Cyient

12 May 2022
The BSE Limited

PJ Towers, 25th Floor,
Dalal Street
Mumbai 400001.
Scrip Code: 532175
Dear Sir/ Madam,
Sub: Annual Report for Financial Year 2021-22
This is to inform you that the 31st Annual General Meeting ('AGM') of the shareholders of the Company
will be held on Friday, 3 June 2022, at 4.00 p.m. (IST) through Video Conferencing ('VC') facility or other
audio visual means ('OAVM').
Pursuant to Section 108 of the Companies Act, 2013 and Regulations 30 and 34 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015, we are enclosing the annual report of the
company of financial year 2021 -22.
The aforesaid documents are available on the website of the Company at

https://www.cyient.com/investors/financial-information , and are being sent to all the memebers of
the company whose email IDs are registered with the Company/Depositories Physical annual reports
have been despatched to the shareholders who have not registered the email ids.
Thanking you
Foe Cyient limited
Ravi Kumar Nukala

Dy. Company Secretary
Cyient Ltd. 4th Floor, A Wing, 11 Software CIN: L72200TG1991PLC013134

Units Layout, Madhapur www.cyient.com
Hyderabad -500 081 Company.secretary@cyient.com
India T +91 40 6764 1000
F +91 40 2311 0352
Annual Report 2021-22
This year our theme is “Navigating the New”. This
theme stands for our commitment to innovation
and becoming focused on “Exponential thinking”
in our respective work areas. With rapid changes
in technology and markets across the businesses
we serve, our single-minded focus lies in
navigating the new to become the partner of
choice for our customers and associates.
We move forward in this renewed direction

for innovation while keeping our promise of
designing an environmentally sustainable, socially
responsible, and culturally inclusive tomorrow.
As a 30 years young company, Cyient celebrates

its success in this journey and its agility to poise
itself for the tomorrow to be a global technology
solutions provider.
The year 2022 gets us to focus on the

Megatrends that will define the future of
technology and innovation - Augmentation
& Human Well Being, Hyper Automation &
Smart Operations, Mega Cities and Intelligent
Transport, Resource Scarcity & Sustainability,
and the Future of Mobility & Space. As a company
focused on solving problems that matter, we see
immense potential in bringing technologies that
positively impact human lives and communities.
Our Technology roadmap and Innovation

mandate are our wayfinding techniques to
Navigate the New and contribute to a world
where technology and digital transformation are
integral to progress.
DESIGNING A
SUSTAINABLE
TOMORROW
TOGETHER
At Cyient, we are conscious of building a sustainable
organization and aim to be carbon–neutral by 2025.
This annual report comes with a bookmark printed
on eco-friendly seed paper and is a small gesture to
encourage you to be more green and reduce your
carbon footprint.
TABLE OF
CONTENTS
KEY PERFORMANCE HIGHLIGHTS 06
GLOBAL FOOTPRINT 08
AWARDS AND ACCOLADES 10
FOUNDER’S MESSAGE 12
CHAIRMAN’S MESSAGE 14
CORPORATE INFORMATION 16
EMPOWERING TOMORROW TOGETHER 20
CEO’S MESSAGE 26
KEY MESSAGES 29
BOARD OF DIRECTORS 44
SENIOR LEADERSHIP 46
NOTICE OF ANNUAL GENERAL MEETING 48
BOARDS’ REPORT 58
BUSINESS RESPONSIBILITY REPORT 67
MANAGEMENT DISCUSSION AND ANALYSIS 99
REPORT ON CORPORATE GOVERNANCE 116
STANDALONE FINANCIAL STATEMENTS 150
CONSOLIDATED FINANCIAL STATEMENTS 243
HISTORICAL PERSPECTIVE 346
FINANCIAL ANALYSIS 347
SIGNIFICANT MILESTONES 355
SHAREHOLDERS’ HANDBOOK 359
KEY PERFORMANCE
HIGHLIGHTS FY22
The Financial Year 2022 saw the We recorded Revenue of INR 4,534.4 crores, a growth
of 9.7% YoY, and the Highest Ever Group EBIT at
world face another major wave INR 629.7 crores, a growth of 51.3% YoY. Our Group
Order Intake stood at INR 5,454.3 crores, with YoY
of COVID-19 and return to an growth of 8%. We also registered our Highest ever Net
Profit at INR 522.3 crores, with YoY growth of 40.6%.
adapted form of normalcy. Utilization also saw its highest-ever percentage at
85.2%, with a YoY increase of 590bps.
As offices began to open again
To bolster our IntelliCyient portfolio, we acquired
and hybrid working became the WorkForce Delta, a leading consulting firm in mobile
workforce management. This acquisition expands
norm, Cyient grew in strength our front-end consulting capabilities for digital mobile
workforce management solutions.
and financially. FY22 saw Cyient
This financial year, we will focus on the growth and
pay the highest ever dividend in expansion of our capabilities to seal our position as
a leading consulting-led, industry-centric, global
a year to its shareholders. Technology Solutions company.
Consolidated Revenue
Segmentation by Geography
24% Group Revenue
NAM
EMEA
50%
$ 608.2mn
(Growth of 9.2% YoY)
APAC (₹4,534.4 Crores
Growth of 9.7% YoY)
26%
6 Annual Report | 2021-22

Dividend Payout Normalized PAT
50.7% $70.1mn
(Highest ever dividend (₹522.3 Crores
of ₹24 per share) Growth of 40.6%)
Normalized EBIT Services Revenue
$ 84.5mn 503.5mn
$
(₹629.7 Crores
Normalized EBIT (₹3,752.9 Crores
margin at 13.9%) Growth of 9.6%)
DLM Revenue Free Cash Flow
104.7mn
$
₹ 76.7mn
(₹781.5 Crores (₹571.9 crores
Growth of 10.5%) Conversion at 64.7%)
Annual Report | 2021-22 7

GLOBAL
FOOTPRINT
At Cyient, we are committed to

leveraging knowledge and expertise
to minimize business risks for
customers and address their evolving
needs. As technology disruptions
reshape industries, this is an exciting
time for businesses worldwide to
explore new possibilities. We embrace
change and continuously direct our
focus to meet evolving customer and
market dynamics.
16,000+
ASSOCIATES
18
COUNTRIES
240+
CUSTOMERS

Map is indicative and not to scale
Global Presence Global Headquarters

AWARDS AND
ACCOLADES
NASSCOM Engineering
and Innovation Excellence
Awards 2021
We won four awards at the inaugural
NASSCOM Engineering and Innovation
Excellence Awards 2021.
The Social Impact Solution of the Year for

manufacturing a first-of-its-kind portable
RT-PCR testing kit.
Engineered in India Product of the Year

for our Smart Power Distribution Panel that
provides efficient power distribution within
aircrafts and the highest safety standards.
Engineered in India Product of the Year

for our indigenously developed Software
Defined Radio that combines state-of-
the-art technology to create an advanced
communication solution for the Indian army.
Service Delivery Excellence of the Year for

harnessing the power of 5G to connect 20
million individuals across urban, semi-urban,
and rural Australia.

ISG Provider Lens Internet of Things
– Services and Solutions Quadrant
Report 2021 12th Aegis Graham Bell Award
ISG named Cyient as a Rising Star in IoT - Connected Cyient has been named the winner for Innovation in
Mobility Consulting & Services. Rising Stars are IoT at the 12th Aegis Graham Bell Awards. We have
recognized for their promising portfolios or market won this award for our Asset Tracking and Management
experience to become a Leader, including the required Systems (ATMS) solution. The ATMS solution assists
roadmap and adequate focus on key market trends and users in remotely monitoring their assets spread
customer requirements. across different geographies and provides information
regarding the location, tracking, and report features.
ISG Provider Lens Quadrant Study on

Manufacturing Industry Services 2021 2021 Zinnov Zones Recognition - US
Cyient is ranked as a leader in Digital Engineering –
We have been recognized as an Expansive-
Industrial for the US region and Product Challenger
Established player in ER&D and IoT Services in
in the rest of the categories such as Digital
the 2021 Zinnov Zones ratings. Cyient has been
Engineering – Transportation and HiTech across US
ranked in the Leadership zone across Aerospace,
and Europe, including Digital Engineering – Industrial
Telecommunication, Semiconductors, Industrial, and
for Europe region.
Medical Devices verticals and rated as an Expansive-
Established player in Digital Engineering and ER&D
Services – USA region, a newly introduced category
this year.
Annual HYSEA-STPI Top Exporter
Award 2021
We won the Annual HYSEA-STPI Top Exporter from
Telangana Award 2021 in the 1000 crores Category.
Everest PEAK Matrix Assessment

2022
The Everest Group recognizes Cyient as a Major
Contender in Digital Product Engineering Service
Everest PEAK Matrix Providers. Our dedicated investments in developing
Assessment 2021 innovation hubs and CoEs to strengthen capabilities
Cyient is positioned as a Major Contender in 5G in IoT and cloud platforms, data engineering and
Engineering Services in the Everest Group’s PEAK analytics, GIS system integration, APIs and engineering
Matrix Assessment 2021. We differentiate ourselves integration, and UI/UX development are cited as
through our strengths in network infrastructure the foundation for this recognition. We were also
operations and maintenance, which have helped us recognized as one of the Top 15 Engineering Services
become a strong player with Telecom Service Providers. Providers for 2022 in the Everest PEAK Matrix.

MESSAGE FROM THE
FOUNDER
Dear Shareholders,
Thirty is considered a significant decade in the in technological disruption, customer-in-control

life of a human – it brings both freedom and power shifts, and unexpected global happenings
responsibility to the person. I believe this is the at an unprecedented scale.
case for a company too.
Against this backdrop, the future belongs to the
Cyient (formerly, Infotech) started as a “adaptive corporation” capable of navigating
digitization company with a modest personal the new normal. The concept put forward by
investment in 1991. At the turn of the century, American futurist Alvin Toffler in 1985 is more
we pioneered outsourcing engineering services relevant now than ever.
from India and successfully created the brand
“Engineered in India.” Today, as a 31-year-old To be in tune with the times, Cyient is fast
global technology solutions company with over transforming into an adaptive corporation while
a billion dollars market cap, Cyient stands tall working at the edges of established domains
on its long list of achievements, bringing it both and cutting-edge technologies. In addition, it is
freedom and immense responsibility. innovating future-ready solutions that realign
and redesign customer experience, bringing
Historically, outsourcing enterprises became them immense value while offering excellent
successful largely because they learned returns to Cyient. More importantly, our
how to scale a process and build domain Values FIRST and inclusion and diversity-based
expertise. So did Cyient. But such practices are culture continue to anchor and guide us as we
outmoded today because of the acceleration audaciously sail across the new seas.

Today’s non-linear inflection points present boundless
opportunities. Cyient is ready to grab them and
chronicle a glorious future with a founder’s mindset,
passionate commitment to excel, and an irrepressible
drive to succeed.
I wish our customers, shareholders, board members,

partners, and associates the very best as we embark
on navigating the new in FY2023.
GodSpeed!
BVR Mohan Reddy

Founder Chairman and Board Member
BVR Mohan Reddy

Founder Chairman and Board Member

MESSAGE FROM THE
CHAIRMAN
Dear Shareholders,
As I look back at the year and my role

at Cyient, I find myself reminiscing
about how the company has grown
in earnest and the consistent path it
has taken. Cyient as an organization
has demonstrated its ability to adapt
and change. Today, it is a leading
technology solutions company with
over 16,000 associates serving 240
customers in 18 countries. Over the
years, good governance and best
practices built into the organization’s
functioning under the astute
leadership of Dr. BVR Mohan Reddy
have ensured its success and growth.
Values FIRST, enunciated by Dr.
Reddy, stand for Fairness, Integrity,
Respect, Sincerity, and Transparency.
These values are embodied in the
people of Cyient, whose unwavering
focus on these has ensured Cyient’s
consistent growth.
MM Murugappan
Non-Executive Chairman

The company’s financial performance has been technology and policy insights to Cyient. He chaired
impressive; the significant increase in profits and the Strategy Committee and was an active Audit
positive financial results quarter on quarter indicate Committee member. I welcome Mr. Karthikeyan
that Cyient is entering a transformative period. I want Natarajan, the COO, and Mr. Ajay Agarwal, the CFO of
to express my gratitude to our customers for their Cyient, to the Board of Directors. This is yet another
trust and confidence in us. This has been especially example of Cyient’s encouragement and recognition of
evident through the increase in the number of large its people’s significant contributions to the company.
deals won by Cyient across geographies and verticals.
I extend my thanks to all the associates at Cyient for
Empowering Tomorrow Together is the company’s
their dedication, Krishna, and the leadership team for
Corporate Social Responsibility vision with a focus on
their mindful direction during these difficult years.
quality education and social innovation. The Cyient
The leadership has brought new expertise, skills, and
Foundation makes investments throughout the year to
capabilities to the organization. With such strong
better lives through digital literacy, skill development
pillars, the company’s potential is undisputed, and I am
programs, medical research, and community
keen to see it grow, expand and create larger offerings
development projects. Sustainability and reforestation
for our customers and stakeholders.
are also a part of the Foundation’s mandate to ensure
that we make a wholesome difference.
The members of the board have taken an active role
in providing strategic direction to the company. They
Cyient continues to set itself apart as an inspirational
have always been available to the company’s leadership
organization rooted in good governance for over
and management teams. The board continues its
31 years. I am pleased to see the company being
focus on diversity and inclusion and emphasizes
a conscious and responsible corporate citizen
environmental, social, and governance (ESG) principles
while ensuring business growth and technological
across the geographic breadth of Cyient’s offices. I
excellence. I thank all of you for your support to Cyient
thank the board of directors for their wise counsel.
as it moves ahead in its quest to Design Tomorrow
Together while Navigating the New.
I thank Mr. Som Mittal, who served on the board for
eight years and has formally retired this year, for his
excellent leadership and guidance to the company. I
wish him good health and an active retired life. MM Murugappan
Mr. Som Mittal brought his vast experience in Non-Executive Chairman

CORPORATE
INFORMATION
Registered Office Bankers
Cyient Limited The Hongkong and Shanghai Banking
4th Floor, ‘A’ Wing Corporation Limited
11, Software Units Layout 6-3-1107 & 1108,
Infocity, Madhapur Raj Bhavan Road, Somajiguda
Hyderabad – 500081 Hyderabad – 500082
Tel: +91 40 6764 1000 Tel: +91 40 6616 2077
Citibank NA
‘Queens Plaza’, 1st Floor
Auditors Sardar Patel Road
S.R.Batliboi & Associates LLP Secunderabad – 500003
Chartered Accountants, The Skyview 10, Tel: +91 40 4000 5720
18th Floor, Zone B, Survey No.83/1,
Raidurgam, Hyderabad, Punjab National Bank
Telangana 500032 (Formerly Oriental Bank of Commerce),
9-1-128/1,
Oxford Plaza Complex, S.D.Road,
Secunderabad – 500 003
Internal Auditors
Tel: +91 40 2770 4935
KPMG
Salarpuria Knowledge city, Orwell,
6th floor, Unit-3, Sy. No. 83/1, Plot No 2,
Company Secretary &
Raidurg, Hyderabad-500034
Compliance Officer
Sudheendhra Putty
4th Floor, ‘A’ Wing, 11,
Secretarial Auditor Software Units Layout
S Chidambaram Infocity, Madhapur
#6-3-855/10/A, Flat No. 4A Hyderabad – 500081
Sampathji Apartments, Ameerpet Tel: +91 40 6764 1322
Hyderabad – 500016
Tel: +91 40 2341 3376
Registrar & Share Transfer Agents
KFin Technologies Limited
Tax Advisors Karvy Selenium Tower B,
GP Associates Plot No 31&32
Flat No. 603, 6th Floor Financial District, Gachibowli
‘Cyber Heights’, Plot No. 13 Hyderabad – 500032
HUDA Layout, Road No. 2, Banjara Hills Tel: +91 40 6716 1562
Hyderabad – 500033
Tel: +91 40 2354 0822

DELIVERING INDUSTRY–CENTRIC
TECHNOLOGY SOLUTIONS
Cyient Consulting leverages industry best practices and proven
methodology to deliver business transformation across organizational
effectiveness, board and governance, asset optimization, and digital
transformation.
At Cyient Consulting, we co-design sustainable business and technology

solutions to make the complex seem simple. We know how the industry
operates and draw on our knowledge and expertise to develop solutions
that respond to challenges and enable our customers to effectively
implement their organization’s strategy.
Our approach leverages our deep executive, functional experience, sound

methodologies, and specialist capabilities.

Values always come first at Cyient

Like a lighthouse that guides every sailor in the dark, our ValuesFIRST gives us direction and shows us how to drive
differentiation in all our endeavors. It helps us reinvent with time and ensure that our customers succeed. Our
values also act as our anchors in troubled waters. No matter how challenging a decision is, it is always supported by
our ethics.
Our value is the sum

total of our values.
Dr. BVR Mohan Reddy,
Founder, Cyient
At Cyient, we live our values daily. Every activity - big or small - is tied together through a fabric of ValuesFIRST,
resulting in an empowered workforce and an AGILE culture. And while the meaning and application of the different
tenets of values may fluctuate from associate to associate, the overarching principle remains unhinged.
ValuesFIRST stands for
Unbiased in Objectivity, and Recognition, Realistic and Open to

decisions and honesty in every and dignity reliable at all suggestions,
impartial in actions transaction when it is due times feedback, and ideas
ValuesFIRST is how we navigate the business landscapes seamlessly.

This is how we Design Tomorrow, Together.
The ValuesFIRST Navigator was launched to

reaffirm our Values and celebrate
over 30 years of business excellence.

EMPOWERING
TOMORROW
TOGETHER
Today, the
Cyient is committed to delivering on our promise
to shareholders, customers, associates, and
Cyient Foundation
society through our robust growth journey as a
global consulting-led, industry-centric, technology
supports 28
solutions company.
government
Cyient also strongly believes in giving back to
society in direct proportion to its success in
schools with
business. This thinking shapes our Corporate Social
Responsibility, and we give back through the Cyient
20,198 children
Foundation with a focus on Quality Education and
Digital Literacy, Community Development, and
across four states
Social Innovation.
in India
Here are the Foundation’s Key Highlights from FY22.

Education, Digital Literacy, and Skill Development
Cyient initiated the school adoption program in 2007-08 to

develop a system conducive to learning. We began with two
government schools and 850 children. Today, the Cyient
Foundation supports 28 government schools with 20,198
children across four states in India
Since the beginning of the school adoption initiatives,

Cyient has helped over 1.5 lakh children gain access to
quality education by providing various teaching aids, school
infrastructure, health and nutrition, and ICT/IoT facilities in our
adopted schools
Cyient’s interventions in the past 13 years have improved girl

child enrolment in our adopted schools from 20% to 56%.
The overall SSC pass percentage in Cyient-adopted schools
has increased from 30% to 88%

We kicked off the Cyient Digital Center (CDC) initiative with
four National Digital Literacy Mission Centers in 2014. Today,
80 Cyient Digital Centers operate in the states of Telangana
and Andhra Pradesh. Through these CDCs, over 20,000
adults (men and women) from 16 to 60 years are successfully
certified for L1 and L2 IT literacy as part of the Digital India
Initiative
During the pandemic, Cyient ensured continuous access to

quality education for underprivileged children through ICT and
IoT. Over 8,000 children with no access to online classes used
the CDC’s facility to attend online classes, and we were able to
achieve over 88% student attendance in online classes across
our adopted schools during the pandemic
The Cyient Urban Micro Skill Center (CUMSC) has trained

2,507 unemployed youth and women in tailoring, baking,
beauty courses, retailing, and bedside assistance skills.
It provided 100% placement assistance and helped in
sustainable livelihood generation
We have initiated the Teachers Capacity Building pilot program

to support teachers. Cyient Foundation, with the support from
Telangana State Education Department, has initiated Teachers
Training in Wanaparthy District. This project will benefit 120
Government High Schools with over 1,085 teachers, with the
Foundation providing the necessary ICT Infrastructure to the
High Schools in the entire District.
20 ,198 8 ,000
Children educated Children attended
across 4 states online classes at
Cyient Digital Centers
28 80
Schools Cyient Digital Centers
Supported in Telangana

Healthcare and Community Development
Cyient continued its support to assist the State Governments
of AP, Telangana, and Karnataka in combating with COVID-19
Pandemic. We supported the community in fighting against
the COVID-19 Waves, assisted in developing makeshift
hospitals, and treated over 10,000 COVID-19 Patients. We
also distributed 6,120 Dry Ration Kits, 3.36 Lakhs masks,
19,000 PPE Kits, and 57,525 free quality packed meals to
patient attendees in and around COVID-19 Care Centers
Despite challenges posed by the pandemic, Cyient continued to

support Mokshagundam village with healthcare initiatives. We
conducted 8,564 General Health checkups, and 1,018 cardiac
health checkups helping protect 39 lives from cardiac risks
We achieved 0% open defecation in all the government

schools in Serilingampally Mandal, Rangareddy District,
Telangana, through our Cyient Swachh Telangana–Swachh
Pathashala initiative. Cyient built and continues to maintain
sanitation facilities in all the government schools in
Serilingampally Mandal as part of this initiative. Over 15,000
girl students have gained access to clean sanitation facilities
As a part of Environmental initiatives in FY22, we developed

over 28,000 square meters of Urban Forestry Division Land in
Hyderabad into a park and developed greenery in and around
adopted schools and villages. We also enabled the creation of
over 40 Rain Water Harvesting pits and helped in groundwater
recharging
As a part of the Telangana Harithaharam (Go Green) initiative,

we have planted over 1 Lakh plant saplings with an 84%
survival rate in the last seven years. This was achieved with
support from Cyient CSR volunteers, Cyient-adopted school
children, CDC students, and Cyient Skill Center trainees

Distributed Distributed
6 ,120 19 ,000 +
Ration Kits PPE Kits
Distributed Distributed
3 .36 Lakhs 57 ,525 +

Masks Free Quality Packed Meals
The Cyient Foundation received an award from CII Telangana

for the 6th consecutive year for our plantation initiatives. We
received the award from the Honourable Minister for MU&AD
and IT of the Telangana State Government, Mr. K T Rama Rao
We announced a contribution of INR 2 crores to The Asian

Healthcare Foundation (AHF). This contribution will be
disbursed over four years. AHF will use this grant to develop
innovative healthcare solutions through its basic science
and research facility associated with The Asian Institute of
Gastroenterology (AIG). AHF is recognized as a Scientific
and Industrial Research Organization by the Department of
Scientific and Industrial Research, Government of India, and
is also rated as a leader in Healthcare R&D
Cyient Foundation and Shibodhi Foundation, in collaboration

with IIT Hyderabad, signed an MoU to establish
“BVR Mohan Reddy School of Innovation and
Entrepreneurship” to transform curriculum orientation from
‘industry’ to ‘innovation and entrepreneurship.’ The BVR
Mohan Reddy School of Innovation and Entrepreneurship
aims to nurture and develop India’s world-class innovation
and entrepreneurial talent. The School will offer a wide
range of courses, including Bachelors, Masters, Executive
Education, Ph.D. programs, and Certification courses
consistent with NEP 2020. The School will be within the
existing IIT Hyderabad campus

VIRTUAL SHOWCASE OF OUR
INNOVATIVE SOLUTIONS
Cyientscapes exhibits how we design, build and deliver innovative
solutions through immersive virtual tours. One can engage with our
domain experts online to learn about our state-of-the-art facilities,
products, solutions, and capabilities - from anywhere in the world.
Cyientscapes is yet another node to keep up our promise of designing

tomorrow together.

MESSAGE FROM THE
MD & CEO
Dear Shareholders, of $608.2 M, representing a growth of 9.2% YoY. Our
The last two years have tested our strength and services business at $503.5 Mn witnessed a growth of
resilience as an organization. I am proud of how we 9.2% YoY, while DLM at $ 104.7 Mn witnessed a growth
navigated through the COVID-19 pandemic and of 9.5% YoY. The growth in the services business
several related socio-economic factors that have was led by Communications, Utilities, Mining, and
disrupted the fundamentals of our business. While MedTech business verticals. EBIT margin at 13.9%
the last 24 months have been challenging, I feel more was higher by 381 bps compared to last year. Our
optimistic about our outlook than ever before. This Net Profit at INR 522.3 crores was the highest ever,
optimism stems from all Cyient associates, who higher by 40.6% YoY. We performed well across all key
have demonstrated unwavering confidence in the operational parameters throughout the year. Growth
organization and a steadfast commitment to ensuring in the business was driven by key large deal wins across
our customers can successfully maneuver through industry verticals. We continue to focus on large deals
their transformation journeys, whether organizational, and have built a strong large deal pipeline that sets us
technological, or digital. up for strong growth in the future.
At the offset of this note, I want to extend my heartfelt Our sharpened focus across five key megatrends has
gratitude and appreciation to our associates for allowed us to identify future technologies where we are
keeping the spirit of Cyient eternally strong. investing in building capabilities and solutions. We are
building technology solutions across five megatrends;
human well-being, hyper-automation and smart
Our ability to successfully navigate the challenges we
operations, megacities and intelligent transportation,
faced has only strengthened our confidence in the
sustainability and ESG, and meta mobility and space
strategy we designed based on strong operational
travel.
excellence, expanding our offerings to new areas like
consulting, and a keen eye on the future technology
trends that will position us uniquely for growth in the We have articulated our positioning as a global
future. Our focus on operational excellence resulted ‘Consulting-led, Industry-centric, Technology
in improved efficiency, providing us with a strong Solutions provider. This, in conjunction with our S3
financial position. In parallel, we continued to invest in strategy of transforming from a services organization
new service offerings and building solutions aligned to a solutions organization, continues to be the pillar
to the technology trends impacting our customers’ upon which we have strengthened our capabilities.
businesses. Cyient is uniquely positioned as a technology-driven
enabler in today’s market. We enable organizations
transform first at a consultative level and then help
FY 22 Business Performance
them accelerate innovation at the intersection of
In FY22, we have seen tremendous growth Engineering and Operations. INTELLICYIENT, our
opportunities that have helped us strengthen our suite of six Industry 4.0 solutions that supports digital
position as a strategic partner with several of our industrial transformation for asset-heavy enterprises,
customers. We delivered robust performance for the has gained momentum across the value chain of
year in line with our expectations. We recorded revenue transformation.

Over the years, Cyient’s strengths have been rooted industries like mining and energy. This acquisition
in mechanical design, data services, and build to print will enable Cyient customers across sectors to draw
(B2P) manufacturing. These areas have provided us value from the Grit’s deep knowledge and Cyient’s
the foundation for new, solutions-led growth. As we technology solutions capabilities.
move forward, we will continue to strengthen and
sustain these core services. To accelerate our S3
I look forward to providing you with more details and
execution, we will focus on 5 key pillars of growth -
the first-year performance in the next year’s update.
Digital, Embedded, Geospatial, VLSI, and Network
capabilities to create a strong portfolio of offerings
for our markets and customers. The five pillars
create growth opportunities across all our verticals,
including aerospace, rail, automotive, mining, utilities,
communications, healthcare, semiconductor and
geospatial. The Five pillars represent horizontal
capabilities that enable us to pursue “multi-threaded”
opportunities across our customer base. While we
continue to strengthen our capabilities internally, we
are also pragmatically looking at opportunities to
acquire organizations that will help accelerate
our strategy and strengthen our positioning.
In FY 22, we acquired WorkForce Delta

(WFD), a highly specialized technology
company providing solutions for workforce
management. Technology enablement
of complex workforces in industries like
utilities, communication, and mining is a
key pillar of our digital focus. Much of the
work to acquire Grit Consulting, was done
in FY 22. Singapore-based firm Grit
Consulting has deep-rooted expertise
in consulting for asset-intensive
Krishna Bodanapu
Managing Director & CEO

Industry Recognitions and Accolades Our Outlook and the Future
We continue to focus on building a strong I am confident that FY 23 represents a pivotal year
differentiation, and our efforts have been recognized in the organization’s transformation. Our focus on
by various industry bodies. At the NASSCOM strengthening our service delivery capabilities, our
Engineering and Innovation Excellence Awards 2021, investments in 5-pillars of growth, our industry-leading
Cyient won four awards: The Social Impact Solution of solutions portfolio along with a well-thought-through
the Year, two awards for Engineered in India Product of and executed acquisition strategy will enable us to
the Year, and Service Delivery Excellence. ISG named start delivering industry-leading earnings growth.
Cyient as a Rising Star in IoT - Connected Mobility Our focus is on industry verticals that have shown
Consulting and Services in their Services and Solutions tremendous resilience and an appetite for technology
Quadrant Report 2021 and a Digital Engineering transformation. With our consulting expertise,
– Industrial leader in their Study on Manufacturing domain knowledge, and technology capabilities, we
Industry Services 2021. We also won the Annual are uniquely positioned to accelerate our customers’
HYSEA-STPI Top Exporter from Telangana Award transformation and deliver on our brand promise of
2021. Cyient was positioned as a Major Contender in applying technology imaginatively to solve problems
5G Engineering Services in the Everest Group’s PEAK that matter.
Matrix Assessment 2021 and was also recognized
as an Expansive-Established player in ER&D and IoT
Thank you for your extraordinary support in FY 22, and
Services in the 2021 Zinnov Zones ratings. The Everest
I look forward to the same in FY 23 as we embark on an
Group also recognized Cyient as a Major Contender in
accelerated growth journey.
Digital Product Engineering Service Providers. In the
12th Aegis Graham Bell Award, Cyient was named the
winner for Innovation in IoT.
These recognitions are a testament to the

extraordinary work of our teams and the vision to
deliver industry-leading technology solutions. They
Krishna Bodanapu
also validate our strategic initiatives and the pragmatic
investments in building a differentiated business. Managing Director & CEO

DESIGNING Three simple words that describe
our unique approach of working
TOMORROW with you to improve your business
TOGETHER and the lives of your customers.

MESSAGE FROM THE
CTO
Dear Shareholders, Human well-being
Businesses are reflecting on the changes they With the rapidly increasing number of the aging
have made within the organization to keep population and estimates that show healthcare
up with the new world. In the last two years, spending is expected to significantly increase,
enterprises have accelerated their digital technologies such as smart wearables, embedded
transformation journey, with COVID-19 playing intelligence, robotics, and smartphone or cloud
the catalyst. Regardless of the pandemic, platforms are transforming this space. Regulatory
Moore’s law continues to stand the test of and legislative changes are expected to propel
time. Computing power continues to increase exponential growth in Telemedicine, remote patient
exponentially, and data transmission volumes monitoring, digital therapeutics, and machine-
are doubling every nine months. assisted diagnostic services enabled by Edge AI and
Cloud Technologies.
As we set sail toward our true north across the
technology frontier, we keep in mind that it is
Hyper automation and smart operations
not a destination- it is the result of evolution.
One of the biggest drivers of change in the way work
Cyient is steadily transforming itself into a
happens will be led by automation. Some of the
‘Technology Solutions Organization’ at the
most complex and difficult work will get automated
confluence of Engineering Megatrends and
through intelligent robotics and machine vision.
Technology disruptions. I see us pitted among
Smart manufacturing enabled by platforms like
the driving forces of the ‘Transformation Era
Intellicyient™ and more will continue to accelerate.
2.0’, leading technology-led transformation,
Connected, autonomous factories, smart grids, and
such as helping physical products evolve into
mines are important areas for this transformation.
‘intelligent connected products,’ building Next
Gen Connectivity infrastructure, Shaping
Autonomous Systems, Improving Sustainable Megacities and intelligent transportation
Energy Sources, and Innovating through Meta 68% of the world population is projected to live
Platforms in urban areas by 2050 as per the UN. New age
As I continue to witness aggressive changes transportation systems are required for intra-city
and the proliferation of newer technologies, I and intercity travel connecting these megacities.
am excited by the wide range of opportunities Urban Air Mobility, Drone-based delivery systems,
that present themselves for the future of autonomous mobility, and shared mobility are all
Cyient. In our 30 years of experience, we have expected to enable such megacities.
built products through our core competence
in electronic systems design, integration, and
Sustainability and ESG focus
manufacturing services. Today, I am positive
that orchestrating a wide range of evolving Climate change impacts can’t be ignored any longer.
technology disruptions will deliver immense Enterprises across the world are taking significant
value to our customers, creating an ecosystem steps to reduce decarbonization and use available
steered by five megatrends. resources more efficiently.

Intelligent monitoring systems, edge automation, Through the CyientifIQ platform, Cyient will invest in
cognitive AI, Platform Solutions, and new energy building technology solutions at the intersection of the
sources will play a significant role in this. five megatrends and Five technology disruptions with
a vision to help our customers stay ahead of the curve.
These solutions will include reusable assets, thought
Meta mobility and space travel
leadership articles, standards, process definitions, and
Innovation in this space will boom with the propensity
technology accelerators to speed up transformation
of technological adoption. Electric vertical take-
and stay competitive. Last year saw the launch of a set
off capabilities will be leveraged for connecting
crowded city areas. Space Tourism, as well as satellite
communication, will enable this further. Applications
such as remote sensing, communication, and
navigation are some of the drivers of the commercial
small satellite industry. Between 2018 and 2030, small
satellite launches worldwide will increase exponentially
and probably double every year. It is within the same
time frame that we expect the Metaverse & Virtual
Platforms for Interaction and human experience to
grow as well.
Steering towards the winds of

(technology-led) change
As Cyient continues to execute our S3
strategy, we have been strengthening our
capabilities and narrowing our focus in several
key growth areas. One of the areas that excite
me is CyientifIQ, where we will continue to
invest and nurture our technology solutions
platform this year. We will also nurture the
CyientfIQ Forum, a community of 1200
SMEs and Solution Architects within
the organization, launched in Q4 FY22
to develop our innovation quotient
and thought leadership around the
technology disruptions.
Rajaneesh Kini
SVP & Chief Technology Officer

of industry 4.0 solutions focused on hyper-automation in helping several leading organizations accelerate their
and smart operations under IntelliCyient. Aligning transformation process and welcome the adoption
with the megatrends, we launched our sustainability of new technologies. We will be the biggest drivers in
initiatives and consulting capabilities in partnership the proliferation of newer technologies, successfully
with Eolos. Q4 also witnessed the launch of FOTA enabling sustainable evolution and strategically
technology accelerator in a thrilling close to the year. managing the change.
This year CyientfIQ will expand further to enable
Intelligent Transport, Smart Well Being Sustainability,
Change is imminent.
and Meta mobility-related megatrends.
As I see it, the pace at which the industry is

transforming is a sign that technology delivery and
adoption show no signs of slowing down in the
near future. Technology-led disruption is part and
parcel of how businesses today stay ahead of their Rajaneesh Kini
competitors. I am bullish about the role Cyient will play SVP & Chief Technology Officer

OUR COLLABORATIVE
INNOVATION ECOSYSTEM
The past years have taught us that the faster we innovate, the better we
respond to an evolving technology landscape. We introduced CyientifIQ,
a collaborative innovation platform, to enable organizations to reimagine
existing operations and processes and reshape daily experiences. It taps into
the power of technologies like Edge AI, Automation, Connected Products,
Platformization, and Sustainability Solutions to fuel the future of Human
Well – Being, Smart Operations, Intelligent Transport, Sustainability, and the
Future of Mobility.
CyientifIQ is a platform that leverages our experience of delivering

innovative outcomes for 30+ years to 300+ organizations globally. It is the
coming together of people to build future-ready solutions along with our
partners by leveraging a combination of mature and emerging technologies
to create a topline and bottom-line impact for business enterprises.
CyientifIQ is our commitment to ensuring that we have our best minds

engaged in designing tomorrow together.

MESSAGE FROM THE
PRESIDENT - NAM
Dear Shareholders,
Inclusivity is more than just an
initiative. It is a mindset that
celebrates commonalities and
differences. At Cyient, we are
focused on creating an inclusive
culture that allows each associate
to be their best self at work. We
consider Inclusion and Diversity
a business imperative that is
embedded into our values and
processes. In today’s age, where
organizations are navigating through
a myriad of challenges, building an
organization that champions its
people is paramount to our growth of
success.
Over the last five years, Cyient has

launched several initiatives that
foster our commitment to inclusion
and diversity. The openness and
warmth with which these initiatives
were welcomed give me new hope
that we are steering this ship in
the right direction. We have found
alignment to our vision, creating
a collaborative workplace that
supports diverse thinking and
attracts and inspires talented people
to reach their potential. We launched
a partnership with the Thurgood
Marshall Scholarship Fund that
Katie Cook
President - North America and
Global Program Manager - Inclusion & Diversity

supports education for black students to historically As of July 2021, Cyient has announced and
black colleges with this goal in mind. We also launched implemented a 12-week full pay Gender Neutral
an inclusion ambassador program with associates Parental Leave program that supports all of our global
who volunteer to help create and implement inclusion associates in new parenthood, whether birth or
nudges that transform Cyient’s culture. While there adoption.
are no bounds to their scope, most nudges center
around unconscious bias, attracting diverse talent, and
Early on in this note, I mentioned that inclusivity
inclusive leadership.
is a mindset. To create this mindset, a system
of measuring the efficacy of our initiatives is the
We have also launched our second wave in our keystone to successful policies within Cyient. We have
mentorship program to develop our next set of leaders. focussed on tracking our metrics and publishing our
The initial program was launched with only female minority representation at all levels throughout critical
mentees to help ensure we had a stronger pipeline of processes like promotions, recognition, and attrition.
female leadership, but in our subsequent programs, we The intent of this measurement is to give transparency
have ensured we have representation from all gender to all stakeholders on key trends and allows us to
groups. This program will be made stronger with intervene if needed. As we move into FY ‘23, metric
our CXO series, where we host a series of webcasts tracking and publishing will remain a critical focus area.
discussing key I&D topics with our customers, industry We are investing in significantly elevating our existing
experts, and leadership. This gives participants the programs and operationalizing them across all sections
opportunity to ask questions and discuss critical topics of Cyient. We will also bring our DIEL (Diversity,
and best practices around I&D. Inclusivity, and Equity-Driven Leadership) mentorship
programs to the forefront, providing greater visibility
to people, processes, teams, and communities.
We focus on inclusive leadership training in all of our
learning and development programs. We emphasize
training for hiring managers to ensure we are hiring We have exciting times ahead. I envision a culturally
the right person for the job regardless of gender, race, strong organization that can learn and grow by adopting
religion, etc. a mindset of openness and embracing the diversity
each of us brings with us. As an organization, Cyient is
making mindful changes to support our people and build
Our inclusion and diversity programs are also
a network that fosters collective growth.
extended toward building conducive and productive
working environments. Over the last 24 months,
Cyient invested in a tool that helped to ensure our I am optimistic about a better future, a better future
job descriptions were unbiased. We have seen a for Cyient.
significant increase in our gender mix, with the number
of female applicants having doubled and the female
workforce having increased by 15% during this period.
We have also implemented a system of No Meeting Katie Cook
Wednesdays to help associates manage the demands President - North America and
of home and work during and post-pandemic. Global Program Manager - Inclusion & Diversity

CYIENTFIQ FIRMWARE OVER-THE-AIR
(FOTA) SOLUTION
FOR CONNECTED DEVICES
With the increasing use of connected and intelligent devices, it is imperative that devices
are kept up to date with new features and technology changes. Historically, original
equipment manufacturers (OEMs) have been addressing firmware update requirements
through channels such as dealer networks, service centers, or field service engineers.
As more and more devices become wirelessly connected, over-the-air (OTA) update
of firmware is emerging as a quick and effective solution. Cyient has added a pre-built
solution for managed firmware over-the-air (FOTA) updates to its CyientfIQ innovation
platform. It helps accelerate the development of intelligent and connected products for
its customers across the industry. FOTA’s benefits include greater security, reliability,
resiliency, faster product rollout, and reduced cost of after-sales service support.

IN THE
MEDIA
Cyient Sets Sustainability Goals for
2025, Adopts Holistic Sustainability
Framework
Building on its 30 years’ commitment toward
sustainable and resilient business practices, Cyient
pledged to become a carbon and water neutral
business by 2025. Cyient also announced a holistic
Cyient Introduces New Gender- sustainability framework with its first sustainability
Neutral Parental Leave Policy Globally report. By adopting the framework, Cyient ensures
The 12-week gender-neutral parental leave policy that the Environmental, Social, and Governance (ESG)
applies across all our offices globally. Cyient associates, aspects are strengthened across the value chain
including birth and adoptive parents of any gender, with strong leadership commitment, collaborative
can take up to 12 weeks of paid time off at full pay partnership, and an empowered ecosystem enabling
following the birth or adoption of their child. This long-term sustainable value generation.
parental leave policy will make a significant difference
in countries where mandated parental leave policies
are insufficient for new parents or do not apply to
primary and secondary caregivers.
Cyient Achieves Select Tier Status

in the AWS Partner Network with
its evolving expertise in Digital
Transformation solutions
Cyient Earns Partner-Level Status in
John Deere’s Achieving Excellence Cyient announced that it was recognized by Amazon
Supplier Program Web Services (AWS) as a Select-Tier Consulting
Partner in the AWS Partner Network (APN). The APN
The recognition is Deere & Company’s highest supplier is the global community of Partners who leverage
rating, awarded to companies for outstanding product AWS to build solutions and services for customers.
and service quality performance and commitment Achieving this level of partnership differentiates
to continuous improvement. Cyient is a supplier of Cyient as a provider of specialized demonstrated
multiple services to John Deere’s operations in India, technical proficiency with demonstrated customer
including product design, simulation and analysis, success in delivering cloud migration strategy and
technical publications, manufacturing engineering, implementation services and leveraging AWS’s
cost management, and cost analysis, and application computing and managed resources to architect and
development and maintenance. develop advanced solutions in the AWS environment.

Cyient expands its Digital Solutions
portfolio for the Aerospace industry
with PPAP4Aero
Cyient announced the global AS9145 Supplier PPAP
platform offering for aerospace use. The AS9145
establishes requirements for performing and documenting
the Production Part Approval Process (PPAP). PPAP is
a risk classification and qualification process used to
determine whether a production run will produce parts
with consistency and repeatability, both internally and
with suppliers. Cyient will provide the infrastructure to
connect over 25,000 suppliers in over 50 countries, with a
multilingual application integrated with OEMs and prime
aerospace companies. The platform will meet or exceed
the highest security standards of international regulations
and the protection of data.
Cyient Launches Private 5G Center

of Excellence; Signs MoU with IIT
Hyderabad for Research Collaboration
Cyient launched its Private 5G Networks Center of
Excellence (CoE) and has signed a Memorandum of
Understanding (MoU) with the Indian Institute of
Technology, Hyderabad, as a research partner for the CoE.
Cyient will leverage a 5G core developed by IIT Hyderabad
for testing various Digital use cases and interoperability
with best-of-breed components from industry leaders.
Located in Cyient’s facility in Hyderabad, India, the CoE
will combine Cyient’s enterprise and network experience
with IIT Hyderabad’s research and technology expertise to
develop and test Private 5G network solutions.

END-TO-END PRODUCT DESIGN
AND ENGINEERING TO DEVELOP A
LOW TORQUE SCREWDRIVER
Our customer is a world-leading industrial company that manufactures industrial tools

and equipment. They were looking for a partner to take complete ownership of the
electronics and mechanical design and develop a low torque screwdriver for automotive
assembly line use. We completed the full product development life cycle with minimal
time investment from the customer. We also analyzed and performed teardowns of
competitive products to develop a tool with market-leading features. The product’s
business benefits include delivering product confidence through test fixtures that
validate both the mechanical assembly and electronic hardware and software to meet our
customer requirements and industry standards.

ASSET TRACKING AND MANAGEMENT
SOLUTION (ATMS) TO ACHIEVE
OPERATIONAL EFFICIENCY
Aerospace MROs, aerospace manufacturing plants, warehouses, and automotive

manufacturing plants are spread across huge areas where tracking assets (tools,
parts, stands, trestles, etc.) is a big challenge. 20% - 30% of production time is spent
on searching for assets and tooling equipment, and a solution was needed to manage
critical assets and achieve operational efficiency. Cyient developed an integrated asset
tracking solution driven by real-time insights and employing multiple technologies that
can be deployed either indoors or outdoors to track assets and measure their utilization
rates. Our solution uses a combination of tracking technologies such as BLE, Wi-Fi, and
RFID and helps locate, track and assess utilization of any asset from any location through
mobile and web apps.

DIGITAL TWIN TECHNOLOGY
FOR IMMERSIVE VISIBILITY OF
INDUSTRIAL ASSET HEALTH
A digital twin is a virtual representation of a physical asset that is indistinguishable from

its physical counterpart. It includes design and engineering details that describe its
geometry, materials, components, and behavior or performance. It is a vital component
of the Industry 4.0 ecosystem, owned and managed by business stakeholders to provide
secure storage, processing, and sharing of data within an architectural tier. Digital twin
technology enables asset health monitoring and provides deeper analytical insights
using thermodynamic, mathematical, and physics-based models. The business benefits
of Digital Twin technology include virtual prototyping, improved planning, enhanced
efficiency, predictive maintenance, optimization of asset utilization, and better insights
in real-time.

PPAP4AERO - CYIENT’S GLOBAL
AS9145 SUPPLY CHAIN
COLLABORATION SOLUTION
The International Aerospace Quality Group (IAQG) research shows a 40% reduction in
production part defects is possible through a robust Production Part Approval Process
(PPAP) program, including the ability to view risk analysis documents during MRB review
and provide data riven corrective actions. Cyient’s PPAP4Aero solution provides the
infrastructure to connect over 25,000 suppliers in over 50 countries, with a multilingual
application integrated with OEMs and prime aerospace companies. The primary benefit
of PPAP4Aero is improved production quality of parts and significant cost savings by way
of reduced defects. The platform also exceeds the highest security standards to meet
international regulations around data protection.

BOARD OF
DIRECTORS
BVR Mohan Reddy

Founder Chairman & Board Member
Cyient is guided by our experienced

MM Murugappan
and mindful Board of Directors,
Non-Executive Chairman
who are responsible for meeting
our objectives and adhering to best
practices in corporate governance.
As we forge ahead to be the leading
consulting-led, industry-centric
technology solutions partner, we
must also bear in mind sustainable
growth and the long-term interests
of our stakeholders. Our Board
members continuously strive to lead
us toward business excellence as we Krishna Bodanapu

Navigate the New in FY23. Managing Director & CEO

Karthikeyan Natarajan Ajay Aggarwal Alain De Taeye
Executive Director & COO Executive Director & CFO Non-Executive Director
Vinai Thummalapally Vikas Sehgal Vivek Gour

Independent Director Independent Director Independent Director
Matangi Gowrishankar Ramesh Abhishek

Independent Director Independent Director

SENIOR
LEADERSHIP
Krishna Bodanapu
Karthikeyan Natarajan Ajay Aggarwal

Executive Director & COO Executive Director & CFO
Our senior leadership team Dr. PNSV Narasimham NJ Joseph

President & Chief Human SVP & Chief Strategy Officer
cultivates and nurtures new Resources Officer
opportunities in our dynamic
business landscape. They are at
the forefront of providing strategic
direction for Cyient’s growth
and play a crucial role in building
and sustaining relationships as
we design and deliver high-value John Renard Prabhakar Atla

solutions to our customers. President - Europe SVP & Business Unit Head
- Communications and Utilities

Kaushal Jadia Rajendra Velagapudi Anand Parameswaran
SVP & Business Unit Head SVP & Global Operation Head SVP & Global Business Head
- Transportation - Design Led Manufacturing - Cyient Digital
Rajendra Kumar Patro Shrinivas Kulkarni Ramanand Puttige

SVP & Head - Global Delivery SVP & Head - Investor Relations SVP & Head -
Operations and Mergers & Acquisitions Global Talent Management
Katie Cook Rajaneesh Kini Meenu Bagla

President - North America SVP & Chief Technology Officer VP & Chief Marketing Officer
Pallavi Katiyar Navroze Palekar Krishna Kumar Nair

VP & Chief Information Officer VP & Global Head – Legal VP & Head of
Global Talent Acquisition

NOTICE OF THE ANNUAL GENERAL MEETING
Notice is hereby given that the 31st Annual General Meeting (“AGM”) of the shareholders of the company will be held on Friday,
3 June 2022 at 4:00 P.M (IST) through Video Conference (VC) or Other Audio-Visual Means (OAVM) to transact the following
business:
ORDINARY BUSINESS
1. To receive, consider and adopt:
a. the audited standalone financial statements of the company for the financial year ended 31 March 2022, together with
the reports of the board of directors and the auditors thereon;
b. the audited consolidated financial statements of the company for the financial year ended 31 March 2022, together
with the report of the auditors thereon;
2. To confirm the payment of interim dividend on the equity shares and to declare final dividend on the equity shares of the
Company for the financial year ended 31 March 2022.
3. To appoint a director in place of Mr. B.V.R. Mohan Reddy (DIN 00058215), who retires by rotation and being eligible, offers
himself for re-appointment as a Director liable to retire by rotation.
4. To appoint a director in place of Mr. M.M. Murugappan (DIN 00170478), who retires by rotation and being eligible, offers
himself for re-appointment as a Director liable to retire by rotation.
By Order of the Board
Sudheendhra Putty
Place: Hyderabad Company Secretary
Date: 21 April 2022 M.No. F5689
Registered Office
Cyient Limited
4th Floor, 'A' Wing, Plot No.11,
Software Units Layout, Infocity,
Madhapur, Hyderabad 500 081.
Telangana.
CIN: L72200TG1991PLC013134
Email: company.secretary@cyient.com
Website: www.cyient.com

NOTES:
1. The relevant details as required by Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (SEBI(LODR) Regulations, 2015) and Secretarial Standard on General Meetings (SS 2) issued by The Institute of
Company Secretaries of India, of directors seeking appointments/re-appointments is annexed hereto.
2. The Register of Members and the Share Transfer Books of the company will remain closed from 24 May 2022 to 3 June 2022
(both days inclusive) in connection with the AGM and for the purpose of dividend.
3. The Board of Directors of the company had declared an interim dividend of ` 10/- per share i.e., at the rate of 200% on face
value of ` 5/- on 14 October 2021. The same was paid on 10 November 2021.
4. Final dividend of `14/- per share, i.e., at the rate of 280% on face value of ` 5/- each for the year ended 31 March 2022, as
recommended by the board, if declared at the AGM, will be payable to those persons whose names appear in the Register
of Members of the company as at the close of business hours on 23 May 2022. Dividend will be paid within 30 days from the
date of AGM.
5. Members holding shares in physical form may write to the company/company’s R&T agents for any change in their address
and bank mandates; members holding shares in electronic form may inform the same to their depository participants
immediately so as to enable the Company to dispatch dividend warrants at their correct addresses, where applicable.
6. In terms of Schedule I of the SEBI (LODR) Regulations, 2015, listed companies are required to use the Reserve Bank of India’s
approved electronic mode of payment such as National Automated Clearing House (NACH), National Electronic Fund
Transfer (NEFT) and Real Time Gross Settlement (RTGS) for making payments like dividend to the members. Accordingly,
members holding securities in demat mode are requested to update their bank details with their depository participants.
Members holding securities in physical form may send a request updating their bank details to the company’s Registrar and
Transfer Agent.
7. Members who wish to claim unclaimed dividends of the past years, are requested to correspond with Mr. N. Ravi Kumar,
Deputy Company Secretary at the company’s registered office. Pursuant to provisions of sections 124 and 125, and other
applicable provisions, if any, of the Act, all unclaimed / unpaid dividends for a period of seven years from the date they
become due for payment are required to be transferred to the Investor Education Protection Fund (‘IEPF’). The shares in
respect of such unclaimed dividends are also liable to be transferred to the demat account of the IEPF Authority. In view of
this, shareholders are requested to claim the dividend from the company within the stipulated timeline.
8. In case of joint holders attending the AGM, the shareholder whose name appears as the first holder in the order of names as
per the Register of Members of the company will be entitled to vote.
9. The certificates from the secretarial auditors of the company under SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, as amended, will be available for inspection by the shareholders at the AGM.
10. In view of the continuing COVID-19 global pandemic, the Ministry of Corporate Affairs (“MCA”) has issued circular nos.
14/2020 and 17/2020 dated April 8, 2020 and April 13, 2020 respectively, in relation to “Clarification on passing of ordinary
and special resolutions by companies under the Companies Act, 2013 and the rules made thereunder on account of the
threat posed by COVID-19”, circular no. 20/2020 dated May 5, 2020 in relation to “Clarification on holding of annual general
meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)” and Circular no. 02/2021 dated
January 13, 2021 in relation to “Clarification on holding of annual general meeting (AGM) through video conferencing (VC)
or other audio visual means (OAVM), circular no. 19/2021 dated December 08, 2021 in relation to “Clarification on holding
of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM) and circular no.
21/2021 Dated December 14, 2021 in relation to “Clarification on holding of annual general meeting (AGM) through video
conferencing (VC) or other audio visual means (OAVM)” collectively referred to as “MCA Circulars”). In compliance with the
MCA Circulars, the AGM of the members of the Company is being held through VC / OAVM. The registered office of the
Company shall be deemed to be the venue for the AGM.
11. As the AGM will be conducted through VC / OAVM, the facility for appointment of Proxy by the Members is not available for
this AGM and hence the Proxy Form and Attendance Slip including Route Map are not annexed to this Notice.
12. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of ascertaining the
quorum under Section 103 of the Companies Act, 2013.

13. The Notice of AGM along with Annual Report for the financial year 2021-22, will also be available on the Company’s website
at https://www.cyient.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited
at www.bseindia.com and www.nseindia. com respectively, and on the website of KFin Technologies Limited (‘KFin’/‘RTA’)
at https://evoting.kfintech. com.
14. All the documents referred to in the AGM Notice are available for inspection by the members. Those who desire to obtain
the same may write to company.secretary@cyient.com
15. The Company has appointed Mr. S Chidambaram, Practising Company Secretary, Hyderabad as the Scrutineer to scrutinise
the entire AGM including e-voting process, in a fair and transparent manner.
16. Procedure for registering the e-mail address and obtaining the Notice and Remote E-voting instructions by the shareholders
whose e-mail addresses are not registered with the Depositories (in case of shareholders holding shares in Demat form) or
with RTA (in case of shareholders holding shares in physical form) :
i. Those Members who have not yet registered their e-mail addresses are requested to get their e-mail addresses
registered by following the procedure given below:
a. Members holding shares in demat form can get their e-mail ID registered by contacting their respective Depository
Participant.
b. Members holding shares in physical form may register their e-mail address and mobile number with KFin by sending
e-mail to einward.ris@kfintech.com along with signed scanned copy of the request letter providing the e-mail
address, mobile number, self-attested PAN copy and copy of share certificate for receiving the Notice and the
e-voting instructions.
c. Further, those members who have not registered their e-mail addresses and mobile nos. and in consequence could
not be served the Notice, may temporarily get themselves registered with KFin, by clicking the link: https://ris.
kfintech.com/clientservices/mobilereg/mobileemailreg.aspx Members are requested to support our commitment
to environmental protection by choosing to receive the Company’s communication through e-mail going forward.
ii. With a view to help us serve better, Members who hold shares in identical names and in the same order of names in more
than one folio are requested to write to the Company/RTA to consolidate their holdings in one folio.
iii. Members who have registered their e-mail address, mobile nos., postal address and bank account details are requested
to validate/update their registered details by contacting the Depository Participant in case of shares held in electronic
form or by contacting KFin, in case the shares are held in physical form.
17. PROCEDURE FOR REMOTE E-VOTING AND E VOTING DURING THE AGM
PROCEDURE FOR REMOTE E-VOTING
i. In compliance with the provisions of Section 108 of the Act, read with Rule 20 of the Companies (Management and
Administration) Rules, 2014, as amended from time to time, Regulation 44 of the SEBI Listing Regulations and in terms
of SEBI vide circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020 in relation to e-Voting Facility
Provided by Listed Entities, the Members are provided with the facility to cast their vote electronically, through the
e-Voting services provided by KFintech , on all the resolutions set forth in this Notice. The instructions for e-Voting are
given herein below.
ii. However, in pursuant to SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on “e-Voting
facility provided by Listed Companies”, e-Voting process has been enabled to all the individual demat account holders,
by way of single login credential, through their demat accounts / websites of Depositories / DPs in order to increase the
efficiency of the voting process.
iii. Individual demat account holders would be able to cast their vote without having to register again with the e-Voting
service provider (ESP) thereby not only facilitating seamless authentication but also ease and convenience of
participating in e-Voting process. Shareholders are advised to update their mobile number and e-mail ID with their DPs
to access e-Voting facility.
iv. The remote e-Voting period commences on 31 May 2022 (9:00 AM IST) and ends on 2 June 2022 (5:00 PM IST)
v. The voting rights of Members shall be in proportion to their shares in the paid-up equity share capital of the Company
as on the cut-off date.

vi. Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and
becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date, may obtain
the login ID and password by sending a request at evoting@Kfintech.com. However, if he / she is already registered
with KFintech for remote e-Voting then he /she can use his / her existing User ID and password for casting the vote.
vii. In case of Individual Shareholders holding securities in demat mode and who acquires shares of the Company and
becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date may follow
steps mentioned below under “Login method for remote e-Voting and joining virtual meeting for Individual shareholders
holding securities in demat mode.”
viii. The details of the process and manner for remote e-Voting and e-AGM are explained herein below:
Step 1
: Access to Depositories e-Voting system in case of individual shareholders holding shares in demat mode.
Step 2
: Access to KFintech e-Voting system in case of shareholders holding shares in physical and non-individual
shareholders in demat mode.
Step 3
: Access to join virtual meetings(e-AGM) of the Company on KFin system to participate e-AGM and vote at the
AGM.
Details on Step 1 are mentioned below:
I) Login method for remote e-Voting for Individual shareholders holding securities in demat mode.
Type of
Login Method
shareholders
Individual 1. User already registered for IDeAS facility:
Shareholders I. Visit URL: https://eservices.nsdl.com
holding securities
II. Click on the “Beneficial Owner” icon under “Login” under ‘IDeAS’ section.
in demat mode
with NSDL III. On the new page, enter User ID and Password. Post successful authentication, click on
“Access to e-Voting”
IV. Click on company name or e-Voting service provider and you will be re-directed to
e-Voting service provider website for casting the vote during the remote e-Voting
period.
2. User not registered for IDeAS e-Services
I. To register click on link : https://eservices.nsdl.com
II. Select “Register Online for IDeAS” or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
III. Proceed with completing the required fields.
IV. Follow steps given in points 1.
3. Alternatively by directly accessing the e-Voting website of NSDL
I. Open URL: https://www.evoting.nsdl.com/
II. Click on the icon “Login” which is available under ‘Shareholder/Member’ section.
III. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number held with NSDL), Password / OTP and a Verification Code as shown on
the screen.
IV. Post successful authentication, you will requested to select the name of the company
and the e-Voting Service Provider name, i.e.KFintech.
V. On successful selection, you will be redirected to KFintech e-Voting page for casting
your vote during the remote e-Voting period.

