect of this amendment on the financial statements
These standalone financial statements (the ‘financial
and concluded that there is no significant impact.
statements’) have been prepared in accordance with
Indian Accounting Standards (“Ind AS”) notified under the iii) Amendment to Ind AS 19 ‘Employee Benefits’: On March
Companies (Indian Accounting Standards) Rules, 2015 and 30, 2019, the Ministry of Corporate Affairs has notified
relevant amendment rules issued thereafter. limited amendments to Ind AS 19 ‘Employee Benefits’
in connection with accounting for plan amendments,
Except for the changes below, the Company has consistently
curtailments and settlements. The amendments require
applied accounting policies to all periods.
an entity to use updated assumptions to determine
i) The Company has adopted Ind AS 116 ‘Leases’ with current service cost and net interest for the remainder
the date of initial application being April 1, 2019. of the period after a plan amendment, curtailment or
Ind AS 116 replaces Ind AS 17 – Leases and related settlement and to recognise in profit or loss as part of
interpretation and guidance. The standard sets out past service cost, or a gain or loss on settlement, any
principles for recognition, measurement, presentation reduction in a surplus, even if that surplus was not
and disclosure of leases for both parties to a contract previously recognised because of the impact of the
i.e., the lessee and the lessor. Ind AS 116 introduces a asset ceiling. The amendment is effective from April
single lessee accounting model and requires a lessee to 1, 2019. The Company has evaluated the effect of this
recognise assets and liabilities for all leases with a term amendment on the financial statements and concluded
of more than 12 months, unless the underlying asset that this amendment is currently not applicable.
is of low value. The Company has applied Ind AS 116
iv) Amendment to Ind AS 12 ‘Income Taxes’: On March 30,
using the modified retrospective approach, under which
2019, the Ministry of Corporate Affairs has notified
the cumulative effect of initial application is recognised
limited amendments to Ind AS 12 ‘Income Taxes’. The
in retained earnings at April 1, 2019. As a result, the
amendments require an entity to recognise the income
comparative information has not been restated. Refer
tax consequences of dividends as defined in Ind AS
Note 29 for further details.
109 when it recognises a liability to pay a dividend.
ii) Appendix C to Ind AS 12, Uncertainty over Income Tax The income tax consequences of dividends are linked
Treatments: On March 30, 2019, Ministry of Corporate more directly to past transactions or events that
Affairs (“MCA”) has notified the Companies (Indian generated distributable profits than to distributions to
Accounting Standards) Amendment Rules, 2019 owners. Therefore, an entity shall recognize the income
containing Appendix C to Ind AS 12, Uncertainty over tax consequences of dividends in profit or loss, other
Income Tax Treatments which clarifies the application comprehensive income or equity according to where
and measurement requirements in Ind AS 12 when there the entity originally recognised those past transactions
is uncertainty over income tax treatments. The current or events. The amendment is effective from April 1,
and deferred tax asset or liability shall be recognized 2019. The Company has evaluated the effect of this
and measured by applying the requirements in Ind AS 12 amendment on the financial statements and concluded
based on the taxable profit (tax loss), tax bases, unused that there is no significant impact.
tax losses, unused tax credits and tax rates determined

b) Basis of measurement obligations that should be accounted for separately

The financial statements have been prepared on a historical or together requires significant judgment based on
cost convention and on an accrual basis, except for the nature of the contract, transfer of control over the
following material items that have been measured at fair product or service, ability of the product or service
value as required by relevant Ind AS: to benefit the customer on its own or together with
other readily available resources and the ability of
i. Derivative financial instruments;
the product or service to be separately identifiable
ii. Certain financial assets and liabilities measured at fair from other promises in the contract.
value (refer accounting policy on financial instruments);
ii) Income taxes: The Company’s two major tax jurisdictions
iii. Share based payment transactions and are India and USA, though the Company also files
iv. Defined benefit and other long-term employee benefits. tax returns in other foreign jurisdictions. Significant
c) Use of estimates and judgment judgments are involved in determining the provision for
income taxes, including the amount expected to be paid
The preparation of financial statements in conformity with
or recovered in connection with uncertain tax positions.
Ind AS requires management to make judgments, estimates
Also refer note 17.
and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, iii) Leases: The Company considers all the extension-options
income and expenses. Actual results may differ from these under the commercial contract for determining the
estimates. lease-term which forms the basis for the measurement
of right-of-use asset and the corresponding lease-
Estimates and underlying assumptions are reviewed on
liability.
a periodic basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised iv) Other estimates: The preparation of financial statements
and in any future periods affected. In particular, information involves estimates and assumptions that affect the
about significant areas of estimation, uncertainty and critical reported amount of assets, liabilities, disclosure of
judgments in applying accounting policies that have the contingent liabilities at the date of financial statements
most significant effect on the amounts recognized in the and the reported amount of revenues and expenses
financial statements is included in the following notes: for the reporting period. Specifically, the Company
estimates the probability of collection of accounts
i) Revenue recognition:
receivable by analyzing historical payment patterns,
a) The Company uses the percentage of completion customer concentrations, customer credit-worthiness
method using the input (cost expended) method and current economic trends. If the financial condition
to measure progress towards completion in respect of a customer deteriorates, additional allowances
of fixed price contracts. Percentage of completion may be required. The stock compensation expense is
method accounting relies on estimates of total determined based on the Company’s estimate of equity
expected contract revenue and costs. This method instruments that will eventually vest.
is followed when reasonably dependable estimates
v) Estimation uncertainty relating to COVID-19 outbreak:
of the revenues and costs applicable to various
The Company has considered internal and certain
elements of the contract can be made. Key factors
external sources of information including credit reports,
that are reviewed in estimating the future costs
economic forecasts and industry reports up to the date
to complete include estimates of future labour
of approval of the financial statements in determining
costs and productivity efficiencies. As the financial
the impact on various elements of its financial
reporting of these contracts depends on estimates
statements. The Company has used the principles
that are assessed continually during the term of
of prudence in applying judgments, estimates and
these contracts, recognized revenue and profit are
assumptions including sensitivity analysis and based
subject to revisions as the contract progresses to
on the current estimates, the Company expects to
completion. When estimates indicate that a loss will
fully recover the carrying amount of trade receivables
be incurred, the loss is provided for in the period in
including unbilled receivables, goodwill, intangible
which the loss becomes probable.
assets and investments. The eventual outcome of
b) Contracts with customers often include promises impact of the global health pandemic may be different
to transfer multiple products and services to a from those estimated as on the date of approval of
customer. Determining whether products and these financial statements.
services are considered distinct performance
2.2 Summary of significant accounting policies

(i) Functional and presentation currency presented in Indian Rupee, the national currency of India,
Items included in the financial statements of the Company which is the functional currency of the Company.
are measured using the currency of the primary economic (ii) Foreign currency transactions and balances
environment in which the Company operates (i.e. the Transactions in foreign currency are translated into the
“functional currency”). The financial statements are respective functional currencies using the exchange rates

prevailing at the dates of the respective transactions. those maturing later than 12 months after the
Foreign exchange gains and losses resulting from the reporting date which are presented as non-current
settlement of such transactions and from the translation assets. Financial assets are measured initially at
at the exchange rates prevailing at reporting date of fair value plus transaction costs and subsequently
monetary assets and liabilities denominated in foreign carried at amortized cost using the effective
currencies are recognized in the statement of profit and interest rate method, less any impairment loss.
loss and reported within foreign exchange gains/ (losses). Financial assets at amortised cost are represented
Non-monetary assets and liabilities denominated in a by trade receivables, security deposits, cash and
foreign currency and measured at historical cost are cash equivalents, employee and other advances
translated at the exchange rate prevalent at the date and eligible current and non-current assets.
of transaction. Foreign currency gains and losses are
Cash and cash equivalents comprise cash on hand
reported on a net basis. This includes changes in the fair
and in banks and demand deposits with banks
value of foreign exchange derivative instruments, which
which can be withdrawn at any time without prior
are accounted at fair value through profit or loss.
notice or penalty on the principal.
(iii) Investment in subsidiaries
For the purposes of the cash flow statement, cash
Investment in subsidiaries is measured at cost. Dividend and cash equivalents include cash on hand, in
income from subsidiaries is recognised when its right to banks and demand deposits with banks, net of
receive the dividend is established. outstanding bank overdrafts that are repayable on
(iv) Financial instruments demand, book overdraft and are considered part
All financial instruments are recognised initially at fair of the Company’s cash management system.
value. Transaction costs that are attributable to the (ii) Debt instruments at FVTOCI
acquisition of the financial asset (other than financial assets A debt instrument shall be measured at fair value
recorded at fair value through profit or loss) are included through other comprehensive income if both of
in the fair value of the financial assets. Purchase or sale the following conditions are met:
of financial assets that require delivery of assets within
(a) the objective of the business model is
a time frame established by regulation or convention in
achieved by both collecting contractual cash
the market place (regular way trade) are recognised on
flows and selling financial assets; and
trade date. While, loans and borrowings and payables are
recognised net of directly attributable transaction costs. (b) the asset’s contractual cash flow represent
SPPI
For the purpose of subsequent measurement, financial
instruments of the Company are classified in the following ebt instruments included within FVTOCI
D
categories: non-derivative financial assets comprising category are measured initially as well as at each
amortised cost, debt instruments at fair value through reporting period at fair value plus transaction
costs. Fair value movements are recognised in
other comprehensive income (FVTOCI), equity instruments
other comprehensive income (OCI). However, the
at FVTOCI or fair value through profit and loss account
Company recognises interest income, impairment
(FVTPL), non derivative financial liabilities at amortised
losses & reversals and foreign exchange gain/(loss)
cost or FVTPL and derivative financial instruments (under
in statement of profit and loss. On derecognition
the category of financial assets or financial liabilities) at
of the asset, cumulative gain or loss previously
FVTPL.
recognised in OCI is reclassified from equity to
The classification of financial instruments depends on profit and loss. Interest earned is recognised
the objective of the business model for which it is held. under the effective interest rate (EIR) method.
Management determines the classification of its financial
(iii) Equity instruments at FVTOCI
instruments at initial recognition.
ll equity instruments are measured at fair value.
A
a) Non-derivative financial assets Equity instruments held for trading is classified
(i) Financial assets at amortised cost as FVTPL. For all other equity instruments, the
A financial asset shall be measured at amortised Company may make an irrevocable election to
cost if both of the following conditions are met: present subsequent changes in the fair value in
OCI. The Company makes such election on an
(a) the financial asset is held within a business
instrument-by-instrument basis.
model whose objective is to hold financial
assets in order to collect contractual cash If the Company decides to classify an equity
flows; and instrument as FVTOCI, then all fair value changes
on the instrument, excluding dividend are
(b) the contractual terms of the financial asset
recognised in OCI. There is no recycling of the
give rise on specified dates to cash flows that
amount from OCI to statement of profit and loss,
are solely payments of principal and interest
even on sale of the instrument. However, the
(SPPI) on the principal amount outstanding.
Company may transfer the cumulative gain or loss
They are presented as current assets, except for within the equity.
(iv) Financial assets at FVTPL flow hedges are recognized in the statement
VTPL is a residual category for financial assets.
F of profit and loss and reported within foreign
Any financial asset which does not meet the exchange gains/(losses).
criteria for categorization as at amortised cost or (v) Property, plant and equipment
as FVTOCI, is classified as FVTPL.
a) Recognition and measurement: Property, plant and
In addition the Company may elect to designate equipment are measured at cost or its deemed cost
the financial asset, which otherwise meets less accumulated depreciation and impairment losses,
amortised cost or FVTOCI criteria, as FVTPL if if any. Cost includes expenditures directly attributable
doing so eliminates or significantly reduces a to the acquisition of the asset.
measurement or recognition inconsistency.
b) Depreciation: The Company depreciates property,
Financial assets included within the FVTPL plant and equipment over the estimated useful
category are measured at fair values with all life on a straight-line basis from the date the assets
changes recorded in the statement of profit and are available for use. Leasehold improvements are
loss. amortized over the lower of estimated useful life and
b) Non-derivative financial liabilities lease term. The estimated useful lives of assets for the
(i) Financial liabilities at amortised cost current and comparative period of significant items of
property, plant and equipment are as follows:
Financial liabilities at amortised cost represented
by borrowings, trade and other payables are Category Useful life
initially recognized at fair value, and subsequently Buildings 5 - 30 years
carried at amortized cost using the effective Leasehold improvements 5 years
interest rate method. Computers 2 - 3 years
(ii) Financial liabilities at FVTPL Furniture and fixtures 5 years

Electrical installations 3 years
Financial liabilities at FVTPL represented by
Office equipment 4 years
contingent consideration are measured at fair
Vehicles 4 years
value with all changes recognised in the statement
Plant and machinery 4 years
of profit and loss.
c) Derivative financial instruments Depreciation methods, useful lives and residual
The Company holds derivative financial instruments values are reviewed at each reporting date.
such as foreign exchange forward contracts to When parts of an item of property, plant and equipment
mitigate the risk of changes in foreign exchange rates have different useful lives, they are accounted for as
on foreign currency assets or liabilities and forecasted separate items (major components) of property, plant
cash flows denominated in foreign currencies. The and equipment. Subsequent expenditure relating
counterparty for these contracts is generally a bank. to property, plant and equipment is capitalized only
Derivatives are recognized and measured at fair when it is probable that future economic benefits
value. Attributable transaction costs are recognized in associated with these will flow to the Company and the
statement of profit and loss. cost of the item can be measured reliably. Repairs and
maintenance costs are recognized in the statement
(i) Cash flow hedges: Changes in the fair value of
of profit and loss when incurred. The cost and related
the derivative hedging instrument designated
accumulated depreciation are eliminated from the
as a cash flow hedge are recognized in other
financial statements upon sale or disposition of the
comprehensive income and presented within
asset and the resultant gains or losses are recognized
equity in the cash flow hedging reserve to the
in the statement of profit and loss.
extent that the hedge is effective. To the extent
that the hedge is ineffective, changes in fair value Amounts paid towards the acquisition of property,
are recognized in the statement of profit and loss. plant and equipment outstanding as of each reporting
If the hedging instrument no longer meets the date and the cost of property, plant and equipment not
criteria for hedge accounting, expires or is sold, ready for intended use before such date are disclosed
terminated or exercised, then hedge accounting under capital advances and capital work- in-progress
is discontinued prospectively. The cumulative respectively.
gain or loss previously recognized in the cash flow
(vi) Intangible assets
hedging reserve is transferred to the statement of
profit and loss upon the occurrence of the related Intangible assets are stated at cost less accumulated
forecasted transaction. amortization and impairment. Intangible assets are
amortized over their respective estimated useful lives on a
(ii) Others: Changes in fair value of foreign currency
straight-line basis, from the date that they are available for
derivative instruments not designated as cash
use. The estimated useful life of an identifiable intangible
flow hedges and the ineffective portion of cash
asset is based on a number of factors including the effects

of obsolescence, demand, competition and other economic identified asset for a time in exchange for a consideration.
factors (such as the stability of the industry and known This policy has been applied to contracts existing and
technological advances) and the level of maintenance entered into on or after April 1, 2019.
expenditures required to obtain the expected future cash The Company recognises a right-of-use asset and a lease
flows from the asset. liability at the lease commencement date. The right-of-
The estimated useful lives of intangible assets for the use asset is initially measured at cost, which comprises
current and comparative period are as follows: the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement
Category Useful life
date, plus any initial direct costs incurred and an estimate
Intellectual property 5 years of costs to dismantle and remove the underlying asset or
Computer software 2-3 years to restore the underlying asset or the site on which it is
Business alliance relationships 4 years located, less any lease incentives received.
Customer relationships 3 - 5 years The right-of-use asset is subsequently depreciated using
Vendor relationships 5 to 10 years the straight-line method from the commencement date to
Trade name 10 years the end of the lease term.
Technology 10 years The lease liability is initially measured at the present

Non-compete agreement 5 years
value of the lease payments that are not paid at the
commencement date, discounted using the Company’s
(vii) Business combination, Goodwill and Intangible assets incremental borrowing rate. It is remeasured when there
Business combinations other than through common is a change in future lease payments arising from a change
control transactions are accounted for using the purchase in an index or rate, if there is a change in the Company’s
(acquisition) method. The cost of an acquisition is estimate of the amount expected to be payable under
measured as the fair value of the assets given, equity a residual value guarantee, or if the Company changes
instruments issued and liabilities incurred or assumed at its assessment of whether it will exercise a purchase,
the date of exchange. The cost of acquisition also includes extension or termination option. When the lease liability
the fair value of any contingent consideration. Identifiable is remeasured in this way, a corresponding adjustment is
assets acquired and liabilities and contingent liabilities made to the carrying amount of the right-of-use asset, or
assumed in a business combination are measured initially is recorded in profit or loss if the carrying amount of the
at their fair value on the date of acquisition. right-of-use asset has been reduced to zero.
Business combinations through common control The Company has elected not to recognise right-of-use
transactions are accounted on a pooling of interests assets and lease liabilities for short-term leases that
method. have a lease term of 12 months or less and leases of low-
value assets (assets of less than USD 5,000 in value). The
Transaction costs incurred in connection with a business
Company recognises the lease payments associated with
combination are expensed as incurred.
these leases as an expense over the lease term.
a) Goodwill In the comparative period, leases under which the
The excess of the cost of acquisition over the Company assumes substantially all the risks and rewards of
Company’s share in the fair value of the acquiree’s ownership are classified as finance leases. When acquired,
identifiable assets, liabilities and contingent liabilities such assets are capitalized at fair value or present value of
is recognized as goodwill. If the excess is negative, it is the minimum lease payments at the inception of the lease,
considered as a bargain purchase gain. whichever is lower. Lease payments and receipts under
b) Intangible assets operating leases are recognised as an expense and income
respectively, on a straight line basis in the statement of
Ind AS 103 requires the identifiable intangible assets
profit and loss over the lease term except where the lease
and contingent consideration to be fair valued in order
payments are structured to increase in line with expected
to ascertain the net fair value of identifiable assets,
general inflation.
liabilities and contingent liabilities of the acquiree.
Significant estimates are required to be made in (ix) Impairment
determining the value of contingent consideration
a) Financial assets
and intangible assets. These valuations are conducted
by independent valuation experts. In accordance with Ind AS 109, the Company applies
Expected Credit Loss (ECL) model for measurement
(viii) Leases and recognition of impairment loss. The Company
The Company’s lease asset classes primarily consist follows ‘simplified approach’ for recognition of
of leases for land and buildings. The Company, at the impairment loss allowance on trade receivables.
inception of a contract, assesses whether the contract The application of simplified approach does not
is a lease or not lease. A contract is, or contains, a lease require the Company to track changes in credit risk.
if the contract conveys the right to control the use of an Rather, it recognises impairment loss allowance based

on lifetime ECLs at each reporting date, right from its of allowance for expected credit loss with respect
initial recognition. to trade receivables, unbilled revenue and other
For recognition of impairment loss on other financial financial assets is adequate.
assets and risk exposure, the Company determines ECL impairment loss allowance (or reversal)
that whether there has been a significant increase in is recognised as an income/expense in the
the credit risk since initial recognition. If credit risk statement of profit and loss during the period. The
has not increased significantly, 12-month ECL is used balance sheet presentation for various financial
to provide for impairment loss. However, if credit risk instruments is described below:
has increased significantly, lifetime ECL is used. If in Financial assets measured at amortised cost,
subsequent period, credit quality of the instrument contractual revenue receivable: ECL is presented
improves such that there is no longer a significant as an allowance, i.e. as an integral part of the
increase in credit risk since initial recognition, then measurement of those assets in the balance
the entity reverts to recognising impairment loss sheet. The allowance reduces the net carrying
allowance based on 12-month ECL. amount. Until the asset meets write off criteria, the
Lifetime ECLs are the expected credit losses resulting Company does not reduce impairment allowance
from all possible default events over the expected from the gross carrying amount.
life of a financial instrument. The 12-month ECL is a b) Non-financial assets
portion of the lifetime ECL which results from default
The Company assesses at each reporting date whether
events that are possible within 12-months after the
there is any objective evidence that a non financial
reporting date.
asset or a group of non financial assets is impaired. If
ECL is the difference between all contractual cash any such indication exists, the Company estimates the
flows that are due to the Company in accordance amount of impairment loss.
with the contract and all the cash flows that the entity
An impairment loss is calculated as the difference
expects to receive (i.e. all shortfalls), discounted at the
between an asset’s carrying amount and recoverable
original EIR. When estimating the cash flows, an entity
amount. Losses are recognised in the statement
is required to consider:
of profit and loss and reflected in an allowance
(i) All contractual terms of the financial instrument account. When the Company considers that there
(including prepayment, extension etc.) over the are no realistic prospects of recovery of the asset,
expected life of the financial instrument. However, the relevant amounts are written off. If the amount
in rare cases when the expected life of the of impairment loss subsequently decreases and
financial instrument cannot be estimated reliably, the decrease can be related objectively to an event
then the entity is required to use the remaining occurring after the impairment was recognised, then
contractual term of the financial instrument. the previously recognised impairment loss is reversed
(ii) Cash flows from the sale of collateral held or through profit or loss.
other credit enhancements that are integral to the The recoverable amount of an asset or cash-generating
contractual terms. unit (as defined below) is the greater of its value in use
As a practical expedient, the Company uses a and its fair value less costs to sell. In assessing value
provision matrix to determine impairment loss in use, the estimated future cash flows are discounted
on portfolio of its trade receivable. The provision to their present value using a pre-tax discount rate
matrix is based on its historically observed default that reflects current market assessments of the time
rates over the expected life of the trade receivable value of money and the risks specific to the asset.
and is adjusted for forward-looking estimates. For the purpose of impairment testing, assets are
At regular intervals, the historically observed grouped together into the smallest group of assets
default rates are updated and changes in forward- that generates cash inflows from continuing use that
looking estimates are analysed. In addition to are largely independent of the cash inflows of other
the historical pattern of credit loss, the Company assets or groups of assets (the “cash-generating unit”).
has considered the likelihood of increased credit Goodwill is tested for impairment on an annual basis
risk and consequential default by customers and whenever there is an indication that goodwill may
including revisions in the credit period provided be impaired, relying on a number of factors including
to the customers. In making this assessment, the operating results, business plans and future cash
Company has considered current and anticipated flows. For the purpose of impairment testing, goodwill
future economic conditions relating to industries/ acquired in a business combination is allocated to
business verticals that the company deals with the Group’s cash generating units (CGU) or groups of
and the countries where it operates. In addition CGU’s expected to benefit from the synergies arising
the Company has also considered credit reports from the business combination. A CGU is the smallest
and other credit information for its customers to identifiable group of assets that generates cash inflows
estimate the probability of default in future and that are largely independent of the cash inflows from
has taken into account estimates of possible other assets or group of assets. Impairment occurs
effect from the pandemic relating to COVID -19. when the carrying amount of a CGU including the
The Company believes that the carrying amount goodwill, exceeds the estimated recoverable amount

of the CGU. The recoverable amount of a CGU is the are not reclassified to statement of profit and loss in
higher of its fair value less cost to sell and its value-in- subsequent periods.
use. Value-in-use is the present value of future cash c) Compensated absences
flows expected to be derived from the CGU.
The employees of the Company are entitled to
Total impairment loss of a CGU is allocated first to compensated absences. The employees can carry
reduce the carrying amount of goodwill allocated forward a portion of the unutilised accumulating
to the CGU and then to the other assets of the CGU compensated absences and utilise it in future
prorata on the basis of the carrying amount of each periods or receive cash at retirement or termination
asset in the CGU. An impairment loss on goodwill is of employment. The Company records an obligation
recognised in statement of profit and loss and is not for compensated absences in the period in which
reversed in the subsequent period. the employee renders the services that increases this
(x) Employee benefits entitlement. The Company measures the expected
cost of compensated absences as the additional
The Company participates in various employee benefit
amount that the Company expects to pay as a result
plans. Post-employment benefits are classified as either
of the unused entitlement that has accumulated at the
defined contribution plans or defined benefit plans.
end of the reporting period. The Company recognizes
Under a defined contribution plan, the Company’s only
accumulated compensated absences based on
obligation is to pay a fixed amount with no obligation
actuarial valuation. Non-accumulating compensated
to pay further contributions if the fund does not hold
absences are recognized in the period in which the
sufficient assets to pay all employee benefits. The related
absences occur. The Company recognizes actuarial
actuarial and investment risks fall on the employee. The
gains and losses immediately in the statement of
expenditure for defined contribution plans is recognized
profit and loss.
as expense during the period when the employee
provides service. Under a defined benefit plan, it is the (xi) Share based payments
Company’s obligation to provide agreed benefits to the Employees of the Company receive remuneration in
employees. The related actuarial and investment risks fall the form of equity settled instruments, for rendering
on the Company. The present value of the defined benefit services over a defined vesting period. Equity instruments
obligations is calculated using the projected unit credit granted are measured by reference to the fair value of the
method. instrument at the date of grant.
The Company has the following employee benefit plans: The expense is recognized in the statement of profit and
a) Social security plans loss with a corresponding increase to the share based
payment reserve, a component of equity.
Employer contributions payable to the social security
plan, which is a defined contribution scheme, are The equity instruments generally vest in a graded manner
charged to the statement of profit and loss in the over the vesting period. The fair value determined at
period in which the employee renders services. the grant date is expensed over the vesting period of
the respective tranches of such grants (accelerated
b) Gratuity
amortization). The stock compensation expense is
In accordance with the Payment of Gratuity Act, 1972, determined based on the Company’s estimate of equity
the Company provides for a lump sum payment to instruments that will eventually vest.
eligible employees, at retirement or termination of
The fair value of the amount payable to the employees in
employment based on the last drawn salary and years
respect of phantom stocks, which are settled in cash, is
of employment with the Company. The gratuity fund
recognized as an expense with a corresponding increase
is managed by the Life Insurance Corporation of India
in liabilities, over the period during which the employees
(LIC), ICICI Prudential Life Insurance Company and SBI
become unconditionally entitled to payment. The liability
Life Insurance Company. The Company’s obligation in
is remeasured at each reporting date and at settlement
respect of the gratuity plan, which is a defined benefit
date based on the fair value of the phantom stock options
plan, is provided for based on actuarial valuation
plan. Any changes in the liability are recognized in
using the projected unit credit method.
statement of profit and loss.
Actuarial gains or losses are recognized in other
(xii) Provisions
comprehensive income. Further, the profit or loss does
not include an expected return on plan assets. Instead Provisions are recognized when the Company has a present
net interest recognized in profit or loss is calculated obligation (legal or constructive) as a result of a past event,
by applying the discount rate used to measure the it is probable that an outflow of economic benefits will be
defined benefit obligation to the net defined benefit required to settle the obligation, and a reliable estimate
liability or asset. The actual return on the plan assets can be made of the amount of the obligation.
above or below the discount rate is recognized as part The amount recognized as a provision is the best estimate
of re-measurement of net defined liability or asset of the consideration required to settle the present
through other comprehensive income. obligation at the end of the reporting period, taking
Remeasurements comprising actuarial gains or losses into account the risks and uncertainties surrounding the
and return on plan assets (excluding amounts included obligation.
in net interest on the net defined benefit liability) When some or all of the economic benefits required to
settle a provision are expected to be recovered from a criteria for considering software development and
third party, the receivable is recognized as an asset, if it is related services as distinct performance obligation.
virtually certain that reimbursement will be received and For allocating the consideration, the Company
the amount of the receivable can be measured reliably. has measured the revenue in respect of distinct
Provisions for onerous contracts are recognized when the performance obligation at its standalone selling price,
expected benefits to be derived by the Company from a in accordance with principles given in Ind AS 115.
contract are lower than the unavoidable costs of meeting The Company accounts for volume discounts and
the future obligations under the contract. Provisions for pricing incentives to customers by reducing the
onerous contracts are measured at the present value of amount of revenue recognized at the time of sale.
lower of the expected net cost of fulfilling the contract and Revenues are shown net of sales tax, value added tax,
the expected cost of terminating the contract. service tax, goods and services tax and applicable
(xiii) Revenue discounts and allowances.
The Company derives revenue primarily from software The Company accrues the estimated cost of post
development and related services. Revenue is measured contract support services at the time when the
based on the consideration specified in a contract with a revenue is recognized. The accruals are based on the
customer and excludes amounts collected on behalf of Company’s historical experience of material usage
third parties. The Company recognizes revenue when it and service delivery costs.
transfers control over a product or a service to a customer. ‘Unbilled revenues’ represent cost and earnings in
The method for recognizing revenues and costs depends excess of billings as at the end of the reporting period.
on the nature of the services rendered:
‘Unearned revenues’ represent billing in excess of
a) Time and materials contracts revenue recognized. Advance payments received from
Revenues and costs relating to time and materials customers for which no services are rendered are
contracts are recognized as the related services are presented as ‘Advance from customers’.
rendered. (xiv) Warranty provisions
b) Fixed-price contracts The Company provides warranty provisions on all its
Revenues from fixed-price contracts are recognized products sold. A provision is recognised at the time the
using the “percentage-of-completion” method. product is sold. The Company does not provide extended
Percentage of completion is determined based on warranties or maintenance contracts to its customers.
project costs incurred to date as a percentage of
total estimated project costs required to complete (xv) Finance income and expense
the project. The cost expended (or input) method has Finance income consists of interest income on funds
been used to measure progress towards completion invested, dividend income and gains on the disposal of
as there is a direct relationship between input and FVTPL financial assets. Interest income is recognized as
productivity. it accrues in the statement of profit and loss, using the
If the Company does not have a sufficient basis to effective interest method.
measure the progress of completion or to estimate Dividend income is recognized in the statement of profit
the total contract revenues and costs, revenue is and loss on the date that the Company’s right to receive
recognized only to the extent of contract cost incurred payment is established.
for which recoverability is probable. Finance expenses consist of interest expense on loans
When total cost estimates exceed revenues in an and borrowings. Borrowing costs are recognized in the
arrangement, the estimated losses are recognized in statement of profit and loss using the effective interest
the statement of profit and loss in the period in which method.
such losses become probable based on the current
contract estimates. (xvi) Income tax
c) Maintenance contracts Income tax comprises current and deferred tax. Income tax
expense is recognized in the statement of profit and loss
Revenue from maintenance contracts is recognized
except to the extent it relates to items directly recognized
ratably over the period of the contract. When services
in equity or in other comprehensive income.
are performed through an indefinite number of
repetitive acts over a specified period of time, revenue a) Current income tax
is recognized on a straight line basis over the specified Current income tax liability/ (asset) for the current and
period or under some other method that better prior periods are measured at the amount expected to
represents the stage of completion. be recovered from or paid to the taxation authorities
In arrangements for software development and related based on the taxable income for the period. The tax
services and maintenance services, the Company has rates and tax laws used to compute the current tax
applied the guidance in Ind AS 115, ‘Revenue from amount are those that are enacted or substantively
Contracts with Customers’, by applying the revenue enacted by the reporting date and applicable for the
recognition criteria for each of the distinct performance period. The Company offsets current tax assets and
obligation. The arrangements generally meet the current tax liabilities, where it has a legally enforceable

right to set off the recognized amounts and where it (xix) Government grants
intends either to settle on a net basis or to realize the Grants from the Government are recognised when there is
asset and liability simultaneously. reasonable assurance that:
b) Deferred income tax
(i) the Company will comply with the conditions attached
Deferred income tax is recognized using the balance to them; and
sheet approach. Deferred income tax assets and
(ii) the grant will be received.
liabilities are recognized for deductible and taxable
Government grants related to revenue are recognised on
temporary differences arising between the tax base
a systematic basis in the statement of profit and loss over
of assets and liabilities and their carrying amount
the periods necessary to match them with the related
in financial statements, except when the deferred
costs which they are intended to compensate. Such grants
income tax arises from the initial recognition of
are deducted in reporting the related expense. When the
goodwill or an asset or liability in a transaction that
grant relates to an asset, it is recognized as income over
is not a business combination and affects neither
the expected useful life of the asset.
accounting nor taxable profits or loss at the time of
the transaction. Where the Company receives non-monetary grants, the
asset is accounted for on the basis of its acquisition cost.
Deferred income tax asset is recognized to the extent
In case a non-monetary asset is given free of cost it is
that it is probable that taxable profit will be available
recognised at a fair value. When loan or similar assistance
against which the deductible temporary differences,
are provided by the government or related institutions,
and the carry forward of unused tax credits and
with an interest rate below the current applicable market
unused tax losses can be utilized.
rate, the effect of this favourable interest is recognized
Deferred income tax liabilities are recognized for all as government grant. The loan or assistance is initially
taxable temporary differences. recognized and measured at fair value and the government
The carrying amount of deferred income tax assets is grant is measured as the difference between the initial
reviewed at each reporting date and reduced to the carrying value of the loan and the proceeds received. A
extent that it is no longer probable that sufficient repayment of government grant is accounted for as a
taxable profit will be available to allow all or part of change in accounting estimate. Repayment of grant is
the deferred income tax asset to be utilized. recognised by reducing the deferred income balance, if
Deferred income tax assets and liabilities are any and the rest of the amount is charged to statement of
measured at the tax rates that are expected to apply profit and loss.
in the period when the asset is realized or the liability
(xx) Dividend and dividend distribution tax
is settled, based on tax rates (and tax laws) that
have been enacted or substantively enacted at the Final dividends on shares are recorded as a liability on the
reporting date. date of approval by the shareholders and interim dividends
are recorded as a liability on the date of declaration by
(xvii) Earnings per share (EPS) the Company’s Board of Directors. The Company declares
Basic earnings per share is computed by dividing the net and pays dividends in Indian rupees and are subject to
profit after tax by the weighted average number of equity applicable distribution taxes. The applicable distribution
shares outstanding during the period, adjusted for bonus taxes are linked more directly to past transactions or events
elements in equity shares issued during the period. that generated distributable profits than to distribution
Diluted EPS is computed by dividing the net profit after to owners and accordingly, recognized in profit or loss or
tax by the weighted average number of equity shares other comprehensive income or equity according to where
considered for deriving basic EPS and also weighted the entity originally recognised those past transactions or
average number of equity shares that could have been events.
issued upon conversion of all dilutive potential equity
(xxi) Non-current assets held for sale
shares. Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless Non-current assets are classified as held for sale if their
issued at a later date. Dilutive potential equity shares are carrying amount will be recovered principally through
determined independently for each period presented. The a sale transaction rather than through continuing use.
number of equity shares and potentially dilutive equity This condition is regarded as met only when the asset
shares are adjusted for bonus shares, as appropriate. is available for immediate sale in its present condition
subject only to terms that are usual and customary for sales
(xviii) Research and development costs
of such asset and its sale is highly probable. Management
Research costs are expensed as incurred. Development must be committed to the sale, which should be expected
costs are expensed as incurred unless technical and to qualify for recognition as a completed sale within one
commercial feasibility of the project is demonstrated, year from the date of classification.
future economic benefits are probable, the Company has
Non-current assets classified as held for sale are measured
an intention and ability to complete and use or sell the
at the lower of their carrying amount and fair value less
software and the costs can be measured reliably.
costs to sell.

Non-current assets
3. Property, plant and equipment

Furniture
Leasehold Plant and Office Electrical
Particulars Land Buildings Computers and Vehicles Total
improvements machinery equipment installations
fixtures
Gross carrying value
At April 1, 2018* 84 3,568 1,427 219 957 3,194 739 433 27 10,648
Additions - 158 165 - 180 779 61 101 - 1,444
Translation adjustment - - (1) - - (1) - - - (2)
Disposals / adjustments - - (28) - (6) (258) (13) (12) - (317)
At March 31, 2019 84 3,726 1,563 219 1,131 3,714 787 522 27 11,773
At April 1, 2019 84 3,726 1,563 219 1,131 3,714 787 522 27 11,773
Additions - 71 399 - 99 658 53 65 6 1,351
Impact of adoption of Ind AS 116 (51) - - - - - - - - (51)
Transfer to non-current assets
- (543) - - - - - - - (543)
held for sale (refer note 40)
Disposals / adjustments - (2) (4) - (48) (359) (5) (7) (24) (449)
At March 31, 2020 33 3,252 1,958 219 1,182 4,013 835 580 9 12,081
Accumulated depreciation
At April 1, 2018* 10 1,373 1,099 217 787 2,736 612 280 25 7,139
Depreciation expense 1 258 144 - 114 500 91 65 2 1,175
Translation adjustment - - - - - (1) - - - (1)
At March 31, 2019 11 1,631 1,235 217 895 2,977 690 333 27 8,016
At April 1, 2019 11 1,631 1,235 217 895 2,977 690 333 27 8,016
Impact of adoption of Ind AS 116 (11) - 4 - - - - - - (7)
Depreciation expense - 257 171 1 110 655 71 77 1 1,343
- (231) - - - - - - - (231)
Disposals / adjustments - (2) - - (47) (359) (5) (3) (24) (440)
At March 31, 2020 - 1,655 1,410 218 958 3,273 756 407 4 8,681
Net carrying value as at March

33 1,597 548 1 224 740 79 173 5 3,400
31, 2020
73 2,095 328 2 236 737 97 189 - 3,757
31, 2019
4. Right-of-use assets
Particulars Land Buildings Total

At April 1, 2018 - - -
Additions - - -
Disposals / adjustments - - -
At March 31, 2019 - - -
At April 1, 2019 - - -
Impact of adoption of Ind AS 116 (refer note 29) 380 5,989 6,369
Additions - 219 219
Transfer to non-current assets held for sale (refer note 40) (327) - (327)
Disposals / adjustments - (131) (131)
At March 31, 2020 53 6,077 6,130


At April 1, 2018 - - -
Depreciation expense - - -
At March 31, 2019 - - -
At April 1, 2019 - - -
Impact of adoption of Ind AS 116 (refer note 29) 138 - 138
Depreciation expense 9 950 959
At March 31, 2020 8 921 929
Net carrying value as at March 31, 2020 45 5,156 5,201

Net carrying value as at March 31, 2019 - - -
Non-current assets
5. a) Goodwill and other intangible assets

Other intangible assets
Business Non Total other
Particulars Goodwill Intellectual Customer Vendor Computer
alliance compete Tradename Technology intangible
property relationships relationships software
relationships agreement assets
At April 1, 2018* 4,537 67 72 1,292 53 690 292 262 1,105 3,833
Additions - - - - - - - - 58 58
Translation adjustment 193 - - 37 3 55 14 - - 109
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2019 4,730 67 72 1,329 56 745 306 262 1,163 4,000
At April 1, 2019 4,730 67 72 1,329 56 745 306 262 1,163 4,000

Additions - - - - - - - - 31 31
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2020 4,730 67 72 1,329 56 745 306 262 1,194 4,031
Accumulated
amortisation
At April 1, 2018* - 67 57 726 29 224 75 72 1,063 2,313
Amortisation expense - - 15 241 11 93 30 26 50 466
Translation adjustment - - - 20 2 15 4 - - 41
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2019 - 67 72 987 42 332 109 98 1,113 2,820
At April 1, 2019 - 67 72 987 42 332 109 98 1,113 2,820

Amortisation expense - - - 244 10 95 31 26 46 452
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2020 - 67 72 1,231 52 427 140 124 1,159 3,272
Net carrying value as

4,730 - - 98 4 318 166 138 35 759
at March 31, 2020
4,730 - - 342 14 413 197 164 50 1,180
at March 31, 2019
Estimated useful life
NA 5 4 3-5 5 5 - 10 10 10 2-3
(in years)
Estimated remaining
NA - - 0.25 0.25 0.25 - 5.75 5.25 - 5.75 5.25 0.18 - 1.97
useful life (in years)
The aggregate amount of research and development expense recognised in the statement of profit and loss for the year ended March
31, 2020 is ` 373 (For the year ended March 31, 2019 ` 476).

b) Impairment
Following is a summary of changes in the carrying amount of goodwill:

As at As at
Particulars
March 31, 2020 March 31, 2019
Carrying value at the beginning of the year 4,730 4,537
Translation differences - 193
Carrying value at the end of the year 4,730 4,730
For the purpose of impairment testing, goodwill acquired in a to COVID-19 and is unlikely to cause the carrying amount of
business combination is allocated to the Cash Generating Units the CGU exceed its estimated recoverable amount. The key
(CGU) or groups of CGUs, which benefit from the synergies of assumptions used for the calculations were as follows:
the acquisition. The Chief Operating Decision Maker reviews
Particulars As at March As at March
the goodwill for any impairment at the operating segment
31, 2020 31, 2019
level, which is represented through groups of CGUs.
Discount rate 13.7% - 20.1% 17.4% - 22.3%
The recoverable amount of a CGU is the higher of its fair
value less cost to sell and its value-in-use. The fair value of The above discount rate is based on the Weighted Average
a CGU is determined based on the market capitalization. The Cost of Capital (WACC) of the Company. These estimates are
value-in-use is determined based on specific calculations. likely to differ from future actual results of operations and
These calculations use pre-tax cash flow projections over a cash flows.
period of five years, based on financial budgets approved by The goodwill on acquisition of subsidiaries has been allocated
management and an average of the range of each assumption as follows:
mentioned below.
Particulars March 31, March 31,
The Company does its impairment evaluation on an annual 2020 2019
basis and as of March 31, 2020, the estimated recoverable RCM 2,440 2,440
amount of the CGU exceeded its carrying amount, hence BFSI 1,179 1,179
impairment is not triggered. The Company has performed Hi-tech 1,037 1,037
sensitivity analysis for all key assumptions, including the cash TH 74 74
flow projections consequent to the change in estimated future Total 4,730 4,730
economic conditions arising from the possible effects due
Non-current assets
6. Financial assets
6.1 Investments
As at As at
Particulars March 31, 2020 March 31, 2019
No of units Amount No of units Amount
1) Investments in equity instruments (unquoted)
Wholly owned subsidiaries
Mindtree Software (Shanghai) Co., Ltd (‘MSSCL’) - 14 - 14
Fully paid equity share of £0.001 each in Bluefin Solutions Limited, (‘Bluefin UK’)* - - 1 -
Fully paid equity share of MYR 100,000 each in Bluefin Solutions Sdn Bhd. (‘Bluefin Malaysia’) 1 2 1 2
Others
Equity shares in Careercommunity.com Limited 2,400 - 2,400 -
Equity shares of ` 1 each in NuvePro Technologies Private Limited 950,000 1 950,000 1
Equity shares in Worldcast Technologies Private Limited 12,640 - 12,640 -
17 17
2) Investments in preference shares (unquoted)
Series A Convertible Preferred Stock at US$ 0.0001 each fully paid
643,790 7 643,790 7
at premium of US $ 0.2557 each in 30 Second Software Inc.
7 7
3) Investments in non-convertible bonds/ debentures (quoted)
Secured redeemable non-convertible bonds of ` 1 million each in the nature of promissory
- - 50 50
notes in PNB Housing Finance Limited

As at As at
Secured redeemable non-convertible debentures of ` 1,000 each in Tata Capital Financial
50,000 52 50,000 50
Services Limited
Secured redeemable non-convertible debentures of ` 1,001,019 each in Tata Capital Financial
- - 100 103
Services Limited
Secured redeemable non-convertible debentures of ` 1,012,705 each in Aditya Birla Finance
- - 100 104
Limited
Secured redeemable non-convertible debentures of ` 1,025,944 each in Kotak Mahindra Prime
- - 50 52
Limited
Secured redeemable non-convertible debentures of ` 1,118,769 each in HDB Financial Ser-
- - 50 57
vices Limited
- - 50 51
Services Limited
Secured redeemable non-convertible debentures of ` 878,419 each in Kotak Mahindra
- - 50 45
Investments Limited
52 512
4) Investments in mutual funds (quoted)
ICICI Prudential Mutual Fund 5,000,000 59 5,000,000 55
IDFC Mutual Fund 10,000,000 115 10,000,000 105
Invesco Mutual Fund 7,063,100 84 7,063,100 76
Kotak Mutual Fund 5,000,000 60 5,000,000 54
Tata Mutual Fund 16,008,535 189 16,008,535 173
Franklin Templeton Mutual Fund 15,000,000 178 15,000,000 163
UTI Mutual Fund 5,000,000 59 5,000,000 54
744 680
Total 820 1,216
Aggregate amount of quoted investments 796 1,192

Aggregate market value of quoted investments 796 1,192
Aggregate amount of unquoted investments 24 24
Aggregate amount of impairment in value of investments 1 1
* Dissolved with effect from April 2, 2019
6.2 Loans
As at As at
Particulars
March 31, 2020 March 31, 2019
(Unsecured, considered good)
Security deposits (refer note 40) 457 675
Total 457 675
7. Other non-current assets
As at As at
Particulars
March 31, 2020 March 31, 2019
Capital advances 48 108
Advance income-tax including tax deducted at source (net of provision for taxes) 1,613 1,649
Prepaid expenses 7 116
Service tax receivable 11 11
Others 14 5
Total 1,693 1,889

Current assets
8. Financial assets
8.1 Investments
Particulars As at March 31, 2020 As at March 31, 2019

1) Investments in Mutual Funds (quoted)
Name of the fund No of units Amount No of units Amount
ICICI Prudential Mutual Fund 204,349 60 862,088 233
IDFC Mutual Fund 60,401,627 1,184 61,928,281 974
UTI Mutual Fund - - 2,000,000 21
Aditya Birla Sun Life Mutual Fund 1,907,437 265 7,205,908 755
Nippon India Mutual Fund** 7,357,646 179 3,386,533 197
Axis Mutual Fund 266,359 580 24,387 51
Tata Mutual Fund 2,979,380 171 72,948 226
SBI Mutual Fund 7,777,644 895 7,070,752 474
Sundaram Mutual Fund 264,092 280 3,323,353 131
HDFC Mutual Fund 18,545,875 306 46,511,219 1,019
DSP Mutual Fund* 25,263,086 457 4,058,562 197
Invesco Mutual Fund 148,845 414 92,596 210
Franklin Templeton Mutual Fund 20,120 60 4,368,836 253
Total 5,334 5,547
2) Investment in non-convertible bonds/ debentures (quoted)
Secured redeemable non-convertible bonds of ` 1 million each in the nature of promissory 50 50 - -
Secured redeemable non-convertible debentures in Kotak Mahindra Investments Limited - - 50 51
Secured redeemable non-convertible debentures in Bajaj Finance Limited - - 50 48
Secured redeemable non-convertible debentures in Housing Development 50 54 20 210
Finance Corporation Limited
Secured redeemable non-convertible debentures in Aditya Birla Finance Limited - - 50 52
Secured redeemable non-convertible debentures of ` 1,001,019 each in Tata Capital Financial 100 112 - -
Services Limited
Secured redeemable non-convertible debentures of ` 1,012,705 each in Aditya Birla Finance 100 114 - -
Limited
Secured redeemable non-convertible debentures of ` 1,025,944 each in Kotak Mahindra 50 53 - -
Prime Limited
Secured redeemable non-convertible debentures of ` 1,118,769 each in HDB Financial 50 62 - -
Services Limited
Services Limited
Secured redeemable non-convertible debentures of ` 878,419 each in Kotak Mahindra Invest- 50 48 - -
ments Limited
Total 544 361
3) Investments in term deposit (unquoted)
Interest bearing deposits with:
-Bajaj Finance Limited 569 400
-Kotak Mahindra Investments Limited - 50
-Housing Development Finance Corporation Limited 245 290
-LIC Housing Finance Limited 252 -
Total 1,066 740
4) Investments in commercial paper (unquoted)
-Barclays Investments and Loans (India) Private Limited - 188
- 188
Grand Total 6,944 6,836
Aggregate carrying amount of quoted investments 5,878 5,908

Aggregate market value of quoted investments 5,878 5,908
Aggregate amount of unquoted investments 1,066 928
* Formerly known as DSP Blackrock Mutual Fund
** Formerly known as Reliance Mutual Fund

8.2 Trade receivables

As at As at
Particulars
March 31, 2020 March 31, 2019
(Unsecured)
Considered good 14,775 13,582
Less: Allowance for expected credit losses (386) (226)
Total 14,389 13,356
The Company uses a provision matrix to determine impairment loss on portfolio of its trade receivable. The provision matrix is based
on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates.
At regular intervals, the historically observed default rates are updated and changes in forward-looking estimates are analysed. The
Company estimates the following matrix at the reporting date.
Ageing
1-90 days 91-180 days 181-360 days More than 360 days*
Default rate 0.3% 3.6% 21.6% 52%
*In case of probability of non-collection, default rate is 100%

Movement in the expected credit loss allowance
For the year ended
Particulars
March 31, 2020 March 31, 2019
Balance at the beginning of the year 226 119
Movement in expected credit loss allowance on trade receivables calculated at lifetime expected credit losses 160 107
Provision at the end of the year 386 226
8.3 Cash and cash equivalents

As at As at
Particulars
March 31, 2020 March 31, 2019
Balances with banks in current accounts and deposit accounts* 3,871 2,531
Other bank balances** 23 16
Cash and cash equivalents as per balance sheet 3,894 2,547
Book overdrafts used for cash management purposes (refer note 14.1) - (3)
Cash and cash equivalents as per statement of cash flows 3,894 2,544
* The deposits maintained by the Company with banks comprises time deposits, which can be withdrawn by the Company at any point with-
out prior notice or penalty on the principal.
** Other bank balances represent earmarked balances in respect of unpaid dividends and dividend payable.
8.4 Bank balances other than cash and cash equivalents represent earmarked balances in respect of margin-money.
8.5 Loans
As at As at
Particulars
March 31, 2020 March 31, 2019
Total 99 123
8.6 Other financial assets

As at As at
Particulars
March 31, 2020 March 31, 2019
Advances to employees 319 279
Less: Provision for doubtful advances to employees (19) (12)
300 267
Unbilled revenue* 2,503 2,143
Derivative financial instruments - 84
Accrued income 2 34
Total 2,805 2,528
* Classified as financial asset as right to consideration is unconditional upon passage of time

9. Other current assets

As at As at
Particulars
March 31, 2020 March 31, 2019
Advance to suppliers 35 33
Unbilled revenue* 645 848
Others 314 406
Total 1,981 2,268
* Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones (in respect
of fixed price contracts).
10. Equity share capital

As at As at
a) Particulars
March 31, 2020 March 31, 2019
Authorised
800,000,000 (March 31, 2019 : 800,000,000) equity shares of ` 10 each 8,000 8,000
Issued, subscribed and paid-up capital
164,574,066 (March 31, 2019 : 164,214,041) equity shares of ` 10 each fully paid 1,646 1,642
Total 1,646 1,642
b) Reconciliation of the number of equity shares outstanding at the beginning and at the end of the reporting year are as given below:
As at As at
No of shares ` No of shares `
Number of shares outstanding at the beginning of the year 164,214,041 1,642 163,926,311 1,639
Add: Shares issued on exercise of stock options and restricted shares 360,025 4 287,730 3
Number of shares outstanding at the end of the year 164,574,066 1,646 164,214,041 1,642
* Refer note 10(e)
c) The Company has only one class of shares referred to as equity shares having a par value of ` 10 each.
Terms/rights attached to equity shares
Each holder of the equity share, as reflected in the records of the Company as of the date of the shareholders meeting, is entitled
to one vote in respect of each share held for all matters submitted to vote in the shareholders meeting.
The Company declares and pays dividends in Indian rupees and foreign currency. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of
the Company after distribution of amounts payable to preference shareholders. However, no such preference shares exist currently.
The distribution will be in proportion to the number of equity shares held by the shareholders.
d) Equity shareholder holding more than 5 percent of equity shares along with the number of equity shares held at the beginning and
at the end of the year are as given below:
As at As at
March 31, 2020 March 31, 2019
Name of the shareholder
Number of Number of
% %
shares shares
1. Larsen & Toubro Limited* 100,527,734 61.08% - -
2. SCB Escrow A/C - Project Carnation, Lotus & Marigold** - - 32,760,229 19.95%
3. Nalanda India Fund Limited - - 14,568,212 8.87%
* With effect from July 2, 2019, the Company has become a subsidiary of L&T. Accordingly, L&T has become the Promoter / Parent
Company of the Company.
** As per the arrangement mentioned in the draft letter of offer of L&T dated April 02, 2019, received by the Company, the shares held
by (a) V. G. Siddhartha (b) Coffee Day Trading Limited and (c) Coffee Day Enterprises Limited aggregating to 19.95% of the shares
in Mindtree Limited was transferred to SCB Escrow A/C - Project Carnation, Lotus & Marigold. The above shareholding interest was
subsequently transferred to L&T during the year.
e) In the period of five years immediately preceding March 31, 2020:
i) The Company has allotted 83,893,088 and 41,765,661 fully paid up equity shares during the quarter ended March 31, 2016
and June 30, 2014 respectively, pursuant to 1:1 bonus share issue approved by shareholders. Consequently, options/ units
granted under the various employee share based plans are adjusted for bonus share issue.
ii) Pursuant to the approval of the Board and the Administrative Committee at its meetings held on June 28, 2017 and July 20,
2017 respectively, the Company bought back 4,224,000 equity shares of ` 10 each on a proportionate basis, at a price of
` 625 per equity share for an aggregate consideration of ` 2,640 (Rupees Two thousand six hundred and forty million only), and

completed the extinguishment of the equity shares bought back. Capital redemption reserve has been created to the extent of
nominal value of share capital extinguished amounting to ` 42. The buyback and creation of capital redemption reserve was
effected by utilizing the securities premium and free reserves.
iii) The Company has not allotted any other equity shares as fully paid up without payment being received in cash.
f) Employee stock based compensation
The Company instituted the Employees Stock Option Plan (‘ESOP’) in fiscal 2000, which was approved by the Board of Directors (‘the
Board’). The Company administers below mentioned restricted stock purchase plan and phantom stock options plan.
Employee Restricted Stock Purchase Plan 2012 (‘ERSP 2012’)
ERSP 2012 was instituted with effect from July 16, 2012 to issue equity shares of nominal value of ` 10 each. Shares under this pro-
gram are granted to employees at an exercise price of not less than ` 10 per equity share or such higher price as determined by the
Nomination and Remuneration Committee. Shares shall vest over such term as determined by the Nomination and Remuneration
Committee not exceeding ten years from the date of the grant. All shares will have a minimum lock in period of one year from the
date of allotment.
Year ended March 31,
2020 2019
Particulars
Number of share Weighted average Number of share Weighted average
options Exercise Price options Exercise Price
Outstanding shares, beginning of the year - - - -
Granted during the year 360,025 10.00 287,730 10.00
Exercised during the year 360,025 10.00 287,730 10.00
Lapsed during the year - - - -
Forfeited during the year - - - -
Outstanding shares, end of the year - - - -
Shares vested and exercisable, end of the year - - - -
Other Stock based compensation arrangements

The Company has also granted phantom stock options and letter of intent to issue shares under ERSP 2012 plan to certain employees
which is subject to certain vesting conditions. Details of the outstanding options/ units as at March 31, 2020 are given below:
Particulars Phantom stock options plan
Total no. of units/ shares 500,000
Vested units/ shares 425,000
Lapsed units/ shares -
Forfeited units/ shares -
Cancelled units/ shares 75,000
Outstanding units/shares as at the end of the year -
Contractual life 1 year
Date of grant April 1, 2018, July 24, 2019
Price per share/ unit Grant price of ` 772/ ` 930
Particulars ERSP 2012 plan**

Outstanding units/shares as at the beginning of the year 369,650
Number of units/shares granted under letter of intent during the year 312,900
Outstanding units/shares as at the end of the year 240,450
Contractual life 1-2 years
Date of grant* July 24, 2019, August 2, 2019, October 24, 2019, January 28, 2020
Price per share/ unit* Exercise price of ` 10
* Based on Letter of Intent
** Does not include direct allotment of shares
The weighted average fair value of each unit under the above mentioned ERSP 2012 plan, granted during the year ended March 31,
2020 was ` 697.78 using the Black-Scholes model with the following assumptions:
Particulars As at March 31, 2020
Weighted average grant date share price 697.78
Weighted average exercise price ` 10
Dividend yield % 0.43%
Expected life 1-2 years
Risk free interest rate 5.96%
Volatility 34.72%

11. Other equity
As at As at
Particulars
March 31, 2020 March 31, 2019
a) Capital reserve
Any profit or loss on purchase, sale, issue or cancellation of the Company’s own equity instruments is 87 87
transferred to capital reserve.
b) Capital redemption reserve
A statutory reserve created to the extent of sum equal to the nominal value of the share capital extinguished 42 42
on buyback of Company’s own shares pursuant to Section 69 of the Companies Act, 2013.
c) Securities premium
Amounts received on issue of shares in excess of the par value has been classified as securities premium, net 299 133
of utilisation.
d) General reserve
226 226
This represents appropriation of profit by the Company.
e) Special Economic Zone reinvestment reserve
This Special Economic Zone reinvestment reserve has been created out of the profit of eligible SEZ units in
terms of the provisions of section 10AA(1)(II) of the Income Tax Act ,1961. The reserve should be utilized by 1,218 1,036
the Company for acquiring new plant and machinery for the purpose of its business in terms of the section
10AA(2) of the Income Tax Act, 1961.
f) Retained earnings
Retained earnings comprises of the amounts that can be distributed by the Company as dividends to its 30,600 30,264
equity share holders.
g) Share option outstanding account
The share option outstanding account is used to record the value of equity-settled share based payment
101 165
transactions with employees. The amounts recorded in this account are transferred to securities premium
reserve upon exercise of stock options by employees.
h) Effective portion of Cash Flow Hedges
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are
(2,035) -
recognized in other comprehensive income and presented within equity in the cash flow hedging reserve
(net of taxes) to the extent that the hedge is effective.
i) Foreign currency translation reserve
Exchange difference relating to the translation of the results and net assets of the Company’s foreign
(416) (416)
operations from their functional currencies to the Company’s presentation currency are recognized directly
in other comprehensive income and accumulated in the foreign currency translation reserve.
j) Other items of other comprehensive income
Other items of other comprehensive income consist of fair value changes on FVTOCI financial assets and (202) (119)
financial liabilities and re-measurement of net defined benefit liability/asset.
Total 29,920 31,418
11.1 Distributions made and proposed
The amount of per share dividend recognized as distributions to celebrate the twin achievements of exceeding USD 1 billion
to equity shareholders for the year ended March 31, 2020 and annual revenue milestone and 20th anniversary of the Company
March 31, 2019 was ` 30 and ` 11 respectively. which was also approved by the shareholders at the Twentieth
The Board of Directors, at its meeting held on April 17, 2019, Annual General Meeting of the Company held on July 16, 2019.
had declared an interim dividend of 30% (` 3 per equity The aforesaid dividends were paid during the year that resulted
share of par value ` 10 each). The Board of Directors had in a cash outflow of ` 5,353 including dividend distribution tax
recommended a final dividend of 40% (` 4 per equity share of ` 913.
of par value ` 10 each) for the financial year ended March 31, The Board of Directors have recommended a final dividend of
2019 which was approved by the shareholders at the Twentieth 100% (` 10 per equity share of par value ` 10 each) for the
Annual General Meeting of the Company held on July 16, 2019. financial year ended March 31, 2020 which is subject to the
Further, the Board of Directors had recommended a special approval of shareholders at the Annual General Meeting.
dividend of 200% (` 20 per equity share of par value ` 10 each)
12. Financial liabilities
12.1 Borrowings
As at As at
Particulars
March 31, 2020 March 31, 2019
(Unsecured)
Other loans* - 5
Total - 5
* Unsecured long-term borrowings represents the amount received from Council for Scientific and Industrial Research (CSIR) to develop a
project under “Development of Intelligent Video Surveillance Server (IVSS) system”.

