Oracle Financial Services Software Ltd Management Discussions

of financial condition and results of operations

Technology trends in the financial services industry and outlook

The banking and financial services industry is undergoing a transformative phase. A confluence of technological advancements, changes in societal expectations, demographics, customer preferences and regulatory imperatives are influencing the need and speed for change. The changes also open newer challenges and opportunities for the financial institutions.

Progressive transformation strategy

The banking industry historically has been an early adopter of IT, which has resulted in decades-old legacy systems that are complex, inflexible, and out of date. Organizations have always struggled to manage the costs, risks and complexity of full-scale, end-to-end transformation. With the advent of the cloud-native solutions, organizations are favoring a progressive and continuous transformation involving smaller, iterative initiatives that deliver measurable incremental value.

This approach helps optimize operations, enhances efficiency and reduces transformation risk. It enables businesses target transformation initiatives to the areas with maximum risk or ROI, and increases the organizational readiness to embrace change.

Embedded AI - from hype to reality

Deployment of GenAI caught the imagination of the financial institutions for some time, and use cases so far have been siloed and standalone. As these technologies have matured, the emerging trend is toward embedding AI and analytics directly within core domain solutions, enabling faster decisions and more context-aware insights.

Embedding AI and analytics layer the machine learning and generative AI models into the existing applications and user flows. This integrated approach enhances agility, strengthens governance, and accelerates time-to-value. By focusing on use cases that address pressing challenges in the customer experience, financial institutions can harness the full potential of AI to drive innovation, accelerate adoption, and empower users.

Enhanced regulatory oversight

Over the years, the spectrum of organizations providing financial services has evolved. New age players compete with the traditional firms offering differentiated products. Technology changes open the possibility of revolutionary products, and the ability to attract a new generation of customers. All this has made the job of regulators of financial systems more complex. Regulators worldwide are responding with updated requirements that focus on KYC, exposures and risks, use enhanced analytics and AI technologies, and battle cyber fraud.

As more banks and financial institutions rely on cloud services to store and process sensitive data, security and data residency in cloud environments will increasingly be the subject of greater regulatory oversight. That coupled with the explosion of social media, control on personal data is another area that Governments continue to legislate.

Regulators increasingly are requiring the financial institutions to become a part of the ESG journey of the country. For banks and financial institutions, this not only involves adopting sustainable practices but also financing projects that adhere to these principles.

Optimization of investigations

Financial institutions play an important role in detecting, preventing and reporting financial crime. This puts the onus on financial institutions of playing the role of a detective and gathering evidence needed by law enforcement. Emerging agentic-AI technologies are enabling automation across key stages of the investigative process, significantly reducing manual intervention leading to faster resolutions. Organizations adopting these solutions can typically achieve meaningful cost savings, improve operational scalability, and maintain strong regulatory compliance - driving both margin improvement and long-term resilience.

Finance Modernization

The financial services sector is undergoing a critical transformation, with the finance function shifting from a traditional, operational role to a strategic enabler of efficiency, compliance, and insight. Legacy systems are no longer sufficient in todays environment of complex financial products and intensifying regulatory scrutiny. Strategic investment in finance transformation is increasingly becoming a differentiator for competitive advantage and future growth.

Real-Time Hyperscale Operations

Real-time and hyperscale transaction processing will be crucial for banks and financial institutions in the coming years due to an explosion of transaction volumes and real-time processing expectations of new age customers. Investing in hyperscale solutions will ensure that banks and financial institutions are well-equipped to handle the growing demands of the customers and maintain a competitive edge in the market.

In summary, the banking and financial services industry is poised for further disruption driven by emerging technologies and evolving competition and regulations. We are committed to empowering financial institutions to become more responsive, agile, collaborative, and insightful in their businesses. Our solutions are architected to enable financial institutions establish new business models, operate flexibly, respond proactively to market conditions, create new business opportunities and drive growth.

Business Overview

Oracle Financial Services Software Limited is a global leader in providing financial technology solutions for the Financial Services Industry. Our solutions empower the financial institutions to become more responsive, agile, collaborative, and insightful in their business. We have two business segments: our products business and Finergy, our services business.

The products business is our principal business segment. We provide a comprehensive suite of IT solutions delivering a compelling digital experience and engagement to financial institutions of varying business focus, geographic spread, and scale. Our customers rely on our solutions to modernize their technology platforms, accelerate digitization and deliver superior customer services.

Finergy is our services business segment. It is comprised of consulting services and Business Process Outsourcing (BPO) services to the financial services industry.

These solutions are described in further detail below.

Products

We provide a comprehensive suite of IT solutions delivering a compelling digital experience and digital engagement to the financial services industry.

Our Oracle Financial Services Analytics suite is consistently ranked highly at the top of the charts by the industry analysts. You can refer to various analyst reports and quotes at https://www.oracle.com/financial-services/analyst-recognition/#tab2

Our portfolio has two streams, transaction banking solutions and analytical solutions. These are detailed below.

Oracle Banking

Our products have long been the cornerstone of the global banking technology landscape, offering end-to-end solutions that address the evolving needs of financial institutions. Our banking suite of products span retail banking, corporate banking, digital experience, payments, and revenue management.

Oracle Flexcube is the industry leading solution that has been servicing banks in over 140 countries. Launched in 1997, Oracle Flexcube has been constantly upgraded in step with changes in technology and to expand functionality. We generally build our technology advancements natively in order to deliver the best value to our customers.

Over the last several years, we have transformed the offering to a cloud-native architecture with embedded AI/ML capabilities. The whole suite of products is now under Oracle Banking and offers deployment flexibility to customers. Our solutions help banks undertake progressive modernization and enable them to build a truly digital and seamless front-end, and to position themselves as a comprehensive marketplace providing end-to-end offerings through their banking portals.

Our intelligent solutions offer capabilities such as voice banking and secure interface with social media, AI based anomaly detection, OCR interfaces that help ingest paper based data and API based extensibility features that enable customers to seamlessly extend the functionality without touching the core.

Retail Banking

Empowering retail banking customers

Retail banking continues to witness disruptions driven by evolving customer demands, dynamic global business scenarios, and technology evolution. The retail banking customer, exposed to an increasingly personalized experience across other industries, expects comparable experiences from banks and financial institutions. Retail banks are also facing competition from a slew of nontraditional agile players who operate in specialized market segments. Increasingly, banks today are looking for ways to expand their offerings beyond traditional banking, integrating other innovative financial products as well as other services such as e-commerce services within their overall offerings.