Type of
Login Method
shareholders
Individual Share- 1. Existing user who have opted for Easi / Easiest
holders holding I. Visit URL: https://web.cdslindia.com/myeasi/home/login or
securities in demat
URL: www.cdslindia.com
mode with CDSL
II. Click on New System Myeasi
III. Login with your registered user id and password.
IV. The user will see the e-Voting Menu. The Menu will have links of ESP i.e. KFintech
e-Voting portal.
V. Click on e-Voting service provider name to cast your vote.
2. User not registered for Easi/Easiest
I. Option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
II. Proceed with completing the required fields.
III. Follow the steps given in point 1
3. Alternatively, by directly accessing the e-Voting website of CDSL
I. Visit URL: www.cdslindia.com
II. Provide your demat Account Number and PAN No.
III. System will authenticate user by sending OTP on registered Mobile & Email as recorded
in the demat Account.
IV. After successful authentication, user will be provided links for the respective ESP, i.e
KFintech where the e- Voting is in progress.
Individual I. You can also login using the login credentials of your demat account through your DP
Shareholder login registered with NSDL /CDSL for e-Voting facility.
through their II. Once logged-in, you will be able to see e-Voting option.Once you click on e-Voting option,
demat accounts you will be redirected to NSDL / CDSL Depository site after successful authentication,
/ Website of wherein you can see e-Voting feature.
Depository
III. Click on options available against company name or e-Voting service provider – Kfintech
Participant
and you will be redirected to e-Voting website of KFintech for casting your vote during the
remote e-Voting period without any further authentication.
Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot
Password option available at respective websites.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Securities held Please contact NSDL helpdesk by sending a request at evoting@nsdl.co.in or call at toll free no.:
with NSDL 1800 1020 990 and 1800 22 44 30
Securities held Please contact CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia.com or
with CDSL contact at 022- 23058738 or 022-23058542-43
Details on Step 2 are mentioned below:
II) Login method for e-Voting for shareholders other than Individual’s shareholders holding securities in demat
mode and shareholders holding securities in physical mode.
(A) Members whose email IDs are registered with the Company/ Depository Participants (s), will receive an email from
KFintech which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to
follow the following process:

i. Launch internet browser by typing the URL: viii. Members holding multiple folios/demat
https://evoting.kfintech.com/ accounts shall choose the voting process
separately for each folio/ demat accounts.
ii. Enter the login credentials (i.e. User ID and
password). In case of physical folio, User ID ix. Voting has to be done for each item of the
will be EVEN (E-Voting Event Number) xxxx, notice separately. In case you do not desire
followed by folio number. In case of Demat to cast your vote on any specific item, it will
account, User ID will be your DP ID and Client be treated as abstained.
ID. However, if you are already registered
x. You may then cast your vote by selecting an
with KFintech for e-voting, you can use your
appropriate option and click on “Submit”.
existing User ID and password for casting
the vote. xi. A confirmation box will be displayed. Click
“OK” to confirm else “CANCEL” to modify.
iii. After entering these details appropriately,
Once you have voted on the resolution (s),
click on “LOGIN”.
you will not be allowed to modify your vote.
iv. You will now reach password change Menu During the voting period, Members can login
wherein you are required to mandatorily any number of times till they have voted on
change your password. The new password the Resolution(s).
shall comprise of minimum 8 characters
xii. Corporate/Institutional Members (i.e. other
with at least one upper case (A- Z), one
than Individuals, HUF, NRI etc.) are also
lower case (a-z), one numeric value (0-9)
required to send scanned certified true
and a special character (@,#,$, etc.,). The
copy (PDF Format) of the Board Resolution/
system will prompt you to change your
Authority Letter etc., authorizing its
password and update your contact details
representative to attend the AGM through
like mobile number, email ID etc. on first
VC / OAVM on its behalf and to cast its
login. You may also enter a secret question
vote through remote e-voting. Together
and answer of your choice to retrieve your
with attested specimen signature(s) of the
password in case you forget it. It is strongly
duly authorised representative(s), to the
recommended that you do not share your
Scrutinizer at email id schid285@gmail.com
password with any other person and that
with a copy marked to evoting@kfintech.
you take utmost care to keep your password
com. The scanned image of the above-
confidential.
mentioned documents should be in the
v. You need to login again with the new naming format “Corporate Name_Even No.”
credentials.
(B) Members whose email IDs are not registered with
vi. On successful login, the system will prompt the Company/Depository Participants(s), and
you to select the “EVEN” i.e., ‘Cyient Limited consequently the Annual Report, Notice of AGM and
- AGM” and click on “Submit” e-voting instructions cannot be serviced, will have to
follow the following process:
vii. On the voting page, enter the number of
shares (which represents the number of i. Members who have not registered their email
votes) as on the Cut-off Date under “FOR/ address and in consequence the Annual Report,
AGAINST” or alternatively, you may partially Notice of AGM and e-voting instructions
enter any number in “FOR” and partially cannot be serviced, may temporarily get their
“AGAINST” but the total number in “FOR/ email address and mobile number provided
AGAINST” taken together shall not exceed with KFintech, by accessing the link: https://
your total shareholding as mentioned herein ris.kfintech.com/clientservices/mobilereg/
above. You may also choose the option mobileemailreg.aspx. Members are requested
ABSTAIN. If the Member does not indicate to follow the process as guided to capture the
either “FOR” or “AGAINST” it will be treated email address and mobile number for sending the
as “ABSTAIN” and the shares held will not be soft copy of the notice and e-voting instructions
counted under either head. along with the User ID and Password. In case of
any queries, member may write to einward.ris@
kfintech.com.

ii. Alternatively, member may send an e-mail v. The Members who have not cast their vote
request at the email id einward.ris@kfintech. through remote e-voting shall be eligible
com along with scanned copy of the signed copy to cast their vote through e-voting system
of the request letter providing the email address, available during the AGM. E-voting during
mobile number, self-attested PAN copy and the AGM is integrated with the VC / OAVM
Client Master copy in case of electronic folio and platform. The Members may click on the
copy of share certificate in case of physical folio voting icon displayed on the screen to cast
for sending the Annual report, Notice of AGM their votes.
and the e-voting instructions. vi. A Member can opt for only single mode of
iii. After receiving the e-voting instructions, please voting i.e., through Remote e-voting or
follow all steps above to cast your vote by voting at the AGM. If a Member casts votes
electronic means. by both modes, then voting done through
Details on Step 3 are mentioned below: Remote e-voting shall prevail and vote at
the AGM shall be treated as invalid.
III) Instructions for all the shareholders, including
Individual, other than Individual and Physical, vii. Facility of joining the AGM through VC /
for attending the AGM of the Company through OAVM shall be available for atleast 2000
VC/OAVM and e-Voting during the meeting. members on first come first served basis.
i. Member will be provided with a facility viii. Institutional Members are encouraged to
attend and vote at the AGM through VC /
to attend the AGM through VC / OAVM
OAVM.
platform provided by KFintech. Members
may access the same at https://emeetings. OTHER INSTRUCTIONS
kfintech.com/ by using the e-voting login I. Speaker Registration: The Members who
credentials provided in the email received wish to speak during the meeting may register
from the Company/KFintech. After logging themselves as speakers for the AGM to express
in, click on the Video Conference tab and their views. They can visit https://emeetings.
select the EVEN of the Company. Click on kfintech.com and login through the user id and
the video symbol and accept the meeting password provided in the mail received from
etiquettes to join the meeting. Please note Kfintech. On successful login, select ‘Speaker
that the members who do not have the Registration’ which will opened from 31 May 2022
User ID and Password for e-Voting or have (09:00 AM IST) to 02 June 2022 (05:00 PM IST).
forgotten the User ID and Password may Members shall be provided a ‘queue number’
retrieve the same by following the remote before the meeting. The Company reserves
e-Voting instructions mentioned above. the right to restrict the speakers at the AGM
ii. Facility for joining AGM though VC/ OAVM to only those Members who have registered
shall open atleast 15 minutes before the themselves, depending on the availability of time
commencement of the Meeting. for the AGM.
iii. Members are encouraged to join the Meeting II. Post your Question: The Members who wish
through Laptops/ Desktops with Google to post their questions prior to the meeting
Chrome (preferred browser), Safari, Internet can do the same by visiting https://emeetings.
Explorer, Microsoft Edge, Mozilla Firefox 22. kfintech.com. Please login through the user id
and password provided in the mail received from
iv. Members will be required to grant access to
Kfintech. On successful login, select ‘Post Your
the webcam to enable VC / OAVM. Further,
Question’ option which will opened from 31 May
Members connecting from Mobile Devices
2022 (09:00 AM IST) to 02 June 2022 (05:00 PM
or Tablets or through Laptop connecting
IST).
via Mobile Hotspot may experience
Audio/Video loss due to fluctuation in III. In case of any query and/or grievance, in respect
their respective network. It is therefore of voting by electronic means, Members may
recommended to use Stable Wi-Fi or LAN refer to the Help & Frequently Asked Questions
Connection to mitigate any kind of aforesaid (FAQs) and E-voting user manual available at the
glitches. download section of https://evoting.kfintech.

com (KFintech Website) or contact Ms. C Shobha Anand, at evoting@kfintech.com or call KFintech’s toll free No.
1-800-309-4001 for any further clarifications.
IV. The Members, whose names appear in the Register of Members / list of Beneficial Owners as on Friday, 27 May
2022, being the cut-off date, are entitled to vote on the Resolutions set forth in this Notice. A person who is
not a Member as on the cut-off date should treat this Notice for information purposes only. Once the vote on a
resolution(s) is cast by the Member, the Member shall not be allowed to change it subsequently.
V. In case a person has become a Member of the Company after dispatch of AGM Notice but on or before the cut-off
date for E-voting, he/she may obtain the User ID and Password in the manner as mentioned below:
i. If the mobile number of the member is registered against Folio No./ DP ID Client ID, the member may send
SMS: MYEPWD <space> E-Voting Event Number+Folio No. or DP ID Client ID to 9212993399
1. Example for NSDL:
2. MYEPWD <SPACE> IN12345612345678
3. Example for CDSL:
4. MYEPWD <SPACE> 1402345612345678
5. Example for Physical:
6. MYEPWD <SPACE> XXXX1234567890
ii. If e-mail address or mobile number of the member is registered against Folio No. / DP ID Client ID, then on the
home page of https://evoting.kfintech.com/ , the member may click “Forgot Password” and enter Folio No. or
DP ID Client ID and PAN to generate a password.
iii. Members who may require any technical assistance or support before or during the AGM are requested to
contact KFintech at toll free number 1-800-309-4001 or write to them at evoting@kfintech.com.
VI. The results of the electronic voting shall be declared to the Stock Exchanges after the AGM. The results along with the
Scrutinizer’s Report, shall also be placed on the website of the Company.
ADDITIONAL INFORMATION ON DIRECTORS RECOMMENDED FOR APPOINTMENT / RE-APPOINTMENT AS REQUIRED
UNDER REGULATION 36 OF THE SEBI (LODR) REGULATIONS AND APPLICABLE SECRETARIAL STANDARDS:
Sl Particulars B.V.R. Mohan Reddy M.M. Murugappan

1. Directors Identification 00058215 00170478
Number (DIN)
2. Nationality Indian Indian
3. Date of birth/Age 12 October 1950; 72 years 12 November 1955; 67 years
4. Qualification M.Tech. B.E., MS
5. A brief resume of the director Dr. BVR Mohan Reddy is a visionary who Mr. M.M. Murugappan, a
firmly placed India on the global engineering, fourth-generation member
research and development (ER&D) services of the Murugappa family was
map by establishing Cyient (formerly, Infotech the Executive Chairman of
Enterprises) in 1991. He went on to create the the Murugappa Group Corporate
“Engineered in India” brand and led Cyient to Advisory Board from February 2018
contribute more than $5 billion in cumulative until November 2020.
exports from India to several global clients, Mr. Murugappan now serves as the
including many Fortune 100 companies. His Chairman of the Carborundum
efforts led to the creation of jobs for engineering Universal Ltd (CUMI), a constituent
professionals across 14 countries. company of the Murugappa Group.
Dr. Reddy served as the Chairman of NASSCOM He also Chairs the Boards of
(National Association of Software & Service Cholamandalam Mitsui Sumitomo
Companies) during 2015-16. He served as the General Insurance Company Ltd.,
Chairman of CII, Southern Region (2008-2009), and Murugappa Water Technology &
and currently the Chairman of CII Education Solutions.

Council. Dr. Reddy is also the Founding Director He served on the Board of
of T-Hub, the largest start-up incubation center Governors of IIT Madras, for six
in the country. years till November 2011 and has
Dr. Reddy took up several leadership positions to enabled many industry – academic
promote higher education in the country. He is partnerships. He now serves on the
currently the Chairman of the Board of Governors board of the IIT-Madras Research
of IIT-Hyderabad and IIT-Roorkee, is a member Park and is a mentor to many
of the Leadership Advisory Board (LAB) at the companies incubated there.
University of Michigan College of Engineering, As Trustee of the Group’s AMM
USA, and a member of the Court of Governors of Foundation, he is actively involved
Administrative Staff College of India (ASCI). in the development of various
Dr. Reddy received India’s fourth-highest citizenship initiatives, particularly in
civilian award—the Padma Shri—in 2017 for education, health care, performing
his contribution to trade and industry. He is arts and sport.
the recipient of the Distinguished Leadership Mr. Murugappan holds a Bachelor’s
Award of the American Society of Mechanical degree in Chemical Engineering
Engineers (CIE Division). He was conferred from the AC College of Technology,
Lifetime Achievement Awards from Hyderabad University of Madras, India and a
Management Association (HMA), Hyderabad Master of Science Degree also in
Software Enterprises Association (HySEA) and Chemical Engineering from the
the Centre for Organization Development (COD) University of Michigan, Ann Arbor,
recognizing his industry leadership, corporate Michigan, USA. He is a member of
excellence, and institution building. He is the the American and Indian Institutes
recipient of Distinguished Alumnus Award from of Chemical Engineers and the
IIT, Kanpur and is a fellow of the Institution of Plastics & Rubber Institute. He was
Engineers (India). elected as a Fellow Member of the
Dr. Reddy holds postgraduate degrees from IIT- Indian Ceramic Society in 2006.
Kanpur, and University of Michigan, USA. He is
the recipient of honorary doctorates from JNTU-
Hyderabad, JNTU-Kakinada, Andhra University,
and KL University.
6. Nature of expertise in specific Innovation, Entrepreneurship & General Business Audit, Governance & General
functional areas; Management Business Management
7. Disclosure of relationships Relative of Mr. Krishna Bodanapu, Managing There is no inter-se relationship
between directors inter-se; Director and CEO. among the directors
8. 1. Names of listed entities Refer to the Report on Corporate Governance Refer to the Report on Corporate
in which the person holds for the same. Governance for the same.
the directorship;
2. Names of listed entities
in which the person
holds the membership of
Committees of the board;
3. Names of listed entities 1. Coromandel International Limited (w.e.f. 1. Tube Investments of India
from which the person 12/10/2020) Limited (w.e.f. 12/11/2020);
has resigned/retired in 2. Mahindra and Mahindra Limited
the past three years; (w.e.f. 08/08/2020);
3. Coromandel International
Limited (w.e.f. 11/11/2020);

4. Cholamandalam Investment
and Finance Company Limited
(w.e.f. 12/11/2020);
9. Date of first appointment on 28 August 1991 11 August 1997
the Board of the Company
10. Shareholding in the Company 373,820 Equity Shares 30,000 Equity Shares
including shareholding as a
beneficial owner
By Order of the Board
Sudheendhra Putty
Place: Hyderabad Company Secretary
Date : 21 April 2022 M. No. F5689
Registered Office:
Cyient Limited
4th Floor, 'A' Wing, Plot No.11,
Telangana.
CIN: L72200TG1991PLC013134
Email: company.secretary@cyient.com
Website: www.cyient.com

BOARD'S REPORT
Dear members,
Your directors take pleasure in presenting the Thirty First (31st) Board's Report on the business and operations of your Company
(the “Company” or “Cyient”), along with the audited financial statements for the Financial Year (“FY”) ended March 31, 2022.
1. FINANCIAL HIGHLIGHTS: (Amount in ₹ Million, except for EPS data)
Consolidated Standalone
Particulars
2021-22 2020-21 2021-22 2020-21
Revenue 45,344 41,324 17,505 13,799
Other Income 1,121 1,399 2,753 1,198
Total Income 46,465 42,723 20,258 14,997
Expenses
Operating Expenditure 37,166 35,300 12,377 10,255
Depreciation and amortization expense 1,922 1,945 967 962
Impairment of non-current assets - 274 - 114
Total Expenses 39,088 37,519 13,344 11,331
Profit before finance cost, tax and share of profit 7,377 5,204 6,914 3,666
from Joint Venture
Finance Cost 393 433 104 146
Profit before tax (PBT) 6,984 4,771 6,810 3,520
Current tax 1,692 1,351 1,162 755
Deferred tax 69 (218) (43) (16)
Profit after Tax (PAT) 5,223 3,638 5,691 2,781
Profit attributable to Shareholders of the Company 5,223 3,638 5,691 2,781
Other Comprehensive Income attributable to 19 231 (34) 120
owners of the Company
Basic EPS 47.75 33.08 52.03 25.29
Diluted EPS 47.54 33.06 51.80 25.27
Paid up share capital 552 550 552 550
Retained Earnings 30,582 28,991 25,435 23,429
2. STATE OF AFFAIRS / COMPANY’S PERFORMANCE:
Your company is a global engineering and technology solutions company. It engages with customers across their value chain
helping to design, build, operate and maintain the products and services that make them leaders and respected brands
in their industries and markets. Customers draw on the company’s expertise in engineering, manufacturing, and digital
technology to deliver and support their next-generation solutions that meet the highest standards of safety, reliability and
performance.
Your Company provides engineering, manufacturing, geospatial, network and operations management services to global
industry leaders. It delivers innovative solutions that add value to businesses through the deployment of robust processes
and state-of-the-art technology. The Company’s high-quality products and services help clients leverage market
opportunities and gain competitive advantage. There has been no change in the nature of business of the Company during
the FY 2022.

The summary of your Company’s performance is as follows:
(Amount in ₹ Million)
Sl. % Increase/
Particulars FY 2022 FY 2021
No. (Decrease) YoY
1. Revenue from Operations -Standalone basis 17,505 13,799 26.86
2. Revenue from Operations - Consolidated basis 45,344 41,324 9.73
3. Profit for the year -Standalone basis 5,691 2,781 104.64
4. Profit for the year - Consolidated basis 5,223 3,638 43.57
5. The profit for the year attributable to 5,223 3,638 43.57
shareholders and non-controlling interests
3. DIVIDEND:
In terms of regulation 43A of SEBI (Listing Obligations & Disclosure requirements) Regulations, 2015, the Company has
formulated and uploaded dividend distribution policy on its’ corporate website i.e. https://www.cyient.com/investors/
corporate-governance/.
Details of dividend declared by the Company are as follows:
FY 2022 FY 2021
Dividend per share Dividend Dividend per share Dividend
(in ₹) % (in ₹) %
Interim dividend 10 200 NA NA
Final dividend* 14 280 17 340
Total dividend 24 480 17 340
*Final Dividend recommend by the Board of Directors at its Meeting held on 21 April 2022. The payment of final dividend is
subject to approval of the shareholders of the Company in the ensuing Annual General Meeting of the Company.
4. EARNINGS PER SHARE (EPS):
The Basic EPS of our Company stood at ₹ 52.03 at standalone level and basic EPS at consolidated level stood at ₹ 47.75 for
the year ended 31 March 2022.
5. TRANSFER TO RESERVES:
The Company has transferred ₹ 65 to Special Economic Zone re-investment reserve during the year under review.
6. LIQUIDITY:
The Company continues to be debt-free and maintains sufficient cash reserves to meet its operations and strategic
objectives. As at 31 March 2022, Your Company had liquid assets of ₹ 11,772 Mn as against ₹ 11,543 Mn at the previous year
end. These funds have been invested in short-term deposits with scheduled banks & financial institutions, mutual funds,
perpetual bonds and tax free bonds.
7. COVID-19:
The FY 2022 being the second year of the COIVID-19 pandemic, the Company has considered internal and external sources
of information up to date of approval of these financial statements in evaluating possible effects that may result from
the pandemic relating to COVID-19 on the carrying amounts of trade and unbilled receivables, investments, goodwill and
intangible assets. The Company is confident about the recoverability of these assets.
8. PUBLIC DEPOSITS:
The company has not accepted any deposits falling within the meaning of Section 73 or 74 of the Companies Act, 2013 read
with the Companies (Acceptance of Deposits) Rules, 2014 during the financial year under review and as such, no amount on
account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.
9. SHARE CAPITAL:
The authorized share capital of the Company is ₹ 1,400,000,000 consisting of 280,000,000 Equity Shares of ₹ 5 (Rupees Five
only) each;
The issued, subscribed and paid-up share capital of the Company is ₹ 551,587,080 consisting of 110,317,416 Equity Shares
of ₹ 5 (Rupees Five only) each;

During the year, your company has allotted 287,604 Requirements) Regulations, 2015 forms part of this
equity shares of ₹5 each to the associates of the company Annual Report.
and its subsidiaries upon exercise of an equal number of Appointments/Re-appointments, Inductions and Change
stock options vested in them pursuant to the extant in Designation:
Stock Option Schemes of the company.
1. Mr. Ajay Aggarwal (DIN: 02565242) was appointed
10. SUBSIDIARIES AND JOINT VENTURES (JV): as an Additional Director w.e.f. 22 April 2021; his
As per the provisions of Sections 129 of the Companies appointment as Director was ratified in the AGM
Act, 2013 read with Rule 5 of the Companies (Accounts) held on 17 June 2021. He was further appointed as
Rules, 2014, a separate statement containing the salient Executive Director and CFO for a period that is the
features of the Financial Statements of the Subsidiary earlier of 3 years from 22 April 2021 or the attainment
Companies/Associate Companies/JV in Form AOC-1 is of the age of 60 years.
published as a part of the Annual Report.
2. Mr. Karthikeyan Natarajan (DIN: 03099771) was
During the year, there has been no material change in the
appointed as an Additional Director w.e.f 22 April
nature of the business of the subsidiaries and JV.
2021; his appointment as Director was ratified in the
11. BUSINESS RESPONSIBILITY REPORT: AGM held on 17 June 2021. He was further appointed
In pursuance of Regulation 34 of the SEBI (LODR) as Executive Director and COO for a period that is the
Regulations, 2015, the Company is publishing business earlier of 3 years from 22 April 2021 or the attainment
responsibility report. The same is enclosed as Annexure of the age of 60 years.
‘A’.
3. Mr. M.M. Murugappan (DIN: 00170478), Non-
12. CORPORATE SOCIAL RESPONSIBILITY: Executive, Non- Independent Director was appointed
Your company believes in giving back to society in some as Chairman w.e.f. 22 April2021;
measure that is proportionate to its success in business. 4. Mr. Vikas Sehgal (DIN: 05218876) was re-appointed
Corporate Social Responsibility (CSR) aims at balancing as Independent Director for a second consecutive
the needs of all stakeholders. The company’s CSR initiative term by members in the AGM held on 17 June 2021
goes beyond charity and believes that as a responsible
for a period of 5 years w.e.f. 17 October 2021;
company it should take into account its impact on society
as much as creating business impact. The CSR initiatives 5. Mr. Vivek Gour (DIN: 00254383) and Ms. Matangi
are conducted through Cyient Foundation. An elaborate Gowrishankar (DIN: 01518137) were each appointed
report on CSR is published elsewhere in this annual report. for a second consecutive term by members vide
The CSR Annual Report is enclosed as Annexure ‘B’. Postal Ballot dated 31 March 2022 for a period of 5
For other details regarding the CSR Committee, please years w.e.f. 25 April 2022
refer to the Corporate Governance Report, which forms 6. Mr. Ramesh Abhishek was appointed as Additional
part of this report. This CSR Policy of the Company Director on 12 August 2020 and the appointment was
is available on the Company’s website at https:// regularized by the members at the 30th AGM held on
www.cyient.com/hubfs/2021/CSR/Cyient_CSR_ 17 June 2021
Policy_3.1.pdf. Re-appointments:
13.
BOARD OF DIRECTORS & KEY MANAGERIAL The following directors retire by rotation and being
PERSONNEL:
eligible, offer themselves for re-appointment in the
The Board of the Company is duly constituted. None ensuing AGM:
of the directors of the company is disqualified under
1. Mr. B.V.R. Mohan Reddy (DIN 00058215), Non-
the provisions of the Companies Act, 2013 (the ‘Act’)
Executive, Non- Independent Director;
or under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. 2. Mr. M.M. Murugappan (DIN: 00170478), Non-
Declaration by independent directors Executive, Non- Independent Director;
The Company has received necessary declaration Pursuant to the provisions of regulation 36 of the SEBI
from each independent director under Section 149(7) (Listing Obligations and Disclosure Requirements)
of the Companies Act, 2013, that he/ she meets the Regulations, 2015 and Secretarial Standard 2 on General
criteria of independence laid down in Section 149(6) Meetings issued by ICSI, brief particulars of the directors
of the Companies Act, 2013 and Regulation 25 of the proposed to be appointed/ re-appointed are provided
SEBI (Listing Obligations and Disclosure Requirements) asan annexure to the notice convening the AGM.
Regulations, 2015. Retirements:
The Certificate on Non- Disqualification of Directors 1. Mr. B.V.R. Mohan Reddy stepped down as Executive-
pursuant to Regulation 34(3) and Schedule V Para C clause
Chairman w.e.f. 22 April 2021 and continues as Non-
10 (i) of the SEBI (Listing Obligations and Disclosure
Executive, Non-Independent Director;

2. Mr. Som Mittal, Independent Director retired from By focusing on the board as a team and on its overall
directorship w.e.f. 6 February 2022; performance, the company ensures that communication
3. There were no resignations during the year. and overall level of participation and engagement also
improves.
Key Managerial Personnel:
In order to facilitate the same, the board undertook
Following are the are Key Managerial Personnel of the a formal board assessment and evaluation process
Company in accordance with the provisions of Section(s) during 2021-22. The board evaluation was performed
2(51), and 203 of theCompanies Act, 2013 read with after seeking inputs from all the directors and included
the Companies (Appointment and Remuneration of criteria such as the board composition and structure,
Managerial Personnel) Rules, 2014: effectiveness of board processes, information and
1. Mr. Krishna Bodanapu, Managing Director & CEO. functioning as provided by the Guidance Note on Board
2. Mr. Karthikeyan Natarajan, Executive Director & COO Evaluation issued by the Securities and Exchange Board
of India on January 05, 2017.
3. Mr. Ajay Aggarwal, Executive Director & CFO; and
The Leadership, Nomination & Remuneration Committee
4. Mr. Sudheendhra Putty, Company Secretary.
has overall stewardship for the process. The evaluation
Registration of Independent Directors in Independent process covers the following aspects:
Directors Databank
● Peer and self-evaluation of Directors;
All the Independent Directors of your Company have been
registered and are members of Independent Directors ● Evaluation of the performance and effectiveness of
Databank maintained by the Indian Institute of Corporate the board;
Affairs (IICA). ● Evaluation of the performance and effectiveness of
14.
POLICY ON DIRECTORS’ APPOINTMENT AND Board Committees;
REMUNERATION AND OTHER DETAILS: ● Evaluation of the performance of the Chairman and
The Company’s policy on directors’ appointment and the Managing Director & CEO;
remuneration and other matters provided in section ● Feedback on management support to the Board;
178(3) of the Act have been disclosed in the corporate
The evaluation process elicits responses from
governance report, which forms part of the Board's
the directors in a judicious manner - ranging from
report.
composition and induction of the board to effectiveness
15. NUMBER OF BOARD MEETINGS DURING THE YEAR: and governance. It also sought feedback on board and
During the FY 2022, six (6) meetings of the board were committee charters, strategy, risk management and
held, the details of which have been disclosed in the quality of discussion and deliberations at the board.
corporate governance report, which forms part of the The evaluation process also ensures the fulfilment of
Board's report. The maximum interval between any two independence criteria as specified in the applicable
meetings did not exceed 120 days, as prescribed by the regulations and that the latter are independent of the
Companies Act, 2013. management.
16. BOARD EVALUATION AND ASSESSMENT: KPMG analyzed the responses that were collected as
part of the board evaluation exercise and categorized
The company believes that formal evaluation of the
the questions and responses based on a pre-determined
board and of the individual directors, on an annual basis,
framework. The report was presented with the findings
is a potentially effective way to respond to the demand
on the individual strengths and opportunities to improve
for greater board accountability and effectiveness. For
Board efficiency.
the company, evaluations provide an ongoing means
for directors to assess their individual and collective 17. COMMITTEES OF THE BOARD:
performance and effectiveness. In addition to greater board As required under the provisions of the Companies Act,
accountability, evaluation of board members helps in: 2013 and the SEBI (Listing Obligations and Disclosure
● More effective board processes Requirements) Regulations, 2015, as on March 31, 2022,
the Board has the following committees:
● Better collaboration and communication
● Greater clarity with regard to members’ roles and ● Audit Committee;
responsibilities and ● Leadership, Nomination & Remuneration Committee;
● Improved Chairman - Managing Director – Board ● Risk Management Committee;
relations;
● Stakeholders Relationship Committee.

● Environment, Social and Governance (ESG) 20. AUDITORS’ REPORT AND SECRETARIAL AUDITORS’
committee (this committee subsumed the Corporate REPORT:
Social Responsibility and Diversity and Inclusion The Auditors’ Report for FY 2022 does not contain any
Committees); qualification, reservation or adverse remark. The Report
The Board of Directors of the Company at its meeting is enclosed with the financial statements in this Annual
held on January 19, 2022, constituted the Environment, Report.
Social and Governance (ESG) committee. The Secretarial Auditors’ Report for FY 2022 does not
During the year, all recommendations made by the contain any qualification, reservation or adverse remark.
committees were approved by the Board. A detailed note During the FY 2022, the statutory auditors and secretarial
on the composition of the committees is provided in the auditor have not reported any instances of frauds
Corporate governance report. committed in the Company by its Officers or Employees
18. ADEQUACY OF INTERNAL FINANCIAL CONTROLS: to the Audit Committee under section 143(12) of the
Companies Act.
Internal Financial Controls are part of risk management
process addressing financial and financial reporting risks. Annual Secretarial Compliance Report
They ensure the orderly and efficient conduct of business, The Company has undertaken an audit for the Financial
including adherence to Company policies, safeguarding Year ended 31 March 2022 for all applicable compliances
of its assets, prevention and detection of fraud, error as per the Securities and Exchange Board of India
reporting mechanisms, accuracy and completeness of Regulations and Circulars/Guidelines issued thereunder.
the accounting records. They aid in the timely preparation The Annual Secretarial Compliance Report issued by
of financial statements. The Internal Financial Controls Mr. S. Chidambaram has been submitted to the Stock
have been documented, digitised and embedded in the Exchanges within 60 days of the end of the Financial Year.
business process. 21. VIGIL MECHANISM:
19. AUDITORS: The Company has put in place a Whistle Blower Policy
1. Statutory Auditors and has established the necessary vigil mechanism as
defined under Regulation 22 of SEBI (Listing Obligations
At the 28th Annual General Meeting (the ‘AGM’)
and Disclosure Requirements), 2015 for employees and
held on 6 June 2019, the members approved the
others to report concerns about unethical behaviour.
appointment of S.R. Batliboi & Associates LLP,
It also provides for adequate safeguards against the
Chartered Accountants (Firm Registration No.
victimisation of employees who avail of mechanism. No
101049W/E-300004) as Statutory Auditors of the
person has been denied access to the Chairman of the
company to hold office for a period of five years from
audit committee.
the conclusion of that AGM till the conclusion of the
33rd AGM, subject to ratification of their appointment The Whistle blower Policy is available on the website of
by Members at every AGM, if so required under the the company i.e. (https://www.cyient.com/investors/
Act. corporate-governance/). The Company has implemented
a web based/online mechanism under the whistle blower
The requirement to place the matter relating to
policy. This mechanism encompasses the entire trail
appointment of auditors for ratification by Members
from the lodging of a complaint to its eventual redressal.
at every AGM has been done away by the Companies
The system also provides a dial-in facility to associates
(Amendment) Act, 2017 with effect from May 7,
in various languages across the countries where the
2018. Accordingly, no resolution is being proposed
company has its operations.
for ratification of appointment of statutory auditors
at this AGM. 22. EMPLOYEE STOCK OPTION PLANS:
During the year, the company had granted options to
2. Secretarial Auditors
the associates of the company and its subsidiaries, in
The Board has appointed Mr. S. Chidambaram as the accordance with the Securities and Exchange Board
Secretarial Auditors (CP No.2286) for the financial of India (Share Based Employee Benefits and Sweat
year ended March 31, 2022. The Secretarial Audit Equity) Regulations, 2021. Disclosures pursuant to
Report for the financial year ended 31 March 2022 is the said regulations is disclosed at the website of the
annexed as Annexure ‘C’ to this report. company at https://www.cyient.com/investors/
The Secretarial Audit Report issued by Mr. S. corporate-governance/ and enclosed as Annexure ‘E’.
Chidambaram, Secretarial Auditors (CP No.2286) 23.
CONSERVATION OF ENERGY, RESEARCH AND
for Cyient DLM Private Limited, a material unlisted DEVELOPMENT, TECHNOLOGY ABSORPTION,
subsidiary for the financial year ended 31 March 2022 FOREIGN EXCHANGE EARNINGS AND OUTGO:
is annexed as Annexure ‘D’ to this report.
The particulars relating to conservation of energy,

research and development, technology absorption, d) they have prepared the annual accounts on a going
foreign exchange earnings and outgo, as required to be concern basis;
disclosed under the Companies Act, 2013 are provided in
e) they have laid down internal financial controls to be
Annexure ‘F’ to the report.
followed by the company and such internal financial
24. MANAGEMENT DISCUSSION & ANALYSIS: controls are adequate and operating effectively;
Pursuant to the provisions of Regulation 34 read f) they have devised proper systems to ensure
with Schedule V of the SEBI (Listing Obligations and compliance with the provisions of all applicable laws
Disclosure Requirements) Regulations, 2015, a report and that such systems were adequate and operating
on Management Discussion & Analysis is enclosed as effectively.
Annexure ‘G’.
26.
PARTICULARS OF LOANS, GUARANTEES AND
25. DIRECTORS’ RESPONSIBILITY STATEMENT: INVESTMENTS:
Pursuant to Section 134(5) of the Companies Act, 2013, Particulars of loans given, investments made, guarantees
the board of directors, to the best of their knowledge and given and securities provided along with the purpose for
ability, confirm that: which the loan, guarantee, or security is proposed to be
a) in the preparation of the annual accounts, the utilised by the recipient are provided in the standalone
applicable accounting standards have been followed financial statements. (refer note no. 5, 6 and 24 to the
and there are no material departures; standalone financial statements).
b) they have selected such accounting policies and 27. RELATED PARTY TRANSACTIONS:
applied them consistently and made judgments and The company has complied with the provisions of section
estimates that are reasonable and prudent so as to 188(1) of the Act dealing with related party transactions.
give a true and fair view of the state of affairs of the Information on transactions with related parties pursuant
Company at the end of the financial year and of the to section 134(3)(h) of the Act read with Rule 8(2) of the
profit of the company for that period; Companies (Accounts) Rules, 2014 are given in Form
AOC-2 and is enclosed as Annexure ‘H’. Reference is also
c) they have taken proper and sufficient care for the
made to Note No. 24 of standalone financial statements.
maintenance of adequate accounting records
in accordance with the provisions of the Act for 28. ANNUAL RETURN:
safeguarding the assets of the company and for In accordance with the Companies Act, 2013, a copy of
preventing and detecting fraud and other irregularities; the annual return in the prescribed format as on 31 March
2022 is available on the Company’s website at https://
www.cyient.com/investors/.
29. PARTICULARS OF EMPLOYEES:

The information required under Section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are given below:
a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company for
the financial year:
i) Executive Directors:
Name DIN Designation Ratio to Median remuneration

Krishna Bodanapu 00605187 Managing Director 197.51
Karthikeyan Natarajan 03099771 Executive Director &COO 212.86
Ajay Aggarwal 02565242 Executive Director &CFO 82.12

ii) Non-Executive/ Independent Director
Name DIN Designation Ratio to Median remuneration

M.M. Murugappan 00170478 Director 1.87
Som Mittal (resigned w.e.f 06.02.2022) 00074842 Director 1.87
Ramesh Abhishek 07452293 Director 1.87
Vikas Seghal 05218876 Director 4.74
Vivek N Gour 00254383 Director 1.87
Matangi Gowrishankar 01518137 Director 1.87
Vinai Thummalapally 07797921 Director 4.74
B.V.R. Mohan Reddy 00058215 Director 6.24
Alain A De Taeye 03015749 Director 1.87
b) The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company
secretary in the financial year:
Name Designation % increase in remuneration in the financial year

Krishna Bodanapu Managing Director & CEO 34.0
Karthikeyan Natarajan Executive Director &COO 247.9
Ajay Aggarwal Executive Director & CFO 174.0
Sudheendhra Putty Company Secretary 56.8
As Mr. Karthik Natarajan and Mr. Ajay Aggarwal were not Executive Directors but executives of the company for the financial year
ended 31 March 2021, the amounts indicated above are not strictly comparable
c) The percentage increase in the median remuneration of employees in the financial year: 6.55%
d) The number of permanent employees on the rolls of Company: 12,780
e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the
last financial year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
The average annual increase was around 5.26% and the average annual increase managerial personnel 6%.
f) Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
g) The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate
annexure forming part of this report.
Further, the report and the financial statements are being sent to the members excluding the aforesaid annexure. In
terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any
shareholder interested in obtaining a copy of the same may write to the Company Secretary - company.secretary@
cyient.com
30. PARTICULARS RELATING TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013 (POSH):
The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 during the FY 2022.
The year 2021-22 continues to be challenging for many with lot of changes in policies and practices based on the prevailing
situations. With majority of work force Working from home, Organization had reworked on the POSH connect initiatives and
ensured Virtual connects every month with associates to build awareness among them.

List of Initiatives under POSH for 2021-22 ● To adopt leading risk management practices in the
industry and manage risk proactively at organizational
● We had one registered POSH case in Q1 of FY21-
level.
22 which was closed within the timeline and the
respondent was given a warning letter with a penalty ● Help to develop a culture of the enterprise that all
of no increment for the FY21- 22 levels of people understand risks.
● Awareness and sensitization continues during ● Provide input to management of risk appetite and
Induction and mandatory POSH Course for all the tolerance and monitor the organization’s risk on an
new joiners in Dcafe (l&d portal) For all associates we ongoing basis.
should be making it mandatory with the new module ● Approve and review risk management plan which
in this FY22- 23 includes company’s risk management structure,
● With the present WFH Scenario , there were no key framework, methodologies adopted, guidelines
events and details of assurance and review of the risk
management process.
● We continue to have our posh committee meetings
to enhance the awareness among associates. ● Monitor risks and risk management capabilities and
There are no pending complaints either at the beginning mitigation plans.
or at end of the financial year. More details on the risk management committee of the
31. RISK MANAGEMENT: board can be found in the Corporate governance report.
Members may also refer to the Management Discussion
The company pursues a comprehensive risk management & Analysis Report.
programme as an essential element of sound corporate
governance and is committed to continuously embedding 32. CORPORATE GOVERNANCE:
risk management in its daily culture. This process is The Company will continue to uphold the true spirit
followed in five steps: of Corporate Governance and implement the best
governance practices. A report on Corporate Governance
● Identify risks and opportunities
pursuant to the provisions of Corporate Governance
● assess risk and performance for key processes Code stipulated under SEBI (Listing Obligations and
● evaluate the risk impact across business operations Disclosure Requirements) Regulations, 2015 forms part
of the Annual Report.
● develop mitigation plan for the risks identified and
Full details of the various board committees are also
● monitor the risks at regular intervals and report to provided therein along with Auditors’ Certificate regarding
● the Risk Management Committee compliance of conditions of corporate governance is
enclosed as Annexure ‘I’.
The company has classified the risks into five categories:
33. DISCLOSURE REQUIREMENTS:
i. Strategic
Familiarization programme of the independent
ii. Reputational
directors:
iii. Operational
https://www.cyient.com/investors/corporate-
iv. Financial governance/
v. Compliance/Litigation. Policy for determining material subsidiaries of
Each identified risk is assessed according to its probability the Company: https://www.cyient.com/investors/
and impact on the company. corporate-governance/
The Board of Directors has formed an internal risk Policy on dealing with related party transactions:
management committee to identify, evaluate, mitigate https://www.cyient.com/investors/corporate-
and monitor the risk management in the company. The governance/
committee comprises cross-functional membership from
Prevention of sexual harassment policy:
the senior management of the company. The primary
objectives of the Committee are to assist the Board in the https://www.cyient.com/investors/corporate-
following: governance/
● To provide an oversight for all categories of risk and Environment, health and safety policy
promulgate risk culture in the organization. https://www.cyient.com/investors/corporate-
governance/

Dividend Payment policy:
https://www.cyient.com/investors/corporate-governance/
company’s policy on Directors’ appointment and remuneration including criteria for determining qualifications,
positive attributes, independence of a director and other matters provided under sub-section (3) of section 178 of the
Companies Act, 2013:
https://www.cyient.com/investors/corporate-governance/
34. SIGNIFICANT AND MATERIAL ORDERS:
There are no orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s
operations in future.
35. CEO’S DECLARATION:
Pursuant to the provisions of Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, a declaration by the Managing Director & CEO of the company declaring that all the members of the board and the
senior management personnel of the company have affirmed compliance with the Code of Conduct of the company is
enclosed as Annexure ‘J’.
The CEO/CFO certification to the board pursuant to Regulation 17 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is enclosed as Annexure ‘K’.
36. MATERIAL CHANGES & COMMITMENTS:
There were no material changes and commitments affecting the financial position of the Company which occurred between
the end of financial year to which the financial statement relate on the date of this report.
37. COST RECORDS AND COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the
Companies Act, 2013 are not applicable for the business activities carried out by the Company.
38. APPLICATION UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:
The Company has not made any application under the Insolvency and Bankruptcy Code, 2016 during the FY 2022.
39. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT
AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH
THE REASONS THEREOF:
The Company has not made any such valuation during the FY 2022.
40. ACKNOWLEDGMENTS:
The board of directors’ expresses their thanks to the company’s customers, shareholders, vendors and bankers for their
support to the company during the year. We also express our sincere appreciation to the contribution made by employees
at all levels. Our consistent growth was made possible by their hard work, cooperation and support.
Your directors would like to make a special mention of the support extended by the various Departments of the Central and
State Governments, particularly the Software Technology Parks of India, Development Commissioners - SEZ, Department
of Communication and Information Technology, the Direct and Indirect tax authorities, the Ministry of Commerce, the
Reserve Bank of India, Ministry of Corporate Affairs/Registrar of Companies, Securities and Exchange Board of India, the
Stock Exchanges and others and look forward to their support in all future endeavours.

For and on behalf of the Board
M.M. Murugappan Krishna Bodanapu

Place: Hyderabad Non-Executive Chairman Managing Director &CEO
Date: 21 April 2022 (DIN-00170478) (DIN-00605187)
Note: Except as otherwise stated, all the numbers in the Board's Report are based on standalone financial statements.

Business Responsibility Report 2021-22 Annexure-A
PREFACE:
Cyient is committed to ‘Design a Sustainable Tomorrow Together’ and to integrating environmental, social, and governance
(ESG) considerations throughout the whole value chain, from our operations to our suppliers, clients, and the communities in
which we operate.
We are dedicated to working together to ensure consistency throughout, concentrating on circularity, and producing social
value that will benefit the ecosystem in the long run.
We present our Business Responsibility Report (BRR) in accordance with the Ministry of Corporate Affairs (MCA) of the
Government of India’s National Guidelines on Responsible Business Conduct (NGRBC), which were notified in 2019. This report
is prepared as per Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as well as the Securities and Exchange Board of India (SEBI) Circular Bearing Ref. No. CIR/CFD/CMD/10/2015,
dated November 4, 2015, and highlights the Company’s sustainability efforts for the financial year 2021-22.
For more details, visit Manufacturing Engineering Technology | Cyient
Business Responsibility Report: 2021-22
Section A: General Information about the Company
1 Corporate Identity Number L72200TG1991PLC013134

2 Name of the company Cyient Limited
3 Registered address 4th Floor, ‘A’ Wing, Plot .11, Software, Units Layout, Infocity, Madhapur Hyderabad,
Telangana - 500 081
4 Website www.cyient.com
5 E-mail id company.secretary@cyient.com
6 Financial Year reported 2021-22
Products & Services
7 Sector(s) that the Company 62099 – Other information technology & computer service activities
is engaged in (industrial
activity code-wise)
8 Goods manufactured/ ● Engineering services in mechanical, electrical, and civil engineering solutions
services provided (top three manufacturing and infrastructure sectors. Plant, manufacturing, and electrical
by revenue) engineering are only a few examples.
● Mechanical and electrical design-led manufacturing domain, as well as services for
semi-conductor design, engineering application software creation & intellectual
property, as well as auxiliary services
● Geospatial services to the utilities and telecom sectors, such as photogrammetry,
remote sensing navigational data mapping, and location-based services
● Advanced analytics, big data consultancy, IoT, and M2M services for the utilities
and transportation sectors in the public and private realms, as well as product
realization
Operations
9 Total number of locations 38
where business activity is
undertaken by the Company
a Number of International East Hartford, CT, USA
Locations (provide details of Reading, UK, Arlington, TX, USA
major five) Sydney, Australia, Leuven, Belgium
b National Locations Full list part of this Annual Report
10 Markets served by the International – Across 14 countries
Company: State, National,
International

Section B: Financial Details of the Company
1 Paid-up capital Rs. 552 Million

2 Total turnover Rs. 17,505 Million
3 Total profit after tax Rs. 5,691 Million
4 Total spending on CSR as a percentage of PAT (%) Approx. 2%
5 List of Activities in which expenditure (in point 4, above) has been incurred:
1. Education Initiatives: To enhance the quality of education imparted to underprivileged children through the adoption of
various government schools
● Key Highlights:
a) Developed Smart Classrooms and Digital Libraries in all the adopted schools.
b) Currently supporting 28 govt. schools through adoption and educating over 20198+ children every year.
● Achievements:
a) Using the ICT and IoT, Cyient Foundation ensured continuity in providing access to online education.
b) Trained over 1000 government teachers using CDCs on the usage of ICT.
c) Over 5000 children not having proper access to online are mapped to 80 Cyient Digital Centers to attend online
classes around their residences.
2. IT & Digital Literacy Initiatives: To provide digital literacy to non-IT literates in the community through Cyient Digital Centers
(CDCs)
● Key Highlights:
a) Currently developed 80 Digital Centers and around 10000 adults (men & women) aged from 16 to 60 years have
used the facility
b) As on date, 20000+ adult women participated and certified L1 Program from our CDC’s
c) School children and their parents gained access to these CDC which is unique in nature of learning.
● Achievements:
a) With 28 government schools across four states in India and over 80 digital centers providing access to IT education
to 35,000 children and adults in four states of India.
b) Developed and operating 80 Cyient Digital Centers (CDCs) across Telangana & AP
c) Over 35000 adults (men & women) aged 16 to 60 years are given access to IT literacy
3. Skill Development Initiatives: To teach and impart employability skills to unemployed urban and rural communities.
● Key Highlights:
a) Urban Skill Centre - Training unemployed youth & women in Tailoring, Bakery, Beautician, Retailing, and Bedside
Assistance skills.
b) IT/ITES Skill Center – Training Telangana rural unemployed Diploma Holders and Graduates (Non-Engineering) on
IT Skills.
● Achievements:
a) Trained unemployed youth and provided them the required skill to gain potential basic IT Jobs.
b) As on date in 17 Batches – Trained 556 students and placed 499 students
c) Trained over 46% of Girls / Women and provided employment.
d) 95% of the trained and certified candidates were placed in various IT/ITES Companies including Cyient.
e) Helped in gaining sustainable income of INR over 2.5 Lakhs per annum.

4. Healthcare & Community Services: To develop rural and urban communities through the adoption of villages— providing
healthcare and sanitation facilities.
● Key Highlights:
a) Supporting over 3000 families from Gram Panchayat in Andhra Pradesh adopted by Cyient
b) Providing WASH facilities in all the Government Schools in Serilingamplly Mandal as part of The Swachh Telangana
– Swachh Pathashala initiative.
● Achievements:
a) In line with our commitment to society, The Cyient Foundation is committed to a contribution of INR 2 crores to
The Asian Healthcare Foundation (AHF).
b) This contribution will be paid out over four years (50.00 Lakhs each year) and will be participating in the development
of innovative healthcare solutions through its basic science and research facility
c) AHF is recognized as a Scientific and Industrial Research Organization by the Department of Scientific and Industrial
Research, Government of India.
Section C: Other Details
Does the Company have any Subsidiary Company/

1 Yes, 11 subsidiaries and 1 joint venture
Companies?
Cyient, Inc. [CI] Cyient Israel India Limited (CIIL)
Cyient Europe Limited [CEL] Cyient DLM Private Limited (CDLMPL)
Cyient GmbH (CG) Cyient Insights Private Limited (CIPL)
Cyient Australia Pty Limited (CAPL) Cyient Urban Micro Skill Centre Foundation (CUMSCF)
Cyient KK [CKK] Cyient Solutions and Systems Private Limited (CSSPL)
Cyient Singapore Pte Limited (CSPL) Infotech HAL Limited (IHL)
2 Do the Subsidiary Company / Companies participate in the Yes, Cyient DLM Private Limited
BR Initiatives of the parent company? If yes, then indicate
the number of such subsidiary company(s)
3 Do any other entity/entities (e.g., suppliers, distributors) 30% - 60%
that the Company does business with, participate in the BR
initiatives of the Company? If yes, then indicate % of such
entity/entities?
Section D: BR information
1 Details of the Director/Directors responsible for Ajay Aggarwal, Executive Director & CFO
implementation of the BR policy/policies DIN: 02565242 | Phone: +91-40-67641000
Email: ajay.aggarwal@cyient.com
2. a. Principle-wise (as per NVGs) BR Policy/policies:
Principles Description Company’s Policy Core Elements

Principle 1 Businesses should conduct and Codes of Conduct, Whistle Honesty & Ethical conduct, Conflict of
govern themselves with integrity, Blower policy, Human Rights Interest, Legal Compliance, Corporate
and in a manner that is ethical, Policy disclosure policy, Competition and
transparent, and accountable Fair dealing, Compliance with Code of
conduct, Accountability
Principle 2 Businesses should provide goods Sustainability Policy, Vendor Environment protection, Resource
and services in a manner that is Code of Conduct EOHS, optimization, pollution prevention, Data
sustainable and safe Information Security policy Protection, Sustainable Supply Chain

Principles Description Company’s Policy Core Elements
Principle 3 Businesses should respect and POSH, EOHS, Maternity, POSH committee, Communication,
promote the well-being of all Medical and Leave policy, Accountability, Maternity benefits,
employees, including those in their Sustainability Policy, Human Human Rights, Accident prevention, Safe
value chains Rights Policy, Vendor Code of and Healthy workplace, Health and Safety,
Conduct Sustainable Supply Chain
Principle 4 Businesses should respect the Global CSR Policy, Human CSR vision and objective, CSR governance
interests of and be responsive to all Rights Policy structure, CSR committee, Monitoring
its stakeholders and Reporting framework, Planning,
Major CSR initiatives, Human Rights,
Volunteering,
Principle 5 Businesses should respect and POSH &Global CSR Policy, Human Rights, CSR vision and objective,
promote human rights Sustainability Policy, Human CSR governance structure, CSR
Rights Policy committee, Monitoring and Reporting
framework, Planning, Major CSR
initiatives, Volunteering
Principle 6 Business should respect and make EOHS Policy, Sustainability Environment Stewardship, pollution
efforts to protect and restore the Policy, Vendor Code of Conduct prevention, resource optimization,
environment community
Principle 7 Businesses, when engaging in Codes of conduct, Anti-bribery Honesty & Ethical conduct, Conflict of
influencing public and regulatory / Anti-fraud, Sustainability Interest, Legal Compliance, Corporate
policy, should do so in a manner Policy, Human Rights Policy disclosure policy, Competition and
that is responsible and transparent Fair dealing, Compliance with Code of
conduct, Anti-corruption due diligence,
Risk assessments, gifts, investments,
applicability to all associates and business
partners
Principle 8 Businesses should promote Modern Slavery Statement, Awareness, Recruitment, Leadership,
inclusive growth and equitable Diversity and Inclusion policy, Mentorship, Compliance, Human Rights,
development Sustainability Policy, Human Inclusion and Diversity, Anti-harassment,
Rights Policy and nondiscrimination
Principle 9 Businesses should engage with and Sustainability Policy, Integrity, Compliance with applicable
provide value to their consumers in Procurement Guidelines, laws, Ethical conduct, anti-corruption,
a responsible manner Privacy Policy Intellectual property, International Trade,
Conflict of interest, Honest and accurate
transactions, Data protection, Non-
disclosure and documentation, Audit
compliance
2. b. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
S.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 Do you have a policy/policies for...? Y Y Y Y Y Y Y Y Y
2 Has the policy been formulated in consultation with the relevant Y Y Y Y Y Y Y Y Y
stakeholders?
3 Does the policy conform to any national /international standards? Y Y Y Y Y Y Y Y Y
If yes, specify? (50 words)
4 Has the policy been approved by the Board? Is yes, has it been Y Y Y Y Y Y Y Y Y
signed by MD/owner/CEO/ appropriate Board of Director?
5 Does the company have a specified committee of the Board/ Y Y Y Y Y Y Y Y Y
Director/Official to oversee the implementation of the policy?

6 Indicate the link for the policy to be viewed online? Polices & Codes:
CoC Code_of_Conduct.pdf (cyient.com)
HR
Whistle blower
EoHS EOHS Policy 2015.pdf (hubspot.net)
Sustainability Policy
Infosecurity
Privacy Policy Privacy Policy | Cyient
POSH HR-IN-G-POSH-C5-POL V 1.1.pdf (cyient.
com)
CSR
Anti-bribery / Anti-fraud Anti_Corruption_
Policy_-_Version_2_0_0704161.pdf (hubspot.net)
Modern Slavery Modern Slavery and Human
Trafficking Statement (cyient.com)
Modern_Slavery_Policy_Statement _CAPL.pdf
(cyient.com)
D&I
Procurement guidelines
VCOC FP-028-VCC(Vendor Business Code Of
Conduct).pdf (cyient.com)
S.
No.
7 Has the policy been formally communicated to all relevant internal Y Y Y Y Y Y Y Y Y
and external stakeholders?
8 Does the company have in-house structure to implement the Y Y Y Y Y Y Y Y Y
policy/policies?
9 Does the Company have a grievance redressal mechanism related Y Y Y Y Y Y Y Y Y
to the policy/policies to address stakeholders’ grievances related
to the policy/policies?
10 Has the company carried out independent audit/evaluation of the Y Y Y Y Y Y Y Y Y
working of this policy by an internal or external agency?
2. c. If answer to the compliance status of any of the Principles listed above is ‘No’, please explain why
S.
No.
1 The company has not understood the Principles
2 The company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3 The company does not have financial or manpower resources
Not Applicable
available for the task
4 It is planned to be done within next 6 months
5 It is planned to be done within the next 1 year
6 Any other reason (please specify)

3. Governance related to BR information. Other measures, such as our Board Diversity
Policy, Materiality Policy, and Related Party Transactions
i. Frequency with which the Board of Directors,
Policy, among others, help to strengthen our corporate
Committee of the Board or CEO to assess the BR
governance system.
performance of the Company:
Vigil Mechanism
The company’s BR performance is evaluated every
3-6 months, and the Business Responsibility Report Anti-Corruption Policy
is published yearly in the Annual Report. The anti-corruption policy outlines the company’s corporate
ii. Does the Company publish a BR or a Sustainability ethics, values, rules, and procedures for preventing bribery
Report? What is the hyperlink for viewing this report? in all of Cyient Limited’s activities and business relationships.
How frequently it is published? It establishes a zero-tolerance policy for bribery that applies
to the organization and its subsidiaries, who are required to
The company has published its first Sustainability
have proper systems in place to monitor, detect, prevent, and
Report the previous year for FY 20-21 in accordance
punish any violations of anti-bribery and other anti-corruption
with GRI Standard. The hyperlink for previous year
laws.
report is https://f.hubspotusercontent40.net/
hubfs/5724847/2021/Sustainability%20Report/ Employees, employee representatives, and other stakeholders
Cyient-Sustainability%20Report-2021. can also provide comments and feedback to Cyient Limited’s
legal department using the authorised e-mail address.
Section E: Principle-wise performance
Human Rights Policy
Principle 1: Businesses should conduct and govern
themselves with Ethics, Transparency, and Accountability Cyient strives to respect and promote human rights in
accordance with the UN Guiding Principles on Business
By using the best industry standards to deliver value to all
and Human Rights. The company aims to help increase the
stakeholders, Cyient Limited continues to uphold the genuine
enjoyment of human rights within the communities in which it
spirit of Corporate Governance. Our corporate governance
operates.
structure reflects the development of a system that instills our
values, principles, management rules, and processes. Cyient If any associate suspects that someone is breaching the
provides long-term value for stakeholders by adhering to the Human Rights Policy or the law, they should notify their
FIRST values, our Code of Conduct, our vigil mechanism, data manager, Human Resources, Company legal counsel, or our
privacy policies and tools, and our grievance procedure with third-party ethics line right away.
steadfastness. Cyient’s Human Rights policy is based on the following 10
These are the factors that allow senior management and principles:
employees do business with the highest levels of integrity, ● Respect for Human Rights
commitment, and ethical and moral standards. The business
is dedicated to making a positive impact on the industry it ● Community and Stakeholder Engagement
serves as well as the long-term interests of its stakeholders. ● Inclusion and Diversity
The company’s senior management is always striving to take
● Anti-harassment and nondiscrimination
it to the next level of growth and business excellence.
● Freedom of Association and Collective Bargaining
In all of our interactions with clients, stakeholders, and
partners, Cyient Limited is guided by the values ‘FIRST’ ● Safe and Healthy Workplace
(Fairness, Integrity, Respect, Sincerity, and Transparency). ● Workplace Security
We are confident that our vision of ‘Designing Tomorrow
Together’ can be realized by upholding the highest standards ● Modern slavery and Human Trafficking
of corporate ethics and good governance procedures while ● Child Labor
remaining true to our fundamental beliefs.
● Work Hours, Wages, and Benefits
Code of Conduct:
Whistle Blower Policy
In order to reinforce corporate governance practices, the
The policy offers associates, clients, and vendors a way to
Company has created a “Code of Conduct” for its Board of
voice their concerns, in keeping with Cyient’s dedication
Directors and Senior management. The ‘Code of Conduct’
to the highest possible ethical, moral, and legal business
governs various policies, including a code of conduct for
conduct, as well as open communication. Furthermore,
directors and senior management, a code of conduct for
sufficient protections must be in place to protect associates,
insider trading prevention, and a code of practices and
clients, and vendors from retaliation or persecution as a result
processes for fair disclosure of unpublished price-sensitive
of whistleblowing in good faith.

Data Privacy
We recognise the significance of preserving the client’s personal and sensitive information when working with us. The Company
makes every effort to keep unpublished price sensitive information discreet and prevent its misuse. We prioritise process
changes and implement new tools to improve information and cyber security controls. To protect the company’s and customers’
intellectual property, we’ve implemented a Data Leak Prevention (DLP) solution. To guarantee uniformity, transparency, and
fairness in dealing with all of its stakeholders, we have a rigorous policy in place called “Code of Practises and Procedures for fair
disclosure of unpublished price sensitive information.”
Grievance Mechanism
Cyient Limited has an open grievance system, and the company’s Report on Corporate Governance discusses the facts of
investor complaints and dispositions. 141 complaints were received throughout the fiscal year, and 141 of them were resolved
to the satisfaction of the stakeholders.
Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout their life
cycle
Cyient enforces sustainable sourcing through two robust approaches namely the Vendor Code of Conduct and by scaling
up local sourcing methods year after year. All suppliers and subcontractors are subject to Cyient’s vendor code of conduct,
which requires them to do business in line with the highest ethical standards and accordance with all applicable laws, rules, and
regulations.
Cyient analyses 50% of its suppliers for the Design Led Manufacturing business based on basic environmental and social criteria.
However, the company has established a Sustainable Supply Chain framework to screen all the vendors across Engineering
Services and DLM on ESG factors in the coming years.
In FY 21-22, Cyient has 2080 suppliers, with 1137 of them situated in India, accounting for almost 54 percent of the total. In the
foreseeable future, the firm hopes to strengthen the capacity and competency of local and small-scale suppliers through its
Sustainable Supply Chain framework.
Cyient’s local sourcing strategy promotes value creation in the areas where it works while also lowering the company’s carbon
impact by avoiding sourcing items from far distances. Cyient intends to support medium and small businesses, which make up
most of its vendors.
We are working to track our waste disposal workflow to validate its end-use and streamlining processes to reduce waste
generation. The waste generated is being disposed of through the registered vendors for various waste categories. We are
further exploring the vendors in Organic Waste Composters (OWC) category.
We seek to provide holistic solutions that help our clients reach their operational and business goals, from quieter flights and
safer train journeys to a more reliable energy supply. Cyient’s technical experience, domain expertise, and service capabilities
set us apart as a Design, Build, Operate, and Maintain partner dedicated to fulfilling the demands of our clients and solving more
challenges. We use digital technology to provide comprehensive solutions across our clients’ value chains.
The following is a list of our products and services, as well as how they relate to sustainability.
Services Value to Our Clients Sustainability

Design: In order to design the future generation Designing more efficient, quicker, and cost-
• Product engineering of products, networks, and systems, we effective products, networks, and systems often
collaborate with our clients. results in a reduction in the energy and material
• Networks & operations footprint of these systems.
Build: We provide flexible manufacturing Our electronics production and mechanical
• Electronics & mechanical services to help our clients gain a long- manufacturing facilities are constantly working
manufacturing term competitive advantage. to improve efficiency and environmental
• Systems & applications Through our products, we assist our management.

clients in being nimble and competitive. We also use digital technology like smart sensors
• Geospatial data to track the operation of our machines and
product lines, as well as predictive analytics to cut
down on reactive maintenance life cycles.

Services Value to Our Clients Sustainability
Operate & Maintain: We improve our clients’ products quality, We help our clients reduce inefficiencies and
• Aftermarket services authenticity, and performance. downtime by improving the operation and
maintenance of technology solutions, allowing
• Operations support
them to maximise productivity with a given set of
• Asset management
resources.
• Data maintenance
Digital Our solutions assist businesses in: By enabling our clients to have access to more
• Internet of Things • Developing the proper skills to garner data, we assist in making better decisions, which
may translate into higher productivity, reduced
• Analytics • Insights that enable smarter decisions
inefficiencies, and the resolution of more issues.
• Additive Manufacturing to produce value
• Mobility • Converting raw and unstructured data
into actionable insights
• Augmented Reality
•
Deploying end-to-end connected
• Digital Reality
device solutions in a seamless manner
• Battery Management
Design for Circularity
Cyient has teamed up with eolos to develop a new consulting and engineering practice called ‘Design for Circularity,’ which aims
to stimulate Eco-innovation and facilitate long-term changes in industrial processes. The new practice brings together the two
businesses’ 25+ years of industrial experience and operational skills to help industries migrate to greater sustainability.
Design for Circularity advances our larger objective of creating a sustainable future. Engineering-centric industries such as rail,
automotive, aerospace, and medtech can benefit from the discipline by developing more sustainable methods, products, and
solutions.
Please see the list of services we provide below.
Solutions Offering
Traceability For giving transparency to key stakeholders, combining data from produced items along the value
chain is becoming increasingly important. By delivering the correct combination of solutions and
digital technologies, we help our customers comply with new requirements and standards.
Material Engineering & Going back to the start of the product value chain to eliminate waste. As materials are the building
Packaging Redesign blocks of the final product, we can influence the design in terms of safety and sustainability by
rethinking the materials we use to produce goods and components.
Obsolescence Obsolescence is indispensable, but with preparedness and careful planning, its impact and
Management potential for high expenses may be minimized. Our obsolescence management programme
guarantees that obsolescence is handled throughout the product life cycle, from the beginning
phases of product design development and manufacture through in-service support, to minimize
negative effect.
Rethinking the Supply Building stronger supply chains that adhere to environmental regulations
Chain
Principle 3: Businesses should promote the wellbeing of all employees
People are the foundation of Cyient’s ambitions and accomplishments. Cyient has created a dynamic work culture that draws
some of the top people and provides them with opportunities to advance professionally in this technology-driven society.
Cyient Limited is committed to providing a work environment that encourages our employees to develop and grow while
also protecting their health and safety. The company’s business is service-oriented, and its eco-system is strongly reliant
on its employees’ efficiency and effectiveness. Individual team members’ talents and performance are closely related to the
company’s financial growth and profitability.
Cyient is always striving to be the best place to work for our employees. The people function is tightly linked to the company’s
vision and the S3 strategy, which drives talent acquisition, retention strategies, and the development of next-generation leaders.
As of March 31, 2022, the firm employed 15,632. Cyient employs cutting-edge HR strategies that provide it an advantage over
its competitors.

