Euphoria Infotech India Ltd Management Discussions

For the purpose of this report, "FY 2025-26" refers to the financial year commencing on April 1, 2025 and ending on March 31, 2026.

GLOBAL ECONOMY

The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Banks latest Global Economic Prospects report.Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast. The resilience reflects better-than-expected growth-especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes.

In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report. Global inflation is projected to edge down to 2.6% in 2026, reflecting softer labour markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

In 2026, growth in developing economies is expected to slow to 4% from 4.2% in 2025 before edging up to 4.1% in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen.Growth is projected to be higher in low-income countries, reaching an average of 5.6% over 2026-27, buoyed by firming domestic demand, recovering exports, and moderating inflation. However, this will not be sufficient to narrow the income gap between developing and advanced economies. Per capita income growth in developing economies is projected to be 3% in 2026-about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12% of the level in advanced economies.

More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection. Developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for.Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances.However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

OVERVIEW OF THE INDIAN ECONOMY

Indias economic journey over the past few years has been marked by remarkable growth and a steady rise in its position on the global stage. After overtaking the United Kingdom (UK) to become the fifth largest economy in Q1 FY23, India has continued this upward trajectory to surpass Japan in June 2025 to become the fourth largest economy in the world. With a nominal Gross Domestic Product (GDP) of Rs. 3,31,03,000 crore (US$ 3.78 trillion), Indias growth reflects a combination of strong domestic demand and policy reforms positioning the country as a key destination for global capital.

Further, India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months

"For India, 2026 will be the year of resilience in domestic demand, decisive reforms in fiscal, monetary,and labor policies, and recalibrations in trade policies"

Three of the biggest global risks for India in 2026 will come from:

- US tariff policies and the conclusion of the India-US trade deal, which remains unpredictable.

- Chinas slow recovery and its dominance in critical minerals, which India must monitor as it recalibrates its relationship with Beijing.

- Geopolitical tensions in Central Asia that could disrupt commodity prices and key logistics routes, including the Red Sea corridor.

Domestically, the three biggest risks that need to be monitored are:

- Poor transmission of policy rate cuts to credit growth.

- A resurgence of inflation as demand picks up fast (and core has been above 4%).

- Possible implications of lower tax revenues for fiscal consolidation this year.

Market Overview

Indias Real Gross Domestic Product (GDP) or GDP at Constant Prices stood at Rs. 47.89 lakh crore (US$ 544.20 billion) in Q1 of FY26, up from Rs. 44.42 lakh crore (US$ 504.77 billion) in Q1 FY25, registering a growth rate of 7.8%. Nominal GDP or GDP at Current Prices for the same period was estimated at Rs. 86.05 lakh crore (US$ 977.84 billion), compared to Rs. 79.08 lakh crore (US$ 898.64 billion) in the corresponding quarter of the previous year, showing a growth rate of 8.8%.

As on October 14, 2025, India is home to 123 unicorns, with six new startups achieving unicorn status in 2025.

Indias current account recorded a deficit of Rs. 21,288 crore (US$ 2.37 billion) in Q1 FY26 (April-June), compared to Rs. 76,282 crore (US$ 8.6 billion) in the same period of FY25, according to the Reserve Bank of India (RBI). The improvement reflects a narrower merchandise trade gap and steady growth in service exports. Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of Indias trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.

Indias near-term outlook

In its latest World Economic Outlook report, the IMF said Indias economy is now expected to grow by 7.3% in FY26, up 0.7 percentage points from its earlier estimate. The upgrade reflects better-than-expected growth in the third quarter and continued strength in the fourth quarter of the current fiscal year.

The International Monetary Fund (IMF) has raised its growth forecast for Indias economy in fiscal year 2026 by 0.7 percentage points to 7.3%, pointing to strong economic momentum. However, it expects growth to moderate to around 6.4% over the following two financial years as temporary cyclical factors ease.

