niit technologies ltd share price Management discussions
Managements Discussion and Analysis: FY2023
(Note: data and commentary refer to consolidated performance, unless otherwise stated)
FY2023: Coforge Achieves US$ 1 Billion Revenue
Coforges entry into the US$ one billion revenue club is the result of commitment of its passionate employees as well as consistent support from our clients and all the stakeholders. This landmark opens multiple new opportunities and puts the company firmly at the beginning of the next level of growth journey towards its new milestone of US$ 2 billion in revenue. FY23 was also characterized as the year when we laid the foundation for our growth journey towards the US$ 2 billion milestone through significant investments and initiatives to materially enhance firms leadership, capabilities, and execution prowess. Despite the fast evolving and highly uncertain macroeconomic environment throughout the year, we continued our focused approach towards execution-led growth and remain confident that our definitive actions in FY23 will enable us to continue delivering robust growth in the future. The financial year under review also witnessed continuing easing of supply-side constraints resulting in our LTM attrition improve from 17.7% in FY22 to 14.1% in FY23.
We are pleased to report that Coforge registered a total revenue growth of 24.6% in reported terms,15.6% in US$ terms and 22.4% in constant currency terms in FY23.
The Adjusted EBITDA margin stood at 18.3% and consolidated net profits after tax excluding one-offs for the year stood at Rs. 8,117 million and saw a growth 22.7% during FY23.
Global Economic Outlook and Industry Overview
The global economy last year witnessed a gradual recovery from both the pandemic and the Russia-Ukraine war. Chinas reopened economy seems to be rebounding firmly and the supply chain disruptions are unwinding, while dislocations to energy and food markets caused by the Russia-Ukraine war are receding. However, the inflation across major economies remains very high with the US & UK inflation already hitting at a four-decade high. To tame the decadal high inflation, the major economies central bankers have been steeply hiking the interest rates. This massive and synchronized tightening of monetary policy by most central banks is showing early signs of easing inflation though its still farfetched from their targets. As per the IMF, the side effects from the fast rise in policy rates are becoming apparent, as banking sector vulnerabilities have come into focus and fears of contagion have risen across the broader financial sector, including nonbank financial institutions. Policymakers have taken forceful actions to stabilize the banking system after the failures of two U.S. regional banks and the forced merger of Credit Suisse.
As the world witnessed end of the era of free money, which had been prevalent for almost a decade, the coming fiscal year is expected to see a tough time for the global economy. The International Monetary Fund (IMF) in its April 2023 "World Economic Outlook" has forecasted the global growth to bottom out at 2.8% for the year 2023 against 3.4% in 2022, before rising modestly to 3% in the year 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7% in 2022 to 1.3% in 2023. However, IMF expects the U.S. economy to grow at 1.6% at the back of strong labour markets. Meanwhile, the Indian economy has shown good resilience and continues to be the fastest growing economy in the world.
According to Indias premier information & technology sector body, The National Association of Software and Services Companies (NASSCOM), despite several global headwinds and moderation in demand seen in the last quarter of financial year 2023, the Indian IT industrys value proposition of resilience, agility, and a transformation partner for the global enterprises, has enabled the industry to strengthen its leadership in core and emerging areas. It expects spending on digital to continue with evolving priorities as per changing macroeconomic environment. With evolving buyer preferences, tech service providers are increasingly pivoting to being transformational partners over vendors with a focus on bringing domain specialization and impact-based commercial arrangements. Due to which NASSCOM expects the Indias technology industry to continue to grow with a double-digit growth in FY23E. The growth has been across segments of IT services, Business Process Management (BPM), Software Products, Engineering and Research & Development (ER&D), and Domestic market.
The resilience outlook in tech spends is also corroborated by Gartner, which in its April 2023 forecast has indicated an increased IT spending despite global economic turbulence. Gartner has projected the Worldwide IT spending to total US$ 4.6 trillion in 2023, an increase of 5.5% from 2022. The IT services segment is also expected to grow by 9.1% to US$ 1.36 trillion in 2023 and is expected to post a double-digit growth of 10.2% in 2024 at $1.5 trillion. It also expects the banking crisis in US and Europe to remain contained and impact more to the start-up ecosystem. At the back of many countries expecting a near flatting GDP growth, it does not expect any slowdown in digital transformation. Despite layoffs seen in tech sector, it expects demand of tech talent to outstrip supply until 2026. The IT spending on internal services could slow down across industries, and as a result, enterprises would be spending more money to retain fewer staff and turning to IT services firms to fill in the gaps. This augurs well for the Indian IT services sector.
According to NASSCOM, India remains a global talent hub with the technology sector employing over 5.4 million workforce and creating 290,000 new jobs in FY23. With a 36% digitally skilled workforce, the industry remains on the top in terms of AI skills penetration, the 2nd largest in terms of AI/ML BDA talent pool, globally and 3rd globally, in terms of installed supply of Cloud professionals.
Further, NASSCOM also mentions that the proportion of digital technology has increased from 26-28% in FY20, to over 32-34% in FY23. The IT/Tech industry has seen increased penetration of digital tech in areas like Analytics, Cloud, and Cybersecurity which are emerging as the fastest growing segments wherein the share of Cloud deals was reportedly 4x of the pre-pandemic levels.
Our Strategy
Globally, organizations would like to keep meeting their strategic objectives by leveraging digital even in an uncertain environment. Technology has become mission-critical to business success and enterprises need to monitor and evaluate implementation of technologies that will help the organizations to run more efficiently every day to remain agile and achieve a competitive edge. IT transformation that would be priority into the coming year will be a wider adoption of low-code / no-code platforms, increased migration to the cloud, leveraging AI and ML technologies, increased automation, data & analytics, virtual business collaboration, everything-as-a-service (XaaS) and wider investments in technologies like generative AI, cyber security, etc.
Coforge has robust presence across and critical mass in capabilities of products and platforms, intelligent automation, data and integration, cloud and infrastructure management, software engineering and business process management. Our strategy remains rooted in our deep domain expertise in the verticals where we operate, and effective delivery execution has and continues to be a core part of our customer value proposition. During the year, we continued investments in developing deep expertise in next-generation digital technologies and expanded our partnerships with leading product & platform providers in digital and cloud domains. For FY23, the digital, cloud & infrastructure management services constituted 64% of the firms global technology services revenues (which excludes BPS service offering revenues).
A) Client Centricity and Execution Focus
We believe that an intense focus on execution is at the core of our operating culture. The focus on execution reflects in the healthy
Net Promoter Score (NPS) achieved in the Voice of Customer survey for 2023, and in a high repeat business rate. In FY23, our repeat business (which is defined as revenue from existing clients at the start of the applicable year that generated revenue in such year) stood at 92%. The focus on high-quality execution drove the firms top 10 accounts FY23 growth of 18.2% in US$ terms. The firm has also become empanelled as a preferred tech services partner across multiple Fortune 100 and Fortune 500 clients. As of March 31, 2023, Coforge is serving 61+ Forbes Global 1000 clients.
A structured go-to-market strategy along with focus on selected verticals has also resulted in increased ticket size of the deals being won by the firm. During financial year 2023, Coforge signed 11 large deals ($20mn+ TCV). This included two $50+ million and five $30+ million contracts. These large deals bring into play all of Coforges core transformation capabilities across enterprise architecture, industry consulting, data architecture, cloud engineering, digital integration, and intelligent automation. The total order intake for the year stood at an all-time high of US$ 1.3 billion.
B) Strengthening partnerships ecosystem
We materially strengthened our partnerships with leading industry platform providers during the financial year 2023. Our partnership with ServiceNow was enhanced to an elite level partner status. This upgraded partnership with ServiceNow will open doors to our customers for innovative co-developed industry solutions with a faster time to market.
We also expanded our partnership with Google in APAC to offer our clients Google Cloud platform-based solutions. Coforge was also accredited by AWS as a public sector partner. This partnership will enable us to provide tailored cloud-based solutions on AWS platforms for our customers in government and non-profit sectors.
Coforge received the Azure Expert Managed Service Provider tier with Microsoft. We also concluded our partnership with Sysdig, the unified Cloud and Container Security Leader. This has seen us launch our container security and monitoring services. Furthermore, as part of our efforts to expand our partnership ecosystem, Coforge entered new partnerships with Databricks, a cloud data and AI company and with Newgen, a global provider of a low-code digital transformation platform. A partnership with key low-code, no-code platform players like Pega and Appian continues to fuel significant growth for our Digital Process Automation business.
We also announced a partnership with the Mack Institute for Innovation management at the Wharton Business School. This partnership will help re-enforce our efforts to enhance our technology capabilities and to help us deliver value-add solutions to our customers.
C) Investing in capabilities and emerging technologies
In line with our mission to ‘Engage with the Emerging, we announced a Center of Excellence (CoE) dedicated to exploring applications of Web3 Technologies and the Metaverse. The CoE was inaugurated as part of Coforges Annual Technology Conference, TechCon 2022 that saw multiple demonstrations, and proof of concepts for the Metaverse using cases across industry verticals. The Coforge Metaverse experience Center is a virtual reality space that is being used to demonstrate use cases across industries. We have also embarked on a program to use the Metaverse for our leadership assimilation programs and employee onboarding here at Coforge which is a great way to deliver value while we build up our metaverse capabilities. We also announced setting up of a low code/no code service line to focus on developing industry-specific use cases, leveraging low code/no code platforms, such as Pega, Appian, Mendix and OutSystems to accelerate time-to-market for our customers. We continue to invest in improving our engineering excellence through initiatives such as developing a plug-and-play devops framework, and an automation accelerator framework.
During the year, we had shared our plans about transforming the legacy ADM service-line into a product engineering focus capability. This is an ongoing area of focus, and we have initiated large, targeted, learning and development (L&D) initiatives towards this. The L&D programs have also been expanded to cover project and program management areas. We also continue to invest into domain-specific skills development, using learning academies that deliver domain-specific learning paths. This model has also been extended to key customers, where the learning programs are client specific, and they deliver the benefit of higher productivity as well as better retention of people.