Our retail banking solutions empower banks to deliver personalized services while streamlining back-office operations with focus on embedded finance, ESG-driven products, and AI-powered decisioning. Our solutions are architected to deliver industry leading performance that enable real-time hyperscale processing capability.

Corporate Banking

Helping corporate banks excel in a vibrant global ecosystem

The corporate banking software market has been growing rapidly in recent years, driven by the need for banks to provide better services to their corporate clients and the increasing adoption of digital technologies. Corporate customers have specialized requirements from their bank to keep step with their own business transformation. The banks also need to cater to savvy corporations with a strong digital focus, ecosystem connectivity, specialized banking services and shorter processing periods.

Considering these needs, banks need to adopt technology built to help them cater to corporations and corporate systems like ERP and HCM. Banks must deliver digital self-service capabilities to corporates to usher in the digital age. Faster processing, digital originations, application tracking and a faster time to yes can be achieved by leveraging disruptive technologies such as AI, ML and data analytics to automate processes, improve efficiency, and provide better insights into customer behavior. Using open banking, banks are partnering with fintech startups and other third-party providers to offer their corporate clients a range of solutions that can help them manage their finances more efficiently.

Oracles corporate banking solutions help banks onboard, originate and service corporate customers across the banking lifecycle with comprehensive offerings across transaction banking, trade and supply chain finance, corporate credit, and treasury management to help banks cater to global corporations effectively. As one of the leading banking IT solutions providers, we are at the forefront of the ongoing transformation towards componentization and adoption of cloud-native microservices-based architecture to make each component a standalone unit of value that can integrate into any system.

Lending and Leasing

Enabling specialized financial institutions deliver tailored financing solutions to their customers

The emergence of the subscription economy has also resulted in the development of new financing options and models for specialized financial institutions. Our solution for asset finance is a modern, enterprise-wide platform to support the entire asset finance process and delivers seamless, end-to-end digital capabilities, from origination to servicing through collections and asset management. It offers flexible deployment options in the cloud environment. Its open architecture can integrate with any compatible system, application, or device. This solution improves the customer experience with a modern digital platform that supports the subscription economy, enables flexibility to drive business growth and increases productivity and efficiency with automated processes and transactions.

Details of our various offerings are set forth below and for more information please visit: https://www.oracle.com/financial- services/#banking-panel

Payments

Enabling real-time payments at scale across geographical boundaries

Our payments solution as well as our digital and open banking capabilities span corporate and retail banking. Our cloud-enabled, digital payments solution is built natively on the ISO 20022 framework that is designed to enable banks and financial institutions to process payments in real time, anywhere, and at scale. The solution helps banks optimize transaction efficiency with a one-stop payment processing solution that processes multiple payment types and is constantly updated to reflect scheme rulebooks and guidelines.

For more details please visit: https://www.oracle.com/financial-services/#payments

Digital Experience

Delivering immersive SaaS cloud-native digital experiences

Our digital banking capabilities provides banks customers an entire range of banking services across a wide range of channels, such as: mobile, desktop, social media, digital personal assistants and wearables. Digital onboarding and originations allow banks to add customers from digital channels. New technology like passkey authentication, digital document verifications, live video KYC, and chatbot interface powered by intelligent processes on persona-based dashboards help banks deliver customer delight. Oracles digital banking platform, built on a cloud-native infrastructure, offers high availability and exceptional security and is designed to ensure banks meet the dynamic needs of customers with continuous feature enhancements. Being a SaaS offering, banks can instantly adopt the application and deliver world class digital banking to their customers. The application is highly configurable, allowing the banks to build experiences for any channel in-house using no-code tools available in the application. Oracle caters to the growing need for a mature packaged banking API solution that can help banks accelerate their path to transforming into an open API platform delivering immersive digital banking experiences and ecosystem connectivity to innovative fintech offerings.

For more details please visit: https://www.oracle.com/financial-services/#cx-acquisition-panel

Oracle Banking Products Portfolio

Our product portfolio has significantly expanded over the years and these components can be flexibly offered to suit the business requirements of banks.

The portfolio focused on retail banking consists Oracle Banking Origination which helps reimagine originations by driving a personalized, consistent, and frictionless experience with the customer at the center; Oracle Banking Branch that helps reinvent the bank branch from a point of service to a point of sale and advice; Oracle Banking Collections, a unified, enterprise wide solution that improves collections via borrower-centric capabilities and optimized operations; Oracle FLEXCUBE Universal Banking, a comprehensive core banking solution that powers efficient retail banking product management and streamlines and optimizes core processing and operations; Oracle FLEXCUBE for Islamic Banking, a comprehensive Sharia-compliant solution for Islamic banks; Oracle Banking Accounts, a hyperscale cloud-native SaaS accounts platform that optimizes retail account management and operations across the banking enterprise.

This year, we significantly expanded our cloud services portfolio for the banking industry with the launch of Oracle Banking Retail Lending Servicing Cloud Service, Oracle Banking Collections Cloud Service, Oracle Banking Cash Management Cloud Service, Oracle Banking Supply Chain Management Cloud Service, and Oracle Banking Trade Finance Cloud Service. With the introduction of the new products, we now offer a comprehensive product portfolio for both retail and corporate banking on the cloud.

The portfolio focused on corporate banking comprises Oracle Banking Enterprise Limits and Collateral Management, an enterprise offering that enables banks to accelerate credit origination and servicing, pre qualify credit lines, track exposures to customers in real time, and mitigate business risks; Oracle Banking Cash Management that enables banks to help their corporate clients manage their working capital effectively while adhering to regulatory requirements; Oracle Banking Liquidity Management that enables banks to run a single centralized, standalone liquidity management solution; Oracle Banking Virtual Accounts Management that helps corporate banking clients manage complex global account structures and control working capital; Oracle Banking Supply Chain Finance, an end-to-end solution that supports the full lifecycle of supply chain finance and factoring across receivables and payables, offering supplier-centric and buyer-centric financing; and Oracle Banking Trade Finance, a comprehensive solution for managing trade finance operations in a unified manner.