The IMFs revised outlook follows an update by Indias National Statistics Office (NSO), which earlier this month raised its estimate for growth in the year ending March 31 to 7.4%. This was higher than the governments initial projection of 6.3% to 6.8%, reinforcing the view that the economy has performed better than expected.

Industry Overview

THE INFORMATION TECHNOLOGY SECTOR

The Indian Information Technology ("IT") industry continues to remain a key driver of Indias economic growth and digital transformation. The sector has demonstrated resilience amid global macroeconomic uncertainties, supported by increasing adoption of digital technologies, cloud computing, artificial intelligence ("AI"), cybersecurity and data analytics. Enterprises across industries are increasingly investing in technology-led transformation to improve operational efficiency, enhance customer experience and strengthen their digital capabilities.

The global technology landscape is undergoing a significant transformation, with AI and generative AI emerging as important drivers of technology spending and enterprise investment. Increasing adoption of cloud-based solutions, AI-enabled applications, data analytics and cybersecurity solutions is creating new opportunities for technology companies. At the same time, the industry continues to face challenges arising from global economic conditions, geopolitical uncertainties, evolving technology requirements, changing client spending patterns and the need for skilled technology professionals.

India continues to strengthen its position as a leading global technology and services hub, supported by its large pool of skilled professionals, established digital infrastructure and growing capabilities across software services, engineering and research and development, business process management, cloud services and emerging technologies. The increasing adoption of technology by enterprises and the continued digitalisation of businesses are expected to support the long-term growth of the Indian IT industry.

According to Gartner, Indias IT spending is expected to reach US$ 176.3 billion in 2026, representing a year-on-year increase of 10.6%. Growth is expected to be supported by increasing adoption of cloud and digital technologies, artificial intelligence infrastructure, data centres, cybersecurity, AI and machine learning, and data analytics.

The Indian IT industry is also witnessing increasing opportunities beyond traditional metropolitan centres, with Tier-II and Tier-III cities emerging as alternative technology and talent hubs. These locations offer access to a growing talent pool and cost advantages, while enabling technology companies to expand their delivery capabilities and geographical presence.

Looking ahead, the Indian IT sector is expected to remain an important contributor to Indias economic and digital development. Continued investments in AI, cloud computing, cybersecurity, digital transformation and other emerging technologies are expected to create opportunities for IT companies. However, companies will need to continuously invest in talent, technology capabilities and innovation to remain competitive in an evolving global technology environment.

MARKET SIZE

India continues to strengthen its position as a leading global technology and services hub, supported by a large pool of skilled professionals, expanding digital infrastructure and increasing adoption of technology across industries. The Indian Information Technology ("IT") sector has demonstrated resilience amid global economic uncertainties, with enterprises continuing to invest in digital transformation, cloud technologies, artificial intelligence ("AI"), cybersecurity, data analytics and application modernisation. According to NASSCOM, the revenue of Indias IT-BPM sector is estimated to have increased from US$297 billion in FY 2024-25 to US$315 billion in FY 2025-26, comprising approximately US$246 billion from exports and US$69 billion from the domestic market. The FY 2025-26 estimate is based on data available up to February 2026. The continued growth reflects sustained demand for technology and digital services across global markets and increasing adoption of technology-led solutions by enterprises.

The growth of the Indian IT industry is increasingly being supported by investments in emerging technologies, including artificial intelligence, cloud computing, data analytics, cybersecurity and automation. These developments are creating opportunities for Indian technology companies to expand their service offerings and participate in the evolving digital transformation requirements of enterprises globally.

According to Gartner, Indias IT spending is expected to reach US$176.3 billion in 2026, representing a year-on-year increase of 10.6% over 2025. Within this, spending on IT services is forecast to reach approximately US$35.4 billion in 2026, registering growth of 11.1%. The growth in IT spending is expected to be supported by increasing enterprise adoption of cloud and digital technologies, investments in AI infrastructure, application modernisation, cybersecurity, AI and machine learning, and data analytics.