The loan is an unsecured loan carrying a simple interest of 3% p.a. on the outstanding amount of loan. Repayment of loan is in 10 equal
annual installments from June 2011. Any delay in repayment entails a liability of 12% p.a. compounded monthly for the period of delay
The loan is repayable by June 2020. There is no default in the repayment of the principal loan and interest amounts.
12.2 Other financial liabilities

As at As at
Particulars
March 31, 2020 March 31, 2019
Derivative financial instruments 1,744 -
Employee benefits payable 51 -
Others (Security deposits for sub-lease) 3 1
Total 1,798 1
13. Other non-current liabilities

As at As at
Particulars
March 31, 2020 March 31, 2019
Other liabilities (Deferred rent) - 173
Total - 173
Current liabilities
14. Financial liabilities As at As at
Particulars
March 31, 2020 March 31, 2019
14.1 Other financial liabilities Provision for discount 708 627
Provision for foreseeable losses
As at As at 62 18
Particulars on contracts
March 31, 2020 March 31, 2019
Provision for compensated
Current maturities of long-term 849 655
5 5 absences
debt*
Provision for disputed dues* 95 90
Book overdraft - 3
Total 1,724 1,399
Unclaimed dividends 23 16
* Represents disputed tax dues provided pursuant to unfavorable
Employee benefits payable 3,599 2,408
orders received from the tax authorities against which the
Derivative financial instruments 1,623 2
Total 5,250 2,434
Company has preferred an appeal with the relevant authority.
In respect of the provisions of Ind AS 37, the disclosures required
* The details of interest rates, repayment and other terms are
have not been provided pursuant to the limited exemption
disclosed under note 12.1
provided under paragraph 92 of Ind AS 37.
The disclosure of provisions movement as required under the
15. Other current liabilities
provisions of Ind AS 37 is as follows:-
As at As at
Particulars Provision for post contract support services
March 31, 2020 March 31, 2019
Unearned income (refer note
341 667 Provision for post contract support services represents cost
15.1) associated with providing sales support services which are
Statutory dues (including accrued at the time of recognition of revenue and are expected
provident fund and tax 804 596
to be utilized within a period of one year.
deducted at source)
Advance from customers 169 330 For the year ended
Particulars
Gratuity payable (net)* 282 230 March 31, 2020 March 31, 2019
Others 1 15 Balance at the beginning of
9 10
Total 1,597 1,838 the year
Provisions made during the
* Refer note 21 for details of gratuity plan as per Ind AS 19. 2 1
year
Released during the year (1) (2)
15.1 Unearned income Provision at the end of the
10 9
year
For the year ended
Particulars
March 31, 2020 March 31, 2019 Provision for discount
Balance at the beginning of
667 720 Provision for discount are for volume discounts and pricing
the year
incentives to customers accounted for by reducing the amount
Invoiced during the year 6,761 11,718
of revenue recognized at the time of sale.
Revenue recognized during
(7,087) (11,771) For the year ended
the year Particulars
March 31, 2020 March 31, 2019
Balance at the end of the year 341 667
627 534
the year
16. Provisions Provisions made during the
1,162 689
year
As at As at
Particulars Utilisations during the year (876) (449)
March 31, 2020 March 31, 2019
Provision for post contract
10 9 Provision at the end of the
support services 708 627
year
Provision for foreseeable losses on contracts

Provision for foreseeable losses on contracts represents excess of estimated cost over the future revenues to be recognised and expected
For the year ended
Particulars
March 31, 2020 March 31, 2019
Provisions made during the year 84 45
Provision for disputed dues

For the year ended
Particulars
March 31, 2020 March 31, 2019
Provisions made during the year 5 4
17. Income tax

Income tax expense in the statement of profit and loss consists of:
For the year ended
Particulars
March 31, 2020 March 31, 2019
Current income tax:
In respect of the current year 2,333 2,456
Deferred tax:
In respect of the current year (354) (129)
Income tax expense reported in the statement of profit and loss 1,979 2,327
Income tax expense recognised in other comprehensive income:

- Current tax arising on income and expense recognised in other comprehensive income
Net loss/ (gain) on remeasurement of defined benefit plan 26 21
- Deferred tax arising on income and expense recognised in other comprehensive income
Effective portion of cash flow hedges 1,093 -
Total 1,119 21
The reconciliation between the provision of income tax of the Company and amounts computed by applying the Indian statutory
income tax rate to profit before taxes is as follows:
For the year ended
Particulars
March 31, 2020 March 31, 2019
Enacted income tax rate in India 34.94% 34.94%
Computed expected tax expense 2,895 3,448
Effect of:
Income exempt from tax (1,055) (1,080)
Temporary differences reversing during the tax holiday period 38 27
Expenses (net) that are not deductible in determining taxable profit 62 61
Different tax rates of branches/subsidiaries operating in other jurisdictions 157 74
Tax effect due to non-taxable income/expense - 5
True-up of tax provisions related to previous years (119) (190)
Others 1 (18)
Income tax expense recognised in the statement of profit and loss 1,979 2,327
The tax rates under Indian Income Tax Act, for the year ended March 31, 2020 and March 31, 2019 are 34.94% and 34.94% respectively.
Deferred tax
Deferred tax assets/(liabilities) as at March 31, 2020 in relation to:
As at April 1, Recognised in Recognised in Other As at March 31,
Particulars Others
2019 profit and loss Comprehensive Income 2020
Property, plant and equipment 463 50 - - 513
Lease assets net of lease liabilities - 98 - - 98
Allowance for expected credit losses 48 36 - - 84
Provision for compensated absences 287 1 - - 288
Provision for volume discount (2) (11) - - (13)
Intangible assets (398) 44 - - (354)
Net gain on fair value of mutual funds (101) (25) - - (126)
Effective portion of Cash Flow Hedges - - 1,093 - 1,093
Others 91 161 - - 252
Total 388 354 1,093 - 1,835


Particulars Others
Provision for volume discount 18 (20) - - (2)
Others 65 26 - - 91
MAT Credit entitlement/ (utilisation) 59 - - (59) -
Total 318 129 - (59) 388
The Company has not created deferred tax assets on the following:
As at As at
Particulars
March 31, 2020 March 31, 2019
Unused tax losses (long term capital loss) which expire in:
- FY 2019-20 34 34
- FY 2021-22 48 48
- FY 2022-23 28 28
- FY 2023-24 22 22
Unused tax losses of foreign jurisdiction 306 314
The Company has units at Bengaluru, Hyderabad, Chennai and 18. Revenue from operations
Bhubaneshwar registered as Special Economic Zone (SEZ) units
The nature of contract impacts the method of revenue
which are entitled to a tax holiday under Section 10AA of the
recognition and the contracts are classified as Fixed-price
Income Tax Act, 1961. contracts, Maintenance contracts and Time and materials
The Company also has STPI units at Bengaluru and Pune which contracts.
are registered as 100 percent Export Oriented Units, which were
Revenue by contract type
earlier entitled to a tax holiday under Section 10B and Section
For the year ended
10A of the Income Tax Act, 1961. Particulars
March 31, 2020 March 31, 2019
A portion of the profits of the Company’s India operations are Fixed-price and Maintenance 57% 56%
exempt from Indian income taxes being profits attributable Time and materials 43% 44%
to export operations from undertakings situated in Special Total 100% 100%
Economic Zone (SEZ). Under the Special Economic Zone Act, Refer note 38 for disaggregation of revenue by industry and
2005 scheme, units in designated Special Economic Zones geographical segments.
providing service on or after April 1, 2005 will be eligible Transaction price allocated to the remaining performance
for a deduction of 100 percent of profits or gains derived obligations
from the export of services for the first five years from the As at As at
Particulars
commencement of provision of services and 50 percent of such March 31, 2020 March 31, 2019
profits and gains for a further five years. Certain tax benefits are Within 1 year 24,519 4,804
also available for a further five years subject to the unit meeting 1-3 years 8,332 14,277
defined conditions. More than 3 years 729 933
Dividend income from certain category of investments is The Company has applied practical expedient and has not
exempt from tax. The difference between the reported income disclosed information about remaining performance obligations
tax expense and income tax computed at statutory tax rate is in contracts where the original contract duration is one year
primarily attributable to income exempt from tax. or less or where the entity has the right to consideration that
corresponds directly with the value of entity’s performance
Pursuant to the changes in the Indian income tax laws in fiscal
completed to date. The above revenue is subject to change in
year 2007, Minimum Alternate Tax (MAT) has been extended to transaction price, if any.
income in respect of which deduction is claimed under the tax
The Company has evaluated the impact of COVID – 19 resulting
holiday schemes discussed above; consequently, the Company
from (i) the possibility of constraints to render services which
has calculated its tax liability for current domestic taxes after may require revision of estimations of costs to complete the
considering MAT. The excess tax paid under MAT provisions contract because of additional efforts (ii) onerous obligations
over and above normal tax liability can be carried forward and (iii) penalties relating to breaches of service level agreements
set-off against future tax liabilities computed under normal tax and (iv) termination or deferment of contracts by customers.
provisions. The Company has concluded that the impact of COVID – 19 is
not material based on such evaluation. Due to the nature of the
The Company is also subject to tax on income attributable to
pandemic, the Company will continue to monitor developments
its permanent establishments in foreign jurisdictions due to
to identify significant uncertainties relating to revenue in future
operation of its foreign branches.
periods.

19. Other income For the year ended

Particulars
For the year ended March 31, 2020 March 31, 2019
Particulars Assumptions
March 31, 2020 March 31, 2019
Net gain on financial assets Discount rate 6.30% 7.30%
designated at fair value 509 421 Salary increase 0-6% 5.00%
through profit or loss Withdrawal rate 14.54% 12.12%
Interest income on financial
189 146 Assumptions regarding future mortality experience are set in
asset at amortised cost
Foreign exchange gain/ (loss), accordance with the published statistics by the Indian Assured
- 267
net Lives Mortality (2006-08) Ult.
Others * 58 59 The estimates of future salary increases, considered in actuarial
Total 756 893 valuation, takes into account inflation, seniority, promotion and
* Includes net gain/(loss) on disposal of property, plant and other relevant factors such as supply and demand factors in
equipment for the year ended March 31, 2020 ` 12 (For the year the employment market. The expected return on plan assets is
ended March 31, 2019 ` 19). Further includes net gain/(loss) on based on expectation of the average long term rate of return
termination of right-of-use assets for the year ended March 31, expected on investments of the fund during the estimated term
2020 ` 8 (For the year ended March 31, 2019 ` Nil). of the obligations.
The following table sets out the status of the gratuity plan.
20. Employee benefits expense As at As at
Particulars
March 31, 2020 March 31, 2019
For the year ended
Particulars Change in defined benefit
March 31, 2020 March 31, 2019
obligations
Salaries and wages 46,962 40,985
Obligations at the beginning of
Contribution to provident and 874 705
3,205 2,828 the year
other funds*
Share based payments to Service cost 174 124
102 162
employees (refer note 10)** Interest cost 59 49
Staff welfare expenses 378 236 Benefits settled (141) (88)
Total 50,647 44,211 Actuarial (gain)/loss -
40 45
* includes contribution to defined contribution plans for the year experience
ended March 31, 2020 ` 3,023 (For the year ended March 31, Actuarial (gain)/loss –
8 (17)
2019 `2,699). demographic assumptions
** includes expense on cash settled employee stock based Actuarial (gain)/loss – financial
57 56
compensation for the year ended March 31, 2020 ` Nil (For the assumptions
year ended March 31, 2019 ` 73). Obligations at the end of the
1,071 874
year
Change in plan assets
21. Gratuity
Plan assets at the beginning of
644 564
Amount recognized in the statement of profit and loss in the year, at fair value
respect of gratuity cost (defined benefit plan) is as follows: Interest income on plan assets 51 43
For the year ended Re-measurement - actuarial
Particulars - -
March 31, 2020 March 31, 2019 gain/(loss)
Gratuity cost Return on plan assets greater/
(4) (2)
Service cost 174 124 (lesser) than discount rate
Net interest on net defined Contributions 226 125
8 5
liability/(asset) Benefits settled (128) (86)
Re-measurement - actuarial
109 86 Plan assets at the end of the
(gain)/loss recognised in OCI 789 644
year, at fair value
Net gratuity cost 291 215
Historical information :
As at As at As at As at As at
Particulars
March 31, 2020 March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016
Present value of defined benefit obligation (1,071) (874) (705) (591) (513)
Fair value of plan assets 789 644 564 500 375
Asset/ (liability) recognised (282) (230) (141) (91) (138)
The experience adjustments, meaning difference between changes in plan assets and obligations expected on the basis of actuarial
assumption and actual changes in those assets and obligations are as follows:
As at As at
Particulars
March 31, 2020 March 31, 2019
Experience adjustment on plan liabilities 40 45
Experience adjustment on plan assets (4) 2

Sensitivity analysis The Company has established an income tax approved

Reasonably possible changes at the reporting date to one of irrevocable trust fund to which it regularly contributes to finance
the relevant actuarial assumptions, holding other assumptions liabilities of the plan. The fund’s investments are managed
constant, would have affected the defined benefit obligation by by certain insurance companies as per the mandate provided
the amounts shown below: to them by the trustees and the asset allocation is within the
As at As at
permissible limits prescribed in the insurance regulations.
Increase Decrease Increase Decrease 22. Finance costs
Discount rate For the year ended
(59) 66 (51) 57 Particulars
(1% movement) March 31, 2020 March 31, 2019
Future salary Interest expense on financial
growth (1% 65 (54) 57 (52) instruments designated at - 29
movement) amortised cost
Maturity profile of defined benefit obligation: Interest expense on lease
529 -
liabilities
As at As at
Particulars Total 529 29
March 31, 2020 March 31, 2019
Within 1 year 146 107
1-2 years 158 123 23. Depreciation and amortization expense
2-3 years 172 143 For the year ended
Particulars
3-4 years 199 157 March 31, 2020 March 31, 2019
4-5 years 240 188 Depreciation of property, plant
1,343 1,175
5-10 years 1,273 1,068 and equipment (Refer note 3)
The Company expects to contribute ` 146 to its defined benefit Depreciation of Right-of-use
959 -
plans during the next fiscal year. assets (Refer note 4)
Amortization of other
As at March 31, 2020 and March 31, 2019, 100% of the plan 452 466
intangible assets (Refer note 5)
assets were invested in insurer managed funds. Total 2,754 1,641
24. Other expenses

For the year ended
Particulars
March 31, 2020 March 31, 2019
Travel expenses 3,266 3,006
Communication expenses 691 793
Sub-contractor charges 6,208 5,281
Computer consumables 1,166 919
Legal and professional charges 595 448
Power and fuel 313 302
Lease rentals* 168 1,221
Repairs and maintenance
- Buildings 383 102
- Machinery 59 61
Insurance 95 76
Rates and taxes 344 266
Foreign exchange loss, net 83 -
Other expenses 2,811 2,885
Total 16,182 15,360
* Represents lease rentals for short term leases and leases of low value assets for the current year.
25. Auditor’s remuneration
For the year ended

Particulars
March 31, 2020 March 31, 2019
Payment to Auditor as:
(a) auditor 20 18
(b) for taxation matters 1 1
(c) for other services* 5 8
(d) for reimbursement of expenses 1 2
Total 27 29
* The above excludes amounts paid to a firm affiliated to the statutory auditors firm through a networking arrangement as registered with the
Institute of Chartered Accountants of India, for the year ended March 31, 2020 ` 4 (For the year ended March 31, 2019 ` 2).

26. Earnings per share (EPS)

For the year ended
Particulars
March 31, 2020 March 31, 2019
Profit for the year (A) 6,308 7,540
Weighted average number of equity shares for calculation of basic earnings per share (B) 164,487,369 164,122,945
Weighted average number of equity shares for calculation of diluted earnings per share (C) 164,567,714 164,468,537
Earnings per share:
(1) Basic (`) (A/B) 38.35 45.94
(2) Diluted (`) (A/C) 38.33 45.84
Reconciliation of number of equity shares used in the computation of basic and diluted earnings per share is set out below:
For the year ended
Particulars
March 31, 2020 March 31, 2019
Basic EPS Diluted EPS Basic EPS Diluted EPS
Weighted average number of equity shares outstanding during the year 164,487,369 164,487,369 164,122,945 164,122,945
Weighted average number of equity shares resulting from assumed exercise of
- 80,345 - 345,592
employee stock options
Weighted average number of equity shares for calculation of earnings per share 164,487,369 164,567,714 164,122,945 164,468,537
27. Government grants
The Company has claimed R&D tax relief under UK corporation tax rules. The Company undertakes R&D activities and incurs qualifying
revenue expenditure which is entitled to an additional deduction under UK corporation tax rules, details of which are given below:
For the year ended
Nature of expenses
March 31, 2020 March 31, 2019
Grant towards R & D credit 18 18
Total 18 18
The grant recognized in the balance sheet is ` 46 as at March 31, 2020 (As at March 31, 2019 is ` 26).
28. Other Comprehensive Income (OCI)
Components of changes to OCI by each type of reserve in equity is shown below-
During the year ended March 31, 2020

Effective portion of Other items of
Particulars FCTR Total
Cash Flow Hedges Comprehensive Income
A (i) Items that will not be reclassified to profit or loss
Remeasurement gains/ (losses) on defined benefit plans - - (109) (109)
(ii) Income tax relating to items that will not be reclassified
to profit or loss - - 26 26
- - (83) (83)
B (i) Items that will be reclassified to profit or loss
Effective portion of Cash Flow Hedges (3,128) - - (3,128)
(ii) Income tax relating to items that will be reclassified to profit
or loss 1,093 - - 1093
(2,035) - - (2,035)
Total (2,035) - (83) (2,118)

- - (65) (65)
Effective portion of Cash Flow Hedges - - - -
Foreign exchange translation differences - 262 - 262
to profit or loss - - - -
- 262 - 262
Total - 262 (65) 197

29. Leases
The Company has adopted Ind AS 116 ‘Leases’ with the date which is 9.5% for measuring the lease liability. Refer note 32 for
of initial application being April 1, 2019. Ind AS 116 replaces contractual maturities of lease liabilities.
Ind AS 17 – Leases and related interpretation and guidance.
The Company has applied Ind AS 116 using the modified Reconciliation of operating lease commitments as at March
retrospective approach, under which the cumulative effect of 31, 2019 with the lease liabilities recognized in the Balance
Sheet as at April 1, 2019:
initial application is recognised in retained earnings at April 1,
2019. As a result, the comparative information has not been Operating lease commitment at March 31, 2019 5,075
restated. In adopting Ind AS 116, the Company has applied the Discounted using the incremental borrowing rate
3,563
below practical expedients: at April 1, 2019
Recognition exemption for:
The Company has applied a single discount rate to a portfolio
Short term leases (1)
of leases with reasonably similar characteristics
Leases of low value assets (6)
The Company has treated the leases with remaining lease Extension and termination options reasonably
2,244
term of less than 12 months as if they were “short term leases” certain to be exercised
Lease liabilities recognised at April 1, 2019 5,800
The Company has not applied the requirements of Ind AS 116
for leases of low value assets (assets of less than USD 5,000 Impact of adoption of Ind AS 116 on retained earnings:
in value) Reversal of deferred rent liability as at March 31,
186
The Company has excluded the initial direct costs from 2019
measurement of the right-of-use asset at the date of transition Less: Reclassification of operating lease under Ind
(29)
AS 17 ‘Leases’ to right-of-use assets
The Company has used hindsight, in determining the lease
Impact on retained earnings as at April 1, 2019 157
term if the contract contains options to extend or terminate
the lease For the year
Impact of adoption of Ind AS 116 on the
ended
On transition to Ind AS 116, the Company recognised right- statement of profit and loss
March 31, 2020
of-use assets amounting to ` 6,369, related accumulated
Interest on lease liabilities (refer note 22) 529
depreciation amounting to ` 138, lease liabilities amounting
Depreciation of Right-of-use assets (refer note 23) 959
to ` 5,800 and ` 157 (credit) in retained earnings as at April
Deferred tax (credit) (refer note 17) (98)
1, 2019. The Company has discounted lease payments using
Impact on the statement of profit and loss for
the applicable incremental borrowing rate as at April 1, 2019, 1,390
the year
The Company has sublet few of the leased premises. Lease rental income under such non-cancellable operating lease during the year
ended March 31, 2020 amounted to ` 15 (For the year ended March 31, 2019 amounted to ` 5).
As at As at
Particulars
March 31, 2020 March 31, 2019
Receivable – Not later than one year 27 13
Receivable – Later than one year and not later than five years 4 16
30. Financial instruments

The carrying value and fair value of financial instruments by categories as at March 31, 2020 and March 31, 2019 is as follows:
Carrying Value Fair Value
Particulars
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Financial assets
Amortised cost
Loans 556 798 556 798
Trade receivable 14,389 13,356 14,389 13,356
Cash and cash equivalents 3,894 2,547 3,894 2,547
Bank balances other than cash and cash equivalents 1,961 - 1,961 -
Other financial assets 2,805 2,444 2,805 2,444
Investment in term deposit (unquoted) 1,066 740 1,066 740
Investment in debt securities (quoted) 596 873 596 873
Investment in commercial paper (unquoted) - 188 - 188
FVTOCI
Investment in equity instruments (unquoted) 1 1 1 1
Investment in preference shares (unquoted) 7 7 7 7
Derivative financial instruments - cash flow hedge - - - -
FVTPL
Investments in mutual fund (quoted) 6,078 6,227 6,078 6,227
Derivative financial instruments - fair value hedge - 84 - 84
Total assets 31,353 27,265 31,353 27,265


Particulars
Financial liabilities
Amortised cost
Borrowings 5 10 5 10
Lease liabilities 5,663 - 5,663 -
Trade payables 2,587 2,131 2,587 2,131
Other financial liabilities 3,676 2,428 3,676 2,428
FVTOCI
Derivative financial instruments - cash flow hedge 3,128 - 3,128 -
FVTPL
Derivative financial instruments - fair value hedge 239 2 239 2
Total liabilities 15,298 4,571 15,298 4,571
The Management assessed that fair value of cash and short-term unobservable inputs and determines their impact on the
deposits, trade receivables, other current assets, trade payables, total fair value.
book overdrafts and other current liabilities approximate their iii) Fair values of the Company’s interest-bearing borrowings
carrying amounts largely due to the short-term maturities of and loans are determined by using Discounted Cash Flow
these instruments. (DCF) method using discount rate that reflects the issuer’s
The fair value of the financial assets and liabilities is included borrowing rate as at the end of the reporting period. The
at the amount at which the instrument could be exchanged own non-performance risk as at March 31, 2020 was
in a current transaction between willing parties, other than assessed to be insignificant.
in a forced or liquidation sale. The fair-value of the financial- iv) The fair values of the unquoted equity and preference shares
instruments factor the uncertainties arising out of COVID-19, have been estimated using a DCF model. The valuation
where applicable. requires management to make certain assumptions about
The following methods and assumptions were used to estimate the model inputs, including forecast cash flows, discount
the fair values: rate, credit risk and volatility/ the probabilities of the
various estimates within the range can be reasonably
i) Long-term fixed-rate and variable-rate receivables/
assessed and are used in management’s estimate of fair
borrowings are evaluated by the Company based on
value for these unquoted equity investments.
parameters such as interest rates, specific country risk
factors, individual creditworthiness of the customer and v) The Company enters into derivative financial instruments
the risk characteristics of the financed project. Based on with various counterparties, principally banks with
this evaluation, allowances are taken into account for the investment grade credit ratings. Interest rate swaps, foreign
expected losses of these receivables. exchange forward contracts are valued using valuation
techniques, which employs the use of market observable
ii) The fair value of the quoted bonds and mutual funds
inputs. The most frequently applied valuation techniques
are based on price quotations at reporting date. The fair
include forward pricing and swap models, using present
value of unquoted instruments, loans from banks and
value calculations. The models incorporate various inputs
other financial liabilities, as well as other non-current
including the credit quality of counterparties, foreign
financial liabilities is estimated by discounting future cash
exchange spot and forward rates, yield curves of the
flows using rates currently available for debt on similar
respective currencies, currency basis spreads between
terms, credit risk and remaining maturities. In addition
the respective currencies, interest rate curves etc. As at
to being sensitive to a reasonably possible change in
March 31, 2020 the marked-to-market value of derivative
the forecast cash flows or discount rate, the fair value of
asset positions is net of a credit valuation adjustment
the equity instruments is also sensitive to a reasonably
attributable to derivative counterparty default risk. The
possible change in the growth rates. The valuation requires
changes in counterparty credit risk had no material effect
management to use unobservable inputs in the model, of
on the hedge effectiveness assessment for derivatives
which the significant unobservable inputs are disclosed in
designated in hedge relationships and other financial
the tables below. Management regularly assesses a range
instruments recognised at fair value.
of reasonably possible alternatives for those significant
31. Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on recurring
basis as at March 31, 2020 and March 31, 2019.

Quantitative disclosures of fair value measurement hierarchy for financial assets as at March 31, 2020:
Fair value measurent using
Particulars Quoted prices in Significant Significant
Date of
Total active markets observable unobservable
valuation
(Level 1) inputs (Level 2) inputs (Level 3)
Financial assets measured at fair value:
Derivative financial instruments (Notes 30 & 8.6)* March 31, 2020 - - - -
FVTOCI financial assets designated at fair value (Notes 30 & 6.1):

Investment in equity instruments (unquoted) March 31, 2020 1 - - 1
Investment in preference shares (unquoted) March 31, 2020 7 - - 7
FVTPL financial assets designated at fair value (Notes 30, 6.1 &
8.1):
Investment in mutual funds (quoted) March 31, 2020 6,078 6,078 - -
Financial liabilities measured at fair value:

Derivative financial instruments (Notes 30, 12.2 & 14.1)*: March 31, 2020 3,367 - 3,367 -
There have been no transfers among Level 1, Level 2 and Level 3 during the year.
Quoted prices in Significant Significant
Particulars Date of
Total active markets observable unobservable
valuation
Derivative financial instruments (Note 30 & 8.6)* March 31, 2019 84 - 84 -
FVTOCI financial assets designated at fair value

(Notes 30 & 6.1):
FVTPL financial assets designated at fair value

(Note 30, 6.1 & 8.1):

Derivative financial instruments (Notes 30, 12.2 & 14.1)* March 31, 2019 2 - 2 -
i) Reconciliation of fair value measurement of unquoted assets/ liabilities and HPFE. The Company regularly reviews its
investment in equity instruments and preference shares foreign exchange forward positions both on a standalone basis
classified as FVTOCI (Level 3) and in conjunction with its underlying foreign currency related
exposures. Hence, the movement in Mark To Market (MTM) of
As at As at
Particulars the hedge contracts undertaken for such exposures is likely to
March 31, 2020 March 31, 2019
be offset by contra movements in the underlying exposures
Opening balance 8 8
values. However, till the point of time that the HPFE becomes an
Remeasurement recognised
- - on-balance sheet exposure, the changes in MTM of the hedge
in OCI
contracts will impact the Balance Sheet of the Company. The
Purchases - -
Company monitors the potential risk arising out of the market
Sales - -
factors like exchange rates on a regular basis. The counter party
Closing balance 8 8
in these derivative instruments is a bank and the Company
* Derivative financial instruments are valued based on quoted considers the risks of non-performance by the counterparty as
prices for similar assets and liabilities in active markets or inputs non-material. For on balance sheet exposures, the Company
that are directly or indirectly observable in the marketplace. monitors the risks on net unhedged exposures. The Company
has evaluated the impact of the COVID-19 event on its highly
Derivative financial instruments
probable transactions and concluded that there was no impact
The Company is exposed to foreign currency fluctuations on on the probability of occurrence of the hedged transaction.
foreign currency assets/ liabilities and certain Highly Probable The Company has considered the effect of changes, if any, in
Forecast Exposures (HPFE) denominated in foreign currency. both counterparty credit risk and its own credit risk in assessing
The Company follows established risk management policies, hedge effectiveness and measuring hedge ineffectiveness.
including the use of derivatives to hedge foreign currency

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:
As at As at
Particulars
March 31, 2020 March 31, 2019
Non-designated derivative instruments (Sell):
in USD millions 1,118 50
in EUR millions - 1
in GBP millions - 1
The foreign exchange forward and option contracts mature anywhere between 1-36 months. The table below analyzes the derivative
financial instruments into relevant maturity groupings based on the remaining period as at the reporting date:
As at March 31, 2020 As at March 31, 2019

Particulars Not later than Later than Not later than Later than
12 months 12 months 12 months 12 months
Non-designated derivative instruments (Sell)
Cash Flow Hedge
in USD millions 452.00 527.00 - -
Average rate 73.87 78.35 - -
in INR millions 33,387 41,288 - -
Fair Value Hedge

in USD millions 138.70 - 49.50 -
Average rate 74.36 - 71.33 -
in INR millions 10,314 - 3,531 -
in EUR millions - - 0.50 -

Average rate - - 79.07 -
in INR millions - - 40 -
in GBP millions - - 1.00 -

Refer note 28, 30 and 32
The reconciliation of cash flow hedges

For the year ended
Particulars
March 31, 2020 March 31, 2019
Balance at the beginning of the year - -
Gain/ (loss) recognized in the other comprehensive income during the year (3,256) -
Amount reclassified to profit and loss during the year 128 -
Tax impact on the above 1,093 -
Balance at the end of the year (2,035) -
32. Financial risk management

The Company’s activities expose it to a variety of financial securities. Credit risk arises from cash held with banks and
risks: credit risk, liquidity risk, foreign currency risk and financial institutions, as well as credit exposure to clients,
interest rate risk. The Company’s primary focus is to foresee including outstanding accounts receivable. The maximum
the unpredictability of financial markets and seek to minimize exposure to credit risk is equal to the carrying value of the
potential adverse effects on its financial performance. The financial assets. The objective of managing counterparty
primary market risk to the Company is foreign exchange credit risk is to prevent losses in financial assets. The Company
risk. The Company uses derivative financial instruments to assesses the credit quality of the counterparties, taking into
mitigate foreign exchange related risk exposures. All derivative account their financial position, past experience and other
activities for risk management purposes are carried out by factors.
specialist teams that have the appropriate skills, experience
Trade and other receivables
and supervision. It is the Company’s policy that no trading in
derivative for speculative purposes may be undertaken. The Company’s exposure to credit risk is influenced mainly
The Board of Directors reviews and agrees policies for managing by the individual characteristics of each customer. The
each of these risks, which are summarised below: demographics of the customer, including the default risk of the
industry and country in which the customer operates, also has
Credit risk an influence on credit risk assessment. Ratings of customers
Credit risk is the risk of financial loss to the Company if a are periodically monitored. The Company has considered the
customer or counterparty to a financial instrument fails to latest available credit-ratings of customers in view of COVID-19
meet its contractual obligations, and arises principally from to ensure the adequacy of allowance for expected credit loss
the Company’s receivables from customers and investment towards trade and other receivables.
The following table gives details in respect of revenues investing in liquid securities and only with counterparties that
generated from top customer and top 5 customers: have a good credit rating. The Company does not expect any
losses from non-performance by these counterparties, and does
For the year ended
Particulars not have any significant concentration of exposures to specific
March 31, 2020 March 31, 2019
industry sectors.
Revenue from top customer 17,196 13,888
Revenue from top 5 customers 27,344 23,318 Liquidity risk
One customer accounted for more than 10% of the revenue Liquidity risk is the risk that the Company will not be able to
for the year ended March 31, 2020. Further, one customer meet its financial obligations as they become due. The Company
accounted for more than 10% of the receivables as at March manages its liquidity risk by ensuring, as far as possible, that it
31, 2020. One customer accounted for more than 10% of the will always have sufficient liquidity to meet its liabilities when
revenue for the year ended March 31, 2019, however none of due. Also, the Company has unutilized credit limits with banks.
the customers accounted for more than 10% of the receivables The Company’s corporate treasury department is responsible
as at March 31, 2019. for liquidity, funding as well as settlement management. In
Investments addition, processes and policies related to such risks are
The Company limits its exposure to credit risk by generally overseen by senior management.
The working capital position of the Company is given below:

As at As at
Particulars
March 31, 2020 March 31, 2019
Cash and cash equivalents 3,894 2,547
Bank balances other than cash and cash equivalents 1,961 -
Investments in mutual funds (quoted) 5,334 5,547
Investments in non-convertible bonds/ debentures (quoted) 544 361
Investment in term deposit (unquoted) 1,066 740
Investment in commercial paper (unquoted) - 188
Total 12,799 9,383
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2020 and
March 31, 2019.
As at March 31, 2020
Particulars
Less than 1 year 1-2 years 2 years and above
Borrowings 5 - -
Lease liabilities 1,180 1,126 5,720
Trade payables 2,587 - -
Other financial liabilities 3,622 54 -
Derivative financial instruments - fair value hedge 239 - -
Derivative financial instruments - cash flow hedge 1,384 1,167 577

Particulars
Borrowings 5 5 -
Book overdraft 3 - -
Foreign Currency risk

The Company’s exchange risk arises from its foreign operations, mitigate the risk of changes in foreign currency exchange rates
foreign currency revenues and expenses, (primarily in U.S. in respect of its forecasted cash flows and trade receivables.
Dollars, British Pound Sterling and Euros) and foreign currency The details in respect of the outstanding foreign exchange
borrowings (in U.S. Dollars). A significant portion of the forward contracts are given under the derivative financial
Company’s revenues are in these foreign currencies, while a instruments section.
significant portion of its costs are in Indian Rupees. As a result,
In respect of the Company’s forward contracts, a 1% decrease/
if the value of the Indian Rupee appreciates relative to these
increase in the respective exchange rates of each of the
foreign currencies, the Company’s revenues measured in
currencies underlying such contracts would have resulted in:
Rupees may decrease. The exchange rate between the Indian
Rupee and these foreign currencies has changed substantially a) an approximately ` 105 increase and ` 105 decrease in the
in recent periods and may continue to fluctuate substantially Company’s net profit in respect of its fair value hedges and
in the future. The Company has a foreign exchange hedging ` 741 increase and ` 741 decrease in the Company’s effective
committee which meets on a periodic basis to formulate the portion of cash flow hedges as at March 31, 2020;
strategy for foreign currency risk management. b) an approximately ` 36 increase and ` 36 decrease in the
Consequently, the Company uses derivative financial Company’s net profit as at March 31, 2019 in respect of its fair
instruments, such as foreign exchange forward contracts, to value hedges.

The following table presents foreign currency risk from non-derivative financial instruments as of March 31, 2020 and March 31, 2019.
` in million
Particulars US$ Euro Pound Sterling Other currencies* Total
Assets
Trade receivables 10,119 1,572 1,258 750 13,699
Unbilled revenue 1,963 110 144 166 2,383
Cash and cash equivalents 2,544 304 279 387 3,514
Other assets 113 26 38 18 195
Liabilities
Lease liabilities 2,753 24 210 51 3,038
Trade payables 1,535 65 140 37 1,777
Other liabilities 2,222 90 303 96 2,711
Net assets/liabilities 8,229 1,833 1,066 1,137 12,265
* Others include currencies such as Singapore $, Australian $, Canadian $, Japanese Yen, Malaysian Ringgit, etc.

` in million
Particulars US$ Euro Pound/Sterling Other currencies* Total
Assets
Other assets 97 33 64 17 211
Liabilities
Trade payables 1,114 52 136 50 1,352
Net assets/liabilities 10,888 1,747 1,481 971 15,087
For the year ended March 31, 2020, every 1% increase/ on its equity shares. The Company’s objective when managing
decrease of the respective foreign currencies compared capital is to maintain an optimal structure so as to maximize
to functional currency of the Company would impact shareholder value.
operating margins by 0.2%/ (0.2)% respectively. For the The capital structure is as follows:
year ended March 31, 2019, the impact on operating
As at As at
margins would be 0.2%/ (0.2)% respectively. Particulars
March 31, 2020 March 31, 2019
Interest rate risk Total equity attributable to the
equity share holders of the 31,566 33,060
Interest rate risk is the risk that the fair value of future cash
Company
flows of a financial instrument will fluctuate because of
As percentage of total capital 85% 100%
changes in market interest rates. The Company’s exposure to
Total loans and borrowings 5 10
the risk of changes in market interest rates relates primarily Total lease liabilities 5,663 -
to the Company’s debt obligations with floating interest rates Total loans, borrowings and
and investments. The Company’s borrowings and investments 5,668 10
lease liabilities
are primarily short-term, which do not expose it to significant As a percentage of total capital 15% 0%
interest rate risk. Total capital (loans,
borrowings, lease liabilities 37,234 33,070
33. Capital management and equity)
The Company’s policy is to maintain a strong capital base so The Company is predominantly equity financed which is evident
as to maintain investor, creditor and market confidence and from the capital structure table. Further, the Company has
to sustain future development of the business. The Company always been a net cash company with cash and bank balances
monitors the return on capital as well as the level of dividends along with investment which is predominantly investment in
liquid and short term mutual funds being far in excess of debt.
34. Related party transactions
Name of related party Nature of relationship Country of Incorporation

Mindtree Software (Shanghai) Co., Ltd
Subsidiary China
(‘MSSCL’), Republic of China
Bluefin Solutions Limited*** Subsidiary United Kingdom
Bluefin Solutions Inc.# Subsidiary United States
Bluefin Solutions Sdn Bhd Subsidiary Malaysia
Blouvin (Pty) Limited** Subsidiary South Africa
Bluefin Solutions Pte Ltd## Subsidiary Singapore

Name of related party Nature of relationship Country of Incorporation

Mindtree Foundation Entity with common key managerial person India
Bridgeweave Limited Entity with common key managerial person United Kingdom
NuvePro Technologies Private Limited* Entity in which a key managerial person is a member India
Relative of a key managerial person till July 16,
Amitav Bagchi
2019
As per the arrangement mentioned in the draft letter of offer of L&T dated April
02, 2019, received by the Company, the shares held by (a) V. G. Siddhartha (b)
Coffee Day Global Limited Coffee Day Trading Limited and (c) Coffee Day Enterprises Limited aggregating
Tanglin Developments Limited (‘TDL’) to 19.95% of the shares in Mindtree Limited was transferred to SCB Escrow
Sical Logistics Limited A/C - Project Carnation, Lotus & Marigold. The above shareholding interest was
subsequently transferred to L&T and accordingly ceased to be related party
during the year.
Larsen & Toubro Limited Parent Company (Also refer note 10(d)) India
Larsen & Toubro Infotech Limited Fellow Subsidiary India
L&T Investment Management Ltd**** Fellow Subsidiary India
Mindtree Limited Employees Gratuity Fund Trust Gratuity Trust India
* Related party under The Companies Act, 2013 till July 17, 2019.
** Dissolved with effect from December 10, 2018.
*** Dissolved with effect from April 2, 2019.
**** Investment Manager for L&T Mutual Fund.
#
Dissolved with effect from December 17, 2019.
##
Dissolved with effect from March 20, 2020.
Transactions with the above related parties during the year were:
For the year ended
Name of related party Nature of transaction
March 31, 2020 March 31, 2019
Mindtree Software (Shanghai) Co., Ltd Software services received 7 8
Mindtree Foundation Donation paid 47 70
Bridgeweave Limited Software services rendered 40 34
Mindtree Limited Employees Gratuity Fund Trust Contribution for Gratuity 226 125
Coffee Day Global Limited Procurement of supplies - 32
Software services rendered - 30
Tanglin Developments Limited Leasing office buildings and land - 419
L&T Mutual Fund Purchase of investments 100 -
Proceeds from sale of investments 100 -
NuvePro Technologies Private Limited Software services received 1 3
Larsen & Toubro Limited Dividend paid 2,789 -
Reimbursement of travel expenses 20 -
Software services rendered 2 -
Larsen & Toubro Infotech Limited Software services rendered 12 -
Amitav Bagchi Professional services received - 1
Balances payable to related parties are as follows:

As at As at
Name of related party Nature of balance
March 31, 2020 March 31, 2019
Mindtree Software (Shanghai) Co., Ltd Trade Payables 1 1
Coffee Day Global Limited Trade Payables - 2
Larsen & Toubro Limited Trade Payables 20 -
Mindtree Limited Employees Gratuity Fund Trust Gratuity contribution payable 272 211
Balances receivable from related parties are as follows:

As at As at
March 31, 2020 March 31, 2019
Coffee Day Global Limited Trade receivables - 32
Bridgeweave Limited Trade receivables 26 -
Larsen & Toubro Infotech Limited Trade receivables 13 -
Larsen & Toubro Limited Trade receivables 2 -
Security deposit including electricity deposit
Tanglin Developments Limited - 270
returnable on termination of lease
The amount outstanding are unsecured and will be settled in cash. No guarantee has been given or received.
Related party transactions as disclosed above pertain to transactions which are actually billed, and does not include transactions and
balances arising from unbilled revenues and accruals.

Key Managerial Personnel:

Anilkumar Manibhai Naik1 Non-Executive Chairman
Krishnakumar Natarajan2 Executive Chairman
Rostow Ravanan2 CEO and Managing Director
N.S. Parthasarathy2 Executive Vice Chairman, President and Chief Operating Officer
Debashis Chatterjee3 CEO and Managing Director
Sekharipuram Narayanan Subrahmanyan4 Non-Executive Vice Chairman
Jayant Damodar Patil5 Non-Executive Director
Ramamurthi Shankar Raman5 Non-Executive Director
Subroto Bagchi6 Non-Executive Director
Prasanna Rangacharya Mysore7 Independent Director
Deepa Gopalan Wadhwa8 Independent Director
Apurva Purohit Independent Director
Milind Sarwate11 Independent Director
Akshaya Bhargava Independent Director
Bijou Kurien Independent Director
Pradip Menon9 Chief Financial Officer
Senthil Kumar10 Chief Financial Officer
Vedavalli Sridharan Company Secretary
1
The Nomination and Remuneration Committee and the Board of Directors of the Company, at their meetings held on July 17, 2019, approved
and recommended the appointment of Mr. Anilkumar Manibhai Naik as an Additional Director and designated him as Non-Executive
Chairman with effect from July 18, 2019 and the same is approved by shareholders through Postal Ballot by way of special resolution on
September 23, 2019.
2
Mr. Krishnakumar Natarajan, Executive Chairman, Mr. N S Parthasarathy, Executive Vice Chairman and Chief Operating Officer and Mr.
Rostow Ravanan, CEO and Managing Director of the Company have resigned from the Board on July 17, 2019.
3
The Nomination and Remuneration Committee and the Board of Directors of the Company, at their meetings held on August 2, 2019,
approved and recommended the appointment of Mr. Debashis Chatterjee as CEO and Managing Director for a period commencing from
August 2, 2019 to August 1, 2024 and the same is approved by shareholders through Postal Ballot on September 23, 2019.
4
The Nomination and Remuneration Committee and the Board of Directors of the Company had approved and recommended the appointment
of Mr. Sekharipuram Narayanan Subrahmanyan as Non-Executive Director of the Company with effect from July 16, 2019 and the
shareholders have approved the same at the Twentieth Annual General Meeting of the Company held on July 16, 2019. The Nomination and
Remuneration Committee and the Board of Directors of the Company, at their meetings held on August 2, 2019, approved the appointment
of Mr. Sekharipuram Narayanan Subrahmanyan as Non-Executive Vice-Chairman of the Company with effect from August 2, 2019.
5
The Nomination and Remuneration Committee and the Board of Directors of the Company have approved and recommended the
appointments of Mr. Jayant Damodar Patil and Mr. Ramamurthi Shankar Raman as Non-Executive Directors of the Company with effect from
July 16, 2019 and the shareholders have approved the same at the Twentieth Annual General Meeting of the Company held on July 16, 2019.
6
Mr. Subroto Bagchi, Non-Executive Director of the Company, retired from the Board on July 16, 2019.
7
The Nomination and Remuneration Committee and the Board of Directors of the Company have approved and recommended the appointment
of Mr. Prasanna Rangacharya Mysore as Independent Director of the Company for a period commencing from July 16, 2019 to March 31,
2022 and the shareholders have approved the same at the Twentieth Annual General Meeting of the Company held on July 16, 2019.
8
of Mrs. Deepa Gopalan Wadhwa as Independent Director of the Company for a term of five years from July 16, 2019 to July 15, 2024 and the
shareholders have approved the same at the Twentieth Annual General Meeting of the Company held on July 16, 2019.
9
Resigned on November 15, 2019
10
Appointed with effect from March 11, 2020
Mr. Milind Sarwate, Independent Director, has resigned from the company due to the re-organization of his portfolio of Board membership
11
across various companies with effect from April 24, 2020.
Transactions with key managerial personnel

Dividends paid to directors during the year ended March 31, 2020 amounts to ` 397 and for the year ended March 31, 2019 amounts
to ` 162. Further, during the year ended March 31, 2020, 7,875 (March 31, 2019: 4,255) shares were allotted to the key managerial
personnel.
Compensation of key managerial personnel of the Company

For the year ended*
Particulars
March 31, 2020 March 31, 2019
Short-term employee benefits 146 142
Share-based payment transactions 16 69
Others 21 18
Total compensation paid to key managerial personnel 183 229
* The above compensation excludes gratuity and compensated absences which cannot be separately identified from the composite amount
advised by the actuary.
35. Contingent liabilities
Particulars March 31, 2020 March 31, 2019 ITAT, Bengaluru.