Further, we also offer: Oracle Banking Treasury Management, a comprehensive real time solution for the treasury back office; Oracle Banking Corporate Lending, an end-to-end digitally enabled lending solution which enables easy integration with banks internal and external systems of customers, partner banks and agencies which support open interface (API) standards and delivers faster loan processing, coupled with Oracle Banking Corporate Lending Process Management that delivers the flexibility needed to manage the complete corporate loan lifecycle; Oracle Banking Credit Facilities Process Management, a comprehensive credit management solution; and Oracle Banking Trade Finance Process Management that automates and streamlines the entire lifecycle of trade instruments and operations across all stages. Our Oracle Banking Payments is an advanced solution designed to enable banks and financial institutions to process payments in real time, anywhere, and at scale.

Oracle Banking Digital Experience helps banks deliver immersive SaaS cloud native digital banking experiences with a persona-centric design engineered for safety, reliability, scale, sustainability, and convenience. Together with Oracle Banking APIs it helps customers jump-start API banking with ready-to-deploy business and foundational banking APIs. Oracle Banking Electronic Data Exchange allows corporates to connect their enterprise applications with their bank to derive synergies and faster processing.

Oracle Financial Services Lending and Leasing provides end-to-end capabilities from origination into servicing and through collections, and together with Oracle Banking Collections and Recovery, an enterprise-wide collections and recovery module, which supports complete collections lifecycle and optimizes the management of delinquencies at every stage.

Oracle FLEXCUBE Investor Servicing is a flexible, highly configurable, and widely deployed transfer agency platform that helps automate transfer agency operations, fund distribution, and pension record keeping.

Modern Risk and Finance and Financial Crime and Compliance Management

Our Modern Risk and Finance and Financial Crime and Compliance Management solutions are led by Oracle Financial Services Analytical Applications (OFSAA) which is a suite of industry leading applications catering to the critical areas of Risk, Finance, Treasury, Front office, Regulatory Reporting and Compliance.

Within OFSAA, we offer a unified set of finance, risk, and compliance applications to financial services companies. These applications are grouped into five portfolios, and each portfolio comprises a set of related products and services designed to collectively meet the portfolio objectives. In addition, the products in each portfolio work inter connectedly across portfolios. This interconnectivity generates a multiplier value effect for our customers who have purchased these products and services across the portfolios. They support progressive and continuous transformation journeys·smaller, iterative initiatives that deliver measurable value over time. This approach reduces risk, enhances adaptability, and enables businesses to align transformation efforts more closely with evolving strategic objectives and ROI expectations at our customers.

All our applications are powered by our Analytical Applications Infrastructure (AAI) and Model Management and Governance (MMG) - together they provide globally patented - US Patents & Trademarks (US-PTO) and European Union Patents Office (EPO) - state of the art tools, frameworks, libraries, and models that support building of all the OFSAA applications. They support deterministic, stochastic, and predictive analytics framework that delivers the foundation for AI, ML and GenAI. The solution portfolios are described below with brief explanations about each of them and mentions a few salient products in each portfolio:

Analytics is the driving force behind many strategic decisions that financial institutions make and the key to meet the regulatory requirements. Complete, consistent, and accurate data is a crucial enabler that helps analytics leverage the correct information. Unified Data Foundation solutions provide a proactive, forward-looking use and re-use of traditional and new data sources from a single, unified source. This portfolio consists of the product Financial Services Data Foundation, which drives our customers business with unprecedented performance, responsiveness, scalability, and manageability by gaining a single view of enterprise-wide data. The industry-leading data model platform provides a single source of truth across risk, finance, treasury, and other areas to produce insightful analytics. This powers the finance modernization journeys at our customers with a complete record-to-report solution that offers data-smart modern finance, real-time analytical insights, centralized accounting, connected planning, and consistent reporting across regulatory, statutory, and management. Data Integration Hub manages upstream data acquisition and maintenance powered by ML and GenAI through intuitive business-driven capability. And finally, Data Governance provides active governance for accuracy that can integrate directly into Banks risk and finance processes.

Risk, Profitability & Balance Sheet Management

Financial institutions gain a competitive edge in the marketplace through timely, actionable intelligence and insights is key to the success of financial institutions delivering on their vision. Having systems and services that can process billions of rows of instrument-level data with a multitude of dimensions, products, geographies, customer segments, currencies, etc. in a timely manner is required to deliver those insights. Our Profitability & Balance Sheet Management solutions help identify the banks portfolios most profitable customers, products, and organizations. These solutions optimize reward versus risk with accurate, up-to-date financial information. They also help provide an integrated, accurate and continuous planning & forecasting across multiple lines of business, customer segments, and products.

This portfolio contains products, including:

Liquidity Management which optimizes interest and fuse information across various different accounts, so that customers can manage daily liquidity in a consolidated way;

Liquidity Risk Regulatory Reporting which addresses the customers liquidity risk requirements, both regulatory and management. It performs and reports regulatory calculations such as Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR), based on guidelines issues by Bank of International Settlements (BIS).

Profitability Analytics helps identify the most profitable customers, products, and organizations and monitor key performance indicators. The analytics is powered by AI - NLP, NLG and LLMs - which enables meaningful interactions and rapid decision making by the executives.

Embedded AI and analytics help incorporate machine learning and generative AI models into the existing application and user flows so that the system can score, predict, recommend, or even generate content automatically at the moment a decision is taken. This feature enables faster, more context aware insights and decisions.

Accounting Standards & Regulatory Reporting

Accounting standards are the backbone of financial and regulatory reporting and are a foundation of the reliability and comparability of financial information. This can make it easier for institutions to access capital through debt and equity markets, helping them fund their growth and operations. Regulatory requirements such as Basel guidelines, similar guidelines in other countries, and stress testing help monitor capital adequacy to absorb potential losses and reduce the risk of bank failures. Meeting these requirements has long evolved from a simple transaction based reporting to complex iterative analytical based testing and reporting.

Accounting Standards & Regulatory Reporting solutions alleviate operating costs of our customers by keeping up with changing standards and regulations with out-of-the-box support for regulations and industry standards. These solutions also make it possible to manage and execute multi-jurisdictional regulatory reporting in a single integrated environment. This portfolio consists of products: IFRS 9 & IFRS 17 which bring transparency in reporting of financial instruments and insurance contracts; CECL & LDTI provide US GAAP accounting standards compliance for credit provisions and insurance contracts; Climate Change Analytics enables International Sustainability Standards Board (ISSB) accounting standards compliance for Banks, Green House Gases (GHG) Emission Scope Reporting and risk analytics; Basel & Regulatory Capital covers Pillar I requirements across Basel II and Basel III guidelines including Risk Weighted Assets (RWA), Capital Ratios, Capital Buffers, Leverage Ratio, CVA computations, and supplementary leverage ratio of the bank; and Enterprise Stress Testing & Scenario Analysis empowers banks and financial institutions to define and perform enterprise wise stress tests and scenario analysis in an integrated and centralized manner.