Source: NASSCOM and Gartner.

IT SERVICE INDUSTRY

India continues to strengthen its position as a leading global destination for IT and business services, supported by its large and skilled talent pool, cost competitiveness, expanding digital capabilities and growing adoption of emerging technologies. The global IT services market was valued at approximately US$1.61 trillion in 2025 and is projected to reach approximately US$3.17 trillion by 2035, registering a CAGR of approximately 7.01% during 2026-2035. The growth of the global IT services market is being driven by increasing adoption of cloud computing, artificial intelligence, automation, data analytics and digital transformation solutions. Organisations across industries are increasingly relying on IT service providers for application management, infrastructure modernisation, data management, cybersecurity and compliance, as well as digital transformation initiatives. Cloud-based delivery models are gaining wider acceptance as enterprises seek scalable and cost-efficient technology solutions. The increasing adoption of artificial intelligence and machine learning is also contributing to the evolution of IT service delivery, enabling greater automation, predictive operations and improved operational efficiency. India is expected to remain an important market for technology spending. According to Gartner, IT spending in India is expected to reach US$176.3 billion in 2026, representing an increase of 10.6% over 2025. Within this, spending on IT services is forecast to reach approximately US$35.4 billion in 2026, registering growth of 11.1%. The growth is expected to be supported by enterprise investments in infrastructure as a service (IaaS), consulting and application modernisation, together with increasing investments in artificial intelligence, cybersecurity, data analytics and digital technologies.

Cloud modernisation continues to be an important industry trend, with enterprises increasingly adopting hybrid and multi-cloud environments and investing in AI-ready infrastructure, application modernisation and data management capabilities. Enterprises are also focusing on improving technology efficiency and optimising cloud expenditure while modernising legacy systems and strengthening their digital infrastructure.

The IT services industry is also witnessing a shift towards outcome-oriented and managed service models, supported by AI-enabled automation, predictive operations and intelligent service delivery. IT service providers are increasingly integrating AI into their service offerings to improve operational efficiency, enhance scalability and deliver more responsive solutions to customers.

Going forward, the IT services industry is expected to benefit from continued digital transformation, increasing adoption of artificial intelligence and cloud technologies, growing cybersecurity requirements and the modernisation of enterprise applications. However, the industry will continue to face challenges arising from global economic conditions, changing customer spending patterns, rapid technological developments and the need for continuous investment in skills and capabilities.

Sources: Precedence Research and Gartner.

INVESTMENTS/ DEVELOPMENTS

Indias strong technology ecosystem, skilled talent pool, expanding digital infrastructure and growing adoption of artificial intelligence ("AI") and other emerging technologies continue to attract significant investments from global technology companies and domestic enterprises. During FY 2025-26, several significant investments and developments further strengthened Indias position as a leading destination for technology, AI and digital infrastructure.

- Google announced an investment of approximately US$15 billion over the period 2026-2030 to establish its first AI Hub in India at Visakhapatnam, Andhra Pradesh. The proposed hub will include gigawatt-scale data-centre infrastructure, energy infrastructure and a new international subsea gateway, strengthening Indias AI computing and digital connectivity capabilities.

- OpenAI and the Tata Group announced a strategic partnership to develop AI infrastructure in India, with an initial plan to develop approximately 100 MW of data-centre capacity, with the potential to scale the capacity to 1 GW. The development reflects the growing focus on building AI-ready computing infrastructure within India.

- Adani Group announced plans to invest approximately US$100 billion by 2035 in renewable-energy-powered, AI-ready data centres across India. The initiative is intended to expand data-centre capacity and support the development of Indias AI infrastructure ecosystem.

- Tata Consultancy Services Limited (TCS) announced a capital expenditure plan of approximately 57,701 crore (US$6.5 billion) to strengthen its digital and artificial intelligence capabilities and develop long-term technology infrastructure in India.