Recognitions
On the recognition front, Coforge received an award for the ‘Best Use of (AI) Artificial Intelligence in the BFSI sector at the Financial Express-FUTECH Awards 2022. We were recognized for the application of AI in credit risk scoring. In addition, we won the award from MuleSoft for the ‘Breakthrough Partner of the Year, our 8th consecutive award from MuleSoft in the recent few years.
Coforge was named in the Top 15 Service and Technology Providers standout globally by ISG and we were Among the Leading Providers in the Booming 15 Category based on the Annual Contract Value won over the last 12 months according to the Third Quarter 2022 Global ISG IndexTM.
We were recognized for the first time in the Everest Peak Matrix for Application & Digital services for both P&C and L&A insurance segments. We were classified as a star performer in the major contender segment.
In recognition of Coforges Learning & Development efforts, we were awarded the Leaders Award for ‘Best Learning Outcome 2022 by Skillsoft, a global leader in corporate digital learning. As proof of Coforges strong commitment to seamless business continuity, we were certified a new ISO 23001 model for BCMS, Business Continuity Management System. This new standard provides an international best practices framework for security, resilience, and business continuity in an organization. The CMMI Institute assessed Coforge Delivery Services at CMMI Maturity Level Five. This is the Seventh Consecutive Time weve achieved CMMI Maturity Level 5, since our very first assessment in 2004.
During the year, Coforge was proudly recognized as one of Indias Best Workplaces for Women. We have won this recognition second year in a row, and this added testament to our people-centric approach, and employee-friendly policies comes after having been certified as a Great Place to Work? in the last quarter.
Financial Performance
Consolidated revenue for the full year FY2023 grew 24.6% over last year to Rs. 80,146 million. In constant currency (cc) terms, growth for the year was 22.4%.
The BFS vertical registered stellar growth of 47.0% in CC terms in FY23 and contributed 30.7% of the total revenues. TTH vertical grew 21.5% and contributed 19.1% of the total revenues. The Insurance vertical growth declined by 3.7% and contributed 22.6% of the total revenues. Other businesses, including primarily Healthcare, Hi-tech, Retail and Overseas Public Sector collectively grew 23.1% year-on-year in CC terms and they represented 27.5% of the overall revenues.
The geo-based growth cuts also showed sustained growth. Americas, which contributes to 49.9% of global revenues, grew by 20.2% year-on-year. EMEA revenues grew by 36.9% YoY and now represents 38.9% of the revenue mix. RoW grew 8.3% during the year and contributed 11.2% to total revenues.
Reflecting on the revenues by service offerings, Data and Integration contributes 23.5% of the overall revenue mix grew 40.5% in FY23. Intelligent Automation contributes 12.0% and grew 8.4% and Product Engineering now contributes 10.1% of the total revenues. Cloud and Infrastructure Management offering contributes 18.3% and grew 27.9%, Software Engineering contributes 26.2% and grew 31.3%. Business Process Services (BPS) now contributes 9.9% of FY23 revenues.
The significant growth in revenue was accompanied by an uptick in gross margins as well during the year. For FY23, gross margins increase by 55 bps to 32.5% and the Company invested substantially in the front-end leadership and capability enhancements throughout the year. EBITDA (before ESOP and acquisition related costs) increased by 21.5% during the year and stands at Rs. 14,649 million, translating into margin of 18.3% for the year. Selling, General & Administrative (SG&A) expenses as a % of total revenue increased from 13.3% in FY22 to 14.3% in FY23.
EBIT grew by 29.1% year-on-year and stands at Rs. 11,468 million, resulting in margin of 14.3%. Coforge has filed for an ADR for which it has incurred an expense of Rs. 523 Million over the last 18 months. These expenses were reflected as recoverable from the selling shareholders in the balance sheet. As the market conditions continue to be unfavorable for the ADR issue, basis accounting prudence, a provision of Rs. 523 million for these expenses has been made in Q4FY23. Additionally, the board has approved an amount of Rs. 803 million towards gifts to all the employees and celebrations across all locations for achieving US$ 1 billion milestone. An amount of INR 803 million towards gifts has been incurred in Q4FY23. Excluding these exceptional one-off charges, the net profits (after minority interest) for the year increased by 22.7% and stood at Rs. 8,117 million, implying a net margin of 10.1%. The effective tax rate for the year (adjusted for one offs) stood at 20.4% as against 17% in the previous year.
| Verticals: contribution to | FY2023 | FY2022 |
| consolidated revenues (in %) | ||
| Banking and Financial Services | 31% | 26% |
| Insurance | 23% | 28% |
| Travel, Transportation & Hospitality | 19% | 19% |
| Others | 28% | 27% |
| Geographies:contributionconsolidated | FY2023 | FY2022 |
| revenues (in %) | ||
| Americas | 50% | 52% |
| EMEA* | 39% | 35% |
| Rest of World | 11% | 13% |
* Comprises of United Kingdom, Europe, and Middle East.
Robust Balance Sheet
As on March 31, 2023, cash and cash equivalents were Rs. 6,025 million (compared to Rs. 4,718 million a year ago on March 31, 2022). This increase in cash is primarily attributed to operating cash flow generation in the business offset by investments and dividend pay-outs. The Companys total liabilities as on March 31, 2023, were Rs. 25,135 million that included Future Acquisition Liability of Rs. 3,865 million, lease liabilities of Rs.2,240 million and Non-Convertible Bonds of Rs 3,382 million. The Companys net worth (excluding minority interest) as on March 31, 2023, stood at Rs. 30,825 million.
DSO decreased to 61 days as on March 31, 2023, compared to 63 days a year ago.
Segment Results
| Segment information at | Year | % to | Year | % to |
| Consolidated level | Ended | Income | Ended | Income |
| March | March 31, | |||
| 31, 2023 | 2022 | |||
| Revenue from Operations | Rs. Mn. | Rs. Mn. | ||
| Americas | 40,020 | 49.9% | 33,288 | 51.8% |
| Europe, Middle East and | 31,175 | 38.9% | 22,771 | 35.4% |
| Africa | ||||
| Asia Pacific | 5,817 | 7.3% | 5,439 | 8.5% |
| India | 3,134 | 3.9% | 2,822 | 4.4% |
| Total Income | 80,146 | 64,320 | ||
| Adjusted EBITDA | ||||
| Americas | 6,176 | 6,056 | ||
| Europe, Middle East and | 6,611 | 4,706 | ||
| Africa | ||||
| Asia Pacific | 749 | 590 | ||
| India | -286 | -198 | ||
| Total | 13,250 | 11,154 | ||
| Depreciation and | 2,585 | 2,272 | ||
| Amortization) | ||||
| Other Income (net | -630 | -267 | ||
| Profit Before Exceptional | 10,035 | 8,615 | ||
| items | ||||
| Exceptional items | 523 | - | ||
| Profit Before Tax | 9,512 | 8,615 | ||
| Provision for Tax | 2,061 | 1,468 | ||
| Profit after Tax 7,451 | 7,147 | |||
| Key Financial Ratios | FY 2022-23 | FY 2021-22 |
| EBITDA Margin (%)* | 17.5% | 17.3% |
| Net Profit Margin (%)* | 10.1% | 10.3% |
| Days sales outstanding - Billed | 61 | 63 |
| Return on Equity (RoE) | 23.9% | 25.5% |
| Debt-Equity Ratio | 0.11 | 0.13 |
| Debt Service Coverage Ratio | 20.19 | 22.65 |
| Current Ratio | 1.50 | 1.88 |
and ADR Expenses.
Human Resources
During the financial year, we added net 724 people to our headcount. Total headcount of the firm stood at 23,224 at the end of FY23. The firm added 480 freshers in FY23. Utilization including trainees during the year stood at 78.9% as compared to 77.1% in the previous year. Despite industry-wide supply-side challenges, attrition stood at 14.1% compared to 17.7% in Fiscal 2022. Our attrition remains one of the lowest across the industry and a best testament to the Coforge culture.
Risks and Concerns
Risks and uncertainties related to our business and industry include, but are not limited to, the following:
• The resurgence of pandemic like COVID19 witnessed about a year back, either at a regional or global level could impact our sales and results of operations. During fiscal 2023, the impact on our revenue due to supply and demand risks we experienced from the COVID-19 pandemic was not significant.
• Technology spending on products and services by our customers and prospective customers depending on many factors, including the economic, geo-political, monetary and fiscal policies and regulatory environment in the markets in which they operate in.
• Economic slowdown including recession could impact the economic health of a nation and industries which operate from those nation like US, UK, Germany etc, from where we derive our major revenue.
• Resourcing risk - Our business is dependent on our ability to attract and retain highly skilled professionals, succession, employee development and training.
• Cyber Security risk – with change in technologies and adaption of new technologies by customers cyber security is an important risk for successful operations of our business.
• The risk of COVID-19 type pandemic in the future and resultant changing immigration regulations, which had affected our ability to deploy our personnel around the world for successful operations remains a risk.
• If we were to lose the services of members of our senior leadership team or other key employees, our business, financial condition and results of operations, including our competitive position and client relationships, may be adversely affected.
• A reduction in the outsourcing budgets of, and strategic decisions to reduce the use of third parties by, our existing and prospective clients could affect our pricing and volume of work.
• Our ability to continue to develop and expand our service offerings to address emerging business demands and technological trends, including our ability to sell differentiated services, may impact our future growth. If we are not successful in meeting these business challenges, our business, financial condition and results of operations may be materially and adversely affected.
• Foreign exchange-related risk could adversely affect our business.