For more information on these solutions, please refer to https://www.oracle.com/financial-services/#risk-finance

Financial Crime & Compliance Management (FCCM)

Financial institutions are required to safeguard their systems from being used for illicit purposes by detecting and reporting suspicious activities like money laundering, fraud, or other financial crimes of its customers and customers counterparties to local regulatory authorities. They play an important role in policing the transactions and are expected to maintain a strong KYC & Customer Due Diligence program, monitor and report suspicious transactions and accounts, and restrict or deny access to their services to individuals and entities as per applicable sanctions and embargoes.

FCCM solutions - Anti Money Laundering, Know Your Customer, Customer Screening, Sanctions Filtering, Enterprise Case Management and Suspicious Activity Reporting - comprised of a modern, comprehensive, and extensible suite of applications that enable financial institutions with advanced capabilities to effectively combat financial crime and comply with regulations while enhancing operational efficiency. These solutions are built leveraging AI and Machine Learning platforms, such as Graph technology, and incorporate principled, responsible AI for ethical use.

FCCM portfolio has a sophisticated Compliance Studio which deploys ML based behavioral risk scoring to predict the propensity of crime, and unsupervised segmentation and anomaly detection to identify changing behaviors and more accurately capture risk. It has regulator accepted scenario catalog, typology-based scenarios and models which look for fingerprints of criminal activity and supervised models which look at many combined red flags to create actionable cases. Compliance Agent deploys “ethical money launderers” to stress test compliance controls and supports automated calibration to self-tune, automated case completion and Suspicious Activity Report Filing to law enforcement. Investigation Hub is a user centric platform that combines analytics and case management - graph analytics-based investigation, automated narrative generation to optimize investigator efficiency, LLM investigator to automate L0 & L1 cases and next best case - to serve the right cases at the right time to the right investigators.

For more information on these please visit https://www.oracle.com/financial-services/#financial-crime-compliance

Services

Oracle Finergy, across our Consulting Services & Business Process Services business lines, enables financial services enterprises to drive simplicity using technology, helping them engage with their customers in a personalized and frictionless manner.

The Consulting Services business uses a domain-driven design approach to deliver technology solutions across the ‘Change the Bank & ‘Run The Bank spectrum for firms in the Banking, Capital Markets and Insurance industries. This includes transforming on-premise business applications, enabling resiliency through compute and data workload migrations to the cloud, driving cloud native digital innovation, enabling automation-led Application Support, and driving deeper insights from data through AI-led solutions for decision support and intelligent automation. The Consulting Services business also provides high value One Oracle solutions across tech roadmap definition, middleware integration, data engineering, data migrations, portal solutions, enterprise data platform solutions, Al-led solutions and other services that enable clients to align a future-ready roadmap and effectively integrate Oracle assets into their ecosystem, helping elevate realized value.

The Business Process Services business provides cost effective and high-quality services ranging from Transaction Processing, Finance & Accounting Services, Data Ops Services, Reporting Services & Helpdesk services for the banking, capital markets, mortgage & insurance domains, leading with a tech-enabled automation approach backed by use case aligned RPA and AI-led solutions. This comprehensive ecosystem of business process services is backed by a mature process and consulting framework. The business process offerings are ISO 9001 certified for quality management and ISO 27001 certified for information security management.

Analysis of our consolidated financial results

The following discussion is based on our audited consolidated financial statements which have been prepared in accordance with Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 (“Act”) read with relevant rules of the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS Compliant Schedule III), as applicable.

The consolidated financial statements as at March 31, 2025 include Oracle Financial Services Software Limited (“Company”), its subsidiaries and Controlled Trust (together referred to as “OFSS group” as described in note 1 to the consolidated financial statements).

You should read the following discussion of our financial position and results of operations together with the detailed consolidated Ind AS financial statements and the notes which form integral part of such financial statements. Our financial year ends on March 31 of each year.

Performance summary

(Amounts in f million)

Year ended March 31, 2025	Products	Services	Total
Revenue from operations	62,144	6,324	68,468
Operating expenses	(31,891)	(4,564)	(36,455)
Unallocable expenses			(1,946)
Income from operations	30,253	1,760	30,067
Operating margin	49%	28%	44%
Profit for the year			23,796
Profit margin			35%
Year ended March 31, 2024
Revenue from operations	57,862	5,868	63,730
Operating expenses	(30,388)	(4,256)	(34,644)
Unallocable expenses			(2,285)
Income from operations	27,474	1,612	26,801
Operating margin	47%	27%	42%
Profit for the year			22,194
Profit margin			35%

Our total revenues in the financial year ended March 31,2025 were f 68,468 million, an increase of 7% over our total revenues of f 63,730 million in the financial year ended March 31,2024. The increase in revenues was primarily attributable to increase in the revenues from our products business.

Income from operations in the financial year ended March 31, 2025 was f 30,067 million representing an increase of 12% from f 26,801 million in the financial year ended March 31, 2024. The profit for the year in the financial year ended March 31, 2025 was f 23,796 million, as against f 22,194 million in the financial year ended March 31,2024.

Revenues from operations

Products revenues

Our products revenues represented 91% of our total revenues for the financial year ended March 31,2025 and March 31,2024. Our products revenues were f 62,144 million in the financial year ended March 31,2025, an increase of 7% from f 57,862 million during the financial year ended March 31, 2024.

The percentages of our products revenues from different streams were as follows:

	Year ended March 31, 2025	Year ended March 31, 2024
License fees	16%	15%
Consulting fees	51%	51%
Maintenance fees	33%	34%
Total	100%	100%

Services revenues

Our services revenues represented 9% of our total revenues for the financial year ended March 31, 2025 and March 31, 2024. Our services revenues were f 6,324 million in the financial year ended March 31, 2025, an increase of 8% from f 5,868 million in the financial year ended March 31, 2024.

The percentage of total services revenues from time and material contracts was 20% in the financial year ended March 31,2025 and 24% in the financial year ended March 31, 2024, with the remainder of our services revenues attributable to fixed price contracts.