Claims against the Company 1,074 1,074 The Company has received the order from ITAT for the FY
not acknowledged as debts 2005-06 and ITAT has remanded the matter back to the
Assessing Officer for re-assessment. The Company has filed
a) The Company has received income tax assessment order
an appeal with the Hon’ble High Court of Karnataka. The
for financial years 2006-07 and 2007-08 for the erstwhile
Hon’ble High Court has dismissed the appeal and this matter
subsidiary Mindtree Technologies Private Limited (MTPL)
is pending with Assessing Officer.
with demands amounting to ` 11 and ` 10 respectively
on account of certain disallowances/ adjustments made The Company has received the order from ITAT for the FY
by income tax department. Management believes that the 2007-08 and ITAT has quashed the order of the Assessing
position taken by it on the matter is tenable and hence, no Officer. Order giving effect to the ITAT order is yet to be
adjustment has been made to the financial statements. The received.
Company has filed an appeal against the demand received. The Company has received revised order for the FY 2008-
The Company has not deposited the amount of demand 09 under section 263 from Assessing Officer raising an
with the department. The department has adjusted pending additional demand of ` 61, taking the total demand to ` 124.
refunds amounting to ` 18 against these demands. The Company had filed an appeal before ITAT. Subsequently,
b) The Company has received income tax assessment order the Company has received the order from ITAT for the FY
under Section 143(3) of the Income-Tax Act 1961 pertaining 2008-09 and ITAT has quashed the order of the Assessing
to erstwhile subsidiary Aztecsoft Limited for the financial Officer. Order giving effect to the ITAT order is yet to be
years 2001-02, 2002-03, 2003-04, 2004-05, 2005-06, received. During the year, the company has filed a writ
2007-08 and 2008-09 wherein demand of ` 215, ` 49, ` 61, petition with the Hon’ble High Court of Karnataka to stay the
` 28, ` 58, ` 214 and ` 63 respectively has been raised proceedings of the Assessing Officer for the financials years
against the Company. These demands have arisen mainly on 2007-08 and 2008-09.
account of transfer pricing adjustments made in the order. The Company has appealed against the demands received
The Company has not accepted these orders and has been for financial years 2002-03, 2003-04, 2004-05, 2005-06,
advised by its legal counsel/ advisors to prefer appeals 2006-07, 2007-08 and 2008-09. Based on favourable order
before appellate authorities and accordingly the Company received by the Company for the financial year 2001-02 from
has filed appeals before the Commissioner of Income Tax the Commissioner of Income Tax (Appeals) and an evaluation
(Appeals) and Income Tax Appellate Tribunal (ITAT). The of the facts and circumstances, no provision has been made
Company has deposited ` 15 with the department against against the above orders in the financial statements.
these demands. The department has adjusted pending c) The Company received an assessment order for financial
refunds amounting to ` 556 against these demands. year 2006-07 for the erstwhile subsidiary Mindtree Wireless
The Company received a favourable order from the Private Limited from the Assistant Commissioner of Income-
Commissioner of Income Tax (Appeals) for the year 2001- tax (‘ACIT’) with a demand amounting to ` 39 on account of
02 where in the Commissioner of Income Tax (Appeals) certain other disallowances/ transfer pricing adjustments
accepted the Company’s contentions and quashed the made by income tax department. Management believes that
demand raised. The income tax department appealed the position taken by it on the matter is tenable and hence,
against the above mentioned order with ITAT. ITAT, in an no adjustment has been made to the financial statements.
earlier year passed an order setting aside both the orders The Company has filed an appeal with Commissioner of
of the Commissioner of Income Tax (Appeals) as well as Income Tax (Appeals) against the demand received.
the Assessing Officer and remanded the matter back to the The Company has received the order from the Commissioner
Assessing Officer for re-assessment. The Company preferred of Income Tax (Appeals) wherein the Commissioner of Income
an appeal with the Hon’ble High Court of Karnataka against Tax (Appeals) accepted the grounds in part and in respect
the order of the ITAT. The Hon’ble High Court of Karnataka of unfavorable grounds, the Company has filed an appeal
has dismissed the appeal filed against the order of ITAT and before ITAT. The final order giving effect by the Assessing
upheld the order passed by the ITAT and accordingly the Officer is completed and the demand is reduced to ` 33. The
case is pending before Assessing Officer for re-assessment. Company has deposited ` 5 with the department against this
The Deputy Commissioner of Income Tax has completed the demand.
reassessment and has issued a Final assessment order with a d) The Company has received the revised order under section
revised demand amounting to ` 202 due to transfer pricing 263 for financial year 2009-10 from Assessing Officer
adjustments. Management believes that the position taken reducing the demand to ` 6. The Company has filed an
by it on the matter is tenable and hence, no adjustment has appeal before ITAT. ITAT has dismissed the appeal. Order
been made to the financial statements. The Company has giving effect has been received. The Company has filed an
filed an appeal with Commissioner of Income Tax (Appeals). appeal before Commissioner of Income Tax (Appeals).
The Company has received the order from the Commissioner e) The Company has received a final assessment order for
of Income Tax (Appeals) for the year 2004-05 and on the financial year 2012-13 from the Deputy Commissioner of
unfavorable grounds, the Company has filed an appeal with Income Tax with a demand amounting to ` 15 on account

of certain disallowances. Management believes that the is being presented to the CODM.
position taken by it on the matter is tenable and hence, no Each segment item reported is measured at the measure used to
adjustment has been made to the financial statements. The report to the Chief Operating Decision Maker for the purposes
Company has filed an appeal with Commissioner of Income of making decisions about allocating resources to the segment
Tax (Appeals). and assessing its performance.
f) During the year ended March 31, 2018, the Company Geographic information is based on business sources from that
received an order passed under section 7A of the Employees geographic region and delivered from both on-site and off-shore.
Provident Fund & Miscellaneous Provisions Act, 1952 from America comprises of United States of America and Canada,
Employees Provident Fund Organisation (EPFO) claiming Europe includes continental Europe and United Kingdom; the
provident fund contribution aggregating to ` 250 for dues up Rest of the world comprises of all other geographies except
to June 2016, and excludes any additional interest that may those mentioned above and India.
be determined by the authorities from that date till resolution
Income and direct expenses in relation to segments are
of the dispute, on (a) full salary paid to International Workers
categorized based on items that are individually identifiable
and (b) special allowance paid to employees. Based on a
to that segment, while the remainder of costs are apportioned
legal advice obtained, the Company has assessed that it has
on an appropriate basis. Certain expenses are not specifically
a legitimate ground for appeal, and has contested the order
allocable to individual segments as the underlying services are
by filing an appeal with the Employees’ Provident Funds
used interchangeably. The Management therefore believes that
Appellate Tribunal.
it is not practical to provide segment disclosures relating to
such expenses and accordingly such expenses are separately
36. Capital commitments
disclosed as “unallocated” and directly charged against total
Estimated amount of contracts remaining to be executed on income.
capital account and not provided for as at March 31, 2020 is
CODM does not review assets and liabilities at reportable
` 511 (As at March 31, 2019: ` 843).
segments level, hence segment disclosure relating to total
assets and liabilities has not been provided. Geographical
37. The Board of Directors at its meeting held on October 06, 2017,
information on revenue and industry revenue information is
had approved the Scheme of Amalgamation (“the Scheme”)
collated based on individual customer invoices or in relation to
of its wholly owned subsidiary, Magnet 360, LLC (“Magnet”)
which the revenue is otherwise recognized.
(“Transferor Company”) with Mindtree Limited (“Transferee
Company”) with an appointed date of April 01, 2017. The Industry Segments:
Company had filed an application with the National Company For the year ended
Statement of income
Law Tribunal (NCLT), Bengaluru Bench. The Scheme had been March 31, 2020 March 31, 2019
approved by NCLT during the year ended March 31, 2019 vide Segment revenue from
order dated November 29, 2018. The amalgamation has been external customers
accounted under the ‘pooling of interests’ method based on the RCM 16,439 15,660
carrying value of the assets and liabilities of Magnet as included BFSI 16,479 15,472
in the consolidated Balance Sheet of the Company as at the Hi-tech 31,793 27,586
earliest period presented. TH 12,932 11,497
Total 77,643 70,215
The Goodwill for Magnet has been arrived at as follows:
Segment operating income
Particulars Amount RCM 2,844 2,578
Consideration for amalgamation (Value of 3,458 BFSI 2,000 628
investment held by Mindtree) Hi-tech 4,754 5,810
Net assets acquired 1,670 TH 1,299 1,628
Total 10,897 10,644
Goodwill 1,788
Depreciation and Amortization
* Magnet was in the business of Information Technology services. (2,754) (1,641)
expense
Profit for the year before
38. Segment information finance expenses, other 8,143 9,003
income and tax
The CEO & MD of the company has been identified as the
Finance costs (529) (29)
Chief Operating Decision Maker (CODM) as defined by Ind AS
Other income 567 480
108, Operating Segments. The CODM evaluates the Company’s
Interest income 189 146
performance and allocates resources based on an analysis of
Foreign exchange gain/ (loss) (83) 267
various performance indicators by industry classes. Accordingly,
segment information has been presented for industry classes. Net profit before taxes 8,287 9,867
Income taxes (1,979) (2,327)
The Company is structured into four reportable business
Net profit after taxes 6,308 7,540
segments – RCM, BFSI, Hi-tech and TH. The reportable business
segments are in line with the segment wise information which

For the year ended 40. Non-current assets held for sale
Other information
March 31, 2020 March 31, 2019 The Company, in an earlier year, had entered into a lease
Other significant non-cash arrangement with a lessor for lease of a piece of land for a
expense (Allocable)
period of 30 years. Also, the Company had purchased two
RCM 28 6 buildings constructed by the lessor on the above referred
BFSI 32 40 land vide a separate purchase agreement and capitalized in
Hi-tech 45 32 the books of account. During the year, the Company received
TH 100 40 a communication from the lessor wherein it is mentioned that
Geographical information the lessor would like to convert the existing lease into a regular
For the year ended commercial lease agreement and would like to refund the
Revenues residual value of the deposits and the value of the buildings
March 31, 2020 March 31, 2019
America 58,000 51,502 under the present agreements and enter into a fresh agreement.
Europe 13,135 13,319 The Company is currently in negotiation with the lessor to
India 3,131 2,416 finalise the applicable agreed price for the termination and
Rest of world 3,377 2,978 refund of the security deposits paid to the lessor.
Total 77,643 70,215 Pursuant to the above, the said buildings have been reclassified
from “Property, plant and equipment” to “Non-current assets
Note: held for sale” amounting to ` 312 and the said land has
Management believes that it is currently not practicable to been reclassified from “Right-of-use assets” to “Non-current
provide disclosure of assets by geographical location, as assets” held for sale amounting to ` 188. Also:
meaningful segregation of the available information is onerous.
(i) The security deposits aggregating to ` 85 paid as per
Refer note 32 on Financial risk management for information on present agreements have been reclassified from Non-
revenue from major customers. current assets to Current assets (refer notes 6.2 and 8.5).
(ii) Impairment loss on non-current assets held for sale
39. Total of expenditure incurred on Corporate Social Responsibility amounting to ` 39 has been accounted for the year ended
(CSR) activities during the year ended March 31, 2020 is ` 343 March 31, 2020.
(during the year ended March 31, 2019 is ` 150). The above (iii) No provision has been made in respect of liquidated
expenditure includes contribution of ` 200 towards PM CARES damages (as per the terms of the present agreements) on
Fund for the year ended March 31, 2020. security deposits, pending ongoing negotiation with the
lessor.
41. Dues to micro, small and medium enterprises
The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008 which
recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs
Memorandum Number as allocated after filing of the Memorandum in accordance with the ‘Micro, Small and Medium Enterprises
Development Act, 2006’ (‘the Act’). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31,
2020 and March 31, 2019 has been made in the financial statements based on information received and available with the Company.
Further in view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not
expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.
For the year ended
Particulars
March 31, 2020 March 31, 2019
The principal amount remaining unpaid to any supplier at the end of each accounting year; 8 3
The interest due thereon remaining unpaid to any supplier at the end of each accounting year; - -
The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises
Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the - -
appointed day during each accounting year;
The amount of interest due and payable for the period of delay in making payment (which has been paid but
beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and - -
Medium Enterprises Development Act, 2006;
The amount of interest accrued and remaining unpaid at the end of each accounting year; and - -
The amount of further interest remaining due and payable even in the succeeding years, until such date when
the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible - -
expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006

42. The standalone financial statements are presented in ` in million. Those items which are required to be disclosed and which were not
presented in the standalone financial statement due to rounding off to the nearest ` in million are given as follows:
Balance sheet items

Amount in `
As at As at
Particulars
March 31, 2020 March 31, 2019
Cash on hand (refer note 8.3) 32,432 4,854
12,640 (March 31, 2018: 12,640 and April 1, 2017: 12,640) equity shares in Worldcast Technologies Private
126,400 126,400
Limited (refer note 6.1)
Related party disclosures (refer note 34)

Amount in `
For the year ended
Particulars
March 31, 2020 March 31, 2019
Professional services received from Amitav Bagchi 450,000 946,000
Ramamurthi Shankar Raman Debashis Chatterjee
Non-Executive Director CEO & Managing Director
V. Balaji Senthil Kumar Vedavalli Sridharan

Partner Chief Financial Officer Company Secretary
Place: Bengaluru

Consolidated Financial Statements
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MINDTREE LIMITED

Report on the Audit of the Consolidated Financial Statements
Opinion affairs of the Group as at March 31, 2020, their consolidated profit,
We have audited the accompanying consolidated financial their consolidated total comprehensive income, their consolidated
statements of MINDTREE LIMITED (“the Parent”) and its subsidiaries cash flows and their consolidated changes in equity for the year
(the Parent and its subsidiaries together referred to as “the Group”), ended on that date.
which comprise the Consolidated Balance Sheet as at March 31, Basis for Opinion
2020, and the Consolidated Statement of Profit and Loss (including
We conducted our audit of the consolidated financial statements in
Other Comprehensive Income), the Consolidated Statement of Cash
accordance with the Standards on Auditing prescribed under section
Flows and the Consolidated Statement of Changes in Equity for the
143(10) of the Act (SAs). Our responsibilities under those Standards
year then ended, and a summary of significant accounting policies
are further described in the Auditor’s Responsibility for the Audit of
and other explanatory information.
the Consolidated Financial Statements section of our report. We are
independent of the Group in accordance with the Code of Ethics
In our opinion and to the best of our information and according to issued by the Institute of Chartered Accountants of India (“ICAI”)
the explanations given to us, the aforesaid consolidated financial together with the ethical requirements that are relevant to our audit
statements give the information required by the Companies Act, 2013 of the consolidated financial statements under the provisions of
(“the Act”) in the manner so required and give a true and fair view in the Act and the Rules made thereunder, and we have fulfilled our
conformity with the Indian Accounting Standards prescribed under other ethical responsibilities in accordance with these requirements
section 133 of the Act read with the Companies (Indian Accounting and the ICAI’s Code of Ethics. We believe that the audit evidence
Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting obtained by us is sufficient and appropriate to provide a basis for our
principles generally accepted in India, of the consolidated state of audit opinion on the consolidated financial statements.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report.

1 Leases: Principal audit procedures performed:
As described in Note 2.1(a)(i) to the consolidated We have performed the following procedures:
financial statements, the Group has adopted Ind i. Evaluated the design and implementation of the relevant controls over the application of
AS 116 “Leases” with effect from April 1, 2019. the new lease accounting standard in respect of the data used for transition calculation as
The standard involves certain key judgements well as for the current period, and from a sample of existing lease agreements, tested the
with respect to identification of leases, operating effectiveness of such internal controls.
determination whether there is reasonable
certainty that an extension or termination option ii. Reviewed the trial balance as at April 1, 2019 and March 31, 2020 to identify the ledger
will be exercised, identification of appropriate accounts which would have an operating lease included in them. Also, obtained list of
discount using the interest rate implicit in the active vendor contracts and on a sample basis, obtained contract copies to confirm on
lease or lessee’s incremental borrowing rate, the completeness of all the lease contracts considered for computation and also to verify
as applicable, to calculate the lease obligation, whether the contract contains any embedded lease element.
measuring any impairment of the ‘right of use iii. Selected a sample of contracts from such accounts identified and:
asset’, modification/termination to the leases etc. • Tested if such contracts were considered as lease contracts if they met the condition
The new accounting standard additionally specified in Ind AS 116.
requires disclosures together with the • Verified if the terms and conditions of the contracts identified as lease contracts were
information to be provided in the balance sheet, considered in the quantification of the lease amounts and disclosures.
statement of profit and loss, the statement of • Verified the discount rate used to determine lease obligation and measure any
cash flows and in the explanatory notes (Refer impairment of the right of use asset, where applicable.
Note 4, 29 and 40 to the consolidated financial
statements) which involve information with • Verified if necessary adjustments arising from re-measurement of lease liability
regard to right of use assets and liabilities. (including corresponding adjustment to the related right of use asset), where applicable,
due to lease modifications/ termination, is appropriately made.
In addition to the above, there is a risk that • Recomputed and compared the value of the right of use asset and the corresponding
the lease data which underpin the Ind AS 116 liability based on the above lease contracts and the discount rate and reconciled any
transition calculation is incomplete or inaccurate. material differences.
Based on the above factors, the implementation iv. Tested the presentation and disclosures (including presentation/disclosures arising
of the new accounting standard on leases has consequent to lease modifications/ termination) with reference to the requirements of
been identified as a key audit matter. Ind AS.


As described in Note 2.3 (viii), the Management We have performed the following procedures:
reflect current and estimated future economic
conditions. The historical loss experience model • Basis of consideration of the current and estimated future economic conditions.
previously used needed revisions considering • Completeness and accuracy of the data used in estimation of probability of default.
the current and future economic conditions and • Computation of the expected credit loss allowance.
the effect of the COVID-19 pandemic event on
the customers’ business operations/ability to ii. Selected a sample of the customers, and
pay dues. • Tested a sample of invoices to test the accuracy of the ageing data.
Based on such analysis the Group has recorded • Verified publicly available credit reports and other information relating to the Groups
an allowance aggregating to ` 386 Million as at customers to test if the Management had correctly considered the adjustments to
March 31, 2020, as included in Note 8.2 of the credit risk.
consolidated financial statements. • Obtained and verified the details of credit period extension granted to the customers
We identified allowance for credit losses as a and developed an expectation of similar extensions across other customers of the
key audit matter because the Group exercises Group.
significant judgment in calculating the expected iii. Recomputed the expected credit loss allowance considering the above determined
credit losses. input data and compared the amounts so recomputed with the amounts recorded by the
Management to determine if there were any material differences individually or in the
aggregate.
Information Other than the Financial Statements and Auditor’s Group are responsible for maintenance of adequate accounting
Report Thereon records in accordance with the provisions of the Act for safeguarding
• The Parent’s Board of Directors is responsible for the other the assets of the Group and for preventing and detecting frauds
information. The other information comprises the information and other irregularities; selection and application of appropriate
included in the Annual Report, comprises Business Responsibility accounting policies; making judgments and estimates that
Report, Director’s Report, Corporate Governance Report and are reasonable and prudent; and design, implementation and
Management Discussion and Analysis but does not include maintenance of adequate internal financial controls, that were
the consolidated (including financial statements prepared in operating effectively for ensuring the accuracy and completeness of
accordance with International Financial Reporting Standards as the accounting records, relevant to the preparation and presentation
issued by the International Accounting Standards Board) and of the financial statements that give a true and fair view and are free
standalone financial statements and our auditor’s report thereon, from material misstatement, whether due to fraud or error, which
which we obtained prior to the date of this auditor’s report, and have been used for the purpose of preparation of the consolidated
the Financial Highlights, Risk Management Report and Keynote financial statements by the Directors of the Parent, as aforesaid.
of the Chairman, CEO and CFO, which is expected to be made In preparing the consolidated financial statements, the respective
available to us after that date. Board of Directors of the companies included in the Group are
• Our opinion on the consolidated financial statements does not responsible for assessing the ability of the respective entities to
cover the other information and we do not express any form of continue as a going concern, disclosing, as applicable, matters
assurance conclusion thereon. related to going concern and using the going concern basis of
accounting unless the management either intends to liquidate or
• In connection with our audit of the consolidated financial
cease operations, or has no realistic alternative but to do so.
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information The respective Board of Directors of the companies included in the
is materially inconsistent with the consolidated financial Group are also responsible for overseeing the financial reporting
statements or our knowledge obtained during the course of our process of the companies covered in the Group.
audit or otherwise appears to be materially misstated. Auditor’s Responsibility for the Audit of the Consolidated Financial
• If, based on the work we have performed, we conclude that Statements
there is a material misstatement of this other information, we are Our objectives are to obtain reasonable assurance about whether the
required to report that fact. We have nothing to report in this consolidated financial statements as a whole are free from material
regard. misstatement, whether due to fraud or error, and to issue an auditor’s
Management’s Responsibility for the Consolidated Financial report that includes our opinion. Reasonable assurance is a high
Statements level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement
The Parent’s Board of Directors is responsible for the matters stated
when it exists. Misstatements can arise from fraud or error and are
in section 134(5) of the Act with respect to the preparation of these
considered material if, individually or in the aggregate, they could
consolidated financial statements that give a true and fair view of the
reasonably be expected to influence the economic decisions of
consolidated financial position, consolidated financial performance
users taken on the basis of these consolidated financial statements.
including other comprehensive income, consolidated cash flows and
consolidated changes in equity of the Group in accordance with the As part of an audit in accordance with SAs, we exercise professional
Ind AS and other accounting principles generally accepted in India. judgment and maintain professional skepticism throughout the
audit. We also:
The respective Board of Directors of the companies included in the

• Identify and assess the risks of material misstatement of the From the matters communicated with those charged with governance,
consolidated financial statements, whether due to fraud or error, we determine those matters that were of most significance in the
design and perform audit procedures responsive to those risks, audit of the consolidated financial statements of the current period
and obtain audit evidence that is sufficient and appropriate and are therefore the key audit matters. We describe these matters
to provide a basis for our opinion. The risk of not detecting a in our auditor’s report unless law or regulation precludes public
material misstatement resulting from fraud is higher than for disclosure about the matter or when, in extremely rare circumstances,
one resulting from error, as fraud may involve collusion, forgery, we determine that a matter should not be communicated in our
intentional omissions, misrepresentations, or the override of report because the adverse consequences of doing so would
internal control. reasonably be expected to outweigh the public interest benefits of
• Obtain an understanding of internal financial control relevant to such communication.
the audit in order to design audit procedures that are appropriate Report on Other Legal and Regulatory Requirements
in the circumstances. Under section 143(3)(i) of the Act, we are
1. As required by section 143(3) of the Act, based on our audit we
also responsible for expressing our opinion on whether the
report that:
Parent has adequate internal financial controls system in place
and the operating effectiveness of such controls. a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for
• Evaluate the appropriateness of accounting policies used and the
the purposes of our audit of the aforesaid consolidated financial
reasonableness of accounting estimates and related disclosures
statements.
made by the management.
b) In our opinion, proper books of account as required by law relating
• Conclude on the appropriateness of management’s use of the
to preparation of the aforesaid consolidated financial statements
going concern basis of accounting and, based on the audit
have been kept so far as it appears from our examination of those
evidence obtained, whether a material uncertainty exists related
books.
to events or conditions that may cast significant doubt on
the ability of the Group to continue as a going concern. If we c) The Consolidated Balance Sheet, the Consolidated Statement
conclude that a material uncertainty exists, we are required to of Profit and Loss including Other Comprehensive Income, the
draw attention in our auditor’s report to the related disclosures Consolidated Statement of Cash Flows and the Consolidated
in the consolidated financial statements or, if such disclosures Statement of Changes in Equity dealt with by this Report are in
are inadequate, to modify our opinion. Our conclusions are agreement with the relevant books of account maintained for the
based on the audit evidence obtained up to the date of our purpose of preparation of the consolidated financial statements.
auditor’s report. However, future events or conditions may cause d) In our opinion, the aforesaid consolidated financial statements
the Group to cease to continue as a going concern. comply with the Ind AS prescribed under Section 133 of the Act.
• Evaluate the overall presentation, structure and content of the e) On the basis of the written representations received from the
consolidated financial statements, including the disclosures, and directors of the Parent as on March 31, 2020 taken on record
whether the consolidated financial statements represent the by the Board of Directors of the Parent, none of the directors
underlying transactions and events in a manner that achieves fair of the Parent is disqualified as on March 31, 2020 from being
presentation. appointed as a director in terms of Section 164 (2) of the Act.
• Obtain sufficient appropriate audit evidence regarding the f) With respect to the adequacy of the internal financial controls
financial information of the entities or business activities within over financial reporting and the operating effectiveness of
the Group to express an opinion on the consolidated financial such controls, refer to our separate Report in “Annexure A”,
statements. We remain solely responsible for our audit opinion. which is based on the auditor’s report of the Parent. Our report
Materiality is the magnitude of misstatements in the consolidated expresses an unmodified opinion on the adequacy and operating
financial statements that, individually or in aggregate, makes it effectiveness of the Parent’s internal financial controls over
probable that the economic decisions of a reasonably knowledgeable financial reporting.
user of the consolidated financial statements may be influenced. We g) With respect to the other matters to be included in the Auditor’s
consider quantitative materiality and qualitative factors in (i) planning Report in accordance with the requirements of section 197(16)
the scope of our audit work and in evaluating the results of our work; of the Act, as amended:
and (ii) to evaluate the effect of any identified misstatements in the In our opinion and to the best of our information and according
consolidated financial statements. to the explanations given to us, the remuneration paid/provided
We communicate with those charged with governance of the Parent by the Parent to its directors during the year is in accordance with
regarding, among other matters, the planned scope and timing of the provisions of section 197 of the Act.
the audit and significant audit findings, including any significant h) With respect to the other matters to be included in the Auditor’s
deficiencies in internal control that we identify during our audit. Report in accordance with Rule 11 of the Companies (Audit and
We also provide those charged with governance with a statement Auditors) Rules, 2014,as amended, in our opinion and to the best
that we have complied with relevant ethical requirements regarding of our information and according to the explanations given to us:
independence, and to communicate with them all relationships i. The consolidated financial statements disclose the impact of
and other matters that may reasonably be thought to bear on our pending litigations on the consolidated financial position of
independence, and where applicable, related safeguards. the Group;

ii. The Group has made provision, as required under the iii. There has been no delay in transferring amounts, required
applicable law or accounting standards, for material to be transferred, to the Investor Education and Protection
foreseeable losses, if any, on long-term contracts Fund by the Parent.
including derivative contracts;

V. Balaji
Partner
UDIN-20203685AAAAAK7083
Bengaluru, April 24, 2020

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT internal control based on the assessed risk. The procedures selected
(Referred to in paragraph (f) under ‘Report on Other Legal and depend on the auditor’s judgement, including the assessment of
Regulatory Requirements’ section of our report of even date) the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error.
Report on the Internal Financial Controls Over Financial Reporting
We believe that the audit evidence we have obtained, is sufficient
under Clause (i) of Sub-section 3 of Section 143 of the Companies
and appropriate to provide a basis for our audit opinion on the
Act, 2013 (“the Act”)
Parent’s internal financial controls system over financial reporting.
In conjunction with our audit of the consolidated financial
Meaning of Internal Financial Controls Over Financial Reporting
statements of the Parent as of and for the year ended March 31,
2020, we have audited the internal financial controls over financial A company’s internal financial control over financial reporting is a
reporting of MINDTREE LIMITED (hereinafter referred to as “Parent”), process designed to provide reasonable assurance regarding the
as of that date. reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
Management’s Responsibility for Internal Financial Controls
accepted accounting principles. A company’s internal financial
The Board of Directors of the Parent, is responsible for establishing control over financial reporting includes those policies and
and maintaining internal financial controls based on the internal procedures that (1) pertain to the maintenance of records that, in
control over financial reporting criteria established by the Parent reasonable detail, accurately and fairly reflect the transactions and
considering the essential components of internal control stated in the dispositions of the assets of the company; (2) provide reasonable
Guidance Note on Audit of Internal Financial Controls Over Financial assurance that transactions are recorded as necessary to permit
Reporting issued by the Institute of Chartered Accountants of India preparation of financial statements in accordance with generally
(“ICAI”). These responsibilities include the design, implementation accepted accounting principles, and that receipts and expenditures of
and maintenance of adequate internal financial controls that were the company are being made only in accordance with authorisations
operating effectively for ensuring the orderly and efficient conduct of management and directors of the company; and (3) provide
of its business, including adherence to the Parent’s policies, the reasonable assurance regarding prevention or timely detection of
safeguarding of its assets, the prevention and detection of frauds and unauthorised acquisition, use, or disposition of the company’s assets
errors, the accuracy and completeness of the accounting records, and that could have a material effect on the financial statements.
the timely preparation of reliable financial information, as required
under the Companies Act, 2013. Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Auditor’s Responsibility
Because of the inherent limitations of internal financial controls over
Our responsibility is to express an opinion on the Parent’s internal financial reporting, including the possibility of collusion or improper
financial controls over financial reporting based on our audit. We management override of controls, material misstatements due to
conducted our audit in accordance with the Guidance Note on Audit error or fraud may occur and not be detected. Also, projections of any
of Internal Financial Controls Over Financial Reporting (the “Guidance evaluation of the internal financial controls over financial reporting
Note”) issued by the Institute of Chartered Accountants of India and to future periods are subject to the risk that the internal financial
the Standards on Auditing, prescribed under Section 143(10) of the control over financial reporting may become inadequate because
Companies Act, 2013, to the extent applicable to an audit of internal of changes in conditions, or that the degree of compliance with the
financial controls. Those Standards and the Guidance Note require policies or procedures may deteriorate.
that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate Opinion
internal financial controls over financial reporting was established In our opinion to the best of our information and according to the
and maintained and if such controls operated effectively in all explanations given to us, the Parent, has, in all material respects, an
material respects. adequate internal financial controls system over financial reporting
Our audit involves performing procedures to obtain audit evidence and such internal financial controls over financial reporting were
about the adequacy of the internal financial controls system over operating effectively as at March 31, 2020, based on the internal
financial reporting and their operating effectiveness. Our audit of control over financial reporting criteria established by the Parent
internal financial controls over financial reporting included obtaining considering the essential components of internal control stated
an understanding of internal financial controls over financial in the Guidance Note on Audit of Internal Financial Controls Over
reporting, assessing the risk that a material weakness exists, and Financial Reporting issued by the Institute of Chartered Accountants
testing and evaluating the design and operating effectiveness of of India.
For DELOITTE HASKINS & SELLS


V. Balaji
Partner
UDIN-20203685AAAAAK7083

Consolidated Balance Sheet

` in million
As at As at
Note
March 31, 2020 March 31, 2019
ASSETS
Non-current assets
Capital work in progress 136 297
Goodwill 5 4,732 4,732
Other intangible assets 5 759 1,180
Financial assets 6
Investments 6.1 804 1,200
Loans 6.2 457 675
Deferred tax assets (Net) 17 1,835 388
Other non-current assets 7 1,693 1,889
19,017 14,118
Current assets
Financial assets 8
Investments 8.1 6,944 6,836
Trade receivables 8.2 14,389 13,356
Cash and cash equivalents 8.3 3,909 2,562
Loans 8.5 99 123
Other financial assets 8.6 2,805 2,528
32,549 27,672
EQUITY AND LIABILITIES

Equity
Equity share capital 10 1,646 1,642
Other equity 11 29,922 31,419
31,568 33,061
Liabilities
Borrowings 12.1 - 5
Other financial liabilities 12.2 1,798 1
Other non-current liabilities 13 - 173
6,762 179
Current liabilities
Trade Payables
Total outstanding dues of micro enterprises and small enterprises 41 8 3
Total outstanding dues of creditors other than micro enterprises and small enterprises 2,579 2,128
Other financial liabilities 14.1 5,250 2,434
Provisions 16 1,724 1,399
Current tax liabilities (Net) 1,380 749
13,236 8,550
19,998 8,729
See accompanying notes to the consolidated financial statements

Place: Bengaluru
Consolidated statement of profit and loss

` in million, except per share data
For the year ended
Note
March 31, 2020 March 31, 2019
Revenue from operations 18 77,643 70,215
Other income 19 756 893
Total income 78,399 71,108
Expenses
Employee benefits expense 20 50,647 44,212
Finance costs 22 529 29
Depreciation and amortization expense 23 2,754 1,641
Other expenses 24 16,181 15,358
Total expenses 70,111 61,240

Tax expense:
Current tax 17 2,333 2,456
Deferred tax 17 (354) (129)
Other comprehensive income 28

A (i) Items that will not be reclassified to profit or loss (109) (86)
(ii) Income tax relating to items that will not be reclassified to profit or loss 26 21
B (i) Items that will be reclassified to profit or loss (3,128) 262
(ii) Income tax relating to items that will be reclassified to profit or loss 1,093 -
Total other comprehensive income (loss) (2,118) 197

(1) Basic (`) 38.35 45.94
(2) Diluted (`) 38.33 45.85


Place: Bengaluru

Consolidated statement of cash flows

` in million
2020 2019
Adjustments for :
Depreciation and amortization expense 2,754 1,641
Finance costs 529 29
Interest income on financial assets at amortised cost (189) (146)
Net gain on disposal of property, plant and equipment (12) (19)
Net gain on disposal of right-of-use assets (8) -
Effect of exchange differences on translation of foreign currency cash and cash equivalents (288) (133)
Other liabilities 908 692
Provisions 325 181
Purchase of property, plant and equipment (1,241) (1,747)
Interest income on financial assets at amortised cost 133 76
Purchase of investments (33,066) (18,161)
Finance costs (including interest towards lease liabilities - refer note 22) (529) (40)
Effect of exchange differences on translation of foreign currency cash and cash equivalents 288 133
Cash and cash equivalents at the end of the year (refer note 8.3) 3,909 2,559

Proceeds/
As at Fair value As at
Particulars Impact of Ind Repayment
March 31, 2019 changes March 31, 2020
AS 116
Particulars Proceeds Repayment

Place: Bengaluru
Consolidated statement of changes in equity

` in million
(a) Equity share capital Amount

Statement of changes in equity (Contd.)
236
(b) Other equity ` in million
Reserves and surplus (refer note 11) Items of Other Comprehensive Income (refer note 11)
Capital General Special Economic Capital Securities Share option Retained Foreign Currency Effective portion of Other items of Total other
Particulars equity
reserve reserve Zone reinvestment redemption premium outstanding earnings Translation Re- Cash Flow Other Comprehensive
reserve reserve account serve (FCTR) Hedges Income
Balance as at April 1, 2018 87 226 764 42 8 201 25,179 (678) - (54) 25,775
Other comprehensive income (net of taxes) - - - - - - - 262 - (65) 197
Created/ (utilised) during the year - - 1,348 - - - (1,348) - - - -
Utilised during the year - - (1,076) - - - 1,076 - - - -
Transferred to securities premium on allotment

- - - - 125 (125) - - - - -

against stock options
Compensation cost related to employee share
- - - - - 89 - - - - 89
based payment (refer note 20)
Dividend distribution tax (refer note 11.1) - - - - - - (378) - - - (378)
Balance as at March 31, 2019 87 226 1,036 42 133 165 30,265 (416) - (119) 31,419
Balance as at April 1, 2019 87 226 1,036 42 133 165 30,265 (416) - (119) 31,419
Impact of adoption of Ind AS 116 (refer note
- - - - - - 157 - - - 157
29)
Other comprehensive income (net of taxes)
- - - - - - - - (2,035) (83) (2,118)
(refer note 28)
Created during the year - - 1,022 - - - (1,022) - - -
Utilised during the year - - (840) - - - 840 - - - -
Transferred to securities premium on allotment
- - - - 166 (166) - - - - -
against stock options
Compensation cost related to employee share
- - - - - 102 - - - - 102
based payment (refer note 20)
Dividend distribution tax (refer note 11.1) - - - - - - (1,014) - - - (1,014)
Balance as at March 31, 2020 87 226 1,218 42 299 101 30,602 (416) (2,035) (202) 29,922

Place: Bengaluru
Significant accounting policies and notes to the consolidated financial

statements for the year ended March 31, 2020
1. Company overview the modified retrospective approach, under which the

“Mindtree Limited (‘Mindtree’ or ‘the Company’) together with cumulative effect of initial application is recognised
its subsidiaries, Mindtree Software (Shanghai) Co. Ltd, Bluefin in retained earnings at April 1, 2019. As a result, the
Solutions Limited*, Bluefin Solutions Inc**., Bluefin Solutions Pte comparative information has not been restated. Refer
Ltd*** and Bluefin Solutions Sdn Bhd. collectively referred to as note 29 for further details.
‘the Group’ is an international Information Technology consulting ii) Appendix C to Ind AS 12, Uncertainty over Income Tax
and implementation Group that delivers business solutions Treatments: On March 30, 2019, Ministry of Corporate
through global software development. The Group is structured Affairs (“MCA”) has notified the Companies (Indian
into four industry verticals – Retail, CPG and Manufacturing Accounting Standards) Amendment Rules, 2019
(RCM), Banking, Financial Services and Insurance (BFSI), High containing Appendix C to Ind AS 12, Uncertainty over
Technology and Media (Hi-tech) (erstwhile Technology, Media Income Tax Treatments which clarifies the application
and Services - TMS) and Travel and Hospitality (TH). The Group and measurement requirements in Ind AS 12 when
offers services in the areas of agile, analytics and information there is uncertainty over income tax treatments. The
management, application development and maintenance, current and deferred tax asset or liability shall be
business process management, business technology consulting, recognized and measured by applying the requirements
cloud, digital business, independent testing, infrastructure in Ind AS 12 based on the taxable profit (tax loss),
management services, mobility, product engineering and SAP tax bases, unused tax losses, unused tax credits and
services. tax rates determined by applying this appendix. The
The Company is a public limited company incorporated and amendment is effective from April 1, 2019. The Group
domiciled in India and has its registered office at Bengaluru, has evaluated the effect of this amendment on the
Karnataka, India and has offices in India, United States of financial statements and concluded that there is no
America (USA), United Kingdom, Japan, Singapore, Malaysia, significant impact.
Australia, Germany, Switzerland, Sweden, UAE, Netherlands, iii) Amendment to Ind AS 19 ‘Employee Benefits’: On March
Canada, Belgium, France, Ireland, Poland, Mexico and Republic 30, 2019, the Ministry of Corporate Affairs has notified
of China. The Company has its primary listings on the Bombay limited amendments to Ind AS 19 ‘Employee Benefits’
Stock Exchange and National Stock Exchange in India. The in connection with accounting for plan amendments,
Company became a subsidiary of Larsen & Toubro Limited (L&T) curtailments and settlements. The amendments require
with effect from July 2, 2019 (Refer note 34). The consolidated an entity to use updated assumptions to determine
financial statements were authorized for issuance by the current service cost and net interest for the remainder
Company’s Board of Directors on April 24, 2020. of the period after a plan amendment, curtailment or
*Dissolved with effect April 2, 2019. settlement and to recognise in profit or loss as part of
**Dissolved with effect December 17, 2019. past service cost, or a gain or loss on settlement, any
***Dissolved with effect March 20, 2020. reduction in a surplus, even if that surplus was not
previously recognised because of the impact of the
2. Significant accounting policies asset ceiling. The amendment is effective from April
2.1 Basis of preparation and presentation 1, 2019. The Group has evaluated the effect of this
amendment on the financial statements and concluded
a) Statement of compliance that this amendment is currently not applicable.
These consolidated financial statements (the ‘financial iv) Amendment to Ind AS 12 ‘Income Taxes’: On March 30,
statements’) have been prepared in accordance with 2019, the Ministry of Corporate Affairs has notified
Indian Accounting Standards (“Ind AS”) notified under the limited amendments to Ind AS 12 ‘Income Taxes’. The
Companies (Indian Accounting Standards) Rules, 2015 and amendments require an entity to recognise the income
relevant amendment rules issued thereafter. tax consequences of dividends as defined in Ind AS
Except for the changes below, the Group has consistently 109 when it recognises a liability to pay a dividend.
applied accounting policies to all periods. The income tax consequences of dividends are linked
more directly to past transactions or events that
i) The Group has adopted Ind AS 116 ‘Leases’ with
generated distributable profits than to distributions to
the date of initial application being April 1, 2019.
owners. Therefore, an entity shall recognize the income
Ind AS 116 replaces Ind AS 17 – Leases and related
tax consequences of dividends in profit or loss, other
interpretation and guidance. The standard sets out
comprehensive income or equity according to where
principles for recognition, measurement, presentation
the entity originally recognised those past transactions
and disclosure of leases for both parties to a contract
or events. The amendment is effective from April
i.e., the lessee and the lessor. Ind AS 116 introduces a
1, 2019. The Group has evaluated the effect of this
single lessee accounting model and requires a lessee to
amendment on the financial statements and concluded
recognise assets and liabilities for all leases with a term
that there is no significant impact.
of more than 12 months, unless the underlying asset is
of low value. The Group has applied Ind AS 116 using

b) Basis of measurement ii) Income taxes: The Group’s two major tax jurisdictions
The financial statements have been prepared on a historical are India and USA, though the Group also files tax
cost convention and on an accrual basis, except for the returns in other foreign jurisdictions. Significant
following material items that have been measured at fair judgments are involved in determining the provision
value as required by relevant Ind AS: for income taxes, including the amount expected to
be paid or recovered in connection with uncertain tax
i. Derivative financial instruments;
positions. Also refer note 17.
ii. Certain financial assets and liabilities measured at fair
iii) Leases: The Group considers all the extension-options
value (refer accounting policy on financial instruments);
under the commercial contract for determining the
iii. Share based payment transactions and lease-term which forms the basis for the measurement
iv. Defined benefit and other long-term employee of rightof- use asset and the corresponding lease-
benefits liability.
iv) Other estimates: The preparation of financial statements
c) Use of estimates and judgment
involves estimates and assumptions that affect the
The preparation of the financial statements in conformity reported amount of assets, liabilities, disclosure of
with Ind AS requires management to make judgments, contingent liabilities at the date of financial statements
estimates and assumptions that affect the application of and the reported amount of revenues and expenses for
accounting policies and the reported amounts of assets, the reporting period. Specifically, the Group estimates
liabilities, income and expenses. Actual results may differ the probability of collection of accounts receivable
from these estimates. by analyzing historical payment patterns, customer
Estimates and underlying assumptions are reviewed on concentrations, customer credit-worthiness and
a periodic basis. Revisions to accounting estimates are current economic trends. If the financial condition
recognized in the period in which the estimates are revised of a customer deteriorates, additional allowances
and in any future periods affected. In particular, information may be required. The stock compensation expense is
about significant areas of estimation, uncertainty and determined based on the Group’s estimate of equity
critical judgments in applying accounting policies that have instruments that will eventually vest.
the most significant effect on the amounts recognized in v) Estimation uncertainty relating to COVID-19 outbreak:
the financial statements is included in the following notes: The Group has considered internal and certain external
i) Revenue recognition: sources of information including credit reports,
a) The Group uses the percentage of completion economic forecasts and industry reports up to the date
method using the input (cost expended) method of approval of the financial statements in determining
to measure progress towards completion in the impact on various elements of its financial
respect of fixed price contracts. Percentage of statements. The Group has used the principles of
completion method accounting relies on estimates prudence in applying judgments, estimates and
of total expected contract revenue and costs. This assumptions including sensitivity analysis and based
method is followed when reasonably dependable on the current estimates, the Group expects to fully
estimates of the revenues and costs applicable to recover the carrying amount of trade receivables
various elements of the contract can be made. Key including unbilled receivables, goodwill, intangible
factors that are reviewed in estimating the future assets and investments. The eventual outcome of
costs to complete include estimates of future impact of the global health pandemic may be different
labour costs and productivity efficiencies. As the from those estimated as on the date of approval of
financial reporting of these contracts depends these financial statements.
on estimates that are assessed continually during
2.2 Basis of consolidation
the term of these contracts, recognized revenue
and profit are subject to revisions as the contract Subsidiaries
progresses to completion. When estimates indicate
The financial statements incorporate the financial statements
that a loss will be incurred, the loss is provided for
of the Company and entities controlled by the Company (its
in the period in which the loss becomes probable.
subsidiaries). Control exists when the parent has power over
b) Contracts with customers often include promises an investee, exposure or rights to variable returns from its
to transfer multiple products and services to a involvement with the investee and ability to use its power to
customer. Determining whether products and affect those returns. Power is demonstrated through existing
services are considered distinct performance rights that give the ability to direct relevant activities, those
obligations that should be accounted for separately which significantly affect the entity’s returns. Subsidiaries are
or together requires significant judgment based on consolidated from the date control commences until the date
nature of the contract, transfer of control over the control ceases.
product or service, ability of the product or service
The financial statements of subsidiaries are consolidated on
to benefit the customer on its own or together with
a line-by-line basis and intra-group balances and transactions
other readily available resources and the ability of
including unrealised gain/ loss from such transactions are
the product or service to be separately identifiable
eliminated upon consolidation. The financial statements are
from other promises in the contract.
prepared by applying uniform policies in use at the Group.

2.3 Summary of significant accounting policies net of directly attributable transaction costs.
For the purpose of subsequent measurement, financial
(i) Functional and presentation currency
instruments of the Group are classified in the following
Items included in the financial statements of each of the categories: non-derivative financial assets comprising
Group’s subsidiaries are measured using the currency of amortised cost, debt instruments at fair value through
the primary economic environment in which these entities other comprehensive income (FVTOCI), equity instruments
operate (i.e. the “functional currency”). The financial at FVTOCI or fair value through profit and loss account
statements are presented in Indian Rupee, the national (FVTPL), non derivative financial liabilities at amortised
currency of India, which is the functional currency of the cost or FVTPL and derivative financial instruments (under
Company. the category of financial assets or financial liabilities) at
FVTPL.
(ii) Foreign currency transactions and balances
The classification of financial instruments depends on
Transactions in foreign currency are translated into the
the objective of the business model for which it is held.
respective functional currencies using the exchange rates
Management determines the classification of its financial
prevailing at the dates of the respective transactions.
instruments at initial recognition.
Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at a) Non-derivative financial assets
the exchange rates prevailing at reporting date of monetary (i) Financial assets at amortised cost
assets and liabilities denominated in foreign currencies are A financial asset shall be measured at amortised
recognized in the consolidated statement of profit and loss cost if both of the following conditions are met:
and reported within foreign exchange gains/ (losses).
(a) the financial asset is held within a business model
Non-monetary assets and liabilities denominated in a whose objective is to hold financial assets in order
foreign currency and measured at historical cost are to collect contractual cash flows; and
translated at the exchange rate prevalent at the date of
(b) the contractual terms of the financial asset give
transaction.
rise on specified dates to cash flows that are solely
For the purposes of presenting the consolidated financial payments of principal and interest (SPPI) on the
statements assets and liabilities of Group’s foreign principal amount outstanding.
operations with functional currency different from the
They are presented as current assets, except for those
Company are translated into Company’s functional
maturing later than 12 months after the reporting date
currency i.e. INR using exchange rates prevailing at the
which are presented as non-current assets. Financial assets
end of each reporting period. Income and expense items
are measured initially at fair value plus transaction costs
are translated at the average exchange rates for the period,
and subsequently carried at amortized cost using the
unless exchange rates fluctuate significantly during that
effective interest method, less any impairment loss.
period, in which case the exchange rates at the dates of the
transactions are used. Financial assets at amortised cost are represented by trade
receivables, security deposits, cash and cash equivalents,
Exchange differences arising, if any are recognised in other
employee and other advances and eligible current and
comprehensive income and accumulated in equity.
non-current assets.
On the disposal of foreign operation, all of the exchange
Cash and cash equivalents comprise cash on hand and
differences accumulated in equity in respect of that
in banks and demand deposits with banks which can be
operation attributable to the owners of the Company are
withdrawn at any time without prior notice or penalty on
reclassified to the statement of profit and loss.
the principal.
Goodwill and fair value adjustments arising on the
For the purposes of the cash flow statement, cash and cash
acquisition of a foreign entity are treated as assets and
equivalents include cash on hand, in banks and demand
liabilities of the foreign entity and translated at the
deposits with banks, net of outstanding book overdrafts
exchange rate in effect at the balance sheet date.
that are repayable on demand, and are considered part of
Foreign currency gains and losses are reported on a net the Group’s cash management system.
basis. This includes changes in the fair value of foreign
(ii) Debt instruments at FVTOCI
exchange derivative instruments, which are accounted at
fair value through profit or loss. A debt instrument shall be measured at fair value
through other comprehensive income if both of the
(iii) Financial instruments following conditions are met:
All financial instruments are recognised initially at fair a) the objective of the business model is achieved
value. Transaction costs that are attributable to the by both collecting contractual cash flows and
acquisition of the financial asset (other than financial assets selling financial assets; and
recorded at fair value through profit or loss) are included b) the asset’s contractual cash flow represent SPPI
in the fair value of the financial assets. Purchase or sale
Debt instruments included within FVTOCI category
of financial assets that require delivery of assets within a
are measured initially as well as at each reporting
time frame established by regulation or convention in the
period at fair value plus transaction costs. Fair value
market place (regular way trade) are recognised on trade
movements are recognised in other comprehensive
date. Loans and borrowings and payables are recognised
income (OCI). However, the Group recognises
interest income, impairment losses & reversals (i) Cash flow hedges: Changes in the fair value of the
and foreign exchange gain/(loss) in consolidated derivative hedging instrument designated as a cash
statement of profit and loss. On derecognition flow hedge are recognized in other comprehensive
of the asset, cumulative gain or loss previously income and presented within equity in the cash
recognised in OCI is reclassified from equity to flow hedging reserve to the extent that the
profit and loss. Interest earned is recognised under hedge is effective. To the extent that the hedge is
the effective interest rate (EIR) method. ineffective, changes in fair value are recognized
(iii) Equity instruments at FVTOCI in the consolidated statement of profit and loss.
If the hedging instrument no longer meets the
All equity instruments are measured at fair value.
criteria for hedge accounting, expires or is sold,
Equity instruments held for trading is classified
terminated or exercised, then hedge accounting is
as FVTPL. For all other equity instruments, the
discontinued prospectively. The cumulative gain or
Group may make an irrevocable election to present
loss previously recognized in the cash flow hedging
subsequent changes in the fair value in OCI. The
reserve is transferred to the consolidated statement
Group makes such election on an instrument-by-
of profit and loss upon the occurrence of the related
instrument basis.
forecasted transaction.
If the Group decides to classify an equity instrument
(ii) Others: Changes in fair value of foreign currency
as FVTOCI, then all fair value changes on the
derivative instruments not designated as cash
instrument, excluding dividend are recognised in
flow hedges and the ineffective portion of cash
OCI. There is no recycling of the amount from OCI
flow hedges are recognized in the consolidated
to statement of profit and loss, even on sale of the
statement of profit and loss and reported within
instrument. However, the Group may transfer the
foreign exchange gains/(losses).
cumulative gain or loss within the equity.
(iv) Financial assets at FVTPL (iv) Property, plant and equipment
FVTPL is a residual category for financial assets. Any a) Recognition and measurement: Property, plant and
financial asset which does not meet the criteria for equipment are measured at cost or its deemed cost
categorization as at amortised cost or as FVTOCI, is less accumulated depreciation and impairment losses,
classified as FVTPL. if any. Cost includes expenditures directly attributable
In addition, the Group may elect to designate the to the acquisition of the asset.
financial asset, which otherwise meets amortised b) Depreciation: The Group depreciates property, plant
cost or FVTOCI criteria, as FVTPL if doing so and equipment over the estimated useful life on a
eliminates or significantly reduces a measurement straight-line basis from the date the assets are available
or recognition inconsistency. for use.
Financial assets included within the FVTPL category Leasehold improvements are amortized over the lower
are measured at fair values with all changes of estimated useful life and lease term. The estimated
recorded in the statement of profit and loss. useful lives of assets for the current and comparative
b) Non-derivative financial liabilities period of significant items of property, plant and
(i) Financial liabilities at amortised cost equipment are as follows:
Financial liabilities at amortised cost represented Category Useful life

by borrowings, trade and other payables are initially Buildings 5 - 30 years
recognized at fair value, and subsequently carried Leasehold improvements 5 years
at amortized cost using the effective interest rate Computers 2 - 3 years
method. Plant and machinery 3 - 4 years
Furniture and fixtures 3 - 7 years
(ii) Financial liabilities at FVTPL
Electrical installations 3 years
Financial liabilities at FVTPL represented by Office equipment 3 - 5 years
contingent consideration are measured at fair value Vehicles 4 years
with all changes recognised in the consolidated
Depreciation methods, useful lives and residual values
statement of profit and loss.
are reviewed at each reporting date.
c) Derivative financial instruments
When parts of an item of property, plant and equipment
The Group holds derivative financial instruments such
have different useful lives, they are accounted for as
as foreign exchange forward contracts to mitigate the
separate items (major components) of property, plant
risk of changes in foreign exchange rates on foreign
and equipment. Subsequent expenditure relating to
currency assets or liabilities and forecasted cash flows
property, plant and equipment is capitalized only when
denominated in foreign currencies. The counterparty for
it is probable that future economic benefits associated
these contracts is generally a bank.
with these will flow to the Group and the cost of the
Derivatives are recognized and measured at fair item can be measured reliably. Repairs and maintenance
value. Attributable transaction costs are recognized in costs are recognized in the consolidated statement
statement of profit and loss. of profit and loss when incurred. The cost and related

accumulated depreciation are eliminated from the b) Intangible assets

financial statements upon sale or disposition of the asset
Ind AS 103 requires the identifiable intangible assets
and the resultant gains or losses are recognized in the
and contingent consideration to be fair valued in order
consolidated statement of profit and loss.
to ascertain the net fair value of identifiable assets,
Amounts paid towards the acquisition of property, liabilities and contingent liabilities of the acquiree.
plant and equipment outstanding as of each reporting Significant estimates are required to be made in
date and the cost of property, plant and equipment not determining the value of contingent consideration and
ready for intended use before such date are disclosed intangible assets. These valuations are conducted by
under capital advances and capital work-in-progress independent valuation experts.
respectively.
(vii) Leases
(v) Intangible assets The Group’s lease asset classes primarily consist of leases
Intangible assets are stated at cost less accumulated for land and buildings. The Group, at the inception of a
amortization and impairment. Intangible assets are contract, assesses whether the contract is a lease or not
amortized over their respective estimated useful lives on a lease. A contract is, or contains, a lease if the contract
straight-line basis, from the date that they are available for conveys the right to control the use of an identified asset
use. The estimated useful life of an identifiable intangible for a time in exchange for a consideration. This policy has
asset is based on a number of factors including the effects been applied to contracts existing and entered into on or
of obsolescence, demand, competition and other economic after April 1, 2019.
factors (such as the stability of the industry and known The Group recognises a right-of-use asset and a lease
technological advances) and the level of maintenance liability at the lease commencement date. The right-of-use
expenditures required to obtain the expected future cash asset is initially measured at cost, which comprises the
flows from the asset. initial amount of the lease liability adjusted for any lease
The estimated useful lives of intangible assets for the payments made at or before the commencement date, plus
current and comparative period are as follows: any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore
Category Useful life
the underlying asset or the site on which it is located, less
Intellectual property 5 years any lease incentives received.
Computer software 2 - 3 years
The right-of-use asset is subsequently depreciated using
Business alliance relationships 4 years the straight-line method from the commencement date to
Customer relationships 3 - 5 years the end of the lease term.
Vendor relationships 5 - 10 years The lease liability is initially measured at the present value of
Trade name 10 years the lease payments that are not paid at the commencement
Technology 10 years date, discounted using the Group’s incremental borrowing
Non-compete agreement 5 years rate. It is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there
is a change in the Group’s estimate of the amount expected
(vi) Business combination, Goodwill and Intangible assets
to be payable under a residual value guarantee, or if the
Business combinations other than through common Group changes its assessment of whether it will exercise
control transactions are accounted for using the purchase a purchase, extension or termination option. When the
(acquisition) method. The cost of an acquisition is measured lease liability is remeasured in this way, a corresponding
as the fair value of the assets given, equity instruments adjustment is made to the carrying amount of the right-
issued and liabilities incurred or assumed at the date of of-use asset, or is recorded in profit or loss if the carrying
exchange. The cost of acquisition also includes the fair amount of the right-of-use asset has been reduced to zero.
value of any contingent consideration. Identifiable assets The Group has elected not to recognise right-of-use assets
acquired and liabilities and contingent liabilities assumed and lease liabilities for short-term leases that have a
in a business combination are measured initially at their lease term of 12 months or less and leases of low-value
fair value on the date of acquisition. assets (assets of less than USD 5,000 in value). The Group
Business combinations through common control recognises the lease payments associated with these
transactions are accounted on a pooling of interests leases as an expense over the lease term.
method. In the comparative period, leases under which the
Transaction costs incurred in connection with a business Group assumes substantially all the risks and rewards of
combination are expensed as incurred. ownership are classified as finance leases. When acquired,
such assets are capitalized at fair value or present value of
a) Goodwill
the minimum lease payments at the inception of the lease,
The excess of the cost of acquisition over the Group’s whichever is lower. Lease payments and receipts under
share in the fair value of the acquiree’s identifiable operating leases are recognised as an expense and income
assets, liabilities and contingent liabilities is recognized respectively, on a straight line basis in the statement of
as goodwill. If the excess is negative, it is considered as profit and loss over the lease term except where the lease
a bargain purchase gain.

payments are structured to increase in line with expected considered the likelihood of increased credit risk and
general inflation. consequential default by customers including revisions
in the credit period provided to the customers. In making
(viii) Impairment this assessment, the Group has considered current and
anticipated future economic conditions relating to
a) Financial assets
industries/business verticals that the company deals
In accordance with Ind AS 109, the Group applies with and the countries where it operates. In addition
Expected Credit Loss (ECL) model for measurement the Group has also considered credit reports and
and recognition of impairment loss. The Group follows other credit information for its customers to estimate
‘simplified approach’ for recognition of impairment the probability of default in future and has taken into
loss allowance on trade receivables. account estimates of possible effect from the pandemic
The application of simplified approach does not relating to COVID-19. The Group believes that the
require the Group to track changes in credit risk. carrying amount of allowance for expected credit loss
Rather, it recognises impairment loss allowance based with respect to trade receivables, unbilled revenue and
on lifetime ECLs at each reporting date, right from its other financial assets is adequate.
initial recognition. ECL impairment loss allowance (or reversal) is
For recognition of impairment loss on other financial recognised as an income/expense in the statement
assets and risk exposure, the Group determines that of profit and loss during the period. This amount
whether there has been a significant increase in the is reflected under the head other expenses in the
credit risk since initial recognition. If credit risk has statement of profit and loss. The balance sheet
not increased significantly, 12-month ECL is used to presentation for various financial instruments is
provide for impairment loss. However, if credit risk described below:
has increased significantly, lifetime ECL is used. If in Financial assets measured at amortised cost, contractual
subsequent period, credit quality of the instrument revenue receivable: ECL is presented as an allowance,
improves such that there is no longer a significant i.e. as an integral part of the measurement of those
increase in credit risk since initial recognition, then the assets in the balance sheet. The allowance reduces
entity reverts to recognising impairment loss allowance the net carrying amount. Until the asset meets write
based on 12-month ECL. off criteria, the Group does not reduce impairment
Lifetime ECLs are the expected credit losses resulting allowance from the gross carrying amount.
from all possible default events over the expected b) Non-financial assets
life of a financial instrument. The 12-month ECL is a
portion of the lifetime ECL which results from default The Group assesses at each reporting date whether
events that are possible within 12-months after the there is any objective evidence that a non financial
reporting date. asset or a group of non financial assets is impaired.
If any such indication exists, the Group estimates the
ECL is the difference between all contractual cash
amount of impairment loss.
flows that are due to the Group in accordance with the
contract and all the cash flows that the entity expects An impairment loss is calculated as the difference
to receive (i.e. all shortfalls), discounted at the original between an asset’s carrying amount and the
EIR. When estimating the cash flows, an entity is recoverable amount. Losses are recognised in the
required to consider: consolidated statement of profit and loss and reflected
(i) All contractual terms of the financial instrument in an allowance account. When the Group considers
(including prepayment, extension etc.) over the that there are no realistic prospects of recovery of
expected life of the financial instrument. However, the asset, the relevant amounts are written off. If the
in rare cases when the expected life of the financial amount of impairment loss subsequently decreases
instrument cannot be estimated reliably, then the and the decrease can be related objectively to an event
entity is required to use the remaining contractual occurring after the impairment was recognised, then
term of the financial instrument; the previously recognised impairment loss is reversed
through consolidated statement of profit and loss.
(ii) Cash flows from the sale of collateral held or
other credit enhancements that are integral to the The recoverable amount of an asset or cash-generating
contractual terms. unit (as defined below) is the greater of its value in use
and its fair value less costs to sell. In assessing value
As a practical expedient, the Group uses a provision in use, the estimated future cash flows are discounted
matrix to determine impairment loss on portfolio of its to their present value using a pre-tax discount rate
trade receivable. The provision matrix is based on its that reflects current market assessments of the time
historically observed default rates over the expected value of money and the risks specific to the asset.
life of the trade receivable and is adjusted for forward- For the purpose of impairment testing, assets are
looking estimates. At regular intervals, the historically grouped together into the smallest group of assets that
observed default rates are updated and changes in generates cash inflows from continuing use that are
forward-looking estimates are analysed. In addition largely independent of the cash inflows of other assets
to the historical pattern of credit loss, the Group has or groups of assets (the “cash-generating unit”).