- Micron Technology inaugurated its first semiconductor assembly and test facility in India at Sanand, Gujarat, in February 2026. The facility represents a combined investment of approximately US$2.75 billion by Micron and its government partners and is expected to strengthen Indias semiconductor manufacturing ecosystem and support growing global demand for memory and storage products driven by AI.

- The Government of India approved the Research, Development and Innovation ("RDI") Scheme with an outlay of

1,00,000 crore, aimed at catalyzing private-sector investment in research, development and innovation, including in emerging and deep-technology sectors. The initiative is expected to support Indias innovation ecosystem and encourage the development of strategically important technologies.

- Digital Connexion, a joint venture involving Reliance Industries Limited, Brookfield and Digital Realty, announced plans to invest approximately 98,000 crore (US$11 billion) by 2030 to develop a 1 GW data-centre cluster in Visakhapatnam, further strengthening Indias data-centre and digital infrastructure capabilities.

- The IT and IT-enabled Services ("IT & ITeS") sector continued to attract significant investment during 2025. The sector led private equity funding during the first half of 2025 with investments of approximately 49,738 crore (US$5.75 billion), reflecting continued investor interest in technology, artificial intelligence, data analytics and digital services.

- The computer software and hardware sector has remained a significant recipient of foreign investment in India. Cumulative foreign direct investment ("FDI") inflows into the sector were approximately 8,31,772 crore (US$110.16 billion) between April 2000 and June 2025, according to data released by the Department for Promotion of Industry and Internal Trade ("DPIIT").

- India is also witnessing increasing investments in AI, cloud computing, data centres, cybersecurity, semiconductors and other emerging technologies. These developments are expected to strengthen the countrys digital infrastructure, create opportunities for technology-led innovation and support the continued expansion of Indias IT and IT-enabled services ecosystem.

GOVERNMENT INITIATIVES

The Government of India continues to undertake various initiatives to promote the growth of the Information Technology and Information Technology Enabled Services ("IT/ITeS") sector, with a particular focus on digital infrastructure, artificial intelligence ("AI"), cybersecurity, cloud computing, research and development and technology-led innovation.

Some of the key initiatives undertaken during the period include:

- The Union Budget 2025-26 allocated approximately 20,000 crore towards research and development, artificial intelligence, geospatial initiatives and Atal Tinkering Labs, with the objective of strengthening the innovation ecosystem and supporting private-sector-led research.

- The IndiaAI Mission has received an allocation of approximately 2,000 crore in FY 2025-26, supporting the development of Indias artificial intelligence ecosystem and strengthening capabilities relating to AI infrastructure, innovation and adoption.

- The Government has initiated Project AIRAWAT to provide a common computing platform for AI research and knowledge assimilation.

- AIKosh has been developed as a platform for facilitating access to datasets and AI models for the development and deployment of AI applications. The platform encompasses datasets and AI models across multiple sectors.

- The Government continues to place emphasis on cybersecurity, hyperscale computing, artificial intelligence and emerging technologies, recognising their importance to Indias digital economy and technology ecosystem.

- The Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware has been introduced with a budgetary outlay of approximately 17,000 crore, aimed at strengthening domestic manufacturing capabilities in the IT hardware sector and developing a competitive technology ecosystem.

- The Software Technology Parks of India (STPI) Scheme continues to support the development and export of computer software and related professional services, thereby facilitating Indias position as a global technology and services hub.

- The Government has continued to promote digital infrastructure and data-centre development, with investments and policy measures aimed at strengthening Indias position as a global hub for cloud computing, data centres and digital services.

- The Union Budget 2026-27 proposed measures relating to the taxation of foreign companies providing cloud services to global customers through data centres located in India, further supporting the development of Indias data-centre and cloud-services ecosystem.

- The Government has also continued to strengthen international cooperation in emerging telecommunications technologies, including 5G technologies, telecom security and submarine optical fibre cable systems, through bilateral cooperation initiatives.