Cyient is led by the principle that businesses should respect However, in our subsequent programs, we have ensured we
and promote the well-being of all employees, including those have representation from all gender groups. In FY 22, Cyient
in their value chains. We conduct several wellness sessions had four women on its Board of Directors and key executive
including education sessions on mental health and physical positions. Its female hiring ratio also increased to 30 percent.
health throughout the year. It involves awareness sessions on Our people strategy is aligned with our vision of ‘Designing
processes for Associates to report work-related hazards and Tomorrow Together,’ which focuses on attracting, developing,
hazardous situations and an explanation of how Associates and retaining top talent. For training and development, we
are protected against reprisals. To imbibe a culture of collaborated with several academic institutions and consulting
safety, all employees undergo safety training programs once firms throughout the world. Employees get training in a
every three months, where they receive specific training to variety of areas, including role-specific training, project group
tackle emergencies. Individual employee health check-ups / function-specific training, new technology, and leadership
are also a part of this initiative. We provide clean, sanitary skills.
workspaces with a well-defined access control system for
our employees. We also conduct health check-up camps on a Programs like TLP (Technology Leadership program) and
regular basis and teach our personnel to deal with emergency BLP (Business Leadership program) have been developed to
circumstances through fire and mock drills. Our internal upgrade and improve employee skills. An average of 38 hours
security is strengthened by our well-defined security system per FTE of Training and Development has been provided
and transportation automation, which ensures employee during FY 21-22. Cyient is using the Kirkpatrick method to
safety at work. evaluate the results of training and learning programs.
The virtual discussions are a hub for associates worldwide to For associates of various levels, we have over 2000 online
come together in the spirit of wellbeing and have events for courses accessible. Aside from byte-sized learning, our
e.g., this year we had panel discussions on corporate topics employees may still access community-based learning via
such as Happiness @ work, Gender Equality for Sustainable the internet. Blended learning, which combines many learning
Tomorrow, and Enhancing Professional Enhancement. We methodologies such as classroom, remote delivery, online,
also conducted various engagement programs on wellbeing action learning, and mentoring, is the next most popular. The
where associates from diverse backgrounds were actively technique is determined and applied based on the employee’s
involved and professionals shared their key insights on lesser- geographic location and the type of learning. From a safety
known wellbeing topics such as Laser surgery, Breast Cancer standpoint, we have facilities teams in place at all our locations
Awareness, Sports Injuries, Obesity, Behavior Disorders, etc. that work with Human Resources to push EHS initiatives.
These were all held on remarkable days such as Appreciation Value/
day, women’s day, Volunteer’s day, New Year’s bash, Holi, etc. Parameter
Description
The company’s focus has been on innovative approaches Total number of employees 15,549
to bring in new talent that will give it an advantage over
Total number of employees hired on 312
its competitors. Cyient approaches several institutions
temporary/ contractual/ casual basis
throughout India each year for their campus employment
initiative. This year we conducted Sustainability Hackathons, Number of permanent women employees 3,922
academic students and start-ups were invited to participate. Number of complaints relating to child labour, forced labour,
The evaluation was carried out at nodal points chosen by involuntary labour, sexual harassment, etc. are mentioned in
Cyient across India. the table below.
We have a strong Diversity & Inclusion council within the No. of com- No. of com-
organization. We encourage diversity and inclusion inside the S.
Category plaints filed plaints as on
organization by raising associate knowledge of several factors No
during 2020-21 end of 2021-22
such as generational diversity, gender know-your-brand, and 1 Child labour/forced Nil Nil
self-reliance, among others. Cyient’s one such initiative is its /involuntary labour
Inclusion Ambassador Program where associates volunteer 2 Sexual Harassment Nil 1
to help create and implement inclusion nudges that help 3 Discriminatory Nil 2
to transform the culture. There are no bounds to their employment
scope, but most nudges center around unconscious bias,
Cyient makes every reasonable effort to ensure that all
attracting diverse talent, and inclusive leadership. We also
concerned stakeholders are familiar with Cyient’s Business
have a structured mentorship program as a part of the DIEL
Code of Conduct and Human Right policies and are aware that
(Diversity, Inclusion, Equity Leadership) initiative focusing
any complaint in violation of such policies will be investigated.
on developing our next set of leaders. It was initiated to
The complaints received in the above-mentioned categories
develop a strong pipeline of female leadership potential.
were resolved and closed appropriately.

Principle 4: Businesses should respect the interests of, and ● Our Code of Business Conduct outlines commitment
be responsive towards all stakeholders, especially those to stakeholders, clients, and employees and provides a
who are disadvantaged, vulnerable and marginalized clear set of standards for all its professional endeavors.
Cyient Limited believes in an integrated effort to ‘Designing a All dealings across organizations are guided by its core
Sustainable Tomorrow Together’ and has always maintained values: Fairness, Integrity, Respect, Sincerity, and
ongoing involvement with all internal and external stakeholder Transparency. CEL conducts its business in accordance
groups through various channels. Our colleagues, such as with the highest ethical standards and adheres to all
leadership, senior management, and workers, are internal applicable employment, health and safety, and human
stakeholder groups, whereas community members, non- rights laws.
governmental organizations, investors, clients, and suppliers
● Our ‘Policy on Sexual Harassment’ (POSH) is committed to
are external stakeholder groups.
ensuring a safe and harassment-free workplace for every
Cyient guarantees that all stakeholders are included in the individual working on its premises. This commitment
process of understanding and assessing their needs. We is evidenced through various policies and practices to
also guarantee that client demands are met in a timely and
ensure individual and company accountability. At Cyient,
effective way. The organization has recognized four important
we endeavor to create and provide an environment that
stakeholder groups: colleagues, investors, consumers, and
is free from discrimination and harassment including
society, and caters to each of their needs, as documented/
sexual harassment. The Internal Complaints Committee
detailed elsewhere. Cyient partners with organizations
to hire people with disabilities. We provide training to our has been set up to redress complaints received regarding
management teams on how to seek accommodations for sexual harassment. All associates of the company are
people with disabilities to ensure they feel inclusive. covered under this policy.
We did a materiality assessment this year to identify ● Our ‘Vendor Code of Conduct’ outlines our commitment
ESG characteristics that are relevant and significant to to conduct business in accordance with the highest
stakeholders, in addition to the many surveys we run every ethical standards. Cyient has a responsibility to ensure its
year such as customer happiness, associate engagement, and supply chain operates responsibly and improves the lives
investor satisfaction. of workers, their communities, and the environment. We
Through Cyient Foundation, we engage in a variety of CSR expect our vendors to support and respect the protection
activities to help the communities in which we operate. of internationally proclaimed human rights and to ensure
Principle 8 dives into the specifics of these endeavors. that they are not complicit in human rights abuses.
Principle 5: Businesses should respect and promote human ● We have an efficient grievance redressal system which is
rights our core mechanism for addressing human rights in our
Cyient has a business imperative to be a responsible, organization, supplemented by various organizational
accountable, and equitable company. The foundation of policies. We also have an efficient whistleblower
which is our values of Fairness, Integrity, Respect, Sincerity, mechanism that enables all associates of the company
and Transparency (FIRST). We believe it is our responsibility to including subsidiaries to approach the Ombudsperson
respect and protect human rights and to contribute to positive of the company and make protective disclosures about
human rights impacts. Some of the steps that we have taken unethical behavior and actual or suspected fraud.
to safeguard human rights are: Principle 6: Business should respect, protect, and make
● Our ‘Human Rights Policy’ is developed in accordance efforts to restore the environment
with the UN Guiding Principles on Business and Human
Our ‘Sustainability Policy’ acts as a guiding principle to
Rights and strictly adheres to the human rights laws and
integrate ESG aspects across our business with a commitment
guidelines of the International Bill of Human Rights. Our
towards achieving sustainable growth. It outlines Cyient’s
policy applies to all Cyient Ltd. and all its subsidiaries. We
commitment to ‘Design A Sustainable Tomorrow Together’,
aim to increase the enjoyment of human rights within the
focusing on circularity, designing utilities for tomorrow,
communities in which we operate. Our Human Rights
and creating social value that shall deliver a long-term
Policy is a cornerstone in these endeavors. It is based on
sustainable value to the ecosystem. It is applicable across
the following 10 principles: Respect for Human Rights,
all our project sites and locations of operations globally. We
Community and Stakeholder Engagement, Inclusion
have embraced ESG as a key agenda to our ESG framework.
and Diversity, Anti-harassment and nondiscrimination,
This framework has been developed based on three core
Freedom of Association and Collective Bargaining, Safe
pillars, i.e., Responsible – Equitable – Accountable, with 13
and Healthy Workplace, Workplace Security, Modern
focus areas. This framework shall be supported by an effective
slavery and Human Trafficking, Child Labor, Work Hours, multi-tier ESG governance structure where the existing
Wages and Benefits.

‘Board of Directors’ shall act as the apex committee providing We have revised our vendor code of conduct for the
leadership on the organization’s sustainability agenda and integration of sustainability aspects, this shall be used to
future goals, the second tier is the ‘Sustainability Committee’ encourage suppliers adopt sustainable practices across their
which shall own the sustainability goals/targets and steer value chain. At Cyient, we are committed to supporting the
the sustainability agenda of the organization and lastly the conversion of today’s linear or “throwaway” economy into
‘Working Group’ which shall be responsible for the overall a more circular one by focusing on re-designing products,
implementation of sustainability programs/initiatives for processes, and solutions to ensure minimal waste and
their respective functions. Thus, enabling robust governance, optimized use of resources. Cyient organized CyientifIQ
transparency thereby establishing a conducive environment Sustainability Hackathon, a global hackathon for student and
ensuring no compromise on ethics and values amidst dynamic start-up ecosystem to curate innovative solutions to address
externalities including pandemic and natural calamities. sustainability as a major business and environmental concern.
We have also integrated Environmental, Social and Governance 5200 students participated in designing solutions focusing on
(ESG) risk into our enterprise risk management framework. sustainability aspects and the event became a huge success.
We focus on the issues that impact our stakeholders most in Principle 7: Businesses, when engaged in influencing public
terms of materiality to optimize our efforts. These material and regulatory policy, should do so in a responsible manner
issues are determined through active engagement and running At Cyient, we believe in collaborative approach and extensive
a materiality assessment based on the GRI framework with stakeholder engagement to enable consistent dialogue.
our stakeholders, including investors, customers, suppliers, We are members of various industry bodies including
associates, partners, leadership teams, and others. Confederation of Indian Industry, National Association of
To advance our progress on ESG we have undertaken various Software and Service Companies, Global Compact Network,
initiatives: India Indo-American Chamber of Commerce, National HRD
Cyient has made considerable progress in renewable energy Network, The Federation of Telangana and AP Chambers
by deploying energy conservation practices across our of Commerce and Industry and Hyderabad Management
operations, purchasing electricity through power purchase Association.
agreements, and shifting towards alternate energy sources We were never advocated nor lobbied through the above-
across our sites. This year, solar panel installation work was mentioned associations for the advancement or improvement
completed at Vizag, Kakinada, and Warangal sites. We are in of public good.
the process of enhancing renewable energy share across all Principle 8: Businesses should support inclusive growth and
our operations. We have also expanded the reporting coverage equitable development
of our energy consumption and relative emissions from
India to overseas locations. We carried out the greenhouse Our CSR spend in FY 22 was ₹ 9.40 crores
gas inventorisation to estimate the emission intensity and Cyient’s ‘Global Policy on Corporate Social Responsibility’
accordingly set the mitigation strategy. Along with our focus outlines its philosophy of “Empowering Tomorrow Together”
on Scope 1 and 2 emissions, we are mapping emissions that Cyient and its subsidiaries’ abiding concern for society
originate from our associates commuting between their and environment. As responsible corporate citizens, we
homes and the workplace. undertake several transformational initiatives that contribute
Water stewardship is one of Cyient’s key focus areas across towards community empowerment and all-round societal
our operations. Several measures have been rolled out for development. With strategic social investments in several
optimizing water use and conservation. We have installed key areas like healthcare, smart villages, skill development,
aerators and motion sensors to ensure water-efficient and education, we foster long-term sustainable community
operations. We are metering our water consumption at development, and drive growth initiatives that aim to make a
Cyient-owned sites. We are also exploring water reuse and meaningful impact in people’s lives.
recycling methods. This year we installed a sewage treatment Cyient’s Corporate Social Responsibility (CSR) activities are
plant at our sites in Warangal and Madhapur and renovated the spearheaded by the Cyient Foundation and Cyient Urban
existing one at Manikonda site. We are also in the process of Micro Skill Centre Foundation. Cyient is guided by its CSR
setting up sprinklers for landscaping at our sites in Manikonda, committee and policy and vision. The Company has formed
Madhapur & Warangal. We are in the process of collaborating a CSR committee as per Section 135 of the Companies Act,
with organizations regarding hazardous & non-hazardous 2013 to formulate and recommend to the Board, a Corporate
waste disposal and the implementation of a bio compost Social Responsibility Policy which shall indicate the activities
machine in our facility. The emissions and waste generated by to be undertaken by the company as specified by law. CSR
the company are within the permissible limits given by CPCB/ programs are focused under 4 pillars i.e., Education, Health
SPCB. No show cause/legal notices have been received from Sanitation & Hygiene, Skill Development, IT Literacy, Disaster
CPCB/SPCB during the previous financial year. Relief and Rehabilitation and Associates Volunteering. We

carry out impact assessments of our projects which are Our key CSR initiatives for the financial year include the
operational since at least 3 years. following
Key Highlights for FY 21-22 Skill Development, Innova-
Education & IT Literacy
● As part environmental initiatives, over 18,000 square tion & Entrepreneurship
meters of land in and around adopted schools and village ● Quality primary and sec- ● Support in ending discrim-
were developed 41 rainwater harvesting pits and helped in ondary education through ination against women
ground water recharging. adoption of schools and girls through skill de-
● Planted over 60,000 trees in the last 6 Years, with the velopment.
● Eliminate discrimination in
survival rate over 84%. Received award from CII Telangana education ● Empower the women &
for the 6th consecutive year for the plantation initiatives. promote youth employ-
● Build and upgrade inclu-
ment, education, and
● With 28 government schools across four states in sive and safe schools
training through IT/ITES &
India and over 80 digital centers providing access to IT ● Provide qualified teachers CUMSC Centers
education to 35,000 children and adults in four states of and STEM Programs in In-
India. ● Support institutions like
dia and Overseas
IIT Hyderabad to enhance
● Supported over 1.2 lakh children gain access to quality ● Adult IT literacy program innovation, research, and
education by providing various teaching aids, school through Cyient Digital technologies
infrastructure, health, and nutrition, and ICT/IoT facilities Centers
in Cyient adopted schools. ● Support domestic tech-
nology development and
● Ensured continuous access of education to industrial diversification
underprivileged children, through ICT and IOT. Over 6000
children used Cyient Digital Centers (CDC) for attending Community Development Healthcare & Pandemic
online classes. & Environment Response
● Through Cyient Urban Micro Skill Center (CUMSC) trained • Provide safe drinking • Nutritional supplements
over 2100 unemployed youth and women in tailoring, water, wastewater man- to women & children
baking, beauty courses, retailing, and bedside assistance agement & safe reuse in in reducing maternal
skills, helped in sustainable livelihood generation. Cyient Adopted Villages mortality and infant deaths
● Through Cyient IT/ITES Skill Center trained over 500 and Schools under 5 years through
rural unemployed diploma holders and graduates (non- Anganwadi Centers in
• End open defecation and
engineering) in IT skills in Telangana and provided Adopted Villages
provide access to sanita-
livelihood opportunity. tion and hygiene in Com- • Extend support to
● Assisted in developing makeshift hospitals for the munity research in Healthcare
fight against Covid19 and treated over 10,000 Covid19 to develop affordable
• Provide water and sanita-
Patients. Provided over 57,525 free quality packed meals medicines. Support to
tion through WASH Pro-
to patient attendees in and around Covid19 Care Centers pandemic response
gram in Serilingampally,
and distributed over 6,120 Dry Ration Kits to the needy in initiatives in community
Telangana
community. • Conduct awareness
• Develop urban forestry
● Through Cyient Urban Micro Skill Center and its programs in Adopted
lands and provide access
implementation partners trained over 1000 bedside villages on sustainable
to safe and inclusive green
care attendants and deployed in Covid19 Care Centers, food production and
and public spaces
Isolation Centers and Government Hospitals. resilient agricultural
practices
● Assisted the state government of Telangana & Andhra
Pradesh by distributing over 3.36 Lakhs masks and Principle 9: Businesses should engage with and provide value
over 19,000 PPE Kits for free to the Health Workers, to their customers and consumers in a responsible manner
Community People and School Children. The craft of delivering highest standards of safety, reliability,
and performance has been epitomized by Cyient since its

inception. We are committed to creating and delivering 22163:2017 International Railway Industry Standards, TL 9000
engineering services and solutions that exceed customer R 6.0/R 5.5V the Telcom QMS, ISO 14001:2015 Environmental
expectations and enhance the level of business profitability. Management System, ISO 45001-2018 Occupational Health
We believe that customer-centricity is key to long-term and Safety Management System and CMMI-DEV Version 2.0
business sustainability and consistently strive forth to ensure Level 5, Capability Maturity Model Integration.
higher customer satisfaction through our efforts in product All interactions with our customers are based on a strong
innovation, R&D activities and ensuring enhanced lifecycle of foundation of our Values ‘FIRST’ philosophy of Fairness,
the product. Integrity, Respect, Sincerity and Transparency. Customer
We stand firm to our reputation for providing our clients with Satisfaction Surveys are conducted on an annual basis. This
world class quality through an effective Quality Management provides valuable feedback for the Company for providing the
system in place and best practices that are aligned with best possible service to customers and continuously improve
the internationally renowned quality standards and models our engagement with them.
like ISO 9001:2015 Quality Management Systems, ISO There have been no complaints and none pending against
27001:2013 Information Security Management Systems, AS the Company regarding unfair trade practices, irresponsible
9100 DQMS requirements for Aviation, Space and Defense advertising and/or anti-competitive behavior during the last
Organizations, ISO 13485:2016 Medical devices QMS, ISO five years as of March 31, 2022.

Annexure-B
ANNUAL REPORT ON CSR ACTIVITIES

(Pursuant to Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014,
as amended)
1. A brief outline of the company’s CSR policy:
CSR Vision and Objectives
The Cyient CSR policy encompasses the company’s philosophy for delineating its responsibilities as a Responsible
Corporate Citizen. It lays down the guidelines and mechanism for undertaking socially useful program for welfare and
sustainable development of the community at large. The policy is titled “CYIENT CSR Policy” (“CSR Policy”).
This policy is applicable to all CSR initiatives and activities taken up at the various offices and global locations of Cyient, for
the benefit of the society—a key stakeholder of the company.
This policy and the operational guidelines are framed with subject to and pursuant to the provisions of the Companies Act,
2013 (Act) and the rules and regulations made thereunder.
CSR Objective, Vision and Mission Statements
Cyient believes in the philosophy of returning to society as a measure of gratitude for what it has taken from it. In view of
this, the company’s corporate social responsibility (CSR) aims to extend beyond charity and enhance social impact.
The Company’s CSR vision includes the following:
• To help underprivileged children to access the quality education; up skill the unemployed youth and women for sustainable
living.
• To participate in projects with business aligned innovation; responsive to the community needs. Support extends to the
community development programs by participating in disaster management.
The Company’s CSR mission
Achieving long-term, holistic development of the community around us by being committed to create and support programs
that bring about sustainable changes through education, environment, and healthcare systems.
Undertaking CSR Activities
Cyient will undertake its CSR activities, approved by the CSR Committee (Currently, the Environment, Social and Governance
Committee), through the Cyient Foundation or such other entity/organization as approved by the CSR Committee.
The surplus arising out of the CSR activities, projects or programs shall not form part of the business profit of the Company.
2. The composition of the CSR committee:
The Company has constituted a Corporate Social Responsibility Committee in line with the requirements of provisions of
Section 135 of the Companies Act, 2013 and details of its members are as follows:
Designation / Number of meetings of Number of meetings

Sl. Name of the
CSR Committee held of CSR Committee
No. Director Nature of Directorship during the year attended during the year
1. Vinai Thummalapally Director and Chairman of the Committee 1 1
2. BVR Mohan Reddy Director and member of the Committee 1 1
3. Krishna Bodanapu Director and member of the Committee 1 1
The CSR Committee subsumed on constitution of ESG Committee, which currently deals with all matters pertaining to Corporate
Social Responsibility. The Composition of the ESG Committee is as follows:
Sl. Name of the Director Designation/Nature of Directorship

No.
1. Vinai Thummalapally Director and Chairman of the Committee
2. Matangi Gowrishankar Director and member of the Committee
3. Alain A De Taeye Director and member of the Committee

3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the company: https://www.cyient.com/hubfs/2021/CSR/Cyient_CSR_Policy_3.1.pdf
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate
Social responsibility Policy) Rules, 2014:
Impact assessment was conducted on Education and Literacy initiatives. The same nay be accessed at https://www.cyient.
com/hubfs/2022/CSR/Independent_CSR_Impact_Assessment_Report-Cyient_CSR_Initiatives_FY21-22.pdf
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount required for set-off for the financial year
Sl. Amount available for set-off from Amount required to be set- off for the
Financial Year
No. preceding financial years (in ₹) financial year, if any (in ₹)
1 2021-22 NA NA
2 2020-21 NA NA
3 2019-20 NA NA
6. Average net profit of the company as per section 135(5):
CSR Computation for FY 21 – 22

Particulars FY 2018 - 19 FY 2019 - 20 FY 2020 - 21
Net profit for deciding the CSR criteria 4,992,548,030 3,737,342,785 3,398,054,267
Average Profit for preceding 3 years 4,042,648,361
CSR @2% 80,852,967
7. (a) Two percent of average net profit of the company as per section 135(5): ₹ 80,852,967
(b) Surplus arising out of the CSR projects or programs or activities of the previous financial years: ₹ 15,043,136
(c) Amount required to be set off for the financial year, if any: - NIL
(d) Total CSR obligation for the financial year (7a+7b-7c): ₹ 80,852,967
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (in `)

Total Amount Total Amount transferred to Un- Amount transferred to any fund specified under
Spent for the spent CSR Account as per section Schedule VII as per second proviso to section 135(5)
Financial 135(6).
Year 21-22. (in `)
Name of the
Amount. Date of transfer. Amount. Date of transfer
Fund
Rs. 94,001,034.18 NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7)

Local Location of the
project. Project Amount allo-
Sl. Name of the Item from the list of activities area
dura- cated for the
No. Project in Schedule VII to the Act. (Yes/ Dis-
State. tion. project (in ₹)
No). trict.
1. Innovation, (ix) (b) Contributions to public Yes Telangana – 3 Years 60,000,000
Entrepreneurship, funded Universities; Indian Hyderabad,
Research and de- Institute of Technology (IITs) Sangareddy
velopment in the engaged in conducting re-
Technology search in science & technology
2. Community (i) Eradicating hunger, poverty Yes Telangana , Ran- 3 Years 20,000,000
Development and malnutrition, [‘‘promoting ga Reddy District
Initiatives health care including preven-
tive health care’’] and sanita-
tion and safe drinking water
Total 80,000,000

(8) (9) (10) (11)
Amount transferred to Mode of Implementation – Through Implementing
Amount spent in Mode of
Unspent CSR Account Agency
the current finan- Implementation –
for the project as per
cial Year (in `) Direct (Yes/No) Name CSR Registration number
Section 135(6) (in `)
19,600,000 NA Yes Cyient Foundation CSR00004617
5,000,000 NA Yes Cyient Foundation CSR00004617
24,600,000 NA
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)

Mode of Mode of implementa-
Item from the Local Location of the
Name of Amount spent implemen- tion – Through imple-
Sl. list of activities area project.
the for the project tation – menting agency.
No. in schedule VII to (Yes/
Project Dis- (in ₹). Direct (Yes/ CSR registra-
the Act. No). State. Name.
trict. No). tion number.
1. Communi- (i) Eradicating Yes Ranga Reddy 600,0000 Yes Cyient CSR00004617
ty Devel- hunger, poverty District, Founda-
opment and malnutrition, Telangana tion
Initiatives [‘‘promoting
health care in-
cluding preven-
tive health care’’]
and sanitation
and safe drinking
water
2. Education (ii) promoting ed- Yes Telangana – 46,082,2888 Yes Cyient CSR00004617
and Skills ucation, including Hyderabad, Founda-
Initiatives special education Ranga Reddy & tion
and employ- Warangal
ment enhancing Andhra Pradesh
vocation skills – Kakinada,
especially among Visakhapatnam,
children, youth, Prakasam &
women and Nellore Karna-
elderly, livelihood taka – Bangalore
enhancement & Mysore Uttar
projects. Pradesh – Noida
3. Environ- (iv) ensuring Yes Telangana – Hy- 916,668 Yes Cyient CSR00004617
mental environmental derabad & Rural Founda-
& Animal sustainability, Areas tion
Welfare ecological bal- Andhra Pradesh
ance and animal – Prakasam
welfare, conser- District
vation of natural
resources and
maintaining
quality of soil, air
and water

(1) (2) (3) (4) (5) (6) (7) (8)
Mode of Mode of implementa-
Item from the Local Location of the
Name of Amount spent implemen- tion – Through imple-
Sl. list of activities area project.
the for the project tation – menting agency.
No. in schedule VII to (Yes/
Project Dis- (in ₹). Direct (Yes/ CSR registra-
the Act. No). State. Name.
trict. No). tion number.
4. Promoting (iii) Promoting Yes Telangana – 5,256,524 Yes Cyient CSR00004617
Gender gender equality, Ranga Reddy, Founda-
Equality empowering Hyderabad tion
and Wom- women and mea- Andhra Pradesh
en empow- sures for reduc- – Srikakulam
erment ing inequalities Karnataka – My-
faced by socially sore & Banga-
and economi- lore
cally backward
groups.
5. Covid19 (xii) disaster Yes Telangana – 9,778,015 Yes Cyient CSR00004617
Relief and management, Ranga Reddy, Founda-
Rehabilita- including relief, Hyderabad tion
tion rehabilitation and Andhra Pradesh
reconstruction – Srikakulam
activities. Karnataka – My-
sore & Banga-
lore
6. Rural De- (x) rural develop- Yes Andhra Pradesh 2,322,624 Yes Cyient CSR00004617
velopment ment projects] – Prakasam Founda-
3[(xi) slum area Telangana – tion
development. Ranga Reddy &
Wanaparthy
Total 64,956,119
(d)
Amount spent in Administrative Overheads: ₹ 4,444,915
(e)
Amount spent on Impact Assessment, if applicable: NA
(f)
Total amount spent for the Financial Year (8b+8c+8d+8e): ₹ 94,001,034
(g)
Details of excess amount for set off, if any:
Sl.
Particulars Amount (in ₹.)
No.
(i) Two percent of average net profit of the company as per section135(5) 80,852,967
(ii) Total amount spent for the Financial Year 94,001,034
(iii) Excess amount spent for the financial year [(ii)-(i)] 13,148,066
(iv) Surplus arising out of the CSR projects or programs or Activities of the previous financial year, 15,043,136
if any
(v) Amount available for setoff in succeeding financial year[(iii)-(iv)] 28,191,203

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount Amount transferred to any fund

Amount Amount remain-
transferred to specified under Schedule VII as per
Preceding spent in the ing to be spent
Sl. Unspent CSR section 135(6), if any.
Financial Reporting in succeeding
No. Account under
Year. Financial Year Name of Amount Date of financial years.
section 135(6)
(in ₹.) the Fund (in ₹). transfer. (in ₹.)
(in₹.)
1 2020-21 NA NA NA NA NA NA
TOTAL NA NA NA NA NA NA
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Mode of implementation
Through agency
S. Name of the Project Year of Local State District Proj- Project Expen- Cumulative Status Name CSR Reg.
No com- Area ect cost in diture in Expenditure number
mence- (Yes/ Dura- Million Million at the end
ment of No) tion in during of reporting
the project Years FY21-22 FY21-22
1 Construction of 28-03- Yes Telangana Sangareddy 3 60 20 20 Ongoing Cyient CSR00004617
School of Innovation 2022 Foundation
and Entrepreneurship
(Phase1)
2 Financial Assistance 20-10- Yes Telangana Hyderabad 3 20 5 5 Ongoing Cyient CSR00004617
to Asian Healthcare 2021 Foundation
Foundation
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year:
(a) Date of creation or acquisition of the capital asset(s): NA
(b) Amount of CSR spent for creation or acquisition of capital asset: NA
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address
etc: NA
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset):
NA
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): NA
Vinai Thummalapally Krishna Bodanapu

Chairman of CSR (ESG) Committee Managing Director & CEO
(DIN-07797921) (DIN-00605187)

SECRETARIAL AUDIT REPORT Annexure-C
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To
The Members,
Cyient Limited
(CIN: L72200TG1991PLC013134)
4th Floor, ‘A’ Wing, Plot No.11,
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Cyient Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided me a
reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the company and also the information provided and declarations made by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the company has, during the audit
period covering the financial year ended on 31st March, 2022 complied with the statutory provisions listed hereunder and also
that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to
the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by “the Company” for
the financial year ended on 31st March, 2022 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) Employees’ State Insurance Act, 1948 and Employees’ State Insurance (General) Regulations, 1950;
(vi) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and The Employees’ Provident Funds Scheme,
1952;
(vii) The Payment of Bonus Act, 1965 and the Payment of Bonus Rules, 1965;
(viii) The Contract Labour (Regulation and Abolition) Act, 1970 and the Contract Labour (Regulation and Abolition) Central Rules,
1971;
(ix) Income Tax Act, 1961 and rules made thereunder;
(x) Central Goods and Services Tax Act, 2017 and rules made thereunder;
(xi) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India(Share Based Employee Benefits) Regulations, 2013;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2015;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India;
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(iii) Information Technology Act 2000 ; Information Technology (Amendment) Act 2008 & Rules for the Information
Technology Act 2000
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
I further report that The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took
place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent
at least seven days in advance for meetings other than those held at shorter notice, and a system exists for seeking and
obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at
the meeting.
As per the minutes, the decisions at the Board Meetings were taken unanimously.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines etc.
S. Chidambaram
Practicing Company Secretary:
FCS No. 3935
Place: Hyderabad C P No: 2286
Date: 16.04.2022 UDIN No: F003935D000139895

To
The Members,
Cyient Limited
(CIN: L72200TG1991PLC013134)
My Secretarial Audit Report of even date is to be read along with this letter.
1 The maintenance of Secretarial records is the responsibility of the Management of the Company. Further, the Company is
also responsible for devising proper systems and process to ensure the compliance of the various statutory requirements
and governance systems.
2 It is the responsibility of the Management of the Company to ensure that the systems and process devised for operating
effectively and efficiently.
3 My responsibility is to express an opinion on these secretarial records based on my audit.
4 I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness
of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected
in Secretarial records. I believe that the process and practices followed provide a reasonable basis for my opinion.
5 Wherever required, I have obtained the Management representations about the compliance of laws, rules and regulations
and happening of events etc.
6 The Compliance of the provisions of other applicable laws, rules and regulations is the responsibility of the management. My
examination was limited to the verification of procedure on test basis.
7 The secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
S. Chidambaram
FCS No. 3935
Date: 16.04.2022 UDIN No: F003935D000139895

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)
To,
The Members of
CYIENT LIMITED,
Software Units Layout Infocity,
Madhapur Hyderabad - 500081.
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of CYIENT LIMITED
having CIN L72200TG1991PLC013134 and having registered office at 4th Floor, ‘A’ Wing, Plot No.11, Software Units Layout,
Infocity, Madhapur, Hyderabad - 500081 (hereinafter referred to as ‘the Company’), produced before me by the Company for
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its
officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending
on 31st March, 2022 have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.
S. No. Name of Director Designation DIN Date of appoint-

ment in Company
1 Murugappan Murugappan Muthiah Non-executive Chairman 00170478 10/08/1997
2 Venkat Rama Mohan Reddy Non-executive & Non indepen- 00058215 28/08/1991
Bodanapu dent Director
3 Alain A De Taeye Non-executive & Non indepen- 03015749 21/04/2010
dent Director
4 Ganesh Venkat Krishna Bodanapu Managing Director & CEO 00605187 24/04/2014
5 Ajay Aggarwal Executive Director and CFO 02565242 22/04/2021
6 Karthikeyan Natarajan Executive Director and COO 03099771 22/04/2021
7 Vinai Kumar Thummalapally Independent Director 07797921 20/04/2017
8 Vikas Sehgal Independent Director 05218876 17/10/2018
9 Matangi Gowrishankar Independent Director 01518137 25/04/2019
10 Vivek Narayan Gour Independent Director 00254383 25/04/2019
11 Ramesh Abhishek Independent Director 07452293 12/08/2020

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
Place: Hyderabad
Date: 16.04.2022 S. Chidambaram
FCS No. 3935
C P No: 2286
UDIN: F003935D000139939

SECRETARIAL AUDIT REPORT Annexure-D
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration Personnel)
Rules, 2014]
To (vii) The Contract Labour (Regulation and Abolition) Act,

The Members 1970 and the Contract Labour (Regulation and Abolition)
CYIENT DLM PRIVATE LIMITED Central Rules, 1971;
(CIN: U31909TG1993PTC141346)
(viii) Income Tax Act, 1961 and rules made thereunder;
Cyient Limited, 3rd Floor, Plot No. 11,
Software Layout Units, Infocity (ix) Central Goods and Services Tax Act, 2017 and rules made
Hyderabad - 500081. thereunder;
I have conducted the secretarial audit of the compliance of (x) The Information and Technologies Act, 2000.
applicable statutory provisions and the adherence to good I have also examined compliance with the applicable
corporate practices by CYIENT DLM PRIVATE LIMITED. clauses of the following:
Secretarial Audit was conducted in a manner that provided
me a reasonable basis for evaluating the corporate conducts/ (i) Secretarial Standards issued by The Institute of
statutory compliances and expressing my opinion thereon. Company Secretaries of India;
Based on my verification of the Company’s books, papers, The Following Acts, Rules and Regulations, Guidelines are
minute books, forms and returns filed and other records not applicable to the Company during the Audit Period:
maintained by the company and also the information provided (i) The Securities Contracts (Regulation) Act, 1956
and declarations made by the Company, its officers, agents and (‘SCRA’) and the rules made thereunder;
authorized representatives during the conduct of secretarial
audit, I hereby report that in my opinion, the company has, (ii) The following Regulations and Guidelines prescribed
during the audit period covering the financial year ended on under the Securities and Exchange Board of India Act,
31st March, 2022 complied with the statutory provisions listed 1992 (‘SEBI Act’):-
hereunder and also that the Company has proper Board- (a) The Securities and Exchange Board of India
processes and compliance-mechanism in place to the extent, (Substantial Acquisition of Shares and
in the manner and subject to the reporting made hereinafter: Takeovers) Regulations, 2011;
I have examined the books, papers, minute books, forms and (b) The Securities and Exchange Board of India
returns filed and other records maintained by “the Company” (Prohibition of Insider Trading) Regulations,
for the financial year ended on 31st March, 2022 according to 1992;
the provisions of:
(c) The Securities and Exchange Board of India
(i) The Companies Act, 2013 (the Act) and the rules made
(Issue of Capital and Disclosure Requirements)
thereunder;
Regulations, 2009;
(ii) The Depositories Act, 1996 and the Regulations and Bye-
(d) SEBI (Share based Employee Benefits and Sweat
laws framed thereunder;
Equity) Regulations, 2021;
(iii) Foreign Exchange Management Act, 1999 and the rules
(e) The Securities and Exchange Board of India (Issue
and regulations made thereunder to the extent of Foreign
and Listing of Debt Securities) Regulations,
Direct Investment, Overseas Direct Investment and
2008;
External Commercial Borrowings;
(f) The Securities and Exchange Board of India
(iv) Employees’ State Insurance Act, 1948 and Employees’
(Registrars to an Issue and Share Transfer
State Insurance (General) Regulations, 1950;
Agents) Regulations, 1993 regarding the
(v) The Employees’’ Provident Funds and Miscellaneous Companies Act and dealing with client;
Provisions Act, 1952 and The Employees’ Provident
(g) The Securities and Exchange Board of India
Funds Scheme, 1952;
(Delisting of Equity Shares) Regulations, 2009;
(vi) The Payment of Bonus Act, 1965 and the Payment of and
Bonus Rules, 1965;
(h) The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 1998;

(i) the Securities and Exchange Board of on the agenda items before the meeting and for meaningful
India (Listing Obligations and Disclosure participation at the meeting.
Requirements) Regulations, 2015; Majority decision is carried through and no members has
During the period under review the Company has complied dissented any of the Resolutions.
with the provisions of the Act, Rules,Regulations, Guidelines, I further report that there are adequate systems and processes
Standards, etc. in the company commensurate with the size and operations of
I further report that subject to my observations, The Board the company to monitor and ensure compliance with applicable
of Directors of the Company is duly constituted with proper laws, rules, regulations and guidelines.
balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of
the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of
the Act. S. Chidambaram
Adequate notice is given to all directors to schedule the Practicing Company Secretary:
Board Meetings, agenda and detailed notes on agenda were FCS No. 3935
sent at least seven days in advance, and a system exists for Place: Hyderabad C P No: 2286
seeking and obtaining further information and clarifications Date: 16.04.2022 UDIN: F003935D000140258

To
The Members
CYIENT DLM PRIVATE LIMITED
(CIN: U31909TG1993PTC141346)
My Secretarial Audit Report of even date is to be read along with this letter.
1 The maintenance of Secretarial records is the responsibility of the Management of the Company. Further, the Company is
also responsible for devising proper systems and process to ensure the compliance of the various statutory requirements
and Governance systems.
2 It is the responsibility of the Management of the Company to ensure that the systems and process devised for operating
effectively and efficiently.
3 My responsibility is to express an opinion on these secretarial records based on my audit.
4 I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness
of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected
in Secretarial records. I believe that the process and practices followed provide a reasonable basis for my opinion.
5 Wherever required, I have obtained the Management representations about the compliance of laws, rules and regulations
and happening of events etc.
6 The Compliance of the provisions of other applicable laws, rules and regulations is the responsibility of the management. My
examination was limited to the verification of procedure on test basis.
7 The secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.
S. Chidambaram
FCS No. 3935
Date: 16.04.2022 UDIN: F003935D000140258

Annexure-E
DETAILS OF STOCK OPTIONS PURSUANT TO SEBI REGULATIONS

A. Disclosure as per section 133 of the Companies Act, 2013 with ‘Guidance note on accounting for employee share- based
payments’
The Company recognizes compensation expense relating to share based payments in the statement of profit and loss,
using fair value in accordance with Ind AS 102, Share based payments. The Company issues equity-settled and cash-settled
share based options to eligible employees under various stock option schemes established after June 19, 1999.
These stock options are measured at the fair value of the equity instruments at the grant date, based on option valuation
model (Black Scholes model) . The fair value determined at the grant date of the stock options is expensed on a straight-line
basis over the vesting period, based on the Company’s estimate of the equity instruments that will eventually vest, with a
corresponding increase in share based payments reserve in equity.
At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to
vest. The impact of the original estimates, if any, is recognised in statement of profit and loss such that the cumulative
expense reflects the revised estimate, with a corresponding adjustment to the share based payments reserve in equity.
The equity settlement component is not remeasured at each reporting date. The cash settlement component is remeasured
at each reporting date and at settlement date based on the fair value liability with any changes in the fair value recognised in
the statement of profit and loss. The dilutive effect of outstanding options if any is reflected as additional share dilution in
the computation of diluted earnings per share.
B. Disclosure of Dilute EPS as per Indian Accounting Standards – Earnings Per Share
Associate Associate Associate

Associate
Stock Stock Restricted
1 Diluted EPS Stock Option
Option Plan Option Plan Stock Units
Scheme 2021
2008 2015 Scheme 2020
i. Method of calculation of employee The Company has calculated the employee compensation cost using the
compensation cost fair value of the stock options.
ii. Difference between the employee Not Applicable. The Company has calculated the employee compensation
compensation cost so computed at (i) cost using the fair value of the stock options.
above and the employee compensation
cost that shall have been recognised if
it had used the fair value of the options
iii. The impact of this difference on profits Not Applicable. The Company has calculated the employee
and on EPS of the company compensation cost using the fair value of the stock options.
C. Details related to ESOS (ASOP)

Associate
Sl. Stock Stock Restricted
Description Stock Option
No. Option Plan Option Plan Stock Units
Scheme 2021
2008 2015 Scheme 2020
i) Description of ESOS
1. Date of shareholder’s approval 23 February
23 July 2008 16 Juy 2015 5 March 2020
2021
2. Total number of options approved 20,00,000
under ESOS (including 12,00,000 10,50,000 10,79,000
bonus 1:1)
3. Vesting requirement 36 Months 36 Months 36 Months 36 Months
4. Exercise price or pricing formula Market price as defined in SEBI Grant price is the face value of the
(Share Based Employee Benefits) equity shares of the Company,
Regulations, 2014 i.e., ` 5.00
5. Maximum term of options granted 5 years 5 years 5 years 5 years

Associate
Scheme 2021
2008 2015 Scheme 2020
6. Source of shares (primary, secondary or
Primay Primay Primay Secondary
combination)
7. Variation in terms of options NA NA NA NA
ii) Method used to account for ESOS
i) Intrinsic value Fair Value Fair Value Fair Value Fair Value
ii) Fair value
iii) If opts for Intrinsic value, the difference
between the employee compensation
cost so computed and the employee
NA NA NA NA
compensation cost that shall have been
recognized if it had used the fair value of
the options.
D) Option movement during the year

Associate
Scheme 2021
2008 2015 Scheme 2020
1. Number of options outstanding at the
121,000 855,468 186,200 NIL
beginning of the period
2. Number of options granted during the year Nil 92,000 33,780 NIL
3. Number of options lapsed during the year 12,500 104,146 3,794 NIL
4. Number of options forfeited during the year 12,500 104,146 3,794 NIL
5. Number of options vested during the year 121,000 238,262 130,866 NIL
6. Number of options exercised during the year 72,640 163,424 51,540 NIL
7. Number of shares arising as a result of
72,640 163,424 51,540 NIL
exercise of options
8. Money realized by exercise of options (INR),
if scheme is implemented directly by the 29,842,520 98,214,307 257,700 NIL
company
9. Loan repaid by the Trust during the year from
NA NA NA NIL
exercise price received
10. Number of options outstanding at the end of
35,860 679,898 164,646 NIL
the year
11. Number of options exercisable at the end of
35,860 679,898 164,646 NIL
the year
E) Weighted average exercise prices and weighted average fair value of stock options granted, where exercise price either

equals or exceeds or is less than the market price of the stock
Stock Options granted Weighted average Weighted average fair Closing market price at NSE
on exercise price (in ₹) value (in₹) on the date of grant (in ₹)
11/10/17 518.00 654.45 518.90
17/01/18 583.00 629.00 590.20
11/07/18 741.00 744.00 740.50
24/08/18 730.00 727.00 730.00
16/10/18 678.00 688.80 677.40
16/01/19 615.00 616.05 614.60
26/09/19 448.00 453.00 447.40
16/10/19 456.00 456.00 455.30
15/01/20 450.00 453.90 449.40
06/05/20 222.00 221.20 221.20
16/07/20 269.00 215.40 268.85
16/07/20 5.00 215.40 268.85
14/10/20 378.00 379.85 376.90
21/01/21 490.00 505.45 501.80
21/04/21 671.00 695.00 684.65
14/07/21 857.00 879.70 874.00
14/07/21 5.00 879.70 874.00
19/01/22 1011.00 1,023.95 985.95
F) Employee wise details:
a) Senior Management:
Number of Options Granted

Associate Associate Associate Exercise
Sl. Associate
Name Designation Stock Stock Restricted Price
No. Stock Option
Option Option Stock Units (`)
Scheme 2021
Plan 2008 Plan 2015 Scheme 2020
1. Ajay Aggarwal Executive Director and Nil Nil 3,200 5
NIL
CFO
2. Karthikeyan Executive Director and Nil Nil 20,800 5
NIL
Natarajan COO
3. PNSV Narasimham Chief Human Resources Nil Nil 1,600 5
NIL
Officer

b) any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during
that year:

Sl. Associate Associate Associate
Name Designation Associate Exercise
No. Stock Stock Restricted
Stock Option Price
Option Plan Option Plan Stock Units
Scheme 2021
2008 2015 Scheme 2020
Nil
c) identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital
(excluding outstanding warrants and conversions) of the company at the time of grant:

Sl. Associate Associate Associate Associate Exercise
Name Designation Stock Stock Restricted Stock
No. Price
Option Plan Option Plan Stock Units Options
2008 2015 Scheme 2020 Scheme 2021
Nil
G) A description of the method and significant assumptions used during the year to estimate the fair value of options
including the following information:
Associate
Associate Stock Associate Stock Associate Stock
Sl. Restricted Stock
Particulars Option Plan Option Plan Options Scheme
No. Units Scheme
2008 2015 2021
2020
1 weighted-average values of share As mentioned in table E above
price
exercise price As mentioned in table E above
expected volatility 28.66 - 65.53 29.8 - 41.6 34.7 - 40.30 36 - 41
expected option life 3-4 years 3-4 years 3-4 years 5 - 9 years
expected dividends (%) 1.53 - 2.64 1.7 - 2.9 2.5 - 2.9 2.9
risk-free interest rate 6.41-8.4 4.49 -7.9 4.49 - 5.36 5.1 - 6.3
any other inputs to the model; NA NA NA NA
2 the method used and the The Black Scholes option pricing model was developed for estimating fair value
assumptions made to incorporate of traded options that have no vesting restrictions and are fully transferable.
the effects of expected early Since option pricing models require use of substantive assumptions, changes
exercise therein can materially affect fair value of options. The option pricing models
do not necessarily provide a reliable measure of fair value of options.
3 how expected volatility was The expected volatility is based on the historical share price movement of
determined, including an Cyient Limited. A standard deviation of daily movement of the historical
explanation of the extent to which stock price for period equal to the expected tenure of option is considered.
expected volatility was based on
historical volatility;
4 whether and how any other features The tenure of the option was determined based on the vesting period and
of the options granted were the exercise period of the option. The tenure is determined as average of
incorporated into the measurement minimum and maximum life.
of fair value, such as a market
condition Minimum Life is end of vesting period i.e. the Grant Date + months/ years for
vesting
Maximum Life is end of exercise period i.e. the Grant Date + months/ years
for vesting + months/ years for exercise.

ANNEXURE-F
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

AND FOREIGN EXCHANGE EARNINGS & OUTGO:
1) CONSERVATION OF ENERGY:
The Company accords highest priority for Energy Conservation and takes pro–active measures to implement best
optimization techniques in the areas of Energy Conservation. As energy conservation is an ongoing process, we at Cyient
have been making continuous endeavors to implement the best practices in areas of energy conservation. At all our locations
as part of energy conservation. we have implemented energy savings practices across the organization and continue to
develop and improve on the same on a year-on-year basis. Some of the major contributions implemented during the year
towards energy conservation are as follows:
• Installed Roof Top solar power plant of 400 KW at Warangal, Kakinada & Vizag locations as a part of renewable energy
resources to reduce the carbon foot print of the Company in addition to cost savings.
• 1 MW solar power with PPA agreement with third party to provide renewable energy for Bangalore facility to reduce the
carbon foot print in addition to cost savings.
• The Company creates awareness to associates on a regular basis through various channels of communication on
importance of Energy conservation plan and involve them to participate in various energy conservation measures.
• In compliance with the COVID 19 guidelines, the temperature Setpoints have been revised from 24 degrees Celsius to
26 degrees in HVAC System, resulting in less power consumption.
• Facility Lighting controls by Motion sensors have been installed in all the cabins at Kakinada, Vizag, Madhapur, Manikonda
and Warangal Locations, resulting in reduced power consumption and enhanced power savings.
• Installed adiabatic /Cooling Pads in Chillers in Madhapur and Manikonda locations to reduce the surrounding
temperatures further resulting in less power consumption.
• Installed 50KLD Sewage treatment plant at Madhapur for water recycling for landscaping and flushing.
• The company has been building management system upgradation for energy consumption monitoring floor wise for
Madhapur, Manikonda and Bangalore locations.
• Chillers plant automation has been installed in Madhapur, Manikonda and Bangalore locations and thus increasing
efficiency of chiller plant operations.
These measures have resulted in Estimated savings of 60 lakh units of approximate cost savings of INR 4.8 crores as
compared to previous full-fledged operations period.
In addition to these measures, other initiatives are under consideration of Energy conservations are:
• It is proposed to Install EC Fans in the Place of AHU motors by Q3 FY23.
• As a part of Waste to Wealth, E waste (such as UPS Batteries, Generator Engine oil, old systems, Hard disks, Printers
etc.,) related assets sold to PCB approved/Recycling Vendors.
• It is proposed to install 100 KW roof top solar plant at Madhapur by Q4 FY23.
• It is proposed to install 400 KW roof top solar plant at DLM Hyderabad by Q4 FY23.
• As a part of ESG goals, Organic waste converter, Paper waste recycling machines and EV charging stations are proposed
to be installed in Madhapur and Bangalore.
• It is proposed to install Sewage treatment plant for water recycling at Vizag & Warangal location.
2) RESEARCH & DEVELOPMENT AND BENEFITS THEREON:
As we transform into a ‘Consulting-Led Technology Solutions provider’, we continue to strengthen our technology platforms
& IntelliCyient. We have identified 5 key focus areas for Cyient namely Smart well-being, Hyper Automation, Intelligent
Transport, Sustainable Business and Meta mobility & Space. We will continue to evolve our integrated 5 pillar solutions to
cater to these mega trends and lead transformations for our customers. Our integrated solutions in the areas of Intelligent
Connected Product, Next Gen Connectivity Solutions, Image Analytics and Edge AI, Electrification and new energy sources,
Data AI & Platforms will all contribute to each of the above mega trends. We are creating industry leading capabilities in
these areas and we will invest in building reusable assets, proof points, white papers and integrated demonstratable use

cases. We have setup a private LTE lab in Hyderabad and signed up for R&D engagement with a reputed institute on 5G. We
launched a FOTA solution to enable faster and secure update of connected devices and established a 5G CoE to add to the
Intellicyient portfolio of hyper automation solutions.
• We are working to enhancing our innovation quotient internally & externally.
• Launched CyientiFiQ tech Forum to bring together Tech SMEs across Cyient on frequent basis. This forum will provide
a platform to discuss key mega trends, needs of our customers around the tech disruptions and also nurture new ideas
and innovations to solve those problems.
• Introduced new thought leadership assets around 3D printing, Digital Twin, Technology trends in mining industry,
Battery Management System Control for EVs, Cyber security in Medical Devices
• Organized a CXO Cyience event bringing together 18 CXOs from various organizations on the topic of Private Networks.
• Organized a hackthon around Technology for Sustainable Business.
We have made significant inroads on Industry 4.0 related areas through IntelliCyient. We increased focus on Digital Health
and Intelligent Transport areas. We have developed solutions for Patient Monitoring Test Automation System, Battery
Management and Fast Charging System, Interactive Electronic Diagnostics System(IEDS) for Fault Diagnosis, Integrated
Information & Communication Technology (ICT) System for MRO Operations etc.
(₹ in million)
Year ended March 31, Year ended March 31,

Particulars
2022 2021
Capital Expenditure 35 2
Revenue Expenditure 215 238
Total R&D Expenditure 250 240
R&D Expenditure as percentage of Total Revenue 1.43% 1.74%
3) TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
Cyient has made significant progress in FY22 in its digital transformation journey to enable the hybrid working model with
increased impetus on self-service, empowerment, automation & cybersecurity.
Some of the key automation/process improvement initiatives included supply chain planning solution implementation for
DLM, budget planning & forecasting automation using SAP BPC solution, Contract lifecycle management (CLM) solution
to streamline the sourcing & contract process, GST invoicing and invoice processing. These automations were focused on
reducing back office processing costs and errors, improving employee efficiency and productivity ands most importantly
data reliability.
We have also embarked on our AI/ML and RPA journey with deployment of BOTs to interface between various HR, Finance,
Business applications and to strengthen internal controls.
IT Security continues to remain an area of immense focus with process improvements and additional tools being deployed
to enhance information and cyber security controls esp our end point & network security.
4) FOREIGN EXCHANGE EARNINGS & OUTGO:
Most of your company’s earnings are from the export of Engineering and Software Services. During the year, export earnings
accounted for 79.31% of the total income. In order to promote product sales and services, your company participated in various
exhibitions and carried product promotion activities. Details of Foreign Exchange Earnings and Outgo are as follows:
Details of Foreign Exchange Earnings and Outgo areas follows:
(₹ in million)
Year ended March 31, Year ended March 31,

Particulars
2022 2021
Foreign Exchange Earning 13,883 11,180
Foreign Exchange Outgo 587 540

MANAGEMENT DISCUSSION AND ANALYSIS Annexure-G
Global Economic Outlook Aerospace and Defense

The global economy is still recovering from the challenges The global Aerospace & Defense (A&D) industry is in much
caused by the COVID-19 pandemic. Though the larger better shape than earlier post-pandemic expectations, which
population is now vaccinated, travel restrictions have eased, is a positive sign. The commercial aerospace sector has been
and businesses are returning to normalcy, the risks loom recovering slowly, as travel demand is expected to return to
large for another wave with new variants emerging and pre-COVID levels by 2024, led by domestic travel and narrow-
governments imposing restrictions like partial/complete body planes. The defense sector has been stable as military
lockdown and renewed travel restrictions. The emergence programs continue to be critical to national defense, especially
of new COVID-19 variants could prolong the pandemic and considering the intensifying geopolitical tensions.
induce renewed economic disruptions. The Ukraine – Russia The Aerospace & Defense Business Unit (BU) witnessed
war makes the economic recovery even more challenging. marginal growth YoY, indicating a turnaround in the aerospace
The global economy is forecasted to grow at around 4.7% business. The growth was led by a significant increase in
this year. The post-Covid-19 pandemic recovery is hit by business in some of the key accounts. Cyient also saw some
potentially huge global supply chain disruption leading to large wins related to digital technology, aftermarket, and
slow growth and pushing up inflation. High energy prices are design & manufacturing of embedded systems. The business
likely to add to industry costs. With most countries lifting also won many awards and recognitions from customers and
policy rates, risks to financial stability, emerging market and major industry bodies. Key among these are Pratt & Whitney
developing economies’ capital flows, currencies, and fiscal supplier awards for “Highest Productivity / Cost Avoidance”
positions, especially with debt levels increased significantly in and “Technology and Innovation”. We were also awarded
the past two years, may emerge. “Engineered in India Product of the Year” at the NASSCOM
Engineering and Innovation Excellence Awards for two of our
products – Software Defined Radio (communication solution
Engineering and R&D (ER&D) Outlook for the Indian army) and Smart Power Distribution Panel
The ER&D industry is expected to grow at a healthy rate of (efficient and reliable power distribution).
6.7% in the year 2022. All industry verticals are projected to We expect growth driven by newer wins in digital and embedded
exhibit growth despite macro-level challenges such as chip space, indicating a double-digit growth rate in the coming
shortage, supply chain disruptions, and talent shortage. fiscal. The commercial aerospace market recovery will be led
Some industries like Aerospace and Defense, Industrial, and by aftermarket revenues and growth in the defense / ITAR
Utility which were severely impacted by the pandemic, are business. Another focus area for FY23 is urban air mobility,
also likely to recover with an increase in demand. where significant investments are being made, and we expect
The pandemic accelerated enterprises’ digital journeys in good business growth in the segment. The BU is also bringing a
unprecedented new ways and this is likely to continue with special focus on airline operators led by digital and aftermarket
software products. The industry will lead the growth on the offerings.
back of digital technologies such as the Internet of Things
(IoT), Artificial Intelligence (AI) / Machine Learning (ML),
Rail
Augmented Reality / Virtual Reality (AR/VR), and simulation
(digital twins) for R&D processes and products across Rail transportation is expected to grow significantly over the
other verticals for cloud enablement, remote connectivity, year. Advanced driver assistance system (ADAS) technology
operations improvement, products and services innovation, is becoming popular in the rail transportation industry to
and improving user experience. optimize energy usage, enhance operational management,
and safety aid in cost reduction. These systems provide
Additionally, Environment, Sustainability, Inclusiveness, and
automatic warning, protection, operation, supervision, and
Governance (ESIG) continue to gain significant emphasis
control arrangement.
from companies across all the industries, with more and
more companies becoming conscious of reducing their The Rail transportation industry was also impacted by the
environmental impact and carbon footprint. pandemic but also showed increased investments across all
geographies in rail infrastructure and modernization projects.
This has resulted in healthy order books across most of our rail
Business Performance Outlook customers. At the same time, the year also saw major mergers
Cyient as a company is focused on multiple industries, and and consolidations across the industry. This consolidation
below is the outlook across each industry vertical for the year. and cost concerns resulted in the reduction of engineering
spending and insourcing of work. Some of the major projects
were also impacted by delayed start.

Cyient’s revenue was impacted by consolidation, cost Utilities
reduction measures, and insourcing measures in some of The Utilities industry has recovered from the pandemic as
our large customers. Consequently, the rail transportation electricity demand has crossed the pre-pandemic levels
business witnessed a de-growth YoY. The rail business did with new highs across major markets. The segment is poised
see significant growth in areas as digital technology and to grow in the coming year, with investments in renewable
embedded systems. and carbon-free technologies continuing to increase due
The outlook for FY23 and beyond continues to be positive. to in emphasis on carbon emissions by governments and
The merger and consolidation are rapidly stabilizing, and a international agencies. Solar and Natural Gas are likely to lead
very healthy order book of our customers is likely to translate the demand for renewable and carbon-free technologies.
to increased business. We are confident of increased order Digital technologies continue making their way into the
intake and revenue from digital and embedded service areas. power generation, transmission, and distribution industry
We are confident in getting back to the growth trajectory for to enhance productivity, efficiency, safety, compliance, and
the rail business in the coming fiscal. reliability.
The Utilities industry delivered a balanced growth by making
Communications required investments in improving infrastructure, enhancing
grid reliability, and increasing the share of clean energy while
The outlook for the industry continues to be robust. Given addressing the operational and eco-system challenges.
that several regions, especially in remote areas across the Cyient’s Utilities growth strategy, Project’ Volt’, is well aligned
world, have still not experienced high-speed connectivity, with the areas of investment by the Utilities and hence the
demand for fiber and 5G will continue to increase. general medium to long-term outlook for the sector remains
The telecom sector continued to make progress in augmenting positive. Our value proposition continues to resonate well
its network capacity with additional fiber and wireless with the key industry trends of clean energy, infrastructure
deployments to meet the constant demand for higher-speed upgrade, digitalization, and democratization.
networks in 2021. Investments in 5G deployments continued Our investments into point-specific solutions, UN-Bridge
to drive ER&D spending, with the technology proving to be a and CyiOPS, in the areas of system implementation and
critical enabler for Industry 4.0 and Digital Transformation renewables are well received by our customers and have
use cases. Network densification and Public 5G is continuing become part of our standard implementation framework(s)
to expand in several countries, and B2B offerings enabled and processes. Synergy benefits of our acquisition of
through Private Wireless Networks are also on the rise. We WorkForce Delta, a leading consulting firm in field services
continue to see increased business opportunities on the back management, have started in the form of an expanded
of these industry tailwinds. customer base and extended offerings by leveraging Cyient’s
Cyient’s Communication Business has delivered a strong broader Utilities domain and digital capabilities.
sequential growth throughout the year with major deal wins Our outlook for FY23 and beyond continues to be positive.
in the areas of fiber rollouts, network densification, and 5G This is driven by industry growth in our focus segments of
rollouts. During the year, Cyient was recognized as a Major smart utility, infrastructure upgrade, and clean energy, our
Contender in the inaugural Everest Group PEAK Matrix® strong long-term client relationships, a robust opportunity
for 5G Engineering Services. Cyient’s focused investments pipeline, and the increasing momentum in strategy execution.
in partnerships and solutions to strengthen capabilities in
public and private 5G networks were cited as key strengths.
We were also conferred with the Service Delivery Excellence Geospatial
of the Year Award by NASSCOM for harnessing the power The Geospatial market has grown in line with expectations
of 5G to connect 20 million individuals across urban, semi- in FY22. The industry overall has gone through a rapid
urban, and rural Australia. Additionally, with the launch of the modernization process with rapid increases in the quantity
Private 5G Networks Center of Excellence in collaboration and veracity of data which has led to enormous opportunities
with IIT-Hyderabad, Cyient reaffirmed its commitment to in the industry. The business had several key wins in FY22,
technological innovation and strengthening its collaboration including in the navigation, telecommunications, utilities, and
with academia mining sectors. With these segments being our core focus
Our outlook for the year is positive and strong ahead as areas, the general long-term outlook for the BU remains
we will see significant activity on the enterprise front as positive. Our value proposition continues to resonate well
network equipment providers and telecom carriers work with with the key industry trends of imagery analytics, automation,
businesses to install and deploy private networks. AI, and intelligent mapping operations.