The goodwill acquired in a business combination is, for of employment with the Company. The gratuity fund
the purpose of impairment testing, allocated to cash- is managed by the Life Insurance Corporation of India
generating units that are expected to benefit from the (LIC), ICICI Prudential Life Insurance Company and SBI
synergies of the combination. Life Insurance Company. The Group’s obligation in
Goodwill is tested for impairment on an annual basis respect of the gratuity plan, which is a defined benefit
and whenever there is an indication that goodwill may plan, is provided for based on actuarial valuation using
be impaired, relying on a number of factors including the projected unit credit method.
operating results, business plans and future cash Actuarial gains or losses are recognized in other
flows. For the purpose of impairment testing, goodwill comprehensive income. Further, the profit or loss does
acquired in a business combination is allocated to not include an expected return on plan assets. Instead
the Group’s cash generating units (CGU) or groups of net interest recognized in profit or loss is calculated
CGU’s expected to benefit from the synergies arising by applying the discount rate used to measure the
from the business combination. A CGU is the smallest defined benefit obligation to the net defined benefit
identifiable group of assets that generates cash inflows liability or asset. The actual return on the plan assets
that are largely independent of the cash inflows from above or below the discount rate is recognized as part
other assets or group of assets. Impairment occurs of re-measurement of net defined liability or asset
when the carrying amount of a CGU including the through other comprehensive income.
goodwill, exceeds the estimated recoverable amount Remeasurements comprising of actuarial gains or
of the CGU. The recoverable amount of a CGU is the losses and return on plan assets (excluding amounts
higher of its fair value less cost to sell and its value- included in net interest on the net defined benefit
in-use. Value-in-use is the present value of future cash liability) are not reclassified to statement of profit and
flows expected to be derived from the CGU. loss in subsequent periods.
Total impairment loss of a CGU is allocated first to
c) Compensated absences
reduce the carrying amount of goodwill allocated to the
CGU and then to the other assets of the CGU prorata on The employees of the Group are entitled to compensated
the basis of the carrying amount of each asset in the absences. The employees can carry forward a portion
CGU. An impairment loss on goodwill is recognised in of the unutilised accumulating compensated absences
consolidated statement of profit and loss and is not and utilise it in future periods or receive cash at
reversed in the subsequent period. retirement or termination of employment. The Group
records an obligation for compensated absences in
(ix) Employee Benefits the period in which the employee renders the services
that increases this entitlement. The Group measures
The Group participates in various employee benefit plans. the expected cost of compensated absences as the
Post-employment benefits are classified as either defined additional amount that the Group expects to pay as a
contribution plans or defined benefit plans. Under a result of the unused entitlement that has accumulated
defined contribution plan, the Group’s only obligation is at the end of the reporting period. The Group
to pay a fixed amount with no obligation to pay further recognizes accumulated compensated absences based
contributions if the fund does not hold sufficient assets on actuarial valuation. Non-accumulating compensated
to pay all employee benefits. The related actuarial and absences are recognized in the period in which the
investment risks fall on the employee. The expenditure for absences occur. The Group recognizes actuarial gains
defined contribution plans is recognized as expense during and losses immediately in the statement of profit and
the period when the employee provides service. Under a loss.
defined benefit plan, it is the Group’s obligation to provide
agreed benefits to the employees. The related actuarial (x) Share based payments
and investment risks fall on the Group. The present value
of the defined benefit obligations is calculated using the Employees of the Group receive remuneration in the form
projected unit credit method. of equity settled instruments, for rendering services over
a defined vesting period. Equity instruments granted are
The Group has the following employee benefit plans:
measured by reference to the fair value of the instrument
a) Social security plans at the date of grant
Employer contributions payable to the social security The expense is recognized in the consolidated statement of
plans, which are a defined contribution scheme, is profit and loss with a corresponding increase to the share
charged to the consolidated statement of profit and based payment reserve, a component of equity.
loss in the period in which the employee renders The equity instruments generally vest in a graded manner
services. over the vesting period. The fair value determined at
the grant date is expensed over the vesting period of
b) Gratuity
the respective tranches of such grants (accelerated
In accordance with the Payment of Gratuity Act, amortization). The stock compensation expense is
1972, the Group provides for a lump sum payment determined based on the Group’s estimate of equity
to eligible employees, at retirement or termination of instruments that will eventually vest.
employment based on the last drawn salary and years

The fair value of the amount payable to the employees in only to the extent of contract cost incurred for which
respect of phantom stocks, which are settled in cash, is recoverability is probable.
recognized as an expense with a corresponding increase When total cost estimates exceed revenues in an
in liabilities, over the period during which the employees arrangement, the estimated losses are recognized in
become unconditionally entitled to payment. The liability is the consolidated statement of profit and loss in the
remeasured at each reporting date and at settlement date period in which such losses become probable based
based on the fair value of the phantom stock options plan. on the current contract estimates.
Any changes in the liability are recognized in consolidated
statement of profit and loss. c) Maintenance contracts
Revenue from maintenance contracts is recognized
(xi) Provisions ratably over the period of the contract. When services
Provisions are recognized when the Group has a present are performed through an indefinite number of
obligation (legal or constructive) as a result of a past event, repetitive acts over a specified period of time, revenue
it is probable that an outflow of economic benefits will be is recognized on a straight line basis over the specified
required to settle the obligation, and a reliable estimate period or under some other method that better
can be made of the amount of the obligation. represents the stage of completion.
The amount recognized as a provision is the best estimate of In arrangements for software development and related
the consideration required to settle the present obligation services and maintenance services, the Group has
at the end of the reporting period, taking into account the applied the guidance in Ind AS 115, ‘Revenue from
risks and uncertainties surrounding the obligation. Contracts with Customers’, by applying the revenue
recognition criteria for each of the distinct performance
When some or all of the economic benefits required to
obligation. The arrangements generally meet the
settle a provision are expected to be recovered from a
criteria for considering software development and
third party, the receivable is recognized as an asset, if it is
related services as distinct performance obligation. For
virtually certain that reimbursement will be received and
allocating the consideration, the Group has measured
the amount of the receivable can be measured reliably.
the revenue in respect of distinct performance
Provisions for onerous contracts are recognized when obligation at its standalone selling price, in accordance
the expected benefits to be derived by the Group from a with principles given in Ind AS 115.
contract are lower than the unavoidable costs of meeting
The Group accounts for volume discounts and pricing
the future obligations under the contract. Provisions for
incentives to customers by reducing the amount of
onerous contracts are measured at the present value of
revenue recognized at the time of sale.
lower of the expected net cost of fulfilling the contract and
the expected cost of terminating the contract. Revenues are shown net of sales tax, value added tax,
service tax, goods and services tax and applicable
(xii) Revenue discounts and allowances.
The Group derives revenue primarily from software The Group accrues the estimated cost of post contract
development and related services. Revenue is measured support services at the time when the revenue is
based on the consideration specified in a contract with recognized. The accruals are based on the Group’s
a customer and excludes amounts collected on behalf historical experience of material usage and service
of third parties. The Group recognizes revenue when it delivery costs.
transfers control over a product or a service to a customer. ‘Unbilled revenues’ represent cost and earnings in
The method for recognizing revenues and costs depends excess of billings as at the end of the reporting period
on the nature of the services rendered: ‘Unearned revenues’ represent billing in excess of
a) Time and materials contracts revenue recognized. Advance payments received from
customers for which no services are rendered are
Revenues and costs relating to time and materials presented as ‘Advance from customers’.
contracts are recognized as the related services are
rendered. (xiii) Warranty provisions
b) Fixed-price contracts The Group provides warranty provisions on all its products
Revenues from fixed-price contracts are recognized sold. A provision is recognised at the time the product is
using the “percentage-of-completion” method. sold. The Group does not provide extended warranties or
Percentage of completion is determined based on maintenance contracts to its customers.
project costs incurred to date as a percentage of total
estimated project costs required to complete the (xiv) Finance income and expense
project. The cost expended (or input) method has been Finance income consists of interest income on funds
used to measure progress towards completion as there invested, dividend income and gains on the disposal of
is a direct relationship between input and productivity. FVTPL financial assets. Interest income is recognized as it
If the Group does not have a sufficient basis to measure accrues in the consolidated statement of profit and loss,
the progress of completion or to estimate the total using the effective interest method.
contract revenues and costs, revenue is recognized Dividend income is recognized in the consolidated

statement of profit and loss on the date that the Group’s shares outstanding during the period, adjusted for bonus
right to receive payment is established. elements in equity shares issued during the period.
Finance expenses consist of interest expense on loans Diluted EPS is computed by dividing the net profit after
and borrowings. Borrowing costs are recognized in the tax by the weighted average number of equity shares
consolidated statement of profit and loss using the considered for deriving basic EPS and also weighted
effective interest method. average number of equity shares that could have been
issued upon conversion of all dilutive potential equity
(xv) Income tax shares. Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless
Income tax comprises current and deferred tax. Income
issued at a later date. Dilutive potential equity shares are
tax expense is recognized in the consolidated statement
determined independently for each period presented. The
of profit and loss except to the extent it relates to items
number of equity shares and potentially dilutive equity
directly recognized in equity or in other comprehensive
shares are adjusted for bonus shares, as appropriate.
income.
a) Current income tax (xvii) Research and development costs

Current income tax liability/ (asset) for the current and Research costs are expensed as incurred. Development
prior periods are measured at the amount expected to costs are expensed as incurred unless technical and
be recovered from or paid to the taxation authorities commercial feasibility of the project is demonstrated,
based on the taxable income for the period. The tax future economic benefits are probable, the Group has
rates and tax laws used to compute the current tax an intention and ability to complete and use or sell the
amount are those that are enacted or substantively software and the costs can be measured reliably.
enacted by the reporting date and applicable for the
period. The Group offsets current tax assets and current (xviii) Government grants
tax liabilities, where it has a legally enforceable right to
set off the recognized amounts and where it intends Grants from the Government are recognised when there is
either to settle on a net basis or to realize the asset and reasonable assurance that:
liability simultaneously. (i) the Group will comply with the conditions attached to
b) Deferred income tax them; and
Deferred income tax is recognized using the balance (ii) the grant will be received.
sheet approach. Deferred income tax assets and
liabilities are recognized for deductible and taxable Government grants related to revenue are recognised on
temporary differences arising between the tax base a systematic basis in the consolidated statement of profit
of assets and liabilities and their carrying amount in and loss over the periods necessary to match them with
financial statements, except when the deferred income the related costs which they are intended to compensate.
tax arises from the initial recognition of goodwill or an Such grants are deducted in reporting the related expense.
asset or liability in a transaction that is not a business When the grant relates to an asset, it is recognized as
combination and affects neither accounting nor taxable income over the expected useful life of the asset.
profits or loss at the time of the transaction. Where the Group receives non-monetary grants, the asset
Deferred income tax asset is recognized to the extent is accounted for on the basis of its acquisition cost. In case
that it is probable that taxable profit will be available a non-monetary asset is given free of cost it is recognised
against which the deductible temporary differences, at a fair value. When loan or similar assistance are provided
and the carry forward of unused tax credits and unused by government or related institutions, with an interest rate
tax losses can be utilized. below the current applicable market rate, the effect of this
favorable interest is recognized as government grant. The
Deferred income tax liabilities are recognized for all
loan or assistance is initially recognized and measured at
taxable temporary differences.
fair value and the government grant is measured as the
The carrying amount of deferred income tax assets is difference between the initial carrying value of the loan
reviewed at each reporting date and reduced to the and the proceeds received. A repayment of government
extent that it is no longer probable that sufficient grant is accounted for as a change in accounting estimate.
taxable profit will be available to allow all or part of the Repayment of a grant is recognised by reducing the
deferred income tax asset to be utilized. deferred income balance, if any and the rest of the amount
Deferred income tax assets and liabilities are measured is charged to statement of profit and loss.
at the tax rates that are expected to apply in the period
when the asset is realized or the liability is settled, (xix) Dividend and dividend distribution tax
based on tax rates (and tax laws) that have been
Final dividends on shares are recorded as a liability on the
enacted or substantively enacted at the reporting date.
date of approval by the shareholders and interim dividends
are recorded as a liability on the date of declaration by
(xvi) Earnings per share (EPS)
the Company’s Board of Directors. The Company declares
Basic earnings per share is computed by dividing the net and pays dividends in Indian rupees and are subject to
profit after tax by the weighted average number of equity applicable distribution taxes. The applicable distribution

taxes are linked more directly to past transactions or events a sale transaction rather than through continuing use.
that generated distributable profits than to distribution This condition is regarded as met only when the asset
to owners and accordingly, recognized in profit or loss or is available for immediate sale in its present condition
other comprehensive income or equity according to where subject only to terms that are usual and customary for sales
the entity originally recognised those past transactions or of such asset and its sale is highly probable. Management
events. must be committed to the sale, which should be expected
to qualify for recognition as a completed sale within one
xx) Non-current assets held for sale year from the date of classification.
Non-current assets are classified as held for sale if their Non-current assets classified as held for sale are measured
carrying amount will be recovered principally through at the lower of their carrying amount and fair value less
costs to sell.
Non-current assets
3 Property, plant and equipment

Furniture
Leasehold Plant and Office Electrical
Particulars Land Buildings Computers and Vehicles Total
improvements machinery equipment installations
fixtures
At April 1, 2018 84 3,568 1,427 219 957 3,194 739 433 27 10,648
Additions - 158 165 - 180 779 61 101 - 1,444
Translation adjustment - - (1) - - (1) - - - (2)
At March 31, 2019 84 3,726 1,563 219 1,131 3,714 787 522 27 11,773
At April 1, 2019 84 3,726 1,563 219 1,131 3,714 787 522 27 11,773
Additions - 71 399 - 99 658 53 65 6 1,351
Impact of adoption of Ind AS 116 (51) - - - - - - - - (51)
- (543) - - - - - - - (543)
Disposals / adjustments - (2) (4) - (48) (359) (5) (7) (24) (449)
At March 31, 2020 33 3,252 1,958 219 1,182 4,013 835 580 9 12,081
At April 1, 2018 10 1,373 1,099 217 787 2,736 612 280 25 7,139
Depreciation expense 1 258 144 - 114 500 91 65 2 1,175
Translation adjustment - - - - - (1) - - - (1)
At March 31, 2019 11 1,631 1,235 217 895 2,977 690 333 27 8,016
At April 1, 2019 11 1,631 1,235 217 895 2,977 690 333 27 8,016
Impact of adoption of Ind AS 116 (11) - 4 - - - - - - (7)
Depreciation expense - 257 171 1 110 655 71 77 1 1,343
- (231) - - - - - - - (231)
Disposals / adjustments - (2) - - (47) (359) (5) (3) (24) (440)
At March 31, 2020 - 1,655 1,410 218 958 3,273 756 407 4 8,681

33 1,597 548 1 224 740 79 173 5 3,400
31, 2020
73 2,095 328 2 236 737 97 189 - 3,757
31, 2019

At April 1, 2018 - - -
Additions - - -
At March 31, 2019 - - -


At April 1, 2019 - - -
Impact of adoption of Ind AS 116 (refer note 29) 380 5,989 6,369
Additions - 219 219
At March 31, 2020 53 6,077 6,130
At April 1, 2018 - - -
Depreciation expense - - -
At March 31, 2019 - - -
At April 1, 2019 - - -
Impact of adoption of Ind AS 116 (refer note 29) 138 - 138
Depreciation expense 9 950 959
At March 31, 2020 8 921 929

Non-current assets
5. a) Goodwill and other intangible assets

At April 1, 2018 4,539 67 72 1,292 53 690 292 262 1,105 3,833
Additions - - - - - - - - 58 58
Translation adjustment 193 - - 37 3 55 14 - - 109
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2019 4,732 67 72 1,329 56 745 306 262 1,163 4,000
At April 1, 2019 4,732 67 72 1,329 56 745 306 262 1,163 4,000

Additions - - - - - - - - 31 31
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2020 4,732 67 72 1,329 56 745 306 262 1,194 4,031
Accumulated
amortisation
At April 1, 2018 - 67 57 726 29 224 75 72 1,063 2,313
Amortisation expense - - 15 241 11 93 30 26 50 466
Translation adjustment - - - 20 2 15 4 - - 41
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2019 - 67 72 987 42 332 109 98 1,113 2,820
At April 1, 2019 - 67 72 987 42 332 109 98 1,113 2,820

Amortisation expense - - - 244 10 95 31 26 46 452
Disposals /
- - - - - - - - - -
adjustments
At March 31, 2020 - 67 72 1,231 52 427 140 124 1,159 3,272

4,732 - - 98 4 318 166 138 35 759
at March 31, 2020


4,732 - - 342 14 413 197 164 50 1,180
at March 31, 2019
Estimated useful life
NA 5 4 3-5 5 5 - 10 10 10 2-3
(in years)
Estimated remaining
NA - - 0.25 0.25 0.25 - 5.75 5.25 - 5.75 5.25 0.18 - 1.97
useful life (in years)
The aggregate amount of research and development expense recognised in the consolidated statement of profit and loss for the year ended
March 31, 2020 is ` 373 (For the year ended March 31, 2019 ` 476).
b) Impairment and as of March 31, 2020, the estimated recoverable amount

of the CGU exceeded its carrying amount, hence impairment
Following is a summary of changes in the carrying amount of
is not triggered. The Group has performed sensitivity analysis
goodwill:
for all key assumptions, including the cash flow projections,
As at As at consequent to the change in estimated future economic
Particulars
March 31, 2020 March 31, 2019
conditions arising from the possible effects due to COVID-19
Carrying value at the beginning and is unlikely to cause the carrying amount of the CGU exceed
4,732 4,539
of the year
its estimated recoverable amount. The key assumptions used for
Translation differences - 193
the calculations were as follows:
Carrying value at the end of
4,732 4,732 Particulars As at March As at March
the year
31, 2020 31, 2019
For the purpose of impairment testing, goodwill acquired in a Discount rate 13.7% - 20.1% 17.4% - 22.3%
business combination is allocated to the Cash Generating Units
The above discount rate is based on the Weighted Average Cost
(CGU) or groups of CGUs, which benefit from the synergies of
of Capital (WACC) of the Group. These estimates are likely to
differ from future actual results of operations and cash flows.
the goodwill for any impairment at the operating segment level,
which is represented through groups of CGUs. The goodwill on acquisition of subsidiaries has been allocated
as follows:
The recoverable amount of a CGU is the higher of its fair value
less cost to sell and its value-in-use. The fair value of a CGU is Particulars March 31, March 31,
determined based on the market capitalization. The value-in-use 2020 2019
is determined based on specific calculations. These calculations RCM 2,442 2,442
use pre-tax cash flow projections over a period of five years, BFSI 1,179 1,179
Hi-tech 1,037 1,037
based on financial budgets approved by management and an
TH 74 74
average of the range of each assumption mentioned below.
Total 4,732 4,732
The Group does its impairment evaluation on an annual basis
Non-current assets
6. Financial assets
6.1 Investments
As at As at
Investments in equity instruments (unquoted)
Equity shares in Careercommunity.com Limited 2,400 - 2,400 -
Equity shares of ` 1 each in NuvePro Technologies Private Limited 950,000 1 950,000 1
Equity shares in Worldcast Technologies Private Limited 12,640 - 12,640 -
1 1
Investments in preference shares (unquoted)
Series A Convertible Preferred Stock at US$ 0.0001 each fully paid at premium of US $ 0.2557
643,790 7 643,790 7
each in 30 Second Software Inc.
7 7
Investments in non-convertible bonds/ debentures (quoted)
Secured redeemable non-convertible bonds of ` 1 million each in the nature of promissory
- - 50 50
Secured redeemable non-convertible debentures of ` 1,000 each in Tata Capital Financial
50,000 52 50,000 50
Services Limited

As at As at
- - 100 103
Services Limited
Secured redeemable non-convertible debentures of ` 1,012,705 each in Aditya Birla Finance
- - 100 104
Limited
Secured redeemable non-convertible debentures of ` 1,025,944 each in Kotak Mahindra Prime
- - 50 52
Limited
Secured redeemable non-convertible debentures of ` 1,118,769 each in HDB Financial Ser-
- - 50 57
vices Limited
- - 50 51
Services Limited
Secured redeemable non-convertible debentures of ` 878,419 each in Kotak Mahindra Invest-
- - 50 45
ments Limited
52 512
Investments in mutual funds (quoted)
ICICI Prudential Mutual Fund 5,000,000 59 5,000,000 55
IDFC Mutual Fund 10,000,000 115 10,000,000 105
Invesco Mutual Fund 7,063,100 84 7,063,100 76
Tata Mutual Fund 16,008,535 189 16,008,535 173
Franklin Templeton Mutual Fund 15,000,000 178 15,000,000 163
UTI Mutual Fund 5,000,000 59 5,000,000 54
744 680
Total 804 1,200
Aggregate amount of quoted investments 796 1,192

Aggregate market value of quoted investments 796 1,192
Aggregate amount of unquoted investments 8 8
Aggregate amount of impairment in value of investments 1 1
6.2 Loans
As at As at
Particulars
March 31, 2020 March 31, 2019
Total 457 675
7. Other non-current assets
As at As at
Particulars
March 31, 2020 March 31, 2019
Advance income-tax including tax deducted at source (net of provision for taxes) 1,613 1,649
Service tax receivable 11 11
Others 14 5
Total 1,693 1,889

Current assets
8. Financial assets
8.1 Investments
Particulars As at March 31, 2020 As at March 31, 2019

1) Investments in Mutual Funds (quoted)
Name of the fund No of units Amount No of units Amount
ICICI Prudential Mutual Fund 204,349 60 862,088 233
IDFC Mutual Fund 60,401,627 1,184 61,928,281 974
UTI Mutual Fund - - 2,000,000 21
Aditya Birla Sun Life Mutual Fund 1,907,437 265 7,205,908 755
Nippon Indian Mutual Fund** 7,357,646 179 3,386,533 197
Axis Mutual Fund 266,359 580 24,387 51
Tata Mutual Fund 2,979,380 171 72,948 226
SBI Mutual Fund 7,777,644 895 7,070,752 474
Sundaram Mutual Fund 264,092 280 3,323,353 131
HDFC Mutual Fund 18,545,875 306 46,511,219 1,019
DSP Mutual Fund* 25,263,086 457 4,058,562 197
Invesco Mutual Fund 148,845 414 92,596 210
Franklin Templeton Mutual Fund 20,120 60 4,368,836 253
Total 5,334 5,547
2) Investment in non-convertible bonds/ debentures (quoted)
Secured redeemable non-convertible debentures in Kotak Mahindra Investments Limited - - 50 51
Secured redeemable non-convertible debentures in Bajaj Finance Limited - - 50 48
Secured redeemable non-convertible debentures in Housing Development Finance 50 54 20 210
Corporation Limited
Secured redeemable non-convertible debentures in Aditya Birla Finance Limited - - 50 52
Secured redeemable non-convertible bonds of ` 1 million each in the nature of promissory 50 50 - -
Services Limited
Secured redeemable non-convertible debentures of ` 1,012,705 each in Aditya Birla Finance 100 114 - -
Limited
Secured redeemable non-convertible debentures of ` 1,025,944 each in Kotak Mahindra 50 53 - -
Prime Limited
Secured redeemable non-convertible debentures of ` 1,118,769 each in HDB Financial 50 62 - -
Services Limited
Services Limited
Secured redeemable non-convertible debentures of ` 878,419 each in Kotak Mahindra 50 48 - -
Investments Limited
Total 544 361
3) Investments in term deposit (unquoted)
Interest bearing deposits with:-
-Bajaj Finance Limited 569 400
-Kotak Mahindra Investments Limited - 50
-Housing Development Finance Corporation Limited 245 290
-LIC Housing Finance Limited 252 -
Total 1,066 740
4) Investments in commercial paper (unquoted)
-Barclays Investments and Loans (India) Private Limited - 188
- 188
Grand Total 6,944 6,836
Aggregate carrying amount of quoted investments 5,878 5,908

Aggregate market value of quoted investments 5,878 5,908
Aggregate amount of unquoted investments 1,066 928
*Formerly known as DSP Blackrock Mutual Fund
**Formerly known as Reliance Mutual Fund

8.2 Trade receivables

As at As at
Particulars
March 31, 2020 March 31, 2019
(Unsecured)
Considered good 14,775 13,582
Less: Allowance for expected credit losses (386) (226)
Total 14,389 13,356
The Group uses a provision matrix to determine impairment loss on portfolio of its trade receivable. The provision matrix is based on
its historically observed default rates over the expected life of the trade receivables and is adjusted for forward- looking estimates. At
regular intervals, the historically observed default rates are updated and changes in forward-looking estimates are analysed. The Group
estimates the following matrix at the reporting date.
Ageing
1-90 days 91-180 days 181-360 days More than 360 days*
Default rate 0.3% 3.6% 21.6% 52%
*In case of probability of non-collection, default rate is 100%

Movement in the expected credit loss allowance
For the year ended
Particulars
March 31, 2020 March 31, 2019
Movement in expected credit loss allowance on trade receivables calculated at lifetime expected credit losses 160 107
8.3 Cash and cash equivalents

As at As at
Particulars
March 31, 2020 March 31, 2019
Balances with banks in current accounts and deposit accounts* 3,886 2,546
Other bank balances** 23 16
Cash and cash equivalents as per balance sheet 3,909 2,562
Book overdrafts used for cash management purposes (refer note 14.1) - (3)
Cash and cash equivalents as per statement of cash flows 3,909 2,559
*The deposits maintained by the Group with banks comprises time deposits, which can be withdrawn by the Group at any point without prior
notice or penalty on the principal.
** Other bank balances represent earmarked balances in respect of unpaid dividends and dividend payable.
8.4 Bank balances other than cash and cash equivalents represent earmarked balances in respect of margin-money.
8.5 Loans
As at As at
Particulars
March 31, 2020 March 31, 2019
Total 99 123

8.6 Other financial assets
As at As at
Particulars
March 31, 2020 March 31, 2019
Advances to employees 319 279
Less: Provision for doubtful advances to employees (19) (12)
300 267
Unbilled revenue* 2,503 2,143
Accrued income 2 34
Total 2,805 2,528
*Classified as financial asset as right to consideration is unconditional upon passage of time

9. Other current assets

As at As at
Particulars
March 31, 2020 March 31, 2019
Advance to suppliers 35 33
Unbilled revenue* 645 848
Others 314 405
Total 1,981 2,267
*Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones (in respect
of fixed price contracts).
10. Equity share capital

As at As at
a) Particulars
March 31, 2020 March 31, 2019
Authorised
800,000,000 (March 31, 2019 : 800,000,000) equity shares of ` 10 each 8,000 8,000
Issued, subscribed and paid-up capital
164,574,066 (March 31, 2019 : 164,214,041) equity shares of ` 10 each fully paid 1,646 1,642
Total 1,646 1,642
b) Reconciliation of the number of equity shares outstanding at the beginning and at the end of the reporting year are as given below:
As at As at
No of shares ` No of shares `
Number of shares outstanding at the beginning of the year 164,214,041 1,642 163,926,311 1,639
Add: Shares issued on exercise of stock options and restricted shares 360,025 4 287,730 3
Number of shares outstanding at the end of the year 164,574,066 1,646 164,214,041 1,642
* Refer note 10(e)
c) The Group has only one class of shares referred to as equity shares having a par value of ` 10 each.
Terms/rights attached to equity shares
Each holder of the equity share, as reflected in the records of the Group as of the date of the shareholders meeting, is entitled to one
vote in respect of each share held for all matters submitted to vote in the shareholders meeting.
The Group declares and pays dividends in Indian rupees and foreign currency. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the Annual General Meeting.
In the event of liquidation of the Group, the holders of equity shares will be entitled to receive any of the remaining assets of the
Group after distribution of amounts payable to preference shareholders. However, no such preference shares exist currently. The
distribution will be in proportion to the number of equity shares held by the shareholders.
d) Equity shareholder holding more than 5 percent of equity shares along with the number of equity shares held at the beginning and
at the end of the year are as given below:
As at As at
March 31, 2020 March 31, 2019
Name of the shareholder
Number of Number of
% %
shares shares
1. Larsen & Toubro Limited* 100,527,734 61.08% - -
2. SCB Escrow A/C - Project Carnation, Lotus & Marigold** - - 32,760,229 19.95%
3. Nalanda India Fund Limited - - 14,568,212 8.87%
*With effect from July 2, 2019, the Company has become a subsidiary of L&T. Accordingly, L&T has become the Promoter / Parent Company
of the Company.
**As per the arrangement mentioned in the draft letter of offer of L&T dated April 02, 2019, received by the Company, the shares held by (a) V.
G. Siddhartha (b) Coffee Day Trading Limited and (c) Coffee Day Enterprises Limited aggregating to 19.95% of the shares in Mindtree Limited
was transferred to SCB Escrow A/C - Project Carnation, Lotus & Marigold. The above shareholding interest was subsequently transferred to
L&T during the year.
e) In the period of five years immediately preceding March 31, 2020:

i) The Group has allotted 83,893,088 and 41,765,661 fully paid up equity shares during the quarter ended March 31, 2016 and
June 30, 2014 respectively, pursuant to 1:1 bonus share issue approved by shareholders. Consequently, options/ units granted
under the various employee share based plans are adjusted for bonus share issue.
ii) Pursuant to the approval of the Board and the Administrative Committee at its meetings held on June 28, 2017 and July 20, 2017
respectively, the Group bought back 4,224,000 equity shares of ` 10 each on a proportionate basis, at a price of ` 625 per equity

share for an aggregate consideration of ` 2,640 (Rupees Two thousand six hundred and forty million only), and completed the
extinguishment of the equity shares bought back. Capital redemption reserve has been created to the extent of nominal value of
share capital extinguished amounting to ` 42. The buyback and creation of capital redemption reserve was effected by utilizing
the securities premium and free reserves.
iii) The Group has not allotted any other equity shares as fully paid up without payment being received in cash
f) Employee stock based compensation

The Group instituted the Employees Stock Option Plan (‘ESOP’) in fiscal 2000, which was approved by the Board of Directors (‘the
Board’). The Group administers below mentioned restricted stock purchase plan and phantom stock options plan.
ERSP 2012 was instituted with effect from July 16, 2012 to issue equity shares of nominal value of ` 10 each. Shares under this pro-
gram are granted to employees at an exercise price of not less than ` 10 per equity share or such higher price as determined by the
Nomination and Remuneration Committee. Shares shall vest over such term as determined by the Nomination and Remuneration
Committee not exceeding ten years from the date of the grant. All shares will have a minimum lock in period of one year from the
date of allotment.
2020 2019
Particulars
Number of share Weighted average Number of share Weighted average
options Exercise Price options Exercise Price
Outstanding shares, beginning of the year - - - -
Granted during the year 360,025 10.00 287,730 10.00
Exercised during the year 360,025 10.00 287,730 10.00
Lapsed during the year - - - -
Forfeited during the year - - - -
Outstanding shares, end of the year - - - -
Shares vested and exercisable, end of the year - - - -
Other Stock based compensation arrangements

The Group has also granted phantom stock options and letter of intent to issue shares under ERSP 2012 plan to certain employees which
is subject to certain vesting conditions. Details of the outstanding options/ units as at March 31, 2020 are given below:
Particulars Phantom stock options plan

Total no. of units/ shares 500,000
Outstanding units/shares as at the end of the year -
Date of grant April 1, 2018, July 24, 2019
Price per share/ unit Grant price of ` 772 / ` 930
Particulars ERSP 2012 plan**

Outstanding units/shares as at the beginning of the year 369,650
Number of units/shares granted under letter of intent during the year 312,900
Outstanding units/shares as at the end of the year 240,450
Contractual life 1-2 years
Date of grant* July 24, 2019, August 2, 2019, October 24, 2019, January 28, 2020
Price per share/ unit* Exercise price of ` 10
* Based on Letter of Intent
** Does not include direct allotment of shares
The weighted average fair value of each unit under the above mentioned ERSP 2012 plan, granted during the year ended March 31,
2020 was ` 697.78 using the Black-Scholes model with the following assumptions:
Particulars As at March 31, 2020
Weighted average grant date share price 697.78
Weighted average exercise price ` 10
Dividend yield % 0.43%
Expected life 1-2 year
Risk free interest rate 5.96%
Volatility 34.72%

11. Other equity
As at As at
Particulars
March 31, 2020 March 31, 2019
a) Capital reserve
Any profit or loss on purchase, sale, issue or cancellation of the Company’s own equity instruments is 87 87
transferred to capital reserve.
b) Capital redemption reserve
A statutory reserve created to the extent of sum equal to the nominal value of the share capital 42 42
extinguished on buyback of Company’s own shares pursuant to Section 69 of the Companies Act, 2013.
c) Securities premium
Amounts received on issue of shares in excess of the par value has been classified as securities premium, net 299 133
of utilisation.
d) General reserve
226 226
This represents appropriation of profit by the Company.
e) Special Economic Zone reinvestment reserve
This Special Economic Zone reinvestment reserve has been created out of the profit of eligible SEZ units in
terms of the provisions of section 10AA(1)(II) of the Income Tax Act ,1961. The reserve should be utilized 1,218 1,036
by the Group for acquiring new plant and machinery for the purpose of its business in terms of the section
10AA(2) of the Income Tax Act, 1961.
f) Retained earnings
Retained earnings comprises of the amounts that can be distributed by the Company as dividends to its 30,602 30,265
equity share holders.
g) Share option outstanding account
The share option outstanding account is used to record the value of equity-settled share based payment
101 165
transactions with employees. The amounts recorded in this account are transferred to securities premium
reserve upon exercise of stock options by employees.
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are
(2,035) -
recognized in other comprehensive income and presented within equity in the cash flow hedging reserve
(net of taxes) to the extent that the hedge is effective.
i) Foreign currency translation reserve
Exchange difference relating to the translation of the results and net assets of the Company’s foreign
(416) (416)
operations from their functional currencies to the Group’s presentation currency are recognized directly in
other comprehensive income and accumulated in the foreign currency translation reserve.
j) Other items of other comprehensive income
Other items of other comprehensive income consist of fair value changes on FVTOCI financial assets and (202) (119)
financial liabilities and re-measurement of net defined benefit liability/asset.
Total 29,922 31,419
11.1 Distributions made and proposed Non-current liabilities

12. Financial liabilities
The amount of per share dividend recognized as distributions
12.1 Borrowings
to equity shareholders for the year ended March 31, 2020 and
March 31, 2019 was ` 30 and ` 11 respectively. As at As at
Particulars
March 31, 2020 March 31, 2019
The Board of Directors, at its meeting held on April 17, 2019, had (Unsecured)
declared an interim dividend of 30% (` 3 per equity share of Other loans* - 5
par value ` 10 each). The Board of Directors had recommended Total - 5
a final dividend of 40% (` 4 per equity share of par value *Unsecured long-term borrowings represents the amount received
` 10 each) for the financial year ended March 31, 2019 which from Council for Scientific and Industrial Research (CSIR) to
was approved by the shareholders at the Twentieth Annual develop a project under “Development of Intelligent Video
General Meeting of the Company held on July 16, 2019. Further, Surveillance Server (IVSS) system”.
the Board of Directors had recommended a special dividend The loan is an unsecured loan carrying a simple interest of 3%
of 200% (` 20 per equity share of par value ` 10 each) to p.a. on the outstanding amount of loan. Repayment of loan is
celebrate the twin achievements of exceeding USD 1 billion in 10 equal annual installments from June 2011. Any delay in
repayment entails a liability of 12% p.a. compounded monthly
annual revenue milestone and 20th anniversary of the Company
for the period of delay.
which was also approved by the shareholders at the Twentieth
The loan is repayable by June 2020. There is no default in the
Annual General Meeting of the Company held on July 16, 2019.
repayment of the principal loan and interest amounts.
The aforesaid dividend were paid during the year that resulted
in a cash outflow of ` 5,353 including dividend distribution tax
12.2 Other financial liabilities
of ` 913.
As at As at
Particulars
The Board of Directors have recommended a final dividend of March 31, 2020 March 31, 2019
100% (` 10 per equity share of par value ` 10 each) for the Derivative financial instruments 1,744 -
financial year ended March 31, 2020 which is subject to the Employee benefits payable 51 -
Others (Security deposits for
approval of shareholders at the Annual General Meeting. sub-lease)
3 1
Total 1,798 1

13. Other non-current liabilities has preferred an appeal with the relevant authority. In respect
As at As at of the provisions of Ind AS 37, the disclosures required have not
Particulars
March 31, 2020 March 31, 2019 been provided pursuant to the limited exemption provided under
Other liabilities (Deferred rent) - 173 paragraph 92 of Ind AS 37.
Total - 173
The disclosure of provisions movement as required under the
Current liabilities provisions of Ind AS 37 is as follows:-
14. Financial liabilities Provision for post contract support services

14.1 Other financial liabilities Provision for post contract support services represents cost
associated with providing sales support services which are
As at As at
Particulars accrued at the time of recognition of revenue and are expected
March 31, 2020 March 31, 2019
Current maturities of long-term
5 5
debt* For the year ended
Book overdraft - 3 Particulars
March 31, 2020 March 31, 2019
Unclaimed dividends 23 16 Balance at the beginning of
Employee benefits payable 3,599 2,408 9 10
the year
Total 5,250 2,434 2 1
year
* The details of interest rates, repayment and other terms are Released during the year (1) (2)
disclosed under note 12.1.
Provision at the end of the
10 9
year
15. Other current liabilities
Provision for discount
As at As at
Particulars
March 31, 2020 March 31, 2019 Provision for discount are for volume discounts and pricing
Unearned income (refer note incentives to customers accounted for by reducing the amount
341 667
15.1) of revenue recognized at the time of sale.
Statutory dues (including
provident fund and tax 804 596 For the year ended
Particulars
deducted at source) March 31, 2020 March 31, 2019
Advance from customers 169 330 Balance at the beginning of
627 534
Gratuity payable (net)* 282 230 the year
Others - 14 Provisions made during the
1,162 689
Total 1,596 1,837 year
* Refer note 21 for details of gratuity plan as per Ind AS 19. Utilisations during the year (876) (449)
15.1 Unearned income
For the year ended 708 627
Particulars year
March 31, 2020 March 31, 2019
Balance at the beginning of Provision for foreseeable losses on contracts
667 720
the year
Provision for foreseeable losses on contracts represents excess
of estimated cost over the future revenues to be recognised and
(7,087) (11,771) expected to be utilized within a period of one year.
the year
Balance at the end of the year 341 667 For the year ended
Particulars
March 31, 2020 March 31, 2019
18 6
the year
16. Provisions
84 45
As at As at year
Particulars Released during the year (40) (33)
March 31, 2020 March 31, 2019
Provision for post contract Provision at the end of the
10 9 62 18
support services year
Provision for discount 708 627 Provision for disputed dues
Provision for foreseeable For the year ended
62 18
losses on contracts Particulars
March 31, 2020 March 31, 2019
Provision for compensated Balance at the beginning of
849 655 90 86
absences the year
Provision for disputed dues* 95 90 Provisions made during the
5 4
year
Total 1,724 1,399
95 90
*Represents disputed tax dues provided pursuant to unfavorable year
orders received from the tax authorities against which the Group

17. Income tax

Income tax expense in the consolidated statement of profit and loss consists of:
For the year ended
Particulars
March 31, 2020 March 31, 2019
Current income tax:
Deferred tax:
Income tax expense reported in the statement of profit and loss 1,979 2,327
Income tax expense recognised in other comprehensive income:

- Current tax arising on income and expense recognised in other comprehensive income
Net loss/ (gain) on remeasurement of defined benefit plan 26 21
- Deferred tax arising on income and expense recognised in other comprehensive income
Effective portion of cash flow hedges 1,093 -
Total 1,119 21
The reconciliation between the provision of income tax of the Group and amounts computed by applying the Indian statutory income
tax rate to profit before taxes is as follows:
For the year ended
Particulars
March 31, 2020 March 31, 2019
Enacted income tax rate in India 34.94% 34.94%
Computed expected tax expense 2,896 3,448
Effect of:
Income exempt from tax (1,055) (1,080)
Temporary differences reversing during the tax holiday period 38 27
Expenses (net) that are not deductible in determining taxable profit 62 61
Different tax rates of branches/subsidiaries operating in other jurisdictions 157 74
Tax effect due to non-taxable income/expense - 5
True-up of tax provisions related to previous years (119) (190)
Others - (18)
Income tax expense recognised in the statement of profit and loss 1,979 2,327
The tax rates under Indian Income Tax Act, for the year ended March 31, 2020 and March 31, 2019 are 34.94% and 34.94% respectively.
Deferred tax
Particulars Others
Lease assets net of lease liabilties - 98 - - 98
Allowance for expected credit loss 48 36 - - 84
Provision for volume discount (2) (11) - - (13)
Effective portion of Cash Flow Hedges - - 1,093 - 1,093
Others 91 161 - - 252
Total 388 354 1,093 - 1,835

Particulars Others
Allowance for expected credit loss 19 29 - - 48
Provision for volume discount 18 (20) - - (2)
Others 65 26 - - 91
MAT Credit entitlement/ (utilisation) 59 - - (59) -
Total 318 129 - (59) 388

The Group has not created deferred tax assets on the following: Transaction price allocated to the remaining performance
As at As at obligations
Particulars
March 31, 2020 March 31, 2019 As at As at
Particulars
Unused tax losses (long term March 31, 2020 March 31, 2019
capital loss) which expire in: Within 1 year 24,519 4,804
- FY 2019-20 34 34 1-3 years 8,332 14,277
- FY 2021-22 48 48
More than 3 years 729 933
- FY 2022-23 28 28
- FY 2023-24 22 22 The Group has applied practical expedient and has not dis-
Unused tax losses of foreign closed information about remaining performance obligations
306 314
jurisdiction
in contracts where the original contract duration is one year
The Group has units at Bengaluru, Hyderabad, Chennai and or less or where the entity has the right to consideration that
Bhubaneshwar registered as Special Economic Zone (SEZ) units corresponds directly with the value of entity’s performance
which are entitled to a tax holiday under Section 10AA of the completed to date. The above revenue is subject to change in
Income Tax Act, 1961.
transaction price, if any.
The Group also has STPI units at Bengaluru and Pune which are The Group has evaluated the impact of COVID–19 resulting
registered as 100 percent Export Oriented Units, which were from (i) the possibility of constraints to render services which
earlier entitled to a tax holiday under Section 10B and Section may require revision of estimations of costs to complete the
10A of the Income Tax Act, 1961. contract because of additional efforts (ii) onerous obligations
A portion of the profits of the Group’s India operations are (iii) penalties relating to breaches of service level agreements
exempt from Indian income taxes being profits attributable and (iv) termination or deferment of contracts by customers.
to export operations from undertakings situated in Special The Group has concluded that the impact of COVID–19 is not
Economic Zone (SEZ). Under the Special Economic Zone Act, material based on such evaluation. Due to the nature of the
2005 scheme, units in designated Special Economic Zones pandemic, the Group will continue to monitor developments to
providing service on or after April 1, 2005 will be eligible identify significant uncertainties relating to revenue in future
for a deduction of 100 percent of profits or gains derived periods.
from the export of services for the first five years from the
commencement of provision of services and 50 percent of such
19. Other income
profits and gains for a further five years. Certain tax benefits are
also available for a further five years subject to the unit meeting For the year ended
Particulars
defined conditions. March 31, 2020 March 31, 2019
Net gain on financial assets
Dividend income from certain category of investments is designated at fair value 509 421
exempt from tax. The difference between the reported income through profit or loss
tax expense and income tax computed at statutory tax rate is Interest income on financial
189 146
primarily attributable to income exempt from tax. asset at amortised cost
Foreign exchange gain/ (loss),
Pursuant to the changes in the Indian income tax laws in fiscal - 267
net
year 2007, Minimum Alternate Tax (MAT) has been extended to Others * 58 59
income in respect of which deduction is claimed under the tax
Total 756 893
holiday schemes discussed above; consequently, the Company
* Includes net gain/(loss) on disposal of property, plant and
has calculated its tax liability for current domestic taxes after
equipment for the year ended March 31, 2020 ` 12 (For the year
considering MAT. The excess tax paid under MAT provisions
ended March 31, 2019 ` 19 ). Further includes net gain/(loss) on
over and above normal tax liability can be carried forward and
set-off against future tax liabilities computed under normal tax termination of right-of-use assets for the year ended March 31,
provisions. 2020 ` 8 (For the year ended March 31, 2019 ` Nil).
The Group is also subject to tax on income attributable to its

permanent establishments in foreign jurisdictions due to 20. Employee benefits expense
operation of its foreign branches and subsidiaries. For the year ended
Particulars
March 31, 2020 March 31, 2019
18. Revenue from operations Salaries and wages 46,962 40,985
Contribution to provident and
The nature of contract impacts the method of revenue 3,205 2,829
other funds*
recognition and the contracts are classified as Fixed-price Share based payments to
102 162
contracts, Maintenance contracts and Time and materials employees (refer note 10)**
contracts. Staff welfare expenses 378 236

Revenue by contract type Total 50,647 44,212
For the year ended *includes contribution to defined contribution plans for the year
Particulars ended March 31, 2020 ` 3,023 (For the year ended March 31, 2019
March 31, 2020 March 31, 2019
Fixed-price and Maintenance 57% 56% ` 2,700).
Time and materials 43% 44% **includes expense on cash settled employee stock based
Total 100% 100% compensation for the year ended March 31, 2020 ` Nil. (For the
Refer note 38 for disaggregation of revenue by industry and year ended March 31, 2019 ` 73).
geographical segments.

21. Gratuity For the year ended

Particulars
Amount recognized in the statement of profit and loss March 31, 2020 March 31, 2019
in respect of gratuity cost (defined benefit plan) is as Net gratuity cost 291 215
Assumptions
follows:
Discount rate 6.30% 7.30%
For the year ended
Particulars Salary increase 0-6% 5.00%
March 31, 2020 March 31, 2019
Withdrawal rate 14.54% 12.12%
Gratuity cost
Service cost 174 124 Assumptions regarding future mortality experience are set in
Net interest on net defined accordance with the published statistics by the Indian Assured
8 5
liability/(asset)
Lives Mortality (2006-08) Ult.
109 86
(gain)/loss recognised in OCI
The estimates of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotion and
other relevant factors such as supply and demand factors in the employment market. The expected return on plan assets is based on
expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations.
The following table sets out the status of the gratuity plan.
As at As at
Particulars
March 31, 2020 March 31, 2019
Change in defined benefit obligations
Obligations at the beginning of the year 874 705
Service cost 174 124
Interest cost 59 49
Benefits settled (141) (88)
Actuarial (gain)/loss - experience 40 45
Actuarial (gain)/loss – demographic assumptions 8 (17)
Actuarial (gain)/loss – financial assumptions 57 56
Obligations at the end of the year 1,071 874
Change in plan assets
Plan assets at the beginning of the year, at fair value 644 564
Interest income on plan assets 51 43
Re-measurement - actuarial gain/(loss) - -
Return on plan assets greater/(lesser) than discount rate (4) (2)
Contributions 226 125
Benefits settled (128) (86)
Plan assets at the end of the year, at fair value 789 644
Particulars
The experience adjustments, meaning difference between As at As at

changes in plan assets and obligations expected on the basis Particulars March 31, 2020 March 31, 2019
of actuarial assumption and actual changes in those assets and Increase Decrease Increase Decrease
obligations are as follows: Future salary
growth (1% 65 (54) 57 (52)
As at As at movement)
Particulars
March 31, 2020 March 31, 2019
Experience adjustment on plan Maturity profile of defined benefit obligation:
40 45
liabilities As at As at
Particulars
Experience adjustment on plan March 31, 2020 March 31, 2019
(4) 2
assets Within 1 year 146 107
1-2 years 158 123
Sensitivity analysis
2-3 years 172 143
Reasonably possible changes at the reporting date to one of
3-4 years 199 157
the relevant actuarial assumptions, holding other assumptions
4-5 years 240 188
constant, would have affected the defined benefit obligation by 5-10 years 1,273 1,068
the amounts shown below:
As at As at
The Group expects to contribute ` 146 to its defined benefit
Particulars March 31, 2020 March 31, 2019 plans during the next fiscal year.
Increase Decrease Increase Decrease As at March 31, 2020 and March 31, 2019 100% of the plan
Discount rate assets were invested in insurer managed funds.
(59) 66 (51) 57
(1% movement)

The Group has established an income tax approved irrevocable For the year ended
Particulars
trust fund to which it regularly contributes to finance liabilities March 31, 2020 March 31, 2019
of the plan. The fund’s investments are managed by certain Rates and taxes 344 266
insurance companies as per the mandate provided to them by Foreign exchange loss, net 83 -
the trustees and the asset allocation is within the permissible Other expenses 2,805 2,877
limits prescribed in the insurance regulations.
Total 16,181 15,358
* Represents lease rentals for short term leases and leases of low
22. Finance costs value assets for the current year.
For the year ended 25. Auditor’s remuneration
Particulars
March 31, 2020 March 31, 2019
Interest expense on financial For the year ended
Particulars
instruments designated at - 29 March 31, 2020 March 31, 2019
amortised cost Payment to Auditor as:
Interest expense on lease (a) auditor 20 18
529 -
liabilities
(b) for taxation matters 1 1
Total 529 29
(c) for other services* 5 8
23. Depreciation and amortization expense (d) for reimbursement of

1 2
expenses
For the year ended
Particulars Total 27 29
March 31, 2020 March 31, 2019
Depreciation of property, plant * The above excludes amounts paid to a firm affiliated to the
1,343 1,175
and equipment (Refer note 3)
statutory auditors firm through a networking arrangement as
Depreciation of Right-of-use
959 - registered with the Institute of Chartered Accountants of India, for
assets (Refer note 4)
the year ended March 31, 2020 ` 4 (for the year ended March 31,
Amortization of other
452 466 2019 ` 2 ).
intangible assets (Refer note 5)
Total 2,754 1,641
26. Earnings per share (EPS)
24. Other expenses
For the year ended
Particulars
Particulars
March 31, 2020 March 31, 2019 Profit for the year (A) 6,309 7,541
Travel expenses 3,265 3,006
Weighted average number of
Communication expenses 691 793 equity shares for calculation of 164,487,369 164,122,945
Sub-contractor charges 6,208 5,281 basic earnings per share (B)
Computer consumables 1,166 919 Weighted average number of

equity shares for calculation of 164,567,714 164,468,537
Legal and professional charges 599 452
diluted earnings per share (C)
Earnings per share:
Lease rentals* 170 1,223
Equity shares of par value
Repairs and maintenance ` 10 each
- Buildings 383 102
(1) Basic (`) (A/B) 38.35 45.94
- Machinery 59 61
(2) Diluted (`) (A/C) 38.33 45.85
Insurance 95 76
For the year ended
Particulars
March 31, 2020 March 31, 2019
- 80,345 - 345,592
27. Government grants

The Group has claimed R&D tax relief under UK corporation tax rules. The Group undertakes R&D activities and incurs qualifying revenue
expenditure which is entitled to an additional deduction under UK corporation tax rules, details of which are given below:
For the year ended
Nature of expenses
March 31, 2020 March 31, 2019
Grant towards R & D credit 18 18
Total 18 18
The grant recognized in the balance sheet is ` 46 as at March 31, 2020 (As at March 31, 2019 is ` 26).