These initiatives are expected to support the continued expansion of Indias digital economy, encourage technology adoption and innovation, and create opportunities for companies operating across IT services, software, cloud computing, AI and related technology segments.

OPPORTUNITIES

The Indian IT and IT-enabled services industry continue to present significant opportunities, supported by increasing technology adoption, digital transformation, expansion of Global Capability Centres and continued development of Indias digital ecosystem.

- Growing adoption of emerging technologies: Increasing enterprise investments in AI, Generative AI, cloud computing, cybersecurity, automation, data analytics and Internet of Things (IoT) technologies are creating significant opportunities for growth and innovation in the IT sector.

- Digital transformation: Accelerating digital transformation initiatives across industries are generating increasing demand for cloud migration, application modernisation, managed services, platform engineering and cybersecurity solutions.

- Expansion of Global Capability Centres (GCCs): India continues to emerge as a preferred destination for GCCs, supported by its large talent pool, digital capabilities and cost competitiveness. The continued expansion of GCCs is expected to create opportunities for technology service providers and contribute to innovation-led growth.

- Free trade agreements and bilateral partnerships: Indias expanding network of FTAs with the UK and the EU and bilateral digital and economic partnerships with the US and New Zealand, is expected to improve market access, ease cross-border service delivery, strengthen data and technology cooperation and create new export opportunities for IT and digital services.

- Government support: Government initiatives aimed at strengthening Indias IT and digital ecosystem, including measures relating to taxation, ease of doing business, data-centre infrastructure and technology manufacturing, are expected to encourage investment and support the growth of the digital economy.

- Strategic partnerships and ecosystem collaborations: Partnerships with hyperscalers, technology providers and global enterprises are enabling IT companies to strengthen digital capabilities, expand service offerings and deliver integrated technology solutions to clients.

THREATS

- Intense competition: The IT sector faces increasing competition from global technology companies, emerging digital service providers and start-ups, which may exert pressure on pricing, margin and market share.

- Rapidtechnological evolution: Continuous advancements in AI and other digital technologies require ongoing investments in innovation, reskilling and technology upgrades. Failure to keep pace with technological developments may affect competitiveness and growth.

- Cybersecurity and data privacy risks: Increasing cyber threats, ransomware attacks and evolving data protection and privacy requirements may expose IT companies to operational, financial, legal and reputational risks.

- Global economic uncertainties: Changes in global economic conditions, geopolitical developments, trade policies and regulatory frameworks may adversely affect enterprise technology spending, outsourcing demand and overall industry growth.

RISK MANAGEMENT

Euphoria recognises the importance of effective risk management in todays dynamic business environment. The Company understands that various risks may affect its operations, business objectives and long-term sustainability. As an IT services company, Euphoria remains cognizant of these challenges and continues to take appropriate measures to identify, assess and manage potential risks.

TheCompanyfollowsaproactive,structuredapproachtowardsidentifyingandmitigatingpotentialrisks,therebystrengthening its resilience and adaptability to changing business conditions. The Company also places emphasis on protecting its assets, information and intellectual property while pursuing opportunities for sustainable growth. Its risk management approach forms and integral part of its efforts towards maintaining operational resilience and supporting long-term growth in the IT services sector.

Key risk areas and mitigation strategies

Talent retention risk: The Company operates in an industry characterised by strong competition for skilled IT professionals, which may result in increased employee attrition. The Company seeks to mitigate this risk by maintaining an employee-centric work environment, providing employee benefits, implementing employee engagement initiatives and offering structured training and development programmes.

Competition risk: The Company operates in a highly competitive IT services industry across domestic and international markets and is subject to continuous competitive pressures. The Company seeks to address this risk by remaining agile and responsive to evolving industry dynamics, adopting relevant digital tools and technologies and continuously strengthening its service capabilities.

Information and Cybersecurity risk: The Company is exposed to the risk of cybersecurity breaches, which may result in the loss, disruption or unauthorised access to critical assets and sensitive information. The Company seeks to mitigate this risk through measures including regular security audits, penetration testing, vulnerability assessments, employee awareness and training programmes and the implementation of appropriate security technologies.