Outlook
We are proud of Team Coforge to have hit the US$ 1 bn revenue milestone a year before what was originally envisaged, and that too despite a COVID year which severely impacted Companys travel verticals business. We now are planning towards our next revenue milestone of US$ 2 billion and FY23 was all about proactively putting the right building blocks in place for that goal and beyond. While there are looming macro headwinds and recession in few of our markets, the record high large deal wins, strong executable order book, strong deal pipeline, presence in high spend verticals (BFSI/HLS/Public Sector), investments in hiring top notch leaders and the new structure being in place, give us confidence towards continued growth momentum in to FY24.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
I. Details of the listed entity
| 1 Corporate Identity Number (CIN) of the Listed Entity | L72100DL1992PLC048753 |
| 2 Name of the Listed Entity: | Coforge Limited |
| 3 Year of incorporation: | 1992 |
| 4 Registered office address | 8, Balaji Estate, Third Floor, Guru Ravi Das Marg, Kalkaji, New |
| Delhi -110019 | |
| 5 Corporate address | Special Economic Zone, Plot No. TZ-2& 2A, Sector - Tech |
| Zone, Greater Noida (UP) - 201308, India | |
| 6 E-mail | investors@coforge.com |
| 7 Telephone | Regd. Office: +91 11 41029 297 |
| Corporate Office: +91 120 4592300 | |
| 8 Website: | www.coforge.com |
| 9 Financial year for which reporting is being done | April 1, 2022 to March 31, 2023 |
| 10 Name of the Stock Exchange(s) where shares are listed : | 1. National Stock Exchange of India Limited (NSE) |
| 2. BSE Limited (BSE) | |
| 11 Paid-up Capital (as on March 31, 2023): | INR 610,870,800 |
| 12 Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report: | |
| • Sudhir Singh, Chief Executive Officer and Executive Director, ; sudhir.singh@coforge.com | |
| • Vic Gupta, Chief Sustainability Officer, ; vic.gupta@coforge.com | |
| • Barkha Sharma, Company Secretary & Chief Compliance Officer, ; barkha.sharma@coforge.com | |
| 13 Reporting Boundary: The Basis of Reporting is Standalone (unless otherwise noted) | |
II. Products/services
14. Details of business activities (accounting for 90% of the turnover):
| S. No. | Description of Main Activity | Description of Business Activity | % of Turnover of the entity |
| 1 | Information & Communication | Computer Programming, consultancy, and related | 100 |
| services |
15. Products/Services sold by the entity (accounting for 90% of the entitys Turnover):
| S. No. | Product/Service | NIC Code | % of total turnover contributed |
| 1 | Computer programming, consultancy, and | Class:6201 | 100 |
| related activities | |||
| Sub-class:62011 &62013 |
16. Number of locations where plants and/or operations/offices of the entity are situated:
| Location | Number of plants | Number of offices | Total |
| National | NA | 21 | 21 |
| International | NA | 03 | 03 |
17. Markets served by the entity: a. Number of locations
| Locations | Number |
| National (No. of States) | 18 |
| International (No. of Countries) | 14 |
b. What is the contribution of exports as a percentage of the total turnover of the entity? Approx. 86% c. A brief on types of customers: Computer Programming, consultancy and related services are provided to the following industry:
• Banking & Financial Services Sector
• Insurance Sector
• Travel & Tourism Sector
• Hospitality Sector
• Retail Sector
• Healthcare Sector
• Public sector IV. Employees
18. Details as at the end of Financial Year: a. Employees and workers (including differently abled):
| . Particulars | Total (A) | Male | Female | |||
| No. (B) | % (B / A) | No. (C) | % (C / A) | |||
| EMPLOYEES | ||||||
| 1 Permanent (D) | 12240 | 9214 | 75% | 3026 | 25% | |
| 2 Other than Permanent (E) | 1225 | 1128 | 92% | 97 | 8% | |
| 3 Total employees (D + E) | 13465 | 10342 | 77% | 3123 | 23% | |
| WORKERS | ||||||
| 4 Permanent (D) | NIL | NIL | NIL | NIL | NIL | |
| 5 Other than Permanent (E) | 629 | 535 | 85% | 94 | 15% | |
| 6 Total employees (F + G) | 629 | 535 | 85% | 94 | 15% |
b. Differently abled Employees and workers:
| Particulars | Total | Male | Female | |||
| (A) | No. (B) | % (B / A) | No. (C) | % (C / A) | ||
| DIFFERENTLY ABLED EMPLOYEES | ||||||
| 1 Permanent (D) | NIL | NIL | NIL | NIL | NIL | |
| 2 Other than Permanent (E) | NIL | NIL | NIL | NIL | NIL | |
| 3 Total employees (D + E) | NIL | NIL | NIL | NIL | NIL | |
DIFFERENTLY ABLED WORKERS |
||||||
| 4 Permanent (D) | NIL | NIL | NIL | NIL | NIL | |
| 5 Other than Permanent (E) | NIL | NIL | NIL | NIL | NIL | |
| 6 Total employees (F + G) | NIL | NIL | NIL | NIL | NIL | |
19. Participation/Inclusion/Representation of women
| Particulars | Total | No. and percentage of Females |
|
| (A) | No. (B) | % (B / A) | |
| Board of Directors | 8 | 1 | 13% |
| Key Management Personnel | 3 | 1 | 33% |
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 2023 (Turnover rate in current FY) |
FY 2022 (Turnover rate in previous FY) | FY 2021 (Turnover rate in the year prior to the previous FY) |
|||||||
| Permanent | Male | Female | Total | Male | Female | Total | Male | Female | Total |
| Employees | 36.26% | 32.54% | 35.36% | 41.16% | 40.21% | 40.92% | 22.36% | 23.98% | 22.77% |
| Permanent | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL |
| Workers | |||||||||
V. Holding, Subsidiary and Associate Companies (including joint ventures)
Yes, please refer the information on Holding, Subsidiary and Associate Companies as provided in the Annual Report for more information.
21. (a) Names of holding / subsidiary / associate companies / joint ventures Please refer to AOC-1 (in the Board Report).
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes (ii) Turnover (in Rs.) – 42,305 (INR Mn) (iii) Net worth (in Rs.) – 26,153 (INR Mn) VII. Transparency and Disclosures Compliances
The Companys Code of Conduct aims to uphold the standards of its business ethics and practices, which are required to be observed in all business transactions. These are applicable to all its employees as well as Directors. This Code of Conduct and Business ethics is available on the Companys website www.coforge.com and covers all aspects of its operations.
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:
| Stakeholder group from whom complaint is | Grievance Redressal Mechanism in Place (Yes/No) | FY 2023 Current Financial Year |
FY 2022 Previous Financial Year |
||||
| received | (If Yes, then provide web-link for grievance redress policy) |
Number of complaints filed during the year | Number of complaints pending resolution at close of the year | Remarks | Number of complaints filed during the year | Number of complaints pending resolution at close of the year | Remarks |
| Communities | Please see below | Nil | Nil | Nil | Nil | Nil | Nil |
| Investors (other than shareholders) | Please see below | Nil | Nil | Nil | Nil | Nil | Nil |
| Shareholders | Please see below | 1 | 0 | - | - | - | - |
| Employees and workers | Please see below | 2 | 0 | - | - | - | - |
| Customers | Please see below | - | - | - | - | - | - |
| Value Chain Partners | Please see below | - | - | - | - | - | - |
| Other (please specify) | Please see below | - | - | - | - | - | - |
Please see our website for various policies such as:
• Code of Conduct - https://www.coforge.com/investors/code-of-conduct
• Various Policies such as Whistle Blower, RPT, Board Diversity, etc. - https://www.coforge.com/investors/policies 24. Overview of the entitys material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format
| . Material issue identified | Indicate whether risk or opportunity (R/O) | Rationale for identifying the risk/ opportunity | In case of risk approach to adapt or mitigate | Financial implications of the risk or opportunity (Indicate positive or negative Implications) |
| 1 Climate Change: Climate change is a global issue that requires immediate action. | Risk |
If Climate Change is not addressed in time, it may lead to sub-optimal living conditions. | Our strategies include steps to reduce our carbon footprint, with renewable energy sources, implementing energy-efficient lights and buildings and investing in carbon offset programs via our CSR activities. All such effort will require funding in capital goods, time from employees, and activities to support our ability to be carbon neutral and reduce our environmental footprint. | |
| 2 Water Conservation: Water being a precious resource, conserving it is crucial for the sustainability of our planet. | Opportunities | We believe that conservation of Water offers an opportunity to help to slow the Climate change | Our strategies to reduce water usage and minimize waste, such as using low- flow fixtures, water- free urinals, recycling wastewater, treatment via affluent plants and implementing rainwater harvesting systems are few opportunities. | |
| 3 Waste Management: Proper waste management is essential for protecting the environment and reducing our environmental footprint. | Opportunities | Reducing waste with recycling is an opportunity to save more of our landfills | Our strategies are to reduce waste, recycle materials, remove single-use plastics and dispose of hazardous waste safely. This supports our ambition for environment protection and conservation. |
| 4 Talent & Education: Investing in talent and education is essential for the long-term success of Coforge. | Opportunities |
Bringing education and shaping talent for all the community provides us with future employees | Our strategies include providing employees with opportunities for professional development and education, as well as creating a diverse and inclusive workplace culture. This in turn will help us be more creative, diverse, inclusive, and global citizens. | |
| 5 Governance: Good governance is critical for the success of Coforge and sustainability of the planet. | Risk | Governance and Risk Management are always challenging to manage in an everchanging world | Our strategies include implementing ethical and transparent business practices, establishing effective risk management strategies, and ensuring compliance with regulatory requirements. | |
| 6 Employee Health & Safety: Protecting the health and safety of employees is a top priority. | Risk |
Employee Health and Safety is a challenge as we saw during COVID years | While employee wellness is a top priority, we are not immune to the Force Majeure events such as Covid, Weather & crime related, and others. Some of our strategies include implementing safety protocols, providing access to healthcare resources, and promoting healthy lifestyles for all employees. | |
| 7 Cyber Security: As companies become increasingly reliant on technology, cyber security is a growing concern. | Risk | In todays Digital age, protecting our assets are critical to our operations | We have implemented a robust set of security measure and controls to protect against cyber threats and safeguard and protect sensitive data of Coforge and our clients. | |
| 8 Diversity Equity & Inclusion: Promoting diversity, equity, and inclusion is essential for creating a positive workplace culture and supporting the success of all employees. | Opportunities | Our DEI and associated policies offer our clients a more diverse and varied views to solve a problem | Our strategies include implementing policies to prevent discrimination, fostering a culture of respect and inclusivity, and promoting diversity in hiring practices. This enables us to be bring many diverse ideas and cater to larger set of clients. |
| 9 Community Development: Development of community we live in is a critical focus for us. | Opportunities |
As we develop c o m m u n i t i e s around us, we are sure to find future employees | Our strategies include engaging in philanthropic initiatives, supporting local businesses, volunteering employee time and promoting economic development. Increasing community activity enables us to create future Coforge first-class employees. |
| 10 Code of Ethics: An important cornerstone of our organization operations is to operate with integrity and with ethical principles. | Opportunities |
Establishing Ethics is an opportunity to reflect and gain mindshare among our clients, partners, suppliers, shareholders, and employees | Our intention and ambition are to operate ethical under all circumstances. Our strategies to mitigate include establishing a code of conduct, implementing compliance and ethics training programs, and holding employees accountable for ethical violations. |
| 11 Green IT: The IT industry is a significant contributor to carbon emissions. | Opportunities | Leveraging cloud and other Green IT technologies helps us to reduce our carbon footprint | Our strategies include using green technologies, such as cloud, to further reduce our environmental footprint and impact along with usage and promotion of third- party renewable energy sources. |
| 12 Supply Chain Sustainability: Ensuring the sustainability of the supply chain is critical for our long-term success. | Opportunities | Enabling a sustainable value chain increases our impact exponentially | Our strategies include implementing ethical sourcing practices, promoting sustainable m a n u f a c t u r i n g practices, and minimizing the environmental impact of transportation and logistics. |
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC Principles and Core Elements.