28. Other Comprehensive Income (OCI)

Components of changes to OCI by each type of reserve in equity is shown below-
- - (83) (83)
Effective portion of Cash Flow Hedges (3,128) - - (3,128)
(ii) Income tax relating to items that will be reclassified to profit
or loss 1,093 - - 1093
(2,035) - - (2,035)
Total (2,035) - (83) (2,118)

- - (65) (65)
Effective portion of Cash Flow Hedges - - - -
Foreign exchange translation differences - 262 - 262
(ii) Income tax relating to items that will be reclassified
to profit or loss - - - -
- 262 - 262
Total - 262 (65) 197
29. Leases
The Group has adopted Ind AS 116 ‘Leases’ with the date of initial Reconciliation of operating lease commitments as at March
application being April 1, 2019. Ind AS 116 replaces Ind AS 17 – 31, 2019 with the lease liabilities recognized in the Balance
Leases and related interpretation and guidance. The Group has Sheet as at April 1, 2019:
applied Ind AS 116 using the modified retrospective approach,
under which the cumulative effect of initial application is Operating lease commitment at March 31, 2019 5,075
recognised in retained earnings at April 1, 2019. As a result, the Discounted using the incremental borrowing rate
3,563
comparative information has not been restated. In adopting Ind at April 1, 2019
AS 116, the Group has applied the below practical expedients: Recognition exemption for:
The Group has applied a single discount rate to a portfolio of Short term leases (1)
leases with reasonably similar characteristics Leases of low value assets (6)
The Group has treated the leases with remaining lease term Extension and termination options reasonably
2,244
of less than 12 months as if they were “short term leases” certain to be exercised
Lease liabilities recognised at April 1, 2019 5,800
The Group has not applied the requirements of Ind AS 116
for leases of low value assets (assets of less than USD 5,000
in value) Impact of adoption of Ind AS 116 on retained earnings:
Reversal of deferred rent liability as at March 31,
The Group has excluded the initial direct costs from 186
2019
measurement of the right-of-use asset at the date of transition
Reclassification of operating lease under Ind AS 17
(29)
The Group has used hindsight, in determining the lease term ‘Leases’ to right-of-use assets
if the contract contains options to extend or terminate the Impact on retained earnings as at April 1, 2019 157
lease
For the year
On transition to Ind AS 116, the Group recognised right-of-use Impact of adoption of Ind AS 116 on the
ended
statement of profit and loss
assets amounting to ` 6,369, related accumulated depreciation March 31, 2020
amounting to ` 138, lease liabilities amounting to ` 5,800 and Interest on lease liabilities (Refer note 22) 529
` 157 (credit) in retained earnings as at April 1, 2019. The Group Depreciation of Right-of-use assets (Refer note 23) 959
has discounted lease payments using the applicable incremental Deferred tax (credit) (Refer note 17) (98)
borrowing rate as at April 1, 2019, which is 9.5% for measuring
Impact on the statement of profit and loss for
the lease liability. Refer note 32 for contractual maturities of 1,390
the year
lease liabilities.
The Group has sublet few of the leased premises. Lease rental As at As at
income under such non-cancellable operating lease during the Particulars
March 31, 2020 March 31, 2019
year ended March 31, 2020 amounted to ` 15 (For the year Receivable – Not later than
27 13
ended March 31, 2019 amounted to ` 5 ). one year
Receivable – Later than one
year and not later than five 4 16
years

Particulars
Financial assets
Amortised cost
Loans 556 798 556 798
Trade receivable 14,389 13,356 14,389 13,356
Cash and cash equivalents 3,909 2,562 3,909 2,562
Bank balances other than cash and cash equivalents 1,961 - 1,961 -
Other financial assets 2,805 2,444 2,805 2,444
Investment in term deposit (unquoted) 1,066 740 1,066 740
Investment in debt securities (quoted) 596 873 596 873
Investment in commercial paper (unquoted) - 188 - 188
FVTOCI
Investment in equity instruments (unquoted) 1 1 1 1
Investment in preference shares (unquoted) 7 7 7 7
FVTPL
Investments in mutual fund (quoted) 6,078 6,227 6,078 6,227
Derivative financial instruments - fair value hedge - 84 - 84
Total assets 31,368 27,280 31,368 27,280
Financial liabilities
Amortised cost
Borrowings 5 10 5 10
Lease liabilities 5,663 - 5,663 -
Trade payables 2,587 2,131 2,587 2,131
Other financial liabilities 3,676 2,428 3,676 2,428
FVTOCI
Derivative financial instruments - cash flow hedge 3,128 - 3,128 -
FVTPL
Derivative financial instruments - fair value hedge 239 2 239 2
Total liabilities 15,298 4,571 15,298 4,571
The Management assessed that fair value of cash and short- value of unquoted instruments, loans from banks and
term deposits, trade receivables, other current assets, trade other financial liabilities, as well as other non-current
payables, book overdrafts and other current liabilities financial liabilities is estimated by discounting future cash
approximate their carrying amounts largely due to the short- flows using rates currently available for debt on similar
term maturities of these instruments. terms, credit risk and remaining maturities. In addition
The fair value of the financial assets and liabilities is included to being sensitive to a reasonably possible change in
at the amount at which the instrument could be exchanged the forecast cash flows or discount rate, the fair value of
in a current transaction between willing parties, other than the equity instruments is also sensitive to a reasonably
in a forced or liquidation sale. The fair-value of the financial- possible change in the growth rates. The valuation requires
instruments factor the uncertainties arising out of COVID-19, management to use unobservable inputs in the model, of
where applicable. which the significant unobservable inputs are disclosed in
the tables below. Management regularly assesses a range
The following methods and assumptions were used to estimate
of reasonably possible alternatives for those significant
the fair values:
unobservable inputs and determines their impact on the
i) Long-term fixed-rate and variable-rate receivables/ total fair value.
borrowings are evaluated by the Group based on
iiii) Fair values of the Group’s interest-bearing borrowings
parameters such as interest rates, specific country risk
and loans are determined by using Discounted Cash Flow
factors, individual creditworthiness of the customer and
(DCF) method using discount rate that reflects the issuer’s
the risk characteristics of the financed project. Based on
borrowing rate as at the end of the reporting period. The
this evaluation, allowances are taken into account for the
own non-performance risk as at March 31, 2020 was
expected losses of these receivables.
assessed to be insignificant.
ii) The fair value of the quoted bonds and mutual funds
iv) The fair values of the unquoted equity and preference shares
are based on price quotations at reporting date. The fair
have been estimated using a DCF model. The valuation forward pricing and swap models, using present value
requires management to make certain assumptions about calculations. The models incorporate various inputs
the model inputs, including forecast cash flows, discount including the credit quality of counterparties, foreign
rate, credit risk and volatility/ the probabilities of the exchange spot and forward rates, yield curves of the
various estimates within the range can be reasonably respective currencies, currency basis spreads between
assessed and are used in management’s estimate of fair the respective currencies, interest rate curves etc. As at
value for these unquoted equity investments. March 31, 2020 the marked-to-market value of derivative
v) The Group enters into derivative financial instruments with asset positions is net of a credit valuation adjustment
various counterparties, principally banks with investment attributable to derivative counterparty default risk. The
grade credit ratings. Interest rate swaps, foreign exchange changes in counterparty credit risk had no material effect
forward contracts are valued using valuation techniques, on the hedge effectiveness assessment for derivatives
which employs the use of market observable inputs. The designated in hedge relationships and other financial
most frequently applied valuation techniques include instruments recognised at fair value.
31. Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on recurring
basis as at March 31, 2020 and March 31, 2019.
Date of Quoted prices in Significant Significant
Particulars Total
valuation active markets observable unobservable
Derivative financial instruments* (Notes 30 & 8.6): March 31, 2020 - - - -
FVTOCI financial assets designated at fair value (Notes 30 & 6.1):

FVTPL financial assets designated at fair value (Notes 30, 6.1 &
8.1):

Derivative financial instruments* (Notes 30, 12.2 & 14.1): March 31, 2020 3,367 - 3,367 -
Date of Quoted prices in Significant Significant
Particulars Total
valuation active markets observable unobservable
Derivative financial instruments* (Note 30 & 8.6): March 31, 2019 84 - 84 -
FVTOCI financial assets designated at fair value

(Notes 30 & 6.1):
FVTPL financial assets designated at fair value

(Note 30, 6.1 & 8.1):

Derivative financial instruments* (Notes 30, 12.2 & 14.1): March 31, 2019 2 - 2 -

Reconciliation of fair value measurement of unquoted be offset by contra movements in the underlying exposures
investment in equity instruments and preference shares values. However, till the point of time that the HPFE becomes an
classified as FVTOCI (Level 3) on-balance sheet exposure, the changes in MTM of the hedge
As at As at contracts will impact the Balance Sheet of the Group. The Group
Particulars
March 31, 2020 March 31, 2019 monitors the potential risk arising out of the market factors like
Opening balance 8 8 exchange rates on a regular basis. The counter party in these
Remeasurement recognised derivative instruments is a bank and the Group considers the
- -
in OCI risks of non-performance by the counterparty as non-material.
Purchases - - For on balance sheet exposures, the Group monitors the risks on
Sales - - net unhedged exposures. The Group has evaluated the impact
Closing balance 8 8 of the COVID-19 event on its highly probable transactions
*Derivative financial instruments are valued based on quoted and concluded that there was no impact on the probability of
prices for similar assets and liabilities in active markets or inputs occurrence of the hedged transaction. The Group has considered
that are directly or indirectly observable in the marketplace. the effect of changes, if any, in both counterparty credit risk
and its own credit risk in assessing hedge effectiveness and
Derivative financial instruments
measuring hedge ineffectiveness.
The Group is exposed to foreign currency fluctuations on
The following table presents the aggregate contracted principal
foreign currency assets/ liabilities and certain Highly Probable
amounts of the Group’s derivative contracts outstanding:
Forecast Exposures (HPFE) denominated in foreign currency.
As at As at
The Group follows established risk management policies, Particulars
March 31, 2020 March 31, 2019
including the use of derivatives to hedge foreign currency
Non-designated derivative
assets/ liabilities and HPFE. The Group regularly reviews its instruments (Sell):
foreign exchange forward positions both on a standalone basis in USD millions 1,118 50
and in conjunction with its underlying foreign currency related in EUR millions - 1
exposures. Hence, the movement in Mark To Market (MTM) of in GBP millions - 1
the hedge contracts undertaken for such exposures is likely to
Cash Flow Hedge
in USD millions 452.00 527.00 - -
Average rate 73.87 78.35 - -
in INR millions 33,387 41,288 - -
Fair Value Hedge

Average rate 74.36 - 71.33 -


Refer note 28, 30 and 32
The reconciliation of cash flow hedges

For the year ended
Particulars
March 31, 2020 March 31, 2019
Balance at the beginning of the year - -
Gain/ (loss) recognized in the other comprehensive income during the year (3,256) -
Amount reclassified to profit and loss during the year 128 -
Tax impact on the above 1,093 -
Balance at the end of the year (2,035) -

32. Financial risk management

The Group’s activities expose it to a variety of financial risks: credit-ratings of customers in view of COVID-19 to ensure the
credit risk, liquidity risk, foreign currency risk and interest rate adequacy of allowance for expected credit loss towards trade
risk. The Group’s primary focus is to foresee the unpredictability and other receivables.
of financial markets and seek to minimize potential adverse The following table gives details in respect of revenues
effects on its financial performance. The primary market risk to generated from top customer and top 5 customers:
the Group is foreign exchange risk. The Group uses derivative
For the year ended
financial instruments to mitigate foreign exchange related Particulars
March 31, 2020 March 31, 2019
risk exposures. All derivative activities for risk management
Revenue from top customer 17,196 13,888
purposes are carried out by specialist teams that have the
Revenue from top 5 customers 27,344 23,318
appropriate skills, experience and supervision. It is the Group’s
One customer accounted for more than 10% of the revenue
policy that no trading in derivative for speculative purposes
for the year ended March 31, 2020, Further, one customer
may be undertaken. The Board of Directors reviews and agrees
accounted for more than 10% of the receivables as at March
policies for managing each of these risks, which are summarised
31, 2020. One customer accounted for more than 10% of the
below:
revenue for the year ended March 31, 2019, however none of
Credit risk the customers accounted for more than 10% of the receivables
Credit risk is the risk of financial loss to the Group if a customer as at March 31, 2019.
or counterparty to a financial instrument fails to meet its
Investments
contractual obligations, and arises principally from the Group’s
receivables from customers and investment securities. Credit The Group limits its exposure to credit risk by generally investing
risk arises from cash held with banks and financial institutions, in liquid securities and only with counterparties that have a
as well as credit exposure to clients, including outstanding good credit rating. The Group does not expect any losses from
accounts receivable. The maximum exposure to credit risk is non-performance by these counterparties, and does not have
equal to the carrying value of the financial assets. The objective any significant concentration of exposures to specific industry
of managing counterparty credit risk is to prevent losses in sectors.
financial assets. The Group assesses the credit quality of the Liquidity risk
counterparties, taking into account their financial position, past Liquidity risk is the risk that the Group will not be able to
experience and other factors. meet its financial obligations as they become due. The Group
manages its liquidity risk by ensuring, as far as possible, that it
Trade and other receivables
will always have sufficient liquidity to meet its liabilities when
The Group’s exposure to credit risk is influenced mainly by the due. Also, the Group has unutilized credit limits with banks.
individual characteristics of each customer. The demographics
The Group’s corporate treasury department is responsible for
of the customer, including the default risk of the industry and
liquidity, funding as well as settlement management. In addition,
country in which the customer operates, also has an influence
processes and policies related to such risks are overseen by
on credit risk assessment. Ratings of customers are periodically
senior management.
monitored. The Group has considered the latest available
The working capital position of the Group is given below:
As at As at
Particulars
March 31, 2020 March 31, 2019
Cash and cash equivalents 3,909 2,562
Bank balances other than cash and cash equivalents 1,961 -
Investments in mutual funds (quoted) 5,334 5,547
Investments in non-convertible bonds/ debentures (quoted) 544 361
Investment in term deposit (unquoted) 1,066 740
Investment in commercial paper (unquoted) - 188
Total 12,814 9,398
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2020 and March
31, 2019:
Particulars
Borrowings 5 - -


Particulars
Borrowings 5 5 -
Book overdrafts 3 - -
Foreign Currency risk

The Group’s exchange risk arises from its foreign operations, foreign currency revenues and expenses, (primarily in U.S. Dollars, British
Pound Sterling and Euros) and foreign currency borrowings (in U.S. dollars). A significant portion of the Group’s revenues are in these
foreign currencies, while a significant portion of its costs are in Indian Rupees. As a result, if the value of the Indian Rupee appreciates
relative to these foreign currencies, the Group’s revenues measured in Rupees may decrease. The exchange rate between the Indian
Rupee and these foreign currencies has changed substantially in recent periods and may continue to fluctuate substantially in the future.
The Group has a foreign exchange hedging committee which meets on a periodic basis to formulate the strategy for foreign currency risk
management.
Consequently, the Group uses derivative financial instruments, such as foreign exchange forward contracts, to mitigate the risk of
changes in foreign currency exchange rates in respect of its forecasted cash flows and trade receivables.
The details in respect of the outstanding foreign exchange forward contracts are given under the derivative financial instruments section.
In respect of the Group’s forward contracts, a 1% decrease/increase in the respective exchange rates of each of the currencies underlying
such contracts would have resulted in:
a) an approximately ` 105 increase and ` 105 decrease in the Group’s net profit in respect of its fair value hedges and ` 741 increase
and ` 741 decrease in the Group’s effective portion of cash flow hedges as at March 31, 2020;
b) an approximately ` 36 increase and ` 36 decrease in the Group’s net profit as at March 31, 2019 in respect of its fair value hedges.
The following table presents foreign currency risk from non-derivative financial instruments as of March 31, 2020 and March 31, 2019.
` in million
Assets
Other assets 113 26 38 18 195
Liabilities
Trade payables 1,535 65 140 38 1,778

` in million
Assets
Other assets 97 33 64 17 211
Liabilities
Trade payables 1,114 52 136 50 1,352
For the year ended March 31, 2020, every 1% increase/decrease of the respective foreign currencies compared to functional currency
of the Group would impact operating margins by 0.2%/ (0.2)%. For the year ended March 31, 2019, the impact on operating margins
would be 0.2%/ (0.2)% .
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations with
floating interest rates and investments. The Group’s borrowings and investments are primarily short-term, which do not expose it to
significant interest rate risk.

33. Capital management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. The Group monitors the return on capital as well as the level of dividends on its equity shares. The Group’s
objective when managing capital is to maintain an optimal structure so as to maximize shareholder value.
The capital structure is as follows:
As at As at
Particulars
March 31, 2020 March 31, 2019
Total equity attributable to the equity share holders of the Group 31,568 33,061
As percentage of total capital 85% 100%
Total lease liabilities 5,663 5
Total loans, borrowings and lease liabilities 5,668 10
As a percentage of total capital 15% 0%
Total capital (loans, borrowings, lease liabilities and equity) 37,236 33,071
The Group is predominantly equity financed which is evident from the capital structure table. Further, the Group has always been a net
cash Group with cash and bank balances along with investment which is predominantly investment in liquid and short term mutual
funds being far in excess of debt.
34. Related party transactions
Name of related party Nature of relationship

Mindtree Foundation Entity with common key managerial person
Bridgeweave Limited Entity with common key managerial person
NuvePro Technologies Private Limited* Entity in which a key managerial person is a member.
Relative of a key managerial person till July 16,
Amitav Bagchi
2019.
As per the arrangement mentioned in the draft letter
of offer of L&T dated April 02, 2019, received by the
Company, the shares held by (a) V. G. Siddhartha
Coffee Day Global Limited (b) Coffee Day Trading Limited and (c) Coffee Day
Enterprises Limited aggregating to 19.95% of the
Tanglin Developments Limited (‘TDL’) shares in Mindtree Limited was transferred to SCB
Escrow A/C - Project Carnation, Lotus & Marigold.
Sical Logistics Limited The above shareholding interest was subsequently
transferred to L&T and accordingly ceased to be
related party during the year.

Larsen & Toubro Limited Parent Company (Also refer note 10(d))
L&T Investment Management Ltd** Fellow Subsidiary
Mindtree Limited Employees Gratuity Fund Trust Gratuity Trust
Larsen & Toubro Infotech Limited Fellow Subsidiary
* Related party under The Companies Act, 2013 till July 17, 2019.
* * Investment Manager for L&T Mutual Fund.
For the year ended
Name of related party Nature of transaction
March 31, 2020 March 31, 2019
Larsen & Toubro Limited Dividend paid 2,789 -


As at As at
March 31, 2020 March 31, 2019
Coffee Day Global Limited Trade Payables - 2
Larsen & Toubro Limited Trade Payables 20 -
Mindtree Limited Employees Gratuity Fund Trust Gratuity contribution payable 272 211

As at As at
March 31, 2020 March 31, 2019
The amount outstanding are unsecured and will be settled in cash. No guarantee has been given or received.
Related party transactions as disclosed above pertain to transactions which are actually billed, and does not include transactions and
balances arising from unbilled revenues and accruals.

1
and recommended the appointment of Mr. Anilkumar Manibhai Naik as an Additional Director and designated him as Non-Executive
Chairman with effect from July 18, 2019 and the same is approved by shareholders through Postal Ballot by way of special resolution on
September 23, 2019.
2
3
4
5
6
7
8

9
10
11
Transactions with key managerial personnel

Dividends paid to directors during the year ended March 31, 2020 amounts to ` 397 and for the year ended March 31, 2019 amounts
to ` 162 . Further, during the year ended March 31, 2020, 7,875 (March 31, 2019: 4,255) shares were allotted to the key managerial
personnel.
Compensation of key managerial personnel of the Company

For the year ended*
Particulars
March 31, 2020 March 31, 2019
Short-term employee benefits 146 142
Share-based payment transactions 16 69
Others 21 18
Total compensation paid to key managerial personnel 183 229
* The above compensation excludes gratuity and compensated absences which cannot be separately identified from the composite amount
advised by the actuary.
Particulars March 31, 2020 March 31, 2019 Assessing Officer for re-assessment. The Group preferred
an appeal with the Hon’ble High Court of Karnataka
Claims against the Group not 1,074 1,074
against the order of the ITAT. The Hon’ble High Court of
acknowledged as debts
Karnataka has dismissed the appeal filed against the
a) The Group has received income tax assessment order for order of ITAT and upheld the order passed by the ITAT and
financial years 2006-07 and 2007-08 for the erstwhile accordingly the case is pending before Assessing Officer
subsidiary Mindtree Technologies Private Limited (MTPL) for re-assessment. The Deputy Commissioner of Income
with demands amounting to ` 11 and ` 10 respectively Tax has completed the reassessment and has issued a
on account of certain disallowances/ adjustments made Final assessment order with a revised demand amounting
by income tax department. Management believes that the to ` 202 due to transfer pricing adjustments. Management
position taken by it on the matter is tenable and hence, no believes that the position taken by it on the matter is
adjustment has been made to the financial statements. The tenable and hence, no adjustment has been made to the
Group has filed an appeal against the demand received. financial statements. The Group has filed an appeal with
The Group has not deposited the amount of demand with Commissioner of Income Tax (Appeals).
the department. The department has adjusted pending
The Group has received the order from the Commissioner
refunds amounting to ` 18 against these demands.
of Income Tax (Appeals) for the year 2004-05 and on the
b) The Group has received income tax assessment order under unfavorable grounds, the Group has filed an appeal with
Section 143(3) of the Income-Tax Act 1961 pertaining to ITAT, Bengaluru.
erstwhile subsidiary Aztecsoft Limited for the financial
The Group has received the order from ITAT for the FY
years 2001-02, 2002-03, 2003-04, 2004-05, 2005-06,
2005-06 and ITAT has remanded the matter back to the
2007-08 and 2008-09 wherein demand of ` 215, ` 49, `
Assessing Officer for re-assessment. The Group has filed
61, ` 28, ` 58, ` 214 and ` 63 respectively has been raised
an appeal with the Hon’ble High Court of Karnataka. The
against the Group. These demands have arisen mainly on
Hon’ble High Court has dismissed the appeal and this
account of transfer pricing adjustments made in the order.
matter is pending with Assessing Officer.
The Group has not accepted these orders and has been
advised by its legal counsel/ advisors to prefer appeals The Group has received the order from ITAT for the FY
before appellate authorities and accordingly the Group 2007-08 and ITAT has quashed the order of the Assessing
has filed appeals before the Commissioner of Income Tax Officer. Order giving effect to the ITAT order is yet to be
(Appeals) and Income Tax Appellate Tribunal (ITAT). The received.
Group has deposited ` 15 with the department against The Group has received revised order for the FY 2008-
these demands. The department has adjusted pending 09 under section 263 from Assessing Officer raising
refunds amounting to ` 556 against these demands. an additional demand of ` 61, taking the total demand
The Group received a favourable order from the to ` 124. The Group had filed an appeal before ITAT.
Commissioner of Income Tax (Appeals) for the year 2001- Subsequently, the Group has received the order from ITAT
02 where in the Commissioner of Income Tax (Appeals) for the FY 2008-09 and ITAT has quashed the order of the
accepted the Group’s contentions and quashed the Assessing Officer. Order giving effect to the ITAT order is
demand raised. The income tax department appealed yet to be received. During the year, the group has filed
against the above mentioned order with ITAT. ITAT, in an a writ petition with the Hon’ble High Court of Karnataka
earlier year passed an order setting aside both the orders to stay the proceedings of the assessing officer for the
of the Commissioner of Income Tax (Appeals) as well as financials years 2007-08 and 2008-09.
the Assessing Officer and remanded the matter back to the The Group has appealed against the demands received
for financial years 2002-03, 2003-04, 2004-05, 2005-06, an appointed date of April 01, 2017. The Company had filed
2006-07, 2007-08 and 2008-09. Based on favourable an application with the National Company Law Tribunal (NCLT),
order received by the Group for the financial year 2001- Bengaluru Bench. The scheme was approved by NCLT during
02 from the Commissioner of Income Tax (Appeals) and the year ended March 31, 2019 vide order dated November 29,
an evaluation of the facts and circumstances, no provision 2018.
has been made against the above orders in the financial
statements. 38. Segment information
c) The Group received an assessment order for financial
The CEO & MD of the Company has been identified as the
year 2006-07 for the erstwhile subsidiary Mindtree
Chief Operating Decision Maker (CODM) as defined by Ind AS
Wireless Private Limited from the Assistant Commissioner
108, Operating Segments. The CODM evaluates the Group’s
of Income-tax (‘ACIT’) with a demand amounting to
` 39 on account of certain other disallowances/ transfer
pricing adjustments made by income tax department.
segment information has been presented for industry classes.
Management believes that the position taken by it on
the matter is tenable and hence, no adjustment has been The Group is structured into four reportable business segments
made to the financial statements. The Group has filed an – RCM, BFSI, Hi-tech and TH. The reportable business segments
appeal with Commissioner of Income Tax (Appeals) against are in line with the segment wise information which is being
the demand received. presented to the CODM.
The Group has received the order from the Commissioner Each segment item reported is measured at the measure used to
of Income Tax (Appeals) wherein the Commissioner of report to the Chief Operating Decision Maker for the purposes
Income Tax (Appeals) accepted the grounds in part and of making decisions about allocating resources to the segment
in respect of unfavorable grounds, the Group has filed and assessing its performance.
an appeal before ITAT. The final order giving effect by the Geographic information is based on business sources from that
Assessing Officer is completed and the demand is reduced geographic region and delivered from both on-site and off-shore.
to ` 33. The Group has deposited ` 5 with the department America comprises of United States of America and Canada,
against this demand. Europe includes continental Europe and United Kingdom; the
d) The Group has received the revised order under section Rest of the world comprises of all other geographies except
263 for financial year 2009-10 from Assessing Officer those mentioned above and India.
reducing the demand to ` 6. The Group has filed an appeal Income and direct expenses in relation to segments are
before ITAT. ITAT has dismissed the appeal. Order giving categorized based on items that are individually identifiable
effect has been received. The Group has filed an appeal to that segment, while the remainder of costs are apportioned
before Commissioner of Income Tax (Appeals). on an appropriate basis. Certain expenses are not specifically
e) The Group has received a final assessment order for allocable to individual segments as the underlying services
financial year 2012-13 from the Deputy Commissioner of are used interchangeably. The Management therefore believes
Income Tax with a demand amounting to ` 15 on account that it is not practical to provide segment disclosures relating to
of certain disallowances. Management believes that the such expenses and accordingly such expenses are separately
position taken by it on the matter is tenable and hence, disclosed as “unallocated” and directly charged against total
no adjustment has been made to the financial statements. income.
The Group has filed an appeal with Commissioner of CODM does not review assets and liabilities at reportable
Income Tax (Appeals). segments level, hence segment disclosure relating to total
f) During the year ended March 31, 2018, the Group received assets and liabilities has not been provided. Geographical
an order passed under section 7A of the Employees information on revenue and industry revenue information is
Provident Fund & Miscellaneous Provisions Act, 1952 from collated based on individual customer invoices or in relation to
Employees Provident Fund Organisation (EPFO) claiming which the revenue is otherwise recognized.
provident fund contribution aggregating to ` 250 for dues Industry Segments:
up to June 2016, and excludes any additional interest
For the year ended
that may be determined by the authorities from that Statement of income
date till resolution of the dispute, on (a) full salary paid March 31, 2020 March 31, 2019
to International Workers and (b) special allowance paid to Segment revenue from
employees. Based on a legal advice obtained, the Group external customers
has assessed that it has a legitimate ground for appeal, RCM 16,439 15,660
and has contested the order by filing an appeal with the BFSI 16,479 15,472
Employees’ Provident Funds Appellate Tribunal.
Hi-tech 31,793 27,586
TH 12,932 11,497
36. Capital commitments
Total 77,643 70,215
Estimated amount of contracts remaining to be executed on
capital account and not provided for as at March 31, 2020 is Segment operating income
` 511 (As at March 31, 2019: ` 843). RCM 2,844 2,579
BFSI 2,001 628
37. The Board of Directors at its meeting held on October 06, 2017,
Hi-tech 4,754 5,810
had approved the Scheme of Amalgamation (“the Scheme”)
of its wholly-owned subsidiary, Magnet 360, LLC (“Transferor TH 1,299 1,628
Company”) with Mindtree Limited (“Transferee Company”) with
For the year ended

Statement of income 39. Total of expenditure incurred on Corporate Social Responsibility
March 31, 2020 March 31, 2019
Total 10,898 10,645 (CSR) activities during the year ended March 31, 2020 is ` 343
(during the year ended March 31, 2019 is ` 150). The above
Depreciation and Amortization
(2,754) (1,641) expenditure includes contribution of ` 200 towards PM CARES
expense
Fund for the year ended March 31, 2020.
finance expenses, other 8,144 9,004
income and tax 40. Non-current assets held for sale
Finance costs (529) (29) The Company, in an earlier year, had entered into a lease
Other income 567 480 arrangement with a lessor for lease of a piece of land for a
Interest income 189 146 period of 30 years. Also, the Company had purchased two
Foreign exchange gain/ (loss) (83) 267 buildings constructed by the lessor on the above referred
land vide a separate purchase agreement, and capitalized in
the books of account. During the year, the Company received
Income taxes (1,979) (2,327)
a communication from the lessor wherein it is mentioned that
Net profit after taxes 6,309 7,541 the lessor would like to convert the existing lease into a regular
commercial lease agreement and would like to refund the
For the year ended
Other information residual value of the deposits and the value of the buildings
March 31, 2020 March 31, 2019
under the present agreements and enter into a fresh agreement.
Other significant non-cash
expense (Allocable)
The Company is currently in negotiation with the lessor to
finalise the applicable agreed price for the termination and
RCM 28 6
refund of the security deposits paid to the lessor.
BFSI 32 40
Hi-tech 45 32 Pursuant to the above, the said buildings have been reclassified
TH 100 40 from “Property, plant and equipment” to “Non-current assets
held for sale” amounting to ` 312 and the said land has been
Geographical information
reclassified from “Right-of-use assets” to “Non-current assets
For the year ended held for sale” amounting to ` 188. Also:
Revenues
March 31, 2020 March 31, 2019
America 58,000 51,502 (i) The security deposits aggregating to ` 85 paid as per
Europe 13,135 13,319 present agreements have been reclassified from Non-
India 3,131 2,416 current assets to Current assets (refer notes 6.2 and 8.5).
Rest of world 3,377 2,978 (ii) Impairment loss on non-current assets held for sale
Total 77,643 70,215 amounting to ` 39 has been accounted for the year ended
March 31, 2020.
Note:
(iii) No provision has been made in respect of liquidated
Management believes that it is currently not practicable to
provide disclosure of assets by geographical location, as damages (as per the terms of the present agreements) on
meaningful segregation of the available information is onerous. security deposits, pending ongoing negotiation with the
lessor.
Refer note 32 on Financial risk management for information on
revenue from major customers.
41. Dues to micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008 which recommends that
the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number
as allocated after filing of the Memorandum in accordance with the ‘Micro, Small and Medium Enterprises Development Act, 2006’ (‘the
Act’). Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2020 and March 31, 2019 has
been made in the financial statements based on information received and available with the Group. Further in view of the Management,
the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Group
has not received any claim for interest from any supplier as at the balance sheet date.
For the year ended

Particulars
March 31, 2020 March 31, 2019
The principal amount remaining unpaid to any supplier at the end of each accounting year; 8 3
The interest due thereon remaining unpaid to any supplier at the end of each accounting year; - -
The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises
Development Act, 2006 (27 of 2006), along with the amount of the payment made to the supplier beyond the - -
appointed day during each accounting year;

For the year ended

Particulars
March 31, 2020 March 31, 2019
The amount of interest due and payable for the period of delay in making payment (which has been paid but
beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and - -
Medium Enterprises Development Act, 2006;
The amount of interest accrued and remaining unpaid at the end of each accounting year; and - -
The amount of further interest remaining due and payable even in the succeeding years, until such date when
the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible - -
expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006;
42. Statement of Net assets and Profit or loss attributable to owners and minority interest
Share in other Share in total
Share in profit or loss for
Net assets, i.e. total assets comprehensive income for comprehensive income for
Name of the entity the year ended March 31,
minus total liabilities the year ended March 31, the year ended March 31,
2020
2020 2020
As % of Amount As % of Amount As % of Amount As % of total Amount
consolidated consolidated profit consolidated other comprehensive
net assets or loss comprehensive income
income
Parent
Mindtree Limited* 99.95% 31,552 99.98% 6,308 100.00% (2,118) 99.98% 4,190
Foreign subsidiary
Mindtree Software 0.05% 15 0.02% 1 0.00% - 0.02% 1
(Shanghai) Co. Ltd
* After adjusting inter company transactions and balances and includes goodwill and intangible assets arising on account of acquisition.
43. The consolidated financial statements are presented in ` in million. Those items which are required to be disclosed and which were not
presented in the consolidated financial statement due to rounding off to the nearest ` in million are given as follows:
Balance sheet items

Amount in `
As at As at
Particulars
March 31, 2020 March 31, 2019
Cash on hand (refer note 8.3) 32,432 4,854
12,640 (March 31, 2018: 12,640) equity shares in Worldcast Technologies Private Limited (refer note 6.1) 126,400 126,400
Related party disclosures (refer note 34)

Amount in `
For the year ended
Particulars
March 31, 2020 March 31, 2019
Professional services received from Amitav Bagchi 450,000 946,000
Ramamurthi Shankar Raman Debashis Chatterjee
Non-Executive Director CEO & Managing Director
V. Balaji Senthil Kumar Vedavalli Sridharan

Partner Chief Financial Officer Company Secretary
Place: Bengaluru

IFRS Financial Statements
INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF

MINDTREE LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion consolidated profit, consolidated total comprehensive income,

We have audited the accompanying consolidated financial statements consolidated changes in equity and consolidated cash flows for the
of MINDTREE LIMITED (‘the Parent) and its subsidiaries (the Parent and year then ended.
its subsidiaries together referred to as ‘the Group’), which comprise Basis for Opinion
the Consolidated Statement of Financial Position as at March31,
We conducted our audit of the consolidated financial statements
2020, the Consolidated Statement of Profit or Loss (including Other
in accordance with the Standards on Auditing (SAs) issued
Comprehensive Income), the Consolidated Statement of Changes in
by the Institute of Chartered Accountants of India (ICAI). Our
Equity and the Consolidated Statement of Cash Flows for the year
responsibilities under those Standards are further described in the
ended on that date, and a summary of significant accounting policies
Auditor’s Responsibilities for the Audit of the Consolidated Financial
and other explanatory information.
Statements section of our report. We are independent of the Group
In our opinion and to the best of our information and according in accordance with the Code of Ethics issued by the ICAI and we
to the explanations given to us, the aforesaid consolidated have fulfilled our ethical responsibilities in accordance with ICAI’s
financial statements give a true and fair view in conformity with Code of Ethics. We believe that the audit evidence obtained by us is
the International Financial Reporting Standards (“IFRS”) as issued sufficient and appropriate to provide a basis for our opinion on the
by the International Accounting Standards Board (“IASB”), of the consolidated financial statements.
consolidated state of affairs of the Group as at March31, 2020, its
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements for the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter
described below to be the key audit matter to be communicated in our report

1 Leases: Principal audit procedures performed
As described in Note 2.1(a)(i) to the consolidated We have performed the following procedures:
financial statements, the Group has adopted i. Evaluated the design and implementation of the relevant controls over the application of
IFRS 16 “Leases” with effect from April 1, 2019. the new lease accounting standard in respect of the data used for transition calculation as
The standard involves certain key judgements well as for the current period , and from a sample of existing lease agreements, tested the
with respect to identification of leases, operating effectiveness of such internal controls.
determination whether there is reasonable ii. Reviewed the trial balance as at April 1, 2019 and March 31, 2020 to identify the ledger
certainty that an extension or termination accounts which would have an operating lease included in them. Also, obtained list of
option will be exercised, identification of active vendor contracts and on a sample basis, obtained contract copies to confirm on
appropriate discount using the interest rate the completeness of all the lease contracts considered for computation and also to verify
implicit in the lease or lessee’s incremental whether the contract contains any embedded lease element.
borrowing rate, as applicable, to calculate the
Iii. Selected a sample of contracts from such accounts identified and:
lease obligation, measuring any impairment of
• Tested if such contracts were considered as lease contracts if they met the condition
the ‘right of use asset’, modification/termination
specified in IFRS 16.
to the leases etc.
• Verified if the terms and conditions of the contracts identified as lease contracts were
The new accounting standard additionally
considered in the quantification of the lease amounts and disclosures.
requires disclosures together with the
• Verified the discount rate used to determine lease obligation and measure any
information to be provided in the balance sheet,
impairment of the right of use asset, where applicable.
statement of profit and loss, the statement of
cash flows and in the explanatory notes (Refer • Verified if necessary adjustments arising from re-measurement of lease liability
Note 5, 26 and 33 to the consolidated financial (including corresponding adjustment to the related right of use asset), where applicable,
statements) which involve information with due to lease modifications/ termination, is appropriately made.
regard to right of use assets and liabilities. • Recomputed and compared the value of the right of use asset and the corresponding
liability based on the above lease contracts and the discount rate and reconciled any
In addition to the above, there is a risk that the
material differences.
lease data which underpin the IFRS 16 transition
calculation is incomplete or inaccurate. iv. Tested the presentation and disclosures (including presentation/disclosures arising
consequent to lease modifications/ termination) with reference to the requirements of IFRS.
Based on the above factors, the implementation
of the new accounting standard on leases has
been identified as a key audit matter.


As described in Note 3 (viii), the Management We have performed the following procedures:
reflect current and estimated future economic • Basis of consideration of the current and estimated future economic conditions.
conditions. The historical loss experience model
• Completeness and accuracy of the data used in estimation of probability of default.
previously used needed revisions considering
• Computation of the expected credit loss allowance.
the current and future economic conditions and
the effect of the COVID-19 pandemic event on ii. Selected a sample of the customers, and
the customers’ business operations/ability to • Tested a sample of invoices to test the accuracy of the ageing data.
pay dues. • Verified publicly available credit reports and other information relating to the Groups
Based on such analysis the Group has recorded customers to test if the Management had correctly considered the adjustments to credit
an allowance aggregating to ` 386 Million as at risk.
March 31, 2020, as included in Note 8 of the • Obtained and verified the details of credit period extension granted to the customers
consolidated financial statements. and developed an expectation of similar extensions across other customers of the Group.
We identified allowance for credit losses as a iii. Recomputed the expected credit loss allowance considering the above determined
key audit matter because the Group exercises input data and compared the amounts so recomputed with the amounts recorded by the
significant judgment in calculating the expected Management to determine if there were any material differences individually or in the
credit losses. aggregate.
Information Other than the Financial Statements and Auditor’s and estimates that are reasonable and prudent; and design,
Report Thereon implementation and maintenance of adequate internal financial
• The Parent’s Board of Directors is responsible for the other controls, that were operating effectively for ensuring the accuracy and
information. The other information comprises the information completeness of the accounting records, relevant to the preparation
included in the Annual Report, for example, Business and presentation of the consolidated financial statements that give a
Responsibility Report, Director’s Report, Corporate Governance true and fair view and are free from material misstatement, whether
Report, Management Discussion and Analysis, Risk Management
due to fraud or error, which have been used for the purpose of
Report, etc. but does not include the consolidated (including
preparation of the consolidated financial statements by the Directors
financial statements prepared in accordance with Indian
Accounting Standards prescribed under section 133 of the Act of the Parent, as aforesaid.
read with the Companies (Indian Accounting Standards) Rules, In preparing the consolidated financial statements, the respective
2015, as amended, (“Ind AS”)) and standalone Ind AS financial Board of Directors of the entities included in the Group are
statements and our auditor’s report thereon, which we obtained
responsible for assessing the ability of the respective entities to
prior to the date of this auditor’s report, and the Financial
Highlights, Risk Management Report and Keynote of the continue as a going concern, disclosing, as applicable, matters related
Chairman, CEO and CFO, which is expected to be made available to going concern and using the going concern basis of accounting
to us after that date. unless the respective Board of Directors either intends to liquidate
• Our opinion on the consolidated financial statements does not their respective entities or to cease operations, or has no realistic
cover the other information and we do not express any form of alternative but to do so.
assurance conclusion thereon. The respective Board of Directors of the companies included in the
• In connection with our audit of the consolidated financial Group are responsible for overseeing the financial reporting process
statements, our responsibility is to read the other information of the companies covered in the Group.
and, in doing so, consider whether the other information
is materially inconsistent with the consolidated financial Auditor’s Responsibilities for the Audit of the Consolidated Financial
statements or our knowledge obtained during the course of our Statements
audit or otherwise appears to be materially misstated. Our objectives are to obtain reasonable assurance about whether the
• If, based on the work we have performed, we conclude that consolidated financial statements as a whole are free from material
there is a material misstatement of this other information, we are misstatement, whether due to fraud or error, and to issue an auditor’s
required to report that fact. We have nothing to report in this report that includes our opinion. Reasonable assurance is a high
regard. level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement
Management’s Responsibility for the Consolidated Financial
when it exists. Misstatements can arise from fraud or error and are
Statements
considered material if, individually or in the aggregate, they could
The Board of Directors of the Parent, is responsible for the reasonably be expected to influence the economic decisions of
preparation and presentation of these consolidated financial users taken on the basis of these consolidated financial statements.
statements that give a true and fair view of the consolidated financial As part of an audit in accordance with SAs, we exercise professional
position, consolidated financial performance, consolidated changes judgment and maintain professional skepticism throughout the
in equity and consolidated cash flows of the Group in accordance audit. We also:
with International Financial Reporting Standards (“IFRS”) as issued by • Identify and assess the risks of material misstatement of the
the International Accounting Standards Board. consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks,
The respective Board of Directors of the companies included in the and obtain audit evidence that is sufficient and appropriate
Group are responsible for maintenance of adequate accounting to provide a basis for our opinion. The risk of not detecting a
records for safeguarding the assets of the Group and for preventing material misstatement resulting from fraud is higher than for
and detecting frauds and other irregularities; the selection and one resulting from error, as fraud may involve collusion, forgery,
application of appropriate accounting policies; making judgments intentional omissions, misrepresentations, or the override of

internal control. financial information of the entities or business activities within

• Obtain an understanding of internal financial control relevant to the Group to express an opinion on the consolidated financial
the audit in order to design audit procedures that are appropriate statements.
in the circumstances, but not for the purpose of expressing an Materiality is the magnitude of misstatements in the consolidated
opinion on whether the Group has adequate internal financial financial statements that, individually or in aggregate, makes it
controls system in place and the operating effectiveness of such probable that the economic decisions of a reasonably knowledgeable
controls. user of the consolidated financial statements may be influenced. We
• Evaluate the appropriateness of accounting policies used and the consider quantitative materiality and qualitative factors in (i) planning
reasonableness of accounting estimates and related disclosures the scope of our audit work and in evaluating the results of our work;
made by management of the Parent. and (ii) to evaluate the effect of any identified misstatements in the
consolidated financial statements.
• Conclude on the appropriateness of Parent’s management’s use
of the going concern basis of accounting and, based on the audit We communicate with those charged with governance of the Parent
evidence obtained, whether a material uncertainty exists related regarding, among other matters, the planned scope and timing of the
to events or conditions that may cast significant doubt on the audit and significant audit findings that we identify during our audit.
Group’s ability to continue as a going concern. If we conclude We also provide those charged with governance with a statement
that a material uncertainty exists, we are required to draw that we have complied with relevant ethical requirements regarding
attention in our auditor’s report to the related disclosures in independence, and to communicate with them all relationships
the consolidated financial statements or, if such disclosures are and other matters that may reasonably be thought to bear on our
inadequate, to modify our opinion. Our conclusions are based independence, and where applicable, related safeguards.
on the audit evidence obtained up to the date of our auditor’s From the matters communicated with those charged with governance,
report. However, future events or conditions may cause the we determine those matters that were of most significance in the
Group to cease to continue as a going concern. audit of the consolidated financial statements for the year ended
• Evaluate the overall presentation, structure and content of the March 31, 2020 and are therefore the key audit matters. We describe
consolidated financial statements, including the disclosures, and these matters in our auditor’s report unless law or regulation
whether the consolidated financial statements represent the precludes public disclosure about the matter or when, in extremely
underlying transactions and events in a manner that achieves rare circumstances, we determine that a matter should not be
fair presentation. communicated in our report because the adverse consequences
• Obtain sufficient appropriate audit evidence regarding the of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

V. Balaji
Partner
UDIN: 20203685AAAAAL5441

Consolidated statement of financial position

` in million, except share data
As at
Note
March 31, 2020 March 31, 2019
Assets
Goodwill 6b 4,732 4,732
Intangible assets 6a 759 1,180
Investments 7 804 1,200
Deferred tax assets 19 1,835 388
Non-current tax assets 1,613 1,649
Other non-current assets 10 537 915
Total non-current assets 19,017 14,118
Trade receivables 8 14,389 13,356

Unbilled revenues 3,148 2,991
Investments 7 6,944 6,836
Cash and cash equivalents 9 3,909 2,562
Total current assets 32,549 27,672
Equity
Share capital 11 1,646 1,642
Share premium 299 133
Retained earnings 30,767 30,430
Other components of equity (1,140) 860
Equity attributable to owners of the Company 31,572 33,065
Total equity 31,572 33,065
Liabilities
Loans and borrowings 14 - 5
Other non-current liabilities 17 54 174
Derivative financial instruments 1,744 -
Total non-current liabilities 6,762 179
Loans and borrowings 14 5 5

Trade payables and accrued expenses 15 2,587 2,131
Unearned revenue 16 341 667
Current tax liabilities 1,380 749
Employee benefit obligations 18 1,131 885
Provisions 17 875 744
Total current liabilities 13,232 8,546
Total liabilities 19,994 8,725
The accompanying notes form an integral part of these consolidated financial statements

Consolidated statement of profit or loss

Note
2020 2019
Revenues 20 77,643 70,215
Cost of revenues 22 (56,163) (47,997)
Gross profit 21,480 22,218
Selling, general and administrative expenses 22 (13,336) (13,214)

Results from operating activities 8,144 9,004
Foreign exchange gain/(loss) (83) 267

Finance expenses (529) (29)
Finance and other income 21 756 626
Income tax expense 19 (1,979) (2,327)
Attributable to:
Owners of the Company 6,309 7,541
Non-controlling interests - -
6,309 7,541
Equity shares of par value Rs 10 each
Basic (`) 38.35 45.94
Diluted (`) 38.33 45.85
Weighted average number of equity shares used in computing earnings per share:
Basic 164,487,369 164,122,945
Diluted 164,567,714 164,468,537

Consolidated statement of comprehensive income

2020 2019
Other comprehensive income, net of taxes
Items that will not be reclassified to profit or loss
- Defined benefit plan actuarial gains/ (losses) (83) (65)
Items that may be reclassified subsequently to profit or loss
- Foreign currency translation difference relating to foreign operations - 262
- Net change in fair value of cash flow hedges (2,035) -
Total other comprehensive income (loss), net of taxes (2,118) 197
Attributable to:
Owners of the Company 4,191 7,738
Non-controlling interests - -
4,191 7,738

Consolidated statement of changes in equity
278
Other components of equity (refer note 11)
Share Special Capital Other Effective Foreign Equity
Share Share Retained based Economic redemption reserves portion of Currency attributable to Total
Particulars No. of shares
capital premium earnings payment Zone reserve Cash Flow Translation owners of the equity
reserve reinvestment Hedges Reserve Company
reserve
Balance as at April 1, 2018 163,926,311 1,639 8 25,344 201 764 42 98 - (678) 27,418 27,418
Issue of equity shares on exercise of options/ restricted 287,730 3 - - - - - - - - 3 3

shares
Profit for the year - - 7,541 - - - - - - 7,541 7,541
Other comprehensive income - - - - - - (65) - - (65) (65)

Created during the year - - (1,348) - 1,348 - - - - - -
Utilised during the year - - 1,076 - (1,076) - - - - - -
Transferred to share premium on allotment against stock - 125 - (125) - - - - - - -
options
Compensation cost related to employee share based - - - 89 - - - - - 89 89
Cash dividend paid (including dividend tax thereon) - - (2,183) - - - - - - (2,183) (2,183)
Exchange differences on translation of foreign - - - - - - - - 262 262 262
operations
As at March 31, 2019 164,214,041 1,642 133 30,430 165 1,036 42 33 - (416) 33,065 33,065
Balance as at April 1, 2019 164,214,041 1,642 133 30,430 165 1,036 42 33 - (416) 33,065 33,065
Impact of adoption of IFRS 16 (refere note 26) - - 157 - - - - - - 157 157
Issue of equity shares on exercise of options/ restricted 360,025 4 - - - - - - - - 4 4
shares
Profit for the year - - 6,309 - - - - - - 6,309 6,309
Other comprehensive income - - - - - - (83) (2,035) - (2,118) (2,118)
Created during the year - - (1,022) - 1,022 - - - - - -
Utilised during the year - - 840 - (840) - - - - - -
Transferred to share premium on allotment against stock - 166 - (166) - - - - - - -
options
Compensation cost related to employee share based - - - 102 - - - - - 102 102
Cash dividend paid (including dividend tax thereon) - - (5,947) - - - - - - (5,947) (5,947)
(refer note 11.a)
As at March 31, 2020 164,574,066 1,646 299 30,767 101 1,218 42 (50) (2,035) (416) 31,572 31,572
Consolidated statement of cash flows

` in million
2020 2019
Adjustments for :
Depreciation of property, plant and equipment 1,343 1,226
Amortisation of intangible assets 452 466
Depreciation of right-of-use assets 959 -
Finance expenses 529 29
Interest / dividend income (189) (146)
Loss/ (gain) on sale of property, plant and equipment (12) (19)
Loss/ (gain) on disposal of Right-of-use assets (8) -
Effect of exchange differences on translation of foreign (288) (133)
currency cash and cash equivalents
Unbilled revenues (156) (201)
Trade payables and accrued expenses 480 423
Unearned revenues (326) (54)
Other liabilities 1,616 927
Expenditure on property, plant and equipment (1,241) (1,798)
Interest income received from investments 133 76
Purchase of Investments (33,066) (18,161)
Finance expenses (including interest towards lease liabilities) (529) (40)
Effect of exchange differences on translation of foreign 288 133
currency cash and cash equivalents
Cash and cash equivalents at the end of the year (Note 9) 3,909 2,559

Proceeds/
Particulars Impact of Repayment
IFRS 16
Particulars Proceeds Repayment

Notes to the consolidated financial statements

1. Company overview
Mindtree Limited (‘Mindtree’ or ‘the Company’) together with The Company is a public limited company incorporated and
its subsidiaries Mindtree Software (Shanghai) Co. Ltd, Bluefin domiciled in India and has its registered office at Bengaluru,
Solutions Limited*, Bluefin Solutions Inc.**, Bluefin Solutions Karnataka, India and has offices in India, United States of
Pte Ltd.*** and Bluefin Solutions Sdn Bhd., collectively America (USA), United Kingdom, Japan, Singapore, Malaysia,
referred to as ‘the Group’ is an international Information Australia, Germany, Switzerland, Sweden, UAE, Netherlands,
Technology consulting and implementation Group that delivers Canada, Belgium, France, Ireland, Poland, Mexico and Republic
business solutions through global software development. The of China. The Company has its primary listings on the Bombay
Group is structured into four industry verticals – Retail, CPG Stock Exchange and National Stock Exchange in India. The
and Manufacturing (RCM), Banking, Financial Services and Company became a subsidiary of Larsen & Toubro Limited (L&T)
Insurance (BFSI), High Technology and Media (Hi-tech), Travel with effect from July 2, 2019 (Refer note 28). The consolidated
and Hospitality (TH). The Group offers services in the areas financial statements were authorized for issuance by the
of agile, analytics and information management, application Company’s Board of Directors on April 24, 2020.
development and maintenance, business process management, * Dissolved with effect from April 2, 2019
business technology consulting, cloud, digital business,
** Dissolved with effect December 17, 2019.
independent testing, infrastructure management services,
mobility, product engineering and SAP services. ***Dissolved with effect March 20, 2020.
2. Basis of preparation of financial statements