We strengthened our key enterprise partnerships with Xerox capture, utilization, and storage (CCUS), to reduce carbon
and Esri in 2022, which enhanced our offerings across multiple footprints.
domains. The business continued to invest in key areas of map The Energy, Industrial Plant Engineering (EIP) sector provides
editing, building automated lidar processing pipelines, tools end-to-end capabilities across the energy value chain for oil
for telecommunications network planning, imagery analytics, and gas, industrial portfolio, and plant engineering. The energy
and Earth intelligence. industry withstood adversity in 2021 with the continued strain
Our outlook for FY23 and beyond continues to be positive. placed upon us by the COVID-19 pandemic. Much of 2021
This is driven by industry growth in our focus across Cyient was about the recovery of the Oil & Gas market. We saw an
horizontals but also last mile navigation, mobility, Earth unprecedented spike in prices in the second half of 2021 and
intelligence, and sensor data analytics. This, in addition to our will continue through much of 2022. The industrial portfolio
strong long-term client relationships, a robust opportunity faced historical supply chain and labor headwinds.
pipeline, and the increasing momentum in strategy execution, As we forge ahead this year in The Energy, Industrial Plant
will deliver positive results throughout the year. Engineering (EIP) industries we will focus on key initiatives
which are to accelerate digital transformation, bringing
Semiconductor resources and conscientiousness to redefine and shape
environmental, social, and governance (ESG) practices in the
The semiconductor industry has seen an extremely strong workplace, attract, train, and retain employees in a fiercely
demand driven by a rebound from the post-Covid scenario competitive labor market. Staying ahead of labor shortages,
and increasing demand for applications. With our complete focusing on supply chain vulnerability through digital
value chain offering, we are well-positioned to service this technologies, and Mergers and Acquisitions (M&A) shifting
demand, and our short, medium and long-term outlooks and incorporating business models to enable new green
remain positive. energy demands.
The demand for Turnkey ASIC solutions was strong throughout Our Outlook for FY23 is positive as global production levels
the year, with positive growth in this business area. This level are in high demand. Continued investments in resources and
is expected to sustain for the next year. a strong focus on key initiatives have the EIP segment well-
This year saw the successful introduction of a dedicated positioned to take advantage of market demands through our
Integrated Circuit design service offering, and this is expected capabilities and focus on digital technology transformation
to expand rapidly in the coming years in line with the global across our portfolio of customers.
demand for semiconductors and continued global capacity
constraints.
Medical Technology and Healthcare (MTH)
It was a challenging year for the Semiconductor Engineering
Services business, driven by talent supply constraints. Whilst The Medical Device market has seen robust growth in 2021,
this challenge will persist for the foreseeable future, significant primarily driven by the response to the COVID-19 pandemic
investments have been made to overcome this, and a rebound and the expansion of healthcare beyond traditional care
is expected in the next financial year. pathways. While the Medical Device Industry focused on fast-
track approval of emergency use medical devices, the new
With strong growth in the last year, our strategy of focusing on care pathways increased the deployment of technological
the aforementioned business areas and selective key clients advances such as Edge Computing, 5G, 3D Printing, Medical
has proved successful, and this approach will continue in the Robots, and Augmented & Mixed Realities. Further to this,
next years. clinical advancements, an emerging need for remote care
Our outlook for FY23 and beyond continues to be positive. & telehealth, value-based care, and immersive patient
engagement are required to fast-track platform consolidation
imperatives to deliver value-based care in an integrated
Energy, Industrial, and Plant Engineering (EIP) healthcare eco-system, thereby pushing the envelope on
The energy industry has recovered from the effects of the technology enablers.
pandemic and is expected to grow at an accelerated rate in The Internet of Medical Things (IoMT), Software as a Medical
the coming year. With an increase in sales and margins, the Device (SaMD), Robotics, Regulatory compliance needs, and
companies are likely to increase their Capex across all the Cybersecurity present new opportunities for medical device
streams creating new business opportunities. Investments in companies. Additionally, digital technologies are expected
new technologies like remote monitoring in oil fields, drilling to play a substantial role in medical technology as the global
operations analytics, and logistics monitoring using IoT are health system becomes more consumer-centric and wellness-
expected to continue in the coming year. Companies are also oriented with increasing AR/VR and AI deployment. Medical
investing in expensive green energy solutions, such as carbon Technology and Healthcare (MTH) business unit experienced

significant growth Y-o-Y led services business primarily fueled customer businesses which were formally recognized through
by the global supply chain crisis. The outlook for this sector for Cyient receiving two customer extraordinary contribution
FY23 remains positive as we continue to execute and ramp up awards.
on recent contracts while strengthening our pipeline focused Whilst the mining industry is growing, ESG compliance is
on digital transformation, product platforms, embedded becoming a major driver of investor sentiment. To support
software, and design-led manufacturing services. customers in meeting these obligations, we are investing in
technology solutions that solve issues around the monitoring
Automotive and Mobility and management of activities with environmental and
community impacts.
The global Automotive industry outlook for 2022, moderate
growth is expected to hike sales to 83 million, with global With the successful completion of the IG Partners integration,
sales expected to reach pre-pandemic levels in 2023 before a we established Cyient Consulting, which is now operating as a
big upswing in 2024 and 2025. Cars are rapidly becoming the stand-alone group enabling consulting-led growth across all
smartphones of the future; hence, the relevance of electronics of our industry segments.
& software components is continuously rising. The COVID-19 Looking ahead, we expect further growth in FY23 and
pandemic cut the 2020 global off-highway equipment growth will continue investing in technology solutions that solve
to 2.6%, but a recovery in 2021 & growth in 2022 is projected. customer problems that matter.
The Automotive & Mobility Business Unit (BU) is pacing itself
for a year of exponential growth in 2023. Infotainment & Digital
Connected, ADAS & Autonomous, Hybrid & Electric Mobility
are three sectors that are expected to spearhead this growth. Digital Transformation continues to be the top priority for
The A&M BU is very well poised to tap into this growth every company in every industry – global leaders are constantly
trajectory due to its current footprint of services portfolio with thinking about creating or managing the disruptions created
key players in the Automotive and Mobility space. From helping by Digital and increasing investments to transform customer
our Top customer with business process transformation to experiences, launch new products/platforms, adapting to a
expanding into ‘Smart Factory’ & ‘Application Development’. post-pandemic talent environment, building resilience and
scale to their supply chain, etc.
We also won many awards and accolades and were recognized
by major industry analysts. Key among these being recognized Cyient’s deep understanding of our customer’s business
by John Deere as “Strategic Partner”. We were also offered combined with robust Digital capabilities make us an ideal
the “Customer Value Leadership Award” by Frost & Sullivan partner for our customer’s Digital Transformation initiatives,
for the European Automotive Engineering Service Industry and we have seen explosive growth in demand for our Digital
Excellence in Best Practices. services. Having clocked a 50%+ growth in FY22, we are
forecasting a similar growth in the forthcoming year driven
by our Key Accounts. Our investments in the IntelliCyient
Mining and Natural Resources (MNR) platforms are yielding significant results as we can bring the
The global mining industry is enjoying high demand and best of eco-system partners, solution accelerators, and
a high price environment across all major commodities. industry-specific reference architecture to help shape our
This is expected to continue to absent a large economic customer’s thinking and realize the business benefits of
shock and driven by two factors first the higher intensity of Digital.
materials required in renewable energy generation sources We are working on multiple transformation initiatives across
and electrical vehicles; and the $75 trillion infrastructure industries for Transformative Asset Management, Connected
investment required globally to support economic stimulus Factories, Intelligent Supply Chain, Smart Operations, and
policies, green energy, and digital infrastructure. Smart Infrastructure. Our Asset Tracking solution received
The Mining and Natural Resources Sector enjoyed strong the Aegis Graham Bell award for Innovation in IoT. Industry
growth in existing accounts and added 12 new logos. This Analysts like ISG and Everest group have recognized Cyient
translated to an increase in services order intake, an increase for multiple capabilities in Digital Transformation and Digital
in Revenue EBIT. Engineering.
Over the year, the Sector adjusted the service delivery We will continue our focused investments to make Cyient the
model to a hybrid approach where our off-shore teams are preferred part for Digital Transformation for Asset Intensive
augmented by onshore subject matter experts. This has market.
increased delivery pace and ability to add additional value to

Design Led Manufacturing Business Outlook
The DLM industry is expected to grow at a faster growth India continues to be the preferred hub of global companies
rate, driven by the push from global companies to diversify setting their engineering centers across a wide range of
their supply chain and the incentives offered by the Indian industries due to the availability of a wide range of engineering
government. The growth is projected to be led by an increase talent spread across multiple capabilities and low costs. India
in demand for semiconductors, communications, consumer, has become the innovation partner of many global companies
medical, industrial, and transportation industries. Growing due to its unique value proposition. India continues to offer
demand for consumer electronics, wearable health devices, innovative business models to lessen the impact of the
hybrid EVs, and automotive electronics are expected to drive economic downturn. This ensures the market is in a strong
growth in the coming year. position to perform throughout the year.
The Opportunities for DLM business continue to be driven Our outlook for the market continues to remain strong with
by the Make in India initiative and growth in A&D, Medical, a focus on developing skills to address the growing digital
and Industrial sectors. Hyderabad SEZ is being positioned technologies demand across industries. We expect strong
as an attractive Manufacturing facility with Zero Tax on growth across the mining and off-highway, Medical technology,
Export business, thereby reducing the overall cost. Increased and Automotive sectors, along with the mature segments of
Military spending by a key client is expected to drive growth Communications. We are confident of developing a double-
for the business. However, the challenges in component digit growth throughout the year.
procurement are expected to continue in FY23, and we are
expecting to work on the PPV model with our customers until
the market is eased out. Enterprise Risk Management (ERM)
The outlook for FY23 remains strong, backed by strong growth The company has an organization-wide ERM framework
in the Transportation and EIP business. Key Opportunities for based on best-in-class standards. It covers various company
FY23 include increased visibility of orders from Key customers. operations and key criteria such as strategic risks, reputation
risks, operational risks, financial risks, and compliance/
litigation risks. The ERM framework is reviewed periodically
by KPMG, the company’s internal auditor, and a report on the
mitigation status of risks is presented to the Risk Committee.
The company also has an internal risk committee that
periodically reviews the risk management process.
Key Risks and Opportunities
Risk description Risk impact Risk mitigation

Geopolitical Risks The Ukraine Russia war could impact business in Monitoring and review at management council levels.
Europe and have an impact on key industries we We do not have a presence in either of the countries, so
operate in. immediate risks are minimized
Business disruption due to The company’s operations may be adversely Monitoring and review at management council levels.
Covid-19 pandemic affected due to incapacitation of the workforce Rigorous implementation of Business Continuity Plans.
due to the pandemic and stress due to lockdowns. Regular communication with customers and vendors.
Demand for services may also be impacted in
Setting up of work from home infrastructure.
select industries.
Mandating appropriate health and safety norms and
advisories.
Travel restrictions Restrictions in key markets and legislations that Monitoring of global environment.
restrict the movement of professionals may lead Focusing on strengthening onsite readiness-local
to delays in projects and an increase in costs. hiring and increased customer interface.
The Covid-19 situation may further restrict such
movement.
Innovation Risk Inability to innovate and develop new services and Continuous competency and capability building in new-
solutions to keep up with customer expectations age technologies prepares the company to address
and evolving technologies could result in lower changing customer requirements.
growth traction. Focus on innovation and development of solutions and
accelerators to reduce time-to-market for customers.
Currency Risk Exchange rate volatility in various currencies Long-term cash flow hedges are taken to minimize the
could materially and adversely impact the results impact of exchange volatility on Net profit.
of operations. Regular evaluation of hedging policy by internal Risk
Management to assess the effectiveness.
Inflation Risk Inability of the future real value of investments, To add inflation premium to the rates in which we sign
assets, and income to be reduced by contracts with our customers and vendors.
unanticipated inflation Adjust cash flows for inflation to prevent changes in
purchasing power

Risk description Risk impact Risk mitigation
Attrition Risk Risk of losing talent across levels in the Focus on employee engagement initiatives.
Organization. Actions around retention and salary corrections.
Focus on hiring.
Developing and Marketing Newer In a fast-paced economy, there is a constant Create competencies and capability building by
Solutions pressure for innovation on all clients, including the investing in skilled resources
integration of solution capabilities
Global Delivery Need to strengthen global delivery to have sizable Strengthen onsite presence with nearshore centers.
delivery closer to a client base.
Intellectual Property Risk The risk of inadequate protection of intellectual Robust data security protection and controls to
property rights of our customers can lead to prevent unauthorized access and/or transfer.
reputational damage and litigation. Strict physical access controls for employees across
customer delivery centers and secure areas.
Regular internal audits to comply with customer
requirements of confidentiality and data protection.
Vendor consolidation Pressure on margins due to volume discounts. Improve efficiency/larger pie for better economies of
Demand for discounts and scale.
volume discounts across clients
Competition risks In this highly competitive environment, there There is a focus on providing higher value and
may be a severe impact on margins due to pricing differentiated services and also venturing into new
pressures. business models.
Compliance risks Being a global company, we are exposed to the The company has an in-house compliance team that
laws and regulations of multiple countries. monitors global compliances. The team receives
updates on changes in regulations from specialist
consultants and circulates the same internally.
Data privacy and Cybersecurity In a connected world, businesses are highly The company has a stringent cybersecurity policy that
vulnerable to cyber-attacks, leading to loss of ensures the timely resolution of incidents.
data and damage to reputation.
Internal Controls and Adequacy The Audit Committee reviews audit reports submitted by
The company’s global presence across multiple countries the internal auditors. Suggestions for improvement are
and sizeable associate strength make it imperative for us to considered, and the audit committee follows up on the
have a robust internal controls framework. The company has implementation of corrective actions. The committee also
adequate systems of internal control commensurate with its meets the company’s statutory auditors to ascertain, inter
size and the nature of its operations. These have been designed alia, their views on the adequacy of internal control systems in
to provide reasonable assurance with regard to recording the company and keeps the board of directors informed of its
and providing reliable financial and operational information, key observations from time to time.
complying with applicable statutes, safeguarding assets The statutory auditors have also independently audited the
from unauthorized use or losses, executing transactions internal financial controls over financial reporting as of March
with proper authorization, and ensuring compliance with 31, 2022. They have opined that adequate internal controls
corporate policies. The company has a well-defined manual over financial reporting exist and that such controls were
for delegation of authority for approving revenue and operating effectively.
expenditure. The company uses the SAP system globally to
record data for accounting, consolidation, and management
information purposes, connecting to different locations to Investor Engagement
exchange information. The company communicates the business outlook, strategies,
Cyient has appointed M/s KPMG as internal auditors for the and new initiatives to its investors in a regular and structured
financial year 2021-2022. KPMG carried out the internal audit manner. We believe that communication with the investor
based on an internal audit plan, which is reviewed each year community is as important as timely and reliable financial
in consultation with the statutory auditors (M/s S.R. Batliboi & performance. We engage multiple communication channels
Associates LLP) and the Audit Committee. The internal audit for this purpose. The company’s dedicated investor relations
process is designed to review the adequacy of internal control department and the company’s senior management team
checks and covers all significant areas of the company’s global participate in various roadshows and investor conferences.
operations. The company will also host an Investor Day in FY23. The
company also engaged an external agency to carry out
The company has an Audit Committee of the Board of an independent Investor Satisfaction Survey in FY22. The
Directors, the details of which have been provided in the survey results have been analyzed, and improvements and
corporate governance report. suggestions have been implemented.

Whistleblower Policy Revenue by Geography
Cyient firmly believes in Values FIRST (FIRST = Fairness, During FY22, the company delivered 10% YoY growth in the
Integrity, Respect, Sincerity, Transparency), and the North America region, a growth of 9.1% in the EMEA region,
organization-wide Whistleblower policy is a step toward and 7.9% growth in the Asia Pacific, including the India
ensuring transparency and accountability. The company region in $ terms. Growth was primarily driven by C&U and
believes in the conduct of the affairs of its constituents Portfolio business units. Over the years, Asia Pacific incl India
fairly and transparently by adopting the highest standards witnessed significant revenue growth, whereas growth in
of professionalism, honesty, integrity, and ethical behavior. business returned across N. America and EMEA region after
This allows stakeholders to expose any kind of information the COVID-19 induced de-growth
or activity deemed illegal, unethical, or not correct within
the company that is either private or public. The stakeholder 350 349
can approach the Ombudsman without fear to report any 276

304
wrongdoing, impropriety, or malpractice within the company.
USD Mn
157 165 156
143 152 149
138
112
Shareholder Value Creation

As a result of our significant growth in revenue and profit over Americas
FY-19 FY-20
Europe, Middle East and Africa
FY-21 FY-22
the last five years:

• The market capitalization witnessed significant growth and
increased from ₹ 71,239 Mn at the end of FY21 to ₹ 102,347 Revenue by Operating Segments
Mn at the end of FY22. The Company’s Chief Operating Decision Maker (CODM)
• The dividend payout has substantially improved from 25% reviews the business as two operating segments - ‘Services’
in FY14 to 51% in FY21 and 51% in FY22. and ‘Design-led Manufacturing’ (DLM).
• The company has achieved significant growth in the free The ‘Services’ segment comprises the company’s service
cash flow (FCF) generation capabilities of the business with and solutions offerings across the Aerospace & Defense,
an increased focus on receivables management, working Transportation, Semiconductor, Medical & Healthcare,
capital management, and tax optimization and generated Communications, Energy & Utilities, and Portfolio business
the FCF at ₹5,719 Mn in FY22. units. The DLM segment is engaged in providing electronic
manufacturing solutions in the fields of medical, industrial,
automotive, telecommunications, defense, and aerospace
Revenue Growth applications, including the manufacture and machining
During the year, revenue has grown up by 9.2% in US $ of components for aerospace, automotive, and defense
terms and 9.7% in Rupee terms. The services segment has industries.
witnessed a growth of 9.2% in US $ terms, primarily in C&U During the year, the Services segment has witnessed a
and Portfolio business units. DLM segment has witnessed a growth of 9.2% in US $ terms, and the DLM segment has seen
growth of 9.5% in US $ terms. a growth of 9.5% in US $ terms.
Over the last seven years, the company has sustained robust
revenue growth momentum with an impressive compounded 38,954 37,532
34,233
annual growth rate (CAGR) of 6.5%. The revenue for the
company is driven by a focus on a well-diversified business
INR Mn
and geography portfolio.
7,091 7,812
5,320
46,175 44,274 45,344
Revenue Growth
41,324
39,175
36,065 Services Design Led Manufacturing
31,021 FY-20 FY-21 FY-22

INR Mn
Better Client Mining

The company continues to stress on improving revenue per
customer by focusing on strategic customers and generating
FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 more up-sell and cross-sell opportunities.

The below chart depicts the contribution of revenue from
the top 20 customers over the last four financial years in the 8,219
services segment: 6,443

6,107
5,492 5,961
INR Mn

Top 20 Customer revenue %
71%
70% FY-18 FY-19 FY-20 FY-21 FY-22
67% Free Cash Flow (FCF) Generation

The company has achieved significant improvement in the
65% free cash flow (FCF) generation business capabilities in the
last three years.
In FY22, the company generated FCF of ₹5,719 Mn as against
FCF generated in FY21 at ₹7,609 Mn. The Company’s FCF to
FY-19 FY-20
EBITDA conversion decreased from 113% in FY21 to 65% in
FY22 due to increase in working capital and higher taxes.
Days Sales Outstanding

Profits Trend
The company has delivered consistent improvement in Days
During the year, profits have increased due to:
Sales Outstanding (DSO) owing to a focus on better collection
• Increase in Services EBIT primarily driven by improvement cycle management. Total DSO stands at 78 days in FY22
in operational metrics, changes in revenue mix, the positive compared to 84 days in FY21, a reduction of 6 days primarily
impact of volume on SG&A, automation, and cease & cure due to increased efficiency in collections.
partly offset by wage hikes and increase in SG&A spend.
* DSO Calculation: Total receivables at the end of quarter/
• Increase in DLM margin driven by better revenue mix and (Quarterly Annualized Revenue*90)
higher volume.
Tax Rate
The effective tax rate has increased from 23.7% in FY21 to
5,223 25.2% in FY22, marginally increasing by 147 bps.
4,785
4,054
3,638
3,425 CAPEX
INR Mn
The company ended FY22 with a capital expenditure of ₹626

Mn, which is 1.4% of the total revenue.
Net Worth
FY-18 FY-19 FY-20 FY-21 FY-22
The net worth of the company has grown at 7.4% CAGR in the
last four years from ₹23,442 Mn to ₹31,134 Mn. It is mainly
6,984 attributed to the profitable growth over the years, driven by
6,193 organic and inorganic initiatives.
5,364
4,682 4,771
Net Worth
INR Mn
31,134
29,541
25,622 25,577
23,442
INR Mn
FY-18 FY-19 FY-20 FY-21 FY-22
FY-18 FY-19 FY-20 FY-21 FY-22

Return to investors Consolidated Financial Results
The dividend payment trend for the company has improved 31-Mar-22 31-Mar-21
substantially in the last 5 years. Particulars % of % of
₹ Mn ₹ Mn
The highest ever dividend of ₹ 24 per share was declared in Revenue Revenue
FY22. A dividend of ₹ 17 per share was declared in FY21. Income
The dividend payout for the company stands at 51% in FY22 Revenue from operations 45,344 100% 41,324 100%
(FY21: 51%) Other income 1,121 2.7% 1,399 3.4%
Total income 46,465 42,723
Expenses
Market Capitalization
Employee benefits expense 22,665 54.8% 21,611 52.3%
The company’s market capitalization has grown from ₹78,237 Cost of materials consumed 5,881 14.2% 5,165 12.5%
Mn in FY18 to ₹102,347 Mn in FY22.
Changes in inventories of
Market capitalization has significantly increased over the last finished goods, stock-in- -175 -0.4% 98 0.2%
trade and work in progress
financial year from ₹71,239 Mn to ₹102,347 Mn.
Operating, administration
8,795 21.3% 8,426 20.4%
and other expenses
Market Capitalization
102,347 Impairment of non-current
- - 274 0.7%
assets
78,237
71,747 71,239 Finance costs 393 1.0% 433 1.0%
INR Mn
Depreciation and
1,922 4.7% 1,945 4.7%
amortisation expense
25,216
Total expenses 39,481 95.5% 37,952 91.8%
Profit before tax and share
6,984 16.9% 4,771 11.5%
of profit from joint venture
FY-18 FY-19 FY-20 FY-21 FY-22
Tax expense 1,761 4.3% 1,133 2.7%
Profit before share of profit
from JV and non-controlling 5,223 12.6% 3,638 8.8%
Financial Performance for the Year 2021-22 (Consolidated) interest
The financial results of Cyient Limited under Indian AS Share of loss from Joint
- - - -
discussed below are for the consolidated results of Cyient Venture
Limited and its subsidiaries, which includes the performance of Share of non-controlling
- - - -
its subsidiaries and joint venture. This part of the Management interest
Discussion and Analysis refers to the consolidated financial Net Profit attributable to
5,223 12.6% 3,638 8.8%
the shareholders
statements of Cyient (“the Company”) and its subsidiaries
and joint venture referred to as “the Group.” The discussion
should be read in conjunction with the consolidated financial ANALYSIS
statements and related notes to the consolidated accounts of
Cyient for the year ended March 31, 2022. Revenue
Revenue has grown by 9.2% in rupee terms and by 11.5% in
US $ terms. The services segment has witnessed a growth of
9.2% in US $ terms, and the DLM segment has witnessed a
growth of 9.5% in US $ terms.
Other income
Other income for FY22 was ₹1,121 Mn as compared to ₹1,399
Mn in FY21. The decrease in other income is due to a one-time
higher SEIS receipt in FY 21.
Treasury income is higher by 28 Mn, driven by higher invested
cash and investment in a wider portfolio of products.
Forward contract gain is INR 388 Mn, favorable YoY movement
of INR 568 Mn mainly from USD, EUR, and AUD contracts.
Unrealized Fx Gain is INR 27 Mn, lower YoY by INR 125 Mn,
mainly from lower restatement impact.

The movement of the Rupee against major currencies was Depreciation and amortization expense
as follows: Depreciation and amortization expense for FY22 was ₹1,922
YE March 2022 YE March 2021 Mn (4.7% of revenue) compared to ₹1,945 Mn (4.7% of
Closing Average Closing Average
revenue) in FY21. The marginal decrease in depreciation is on
account of additional capital expenditure incurred during the
USD 75.84 74.50 73.43 74.31
year of ₹626 Mn.
EUR 84.63 86.62 86.10 86.68
GBP 99.58 101.82 100.95 97.15
AUD 56.89 55.09 55.89 53.37 Tax expense
The effective tax rate has increased from 23.7% in FY21 to
25.2% in FY22, marginally increasing by 147 bps.
Employee benefits expense
Employee benefits expense includes salaries that have fixed
and variable components, contribution to retirement and Net profit attributable to the shareholders
other funds, and staff welfare expenses. The net profit stands at ₹5,223 Mn for FY22 as compared to
Employee benefits expense as a percentage of the revenue ₹3,638 Mn. Reasons for the increase in the net profit during
from operations stands at 54.8% for FY22 compared to the year are:
52.3% in FY21. On value terms, employee benefits expense • Increase in Services EBIT primarily driven by improvement
has increased in FY22 compared to FY21 due to an increase in in operational metrics, positive fx impact, the positive
headcount globally. impact of volume on SG&A partly offset by wage hikes,
changes in revenue mix, and depreciation impact.
Operating, Administration, and other Expenses • Increase in DLM margin driven by better revenue mix and
higher volume.
YE March 2022 YE March 2021
% of % of
₹ Million ₹ Million
Revenue Revenue Consolidated Balance Sheet as at March 31, 2022
Rent 130 0.3% 170 0.4%
₹ Million
Travel 529 1.2% 416 1.0%
31 Mar 22 31 Mar 21
Subcontracting
3,139 6.9% 3,286 8.0% EQUITY AND LIABILITIES
charges
Shareholders' funds
Repairs and
1,412 3.1% 1,298 3.1%
maintenance - Share capital 552 550
Others 3,585 7.9% 3,256 7.8% - Reserves and surplus 30,582 28,991
Total 8,795 19.4% 8,426 20.3% Total - Shareholders' funds 31,134 29,541
Subcontracting charges marginally decreased as a percentage Non-current liabilities

of revenue, in line with the change in the revenue mix during - Long-term borrowings and liabilities 2,424 2,808
the year. - Long-term provisions 1,347 1,288
Travel expenses marginally increased as a percentage of - Deferred tax liabilities (net) 345 182
revenue due to relaxation in the Covid-19 pandemic. Total - Non-current liabilities 4,116 4,278
Repairs and maintenance expense is in line with business Current liabilities
requirements. - Short-term borrowings 3,241 2,731
- Trade payables 5,259 4,532

- Other current liabilities 3,359 3,166
Finance costs
- Short-term provisions 764 680
Finance costs are constant at 1% as a percentage of Revenue
Total - Current liabilities 12,623 11,109
in FY22 and FY21. A decrease in value terms is on account of a
TOTAL - EQUITY AND LIABILITIES 47,873 44,928
decrease in the finance cost of borrowings due to repayments
of borrowings.

31 Mar 21 31 Mar 20 • Intangible assets recognized on the acquisition
of Workforce delta Pty Limited of ₹ 124 Mn
ASSETS
Non-current assets • Depreciation and amortization of ₹1,922 Mn
- Property, plant and equipment 7,398 8,655
- Goodwill 6,185 5,830 Goodwill
- Non-current investments 3,582 344
Goodwill represents the excess of purchase consideration
- Deferred tax assets (net) 248 319 over net assets of acquired subsidiaries. The increase in
- Other non-current assets 1,488 1,262 Goodwill of ₹355 Mn during FY22 is attributable to the
Total - Non-current assets 18,901 16,410 following reasons:
Current assets • ₹ 272 Mn recognized on Workforce delta Pty Limited
- Inventories 2,790 1,586 acquisition.
- Current investments 866 -
- Trade receivables 7,333 8,026
Non-current investments
- Cash and cash equivalents 12,666 14,650
Non-current investments have increased from ₹ 344 Mn as
- Other current assets 5,317 4,256
of March 31, 2021, to ₹3,582 Mn as of March 31, 2022, due
Total - Current assets 28,972 28,518
to an increase in investments in tax-free bonds ₹ 1,716 Mn,
TOTAL ASSETS 47,873 44,928 perpetual bonds ₹ 603 Mn, mutual funds ₹ 704 Mn, etc.
Share capital Cash and bank balances

The company has only one class of shares – equity shares Total cash and bank balances consists of:
of par value of ₹5 each. The Authorized share capital of the
company was 280,000,000 equity shares. ₹ Million
As at March 31, 2022 As at March 31, 2021
Cash and bank
Reserves and Surplus 14,985 14,650
balances
Reserves and surplus increased from ₹28,991 Mn as of March Investment in Mutual
704 -
funds
31, 2021, to ₹30,582 Mn as of March 31, 2022, primarily due to
profit generated during the FY22 of ₹5,223 Mn. Total 15,689 14,650
During the year, the company generated FCF from operations

of ₹5,719 Mn, comprising Services FCF of ₹ 5,220 Mn and DLM
Borrowings
FCF of ₹ 499 Mn. The company deploys its surplus funds in
The long-term borrowings decreased from ₹2,808 Mn as of fixed deposits in line with an approved policy.
March 31, 2021, to ₹2,424 Mn as of March 31, 2022, due to
repayment of the borrowings.
Trade receivables
The short-term borrowings increased from ₹2,731 Mn as of
March 31, 2021, to ₹3,241 Mn (including current maturities) as The trade receivables have decreased from ₹8,026 Mn as
of March 31, 2022, due to new borrowings. of March 31, 2021, to ₹ 7,333 Mn as of March 31, 2022. The
company regularly monitors unbilled revenue, separately
as well as collectively, along with trade receivables. DSO
Trade payables (accounts receivables in days) has decreased from 84 days as
Trade payables consist of payables toward the purchase of of March 31, 2021, to 78 days as of March 31, 2022.
goods and services and stood at ₹5,259 Mn as of March 31,
2022 (₹4,532 Mn as of March 31, 2021).
Other current assets
Other current assets have increased from ₹4,256 Mn as of
Property, plant, and equipment March 31, 2021, to ₹5,317 Mn as of March 31, 2022, primarily
The decrease of ₹1,257 Mn in property, plant, and equipment due to an increase in short-term investments by ₹ 866 Mn.
in FY22 is primarily attributable to the following:
• Capital expenditure incurred during FY22 of ₹ 626 Mn

Financial Ratios Well-being & enablement for a resilient workforce
Following are ratios for the current financial year and their Associates’ safety, enablement, and engagement have
comparison with the preceding financial year, along with been our primary considerations and remain our important
explanations where the change has been 25% or more when focus areas in the near term. Taking steps toward the same,
compared to the immediately preceding financial year: we ensured that our associates were safe throughout the
different phases of the pandemic.
In addition to rigorous implementation of Business Continuity
Sl. Ratio March 31, March 31,
No description 2022 2021
Variance Explanation Plans, setting up work-from-home infrastructure, and
mandating appropriate health and safety norms and advisories,
Debtors
1 turnover (in 78 84 (6)% among various other mitigation strategies implemented
days) during FY 20-21, we further supported our associates by
Inventory providing COVID-19 Benefit Policy, homecare treatment
2 turnover (in 125 83 51% Note (i) in addition to hospitalization through a medical insurance
days)
partner, and on-demand teleconsultation. Furthermore, a
Interest significant step towards navigating the challenges posed
3 18.8 12 56% Note (ii)
coverage ratio
by the pandemic was the COVID Response Team (CRT) to
4 Current ratio 2.30 2.57 (11)%
support our associates and their family members in need of
5 Debt equity ratio 0.18 0.19 (3)% support during this period. The CRT reached out to 2,300+
6
Operating
18.1% 14.8% 23% associates & their family members, supporting them during
margin (%) Wave-2 and Wave-3 of the pandemic. The CRT also worked on
Net profit emergency cases in terms of medication, oxygen cylinders,
7 12% 9% 31%
margin (%)
hospitals, ventilators, etc. We also conducted multiple
Return on net vaccination drives across locations for associates and family
8 17.2% 13.2% 30%
worth (%)
whilst also introducing a policy to reimburse vaccination costs
(i) An increase in Inventory turnover days is attributable to for associates and family members that are not at our base
cater Q1 FY23 Revenue. locations. To ensure that our associates coming to the office
(ii) An increase in the Interest coverage ratio is primarily are safe, we conducted weekly Surveillance Testing (RT-PCR).
attributable to the net profit growth in the current FY. Additionally, we also enhanced communication around
Employee Assistance Program (EAP) by proactively reaching
out to certain parts of the population, especially women
People function
associates with their pregnancy, and the families of our
Our associates are our most important assets. Their passion associates working across the globe to comfort and ensure
to solve complex business problems, a desire to innovate, that their concerns are addressed. A specific page was
and an urge to push boundaries have ensured that our clients created on our intranet to host toolkits that provide necessary
are fully engaged. As an organization, we constantly strive information to navigate through COVID-19.
toward making Cyient a great place to work. In FY22, we added
In terms of immigration, we achieved noteworthy progress in
8,500+ associates to our workforce to meet our growing
cross-country deployments to Australia, the UK, and the USA,
business needs – the highest ever additions in a financial year.
along with newer countries, Poland, Denmark, Laos, Italy, and
Strengthening our social media campaigns and newly rolled
China.
out post-offer engagement frameworks have enabled this
effort. Additionally, we have successfully built competencies
around niche skills in embedded and digital streams, enriching Competency Development
our solutions capability. Apart from hiring and retaining
Competency development continues to be a key area of
associates, ensuring our associates’ well-being in the current
strategic focus for us. We launched new programs aligned to
post-COVID recovery period and competency development
our organizational needs & our digital solutions framework
has been our top priorities and remains our key focus areas in
INTELLICYIENT. We enhanced our technology-led training
the near term.
efforts in multiple areas and introduced new programs to
In FY22, we relaunched the Early Career Program in North strengthen our middle management competencies as well as
America with a plan of hiring graduating students into our train our associates on newer technologies.
Communications and Transportation business units. To do
this, we leveraged STEM partnerships with various colleges in
North America.

Strengthening our middle management competencies demand high skill sets. There are multiple technology streams
The focus this year has been on building competency across under this umbrella program – RPA Developer, Multiple cloud
key elements to equip our middle management on account Streams, Full Stack Java developer, and ESRI, among others.
mining and program management whilst also encouraging To strengthen our Sales workforce, we have also initiated a
our Subject matter experts & Technical managers to be program in collaboration with a leading global sales training
technology leaders & trusted advisors to their clients. This partner. This program is a hands-on sales training program
has been delivered through three new programs, namely that focuses on both capturing existing demand and creating
– CYIONS, Customized Project Management Training, and demand to expand the sales funnel and deal size. This is
Technology Leadership Program. done by increasing knowledge of strategy, buying decisions,
and competitiveness. The program combines interactive
workshops, sales tools, job aids, and a 1-1 coaching session
CYIONS is a development program that was designed for on a current sales opportunity. Three waves of training have
our Program Managers, Account Delivery Managers, and been completed for 76 associates this year.
Project Leaders. This interactive and stimulating virtual
learning program equips our leaders with a broad range of
commercial skills. Working with Sales will allow them to grow Inclusion & Diversity
their accounts. This program also provides a development/ At Cyient, we are committed to promoting Inclusion &
career pathway from Delivery to Sales. CYIONS is a modular Diversity (I & D) as a critical part of our culture as we work
program with 4 workshops spread over 2 months and has been towards our vision of creating a collaborative workplace that
designed in a way that each workshop builds upon the last via supports diverse thinking and inspires talented people to
a series of webinars, self-directed learning, and coaching. 53 reach their potential. This bridges the gap in gender diversity
Associates completed this program this year. while being free of discrimination, which in turn enhances
Project Management Training and Certification programs professional growth and empowers employees to create a
were launched to enhance the project management skills and real change.
maturity within Cyient. These programs are a customized In FY22, we worked extensively towards inclusive leadership
version of the PMI Methodology, providing training on the training and the DIEL mentorship program whilst also creating
latest practices, tools, and processes. We have trained 400 the D&I Sub-Committee of the Board of Directors and CXO
associates in our middle management. This training was Series on D&I. Furthermore, we engaged in the provision of
augmented further with additional training to prepare for PMP unbiased job descriptions, ‘No-Meeting Wednesdays’, and
(Project Management Professional) certification ACP (Agile Inclusion ambassadors. The Thurgood Marshall Scholarship
Certified Professional) and Certified Scrum Master (CSM) Fund partnership was also created, along with the Take 5
from the Scrum Alliance. 200+ associates have been certified Series. The Inclusion Award was added as a part of Cyient’s
in one of these certification programs. Chairman Awards.
Technology Leadership Program aims at enabling our We also introduced a new Gender-Neutral Parental Leave
associates to understand digital disruption and drivers of the Policy globally towards the end of FY21, taking a step towards
new technology eco-system, challenge the status quo, go challenging gender stereotypes and celebrating diversity.
beyond the stated rationale to uncover the unstated emotional This policy applies to all Cyient employees, including birth and
needs of clients, master co-diagnosis, and articulate business adoptive parents of any gender who can avail of 12 weeks of
value to fortify existing accounts and win new customers. In 100% paid time off at full pay following the birth or adoption
doing so, they deliver on our vision of ‘Applying technology of their child. This policy will make a significant difference in
imaginatively to solve problems that matter.’ 40 SMEs/ countries where mandated parental leave policies are not
Technical managers are currently going through this rigorous sufficient for new parents or they do not apply to primary and
6-month long program. secondary caregivers. This policy was well received by our
associates.
New Competency Building programs Moving forward, we aim at encompassing L&D as part of
Cyient Career Advancement Bridge Program was launched our ESG agenda whilst committing to gender balance and
this year. This program provides capability-building and ensuring that the diversity metrics are shared publicly. In
career-building opportunities to our associates and will allow line with our Values FIRST philosophy, we keep innovating
switching from one role to another role/technology. Through our practices and policies to foster an inclusive culture and
this, associates will have the opportunity to be trained in empower our associates to deliver on our brand promise
various high-level skills and moved to different roles, which Designing Tomorrow Together.

FORM NO. AOC-2 ANNEXURE – H
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to
in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms’ length transactions under third proviso
thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis

The company has not entered into any contract or arrangement or transaction with its related parties which is not at arm’s
length during financial year 2021-22.
2. Details of material contracts or arrangement or transactions at arm’s length basis
(a) Name(s) of the related party and nature of relationship
Sl.
Entity Relationship
No.
1. Cyient Europe Limited Subsidiary
2. Cyient Benelux BV Step down subsidiary
3. Cyient Schweiz GmbH Step down subsidiary
4. Cyient SRO Step down subsidiary
5. AnSem NV Step down subsidiary
6. AnSem B.V. Step down subsidiary
7. Cyient Inc. Subsidiary
8. Cyient Canada Inc. Step down subsidiary
9. Cyient Defense Services Inc. Step down subsidiary
10. Cyient GmbH Subsidiary
11. Cyient AB Step down subsidiary
12. Cyient KK Subsidiary
13. Cyient Insights Private Limited Subsidiary
14. Cyient DLM Private Limited Subsidiary
15. Cyient Australia Pty Limited Subsidiary
16. Integrated Global Partners Pty Limited, Australia Step down subsidiary
17. Integrated Global Partners Pte. Limited, Singapore Step down subsidiary
18. Integrated Global Partners SpA, Chile Step down subsidiary
19. IG Partners South Africa (Pty) Ltd, South Africa Step down subsidiary
20. Workforce Delta Pty Limited, Australia Step down subsidiary
21. Cyient Singapore Private Limited Subsidiary
22. Cyient Israel India Limited Subsidiary
23. Cyient Solutions and Systems Private Limited Subsidiary
24. Cyient Urban Micro Skill Centre Foundation Subsidiary
25. Infotech HAL Limited Joint Venture
26. Cyient Associate Stock Option Scheme 2021 Trust Entity with common KMP
27. Cyient Foundation Entity with common KMP
28. Infotech ESOP Trust Entity with common KMP
(b) Nature of contracts/arrangements/transactions
IT Enabled Engineering Services & Geospatial Services.
(c) Duration of the contracts/arrangements/transactions
Inter-company agreements entered into with subsidiary companies, as amended and ongoing.
From 1 April 2021 to 31 March 2022
(d) Salient terms of the contracts or arrangements or transactions including the value, if any:
To provide IT Enabled Engineering Services & Geospatial Services to the client/customers of the company as a
tripartite agreement.
The payment terms of each project as per the inter-company agreements entered with the respective subsidiaries.
(e) Date(s) of approval by the Board, if any: Not applicable as these are at arms’ length basis and in the ordinary course
of the business.
(f ) Amount paid as advances, if any: Nil

CEO‘S DECLARATION Annexure-J
I, Krishna Bodanapu, Managing Director & CEO do hereby declare that pursuant to the provisions of Schedule V (D) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, all the members of the Board and Senior Management
Personnel of the Company have furnished their affirmation of compliance with the Code of Conduct of the Company, for the
financial year ended 31 March 2022.
For Cyient Limited
Place: Hyderabad Krishna Bodanapu

Date : 19 April 2022 Managing Director & CEO
DIN : 00605187
Annexure-K
CEO/CFO CERTIFICATION PURSUANT TO REGULATION 17(8) OF

SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015
Date: 19 April 2022
The Board of Directors
Cyient Limited,
Hyderabad.
Dear members of the Board,

We, Krishna Bodanapu, Chief Executive Officer & Managing Director and Ajay Aggarwal, Executive Director & Chief Financial
Officer of the Company hereby certify that:
1. We have reviewed financial statements including the cash flow statement for the year 2021-22 and that to the best of our
knowledge and belief:
a) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
b) these statements together present a true and fair view of the company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
2. There are, to the best of our knowledge and belief, no transactions entered into by the company during the year which are
fraudulent, illegal or violative of the company’s code of conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the company pertaining to financial reporting and
4. We have indicated to the statutory auditors and the Audit committee that:
a) there are no significant changes in internal control over financial reporting during the year;
b) there are no significant changes in accounting policies during the year ; and
c) there are no instances of significant fraud of which we have become aware and the involvement therein.
Krishna Bodanapu Ajay Aggarwal

Chief Executive Officer and Managing Director Executive Director & Chief Financial Officer
DIN : 00605187 DIN : 02565242

Independent Auditor’s Report on compliance with the conditions
of Corporate Governance as per provisions of Chapter IV of
Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
The Members of Cyient Limited
1. The Corporate Governance Report prepared by Cyient Limited (hereinafter the “Company”), contains details as specified in
regulations 17 to 27, clauses (b) to (i) and (t) of sub – regulation (2) of regulation 46 and para C, D, and E of Schedule V of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“the Listing Regulations”) (‘Applicable criteria’) for the year ended March 31, 2022 as required by the Company for annual
submission to the Stock exchange.
Management’s Responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the
design, implementation and maintenance of internal control relevant to the preparation and presentation of the Corporate
Governance Report.
3. The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the
conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board
of India.
Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to provide a reasonable assurance in the form
of an opinion whether, the Company has complied with the conditions of Corporate Governance as specified in the Listing
Regulations.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
or Certificates for Special Purposes and the Guidance Note on Certification of Corporate Governance, both issued by the
Institute of Chartered Accountants of India (“ICAI”). The Guidance Note on Reports or Certificates for Special Purposes
requires that we comply with the ethical requirements of the Code of Ethics issued by ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the Corporate Governance Report with the applicable criteria. Summary of procedures performed include:
i. Read and understood the information prepared by the Company and included in its Corporate Governance Report;
ii. Obtained and verified that the composition of the Board of Directors with respect to executive and non-executive
directors has been met throughout the reporting period;
iii. Obtained and read the Register of Directors as on March 31, 2022 and verified that atleast one independent woman
director was on the Board of Directors throughout the year;
iv. Obtained and read the minutes of the following committee meetings / other meetings held April 01, 2021 to March 31,
2022:
(a) Board of Directors;
(b) Audit Committee;
(c) Annual General Meeting (AGM);
(d) Leadership, Nomination and Remuneration Committee;
(e) Stakeholders Relationship Committee;
(f) Risk Management Committee;

(g) Strategy & Client Management Committee and
(h) Corporate Social Responsibility Committee/ Environmental, Social & Governance Committee.
v. Obtained necessary declarations from the directors of the Company.
vi. Obtained and read the policy adopted by the Company for related party transactions.
vii. Obtained the schedule of related party transactions during the year and balances at the year- end. Obtained and read
the minutes of the audit committee meeting where in such related party transactions have been pre-approved prior by
the audit committee.
viii. Performed necessary inquiries with the management and also obtained necessary specific representations from
management.
8. The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes
of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the
Company taken as a whole.
Opinion
9. Based on the procedures performed by us, as referred in paragraph 7 above, and according to the information and
explanations given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance
as specified in the Listing Regulations, as applicable for the year ended March 31, 2022, referred to in paragraph 4 above.
Other matters and Restriction on Use
10. This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which
the management has conducted the affairs of the Company.
11. This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply
with its obligations under the Listing Regulations with reference to compliance with the relevant regulations of Corporate
Governance and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume
any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it may
come without our prior consent in writing. We have no responsibility to update this report for events and circumstances
occurring after the date of this report.
For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Vikas Pansari

Partner
Membership Number: 093649
UDIN: 22093649AHMPKN34100
Place of Signature : Mumbai

Date : April 21, 2022

Report on Corporate Governance Annexure-I
I. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE

Corporate governance is about internalizing and manifesting a firm commitment to the adoption of ethical practices across
the Company to deliver value in all of its dealings with a wide group of stakeholders encompassing associates, customers,
vendors, regulators and shareholders at all times. It is the evolution of a system by which the values, principles, management
policies and procedures of the company are inculcated and manifested.
Our corporate governance framework is guided by this background and the company whole heartedly embraces and imbibes
good governance practices. We at Cyient believe that corporate governance is an integral means for the existence of the
company and reflects our overall value system. It ensures adherence to the moral and ethical values, legal and regulatory
framework and the adoption of good practices beyond the realms of law.
The governance framework of the Company consists of the following:
Good corporate governance is an intrinsic part of the company’s fiduciary responsibility as a responsible citizen. Further,
the Company believes that good corporate governance is vital to the developing of a healthy and good relations with the
various stakeholders and deepening the trust reposed by them.
As such, the Company emphasizes on transparency of operations. The company recognizes that to attract, meet and
surpass the expectations of global investors, statutory disclosures and reporting norms alone are not sufficient and
voluntary adherence to best international disclosure practices is a sine qua non. These practices enable the company to
establish enduring relationships with all the stakeholders and optimize the growth paradigm.
Corporate governance in the company is predicated upon an ethos of transparency, accountability, fairness and overall
sustainability. It aims at the following:

Corporate governance is intertwined with the business of the company and the principles are dovetailed into its activities.
The company’s philosophy on corporate governance is effectively encapsulated below:
Sustainable development of all

Company ensures the growth of all those associated with it on a sustainable basis
stakeholders
Effective management and Company maximizes wealth and judiciously deploys the wealth so created for providing
distribution of wealth maximum benefit to all stakeholders; it enhances wealth creation capabilities to
promote sustainability
Discharge of social Company takes a holistic approach to stakeholders by including the entire society and
responsibility contributing to its welfare
Application of best management Excellence in functioning permeates every level of the company
practices
Compliance of law in letter and Enhancing value to all stakeholders by appropriate compliance of law and maintaining
spirit the socio-economic balance
Adherence to ethical standards Ensuring fairness, integrity, respect, sincerity and transparency in all its dealings with
stakeholders

Best Governance Practices ● Policy on board diversity;
The company endeavors in further improving and ● Environment, health and safety policy;
enhancing its good governance practices in its relentless ● Anti-corruption policy;
pursuit of corporate and business excellence. As such, it
adopts, adapts and implements - voluntarily - some of ● Policy on preservation of documents;
the most robust and laudable good governance practices ● Dividend payment policy;
across the board. These include:
● Criteria of Payment of Remuneration to Non-
● Paperless and interactive communication amongst Executive Directors of the Company;
the directors through a customized web-based
● Familiarization Programme for Non-Executive
portal - a sustainability initiative that helps in ease
Directors;
and pace of decision-making.
● Business code of conduct for vendors;
● Following all the secretarial standards issued by the
Institute of Company Secretaries of India. ● Policy for the Training of Directors;
● Increased board and board committee interaction ● Guidelines on purchase of shares by Independent
through optimum use of technology - conduct of Directors;
board meetings in the electronic mode. ● Guidance note on Governance for subsidiaries;
● Vendor, Investor and Associate satisfaction surveys For more information on these policies, visit the
conducted to elicit feedback from stakeholders. website of the company (www.cyient.com/investors/
● Policies and procedures for disclosure and corporategovernance).
dissemination of information by the company. Global Governance Manual
● Internal Audit conducted by independent The Company values the adoption of high standards of
professionals. corporate governance in all its dealings in India and abroad.
The Company also recognizes the importance of ensuring
● All board committees headed by independent
uniformity in governance processes and practices across
directors.
the Group globally.
● Designation of lead independent director and
Given this, the Company has codified the Group’s
separate meetings of independent directors.
governance philosophy, approach, and practices and
Strong governance policies developed a Corporate Governance Manual (“Manual”).
The company constantly strives to conduct its business The Manual is intended to function as a structured
and strengthen its relationships in a dignified, distinctive framework and guide to the Board, management and
and responsible manner. The company lives by the ethos employees and to enable the Company achieve its vision,
of Values FIRST - Fairness, Integrity, Respect, Sincerity mission and attain sustainable growth, in the best interest
and Transparency in all its operations and dealings. of all stakeholders.
Towards this, the company has adopted several policies The Manual –
and guidelines for ethical and transparent operations.
a. Has been prepared in line with the Indian regulatory
These include:
framework i.e., the Companies Act, 2013 (“CA
● Code of conduct for board of directors and senior 2013”), SEBI (Listing Obligations and Disclosure
management; Requirements) Regulations, 2015 (“LODR”),Place
● Code of business conduct for all associates; of Effective Management requirements under
Income Tax law and other applicable laws and the
● Code of Conduct for prevention of insider trading; Memorandum and Articles of Association of the
● Code of Practices & Procedures for disclosure of Company.
unpublished price sensitive information; b. Incorporates Indian and global corporate governance
● Prevention of sexual harassment policy; best practices and key requirements under the S&P
Corporate Sustainability Assessment – Dow Jones
● Policy on related party transactions;
Sustainability Index (“DJSI”).
● Policy on material subsidiaries;
c. Covers key governance aspects including
● Data privacy policy; those related to the Company’s structure and
● Whistle blower policy/vigil mechanism; principles, Environmental, Social and Governance

(“ESG”) agenda, Board, Committees and Management Initiatives for Controls and Compliance
management,delegation of authority, subsidiaries The Company incorporated an integral framework
and code of conduct/ ethics. for managing risks and internal controls. The internal
d. Should be read in tandem with the codes and policies financial controls have been documented, embedded and
of the Company approved by the Board from time digitalised in the business process. Internal controls are
to time. The links to the codes and policies of the regularly tested for design, implementation and operating
Company are also provided in the Manual itself for effectiveness.
easy reference. Compliance with SEBI Regulation on Corporate
e. Is intended as a ‘living document’ in the context of Governance
changing regulations and emerging best practices The company complies with the corporate governance
towards enhancing the Group’s governance. provisions as specified in chapter IV of the SEBI (Listing
A process is being instituted for ongoing review of the Obligations & Disclosure Requirements) Regulations,
Company’s compliance with the guiding principles laid 2015. The company lives by the principles of corporate
down in the Manual. governance and implements them in a manner so as to
achieve the following avowed objectives.
Global compliance initiatives
The rights of shareholders
Data Protection and Privacy:
The company protects and facilitates the exercise of the
In order to meet the requirements of General Data
rights of shareholders:
Protection Regulations (GDPR), the company has been
working diligently to put in place a new data privacy i. Right to participate in, and to be sufficiently informed
framework including: improved procedures, policies, of, decisions concerning fundamental corporate
communications and training materials in line with the changes.
guidance received from the regulator and is committed ii. Opportunity to participate effectively and vote in
to ongoing improvements in the area of data privacy both general meetings.
within Europe and its operations globally.
iii. Being informed of the rules, including voting
Modern Slavery:
procedures that govern general meetings.
Cyient prohibits all forms of modern slavery including all
iv. Opportunity to ask questions to the board of
acts of human trafficking, forced or compulsory labour,
directors, to place items on the agenda of general
slavery, forced marriage, servitude, debt bondage,
meetings, and to propose resolutions, subject to
deceptive recruiting for labour or services and the worst
reasonable and statutory limitations.
forms of child labour, including situations where children
are subjected to slavery or similar practices, or engaged in v. Exercise of ownership rights by all shareholders,
hazardous work, in its organisation, business operations, including institutional investors.
and supply chain. The company has published a Modern
vi. Adequate mechanism to address the grievances of
Slavery Statement outlining the steps that it has taken
the shareholders.
to ensure that there is no modern slavery in its business
and supply chains. In addition to ensuring compliance vii. Protection of minority shareholders from abusive
with the applicable laws, this demonstrates company’s actions by, or in the interest of, controlling
commitment to transparent business practices and to shareholders acting either directly or indirectly, and
protection of workers’ rights. effective means of redress.
Audits and Internal Checks Timely information
Besides the external auditors, the Company has its own The company provides adequate and timely information
internal check team that reviews internal controls and to shareholders, including but not limited to sufficient
other operating systems and procedures. A dedicated and timely information concerning the date, location
compliance team is in existence in the company to and agenda of general meetings, as well as full and timely
review and maintain high standards of legal, statutory information regarding the issues to be discussed at the
and regulatory compliances. The purview of this system meeting.
includes various statutes such as, industrial and labour Equitable treatment
laws, taxation laws, corporate and securities laws, health,
safety and environmental laws. The company ensures equitable treatment of all
shareholders, including minority and foreign shareholders:

i. All shareholders of the same series are treated generating sustainable value over the long term. In
equally. fulfilling their role effectively, board of directors of the
company. The Company has opted for a one-tier board
ii. Effective shareholder participation in key corporate
structure.
governance decisions, such as the nomination
and election of members of board of directors, is a. The Board of Directors bears the primary
facilitated. responsibility for creating and enhancing the long-
term shareholder value of the Company and ensuring
iii. Exercise of voting rights by foreign shareholders is
that this objective is achieved in all its business
facilitated. activities.
iv. The company has devised and implemented a b. It is responsible for making statutorily identified
framework to avoid insider trading and abusive self- decisions and for conducting oversight of the business
dealing. and affairs of the Company and its management.
v. Processes and procedures for general shareholder c. It must ensure the Company’s ability to satisfy the
meetings allow for equitable treatment of all needs of its customers, sustain its leadership and
shareholders. competitiveness, and uphold its reputation in order
vi. Procedures adopted by the company do not make it to maintain long term success and viability as a
unduly difficult or expensive to cast votes. business entity.
Role of stakeholders in corporate governance d. The Board’s mandate consists of setting the strategic
business directions of the Company, appointing its
i. The company recognises the rights of its stakeholders
senior executive officers, confirming its organizational
and encourages co-operation. structure, approving all major strategies and policies,
ii. The company respects the rights of stakeholders overseeing all major risk-taking activities, monitoring
that are established by law or through mutual the financial results, measuring, and rewarding the
agreements. Stakeholders have the opportunity to performance of management, and generating a
obtain effective redressal for violation of their rights. reasonable investment return to shareholders. It shall
also provide an independent check on management.
iii. The company ensures that all the stakeholders have
access to relevant, sufficient and reliable information e. It is the Board’s responsibility to foster the long-
on a timely and regular basis to enable them to term success of the Company, and to sustain its
participate in corporate governance process. competitiveness and profitability in a manner
iv. The company has devised an effective vigil consistent with its corporate objectives and the best
mechanism/whistle blower mechanism enabling interests of its stockholders and other stakeholders.
stakeholders, including individual employees and f. The Board should formulate the Company’s
their representative bodies, to freely communicate vision, mission, strategic objectives, policies, and
their concerns about illegal or unethical practices. procedures that shall guide its activities, including
Disclosure and transparency the means to effectively monitor Management’s
performance.
The company ensures timely and accurate disclosure
on all material matters including the financial situation, In addition, the Board shall also carry out the functions laid
performance, ownership, and governance of the listed down in the Companies Act, 2013 and the SEBI (LODR)
entity, in the following manner: Regulations.
i. Information is prepared and disclosed in accordance The role of the board includes responsibilities for
with the prescribed standards of accounting, financial entrepreneurial leadership, risk management, strategy,
and non-financial disclosure. securing the necessary financial and human resources and
performance review. The board also sets the company’s
ii. Channels for disseminating information provide for
values and standards, and ensures it meets its obligations
equal, timely and cost efficient access to relevant
to shareholders and others.
information by users.
1. Board Composition and Category of Directors:
iii. Minutes of the meeting are maintained explicitly
recording dissenting opinions, if any. The composition of the board is in conformity
with the Securities and Exchange Board of India
II. BOARD OF DIRECTORS
(Listing Obligations and Disclosure Requirements)
The board is accountable to shareholders and other Regulations, 2015. The Company’s policy is to
stakeholders and is responsible for protecting and

maintain optimum combination of Executive and Non-Executive Directors. The composition of the Board and category
of Directors is as follows:
Promoter B.V.R. Mohan Reddy

(Non-Executive)
Krishna Bodanapu (Executive)
Independent Vinai Thummalapally
Vikas Sehgal
Vivek N Gour
Matangi Gowrishankar (Woman Independent Director)
Ramesh Abhishek
Non-Executive and Non-Independent M.M. Murugappan
Alain A De Taeye
Non-Promoter, Executive Karthikeyan Natarajan
Ajay Aggarwal
Board Diversity
The company has a truly diverse Board that includes and makes good use of diversity in the skills, regional and industry
experience, background, race, gender, ethnicity and other distinctions among directors. This diversity is considered
in determining the optimum composition of the Board. All Board appointments are made on merit, in the context of
the skills, experience, independence and knowledge which the Board as a whole requires to be effective. Presently, the
company has Ms. Matangi Gowrishankar as woman independent director while Mr. Alain De Taeye is a foreign national.
Mr. Vinai Thummalapally and Mr. Vikas Sehgal are resident outside India in the US and UK respectively.
Lead Independent Director
Mr. Vivek Gour has been nominated as Lead Independent Director. He acts as a liaison between the non-executive
directors and the management and performs such other duties as the Board/ Independent Directors may decide. The
Lead Independent Director presides as Chairman for the meeting of Independent Directors held every year.
Target share of independent directors
As a policy, the company believes that independent directors comprise at least 50% of the board strength. However,
this shall not preclude the board from functioning normally or taking valid actions, if due to a temporary vacancy

or vacancies on the board, the number of independent directors is lesser than what is intended as above. Any such
vacancies shall be filled as soon as reasonably practicable.
2. The names and categories, inter personal relationship of the Directors on the Board, their attendance at Board
meetings during the year and at the last Annual General Meeting (AGM), as also the number of Directorships in
other Companies and Committee membership/chairpersonship held by them are given below:
Attendance in Board Meetings held on Attendance

Sl. Designation and in AGM
Name DIN
No. Category 22.04.2021 15.07.2021 14.10.2021 22.12.2021 20.01.2022 30.03.2022 held on
17.06.2021
1. M.M. Murugappan Chairman, 00170478 Y Y Y Y Y Y Y
(Non-Executive)
2. B.V.R. Mohan Reddy Director (Promoter, 00058215 Y Y Y Y Y Y Y
(Non-Executive)
3. Krishna Bodanapu Managing Director 00605187 Y Y Y Y Y Y Y
(Promoter, Executive)
4. Vinai Thummalapally Director (Independent, 07797921 Y Y Y Y Y Y Y
Non-Executive)
5. Vikas Sehgal3 Director (Independent, 05218876 Y Y Y Y Y Y Y
Non-Executive)
6. Vivek N Gour Director (Independent, 00254383 Y Y Y Y Y Y Y
Non-Executive)
7. Matangi Gowrishankar Director (Independent, 01518137 Y Y Y N Y Y Y
Non-Executive)
8. Ramesh Abhishek Director (Independent, 07452293 Y Y Y Y Y Y N
Non-Executive)
9. Alain A De Taeye Director 03015749 Y Y Y Y Y Y Y
(Non-Promoter,
Non-Independent,
Non-Executive)
10. Ajay Aggarwal1 Executive Director 02565242 Y Y Y Y Y Y Y
(Non-Promoter)
11. Karthikeyan Executive Director 03099771 Y Y Y Y Y Y Y
Natarajan2 (Non-Promoter)
12. Som Mittal4 Director (Independent, 00074842 Y Y Y Y Y NA N
Non-Executive)
Notes:
1. Mr. Ajay Aggarwal (DIN: 02565242) was appointed as an Additional Director w.e.f. 22 April 2021; his appointment as Director
was ratified in the AGM held on 17 June 2021. He was further appointed as Executive Director and CFO for a period that is
the earlier of 3 years from 22 April 2021 or the attainment of the age of 60 years.
2. Mr. Karthikeyan Natarajan (DIN: 03099771) was appointed as an Additional Director w.e.f 22 April 2021; his appointment as
Director was ratified in the AGM held on 17 June 2021. He was further appointed as Executive Director and COO for a period
that is the earlier of 3 years from 22 April 2021 or the attainment of the age of 60 years.
3. Mr. Vikas Sehgal was re-appointed as an Independent Director for second term of five consecutive years at the 30th AGM
held on 17June 2021.
4. Mr. Som Mittal retired w.e.f. 6 February 2022
Each director informs the company on an annual basis about the board and board committee positions he/she occupies in
other companies including Chairmanships and notifies changes as and when they occur during the term of their directorship
in the company. None of the directors on the board is a member of more than ten committees or chairperson of more than
five committees across all the public companies in which they are Directors.

3. The tenure and the shareholding of the Directors are follows
Sl. No. of Equity Tenure in the

Name Designation and Category DIN
No. Shares held Company (years)
1. M.M. Murugappan Chairman, (Non-Executive) 00170478 30,000 25
2. B.V.R. Mohan Reddy Director (Promoter, (Non-Executive) 00058215 373,820 31
3. Krishna Bodanapu Managing Director (Promoter, Executive) 00605187 1,913,260 8
4. Vinai Thummalapally Director (Independent, Non-Executive) 07797921 Nil 5
5. Vikas Sehgal Director (Independent, Non-Executive) 05218876 842,100 4
6. Vivek N Gour Director (Independent, Non-Executive) 00254383 5,000 3
7. Matangi Gowrishankar Director (Independent, Non-Executive) 01518137 Nil 3
8. Ramesh Abhishek Director (Independent, Non-Executive) 07452293 Nil 2
9. Alain A De Taeye Director (Non-Promoter, Non-Independent, Non-Executive) 03015749 Nil 12
10. Ajay Aggarwal Executive Director (Non-Promoter) 02565242 60,681 1
11. Karthikeyan Natarajan Executive Director (Non-Promoter) 03099771 53,462 1
4. Details of skills / expertise / competence of the Board of Directors:
Sl. No. Name of the Director Existing Skills / expertise / competence

1. B.V.R. Mohan Reddy Innovation & Entrepreneurship
2. Krishna Bodanapu Strategy & leadership
3. M.M. Murugappan Audit & Governance
4. Vinai Thummalapally Government Affairs
5. Vikas Sehgal Investment Banking
6. Alain De Taeye Technology & Entrepreneurship
7. Vivek N Gour Audit, Governance & Aviation
8. Matangi Gowrishankar People Management
9. Ramesh Abhishek Public Administration and Governance
10. Ajay Aggarwal Finance, audit, M&A, corporate venturing
11. Karthikeyan Natarajan Operations, Delivery, Sales and Business Development
12. Som Mittal* Technology & Industrial Affairs
The above is in addition to experience and expertise in general management.
* Mr. Som Mittal retired w.e.f. 06 February 2022;
5. Board Skill Matrix
The Board has identified the following skills / expertise / competencies fundamental for the effective functioning of the
Company which are currently available with the Board:
Global Business Understanding of global business dynamics, across various geographical markets,
business units and regulatory jurisdictions.
Strategy and Planning Appreciation of long-term trends, strategic choices and experience in guiding and
leading management teams to make decisions in uncertain environments.
Governance Experience in developing governance practices, serving the best interests of all
stakeholders, maintaining board and management accountability, building long-term
effective stakeholder engagements and driving Values-FIRST.
The eligibility of a person to be appointed as a director of the company depends on whether the person possesses the
requisite skill sets identified by the Board as above; and whether the person is a proven leader in running a business that
is relevant to the company’s business or is a proven academician in the field relevant to the company’s business. Being
an Engineering services provider, the company’s business runs across different business units, geographical markets
and is global in nature. The directors so appointed are drawn from diverse backgrounds and possess special skills with
regard to the industries / fields from where they come.