Other income

Our other income primarily comprises of interest on bank deposits along with money market funds and foreign exchange gain / loss. Our other income in the financial year ended March 31, 2025 was f 3,042 million, as compared to f 3,422 million in the financial year ended March 31, 2024.

Expenses

Operating expenses

Our operating expenses consist of costs attributable to compensation of employees, project related travel expenses, professional fees paid to vendors, application software for internal use, selling and marketing expenses (including commissions payable to our partners), research and development expenses, product advertising and marketing expenses, finance cost, contribution towards Corporate Social Responsibility and overhead expenses associated with support functions such as human resources, finance, facilities and infrastructure, along with depreciation and amortization. We recognize these expenses as incurred.

Employee costs

Our employee compensation related expenditure increased by 7% to f 32,047 million in the financial year ended March 31, 2025 from f 29,829 million in the financial year ended March 31, 2024. Employee costs relate to salaries and bonuses paid to employees, retiral benefits, stock compensation charge along with staff welfare activities for employees. Increases in employee costs was primarily a result of compensation increases during the financial year ended March 31, 2025.

Travel related expenses

Our travel related expenditure increased by 17% to f 1,439 million in the financial year ended March 31,2025 from f 1,228 million in the financial year ended March 31, 2024. Travel costs relate to airfare, accommodation and other related expenses incurred on travel of our employees on projects, sales and marketing, etc. Increase in travel related expenses was primarily on account of increases in projects related travel.

Professional fees

Our professional fees related expenditure increased by 4% to f 2,721 million in the financial year ended March 31, 2025 from f 2,625 million in the financial year ended March 31, 2024. Increase in professional fees was primarily on account of an increase in cloud infrastructure cost and an increase in hiring of external consultants to meet the peak period requirements.

Finance cost

Our finance cost decreased by 98% to f 5 million in the financial year ended March 31, 2025 from f 281 million in the financial year ended March 31,2024. Finance cost relates to interest on lease liability and income tax.

Other expenses

Our other expenditure decreased by 33% to f 1,498 million in the financial year ended March 31, 2025 from f 2,223 million in the financial year ended March 31, 2024. Other expenses primarily consist of Corporate Social Responsibility expenditure (CSR), bad debts, Impairment loss on contract assets, facilities/infrastructure costs, application software fees, communication expenses, auditors remuneration and other miscellaneous expenses. Decrease in other expenses was primarily on account of decrease in impairment loss recognized on contract assets.

Depreciation and amortization

Our depreciation and amortization charge was f 691 million and f 743 million for the financial year ended March 31, 2025 and March 31,2024 respectively. Depreciation and amortization charge comprises of depreciation on Property, plant and equipment and amortization of Right-of-use assets.

Operating Margin

Operating profit for the financial year ended March 31,2025 was f 30,067 million as against f 26,801 million during the financial year ended March 31, 2024.

Income taxes

Our provision for income taxes in the financial year ended March 31, 2025 was f 9,313 million as against f 8,029 million in the financial year ended March 31, 2024. Our effective tax rate was 28% and 27% in the financial year 2025 and 2024, respectively. Income taxes also include foreign taxes representing income taxes payable overseas in various countries.

Profit for the year

As a result of the foregoing factors, net profit increased by 7% to f 23,796 million in the financial year ended March 31,2025 from f 22,194 million in the financial year ended March 31,2024.

Analysis of our standalone results

The following discussion is based on our audited standalone financial statements which have been prepared in accordance with Ind AS, as prescribed under Section 133 of the Act read with relevant rules of the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS Compliant Schedule III), as applicable.

You should read the following discussion of our financial position and results of operations together with the detailed standalone Ind AS financial statements and the notes which form an integral part of such financial statements. Our financial year ends on March 31 of each year.

In accordance with Ind AS 108 - Operating Segments, the Company has disclosed the segment information in the consolidated financial statements, and you may refer to the performance summary under the analysis of our consolidated financial results for the same.

Revenues from operations Products revenues

Our products revenues represented 92% of our total revenues for the financial year ended March 31, 2025 and March 31, 2024 respectively. During the financial year ended on March 31, 2025, our products revenues were f 46,889 million, an increase of 7% from f 43,974 million in the financial year ended March 31, 2024.

The percentages of our products revenues from different streams were as follows for:

	Year ended March 31, 2025	Year ended March 31, 2024
License fees	16%	15%
Consulting fees	48%	49%
Maintenance fees	36%	36%
Total	100%	100%

Services revenues

Our services revenues represented 8% of our total revenues for the financial year ended March 31, 2025 and March 31, 2024 respectively. Our services revenues were f 4,102 million in the financial year ended March 31, 2025, an increase of 6% from f 3,871 million in the financial year ended March 31, 2024.

The percentage of total services revenues from time and material contracts was 16% in the financial year ended March 31,2025 and 20% in financial year ended March 31, 2024, with the remainder of our services revenues attributable to fixed price contracts.

Other income

Our other income primarily comprises of dividend from subsidiary company, interest on bank deposits and foreign exchange gain / loss. Our finance and other income in the financial year ended March 31,2025 was f 2,011 million, as compared to f 2,396 million in the financial year ended March 31, 2024. During the year ended March 31, 2025, a dividend of f 15,199 million was received from its wholly owned subsidiary company which is included in other income.

Expenses

Operating expenses

Our operating expenses consist of costs attributable to compensation of employees, project related travel expenses, professional fees paid to vendors, application software for internal use, selling and marketing expenses, research and development expenses, finance cost on lease liability, bad debts, impairment loss on contract assets, contribution towards Corporate Social Responsibility and overhead expenses associated with support functions such as human resources, finance, facilities and infrastructure, along with depreciation and amortization. We recognize these expenses as incurred.

Employee costs

Our employee compensation costs increased by 9% to f 20,905 million in the financial year ended March 31,2025 from f 19,179 million in the financial year ended March 31, 2024. Employee costs relate to salaries and bonuses paid to employees, retiral benefits, stock compensation charge along with staff welfare activities for employees. Increases in employee costs was primarily a result of compensation increases during the financial year ended March 31,2025.

Travel related expenses

Our travel related expenditure increased by 32% to f 896 million in the financial year ended March 31, 2025 from f 680 million in the financial year ended March 31, 2024. Travel costs relate to airfare, accommodation, and other related expenses incurred on travel of our employees on projects, sales and marketing, etc. Increase in travel related expenses was primarily on account of increases in project related travel.