| Disclosure | P 1 | P 2 | P 3 | P 4 | P 5 | P 6 | P 7 | P 8 | P 9 |
| Questions | |||||||||
| 1 a Whether your entitys policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No) | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| b Has the policy been approved by the Board? (Yes/ No) | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| c Web Link of the Policies, if available | Code of Conduct : https://www.coforge.com/investors/code-of- conduct Whistle blower Policy: https://www.coforge.com/hubfs/ Whistle-Blower-Policy-Coforge.pdf CSR Policies- https://www.coforge.com/hubfs/Corporate-Social- Responsibility-Policy-V4-1.pdf | ||||||||
| 2 Whether the entity has translated the policy into procedures. (Yes / No) | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| 3 Do the enlisted policies extend to your value chain partners? (Yes/No) | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| 4 Name of the national and international codes/ | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| certifications/labels/ standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustee) | |||||||||
| standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle. | |||||||||
| 5 Specific commitments, goals and targets set by the entity with defined timelines, if any. | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| 6 Performance of the entity against the specific commitments, goals and targets along-with reasons in case the same are not met. | Y | Y | Y | Y | Y | Y | Y | Y | Y |
| Governance, leadership and oversight | |
| 7 Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and achievements (listed entity has flexibility regarding the placement of this disclosure) | Our ESG/S is an exhaustive strategy threaded in every aspect of our operational fabric. It helps us to reduce our impact to the environment, offers alignment and affinity to social and community values, and ensures responsible and ethical practices employed across all functions" |
ESG/S (Environmental, Social, and Governance) including Sustainability are critical components of Coforges organizational strategy. They are an essential part of the DNA of the organization supported with policies, processes, and standards to ensure long- term sustainability and success of all our stakeholders. It helps us create trust with customers and stakeholders, help us to streamline and increase operational efficiency, offers a platform for employees, partners, suppliers, and customer engagements, and enables us to build an inclusive culture with social values. It helps us to ensure that the services we provide are the most environmentally friendly and our employees are treated fairly and equitably. |
Our investments in ESG practices will ensure that we can continue to provide our services in a responsible manner and that we are creating trust and loyalty with our employees, partners, suppliers, customers, and all stakeholders. Our ESG/S Ambitions, strategies and pledges consider a comprehensive approach to sustainability that consider both long term view and short-term implications of our activities and decisions. They are specifically aligned towards fighting climate change, range of social and community activities supporting employees, suppliers, and client alike, and ensuring ethical and responsible governance practices are adopted. We are also committed to aligning to the UN Sustainable Develop Group objectives and have adopted all 17 objectives in our activities and operations.
Environment - Reduce our carbon footprint and greenhouse gas emissions.
Our environmental strategies are focused on reducing our impact on the environment by reducing our reliance on fossil fuels and increasing the renewable fuel consumption. Ensure we use low emissions fuels such as LPG and CNG in all our fleet services, use only energy efficient appliances, lights, and fixtures, ensure all our buildings and facilities are green and LEED certified, and reducing our waste and recycling as much as possible.
• Climate Change – Be carbon neutral by 2030. Reduce our fossil fuel consumption and increase carbon offsets using impactful social and environment development projects.
• Water Conservation – Be Water Positive by 2030. Conserve, harvest and recycle water to effectively be water positive.
• Waste Management – Be zero waste by 2030. Create an effective waste management ecosystem to reduce waste, recycle as much as possible and minimize to landfill
Social - Inspire inclusive growth. Our values extend beyond the services we offer and deliver to our clients. It exemplifies and extends to all our extended communities and society at large that we are part of and can positively influence the economic development by changing the lives for the better. This helps us to address economic divide and inequality and provide equal opportunity for all. Enables us as global citizens to drive positive change and demonstrate responsible behavior across the value chain.
• Employee health & wellness – Ensure every employees health and wellness, be it physical, mental, financial, emotional, and overall wellness is managed and maintained. Empower every employee to do the best they can both in professional and personal life while attracting new and retain existing.
• Upliftment of social livelihood – Empower underprivileged communities by training and educating them in new digital skills; increase self-reliance; create a library for all. Governance - Create lasting value for all stakeholders. Our governance policies such as cyber security, sustainable supply, including Code of Ethics sets a benchmark for all our employees to adopt good practices to apply in unique and difficult situations in their career with Coforge. These are augmented by specific quantifiable and qualitative metrics to identify the right suppliers who are deemed ESG worthy to do business with Coforge. |
|
| • Cyber Security – Comprehensive and proactive cyber security to protect our and our clients digital assets. | |
| • Supply Chain Sustainability – Enhance and focus on suppliers with ESG/S first outlook and performance. | |
| • Code of Ethics – Safeguard against illegal practices such as zero tolerance for corruption, anti-bribery, unfair labor, human rights abuses, etc. | |
| 8 Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies). 9 Does the entity have a specified Committee of the | Vic Gupta is Chief Sustainability Officer at Coforge. He is responsible for ensuring that ESG/S practices are integrated into all aspects of the organizations strategy, policies, processes, and standards. He leads efforts to reduce the companys carbon footprint and greenhouse gas emissions, conserve water, and manage waste effectively, among other environmental initiatives. systems. Yes |
| Board/ Director responsible for decision making on sustainability related issues? (Yes / No). If yes, provide | • Sudhir Singh, Chief Executive Officer & Executive Director |
| details. | • Vic Gupta, Chief Sustainability Officer |
| • Ajay Kalra, Chief Financial Officer | |
| • Ruchi Kulhari, Chief People Officer | |
| • Pankaj Khanna, Chief Revenue Assurance Officer |
10. Details of Review of NGRBCs by the Company:
| Indicate whether review was undertaken by Director / Committee of the Board/ Any other Committee | Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify) | |||||||||||||||||
| P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| Performance against Above policies and follow up action | C | C | C | C | C | C | C | C | C | A | A | A | A | A | A | A | A | A |
| Compliance with statutory requirements of relevance to the principles, and, rectification of any non-compliances | Statutory Compliance Certificate on applicable laws is provided by the the CEO to the board of directors |
| P | P | P | P | P | P | P | P | P | |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| 11 Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide name of the agency. | No | No | No | No | No | No | No | No | No |
12. If answer to question (1) above is "No" i.e. not all Principles are covered by a policy, reasons to be stated:
| Questions | P | P | P | P | P | P | P | P | P |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |
| The entity does not consider the Principles material to its business (Yes/ No) | |||||||||
| The entity is not at a stage where it is in a position to formulate and implement the policies on specified principles (Yes/No) | |||||||||
Not Applicable |
|||||||||
| The entity does not have the financial or/human and technical resources available for the task (Yes/No) | |||||||||
| It is planned to be done in the next financial year (Yes/No) Any other reason (please specify) | |||||||||
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and decisions. The information sought is categorized as "Essential" and "Leadership". While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally, and ethically responsible.
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
| Segment | Total number of training and awareness programmes held | Topics / principles covered training and its impact under the | %age of persons in respective category covered by awareness programmes |
| Board of Directors | Quarterly | All Regulatory Updates are on an ongoing basis Policy Changes as and when required | 100% |
| Key Managerial Personnel | 3 | 1. Creating a safe work environment (POSH) | POSH – 100% |
| 2. Environment, Health, & Safety (EHS) | EHS – 100% | ||
| 3. Code of conduct for prohibition of Insider Trading | Insider Trading – 100% | ||
| Employees other than | 3 | 1. Creating a safe work environment (POSH) | POSH – 90% |
| BoD and KMPs | 2. Environment, Health, & Safety (EHS) | EHS – 90% | |
| 3. Code of conduct for prohibition of Insider Trading | Insider Trading – 60% | ||
| Workers | 14 | 1. MATERIAL MANAGEMENT | 100% |
| 2. Creating a safe work environment (POSH) | |||
| 3. Environment, Health, & Safety (EHS) | |||
| 4. FIRE DRILL & BUILDING EVACUATION | |||
| 5. Medical Emergency & First Aid trainings | |||
| 6. Security Briefings | |||
| 7. Work at Heights | |||
| 8. Spillage Management | |||
| 9. Work In confined area | |||
| 10. Electrical safety training | |||
| 11. Hazard Identification and Risk Assessment training | |||
| 12. Handling of chemical | |||
| 13. Waste management | |||
| 14. Use of personal protective equipment |
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entitys website):
| NGRBC Principle | Monetary Name of the regulatory/ enforcementagencies/ judicial institutions | Amount (In INR) | Brief of the Case | Has an appeal been preferred? (Yes/No) | |
| Penalty/ Fine | NIL | NIL | NIL | NIL | NIL |
| Settlement | NIL | NIL | NIL | NIL | NIL |
| Compounding | |||||
| NIL | NIL | NIL | NIL | NIL | |
| Fee | Non-Monetary | ||||
| Imprisonment | NIL | NIL | NIL | NIL | NIL |
| Punishment | NIL | NIL | NIL | NIL | NIL |
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed.
| Case Details | Name of the regulatory/enforcement agencies/ judicial institutions |
| NIL | NIL |
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.