6. The number of directorships, committee chairmanships/memberships held in other companies by each of the
Directors is tabled below:
Number of other Directorship/Committee membership/Chairmanship

Board Committee**
Sl Name of the
No. Director Chairmanships Directorships*
Chairman- Member-
Public Other Public Other ships ships
Companies Companies Companies Companies
1. B.V.R. Mohan Reddy - - 1 6 - -
2. Krishna Bodanapu - - - 4 - -
3. M.M. Murugappan 3 1 1 4 2 -
4. Vinai Thummalapally - - - 1 - -
5. Vikas Sehgal - - - 4 - -
6. Alain De Taeye - - - 3 - -
7. Vivek N Gour - - 2 2 3 -
8. Matangi - - 5 5 1 4
Gowrishankar
9. Ramesh Abhishek - - 5 1 - 3
10. Ajay Aggarwal - - - 5 - -
11. Karthikeyan - - - - - -
Natarajan
* Other Companies include section 8 companies, private limited companies, LLPs and companies incorporated outside
India.
** Chairmanships / memberships of board committees include only in Audit and Stakeholders Relationship committees
as required under regulation 26(1)(b) of SEBI (LODR) Regulations, 2015.
7. Details of directorships of aforesaid Directors, in other listed entities are given below:
Sl. Director Name of the Listed Entity Category

No.
1. B.V.R. Mohan Reddy - -
2. Krishna Bodanapu - -
3. M.M. Murugappan Carborundum Universal Limited Non-Executive, Non- Independent
Chairman
Cholamandalam Financial Holdings Limited Non-Executive, Non- Independent
Chairman
4. Vinai Thummalapally - -
5. Vikas Sehgal - -
6. Alain De Taeye - -
7. Vivek N Gour Affle (India) Limited Independent Director
Indiamart Intermesh Limited Independent Director
8. Matangi Gowrishankar Greenlam Industries Limited Independent Director
Gabriel India Limited Independent Director
9. Ajay Aggarwal - -
10. Karthikeyan Natarajan - -
11. Ramesh Abhishek Aditya Birla Sun Life Amc Limited Independent Director
8. Meetings of the Board
The board meets regularly to discharge its duties and directors allocate adequate time to board meeting preparation
and attendance. Board members are aware of the business, its operations and senior management well enough to
contribute effectively to board discussions and decisions. The board demonstrates that it has the necessary governance
policies, processes and systems in place and as such generates trust and support among its stakeholders. It maintains
robust governance arrangements to ensure it always acts in a way that will generate sustainable value for the company.

a) During the FY 2022, the board met 6 times on the 10. Code of Conduct
following dates: The company has adopted a code of conduct for all
Dates of Board board members and Designated Senior Management.
Quarter The duties of Independent Directors as laid down in
Meeting
Q-1 (April-June) 22 April 2021 the Companies Act, 2013, are incorporated in the
Code of Conduct.
Q-2 (July- 15 July 2021
September) The Code of Conduct is available on the website of the
Q-3 (October- 14 October 2021, Company i.e. https://www.cyient.com/investors/
December) 22 December 2021 corporate-governance/
Q-4 (January- 20 January 2022, 30 All Board members and senior management
March) March 2022 personnel have affirmed compliance with the code of
b) The necessary quorum was present at all the conduct.
meetings. A declaration signed by the CEO to this effect is
c) 1 (One) resolution was passed by circulation annexed to this report.
during the year. 11. Board Effectiveness
9. Information given to the Board An effective board is a key feature of the governance
The Company mandatorily provides the following journey to building a successful company. The duty
information to the board and the board committees of the board is to represent and protect the interests
as required under regulation 17(7) of SEBI (LODR) of all the stakeholders. The board’s role is to provide
Regulations, 2015. Such information is submitted as entrepreneurial leadership of the company within a
part of the agenda papers either in advance of the framework of prudent and effective controls which
meetings or by way of presentations and discussion enables risks to be assessed and managed. An
materials during the meetings. effective board develops and promotes its collective
vision of the company’s purpose, its culture, its values
a) Annual operating plans and budgets, capital and the behaviour it wishes to promote in conducting
budgets, updates and all variances; its business. In particular, it:
b) Quarterly, Half yearly, Nine months and Annual 1. provides direction for management;
results of the company and its subsidiaries;
2. lays down strategy and vision;
c) Detailed presentations on the business
performance of the company, its BUs and its 3. demonstrates ethical leadership, displaying - and
material subsidiaries; promoting throughout the company - behaviour
consistent with the culture and values it has
d) Minutes of meetings of the Audit Committee and defined for the company;
other committees;
4. creates a performance culture that drives value
e) Contract in which Directors and Senior creation without exposing the company to
Management Personnel are interested, if any; excessive risk of value destruction;
f) Update on the significant legal cases of the 5. makes well informed and high quality decisions
Company; based on a clear line of sight into the business;
g) Subsidiary company’s minutes, financial 6. creates the right framework for helping directors
statements and significant investments; meet their statutory duties under the relevant
h) Reviews the compliance reports of all laws statutory and regulatory regimes;
applicable to the Company; 7. is accountable, particularly to those that provide
i) Company’s strategic direction, management the company’s capital; and
policies, performance objectives and 8. Implements its governance arrangements and
effectiveness of Corporate Governance embraces evaluation of their effectiveness.
practices and evaluations thereof; and
The board’s effectiveness is measured by the way
j) Any other matter that requires the attention and in which the members of the board, as a whole work
intervention of the Board. together under the chairman, whose role in corporate
governance is fundamental and its collective ability

to provide both the leadership and the checks and ● At least two-thirds of the total number of
balances which effective governance demands. directors of the Company (except IDs) shall
be liable to retirement by rotation. At every
12. Board Accountability:
annual general meeting, one-third of such of the
This responsibility extends to interim and other price directors liable to retire by rotation (rounded off
sensitive public reports and reports to regulators as to the nearest number) shall retire from office.
well as to information required to be presented by
● The Board may also consider the rotation of
statutory requirements. The board is responsible for
determining the nature and extent of the significant Committee members at certain set intervals
risks it is willing to take in achieving its strategic periodically.
objectives. The board also maintains sound risk 15. Memberships in other boards
management and internal control systems.
In its pursuit of good corporate governance and the
13. Board membership criteria ensure greater transparency and accountability,
The Leadership, Nomination & Remuneration the following measures are being proposed to be
Committee reviews and assesses board composition adopted in the following years:
on behalf of the board and recommends the 1. The Directors of the Company shall comply with
appointment of new directors. The committee also the requirements of Regulation 17 and 26 of SEBI
oversees the conduct of the annual review of Board (LODR) Regulations and Section 165 and 203 of
effectiveness. the Companies Act, 2013 with regard to Board/
Committee mandates (including alternate
● In reviewing board composition, the committee
directorships) in other organizations.
considers the benefits of all aspects of diversity
including, differences in the skills, regional and 2. The Company’s Director shall not be a Director
industry experience, background, race, gender in more than six other equity listed entities and
and other distinctions, in order to enable it shall not serve as an Independent Director in
more than six other equity listed entities. The
to discharge its duties and responsibilities
Whole-Time Director/ Managing Director of the
effectively.
Company shall serve as an independent director
● In identifying suitable candidates for in not more than two other listed entities.
appointment to the board, the committee
3. The Directors must ensure that their existing
considers candidates on merit against objective and planned future commitments do not
criteria and with due regard for the benefits of materially interfere with their quality of service
diversity on the board. on the Company’s Board/ Committees/
The Board skill matrix is also duly considered. Management. Service on Boards/ Committees
of other organizations shall be consistent with
14. Term of Board membership
the Company’s Code of Conduct.
● The Company shall ensure that approval of
4. Executive Directors are allowed to serve on
shareholders for appointment of a person on the
the Boards of corporate or Government bodies
Board of Directors is taken at the next general whose interests are germane to the future of the
meeting or within three months from the date IT and engineering service business or the key
of appointment, whichever is earlier. The Board economic or academic institutions of the nation,
members will be elected individually and not by or whose prime objective is to benefit society.
slate.
5. Independent Directors are expected not to serve
● The tenure of the executive directors must not on the Boards where there may be a conflict of
exceed 5 years at a time. interest. There are no other limitations except
● An Independent Director shall hold office for those imposed by law and good corporate
a term up to 5 consecutive years and shall be governance practices.
eligible for reappointment for another term of up 6. Each Director shall inform the Company on
to five consecutive years on passing of a special an annual basis about the Board and Board
resolution.
Committee positions he/she occupies in other
● The retirement age for Independent Directors is companies including Chairmanships and shall
70 years. notify changes as and when they occur during the
term of their directorship in the Company. None

of the Directors on the Board shall be a member ● Greater clarity with regard to members’ roles
of more than ten Committees or Chairperson of and responsibilities and
more than five Committees across all the public ● Improved Chairman - Managing Director – Board
companies in which they are Directors. relations
16. Training of board members By focusing on the board as a team and on its
Non-executive directors who are inducted on the overall performance, the company ensures that
board are given an orientation about the company, its communication and overall level of participation and
operations, services, details of subsidiaries and joint engagement improves.
ventures, board procedures and processes and major In order to facilitate the same, the board undertook
risks and risk management strategies. The company a formal board assessment and evaluation process
ensures that directors are inducted through a during 2021-22, which was administered by means of
familiarization process comprising, inter alia; an online tool. The board evaluation was performed
a) nature of the industry in which the company after seeking inputs from all the directors and
operates; included criteria such as the board composition
and structure, effectiveness of board processes,
b) business model of the company;
information and functioning as provided by the
c) roles, rights, responsibilities of independent Guidance Note on Board Evaluation issued by the
directors; and Securities and Exchange Board of India on 5 January
d) any other relevant information. 2017 and the amendments brought in by the SEBI
(LODR) Regulations in 2018. The Leadership,
Newly inducted directors spend approximately a Nomination & Remuneration Committee has overall
week at the time of their induction and interact with stewardship for the process. The evaluation process
the Chairman, Managing Director & CEO, CFO and covers the following aspects:
other members of the senior management. They
interact with the heads of all business units and other ● Peer and self-evaluation of Directors
functional heads. They are provided a walk through ● Evaluation of the performance and effectiveness
among some of the centres of excellence and given of the board
a detailed understanding of the business and its
● Evaluation of the performance and effectiveness
operations.
of Board Committees
Directors are regularly updated on changes in policies
and programmes, laws and the general business ● Feedback from the Non-Executive Directors to
environment. the Chairman, and
Details of the familiarization programme for Non- ● Feedback on management support to the Board
Executive Directors and their letter of appointment The evaluation process elicited responses from
are published on the website of the company in the the directors in a judicious manner - ranging
link: https://www.cyient.com/investors/corporate- from composition and induction of the board
governance/ to effectiveness and governance. It also sought
17. Board Evaluation and Assessment feedback on board and committee charters,
strategy, risk management and quality of discussion
The Board of Directors has carried out an annual and deliberations at the board. The evaluation
evaluation of its own performance, board committees process also ensures the fulfillment of independence
and individual directors pursuant to the provisions of criteria as specified in the applicable regulations and
the Act and SEBI Listing Regulations. that the latter are independent of the management.
Board evaluation processes, including in relation to The LNR committee has appointed an independent
the chairman, individual directors and committees, third party, KPMG to analyze and interpret the
constitute a powerful and valuable feedback responses of the Board evaluation process. KPMG
mechanism to improve board effectiveness, analyzed the responses that were collected as part
maximise strengths and highlight areas for of the Board Evaluation exercise and categorized the
further development. In addition to greater board questions and responses based on a pre-determined
accountability, evaluation of board members helps in: framework. The report was presented with the
findings on the individual strengths and opportunities
● More effective board processes to improve Board efficiency.
● Better collaboration and communication

18. Board processes, procedures and practices meetings not exceeding four months. Meetings of
The company believes that the effectiveness of the committees are also planned and scheduled to be
the board is reinforced by its structures and the held along with the board meetings.
processes and procedures it follows. It has in place Board agenda
robust practices and processes that contribute It strikes a fine balance between the reviews of
to the effective and efficient performance of the the past performance and forward-looking issues.
board. The processes facilitate and reinforce the The agenda is structured such that routine and
roles, responsibilities and authorities of the board administrative matters do not consume too much
in the governance, management and control of the board time. Those items that are strategic in nature
company. Board systems and procedures broadly are given sufficient time for cogitation and decision
comprise convening the meetings, contents of the making. The agenda also shows the amount of time
agenda, conducting the meetings, decision making allocated for each item. The agenda is made available
at the meetings, adequacy of minutes and working of to the directors along with supporting documents
board committees. sufficiently in advance of the meetings.
Decisions relating to the policy and operations of the Briefing papers
company are arrived at meetings of the board held
periodically. Meetings of the board enable discussions Board materials, including the notes on agenda are
on matters placed before them and facilitate decision summarized and formatted in such a way that the
making based on collective judgment of the board. directors can readily grasp and focus on the more
The company follows the best practices in convening significant issues in the preparation for the board
and conducting meetings of the board and its meetings. Relevant and complete information is
committees. presented in an orderly manner. The board papers
associated with a particular agenda item are set out
These include: as an executive summary with further details annexed
Annual Calendar thereto. The papers present the issue for discussion,
The annual board calendar is drawn up 4 to 6 offer solutions on how to effectively address the
quarters in advance together with a well thought issue and provide management’s view on what action
out action planner. All tasks are scheduled in to take. The briefing papers are crisp and succinct and
advance so that everyone concerned can plan their facilitate decision making.
work systematically. This also enables better time Decision making process
management of and for the board besides aiding their The board follows a culture of openness and debate
efficiency. by facilitating effective contribution of all directors
Board Charter and ensuring constructive relations among the
A board charter is prepared setting out the respective directors. Constructive discussions are facilitated
roles, responsibilities and authorities of the board, leading to effective decision making. The chairman’s
the various committees and the senior management. role in securing good corporate governance is crucial.
This helps in better management, governance and The chairman is responsible for leadership of the
control within the board as well as within the company board and ensuring its effectiveness. The chairman
itself. Further, it ensures that the board decisions can ensures that adequate time is available for discussion
be measured against the charter. of all agenda items, in particular, strategic issues.
Meeting location Directors’ participation
The meetings of the board of directors are usually held All the directors participate, discuss and deliberate,
at the registered office in Hyderabad. The Company threadbare the proposals and matters put up to it.
ensures that the Covid protocols of the Government On some occasions, where a director is not physically
and the organization are strictly adhered to during present, the company arranges for telecon or MS
the board meetings. At times, some meetings are Teams to enable remote participation. On matters
also held at the other development centres of the where a director is concerned or interested, he/she
company or through video conferencing or other does not participate.
audio-visual means. Besides, heads of the business units, geography and
Frequency of meetings subsidiary heads, and key executives also participate
in the board meetings to provide the business
A minimum of four board meetings is held each perspective.
year with the time gap between any two successive

On a case-to-case basis, external experts and terms of culture and values, as well as in terms of the
consultants are also invited to make presentations to style and tone of board discussions.
the board as required. The chairman runs the board and sets the agenda
Minimum meeting attendance and he is pivotal in creating the conditions for overall
Executive Directors shall attend all meetings and board and individual director effectiveness. The role
Non-executive Directors shall attend at least 75% of includes:
the Board and committee meetings. ● setting a board agenda which is primarily
The Company may also set expectations that the focused on business, strategy, accountability,
Directors should be well prepared for meetings, read competitive performance and value creation;
material in advance, communicate any concerns or ● ensuring that issues relevant to this objective
questions on the agenda before the meeting, etc. are reserved for board consideration, including
Board Minutes determining the nature and extent of the
significant risks the board is willing to embrace in
The minutes of the meetings of the board and
the implementation of its strategy;
committees are drafted such that they strike the right
balance between being a bare record of decisions ● making certain that an effective decision-making
and a full account of the discussions. They mention process is in place in the board, and that the
the brief background of the proposal, summarize board’s committees are properly structured with
the deliberations and the rationale for taking the appropriate terms of reference;
decision. The minutes are drafted in unambiguous ● encouraging the active engagement of all
terms and comprise a fair and correct summary of the
board members in board and committee
proceedings conducted thereat.
meetings, drawing fully on their skills,
E-Initiatives experience, knowledge and, where appropriate,
The company leverages technology and synergizes independence;
it with the green initiatives to the optimum. The ● building effective relationships founded on
company has put in place systems that provide more mutual respect and open communication - both
efficient information flow to the board and leverages inside and outside the boardroom - between the
technology solutions to enhance board- committee non-executive directors and executive team, in
interactions. It uses the world’s most widely used particular with regard to the identification and
digital board solution. oversight of significant risks;
Availability of information to the board ● developing, in particular, a productive working
The board should be supplied in a timely manner with relationship with the CEO, providing support and
information in a form and of a quality appropriate to advice while respecting executive responsibility;
enable it to discharge its duties. Under the advice and
● consulting the senior independent director on
direction of the chairman, the company secretary’s
board matters consistent with regulations;
responsibility includes ensuring good information
flows within the board as well as between senior ● ensuring effective processes are established
management and non-executive directors. relating to succession planning and the
composition of the board, having regard to the
Action Taken Report
benefits of diversity;
The company has put in place MIS processes for
● taking the lead on issues of director development
the prompt dissemination of the decisions taken by
the board to the various levels in the company. An and acting on the results of board evaluation;
action taken report on the decisions of the board at ● ensuring effective communication with
its previous meeting is systematically put up to the shareholders and other stakeholders and
board at the following meeting for its information. ensuring that all directors are made aware of the
19. Role of the Chairman views of major investors.
The chairman is responsible for leadership of the 20. Role of Managing Director & CEO
board and ensuring its effectiveness on all aspects of The CEO is vested with operational responsibility
its role. The chairman lives and upholds the highest for delivering the company’s strategy. The CEO’s
standards of integrity and probity inside and outside relationship with the chair is the key dynamic that
the boardroom, through setting clear expectations in underpins the effectiveness of the board.

The CEO, with the support of the executive team, Because of the importance of the process of decision
has primary responsibility for communicating to the making to the work of the board, non-executive
people working within the business the expectations directors insist on accurate, clear and comprehensive
of the board in relation to the company’s culture, information being provided sufficiently in advance to
values and behaviors, and for ensuring that the enable thorough consideration of the issues prior
appropriate standards of governance permeate to, and informed debate and challenge at, board
down to all levels of the organization. meetings.
He has comprehensive and granular understanding At Cyient, non-executive directors supplement

of the company. This is evidenced when making their knowledge of the business with the views of
proposals and exercising judgement, particularly shareholders and other stakeholders - either directly
on matters of strategy. The CEO appreciates that or as conveyed to them by the chair, CEO or in special
constructive challenge from non-executive directors circumstances, the lead independent director. Such
is an essential aspect of good governance and opinions and judgments are valuable in providing
encourage the non-executive colleagues to probe different perspectives of the company’s progress
proposals, especially when issues of judgement are and performance.
concerned.
22. Role of Independent directors
21. Role of Non-Executive Directors
The independent directors bring an element of
Non-executive directors constructively challenge objectivity to the board processes; they bring in an
and help develop proposals on strategy. objective view in the board deliberations. They provide
a valuable outside perspective to the deliberations
Non-executive directors make sufficient time
of the board and contribute significantly to the
available to discharge their responsibilities
decision-making process. Independent directors play
effectively. This involves being well-informed about
a pivotal role in maintaining a transparent working
the company, and having a strong command of issues
environment in the company.
relevant to the business. Non-executive directors
seek constantly to develop and refresh their 23. Declaration by Independent Directors
knowledge and skills to ensure that their contribution
All the Independent Directors have confirmed that
to the board remains informed and relevant.
they meet the criteria as mentioned under Regulation
The letter of appointment issued to the non- 16(1)(b) of the SEBI (Listing Obligations and
executive directors states the time the non- Disclosure Requirements), 2015 read with Section
executive director will be required to spend on the 149(6) of the Act.
company’s business, and indicates the possibility of
During the financial year 2021-22, information as
additional time commitment when the company is
mentioned in Schedule II Part A of the SEBI (Listing
undergoing a period of particularly increased activity,
Obligations and Disclosure Requirements), 2015, has
such as in the case of an acquisition or takeover.
been placed before the Board for its consideration.
As part of the process of learning more about the
The terms and conditions of appointment of the
business and of becoming effective boardroom
Independent Directors are disclosed on the website
contributors in the company, non-executive directors
of the Company at https://www.cyient.com/
- supported by the chair and CEO - build recognition
investors/corporate-governance/
among executive directors of their contribution
in order to promote mutual respect. This, in turn, During the year, Mr. Som Mithal, Independent
allows them to support executive directors in their Director retired from directorship w.e.f. 6 February
management of the business while monitoring their 2022.
conduct.
24.
Declaration by Board
Non-executive directors maintain confidence in
The Board has confirmed that in the opinion of the
the governance of the company by upholding high
board, the independent directors fulfill the conditions
standards of integrity and probity, and supporting
specified in these regulations and are independent of
the chair and executive directors in the embedding of
the management.
the appropriate culture, values and behaviours in the
boardroom and beyond.

25. Separate meetings of the Independent Directors
The Independent Directors met once on 22 April 2021, to discuss, inter alia:
● Review the performance of Non-Independent Directors and the Board of Directors as a whole;
● Review the performance of the Chairperson of the company;
● Assess the quality, content and timeliness of flow of information between the Management and the Board that is
necessary for the Board to effectively and reasonably perform its duties.
All the Independent Directors were present at the Meeting.
26. Performance evaluation criteria for Independent Directors
The performance of Independent Directors is evaluated annually on the following parameters:
● understanding of the company’s business as well as the markets and industry it operates in
● effective usage of the experience brought to the board
● level of involvement and participation in the meetings as also in the affairs of the company
● Engagement with other directors and senior leadership of the company.
27. Decision making at the board
Effective and good decision-making at the board is facilitated by:
● ensuring that directors are afforded adequate time to prepare for meetings;
● allowing time for debate and challenge, especially for complex, contentious or business-critical issues;
● achieving timely closure on decisions taken; and
● providing clarity for executives on the actions required.
28. Succession planning at the board and senior management levels
The company uses succession management and planning to ensure that it identifies and develops future leaders to face
the challenges of growth effectively and successfully. For a conscious board, a succession plan that provides guidance
on identifying and sourcing potential board members who can fulfill key requirements is essential. This succession plan
helps appoint new directors quickly in a structured manner, and the board can continue its business without disruption,
meeting any business challenges that may be encountered. The LNR committee is entrusted with the task of succession
planning for the board. This committee is responsible for:
● interviewing potential candidates;
● recommending candidates to the board;
● ensuring each new Board member receives induction and training; and
● developing a database of eligible board candidates on a continuous basis.
● the CEO, along with the head of HR, makes a presentation to the LNR Committee about the succession plan of
senior management on an annual basis. The same is updated to the board.
29. Committees of the Board
The Board Committees focus on specific areas and make informed decisions within the authority delegated. The
committees also make specific recommendations to the board on various matters, within the scope delegated to
them, whenever required. All observations, recommendations and decisions of the Committees are placed before the
Board for information or for approval.
The company has Six board-level committees four of them mandatory (M) and two of them non-mandatory (NM),
namely:

* The ESG Committee charter includes the corporate social responsibility and as such is a mandatory committee (w.e.f.
from 19 January 2022).
A.
Audit Committee
The management is responsible for the company’s internal controls and the financial reporting process while the
statutory auditors are responsible for performing independent audit of the company’s financial statements in
accordance with generally accepted auditing practices and for issuing report based on such audit. The Board of
Directors has constituted and entrusted the Audit Committee with the responsibility to supervise these processes
and thus ensure accurate and timely disclosures that maintain the transparency, integrity and quality of financial
control and reporting. The constitution of the Audit Committee also meets with the requirements of Section 177 of
the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. The Audit Committee comprises entirely of Independent
Directors. All members of the Audit Committee are financially literate and bring in expertise in the fields of finance,
economics, strategy and management.
Meetings of Audit Committee:
During the financial year 2021-22, the Committee met 4 times. All the members of the audit committee are financially
literate. The Chairman attended the last annual general meeting. The particulars of composition of the audit committee
and the details of attendance is as follows.
Sl. Attendance in the Meetings held during

Name of the Director Designation
No. Q1 Q2 Q3 Q4
1. Vivek N Gour Chairman, Independent Director Y Y Y Y
2. M.M. Murugappan Member, Non-Executive, Y Y Y Y
Non-Independent Director
3. Som Mittal* Member, Independent Director Y Y Y Y
4. Ramesh Abhishek** Member, Independent Director NA NA NA NA
** Mr. Ramesh Abhishek was appointed to the Committee w.e.f 30 March 2022;

Audit:
● Recommend appointment and remuneration; evaluate performance of the auditors and effectiveness of the audit
process.
● Evaluate the independence of auditors and their areas of un-resolved concerns if any.
● Review effectiveness of internal audit function, reporting structure, scope coverage and frequency of internal
audit.
● Examine internal audit report to focus on significant findings, follow up actions in place, internal investigations,
conclusions arrived, failures or irregularities in the internal controls framework and the reports submitted to
highlight the same.
● Review the statutory audit scope and plan for various locations before commencement of the audit; provide inputs
and areas of focus if any.
● Summarize the findings of statutory audit report; understand process gaps, mitigation plans implemented to
address the same.
Financial Review:
● Oversight of the company’s financial reporting process and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and credible;
● Reviewing with the management, the annual and quarterly financial statements and auditor’s report thereon
before submission to the board for approval;
● Approval or any subsequent modification of transactions of the company with related parties;
● Scrutiny of inter-corporate loans and investments;
● Valuation of undertakings or assets of the company, wherever it is necessary;
● To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders
(in case of non-payment of declared dividends) and creditors;
● To review the functioning of the Whistle Blower mechanism.
Further, the committee reviews the adequacy of internal controls over financial reporting and the company-level
control systems. It reviews the quarterly, half-yearly and annual financial results before their submission and adoption
by the board.
The committee also reviews corporate governance, processes and procedures.
The Audit Committee invites such executives, as it considers appropriate, statutory auditors and internal auditors to
be present at its meetings.
The company secretary acts as the Secretary to the Audit Committee.
On an annual basis, the members of the audit committee meet and interact with both the statutory auditors and
internal auditors without the presence of the management. Further, on an annual basic, the key stakeholders within
the company share their feedback on their interaction with the statutory and internal auditors. The audit committee is
suitably apprised of the same.
Total fees for all services paid by the listed entity and its subsidiaries, on a consolidated basis, to the statutory auditor
and all entities in the network firm/network entity of which the statutory auditor is a part is as follows:
Particulars Amount (₹ in Mn)

Fees for audit and related services paid to S.R. Batliboi & Affiliates firms and to entities of the 43.00
network of which the statutory auditor is a part
Other fees paid to S.R. Batliboi & Affiliates firms and to entities of the network of which the 59.00
statutory auditor is a part
Total Fee 102.00

B. Risk Management Committee
The Board has constituted Risk Management Committee and the terms of reference of the Committee is as follows:
Terms of
Risk Management Committee
Reference
Charter ● To identify and assess all the risks that the organization faces and establish a risk management
of the framework capable of addressing those risks.
Committee ● To oversee in conjunction with the board risks such as strategic, financial, credit, market,
liquidity, security, property, IT, legal, regulatory, reputational and other risks.
● Approve / Review of the Company’s enterprise-wide risk management framework including
cyber security; ESG/Sustainability parts.
Objective ● To provide an oversight for all categories of risk
● To promulgate risk culture in the organization
● To adopt leading risk management practices in the industry
● To manage risk proactively at organization level.
Responsibility ● Help to set the tone and develop a culture of the enterprise vis-à-vis risk, promote open
discussion regarding risk, integrate risk management into the organization’s goals and create a
culture that people at all levels understand risks.
● Provide input to management regarding the enterprise’s risk appetite and tolerance and,
ultimately, approve risk appetite.
● Monitor the organization’s risk - its on-going and potential exposure to risks of various types.
● Approve the risk management plan. The risk management plan should include:
● The Company’s risk management structure
● The risk management framework
● The standards and methodology adopted – this refers to the measurable milestones such as
tolerances, intervals, frequencies, frequency rates etc.,
● Risk management guidelines
● Details of the assurance and review of the risk management process
● Define risk review activities and prioritize them prior to being sent to the board’s attention.
● Review and confirm that all responsibilities outlined in the charter have been carried out.
● Oversee the risk framework and interactions with management risk committee.
● Periodically review and evaluate the company’s policies and processes with respect to risk
assessment and risk management and annually present to the full board a report summarizing
the committee’s review of the company’s methods for identifying, managing, and reporting
risks and risk management deficiencies if any.
● Continually, as well as at specific intervals, monitor risks and risk management capabilities within
the organization, including communication about escalating risk and crisis preparedness and
mitigation plans.
● Continually obtain reasonable assurance from management that all known and emerging risks
have been identified and mitigated or managed.
● Deliberate with the management risk committee regarding risk governance and oversight.
Discuss with the management risk committee the company’s major risk exposures and review
the steps management has taken to monitor and mitigate such risks.
● Review and assess the effectiveness of the company’s ERM framework and recommend
● improvements, where appropriate

During the financial year 2021-22, the Committee met 3 times. The Particulars of composition of the Risk Management
committee and the details of attendance is as follows.
Sl. Attendance in the Meeting held during

No. Q1 Q2 Q4
1. Vivek N Gour Chairman, Independent Director Y Y Y
2. M.M. Murugappan Member, Non-Executive, Y Y Y
3. Som Mittal* Member, Independent Director Y Y Y
4. Ramesh Abhishek** Member, Independent Director NA NA NA

** Mr. Ramesh Abhishek was appointed to the Committee w.e.f. 30 March 2022;
C. Leadership, Nomination & Remuneration Committee:
The specific charter of the Committee is:
● Formulation of the criteria for determining qualifications, positive attributes and independence of a director
and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial
personnel and other employees.
● Formulation of criteria for evaluation of performance of independent directors and the board of directors.
● Devising a policy on diversity of board of directors.
● Identifying persons who are qualified to become directors and who may be appointed in senior management in
accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.
● Whether to extend or continue the term of appointment of the independent director, on the basis of the report of
performance evaluation of independent directors.
● Recommend to the board, all remuneration, in whatever form, payable to senior management (one level below the
board including the Executive Council and Company Secretary).
The terms of reference of the committee include:
● Evaluation of compensation and benefits for Executive Director(s), Non-Executive Director(s), Key Managerial
Personnel,
● Framing of policies and systems of the Employee Stock Option Scheme and
● Reviewing and resolving issues relating to major HR policies.
During the financial year 2021-22, the Committee met 3 times. The Particulars of composition of the Leadership,
Nomination & Remuneration Committee and the details of attendance is as follows.

No. Q1 Q2 Q4
1. Matangi Gowrishankar Chairperson, Independent Y Y Y
Director
2. Vinai Thummalapally Member Independent Director Y Y Y
3. M.M. Murugappan Member, Non-executive & Y Y Y
Remuneration policy
The Leadership, Nomination and Remuneration Committee has adopted a Charter, which, inter alia, deals with the
manner of selection of Board of Directors and CFO & Managing Director and their remuneration.
Criteria of Selection of Non-Executive Directors
a. The Non-Executive Directors shall be of high integrity with relevant expertise and experience so as to have a
diverse Board with Directors having expertise in the fields of manufacturing, marketing, finance, taxation, law,
governance and general management.

b. In case of appointment of independent directors, the committee shall satisfy itself with regard to the criteria of
independence of the directors vis-à-vis the company so as to enable the board to discharge its function and duties
effectively.
c. The committee shall ensure that the candidate identified for appointment as a director is not disqualified for
appointment under Section 164 of the Companies Act, 2013.
d. The committee shall consider the following attributes/criteria, whilst recommending to the board the candidature
for appointment as director:
● Qualification, expertise and experience of the directors in their respective fields;
● Personal, professional or business standing;
● Diversity of the board.
● In case of re-appointment of Non-Executive Directors, the Board shall take into consideration the performance
evaluation of the Director and his engagement level.
Remuneration
The Non-Executive Directors shall not be entitled to receive remuneration by way of sitting fees, reimbursement
of expenses for participation in the board / committee meetings and commission. The independent directors of the
company shall not be entitled to participate in the Stock Option Scheme of the company. The aggregate commission
paid to the Non-Executive Directors is within the statutory limit of 1% of the stand-alone net profits of the company.
Criteria for selection/appointment of CEO & Managing Director, Executive Directors and CFO
For the purpose of selection of the CEO/CFO & Managing Director, the Committee shall identify persons of integrity
who possess relevant expertise, experience and leadership qualities required for the position and shall take into
consideration recommendation, if any, received from any member of the Board.
The Committee also ensure that the incumbent fulfils such other criteria with regard to age and other qualifications as
laid down under the Companies Act, 2013, or other applicable laws.
Remuneration for the CEO & Managing Director, Executive Directors and CFO
i. At the time of appointment or re-appointment, the CEO & Managing Director shall be paid such remuneration as
may be mutually agreed between the Company (which includes the Committee and the Board of Directors) and the
CEO & Managing Director, within the overall limits prescribed under the Companies Act, 2013;
ii. The remuneration shall be subject to the approval of the members of the company in General Meeting;
iii. The remuneration of the CEO & Managing Director is broadly divided into fixed and variable components. The fixed
component comprises salary, allowances, perquisites, amenities and retrial benefits. The variable component
comprises performance bonus; as mutually agreed.
iv. In determining the remuneration (including the fixed increment and performance bonus) the committee considers
the relationship of remuneration and performance benchmarks, the balance between fixed and variable pay
reflecting short and long term performance objectives, appropriate to the working of the company and its goals;
the responsibility required to be shouldered by the CEO & Managing Director, the industry benchmarks and the
current trends and company’s performance vis-à-vis the annual budget achievement and individual performance
vis-à-vis the KRAs / KPIs.
Remuneration Policy for the Senior Management Employees including CFO
In determining the remuneration of the Senior Management Employees (i.e. KMP and Executive Committee Members)
the Committee shall ensure / consider the following:
i. clarity on the relationship of remuneration and performance benchmark;
ii. the balance between fixed and variable pay reflecting short and long term performance objectives, appropriate to
the working of the company and its goals, as mutually agreed;
iii. the remuneration is divided into two components viz. fixed component comprising salaries, perquisites and
retirement benefits and a variable component comprising performance bonus;
iv. The remuneration including annual increment and performance bonus is decided based on the criticality of the roles
and responsibilities, the Company’s performance vis-à-vis the annual bud get achievement, individual performance
vis-à-vis KRAs / KPIs, industry benchmark and current compensation trends in the market as mutually agreed.

Directors Remuneration
a) Executive Directors
The remuneration paid/payable to the Executive Directors is given below: (Amount in ₹)
Superannu-
Director
Director Designation Salary ation Fund LTA PF ASOP/RSU TOTAL
Commission
& NPS
Krishna Bodanapu Managing Director 15,507,124 1,639,800 - 1,311,840 139,700,000 158,158,764
Karthikeyan Natarajan Executive Director and COO 62,083,609 513,000 100,000 1,231,200 34,523,511 72,000,000 170,451,319
Ajay Aggarwal Executive Director and CFO 27,746,339 1,112,904 100,000 890,324 16,862,488 19,044,000 65,756,055
Notes:
(a) Mr. Ajay Aggarwal and Mr. Karthikeyan Natarajan, Executive Directors have been granted stock options/RSUs
during the year and vested options have been exercised.
(b) None of the other directors have exercised/ been granted stock options/RSUs during the year.
(c) The above amounts do not include provisions for encashable leave, gratuity and premium paid for Group
Health Insurance as separate actuarial valuation/premium paid are not available for the managing director &
CEO and Executive Directors.
(d) The percentage of commission (incentive) is linked to the overall performance of the Executive Director and
the company.
(e) As Mr. Karthik Natarajan and Mr. Ajay Aggarwal were not Executive Directors but executives of the company
for the financial year ended 31 March 2021, the amounts indicated above are not strictly comparable
b) Non-Executive Directors
The commission payable to the Non-Executive Directors during the year under review is in conformity with
the applicable provisions of the Companies Act, 2013, and duly considered and approved by the board and the
shareholders (vide postal ballot resolution passed on 30 October 2014).
The company does not pay any sitting fees to its directors.
The details of remuneration paid to non-executive directors is as follows:
(Amount in ₹)
Sl. Name of the Director Commission

No.
1. M.M. Murugappan 1,500,000
2. Alain De Taeye* 1,500,000
3. Vikas Sehgal 3,792,020
4. Vivek N Gour 1,500,000
5. Matangi Gowrishankar 1,500,000
6. Vinai Thummalapally 3,792,020
7. Ramesh Abhishek 1,500,000
8. Som Mittal 1,500,000
9. BV R Mohan Reddy 5,000,000
Total 21,584,040
*Mr. Alain De Taeye has waived the amount.
Other than above, there is no pecuniary or business relationship between the Non-Executive directors and the
company. A declaration to this effect is also submitted by all the Directors at the beginning of each financial year.
Criteria of the payment of remuneration to Non-Executive Directors has been published on the website of the
company (https:// www.cyient.com/investors/corporate-governance).

Directors and Officers Insurance (‘D&O’)
As per the requirements of Regulation 25(10) of the SEBI Listing Regulations, the Company has taken Directors and
Officers Insurance (‘D&O’) for all its Directors and members of the Senior Management.
D. Stakeholders’ Engagement Committee
The Stakeholders Engagement Committee is empowered to perform the functions of the Board relating to handling of
stakeholders’ queries and grievances. It primarily focuses on:
1. consider and resolve the grievances of shareholders of the Company with respect to transfer of shares, non-
receipt of annual report, non-receipt of declared dividend, etc;
2. Evaluate performance and service standards of the Registrar and Share Transfer Agent of the Company;
3. Provide guidance and make recommendations to improve investor service levels for the investors.
During the financial year 2021-22, the Committee met once. The Particulars of composition of the Stakeholders
Engagement Committee and the details of attendance is as follows.

No. Q1
1. Vinai Thummalapally Chairman, Independent Director Y
2. B.V.R. Mohan Reddy Member, Non-Executive Director Y
3. Krishna Bodanapu Member, Executive Director Y
Status of Investor Complaints as on March 31, 2022 and reported under Regulation 13(3) of the Listing Regulations
is as under:
Particulars Opening Received Resolved Pending

Non-Receipt of dividend warrants 0 135 135 0
Non-Receipt of Share Certificate 0 0 0 0
Non-Receipt of Annual Report 0 6 6 0
Others, if any 0 0 0 0
Total 0 141 141 0
SCORES
The Securities Exchange Board of India has initiated a platform for redressing the investor grievances through SCORES,
a web-based complaints redressal system. The system processes complaints in a centralized web-based mechanism.
The company is in compliance with this system.
Name, designation and address of Compliance Officer:
Name Sudheendhra Putty

Designation Company Secretary & Compliance Officer
Address: Plot No. 11, Software Units Layout, Infocity, Madhapur, Hyderabad-500 081, India
Telephone No: 040-67641322
E-mail company.secretary@cyient.com
E. The Environmental, Social, Governance (ESG) committee
The ESG Committee deals with all matters pertaining to Corporate Social Responsibility and Diversity & Inclusion.
The Corresponding committees are accordingly subsumed into the ESG Committee. The Environmental, Social,
Governance (ESG) committees’ purpose is to support Cyient’s ongoing efforts around environmental, health and
safety, corporate social responsibility, inclusion and diversity, sustainability and other public policy matters. The ESG
committee will assist and guide the company in the following:
● Review the strategy for ESG matters.
● Review and recommend policies and practices in support of the ESG strategy.

● Provide oversight on reporting and disclosure of ESG matters.
● Consider current and emerging ESG matters that may affect the business, operations or reputation of Cyient and
make recommendations on how practices, policies and disclosures can be adjusted.
● Review how ESG can be leveraged as part of Cyient’s growth strategy for go to market offerings and internal
operations.
● Review systems in place to monitor ESG.
● Review this charter annually and propose any changes for approval.
A detailed overview of the CSR initiatives of the company is published elsewhere in the Annual Report.
During the financial year 2021-22, the Committee met 2 Times (including erstwhile CSR and D&I Committees). The
Particulars of composition of the ESG Committee and the details of attendance is as follows:
i) CSR Committee Meeting:

No. Q1
2. B.V.R. Mohan Reddy Member, Non-Executive Director Y
3. Krishna Bodanapu Member, Executive Director Y
ii) ESG Committee Meeting:

No. Q4
2. Matangi Gowrishankar Member, Independent Director Y
3. Alain De Taeye Member, Non-Independent Director Y
Strategy & Client Engagement Committee
During the financial year 2021-2022, the Strategy and Client Engagement committee periodically reviewed the
execution of Cyient’s 5-Pillars growth program that leverages the company’s core capabilities in areas like digital,
embedded software, geospatial, semiconductor and networks. The committee examined the strategy blueprints and
execution plans across these pillars with relevant business stakeholders. It offered thoughtful guidance on sharpening
key aspects both in strategy and execution, including additional opportunity areas to explore, effective change
management, and communicating the positive impact of the 5-Pillars program on the growth of the organisation and
individuals.
The committee reviewed several acquisition targets that were pursued by Cyient during the course of the year. Its
feedback was valuable in the company’s assessment of the business, synergies, people and financials of those targets.
The committee also offered suggestions to improve the qualitative insights and participation levels in the annual
Customer Satisfaction (CSAT) survey that is a key test of the health of our client relationships.
Cyient’s annual strategy offsite creates the opportunity for the Board and leadership to engage on issues that have
substantial bearing on the company’s growth in the short to medium term. It provides the forum to ask important
questions, enable an open and thoughtful debate, and produce meaningful actions for the organisation to execute. In
January 2022, the Board and leadership team conducted the annual strategy offsite in virtual mode, deliberating on the
themes of culture and change management, talent, investment and DLM. Aided by an external facilitator and pre-event
listening exercise, the 2022 offsite produced a core set of actions for the leadership team to execute in the above areas
in support of the company’s S3 strategy and growth aspirations.
The composition of the Strategy & Client Engagement Committee as on 31 March 2022 is as follows:

Sl
Name of the Member Designation
No.
1 Mr. Som Mittal* Chairperson
2 Alain De Taeye Member
3 Vivek Gour Member
4 Ramesh Abhishek Member
* He retired w.e.f. 6 February 2022.
The committee met five times during the year including at the January strategy offsite.
Role of company secretary in overall governance process:
The company secretary has a key role to play in facilitating the effective functioning of the board through the
timely presentation of board information which - by being accurate, clear and comprehensive - assists high-quality
decision making. Under the direction of the chairman, the company secretary’s responsibilities include ensuring good
information flows within the board and its committees, between senior management and non-executive directors, as
well as facilitating induction and assisting with professional development. All directors have access to the advice and
services of the company secretary who is responsible to the board for ensuring that board procedures are complied
with. In addition, the Company Secretary discharges the functions prescribed under the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
III. STATUTORY AND REGULATORY DISCLOSURES
1. Disclosure on Materially significant Related Party Transactions:
The Company’s major related party transactions are generally with its subsidiaries and associates. The related
party transactions are entered into based on considerations of various business exigencies, such as synergy in
operations, sectoral specialization and the Company’s long-term strategy for sectoral investments, optimisation
of market share, profitability, legal requirements, liquidity and capital resources of subsidiaries and associates.
All the contracts / arrangements / transactions entered by the Company during the financial year with related
parties were in its ordinary course of business and on arm’s length basis.
During the year, the Company had not entered into any contract / arrangement / transaction with related parties
which could be considered material in accordance with the policy of the Company on materiality of related party
transactions.
None of the transactions with any of related parties were in conflict with the Company’s interest.
The Company’s policy on Materiality of Related Party transactions and on dealing with Related Party Transactions
is put up on the Company’s website and can be accessed at https://www.cyient.com/investors/corporate-
governance/.
IV. GENERAL BODY MEETINGS
(a) Annual General Meeting:
No. of special
Year(s) Date of AGM Time Venue
resolutions passed
2020-21 17 June 2021 4:00 PM through Video Conference (VC) or Other Audio- 01
Visual Means (OAVM)
2019-20 31 July 2020 4:00 PM through Video Conference (VC) or Other Audio- 02
Visual Means (OAVM)
2018-19 6 June 2019 3:00 PM L&D Centre (company’s campus), Plot No. 2, IT 04
Park, Manikonda, Hyderabad- 500032, Telangana
(b) Extraordinary General Meeting:
No Extra-ordinary General Meeting of the shareholders was held during the year.
(c)
Postal Ballot

During the year, the Company approached shareholders through postal ballot to pass two special resolutions:
Resolutions passed on 31 March 2022:
Invalid
Type of resolution No.polled
of votes Votes cast in Votes cast
Description votes/
favour against abstain votes
Re-appointment of Mr. Vivek N Gour Special Resolution 7,84,41,792 7,50,09,921 33,30,124 1,01,747
(DIN 00254383) as an Independent
Director for a second term of five
consecutive years.
Re-appointment of Ms. Matangi Special Resolution 7,84,41,793 7,73,55,965 9,84,074 1,01,754
Gowrishankar (DIN 01518137) as an
Independent Director for a second
term of five consecutive years.
Mr. S. Chidambaram, Company Secretary in Practice was appointed as scrutinizer for the above postal ballots.
(d) Procedure for postal ballot
Company conducts a postal ballot, where required, in accordance with the provisions of the Companies Act, 2013 and
the Rules made thereunder and applicable regulations.
(e)
Disclosures
(i) The Managing Director & CEO and Chief Financial Officer have given a Certificate to the Board as contemplated
in SEBI (LODR) Regulations, 2015. This is published elsewhere in the Annual Report.
(ii) There are no materially significant related party transactions - please refer note No. 24 of the Standalone
financial statements, forming part of this Annual Report
(iii) There were no pecuniary transactions with any of the Non-Executive Directors, except payment of
commission.
(iv) A compliance report of all applicable laws and regulations duly signed by the Managing Director & CEO, Chief
Financial Officer and the Company Secretary is placed at periodic intervals for review by the Board. The Board
reviews the compliance of all the applicable laws and gives appropriate directions wherever necessary.
(v) The board considers materially important show cause/demand notices received from statutory authorities
and the steps/action taken by the company in this regard. A status report of material legal cases and disputed
liabilities pending before the various courts/judicial forums is also put up to the board on a quarterly basis.
During the year the company received no such notices.
(vi) The board of directors has laid-down a ‘Code of Conduct’ (Code) for all the board members and senior
management personnel of the company and this Code is posted on the website of the Company. Annual
declaration is obtained from every associate covered by the Code. The declaration of the Managing Director &
CEO, as required under SEBI (LODR) Regulations, 2015, is published elsewhere in the Annual Report.
(vii) The board regularly discusses the significant business risks identified by the management and the mitigation
process being taken up. A detailed note on the risk identification and mitigation is included in the Risk
Management Report and Management Discussion and Analysis annexed to the Directors’ Report.
(viii) No penalties or strictures were imposed on the company by the Stock Exchanges, SEBI or other statutory
authorities during the last three years.
(ix) The company is compliant with the provisions of applicable laws and the SEBI (LODR) Regulations, 2015.
(x) The senior management have affirmed to the board of directors that there are no material, financial and
commercial transactions, where they have personal interest that may have a potential conflict with the
interest of the company.
(xi) Mr. Krishna Bodanapu is the son of Mr. B.V.R. Mohan Reddy. There are no inter-se relationships between and
among any other directors.
(xii) The company is preparing its financial statements in line with the accounting standards prescribed under
section 133 of the Companies Act, 2013.
(xiii) The company has not raised any fresh funds from the public or through Rights or Preferential Issue (except
ASOPS and RSUS).

(xiv) The board has accepted all recommendations made by the respective committees, as applicable.
(xv) In addition to the terms of reference/charter of the audit committee, risk management committee, LNR
Committee, Stake holders engagement committee and CSR/ESG Committee as mentioned above, the explicit
applicable provisions of SEBI (LODR) Regulations 2015, the Companies Act, 2013 and the rules made there
under are suitably included in the respective charters
(f) Whistle blower policy
The Company has adopted a Whistle Blower Policy and has established the necessary vigil mechanism as defined
under Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements), 2015 for directors and employees
to report concerns about unethical behaviour. No person has been denied access to the Chairman of the audit
committee. The Whistle blower Policy is available on the website of the Company i.e. https://www.cyient.com/
investors/corporate-governance/ . The company has complied with all mandatory requirements of SEBI (Listing
Obligations and Disclosure Requirements), 2015. The company implemented a web based/online mechanism
under the whistle blower policy. This mechanism encompasses the entire trail from the login of a complaint to its
eventual redressal. The system also affords a dial-in facility to associates in various languages across the countries
were the company has its operations.
(g)
Subsidiary Companies
The board of directors has reviewed the financial statements and minutes of the board meetings of all the subsidiary
companies. According to the policy of the company and applicable regulations under LODR, the company does not
have any materially unlisted subsidiary company, except Cyient Inc., and Cyient DLM Private Limited. The company
has a policy for determining’ material subsidiary’ which is disclosed on its website.
(h) Disclosure of commodity price risks and commodity hedging activities:
The Company does not deal in commodities and hence the disclosure pursuant to SEBI Circular dated November
15, 2018 is not required to be given. For a detailed discussion on foreign exchange risk and hedging activities,
please refer to Management Discussion and Analysis Report.
(i) Details of compliance with mandatory and non-mandatory requirements
Mandatory
The Company has complied with all mandatory requirements specified in regulation 17 to 27 and clause (b) to (i) and
(t) of sub regulation (2) of regulation 46 of SEBI (Listing Obligations and Disclosure Requirements), 2015.
Non-Mandatory
● Shareholder Rights
The company sends a quarterly investor update to the shareholders comprising key financial, business and
operations update. This is sent in the electronic mode and hosted on the company’s website.
● Audit qualification
The Company is in the regime of unmodified audit opinion.
● Reporting of Internal Auditor
The Internal Auditor directly reports to the Audit Committee.
(j) CEO and CFO Certification
The Chief Executive Officer and the Chief Financial Officer of the company have given certification on financial
reporting and internal controls for the financial year 2021-22 to the Board of Directors at their meeting held on 21
April 2022 as required under regulation 17(8) of SEBI (LODR), Regulations, 2015.
(k) Means of Communication
(i) Publication of results in newspapers
The quarterly, half-yearly & nine months un-audited financial results and annual audited results of the company
are generally published in Business Standard or Financial Express, at national level in English language as well as
Nava Telangana at regional level in Telugu language circulating in the state of Telangana.
(ii) Website and News Release
The quarterly, half-yearly & nine months unaudited financial results and annual audited results of the company

are available on the website of the company i.e. www.cyient.com. Official news releases, detailed presentations
made to media, analysts, institutional investors, etc are available on the website of the company i.e. www.
cyient.com. Official media releases are sent to BSE Limited and National Stock Exchange of India Limited. Your
company also makes timely disclosure of necessary information to BSE Limited and National Stock Exchange
of India Limited in terms of the SEBI (LODR) Regulations, 2015 and other rules and regulations issued by the
Securities and Exchange Board of India.
Further following information is available on the website of the company i.e. www.cyient.com:
● Details of business of the Company;
● Terms and conditions of appointment of Independent Directors;
● Composition of various Committees of Board of Directors;
● Code of Conduct for Board of Directors and Senior Management Personnel;
● Details of establishment of vigil mechanism/ Whistle Blower policy;
● Criteria of making payments to Non-Executive Directors;
● Policy on dealing with Related Party Transactions;
● Policy for determining ‘material’ subsidiaries;
● Details of familiarization programmes imparted to Independent Directors;
● Policy for determination of materiality of events.
(iii) Channels of Communication with the investors
NSE Electronic Application Processing System (NEAPS) and BSE Corporate Compliance & Listing Centre (the
‘Listing Centre’): All periodical compliance filings like shareholding pattern, corporate governance report,
media releases, among others are also filed electronically on the Listing Centre.
(l) E-voting
Pursuant to the requirements of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements), 2015, company is providing e-voting facility to its shareholders, in respect of all shareholders’
resolutions, to be passed at the General Meetings as also for postal ballot.
(m) Additional Shareholders’ Information Annual General Meeting:
Date 03 June 2022

Time 04:00 P.M (IST)
Venue through Video Conference (VC) or Other
Audio-Visual Means (OAVM)
Financial Calendar
Financial Year - 1 April 2022 to 31 March 2023
Tentative calendar for declaration of financial results in financial year 2022-23
Results for the quarter ended On or before

30 June 2022 21 July 2022
30 September 2022 13 October 2022
31 December 2022 12 January 2023
31 March 2023 20 April 2023
Book Closure dates

The dates for book closure are from 24 May 2022 to 3 June 2022

Date of Payment of Dividend
Your Directors have recommended a final dividend of ₹ 14 per equity share of ₹ 5 (280%) each for the financial year
ended March 31, 2022. Subject to the approval of the shareholders, the dividend will be paid within 30 days from
the date of AGM.
Code of Conduct for prohibition of Insider trading
Your company has adopted a Code of conduct as per Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015 as amended from time to time. All Directors, Senior Management Personnel, person
forming part of Promoter(s)/Promoter(s) Group(s) and such other Designated Employees who could have access
to the Unpublished Price Sensitive Information of the Company are governed by this Code. During the year under
review, the Company had made due compliance with Securities and Exchange Board of India (Prohibition of Insider
Trading) Regulations, 2015. The code of conduct is available on the website of the Company i.e. www. cyient.com.
Company Secretary of the Company is appointed as the Compliance Officer by the Board to ensure compliance
and effective implementation of the Insider Trading Code.
Listing on Stock Exchanges
The Company’s shares are listed on BSE Limited (BSE), and The National Stock Exchange of India Limited (NSE).
The listing fee for the financial year 2021-22 has been paid to both the stock exchanges.
Stock Code:
a) Trading scrip code on BSE: 532175
b) Trading scrip code on NSE: CYIENT/EQ
c) ISIN of the company: INE136B01020
d) CIN: L72200TG1991PLC013134
Market Price Data
1. The Monthly high and low prices of your company’s share at BSE and NSE for the year ended 31 March 2022 are
as under:
(in ₹ )
NSE BSE
Month
High Low High Low
Apr-2021 774.80 652.05 774.00 651.65
May-2021 837.50 725.95 836.90 726.05
Jun-2021 920.00 781.90 919.10 781.75
Jul-2021 1,092.00 837.05 1,091.40 838.55
Aug-2021 996.00 888.50 997.25 889.00
Sep-2021 1,148.00 975.15 1,148.00 971.30
Oct-2021 1,292.00 1,035.00 1,292.00 1,036.40
Nov-2021 1,180.00 944.85 1,177.45 952.95
Dec-2021 1,042.00 932.45 1,050.95 932.10
Jan-2022 1,084.00 902.00 1,084.80 902.65
Feb-2022 1,007.75 783.95 1,007.80 784.80
Mar-2022 966.30 805.30 964.45 805.80

2. Share price performance in comparison to broad-based indices:
Share price v/s NSE Share price v/s BSE

Particulars
Share Price (in ₹) Nifty Share Price (in ₹) BSE Sensex
As on 1 April 2021 652.05 14,798.40 654.00 49,868.53
As on 31 March 2022 927.75 17,464.75 929.15 58,568.51
Changes (%) 42.28 18.02 42.07 17.44
Share Transfer System

As the Company’s shares are currently traded in dematerialized form, the transfers are processed and approved in
the electronic form by NSDL / CDSL through their depository participants.
Kfintech Technologies Limited is the Common R&T Agent for both physical and dematerialised mode.
All queries and requests relating to share transfers/ transmissions may be addressed to our Registrar and Transfer
Agent:

Kfin Technologies Limited
Unit: Cyient Limited
Karvy Selenium Tower B, Plot 31&32,
Financial District, Gachibowli,
Nanakramguda, Hyderabad – 500 032, Telangana.
Contact Person: Mr. Mohd Mohsin Uddin,
Manager – Corporate Registry,
Ph: 040- 6716 1562, Email: mohsin.mohd@kfintech.com
Address for correspondence
Investors’ correspondence may be addressed to Mr. Ravi Kumar Nukala, Dy. Company Secretary and any queries
relating to the financial statements of the Company may be addressed to Mr. Mayur Maniyar, Manager, Investor
Relations at the Registered Office of the Company at 4th Floor, ‘A’ Wing, Plot No.11, Software Units Layout,
Infocity, Madhapur, Hyderabad - 500 081 Tel:+91- 40-6764 1696 / 1537, E-mail : company.secretary@cyient.com /
Mayur.Maniyar@cyient.com .
Members holding shares in physical form may update their KYC details and other information as per the circular
issued by SEBI on 3 November 2021.
Secretarial Audit
Secretarial audit for the financial year 2021-22 was performed by Mr. S. Chidambaram, a Company Secretary
in practice. It, inter alia, includes audit of compliances with the Companies Act, 2013, and the rules made under
the Act, Listing Regulations and applicable regulations prescribed by the Securities and Exchange Board of India
and Foreign Exchange Management Act, 1999 and Secretarial Standard issued by the Institute of the Company
Secretaries of India. The Secretarial Audit forms part of the Annual Report.
Reconciliation of Share Capital
As stipulated by SEBI, a Practicing Company Secretary carries out Reconciliation of Share Capital Audit to reconcile
the total admitted capital with National Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CDSL) and the total issued and listed capital. This audit is carried out every quarter and the report
thereon are submitted to the Stock Exchanges. The audit confirms that the total listed and paid-up capital is in
agreement with the aggregate of the total number of shares in dematerialized form and in physical form.
Dematerialization of Shares and liquidity
Dematerialization of shares is done through M/s. Kfin Technologies Limited and on an average the dematerialization
process is completed within 7 days from the date of receipt of a valid dematerialization request along with the
relevant documents. As on 31 March 2022, 99.45% of the total shares have been dematerialized.
Total equity share capital is as follows:
Sl.
Particulars Share Capital (in ₹) Number of Equity Shares of ₹ 5 each
No.
1 31.03.2022 55,15,87,080 11,03,17,416
2 31.03.2021 55,01,49,060 11,00,29,812
Summary of Shareholding As on 31.03.2022

Category No. of Holders Total Shares % Equity
Physical 334 612,631 0.55
National Secuxrities Depository Limited (NSDL) 48,025 104,131,062 94.39
Central Depository Services (India) Limited (CDSL) 70,419 5,573,723 5.05
Total 118,778 110,317,416 100.00

Distribution Schedule as on 31 March 2022
Category (Amount) Total Shares Amount % of Amount

1 - 5000 7,066,757 35,333,785 6.40
5001- 10000 1,296,524 6,482,620 1.17
10001- 20000 1,453,755 7,268,775 1.31
20001- 30000 747,102 3,735,510 0.67
30001- 40000 592,543 2,962,715 0.53
40001- 50000 465,638 2,328,190 0.42
50001- 100000 1,384,616 6,923,080 1.25
100001& Above 97,310,481 486,552,405 88.20
Total 110,317,416 551,587,080 100.00
Distribution of Shareholding on the basis of ownership as on 31 March 2022
Category No. of Holders Total Shares % to Equity

Foreign Portfolio Investors 226 37,531,155 34.02
Promoters 12 25,822,188 23.41
Mutual Funds 16 24,233,052 21.97
Resident Individuals 112,752 12,700,604 11.49
Non Resident Indians 1,699 3,315,554 3.01
Foreign Collaborators 1 1,500,000 1.36
Non Resident Indian Non-Repatriable 842 1,476,222 1.34
Trusts 15 1,252,521 1.14
Bodies Corporates 636 899,815 0.82
Qualified Institutional Buyer 3 704,503 0.64
Alternative Investment Fund 7 363,119 0.33
Foreign Nationals 21 269,527 0.24
IEPF 1 85,491 0.08
Clearing Members 62 83,513 0.08
Insurance Companies (NBFC) 2 80,064 0.07
Financial Institutions / Banks 2 88 -
Total 116,297 110,317,416 100
Independent Directors are encouraged to own company stock subject to the restrictions of the Insider Trading
Regulations and in accordance with Guidelines on purchase of shares by Independent Directors. Members of the
Executive Council and senior management in the company are encouraged to acquire up to 25% of their variable
pay in the form of company shares.