Professional fees

Our professional fees related expenditure decreased by 13% to f 1,325 million in the financial year ended March 31, 2025 from f 1,530 million in the financial year ended March 31,2024.

Finance cost

Our finance cost pertains to interest on lease liability which decreased by 38% to f 13 million in the financial year ended March 31,2025 from f 21 million in the financial year ended March 31,2024.

Other expenses

Our other expenditure decreased by 27% to f 1,363 million in the financial year ended March 31, 2025 from f 1,872 million in the financial year ended March 31, 2024. Other expenses primarily consist of Corporate Social Responsibility expenditure, bad debts and Impairment loss on contract assets, facilities/infrastructure costs, application software fees, communication expenses, auditors remuneration and other miscellaneous expenses. Decrease in other expenses was primarily on account of impairment loss reversed on contract assets netted-off against increase in bad debts.

Depreciation and amortization

Our depreciation and amortization charge was f 598 million for the financial year ended March 31, 2025 and March 31, 2024 respectively. Depreciation and amortization charge comprises of depreciation on Property, plant and equipment and amortization of Right-of-use assets.

Operating Margin

Operating profit for the financial year ended March 31,2025 was f 25,891 million as against f 23,965 million during the financial year ended March 31, 2024.

Income taxes

Our provision for income taxes in the financial year ended March 31, 2025 was f 9,594 million as against f 6,082 million in the financial year ended March 31,2024. Our effective tax rate was 22% and 23% in the financial year 2025 and 2024, respectively. Income taxes also include foreign taxes representing income taxes payable overseas by the Company in various countries.

Profit for the year

As a result of the foregoing factors, net profit for the financial year ended March 31,2025 was f 33,507 million as against f 20,279 million during the year ended March 31, 2024, representing an increase of 65%.

Other metrics

Key financial ratios

The following table summarizes the key financial ratios for the financial years ended March 31, 2025 and March 31, 2024.

	Consolidated		Standalone
	2025	2024	2025	2024
Financial Performance
Net profit ratio	35%	35%	66%	42%
Financial Position
Current ratio	7 times	6 times	12 times	9 times
Net capital turnover ratio	1 times	1 times	1 times	1 times
Trade receivables turnover ratio	5 times	5 times	6 times	7 times
Trade payables turnover ratio	8 times	9 times	10 times	9 times
Debt service coverage ratio	87 times	71 times	178 times	118 times
Debt equity ratio (Lease liabilities on total equity)	0 times#	0 times#	0 times#	0 times#
Return on equity	29%	29%	49%	33%
Return on capital employed	42%	41%	57%	42%
Return on investment	N.A.	N.A.	192% 1	0%
Days Sales Outstanding	58 days	69 days	59 days	60 days

# Represents ratio less than 0.50.

1 During the year ended March 31, 2025, the Company has received dividend from its wholly owned subsidiary company.

Trade receivables

As per the Consolidated financials, trade receivables as of March 31,2025 and 2024 were f 11,837 million and f 13,193 million respectively. As per the standalone financials trade receivables as of March 31, 2025 and 2024 were f 8,596 million and f 8,198 million respectively.

Geographic breakup of revenues

The following table represents the percentage breakup of our consolidated and standalone revenues for our products and services businesses by region:

	Year ended March 31, 2025			Year ended March 31, 2024
	Products Revenues	Services Revenues	Total Revenues	Products Revenues	Services Revenues	Total Revenues
Consolidated
Americas (NAMER)	33%	67%	36%	33%	67%	36%
Europe, Middle East, Africa (EMEA)	36%	22%	35%	34%	22%	33%
Asia Pacific (JAPAC)	31%	11%	29%	33%	11%	31%
Total	100%	100%	100%	100%	100%	100%
Standalone
Americas (NAMER)	28%	61%	31%	28%	62%	31%
Europe, Middle East, Africa (EMEA)	40%	28%	39%	38%	27%	37%
Asia Pacific (JAPAC)	32%	11%	30%	34%	11%	32%
Total	100%	100%	100%	100%	100%	100%

Customer concentration

The percentages of total revenues during financial year ended March 31, 2025 and 2024 that we derived from our largest customer, largest five customers and largest ten customers on a consolidated and standalone basis are provided in the table below. The Company contracts end customers in several countries through the local subsidiary of Oracle Corporation and entities under common control are considered as a single customer for the purpose of reporting customer concentration.

	Products Revenues		Services Revenues		Total Revenues
	2025	2024	2025	2024	2025	2024
Consolidated
Largest customer	54%	53%	27%	26%	50%	49%
Top 5 customers	67%	68%	74%	74%	65%	66%
Top 10 customers	72%	73%	94%	93%	70%	71%
Standalone
Largest customer	85%	84%	98%	98%	86%	85%
Top 5 customers	93%	92%	100%	100%	93%	93%
Top 10 customers	96%	95%	100%	100%	96%	95%

Internal control systems and their adequacy

We believe Oracle Financial Services Software group has in place adequate systems for internal control commensurate with the size of the business operations. These systems and processes cover all the financial and operating functions and are designed to provide reasonable assurance with regards to maintaining adequate controls, monitoring economy and efficiency of operations, protecting assets from unauthorized use or losses, and ensuring reliability of financial and operational information. The Group continuously strives to align all its processes and controls with global best practices.

Opportunities and threats

We have a strong portfolio of product solutions and services which are robust, proven, and scalable to meet the needs of a very diverse range of Financial Institutions. Our ability to engage with a prospect and deliver the complete range of solutions is unique. With a strong commitment to R&D spend, your Company is able to rapidly adopt innovations in technology like AI, Cloud Computing paradigms around security and scale, and architectural constructs like micro services, containerization, and domain driven design.

The industry dynamics which are likely to influence our business include:

- A regulatory environment in which governments, central banks and nodal agencies are working through the regulations which govern AI, Data residency and Cloud Computing.

- The impetuous to nurture an ecosystem of startups implies that newer players will emerge wanting to differentiate themselves with new ideas which incumbent financial institutions will need to grapple with.

- Geopolitical conflicts that impact the consumer sentiment and global trade.

- Countries around the world continue to evolve their mobility regulations in the domestic labor market.

- Environmental, social and governance (ESG) frameworks seek to modify business activities considering climate impact.

Your Company is well placed to address the challenges and evolve solutions and business strategies to address them.