Yes. Please see Code of Conduct which includes anti-corruption and anti-bribery polices at: https://www.coforge.com/investors/ code-of-conduct
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption: Nil. There have been no such cases.
6. Details of complaints with regard to conflict of interest: Nil. There have been no such cases.
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest. Not Applicable
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
| Total number of awareness held | Topics/principles covered under the training | %age of value chain programmes partners covered (by value of business done with such partners) under the |
| awareness programmes | ||
| NIL | NIL | NIL |
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) If Yes, provide details of the same. The Company has formulated Whistle Blower Policy, Code of Conduct and such policies to keep a check on conflicts of interest.
Yes. Please see Code of Conduct and the Whistle Blower policies at:
• Code of Conduct - https://www.coforge.com/investors/code-of-conduct
• Various Policies such as Whistle Blower, RPT, Board Diversity, etc. - https://www.coforge.com/investors/policies
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
Essential Indicators
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments will be made available in our Business Responsibility and Sustainability Report from FY24 onwards.
| Particulars | FY23 in Inr Lakh | FY22 in Inr Lakh | |
| Total R&D Expense (As per financials) | 9697.6 | 6226.9 | |
| Capitalised | 7145 | 1225 | Standalone |
| 5410 | 816.6 | Consolidated |
Spend in CTO
| Particulars | FY23 in Inr Lakh | FY22 in Inr Lakh |
| CTO - Employee Cost | 6205.875 | 5543.915 |
Spend in HBUs – more on solutioning kind of spend
| Particulars | FY23 in Inr Lakh | FY22 in Inr Lakh |
| HBU Cost (Sales and Indirect Cost of HBUs excl BPO, | 13156.455 | 9267.44 |
| DPA, CDO and CTO) |
2. a. Does the entity have procedures in place for sustainable sourcing: (Yes/No) Yes b. If yes, what percentage of inputs were sourced sustainably: 17%
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Given the nature of business, there is limited scope for reusing or recycling of products, however we have following practices for below mention waste categories.
(a) Plastics (including packaging) - All our facilities are single use plastic free premises. vendor partners are engaged for collection of our Wet and Dry waste to Recycle/dispose in an eco-friendly manner.
(b) E-waste - Our E-waste broadly includes computers, servers, Batteries, etc. All such E-wastes are being disposed through authorized E-waste recyclers.
(c) Hazardous waste – Only hazardous waste generated from the office is DG set waste oil, same is being disposed through authorized recycler
(d) Other waste - There are no other kinds of waste generated in our office other than listed above.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entitys activities (Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same. Not Applicable.
Leadership Indicators
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?
The company is involved with the business of IT/ITES related product development including the service support for the related IT/ITES products. As the company is not involved in manufacturing/production process of any tangible product, Life cycle assessment for the product is not considered.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.
Not Applicable
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).
The Companys scope of work is limited to Design, Development, Testing, Implementation and Maintenance of Software, System Integration Solutions & IT/ITES/Telecom Infra-Structure Management Services for all Offshore Development Centers. As no manufacturing process is involved, raw material (recycled and reused) is not being utilized.
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:
| Stakeholder group from whom complaint is | FY 2023 | FY 2022 | ||||
| received | Current Financial Year |
Previous Financial Year |
||||
| Re-Used | Recycled | Safely Disposed | Re-Used | Recycled | Safely Disposed | |
| Plastics (including packaging) | The companys premises is Single use plastic free premises, no significant plastic waste generation is observed in the office premises except for plastic waste generated from the packaging material, in whatever small amount, are being reused for the same purpose or disposed through authorized recycler. |
|||||
| E-waste (Kg) | 11,225 kg | 36,642 kg | ||||
| Hazardous waste | 2,498 Kg | 1060 kg | ||||
| Other waste (Kg) | 4,137 Kg | 5,082 Kg | ||||
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Not Applicable
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains Essential Indicators
1. a. Details of measures for the well-being of employees:
Coforge has rigorous policies and procedures for the well-being of our employees. Coforge is committed to providing a safe and healthy work environment for all employees. Employees wellness is governed by our policies listed at: https://www.coforge. com/wellness-and-wellbeing.
% of employees covered by |
|||||||||||
| Category | Total (A) | Health insurance |
Accident insurance |
Maternity benefits |
Paternity Benefits |
Day Care facilities | |||||
| Number | % (B / | Number | % (C / | Number | % (D / | Number | % (E / | Number | % (F / | ||
| (B) | A) | (C) | A) | (D) | A) | (E) | A) | (F) | A) | ||
| Male | 9214 | 8075 | 88% | 9214 | 100% | N\A | N\A | 9214 | 100% | ||
| Female | 3026 | 2641 | 87% | 3026 | 100% | 3026 | 100% | N\A | N\A | ||
| Total | 12,240 | 10,716 | 87.54% | 12,240 | 100% | 3026 | 100% | 9214 | 100% | ||
Other than Permanent employees |
|||||||||||
| Male | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A |
| Female | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A |
| Total | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A | N\A |
b. Details of measures for the well-being of workers:
| % of workers covered by | |||||||||||
| Category | Total (A) | Health insurance |
Accident insurance |
Maternity benefits | Paternity Benefits | Day Care facilities |
|||||
| Number | % (B / | Number | % (C / | Number | % (D / | Number | % (E / | Number | % (F | ||
| (B) | A) | (C) | A) | (D) | A) | (E) | A) | (F) | / A) | ||
| Male | - | - | - | - | - | - | - | - | - | - | - |
| Female | - | - | - | - | - | - | - | - | - | - | - |
| Total | - | - | - | - | - | - | - | - | - | - | - |
Other than Permanent workers |
|||||||||||
| Male | 535 | 535 | 100% | 535 | 100% | NA | NA | NA | NA | 535 | 100% |
| Female | 94 | 94 | 100% | 94 | 100% | 94 | 100% | NA | NA | 94 | 100% |
| as per | |||||||||||
| ESI | |||||||||||
| Total | 629 | 629 | 100% | 629 | 100% | 94 | 100% | NA | NA | 629 | 100% |
2. Details of retirement benefits, for Current FY and Previous Financial Year.
| Benefits | FY 2023 | FY 2022 | ||||
Current Financial Year |
Previous Financial Year |
|||||
| No. of employees covered as a % of total employees | No. of workers covered as a % of total workers | Deducted and deposited with the authority (Y/N/N.A.) | No. of employees covered as a % of total employees | No. of workers covered as a % of total workers | Deducted and deposited with the authority (Y/N/N.A.) | |
| PF | 100% | 100% | Y | 100% | 100% | Y |
| Gratuity | 100% | 100% | Y | 100% | 100% | Y |
| ESI | 100% | 100% | Y | 100% | 100% | Y |
| Others – please specify | ||||||
3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
All our Corporate offices have wheelchairs and wheelchair friendly elevators which can be accessed from the parking lot, thus making access friendly to our differently abled employees and visitors
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy. • equal opportunity Employer (EEO) bit is covered in the DEI policy – policy attached for reference . "Ensure Coforge continues to be an equal employment opportunity regardless of caste, creed, color, religion, ethnicity, marital status, age, disability, national origin, citizenship, sexual orientation, gender identity, language, and any other aspects as applicable;" https://www.coforge.com/hubfs/Diversity_Equity_Inclusion_Policy.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent Employees FY23 |
Permanent Employees FY22 |
|||
| Return to work rate | Retention rate | Return to work rate | Retention rate | |
| Male | 99.20 | N/A | 99.60 | 76.35 |
| Female | 97.2 | N/A | 98.03 | 80.87 |
| Total | 98.4 | N/A | 98.91 | 78.85 |
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.
| Yes/No (If yes, then give details of mechanism in brief) | |
| Permanent Workers | NA |
| Other than Permanent Workers | As per Policy |
| Permanent Employees | As per Policy |
| Other than Permanent Employees | As per Policy |
7. Membership of employees and worker in association(s) or Unions recognized by the listed entity:
| FY 2023 | FY 2022 | |||||
| Total employees / workers in respective category (A) | Current Financial Year No. of employees / workers in respective category, who are part of association(s) or Union (B) | % (B / A) | Total employees / workers in respective category (C) | Previous Financial Year No. of employees / workers in respective category, who are part of association(s) or Union (B) | % (D / C) | |
| Total Permanent Employees | ||||||
| - Male | NA | NA | NA | NA | NA | NA |
| - Female | NA | NA | NA | NA | NA | NA |
| Total Permanent Workers | ||||||
| - Male | NA | NA | NA | NA | NA | NA |
| - Female | NA | NA | NA | NA | NA | NA |
8. Details of training given to employees and workers:
| FY 2023 | FY 2022 | |||||||||
| Current Financial Year | Previous Financial Year |
|||||||||
| Total (A) | On Health and safety measures |
On Skill upgradation |
Total (A) | On Health and safety measures |
On Skill upgradation |
|||||
| No. | % (B | No. | % (C / | No. | % (E | No. | % (F / | |||
| (B) | / A) | (C) | A) | (E) | / D) | (F) | D) | |||
Employees |
||||||||||
| Male | 10342 | 7847 | 75.88 | 8644 | 83.58 | 5892 | 4546 | 77.16 | 5545 | 94.11 |
| Female | 3123 | 2581 | 82.64 | 2887 | 92.44 | 2059 | 1627 | 79.29 | 1964 | 95.71 |
| Total | 13465 | 10428 | 77.45 | 11531 | 85.64 | 7944 | 6173 | 77.71 | 7509 | 94.52 |
| Workers | ||||||||||
| Male | 535 | 535 | 100% | 535 | 100% | 519 | 519 | 100% | 519 | 100% |
| Female | 94 | 94 | 100% | 94 | 100% | 88 | 88 | 100% | 88 | 100% |
| Total | 629 | 629 | 100% | 629 | 100% | 607 | 607 | 100% | 607 | 100% |
9. Details of performance and career development reviews of employees and worker: All eligible employees have received performance and career development reviews. 10. Health and safety management system: a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the coverage such system?