Shareholders of the company, having more than 1% shareholding as on 31 March 2022
Sl
Name of the shareholder No. of shares % of holding Category
No.
1 Vineyard Point Software Private Limited* 14,000,000 12.69 Promoter
2 Amansa Holdings Private Limited 9,568,296 8.67 FII
3 Infocad Enterprises Private Limited** 7,000,000 6.35 Promoter
4 DSP Small Cap Fund 4,803,051 4.35 Domestic FI
5 ICICI Prudential Multicap Fund 4,304,165 3.90 Domestic FI
6 Aditya Birla Sun Life Trustee Private Limited A/C 3,403,943 3.09 Domestic FI
Aditya Birla Sun Life Blanced Advantage Fund
7 Nippon Life India Trustee Ltd-A/C Nippon India 2,705,945 2.45 Domestic FI
Balanced Advantage Fund
8 Kotak Small Cap Fund 2,090,218 1.89 Domestic FI
9 Pinebridge Global Funds - Pinebridge Asia EX Japan 2,066,151 1.87 FII
10 Tata Mutual Fund - Tata India Tax Savings Fund 2,031,897 1.84 Domestic FI
11 Aberdeen Standard ASIA Focus PLC 1,638,680 1.49 FII
12 RBC Emerging Markets Small-Cap Equity Fund 1,555,041 1.41 FII
13 Franklin India Smaller Companies Fund 1,470,911 1.33 Domestic FI
14 Fidelity Investment Trust Fidelity International 1,223,766 1.11 FII
15 Vanguard Emerging Markets Stock Index Fund 1,175,834 1.07 FII
16 Vanguard Total International Stock Index Fund 1,106,549 1.00 FII
* The shareholders of this company are Krishna Bodanapu and B Sucharitha (promoters of the company).
** The shareholders of this company are B.V.R. Mohan Reddy, Krishna Bodanapu and B Sri Vaishnavi (promoters of
the company).
Shareholding is consolidated based on permanent account number (PAN) of the shareholder.
Outstanding GDRs / ADRs / Warrants or any convertible instruments, conversion date and likely impact on
equity
The Company has not issued any GDRs/ADRs/ Warrants/any convertible instruments.
Plant Locations
Details of locations of the company’s offices are listed elsewhere in the Annual Report.
Unclaimed Shares / Dividend
Unpaid / Unclaimed Dividends in accordance with the provisions of Sections 124 and 125 of Companies Act, 2013
and Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules)
dividends not encashed / claimed within seven years from the date of declaration are to be transferred to the
Investor Education and Protection Fund (IEPF) Authority. The IEPF Rules mandate companies to transfer shares of
Members whose dividends remain unpaid / unclaimed for a continuous period of seven years to the demat account
of IEPF Authority. The Members whose dividend / shares are transferred to the IEPF Authority can claim their
shares / dividend from the Authority

Due dates for transfer of dividend unclaimed to IEPF are as follows:
Last date for

Date of Declaration claiming un-paid Due date for transfer
Financial Year Rate of Dividend of Dividend dividends by to IEPF
Investors
2014-15 (Final) 100% 16 July 2015 22 August 2022 21 September 2022
2015-16 (1st interim) 60% 15 October 2015 21 November 2022 20 December 2022
2015-16 (2nd Interim) 80% 17 March 2016 23 April 2023 22 May 2023
2016-17(Special) 50% 29 August 2016 5 October 2023 4 November 2023
2016- 17(Interim) 60% 13 October 2016 19 November 2023 18 December 2023
2017-18 (1st Interim) 100% 12 October 2017 15 November 2024 14 December 2024
2017-18 (2nd Interim) 80% 18 January 2018 21 February 2025 20 March 2025
2018-19 (Interim) 120% 17 October 2018 20 November 2025 19 December 2025
2018-19 (Final) 180% 6 June 2019 9 July 2026 8 August 2026
2019-20 (1st Interim) 120% 17 October 2019 20 November 2026 19 December 2026
2019-20 (2nd Interim) 180% 12 March 2020 3 April 2027 2 May 2027
2020-21 (Final) 340% 17 June 2021 20 July 2028 19 August 2028
2021-22 (Interim) 200% 14 October 2021 17 November 2028 16 December 2028
The movement of unclaimed shares in the “Cyient Ltd – Unclaimed Suspense Account” during the year as follows:-
Particulars No. of Shareholders No. of Shares

Aggregate number of shareholders and the outstanding shares in the 26 19,443
suspense account lying as on 1 April 2021
Shareholders who approached the company for transfer of shares from 0 0
suspense account during the year
Shareholders to whom shares were transferred from suspense account 0 0
during the year
Shareholders whose shares are transferred to the demat account of the 0 0
IEPF authority as per Section 124 of the Act
Aggregate number of shareholders and the outstanding shares in the 26 19,443
suspense account lying as on 31 March, 2022
The voting rights on the shares outstanding in the suspense account as on 31 March 2022 shall remain frozen till
the rightful owner of such shares claims the shares.
The company sends reminders to the shareholders concerned to claim the unclaimed and unpaid dividends before
they are transferred to the IEPF.
The shareholders who have a claim on above dividends and shares may claim the same from IEPF Authority by
submitting an online application in the prescribed Form No. IEPF-5 available on the website www.iepf.gov.in and
sending a physical copy of the same, duly signed to the Company, along with requisite documents enumerated
in the Form No. IEPF-5. No claims shall lie against the Company in respect of the dividend/ shares so transferred.

INDEPENDENT AUDITOR’S REPORT
To the Members of Cyient Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Cyient Limited (“the Company”), which comprise the
Balance Sheet as at March 31, 2022, the Statement of Profit and Loss, including the Statement of Other Comprehensive Loss,
the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial
statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as
the “Standalone Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial
Statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2022, its profit including other comprehensive loss, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s
Responsibilities for the Audit of the Standalone Financial Statements’ section of our report. We are independent of the Company
in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
Financial Statements.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone
Financial Statements for the financial year ended March 31, 2022. These matters were addressed in the context of our audit of
the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the audit of the Standalone Financial Statements section of our
report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the Standalone Financial Statements. The results of our audit procedures, including the procedures performed
to address the matters below, provide the basis for our audit opinion on the accompanying Standalone Financial Statements.
Key audit matters How our audit addressed the key audit matter
Impairment assessment of non-current investments carried at cost, fair value through other comprehensive income (“FVOCI”) and fair
value through profit and loss (“FVTPL”) (as described in note 5 of the Standalone Financial Statements)
As at March 31, 2022, the Company has non-current investments Our audit procedures included the following:
carried at cost, FVOCI and FVTPL of Rs. 5,890 mn. The non-current
• We tested the design and operative effectiveness of management’s
investments carried at FVOCI and FVTPL are tested annually for
key internal controls over impairment assessments.
impairment using discounted cash-flow models of recoverable value
compared to the carrying value of the assets. A deficit between the • Gained an understanding of and evaluated the methodology
recoverable value and carrying value would result in impairment. used by management to prepare its cash flow forecasts and
the appropriateness of the assumptions applied. In making this
The inputs to the impairment testing model include:
assessment, we also evaluated the competence, professional
• Projected revenue growth, operating margins, operating cash- qualification, objectivity and independence of Company’s
flows and capex during the periods relating to explicit forecasts. specialists involved in the process.

• Stable long-term growth rates beyond explicit forecast period • With the assistance of specialists, we assessed the assumptions
and in perpetuity, and on the key drivers of the cash flow forecasts including discount
rates, expected growth rates and terminal growth rates used;
• Discount rates that represent the current market assessment
in consideration of the current and estimated future economic
of the risks specific to the cash generating unit, taking into
conditions.
consideration the time value of money.
• We assessed the historical accuracy of management’s forecasting
The financial projections basis which the future cash flows have been
by comparing actual financial performance to management’s
estimated consider the impact of the economic uncertainties on the
previous forecasts. We also analysed the consistency of cash flow
discount rates, the projected growth rates and terminal values and
forecasts with Management’s latest estimates presented to the
subjecting these variables to sensitivity analysis.
Board of Directors as part of the budget process.
The annual impairment testing is considered a key audit matter
• We assessed the recoverable value headroom by performing
because the assumptions on which the tests are based are highly
sensitivity testing of key assumptions used.
judgmental and are affected by future market and economic
conditions which are inherently uncertain, and because of the • We tested the arithmetical accuracy of the models.
materiality of the balances to the Standalone Financial Statements
• We assessed the adequacy of the related disclosures in note 5 to
as a whole.
the Standalone Financial Statements.
Accuracy of recognition and measurement of Revenues (as described in note 2 and 17 of the Standalone Financial Statements)
The application of the revenue recognition standard Ind AS 115 Our audit procedures include the following:
– “Revenue from contracts with customers” involves certain key
• Evaluated the design and operating effectiveness of
judgements and principles for evaluating various distinctive terms/
management’s key internal controls over revenue recognition.
matters.
• Tested relevant information technology systems’ controls
Revenue contracts with customers have defined delivery milestones
relating to contracts and related information used in recording
with agreed scope of work and pricing for each milestone depending
and disclosing revenue.
on the nature of service/industry served. The pricing arrangement of
these contracts is time and material; fixed bid/unit based, etc. • Substantive testing of sample revenue contracts and performed
the following procedures to assess management analysis of
Revenue from fixed bid/unit-based contracts, where the performance
compliance with Ind AS 115:
obligation is satisfied over time has been recognised using the
percentage of completion method. Use of the percentage-of- o Read, analyzed and identified the distinct performance
completion method requires the Company to determine the actual obligations in these contracts.
efforts or costs expended to date as a proportion of the estimated o Compared these performance obligations with that
total efforts or costs to be incurred. identified and recorded by the Company.
Identification of performance obligations involves high degree of o Considered the terms of the contracts and assessed the
judgement and assessment of contractual terms. Also, the estimate transaction price including any variable consideration to test
of total efforts or remaining efforts to complete fixed bid/unit-based revenue.
contracts measured using the percentage of completion method
involves significant judgement throughout the period of the contract • Sample contracts in respect of revenue recorded for time and
and is subject to revision as the contract progresses based on the material contracts were tested using a combination of approved
latest available information. time sheets including customer acceptances and invoices.
As the revenue recognition involves significant estimates and • In respect of fixed price contracts, progress towards completion
judgments, we regard this as a key audit matter. of performance obligation used to compute revenue was
verified based on actual cost relative to estimated cost from
management analysis and systems or external evidence of
progress. Also, reviewed cost incurred with estimated cost to
identify significant variations and reasons and to verify whether
those variations have been considered in estimating the
remaining cost to complete the contract.
Allowance for credit losses for trade receivables including unbilled revenue (as described in note 2,7 and 9 of the Standalone Financial
Statements)
As at March 31, 2022, the Company has outstanding trade receivables Our audit procedures included the following:
and unbilled revenue of Rs. 4,589 mn and Rs. 1,112 mn respectively. • We tested the design and operative effectiveness of
The Company has determined the allowance for credit losses based management’s key internal controls over allowance for credit
on the ageing status and historical loss experience adjusted to reflect losses.
current and estimated future economic conditions.
• We assessed the completeness and accuracy of the information
We considered this as key audit matter due to the materiality of the used in the estimation of probability of default and tested
amounts and significant estimates and judgements as stated above. historical payment records, correspondence with customers,
credit related information and subsequent collection of the
customers’ balances.
• We assessed the allowance for expected credit loss made by
management and performed analysis of ageing of receivables,
tested the mathematical accuracy and computation of the
allowance for credit losses.

Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the Standalone Financial Statements and our auditor’s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the Standalone Financial Statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of Management for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation
of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including
other comprehensive loss, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, Board of Directors is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the Standalone Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures,
and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements for the financial year ended March 31, 2022 and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give in the “Annexure 1” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive loss, the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account;
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2022 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2022 from being appointed as a director in terms
of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements and
the operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2022 has been paid / provided by the Company
to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial
Statements – Refer Note 23 (A)(a) to the Standalone Financial Statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 14 to the Standalone
Financial Statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company;
iv. a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
company to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediaries shall, whether, directly or indirectly lend or
invest in other person or entity identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds have been received
by the company from any person or entity, including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest
in other person or entity identified in any manner whatsoever by or on behalf of the Funding Parties (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on the audit procedures that were considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain
any material misstatement.
v. a) The final dividend paid by the Company during the year in respect of the same declared for the previous year is in
accordance with section 123 of the Act to the extent it applies to payment of dividend.
b) The interim dividend declared and paid by the Company during the year and until the date of this audit report is in
accordance with section 123 of the Act.
c) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of
the Act to the extent it applies to declaration of dividend.

______________________________
per Vikas Pansari
Partner
UDIN: 22093649AHMOMB8709
Place of Signature: Mumbai
Date: April 21, 2022

ANNEXURE ‘1’ REFERRED TO IN PARAGRAPH UNDER THE
HEADING “REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS” OF OUR REPORT OF EVEN DATE ON THE
STANDALONE FINANCIAL STATEMENTS OF CYIENT LIMITED
(“THE COMPANY”)
In terms of the information and explanations sought by us and given by the company and the books of account and records
examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
property, plant and equipment.
(a) (B) The Company has maintained proper records showing full particulars of intangible assets.
(b) All property, plant and equipment have not been physically verified by the management during the year but there is a
regular programme of verification which, in our opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed in note 3A to the Standalone Financial Statements are held in the name of
the Company except the following:
Period held
Gross Block Whether promoter,
Particulars of – indicate Reason for not being held
as at March Held in name of director or their
freehold land range, where in the name of Company
31, 2022 relative or employee
appropriate
Freehold land located at Rs. 4 million Telangana State No Since 2005 Pending completion of
Nanakramguda Village, Industrial Infrastructure legal formalities relating to
admeasuring 10 acres. Corporation Limited conveyance
(d) The Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets
during the year ended March 31, 2022.
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The Company’s business does not involve inventories. Accordingly, the requirements to report on clause 3(ii)(a) of the
Order is not applicable to the Company.
(b) As disclosed in note 27 to the financial statements, the company has been sanctioned working capital limits in excess of
`5 crores in aggregate from banks during the year on the basis of security of current assets of the Company. The returns/
statements filed by the Company with such banks are in agreement with the books of accounts of the Company.
(iii) (a) During the year the Company has provided loans and stood guarantee to subsidiary/step down subsidiary companies as
follows:
(` in millions)
Guarantees Loans
Aggregate amount granted/provided during the year - 825
Balance outstanding as at balance sheet date in respect
10,573 1,962
of subsidiary/step down subsidiary companies
During the year, the Company has not granted loans or advances in the nature of loans, stood guarantee or provided security
to any other parties.

(b) During the year the investments made, guarantees provided, and the terms and conditions of the grant of all loans
provided are not prejudicial to the Company’s interest.
(c) The schedule of repayment of principal and payment of interest has been stipulated for the loans granted to subsidiaries
and the repayment/receipts are regular.
(d) There are no amounts of loans granted to subsidiary companies, which are overdue for more than ninety days.
(e) The Company had granted loans to subsidiary companies which had fallen due during the year. The Company has extended
due date of payment during the year to the respective parties to settle the dues which had fallen due for the existing loans.
The aggregate amount of such dues extended and the percentage of the aggregate to the total loans granted during the
year are as follows:
Percentage of the aggregate to the total loans or advances

Aggregate amounts of
Name of subsidiary company in the nature of loans granted during the year to such
loans extended
subsidiary company
Cyient DLM Private Limited Rs.1,108 million 62%
Cyient Insights Private Limited Rs. 120 million 100%
Cyient Solutions and Systems Private Limited Rs. 311 million 100%
(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without
specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties.
Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.
(iv) There are no loans, guarantees and security in respect of which provisions of sections 185 of the Act is applicable. Loans,
investments, guarantees and security in respect of which provisions of section 186 of the Act are applicable, have been
complied with by the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amount which are deemed to be deposits
within the meaning of Sections 73 to 76 of the Act and the rules made thereunder, to the extent applicable. Accordingly, the
requirement to report on clause 3(v) of the Order is not applicable to the Company.
(vi) The Company is not in the business of sale of any goods or provision of such services as prescribed by the Central Government
for maintenance of cost records under Section 148(1) of the Act. Accordingly, the requirement to report on clause 3(vi) of the
Order is not applicable to the Company.
(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services
tax, provident fund, employees’ state insurance, income-tax, duty of customs and other statutory dues applicable to it. The
provisions relating to sales tax, service tax, value added tax, duty of excise and cess are not applicable to the Company.
According to the information and explanations given to us, no undisputed amounts payable in respect of these statutory
dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(b) There are no dues of goods and services tax, provident fund, employees’ state insurance, customs duty and other
statutory dues which have not been deposited on account of any dispute. The dues of income-tax, sales-tax, service tax
and value added tax have not been deposited on account of any dispute, are as follows:

(` in millions)
Name of the Nature of the Period to which the Amount Amount paid Forum where the
statute dues amount relates involved under protest dispute is pending
Central Sales Sales Tax 2004-05 to 2009-10 & 17 9 Commissioner of

Tax Act, 1956 2015-16 to Jun-17 Commercial Taxes
(Appeals)
Andhra Pradesh Value Value Added Tax 2005-06 to 2009-10 4 2 Commissioner of

Added Tax Act, 2005 Commercial Taxes
(Appeals)
Finance Act, 1994 Service Tax April 2013 to June 2017 182 0.1 Commissioner (Central
Excise and Service tax)
April 2013 to June 2017 50 - Customs, Excise and

Service Tax Appellate
Tribunal
April 2006 to March 2010 137 - The Supreme court of

India
October 2013 to 2 1 Commissioner - Audit

September 2014 (Central Excise and
Service tax)
Income Income Tax 2010-11, 2011-12, 25* 20 Commissioner of

Tax Act, 1961 2017-2018, 2018-19 and Income Tax (Appeals)
2019-20.
(* excluding interest and penalty)
(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax
assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause
3(viii) of the Order is not applicable to the Company.
(ix) (a) The Company did not have any outstanding loans or borrowings or interest thereon due to any lender during the year.
Accordingly, the requirement to report on clause ix (a) of the Order is not applicable to the Company.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.
(c) The Company did not have any term loans outstanding during the year. Accordingly, the requirement to report on
clause ix (c) of the Order is not applicable to the Company.
(d) On an overall examination of the standalone financial statements of the Company, no funds raised on short-term basis
have been used for long-term purposes by the Company.
(e) On an overall examination of the standalone financial statements of the Company, the Company has not taken any funds
from any entity or person on account of or to meet the obligations of its subsidiaries or joint venture entity. The Company
does not have any associate.
(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries or joint venture entity.
Accordingly, the requirement to report on clause ix (f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of public offer (including debt instruments). Accordingly,
the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally
convertible debentures during the year under audit. Accordingly, the requirement to report on clause 3(x)(b) of the Order is
not applicable to the Company.
(xi) (a) No fraud by the Company or no fraud on the Company has been noticed or reported during the year.
(b) During the year, no report under sub-section (12) of section 143 of the Act has been filed by secretarial auditor or by us in
Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of audit procedures.
(xii) The Company is not a Nidhi Company as per the provisions of the Act. Accordingly, the requirement to report on clause 3(xii)
of the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and the details
have been disclosed in the notes to the Standalone Financial Statements, as required by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been
considered by us.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with its directors.
Accordingly, the requirement to report on clause 3(xv) of the Order is not applicable to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934, are not applicable to the Company. Accordingly,
the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.
(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to
report on clause (xvi)(b) of the Order is not applicable to the Company.
(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly,
the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.
(d) There is no Core Investment Company as a part of the Group. Accordingly, the requirement to report on clause 3(xvi) of
the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current year and preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly, requirement to report on Clause
3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 32 to the Standalone Financial Statements, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone
Financial Statements, our knowledge of the Board of Directors’ and management’s plans and based on our examination of
the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material
uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date
of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts
up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a
period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund
specified in Schedule VII of the Act, in compliance with second proviso to sub section 5 of section 135 of the Act. This matter
has been disclosed in note 22(i) to the Standalone Financial Statements.
(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account
in compliance of provision of sub section (6) of section 135 of the Act. This matter has been disclosed in note 22(i) to the
Standalone Financial Statements.

______________________________
per Vikas Pansari
Partner

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF
EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF
CYIENT LIMITED (“THE COMPANY”)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
We have audited the internal financial controls with reference to Standalone Financial Statements of Cyient Limited (“the
Company”) as of March 31, 2022 in conjunction with our audit of the Standalone Financial Statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Company are responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)
issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to Standalone Financial
Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing,
as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued
by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial
Statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with
reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference
to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A company’s internal financial controls with reference to Standalone Financial Statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference
to Standalone Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material
effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Financial
Statements to future periods are subject to the risk that the internal financial controls with reference to Standalone Financial
Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has maintained, in all material respects, adequate internal financial controls with reference to
Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were
operating effectively as at March 31, 2022, based on the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

______________________________
per Vikas Pansari
Partner

Balance Sheet as at March 31, 2022
(All amounts in ₹ millions, except share and per share data and where otherwise stated)
As at As at
Particulars Notes
March 31, 2022 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 3A 2,561 2,636
Right of use assets 3C 1,064 909
Capital work-in-progress 3B 70 36
Other intangible assets 4A 148 178
Intangible assets under development 4B - 734
Financial assets
(a) Investments 5 8,047 5,008
(b) Loans 6 1,111 802
(c) Other financial assets 7 179 182
Deferred tax assets (net) 16 (d) 203 204
Income tax assets (net) 16 (f) 763 771
Other non-current assets 8 207 125
Total non-current assets 14,353 11,585
Current assets
Financial assets
(a) Investments 5 866 -
(b) Trade receivables 9 4,589 4,297
(c) Cash and cash equivalents 10A 8,748 11,541
(d) Other bank balances 10B 1 2
(e) Loans 6 540 671
(f) Other financial assets 7 1,744 1,470
Other current assets 8 1,021 823
Total current assets 17,509 18,804
Total assets 31,862 30,389
EQUITY AND LIABILITIES
EQUITY
Equity share capital 11A 552 550
Other equity 11B 25,435 23,429
Total equity 25,987 23,979

As at As at
Particulars Notes
March 31, 2022 March 31, 2021
LIABILITIES
Non-current liabilities
Provisions 12 1,052 956
Financial liabilities
(a) Lease liabilities 3C 798 769
(b) Trade payables 13
(i) Total outstanding dues of micro enterprises and small
- -
enterprises
(ii) Total outstanding dues of creditors other than micro
63 -
enterprises and small enterprises
(c) Other financial liabilities 14 28 32
Total non-current liabilities 1,941 1,757
Current liabilities
(a) Lease liabilities 3C 358 272
(i) Total outstanding dues of micro enterprises and small
21 11
enterprises
(ii) Total outstanding dues of creditors other than micro 2,577 2,741
(c) Other financial liabilities 14 136 103
Income tax liabilities (net) 16 (f) 114 97
Provisions 12 210 200
Other current liabilities 15 518 1,229
Total current liabilities 3,934 4,653
Total liabilities 5,875 6,410
Total equity and liabilities 31,862 30,389
Corporate information and significant accounting policies 1&2
Accompanying notes form an integral part of the financial
statements
As per our report of even date

For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors
Chartered Accountants Cyient Limited
ICAI Firm registration number: 101049W/E300004
Vikas Pansari M.M.Murugappan Krishna Bodanapu

Partner Non-Executive Chairman Managing Director and CEO
Membership No.: 093649 (DIN - 00170478) (DIN - 00605187)
Ajay Aggarwal Sudheendhra Putty

Executive Director and Company Secretary
Chief Financial Officer (M.No. - F5689)
(DIN - 02565242)

Place : Mumbai Place : Hyderabad
Date : April 21, 2022 Date : April 21, 2022

Statement of Profit and Loss for the year ended March 31, 2022
For the year ended For the year ended

Particulars Notes
March 31, 2022 March 31, 2021
INCOME
Revenue from operations 17 17,505 13,799
Other income 18 2,753 1,198
EXPENSES
Employee benefits expense 19 8,954 7,235
Finance cost 20 104 146
Depreciation and amortisation expense 21 967 962
Impairment of non-current assets 5 - 114
Other expenses 22 3,423 3,020
Total expenses 13,448 11,477
Profit before tax 6,810 3,520
Tax expense 16 (a)
Current tax 1,162 755
Deferred tax credit (43) (16)
Total tax expense 1,119 739
Profit for the year 5,691 2,781
Other comprehensive income (OCI)

(a) Items that will not be reclassified subsequently to statement of
profit and loss:
(i) Remeasurements of the net defined benefit liability 12 (47) (104)
(ii) Equity instruments through other comprehensive income (1) -

(iii) Income tax relating to items that will not be reclassified to
16 (b) 10 22
statement of profit and loss

Particulars Notes
March 31, 2022 March 31, 2021
(b) Items that will be reclassified subsequently to statement of
profit and loss:
(i) Effective portion of gains/(loss)on designated portion of
11B 6 311
hedging instruments in a cash flow hedge
(ii) Income tax on items that will be reclassified to statement
(2) (109)
of profit and loss
Total other comprehensive (loss)/ income (34) 120
Total comprehensive income for the year, net of tax 5,657 2,901
Earnings per equity share (par value of ₹ 5 each) 25
Basic (₹) 52.03 25.29

Diluted (₹) 51.80 25.27
Accompanying notes form an integral part of the financial
statements



(DIN - 02565242)


Cash flow statement for the year ended March 31, 2022
Particulars
March 31, 2022 March 31, 2021
A. CASH FLOW FROM OPERATING ACTIVITIES
Adjustments for:
Tax expense 1,119 739
Dividend from subsidiary (1,711) -
Depreciation and amortisation expense 967 962
Profit on sale of property, plant and equipment
(29) (16)
and termination of leases, (net)
Finance costs 104 146
Impairment of non-current assets - 114
Share-based payment to employees 115 42
Interest income (539) (544)
Gain from mutual funds (11) -
Loss on fair valuation of investments carried at FVTPL 2 -
Liabilities no longer required written back - (7)
Provision for expected credit loss, (net) 26 39
Unrealised forex loss/ (gain), net 1 (9)
Operating profit before working capital changes 5,735 4,247
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Trade receivables (293) 1,406
Other financial assets (287) 426
Other assets (289) 2
Adjustments for increase / (decrease) in operating liabilities:
Trade payables (115) 219
Other current liabilities (711) 886
Provisions 59 55
Cash generated from operations 4,099 7,241
Net income taxes paid (1,085) (756)
Net cash flow from operating activities (A) 3,014 6,485

Particulars
March 31, 2022 March 31, 2021
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment towards purchase of property, plant and equipment and
(524) (457)
intangible assets
Proceeds from sale of property, plant and equipment 4 7
Loans given to subsidiaries (825) (530)
Loans repaid by subsidiaries 647 300
Interest received 538 358
Dividend received from subsidiaries 1,711 -
Payment towards purchase of investments* (3,072) (15)
Movement in other bank balances (1) (1)
Net cash used in investing activities (B) (1,522) (338)
C. CASH FLOW FROM FINANCING ACTIVITIES

Purchase of treasury shares (refer note 11(B)) (950) -
Proceeds from shares issued on exercise of associate stock options 121 37
Repayment of lease liabilities (506) (505)
Proceeds from sale and leaseback of assets 9 51
Interest paid (3) (9)
Dividends paid (includes transfer to investor education and
(2,952) (10)
protection fund)
Net cash used in financing activities (C) (4,281) (436)
Net (decrease)/ increase in Cash and cash equivalents (A+B+C) (2,789) 5,711
Cash and cash equivalents at the beginning of the year 11,541 5,836
Exchange differences on translation of foreign currency cash and cash
(4) (6)
equivalents
Cash and cash equivalents at the end of the year (refer note (i)
8,748 11,541
below)

Particulars
March 31, 2022 March 31, 2021
Notes:
(i) Cash and cash equivalents comprises of (refer note 10A):
Balances with banks
in current accounts 476 885
in deposit accounts 5,103 10,632
Deposits with financial institutions 3,150 -
Unpaid dividend 19 24
8,748 11,541
*Excludes purchase of investment in consideration of transfer of intangible assets under development (refer note 4B).
Accompanying notes form an integral part of the financial statements



(DIN - 02565242)


Statement of changes in equity for the year ended March 31, 2022
a. Equity share capital
Particulars Notes Amount
Balance as at April 1, 2020 550
Issue of shares during the year 11A 0
Balance as at March 31, 2021 550
Issue of shares during the year* 11A 2
* During the year, the Company alloted 287,604 (March 31, 2021 - 58,591) equity shares of ₹ 5 each valuing ₹ 1.44 (March 31, 2021 - ₹ 0.29) (rounded off), consequent
to the exercise of the stock options by the associates of the Company under the Associate Stock Option Plan.
b. Other equity
Items of other
Reserves and surplus comprehensive
income
Special Total other
Particulars Notes Share Cash
Capital Economic Share Equity equity
Securities General based Treasury Retained flow
Redemption Zone ('SEZ') application instruments
premium reserve payments Shares earnings hedge
Reserve Reinvestment money through OCI
reserve reserve
Reserve
Balance as at April 1, 2020 16 2,075 5,273 106 - - 13,035 - (78) 6 20,433
Profit for the year 11B - - - - - - 2,781 - - - 2,781
Other comprehensive income 11B - - - - - - (82) - 202 - 120
Total comprehensive income for

- - - - - - 2,699 - 202 - 2,901
the year
Issue of shares under the
Company's associate stock
11B - 36 - (5) - - - 7 - - 38
option plan/against share
application money
Share-based payments expense 11B - - - 57 - - - - - - 57
Balance as at March 31, 2021 16 2,111 5,273 158 - - 15,734 7 124 6 23,429
Annual Report | 2021-22

169
Items of other
Reserves and surplus comprehensive
170
income
Special Total other
Particulars Notes Share Cash
Capital Economic Share Equity equity
Securities General based Treasury Retained flow
Redemption Zone ('SEZ') application instruments
premium reserve payments Shares earnings hedge
Reserve Reinvestment money through OCI
reserve reserve
Reserve
Profit for the year 11B - - - - - - 5,691 - - - 5,691
Other Comprehensive Loss 11B - - - - - - (37) - 4 (1) (34)

Total comprehensive income for
- - - - - - 5,654 - 4 (1) 5,657
the year
Issue of shares under the
Company's associate stock
11B - 184 - (56) - - - (7) - - 121
option plan/against share
application money
Share-based payments expense 11B - - - 130 - - - - - - 130
Dividends 31 - - - - - - (2,952) - - - (2,952)
Purchase of treasury shares 11A - - - - - (950) - - - - (950)
Transfer to SEZ re-investment

11B - - - - 65 - (65) - - - -
reserve
Balance as at March 31, 2022 16 2,295 5,273 232 65 (950) 18,371 - 128 5 25,435
Accompanying notes form an integral part of the financial statements



(DIN - 02565242)

Notes forming part of the financial statements for the year
ended March 31, 2022
(All amounts in ₹ millions, except share and per share data and in accounting policies. The financial statements are
where otherwise stated) presented in INR and all values are rounded to the nearest
1. Corporate information millions, except when otherwise indicated.
Cyient Limited (‘Cyient’ or ‘the Company’) is engaged Current versus non-current classification
in providing global technology services and solutions The Company presents assets and liabilities in the balance
specialising in geospatial, engineering design, IT sheet based on current/ non-current classification. An
solutions and data analytics. The Company is a public asset is treated as current when it is:
limited Company incorporated in India and has its • Expected to be realised or intended to be sold or
headquarters and development facilities in India and consumed in normal operating cycle.
serves a global customer base through its subsidiaries
in the United States of America (USA), United Kingdom • Held primarily for the purpose of trading
(UK), Germany, Japan, Australia, Singapore and India. • Expected to be realised within twelve months after
Cyient’s range of services include digitisation of the reporting period, or
drawings and maps, photogrammetry, computer aided
• Cash or cash equivalent unless restricted from being
design/engineering (CAD/CAE), design and modelling,
exchanged or used to settle a liability for at least
repair development engineering, reverse engineering
twelve months after the reporting period
application software development, software products
development, consulting, analytics and implementation. All other assets are classified as non-current.
Cyient specialises in software services and solutions A liability is current when:
for the manufacturing, utilities, telecommunications,
• It is expected to be settled in normal operating cycle
transportation & logistics, local government and financial
services markets. • It is held primarily for the purpose of trading
The Company’s shares are listed on the BSE Limited and • It is due to be settled within twelve months after the
National Stock Exchange of India Limited. reporting period, or
The registered office of the Company is located at 4th • There is no unconditional right to defer the
Floor, “A” Wing, Plot No. 11, Software Units Layout, settlement of the liability for at least twelve months
Infocity, Madhapur, Hyderabad 500 081, India. after the reporting period.
The financial statements were authorised for issue in The Company classifies all other liabilities as non-current.
accordance with a resolution of the directors on April 21, Deferred tax assets and liabilities are classified as non-
2022. current assets and liabilities.
2. Significant accounting policies The operating cycle is the time between the acquisition
i. Statement of compliance of assets for processing and their realisation in cash and
cash equivalents. The Company has identified twelve
The financial statements of the Company have been
months as its operating cycle.
prepared in accordance with Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting iii. Use of estimates and judgements
Standards) Rules, 2015 (as amended from time to time) The preparation of the financial statements in conformity
and presentation requirements of Division II of Schedule with Ind AS requires the management to make
III to the Companies Act, 2013, (Ind AS compliant judgements, estimates and assumptions considered
Schedule III), as applicable to the financial statements. in the reported amounts of assets and liabilities and
ii. Basis of preparation and presentation disclosures relating to contingent liabilities as at the date
of the financial statements and the reported amounts
These financial statements have been prepared on a
of income and expenditure for the periods presented.
historical cost basis except for the following assets
The management believes that the estimates used in
and liabilities which have been measured at fair value
preparation of the financial statements are prudent and
a) Derivative financial instruments and b) Certain
reasonable.
financial assets and liabilities measured at fair value
(refer accounting policy regarding financial instruments) Future results could differ from these estimates.
and consistent with previous year subject to changes Estimates and underlying assumptions are reviewed on

an ongoing basis. The effects of changes in accounting gains and losses arising on settlement and restatement
estimates are reflected in the financial statements in are recognised in the statement of profit and loss.
the period in which results are known and, if material, are Non-monetary assets and non-monetary liabilities
disclosed in the financial statements. denominated in a foreign currency and measured at fair
Significant areas of estimation of uncertainty and critical value are translated at the exchange rate prevalent at the
judgments in applying accounting policies that have the date when the fair value was determined. Non-monetary
most significant effect on the amounts recognised in the items that are measured in terms of historical cost in a
financial statements such as: foreign currency are not retranslated.
• Impairment assessment of Investments and Transaction gains or losses realised upon settlement of
Intangible assets under development foreign currency transactions are included in determining
net profit for the period in which the transaction is settled.
• Revenue recognition and related cost estimation
v. Property, plant and equipment
• Share based payments
Property, plant and equipment are stated at cost, less
• Provision for income tax and recoverability of accumulated depreciation and impairment, if any. Costs
deferred tax assets directly attributable to the acquisition are capitalised
• Fair Value measurement of financial instruments until the property, plant and equipment are ready for use,
as intended by management. Capital work in progress
• Allowance for credit losses on receivables and
is stated at cost, net of accumulated impairment loss,
unbilled revenue
if any.
Estimation of uncertainties relating to the global health
The Company depreciates property, plant and equipment
pandemic from COVID-19
over their estimated useful lives using the straight-line
The Company has considered the possible effects that method as per the useful life prescribed in Schedule II
may result from the pandemic relating to COVID-19 on to the Companies Act, 2013 except in respect of the
the carrying amounts of receivables, unbilled revenues, following categories of assets, in whose case the life of
investments and intangible assets. In developing the the assets has been assessed, based on technical advice,
assumptions relating to the possible future uncertainties taking into account the nature of the asset, the estimated
in the global economic conditions because of this usage of the asset, the operating conditions of the asset,
pandemic, the Company, as at the date of approval of past history of replacement, anticipated technological
these financial statements, has used internal and external changes, manufacturers warranties and maintenance
sources of information including credit reports and support. Freehold land is not depreciated.
related information, economic forecasts and consensus
estimates from market sources on the expected future Type of asset Useful life
performance of the Company. The Company has Building 28 years
performed sensitivity analysis on the assumptions used
Plant and equipment 10 years
and, based on the current estimates, expects the carrying
amount of these assets will be recovered. The impact of Computers 3 years
COVID-19 on the Company’s financial statements may Leasehold Shorter of lease period or
differ from that estimated as at the date of approval of Improvements estimated useful lives
these financial statements. Furniture and fixtures 10 years
iv. Foreign currency translation Electrical installations 10 years
Functional and presentation currency Vehicles 8 years
The financial statements are presented in Indian rupees, Depreciation methods, useful lives and residual values
which is the functional and presentation currency of the are reviewed periodically including at each financial year-
Company. end.
Transactions and balances An item of property, plant and equipment is derecognised
In preparing the financial statements of the Company, upon disposal or when no future economic benefits are
transactions in currencies other than the entity’s expected to arise from the continued use of the asset.
functional currency (foreign currencies) are recognised Any gain or loss arising on the disposal or retirement of
at the rates of exchange prevailing at the dates of the an item of property, plant and equipment is determined
transactions. Foreign-currency denominated monetary as the difference between the sales proceeds and the
assets and liabilities are translated at the exchange carrying amount of the asset and is recognised in other
rate prevailing on the balance sheet date. Exchange income of the statement of profit and loss.

The residual values, useful lives and methods of vii. Leases
depreciation of property, plant and equipment are Company as a lessee
reviewed at each financial year end and adjusted
prospectively, if appropriate. The Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or contains,
vi. Intangible assets a lease if the contract conveys the right to control the use
Intangible assets are stated at cost less accumulated of an identified asset for a period of time in exchange for
amortisation and impairment. consideration.
Intangible assets are amortised over their estimated At the date of commencement of the lease, the
useful life on a straight line basis as follows: Company recognizes a right-of-use asset (“ROU”) and a
corresponding lease liability for all lease arrangements in
Type of asset Useful life which it is a lessee, except for leases with a term of twelve
Computer software 3 years / Over the period of months or less (short-term leases) and low value leases.
the respective project For these short-term and low value leases, the Company
Customer contracts 1 year recognizes the lease payments as an operating expense
on a straight-line basis over the term of the lease.
An intangible asset is de-recognised on disposal, or
when no future economic benefits are expected from Certain lease arrangements include the options to extend
use. Gains or losses arising from de-recognition of an or terminate the lease before the end of the lease term.
intangible asset, measured as the difference between ROU assets and lease liabilities includes these options
the net disposal proceeds and the carrying amount of the when it is reasonably certain that they will be exercised.
asset, are recognised in ‘other income’ of statement of i) Right-of-use assets
profit and loss when the asset is de-recognised.
The right-of-use assets are initially recognized at cost,
Expenditure incurred towards development is eligible which comprises the initial amount of the lease liability
for capitalisation are carried as intangible assets under adjusted for any lease payments made at or prior to the
development where such assets are not yet ready for commencement date of the lease plus any initial direct
their intended use. costs less any lease incentives. They are subsequently
Amortisation methods and useful lives are reviewed measured at cost less accumulated depreciation and
periodically at each financial year end. impairment losses and adjusted for any remeasurement
of lease liabilities.
Research and development costs
Right-of-use assets are depreciated from the
Research costs are expensed as incurred. Development
commencement date on a straight-line basis over the
costs are expensed as incurred unless technical and
shorter of the lease term and useful life of the underlying
commercial feasibility of the project is demonstrated,
asset. Right of use assets are evaluated for recoverability
future economic benefits are probable, availability of
whenever events or changes in circumstances indicate
resources to complete the asset is established, the
that their carrying amounts may not be recoverable. The
Company has intention and ability to complete and use the
right-of-use assets are also subject to impairment.
asset and the costs are reliably measured, in which case
such expenditure is capitalised. The amount capitalised ROU asset Useful lives
comprises expenditure that can be directly attributed or Leasehold land 15-33 years
allocated on a reasonable and consistent basis for creating,
Buildings 3-15 years
producing and making the asset ready for its intended use.
Computers 2-4 years
Amortization and impairment of development cost
ii) Lease liabilities
Following initial recognition of the development
expenditure as an asset, the asset is carried at cost The lease liability is initially measured at amortized
less any accumulated amortisation and accumulated cost at the present value of the future lease payments.
impairment losses. Amortisation of the asset begins The lease payments are discounted using the interest
when development is complete and the asset is available rate implicit in the lease or, if not readily determinable,
for use. It is amortised over the period of expected using the incremental borrowing rates in the country of
future benefit. Amortisation expense is recognised in domicile of the leases. After the commencement date,
the statement of profit and loss unless such expenditure the amount of lease liabilities is increased to reflect the
forms part of carrying value of another asset. accretion of interest and reduced for the lease payments
made or a change in the assessment of extension or
During the period of development, the asset is tested for
termination options. Lease liabilities are remeasured with
impairment annually.

a corresponding adjustment to the related right of use Deferred tax assets and liabilities are offset when there
asset if there is a modification, a change in the lease term, is a legally enforceable right to offset current tax assets
a change in the lease payments (e.g., changes to future and liabilities and when the deferred tax balances relate
payments resulting from a change in an index or rate used to the same taxation authority. Current tax assets and
to determine such lease payments). tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on
Lease liability and ROU asset have been separately
a net basis, or to realise the asset and settle the liability
presented in the Balance Sheet and lease payments have
simultaneously.
been classified as financing cash flows.
Minimum alternate tax (MAT) paid in a year is charged to
The Company as a lessor
the statement of profit and loss as current tax for the
Leases for which the Company is a lessor is classified as year. MAT credit is recognised in accordance with tax
a finance or operating lease. Whenever the terms of the laws in India as a deferred tax asset only to the extent
lease transfer substantially all the risks and rewards of that is probable that the Company will pay normal
ownership to the lessee, the contract is classified as a income tax during the specified period i.e. the period
finance lease. All other leases are classified as operating for which MAT credit is allowed to be carried forward.
leases. The Company reviews the MAT credit at each balance
For operating leases, rental income is recognized on a sheet date and writes down the carrying amount of
straight-line basis over the term of the relevant lease. MAT credit entitlement to the extent there is no longer
convincing evidence to the effect that the Company will
viii. Income taxes
pay normal income tax during the specified period. In the
The income tax expense or credit for the period is the tax situations where one or more units in the Company are
payable on the taxable income based on the applicable entitled to a tax holiday under the Income-tax Act, 1961
income tax rate adjusted by changes in deferred tax enacted in India or tax laws prevailing in the respective tax
assets and liabilities attributable to temporary differences jurisdictions where they operate, no deferred tax (asset or
and to unused tax losses. liability) is recognized in respect of temporary differences
Current and deferred tax is recognised in statement which reverse during the tax holiday period, to the extent
of profit and loss, except to the extent that it relates to the concerned unit’s gross total income is subject to the
items recognised in other comprehensive income or deduction during the tax holiday period. Deferred tax in
directly in equity. In this case, the tax is also recognised in respect of temporary differences which reverse after the
other comprehensive income or equity, respectively. tax holiday period is recognized in the year in which the
temporary differences originate. However, the Company
The current tax and deferred tax is calculated on the
restricts recognition of deferred tax assets to the extent
basis of the tax laws enacted or substantively enacted
it is probable that sufficient future taxable income will be
at the end of the reporting period where the Company
available against which such deferred tax assets can be
operates and generate taxable income.
realized. For recognition of deferred taxes, the temporary
Deferred tax is provided in full, using the balance sheet differences which originate first are considered to reverse
method, on temporary differences arising between first.
the tax bases of assets and liabilities and their carrying
ix. Cash and cash equivalents
amounts in the financial statements. Deferred tax is also
not accounted for if it arises from initial recognition of an Cash comprises cash on hand, in bank and demand
asset or liability in a transaction other than a business deposits with banks and with financial institutions. The
combination that at the time of the transaction affects Company considers all highly liquid financial instruments,
neither accounting profit nor taxable profit / loss. which are readily convertible into cash and have original
maturities of three months or less from the date of
Deferred tax liabilities and assets are not recognised for
purchase, to be cash equivalents. Such cash equivalents
temporary differences between the carrying amount
are subject to insignificant risk of changes in value.
and tax bases of investments in subsidiaries, branches
and interest in joint arrangements where the Company is Cash flows are reported using indirect method, whereby
able to control the timing of the reversal of the temporary profit / (loss) after tax is adjusted for the effects of
differences and it is probable that the differences will not transaction of non- cash nature and any deferrals or
reverse in the foreseeable future. accruals of past or future cash receipts or payments for
the year. The cash flows from operating, investing and
Deferred tax assets are recognised for all deductible
financing activities of the Company are segregated based
temporary differences and unused tax losses only if it is
on the available information.
probable that future taxable amounts will be available to
utilise those temporary differences and losses.

x. Equity Share Capital b) Fixed price contracts: Revenue from fixed-price
Ordinary shares are classified as equity. Shares bought contracts is recognized as per the ‘percentage-
back are shown as a deduction from equity. No gain of-completion’ method, where the performance
or loss is recognised in the statement of profit and obligations are satisfied over time and when there is
loss on purchase, sale, issue or cancellation of equity no uncertainty as to measurement or collectability
instruments, except in case of employee stock options. of consideration. When there is uncertainty as to
Incremental costs directly attributable to the issuance of measurement or ultimate collectability, revenue
equity shares or buyback of equity shares are recognised recognition is postponed until such uncertainty is
as a deduction from equity, net of taxes. resolved. Percentage of completion is determined
based on the project costs incurred to date as a
xi. Provisions and contingent liabilities
percentage of total estimated project costs required
Provisions to complete the project. The input method has been
Provisions are recognised when the Company has a used to measure the progress towards completion
present legal or constructive obligation as a result of past as there is direct relationship between input and
events, it is probable that an outflow of resources will be productivity. In certain projects, a fixed quantum of
required to settle the obligation and the amount can be service or output units is agreed at a fixed price for a
reliably estimated. fixed term. In such contracts, revenue is recognised
with respect to the actual output achieved till date as
Provisions are measured at the present value of
a percentage of total contractual output. Any residual
management’s best estimate of the expenditure required
service unutilised by the customer is recognised as
to settle the present obligation at the end of the reporting
revenue on completion of the term.
period. The discount rate used to determine the present
value is a pre-tax rate that reflects current market c) Maintenance contracts: Revenue from fixed-price
assessments of the time value of money and the risks maintenance contracts are recognised pro-rata over
specific to the liability. The increase in the provision due to the term of the maintenance arrangement.
the passage of time is recognised as an interest expense. Revenue from contract with customers is recognised
Provisions are not recognised for future operating losses. by applying revenue recognition criteria specified in
Provisions for onerous contracts are recognised when Ind AS 115 for each distinct performance obligation.
the expected benefits to be desired by the company from The arrangement with customer specify services to be
a contract are lower than unavoidable costs of meeting to rendered which meet criteria of performance obligations.
future obligations under the contract and are measured For allocation, transaction price, the Company measures
at the present value of lower than expected net cost of the revenue in respect of each performance obligation of
fulfilling the contract and expected cost of terminating a contract at its relative standalone selling price.
the contract.
Contract modifications are accounted for when additions,
Contingencies deletions or changes are approved either to the contract
Contingent liabilities are not recognised in the financial scope or contract price. The accounting for modifications
statements. A contingent asset is neither recognised nor of contracts involves assessing whether the services
disclosed in the financial statements. added to an existing contract are distinct and whether the
pricing is at the standalone selling price. Services that are
xii. Revenue
not distinct are accounted for on a cumulative catchup
The Company derives revenue primarily from services and basis, while those that are distinct are accounted for
solutions specialising in geospatial, engineering design, prospective, either as a separate contract, if the additional
analytics, network and operations solutions. Revenue services are priced at the standalone selling price, or as
is measured based on the consideration specified in a termination of existing contract and creation of a new
a contract with a customer. The Company recognizes contract if not priced at the standalone selling price.
revenue when it transfers control over a product or
The Company classifies the right to consideration in
a service to a customer. The method for recognizing
exchange for deliverables as either a receivable or as
revenues and costs depends on the nature of services
unbilled revenue. A receivable is a right to consideration
rendered as mentioned below:
that is unconditional upon passage of time. Revenue
a) Time and material: Revenue from time and material in excess of invoicing are classified as contract assets
contracts are recognized as the related services are (unbilled revenue) while invoicing in excess of revenue are
performed, which is pursued based on the efforts classified as contract liabilities (unearned revenues).
spent and agreed rate with the customer. Revenue
from the end of the last invoicing to the reporting The Company accounts for volume discounts and pricing
date is recognized as unbilled revenue. incentives to customers as a reduction of revenue

based on the ratable allocation of discounts/incentives on the amount of contribution required to be made and
to each of the underlying performance obligation that when services are rendered by the employees.
corresponds to the progress by the customer towards Defined benefit plans
earning the discount/incentive.
Gratuity
The Company presents revenues net of indirect taxes in
the statement of profit and loss. The Company accounts for its liability towards Gratuity
based on actuarial valuation made by an independent
xiii. Other income actuary as at the balance sheet date using projected unit
Interest income from a financial asset is recognised when credit method. The liability recognised in the balance
it is probable that the economic benefits will flow to the sheet in respect of the gratuity plan is the present value of
Company and the amount of income can be measured the defined benefit obligation at the end of the reporting
reliably. period less the fair value of the plan assets.
Interest income is recognised on a time proportion basis The present value of the defined benefit obligation is
taking into account the amount outstanding and rate determined by discounting the estimated future cash
applicable in the transaction. outflows by reference to market yields at the end of the
Dividend income is recognised when the Company’s right reporting period on government bonds that have terms
to receive dividend is established. approximating to the terms of the related obligation. The
net interest cost is calculated by applying the discount
Foreign currency gains and losses are reported on a net rate to the net balance of the defined obligation and
basis. This includes the changes in the fair value of foreign the fair value of plan assets. This cost is included in the
exchange derivative instruments, which are accounted at employee benefit expense in the statement of profit
fair value through profit or loss. and loss. Remeasurement gains and losses arising
xiv. Government grants/incentives from experience adjustments and changes in actuarial
assumptions are recognised in the period in which they
Government grants are recognised when there is a
occur, directly in other comprehensive income. Changes
reasonable assurance that:
in the present value of the defined benefit obligation
a) The Company will comply with the conditions resulting from plan amendments or curtailments are
attached to them; and recognised immediately in the statement of profit and
b) The grant will be received. loss as past service cost.
Export entitlements from government authorities are Compensated absences
recognised in the statement of profit and loss when the The employees of the Company are entitled to
right to receive credit as per the terms of the scheme compensated absences. The employees can carry-
is established in respect of the exports made by the forward a portion of the unutilised accrued compensated
Company, and where there is no significant uncertainty absence and utilise it in future periods or receive
regarding the ultimate collection of the relevant export cash compensation at retirement or termination of
proceeds. Grants are recognised net of attributable employment. The Company records an obligation
expenses. for compensated absences in the period in which
xv. Employee benefit plans the employee renders the services that increase this
entitlement. The Company measures the expected cost
Employee benefits include provident fund,
of compensated absence based on actuarial valuation
superannuation fund, employee’s state insurance
made by an independent actuary as at the balance sheet
scheme, gratuity fund and compensated absences.
date on projected unit credit method.
Defined contribution plans
Other short-term employee benefits
Contributions in respect of Employees Provident
Other short-term employee benefits, including overseas
Fund and Pension Fund which are defined contribution
social security contributions and performance incentives
schemes, are made to a fund administered and managed
expected to be paid in exchange for the services rendered
by the Government of India and are charged as an expense
by employees are recognised during the period when the
based on the amount of contribution required to be made
employee renders service.
and when services are rendered by the employees.
xvi. Share based payments
Contributions under the superannuation plan which
is a defined contribution scheme, are made to a fund The Company recognizes compensation expense relating
administered and managed by the Life Insurance to share based payments in the statement of profit and
Corporation of India and are charged as an expense based loss, using fair value in accordance with Ind AS 102, Share

based payments. The Company issues equity-settled and with Ind AS 108 notified under the Companies (Indian
cash-settled share based options to eligible employees Accounting Standards) Rules, 2015.
under various stock option schemes established after xix. Financial instruments
June 19, 1999.
(A) Initial recognition:
These stock options are measured at the fair value
of the equity instruments at the grant date, based on Financial assets and financial liabilities are recognised
option valuation model (Black Scholes model). The when a Company becomes a party to the contractual
fair value determined at the grant date of the stock provisions of the instruments. Financial assets and
options is expensed on a straight-line basis over the financial liabilities are initially measured at fair value and
vesting period, based on the Company’s estimate of subsequently measured at amortised cost, fair value
the equity instruments that will eventually vest, with a through other comprehensive income and fair value
corresponding increase in share based payments reserve through profit or loss. Transaction costs that are directly
in equity. attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
At the end of each reporting period, the Company financial liabilities at fair value through profit or loss) are
revises its estimate of the number of equity instruments added to or deducted from the fair value of the financial
expected to vest. The impact of the original estimates, assets or financial liabilities, as appropriate, on initial
if any, is recognised in statement of profit and loss recognition. Transaction costs directly attributable to
such that the cumulative expense reflects the revised the acquisition of financial assets or liabilities at fair value
estimate, with a corresponding adjustment to the share through profit or loss are recognised immediately in
based payments reserve in equity. statement of profit and loss.
The equity settlement component is not remeasured at (B) Subsequent measurement
each reporting date. The cash settlement component
is remeasured at each reporting date and at settlement a. Non-derivative financial instruments
date based on the fair value of the liability with any i) Financial assets carried at amortised cost: A
changes in the fair value recognised in the statement of financial asset is subsequently measured at
profit and loss. amortised cost if it is held within a business
The dilutive effect of outstanding options if any is model whose objective is to hold the asset in
reflected as additional share dilution in the computation order to collect contractual cash flows and the
of diluted earnings per share. contractual terms of the financial asset give
rise on specified dates to cash flows that are
xvii. Earnings per share solely payments of principal and interest on the
The Company presents basic and diluted earnings per principal amount outstanding.
share (“EPS”) data for its ordinary shares. Basic EPS is ii) Financial assets at fair value through other
calculated by dividing net profit attributable to ordinary comprehensive income: A financial asset is
shareholders of the Company by the weighted average subsequently measured at fair value through
number of ordinary shares outstanding during the year. other comprehensive income if it is held within
Diluted EPS is determined by adjusting the net profit a business model whose objective is achieved
attributable to ordinary shareholders and the weighted by both collecting contractual cash flows and
average number of ordinary shares outstanding for the selling financial assets and the contractual
effects of all dilutive potential ordinary shares, which terms of the financial asset give rise on specified
includes all stock options granted to employees and dates to cash flows that are solely payments of
RSU’s outstanding. principal and interest on the principal amount
xviii. Operating Segments outstanding. The Company may also make an
irrevocable election for its investments which
The Company’s Chief Operating Decision maker is are classified as equity instruments to present
the Managing Director and Chief Executive Officer the subsequent changes in fair value in other
who evaluates Company’s performance and allocates comprehensive income based on its business
resources based on an analysis of various performance model.
indicators by business verticals and geographical
segmentation of customers. The Company has only iii) Financial assets at fair value through profit or
one reportable business segment, which is rendering of loss: Financial assets which are not classified in
Services. Segment information has been presented in any of the above categories are subsequently
the Consolidated Financial Statements in accordance fair valued through profit or loss.

iv) Financial liabilities: Financial liabilities are At the inception of the hedge relationship, the
subsequently carried at amortised cost using the Company documents the relationship between
effective interest method, which is subsequently the hedging instrument and the hedged item,
measured at fair value through profit and loss. along with its risk management objectives and its
For trade and other payables maturing within strategy for undertaking various hedge transactions.
one year from the Balance Sheet date, the Furthermore, at the inception of the hedge and on an
carrying amounts approximate fair value due to ongoing basis, the Company documents whether the
the short maturity of these instruments. hedging instrument is highly effective in offsetting
v) Investment in subsidiaries: Investment in changes in fair values or cash flows of the hedged
subsidiaries is carried at cost in the separate item attributable to the hedged risk.
financial statements. These derivative contracts are stated at the fair
b. Derivative financial instruments value at each reporting date. The effective portion
of changes in the fair value of derivatives that
The Company enters into a variety of derivative are designated and qualify as cash flow hedges is
financial instruments to manage its exposure recognised in other comprehensive income and
to foreign exchange rate risks, including foreign accumulated under cash flow hedge reserve. The
exchange forward contracts. gain or loss relating to the ineffective portion is
Derivatives are initially recognised at fair value at the recognised immediately in statement of profit and
date the derivative contracts are entered into and loss.
are subsequently remeasured to their fair value at Amounts previously recognised in other
the end of each reporting period. The resulting gain comprehensive income and accumulated in equity
or loss is recognised in statement of profit and loss relating to (effective portion as described above)
immediately unless the derivative is designated and are reclassified to statement of profit and loss in the
effective as a hedging instrument, in which event periods when the hedged item affects profit or loss.
the timing of the recognition in statement of profit
and loss depends on the nature of the hedging Hedge accounting is discontinued when the hedging
relationship and the nature of the hedged item. instrument expires or is sold, terminated, or
exercised, or when it no longer qualifies for hedge
Effective interest method accounting. Any gain or loss recognised in other
The effective interest method is a method of comprehensive income and accumulated in equity at
calculating the amortised cost of a debt instrument that time remains in equity and is recognised when
and of allocating interest income/ expense over the forecast transaction is ultimately recognised
the relevant period. The effective interest rate is in statement of profit and loss. When a forecast
the rate that exactly discounts estimated future transaction is no longer expected to occur, the
cash receipts (including all fees and points paid or gain or loss accumulated in equity is recognised
received that form an integral part of the effective immediately in statement of profit and loss.
interest rate, transaction costs and other premiums d. De-recognition of financial assets and liabilities:
or discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period, Financial assets
to the net carrying amount on initial recognition. The Company derecognises a financial asset when
Income is recognised on an effective interest basis for the contractual rights to the cash flows from the asset
debt instruments other than those financial assets expire, or when it transfers the financial asset and
classified as at FVTPL. Interest income is recognised substantially all the risks and rewards of ownership
in statement of profit and loss and is included in the of the asset to another party. If the Company retains
“Other income”. substantially all the risks and rewards of ownership of
a transferred financial asset, the Company continues
c. Hedge accounting to recognise the financial asset and also recognises a
The Company designates derivative contracts in collateralized borrowing for the proceeds received.
a cash flow hedging relationship by applying the On de-recognition of a financial asset in its entirety,
hedge accounting principles designated in a hedging the difference between the asset’s carrying amount
relationship, used to hedge its risks associated with and the sum of the consideration received and
foreign currency fluctuations relating to certain receivable and the cumulative gain or loss that had
highly probable forecast transactions. been recognised in other comprehensive income and
accumulated in equity is recognised in statement

of profit and loss if such gain or loss would have assessing fair value result in general approximation of
otherwise been recognised in statement of profit value, and such value may never actually be realised.
and loss on disposal of that financial asset. Fair value is the price that would be received to sell an
Financial liabilities asset or paid to transfer a liability in an orderly transaction
The Company derecognises financial liabilities between market participants at the measurement date,
when, and only when, the Company’s obligations are regardless of whether that price is directly observable
discharged, cancelled or have expired. The difference or estimated using another valuation technique. In
between the carrying amount of the financial liability estimating the fair value of an asset or a liability, the
derecognised and the consideration paid and payable Company takes into account the characteristics of asset
is recognised in statement of profit and loss. or liability of market participants when pricing the asset
or liability at the measurement date.
e. Foreign exchange gains and losses
Fair value for measurement and/or disclosure purposes in
• For foreign currency denominated financial these financial statements is determined on such a basis,
assets measured at amortised cost and FVTPL, except for share-based payment transactions that are
the exchange differences are recognised in within the scope of Ind AS 102, leasing transactions that
statement of profit and loss except for those are within the scope of Ind AS 116, and measurements
which are designated as hedging instruments in that have some similarities to fair value but are not fair
a hedging relationship. value, such as net realisable value in Ind AS 2 or value in
• Changes in the carrying amount of investments use in Ind AS 36.
in equity instruments at FVTOCI relating to In addition, for financial reporting purposes, fair value
changes in foreign currency rates are recognised measurements are categorised into Level 1, 2, or 3
in other comprehensive income. based on the degree to which the inputs to the fair value
• For the purposes of recognising foreign exchange measurements are observable and the significance of the
gains and losses, FVTOCI debt instruments inputs to the fair value measurement in its entirety, which
are treated as financial assets measured at are described as follows:
amortised cost. Thus, the exchange differences • Level 1 inputs are quoted prices (unadjusted) in
on the amortised cost are recognised in active markets for identical assets or liabilities that
statement of profit and loss and other changes the entity can access at the measurement date;
in the fair value of FVTOCI financial assets are
recognised in other comprehensive income. • Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
• For financial liabilities that are denominated asset or liability, either directly or indirectly; and
in a foreign currency and are measured at
amortised cost at the end of each reporting • Level 3 inputs are unobservable inputs for the asset
period, the foreign exchange gains and losses or liability.
are determined based on the amortised cost xxi. Impairment of assets
of the instruments and are recognised in the a. Financial assets
statement of profit and loss.
The Company recognises loss allowances using the
• The fair value of financial liabilities denominated expected credit loss (ECL) model for the financial
in a foreign currency is determined in that assets which are not fair valued through profit and loss.
foreign currency and translated at the spot rate Loss allowance for trade receivables with no significant
at the end of the reporting period. For financial financing component is measured at an amount equal to
liabilities that are measured as at FVTPL, the lifetime ECL. For all other financial assets, expected credit
foreign exchange component forms part of the losses are measured at an amount equal to the 12-month
fair value gains or losses and is recognised in ECL, unless there has been a significant increase in
statement of profit and loss. credit risk from initial recognition in which case those
xx. Determination of fair values are measured at lifetime ECL. The amount of expected
In determining the fair value of its financial instruments, credit losses (or reversal) that is required to adjust the
the Company uses a variety of methods and assumptions loss allowance at the reporting date to the amount that is
that are based on market conditions and risks existing required to be recognised as an impairment gain or loss in
at each reporting date. The methods used to determine statement of profit and loss.
fair value include discounted cash flow analysis, available For trade receivables, the Company applies the simplified
quoted market prices and dealer quotes. All methods of approach permitted by Ind AS 109 Financial Instruments,

which requires expected lifetime losses to be recognised employees under the employee remuneration schemes.
from initial recognition of the receivables. As a practical The EBT buys shares of the Company from the market,
expedient, the Company uses a provision matrix to for giving shares to employees. The Company treats EBT
determine impairment loss of its trade receivables. The as its extension and shares held by EBT are treated as
provision matrix is based on its historically observed treasury shares.
default rates over the expected life of the trade receivable Own equity instruments that are reacquired (treasury
and is adjusted for forward looking estimates. The ECL shares) are recognised at cost and deducted from equity.
loss allowance (or reversal) during the year is recognised No gain or loss is recognised in profit or loss on the
in the statement of profit and loss. purchase, sale, issue or cancellation of the Company’s
b. Non-financial assets own equity instruments. Any difference between the
Property, plant and equipment, ROU assets, Capital carrying amount and the consideration, if reissued, is
work-in-progress, Intangible assets and intangible assets recognised in capital reserve. Share options exercised
under development are evaluated for recoverability during the reporting period are satisfied with treasury
whenever events or changes in circumstances indicate shares.
that their carrying amounts may not be recoverable. xxiv. New and amended standards
For the purpose of impairment testing, the recoverable The Company applied for the first-time aforesaid new
amount (i.e. the higher of the fair value less cost to sell standards and amendments, which are effective for
and the value-in-use) is determined on an individual asset annual periods beginning on or after April 1, 2021. The
basis unless the asset does not generate cash flows that Company has not early adopted any other standard or
are largely independent of those from other assets. In amendment that has been issued but is not yet effective.
such cases, the recoverable amount is determined for the
CGU to which the asset belongs. Intangible assets under (i) Interest Rate Benchmark Reform – Phase 2: Amendments
development are tested for impairment annually. The to Ind AS 109, Ind AS 107, Ind AS 104 and Ind AS 116
Company bases its impairment calculation on detailed The amendments provide temporary reliefs which
budgets and forecast calculations, which are prepared address the financial reporting effects when an interbank
separately for each of the CGUs to which the individual offered rate (IBOR) is replaced with an alternative nearly
assets are allocated. risk-free interest rate (RFR). The amendment includes
If such assets are considered to be impaired, the the following practical expedients:
impairment to be recognised in the statement of profit - A practical expedient to require contractual changes,
and loss is measured by the amount by which the carrying or changes to cash flows that are directly required
value of the assets exceeds the estimated recoverable by the reform, to be treated as changes to a floating
amount of the asset. An impairment loss is reversed in the interest rate, equivalent to a movement in a market
statement of profit and loss if there has been a change in rate of interest
the estimates used to determine the recoverable amount.
- Permit changes required by IBOR reform to be made
The carrying amount of the asset is increased to its
to hedge designations and hedge documentation
revised recoverable amount, provided that this amount
without the hedging relationship being discontinued
does not exceed the carrying amount that would have
been determined (net of any accumulated amortisation - Provide temporary relief to entities from having to
or depreciation) had no impairment loss been recognised meet the separately identifiable requirement when
for the asset in prior years. an RFR instrument is designated as a hedge of a risk
component
xxii. Cash dividend to equity holders
These amendments had no impact on the financial statements
The Company recognises a liability to make cash
of the Company. The Company intends to use the practical
distributions to equity holders when the distribution
expedients in future periods if they become applicable.
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate laws in (ii) Conceptual framework for financial reporting under Ind
India, a distribution is authorised when it is approved by AS issued by ICAI
the shareholders. A corresponding amount is recognised The Framework is not a Standard and it does not override
directly in equity. any specific standard. Therefore, this does not form
xxiii. Treasury shares part of a set of standards pronounced by the standard-
setters. While, the Framework is primarily meant for the
The Company has created an Employee Benefit Trust (EBT)
standard-setter for formulating the standards, it has
for providing share-based payment to its employees. The
relevance to the preparers in certain situations such as
Company uses EBT as a vehicle for distributing shares to
to develop consistent accounting policies for areas that

are not covered by a standard or where there is choice of costs to sell and its value in use” are replaced with “higher
accounting policy, and to assist all parties to understand of an asset’s fair value less costs of disposal and its value
and interpret the Standards. in use”. The consequential amendments are made in Ind
The amendments made in following standards due to AS 105, Ind AS 16 and Ind AS 28.
Conceptual Framework for Financial Reporting under These amendments had no impact on the financial
Ind AS includes amendment of the footnote to the statements of the Company.
definition of an equity instrument in Ind AS 102- Share Ministry of Corporate Affairs (“MCA”) notifies new
Based Payments, footnote to be added for definition of standards or amendments to the existing standards
liability i.e. definition of liability is not revised on account under Companies (Indian Accounting Standards) Rules
of revision of definition in conceptual framework in case as issued from time to time. On March 23, 2022, MCA
of Ind AS 37 - Provisions, Contingent Liabilities and amended the Companies (Indian Accounting Standards)
Contingent Assets etc. Amendment Rules, 2022, as below:
The MCA has notified the Amendments to Ind AS (vi) Ind AS 16 – Property Plant and equipment
consequential to Conceptual Framework under Ind AS vide
notification dated June 18, 2021, applicable for annual The amendment clarifies that excess of net sale proceeds
periods beginning on or after April 1, 2021. Accordingly, of items produced over the cost of testing, if any, shall not
the Conceptual Framework is applicable for preparers for be recognised in the profit or loss but deducted from the
accounting periods beginning on or after April 1,2021. directly attributable costs considered as part of cost of
an item of property, plant, and equipment. The effective
These amendments had no impact on the financial date for adoption of this amendment is annual periods
statements of the Company. beginning on or after April 1, 2022. The Company has
(iii) Ind AS 116: COVID-19 related rent concessions evaluated the amendment and there is no significant
MCA issued an amendment to Ind AS 116 Covid-19- impact on its consolidated financial statements.
Related Rent Concessions beyond June 30, 2021 to (vii) Ind AS 103 – Business Combinations
update the condition for lessees to apply the relief to a The amendments specify that to qualify for recognition as
reduction in lease payments originally due on or before part of applying the acquisition method, the identifiable
June 30, 2022 from June 30, 2021. The amendment assets acquired and liabilities assumed must meet the
applies to annual reporting periods beginning on or after definitions of assets and liabilities in the Conceptual
April 1, 2021. In case a lessee has not yet approved the Framework for Financial Reporting under Indian
financial statements for issue before the issuance of this Accounting Standards (Conceptual Framework) issued
amendment, then the same may be applied for annual by the Institute of Chartered Accountants of India at
reporting periods beginning on or after April 1,2020. the acquisition date. These changes do not significantly
These amendments had no impact on the financial change the requirements of Ind AS 103. The Company
statements of the Company. does not expect the amendment to have any significant
(iv) Ind AS 103: Business combination impact in its financial statements.
The amendment states that to qualify for recognition as (viii) Ind AS 37 – Provisions, Contingent Liabilities and
part of applying the acquisition method, the identifiable Contingent Assets
assets acquired and liabilities assumed must meet the The amendment specifies that the ‘cost of fulfilling’ a
definitions of assets and liabilities in the Framework for contract comprises the ‘costs that relate directly to the
the Preparation and Presentation of Financial Statements contract’. Costs that relate directly to a contract can either
in accordance with Indian Accounting Standards* issued be incremental costs of fulfilling that contract (examples
by the Institute of Chartered Accountants of India at would be direct labour, materials) or an allocation of
the acquisition date. Therefore, the acquirer does not other costs that relate directly to fulfilling contracts (an
recognise those costs as part of applying the acquisition example would be the allocation of the depreciation
method. Instead, the acquirer recognises those costs in charge for an item of property, plant and equipment used
its post-combination financial statements in accordance in fulfilling the contract). The effective date for adoption
with other Ind AS. of this amendment is annual periods beginning on or after
These amendments had no impact on the financial April 1, 2022, although early adoption is permitted. The
statements of the Company. Company has evaluated the amendment and the impact
is not expected to be material.
(v) Amendment to Ind AS 105, Ind AS 16 and Ind AS 28
The definition of “Recoverable amount” is amended such
that the words “the higher of an asset’s fair value less