Liquidity and capital resources

Our capital requirement relates primarily to financing the growth of our business. We have historically sourced a majority of our working capital, capital expenditure and other requirements through our operating cash flow. During the financial year ended March 31, 2025 and March 31, 2024, we generated cash from operations of f 21,989 million and f 17,907 million respectively as per the consolidated financials and f 19,610 million and f 16,436 million respectively as per the standalone financials.

We are a zero-debt company. We expect that our primary financing requirements in the future will be capital expenditure and working capital requirements in connection with the expansion of our business. We believe that the cash generated from operations will be sufficient to satisfy our currently foreseeable capital expenditure and working capital requirements.

Human capital

We are a global organization with multi-country teams having diverse backgrounds. Our strong culture and processes ensure seamless collaboration across geographies.

As at March 31,2025, the Company had 8,045 employees (March 31,2024 - 7,890) and the OFSS Group had 8,887 employees (March 31, 2024 - 8,754).

Talent acquisition and retention

We require a talent pool with an appropriate mix of financial services domain expertise and technology. Accordingly, we hire both from the top engineering and business schools and laterally from the IT and financial services industry.

Our Company is committed to fostering a positive, engaging, and inclusive work environment. We recognize our employees as our most important asset and invest in their growth by building capabilities across diverse areas. By continually attracting, developing, and retaining talent, we strengthen our Companys competitive advantage and adapt to the evolving business landscape. Innovation is a corner stone of our growth, and we constantly encourage our employees to innovate. Our focus remains on cultivating a collaborative and inclusive culture supported by effective talent management systems, ensuring an enriching career experience for all employees.

Employee experience and well-being

Employee safety, health and open culture is of paramount importance to your Company and we take active steps to provide a safe and respectful work environment that is free from harassment or discrimination irrespective of background of the employees. We have policies in place prohibiting sexual or any other form of harassment at the work place, and strong global processes to continually educate the workforce. We also have robust processes where employees can raise a grievance in confidence and the same is processed confidentially.

We offer a comprehensive health insurance for our employees and also provide access to specialized wellness issues, such as workplace ergonomics. Our Employee Assistance Program is designed to help employees address personal or work-related issues that may impact their job performance, health, and overall well-being.

Performance management and career development

Employee performance management is a strategic process that focuses on aligning individual employee contributions with organizational goals through continuous feedback, performance evaluations, and development opportunities. Our human capital management system is state of the art HRMS that helps align individual and business goals and support employees with frequent checkpoints to optimize performance.

Our Career development framework empowers employees to identify career opportunities and maintain a development plan to bring employees closer to their career goals.

We offer a number of learning resources for our employees to enhance their skills and capability in technology / functional domains and soft skills. Our learning platform provides anytime, everywhere access to business, leadership, and technical classes, videos, books, articles, reports, learning paths, and other learning resources. Our learning platform caters to varied learning styles of employees. We have also enabled access to highly specialized training courses offered by top universities around the world. Employees completing these programs get a formal certification from respective universities.

Rewards and recognition

Our reward mechanism is geared towards recognizing employee achievements. We have several recognition programs for individual employees, teams as well as groups. Our programs recognize, employee contribution in areas such as customer satisfaction, leadership and excellence in their work, creativity and innovation, among others.

Risks and concerns

The Company has a robust plan for managing the risks faced in its global operations. The Risk Management Committee reviews the risks, possible impact and the mitigation plan. Listed below are some of the major risks, their impact and the mitigation plan.

Risks	Mitigation Plan
Human Resources
People are the most important asset of the Company. Industry dynamics and demand for experienced employees increases attrition and creates shortage of critical skills and constrain delivery, quality and commitments in addition to raising replacement costs.	The Company effectively manages the risk adopting a responsive compensation/reward mechanism to retain and develop the talent. The Company endeavors to give employees a healthy, professionally enriching work environment. The Company has invested in variety of tools to engage employees remotely and established a reliable logistical and support infrastructure to facilitate work from home, including a seamless day-one experience for employees joining remotely. The Company also conducts an annual ‘Your Voice Survey that helps identifying areas for improvement in creating better employee experience. All of these measures together with an accelerated hiring process and softening up of market demand has helped improve retention of key talent.
Change in Buyer Behavior Changes in the buyer behavior and market demands cause disruptions and can impact the Company. While Cloud-based deployment is attracting increased acceptability with customers, there is also an increased interest in exploring how AI / ML technology could be deployed. This impacts the scale and speed of decision making. Such disruptive changes impact the industry dynamics and could provide room for emergence of new competition.	Assessment of customer behavior changes is intrinsic to the business of the Company, keeping a close watch on market preferences, industry trends and competitive offerings helps the Company to appropriately tailor its business strategy. Your Company responds to the changes with upgradation of its product platform through focused R&D, and transformation of customer sales and engagement processes.
Competition The Company faces competition from traditional as well as new age vendors across the globe. In the current economic scenario of rapidly changing buyer preferences, appropriate and timely investments (inclusive of inorganic acquisitions in niche areas) are important to remain competitive. Acquisitions that offer a right fit may be expensive and not value accretive.	The Company has a comprehensive suite of IT product offerings encompassing retail and corporate banking, and a strong portfolio of enterprise risk and compliance solutions based on business analytics. The Company invests in upgrading its suites of products on a continual basis to address changing and growing functional and technological needs of the market. The Companys solutions can be deployed in on-premises and SAAS mode and incorporate new technologies such as AI and ML which provide a differentiated cloud ready solution to its customers. The Company is strongly positioned globally to offer competitive offerings catering to the digital enablement of its customers businesses. The Company endeavors to stay abreast of the competition through investments backed by active market studies and intelligence.
Legal & Tax Claims Loss to the Company on account of the legal risk is primarily caused by claims being made, or other events occurring, which result in liabilities for the Company. Based on the geographical presence across the continents, and the nature of its business, the Company is exposed to complex laws in various jurisdictions. Litigation claims can arise from commercial disputes, disputes on intellectual property, tax claims, employment matters, etc. Also, world-over the governments are increasingly becoming aggressive in demanding a higher share of income of the MNCs to	The Company has a strong process of review of customer commitments and contracts before they are signed. The Company relies on the expertise of its parent, in ensuring compliances in various jurisdictions. The Company has a conservative and strong tax compliance program globally and pays appropriate taxes and files accurate tax returns regularly. The Company provides required information in tax assessments and takes all possible measures against aggressive tax demands by the authorities. The Company reviews the inter-company arrangements periodically and make appropriate changes to the operating model to stay compliant with the changing cross border tax regulations.