YES, The company is certified with Environment Health & Safety Management System (EHSMS) as per the agreement with ISO 14001:2015 and ISO 45001:2018 standards. The Coforge Limited locations across the India are covered under the said management system b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?
The Coforge India locations are subjected to periodic internal and external surveillance audit procedure to check the effectiveness of the system. The work-related hazards are also identified, addressed and mitigated through defined risk management system.
All the offices are certified with Environment Health and Safety management system (EHSMS) approved with ISO 14001:2015 and ISO 45001:2018 standards. Risk assessment is being performed periodically/when required to mitigate any residual EHS related risk.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks.
(Y/N) YES,
Workers are provided trainings for the workplace hazard identification and awareness sessions regarding work related hazards communication is provided. The company has defined incident-reporting system through intranet portal, emails, & telecommunication to report work related hazards and provision of the mitigation measures. All our offices are having security helpdesk for round the clock emergency support along with that emergency contacts are circulated through mails and notices. d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes
Our employees have access to non-occupational medical and healthcare services. First aid kits are maintained and are available at all times on the premises.
Medical emergency numbers are prominently displayed in each office along with that stand by ambulance facility is available at our high concentration offices. For employee/workers who are feeling unwell, Occupational health centers are also present at all the office for immediate assistance.
11. Details of safety related incidents, in the following format:
| Safety Incident/Number | Category | FY 2023 Current Financial Year | FY 2022 Previous Financial Year |
| Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) | Employees | 0.33 LTI/ Million Work Hour | 0.13 LTI/ Million Work Hour |
| Total recordable work-related injurie | Workers Employees | 7 | 3 |
| No. of fatalities | Workers Employees | Nil | Nil |
| Workers | Nil | Nil | |
| High consequence work-related injury or | Employees | Nil | Nil |
| ill-health (excluding fatalities) | Workers | Nil | Nil |
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
The company has developed and implemented an Environment, Health and Safety Management System (EHSMS) to regulate the consumption of resources, provide a healthier and a safer working atmosphere to its employees and to improve the management of the company. The Environmental, health and Safety Management System conforms to the requirement of ISO 14001:2015 and ISO 45001:2018.
EHS Management System is built on the premise that all processes can be controlled using clearly defined processes through documented procedures, backed by regular reviews & audits and promoting company- wide culture of continual improvement. Measure taken for effective implementation of EHSMS are
• Provision of Adequate resources for EHS.
• Establishing communication with internal and external interested parties regarding the companies EHS requirement.
• Establishing EHS documentation and ensuring proper auditable control.
• Operational Control Procedure(s) to control & sustain significant environmental aspects and unacceptable OHS risks.
• Identification of potential emergency situations and its response.
• Monitoring and measurement of EHS performance indicators.
• Control of monitoring and measuring equipment.
• Identification, maintenance and disposal of EHS records.
• System for periodic auditing of the EHS Management System.
• System Management Review by the Top Management (MRM)
• Regular Air monitoring to assess the quality of air inside the office premises.
• Periodic fire/emergency drills to create awareness among the employees
• Display of emergency floor plans at office locations
• Trainings to create awareness for work related hazards
• Minimize the resource consumption to reduce our carbon foot prints
• Energy efficient equipment to reduce the power consumption
• Renewable energy generation to reduce power consumption
• Employees are made aware of emergency protocols & assembly points for emergencies
• Emergency Contact details such as Police, Hospitals and Fire Brigade are also displayed on the display board
• Hazard communication through signages/notices
13. Number of Complaints on the following made by employees and workers:
FY 2023 Current Financial |
Year | FY 2022 Previous Financial |
Year | |||
| Filed during the year | Pending resolution at the end of year | Remarks | Filed during the year | Pending resolution at the end of year | Remarks | |
| Working Conditions | NIL | NIL | NIL | NIL | NIL | NIL |
| Health & Safety | NIL | NIL | NIL | NIL | NIL | NIL |
14. Assessments for the year:
| % of your plants and offices that were assessed (by entity or statutory authorities or third parties) | |
| Health and safety practices | 100% |
| Working Conditions | 100% |
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions. No such Incidents reported.
Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers (Y/N).
The employees working for the organization are duly covered under life insurance while the Non- permanent workers are covered under the ESIC act/Insurance as per the acts guidelines.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.
The Company is compliant with deduction of statutory dues of employees towards income tax, provident fund, professional tax, ESIC etc. as applicable from time to time. Value chain partners (vendors) are equally responsible to comply as per the contract with the Company. The Company has statutory and internal audit policies and procedures to ensure the above. The value chain partner are bound by the agreement terms to ensure all the statutory compliances.
3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:
Total no. of affected employees/ workers |
No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment |
|||
| FY 2023 (Current | FY2022(Previous | FY 2023 (Current | FY2022(Previous | |
| Financial Year) | Financial Year) | Financial Year) | Financial Year) | |
| Employees | NIL | NIL | NIL | NIL |
| Workers | NIL | NIL | NIL | NIL |
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No). Yes
The Company during the course of employment provides opportunities for all employees to upskill themselves through domain, skills and leadership trainings.
5. Details on assessment of value chain partners:
| % of value chain partners (by value of business done with such partners) that were assessed | |
| Health and safety practices | Procurement to provide inputs and HR/ admin to collaborate |
| Working Conditions | Working conditions assessment for employees and workers is being done. |
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.
No such significant risk / concerns reported. The value chain partners who work in our offices have access to the same health and safety resources as the employees and any major risk to their health and safety is managed appropriately within specified timeline.
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders Essential Indicators
1. Describe the processes for identifying key stakeholder groups of the entity.
As part of an internal committee effort, we conducted a stakeholder analysis to identify all potential stakeholders for Coforge. We then prioritized stakeholders based on their level of influence and interest, along with Coforges goals and objectives. A matrix was developed to identify the potential impact of each stakeholder group and how they can affect positively the operations. A parallel path was taken to analyze and validate the industry trends and best practices to identify common stakeholder groups from our peer group. A short consulting arrangement was also made with external consultants to validate the key stakeholder groups.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
| Stakeholder Group | Whether identified as Vulnerable & Marginalized Group (Yes/No) | Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website, Others) | Frequency of engagements(Annually/ Halfyearly/Quarterly/ others-Please specify) | Purpose and scope of engagement including key topics and concerns raised during such engagement |
| Board of Directors | No | (Email, Notice, Meetings) | Quarterly | Policy changes |
| Key Committee | No | (Email, Meetings) | Monthly | (Policy changes, |
| Members | Personnel changes, Information gathering, etc.) | |||
| Employees | No | (Email) | Weekly | Learning and Development, Training Curriculum and Education |
Leadership Indicators
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.
PRINCIPLE 5 Businesses should respect and promote human rights Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:
FY 2023 Current Financial |
Year | FY 2022 Previous Financial |
Year | |||
| Total (A) | No. employees workers covered (B) of / | % (B / A) | Total (C) | No. employees workers covered (D) of / | % (D / C) | |
Employees |
||||||
| Permanent | 12240 | 10158 | 83% | 7,294 | 6379 | 87% |
| Other than permanent | 1225 | 255 | 21% | 650 | 336 | 52% |
| Total Employees | 13465 | 10413 | 77% | 7,944 | 6,715 | 84% |
| Workers | ||||||
| Permanent | NA | NA | NA | NA | NA | NA |
| Other than permanent | 629 (Admin | 629 | 100% | 607 | 607 | 100% |
| Support | ||||||
| Staff) | ||||||
| Total Workers | 629 | 629 | 100% | 607 | 607 | 100% |
2. Details of minimum wages paid to employees and workers, in the following format:
All the minimum wage and employee details in this table are captured on a consolidated basis.
| FY 2023 | FY 2022 | |||||||||
| Current Financial Year | Previous Financial Year |
|||||||||
| Total (A) | On Health Equal |
More than Minimum Wage |
Total (D) | On Health Equal |
More than Minimum Wage |
|||||
| Minimum Wage to | Minimum Wage |
|||||||||
| to | ||||||||||
| No. | % (B | No. | % (C / | No. | % (E | No. | % (F / | |||
| (B) | / A) | (C) | A) | (E) | / D) | (F) | D) | |||
Employees |
||||||||||
| Permanent | 21,569 | 100% | 21,077 | 100% | ||||||
| Male | 15,436 | 100% | 15,021 | 100% | ||||||
| Female | 6,133 | 100% | 6,056 | 100% | ||||||
| Other Permanent | 1,655 | 100% | 1,423 | 100% | ||||||
| Male | 1,487 | 100% | 1,178 | 100% | ||||||
| Female | 168 | 100% | 245 | 100% | ||||||
| Workers | ||||||||||
| Permanent | ||||||||||
| Male | NA | |||||||||
| Female | NA | |||||||||
| Other than Permanent | ||||||||||
| Male | 535 | 443 | 83% | 92 | 17% | 519 | 429 | 83% | 90 | 17% |
| Female | 94 | 83 | 88% | 11 | 12% | 88 | 78 | 89% | 10 | 11% |
3. Details of remuneration/salary/wages, in the following format:
| Number | Male Median remuneration/ salary/ wages of respective category | Number | Female Median remuneration/ salary/ wages of respective category | |
| Board of Directors (BoD) | ||||
| Key Managerial Personnel | ||||
Please see our Annual Report Annexures for further details |
||||
| Employees other than BoD and KMP Workers | ||||
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No) Yes
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Coforge is committed to providing a safe and healthy work environment for all employees. Employees wellness is governed by our policies listed at: https://www.coforge.com/wellness-and-wellbeing.