3A. Property, plant and equipment
As at As at
Particulars
March 31, 2022 March 31, 2021
Carrying amount of:
Freehold land 16 16
Buildings 1,346 1,377
Leasehold improvements - -
Computers 350 326
Plant and equipment 399 413
Office equipment 90 122
Furniture and fixtures 167 207
Electrical installations 141 164
Vehicles 52 11
Total 2,561 2,636

Notes:
a. Movement in the carrying amount of property, plant and equipment is as below:
Buildings
Freehold land Leasehold Computers [refer Plant and Office Furniture and Electrical
Particulars [refer note (c) Vehicles Total
[refer note (b) below] improvements note (d) below] equipment equipment fixtures installations
below]
I. Cost
Balance as at April 1, 2020 16 2,175 4 1,577 1,153 453 625 548 41 6,592
Additions - 20 - 130 51 34 10 13 - 258
Disposals - - (2) (10) (11) (18) (12) (4) (57)
Balance as at March 31, 2021 16 2,195 4 1,705 1,194 476 617 549 37 6,793
Additions - 51 - 235 58 10 4 3 49 410
Disposals - (4) - - (7) - (14) - (4) (29)
Balance as at March 31, 2022 16 2,242 4 1,940 1,245 486 607 552 82 7,174
II. Accumulated depreciation
Balance as at April 1, 2020 - 740 4 1,200 713 302 392 365 24 3,740
Depreciation charge for the year - 78 - 181 73 59 35 31 4 461
Disposals - - - (2) (5) (7) (17) (11) (2) (44)
Balance as at March 31, 2021 - 818 4 1,379 781 354 410 385 26 4,157
Depreciation charge for the year - 79 - 211 67 42 34 26 8 467
Disposals - (1) - - (2) - (4) - (4) (11)
Balance as at March 31, 2022 - 896 4 1,590 846 396 440 411 30 4,613
III. Carrying amounts (I-II)
Net book value 16 1,377 - 326 413 122 207 164 11 2,636
as at March 31, 2021
Net book value as 16 1,346 - 350 399 90 167 141 52 2,561

at March 31, 2022
b. Includes ₹ 4 (March 31, 2021 - ₹ 4) in respect of which land allocation letters have been received, pending completion of legal formalities relating to conveyance.
Gross Block as at Title deeds held in the Whether title deed holder is promoter, director or relative of Property is held since which Reason for not being held in the name of
Particulars of freehold land
March 31, 2022 name of promoter/director or employee of dirctor/promoter date the company
Telangana State
Freehold land located at Nanakramguda Pending completion of legal formalities
4 Industrial Infrastructure No Since 2005
Village, admeasuring 10 acres. relating to conveyance
Corporation Limited

c. Includes ₹ 609 (March 31, 2021 - ₹ 627) relating to building constructed on leasehold land.
d. During the year, the Company has entered into sale and leaseback transaction for sale of computers for a consideration of ₹ 40 (March 31, 2021 - ₹ 57) . As the
transaction has not met conditions specified under Ind AS 115, these assets continued to be recognised under property, plant and equipment and financial liability
183
equivalent to the sale consideration has been recognised in other financial liabilities. As at March 31, 2022, closing balance of the financial liability, net of repayment
is ₹ 60 (March 31, 2021 - ₹ 51) (refer note 14).
3B. Capital work-in-progress
Particulars As at March 31, 2022 As at March 31, 2021

Capital work-in-progress 70 36
(a) Ageing of capital work-in-progress:
Particulars Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Balance as at March 31, 2022
Projects in progress 70 - - - 70
Projects temporarily suspended - - - - -
Total 70 - - - 70
Projects in progress 36 - - - 36
Projects temporarily suspended - - - - -
Total 36 - - - 36
3C. Leases
(a) Right of use assets:
Category of ROU assets

Particulars
Leasehold land Buildings Computers Total
Balance as at April 1, 2020 43 930 248 1,221
Additions - 51 112 163
Deletions - (94) - (94)
Depreciation (4) (187) (190) (381)
Balance as at March 31, 2021 39 700 170 909
Additions - 104 621 725
Deletions - (161) - (161)
Depreciation (4) (155) (250) (409)
Balance as at March 31, 2022 35 488 541 1,064

(b) Current and non current lease liabilities:

Current lease liabilities 358 272
Non-current lease liabilities 798 769
Total 1,156 1,041
The following is the movement in lease liabilities during the year ended:

Balance at the beginning of the year 1,041 1,361
Additions 725 163
Deletions (205) (115)
Finance cost accrued during the year 101 137
Payment of lease liabilities (506) (505)
Balance at the end of the year 1,156 1,041
The table below provides details regarding contractual maturities of lease liabilities on an undiscounted basis:

Less than one year 399 387
One to five years 770 609
More than five years 295 584
Total 1,464 1,580
The Company does not face a significant liquidity risk with regard to its lease liabilities, as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
The aggregate depreciation on ROU assets has been included under depreciation and amortisation expense in the statement of
profit and loss.
Rental expense for low value assets and short-term leases was ₹ 35 (March 31, 2021 - ₹ 58) included under other expenses in the
statement of profit and loss (refer note 22).


4A. Other Intangible assets

Computer software 141 178
Customer Contracts 7 -
Other intangible assets - -
Total 148 178
i. Movement in the carrying amount of intangible assets is as below:
Computer Customer Other Intangible

Particulars Total
Software Contracts assets
I. Cost
Balance as at April 1, 2020 2,987 - 147 3,134
Additions 16 - - 16
Balance as at March 31, 2021 3,003 - 147 3,150
Additions (refer note 4B (a) below) 33 22 791 846
Disposals (refer note 4B (a) below) - - (791) (791)
Balance as at March 31, 2022 3,036 22 147 3,205
II. Accumulated amortisation
Balance as at April 1, 2020 2,705 - 147 2,852
Amortisation for the year 120 - - 120
Balance as at March 31, 2021 2,825 - 147 2,972
Amortisation for the year 70 15 6 91
Disposals - - (6) (6)
Balance as at March 31, 2022 2,895 15 147 3,057
Net book value as at March 31, 2021 178 - - 178
Net book value as at March 31, 2022 141 7 - 148
4B. Intangible assets under development

Software Defined Radios (SDR) - 734
Total - 734

Ageing of intangible assets under development
Less than 1
Particulars 1 - 2 years 2 - 3 years More than 3 years Total
year
Projects in progress 122 145 216 251 734

Total 122 145 216 251 734
(a) The Company entered into an agreement with a third party, wherein it was granted technology license to develop (namely
Software Design Radio), test and commercially utilise the benefits from such testing and development activity. Accordingly,
the initial amount and subsequent development costs aggregating to ₹ 791 (March 31, 2021: ₹ 734) had been classified under
‘intangible assets under development’.
On December 22, 2021, the Board of Directors authorized the Company to hive off the Software Design Radio (SDR) division
to Innovation Communications Systems Limited (ICS), a company in the business of wireless communication systems. The
transfer was undertaken through a Business Transfer Agreement between Cyient and ICS dated December 31, 2021 for
₹ 791.
In exchange for the SDR division and an additional cash investment of ₹ 100 by the Company in ICS aggregating to ₹ 891, the
Company received a 15% stake in the paid up share capital of ICS (on a fully diluted basis). The said transfer was recorded in
the books at fair value and did not result in any material profit / loss on disposal (refer note 5(a)).

5. Investments
As at
Particulars
March 31, 2022 March 31, 2021
Non-current (refer note (a) below)
Investment carried at cost:
(i) Equity instruments of subsidiary companies 4,957 4,957
(ii) Equity instruments of joint venture company (unquoted) - -
4,957 4,957
Investment carried at fair value through other comprehensive income:
(i) Equity instruments of other entities (unquoted) 923 39
Investment carried at amortised cost

(i) Investment in Tax free bonds (quoted) 1,716 -
(ii) Investment in perpetual bonds (quoted) 441 -
Investment carried at fair value through profit and loss:

(i) Compulsorily convertible preference shares of other entities (unquoted) 10 12
Total Non-current investments 8,047 5,008
Current (refer note (b) below)

Investment carried at fair value through profit and loss
(i) Investments in mutual funds (quoted) 704 -

(i) Investment in perpetual bonds (quoted) 162 -
Total Current investments 866 -
Aggregate book value of quoted investments 3,023 -

Aggregate market value of quoted investments 2,980 -
Aggregate value of unquoted investments 5,890 5,008
Aggregate value of impairment in value of investments - -

Note (a): Details of investments - Non-current (unquoted)

Particulars Number of Number of
Amount Amount
shares/ units shares/ units
Non current:
Equity instruments of subsidiary companies (fully paid-up):
Cyient Inc., USA 500,500 993 500,500 993
Cyient Europe Limited, UK 185,000,000 304 185,000,000 304
Cyient GmbH, Germany 12,000 71 12,000 71
Cyient KK, Japan (refer note 24A(i)) 900 5 900 5
Cyient Singapore Private Limited, Singapore @ 3 3,599,977 144 3,599,977 144
Cyient Australia Pty Limited, Australia @ 1 1,000 - 1,000 -
Cyient Insights Private Limited, India 1,999,478 122 1,999,478 122
Cyient DLM Private Limited, India 1,367,000 3,286 1,367,000 3,286
Cyient Israel India Limited, Israel 1,817,100 32 1,817,100 32
Cyient Solutions and Systems Private Limited, India @ 2 10,200 - 10,200 -
Sub total 4,957 4,957
Equity instruments of joint venture company (fully paid-up):
Infotech HAL Limited, India @ 4 2,000,000 - 2,000,000 -
Equity instruments of other entities (fully paid-up):
Cardiac Design Labs Private Limited, India 6,036 20 6,036 24
Qunu Labs Private Limited 67,437 18 67,437 15
Innovation Communications Systems Private Limited (refer note 4B(a)) 2,342,869 885 - -
Sub total 923 39
Investment in bonds
Tax free bonds (refer note (c) below) - 1,716 - -
Perpetual bonds (refer note (c) below) - 441 - -
Compulsorily convertible preference shares of other entities (fully
paid-up):
Total 8,047 5,008
Note (b): Details of investments - Current

Investment in Mutual funds
Mutual funds (refer note (c) below) 10,370,466 704 - -
Investment in Bonds
Perpetual bond (refer note (c) below) 150 162 - -
Total 162 -
Total (Non current + current) 8,209 5,008
1. Investment value is ₹ 0.05 (March 31, 2021: ₹ 0.05), rounded off. 4. In the previous year, the Company
2. Investment value is ₹ 0.1 (March 31, 2021: ₹ 0.1), rounded off. has impaired the carrying value of its
investment in joint venture company,
3. In the previous year, the Company has impaired the carrying value of Infotech HAL Limited, India of ₹ 20,
investment in its subsidiary company, Cyient Singapore Private Limited by based on the long term outlook of the
₹ 94, based on the business forecasts and long term outlook of the business. business.


Note (c): Details of investments in bonds - Non Current

Particulars Face Number Carrying Face Number Carrying
value of Units value value of Units value
Non-current
Quoted investments carried at amortised cost
Investments carried at amortised cost:
(i) Investments in perpetual bonds
ICICI Bank 2,000,000 400 441 - - -
Total (i) 441 -
(ii) Investment in Tax free bonds
Nation Housing Bank 1,000,000 50 64 - - -
Indian Railway Finance Corp Ltd 3,007,000 438,226 1,141 - - -
The Housing and Urban Development 1,000 12,579 16 - - -
Corporation Limited
REC Limited 2,003,000 65,196 109 - - -
Power Finance Corporation Ltd 1,003,000 91,748 262 - - -
The National Highways Authority of India 5,000 103,254 125 - - -
Total (ii) 1,716 -
Current
(iii) Investments in perpetual bonds
HDFC Bank 1,000,000 150 162 - - -
Total (iii) 162 -
(iv) Investments in mutual funds
IDFC Floating Rate Fund - Growth 7,313,836 76 - -
ICICI Pru Floating Rate Interest Fund - Growth 209,321 75 - -
ABSL Floating Rate Fund - Growth 269,272 76 - -
HDFC Floating Rate Debt Fund- Growth 1,895,686 76 - -
HDFC Liquid Fund - Growth Option 47,802 200 - -
ICICI Pru Liquid Fund - Growth 634,549 200 - -
Total (iv) 704 -
Total (i+ii+iii+iv) 3,023 -

Note (d): (Gain) / Loss on fair valuation of investments:

Particulars
March 31, 2022 March 31, 2021
Cardiac Design Labs Private Limited, India 6 -
Qunu Labs Private Limited (3) -
Note (e): Carrying values:
As at As at
Particulars
March 31, 2022 March 31, 2021
Aggregate amount of Investments carried at fair value through other
923 39
comprehensive income
Investment carried at cost (non-current) 4,957 4,957
Investment carried at amortised cost (current and non-current) 2,319 -
Aggregate amount of Investments carried at fair value through profit and
714 12
loss (current and non-current)
6. Loans
As at
Particulars
March 31, 2022 March 31, 2021
(at amortised cost)
Non-current:
Loan to subsidiaries (refer note (i) below and 24)
Considered good 1,111 802
Considered doubtful 311 311
Less: Impairment (refer note (ii) below) (311) (311)
Total Non-current loans 1,111 802
Current:
Loan to subsidiaries (refer note (i) below and 24) 540 671
Total Current loans 540 671
Total Loans 1,651 1,473
Note:
(i) Loans to subsidiaries have been utilized for meeting their general and corporate purposes.
(ii) Intercompany loans are disclosed below as required by sec 186(4) of the Companies Act 2013
Rate of Secured/ As at
Name of the loanee
interest unsecured March 31, 2022 March 31, 2021
Cyient DLM Private Limited 6% Unsecured 1,536 1,311
Cyient Solutions and Systems Private Limited 6% Unsecured 311 311
Cyient Insights Private Limited 6% Unsecured 115 162
(iii) In the FY 2019-20, Company’s subsidiary, Cyient Solutions and Systems Private Limited (‘CSS’) has recognised one-time
charge of ₹ 222 relating to costs incurred on development of UAV systems in view of the potential delays in materialization
of orders. Accordingly, a corresponding provision for impairment of the loan given to CSS of ₹ 311 has been recognised in
the Statement of Profit and Loss in FY 20.

7. Other financial assets
As at
Particulars
March 31, 2022 March 31, 2021
(at amortised cost)
Non-current:
Security deposits
Considered good 179 182
Less : Allowance for doubtful deposits (16) (16)
Total Other Non-current financial assets 179 182
Current:
Unbilled revenue (refer note below) 1,112 782
Interest accrued on deposit accounts 150 265
Interest accrued on loan given to subsidiaries (refer note 24) 147 71
Other receivables (refer note below) 90 115
(at FVTOCI)
Derivative instruments designated in a hedging relationship 245 237
Total Other current financial assets 1,744 1,470
Total Other financial assets 1,923 1,652
Note:
Includes amounts from related parties (refer note 24)

8. Other assets
As at
Particulars
March 31, 2022 March 31, 2021
Non-current:
Capital advances 2 11
Prepaid expenses 161 14
Deferred contract costs 44 100
Total other non-current assets 207 125
Current:
Advances to suppliers and service providers (refer note below) 374 202
Balance with government authorities 151 211
Total Other current assets 1,021 823
Total Other assets 1,228 948
Note:
Includes amounts from related parties (refer note 24)

9. Trade receivables
As at
Particulars
March 31, 2022 March 31, 2021
Trade receivables considered good - unsecured* 4,655 4,364
Less: Allowance for expected credit loss (66) (67)
4,589 4,297
Trade receivables - credit impaired - unsecured - -
Less: Allowance for credit impairment - -
Total 4,589 4,297
* Includes dues from related parties (refer note 24)
Note:
Expected credit loss (ECL):
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is
managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers
to which the Company grants credit terms in the normal course of business. The average credit period is between 60- 90 days.
Before accepting any new customer, the Company uses an internal credit scoring system to assess the potential customer’s
credit quality and defines credit limits for each customer. Limits and scoring attributed to customers are reviewed once a year.
As a practical expedient, the Company uses a provision matrix to determine impairment loss of its trade receivables. The provision
matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward
looking estimates. The ECL allowance (or reversal) during the year is recognised in the statement of profit and loss.

As at March 31, 2022

Ageing for trade receivables Less than 6 months More than
Not Due 1 - 2 years 2 - 3 years Total
6 months to 1 year 3 years
Undisputed trade receivables
Considered good 3,672 744 157 82 - - 4,655
Credit impaired - - - - - - -
Disputed trade receivables
Considered good - - - - - - -
Total 3,672 744 157 82 - - 4,655
Less: Allowance for expected (66)
credit loss
Balance at the end of the year 4,589

Ageing for trade receivables Less than 6 months More than
Undisputed trade receivables
Considered good 2,570 1,671 56 67 - - 4,364
Disputed trade receivables
Total 2,570 1,671 56 67 - - 4,364
Less: Allowance for expected (67)
credit loss
As at
Movement in the expected credit loss allowance
March 31, 2022 March 31, 2021
Balance at beginning of the year 67 92
Provision made during the year 84 53
Reversal of provision on account of collection of bad debts (74) (71)
Bad debts written-off (11) (7)
Balance at the end of the year 66 67
10. Cash and Bank Balances

10 A. Cash and cash equivalents
As at
Particulars
March 31, 2022 March 31, 2021
Balances with banks
in current accounts 476 885
in deposit accounts (refer note 1) 5,103 10,632
Cash on hand (refer note 2) - -
Deposits with financial institutions (refer note 1) 3,150 -
Total 8,748 11,541
Notes:
1. The deposits maintained by the Company with banks and financial institutions comprise time deposits, which can be
withdrawn at any point without prior notice or penalty on the principal.
2. Cash on hand ₹ Nil (As at March 31, 2021: ₹ 0.50).


10 B. Other bank balances
As at
Particulars
March 31, 2022 March 31, 2021
Deposits held as margin money/security for bank guarantees 1 2
Total 1 2

Reconciliation of liabilities arising from financing activities for the year end March 31, 2022:
As at Additions/ As at
Particulars Repayment
March 31, 2021 deletions March 31, 2022
Lease liabilities 1,041 621 (506) 1,156
Sale and Lease back 51 40 (31) 60
Total liabilities from financing activities 1,092 661 (537) 1,216

Reconciliation of liabilities arising from financing activities for the year end March 31, 2021:
As at Additions/ As at
March 31, 2020 deletions March 31, 2021
Lease liabilities 1,361 185 (505) 1,041
Sale and Lease back - 57 (6) 51
Total liabilities from financing activities 1,361 242 (511) 1,092

11A. Equity share capital
As at
Particulars
March 31, 2022 March 31, 2021
Authorised share capital:
280,000,000 equity shares of ₹ 5 each (March 31, 2021 : 280,000,000) 1,400 1,400
Issued and subscribed capital:

110,317 416 fully paid-up equity shares of ₹ 5 each (March 31, 2021 : 110,029,812) 552 550
Total 552 550
Notes:
(A) Reconciliation of the number of shares outstanding:

Particulars
Number of shares Amount Number of shares Amount
Opening balance 110,029,812 550 109,971,221 550
Add: Issue of shares during the year (refer note below) 287,604 2 58,591 0
Closing balance 110,317,416 552 110,029,812 550
Note: During the year, the Company allotted 287,604 (March 31, 2021 : 58,591) equity shares of ₹ 5 each valuing ₹ 1.44
(March 31, 2021 ₹ 0.29 (rounded off)), consequent to the exercise of the stock options by the associates of the Company under
the Associate Stock Option Plan.

(B) Details of shares held by each shareholder holding more than 5% shares:

Particulars Number of % holding of Number of % holding of
shares held equity shares shares held equity shares
Fully paid up equity shares
Vineyard Point Software Private Limited 14,000,000 12.69% 14,000,000 12.72%
Amansa Holdings Private Limited 9,568,296 8.67% 9,568,296 8.70%
Infocad Enterprises Private Limited 7,000,000 6.35% 7,000,000 6.36%

(C) Details of Shares held by promoters at the end of the year
Number of shares %
% Change
holding
Name of the promoter March 31, March 31, during the
Change of equity
2021 2022 Year
shares
Vineyard Point Software Private Limited 14,000,000 - 14,000,000 12.69% 0.00%
Infocad Enterprises Private Limited 7,000,000 - 7,000,000 6.35% 0.00%
Bodanapu Ganesh Venkat Krishna 1,913,260 - 1,913,260 1.73% 0.00%
Bodanapu Sri Vaishnavi 1,793,008 - 1,793,008 1.63% 0.00%
Venkat Rama Mohan Reddy Bodanapu 373,820 - 373,820 0.34% 0.00%
Sucharitha Bodanapu 373,820 - 373,820 0.34% 0.00%
D. Nageswara Reddy 169,200 3,600 172,800 0.16% 2.13%
Bodanapu Avanti Reddy 137,500 - 137,500 0.12% 0.00%
Carol Ann Reddy 38,400 - 38,400 0.03% 0.00%
B V S Ratna Kumari 15,600 - 15,600 0.01% 0.00%
A Amala Reddy 3,680 - 3,680 0.00% 0.00%
B Ashok Reddy 300 - 300 0.00% 0.00%

Number of shares %
% Change
holding
Name of the promoter March 31, March 31, during the
Change of equity
2020 2021 Year
shares
Vineyard Point Software Private Limited 13,256,634 743,366 14,000,000 12.72% 5.61%
Infocad Enterprises Private Limited 5,628,317 1,371,683 7,000,000 6.36% 24.37%
Bodanapu Ganesh Venkat Krishna 1,913,260 - 1,913,260 1.74% -
Bodanapu Sri Vaishnavi 1,793,008 - 1,793,008 1.63% -
Venkat Rama Mohan Reddy Bodanapu 1,453,254 (1,079,434) 373,820 0.34% -74.28%
Sucharitha Bodanapu 932,883 (559,063) 373,820 0.34% -59.93%
D. Nageswara Reddy 169,200 - 169,200 0.15% 46.88%
Bodanapu Avanti Reddy* - 137,500 137,500 0.12% 175.00%
Carol Ann Reddy 38,400 - 38,400 0.03% -
B V S Ratna Kumari 15,600 - 15,600 0.01% -
A Amala Reddy 3,680 - 3,680 0.00% -
B Ashok Reddy 300 - 300 0.00% -

* 50,000 Shares, acquired for the first time during FY 2020-21, have been considered for computation of % change during the
year
(D) Rights, preferences and restrictions attached to equity shares:
The Company has only one class of equity shares having a par value of ₹ 5 per share. Each holder of equity shares is entitled to one
vote per share. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company in proportion to their shareholding.


(E) Buyback of Equity shares:
Aggregate number of equity shares bought back during the period of previous five years : 3,123,963 (March 31, 2021: 3,123,963).

(F) Purchase of Treasury shares:
The Company has constituted a ‘Cyient Associate Stock Option Plan 2021 Trust (‘Trust’), to grant, offer and issue options to
the employees of the Company and its subsidiaries. During the year, the Trust has acquired 1,079,000 equity shares from the
secondary market amounting to ₹ 950 based on the loan received from the Company. The Company has treated the Trust as
its direct extension, such that the assets and liabilities of the Trust are included in the standalone and consolidated financial
statements and the shares acquired/held by the Trust are classified as “Treasury Shares”.

(G) Details of shares allotted under Associate Stock Option Plans:
(i) 1,151,208 (March 31, 2021: 1,078,568) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company
pursuant to the Associate Stock Option Plan - 2008 (ASOP - 2008)
(ii) 184,265 (March 31, 2021: 20,841) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company
(iii) 51,540 (March 31, 2021: Nil) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company pursuant to
the Associate Stock Option Plan - 2020 (ASOP - 2020)

(H) Details of shares reserved for issue:
(i) Shares aggregating 35,860 and 121,000 as at March 31, 2022 and March 31, 2021 respectively, reserved for issue under
ASOP 2008 scheme.
(ii) Shares aggregating 679,898 and 855,468 as at March 31, 2022 and March 31, 2021 respectively, reserved for issue under
ASOP 2015 scheme.
(iii) Shares aggregating 164,646 and 186,200 as at March 31, 2022 and March 31, 2021 respectively, reserved for issue under
RSU scheme 2020.
(iv) Shares aggregating 1,026,500 and Nil as at March 31, 2022 and March 31, 2021 respectively, reserved for issue under
ASOP scheme 2021.

(I) i. Associate Stock Option Plans
Associate Stock Option Plan – 2008 (ASOP 2008):
The Company instituted ASOP 2008 in July 2008 and earmarked 1,000,000 equity shares of ₹ 5 each for issue to the employees
under ASOP. The Company modified ASOP 2008 and adjusted the number of options and exercise price on account of bonus
issue 1:1 during financial year 2010-11. Under ASOP 2008, options will be issued to employees at an exercise price, which shall
not be less than the market price on the date of grant. These options vest over a period ranging from one to three years from the
date of grant, starting with 10% at the end of first year, 15% at the end of one and half years, 20% after two years, 25% at the end
of two and half years and 30% at the end of third year.


Movements in stock options during the year
ASOP 2008
For the year ended March 31, 2022 For the year ended March 31, 2021
Particulars No. of Weighted average No. of Weighted average
Options exercise price Options exercise price
Options outstanding at the beginning of the year 121,000 510 204,750 522
Forfeited (12,500) 500 (46,000) 547
Exercised (72,640) 507 (37,750) 515
Options outstanding at the end of the year 35,860 518 121,000 510
Out of the total outstanding options, 20,000 (March 31, 2021: 47,503) options pertain to options granted to the associates of
subsidiary companies.
As at March 31, 2022, 1,151,208 (March 31, 2021: 1,078,568) equity shares of ₹ 5 each have been allotted to the associates
under ASOP 2008 plan. Accordingly, options (net of cancellations) for a total number of 35,860 (March 31, 2021: 121,000) are
outstanding as at March 31, 2022.

under ASOP. Under ASOP 2015, options will be issued to employees at an exercise price, which shall not be less than the market
price on the date of grant. These options vest over a period ranging from one to three years from the date of grant, starting with
10% at the end of first year, 15% at the end of one and half years, 20% after two years, 25% at the end of two and half years and
30% at the end of third year.

ASOP 2015
Options outstanding at the beginning of 855,468 522 701,434 551
the year
Granted 92,000 929 316,240 467
Forfeited (104,146) 497 (141,365) 545
Exercised (163,424) 558 (20,841) 529
Options outstanding at the end of the 679,898 572 855,468 522
year

Out of the total outstanding options 316,177 (March 31, 2021: 365,080) options pertain to options granted to the associates of
As at March 31, 2022, 184,265 (March 31, 2021: 20,841) equity shares of ₹ 5 each have been allotted to the associates under ASOP
2015 plan. Accordingly, options (net of cancellations) for a total number of 679,898 (March 31, 2021: 855,468) are outstanding as
at March 31, 2022.


Associate Restricted Stock Units Scheme 2020 (ARSU 2020):
The Company has instituted the ARSU’s 2020 plan earmarking 1,050,000 shares of ₹ 5 each which provided for grant of RSUs to
eligible associates of the Company and its subsidiaries. The Board of Directors recommended the establishment of the plan on
January 16, 2020 and the shareholders approved the recommendation of Board of Directors on March 5, 2020 through a postal
ballot. The RSUs will vest over a period of three years from the date of grant.

ASRSU 2020
Options outstanding at the beginning of the 186,200 5 - -
year
Granted 33,780 5 193,030 5
Exercised (51,540) 5 - -
Forfeited (3,794) 5 (6,830) 5
Options outstanding at the end of the year 164,646 5 186,200 5
As at March 31, 2022, 51,540 (March 31, 2021: Nil) equity shares of ₹ 5 each have been allotted to the associates under ASRSU
2020 plan. Accordingly, Options (net of cancellations) for a total number of 164,646 (March 31, 2021: 186,200) are outstanding as
at March 31, 2022.

ASOP 2021
The Company has instituted the ASOP 2021 scheme and also incorporated ‘Cyient Associate Stock Option Scheme 2021 Trust’
(ASOP Trust), whereunder shares were purchased from the stock exchanges through the ASOP Trust. KP Corporate Solutions
Limited, Corporate Trustee, has been appointed as trustee for this ASOP Trust. Shareholders of the Company have approved the
Scheme and the formation of ASOP Trust through postal ballot on 23rd February 2021.
During the financial year, ASOP Trust purchased 1,079,000 shares and movement in stock options during the year is as follows:
Options outstanding at the beginning of the year - - - -
Granted* 1,026,500 5 - -
Forfeited - - - -
Exercised - - - -
Options outstanding at the end of year 1,026,500 5 - -
*During the current year, Company has intimated the grant of performance based stock incentive in the form of Stock options
(SO’s) to certain eligible employees, which could eventually result in the issue of 1,026,500 shares against such options, Subject
to the fulfilment of vesting conditions.
Out of the total outstanding options 394,000 (March 31, 2021: Nil) options pertain to options granted to the associates of

ii. Fair value of stock options granted during the year:
The weighted average fair value of the share options during the year is ₹ 61.69 - ₹713.88 (2020-21: ₹ 61.69 - ₹ 256.08). Options
and RSUs were priced using Black Scholes pricing model. Where relevant, the expected life used in the model has been adjusted
based on management’s best estimate for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Expected volatility is based on the historical share price volatility over the past years.

The following assumptions were used for calculation of fair value of grants:
Particulars March 31, 2022 March 31, 2021

a) ASOP 2008
Exercise price (₹) 184 - 559 184 - 559
Grant date share price (₹) 185 - 531.5 185 - 531.5
Dividend yield (%) 1.53 - 2.64 1.53 - 2.64
Expected volatility (%) 28.66 - 65.53 28.66 - 65.53
Risk-free interest (%) 6.41 - 8.4 6.41 - 8.4
Expected term (in years) 3-4 3-4
b) ASOP 2015
Exercise price (₹) 222 - 1011 222 - 741
Grant date share price (₹) 235 - 986 235 - 734.95
Dividend yield (%) 1.7 - 2.9 1.7 - 2.5
c) RSU 2020
Exercise price (₹) 5 5
Grant date share price (₹) 284.15 - 874 284.15
Dividend yield (%) 2.5 - 2.9 2.5
d) ASOP 2021
Exercise price (₹) 5 -
Grant date share price (₹) 982.9 -
Dividend yield (%) 2.9 -
Expected volatility (%) 36-41 -
Risk-free interest (%) 5.1 - 6.3 -
Expected term (in years) 5-9 -

iii. Details of Share options exercised during the year:
Number Exercise Share price (₹)

Options series Year
exercised date* at exercise date
Associate Stock Option Plan – 2008 (ASOP 2008)* 2021-22 72,640 6th Apr 21 to 679.65 - 928
31st Mar 22
Associate Stock Option Plan – 2015 (ASOP 2015)* 2021-22 163,424 10th Jun 21 to 814.10 - 928
31st Mar 22
Associate Restricted Stock option plan - 2020 2021-22 51,540 26th Aug 21 to 928 - 942.70
(ARSU 2020)* 31st Mar 22
Associate Stock Option Plan – 2008 (ASOP 2008) 2020-21 37,750 6th Mar 21 630.45
Associate Stock Option Plan – 2015 (ASOP 2015) 2020-21 20,841 6th Mar 21 630.45
* Allotment happened at various dates during that period

11B. Other equity
As at
Particulars
March 31, 2022 March 31, 2021
(a) Capital redemption reserve

Opening and closing balance 16 16
16 16
(b) Securities premium
Opening balance 2,111 2,075
Options exercised 56 6
Premium received on allotment of shares 128 30
2,295 2,111
(c) General reserve
Opening and closing balance 5,273 5,273
5,273 5,273
(d) Share based payments reserve
Opening balance 158 106
Stock option expense 130 57
Options exercised (56) (5)
232 158
(e) Cash flow hedge reserve
Opening balance 124 (78)
Effective portion of gain/(loss) on designated portion of hedging 4 202
instruments (net of tax)
128 124
(f ) Special Economic Zone (‘SEZ’) re-investment reserve
Opening balance - -
Add: Additions during the year 65 -
65 -
(g) Retained earnings
Other comprehensive income arising out of remeasurement of defined (37) (82)
benefit obligation (net of taxes)
21,388 15,734
Less: Appropriations
Dividend on equity shares (refer note 31) 2,952 -
Transfer to Special Economic Zone (‘SEZ’) re-investment reserve account 65 -
18,371 15,734
(h) Treasury shares
Opening balance - -
Purchase of Treasury shares (950) -
(950) -

(i) Equity instrument through other comprehensive income
Opening balance 6 6
Increase in fair value of equity instruments (net of tax) (refer note 5) (1) -
5 6
(j) Share application money pending for allotment
Opening balance 7 -
Received during the year - 7
Allotment during the year (7) -
- 7
Total 25,435 23,429

Nature of reserves:

(a) Capital redemption reserve
Represents the nominal value of equity shares bought back pursuant to Buyback in accordance with Section 69 of the
Companies Act, 2013.
(b) Securities premium

Amounts received on issue of shares in excess of the par value has been classified as securities premium. The reserve is
utilised in accordance with the provisions of the Companies Act, 2013.

(c) General reserve
This represents appropriation of profit by the Company. General reserve is appropriated for the creation of capital redemption
reserve up on Buyback of equity shares pursuant to section 69 of the Companies Act, 2013.

(d) Share based payments reserve
The Share based payments reserve is used to record the value of equity-settled share based payment transactions with
employees. The amounts recorded in this account are transferred to securities premium upon exercise of stock options by
employees.
(e) Cash flow hedge reserve
Represents effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge, net of
tax.

(f ) Special Economic Zone (‘SEZ’) re-investment reserve
The Special Economic Zone (SEZ) re-investment reserve is created out of the profit of eligible SEZ units in terms of the
provisions of section 10AA(1)(ii) of the Income-tax Act, 1961. The reserve will be utilised by the Company for acquiring new
assets for the purpose of its business as per the terms of section 10AA(2) of Income-tax Act, 1961.
(g) Retained earnings

(a) Retained earnings comprises of prior years’ undistributed earnings after taxes along with current year profit, net of
dividends declared and dividend distribution tax thereon.
(b) Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the year in which they occur, directly in other comprehensive income. These are presented within retained
earnings.

(h) Treasury shares
The Company has constituted a ‘Cyient Associate Stock Option Plan 2021 Trust (‘Trust’), to grant, offer and issue options
to the employees of the Company and its subsidiaries. During the year, the Trust has acquired 1,079,000 equity shares from
the secondary market amounting to ₹ 950 based on the loan received from the Company. The Company has treated the
Trust as its direct extension, such that the assets and liabilities of the Trust are included in the standalone and consolidated
financial statements and the shares acquired/held by the Trust are classified as “Treasury Shares”.
(i) Equity instruments through OCI

Represents the cumulative gains and loss arising from fair valuation of the equity instruments measured at the fair value
through OCI, net of amounts reclassified to retained earnings when the investments have been disposed off.
(j) Share application money pending for allotment

Represents amount received from associates on exercise of stock options, pending allotment.

12. Provisions
As at
Particulars
March 31, 2022 March 31, 2021
Gratuity [refer note (i) below] 947 882
Compensated absences [refer note (ii) below] 311 269
Other provisions 4 5
Total 1,262 1,156
Non-current:
Gratuity 830 772
Compensated absences 222 184
Total Non current provisions 1,052 956
Current:
Gratuity 117 110
Total current provisions 210 200
Total 1,262 1,156
Notes:
i. Defined Benefit Plans - Gratuity
In accordance with the ‘Payment of Gratuity Act, 1972’ of India, the Company provides for gratuity, a defined retirement
benefit plan (the ‘Gratuity Plan’) covering eligible employees. Liabilities with regard to such gratuity plan are determined by
an independent actuarial valuation and are charged to the Statement of Profit and Loss in the year determined. The gratuity
plan is administered by the Company’s own trust which has subscribed to the “Group Gratuity Scheme” of Life Insurance
Corporation of India.
The present value of the defined benefit obligation (DBO), and the related current service cost and past service cost, were
measured using the projected unit credit method.

As at
Principal assumptions used for the purposes of the actuarial valuation
March 31, 2022 March 31, 2021
Discount rate (%) 6.15% 5.75%
Salary increase rate (%) 7% 6% - 10%
Attrition (%) 20% 20%
Mortality table IALM (2012-14) IALM (2012-14)
Ultimate Ultimate
Retirement age 60 years 60 years


The following table sets out the defined benefit costs as per actuarial valuation:

Particulars
March 31, 2022 March 31, 2021
Amounts recognised in statement of profit and loss in respect of these defined
benefit plans
Current service cost 114 97
Past service cost - 20
Total service cost (A) 114 117
Interest expense on defined benefit obligation 50 46
Interest income on plan assets (4) (5)
Net interest cost (B) 46 41
Defined benefit cost recognised in statement of profit and loss (A) + (B) 160 158
Remeasurement effects recognised in other comprehensive income

Actuarial (gain) /loss due to financial assumptions change in defined benefit 19 65
obligation
Actuarial (gain) /loss due to experience on defined benefit obligation 25 36
Return on plan assets less than discount rate 3 3
Components of defined benefit costs recognised in other comprehensive 47 104
income
Total 207 262
The amount included in the balance sheet arising from the entity’s obligation in respect of its defined benefit plans is as
follows:
As at As at
Particulars
March 31, 2022 March 31, 2021
Present value of funded defined benefit obligation 1,030 954
Fair value of plan assets (83) (72)
Net liability arising from defined benefit obligation 947 882
Movement in the present value of the defined benefit obligation

Particulars
March 31, 2022 March 31, 2021
Projected benefit obligation at the beginning of the year 954 844
Past service cost - 20
Interest cost 50 46
Actuarial (gain)/loss on change in experience and financial assumptions 44 101
Payments (132) (154)
Defined benefit obligation at the end of the year 1,030 954

Change in Plan assets

Particulars
March 31, 2022 March 31, 2021
Plan assets at the beginning of the year 72 80
Return on plan assets 4 5
Employer contribution 142 145
Actuarial loss on plan assets (3) (3)
Plan assets at the end of the year 83 72
The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company’s
past compensation revision trends and management’s estimate of future salary increases. The discount rate is based on the
prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligation.

Sensitivity analysis:
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below:

Particulars
Increase Decrease Increase Decrease
Discount rate (1% movement) (41) 45 (47) 34
Future salary growth (1% movement) 44 (41) 33 (47)
Maturity profile of defined benefit obligation:
As at
Particulars
March 31, 2022 March 31, 2021
Within 1 year 193 180
1-2 year 180 160
2-3 year 150 147
3-4 year 132 122
4-5 year 114 106
5-10 year 374 330
The expected contribution to the plan for the year ended March 31, 2023 is ` 193.

Composition of plan assets:
Plan assets comprise of 100% insurer managed funds. Fund is managed by Life Insurance Corporation as per Insurance Regulatory
and Development Authority of India (IRDA) guidelines, category wise composition of the plan assets is not available.


ii. Assumptions for compensated absences
a) Compensated absences – India:
As at
Actuarial assumptions for long-term compensated absences
March 31, 2022 March 31, 2021
Salary escalation (%) 7.00% 6.00% - 10.00%
Attrition (%) 20.00% 20.00%
Ultimate Ultimate

b) Compensated absences – Overseas branches:

As at
March 31, 2022 March 31, 2021
Salary escalation (%) 2.00% 2.00%
Attrition (%) 5.00% 5.00%
Ultimate Ultimate
The accrual for unutilised leave is determined for the entire available leave balance standing to the credit of the employees at
year-end as per Company’s policy. The value of such leave balance eligible for carry forward, is determined by an independent
actuarial valuation and charged to statement of profit and loss in the year determined.

past compensation revision trends and management’s estimate of future salary increases. The discount rate is based on
the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the
obligation.
c) Long Service Leave – Australia:

The regulations of long service leave are applicable to the associates of the Company employed at its Australia Branch. The
accrual of long service leave is in addition to the compensated absences to which the associates are entitled to. These long
service leaves are dependent on the tenure of the employee with the same employer and are regulated by respective state
laws.

13. Trade payables
As at
Particulars
March 31, 2022 March 31, 2021
(at amortised cost)
Non-current
Total outstanding dues of micro enterprises and small enterprises (refer note 30) - -
Total outstanding dues of creditors other than micro enterprises and small 63 -
enterprises
Current
Total outstanding dues of micro enterprises and small enterprises 21 11
(refer note 30)
Total outstanding dues of creditors other than micro enterprises and small 2,577 2,741
enterprises (refer notes below)
Total 2,661 2,752
Notes:
(i) Includes amount payable to its related parties (refer note 24).
(ii) The company normally settles trade payables in 30-60 days.


Ageing for trade payable Less than More than
Unbilled Not Due 1 - 2 years 2 - 3 years Total
1 year 3 years
MSME - 21 - - - - 21
Others 1,595 217 828 - - - 2,640
Disputed dues - MSME - - - - - - -
Disputed dues - Others - - - - - - -
Balance at the end of the year 1,595 238 828 - - - 2,661


Ageing for trade payable Less than More than
Unbilled Not Due 1 - 2 years 2 - 3 years Total
1 year 3 years
MSME - 11 - - - - 11
Others 984 156 1,601 - - - 2,741
Balance at the end of the year 984 167 1,601 - - - 2,752


14. Other financial liabilities
As at
Particulars
March 31, 2022 March 31, 2021
Non Current:
(at amortised cost)
Sale and lease back liability (refer note 3A) 28 32
Current:
(at amortised cost)
Unpaid dividends 24 24
Capital creditors 31 14
Sale and lease back liability (refer note 3A) 32 19
(at FVOCI)
Total 136 103
15. Other current liabilities
As at
Particulars
March 31, 2022 March 31, 2021
Unearned revenue* 174 185
Advance from customers* 56 843
Statutory remittances 274 187
Others 14 14
Total 518 1,229
* Includes amount from related parties (refer note 24)
16. Income taxes

a. Income tax expense recognized in the statement of profit and loss
For the year ended

Particulars
March 31, 2022 March 31, 2021
Current tax:
In respect of the current year 1,177 755
In respect of earlier years (15) -
1,162 755
Deferred tax:
In respect of the current year (43) (7)
In respect of MAT credit - (9)
(43) (16)
Total 1,119 739

b. Income tax expense/(benefit) recognised directly in other comprehensive income
For the year ended

Particulars
March 31, 2022 March 31, 2021
Income tax expense/(benefit) recognized directly in OCI consists of:
Tax effect on effective portion of change in fair value of cash flow hedges (2) (109)
Tax effect on actuarial (gain)/ loss on defined benefit obligations 10 22
Total 8 (87)
Bifurcation of the income tax recognized in other comprehensive income into:
Items that will not be reclassified to statement of profit and loss 10 22
Items that will be reclassified to statement of profit and loss (2) (109)
Total 8 (87)
c. Reconciliation of effective tax rate

The following is the reconciliation of the Company’s effective tax rates.
For the year ended

Particulars
March 31, 2022 March 31, 2021
Enacted rate in India 34.94% 34.94%
Computed expected tax expense 2,380 1,230
Tax effect of adjustments to reconcile expected tax expense:

Exemptions / deductions for tax purposes / tax holidays (739) (576)
Exempted income of Dividend received from Subsidiary (Refer note 18) (598) -
Expenses that are not deductible in determining taxable profit 87 62
Adjustments in respect of current income tax of previous years (15) -
Others 4 23
Total income tax expense 1,119 739
Effective tax rate 16.43% 20.99%

The difference between the tax rate enacted in India and the effective tax rate of the Company is primarily on account of the
benefit availed on the profits of the undertakings situated in Special Economic Zones (SEZ). The SEZ units of the Company which
began to provide the services on or after April 1, 2005 are eligible for 100% deduction of profits and gains derived from export of
services for a period of first five years from the year of commencement of provision of services. For the next five years, they are
eligible for deduction of 50% of profits and gains derived from export of services.
d. Deferred tax assets and liabilities

The following is the analysis of deferred tax assets/(liabilities) presented in the balance sheet
As at
Particulars
March 31, 2022 March 31, 2021
Deferred tax assets 353 295
Deferred tax liabilities (150) (91)
Deferred tax assets (net) 203 204

e. Movement in deferred tax assets and liabilities
Recognised in Recognised in other

Opening MAT credit Closing
2021-22 the statement of comprehensive
Balance utilisation balance
profit and loss income
Deferred tax assets/(liabilities) in
relation to :
Cash flow hedges (67) - (2) - (69)
Property, plant and equipment and (91) 9 - - (82)
Intangible assets
Provision for employee benefits 245 44 10 - 299
Right of use assets/lease liabilities 46 (8) - - 38
(refer note 3C)
Provision for doubtful debts 19 (2) - - 17
MAT credit entitlement 52 - - (52) -
Net deferred tax assets/(liabilities) 204 43 8 (52) 203
Recognised in Recognised in other

Opening Closing
2020-21 the statement of comprehensive
Balance balance
profit and loss income
Deferred tax assets/(liabilities) in relation to :
Cash flow hedges 42 - (109) (67)
Property, plant and equipment and Intangible (90) (1) - (91)
assets
Provision for employee benefits 220 3 22 245
Right of use assets/lease liabilities (refer note 3C) 19 27 - 46
Provision for doubtful debts 40 (22) - 19
MAT credit entitlement 43 9 - 52
Net deferred tax assets/(liabilities) 274 16 (87) 204
f. Income tax assets and liabilities

The following is the analysis of income tax assets/(liabilities) presented in the balance sheet:
As at
Particulars
March 31, 2022 March 31, 2021
Income tax assets [net of provisions ₹ 4,608 (March 31, 2021 - ₹ 4,592)] 763 771
Income tax liabilities [net of advance tax ₹ 5,361 (March 31, 2021 - ₹ 4,258)] 114 97

17. Revenue from operations
For the year ended

Particulars
March 31, 2022 March 31, 2021
Revenue from services 17,465 13,798
Revenue from products 40 1
Total revenue from operations 17,505 13,799
The Company presents revenues net of indirect taxes in the statement of profit and loss.
(A) Disaggregated revenue information

The table below presents disaggregated revenues from contracts with customers by contract type and geography. The Company
believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are
affected.
For the year ended

Segment
March 31, 2022 March 31, 2021
Revenues by contract type
Fixed-price 6,556 4,818
Time and material 10,900 8,963
Product sale 40 1
Others 9 17
Total 17,505 13,799
Revenues by Geography
North America 8,285 6,465
Europe 5,600 4,638
Asia Pacific (including India) 3,620 2,696
Total 17,505 13,799
Revenues by time of recognition

Goods and services transferred
- At a point in time 40 1
- Over time 17,465 13,798
Total 17,505 13,799

Fixed price:
Fixed price arrangements with customers have defined delivery milestones with agreed scope of work and pricing for each
milestone. Revenue from fixed-price contracts, where the performance obligations are satisfied over time and when there is no
uncertainty as to measurement or collectability of consideration, is recognised as per the ‘percentage-of-completion’ method.
When there is uncertainty as to measurement or ultimate collectability, revenue recognition is postponed until such uncertainty is
resolved. Percentage of completion is determined based on the project costs incurred to date as a percentage of total estimated
project costs required to complete the project. The input method has been used to measure the progress towards completion
as there is direct relationship between input and productivity. In certain projects, a fixed quantum of service or output units is
agreed at a fixed price for a fixed term. In such contracts, revenue is recognised with respect to the actual output achieved till
date as a percentage of total contractual output. Any residual service unutilised by the customer is recognised as revenue on
completion of the term.

Time and material:
Revenue from time and material contracts are recognised as and when services are rendered to the customer. These are based
on the efforts spent and rates agreed with the customer. Revenue from the end of the last invoicing to the reporting date is
recognised as unbilled revenue.

Product sale:
Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer, generally
on delivery of the products.
Sales volume discounts are reduced from the contract price to recognise the revenue and does not have material impact on
revenue recognised.
(B) Trade receivables and contract balances
As at
Particulars
March 31, 2022 March 31, 2021
Trade receivables 4,589 4,297
Unbilled revenue 1,112 782
Unearned revenue 174 185
The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue. A
receivable is a right to consideration that is unconditional upon passage of time. Revenue in excess of invoicing are classified
as contract assets (unbilled revenue) while invoicing in excess of revenue are classified as contract liabilities (unearned
revenues).

Contract assets:
During the year ended March 31, 2022, ₹ 776 of contract assets as at March 31, 2021 has been reclassified to receivables on
completion of performance obligation. During the year ended March 31, 2021, ₹ 1,136 of contract assets as at March 31, 2020
has been reclassified to receivables on completion of performance obligation.

Contract liabilities:
During the year ended March 31, 2022 the Company has recognized revenue of ₹ 185 arising from contract liabilities as at March
31, 2021. During the year ended March 31, 2021, the Company recognized revenue of ₹ 105 arising from opening unearned
revenue as at March 31, 2020.”
The Company has applied practical expedient and has not disclosed information about remaining performance obligations
in contracts, where the original contract duration is one year or less or where the entity has the right to consideration that
corresponds directly with the value of entity’s performance completed to date. Consequently, disclosure related to transaction
price allocated to remaining performance obligation is not material.

18. Other income
For the year ended

Particulars
March 31, 2022 March 31, 2021
Interest income on financial assets carried at amortised cost:
Deposits with banks and financial institutions 449 458
Interest on loan to subsidiaries 90 86
539 544
Dividend income
Dividend from subsidiary (refer note (i) below) 1,711 -
1,711 -
Other non-operating income
Operating lease rental income - 5
Liabilities no longer required, written back - 7
Export incentives (refer note (ii) below) 42 519
Miscellaneous income 86 90
128 621
Other gains and (losses)
Loss on disposal of property, plant and equipment (net) (14) (5)
Foreign exchange gain / (loss) (net) (10) 218
Gain on Mutual Funds 11 -
Exchange gain / (loss) on foreign currency forward contracts (net) 388 (180)
375 33
Total 2,753 1,198
Notes:
(i) During the year ended March 31, 2022, the Company received a dividend of ₹ 1,711 from Cyient Inc, its wholly owned
subsidiary.
(ii) During the year, the Company has recognised export incentives of ₹ 42 (2020-21: ₹ 519) aggregating under schemes defined
by the Government of India, as other income upon satisfying the conditions specified in the applicable scheme and monetized
₹ 42 (2020-21: ₹ 519).

19. Employee benefits expense
For the year ended

Particulars
March 31, 2022 March 31, 2021
Salaries and wages 8,012 6,413
Contribution to provident and other funds (refer note (i) below) 615 537
Social security and other benefits to overseas employees (refer note (ii) below) 4 4
Share based payments to employees (refer note 11A) 115 42
Staff welfare expenses 250 279
Less: Capitalised (42) (40)
Total 8,954 7,235
Notes:
i. Contribution to provident fund and other funds
Provident fund:
The Company makes provident fund contributions which are defined contribution plans for qualifying employees. Under
the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. These
contributions are made to the Fund administered and managed by the Government of India. The Company’s monthly
contributions are charged to the statement of profit and loss in the year they are incurred. Total expense recognised during
the year aggregated ₹ 392 (2020-21: ₹ 323).

Gratuity (funded):
Amount recognised in statement of profit and loss in respect of gratuity: ₹ 160 (2020-21: ₹ 158). [refer note 12 (i)].

National Pension Scheme:
Amount recognised in statement of profit and loss in respect of national pension scheme - ₹ 14 (2020-21 - ₹ 12)

Superannuation fund - India:
The employees receive benefit under a Superannuation scheme which is a defined contribution scheme wherein the
employee has an option to choose the percentage of contribution between 5% to 15% of the basic salary of the covered
employee. These contributions are made to a fund administrated by Life Insurance Corporation of India. The Company’s
monthly contributions are charged to the statement of profit and loss in the year they are incurred. Total expense recognised
during the year aggregated ₹ 21 (2020-21 - ₹ 24).

Employees’ State Insurance Scheme:
Amount recognised in the statement of profit and loss in respect of Company’s contribution to employees’ state insurance
scheme ₹ 28 (2020-21 - ₹ 20).

ii. Superannuation fund - Australia
The employees at the Australia branch of the Company are also covered under a superannuation scheme. The Company
contributes 9.5% of the basic salary of the employee. The Company’s monthly contributions are charged to the statement of
profit and loss in the year they are incurred. Total expense recognised during the year aggregated ₹ 4 (2020-21 - ₹ 4).

20. Finance cost
For the year ended

Particulars
March 31, 2022 March 31, 2021
Interest on lease liabilities (refer note 3C) 101 137
Other interest expense 3 9
Total 104 146
21. Depreciation and amortisation expense
For the year ended

Particulars
March 31, 2022 March 31, 2021
Depreciation of property, plant and equipment (refer note 3A) 467 461
Depreciation on right of use assets (refer note 3C) 409 381
Amortisation of intangible assets (refer note 4A) 91 120
Total 967 962

22. Other expenses

Particulars
March 31, 2022 March 31, 2021
Rent including lease rentals [refer note 3C] 35 58
Rates and taxes 18 24
Insurance 32 17
Travelling and conveyance 177 136
Sub-contracting charges 235 275
Communication 219 195
Printing and stationery 2 3
Power and fuel 139 136
Marketing and advertising expenses 47 18
Repairs and maintenance
- Buildings 8 4
- Machinery 946 920
- Others 200 129
Non-executive directors' commission 30 14
Legal and professional charges 863 579
Expenditure for corporate social responsibility [refer note (i) below] 94 102
Expected credit loss for trade receivables [refer note (ii) below] 26 39
Auditors' remuneration [refer note (iii) below] 28 28
Recruitment expenses 76 12
Training and development 43 25
Software charges - 3
Miscellaneous expenses 205 303
Total 3,423 3,020

Notes:
(i) Expenditure for Corporate Social Responsibility:
The Company contributes towards Corporate Social Responsibility (CSR) activities through Cyient Foundation and Cyient
Urban Micro Skill Centre Foundation (refer note 24). The Company has formed CSR committee as per Section 135 of the
Companies Act, 2013 to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate
the activities to be undertaken by the company as specified by law. The areas for CSR activities are promoting education,
adoption of schools, facilitating skill development, medical and other social projects. Expenses incurred on CSR activities
through Cyient Foundation and contributions towards other charitable institutions are charged to the statement of profit
and loss under ‘Other Expenses’: ₹ 94 (2020-21 - ₹ 102).


Particulars
March 31, 2022 March 31, 2021
Gross amount required to be spent by the Company 81 87
Actual amount spent 94 102

1. Construction / acquisition of any asset - -
2. On purposes other than (1) above (in cash) 94 102
Shortfall - -
Nature of CSR activities:

Promoting education and skill development initiatives, community development initiatives, covid-19 relief and rehabilitation,
national heritage and development programs and other social and research/ development projects.