(a) Statement of compliance in connection with accounting for plan amendments,
The consolidated financial statements (the ‘financial statements’) curtailments and settlements. The amendments require an
as at and for the year ended March 31, 2020 have been prepared entity to use updated assumptions to determine current
in accordance with International Financial Reporting Standards service cost and net interest for the remainder of the period
and its interpretations (“IFRS”), as issued by the International after a plan amendment, curtailment or settlement and to
Accounting Standards Board (“IASB”). recognise in profit or loss as part of past service cost, or a
gain or loss on settlement, any reduction in a surplus, even
Except for the changes below, the Group has consistently
if that surplus was not previously recognised because of
applied accounting policies to all periods.
the impact of the asset ceiling. The amendment is effective
i) The Group has adopted IFRS 16 ‘Leases’ with the date of from April 1, 2019. The Group has evaluated the effect of
initial application being April 1, 2019. IFRS 16 replaces IAS this amendment on the financial statements and concluded
17 – Leases and related interpretation and guidance. The that this amendment is currently not applicable
standard sets out principles for recognition, measurement,
presentation and disclosure of leases for both parties to a (b) Basis of measurement
contract i.e., the lessee and the lessor. IFRS 16 introduces The financial statements have been prepared on a historical cost
a single lessee accounting model and requires a lessee to convention and on an accrual basis, except for the following
recognise assets and liabilities for all leases with a term of material items that have been measured at fair value as required
more than 12 months, unless the underlying asset is of low by relevant IFRS:
value. The Group has applied IFRS 16 using the modified i. Derivative financial instruments;
retrospective approach, under which the cumulative effect ii. Certain financial assets and liabilities measured at fair value
of initial application is recognised in retained earnings at (refer accounting policy on financial instruments);
April 1, 2019. As a result, the comparative information has
iii. Share based payment transactions and
not been restated. Refer Note 26 for further details.
iv. Defined benefit and other long-term employee benefits
ii) IFRIC 23, Uncertainty over Income Tax Treatments: On June
7, 2017, the International Accounting Standards Board (c) Functional and presentation currency
(IASB) issued IFRS interpretation IFRIC 23 Uncertainty The financial statements are presented in Indian Rupees, which
over Income Tax Treatments which is to be applied while is the functional currency of the Company and the currency of
performing the determination of taxable profit (or loss), tax the primary economic environment in which the entity operates.
bases, unused tax losses, unused tax credits and tax rates, All financial information presented in Indian Rupees has been
when there is uncertainty over income tax treatments under rounded to the nearest million except share and per share data.
IAS 12, Income Taxes. The amendment is effective from (d) Use of estimates and judgment
April 1, 2019. The Group has evaluated the effect of this
The preparation of financial statements in conformity with
amendment on the financial statements and concluded that
IFRS requires management to make judgments, estimates and
there is no significant impact.
assumptions that affect the application of accounting policies
iii) Amendment to IAS 19 – plan amendment, curtailment and the reported amounts of assets, liabilities, income and
or settlement: On February 7, 2018, the IASB issued expenses. Actual results may differ from these estimates.
amendments to the guidance in IAS 19, “Employee Benefits”, Estimates and underlying assumptions are reviewed on a

periodic basis. Revisions to accounting estimates are recognized ii) Income taxes: The Group’s two major tax jurisdictions are
in the period in which the estimates are revised and in any future India and USA, though the Group also files tax returns
periods affected. In particular, information about significant in other foreign jurisdictions. Significant judgments are
areas of estimation, uncertainty and critical judgments in involved in determining the provision for income taxes,
applying accounting policies that have the most significant including the amount expected to be paid or recovered in
effect on the amounts recognized in the financial statements is connection with uncertain tax positions. Also refer Note 19.
included in the following notes: iii) Leases: The Group considers all the extension-options
i) Revenue recognition: under the commercial contract for determining the lease-
term which forms the basis for the measurement of right-of-
a. The Group uses the percentage of completion method
use asset and the corresponding lease-liability.
using the input (cost expended) method to measure
progress towards completion in respect of fixed price iv) Other estimates: The preparation of financial statements
contracts. Percentage of completion method accounting involves estimates and assumptions that affect the reported
relies on estimates of total expected contract revenue amount of assets, liabilities, disclosure of contingent
and costs. This method is followed when reasonably liabilities at the date of financial statements and the
dependable estimates of the revenues and costs reported amount of revenues and expenses for the reporting
applicable to various elements of the contract can period. Specifically, the Group estimates the probability of
be made. Key factors that are reviewed in estimating collection of accounts receivable by analyzing historical
the future costs to complete include estimates of payment patterns, customer concentrations, customer
future labour costs and productivity efficiencies. As credit-worthiness and current economic trends. If the
the financial reporting of these contracts depends financial condition of a customer deteriorates, additional
on estimates that are assessed continually during the allowances may be required. The stock compensation
term of these contracts, recognized revenue and profit expense is determined based on the Group’s estimate of
are subject to revisions as the contract progresses to equity instruments that will eventually vest.
completion. When estimates indicate that a loss will be v) Estimation uncertainty relating to COVID-19 outbreak: The
incurred, the loss is provided for in the period in which Group has considered internal and certain external sources
the loss becomes probable. of information including credit reports, economic forecasts
b. Contracts with customers often include promises to and industry reports up to the date of approval of the
transfer multiple products and services to a customer. financial statements in determining the impact on various
Determining whether products and services are elements of its financial statements. The Group has used
considered distinct performance obligations that the principles of prudence in applying judgments, estimates
should be accounted for separately or together requires and assumptions including sensitivity analysis and based
significant judgment based on nature of the contract, on the current estimates, the Group expects to fully recover
transfer of control over the product or service, ability the carrying amount of trade receivables including unbilled
of the product or service to benefit the customer on its receivables, goodwill, intangible assets and investments.
own or together with other readily available resources The eventual outcome of impact of the global health
and the ability of the product or service to be separately pandemic may be different from those estimated as on the
identifiable from other promises in the contract. date of approval of these financial statements.
3. Significant accounting policies

i) Basis of consolidation subsidiaries are measured using the currency of the primary
economic environment in which these entities operate (i.e. the
Subsidiaries
“functional currency”). The financial statements are presented
The financial statements incorporate the financial statements in Indian Rupee, the national currency of India, which is the
of the Company and entities controlled by the Company (its functional currency of the Company.
subsidiaries).
iii) Foreign currency transactions and balances
Control exists when the Company has power over an investee,
exposure or rights to variable returns from its involvement Transactions in foreign currency are translated into the respective
with the investee and ability to use its power to affect those functional currencies using the exchange rates prevailing at the
returns. Power is demonstrated through existing rights that give dates of the respective transactions. Foreign exchange gains
the ability to direct relevant activities, those which significantly and losses resulting from the settlement of such transactions
affect the entity’s returns. Subsidiaries are consolidated from and from the translation at the exchange rates prevailing at
the date control commences until the date control ceases. reporting date of monetary assets and liabilities denominated
in foreign currencies are recognized in the statement of profit or
The financial statement of subsidiaries are consolidated on a
loss and reported within foreign exchange gains/ (losses).
line-by-line basis and intragroup balances and transactions
including un-realized gain/ loss from such transactions are Non-monetary assets and liabilities denominated in a foreign
eliminated upon consolidation. The financial statements are currency and measured at historical cost are translated at the
prepared by applying uniform policies in use at the Group. exchange rate prevalent at the date of transaction. For the
purposes of presenting the consolidated financial statements
ii) Functional and presentation currency assets and liabilities of Group’s foreign operations with
Items included in the financial statements of each of the Group’s functional currency different from the Company are translated

into Company’s functional currency i.e. INR using exchange plus transaction costs and subsequently carried at
rates prevailing at the end of each reporting period. Income and amortized cost using the effective interest method, less
expense items are translated at the average exchange rates for any impairment loss.
the period, unless exchange rates fluctuate significantly during Financial assets at amortised cost are represented by
that period, in which case the exchange rates at the dates of the trade receivables, security deposits, cash and cash
transactions are used. equivalents, employee and other advances and eligible
Exchange differences arising, if any are recognised in other current and non-current assets.
comprehensive income and accumulated in equity. Cash and cash equivalents comprise cash on hand
On the disposal of foreign operation, all of the exchange and in banks and demand deposits with banks which
differences accumulated in equity in respect of that operation can be withdrawn at any time without prior notice or
attributable to the owners of the Company are reclassified to penalty on the principal.
the statement of profit or loss. For the purposes of the cash flow statement, cash
Goodwill and fair value adjustments arising on the acquisition and cash equivalents include cash on hand, in banks
of a foreign entity are treated as assets and liabilities of the and demand deposits with banks, net of outstanding
foreign entity and translated at the exchange rate in effect at bank overdrafts that are repayable on demand and
the balance sheet date. are considered part of the Group’s cash management
Foreign currency gains and losses are reported on a net basis. system.
This includes changes in the fair value of foreign exchange (ii) Debt instruments at FVTOCI
derivative instruments, which are accounted at fair value A debt instrument shall be measured at fair value
through profit or loss. through other comprehensive income if both of the
iv) Financial instruments following conditions are met:
All financial instruments are recognised initially at fair value. (a) the objective of the business model is achieved by
Transaction costs that are attributable to the acquisition of both collecting contractual cash flows and selling
the financial asset (other than financial assets recorded at fair financial assets; and
value through profit or loss) are included in the fair value of the (b) the asset’s contractual cash flow represent SPPI
financial assets. Purchase or sale of financial assets that require Debt instruments included within FVTOCI category
delivery of assets within a time frame established by regulation are measured initially as well as at each reporting
or convention in the market place (regular way trade) are period at fair value plus transaction costs. Fair value
recognised on trade date. Loans and borrowings and payable movements are recognised in other comprehensive
are recognised net of directly attributable transactions costs. income (OCI). However, the Group recognises interest
For the purpose of subsequent measurement, financial income, impairment losses & reversals and foreign
instruments of the Group are classified in the following exchange gain/(loss) in statement of profit or loss. On
categories: non-derivative financial assets comprising amortised derecognition of the asset, cumulative gain or loss
cost, debt instruments at fair value through other comprehensive previously recognised in OCI is reclassified from equity
income (FVTOCI), equity instruments at FVTOCI or fair value to profit or loss. Interest earned is recognised under the
through profit or loss account (FVTPL), non-derivative financial effective interest rate (EIR) method.
liabilities at amortised cost or FVTPL and derivative financial (iii) Equity instruments at FVTOCI
instruments (under the category of financial assets or financial
All equity instruments are measured at fair value. Equity
liabilities) at FVTPL.
instruments held for trading is classified as FVTPL. For
The classification of financial instruments depends on the all other equity instruments, the Group may make an
objective of the business model for which it is held. Management irrevocable election to present subsequent changes in
determines the classification of its financial instruments at the fair value in OCI. The Group makes such election on
initial recognition. an instrument-by-instrument basis.
a) Non-derivative financial assets
If the Group decides to classify an equity instrument as
(i) Financial assets at amortised cost at FVTOCI, then all fair value changes on the instrument,
A financial asset shall be measured at amortised cost if excluding dividend are recognised in OCI. There is no
both of the following conditions are met: recycling of the amount from OCI to statement of profit
(a) the financial asset is held within a business model or loss, even on sale of the instrument. However, the
whose objective is to hold financial assets in order Group may transfer the cumulative gain or loss within
to collect contractual cash flows; and the equity.
(b) the contractual terms of the financial asset give (iv) Financial assets at FVTPL
rise on specified dates to cash flows that are FVTPL is a residual category for financial assets. Any
solely payments of principal and interest (SPPI) on financial asset which does not meet the criteria for
the principal amount outstanding. categorization as at amortised cost or as FVTOCI, is
They are presented as current assets, except for those classified as FVTPL.
maturing later than 12 months after the reporting In addition, the Group may elect to designate the
date which are presented as non-current assets. financial asset, which otherwise meets amortised cost
Financial assets are measured initially at fair value or FVTOCI criteria, as FVTPL if doing so eliminates or

significantly reduces a measurement or recognition term. The estimated useful lives of assets for the current and
inconsistency. comparative period of significant items of property, plant
Financial assets included within the FVTPL category are and equipment are as follows:
measured at fair values with all changes recorded in Category Useful life
the statement of profit or loss. Buildings 5 - 30 years
Computer systems 2 - 3 years
b) Non-derivative financial liabilities
Furniture, fixtures and equipment 3 - 7 years
(i) Financial liabilities at amortised cost: Financial
Vehicles 4 years
liabilities at amortised cost represented by borrowings,
trade and other payables are initially recognized at Depreciation methods, useful lives and residual values are
fair value, and subsequently carried at amortized cost reviewed at each reporting date.
using the effective interest rate method. When parts of an item of property, plant and equipment
(ii) Financial liabilities at FVTPL: Financial liabilities at have different useful lives, they are accounted for as
FVTPL represented by contingent consideration are separate items (major components) of property, plant and
measured at fair value with all changes recognised in equipment. Subsequent expenditure relating to property,
the consolidated statement of profit or loss. plant and equipment is capitalized only when it is probable
c) Derivative financial instruments that future economic benefits associated with these will
The Group holds derivative financial instruments such as flow to the Group and the cost of the item can be measured
foreign exchange forward and option contracts to mitigate reliably. Repairs and maintenance costs are recognized in the
the risk of changes in foreign exchange rates on foreign consolidated statement of profit or loss when incurred. The
currency assets or liabilities and forecasted cash flows cost and related accumulated depreciation are eliminated
denominated in foreign currencies. The counterparty for from the financial statements upon sale or disposition of
these contracts is generally a bank. the asset and the resultant gains or losses are recognized in
Derivatives are recognized and measured at fair value. the consolidated statement of profit or loss.
Attributable transaction costs are recognized in statement Amounts paid towards the acquisition of property, plant
of profit or loss as cost. and equipment outstanding as of each reporting date and
(i) Cash flow hedges: Changes in the fair value of the the cost of property, plant and equipment not ready for
derivative hedging instrument designated as a cash intended use before such date are disclosed under capital
flow hedge are recognized in other comprehensive advances and capital work- in-progress respectively.
income and presented within equity in the cash
vi) Business combination, Goodwill and Intangible assets
flow hedging reserve to the extent that the hedge is
effective. To the extent that the hedge is ineffective, Business combinations other than through common control
changes in fair value are recognized in the statement transactions are accounted for using the purchase (acquisition)
of profit or loss. If the hedging instrument no longer method. The cost of an acquisition is measured as the fair value
meets the criteria for hedge accounting, expires or is of the assets given, equity instruments issued and liabilities
sold, terminated or exercised, then hedge accounting incurred or assumed at the date of exchange. The cost of
is discontinued prospectively. The cumulative gain or acquisition also includes the fair value of any contingent
loss previously recognized in the cash flow hedging
consideration. Identifiable assets acquired and liabilities and
reserve is transferred to the consolidated statement
contingent liabilities assumed in a business combination are
of profit or loss upon the occurrence of the related
measured initially at their fair value on the date of acquisition.
forecasted transaction.
(ii) Others: Changes in fair value of foreign currency Business combinations through common control transactions
derivative instruments not designated as cash flow are accounted on a pooling of interests method. Transaction
hedges and the ineffective portion of cash flow hedges costs incurred in connection with a business combination are
are recognized in the consolidated statement of profit expensed as incurred.
or loss and reported within foreign exchange gains/ a) Goodwill
(losses).
The excess of the cost of acquisition over the Group’s share in
v) Property, plant and equipment the fair value of the acquiree’s identifiable assets, liabilities
a) Recognition and measurement: and contingent liabilities is recognized as goodwill. If the
Property, plant and equipment are measured at cost excess is negative, a bargain purchase gain is recognized
or its deemed cost less accumulated depreciation and immediately in the statements of profit or loss.
impairment losses, if any. Cost includes expenditures b) Intangible assets
directly attributable to the acquisition of the asset. Intangible assets are stated at cost less accumulated
b) Depreciation: amortization and impairments. Intangible assets are
amortized over their respective individual estimated useful
The Group depreciates property, plant and equipment over
lives on a straight-line basis, from the date that they are
the estimated useful life on a straight-line basis from the
available for use. The estimated useful life of an identifiable
date the assets are available for use. Assets acquired under
intangible asset is based on a number of factors including
finance lease and leasehold improvements are amortized
the effects of obsolescence, demand, competition and
over the shorter of estimated useful life or the related lease

other economic factors (such as the stability of the industry associated with these leases as an expense over the lease term.
and known technological advances) and the level of In the comparative period, leases under which the Group
maintenance expenditures required to obtain the expected
assumes substantially all the risks and rewards of ownership
future cash flows from the asset.
are classified as finance leases. When acquired, such assets
The estimated useful lives of intangible assets for the are capitalized at fair value or present value of the minimum
current and comparative period are as follows:
lease payments at the inception of the lease, whichever is
Category Useful life lower. Lease payments and receipts under operating leases are
Intellectual property 5 years recognised as an expense and income respectively, on a straight
Computer software 2-3 years line basis in the statement of profit and loss over the lease term
Business alliance relationships 4 years except where the lease payments are structured to increase in
Customer relationships 3 - 5 years line with expected general inflation.
Vendor relationships 5 - 10 years
viii) Impairment
Trade name 10 years
a) Financial assets
Technology 10 years
Non-compete agreement 5 years In accordance with IFRS 9, the Group applies Expected
Credit Loss (ECL) model for measurement and recognition
IFRS 3 ‘Business Combinations’ requires the identifiable of impairment loss. The Group follows ‘simplified approach’
intangible assets and contingent consideration to be for recognition of impairment loss allowance on trade
fair valued in order to ascertain the net fair value of receivables.
identifiable assets, liabilities and contingent liabilities The application of simplified approach does not require the
of the acquiree. Significant estimates are required to be Group to track changes in credit risk. Rather, it recognises
made in determining the value of contingent consideration impairment loss allowance based on lifetime ECLs at each
and intangible assets. These valuations are conducted by reporting date, right from its initial recognition.
independent valuation experts.
For recognition of impairment loss on other financial assets
vii) Leases and risk exposure, the Group determines that whether there
The Group’s lease asset classes primarily consist of leases for has been a significant increase in the credit risk since initial
land and buildings. The Group, at the inception of a contract, recognition. If credit risk has not increased significantly,
assesses whether the contract is a lease or not lease. A contract 12-month ECL is used to provide for impairment loss.
is, or contains, a lease if the contract conveys the right to control However, if credit risk has increased significantly, lifetime
the use of an identified asset for a time in exchange for a ECL is used. If in subsequent period, credit quality of
consideration. This policy has been applied to contracts existing the instrument improves such that there is no longer a
and entered into on or after April 1, 2019. significant increase in credit risk since initial recognition,
then the entity reverts to recognising impairment loss
The Group recognises a right-of-use asset and a lease liability
allowance based on 12-month ECL.
at the lease commencement date. The right-of-use asset is
initially measured at cost, which comprises the initial amount Lifetime ECLs are the expected credit losses resulting
of the lease liability adjusted for any lease payments made at from all possible default events over the expected life of
or before the commencement date, plus any initial direct costs a financial instrument. The 12-month ECL is a portion of
incurred and an estimate of costs to dismantle and remove the the lifetime ECL which results from default events that are
underlying asset or to restore the underlying asset or the site on possible within 12 months after the reporting date.
which it is located, less any lease incentives received. ECL is the difference between all contractual cash flows that
The right-of-use asset is subsequently depreciated using the are due to the Group in accordance with the contract and
straight-line method from the commencement date to the end all the cash flows that the entity expects to receive (i.e. all
of the lease term. The lease liability is initially measured at the shortfalls), discounted at the original EIR. When estimating
present value of the lease payments that are not paid at the the cash flows, an entity is required to consider:
commencement date, discounted using the Group’s incremental (i) All contractual terms of the financial instrument
borrowing rate. It is remeasured when there is a change in future (including prepayment, extension etc.) over the
lease payments arising from a change in an index or rate, if there expected life of the financial instrument. However,
is a change in the Group’s estimate of the amount expected to in rare cases when the expected life of the financial
be payable under a residual value guarantee, or if the Group instrument cannot be estimated reliably, then the entity
changes its assessment of whether it will exercise a purchase, is required to use the remaining contractual term of the
extension or termination option. When the lease liability is financial instrument;
remeasured in this way, a corresponding adjustment is made to (ii) Cash flows from the sale of collateral held or other
the carrying amount of the right-of-use asset or is recorded in credit enhancements that are integral to the contractual
profit or loss if the carrying amount of the right-of-use asset has terms.
been reduced to zero.
As a practical expedient, the Group uses a provision matrix
The Group has elected not to recognise right-of-use assets and to determine impairment loss on portfolio of its trade
lease liabilities for short-term leases that have a lease term of receivable. The provision matrix is based on its historically
12 months or less and leases of low-value assets (assets of less observed default rates over the expected life of the trade
than USD 5,000). The Group recognises the lease payments receivable and is adjusted for forward-looking estimates.

At regular intervals, the historically observed default rates combination.

are updated and changes in forward-looking estimates are Goodwill is tested for impairment on an annual basis and
analysed. In addition to the historical pattern of credit loss, whenever there is an indication that goodwill may be
the Group has considered the likelihood of increased credit impaired, relying on a number of factors including operating
risk and consequential default by customers including results, business plans and future cash flows. For the purpose
revisions in the credit period provided to the customers. In of impairment testing, goodwill acquired in a business
making this assessment, the Group has considered current combination is allocated to the Group’s cash generating
and anticipated future economic conditions relating to units (CGU) or groups of CGU’s expected to benefit from the
industries/business verticals that the company deals synergies arising from the business combination. A CGU is
with and the countries where it operates. In addition, the the smallest identifiable group of assets that generates cash
Group has also considered credit reports and other credit inflows that are largely independent of the cash inflows
information for its customers to estimate the probability from other assets or group of assets. Impairment occurs
of default in future and has taken into account estimates when the carrying amount of a CGU including the goodwill,
of possible effect from the pandemic relating to COVID-19. exceeds the estimated recoverable amount of the CGU. The
The Group believes that the carrying amount of allowance recoverable amount of a CGU is the higher of its fair value
for expected credit loss with respect to trade receivables, less cost to sell and its value-in-use. Value-in-use is the
unbilled revenue and other financial assets is adequate. present value of future cash flows expected to be derived
ECL impairment loss allowance (or reversal) is recognised as from the CGU.
an income/expense in the statement of profit or loss during Total impairment loss of a CGU is allocated first to reduce
the period. This amount is reflected under the head other the carrying amount of goodwill allocated to the CGU and
expenses in the statement of profit or loss. The balance then to the other assets of the CGU prorata on the basis of
sheet presentation for various financial instruments is the carrying amount of each asset in the CGU. An impairment
described below: loss on goodwill is recognised in consolidated statement of
Financial assets measured at amortised cost, contractual profit or loss and is not reversed in the subsequent period.
revenue receivable. ECL is presented as an allowance, i.e.
ix) Employee benefits
as an integral part of the measurement of those assets in
the Balance Sheet. The allowance reduces the net carrying The Group participates in various employee benefit plans.
amount. Until the asset meets write off criteria, the Group Post-employment benefits are classified as either defined
does not reduce impairment allowance from the gross contribution plans or defined benefit plans. Under a defined
carrying amount. contribution plan, the Group’s only obligation is to pay a fixed
amount with no obligation to pay further contributions if
b) Non-financial assets
the fund does not hold sufficient assets to pay all employee
The Group assesses at each reporting date whether there is benefits. The related actuarial and investment risks fall on the
any objective evidence that a non financial asset or a Group employee. The expenditure for defined contribution plans is
of non financial assets is impaired. If any such indication recognized as expense during the period when the employee
exists, the Group estimates the amount of impairment loss. provides service. Under a defined benefit plan, it is the Group’s
An impairment loss is calculated as the difference between obligation to provide agreed benefits to the employees. The
an asset’s carrying amount and the recoverable amount. related actuarial and investment risks fall on the Group. The
Losses are recognised in statement of profit or loss and present value of the defined benefit obligations is calculated
reflected in an allowance account. When the Group using the projected unit credit method.
considers that there are no realistic prospects of recovery The Group has the following employee benefit plans:
of the asset, the relevant amounts are written off. If the
a) Social security plans
amount of impairment loss subsequently decreases and the
decrease can be related objectively to an event occurring Employer contributions payable to the social security plans,
after the impairment was recognised, then the previously which are a defined contribution scheme, are charged to
recognised impairment loss is reversed through statement the consolidated statement of profit or loss in the period in
of profit or loss. which the employee renders services.
The recoverable amount of an asset or cash-generating unit b) Gratuity

(as defined below) is the greater of its value-in-use and its In accordance with the Payment of Gratuity Act, 1972,
fair value less costs to sell. In assessing value-in-use, the the Group provides for a lump sum payment to eligible
estimated future cash flows are discounted to their present employees, at retirement or termination of employment
value using a pre-tax discount rate that reflects current based on the last drawn salary and years of employment
market assessments of the time value of money and the with the Company. The gratuity fund is managed by the
risks specific to the asset. For the purpose of impairment Life Insurance Corporation of India (LIC), ICICI Prudential
testing, assets are grouped together into the smallest group Life Insurance Company and SBI Life Insurance Company.
of assets that generates cash inflows from continuing use The Group’s obligation in respect of the gratuity plan,
that are largely independent of the cash inflows of other which is a defined benefit plan, is provided for based on
assets or groups of assets (the “cash-generating unit”). actuarial valuation using the projected unit credit method.
The goodwill acquired in a business combination is, for the The Group has applied IAS 19 (as revised in June 2011)
purpose of impairment testing, allocated to cash-generating Employee Benefits (‘IAS 19R’) and the related consequential
units that are expected to benefit from the synergies of the amendments effective April 1, 2013. As a result, all actuarial

gains or losses are immediately recognized in other uncertainties surrounding the obligation.
comprehensive income and permanently excluded from When some or all of the economic benefits required to settle
profit or loss. Further, the profit or loss does not include a provision are expected to be recovered from a third party,
an expected return on plan assets. Instead net interest the receivable is recognized as an asset, if it is virtually certain
recognized in profit or loss is calculated by applying that reimbursement will be received and the amount of the
the discount rate used to measure the defined benefit receivable can be measured reliably.
obligation to the net defined benefit liability or asset. The
Provisions for onerous contracts are recognized when the
actual return on the plan assets above or below the discount
expected benefits to be derived by the Group from a contract
rate is recognized as part of re-measurement of net defined
are lower than the unavoidable costs of meeting the future
liability or asset through other comprehensive income.
obligations under the contract. Provisions for onerous contracts
c) Compensated absences are measured at the present value of lower of the expected
The employees of the Group are entitled to compensated net cost of fulfilling the contract and the expected cost of
absences. The employees can carry forward a portion of terminating the contract.
the unutilised accumulating compensated absences and xii) Revenue
utilise it in future periods or receive cash at retirement
The Group derives revenue primarily from software
or termination of employment. The Group records an
development and related services. Revenue is measured based
obligation for compensated absences in the period in
on the consideration specified in a contract with a customer and
which the employee renders the services that increases
excludes amounts collected on behalf of third parties. The Group
this entitlement. The Group measures the expected cost of
recognizes revenue when it transfers control over a product or a
compensated absences as the additional amount that the
service to a customer. The method for recognizing revenues and
Group expects to pay as a result of the unused entitlement
costs depends on the nature of the services rendered:
that has accumulated at the end of the reporting period.
The Group recognizes accumulated compensated a) Time and materials contracts
absences based on actuarial valuation. Non-accumulating Revenues and costs relating to time and materials contracts
compensated absences are recognized in the period in are recognized as the related services are rendered.
which the absences occur. The Group recognizes actuarial
b) Fixed-price contracts
gains and losses immediately in the statement of profit or
loss. Revenues from fixed-price contracts are recognized using
the “percentage-of-completion” method. Percentage of
x) Share based payment transactions completion is determined based on project costs incurred
Employees of the Group receive remuneration in the form of to date as a percentage of total estimated project costs
equity settled instruments, for rendering services over a defined required to complete the project. The cost expended (or
vesting period. Equity instruments granted are measured by input) method has been used to measure progress towards
reference to the fair value of the instrument at the date of grant. completion as there is a direct relationship between input
The expense is recognized in the statement of profit or loss with and productivity.
a corresponding increase to the share based payment reserve, a If the Group does not have a sufficient basis to measure
component of equity. the progress of completion or to estimate the total contract
The equity instruments generally vest in a graded manner over revenues and costs, revenue is recognized only to the
the vesting period. The fair value determined at the grant date is extent of contract cost incurred for which recoverability is
expensed over the vesting period of the respective tranches of probable.
such grants (accelerated amortization). The stock compensation When total cost estimates exceed revenues in an
expense is determined based on the Group’s estimate of equity arrangement, the estimated losses are recognized in the
instruments that will eventually vest. statement of profit or loss in the period in which such losses
The fair value of the amount payable to the employees in respect become probable based on the current contract estimates.
of phantom stock, which are settled in cash, is recognized as an c) Maintenance contracts
expense with a corresponding increase in liabilities, over the
Revenue from maintenance contracts is recognized ratably
period during which the employees become unconditionally
over the period of the contract. When services are performed
entitled to payment. The liability is remeasured at each
through an indefinite number of repetitive acts over a
reporting date and at settlement date based on the fair value of
specified period of time, revenue is recognized on a straight
the Phantom stock options plan. Any changes in the liability are
line basis over the specified period or under some other
recognized in statement of profit or loss.
method that better represents the stage of completion.
xi) Provisions
In arrangements for software development and related
Provisions are recognized when the Group has a present
services and maintenance services, the Group has applied
obligation (legal or constructive) as a result of a past event, it is
the guidance in IFRS 15, ‘Revenue from Contracts with
probable that an outflow of economic benefits will be required
customers’, by applying the revenue recognition criteria
to settle the obligation, and a reliable estimate can be made of
for each of the distinct performance obligation. The
the amount of the obligation.
arrangements generally meet the criteria for considering
The amount recognized as a provision is the best estimate of the software development and related services as distinct
consideration required to settle the present obligation at the performance obligation. For allocating the consideration,
end of the reporting period, taking into account the risks and

the Group has measured the revenue in respect of distinct b) Deferred income tax
performance obligation at its standalone selling price, in Deferred income tax is recognized using the balance sheet
accordance with principles given in IFRS 15. approach. Deferred income tax assets and liabilities are
The Group accounts for volume discounts and pricing recognized for deductible and taxable temporary differences
incentives to customers by reducing the amount of revenue arising between the tax base of assets and liabilities and
recognized at the time of sale. their carrying amount in financial statements, except when
the deferred income tax arises from the initial recognition
Revenues are shown net of sales tax, value added tax, of goodwill or an asset or liability in a transaction that is not
service tax, goods and services tax and applicable discounts a business combination and affects neither accounting nor
and allowances. taxable profits or loss at the time of the transaction.
The Group accrues the estimated cost of post contract Deferred income tax asset is recognized to the extent that
support services at the time when the revenue is recognized. it is probable that taxable profit will be available against
The accruals are based on the Group’s historical experience which the deductible temporary differences, and the carry
of material usage and service delivery costs. forward of unused tax credits and unused tax losses can be
utilized. Deferred income tax liabilities are recognized for all
‘Unbilled revenues’ represent cost and earnings in excess of
taxable temporary differences.
billings as at the end of the reporting period.
The carrying amount of deferred income tax assets is
‘Unearned revenues’ represent billing in excess of revenue reviewed at each reporting date and reduced to the extent
recognized. Advance payments received from customers for that it is no longer probable that sufficient taxable profit will
which no services are rendered are presented as ‘Advance be available to allow all or part of the deferred income tax
from customers’. asset to be utilized.
xiii) Warranty provisions Deferred income tax assets and liabilities are measured at
The Group provides warranty provisions on all its products sold. the tax rates that are expected to apply in the period when
A provision is recognised at the time the product is sold. The the asset is realized or the liability is settled, based on tax
Group does not provide extended warranties or maintenance rates (and tax laws) that have been enacted or substantively
contracts to its customers. enacted at the reporting date.
xiv) Finance income and expense xvi) Earnings per share (EPS)
Finance income consists of interest income on funds invested, Basic earnings per share is computed by dividing the net profit
dividend income and gains on the disposal of FVTPL financial after tax by the weighted average number of equity shares
assets. Interest income is recognized as it accrues in the outstanding during the period, adjusted for bonus elements in
statement of profit or loss, using the effective interest method. equity shares issued during the period.
Dividend income is recognized in the statement of profit or Diluted EPS is computed by dividing the net profit after tax
loss on the date that the Group’s right to receive payment is by the weighted average number of equity shares considered
established. for deriving basic EPS and also weighted average number of
Finance expenses consist of interest expense on loans and equity shares that could have been issued upon conversion of
borrowings and impairment losses recognized on financial all dilutive potential equity shares. Dilutive potential equity
assets (other than trade receivables). Borrowing costs are shares are deemed converted as of the beginning of the year,
recognized in the statement of profit or loss using the effective unless issued at a later date. Dilutive potential equity shares
interest method. are determined independently for each year presented. The
number of equity shares and potentially dilutive equity shares
xv) Income taxes are adjusted for bonus shares, as appropriate.
Income tax comprises current and deferred tax. Income tax
xvii) Research and development costs
expense is recognized in the statement of profit or loss except
to the extent it relates to items directly recognized in equity or Research costs are expensed as incurred. Development costs
in other comprehensive income. are expensed as incurred unless technical and commercial
feasibility of the project is demonstrated, future economic
a) Current income tax
benefits are probable, the Group has an intention and ability
Current income tax liability/(asset) for the current and to complete and use or sell the software and the costs can be
prior periods are measured at the amount expected to be measured reliably.
recovered from or paid to the taxation authorities based
During the period of development, the asset is tested for
on the taxable income for the period. The tax rates and tax
impairment annually.
laws used to compute the current tax amount are those that
are enacted or substantively enacted by the reporting date xviii) Government grants
and applicable for the period. The Group offsets current Grants from the government are recognised when there is
tax assets and current tax liabilities, where it has a legally reasonable assurance that:
enforceable right to set off the recognized amounts and
(i) the Group will comply with the conditions attached to them;
where it intends either to settle on a net basis or to realize
and
the asset and liability simultaneously.
(ii) the grant will be received.
Government grants related to revenue are recognised on where the entity originally recognised those past transactions
a systematic basis in the consolidated statement of profit or events.
or loss over the periods necessary to match them with
xx) Non-current assets held for sale
the related costs which they are intended to compensate.
Such grants are deducted in reporting the related expense. Non-current assets are classified as held for sale if their carrying
Where the Group receives non-monetary grants, the asset is amount will be recovered principally through a sale transaction
accounted for on the basis of its acquisition cost. In case a rather than through continuing use. This condition is regarded
non-monetary asset is given free of cost it is recognised at as met only when the asset is available for immediate sale in
fair value. its present condition subject only to terms that are usual and
customary for sales of such asset and its sale is highly probable.
A repayment of government grant is accounted for as a Management must be committed to the sale, which should be
change in accounting estimate. The repayment of asset- expected to qualify for recognition as a completed sale within
related grant increases the carrying amount of the asset. The one year from the date of classification.
cumulative depreciation which would have been charged
Non-current assets classified as held for sale are measured at
had the grant not been received is charged to statement of
the lower of their carrying amount and fair value less costs to
profit or loss.
sell.
xix) Dividend and dividend distribution tax New standards and interpretations not yet adopted
Final dividends on shares are recorded as a liability on the a) IFRS 17 Insurance contracts: On May 18, 2017, the
date of approval by the shareholders and interim dividends are International Accounting Standards Board issued IFRS
recorded as a liability on the date of declaration by the Company’s 17, “Insurance Contracts” that replaces IFRS 4, “Insurance
Board of Directors. The Company declares and pays dividends in Contracts”. IFRS 17 establishes the principles for the
Indian rupees and are subject to applicable distribution taxes. recognition, measurement, presentation and disclosure of
The applicable distribution taxes are linked more directly to past insurance contracts. The effective date of adoption of IFRS
transactions or events that generated distributable profits than 17 is annual reporting periods beginning on or after January
to distribution to owners and accordingly, recognized in profit 1, 2021. The Group is yet to evaluate the requirements of
or loss or other comprehensive income or equity according to IFRS 17 and the impact on the financial statements.
4. Property, plant and equipment

Furniture,
Computer
Particulars Land Buildings fixtures and Vehicles Total
systems
equipment
At April 1, 2018 84 2,786 3,189 4,498 27 10,584
Additions - 158 779 558 - 1,495
Disposal/Adjustments - - 258 59 - 317
Translation Adjustment Loss/(Gain) - - 1 1 - 2
At March 31, 2019 84 2,944 3,709 4,996 27 11,760
Accumulated depreciation/impairment:
As at April 1, 2018 9 765 2,731 3,545 25 7,075
Depreciation 1 258 500 465 2 1,226
Disposal/Adjustments - - 258 39 - 297
Translation Adjustment Loss/(Gain) - - 1 - - 1
As at March 31, 2019 10 1,023 2,972 3,971 27 8,003
Capital work-in-progress 297
Net carrying value as at March 31, 2019 74 1,921 737 1,025 - 4,054
Gross carrying value:
As at April 1, 2019 84 2,944 3,709 4,996 27 11,760
Additions - 71 658 616 6 1,351
Disposal/Adjustments - 2 359 64 24 449
Transfer to non-current assets held for sale (refer note 33) - 543 - - - 543
Impact of adoption of IFRS 16 51 - - - - 51
As at March 31, 2020 33 2,470 4,008 5,548 9 12,068
As at April 1, 2019 10 1,023 2,972 3,971 27 8,003
Depreciation - 257 655 430 1 1,343
Disposal/adjustments - 2 359 55 24 440
Transfer to non-current assets held for sale (refer note 33) - 231 - - - 231
Impact of adoption of IFRS 16 10 - - (3) - 7
As at March 31, 2020 - 1,047 3,268 4,349 4 8,668
Capital work-in-progress 136
Net carrying value as at March 31, 2020 33 1,423 740 1,199 5 3,536

The depreciation expense for the year ended March 31, 2020 and March 31, 2019 is included in the following line items in the statement of profit or loss.
Year ended March 31
Particulars
2020 2019
Cost of revenues 1,249 1,128
Selling, general and administrative expenses 94 98
Total 1,343 1,226

As at April 1, 2018 - - -
Additions - - -
Disposal/adjustments - - -
As at March 31, 2019 - - -
As at April 1, 2018 - - -
Depreciation - - -
Disposal/adjustments - - -
As at March 31, 2019 - - -
As at April 1, 2019 - - -
Impact of adoption of IFRS 16 (refer note 26) 380 5,989 6,369
Additions - 219 219
Transfer to non-current assets held for sale (refer note 33) 327 - 327
Disposal/adjustments - 131 131
As at March 31, 2020 53 6,077 6,130
As at April 1, 2019 - - -
Impact of adoption of IFRS 16 (refer note 26) 138 - 138
Depreciation 9 950 959
Transfer to non-current assets held for sale (refer note 33) 139 - 139
Disposal/adjustments - 29 29
As at March 31, 2020 8 921 929
The depreciation expense for the year ended March 31, 2020 and March 31, 2019 is included in the following line items in the statement of profit or loss.
Year ended March 31
Particulars
2020 2019
Cost of revenues 892 -
Selling, general and administrative expenses 67 -
Total 959 -
6. Intangible assets and Goodwill

Business Total
Intellectual Computer Customer Non compete Vendor
a. Particulars
property software
Alliance
Relationships agreement Relationship
Tradename Technology Intangible
Relationships Assets
As at April 1, 2018 67 1,094 71 1,292 53 690 292 262 3 ,821
Additions - 58 - - - - - - 58
Disposal/Adjustments - - - - - - - - -
Translation Adjustment Loss/
- - - (37) (3) (55) (14) - (109)
(Gain)
As at March 31, 2019 67 1,152 71 1,329 56 745 306 262 3 ,988
Accumulated amortisation/
impairment:
As at April 1, 2018 66 1,052 57 726 29 224 75 72 2 ,301
Amortisation 1 50 14 241 11 93 30 26 466

Business Total
Intellectual Computer Customer Non compete Vendor
Particulars Alliance Tradename Technology Intangible
property software Relationships agreement Relationship
Relationships Assets
Translation Adjustment Loss/
- - - (20) (2) (15) (4) - (41)
(Gain)
As at March 31, 2019 67 1,102 71 987 42 332 109 98 2 ,808
Net carrying value as at
- 50 - 342 14 413 197 164 1 ,180
March 31, 2019
As at April 1, 2019 67 1,152 71 1,329 56 745 306 262 3,988
Additions - 31 - - - - - - 31
As at March 31, 2020 67 1,183 71 1,329 56 745 306 262 4,019
Accumulated amortisation/
impairment:
As at April 1, 2019 67 1,102 71 987 42 332 109 98 2 ,808
Amortisation - 46 - 244 10 95 31 26 452
As at March 31, 2020 67 1,148 71 1,231 52 427 140 124 3,260
Net carrying value as at
- 35 - 98 4 318 166 138 759
March 31, 2020
Estimated useful life (in
5.00 2-3 4 3-5 5 5 - 10 10 10
years)
Estimated remaining useful
- 0.18 - 1.97 - 0.25 0.25 0.25 - 5.75 5.25 - 5.75 5.25
life (in years)
The aggregate amount of research and development expense recognized in the consolidated statement of profit or loss for the year
ended March 31, 2020 is ` 373 (for the year ended March 31, 2019 is ` 476).
The amortisation expense for the year ended March 31, 2020 and March 31, 2019 is included in the following line items in the state-
ment of profit or loss.
Year ended March 31
Particulars
2020 2019
Cost of revenues 420 429
Selling, general and administrative expenses 32 37
Total 452 466
b. Goodwill
As at As at
Particulars
March 31, 2020 March 31, 2019
Balance at the beginning of the year 4,732 4,539
Translation Adjustment Loss/(Gain) - (193)
Balance at the end of the year 4,732 4,732
For the purpose of impairment testing, goodwill acquired in a and is unlikely to cause the carrying amount of the CGU exceed
business combination is allocated to the Cash Generating Units its estimated recoverable amount. The key assumptions used for
(CGU) or groups of CGUs, which benefit from the synergies of the calculations were as follows:
the goodwill for any impairment at the operating segment level, Particulars As at March As at March
which is represented through groups of CGUs. 31, 2020 31, 2019
Discount rate 13.7% - 20.1% 17.4% - 22.3%
The recoverable amount of a CGU is the higher of its fair value
less cost to sell and its value-in-use. The fair value of a CGU is The above discount rate is based on the Weighted Average
determined based on the market capitalization. The value-in-use Cost of Capital (WACC) of the Group. These estimates are likely
is determined based on specific calculations. These calculations to differ from future actual results of operations and cash
use pre-tax cash flow projections over a period of five years, flows.
based on financial budgets approved by management and an The goodwill on acquisition of subsidiaries has been allocated
average of the range of each assumption mentioned below. as follows:
The Group does its impairment evaluation on an annual basis
and as of March 31, 2020, the estimated recoverable amount
2020 2019
of the CGU exceeded its carrying amount, hence impairment
RCM 2,442 2,442
is not triggered. The Group has performed sensitivity analysis
BFSI 1,179 1,179
for all key assumptions, including the cash flow projections,
Hi-tech 1,037 1,037
consequent to the change in estimated future economic
TH 74 74
conditions arising from the possible effects due to COVID-19
Total 4,732 4,732

7. Investments 9. Cash and cash equivalents

Investments in liquid and short term mutual fund units, non- Cash and cash equivalents consist of the following:
convertible bonds, term deposits, unlisted equity securities and As at As at
Particulars
preference shares are classified as Investments. March 31, 2020 March 31, 2019
Cost and fair value of the above are as follows: Cash balances - -
Current and time deposits with
As at March 31, 2020 and March 31, 2019 banks # 3,909 2,562
Particulars As at As at Cash and cash equivalents
March 31, 2020 March 31, 2019 in the statement of financial
position 3,909 2,562
Non-current
Investment in non-convertible Book overdrafts used for cash
management purposes (Refer
bonds, unlisted equity note 17) - (3)
securities and unlisted
Cash and cash equivalents in
preference shares the statement of cash flows 3,909 2,559
Cost 692 1,202 #
Balance with banks amounting to ` 23 and ` 16 as of March 31,
Gross unrealised holding
2020 and March 31, 2019 respectively includes unpaid dividend
gains/(losses) 112 (2)
and dividend payable.
Fair value 804 1,200
Current The deposits maintained by the Group with banks comprises
Investment in non-convertible time deposits, which can be withdrawn by the Group at any
bonds, term deposits, point without prior notice or penalty on the principal.
liquid, short-term mutual funds
and commerical paper 9.1 Bank balances other than cash and cash equivalents represent
Cost 6,695 6,544 earmarked balances in respect of margin-money.
Gross unrealised holding
gains/(losses) 249 292
10. Other assets
Fair value 6,944 6,836
Total Investments 7,748 8,036 As at As at
Particulars
March 31, 2020 March 31, 2019
Non-current
8. Trade receivables
As at As at
Particulars Security deposits
March 31, 2020 March 31, 2019 457 675
(refer note 33)
Trade receivables 14,775 13,582
Allowance for expected credit
(386) ( 226) Service tax credit receivable 11 11
losses
Total 14,389 13,356 Others 14 5
537 915
The Group uses a provision matrix to determine impairment loss
Current
on portfolio of its trade receivable. The provision matrix is based
on its historically observed default rates over the expected life Prepaid expenses 987 981
of the trade receivable and is adjusted for forward- looking Advance to employees (net
estimates. At regular intervals, the historically observed default of provision for doubtful 300 267
advances to employees)*
rates are updated and changes in forward-looking estimates
are analysed. The Group estimates the following matrix at the Advance to suppliers 35 33
reporting date. Interest accrued and not due 2 34
Security deposits
Ageing 99 123
(refer note 33)
1-90 91-180 181-360 More than
days days days 360 days* Others 314 405
Default rate 0.3% 3.6% 21.6% 52% 1,737 1,843
*In case of probability of non-collection, default rate is 100% Total 2,274 2,758
Movement in the expected credit loss allowance: *Provision for doubtful advances to employees as at March 31,
For the year ended 2020 ` 19 (As at March 31, 2019: ` 12)
Particulars
March 31, 2020 March 31, 2019
Balance at the beginning of 11. Equity
the year 226 119
a) Share capital and share premium
Movement in expected credit
loss allowance on trade The Group has only one class of equity shares. The authorized
receivables calculated at share capital of the Group is 800,000,000 equity shares of
lifetime expected credit losses 160 107 ` 10 each. Par value of the equity shares is recorded as
Provision at the end of the share capital and the amount received in excess of the par
year 386 226 value is classified as share premium.

The issued, subscribed and paid-up capital of the Group as c) Share based payment reserve
at March 31, 2020 is 164,574,066 (As at March 31, 2019: The share based payment reserve is used to record the value
164,214,041) equity shares of ` 10 each amounting to of equity-settled share based payment transactions with
` 1,646 (As at March 31, 2019: ` 1,642). employees. The amounts recorded in share based payment
The Group has only one class of shares referred to as equity reserve are transferred to share premium upon exercise of
shares having a par value of ` 10. stock options by employees.
Each holder of the equity share, as reflected in the records d) Special Economic Zone reinvestment reserve
of the Group as of the date of the shareholder meeting, is This Special Economic Zone reinvestment reserve has
entitled to one vote in respect of each share held for all been created out of the profit of eligible SEZ units in terms
matters submitted to vote in the shareholder meeting. of the provisions of section 10AA(1)(II) of the Income Tax
The Group declares and pays dividends in Indian Rupees Act, 1961. The reserve should be utilized by the Group for
and foreign currency. A final dividend, including tax thereon, acquiring new plant and machinery for the purpose of its
on common stock is recorded as a liability on the date of business in terms of the section 10AA(2) of the Income Tax
approval by the shareholders. Act, 1961.
In the event of liquidation of the Group, the holders of e) Capital redemption reserve
equity shares will be entitled to receive any of the remaining A statutory reserve created to the extent of sum equal to the
assets of the Group after distribution of amounts payable nominal value of the share capital extinguished on buyback
to preference shareholders. However, no such preference of Company’s own shares pursuant to Section 69 of the
shares exist currently. The distribution will be in proportion Companies Act, 2013.
to the number of equity shares held by the shareholders.
f) Other reserves
An interim dividend, including tax thereon, is recorded as a
Changes in the fair value of equity instruments is recognized
liability on the date of declaration by the board of directors.
in other comprehensive income (net of taxes) and presented
Indian law mandates that any dividend be declared out within equity in other reserve.
of distributable profits only. The remittance of dividends
g) Foreign currency translation reserve
outside India is governed by Indian law on foreign exchange
and is subject to applicable taxes. Exchange difference relating to the translation of the results
and net assets of the company’s foreign operations from
The amount of per share dividend recognized as distributions
their functional currencies to the Group’s presentation
to equity shareholders for the year ended March 31, 2020
currency are recognized directly in other comprehensive
and March 31, 2019 was ` 30 and ` 11 respectively.
income and accumulated in the foreign currency translation
The Board of Directors, at its meeting held on April 17, reserve.
2019, had declared an interim dividend of 30% (` 3 per
equity share of par value ` 10 each). The Board of Directors
had recommended a final dividend of 40% (` 4 per equity Changes in the fair value of the derivative hedging
share of par value ` 10 each) for the financial year ended instrument designated as a cash flow hedge are recognized
March 31, 2019 which was approved by the shareholders in other comprehensive income and presented within
at the Twentieth Annual General Meeting of the Company equity in the cash flow hedging reserve (net of taxes) to the
held on July 16, 2019. Further, the Board of Directors extent that the hedge is effective.
had recommended a special dividend of 200% (` 20 per
equity share of par value ` 10 each) to celebrate the twin 12. In the period of five years immediately preceding
achievements of exceeding USD 1 billion annual revenue March 31, 2020:
milestone and 20th anniversary of the Company which was
also approved by the shareholders at the Twentieth Annual a) The Group has allotted 83,893,088 and 41,765,661 fully
General Meeting of the Company held on July 16, 2019. The paid up equity shares during the quarter ended March
aforesaid dividend were paid during the year that resulted 31, 2016 and June 30, 2014 respectively, pursuant to 1:1
in a cash outflow of ` 5,353 including dividend distribution bonus share issue approved by shareholders. Consequently,
tax of ` 913. options/ units granted under the various employee share
based plans are adjusted for bonus share issue.
The Board of Directors have recommended a final dividend
of 100% (` 10 per equity share of par value ` 10 each) for b) Pursuant to the approval of the Board and the Administrative
the financial year ended March 31, 2020 which is subject to Committee at its meetings held on June 28, 2017 and July
the approval of shareholders at the Annual General Meeting. 20, 2017 respectively, the Group bought back 4,224,000
equity shares of ` 10 each on a proportionate basis, at a price
b) Retained earnings of ` 625 per equity share for an aggregate consideration
Retained earnings comprises of undistributed earnings. A of ` 2,640 (Rupees Two thousand six hundred and forty
portion of these earnings as at March 31, 2020 amounting million only), and completed the extinguishment of the
to ` 87 (As at March 31, 2019: ` 87) is not freely available equity shares bought back. Capital redemption reserve has
for distribution. been created to the extent of nominal value of share capital
extinguished amounting to ` 42. The buyback and creation

of capital redemption reserve was effected by utilizing the Particulars Phantom stock
share premium and free reserves. options plan
c) The Group has not allotted any other equity shares as fully Date of grant 1-Apr-18, 24-Jul-19
paid up without payment being received in cash. Price per share/ unit Grant price of
` 772/ ` 930
13. Employee stock incentive plans Particulars ERSP 2012

The Group instituted the Employees Stock Option Plan (‘ESOP’) Plan**
in fiscal year 2000, which was approved by the Board of Outstanding units/shares as at the
Directors (Board). The Group administers below mentioned beginning of the year 369,650
restricted stock purchase plan and phantom stock options plan. Number of units/shares granted during
the year under letters of intent issued 312,900
ERSP 2012 was instituted with effect from July 16, 2012 to issue
equity shares of nominal value of ` 10 each. Shares under this
program are granted to employees at an exercise price of not less Forfeited units/ shares -
than ` 10 per equity share or such higher price as determined Cancelled units/ shares 82,075
by the Nomination and Remuneration Committee. Shares shall Outstanding units/shares
vest over such term as determined by the Nomination and as at the end of the year 240,450
Remuneration Committee not exceeding ten years from the date Contractual life 1-2 years
of the grant. All shares will have a minimum lock in period of one
Date of grant* 24-Jul-19, 2-Aug-19,
year from the date of allotment. 24-Oct-19, 28-Jan-20
Year ended Year ended Price per share/ unit* Exercise price of ` 10
March 31 2020 March 31 2019
*Based on Letter of Intent
Weighted Weighted
No. of No. of
average average **Excludes direct allotment of shares
share share
Exercise Exercise
options options The weighted average fair value of each unit under the above
price price
Outstanding shares, mentioned ERSP 2012 plan, granted during the year ended
beginning of - - - - March 31, 2020 was ` 697.78 using the Black-Scholes model
the year with the following assumptions:
Granted during
360,025 10.00 287,730 10.00
the year Particulars As at March 31, 2020
Exercised during Weighted average grant date share price 697.78
360,025 10.00 287,730 10.00
the year
Lapsed during Weighted average exercise price ` 10
- - - -
the year Dividend yield % 0.43%
Forfeited during
- - - - Expected life 1-2 years
the year
Outstanding shares, Risk free interest rate 5.96%
- - - -
end of the year Volatility 34.72%
Shares vested and
exercisable, end - - - -
14. Loans and borrowings
of the year
A summary of loans and borrowings is as follows:
As at As at
Other stock based compensation arrangements Particulars
March 31, 2020 March 31, 2019
The Group has also granted phantom stock options and letter Non-current
of intent to issue shares under ERSP 2012 plan to certain
Unsecured long-term loan and
employees which is subject to certain vesting conditions. borrowings* - 5
Details of the outstanding options/units as at March 31, 2020
- 5
are given below:
Current
Particulars Phantom stock
Current portion of unsecured
options plan
long-term loan and
Total no. of units/ shares 500,000 borrowings* 5 5
Vested units/ shares 425,000 5 5
Lapsed units/ shares - Total 5 10
*Unsecured long term borrowings represent the amount received
Cancelled units/ shares 75,000 from Council for Scientific and Industrial Research (CSIR) to
Outstanding units/shares as at the end - develop a project under “Development of Intelligent Video
of the year Surveillance Server (IVSS) system”.
The unsecured long term borrowings is an unsecured loan

carrying a simple interest of 3% p.a on the outstanding amount incentives to customers accounted for by reducing the amount
of loan. Repayment of loan is in 10 equal annual installments of revenue recognized at the time of sale.
commencing from June 2011. Any delay in repayment entails For the year ended
Particulars
a liability of 12% p.a. compounded monthly for the period of March 31, 2020 March 31, 2019
delay. The loan is repayable by June 2020. There is no default in Balance at the beginning of
627 534
the repayment of the principal loan and interest amounts. the year
1,162 689
year
15. Trade payables and accrued expenses
Utilisations during the year (876) (449)
Trade payables and accrued expenses consist of the following: Released during the year (205) (147)
As at As at Provision at the end of the year 708 627
Particulars
March 31, 2020 March 31, 2019 Provision for post contract support services
Provision for post contract support services represents cost
Accrued expenses 1,941 1,408
associated with providing sales support services which are
Total 2,587 2,131
accrued at the time of recognition of revenue and are expected
16. Unearned revenue
For the year ended
Particulars
Particulars Balance at the beginning of
March 31, 2020 March 31, 2019 9 10
the year
667 720 Provisions made during the
the year 2 1
year
(7,087) (11,771) Provision at the end of the year 10 9
the year
Balance at the end of the year 341 667
Provision for disputed dues
For the year ended
17. Other liabilities and provisions Particulars
March 31, 2020 March 31, 2019
As at As at Balance at the beginning of
Particulars 90 86
March 31, 2020 March 31, 2019 the year
Non-current Provisions made during the
5 4
year
Employee and other liabilities 51 -
Others 3 174
54 174 Provision for foreseeable losses on contracts
Current
Provision for foreseeable losses on contracts represents excess
Book overdraft - 3
of estimated cost over the future revenues to be recognised
Advances from customers 169 330
and expected to be utilized within a period of one year.
Employee and other liabilities 3,263 2,284
Statutory dues payable 761 560 For the year ended
Particulars
Other liabilities 398 186 March 31, 2020 March 31, 2019
4,591 3,363 18 6
the year
Total 4,645 3,537
Provisions made during
84 45
Current the year
Provisions Released during the year (40) (33)
Provision for discount 708 627 Provision at the end of the year 62 18
Provision for disputed dues* 95 90
Provision for post contract
10 9
18. Employee benefit obligations
support services
Employee benefit obligations comprises of following:
Provision for forseeable losses
62 18 As at As at
on contracts
Particulars
Total 875 744 March 31, 2020 March 31, 2019
Gratuity (net) 282 230
Note: Compensated absences 849 655
*Represents disputed tax dues provided pursuant to unfavourable Total 1,131 885
order received from the tax authorities against which the Group
has preferred an appeal with the relevant authority. In respect
19. Income tax expense
of the provisions of IAS 37 ‘Provisions, Contingent Liabilities
and Contingent Assets’, the disclosures required have not been Income tax expense in the consolidated statement of profit or
provided pursuant to the limited exemption provided under loss consists of:
paragraph 92 of IAS 37. For the year ended
Particulars
March 31, 2020 March 31, 2019
Provision for discount Current taxes
Provision for discount are for volume discounts and pricing
For the year ended For the year ended

Particulars Particulars
Deferred taxes Temporary differences
reversing during the 38 27
tax holiday period
Grand total 1,979 2,327
Expenses (net) that are not
Total Income tax expense has been allocated as follows: deductible in determining 62 61
taxable profit
For the year ended
Particulars Diffferent tax rates of
March 31, 2020 March 31, 2019 branches/subsidiaries 157 74
Income tax expense as per operating in other jurisdictions
the consolidated statement of 1,979 2,327 Tax effect due to non-taxable
profit or loss - 5
income/expense
Income tax included in other True up of tax provisions
comprehensive income on: (119) ( 190)
related to previous years
- Net change in fair value of Others - ( 18)
1,093 -
cash flow hedges Income tax expense
- Net loss/ (gain) on recognised in the statement of 1,979 2,327
remeasurement of defined 26 21 profit or loss
benefit plan
The tax rates under Indian Income Tax Act, for the year ended
The reconciliation between the provision of income tax of the March 31, 2020 and March 31, 2019 is 34.94% and 34.94%
Group and amounts computed by applying the Indian statutory respectively.
income tax rate to profit before taxes is as follows: The Group has not created deferred tax assets on the following:
For the year ended As at As at
Particulars Particulars
Profit before tax 8,288 9,868 Unused tax losses (long term
Enacted income tax rate capital loss) which expire in
34.94% 34.94%
in India - FY 2019-20 34 34
Computed expected - FY 2021-22 48 48
2,896 3,448
tax expense - FY 2022-23 28 28
Effect of: - FY 2023-24 22 22
Income exempt from tax (1,055) (1,080) Unused tax losses of foreign
306 314
jurisdiction
The components of deferred tax assets are as follows:

As at Recognised in Recognised in Other Others As at

Particulars April 1, 2019 profit or loss Comprehensive March 31, 2020
Income
Lease assets net of lease liabilties - 98 - - 98
Others 89 150 - - 239
Cash flow hedges - - 1,093 - 1,093
Total 388 354 1,093 - 1,835
As at Recognised in Recognised in Other Others As at

Particulars April 1, 2018 profit or loss Comprehensive March 31, 2019
Income
Others 83 6 - - 89
MAT Credit entitlement/(utilisation) 59 - - (59) -
Total 318 129 - (59) 388

The Group has units at Bengaluru, Hyderabad, Chennai and The Group has applied practical expedient and has not
Bhubaneshwar registered as Special Economic Zone (SEZ) units disclosed information about remaining performance obligations
which are entitled to a tax holiday under Section 10AA of the in contracts where the original contract duration is one year
Income Tax Act, 1961. or less or where the entity has the right to consideration that
corresponds directly with the value of entity’s performance
The Group also has STPI units at Bengaluru and Pune which are
completed to date. The above revenue is subject to change in
registered as 100 percent Export Oriented Units, which were
transaction price, if any.
earlier entitled to a tax holiday under Section 10B and Section
10A of the Income Tax Act, 1961. The Group has evaluated the impact of COVID–19 resulting
from (i) the possibility of constraints to render services which
A portion of the profits of the Group’s India operations are
may require revision of estimations of costs to complete the
exempt from Indian income taxes being profits attributable
contract because of additional efforts (ii) onerous obligations
to export operations from undertakings situated in Special
(iii) penalties relating to breaches of service level agreements
Economic Zone (SEZ). Under the Special Economic Zone Act,
and (iv) termination or deferment of contracts by customers.
2005 scheme, units in designated Special Economic Zones
The Group has concluded that the impact of COVID–19 is not
providing service on or after April 1, 2005 will be eligible for material based on such evaluation. Due to the nature of the
a deduction of 100 percent of profits or gains derived from the pandemic, the Group will continue to monitor developments to
export of services for the first five years from commencement of identify significant uncertainties relating to revenue in future
provision of services and 50 percent of such profits and gains periods.
for a further five years. Certain tax benefits are also available
for a further five years subject to the unit meeting defined 21. Finance and other income
conditions.
For the year ended
Particulars
Dividend income from certain category of investments is March 31, 2020 March 31, 2019
exempt from tax. The difference between the reported income Interest income on financial
189 146
tax expense and income tax computed at statutory tax rate is assets at amortised cost
primarily attributable to income exempt from tax. Gain on sale of property,
12 19
Pursuant to the changes in the Indian income tax laws in fiscal plant and equipment
year 2007, Minimum Alternate Tax (MAT) has been extended to Net gain on financial assets
income in respect of which deduction is claimed under the tax designated at fair value 509 421
holiday schemes discussed above; consequently, the Company through profit or loss
has calculated its tax liability for current domestic taxes after Net gain on termination of
8 -
considering MAT. The excess tax paid under MAT provisions Right-of-use assets
over and above normal tax liability can be carried forward and Others 38 40
set-off against future tax liabilities computed under normal tax Total 756 626
provisions.
22. Expenses by nature
The Group is also subject to tax on income attributable to its
For the year ended
permanent establishments in the foreign jurisdictions due to Particulars
March 31, 2020 March 31, 2019
operation of its foreign branches and subsidiaries. Employee benefits
50,647 44,212
(refer note 23)
20. Revenues Travel expenses 3,265 3,006
The nature of contract impacts the method of revenue Communication expenses 691 793
recognition and the contracts are classified as Fixed-price Sub-contractor charges 6,208 5,281
Computer consumables 1,166 919
contracts, Maintenance contracts and Time and materials
Legal and Professional charges 599 452
contracts.
Revenue by contract type Rent* 170 1,223
For the year ended Repairs to buildings 383 102
Revenues
March 31, 2020 March 31, 2019 Repairs to machinery 59 61
Fixed-price and Insurance 95 76
57% 56%
Maintenance Rates and taxes 344 266
Time and materials 43% 44% Other expenses 2,805 2,826
Depreciation of Right-of-use
Total 100% 100% 959 -
assets
Refer note 31 for disaggregation of revenue by industry and Depreciation of property, plant
1,343 1,226
geographical segments. and equipment
Amortisation of intangible
Transaction price allocated to the remaining performance 452 466
assets
obligations
Total cost of revenues, selling,
As at As at
Particulars general and administrative 69,499 61,211
March 31, 2020 March 31, 2019
expenses
Within 1 year 24,519 4,804
* Represents lease rentals for short term leases and leases of low
1-3 years 8,332 14,277
value assets for the current year
More than 3 years 729 933

23. Employee benefits Assumptions regarding future mortality experience are set in
For the year ended accordance with the published statistics by the Indian Assured
Particulars
March 31, 2020 March 31, 2019 Lives Mortality (2006-08) Ult.
Salaries and wages 46,962 40,985 The estimates of future salary increase, considered in actuarial
Contribution to provident and
3,205 2,829
valuation, takes into account inflation, seniority, promotion and
other funds* other relevant factors such as supply and demand factors in the
Share based payments employment market.
to employees 102 162
(refer note 13)** The expected return on plan assets is based on expectation of
Staff welfare expenses 378 236 the average long-term rate of return expected on investments of
Total 50,647 44,212 the fund during the estimated term of the obligations.
*includes contribution to defined contribution plans for the year The following table sets out the status of the gratuity plan.
ended March 31, 2020, ` 3,023 (For the year ended March 31, As at As at
Particulars
2019: ` 2,700) March 31, 2020 March 31, 2019
**includes expense on cash settled employee stock based Change in defined benefit
obligations
compensation for the year ended March 31, 2020 ` Nil (For the
Obligations at the beginning of
year ended March 31, 2019: ` 73)
the year 874 705
The employee benefit cost is recognized in the following line Service cost 174 124
items in the consolidated statement of profit or loss: Interest cost 59 49
For the year ended Benefits settled (141) (88)
Particulars
March 31, 2020 March 31, 2019
Actuarial (gain)/loss -
Cost of revenues 42,965 36,937 40 45
Experience
Selling, general and
7,682 7,275 Actuarial (gain)/loss –
administrative expenses 8 (17)
demographic assumptions
Total 50,647 44,212
Actuarial (gain)/loss – financial
57 56
assumptions
Defined benefit plans
Obligations at the end of the
Amount recognized in the statement of profit or loss in respect 1,071 874
year
of gratuity cost (defined benefit plan) is as follows: Change in plan assets
For the year ended Plan assets at the beginning of
Particulars 644 564
March 31, 2020 March 31, 2019 the year, at fair value
Gratuity Cost Interest income on plan assets 51 43
Service cost 174 124
Net interest on net defined gain/(loss) - -
8 5
liability/(asset)
Re-measurement - actuarial Return on plan assets greater/
109 86 (lesser) than discount rate (4) (2)
gain/(loss) recognised in OCI
Net gratuity cost 291 215 Contributions 226 125
Assumptions Benefits settled (128) (86)
Discount rate 6.30% 7.30% Plan assets at the end of the
789 644
Salary increase 0-6% 5.00% year, at fair value
Withdrawal rate 14.54% 12.12%
Particulars
The experience adjustments, meaning difference between Sensitivity analysis

changes in plan assets and obligations expected on the basis Reasonably possible changes at the reporting date to one of
of actuarial assumption and actual changes in those assets and the relevant actuarial assumptions, holding other assumptions
obligations are as follows: constant, would have affected the defined benefit obligation by
As at As at the amounts shown below:
Particulars
March 31, 2020 March 31, 2019
As at As at
Experience adjustment on plan
40 45 Particulars March 31, 2020 March 31, 2019
liabilities
Increase Decrease Increase Decrease
Experience adjustment on plan Discount rate
(4) 2 (59) 66 (51) 57
assets (1% movement)
Future salary
growth (1% 65 (54) 57 (52)
movement)

Maturity profile of defined benefit obligation: The Group expects to contribute ` 146 to its defined benefit
As at As at plans during the next fiscal year.
Particulars
March 31, 2020 March 31, 2019 As at March 31, 2020 and March 31, 2019, 100% of the plan
Within 1 year 146 107
assets were invested in insurer managed funds.
1-2 years 158 123
The Group has established an income tax approved irrevocable
2-3 years 172 143
trust fund to which it regularly contributes to finance liabilities
3-4 years 199 157 of the plan. The fund’s investments are managed by certain
4-5 years 240 188 insurance companies as per the mandate provided to them by
5-10 years 1,273 1,068 the trustees and the asset allocation is within the permissible
limits prescribed in the insurance regulations.
24. Earnings per share

For the year ended
Particulars
March 31, 2020 March 31, 2019
Profit for the year (A) 6,309 7,541
Weighted average number of equity shares for calculation of basic earnings per share (B) 164,487,369 164,122,945
Weighted average number of equity shares for calculation of diluted earnings per share (C) 164,567,714 164,468,537
Earnings per share:
(1) Basic (`) (A/B) 38.35 45.94
(2) Diluted (`) (A/C) 38.33 45.85
Particulars
2020 2019
- 80,345 - 345,592
25. The Group has claimed R&D tax relief under UK corporation tax The Group has used hindsight, in determining the lease term if
the contract contains options to extend or terminate the lease.
rules. The Group undertakes R&D activities and incurs qualifying
revenue expenditure which is entitled to an additional deduction On transition to IFRS 16, the Group recognised right-of-use
under UK corporation tax rules, details of which are given below. assets amounting to ` 6,369, related accumulated depreciation
For the year ended amounting to ` 138, lease liabilities amounting to ` 5,800
Nature of expenses and ` 157 (credit) in retained earnings as at April 1, 2019. The
March 31, 2020 March 31, 2019
Grant towards R & D credit 18 18 Group has discounted lease payments using the applicable
Total 18 18 incremental borrowing rate as at April 1, 2019, which is 9.5%
As at March 31, 2020, the grant recognized in the balance sheet for measuring the lease liability. Refer note 27 for contractual
maturities of lease liabilities.
is ` 46 (As at March 31, 2019: ` 26).
Reconciliation of operating lease commitments as at March
26. Leases 31, 2019 with the lease liabilities recognized in the Balance
The Group has adopted IFRS 16 ‘Leases’ with the date of initial Sheet as at April 1, 2019:
application being April 1, 2019. IFRS 16 replaces IAS 17 – Operating lease commitment at March 31, 2019 5,075
‘Leases’ and related interpretation and guidance. The Group
Discounted using the incremental borrowing rate
has applied IFRS 16 using the modified retrospective approach, 3,563
at April 1, 2019
under which the cumulative effect of initial application is Recognition exemption for:
recognised in retained earnings at April 1, 2019. As a result,
Short term leases (1)
the comparative information has not been restated. In adopting
Leases of low value assets (6)
IFRS 16, the Group has applied the below practical expedients:
Extension and termination options reasonably
The Group has applied a single discount rate to a portfolio of 2,244
certain to be exercised
leases with reasonably similar characteristics. Lease liabilities recognised at April 1, 2019 5,800
The Group has treated the leases with remaining lease term of
Impact of adoption of IFRS 16 on retained earnings:
less than 12 months as if they were “short term leases”.
Reversal of deferred rent liability as at March 31,
The Group has not applied the requirements of IFRS 16 for 186
2019
leases of low value assets (assets of less than USD 5,000 in
Reclassification of operating lease under IAS 17
value). (29)
‘Leases’ to right-of-use assets
The Group has excluded the initial direct costs from Impact on retained earnings as at April 1, 2019 157
measurement of the right-of-use asset at the date of transition.