6. Number of Complaints on the following made by employees and workers:
FY 2023 Current Financial |
Year | FY 2022 Previous Financial |
Year | |||
| Filed during the year | Pending resolution at the end of year | Remarks | Filed during the year | Pending resolution at the end of year | Remarks | |
| Sexual Harassment | 2 | 0 | None of the complaints were POSH related | Nil | Nil | Nil |
| Discrimination at workplace | Nil | Nil | Nil | Nil | Nil | Nil |
| Child Labour | Nil | Nil | Nil | Nil | Nil | Nil |
| Forced Labour/Involuntary | Nil | Nil | Nil | Nil | Nil | Nil |
| Labour | ||||||
| Wages | Nil | Nil | Nil | Nil | Nil | Nil |
| Other human rights related | Nil | Nil | Nil | Nil | Nil | Nil |
| issues | ||||||
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Yes.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No) No
9. Assessments for the year:
% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Child labour – 100%
Forced/involuntary labour – 100%
Sexual harassment – 100%
Discrimination at workplace – 100%
Wages – 100%
Others – please specify
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above Not Applicable
Leadership Indicators
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints.
None.
2. Details of the scope and coverage of any Human rights due-diligence conducted.
Randomly conducted by external parties.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016? Yes
4. Details on assessment of value chain partners:
The value chain partners will be documented and reported in FY24.
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.
Not Applicable
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment.
Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
All the environment variables and metrics are captured on a consolidated basis.
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| Total electricity consumption (A) | 44,088 Giga joules | 38,346 Giga joules |
| Total fuel consumption (B) | 2,900 Giga Joules | 10320 Giga Joules |
| Energy consumption through other sources (C) | 600 Giga Joules | 598 Giga Joules |
| Total energy consumption (A+B+C) | 47,588 Giga Joules | 49,264 Giga Joules |
| Energy intensity per rupee of turnover | ||
| 1.12 | 1.49 | |
| (Total energy consumption/turnover in rupees) | ||
| Energy intensity (optional) – the relevant metric may be selected by the entity | - | - |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Not Applicable
3. Provide details of the following disclosures related to water, in the following format:
All the environment variables and metrics are captured on a consolidated basis.
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| Water withdrawal by source (in kilolitres) | ||
| (i) Surface water | NA | NA |
| (ii) Groundwater | 95,243 | 54,688 |
| (iii) Third party water | 14,978 | 15,794 |
| (iv) Seawater / desalinated water | NA | NA |
| (v) Others | 1324 | 225 |
| Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) | 1,11,545 | 70,707 |
| Total volume of water consumption (in kilolitres) | 1,11,545 | 70,707 |
| Water intensity per rupee of turnover (Water consumed / turnover) | 2.637 kl / INR cr | 2.134 kl / INR cr |
| Water intensity (optional) – the relevant metric may be selected by the entity | NA | NA |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
Being the institutional offices, Coforge offices in India in India are utilizing the Water consumption for drinking and washing purposes only. The offices are equipped various water conservation measures such as sensor based water dispensing systems, waterless urinals and utilization of treated water for flushing and gardening purposes.
Most of the offices are equipped with sewage water treatment units for onsite treatment of the wastewater; the same is being utilized for the secondary uses such as gardening or flushing purposes.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
| Parameter | Please specify unit | FY 2023 | FY 2022 |
| (Current Financial | (Previous Financial | ||
| Year) | Year) | ||
| NOx | NA | NA | NA |
| SOx | NA | NA | NA |
| Particulate matter (PM) | NA | NA | NA |
| Persistent organic pollutants (POP) | NA | NA | NA |
| Volatile organic compounds (VOC) | NA | NA | NA |
| Hazardous air pollutants (HAP) | NA | NA | NA |
| Others – please specify | NA | NA | NA |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No
Coforge being an IT/ ITES service provider is utilizing its office premises for the institutional purposes only, and is not associated with any kind of production, Manufacturing, processing and distribution of the products. Emission such as Hazardous obnoxious gaseous material, Volatile organic compounds or particulate matters are not anticipated from the office units.
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
All the environment variables and metrics are captured on a consolidated basis.
| Parameter | Unit | FY 2023 | FY 2022 |
| (Current Financial | (Previous Financial | ||
| Year) | Year) | ||
| Total Scope 1 emissions (Break-up of the GHG into | Metric tonnes of | 543 | 677 |
| CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) | CO2 equivalent | ||
| Total Scope 2 emissions (Break-up of the GHG into | Metric tonnes of | 9483 | 8696 |
| CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) | CO2 equivalent | ||
| Total Scope 1 and Scope 2 emissions per rupee of turnover | NA | 0.2 Metric tonnes / INR cr | 0.3 Metric tonnes / INR cr |
| Total Scope 1 and Scope 2 emission intensity (optional) | NA | NA | NA |
| – the relevant metric may be selected by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. (No)
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
The company is involved in development of IT/ ITES related products. Currently no running projects are associated with emission of GHG.
8. Provide details related to waste management by the entity, in the following format: All the environment variables and metrics are captured on a consolidated basis.
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| Plastic waste (A) | 3.7 Tons | 1.09 Tons |
| E-waste (B) | 6.25 Tons | 36.0 Tons |
| Bio-medical waste (C) | - | - |
| Construction and demolition waste (D) | - | - |
| Battery waste (E) | 2.0 | - |
| Radioactive waste (F) | - | - |
| Other Hazardous waste. Please specify, if any. (G) | 1.9 Tons ( DG Set Waste Oil) | 0.80 Tons ( DG Set Waste Oil) |
| Other Non-hazardous waste generated (H). Please specify, if any. | NA | NA |
| (Break-up by composition i.e. by materials relevant to the sector) | ||
| Total (A+B + C + D + E + F + G + H) | 13.85 Tons | 38 Tons |
| For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations | ||
| (in metric tonnes) | ||
| Category of waste | ||
| (i) Recycled | 10.15 Tons | 36.8 Tons |
| (Through authorized recyclers) | (Through authorized recyclers) | |
| (ii) Re-used | - | - |
| (iii) Other recovery operations | - | - |
| Total | 10.15 Tons | 36.8 Tons |
| (Through authorized recyclers) | (Through authorized recyclers) | |
| For each category of waste generated, total waste disposed by nature of disposal method (inmetric tonnes) | ||
| Category of waste | ||
| (i) Incineration | NA | NA |
| (ii) Landfilling | NA | NA |
| (iii) Other disposal operations | NA | NA |
| Total | - | - |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. No
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.
Waste management is a crucial aspect of our ESG plan. Our interests start with reducing the amount of waste we generate and thus firstly minimize the need for disposal. Reusing items, such as glass jars or shopping bags, also limits, and reduces our waste. Recycling materials such as plastics, glass, and paper are also an integral part of our conservation plans prior to ending in landfills.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format: The Coforge Offices are not in proximity of ecologically sensitive area as mentioned above. All the premises/facilities are selected strategically in commercially approved locations including IT/ITES parks and captive SEZ throughout India. Necessary Environmental clearance have been obtained from the Expert Appraisal Committee (EAC), Ministry of Environment Forest & Climate Change (MOEF&CC) prior to construction of Coforge Greater Noida Campus. Additionally, environment NOCs have been taken for all the office locations where applicable under and regular compliance of the same is ensured.
| S. Location of operations/offices No. | Type operations of | Whether the conditions of environmental approval / clearance are being complied with? (Y/N) |
| If no, the reasons thereof and corrective action taken, if any. | ||
| NIL | - | - |
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year: No Environment Impact Assessment project or Environmental Clearance projects undertaken by the organization because of no major construction/renovation has been undertaken so far.
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:YES,
100% compliant status has been achieved under the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act & other regulatory and statutory compliance condition.
| S. No. Specify the law / regulation / guidelines which was not complied with | Provide details of the non- compliance | Any fines / penalties / action taken by regulatory agencies such as pollution control boards or by courts | Corrective action taken, if any |
| NIL | NIL | NIL | NIL |
| NIL | NIL | NIL | NIL |
Leadership Indicators
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in the following format:
All the environment variables and metrics are captured on a consolidated basis.
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| From renewable sources | ||
| Total electricity consumption (A) | 600 Giga Joules | 598 Giga Joules |
| Total fuel consumption (B) | Nil | Nil |
| Energy consumption through other sources (C) | Nil | Nil |
| Total energy consumed from renewable sources (A+B+C) | 600 Giga Joules | 598 Giga Joules |
| From non-renewable sources | ||
| Total electricity consumption (D) | 44,088 Giga joules | 38,346 Giga joules |
| Total fuel consumption (E) | 2,900 Giga Joules | 10,320 Giga Joules |
| Energy consumption through other sources (F) | ||
| Total energy consumed from non-renewable sources (D+E+F) | 46,988 Giga Joule | 48,666 Giga Joules |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. (No)
2. Provide the following details related to water discharged:
Coforge is associated with the IT/ITES product development and other related services. As the company is not involved in production or manufacturing of any tangible product, the water requirement is only limited to anthropogenic activities only. Most of the wastewater generated from the offices is being treated in the on-site STP units and utilized for the low end uses or horticulture. Remaining, small amount of secondary treated water is being discharged in the municipal sewers.
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| Water discharge by destination and level of treatment (in kilolitres) | ||
| (i) To Surface water | NA | NA |
| - No treatment | NA | NA |
| - With treatment – please specify level of treatment | NA | NA |
| (ii) To Groundwater | NA | NA |
| - No treatment | NA | NA |
| - With treatment – please specify level of treatment | NA | NA |
| (iii) To Seawater | NA | NA |
| - No treatment | NA | NA |
| - With treatment – please specify level of treatment | NA | NA |
| (iv) Sent to third-parties | NA | NA |
| - No treatment | NA | NA |
| - With treatment – please specify level of treatment | NA | NA |
| (v) Others | NA | NA |
| - No treatment | NA | NA |
| - With treatment – please specify level of treatment | NA | NA |
| Total water discharged (in kilolitres) | NA | NA |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. Not Applicable
3. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres):
None of the companys offices are in the water stressed region or notified areas demarcated by CGWB. The company ensures to utilize the piped municipal supply to cater the daily water need. The wastewater generated from the offices are being treated in the onsite STPs and the treated water is being utilized for low end uses such as horticulture and toilet flushing. The remaining, small amount of water is being discharged to municipal sewers.