 

Risks be subjected to tax in their country. Many nations are trying to introduce a Global Minimum Tax framework to streamline this area.	Mitigation Plan The Company regularly trains its employees on applicable laws and has a strong whistle blower mechanism for reporting any non-compliances. The Company has appropriate insurance policies such as Directors and Officers (D&O) policy to cover liabilities of the Companys directors and managers and to protect them from potential claims which might arise from the decisions and actions taken within the scope of their regular duties.
Cyber Risk
Cyber security risk means any risk of loss, disruption or damage to the Company from threats or vulnerabilities in networks, computers, programs and data, flowing from or enabled by connection to digital infrastructure or information systems. Data is critical and a potentially vulnerable asset of the Company. With digitization of most of the processes and internal records, the impact of a cyberattack is increasing world over. With Corporate solutions moving to the cloud and more employees working remotely, an increased focus on cyber security is needed.	Defense in cybersecurity calls for a range of near real-time, interactive services from the Companys IT infrastructure. Our IT Systems continue to evolve, and the Company is often an early adopter of new technologies. These generally include compute, encryption, tiered storage, analytics, identity and access management, data protection, usage of VPN, event log management, notification, data management, and security policy enforcement services etc. The Company continually invests in the latest tools and technologies to stay ahead of the emerging threats and secure the data and operations of the Company against threats.
Infringement of Intellectual Property The Companys primary business is IT Products and protecting Intellectual Property (IP) rights is crucial to the Company. Any misappropriation of its IP assets could harm the Companys competitive position. Similarly, it is crucial to ensure that the Companys products do not infringe on any third-party intellectual property.	To protect its proprietary intellectual property rights, the Company relies on a combination of on-going copyright registrations, license agreements, confidentiality agreements with employees, nondisclosure and other contractual confidentiality obligations imposed on its customers and vendors with whom it has entered into marketing, distribution, implementation and/or support services agreements and third parties from whom the Company procures goods / avails services.
	The Company has a highly secured IT environment that prevents unauthorized access to, and reproduction of, the source code and other IP assets. Further the Company subjects all IT products to a mandatory validation against any unauthorized usage of third-party IP.
Regulatory Compliance
The Company is a listed entity in India and has a business presence across various countries. It deputes employees on-site for various project requirements. The Company complies with all the local laws and regulations where it operates. Ever changing laws and increasing exposure under various statutes, local labor, tax and mobility requirements, immigration laws, cross border FX movement compliances, etc. are some of the regulations which add complexity.	Strict adherence to applicable law is a key principle that the Company follows. Regular monitoring of the local applicable statutes, and advisory support from the industry professionals are some of the measures that the Company undertakes to ensure that it remains compliant in all jurisdictions. It also relies on expertise of the parent in managing the compliances (legal, tax, mobility, etc.) across various countries.
Customer Contract delivery
Company faces customer contract delivery risk on account of the probability of loss arising from failure in contract performance which may lead to, cost overruns to remedy alleged non-performance, nonpayment of dues, loss of future business or potential legal claims.	Contractual risk management is a means of identifying the risks involved in meeting the contractual obligations and ensuring that the Company is adequately protected from legal, financial and reputation risks. The Company enforces standard contracts to protect the revenue recognition and legal risks, and any deviations to the standard clauses require approval of the business, global risk management team and legal. The Company also regularly monitors the health of the project to early detect any deviations and engages in early dialogue with the customers, where appropriate.
	The Company maintains professional liability (E&O) insurance policy to hedge against any claims made by customers for compensation against contract delivery deficiencies.

 

Risks	Mitigation Plan
Foreign Exchange Rate Volatility A substantial portion of the Companys revenue is generated in foreign currencies, while a majority of the Companys expenses are incurred in Indian Rupees. Exchange rate volatility can impact the Companys results.	The Company hedges the trade receivables in major currencies with the objective to minimize the volatility in realized exchange gain or loss (i.e., difference in the currency conversion based on the rate when invoice is booked and when it gets collected).
Operational Risk The business is exposed to various operational risks. Fraud is one of the prominent risks which includes Conflict of interest, malafide transactions, etc. Fraud could impact the reputation of the Company and could also cause loss to the Company. Companies also face other operational risks such as errors and omissions, which require strong controls and operating oversight.	Mandatory compliance training programs for employees coupled with strong process control environments of the Company are some of the remedies used to curb the risk of fraudulent transactions. A 360-degree review assisted by data analytics of all the processes which have financial implications is conducted to reduce the risks of fraud. The Company has a highly sophisticated IT system coupled with strong processes that drive the controls and helps minimize any operational errors.
Geographical Spread The Companys customer base is spread over 160 countries. It is therefore imperative to manage a multicultural workforce and deal with business dynamics across these countries. Exposure to local conditions including maintenance of a safe work environment and adhering to local laws, are a key factor which may impact the performance of the Company in each of such jurisdictions.	The Companys geographic spread offers it a natural hedge against economic slowdown affecting a specific region. The Company, through its local offices along with expert support of global advisors, aims to ensure compliance with applicable laws.
Disruptions due to a Pandemic The world seems to have moved beyond the impact of COVID-19 virus. However, further waves of variants of the virus or a new virus could impact the economies and operations of the Company.	The Company has robust IT and data security infrastructure and business continuity processes to help the Company to effectively respond to a new pandemic. The Company continually monitors the situation and calibrates its responses in the best interest of its customers and the health and safety of its employees. The experience over the last few years of COVID-19 pandemic fully demonstrates the strength of the Companys processes to manage such risks.
Economic and Political Environment The Company faces local economic and political challenges in the jurisdictions it operates in. These include changes in the political environment, war and other conflicts, inflation, GDP growth, major changes in economic policies and taxation, mobility constraints, exposure to activism, etc. These could impact business growth. The Companys global operations are also impacted by manmade and natural calamities (e.g., epidemics and pandemics, earthquakes, floods, etc.).	The Company aims to proactively avoid situations with overt political risk. The Company, through its parent resources, carefully assesses the local situation to minimize the impact of such risks on its assets, safety of its personnel, and business. The Company also reviews the specific SOS situation in a country / region in which it has business activities and takes appropriate actions to safeguard the interest of its employees. The Company has engaged global organizations that specialize in providing SOS assistance to its personnel globally. The Company also proactively tracks calamities and various Government & WHO advisories and takes appropriate actions for its employees who could potentially be impacted.