For the year income under such non-cancellable operating lease during the
Impact of adoption of IFRS 16 on the
ended year ended March 31, 2020 amounted to ` 15. (For the year
statement of profit or loss
March 31, 2020 ended March 31, 2019 amounted to ` 5).
Interest on lease liabilities 529 As at As at
Particulars
Depreciation of Right-of-use assets (refer note 5) 959 March 31, 2020 March 31, 2019
Deferred tax (credit) (98) Receivable – Not later than
27 13
Impact on the statement of profit or loss one year
1,390 Receivable – Later than one
for the year
year and not later than five 4 16
The Group has sublet one of the leased premises. Lease rental years

Financial instruments by category

Financial Financial Financial assets Total Carrying Fair value
assets/ assets/ at fair value amount
Particulars liabilities at fair liabilities through OCI
value through measured at
profit or loss amortized cost
Assets
Trade receivables - 14,389 - 14,389 14,389
Unbilled revenue - 2,503 - 2,503 2,503
Investments 6,078 1,662 8 7,748 7,748
Cash and cash equivalents - 3,909 - 3,909 3,909
Bank balances other than cash and cash equivalents - 1,961 - 1,961 1,961
Other assets - 858 - 858 858
Total assets 6,078 25,282 8 31,368 31,368
Liabilities
Loans and borrowings - 5 - 5 5
Lease liabilities - 5,663 - 5,663 5,663
Trade payables and accrued expenses - 2,587 - 2,587 2,587
Derivative financial instruments 239 - 3,128 3,367 3,367
Other liabilities - 3,676 - 3,676 3,676
Total liabilities 239 11,931 3,128 15,298 15,298

Financial Financial Financial assets Total Carrying Fair value
assets/ assets/ at fair value amount
Particulars liabilities at fair liabilities through OCI
value through measured at
profit or loss amortized cost
Assets
Trade receivables - 13,356 - 13,356 13,356
Unbilled revenue - 2,143 - 2,143 2,143
Investments 6,227 1,801 8 8,036 8,036
Cash and cash equivalents - 2,562 - 2,562 2,562
Derivative financial instruments 84 - - 84 84
Other assets - 1,099 - 1,099 1,099
Total assets 6,311 20,961 8 27,280 27,280
Liabilities
Loans and borrowings - 10 - 10 10
Trade payables and accrued expenses - 2,131 - 2,131 2,131
Derivative financial instruments 2 - - 2 2
Other liabilities - 2,428 - 2,428 2,428
Total liabilities 2 4,569 - 4,571 4,571
The management assessed that fair value of cash and short-term in a forced or liquidation sale. The fair-value of the financial
deposits, trade receivables, other current assets, trade payables, instruments factor the uncertainties arising out of COVID-19,
book overdrafts and other current liabilities approximate their where applicable.
carrying amounts largely due to the short-term maturities of The following methods and assumptions were used to estimate
these instruments. the fair values:
The fair value of the financial assets and liabilities is included i) Long-term fixed-rate and variable-rate receivables/
at the amount at which the instrument could be exchanged borrowings are evaluated by the Group based on
in a current transaction between willing parties, other than parameters such as interest rates, specific country risk

factors, individual creditworthiness of the customer and v) The Group enters into derivative financial instruments with
the risk characteristics of the financed project. Based on various counterparties, principally banks with investment
this evaluation, allowances are taken into account for the grade credit ratings. Interest rate swaps, foreign exchange
expected losses of these receivables. forward contracts are valued using valuation techniques,
ii) The fair value of the quoted bonds and mutual funds are which employs the use of market observable inputs. The
based on price quotations at reporting date. The fair value of most frequently applied valuation techniques include
unquoted instruments, loans from banks and other financial forward pricing and swap models, using present value
liabilities, as well as other non-current financial liabilities calculations. The models incorporate various inputs
is estimated by discounting future cash flows using rates including the credit quality of counterparties, foreign
currently available for debt on similar terms, credit risk exchange spot and forward rates, yield curves of the
and remaining maturities. In addition to being sensitive to respective currencies, currency basis spreads between the
a reasonably possible change in the forecast cash flows respective currencies, interest rate curves etc. As at March
or discount rate, the fair value of the equity instruments 31, 2020 the marked-to-market value of derivative asset
is also sensitive to a reasonably possible change in the positions is net of a credit valuation adjustment attributable
growth rates. The valuation requires management to use to derivative counterparty default risk. The changes in
unobservable inputs in the model, of which the significant counterparty credit risk had no material effect on the
unobservable inputs are disclosed in the tables below. hedge effectiveness assessment for derivatives designated
Management regularly assesses a range of reasonably in hedge relationships and other financial instruments
possible alternatives for those significant unobservable recognised at fair value.
inputs and determines their impact on the total fair value. Fair Value
iii) Fair values of the Group’s interest-bearing borrowings The fair value of cash and cash equivalent, trade receivables,
and loans are determined by using Discounted Cash Flow unbilled revenue, trade payables, current financial liabilities
(DCF) method using discount rate that reflects the issuer’s and borrowings approximate their carrying amount largely due
borrowing rate as at the end of the reporting period. The to short term nature of these instruments.
own non- performance risk as at March 31, 2020 was Fair value hierarchy
assessed to be insignificant.
Level 1 - Quoted prices (unadjusted) in active markets for
iv) The fair values of the unquoted equity and preference shares identical assets or liabilities.
have been estimated using a DCF model. The valuation
Level 2 - Inputs other than quoted prices included within Level
requires management to make certain assumptions about
1 that are observable for the asset or liability, either directly (i.e.
the model inputs, including forecast cash flows, discount
as prices) or indirectly (i.e. derived from prices).
rate, credit risk and volatility/ the probabilities of the various
estimates within the range can be reasonably assessed and Level 3 - Inputs for the assets or liabilities that are not based on
are used in management’s estimate of fair value for these observable market data (unobservable inputs).
unquoted equity investments.
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2020
and March 31, 2019:
Particulars As at Fair value measurement at end of the
March 31, 2020 reporting year using
Level 1 Level 2 Level 3
Assets
Investments in mutual fund units 6,078 6,078 - -
Investments in unlisted equity securities and preference shares 8 - - 8
Liabilities
Derivative financial instruments-loss on outstanding foreign exchange forward and 3,367 - 3,367 -
option contracts

Particulars As at Fair value measurement at end of the
March 31, 2019 reporting year using
Level 1 Level 2 Level 3
Assets
Investments in mutual fund units 6,227 6,227 - -
Investments in unlisted equity securities and preference shares 8 - - 8
Derivative financial instruments-gain on outstanding foreign exchange forward and 84 - 84 -
option contracts
Liabilities
Derivative financial instruments-loss on outstanding foreign exchange forward and 2 - 2 -
option contracts
There have been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2020 and March 31, 2019.

A reconciliation of changes in the fair value measurement of follows established risk management policies, including the use
investments in unlisted securities in level 3 of the fair value of derivatives to hedge foreign currency assets/ liabilities and
hierarchy is given below: HPFE. The Group regularly reviews its foreign exchange forward
As at As at
positions both on a standalone basis and in conjunction with
Particulars its underlying foreign currency related exposures. Hence, the
March 31, 2020 March 31, 2019
Balance at the beginning of movement in Mark to Market (MTM) of the hedge contracts
8 8 undertaken for such exposures is likely to be offset by contra
the year
Remeasurement movements in the underlying exposures values. However, till
- - the point of time that the HPFE becomes an onbalance sheet
recognised in OCI
exposure, the changes in MTM of the hedge contracts will
Balance at the end of the
8 8 impact the Balance Sheet of the Group. The Group monitors the
year
potential risk arising out of the market factors like exchange
Details of Income and interest expense are as follows: rates on a regular basis. The counter party in these derivative
For the year ended instruments is a bank and the Group considers the risks of
Particulars
March 31, 2020 March 31, 2019 non-performance by the counterparty as non-material. For on
Income from Investments in
509 421 balance sheet exposures, the Group monitors the risks on net
mutual funds unhedged exposures.
Interest income on financial
189 146 The Group has evaluated the impact of the COVID-19 event
asset at amortized cost
Interest expense (529) (29) on its highly probable transactions and concluded that there
was no impact on the probability of occurrence of the hedged
Derivative financial instruments transaction. The Group has considered the effect of changes,
The Group is exposed to foreign currency fluctuations on foreign if any, in both counterparty credit risk and its own credit
currency assets/ liabilities and certain Highly Probable Forecast risk in assessing hedge effectiveness and measuring hedge
Exposures (HPFE) denominated in foreign currency. The Group ineffectiveness.
The following table presents the aggregate contracted principal amounts of the Group’s derivative contracts outstanding:
As at As at
Particulars
March 31, 2020 March 31, 2019
in USD millions 1,118 50
in EUR millions - 1
in GBP millions - 1

Cash Flow Hedge:
in USD millions 452.00 527.00 - -
Average rate 73.87 78.35 - -
in INR millions 33,387 41,288 - -
Fair Value Hedge:

Average rate 74.36 - 71.33 -



The reconciliation of cash flow hedges:

For the year ended monitored. The Group has considered the latest available
Particulars
March 31, 2020 March 31, 2019 credit ratings of customers in view of COVID-19 to ensure the
- -
adequacy of allowance for expected credit loss towards trade
the year and other receivables.
Gain/ (loss) recognized in the
other comprehensive income (3,256) - The following table gives details in respect of revenues
during the year
generated from top customer and top 5 customers:
Amount reclassified to profit
128 -
and loss during the year For the year ended
Tax impact on the above 1,093 - Particulars
March 31, 2020 March 31, 2019
Balance at the end of the year (2,035) - Revenue from top customer 17,196 13,888
Revenue from top 5 customers 27,344 23,318
Financial risk management
The Group’s activities expose it to a variety of financial risks: One customer accounted for more than 10% of the revenue for
Credit risk, liquidity risk, foreign currency risk and interest rate the year ended March 31, 2020 and March 31, 2019; Further, one
risk. The Group’s primary focus is to foresee the unpredictability customer accounted for more than 10% of the receivables as at
March 31, 2020. However, none of the customers accounted for
of financial markets and seek to minimize potential adverse
more than 10% of the receivables as on March 31, 2019.
effects on its financial performance. The primary market risk to
the Group is foreign exchange risk. The Group uses derivative Investments
financial instruments to mitigate foreign exchange related risk The Group limits its exposure to credit risk by generally investing
exposures. in liquid securities and only with counterparties that have a
All derivative activities for risk management purposes are good credit rating. The Group does not expect any losses from
carried out by specialist teams that have the appropriate non-performance by these counterparties and does not have
skills, experience and supervision. It is the Group’s policy that any significant concentration of exposures to specific industry
no trading in derivatives for speculative purposes may be sectors.
undertaken. Liquidity risk
The Board of Directors reviews and agrees policies for managing Liquidity risk is the risk that the Group will not be able to
each of these risks, which are summarised below: meet its financial obligations as they become due. The Group
manages its liquidity risk by ensuring, as far as possible, that it
Credit risk
will always have sufficient liquidity to meet its liabilities when
Credit risk is the risk of financial loss to the Group if a customer due. Also, the Group has unutilized credit limits with banks.
or counterparty to a financial instrument fails to meet its
The Group’s corporate treasury department is responsible for
contractual obligations and arises principally from the Group’s
liquidity, funding as well as settlement management. In addition,
receivables from customers and investment securities. Credit
processes and policies related to such risks are overseen by
risk arises from cash held with banks and financial institutions,
senior management.
as well as credit exposure to clients, including outstanding
accounts receivable. The maximum exposure to credit risk is The working capital position of the Group is given below:
equal to the carrying value of the financial assets. The objective As at As at
Particulars
of managing counterparty credit risk is to prevent losses in March 31, 2020 March 31, 2019
financial assets. The Group assesses the credit quality of the Cash and cash equivalents 3,909 2,562
counterparties, taking into account their financial position, past Bank balances other than cash
1,961 -
and cash equivalents
experience and other factors.
Investments in mutual funds
5,334 5,547
Trade and other receivables (quoted)
Investments in non-convertible
The Group’s exposure to credit risk is influenced mainly by the 544 361
bonds/debentures (quoted)
individual characteristics of each customer. The demographics Interest bearing deposits with
1,066 740
of the customer, including the default risk of the industry and corporates
country in which the customer operates, also has an influence Investment in commerical
- 188
paper (unquoted)
on credit risk assessment. Ratings of customers are periodically
Total 12,814 9,398
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2020 and March
31, 2019:
Particulars
Loans and borrowings 5 - -
Trade payables and accrued expenses 2,587 - -
Other liabilities 3,622 54 -


Particulars
Loans and borrowings 5 5 -
Book overdraft 3 - -
Trade payables and accrued expenses 2,131 - -
Other liabilities 2,427 1 -
Foreign Currency risk such as foreign exchange forward and option contracts, to
The Group’s exchange risk arises from its foreign operations, mitigate the risk of changes in foreign currency exchange rates
foreign currency revenues and expenses, (primarily in U.S. in respect of its forecasted cash flows and trade receivables.
Dollars, British Pound Sterling and Euros) and foreign currency The details in respect of the outstanding foreign exchange
borrowings (in U.S. dollars). A significant portion of the Group’s forward and option contracts are given under the derivative
revenues are in these foreign currencies, while a significant financial instruments section.
portion of its costs are in Indian Rupees. As a result, if the In respect of the Group’s forward contracts, a 1% decrease/
value of the Indian Rupee appreciates relative to these foreign increase in the respective exchange rates of each of the
currencies, the Group’s revenues measured in Rupees may currencies underlying such contracts would have resulted in:
decrease. The exchange rate between the Indian Rupee and
a) an approximately ` 105 increase and ` 105 decrease in the
these foreign currencies has changed substantially in recent
Group’s net profit in respect of its fair value hedges and `
periods and may continue to fluctuate substantially in the
741 increase and ` 741 decrease in the Group’s effective
future.
portion of cash flow hedges as at March 31, 2020;
The Group has a foreign exchange hedging committee which
b) an approximately ` 36 increase and ` 36 decrease in the
meets on a periodic basis to formulate the strategy for foreign
Group’s net profit as at March 31, 2019 in respect of its fair
currency risk management.
value hedges;
Consequently, the Group uses derivative financial instruments,
The following table presents foreign currency risk from non-derivative financial instruments as at March 31, 2020 and March 31, 2019.
As at March 31, 2020 ` in million

Assets
Other assets 113 26 38 18 195
Liabilities
Trade payables and accrued expenses 1,535 65 140 38 1,778
As at March 31, 2019 ` in million

Assets
Other assets 97 33 64 17 211
Liabilities
Trade payables and accrued expenses 1,114 52 136 50 1,352
For the year ended March 31, 2020 and March 31, 2019, every Interest rate risk
1% increase/decrease of the respective foreign currencies Interest rate risk is the risk that the fair value of future cash
compared to functional currency of the Group would impact flows of a financial instrument will fluctuate because of changes
operating margins by 0.2% /(0.2)% and 0.2% /(0.2)% in market interest rates. The Group’s exposure to the risk of
respectively. changes in market interest rates relates primarily to the Group’s
debt obligations with fixed interest rates and investments.

The Group’s borrowings and investments are primarily short- The capital structure is as follows:
term, which do not expose it to significant interest rate risk. As at As at
Particulars
March 31, 2020 March 31, 2019
For details of the Group’s borrowings and investments, refer to Total equity attributable to the
note 14, note 26 and note 7. equity share holders of the 31,572 33,065
Group
Capital Management As percentage of total capital 85% 100%
The Group’s policy is to maintain a strong capital base so as to Total lease liabilities 5,663 -
maintain investor, creditor and market confidence and to sustain Total loans, borrowings and
5,668 10
future development of the business. The Group monitors the lease liabilities
return on capital as well as the level of dividends on its equity As a percentage of total capital 15% 0%
shares. The Group’s objective when managing capital is to Total capital (loans,
maintain an optimal structure so as to maximize shareholder borrowings, lease liabilities 37,240 33,075
and equity)
value.
The Group is predominantly equity financed which is evident from the capital structure table. Further, the Group has always been a net
cash Group with cash and bank balances along with investment, which is predominantly investment in liquid and short-term mutual
funds being far in excess of debt.
28. Related party relationships and transactions

Name of related party Nature of relationship
Coffee Day Global Limited As per the arrangement mentioned in the draft letter of offer of Larsen & Toubro Limited
Tanglin Developments (L&T) dated April 02, 2019, received by the Company, the shares held by (a) V. G. Siddhartha
Limited (‘TDL’) (b) Coffee Day Trading Limited and (c) Coffee Day Enterprises Limited aggregating to 19.95%
Sical Logistics Limited of the shares in Mindtree Limited was transferred to SCB Escrow A/C - Project Carnation,
Lotus & Marigold. The above shareholding interest was subsequently transferred to L&T and
accordingly ceased to be related party during the period.
Mindtree Foundation Entity with common key managerial person
Bridgeweave Limited Entity with common key managerial person
NuvePro Technologies Private Limited Entity in which a key managerial person (till July 17, 2019) is a member
Amitav Bagchi Relative of a key managerial person till July 16, 2019
Mindtree Limited Employees Gratuity Fund Trust Gratuity Trust
L&T Investment Management Ltd** Fellow subsidiary
Larsen & Toubro Infotech Limited Fellow subsidiary
Larsen & Toubro Limited* Parent Company
*With effect from July 2, 2019, the Company has become a subsidiary of L&T. Accordingly, L&T has become the Promoter / Parent
Company of the Company.
**Investment Manager for L&T Mutual Fund
Name of related party Nature of transaction For the year ended March 31,
2020 2019
Larsen & Toubro Limited Dividend Paid 2,789 -


As at As at
Name of related party
March 31, 2020 March 31, 2019
Coffee Day Global Limited - 2
Larsen & Toubro Limited 20 -
Mindtree Limited Employees Gratuity Fund Trust 272 211

As at As at
March 31, 2020 March 31, 2019
The amounts outstanding are unsecured and will be settled in cash. No guarantee has been given or received. Related party transactions
as disclosed above pertain to transactions which are actually billed and does not include transactions and balances arising from unbilled
revenues and accruals.

1
and recommended the appointment of Mr. Anilkumar Manibhai Naik as an Additional Director and designated him as Non-Executive Chairman
with effect from July 18, 2019 and the same is approved by shareholders through Postal Ballot by way of special resolution on September 23,
2019.
2
3
4
5
6
7
8

9
10
11
Transactions with key managerial personnel are as given below:

Key managerial personnel comprise directors and members of the executive council. Particulars of remuneration and other benefits paid
to key managerial personnel during the year ended March 31, 2020 and March 31, 2019 have been detailed below:
For the year ended
2020* 2019*
Whole-time directors and executive officers
Salaries 82 45
Contribution to Provident fund 3 2
Bonus and Incentives 60 93
Reimbursement of expenses 1 2
Share based payments as per IFRS 2 16 69
Total Remuneration 162 211
Non-whole-time directors
Commission 21 18
Total Remuneration 21 18
Total 183 229
*The above remuneration excludes gratuity and compensated absences which cannot be separately identified from the composite
amount advised by the actuary.
Dividends paid to directors during the year ended March 31, 2020 and March 31, 2019 amounts to ` 397 and ` 162 respectively. Further,
during the year ended March 31, 2020, 7,875 (March 31, 2019: 4,255) shares were allotted to the key managerial personnel.

Particulars March 31, 2020 March 31, 2019 The department has adjusted pending refunds amounting
Claims against the Group not
1,074 1,074
to ` 556 against these demands.
acknowledged as debts
The Group received a favourable order from the
a) The Group has received income tax assessment order for Commissioner of Income Tax (Appeals) for the year
financial years 2006-07 and 2007- 08 for the erstwhile 2001-02 where in the Commissioner of Income Tax
subsidiary Mindtree Technologies Private Limited (MTPL) (Appeals) accepted the Group’s contentions and quashed
with demands amounting to ` 11 and ` 10 respectively the demand raised. The income tax department appealed
on account of certain disallowances/ adjustments made against the above mentioned order with ITAT. ITAT, in an
by income tax department. Management believes that the earlier year passed an order setting aside both the orders
position taken by it on the matter is tenable and hence, no of the Commissioner of Income Tax (Appeals) as well as
adjustment has been made to the financial statements. The the Assessing Officer and remanded the matter back to the
Group has filed an appeal against the demand received. The Assessing Officer for re-assessment. The Group preferred
Group has not deposited the amount of demand with the an appeal with the Hon’ble High Court of Karnataka against
department. The department has adjusted pending refunds the order of the ITAT. The Hon’ble High Court of Karnataka
amounting to ` 18 against these demands. has dismissed the appeal filed against the order of ITAT and
upheld the order passed by the ITAT and accordingly the
b) The Group has received income tax assessment order under
case is pending before Assessing Officer for re-assessment.
Section 143(3) of the Income-Tax Act 1961 pertaining to
The Deputy Commissioner of Income Tax has completed the
erstwhile subsidiary Aztecsoft Limited for the financial years
reassessment and has issued a Final assessment order with a
2001-02, 2002-03, 2003-04, 2004-05, 2005-06, 2007-08
revised demand amounting to ` 202 due to transfer pricing
and 2008-09 wherein demand of ` 215, ` 49, ` 61, ` 28,
adjustments. Management believes that the position taken
` 58, ` 214 and ` 63 respectively has been raised against
by it on the matter is tenable and hence, no adjustment has
the Group. These demands have arisen mainly on account
been made to the financial statements. The Group has filed
of transfer pricing adjustments made in the order. The
an appeal with Commissioner of Income Tax (Appeals).
Group has not accepted these orders and has been advised
by its legal counsel/ advisors to prefer appeals before The Group has received the order from the Commissioner
appellate authorities and accordingly the Group has filed of Income Tax (Appeals) for the year 2004-05 and on the
appeals before the Commissioner of Income Tax (Appeals) unfavorable grounds, the Group has filed an appeal with
and Income Tax Appellate Tribunal (ITAT). The Group has ITAT, Bengaluru.
deposited ` 15 with the department against these demands.
The Group has received the order from ITAT for the FY 2005- (Appeals).
06 and ITAT has remanded the matter back to the Assessing
f) During the year ended March 31, 2018, the Group received
Officer for re-assessment. The Group has filed an appeal
an order passed under section 7A of the Employees
with the Hon’ble High Court of Karnataka. The Hon’ble High
Provident Fund & Miscellaneous Provisions Act, 1952 from
Court has dismissed the appeal and this matter is pending
Employees Provident Fund Organisation (EPFO) claiming
with Assessing Officer.
provident fund contribution aggregating to ` 250 for dues
The Group has received the order from ITAT for the FY 2007- up to June 2016, and excludes any additional interest
08 and ITAT has quashed the order of the Assessing Officer. that may be determined by the authorities from that date
Order giving effect to the ITAT order is yet to be received. till resolution of the dispute, on (a) full salary paid to
International Workers and (b) special allowance paid to
The Group has received revised order for the FY 2008-
employees. Based on a legal advice obtained, the Group had
09 under section 263 from Assessing Officer raising an
assessed that it has a legitimate ground for appeal and had
additional demand of ` 61, taking the total demand to ` 124.
contested the order by filing an appeal with the Employees’
The Group had filed an appeal before ITAT. Subsequently,
Provident Funds Appellate Tribunal.
the Group has received the order from ITAT for the FY 2008-
09 and ITAT has quashed the order of the Assessing Officer. 30. Estimated amount of contracts remaining to be executed on
Order giving effect to the ITAT order is yet to be received. capital account and not provided for as at March 31, 2020 is `
During the quarter, the Group has filed a writ petition with 511 (March 31, 2019: ` 843).
the Hon’ble High Court of Karnataka to stay the proceedings
of the assessing officer for the financials years 2007-08 and 31. Segment information
2008-09. The CEO & MD of the Company has been identified as the
Chief Operating Decision Maker (CODM) as defined by IFRS
The Group has appealed against the demands received
8 Operating Segments. The CODM evaluates the Group’s
for financial years 2002-03, 2003- 04, 2004-05, 2005-06,
2006-07, 2007-08 and 2008-09. Based on favourable order
received by the Group for the financial year 2001-02 from
segment information has been presented for industry classes.
the Commissioner of Income Tax (Appeals) and an evaluation
of the facts and circumstances, no provision has been made The Group is structured into four reportable business segments
against the above orders in the financial statements. – RCM, BFSI, Hi-tech and TH. The reportable business segments
are in line with the segment wise information which is being
c) The Group received an assessment order for financial year
presented to the CODM.
2006-07 for the erstwhile subsidiary Mindtree Wireless
Private Limited from the Assistant Commissioner of Each segment item reported is measured at the measure, used
Incometax (‘ACIT’) with a demand amounting to ` 39 on to report to the Chief Operating Decision Maker for the purposes
account of certain other disallowances/ transfer pricing of making decisions about allocating resources to the segment
adjustments made by income tax department. Management and assessing its performance.
believes that the position taken by it on the matter is
The accounting principles used in the preparation of the
tenable and hence, no adjustment has been made to the
financial statements are consistently applied to record revenue
financial statements. The Group has filed an appeal with
and expenditure in individual segments, and are as set out in
Commissioner of Income Tax (Appeals) against the demand
the significant policies.
received.
Geographic information is based on business sources from that
The Group has received the order from the Commissioner of
geographic region and delivered from both on-site and off-shore.
Income Tax (Appeals) wherein the Commissioner of Income
America comprises of United States of America and Canada,
Tax (Appeals) accepted the grounds in part and in respect of
Europe includes continental Europe and United Kingdom; the
unfavorable grounds, the Group has filed an appeal before
Rest of the world comprises of all other geographies except
ITAT. The final order giving effect by the Assessing Officer is
those mentioned above and India.
completed and the demand is reduced to ` 33. The Group
has deposited ` 5 with the department against this demand. Income and direct expenses in relation to segments are
categorized based on items that are individually identifiable
d) The Group has received the revised order under section 263
to that segment, while the remainder of costs are apportioned
for financial year 2009-10 from Assessing Officer reducing
on an appropriate basis. Certain expenses are not specifically
the demand to ` 6. The Group has filed an appeal before
allocable to individual segments as the underlying services are
ITAT. ITAT has dismissed the appeal. Order giving effect
used interchangeably. The management therefore believes that
has been received. The Group has filed an appeal before
it is not practical to provide segment disclosures relating to
Commissioner of Income Tax (Appeals).
such expenses and accordingly such expenses are separately
e) The Group has received a final assessment order for disclosed as “unallocated” and directly charged against
financial year 2012-13 from the Deputy Commissioner of total income. CODM does not review assets and liabilities at
Income Tax with a demand amounting to ` 15 on account reportable segments level, hence segment disclosure relating
of certain disallowances. Management believes that the to total assets and liabilities has not been provided. The
position taken by it on the matter is tenable and hence, no Management believes that it is currently not practical to provide
adjustment has been made to the financial statements. The segment disclosures relating to total assets and liabilities since
Group has filed an appeal with Commissioner of Income Tax a meaningful segregation is not possible.

Geographical information on revenue and industry revenue 32. The Board of Directors at its meeting held on October 06, 2017,
information is collated based on individual customer invoices had approved the Scheme of Amalgamation (“the Scheme”)
or in relation to which the revenue is otherwise recognized. of its wholly-owned subsidiary, Magnet 360, LLC (“Transferor
Company”) with Mindtree Limited (“Transferee Company”) with
Industry Segments:
an appointed date of April 01, 2017. The Company had filed
For the year ended an application with the National Company Law Tribunal (NCLT),
Statement of income
March 31, 2020 March 31, 2019 Bengaluru Bench. The scheme was approved by NCLT during
Segment revenue the year ended March 31, 2019 vide order dated November 29,
RCM 16,439 15,660 2018.
BFSI 16,479 15,472 33. Non-current assets held for sale

Hi-tech 31,793 27,586
The Company, in an earlier year, had entered into a lease
TH 12,932 11,497 arrangement with a lessor for lease of a piece of land for a
Total 77,643 70,215 period of 30 years. Also, the Company had purchased two
Segment operating income buildings constructed by the lessor on the above referred
land vide a separate purchase agreement and capitalized in
RCM 2,844 2,591
the books of account. During the year, the Company received
BFSI 2,001 641
a communication from the lessor wherein it is mentioned that
Hi-tech 4,754 5,828 the lessor would like to convert the existing lease into a regular
TH 1,299 1,636 commercial lease agreement and would like to refund the
Total 10,898 10,696 residual value of the deposits and the value of the buildings
under the present agreements and enter into a fresh agreement.
Depreciation and amortization
(2,754) (1,692) The Company is currently in negotiation with the lessor to
expense
finalise the applicable agreed price for the termination and
finance expenses, other 8,144 9,004 refund of the security deposits paid to the lessor.
income and tax
Pursuant to the above, the said buildings have been reclassified
Finance expenses (529) (29)
from “Property, plant and equipment” under non-current assets
Other income 567 480 to “Non-current assets held for sale” under current assets
Interest income 189 146 amounting to ` 312 and the said land has been reclassified
Foreign exchange gain/(loss) (83) 267 from ‘Right-of-use assets’ to “Non-current assets held for sale”
amounting to ` 188. Also:
Income taxes (1,979) (2,327) (i) The security deposits aggregating to ` 85 paid as per present
Net profit after taxes 6,309 7,541 agreements have been reclassified from non-current assets
to current assets (refer note 10).
For the year ended
Other information
March 31, 2020 March 31, 2019 (ii) Impairment loss on non-current assets held for sale
Other significant non-cash amounting to ` 39 has been accounted for the year ended
expense
March 31, 2020
(Allocable)
RCM 28 6 (iii) No provision has been made in respect of liquidated
BFSI 32 40 damages (as per the terms of the present agreements) on
Hi-tech 45 32 security deposits, pending ongoing negotiation with the
TH 100 40 lessor.
Geographical information
For the year ended
Revenues
March 31, 2020 March 31, 2019
America 58,000 51,502
Europe 13,135 13,319
India 3,131 2,416
Rest of world 3,377 2,978
Total 77,643 70,215
Refer note 27 on Financial Instruments for information on
revenue from major customers

Global Presence
Global Presence
AMERICA EUROPE
1 9 1 7
ARIZONA MINNESOTA BELGIUM POLAND
Mindtree Limited Mindtree Limited Mindtree Limited Mindtree Limited
16100 North 71st Street 1665 Utica Ave S. Suite 500 Pegasuslaan 5, 1831, Diegem, Belgium Wspólna 70
Suite #250, Scottsdale, AZ 85254, USA St.Louis Park, MN 55416 Ph: +32 2709 2055 00-687, Warszawa,
Ph: +1 480 269 8100 Ph: +1 612 230 2500 Poland
2 10 2 8
CALIFORNIA NEW JERSEY FRANCE POLAND
3900 W Alameda Ave, Burbank, Los Angeles, 25 Independence Blvd., Suite 401 La Grande Arche, Paroi Nord, 92044, Regus Equal park
CA 91506 Warren, NJ 07059, USA Paris, France Wielicka Street
Ph: +1 310 289 4434 Ph: +1 908 604 8080 Ph: +33 (0)1 7329 4524 3 floor Krakow
30-552, Poland
3 11 3 9
CALIFORNIA NEW YORK GERMANY SWEDEN
75 E Santa Clara St, Ste 600 575 Fifth Avenue, New York 10017 3rd Floor, Hopfenstraße 6 Svetsarvägen 15 2tr, 17141, Solna
San Jose, CA, 95113, USA Ph: +1 646 657 8177 80335-Munich (Stockholm)
Germany Sweden
Ph: +46 8 5787 7020
4 12
CANADA TEXAS
4
Mindtree Limited Mindtree Limited 10
1004-3601 Highway 7 East, 5000 Quorum Drive, Suite #401, Dallas GERMANY
Texas 75254, USA SWITZERLAND
Markham, Ontario L3R 0M3, Mindtree Limited
Ph: +1 972 755 1910 Mindtree Limited
Canada Richmodstrasse 6, 50667, Cologne,
c/o Paramis AG, Muehlengasse 2
Germany
4410, Liestal, Switzerland
Ph: +49 221 9204 2233
Ph: +41 5 2269 1400
5 13
CANADA WASHINGTON
Mindtree Limited Mindtree Limited
5010 148th Avenue NE, 5 11
Bay and Bloor Centre, 1235 Bay Street
Suite #400, Toronto, Ontario M5R 3K4 Suite # B-200 & B-250 IRELAND
Redmond, WA 98052, USA Mindtree Limited SWITZERLAND
Canada
Ph: +1 425 867 3900 3rd Floor, Kilmore House, Park Lane, Mindtree Limited
Spencer Dock, c/o Paramis AG, Habshagstrasse 34,
Dublin 1, Ireland CH-4153, Reinach BL.
Ph: +353 1 614 6240
6
OHIO
14 6 12
Mindtree Limited
25050, Country Club Blvd, Ste 105 WASHINGTON NETHERLANDS UNITED KINGDOM
North Olmsted, Cleveland, Ohio, 44070 Mindtree Limited Mindtree Limited Mindtree Limited
Ph: +1 440 899 3296 90 North, Building 2, 3265, Lange Dreef 11, Vianen, 4131 NJ, Fifth Floor, 12 Arthur Street
160th Avenue SE, The Netherlands London, EC4R 9AB
Bellevue, WA 98007 Netherlands Ph: +44 (0)870 233 0404
Ph: +31 34 771 5021
7
FLORIDA
15
Mindtree Limited
720 SW 2nd Avenue, South Tower ILLINOIS
Gainesville, FL 32601, USA Mindtree Limited
Ph: +1 352 702 4565 Suite 1250
121, West Wacker Drive
Chicago, IL 60601
8
GEORGIA
Mindtree Limited
Suite #400, 1725 Windward Concourse,
Alpharetta, Atlanta, Georgia 30005
310 Redefining Customer Success

Global Presence
INDIA ASIA PACIFIC
1 4 1 5
BENGALURU CHENNAI AUSTRALIA SINGAPORE
Mindtree Limited (West Campus) Mindtree Limited Mindtree Limited Mindtree Limited
Global Village, RVCE Post, Mysore Road 10th, 11th and 12th Floor, Neville Block, Suite 10.03, St Martins Tower 17 Changi Business Park Central 1,
Bengaluru - 560 059, Karnataka, India 5th and 6th Floor, Hardy Block, 31, Market Street #05 - 03 Honeywell Building,
Ph: +91 80 6706 4000 TRIL Infopark Limited, Sydney NSW 2000 Changi Business Park,
Fax: +91 80 6706 4100 Ramanujan IT City SEZ, Taramani, Australia Singapore 486073, Singapore
Chennai - 600 113, Tamil Nadu, India Ph: +65 6323 8135
Ph: +91 44 66712100/ +91 4466711005
2 5 2 6
BENGALURU HYDERABAD AUSTRALIA UAE
Mindtree Limited (East Campus) Mindtree Limited Mindtree Limited Mindtree Limited
Plot No. 150, EPIP Second Phase, KIADB Divyasree Orion SEZ, 12th Floor, Block Suite #207a, 2nd Floor, 480 Collins Street 248, Block B, 5W DAFZA PO Box 293858,
#6, 14th Floor, Block #4 & Block #7 Melbourne, VIC 3000 Dubai, UAE Ph: +971 4260 2400
Bengaluru - 560 066 North Tower, Survey #66/1, Raidurga
Karnataka, India Ranga Reddy District, Gachibowli,
Ph: +91 80 6747 0000 Hyderabad - 500 032, Telangana, India
Fax: +91 80 6747 3562 Ph: +91 40 672 30000
3 6 3 7
BHUBANESWAR PUNE MALAYSIA UAE
Plot No-1, Chandaka Industrial Estate, Rajiv Gandhi Infotech and Biotech Park Level 16, 1 Sentral Jalan Stesan, 5, KL
KIIT Square Post Office, Khurda - 751024 Plot No. 37, Phase 1 MIDC, Hinjewadi, Sentral 50470, Kuala Lumpur, Malaysia Business Venue Building
Bhubaneswar, India Pune - 411 057 Oud Metha, Dubai – UAE
Maharashtra, India Ph: +971 4885 4147
Ph: +91 20 679 24000
4 8
JAPAN CHINA
Mindtree Limited MINDTREE SOFTWARE (SHANGHAI) Co., LTD
2-21-7-703 Kiba, Koto-ku, No. 501 Middle Yin Cheng Road
Tokyo 135-0042, Japan Pudong District, Shanghai
Ph: +81 3 5809 8444 China 200120
Ph: +86 21 38932543
MINDTREE SUBSIDIARIES
BLUEFIN SOLUTIONS SDN. BHD.

Level 16, 1 Sentral Jalan Stesan, 5,
KL Sentral 50470
Kuala Lumpur
Malaysia
MINDTREE SOFTWARE (SHANGHAI) Co.,

LTD
No. 501 Middle Yin Cheng Road
Pudong District, Shanghai
China 200120
Ph: +86 21 38932543

Notice of the Twenty First Annual General Meeting
Mindtree Limited
Registered Office: Global Village, RVCE Post, Mysore Road, Bengaluru 560 059, Karnataka, India.
Corporate Identity Number (CIN): L72200KA1999PLC025564
Ph: + 91 80 6706 4000 Fax: + 91 80 6706 4100 E-mail: investors@mindtree.com Website: www.mindtree.com

NOTICE is hereby given that the Twenty First Annual General Meeting (AGM) of the Members of Mindtree Limited will be held on Tuesday,
July 14, 2020 at 3.30 PM IST through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) to transact the following businesses:
Ordinary business: accorded to reclassify the following person(s) (hereinafter

individually and jointly referred to as the applicants) from
1. To receive, consider, approve and adopt the Audited Standalone
“Promoter and Promoter Group” category to “Public” category :
Financial Statements and Audited Consolidated Financial
Statements of the Company for the financial year ended March Name of the Shareholder No. of Equity Percentage of
shares held (Face shareholding
31, 2020 together with Reports of the Directors and Auditors
value of ` 10/- (%)
thereon. each) as on
June 5, 2020
2. To confirm the payment of the Interim dividend of ` 3/- per
Mr. Krishnakumar Natarajan 6,050,000 3.68
equity share, and to declare a final dividend of ` 10/- per equity
share of ` 10/- each for the financial year 2019-20. Ms. Akila Krishnakumar 1,054,462 0.64
Mr. Abhirath K Kumar 254,916 0.15
3. To appoint a Director in place of Mr. Jayant Damodar Patil
(DIN 01252184), who retires by rotation and being eligible, Mr. Siddarth Krishna Kumar 495,400 0.30
offers himself for re-appointment. Total 7,854,778 4.77
4. To consider and if thought fit, to pass with or without RESOLVED FURTHER THAT in supersession of any provision,
modification(s), the following resolution as an Ordinary their special rights, if any, with respect to the Company
Resolution: through formal or informal arrangements including through any
shareholders agreements, if any, stand withdrawn/terminated
“RESOLVED THAT pursuant to Sections 139, 142 and other
and be null and void, with immediate effect.
applicable provisions of the Companies Act, 2013 and the rules
made thereunder, as amended from time to time, M/s. Deloitte RESOLVED FURTHER THAT the above applicants confirmed that
Haskins and Sells, Chartered Accountants (Institute of Chartered all the conditions specified in sub-clause (i) to (vii) of clause
Accountants of India (ICAI) Firm Registration No.008072S), be (b) of sub-regulation (3) of Regulation 31A of SEBI (Listing
and is hereby re-appointed as the Statutory Auditors of the Obligations and Disclosure Requirements) Regulations, 2015
Company, to hold office for a period of five consecutive years have been complied with and also confirmed that at all times
commencing from the conclusion of this Twenty first Annual from the date of such reclassification, shall continue to comply
General Meeting till the conclusion of Twenty Sixth Annual with conditions mentioned Regulation 31A of SEBI (LODR)
General Meeting of the Company, on a remuneration that may be Regulations, 2015 post reclassification from “Promoter &
determined by the Board (or Committee thereof) in consultation Promoter Group” to “Public”.
with the said Auditors”.
RESOLVED FURTHER THAT on approval of the Stock Exchange(s)
Special business: upon application for reclassification of the aforementioned
5. To consider and if thought fit, to pass, with or without applicants, the Company shall effect such reclassification in the
modification(s) the following Resolution as an Ordinary Statement of Shareholding pattern from immediate succeeding
Resolution: quarter under Regulation 31 of SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 and compliance to
To approve requests received from Mr. Krishnakumar Natarajan,
Securities and Exchange Board of India (Substantial Acquisition
Promoter along with Ms. Akila Krishnakumar, Mr. Abhirath K
of Shares and Takeovers) Regulations, 2011, Securities and
Kumar and Mr. Siddarth Krishna Kumar, Persons belonging
Exchange Board of India (Prohibition of Insider Trading)
to Promoter Group for reclassification from “Promoter and
Regulations, 2015 and other applicable provisions.
Promoter Group” category to “Public” category.
RESOLVED FURTHER THAT the Directors and the Chief Financial
“RESOLVED THAT pursuant to the provisions of Regulation 31A
Officer and the Company Secretary of the Company, be and
of Securities and Exchange Board of India (Listing Obligations
are hereby severally authorized to perform and execute all
and Disclosure Requirements) Regulations, 2015, and subject
such acts, deeds, matters and things including but not limited
to approval from the BSE Limited, National Stock Exchange of
to making intimation/filings to stock exchange(s), seeking
India Limited (herein after referred to as stock exchanges), the
approvals from the Securities and Exchange Board of India,
Securities and Exchange Board of India and such other Statutory
BSE Limited, the National Stock Exchange of India Limited (as
Authorities as may be required and pursuant to other laws and
applicable), and to execute all other documents required to be
regulations, as may be applicable from time to time (including
filed in the above connection and to settle all such questions,
any statutory modifications or re-enactments thereof for the
difficulties or doubts whatsoever which may arise and amend
time being in force), the consent of the members be and is hereby
such details and to represent before such authorities as may be
required and to take all such steps and decisions in this regard to making intimation/filings to stock exchange(s), seeking
to give full effect to the aforesaid resolutions”. approvals from the Securities and Exchange Board of India,
6. To consider and if thought fit, to pass, with or without
modification(s) the following Resolution as an Ordinary
Resolution:
To approve requests received from Mr. Rostow Ravanan, such details and to represent before such authorities as may be
Promoter along with Ms. Seema Ravanan, Person belonging required and to take all such steps and decisions in this regard
to Promoter Group, for reclassification from “Promoter and to give full effect to the aforesaid resolutions”.
Promoter Group” category to “Public” category.
“RESOLVED THAT pursuant to the provisions of Regulation 31A modification(s) the following Resolution as an Ordinary
of Securities and Exchange Board of India (Listing Obligations Resolution:
To approve requests received from Mr. N S Parthasarathy,
Promoter along with Mr. N G Srinivasan, Ms. Jayanthi
Vasudevan, Ms. Jayasri Dwarakanath and Mr. Krishnaswamy L P,
Persons belonging to Promoter Group for reclassification from
“Promoter and Promoter Group” category to “Public” category.
any statutory modifications or re-enactments thereof for the “RESOLVED THAT pursuant to the provisions of Regulation 31A
time being in force), the consent of the members be and is hereby of Securities and Exchange Board of India (Listing Obligations
accorded to reclassify the following person(s) (hereinafter and Disclosure Requirements) Regulations, 2015, and subject
individually and jointly referred to as the applicants) from to approval from the BSE Limited, National Stock Exchange of
“Promoter and Promoter Group” category to “Public” category : India Limited (herein after referred to as stock exchanges), the
Name of the Shareholder No. of Equity Percentage of
shares held (Face shareholding Authorities as may be required and pursuant to other laws and
value of ` 10/- (%) regulations, as may be applicable from time to time (including
each) as on any statutory modifications or re-enactments thereof for the
June 5, 2020
time being in force), the consent of the members be and is hereby
Mr. Rostow Ravanan 1,108,436 0.67
accorded to reclassify the following person(s) (hereinafter
Ms. Seema Ravanan Nil Nil individually and jointly referred to as the applicants) from
Total 1,108,436 0.67 “Promoter and Promoter Group” category to “Public” category :
RESOLVED FURTHER THAT in supersession of any provision, Name of the Shareholder No. of Equity Percentage of
their special rights, if any, with respect to the Company value of ` 10/- (%)
through formal or informal arrangements including through any each) as on
shareholders agreements, if any, stand withdrawn/terminated June 5, 2020
and be null and void, with immediate effect. Mr. N S Parthasarathy 2,146,613 1.31
RESOLVED FURTHER THAT the above applicants confirmed that Mr. N G Srinivasan Nil Nil
all the conditions specified in sub-clause (i) to (vii) of clause Ms. Jayanthi Vasudevan 4,600 0.00
(b) of sub-regulation (3) of Regulation 31A of SEBI (Listing Ms. Jayasri Dwarakanath Nil Nil
Obligations and Disclosure Requirements) Regulations, 2015 Mr. Krishnaswamy L P 2,000 0.00
have been complied with and also confirmed that at all times
Total 2,153,213 1.31
from the date of such reclassification, shall continue to comply
with conditions mentioned Regulation 31A of SEBI (LODR) RESOLVED FURTHER THAT in supersession of any provision,
Regulations, 2015 post reclassification from “Promoter & their special rights, if any, with respect to the Company
Promoter Group” to “Public”. through formal or informal arrangements including through any
shareholders agreements, if any, stand withdrawn/terminated
upon application for reclassification of the aforementioned
applicants, the Company shall effect such reclassification in the RESOLVED FURTHER THAT the above applicants confirmed that
Statement of Shareholding pattern from immediate succeeding all the conditions specified in sub-clause (i) to (vii) of clause
quarter under Regulation 31 of SEBI (Listing Obligations & (b) of sub-regulation (3) of Regulation 31A of SEBI (Listing
Disclosure Requirements) Regulations, 2015 and compliance to Obligations and Disclosure Requirements) Regulations, 2015
Securities and Exchange Board of India (Substantial Acquisition have been complied with and also confirmed that at all times
of Shares and Takeovers) Regulations, 2011, Securities and from the date of such reclassification, shall continue to comply
Exchange Board of India (Prohibition of Insider Trading) with conditions mentioned Regulation 31A of SEBI (LODR)
Regulations, 2015 and other applicable provisions. Regulations, 2015 post reclassification from “Promoter &
Promoter Group” to “Public”.
Officer and the Company Secretary of the Company, be and RESOLVED FURTHER THAT on approval of the Stock Exchange(s)
are hereby severally authorized to perform and execute all upon application for reclassification of the aforementioned
such acts, deeds, matters and things including but not limited applicants, the Company shall effect such reclassification in the