For each facility / plant located in areas of water stress, provide the following information: (i) Name of the area - Not Applicable (ii) Nature of operations - Not Applicable (iii) Water withdrawal, consumption, and discharge in the following format:
| Parameter | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | |
| Water withdrawal by source (in kilolitres) | ||
| (i) Surface water | NA | NA |
| (ii) Groundwater | 95,243 | 54,688 |
| (iii) Third party water | 14,978 | 15,794 |
| (iv) Seawater / desalinated water | ||
| (v) Others | 1324 | 225 |
| Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) | 111,545 | 70,707 |
| Total volume of water consumption (in kilolitres) | 111,545 | 70,707 |
| Water intensity per rupee of turnover (Water consumed / turnover | 111,545 | 70,707 |
| Water intensity (optional) – the relevant metric may be selected by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
4. Please provide details of total Scope 3 emissions & its intensity, in the following format: All the environment variables and metrics are captured on a consolidated basis.
| Parameter | Unit | FY 2023 | FY 2022 |
| (Current Financial Year) | (Previous Financial Year) | ||
| Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) | Metric tonnes of CO2 equivalent | 23,54 tons | 950 tons |
| Total Scope 3 emissions per rupee of turnover | 0.055 metric tonnes / INR cr | 0.028 metric tonnes / INR cr | |
| Total Scope 3 emission intensity (optional) – the | NA | NA | |
| relevant metric may be selected by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. (N)
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.
The company offices are in populated locations in various cities across India. No ecologically sensitive/ reserve forest/ bird sanctuary is located in the vicinity of the Offices. The office operation is limited to IT/ITES related services, which does not include any manufacturing / production process that generates any flue gases or discharge, which is a threat to the environment and biodiversity.
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format
| Sr. No | Initiative undertaken | Details of the initiative (Web-link, if | Outcome of the |
| any, may be provided along-with summary) | initiative | ||
| 1. | Replacement of old LED light | More than 500 LED lights and T-5 have been replace in the Greater Noida with new energy saving light fixtures | Energy conservation |
| 2. | Replacement of MERV-14 air Filters in AHU | MERV-14 filters, compliant with ASHRE standards have been introduced in all the AHUs at Greater Noida office location to minimize PM10 and PM2.5 inside the buildings. | Indoor air quality improvement |
| 3. | LEED platinum (O&M) Recertification of the greater Noida office | Recertification of Greater Noida campus with LEED platinum for O&M. | Recognition for good EHS practices |
| 4. | Replacement of UPS in Gurugram office | Replacement of old UPS with new UPS units for the Gurugram location. | Energy conservation |
| 5. | Energy audit | Energy audit has been carried out by a third party agency for Greater Noida and Gurugram office location | Auditing of the existing energysavingpractices and identification of improvement points. |
| 6. | Plantation of Saplings | As a gesture of commitment toward environment, Coforge organizes plantation drives during the client visits. The saplings are being planted in the office campus or some externally identified location. | Green area development. |
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
The company has developed and established Business Continuity Plan (BCP) keeping in view the material topics essential for running the businesses. The BCP plan also discusses about a vide range of scenarios affecting the business which includes but is not limited to natural disasters, terrorist threats, power failure etc. The plan also discusses about the severity, risk rating, maximum acceptable outage (MAO) and alternate BCP location for continuation of business.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard.
There is no significant adverse impact arising from Value chain partners. All such mitigation measures are addressed through EMS standards as per ISO 14001 which are reviewed periodically through audits.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.
All admin related value chain partners are 100% assessed. To be discussed further for other value chain partners
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent Essential Indicators
1. a. Number of affiliations with trade and industry chambers/ associations.5 b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to. NASSCOM University of Pennsylvania (Mack Institute of Innovation)
| S. No. Name of the trade and industry chambers/ | Reach of trade and industry chambers/ associations (State/ |
| associations | National) |
| 1 NASSCOM | Associations – National |
| 2 University of Pennsylvania | Academia – National |
| 3 Amity University | Academia – National |
| 4 Chandigarh University | Academia – National |
| 5 Manav Rachna | Academia – National |
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity, based on adverse orders from regulatory authorities.
There are no material corrective action nor any material issues related to anti-competitive conduct by the entity.
Leadership Indicators
1. Details of public policy positions advocated by the entity:
Coforge is committed to engaging the policy makers, government including central, regional, and local, along with community to achieve our goals and objectives. In the markets we operate in, we ensure key partnerships are developed and managed with appropriate officials, organizations, associations, academia to create value for our shareholders, our partners, and employees.
For more details, please refer to our Annual Report.
PRINCIPLE 8 : Businesses should promote inclusive growth and equitable development
Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.
| Name and brief details of project | SIA Notification No. | Date of notification | Whether conducted by independent external agency (Yes / No) | Results communicated in public domain (Yes / No) | Relevant Web link |
| Educational promotion through Community Library | 1 | NA | Yes | No | Underway |
| Industry Academia Partnership for skill development and environment conservation with Amity and Chandigarh Univ | 2 | NA | Yes | No | Underway |
| Educational assistance and Skill Development for underprivileged girls with Udayan care | 3 | NA | Yes | No | Underway |
| Education assistance and Skill Development for underprivileged children with Vidya n child | 4 | NA | Yes | No | Underway |
| Environment conservation through Solid liquid waste management with ILRT | 5 | NA | Yes | No | Underway |
| Environment conservation -Water conservation, rejuvenation of ponds , renewable energy with Sehgal Foundation | 6 | NA | Yes | No | Underway |
| Environment conservation through Sustainable | 7 | NA | Yes | No | Underway |
| tree planting & forestation, promoting renewable energy with SAFE Helping Hand to special children with Ashagram | 8 | NA | Yes | No | Underway |
| Education and Skill development and employability with CYDA and SPARSHA | 10 | NA | Yes | No | Underway |
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format: Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community.
As an organization, we are conscious about giving back to the community. We have devised our own mechanisms to give back to the community.
Rural Community:
Work closely with Gram Panchayats of the rural areas (where our projects are operational) and ensure:
• Regular connect and interactions with community.
• Stake holder engagement
• Awareness and communication
• Capacity building and skill development
• Proactive Interaction
• Reviewing and Investigating Grievances Urban Community:
In line with the governments directives on Swachh Bharat & promoting awareness and reading habits, we have undertaken following initiatives to reach out to community and address grievances if any:
• Solid Liquid Waste management for 2 Wards at Noida: This would include awareness sessions on waste segregation, effective waste disposal and treatment, plastic recycling. We would be reaching out to communities and addressing grievances related to this.
• Setting up community Library: to share reading resources free of cost to the community, Coforge has set up this library in Noida. All members of community are free to use this and upgrade their knowledge base. This is especially useful for youth. Workshops conducted here are a forum to share and address grievances and issues
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
| FY 2023 | FY 2022 | |
| Current Financial Year | Previous Financial Year | |
| Directly sourced from MSMEs/ small producers | 24% | 17% |
| Sourced directly from within the State and neighboring State | 29% | 17% |
Leadership Indicators
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):
| Details of negative social impact identified | Corrective action taken |
| Nil | Nil |
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:
| S. No. | State | Aspirational District | Amount spent (In INR) |
| - | Nil | Nil | Nil |
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized /vulnerable groups? (Yes/No) No (b) From which marginalized /vulnerable groups do you procure? Not Applicable (c) What percentage of total procurement (by value) does it constitute? Not Applicable
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge: Not Applicable
| S. No. | Intellectual Property based on | Owned/Acquired | (Yes/ | Benefit Shared (Yes/No) | Basis of calculating | |
| traditional knowledge | No) | benefit share | ||||
| NA | NA | NA | NA | |||
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved.
Not Applicable
| Name of authority | Brief of the Case | Corrective Action Taken |
| Not Applicable | NA | NA |
6. Details of beneficiaries of CSR Projects: Total Outreach- 160,197
| S. No. | CSR Project | No. of persons benefitted from | % of beneficiaries from vulnerable and |
|
| CSR Projects | marginalized groups |
|||
| 1 | Educational Assistance and skill development | 33234 | 100 % |
|
| 2 | Entrepreneurship and Employability | |||
| development | ||||
| 3 | Environment Conservation and Rural | 112837 | 100% |
|
| Livelihoods | ||||
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
Essential Indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Coforge is a B2B consulting and professional services organization and does not sell directly to consumers. We are committed to exceeding our clients expectations. We have a robust framework and associated policies to track and respond to our client complaints and feedback in our interactions with clients. Our latest annual survey demonstrates the trust our clients have bestowed upon us. It outlines that a large set of our clients are extremely delighted and happy with the relationship and value we have delivered for them. These positive sentiments have translated into decades of relationship and consistent delivery of our services.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about: Not applicable
3. Number of consumer complaints in respect of the following: Not Applicable.
| FY 2023 Current Financial | Remarks | FY 2022 Previous Financial |
| Received during the year | Year
Pending resolution at the end of year |
Received during the year | Year Pending resolution at the end of year | |||
| Data privacy | NA | NA | NA | NA | ||
| Advertising | - | - | - | - | ||
| Cyber-security | - | - | - | - | ||
| Delivery of essential services | - | - | - | - | ||
| Restrictive Trade Practices | - | - | - | - | ||
| Unfair Trade Practices | - | - | - | - | ||
| Other | - | - | - | - |
4. Details of instances of product recalls on account of safety issues: Not Applicable
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy. Yes. Privacy Framework is published at company intranet and includes policies, processes & guidelines to be followed by employees. Privacy statement is published at https://www.coforge.com/privacy-statement
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.
There are no customer complaints or any penalties by regulatory authorities related to Data Privacy.
Leadership Indicators
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).
Please see website at https://www.coforge.com for the information on all our services. We also have a Linked https://www. linkedin.com/company/coforge-tech/ for latest announcements and associated news.
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services. Not Applicable.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services. Not Applicable
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No). Not Applicable
5. Provide the following information relating to data breaches: a. Number of instances of data breaches along-with impact No Data Breach incidents have occurred b. Percentage of data breaches involving personally identifiable information of customers No Data Breach incidents have occurred
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ATTENTION INVESTORS
- Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
- KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
- No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Risk Disclosure on Derivatives
- 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
- On an average, loss makers registered net trading loss close to Rs. 50,000.
- Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
- Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
We are ISO 27001:2013 Certified.
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.