Regulatory Risk: The Company is exposed to regulatory risks arising from changes in applicable laws, regulations and compliance requirements in the jurisdictions in which it operates. Non-compliance may result in financial penalties, reputational consequences or disruption to business operations. The Company seeks to mitigate this risk by monitoring regulatory and policy developments and maintaining appropriate compliance processes to ensure adherence to applicable laws and standards.

Cloud Computing Risk: The Company is exposed to risks associated with cloud computing, including potential data loss, service outages and system failures, which may affect business continuity and operations. The Company seeks to mitigate these risks through robust data access and control protocols, appropriate safeguards for sensitive information and regular testing and updating of disaster recovery and business continuity plans to enhance preparedness for unforeseen disruptions.

ROAD AHEAD

India continues to strengthen its position as a leading global destination for technology and IT-enabled services, supported by its large and skilled talent pool, cost competitiveness, expanding digital infrastructure and strong capabilities in delivering technology services at scale. The industry is entering a new phase of growth, with emerging technologies such as artificial intelligence ("AI"), cloud computing, cybersecurity, data analytics and automation creating new opportunities for technology companies.

Indias technology spending is expected to continue growing, supported by increasing enterprise investments in digital transformation, AI-enabled solutions, cloud infrastructure, cybersecurity and application modernisation. The continued expansion of Global Capability Centres ("GCCs"), increasing technology adoption across industries and the emergence of technology hubs beyond traditional metropolitan centres are also expected to provide additional growth opportunities for the Indian IT industry.

Going forward, the Indian technology sector is well positioned to benefit from the increasing global demand for digital transformation and technology-enabled business solutions. Indias strong talent base, growing digital ecosystem and continued investments in emerging technologies are expected to support the countrys role as a key contributor to global technology and digital transformation.

The highlights of the financial results for the year ended March 31, 2026 and the corresponding figure for the previous year are as under:

(Rs in Lakhs except EPS)

	Standalone		Consolidated
Particulars	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	1,522.93	1,321.57	1,522.93	1,321.58
Other Income	7.67	11.18	7.67	11.18
Total Income	1,530.60	1,332.75	1,530.60	1,332.76
Total Expenditure	1,302.72	1,084.91	1,302.72	1,084.91
Profit before tax	227.88	247.84	227.88	247.85
Current Tax	80.23	88.59	80.23	88.60
Income tax Adjustment	-	(12.22)	-	(12.22)
Deferred Tax Adjustment	(6.44)	(7.62)	(6.44)	(7.62)
Profit after Tax	154.09	179.08	154.60	177.57
Basic Earnings per share (in _)	5.31	6.17	5.33	6.12

Key Ratios

Particulars	FY 2026	FY2025
Revenue (Rs. in Lacs)	1,522.93	1,321.58
Net Profit After Tax (Rs. in Lacs)	154.60	177.57
Earnings per share (in Rs.)	5.33	6.12
EBITDA (Rs. in Lacs)	280.37	279.16
Net Profit Margin (%)	10.15	13.43
Return on Capital employed	0.13	0.16
Current Ratio (times)	2.44:1	8.18:1
Debtors Turnover(times)	1.30	2.09
Debt-equity (times)	0.29:1	0.07:1

Cautionary Statement

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied in such forward-looking statements.

Important factors that could cause actual results to differ materially include changes in domestic and global economic conditions, demand for IT and technology services, competitive pressures, technological developments, cybersecurity and data privacy risks, availability and retention of skilled personnel, changes in Government policies, laws and regulations, taxation regimes, foreign exchange fluctuations, geopolitical developments, changes in client spending and technology investment patterns, and other factors including litigation and labour-related matters.

The Company assumes no responsibility for updating or revising any forward-looking statements in light of future developments, events or circumstances.