Statement of Shareholding pattern from immediate succeeding have been complied with and also confirmed that at all times
quarter under Regulation 31 of SEBI (Listing Obligations & from the date of such reclassification, shall continue to comply
Disclosure Requirements) Regulations, 2015 and compliance to with conditions mentioned Regulation 31A of SEBI (LODR)
Securities and Exchange Board of India (Substantial Acquisition Regulations, 2015 post reclassification from “Promoter &
of Shares and Takeovers) Regulations, 2011, Securities Promoter Group” to “Public”.
and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015 and other applicable provisions. upon application for reclassification of the aforementioned
applicants, the Company shall effect such reclassification in the
Statement of Shareholding pattern from immediate succeeding
quarter under Regulation 31 of SEBI (Listing Obligations &
filed in the above connection and to settle all such questions, RESOLVED FURTHER THAT the Directors and the Chief Financial
difficulties or doubts whatsoever which may arise and amend Officer and the Company Secretary of the Company, be and
such details and to represent before such authorities as may be are hereby severally authorized to perform and execute all
required and to take all such steps and decisions in this regard such acts, deeds, matters and things including but not limited
to give full effect to the aforesaid resolutions”. to making intimation/filings to stock exchange(s), seeking
Resolution:
To approve requests received from Mr. Subroto Bagchi, Promoter difficulties or doubts whatsoever which may arise and amend
along with Ms. Susmita Bagchi and Mr. Sanjay Kumar Panda, such details and to represent before such authorities as may be
Persons belonging to Promoter Group for reclassification from required and to take all such steps and decisions in this regard
“Promoter and Promoter Group” category to “Public” category. to give full effect to the aforesaid resolutions”.
“RESOLVED THAT pursuant to the provisions of Regulation 31A 9. To consider and if thought fit, to pass, with or without
of Securities and Exchange Board of India (Listing Obligations modification(s) the following Resolution as an Ordinary
and Disclosure Requirements) Regulations, 2015, and subject Resolution:
To approve request received from M/s. LSO Investment Private
Limited, Promoter for reclassification from “Promoter Group”
category to “Public” category.
regulations, as may be applicable from time to time (including “RESOLVED THAT pursuant to the provisions of Regulation 31A
any statutory modifications or re-enactments thereof for the of Securities and Exchange Board of India (Listing Obligations
time being in force), the consent of the members be and is hereby and Disclosure Requirements) Regulations, 2015, and subject
accorded to reclassify the following person(s) (hereinafter to approval from the BSE Limited, National Stock Exchange of
individually and jointly referred to as the applicants) from India Limited (herein after referred to as stock exchanges), the
“Promoter and Promoter Group” category to “Public” category : Securities and Exchange Board of India and such other Statutory
shares held (Face shareholding regulations, as may be applicable from time to time (including
value of ` 10/- (%) any statutory modifications or re-enactments thereof for the
each) as on time being in force), the consent of the members be and is
June 5, 2020
hereby accorded to reclassify the following applicant from
Mr. Subroto Bagchi 4,694,305 2.85
Ms. Susmita Bagchi 2,687,577 1.63
Mr. Sanjay Kumar Panda 58,069 0.04
Total 7,439,951 4.52 value of ` 10/- (%)
each) as on
June 5, 2020
RESOLVED FURTHER THAT in supersession of any provision,
their special rights, if any, with respect to the Company M/s LSO Investment Private 1,858,639 1.13
Limited
through formal or informal arrangements including through any
shareholders agreements, if any, stand withdrawn/terminated Total 1,858,639 1.13
RESOLVED FURTHER THAT in supersession of any provision, the
RESOLVED FURTHER THAT the above applicants confirmed that applicant’s special rights, if any, with respect to the Company
all the conditions specified in sub-clause (i) to (vii) of clause through formal or informal arrangements including through any
(b) of sub-regulation (3) of Regulation 31A of SEBI (Listing shareholders agreements, if any, stand withdrawn/terminated
Obligations and Disclosure Requirements) Regulations, 2015 and be null and void, with immediate effect.
RESOLVED FURTHER THAT the above applicant confirmed that RESOLVED FURTHER THAT in supersession of any provision, the
all the conditions specified in sub-clause (i) to (vii) of clause applicant’s special rights, if any, with respect to the Company
(b) of sub-regulation (3) of Regulation 31A of SEBI (Listing through formal or informal arrangements including through any
Obligations and Disclosure Requirements) Regulations, 2015 shareholders agreements, if any, stand withdrawn/terminated
have been complied with and also confirmed that at all times and be null and void, with immediate effect.
RESOLVED FURTHER THAT the above applicant confirmed that
with conditions mentioned Regulation 31A of SEBI (LODR)
all the conditions specified in sub-clause (i) to (vii) of clause
Regulations, 2015 post reclassification from “Promoter &
(b) of sub-regulation (3) of Regulation 31A of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
RESOLVED FURTHER THAT on approval of the Stock Exchange(s) have been complied with and also confirmed that at all times
upon application for reclassification of the aforementioned from the date of such reclassification, shall continue to comply
applicant, the Company shall effect such reclassification in the with conditions mentioned Regulation 31A of SEBI (LODR)
Statement of Shareholding pattern from immediate succeeding Regulations, 2015 post reclassification from “Promoter &
quarter under Regulation 31 of SEBI (Listing Obligations & Promoter Group” to “Public”.
applicant, the Company shall effect such reclassification in the
Statement of Shareholding pattern from immediate succeeding
quarter under Regulation 31 of SEBI (Listing Obligations &
RESOLVED FURTHER THAT the Directors and the Chief Financial Disclosure Requirements) Regulations, 2015 and compliance to
Officer and the Company Secretary of the Company, be and Securities and Exchange Board of India (Substantial Acquisition
are hereby severally authorized to perform and execute all of Shares and Takeovers) Regulations, 2011, Securities and
such acts, deeds, matters and things including but not limited Exchange Board of India (Prohibition of Insider Trading)
to making intimation/filings to stock exchange(s), seeking Regulations, 2015 and other applicable provisions.
required and to take all such steps and decisions in this regard
to give full effect to the aforesaid resolutions”.
10. To consider and if thought fit, to pass, with or without filed in the above connection and to settle all such questions,
modification(s) the following Resolution as an Ordinary difficulties or doubts whatsoever which may arise and amend
Resolution: such details and to represent before such authorities as may be
To approve request received from Mr. Kamran Ozair, Promoter
for reclassification from “Promoter Group” category to “Public”
category. 11. To consider and if thought fit, to pass, with or without
Resolution:
and Disclosure Requirements) Regulations, 2015, and subject To approve request received from Mr. Scott Staples, Promoter
to approval from the BSE Limited, National Stock Exchange of for reclassification from “Promoter Group” category to “Public”
India Limited (herein after referred to as stock exchanges), the category.
time being in force), the consent of the members be and is
hereby accorded to reclassify the following applicant from
Name of the Shareholder No. of Equity Percentage of regulations, as may be applicable from time to time (including
value of ` 10/- (%)
each) as on time being in force), the consent of the members be and is
June 5, 2020 hereby accorded to reclassify the following applicant from
Mr. Kamran Ozair Nil Nil “Promoter and Promoter Group” category to “Public” category :
Total Nil Nil


shares held (Face shareholding Securities and Exchange Board of India (Substantial Acquisition
value of ` 10/- (%) of Shares and Takeovers) Regulations, 2011, Securities and
each) as on
June 5, 2020
Mr. Scott Staples Nil Nil
Total Nil Nil RESOLVED FURTHER THAT the Directors and the Chief Financial
RESOLVED FURTHER THAT in supersession of any provision, the are hereby severally authorized to perform and execute all
applicant’s special rights, if any, with respect to the Company such acts, deeds, matters and things including but not limited
through formal or informal arrangements including through any to making intimation/filings to stock exchange(s), seeking
shareholders agreements, if any, stand withdrawn/terminated approvals from the Securities and Exchange Board of India,
and be null and void, with immediate effect. BSE Limited, the National Stock Exchange of India Limited (as
RESOLVED FURTHER THAT the above applicant confirmed that
all the conditions specified in sub-clause (i) to (vii) of clause
(b) of sub-regulation (3) of Regulation 31A of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
have been complied with and also confirmed that at all times
with conditions mentioned Regulation 31A of SEBI (LODR) Place: Bengaluru By the order of the Board of Directors
Regulations, 2015 post reclassification from “Promoter &
Date: June 9, 2020 for Mindtree Limited

Sd/-
applicant, the Company shall effect such reclassification in the Vedavalli S
Statement of Shareholding pattern from immediate succeeding Company Secretary
quarter under Regulation 31 of SEBI (Listing Obligations & A15470

NOTES: cut-off date i.e. Tuesday, July 7, 2020, may obtain the login ID
1. In view of the continuing Covid-19 pandemic, the Ministry of and password by sending a request at evoting@nsdl.co.in or
Corporate Affairs (“MCA”) has vide its circular number 20/20 to the Registrar and Share Transfer Agent (RTA) rnt.helpdesk@
dated May 5, 2020 read with circular numbers 14/20 and 17/20 linkintime.co.in. However, if he/she is already registered with
dated April 8, 2020 and April 13, 2020 respectively (collectively National Securities Depository Limited (NSDL) for remote
referred to as “MCA Circulars”) permitted the holding of the e-voting then he/she can use his/her existing User ID and
Annual General Meeting (“AGM”) through VC/ OAVM, without password for casting the vote.
the physical presence of the Members at a common venue. In Mr. Nagendra D Rao, Practicing Company Secretary (Membership
compliance with the provisions of the Companies Act, 2013 No. FCS 5553, COP 7731) has been appointed by the Board of
(hereinafter referred as the “Act”), SEBI (Listing Obligations Directors as the Scrutinizer to scrutinize the voting process in a
and Disclosure Requirements) Regulations, 2015 (hereinafter fair and transparent manner. The scrutinizer shall, immediately
referred to as “LODR Regulations”), SEBI circular number SEBI/ after the conclusion of voting at the general meeting, first count
HO/ CFD/ CMD1/ CIR/ P/ 2020/ 79 dated May 12, 2020 (“SEBI the votes cast at the meeting, thereafter unblock the votes cast
Circular”) and MCA Circulars, the AGM of the Company is being through remote e-voting and count the votes and submit not
held through VC / OAVM. As per above MCA Circulars, only later than two days of conclusion of the meeting a consolidated
the urgent businesses, which are unavoidable, are permitted Scrutinizer’s Report of the total votes cast in favour or against,
to be transacted at the Annual General meeting. Accordingly, if any, to the Chairman or any person authorized in writing,
we are seeking the approval of the shareholders only for the who shall countersign the same.The Chairman/Authorised
urgent businesses, which are unavoidable. Item Number 5-11 as person shall declare the results of the voting on or before
referred to in this notice regarding reclassification of Promoters Thursday, July 16, 2020. The result declared, along with the
and Promoter Group are required to be approved by shareholders Scrutinizer’s Report shall be placed on the Company’s website
within 6 months of Board approval (which was on March 11, www.mindtree.com/investors and on the website of NSDL after
2020) as per SEBI (LODR) Regulations 2015, as amended. Since the results are declared by the Chairman/Authorised person and
the reclassification of Promoters and Promoter Group is time also be communicated to the Stock Exchanges where the shares
bound and an urgent business, these have been included in of the Company are listed.
the notice of Twenty First AGM. The Company is compliant with 8. To support the ‘Green Initiative’, Members who have not yet
the requirement of minimum public shareholding as per the registered their email addresses are requested to register the
requirement of LODR Regulations and the above reclassification same with their Depository Participants (DPs) in case the shares
is not initiated for achieving the minimum public shareholding. are held by them in electronic form and with RTA in case the
2. Pursuant to the provisions of the Act, a Member entitled to shares are held by them in physical form.
attend and vote at the AGM is entitled to appoint a proxy to 9. In compliance with the aforesaid MCA Circulars and SEBI Circular,
attend and vote on his/her behalf and the proxy need not Notice of the AGM along with the Annual Report 2019-20 is
be a Member of the Company. Since this AGM is being held being sent only through electronic mode to those Members
pursuant to the MCA Circulars and SEBI Circular through VC / whose email addresses are registered with the Company/ RTA/
OAVM, physical attendance of Members has been dispensed Depositories. Members may note that the Notice and Annual
with. Accordingly, the facility for appointment of proxies by the Report 2019-20 will also be available on the Company’s
Members will not be available for the AGM and hence the Proxy website www.mindtree.com, websites of the Stock Exchanges
Form and Attendance Slip are not annexed to this Notice. i.e. BSE Limited and National Stock Exchange of India Limited
3. The Board of Directors at its meeting held on April 24, 2020 at www.bseindia.com and www.nseindia.com respectively, and
have recommended a final dividend of ` 10/- per share for the on the website of NSDL https://www.evoting.nsdl.com. The
financial year ended March 31, 2020. Company will also be publishing an advertisement in newspaper
4. In compliance with the provisions of Section 108 of the containing the details about the AGM i.e. the conduct of AGM
Act, read with Rule 20 of the Companies (Management and through VC/ OAVM, date and time of AGM, availability of notice
Administration) Rules, 2014, as amended from time to time, of AGM at the Company’s website, manner of registering the
and Regulation 44 of the LODR Regulations, the Company has email IDs of those shareholders who have not registered their
extended e-voting facility for its members to enable them to email addresses with the Company/ RTA, manner of providing
cast their votes electronically on the resolutions set forth in this mandate for dividends, and other matters as may be required.
notice. The instructions for e-voting are provided in this notice. 10. Members attending the AGM through VC / OAVM shall be
The e-voting commences on Saturday, July 11, 2020 at 9 AM IST counted for the purpose of reckoning the quorum under Section
and ends on Monday, July 13, 2020 at 5 PM IST. The voting rights 103 of the Act.
of the Shareholders shall be in proportion to their shares of the 11. The Members who have cast their vote by remote e-voting prior
paid up equity share capital of the Company as on the cut-off to the AGM may also attend/ participate in the AGM through VC
date, i.e., Tuesday, July 7, 2020. / OAVM but shall not be entitled to cast their vote again.
5. Any person who is not a member on the cut-off date should treat
12. Pursuant to Section 91 of the Act, the Register of Members of
this notice for information purposes only.
the Company will remain closed from Wednesday, July 8, 2020
6. A person, whose name is recorded in the Register of Members to Tuesday, July 14, 2020 (both the days inclusive).
or in the Register of Beneficial Owners maintained by the
13. Subject to provision of Section 123 of the Act, the final dividend,
depositories as on the cut-off date only shall be entitled to avail
as recommended by the Board of Directors, if declared and
the facility of remote e-voting as well as voting at the AGM.
approved at the Twenty First Annual General Meeting, will be
7. Any person, who acquires shares and becomes a Member of the paid on or before Friday, July 31, 2020:
Company after sending the notice and holding shares as of the

(a) To those Members whose names appear on the Register of the Explanatory Statement.
Members of the Company on Tuesday, July 7, 2020. 17. The Company is obliged to print such bank’s details on the
(b) In respect of shares held in electronic form, the dividend dividend warrants/ demand drafts as furnished by the DPs and
will be payable to the beneficial owners of the shares as the Company cannot entertain any request for deletion/ change
on closing hours of business on Tuesday, July 7, 2020 as of bank details already printed on the dividend warrant(s) /
per the list of beneficiaries furnished by NSDL and Central demand draft(s) based on the information received from the
Depository Services (India) Ltd. (CDSL), the Depositories, for concerned DPs, without confirmation from them. In this regard,
this purpose. Members are advised to contact their DPs and furnish them the
particulars of any change desired, if not already provided.
The final dividend, once approved by the shareholders in the
18. Member(s) must quote their Folio Number/ DP ID & Client ID
ensuing AGM will be paid electronically through various online
and contact details such as email address, contact no. etc. in all
transfer modes to those shareholders who have updated their
correspondences with the Company/ RTA.
bank account details. For shareholders who have not updated
their bank account details, dividend warrants/ demand drafts/ 19. As per Regulation 40 of LODR Regulations, as amended, securities
cheques will be sent to their registered addresses once the of listed companies can be transferred only in dematerialized
postal facility is available. To avoid delay in receiving the form with effect from April 1, 2019, except in case of request
dividend, shareholders are requested to update their KYC with received for transmission or transposition of securities. In view
their depositories (where shares are held in dematerialized of this and to eliminate all risks associated with physical shares
mode) and with the Company’s Registrar and Share Transfer and for ease of portfolio management, members holding shares
Agent (where shares are held in physical mode) to receive the in physical form are requested to consider converting their
holdings to dematerialized form. Members can contact the RTA
dividend directly into their bank account on the payout date.
for assistance in this regard.
14. Pursuant to the changes introduced by the Finance Act
20. In case of joint holders, the Member whose name appears as the
2020, w.e.f. April 1, 2020, the Company would be required
first holder in the order of names as per the Register of Members
to deduct tax at source (TDS) at the prescribed rates on the
of the Company will be entitled to vote at the AGM.
dividend paid to its shareholders. The TDS rate would vary
depending on the residential status of the shareholder and the 21. The electronic copy of the request letters received from
documents submitted by them and accepted by the Company. Promoters/ Promoter Group seeking re-classification, as
Accordingly, the above referred Final Dividend will be paid after referred to in the Notice of this AGM and the Explanatory
deducting the TDS. The Company will be sending out individual Statement shall be available for inspection on the website of
communication to the shareholders who have registered their the Company at www.mindtree.com.
email IDs with us. The Company will also be publishing an 22. Pursuant to the provisions of Section 72 of the Act the
advertisement regarding tax on dividend. Kindly refer to https:// Member(s) holding shares in physical form may nominate, in
www.mindtree.com/about/investors/faqs-tax-deducted- the prescribed manner, any person to whom all the rights in the
source-tds-dividend for further information. The shareholders shares shall vest in the event of death of the sole holder or all
are requested to update their PAN with the RTA (in case of the joint holders. A nomination form for this purpose is available
shares held in physical mode) and with depositories (in case of with the Company or its RTA. Member(s) holding shares in demat
shares held in demat mode). form may contact their respective DPs for availing this facility.
15. Mr. Jayant Damodar Patil (DIN 01252184) continues as Non- 23. Member(s) holding shares in physical form is/ are requested to
Executive Director from July 16, 2019 and is subject to notify immediately any change of their respective addresses
retirement by rotation based on the terms of his appointment. and bank account details. Please note that request for change
Mr. Jayant Damodar Patil (DIN 01252184), retires by rotation at of address, if found incomplete in any respect shall be rejected.
this AGM, being eligible, offers himself for re-appointment. Members holding shares in demat form are requested to
Pursuant to Regulations 36 and 26(4) of LODR Regulations, notify any change in their addresses, e-mails and/or bank
the brief resume/details of Mr. Jayant Damodar Patil (DIN account mandates to their respective DPs only and not to the
01252184) is annexed hereto and forms part of the Explanatory Company/ RTA for effecting such changes. The Company uses
Statement. addresses, e-mails and bank account mandates furnished by
the Depositories for updating its records of the Shareholders
16. The Company had appointed M/s. Deloitte Haskins and Sells,
holding shares in electronic/demat form.
Chartered Accountants (Firm Registration No. 008072S) as
Statutory Auditors on June 22, 2015 to hold office for a period 24. Members are requested to note that, dividends if not encashed
of 5 consecutive years i.e., from the Sixteenth Annual General for a consecutive period of 7 years from the date of transfer
Meeting till Twenty First Annual General Meeting of the to Unpaid Dividend Account of the Company, are liable to be
Company. The period to hold office as Statutory Auditors will transferred to the Investor Education and Protection Fund
be completed at this Twenty First Annual General Meeting. The (“IEPF”). The shares in respect of such unclaimed dividends are
Audit Committee and the Board of Directors of the Company at also liable to be transferred to the demat account of the IEPF
their meeting held on April 24, 2020 have recommended the Authority. In view of this, Members/Claimants are requested to
re-appointment of M/s. Deloitte Haskins and Sells, Chartered claim their dividends from the Company, within the stipulated
Accountants (Firm Registration No. 008072S) as statutory timeline. The Members, whose unclaimed dividends/shares
auditors, for an another period of 5 consecutive years i.e., from have been transferred to IEPF, may claim the same by making
the conclusion of Twenty First Annual General Meeting till the an application to the IEPF Authority, in Form No. IEPF-5 available
conclusion of Twenty Sixth Annual General Meeting. on www.iepf.gov.in. The Members/Claimants can file only one
consolidated claim in a financial year as per the IEPF Rules. For
Pursuant to Regulation 36 of LODR Regulations, the information
details, please refer to Directors’ Report which is a part of this
of M/s. Deloitte Haskins and Sells, Chartered Accountants (Firm
Annual Report.
Registration No. 008072S) is annexed hereto and forms part of

25. The Certificate from Auditors of the Company as required under 5. Your password details are given below:
SEBI (Share Based Employee Benefits) Regulations, 2014 and a) If you are already registered for e-Voting, then you can
any amendments thereto, with regard to Company’s Employee use your existing password to login and cast your vote.
Stock Option Plans (ESOPs) and Mindtree Employee Restricted
b) If you are using NSDL e-Voting system for the first time,
Stock Purchase Scheme (ESPS/ERSP 2012) will be uploaded on
you will need to retrieve the ‘initial password’ which was
the website of the Company at www.mindtree.com.
communicated to you. Once you retrieve your ‘initial
26. The details of the process and manner for remote e-voting are password’, you need to enter the ‘initial password’ and
explained herein below: the system will force you to change your password.
The remote e-voting commences on Saturday, July 11, 2020 at c) How to retrieve your ‘initial password’?
9 AM IST and ends on Monday, July 13, 2020 at 5 PM IST. The
remote e-voting module shall be disabled by NSDL for voting (i) If your email ID is registered in your demat account
thereafter. or with the company, your ‘initial password’ is
communicated to you on your email ID. Trace the
How do I vote electronically using NSDL e-Voting system? email sent to you from NSDL from your mailbox.
The way to vote electronically on NSDL e-Voting system consists of Open the email and open the attachment i.e. a .pdf
“Two Steps” which are mentioned below: file. Open the .pdf file. The password to open the
.pdf file is your 8 digit client ID for NSDL account,
Step 1: Log-in to NSDL e-Voting system at https://www.evoting.
last 8 digits of client ID for CDSL account or folio
nsdl.com/
number for shares held in physical form. The .pdf file
Step 2: Cast your vote electronically on NSDL e-Voting system. contains your ‘User ID’ and your ‘initial password’.
Details on Step 1 is mentioned below: (ii) If your email ID is not registered, please follow steps
How to Log-in to NSDL e-Voting website? mentioned below in process for those shareholders
1. Visit the e-Voting website of NSDL. Open web browser by whose email ids are not registered
typing the following URL: https://www.evoting.nsdl.com/ 6. If you are unable to retrieve or have not received the “ Initial
either on a Personal Computer or on a mobile. password” or have forgotten your password:
2. Once the home page of e-Voting system is launched, click a) Click on “Forgot User Details/Password?”(If you are
on the icon “Login” which is available under ‘Shareholders’ holding shares in your demat account with NSDL or
section. CDSL) option available on www.evoting.nsdl.com.
3. A new screen will open. You will have to enter your User b) Physical User Reset Password?” (If you are holding
ID, your Password and a Verification Code as shown on the shares in physical mode) option available on
screen. www.evoting.nsdl.com.
Alternatively, if you are registered for NSDL eservices i.e. c) If you are still unable to get the password by aforesaid
IDEAS, you can log-in at https://eservices.nsdl.com/ with two options, you can send a request at evoting@nsdl.
your existing IDEAS login. Once you log-in to NSDL eservices co.in mentioning your demat account number/folio
after using your log-in credentials, click on e-Voting and you number, your PAN, your name and your registered
can proceed to Step 2 i.e. Cast your vote electronically. address.
4. Your User ID details are given below : d) Members can also use the OTP (One Time Password)
based login for casting the votes on the e-Voting system
Manner of holding shares Your User ID is:
of NSDL.
i.e. Demat (NSDL or CDSL)
7. After entering your password, tick on Agree to “Terms and
or Physical
Conditions” by selecting on the check box.
a) For Members who hold 8 Character DP ID followed
8. Now, you will have to click on “Login” button.
shares in demat account by 8 Digit Client ID
with NSDL. 9. After you click on the “Login” button, Home page of e-Voting
For example if your DP ID
will open.
is IN300*** and Client ID is
12****** then your user ID Details on Step 2 is given below:
is IN300***12******. How to cast your vote electronically on NSDL e-Voting system?
b) For Members who hold 16 Digit Beneficiary ID 1. After successful login at Step 1, you will be able to see the
shares in demat account For example if your Home page of e-Voting. Click on e-Voting. Then, click on
with CDSL. Active Voting Cycles.
Beneficiary ID is
12************** then your 2. After click on Active Voting Cycles, you will be able to see all
user ID is 12************** the companies “EVEN” in which you are holding shares and
whose voting cycle is in active status.
c) For Members holding EVEN Number followed by
shares in Physical Form. Folio Number registered 3. Select “EVEN” of company for which you wish to cast your
vote.
with the company
4. Now you are ready for e-Voting as the Voting page opens.
For example if folio number
is 001*** and EVEN is 5. Cast your vote by selecting appropriate options i.e. assent
101456 then user ID is or dissent, verify/modify the number of shares for which
101456001*** you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.

6. Upon confirmation, the message “Vote cast successfully” 2. It is strongly recommended not to share your password with
will be displayed. any other person and take utmost care to keep your password
7. You can also take the printout of the votes cast by you by confidential. Login to the e-voting website will be disabled
clicking on the print option on the confirmation page. upon five unsuccessful attempts to key in the correct password.
In such an event, you will need to go through the “Forgot User
8. Once you confirm your vote on the resolution, you will not
Details/Password?” or “Physical User Reset Password?” option
be allowed to modify your vote.
available on www.evoting.nsdl.com to reset the password.
3. In case of any queries, you may refer the Frequently Asked
General Guidelines for shareholders Questions (FAQs) for Shareholders and e-voting user manual
1. Institutional Shareholders (i.e. other than individuals, HUF, NRI for Shareholders available at the download section of
etc.) are required to send scanned copy (PDF/JPG Format) of the www.evoting.nsdl.com or call on toll free no.: 1800-222-990 or
relevant Board Resolution/ Authority letter etc. with attested send a request to evoting@nsdl.co.in.
specimen signature of the duly authorized signatory(ies) 4. In case of any grievances connected with facility for e-voting,
who are authorized to vote, to the Scrutinizer by e-mail to please contact Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor,
nagendradrao@gmail.com with a copy marked to evoting@nsdl. ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat
co.in. Marg, Lower Parel, Mumbai 400 013. Email: evoting@nsdl.co.in /
pallavid@nsdl.co.in, Tel: 91 22 2499 4545/ 1800-222-990.
Process for registration of email id for obtaining Annual Report and user id/password for e-voting and updation of bank account mandate
for receipt of dividend:
A. Process for registration of email id
Physical Holding Please get your email addresses registered with Link Intime India Pvt Ltd, by clicking the link:
https://linkintime.co.in/emailreg/email_register.html and follow the registration process as
guided therein. You are requested to provide details such as Name, Folio Number, Certificate
number, PAN, mobile number and e mail id and also upload the image of share certificate in
PDF or JPEG format. (upto 1 MB) .
For Permanent Registration for Demat shareholders Please contact your Depository Participant (DP) and register your email address details in
your demat account, as per the process advised by your DP.
For Temporary Registration for Demat shareholders Please get your email addresses registered with Link Intime India Pvt Ltd by clicking the link:
https://linkintime.co.in/emailreg/email_register.html and follow the registration process as
guided therein. You are requested to provide details such as Name, DPID, Client ID/ PAN,
mobile number and e-mail id. (The data will be only used as referral data and will not be
updated in the system). Kindly update your details with the respective DP for having the
record permanently.
Note: Shareholders whose e mail IDs are not registered may send an e mail request to e-voting@nsdl.co.in for obtaining User ID and Passward by providing the
details mentioned above, alternatively.
B. Process for registration of Bank Account Details
Physical Holding Please get the same registered with Link Intime India Pvt Ltd, by clicking the link: https://
linkintime.co.in/emailreg/email_register.html and follow the registration process as guided
therein. You are requested to provide details such as Name, Folio Number, Certificate number,
PAN, e mail id along with the copy of the cheque leaf with the first named shareholders
name imprinted on the face of the cheque leaf containing bank name and branch, type
of account, bank account number, MICR details and IFSC code in PDF or JPEG format. You
should also submit the request letter duly signed.
Demat holding Please contact your Depository Participant (DP) and register your bank account details in
your demat account, as per the process advised by your DP.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:
Access the VC portal by clicking this link https://www.evoting.nsdl.com under System requirements for best VC experience
shareholders/members login by using the remote e-voting credentials. The Internet connection – broadband, wired or wireless (3G or 4G/LTE), with a speed
link for VC/OAVM will be available in shareholders/members login where of 5 Mbps or more
the EVEN of Company will be displayed.
Browser :
Members who do not have the User ID and Password for e-voting or have Google Chrome : Version 72 or latest
forgotten the User ID and Password may retrieve the same by following the Mozilla Firefox : Version 72 or latest
remote e-voting instructions mentioned in this Notice. Further Members can Microsoft Edge Chromium : Version 72 or latest
also use the OTP based login for logging into the e-voting system of NSDL. Safari : Version 11 or latest
Internet Explorer : Not Supported
Contact details
+ Ms Sarita Mote | Assistant Manager | National Securities Depository Ltd.
+ 91 22 24994890 | 1800-222-990 | e mail id: SaritaM@nsdl.co.in
General guidelines for VC/ OAVM participation

1. Members who have not cast their vote on the resolutions through remote e-voting shall be eligible to vote through the e-voting system
during the AGM by clicking the link, https://www.evoting.nsdl.com/
2. Institutional Shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant
Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies), to the Scrutinizer by
e-mail to nagendradrao@gmail.com with a copy marked to evoting@nsdl.co.in for authorizing its representatives to attend the AGM
through VC/ OAVM.
3. Members who would like to express their views or ask questions during the AGM may register themselves as a speaker by sending their
request from their registered email address mentioning their name, DP ID and Client ID/folio number, PAN, mobile number at investors@
mindtree.com before July 9, 2020. Those Members who have registered themselves as a speaker will be allowed to express their views/
ask questions during the AGM. The Company reserves the right to restrict the number of speakers depending on the availability of time
for the AGM.
4. Facility of joining the AGM through VC/ OAVM shall open 30 minutes before the time scheduled for the AGM for the members to join.
The Shareholders can join the AGM in the VC/ OAVM mode 30 minutes before and after the scheduled time of the commencement of the
Meeting by following the necessary procedure mentioned in the Notice of this AGM.
5. Members can participate in the AGM through their desktops / smartphones / laptops etc. However, for better experience and smooth
participation, it is advisable to join the meeting through desktops / laptops with high-speed internet connectivity.
6. Please note that participants connecting from mobile devices or tablets, or through laptops via mobile hotspot may experience audio/
video loss due to fluctuation in their respective networks. It is therefore recommended to use a stable Wi-Fi or LAN connection to
mitigate any of the aforementioned glitches.
Place: Bengaluru By the order of the Board of Directors

Date: June 9, 2020 for Mindtree Limited
Sd/-
Vedavalli S
Company Secretary
A15470
Explanatory Statement pursuant to Section 102 of the Companies of applicable taxes thereon and out of pocket expenses) for audit of
Act, 2013 quarterly and annual financial statements of the Company under the
IND AS, IFRS, Tax Audit, Corporate Governance certification for the
Item No. 4
financial year ended March 31, 2020.
M/s Deloitte Haskins & Sells, Chartered Accountants (ICAI Firm
The Board of Directors of the Company (‘the Board’), on the
Registration No: 008072S) were appointed as Statutory Auditors of recommendation of the Audit Committee (‘the Committee’),
the Company by the Members at the 16th Annual General Meeting recommended for the approval of the Members, the re-appointment
(AGM) held on June 22, 2015 to hold office as Statutory Auditors from of M/s. Deloitte Haskins & Sells, Chartered Accountants, as the
the conclusion of AGM held in the year 2015 till the conclusion of 21st Statutory Auditors of the Company for a period of five years from the
AGM of the Company to be held in the year 2020. Accordingly, their conclusion of 21st AGM till the conclusion of the 26th AGM.
present term gets completed on conclusion of this AGM in terms of
M/s. Deloitte Haskins & Sells, Chartered Accountants, Statutory
the said approval and Section 139 of the Act, read with the Companies
Auditors have conducted the statutory audit of the company from
(Audit and Auditors) Rules, 2014. The present remuneration of
FY 2015-16 to FY 2019-20 and their performance was found to
M/s. Deloitte Haskins & Sells, Chartered Accountants, for conducting
be satisfactory. Before recommending their re-appointment, the
the audit for the financial year 2019-20, is ` 25.2 million (exclusive
Committee considered various parameters like capability to serve a
diverse and complex business landscape with expertise in respect of to reclassification, they would continue to comply with the
IT services industry as that of the Company, audit experience in the requirements as mentioned in Regulation 31A of SEBI (LODR)
Company’s operating segments, market standing of the firm, clientele Regulations, 2015.
served, technical knowledge etc., and found them suitable to handle The said requests for reclassification were considered, analyzed and
the scale, diversity and complexity associated with the audit of the approved by the Board of Directors at its meeting held on March 11,
financial statements of the Company. 2020, subject to members’ approval, and stock exchanges’ approval
Deloitte Haskins & Sells, Chartered Accountants is a Firm Registered subsequently.
with the ICAI, with Firm Registration No. 008072S. Deloitte Haskins The Promoter/ Promoter Group shareholding in the Company would
& Sells has a strong national presence having 13 offices in India. be 68.71% after the above reclassification.
Deloitte Haskins & Sells, have given their consent to act as the
Statutory Auditors of the Company and have confirmed that the Memorandum of Concern or Interest
said appointment, if made, will be in accordance with the conditions None of the Directors/ KMP of the Company/their relatives are, in
prescribed under the Act. any way, concerned or interested, financially or otherwise, in the
Ordinary Resolution set out at Item no. 5 of this Notice.
Memorandum of Concern or Interest
The Board recommends the resolution set forth in Item no. 5 for the
None of the Directors/ KMP of the Company/their relatives are, in approval of the Members.
any way, concerned or interested, financially or otherwise, in the
Ordinary Resolution set out at Item no. 4 of this Notice. Item No. 6
The Board recommends the resolution set forth in Item no. 4 for the The Company had received requests from Mr. Rostow Ravanan,
approval of the Members. Promoter of the Company along with Ms. Seema Ravanan, Person
belonging to Promoter Group, for reclassification from ‘the Promoter
Item No. 5 and Promoter Group’ category to ‘Public’ category. The following are
The Company had received requests from Mr. Krishnakumar Natarajan, the details regarding their respective shareholding in the Company :
Promoter of the Company along with Ms. Akila Krishnakumar,
Mr. Abhirath K Kumar and Mr. Siddarth Krishna Kumar, Persons shares held (Face shareholding
belonging to Promoter Group for reclassification from ‘the Promoter value of ` 10/- (%)
and Promoter Group’ category to ‘Public’ category. The following are each) as on
June 5, 2020
the details regarding their respective shareholding in the Company :
Mr. Rostow Ravanan 1,108,436 0.67
shares held (Face shareholding Ms. Seema Ravanan Nil Nil
value of ` 10/- (%) Total 1,108,436 0.67
each) as on
June 5, 2020 Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure
Mr. Krishnakumar Natarajan 6,050,000 3.68 Requirements) Regulations, 2015 along with amendments thereto,
Ms. Akila Krishnakumar 1,054,462 0.64 the Board of Directors of the Company shall analyze the request,
place the same before the shareholders in a general meeting for
Mr. Abhirath K Kumar 254,916 0.15
approval and apply for stock exchanges’ approval subsequently.
Mr. Siddarth Krishna Kumar 495,400 0.30
On the basis of the requests received by the Company and pursuant
Total 7,854,778 4.77 to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations,
Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure 2015, the aforesaid shareholders seeking reclassification have
Requirements) Regulations, 2015 along with amendments thereto, confirmed that :
the Board of Directors of the Company shall analyze the request, i) They, together do not hold more than ten per cent of the total
place the same before the shareholders in a general meeting for Voting Rights in the Company;
approval and apply for stock exchanges’ approval subsequently. ii) They do not exercise control over the affairs of the Company
On the basis of the requests received by the Company and pursuant to directly or indirectly;
the provisions of Regulation 31A(3)(b) of the SEBI (LODR) Regulations, iii) They do not have any special rights with respect to the Company
2015, the aforesaid shareholders seeking reclassification have through formal or informal arrangements including through any
confirmed that – shareholder agreements;
i) They, together do not hold more than ten per cent of the total iv) They do not represent on the Board of Directors (including not
Voting Rights in the Company; having a Nominee Director) of the Company;
ii) They do not exercise control over the affairs of the Company v) They do not act as a Key Managerial Person in the Company;
directly or indirectly; vi) They are not ‘wilful defaulters’ as per the Reserve Bank of India
iii) They do not have any special rights with respect to the Company Guidelines;
through formal or informal arrangements including through any vii) They are not fugitive economic offenders.
shareholder agreements;
Further, the aforesaid shareholders have confirmed that subsequent
iv) They do not represent on the Board of Directors (including not
to reclassification, they would continue to comply with the
having a Nominee Director) of the Company;
requirements as mentioned in Regulation 31A of SEBI (LODR)
v) They do not act as a Key Managerial Person in the Company; Regulations, 2015.
vi) They are not ‘wilful defaulters’ as per the Reserve Bank of India The said requests for reclassification were considered, analyzed and
Guidelines;
approved by the Board of Directors at its meeting held on March 11,
vii) They are not fugitive economic offenders. 2020, subject to members’ approval, and stock exchanges’ approval
Further, the aforesaid shareholders have confirmed that subsequent subsequently.
The Promoter/ Promoter Group shareholding in the Company after The Promoter/ Promoter Group shareholding in the Company after
considering the reclassification as per Item no 5 and 6 would be considering the reclassification as per Item no 5, 6 and 7 would be
68.04%. 66.73%.
Memorandum of Concern or Interest Memorandum of Concern or Interest

None of the Directors/ KMP of the Company/their relatives are, in None of the Directors/ KMP of the Company/their relatives are, in
any way, concerned or interested, financially or otherwise, in the any way, concerned or interested, financially or otherwise, in the
Ordinary Resolution set out at Item no. 6 of this Notice. Ordinary Resolution set out at Item no. 7 of this Notice.
The Board recommends the resolution set forth in Item no. 6 for the The Board recommends the resolution set forth in Item no. 7 for the
approval of the Members. approval of the Members.
Item No. 7 Item No. 8

The Company had received requests from Mr. N S Parthasarathy, The Company had received requests from Mr. Subroto Bagchi,
Promoter of the Company along with Mr. N G Srinivasan, Ms. Jayanthi Promoter of the Company along with Ms. Susmita Bagchi and
Vasudevan, Ms. Jayasri Dwarakanath and Mr. Krishnaswamy L P, Mr. Sanjay Kumar Panda, Persons belonging to Promoter Group for
Persons belonging to Promoter Group, for reclassification from ‘the reclassification from ‘the Promoter and Promoter Group’ category
Promoter and Promoter Group’ category to ‘Public’ category. The to ‘Public’ category. The following are the details regarding their
following are the details regarding their respective shareholding in respective shareholding in the Company :
the Company : Name of the Shareholder No. of Equity Percentage of
value of ` 10/- (%)
each) as on
value of ` 10/- (%)
June 5, 2020
each) as on
June 5, 2020 Mr. Subroto Bagchi 4,694,305 2.85
Mr. N S Parthasarathy 2,146,613 1.31 Ms. Susmita Bagchi 2,687,577 1.63
Mr. Sanjay Kumar Panda 58,069 0.04
Mr. N G Srinivasan Nil Nil
Total 7,439,951 4.52
Ms. Jayanthi Vasudevan 4,600 0.00
Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure
Ms. Jayasri Dwarakanath Nil Nil
Requirements) Regulations, 2015 along with amendments thereto,
Mr. Krishnaswamy L P 2,000 0.00 the Board of Directors of the Company shall analyze the request,
Total 2,153,213 1.31 place the same before the shareholders in a general meeting for
Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure On the basis of the requests received by the Company and pursuant
Requirements) Regulations, 2015 along with amendments thereto, to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations,
the Board of Directors of the Company shall analyze the request, 2015, the aforesaid shareholders seeking reclassification have
place the same before the shareholders in a general meeting for confirmed that :
approval and apply for stock exchanges’ approval subsequently. i) They, together do not hold more than ten per cent of the total
On the basis of the requests received by the Company and pursuant Voting Rights in the Company;
to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations, ii) They do not exercise control over the affairs of the Company
2015, the aforesaid shareholders seeking reclassification have directly or indirectly;
confirmed that : iii) They do not have any special rights with respect to the Company
i) They, together do not hold more than ten per cent of the total through formal or informal arrangements including through any
Voting Rights in the Company; shareholder agreements;
ii) They do not exercise control over the affairs of the Company iv) They do not represent on the Board of Directors (including not
directly or indirectly; having a Nominee Director) of the Company;
iii) They do not have any special rights with respect to the Company v) They do not act as a Key Managerial Person in the Company;
through formal or informal arrangements including through any vi) They are not ‘wilful defaulters’ as per the Reserve Bank of India
shareholder agreements; Guidelines;
iv) They do not represent on the Board of Directors (including not vii) They are not fugitive economic offenders.
having a Nominee Director) of the Company; Further, the aforesaid shareholders have confirmed that subsequent
v) They do not act as a Key Managerial Person in the Company; to reclassification, they would continue to comply with the
vi) They are not ‘wilful defaulters’ as per the Reserve Bank of India requirements as mentioned in Regulation 31A of SEBI (LODR)
Regulations, 2015.
Guidelines;
vii) They are not fugitive economic offenders. The said requests for reclassification were considered, analyzed and
Further, the aforesaid shareholders have confirmed that subsequent 2020, subject to members’ approval, and stock exchanges’ approval
to reclassification, they would continue to comply with the subsequently.
requirements as mentioned in Regulation 31A of SEBI (LODR)
The Promoter/ Promoter Group shareholding in the Company after
Regulations, 2015.
considering the reclassification as per Item no 5, 6, 7 and 8 would
The said requests for reclassification were considered, analyzed and be 62.21%.
2020, subject to members’ approval, and stock exchanges’ approval Memorandum of Concern or Interest
subsequently. None of the Directors/ KMP of the Company/ their relatives are, in

any way, concerned or interested, financially or otherwise, in the Item No. 10

Ordinary Resolution set out at Item no. 8 of this Notice. The Company had received request from Mr. Kamran Ozair, Promoter
The Board recommends the resolution set forth in Item no. 8 for the of the Company for reclassification from the ‘Promoter’ category
approval of the Members. to ‘Public’ category. The following are the details regarding his
respective shareholding in the Company :
Item No. 9
The Company had received request from M/s. LSO Investment Private Name of the Shareholder No. of Equity Percentage of
Limited, Promoter of the Company for reclassification from the shares held (Face shareholding
value of 10/- each) (%)
‘Promoter’ category to ‘Public’ category. The following are the details
as on
regarding its respective shareholding in the Company : June 5, 2020
Name of the Shareholder No. of Equity Percentage of Mr. Kamran Ozair* Nil Nil
Total Nil Nil
value of ` 10/- (%)
each) as on * The said Promoter do not hold any equity shares in Mindtree Limited
June 5, 2020
individually in his name as on date and all his investments in Mindtree
M/s LSO Investment Private Limited 1,858,639 1.13 Limited are through LSO Investment Private Limited.
Total 1,858,639 1.13
Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 along with amendments thereto,
Requirements) Regulations, 2015 along with amendments thereto, the Board of Directors of the Company shall analyze the request,
the Board of Directors of the Company shall analyze the request, place the same before the shareholders in a general meeting for
place the same before the shareholders in a general meeting for approval and apply for stock exchanges’ approval subsequently.
On the basis of the request received by the Company and pursuant
LSO Investment Private Limited was incorporated on October 11, to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations,
1999 in Mauritius. LSO Investment Private Limited was formed for 2015, the aforesaid shareholder seeking reclassification has
the purpose of making investments in Mindtree and its Promoters confirmed that :
are Mr. Kamran Ozair and Mr. Scott Staples. The above said Promoters
individually in their names do not hold any equity shares in Mindtree i) He does not hold more than ten per cent of the total Voting
Limited as on date and all their investments into Mindtree Limited Rights in the Company;
are through LSO Investment Private Limited. ii) He does not exercise control over the affairs of the Company
On the basis of the request received by the Company and pursuant directly or indirectly;
to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations, iii) He does not have any special rights with respect to the Company
2015, LSO Investment Private Limited seeking reclassification through formal or informal arrangements including through any
confirmed that : shareholder agreements;
i) They, together do not hold more than ten per cent of the total iv) He does not represent on the Board of Directors (including not
Voting Rights in the Company;
ii) They do not exercise control over the affairs of the Company
v) He does not act as a Key Managerial Person in the Company;
directly or indirectly;
vi) He is not a ‘wilful defaulter’ as per the Reserve Bank of India
iii) They do not have any special rights with respect to the Company
Guidelines;
through formal or informal arrangements including through any
shareholder agreements; vii) He is not fugitive economic offender.
iv) They do not represent on the Board of Directors (including not Further, the aforesaid shareholder has confirmed that subsequent to
having a Nominee Director) of the Company; reclassification, he would continue to comply with the requirements
v) They do not act as a Key Managerial Person in the Company; as mentioned in Regulation 31A of SEBI (LODR) Regulations, 2015.
vi) They are not ‘wilful defaulters’ as per the Reserve Bank of India The said requests for reclassification were considered, analyzed and
Guidelines; approved by the Board of Directors at its meeting held on March 11,
vii) They are not fugitive economic offenders. 2020, subject to members’ approval, and stock exchanges’ approval
subsequently.
Further, they have confirmed that subsequent to reclassification,
they would continue to comply with the requirements as mentioned The Promoter shareholding in the Company after considering the
in Regulation 31A of SEBI (LODR) Regulations, 2015. reclassification as per Item no 5, 6, 7, 8, 9 and 10, the same would
The said requests for reclassification were considered, analyzed and be 61.08%.
2020, subject to members’ approval, and stock exchanges’ approval Memorandum of Concern or Interest
subsequently. None of the Directors/ KMP of the Company/their relatives are, in
The Promoter shareholding in the Company after considering any way, concerned or interested, financially or otherwise, in the
the reclassification as per Item no 5, 6, 7, 8 and 9, the same would Ordinary Resolution set out at Item no. 10 of this Notice.
be 61.08%. The Board recommends the resolution set forth in Item no. 10 for the
approval of the Members.
Memorandum of Concern or Interest
None of the Directors/ KMP of the Company/their relatives are, in Item No. 11
any way, concerned or interested, financially or otherwise, in the The Company had received request from Mr. Scott Staples, Promoter
Ordinary Resolution set out at Item no. 9 of this Notice. of the Company for reclassification from the ‘Promoter’ category
The Board recommends the resolution set forth in Item no. 9 for the to ‘Public’ category. The following are the details regarding his
approval of the Members. respective shareholding in the Company :

Further, the aforesaid shareholder has confirmed that subsequent to
shares held (Face shareholding reclassification, he would continue to comply with the requirements
value of ` 10/- (%) as mentioned in Regulation 31A(4) of SEBI (LODR) Regulations, 2015.
each) as on
June 5, 2020 The said requests for reclassification were considered, analyzed and
Mr. Scott Staples* Nil Nil
2020, subject to members’ approval, and stock exchanges’ approval
Total Nil Nil
subsequently.
* The said Promoter do not hold any equity shares in Mindtree Limited The Promoter shareholding in the Company after considering the
individually in his name as on date and all his investments in Mindtree reclassification as per Item no 5, 6, 7, 8, 9, 10 and 11, the same would
Limited are through LSO Investment Private Limited.
be 61.08%.
Requirements) Regulations, 2015 along with amendments thereto, Memorandum of Concern or Interest
the Board of Directors of the Company shall analyze the request, None of the Directors/ KMP of the Company/their relatives are, in
place the same before the shareholders in a general meeting for any way, concerned or interested, financially or otherwise, in the
approval and apply for stock exchanges’ approval subsequently. Ordinary Resolution set out at Item no. 11 of this Notice.
On the basis of the request received by the Company and pursuant The Board recommends the resolution set forth in Item no. 11 for the
to the provisions of Regulation 31A(3)(b) of SEBI (LODR) Regulations, approval of the Members.
2015, the aforesaid shareholder seeking reclassification has
confirmed that : Place: Bengaluru By the order of the Board of Directors
i) He does not hold more than ten per cent of the total Voting Date: June 9, 2020 for Mindtree Limited
Rights in the Company;
ii) He does not exercise control over the affairs of the Company Sd/-
directly or indirectly; Vedavalli S
iii) He does not have any special rights with respect to the Company Company Secretary
through formal or informal arrangements including through any A15470
shareholder agreements;
iv) He does not represent on the Board of Directors (including not
v) He does not act as a Key Managerial Person in the Company;
vi) He is not a ‘wilful defaulter’ as per the Reserve Bank of India
Guidelines;
vii) He is not fugitive economic offender.

Information pursuant to Regulation 36 and 26(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the
Secretarial Standards.
Item Number 3 : Mr. Jayant Damodar Patil–Non-Executive Director
A. Brief Resume and Expertise:

Mr. Jayant Damodar Patil is a Whole Time Director, and Senior Executive Vice President (Defence & Smart Technologies) at L&T. He
spearheaded the Company’s foray into the defence sector since its inception at L&T. Over the years, under his leadership, L&T has built a
portfolio of indigenous, in-house products, systems and technologies and Platforms both on its own and by teaming up with DRDO and
the Indian Navy. Today, L&T Defence is engaged in design-to-delivery of solutions across its chosen segments viz. Submarines, Warships,
Artillery, Armoured Systems, Weapon Systems, Engineering Systems Avionics, Sensors and Aerospace. Mr. Jayant Damodar Patil is also
responsible for the strategic initiative ‘L&T-NxT’ launched recently by L&T as market offering through use of new age digital technologies
leveraging the domain expertise of L&T across diverse Industry segments. Mr. Jayant Damodar Patil also oversees Smart World and
Communications business of L&T which focusses on Smart Cities, Safe Cities, and Communication.
Besides being member of the Board of Directors of L&T, he is Chairman of the Board of Directors of L&T MBDA Missile Systems Limited.
He is a founder Vice President and current President of the Society of Indian Defence Manufacturers set up under the aegis of the CII. He
is also a member of CII National Council.
Mr. Jayant Damodar Patil is an alumnus of IIT Mumbai with an M. Tech. in Mechanical Engineering. He has been conferred the Prestigious
Distinguished Alumnus award and citation by his alma mater in the diamond jubilee year of the Institute. He has also been conferred
Honorary Fellowship by Indian National Academy of Engineering (INAE) and the Project Management Associates (India).
B. Disclosure of relationship between Directors Inter se, Manager and Key Managerial Personnel (KMP) :
None
C. Date of first appointment on the Board :

July 16, 2019
D. Name/s of Listed Companies (other than Mindtree) in which the person holds the Directorship and the Membership of Committees of
the Board :
Name of the Company Directorship Name of the Whether Chairman or Member

Committee Chairman Member
Larsen & Toubro Limited Director - NA NA
E. Details of shareholding in the Company :

Nil
F. Number of Board Meetings attended during the year i.e., from the date of his appointment (July 16, 2019 to March 31, 2020) :
Total number of Board meetings held: 6
Total number of Board meetings attended: 6
G. Committee Details in Mindtree Limited as on March 31, 2020 (Audit Committee and Stakeholders’ Relationship Committee)
As a Chairman – None
As a Member – None
H. Last drawn Remuneration (As on March 31, 2020) :

Nil

Information pursuant to Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Secretarial
Standards.
Item Number 4 – Re-Appointment of M/s Deloitte Haskins & Sells as Statutory Auditors
A. Proposed fees payable to the Statutory Auditor(s)

(i) For the FY 2020-21 INR 23.5 Million excluding GST and out of pocket expenses.
(ii) From the FY 2021 onwards, at a remuneration as mutually agreed to between the Board (including Committee thereof) and the Statutory
Auditor.
B. Terms of Re-appointment
Re-appointment is for the period of five years from the conclusion of Twenty First Annual General Meeting until the conclusion of Twenty
Sixth Annual General Meeting.
C. Any material change in the fee payable to such auditor from that paid to the outgoing auditor along with the rationale for such change
Not Applicable and no material change in the fees applicable as compared to the original appointment.
D. Basis of recommendation for appointment including the details in relation to and credentials of the statutory auditor(s) proposed to be
appointed
M/s. Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditors have conducted the statutory audit of the company from FY
2015-16 to FY 2019-20 and their performance was found to be satisfactory. Before recommending their re-appointment, the Committee
considered various parameters such as capability to serve a diverse and complex business landscape with expertise with respect of IT
services industry as that of the Company, audit experience in the Company’s operating segments, market standing of the firm, clientele
served, technical knowledge etc., and found them suitable to handle the scale, diversity and complexity associated with the audit of the
financial statements of the Company.
Deloitte Haskins & Sells, Chartered Accountants, is a Firm Registered with the ICAI, with Firm Registration No. 008072S. Deloitte Haskins
& Sells has a strong national presence having 13 offices in India. Deloitte Haskins & Sells have given their consent to act as the Statutory
Auditors of the Company and have confirmed that the said appointment, if made, will be in accordance with the conditions prescribed
under the Act and LODR Regulations.

Information at a glance
Particulars Details
Time and date of AGM 3:30 PM IST, Tuesday, July 14, 2020
Mode Video Conferencing (VC) and Other Audio Visual Means (OAVM)
Participation through VC/ OAVM https://www.evoting.nsdl.com/
Helpline number for VC/ OAVM participation 1800 -222-990
Book closure date Wednesday, July 8, 2020 to Tuesday, July 14, 2020
Final dividend payment date On or before Friday, July 31, 2020
Information of tax on final dividend 2019-20 https://www.mindtree.com/about/investors/faqs-tax-deducted-source-tds-dividend
Cut-off date for e-voting Tuesday, July 7, 2020
E-voting start time and date 9 AM IST, Saturday, July 11, 2020
E-voting end time and date 5 PM IST, Monday, July 13, 2020
E-voting website of NSDL https://www.evoting.nsdl.com/
Name, address and contact details of e-voting service provider Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala
Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Email: evoting@nsdl.co.in / pallavid@nsdl.co.in
Tel: 91 22 2499 4545/ 1800-222-990
Name, address and contact details of Registrar and Share Transfer Link Intime India Pvt. Limited
Agent C-101, 247 Park, L.B.S Marg, Vikhroli (West), Mumbai- 400 083, India. Tel: +91 22 4918
6000 | e-mail: rnt.helpdesk@linkintime.co.in
Website: www.linkintime.co.in

Integrated Report consultants and creative partner:
Mindtree Limited
Global Village, behind R V Engineering College
Mylasandra, Mysore Road
Bengaluru - 560 059, Karnataka
Tel: +91 80 6706 4000
www.mindtree.com

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Redeﬁning

seamlessly, generating value and growing their

Equipped with our advanced technology and omni-

transformation journey. We collaborate to help them

We believe customer success can be achieved

USD 1,089 Million USD 1.2 Billion

134.6 (kWh/FTE/month) INR 343 Million

Driving Customer 26 Customer Experience

Customer Success 55 Change

About this report

Reporting period Board's responsibility statement

2 Redefining Customer Success

Optimizing resources to deliver value

Financial Capital Economic value added

INR 10,898 Million

Human Capital Expenditure on people skill development

Collective skills and Availability of a committed INR 233 Million

It refers to the collective knowledge, Consider innovation as INR 373 Million

Social and Relationship Capital New customers CSR expenditure

Our relationships with our stakeholders Enable and enhance the

Natural Capital Reduction in water consumption

The natural resources we consume Ensure sustainable use of 3.53%

Mindtree Limited | Integrated Annual Report 2019-20 3

Driving digital transformation

We engineer meaningful technology solutions to help businesses and societies flourish.

Our core strengths

Strong knowhow in Strategic Committed management

4 Redefining Customer Success

Service offerings An approach built Passionate talent

307 764 2,400 15

INR 77,643 INR 10,898 INR 6,309 38.16%

Mindtree Limited | Integrated Annual Report 2019-20 5

Reimagining possibilities with

Cloud Data Analytics Internet of Things Digital Commerce

Digital Marketing Mobility User Experience Design Portals and Collaboration

The Digital Pumpkin B2B Customer Success Customer Onboarding – Agile

Agile Application Development Automation

Business Process Infrastructure Test Engineering

Application Management Integrated Services Reliability Engineering

6 Redefining Customer Success

Agile Application and Infrastructure DevOps

Information Strategy Quality Assurance Strategy Cloud

Embedded Intelligence Product Sustenance Short-range Wireless

Wireless IP Portfolio Wireless Lighting Solution Software-Defined Wide-Area Network

Mindtree Limited | Integrated Annual Report 2019-20 7

Revenue distribution by industry

Media and entertainment

Travel and hospitality

Transportation and logistics 21%

Travel and Hospitality Financial services

8 Redefining Customer Success

High Technology and Media (Hi-tech)

Technology companies Media and entertainment

Mindtree Limited | Integrated Annual Report 2019-20 9

Retail, CPG and Manufacturing (RCM)

Retail Consumer Packaged Goods (CPG)

Consumer electronics Manufacturing

10 Redefining Customer Success

Banking, Financial Services and Insurance (BFSI)