(ii) Expected credit loss:
Bad debts written off during the year ended March 31, 2022 was ₹ 16 (2020-21- ₹ 57) and reversal of provision for doubtful debts
was ₹ 74 (2020-21: ₹71). Provision for ECL allowance made for the year ended March 31, 2022 was ₹ 84 (2020-21: ₹ 53).
(iii) Auditors’ remuneration (net of applicable taxes) comprises of:

Particulars
March 31, 2022 March 31, 2021
Payment to the auditors of the Company
(a) For audit and related services of Company 10 8
(b) For audit and related services of subsidiaries 14 14
(c) For certification and other services 3 5
(d) Reimbursement of expenses 1 1
Total Auditors' remuneration 28 28

23. Contingent liabilities and commitments
As at As at
Particulars
March 31, 2022 March 31, 2021
(A) Contingent liabilities:
(a) Claims against the Company not acknowledged as debt (refer note (i) to (v)
553 558
below)
(b) Guarantees (refer note (vi) below) 10,573 12,480
11,126 13,038
(B) Commitments:
Contracts remaining to be executed on capital account and not provided for (net
159 140
of capital advances)
159 140
Total 11,285 13,178

Notes:
(i) The Company disputed various demands raised by income tax authorities for the assessment years 2002-03, 2004-05,
2013-14, 2014-15, 2016-17, 2017-18 and 2018-19 (March 31, 2021: 2002-03, 2004-05, 2013-14, 2014-15, 2016-17,
2017-18 and 2018-19) which are pending at various stages of appeals. The aggregate amount of disputed tax not provided
for is ₹ 40 (March 31, 2021 - ₹ 40). The Company is confident that these appeals will be decided in its favour.
(ii) The Company disputed various demands raised by the sales tax authorities for the financial years 2004-05 to 2009-10
and 2015-16 to 2017-18 (till June 2017) (March 31, 2021 - 2004-05 to 2009-10 and 2015-16 to 2017-18 (till June 2017)).
The Company filed appeals, which are pending with the appropriate authorities. The aggregate amount of disputed tax
not provided for is ₹ 21 (March 31, 2021 - ₹ 21). The Company is confident that these appeals will be decided in its favour.
The above does not include show cause notices received by the Company.
(iii) The Company disputed various demands raised by the service tax authorities for the financial years 2006-07 to 2009-10
and 2013-14 to 2017-18 (till June 2017) (March 31, 2021: 2006-07 to 2009-10 and 2013-14 to 2017-18 (till June 2017)).
The Company filed appeals, which are pending with the appropriate authorities. The aggregate amount of disputed tax
not provided for is ₹ 371 (March 31, 2021 - ₹ 371). The Company is confident that these appeals will be decided in its
favour. The above does not include show cause notices received by the Company.
(iv) The Company is contesting certain pending service tax refunds amounting to ₹ 29 (March 31, 2021 : ₹ 34) at various
appellate authorities. The Company is confident that these appeals will be decided in its favour.
(v) During the financial year 2015-16, the Government of India notified an amendment to the Payment of Bonus Act, 1961
whereby the applicable slabs as well as coverage limit was enhanced. The said amendment was made effective April 1,
2014. The Company is contesting the retrospective applicability of the amendment for the financial year 2014-15 in the
High Court of Judicature at Hyderabad for the states of Telangana and Andhra Pradesh. The aggregate amount of liability
pertaining to the financial year 2014-15, not provided for, is ₹ 92 (March 31, 2021 - ₹ 92).
(vi) Corporate guarantee has been extended to subsidiaries/ step down subsidiaries for availing loans from respective banks/
fellow subsidiaries and the Company charges commission from subsidiaries, wherever applicable. (refer note 24 (B)

(C) The Company has certain outstanding export obligations/commitments as at March 31, 2021 and March 31, 2022. Further,
the Company has certain commitments to bankers relating to receivable factoring arrangements entered with them in
respect of receivables from few customers. These factoring arrangements are without recourse to the Company and in the
normal course of business. The Company is confident of meeting these commitments arising from such arrangements.

24. Related Party Transactions
(A) The list of related parties of the Company is given below:
Country of Extent of holding (%) as at

Name of Subsidiaries
incorporation March 31, 2022 March 31, 2021
Cyient Europe Limited UK 100% 100%
Cyient Inc. USA 100% 100%
Cyient GmbH Germany 100% 100%
Cyient KK Japan 14% 14%
Cyient Insights Private Limited India 100% 100%
Cyient Australia Pty Limited Australia 100% 100%
Cyient DLM Private Limited India 100% 100%
Cyient Singapore Private Limited (refer note 2 below) Singapore 100% 100%
Cyient Israel India Limited (refer note (ii) below) Israel 100% 100%
Cyient Engineering (Beijing) Limited (refer note (i) below) China - -
Cyient Solutions and Systems Private Limited (refer note 3
India 51% 51%
below)
Cyient Urban Micro Skill Centre Foundation India 100% 100%

Notes:
(i) Effective December 01, 2020 Cyient Engineering (Beijing) Limited, China has been deregistered.
(ii) The Board of Directors of the Company at their meeting held on October 14, 2021 approved the closure of its wholly owned
subsidiary, Cyient Israel India Limited (CIIL) in line with its strategy and simplification of legal entity structure. CIIL did not
have any operations and the financial results of CIIL are not material to the Group. This has no impact on business as the same
is serviced by the existing legal entities.

Name of the Joint Venture
Infotech HAL Limited (refer note 1) India 50% 50%
Subsidiaries of Cyient Inc.:

Cyient Canada Inc. Canada 100% 100%
Cyient Defense Services Inc. USA 100% 100%

Subsidiaries of Cyient Europe Limited:

Cyient Benelux BV Netherlands 100% 100%
Cyient Schweiz GmbH Switzerland 100% 100%
Cyient SRO Czech Republic 100% 100%
AnSem NV Belgium 100% 100%
AnSem BV Netherlands 100% 100%

Subsidiary of Cyient GmbH:

Name of the Subsidiary
Cyient AB Sweden 100% 100%

Subsidiaries of Cyient Australia Pty Limited:

Integrated Global Partners Pty Limited [refer note (i) below] Australia 100% 100%
Integrated Global Partners Pte. Limited [refer note (i) below] Singapore 100% 100%
Integrated Global Partners SpA [refer note (i) below] Chile 100% 100%
Workforce Delta Pty Limited [refer note (ii) below] Australia 100% -
IG Partners South Africa (Pty) Ltd [refer note (i) below] South Africa 100% 100%
(i) Cyient Australia Pty Limited, Australia, acquired 100% of equity shares of Integrated Global Partners Pty Limited, Australia
(and its wholly owned subsidiaries Integrated Global Partners Pte. Limited, Singapore; Integrated Global Partners SpA, Chile
and IG Partners South Africa (Pty) Ltd, South Africa) on November 06, 2020.
(ii) Cyient Australia Pty Limited, Australia, acquired 100% of equity shares of Workforce Delta Pty Limited (‘WFD’), Australia on
August 05, 2021.
Other related party:
Country of
Entity Nature of relationship
incorporation
Cyient Foundation India Entity with common KMP
Infotech ESOP Trust India Entity with common KMP
Cyient Associate stock option scheme 2021 Trust India Entity with common KMP


Key Managerial Personnel (KMP):
Name Designation
M.M. Murugappan Non-Executive Chairman
B.V.R Mohan Reddy Non-Executive and Non-independent Director
Krishna Bodanapu Managing Director and CEO
Ajay Aggarwal Executive Director and Chief Financial Officer
Karthikeyan Natarajan Executive Director and Chief Operating Officer
Sudheendhra Putty Company Secretary
Som Mittal (until 06 Feb, 2022) Independent Director
Vinai Kumar Thummalapally Independent Director
Vikas Sehgal Independent Director
Vivek Gour Independent Director
Matangi Gowrishankar Independent Director
Ramesh Abhishek (effective 12 Aug, 2020) Independent Director
Alain De Taeye Non-Executive and Non-independent Director

Relative of Non-Executive & Non-independent Director and Managing Director & CEO
B. Ashok Reddy President – Corporate Affairs & Infrastructure ( till 30 June,

2020) & Advisor to Company (till 31 March, 2021)

(B) Summary of the transactions and balances with the above related parties:
(a) Transactions during the year:
For the year ended

Nature of the transaction Party name
March 31, 2022 March 31, 2021
Revenue from operations Cyient Inc. 4,581 3,848
Cyient Europe Limited 1,493 891
Cyient Benelux BV 672 534
Integrated Global Partners Pty
(56) 1
Limited
Cyient Schweiz GmbH 280 212
Cyient S.R.O.* (91) (13)
Cyient GmbH 825 727
Cyient AB 167 150
Cyient Canada Inc. 592 235
Cyient KK 548 387
Cyient Australia Pty Limited 911 803
Cyient Singapore Private Limited 44 7
Cyient DLM Private Limited 1 8
AnSem NV 11 2

For the year ended
March 31, 2022 March 31, 2021
Sub-contracting charges Cyient Inc. 35 59
Cyient Europe Limited* - (1)
- 3
Limited
Cyient Australia Pty Limited* - (1)
Cyient Insights Private Limited 9 8
Reimbursement of expenses (net) Cyient Inc. (49) 44
Cyient Europe Limited (19) (42)
Cyient Benelux BV (6) (6)
Cyient S.R.O. (4) (4)
Cyient GmbH (10) (34)
Cyient AB - (10)
Cyient Canada Inc. (5) (9)
Cyient KK (3) (3)
Cyient Singapore Private Limited (3) (1)
Cyient Insights Private Limited (1) -
Cyient DLM Private Limited (42) (37)
Cyient Australia Pty Limited (11) (5)
Cyient Defence Servi. Inc (1) (1)
AnSem NV (2) -
(1) -
Limited
Corporate guarantee given to subsidiary’s Cyient Inc. - 1,065
bankers
Cyient GmbH - 396
Cyient Europe Limited - 313
Cyient Australia Pty Limited - 671

For the year ended
March 31, 2022 March 31, 2021
Corporate guarantee given to subsidiary’s Cyient Inc. 1,085 497
bankers liquidated
Cyient GmbH - 382
Cyient Defense Services Inc. 250 -
Cyient Europe Limited 417 -
Cyient Australia Pty Limited 234 -
Other income on corporate guarantee Cyient Australia Pty Limited 6 5
given to subsidiary’s bankers
Cyient Defense Services Inc. 1 1
Cyient Europe Limited 16 16
Cyient GmbH 2 2
Cyient Inc. 8 11
Cyient S.R.O. 2 2
Impairment of investments in subsidiaries Cyient Singapore Private Limited

- (94)
(refer note 2 below)
Impairment of investments in joint Infotech HAL Limited (refer note 1
- (20)
venture below)
Advance received from customer Cyient KK - 100
Cyient AB 26 -
Cyient GmbH 30 -
Cyient Inc. - 734
Loans given Cyient DLM Private Limited 825 530
Loans recovered Cyient DLM Private Limited 600 300
Cyient Insights Private Limited 47 -
Interest on loans given Cyient Insights Private Limited 8 9
Rental income Cyient Insights Private Limited 3 3
Dividend from subsidiary Cyient Inc. 1,711 -
CSR expenditure Cyient Foundation 94 102
* Net of revenue and subcontract provision reversal.

Compensation to Key Managerial Personnel is as follows:
For the year ended

March 31, 2022 March 31, 2021
Short-term benefits Non-Executive and Non-independent
Director, Managing Director & CEO 400* 267
and Executive Officers#1&2
Dividend paid during the year Non-Executive and Non-independent
Director, Managing Director & CEO 64 -
and Executive Officers#1&2
Commission and other benefits Non-Executive and Independent
30 14
Directors
* Includes ₹ 50 accrued in the previous year as a part of overall incentive provision and paid during the year for Executive Officers
#1 Executive officers includes Ajay Aggarwal (Executive Director and Chief Financial Officer), Sudheendhra Putty (Company
Secretary), Karthikeyan Natarajan (Executive Director and Chief Operating Officer) and B. Ashok Reddy (Relative of
Non-executive and Non-independent Director, Managing Director & CEO).
#2 The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance, as
separate actuarial valuation / premium paid are not available.

(b) Balances at the year-end:
As at
Nature of the balance Party name
March 31, 2022 March 31, 2021
Trade receivables Cyient Inc. 1,318 1,065
Cyient S.R.O. 94 174
Cyient GmbH - 266
Cyient AB - 32
Cyient KK 183 49
- 1
Limited
Cyient Israel Limited 10 9
AnSem NV 18 5
Cyient Solutions and Systems Private
8 8
Limited

As at
March 31, 2022 March 31, 2021
Unbilled revenue Cyient Inc. 277 247
Cyient S.R.O. - (2)
Cyient GmbH 58 67
2 -
Limited
Cyient AB 4 4
Cyient KK 4 1
Advance from subsidiaries Cyient Inc. - 734
Cyient AB 26 -
Cyient GmbH 30
Cyient KK - 110
Trade payables Cyient Inc. 364 1,257
Cyient AB 48 49
Cyient S.R.O. 4 4
Cyient GmbH 100 103
Cyient KK 39 41
85 3
Limited

As at
March 31, 2022 March 31, 2021
Other receivables Cyient Inc. 15 54
AnSem NV 1 -
Cyient GmbH 3 2
Cyient DLM Private Limited 1 -
Cyient KK 1 1
Unearned revenue Cyient Inc. 82 99
Cyient GmbH 23 18
Cyient Canada Inc. 2 -
Cyient Singapore Private Limited 1 -
Corporate guarantee given to subsidiary’s Cyient Inc. 1,100 2,115
bankers (refer note 23(A))
Cyient Defense Services Inc. - 242
Cyient Europe Limited 3,192 3,647
Cyient S.R.O 305 290
Cyient GmbH 389 396
Cyient DLM Private Limited 4,520 4,520
Cyient Australia Pty Limited 980 1,186
11 11
Limited

As at
March 31, 2022 March 31, 2021
Advances to suppliers and service Cyient KK 6 6
providers
Loans outstanding Cyient Insights Private Limited 115 162
Cyient DLM Private Limited 1,536 1,311
311 311
Limited (refer note 3 below)
Interest on loans outstanding Cyient DLM Private Limited 144 71
Cyient Insights Private Limited 3 -
Short-term benefits payable Non-Executive & Non-independent
Director and Managing Director & 231 136
CEO
Commission and other benefits payable Non-Executive and Independent
22 14
Directors
Notes:
1. During the previous year, the Company has impaired the carrying value of its investment in joint venture company, Infotech
HAL Limited, India of ₹ 20, based on the long term outlook of the business.
2. During the previous year, the Company has impaired the carrying value of investment in its subsidiary company, Cyient
Singapore Private Limited by ₹ 94, based on the business forecasts and long term outlook of the business.
3. During the FY 2019-20, Company’s subsidiary, Cyient Solutions and Systems Private Limited (‘CSS’) has recognised one-time
charge of ₹ 222 relating to costs incurred on development of UAV systems in view of the potential delays in materialization
of orders. Accordingly, a corresponding provision for impairment of the loan given to CSS of ₹ 311 has been recognised in the
Statement of Profit and Loss for FY 20.
During the previous year, CSS has recovered ₹ 35 against aforesaid impairment of non-current assets.
4. Foreign exchange restatements have not been disclosed as transactions during the year.
25. Earnings per share
For the year ended

Particulars
March 31, 2022 March 31, 2021
Profit after tax 5,691 2,781
Basic:
Number of shares outstanding at the year end 110,317,416 110,029,812
Less: Treasury shares 1,079,000 -
Number of shares for earnings per share 109,238,416 110,029,812
Weighted average number of equity shares 109,379,568 109,975,395
Earnings per share (₹) 52.03 25.29
Diluted:
Effect of potential equity shares on ASOPs and RSUs outstanding 487,183 59,559
Weighted average number of equity shares outstanding 109,866,751 110,034,954


26. Research & Development:
i. Property, plant and equipment used in Research and Development
The following table provides the break-up of ‘Property, plant and equipment’ used specifically for the research and
development:
As at
Carrying amounts of:
March 31, 2022 March 31, 2021
Buildings - Freehold 28 29
Plant and Equipment - Freehold 31 5
Furniture and Fixtures 6 7
Electrical Installations 12 14
Computers 7 8
Office Equipment 4 5
Total Tangible Assets 88 68
Plant and Furniture Electrical Office

Particulars Buildings Computers Total
Equipment and Fixtures Installations Equipment
Balance as at April 1, 2020 30 5 8 16 13 10 82
Additions - 1 - - 1 - 2
Depreciation (1) (1) (1) (2) (6) (2) (13)
Deletions - - - - - (3) (3)
Balance as at March 31, 29 5 7 14 8 5 68
2021
Additions - 28 - - 6 1 35
Depreciation (1) (2) (1) (2) (7) (2) (15)
Deletions - - - - - - -
Balance as at March 31, 28 31 6 12 7 4 88
2022

ii. Revenue Expenditure:
Revenue expenditure pertaining to research and development are charged to the Statement of Profit and Loss aggregated to
₹ 215 (2020-21: ₹ 238).

27. Financial Instruments
27.1 Capital management
The Company manages its capital to ensure that it maximises the return to stakeholders through the optimisation of the capital
structure. The Company monitors the return on capital as well as the level of dividends on its equity shares. The Company is
predominantly equity financed which is evident from the capital structure. Further the Company has always been positive on its
net cash position with cash and bank balances along with investments in liquid and short term mutual funds.
27.2 Financial instruments by category:
Carrying value as at
Particulars
March 31, 2022 March 31, 2021
Financial assets:
Amortised cost
Loans 1,651 1,473
Cash and cash equivalents 8,748 11,541
Other bank balance 1 2
Other financial assets 1,678 1,415
Fair value through other comprehensive income
Investment in unquoted equity shares 923 39
(i) Investment in Tax free bonds (quoted)* 1,716 -
(ii) Investment in Perpetual Bonds (quoted)* 603 -
Fair value through profit and loss
Investments in mutual funds 704 -
Investment in unquoted Compulsorily convertible preference shares (CCPS) 10 12
Total financial assets 20,868 19,016
Financial liabilities:
Amortised cost
Trade payables 2,661 2,752
Other liabilities 55 38
Lease liabilities 1,156 1,041
Sale and lease back 60 51
Total financial liabilities 3,981 3,928
* Fair value of the investments in tax free and perpetual bonds is ₹ 2,276 (March 31, 2021: Nil)
The management assessed that fair value of cash & cash equivalents and other bank balances, trade receivables, other financial
assets, loans, trade payables, lease liability and other financial liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments, and hence these are carried at amortised cost.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale.
Investment in unquoted equity shares are measured at fair value through initial designation in accordance with Ind-AS 109.
Investments in mutual funds and derivative assets/ (liabilities) are mandatorily measured at fair value.

27.3 Fair value hierarchy
Valuation technique and key inputs
Level 1 - Quoted prices (unadjusted) in an active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Quantitative disclosures of fair value measurement hierarchy for financial instruments as at March 31, 2022:

Date of As at March 31, Fair value measurement at the end of year using
Particulars
valuation 2022 Level 1 Level 2 Level 3
Assets
Investment in unquoted equity March 31, 2022 923 - - 923
shares (refer note 5)*
Investment in unquoted CCPS March 31, 2022 10 - - 10
(refer note 5)*
Investment in tax free and March 31, 2022 2,276 - 2,276 -
perpetual bonds
Investment in mutual funds (refer March 31, 2022 704 704 - -
note 5)
Derivative instruments designated March 31, 2022 245 - 245 -
in a hedging relationship (refer note
7)**
Liabilities
in a hedging relationship
(refer note 14)**
There have been no transfers among Level 1, Level 2 and Level 3 during the year.

Date of As at March 31, Fair value measurement at the end of year using
Particulars
valuation 2021 Level 1 Level 2 Level 3
Assets
Investment in unquoted equity March 31, 2021 39 - - 39
shares
(refer note 5)*
Investment in unquoted CCPS March 31, 2021 12 - - 12
(refer note 5)*
7)**
Liabilities
14)**
The following methods and assumptions were used to estimate the fair values:

* The fair values of the unquoted equity shares and CCPS have been estimated using a DCF model. The valuation requires
management to make certain assumptions about the model inputs, including forecast cash flows, earnings growth, discount
rate, and probabilities of the various estimates within the range used in management’s estimate of fair value for these
unquoted equity investments.
** The Company enters into derivative financial instruments with various counterparties, principally financial institutions with
investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the
use of market observable inputs. The most frequently applied valuation techniques include forward pricing using present value
calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and
forward rates, yield curves of the respective currencies, etc. As at March 31, 2022 the marked-to-market value of derivative asset
positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty
credit risk had insignificant impact on the hedge effectiveness assessment for derivatives designated in hedge relationships.

Fair value measurements using significant unobservable inputs (level 3)
The following table presents changes in level 3 items for the year ended March 31, 2022 and March 31, 2021:

Investment in unquoted Investment in

Particulars Total
equity shares unquoted CCPS
As at March 31, 2020 24 12 36
Acquisitions 15 - 15
Gains/(losses) recognised - - -
As at March 31, 2021 39 12 51
Acquisitions 885 - 885
losses recognised (1) (2) (3)
As at March 31, 2022 923 10 933


Valuation inputs and relationships to fair value:
The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value
measurements.
Fair value Fair value

Significant
as at as at Sensitivity of the
Particulars unobservable Valuation process
March 31, March 31, inputs to fair value
inputs
2022 2021
Investment in 933 51 Earnings i) Earnings growth factor for a) Any increase in the
unquoted equity growth rate unquoted equity shares and earnings growth
shares and CCPS are estimated based rate would result in a
compulsorily on the market information of increase in fair value.
convertible similar type of companies and
preference shares also considering the economic
(CCPS) environment impact.
Discount rate ii) Discount rates are determined b) Any increase in the
using a capital asset pricing discount rate would
model to calculate a pre-tax result in a decrease in
rate that reflects current market the fair value.
assessments of the time value
of money and risk specific to
that asset.
27.4 Financial risk management

Financial risk factors
The Company’s activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and other price risk. The
Company’s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects
on its financial performance. The primary market risk to the Company is foreign exchange risk.

Foreign exchange risk
The Company operates internationally and a major portion of the business is dominated in foreign currency predominantly
US Dollar, Pound Sterling and Euro currencies. Consequently the Company is exposed to foreign exchange risk through its
services and purchases / import of services from overseas suppliers in various foreign currencies. The Company holds derivative
financial instruments such as foreign exchange forward contracts to mitigate the risk of changes in exchange rates on foreign
currency exposures. The exchange rate between the rupee and foreign currencies has changed substantially in recent years
and may fluctuate substantially in the future. Consequently, the results of the Company’s operations are affected as the rupee
appreciates/ depreciates against these currencies.

The Company monitors and manages its financial risks by analysing its foreign exchange exposures.
The Company, in accordance with its Board approved risk management policies and procedures, enters into foreign exchange
forward contracts to manage its exposure in foreign exchange rates.

The Company has applied the hedge accounting principles set out in Indian Accounting Standard – 109 “Financial Instruments”
(Ind AS - 109) in respect of such derivative contracts, designated in a hedging relationship, used to hedge its risks associated
with foreign currency fluctuations relating to certain highly probable forecast transactions. Accordingly, in respect of all such
outstanding contracts as at March 31, 2022 that were designated as effective hedges of highly probable forecast transactions,
(loss)/ gain aggregating ₹ 128 (net of tax ₹ 69) (March 31, 2021: ₹ 124 (net of tax ₹ 67)) have been recognised under the cash flow
hedge reserve.

Derivative financial instruments:
Outstanding forward exchange contracts as on March 31, 2022:
Currency No. of contracts Amount in foreign currency Amount in ₹ Buy/Sell Cross currency
AUD 35 28,000,000 1,605 Sell Rupees
CAD 27 18,000,000 1,115 Sell Rupees
EUR 40 30,000,000 2,743 Sell Rupees
GBP 13 7,200,000 767 Sell Rupees
USD 74 75,200,000 5,858 Sell Rupees
Currency No. of contracts Amount in foreign currency Amount in ₹ Buy/Sell Cross currency
AUD 32 26,900,000 1,526 Sell Rupees
CAD 25 16,900,000 1,003 Sell Rupees
EUR 33 28,450,000 2,611 Sell Rupees
USD 64 68,000,000 5,245 Sell Rupees
All outstanding forward exchange contracts as at March 31, 2022 and March 31, 2021 have maturity period of less than one year.
In respect of the Company’s forward exchange contracts, a 5% increase/decrease in the respective exchange rates of each of the
currencies underlying such contracts would have resulted in:
* an approximately ₹ (577)/ 577 (decrease)/increase in the Company’s other comprehensive income as at March 31, 2022.

Foreign currency exposure unhedged
The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the volatility of the Company’s
net financial assets (viz. which includes cash and cash equivalents, trade receivables, other financial assets, trade payables,
other financial liabilities), which are denominated in various foreign currencies (USD, Euro, UK pound sterling, Aus $, SGD, CAD,
Yen etc.)

For the year ended March 31, 2022 and March 31, 2021 , every 5% increase / decrease of the respective foreign currencies compared
to functional currency of the Company would impact profit before tax by ₹ 110 / ( ₹ 110) and ₹ 113 / (₹ 113) respectively.

Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company’s receivables from customers and investment securities.
Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, investments,
derivative financial instruments, cash and cash equivalents, bank deposits and other financial assets. None of the financial
instruments of the Company result in material concentration of credit risk, except for trade receivables Credit risk is managed
through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and
impairment that represents its estimate of expected losses in respect of trade and other receivables and investments.
In addition, the Company is exposed, to credit risk in relation to financial guarantees given to subsidiary’s banks. The Company’s
exposure in this respect is limited to the maximum amount the Company could have to pay if the guarantee is called on (refer
note 23 (A))
The following table gives details in respect of percentage of total receivables and unbilled receivables from top direct customer
and top five direct customers:
(in %)
Year ended
Particulars
March 31, 2022 March 31, 2021
Receivables from top customer 15.47 10.85
Receivables from top five customers 51.48 38.63
Investments:
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have
a good credit rating. The Company does not expect any losses from non-performance by these counter-parties, and does not
have any significant concentration of exposures to specific industry sectors or specific country risks.

Liquidity risk
The Company’s principal sources of liquidity are cash & bank balances, investments in mutual funds and cash generated from
operations. The Company believes that working capital is sufficient to meet its current requirements. Accordingly, no liquidity
risk is perceived.
As of March 31, 2022 and March 31, 2021, the Company had unutilized credit limits from banks of ₹ 2,669 and ₹ 2,643,
respectively. The returns/ statements filed by the Company with such banks are in agreement with the books of accounts of
the Company.
As of March 31, 2022, the Company had working capital of ₹ 13,575, (March 31, 2021: ₹ 14,151) including cash and bank
balances of ₹ 8,749 (March 31, 2021: ₹ 11,543)
The table below provides details regarding the contractual maturities of significant financial liabilities (excluding lease liabilities)
as at March 31, 2022:

Particulars Less than 1 year 1-2 years 2 years and above
Trade payables 2,598 63 -
Other financial liabilities 136 28 -
Total 2,734 91 -
The table below provides details regarding the contractual maturities of significant financial liabilities (excluding lease liabilities)
as at March 31, 2021:
Particulars Less than 1 year 1-2 years 2 years and above

Trade payables 2,752 - -
Other financial liabilities 103 32 -
Total 2,855 32 -
Note: The Company’s obligation towards payment of lease liabilities has been included in note 3C.
Other price risks

The Company is exposed to equity price risks arising from equity investments. Certain of the Company’s equity investments are
held for strategic rather than trading purposes.

28. Segment information
Segment information has been presented in the Consolidated Financial Statements in accordance with Ind AS 108 notified
under the Companies (Indian Accounting Standards) Rules, 2015.
29. Disclosures under 34(3) of SEBI (listing obligation and disclosure requirement) regulations, 2015:
The details of loans and advances to subsidiaries / joint venture are given below (refer note 24):
Maximum amount
As at outstanding at any time
Particulars Relationship Nature during the year ended
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Cyient KK Subsidiary Advance 6 6 6 6
Cyient DLM Private Limited Subsidiary Advance 2 2 2 2
Infotech HAL Limited Joint Venture Advance - - - -
Cyient Insights Private Limited Subsidiary Loan 115 162 161 162
Cyient DLM Private Limited Subsidiary Loan 1,536 1,311 1,736 1,611
Cyient Solutions and Systems Subsidiary Loan
311 311 311 311
Private Limited (refer note 6)
Total 1,970 1,792 2,216 2,092
30. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

As at
Particulars
March 31, 2022 March 31, 2021
(i) Principal amount remaining unpaid to any supplier as at the end of the
21 11
accounting year
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the
- -
accounting year
(iii) The amount of interest paid along with the amounts of the payment made to
- -
the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of the
- -
accounting year
(vi) The amount of further interest due and payable even in the succeeding year,
- -
until such date when the interest dues as above are actually paid
The disclosures in respect of the amounts payable to such enterprises as at March 31, 2022 and March 31, 2021 has been made
in the financial statements based on information received and available with the Group. Further in view of the Management, the
impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The
Group has not received any claim for interest from any supplier as at the balance sheet date.

31. Dividends distribution made and proposed

Cash dividends on equity shares declared and paid:
Final dividend for the year ended on March 31, 2021 : ₹ 17 per share (March 31,
1,871 -
2020: ₹ Nil per share)
Interim dividend for the year ended on March 31, 2022 : ₹ 10 per share (March 31,
1,102 -
2021: ₹ Nil per share)
Total#* 2,973 -
Proposed dividends on equity shares:
Final dividend for the year ended on March 31, 2022 : ₹ 14 per share ( March 31,
1,544 1,871
2021: ₹ 17)
1,544 1,871
# Includes unclaimed dividend amount of ` 5 (2020-21: ` Nil)

*Includes dividend on treasury shares ₹ 21 (2020-21: ₹ Nil)

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a liability as
at March 31, 2022.
With effect from April 1, 2020, the Dividend Distribution Tax (‘DDT’) payable by the company under section 115O of Income Tax
Act was abolished and a withholding tax was introduced on the payment of dividend. As a result, dividend is now taxable in the
hands of the recipient.
The dividend declared/proposed and paid is in accordance with Section 123 of The Companies Act, 2013.

32. Ratios
March 31, March 31, % Reason for

Particulars Numerator Denominator
2022 2021 Variance variance
(a) Current Ratio Current Asset Current Liabilities 4.45 4.04 10%
(b) Debt-Equity Ratio Total Debt* Shareholder’s Equity 0.05 0.05 3%
(c) Debt Service Earnings for debt service = Net profit after taxes Debt service = Interest & Lease
13.36 7.74 73% Note 1(a)
Coverage Ratio + Non-cash operating expenses+ finance cost Payments + Principal Repayments
(d) Return on Equity Net Profits after taxes Average Shareholder’s Equity
23% 12% 84% Note 1(a)
Ratio
(e) Trade Receivables Net credit sales = Gross credit sales - sales Average Trade Receivable
3.94 2.77 42% Note 1(b)
turnover ratio return
(f) Trade payables Other expenses + Employee benefit expenses Average Trade Payable
4.63 3.84 20%
turnover ratio
(g) Net capital turnover Net sales = Total sales - sales return Working capital = Current assets –
1.29 0.98 32% Note 1(c)
ratio Current liabilities
(h) Net profit ratio Net Profit after taxes Net sales = Total sales - sales return 33% 20% 61% Note 1(a)
(i) Return on Capital Earnings before interest and taxes Capital Employed = Tangible Net
26% 15% 74% Note 1(a)
employed Worth + Total Debt*
(j) Return on Finance Income Time weighted average Investment

3.38% - -
investment#

*Debt represents lease liabilities and sale and lease back liability
# Mutual funds, Tax free bonds and perpetual bonds are considered for the purpose of computing return on investments.
Explanations given where the change in the ratio is more than 25% as compared to the preceding year.
241
Note1: Improvement in ratio is due to: a) Increased earnings on account of overall business growth and dividend from overseas subsidiary company;
b) Improved collections and revenue growth
c) Revenue growth along with higher efficiency on working capital improvements”

33. Other statutory information
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.
(vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(viii)The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961

34. The code of Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment received
Presidential assent in September 2020 and its effective date is yet to be notified. The Company will assess and record the
impact of the Code, once it is effective.

35. Previous year figures have been regrouped / reclassified, where necessary, to confirm to the current years’ classification.


(DIN - 02565242)


INDEPENDENT AUDITOR’S REPORT
To the Members of Cyient Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of Cyient Limited (hereinafter referred to as “the Parent
Company”), its subsidiaries (the Parent Company and its subsidiaries together referred to as “the Group”) and its joint venture
comprising of the Consolidated Balance Sheet as at March 31 2022, the Consolidated Statement of Profit and Loss, including
Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and the Consolidated Statement of
Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the Consolidated Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated Financial
Statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of
affairs of the Group, its joint venture as at March 31, 2022, their consolidated profit including other comprehensive income, their
consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date.
Basis for Opinion

We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements’ section of our report. We are independent of the Group,
joint venture in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India (‘ICAI’) together
with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Consolidated Financial Statements.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated
Financial Statements for the financial year ended March 31, 2022. These matters were addressed in the context of our audit of
the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the audit of the Consolidated Financial Statements section of
our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the Consolidated Financial Statements. The results of audit procedures performed by us including those
procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Consolidated
Financial Statements.

Impairment assessment of Goodwill and non-current investments carried at fair value through other comprehensive
income (“FVOCI”) and fair value through profit and loss (“FVTPL”) (as described in note 4 and 6 respectively of the
Consolidated Financial Statements)
As at March 31, 2022, the Group has goodwill of Rs. 6,185 mn Our audit procedures include the following:
on consolidation pertaining to acquisitions and Rs. 1,425 mn
of non-current investments carried at FVOCI and FVTPL. • We tested the design and operative effectiveness of
The goodwill and non-current investments carried at management’s key internal controls over impairment
FVOCI and FVTPL are tested annually for impairment using assessments.
discounted cash-flow models of recoverable value compared
to the carrying value of the assets. A deficit between • Gained an understanding of and evaluated the
the recoverable value and carrying value would result in methodology used by management to prepare its cash
impairment. flow forecasts and the appropriateness of the assumptions
applied. In making this assessment, we also evaluated the
competence, professional qualification, objectivity and
The inputs to the impairment testing model include: independence of Company’s specialists involved in the
• Projected revenue growth, operating margins, operating process.
cash-flows and capex during the periods relating to
explicit forecasts. • With the assistance of specialists, we assessed the
• Stable long-term growth rates beyond explicit forecast assumptions on the key drivers of the cash flow forecasts
period and in perpetuity; and including discount rates, expected growth rates and
terminal growth rates used; in consideration of the current
• Discount rates that represent the current market
and estimated future economic conditions.
assessment of the risks specific to the cash generating
unit, taking into consideration the time value of money. • We assessed the historical accuracy of management’s
forecasting by comparing actual financial performance to
management’s previous forecasts. We also analysed the
The financial projections basis which the future cash flows
consistency of cash flow forecasts with Management’s
have been estimated consider the impact of the economic
latest estimates presented to the Board of Directors as
uncertainties on the discount rates, the projected growth
part of the budget process.
rates and terminal values and subjecting these variables to
sensitivity analysis. • We assessed the recoverable value headroom by
performing sensitivity testing of key assumptions used.
The annual impairment testing is considered a key audit • We tested the arithmetical accuracy of the models.
matter because the assumptions on which the tests are
• We assessed the adequacy of the related disclosures in
based are highly judgmental and are affected by future market
note 4 and 6 to the Consolidated Financial Statements.
and economic conditions which are inherently uncertain, and
because of the materiality of the balances to the Consolidated
Financial Statements as a whole.

Accuracy of recognition and measurement of Revenues (as described in note 2 and 21 of the Consolidated Financial
Statements)
The application of the revenue recognition standard Ind AS Our audit procedures include the following:
115 – “Revenue from contracts with customers” involves • Evaluated the design and operating effectiveness of
certain key judgements and principles for evaluating various management’s key internal controls over revenue
distinctive terms/matters. recognition.
• Tested relevant information technology systems’ controls
Revenue contracts with customers have defined delivery relating to contracts and related information used in
milestones with agreed scope of work and pricing for each recording and disclosing revenue.
milestone depending on the nature of service/industry • Substantive testing of sample revenue contracts
served. The pricing arrangement of these contracts vary and performed the following procedures to assess
between time and material, fixed bid/unit based, etc. management analysis and impact of Ind AS 115:
Revenue from fixed bid/unit-based contracts, where the o Read, analyzed and identified the distinct performance
performance obligation is satisfied over time has been obligations in these contracts.
recognised using the percentage of completion method. Use
o Compared these performance obligations with that
of the percentage-of-completion method requires the Group
identified and recorded by the Company.
to determine the actual efforts or costs expended to date
as a proportion of the estimated total efforts or costs to be o Considered the terms of the contracts and assessed
incurred. the transaction price including any variable
consideration to test revenue.
• Sample contracts in respect of revenue recorded for time
Identification of performance obligations involves high
and material contracts were tested using a combination
degree of judgement and assessment of contractual terms.
of approved time sheets including customer acceptances
Also, the estimate of total efforts or remaining efforts to
and subsequent invoicing.
complete fixed bid/unit-based contracts measured using
the percentage of completion method involves significant • In respect of fixed price contracts, progress towards
judgement throughout the period of the contract and is completion of performance obligation used to compute
subject to revision as the contract progresses based on the revenue was verified based on actual cost relative to
latest available information. estimated cost from management analysis and systems or
external evidence of progress. Also, reviewed cost incurred
with estimated cost to identify significant variations and
As the revenue recognition involves significant estimates and reasons and to verify whether those variations have been
judgments, we regard this as a key audit matter. considered in estimating the remaining cost to complete
the contract.
Allowance for credit losses for trade receivables including unbilled revenue (as described in note 2, 7 and 10 of the
Consolidated Financial Statements)
As at March 31, 2022, the Group has outstanding trade Our audit procedures included the following:
receivables and unbilled revenue of Rs. 7,333 mn and Rs. 2,986
• We tested the design and operative effectiveness of
mn respectively. The Group has determined the allowance for
management’s key internal controls over allowance for
credit losses based on the ageing status and historical loss
credit losses.
experience adjusted to reflect current and estimated future
economic conditions. • We assessed the completeness and accuracy of the
information used in the estimation of probability
We considered this as key audit matter due to the materiality of default and tested historical payment records,
of the amounts and significant estimates and judgements as correspondence with customers, credit related
stated above. information and subsequent collection of the customers’
balances.
• We assessed the allowance for expected credit loss
made by management and performed analysis of ageing
of receivables, tested the mathematical accuracy and
computation of the allowance for credit losses.

Other Information
The Parent Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the Consolidated Financial Statements and our auditor’s report
thereon. Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the Consolidated Financial Statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of Management for the Consolidated Financial Statements

The Parent Company’s Board of Directors is responsible for the preparation and presentation of these Consolidated Financial
Statements in terms of the requirements of the Act that give a true and fair view of the Consolidated financial position,
Consolidated financial performance including other comprehensive income, Consolidated cash flows and Consolidated
statement of changes in equity of the Group including its joint venture in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended.
The respective Board of Directors of the companies included in the Group and its joint venture are responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and
its joint venture and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the Consolidated Financial Statements by the Directors of the Parent Company, as aforesaid.
In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included in the Group
and its joint venture are responsible for assessing the ability of the Group and of its joint venture to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies included in the Group and its joint venture are also responsible for
overseeing the financial reporting process of the Group and its joint venture.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
Consolidated Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Parent Company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures,
and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion
on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of
the financial statements of such entities included in the Consolidated Financial Statements of which we are the independent
auditors.
We communicate with those charged with governance of the Parent Company and such other entities included in the Consolidated
Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements for the financial year ended March 31, 2022 and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Other Matter
The Consolidated Financial Statements include the Group’s share of net loss of Rs. Nil for the year ended March 31, 2022, as
considered in the Consolidated Financial Statements, in respect of a joint venture, whose financial statements, other financial
information have not been audited and whose unaudited financial statements, other unaudited financial information have been
furnished to us by the Management. Our opinion, in so far as it relates amounts and disclosures included in respect of joint
venture, and our report in terms of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid joint venture,
is based solely on such unaudited financial statements and other unaudited financial information. In our opinion and according
to the information and explanations given to us by the Management, these financial statements and other financial information
are not material to the Group.
Our opinion above on the Consolidated Financial Statements is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, based on our audit we give in the “Annexure 1” a statement on the
matters specified in paragraph 3(xxi) of the Order.

2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the
financial statements have been kept so far as it appears from our examination of those books;
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other
Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity
dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the
Consolidated Financial Statements;
(d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors of the Parent Company and its subsidiaries
incorporated in India as on March 31, 2022 taken on record by the respective Board of Directors of the Parent Company
and its subsidiaries, none of the directors of the Group’s companies, incorporated in India, is disqualified as on March 31,
2022 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to Consolidated Financial Statements
of the Parent Company and its subsidiary companies incorporated in India, and the operating effectiveness of such
controls, refer to our separate Report in “Annexure 2” to this report.
(g) In our opinion, the managerial remuneration for the year ended March 31, 2022 has been paid / provided by the Parent
Company and its subsidiary company incorporated in India to their directors in accordance with the provisions of section
197 read with Schedule V to the Act. The provisions of section 197 read with Schedule V of the Act are not applicable to
the other two subsidiaries incorporated in India for the year ended March 31, 2022;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Group had disclosed the impact of pending litigations on its consolidated financial position of the Group in its
Consolidated Financial Statements – Refer note 35(A) to the Consolidated Financial Statements;
ii. Provision has been made in the Consolidated Financial Statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts
– Refer note 16 to the Consolidated Financial Statements in respect of such items as it relates to the Group;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Parent Company during the year ended March 31, 2021. There were no amounts which were
required to be transferred to the Investor Education and Protection Fund by the subsidiaries incorporated in India
during the year ended March 31, 2022;
iv. a) The respective managements of the Parent Company and its subsidiaries which are companies incorporated in
India, have represented to us that, to the best of its knowledge and belief, no funds have been advanced or loaned
or invested either from borrowed funds or share premium or any other sources or kind of funds by the Parent
Company or its subsidiaries to or in any other person or entity, including foreign entities (“Intermediaries”), with
the understanding, whether recorded in writing or otherwise, that the Intermediaries shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
respective Parent Company or its subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
b) The respective managements of the Parent Company and its subsidiaries, which are companies incorporated
in India, have represented to us that, to the best of its knowledge and belief, no funds which are material either
individually or in the aggregate have been received by the respective Parent Company or its subsidiaries from any
person or entity, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Parent Company or its subsidiaries shall, whether, directly or indirectly, lend or invest in other
person or entity identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures that has been considered reasonable and appropriate in the circumstances
performed by us which are companies incorporated in India whose financial statements have been audited under
the Act, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a)
and (b) contain any material misstatement.
v. a) The final dividend paid by the Parent Company during the year in respect of the same declared for the previous
year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
b) The interim dividend declared and paid by the Parent Company during the year and until the date of this audit
report is in accordance with section 123 of the Act.
c) The Board of Directors of the Parent Company have proposed final dividend for the year which is subject to the
approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

______________________________
per Vikas Pansari
Partner
UDIN: 22093649AHMNWJ9970

ANNEXURE ‘1’ REFERRED TO IN PARAGRAPH UNDER THE
HEADING “REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS” OF OUR REPORT OF EVEN DATE ON THE
CONSOLIDATED FINANCIAL STATEMENTS OF CYIENT LIMITED
(“THE PARENT COMPANY”)
In terms of the information and explanations sought by us and given by the Company and to the best of our knowledge and
belief, we state that:
3 (xxi) There are no qualifications or adverse remarks in the Companies (Auditors Report) Order (CARO) reports of the Company
and its subsidiary companies included in the Consolidated Financial Statements. The report of a joint venture included in
the Consolidated Financial Statements has not been issued by its auditor till the date of our auditor’s report.
S.No Name of the joint venture company Corporate Identification Number

1 Infotech HAL Limited U29200KA2007PLC043691

______________________________
per Vikas Pansari
Partner

ANNEXURE-2 REFERRED TO IN OUR REPORT OF EVEN DATE
ON THE CONSOLIDATED FINANCIAL STATEMENTS OF CYIENT
LIMITED (“THE PARENT COMPANY”)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
We have audited the internal financial controls with reference to Consolidated Financial Statements of the Parent Company and
its subsidiaries (the Parent Company and its subsidiaries together referred to as “the Group”), which are companies incorporated
in India, as of March 31, 2022, in conjunction with our audit of the Consolidated Financial Statements of the parent company for
the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the companies included in the Group, which are companies incorporated in India, are
responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting
criteria established by the Parent Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the ‘Guidance Note’) issued by the Institute of Chartered
Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Our responsibility is to express an opinion on the Parent Company’s internal financial controls with reference to Consolidated
Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued
by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Consolidated Financial
Statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to Consolidated Financial Statements and their operating effectiveness. Our audit of internal financial controls with
reference to Consolidated Financial Statements included obtaining an understanding of internal financial controls with reference
to Consolidated Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
internal financial controls with reference to Consolidated Financial Statements.
Meaning of Internal Financial Controls with reference to Consolidated Financial Statements

A company’s internal financial controls with reference to Consolidated Financial Statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls
with reference to Consolidated Financial Statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorisations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of
the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to Consolidated Financial Statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Consolidated
Financial Statements to future periods are subject to the risk that the internal financial controls with reference to Consolidated
Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Parent Company and its subsidiary companies, which are companies incorporated in India, have maintained in
all material respects, adequate internal financial controls with reference to Consolidated Financial Statements and such internal
financial controls with reference to Consolidated Financial Statements were operating effectively as at March 31,2022, based on
the internal control over financial reporting criteria established by the Parent Company considering the essential components of
internal control stated in the Guidance Note issued by the ICAI.

______________________________
per Vikas Pansari
Partner

Consolidated Balance Sheet as at March 31, 2022
As at As at
Particulars Notes
March 31, 2022 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 3A 4,540 4,870
Right of use assets 3C 2,247 2,311
Capital work-in-progress 3B 134 113
Goodwill 4 6,185 5,830
Other intangible assets 5A 477 598
Intangible assets under development 5B - 763
Financial assets
(a) Investments 6 3,582 344
(b) Other financial assets 7 257 266
Deferred tax assets (net) 18.2 248 319
Income tax assets (net) 18.3 876 804
Other non-current assets 8 355 192
Total non-current assets 18,901 16,410
Current assets
Inventories 9 2,790 1,586
Financial assets
(a) Investments 6 866 -
(b) Trade receivables 10 7,333 8,026
(c) Cash and cash equivalents 11A 12,157 14,408
(d) Other bank balances 11B 509 242
(e) Other financial assets 7 3,476 2,838
Other current assets 8 1,841 1,418
Total current assets 28,972 28,518
Total assets 47,873 44,928
EQUITY
Equity share capital 12 552 550
Other equity 13 30,614 29,023
Equity attributable to Shareholders of the Company 31,166 29,573
Non-controlling interests 14 (32) (32)

As at As at
Particulars Notes
March 31, 2021 March 31, 2020
LIABILITIES
(a) Borrowings 15 23 453
(b) Trade Payables
(i) total outstanding dues of micro enterprises and small
- -
enterprises
(ii) total outstanding dues of creditors other than micro
63 -
(c) Lease liabilities 3C 1,732 1,958
(d) Other financial liabilities 16 345 231
Provisions 17 1,347 1,288
Deferred tax liabilities (net) 18.2 345 182
Other non-current liabilities 19 261 166
Total non-current liabilities 4,116 4,278
Current liabilities
(a) Borrowings 15 3,241 2,731
(i) total outstanding dues of micro enterprises and small
53 72
enterprises
(ii) total outstanding dues of creditors other than micro 5,206 4,460
(c) Lease liabilities 3C 738 632
(d) Other financial liabilities 16 425 302
Income tax liabilities (net) 18.3 350 296
Other current liabilities 19 2,196 2,232
Total current liabilities 12,623 11,109
Total liabilities 16,739 15,387
Total equity and liabilities 47,873 44,928
Accompanying notes form an integral part of the consolidated
financial statements
Vikas Pansari M.M. Murugappan Krishna Bodanapu


(DIN-02565242)


Consolidated Statement of Profit and Loss for the year ended
March 31, 2022

Particulars Notes
March 31, 2022 March 31, 2021
INCOME
Revenue from operations 21 45,344 41,324
Other income 22 1,121 1,399
EXPENSES
Employee benefits expense 23 22,665 21,611
Cost of materials consumed 24 5,881 5,165

Changes in inventories of finished goods, stock-in-trade and work-
25 (175) 98
in-progress
Finance costs 26 393 433
Depreciation and amortisation expense 27 1,922 1,945
Impairment of non-current assets 36 - 274
Other expenses 28 8,795 8,426
Total expenses 39,481 37,952
Profit before share of profit/ loss from joint venture and tax 6,984 4,771
Share of profit/loss from joint venture 6(iii) - -
Tax expense
Current tax 18.1 1,692 1,351
Deferred tax charge / (credit) 18.1 69 (218)
Total tax expense 1,761 1,133
Other comprehensive income (OCI)

(a) Items that will not be reclassified subsequently to statement of
profit and loss:
(i) Remeasurements of the net defined benefit liability 17(i) (52) (100)
(ii) Equity instruments through other comprehensive income 13 (1) -

(iii) Income tax relating to items that will not be reclassified to
18.1 (B) 11 22
statement of profit and loss

Particulars Notes
March 31, 2022 March 31, 2021
(b) Items that will be reclassified subsequently to statement of
profit and loss:
(i) Exchange differences in translating the financial statements
13 57 105
of foreign operations
(ii) Effective portion of gain on designated portion of
13 6 313
hedging instruments in a cash flow hedge
(iii) Income tax on items that will be reclassified to statement
18.1 (B) (2) (109)
of profit and loss
Total other comprehensive income for the year 19 231
Total comprehensive income for the year 5,242 3,869
Profit for the year attributable to:
- Shareholders of the Company 5,223 3,638
- Non-controlling interests - -
5,223 3,638
Other comprehensive income for the year attributable to:
- Shareholders of the Company 19 231
19 231
Total comprehensive income for the year attributable to:
- Shareholders of the Company 5,242 3,869
5,242 3,869
Earnings per equity share (par value of ₹ 5 each) 29
Basic (₹) 47.75 33.08

Diluted (₹) 47.54 33.06
Accompanying notes form an integral part of the consolidated
financial statements



(DIN-02565242)


Consolidated statement of changes in equity for the year ended March 31, 2022
a. Equity share capital
Particulars Notes Amount
Balance as at April 1, 2020 550
Issue of shares during the year* 12A 0
Issue of shares during the year 12A 2
* During the year, the Company alloted 287,604 (March 31, 2021 - 58,591) equity shares of ₹ 5 each valuing ₹ 1.44 (March 31, 2021 - ₹ 0.29) (rounded off), consequent
to the exercise of the stock options by the associates of the Company under the Associate Stock Option Plan.
b. Other equity
Attributable to shareholders of the Company
Reserves and surplus Items of other comprehensive income

Non- Total other
Special Share controlling equity
Particulars Notes Share Economic application Cash Foreign
Capital Equity Interests (Including
Securities General based Zone Retained Treasury money Capital flow currency (NCI) NCI)
redemption instruments
premium reserve payments (SEZ) Re- earnings shares pending reserve hedge translation
reserve through OCI
reserve investment allotment reserve reserve
reserve
Balance as at April
16 2,075 5,139 106 - 16,652 - - 35 (80) 1,111 5 (32) 25,027
1, 2020
Profit for the year 13 - - - - - 3,638 - - - - - - - 3,638
Other
comprehensive 13 - - - - - (78) - - - 204 105 - - 231
income
Total
comprehensive
- - - - - 3,560 - - - 204 105 - - 3,869
income for the
year
Issue of shares
under Company’s
associate stock 13 - 36 - (5) - - - 7 - - - - - 38
option plan/Share
application money
Share based
13 - - - 57 - - - - - - - - - 57

payments expense
Balance as at
16 2,111 5,139 158 - 20,212 - 7 35 124 1,216 5 (32) 28,991
March 31, 2021
257
Attributable to shareholders of the Company
258
Reserves and surplus Items of other comprehensive income
Non- Total other
Special Share controlling equity
Particulars Notes Share Economic application Cash Foreign
Capital Equity Interests (Including
Securities General based Zone Retained Treasury money Capital flow currency (NCI) NCI)
redemption instruments
premium reserve payments (SEZ) Re- earnings shares pending reserve hedge translation
reserve through OCI
reserve investment allotment reserve Reserve
Reserve
Profit for the year 13 - - - - - 5,223 - - - - - - - 5,223
Other
comprehensive 13 - - - - - (41) - - - 4 57 (1) - 19
income
Total

comprehensive - - - - - 5,182 - - - 4 57 (1) - 5,242
income for the year
Issue of shares
under Company’s
associate stock
13 - 184 - (56) - - - (7) - - - - - 121
option plan/against
Share application
money
Purchase of
13 - - - - - - (950) - - - - - - (950)
treasury shares
Share based
13 - - - 130 - - - - - - - - - 130
payment expense
Dividends 38 - - - - - (2,952) - - - - - - - (2,952)
Transfer to SEZ re-
13 - - - - 65 (65) - - - - - - - -
investment reserve
Balance as at March
16 2,295 5,139 232 65 22,377 (950) - 35 128 1,273 4 (32) 30,582
31, 2022
Accompanying notes form an integral part of the consolidated financial statements


Vikas Pansari Non-Executive Chairman Managing Director and CEO
Partner (DIN - 00170478) (DIN - 00605187)
Membership No.: 093649
(DIN-02565242)

Consolidated Cash Flow Statement for the Year Ended
March 31, 2022
Particulars
March 31, 2022 March 31, 2021
A. CASH FLOW FROM OPERATING ACTIVITIES
Adjustments for:
Tax expense 1,761 1,133
Depreciation and amortisation expense 1,922 1,945
Impairment of non-current assets - 274
Profit on sale of property, plant and equipment and termination of
(29) (25)
leases (net)
Finance costs 393 433
Interest income (479) (497)
Liabilities no longer required written back - (341)
Fair value changes in liability towards acquisition of business 52 -
(Gain)/Loss on fair valuation of investments carried at FVTPL (19) 86
Gain from mutual funds (11) -
Share-based payments to employees 130 57
Provision for expected credit loss, net 36 381
Unrealised forex (gain)/loss, net (9) 80
Operating profit before working capital changes 8,970 7,164
Changes in operating assets and liabilities:
Adjustments for (increase) / decrease in operating assets:
Trade receivables 744 (900)
Other financial assets (725) 1,838
Inventories (1,203) 681
Other assets (609) 120
Adjustments for increase / (decrease) in operating liabilities:
Trade payables 756 737
Other liabilities 45 194
Provisions 19 16
Cash generated from operations 7,997 9,850
Net income taxes paid (1,652) (1,292)
Net cash flow from operating activities (A) 6,345 8,558

Particulars
March 31, 2022 March 31, 2021
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment towards purchase of property, plant and equipment and
(647) (985)
intangible assets
Proceeds from sale of property, plant and equipment 21 36
Payments towards purchase of investments* (3,250) (15)
Interest received 545 397
Net cash outflow on acquisition of subsidiary (refer note (ii) below) (180) (622)
Settlement of deferred consideration pertaining to prior year
(45) (99)
acquisitions
Movement in other bank balances (net) (267) 281
Net cash flow used in investing activities (B) (3,823) (1,007)
C. CASH FLOW FROM FINANCING ACTIVITIES

Purchase of treasury shares (refer note 12(F)) (950) -
Proceeds from shares issued on exercise of associate stock options 121 37
Interest paid (166) (213)
Repayment of non-current borrowings (447) (394)
Movement in current borrowings (net) (98) (1,072)
Repayment of lease liabilities (962) (925)
Proceeds from sale and leaseback of assets 9 51
Dividends paid (includes transfer to investor education and protection
(2,952) (10)
fund)
Net cash flow used in financing activities (C) (5,445) (2,526)
Net increase/(decrease) in Cash and cash equivalents (A+B+C) (2,923) 5,025

Cash and cash equivalents at the beginning of the year 13,989 8,995
Effect of exchange differences on translation of foreign currency cash
52 (31)
and cash equivalents
Cash and cash equivalents at the end of the year
11,118 13,989
(refer note below)

Particulars
March 31, 2022 March 31, 2021
Notes:
(i) Cash and cash equivalents comprises of: (refer note 11A)
Cash on hand - 1
Balances with banks
in current accounts 3,682 3,667
in deposit accounts 5,103 10,633
Deposits with financial institutions 3,150 -
Remittances in transit 203 83
12,157 14,408
Bank overdraft account balances (1,039) (419)
11,118 13,989
(ii) Net cash outflow on acquisition of subsidiary:

Particulars
March 31, 2022 March 31, 2021
Consideration paid in cash 255 646
Less: Cash and cash equivalent balances acquired on the acquisition (75) (24)
Net cash outflow on acquisition of subsidiary 180 622
*Excludes purchase of investment in consideration of transfer of intangible assets under development (refer note 5B(a)).

Accompanying notes form an integral part of the consolidated financial statements


Vikas Pansari Non-Executive Chairman Managing Director and CEO
Partner (DIN - 00170478) (DIN - 00605187)
Membership No.: 093649
(DIN-02565242)


Notes Forming Part of the Consolidated Financial Statements
for the Year Ended March 31, 2022
All amounts in ₹ millions, except share and per share data and II of Schedule III to the Companies Act, 2013, (Ind AS
where otherwise stated compliant Schedule III), as applicable to the Consolidated
1. Corporate information financial statements.
Cyient Limited (‘Cyient’ or ‘the Company’) and its

subsidiaries (collectively referred to as ‘the Group’) and 2.2 Basis of preparation and presentation
its joint venture is engaged in providing global technology These consolidated financial statements have been
services and solutions specialising in geospatial, prepared on a historical cost basis except for the following
engineering design, IT solutions and data analytics. The assets and liabilities which have been measured at fair
Group also specialises in the areas of total electronics value a) Derivative financial instruments and b) Certain
manufacturing solutions in the fields of medical, financial assets and liabilities measured at fair value
industrial, automotive, telecommunications, defence (refer accounting policy regarding financial instruments)
and aerospace applications, including manufacturing and and consistent with previous year subject to changes
machining of components for aerospace, automotive in accounting policies. The consolidated financial
and defence industries. The Company is a public statements are presented in INR and all values are
limited Company incorporated in India and has its rounded to the nearest millions, except when otherwise
headquarters and development facilities in India and indicated.
serves a global customer base through its subsidiaries
and joint ventures in the United States of America (USA), Current versus non-current classification
United Kingdom (UK), Germany, Japan, Australia and
Singapore. Cyient Group’s range of services include The Group presents assets and liabilities in the balance
digitisation of drawings and maps, photogrammetry, sheet based on current/ non-current classification. An
computer aided design/engineering (CAD/CAE), design asset is treated as current when it is:
and modelling, repair development engineering, reverse • Expected to be realised or intended to be sold or
engineering application software development, software consumed in normal operating cycle.
products development, consulting, analytics and
• Held primarily for the purpose of trading
implementation. Cyient Group specialises in software
services and solutions for the manufacturing, utilities, • Expected to be realised within twelve months after
telecommunications, transportation & logistics, local the reporting period, or
government and financial services markets. Further, the • Cash or cash equivalent unless restricted from being
Group is also engaged in the business of manufacturing, exchanged or used to settle a liability for at least
assembling, integrating, testing and sale of unmanned twelve months after the reporting period
aerial systems.
All other assets are classified as non-current.
The Company’s shares are listed on the BSE Limited and
A liability is current when:
National Stock Exchange of India Limited. The registered
office of the Company is located at 4th Floor, “A” Wing, • It is expected to be settled in normal operating cycle
Plot No. 11, Software Units Layout, Infocity, Madhapur, • It is held primarily for the purpose of trading
Hyderabad 500 081, India.
• It is due to be settled within twelve months after the
The consolidated financial statements were authorised reporting period, or
for issue in accordance with a resolution of the directors
• There is no unconditional right to defer the
on April 21, 2022.
settlement of the liability for at least twelve months
after the reporting period.
2. Significant accounting policies The Group classifies all other liabilities as non-current.
2.1 Statement of compliance Deferred tax assets and liabilities are classified as non-
The consolidated financial statements of the Group have current assets and liabilities.
been prepared in accordance with Indian Accounting The operating cycle is the time between the acquisition
Standards (Ind AS) notified under the Companies (Indian of assets for processing and their realisation in cash and
Accounting Standards) Rules, 2015 (as amended from cash equivalents. The group has identified twelve months
time to time) and presentation requirements of Division as its operating cycle.

2.3 Basis of consolidation The financial statements of all entities used for the
The consolidated financial statements incorporate purpose of consolidation are drawn up to same reporting
the financial statements of the Company and entities date as that of the Company.
controlled by the Company and its subsidiaries. Control is
achieved when the Company: Consolidation procedures
• has power over the investee; • Combining like items of assets, liabilities, equity,
• is exposed, or has rights, to variable returns from its income, expenses and cash flows of the Company
involvement with the investee; and with those of its subsidiaries.
• has the ability to use its power to affect its returns. • Offset (eliminate) the carrying amount of the
Generally, there is a presumption that a majority of voting Company’s investment in each subsidiary and the
rights result in control. To support this presumption and Company’s portion of equity of each subsidiary.
when the Group has less than a majority of the voting • All intragroup assets and liabilities, equity, income,
or similar rights of an investee, the Group considers all expenses, and cash flows relating to transactions
relevant facts and circumstances in assessing whether it between members of the Group are eliminated in full
has power over an investee, including: on consolidation.
• The contractual arrangement with the other vote
holders of the investee; 2.4 Use of estimates and judgements
• Rights arising from other contractual arrangements;
• The Group’s voting rights and potential voting rights; The preparation of the consolidated financial statements
and in conformity with Ind AS requires the management
• The size of the group’s holding of voting rights to make judgements, estimates and assumptions
relative to the size and dispersion of the holdings of considered in the reported amounts of assets and
the other voting rights holders. liabilities and disclosures relating to contingent liabilities
The Group re-assesses whether or not it controls an as at the date of the consolidated financial statements
investee if facts and circumstances indicate that there and the reported amounts of income and expenditure for
are changes to one or more of the three elements of the periods presented. The management believes that
control. Consolidation of a subsidiary begins when the the estimates used in preparation of the consolidated
Group obtains control over the subsidiary and ceases financial statements are prudent and reasonable.
when the Group loses control of the subsidiary. Assets, Future results could differ from these estimates.
liabilities, income and expenses of a subsidiary acquired Estimates and underlying assumptions are reviewed on
or disposed of during the year are included in the an ongoing basis. The effects of changes in accounting
consolidated financial statements from the date the estimates are reflected in the consolidated financial
Group gains control until the date the Group ceases to statements in the period in which results are known and,
control the subsidiary. if material, are disclosed in the consolidated financial
Consolidated financial statements are prepared using statements.
uniform accounting policies for like transactions and Significant areas of estimation of uncertainty and critical
other events in similar circumstances. If a member of judgments in applying accounting policies that have the
the group uses accounting policies other than those most significant effect on the amounts recognised in the
adopted in the consolidated financial statements for consolidated financial statements such as:
like transactions and events in similar circumstances, • Impairment assessment of Goodwill and Intangible
appropriate adjustments are made to that group assets under development
member’s financial statements in preparing the
consolidated financial statements to ensure conformity • Revenue recognition and related cost estimation
with the group’s accounting policies. • Share based payments
Profit or loss and each component of other comprehensive • Provision for income tax and recoverability of
income are attributed to the owners of the Company and deferred tax assets
to the non-controlling interests. Total comprehensive
• Fair Value measurement of financial instruments
income of subsidiaries is attributed to the owners of the
Company and to the non-controlling interests even if this • Allowance for credit losses on receivables and
results in the non-controlling interests having a deficit unbilled revenue
balance.

2.5 Estimation of uncertainties relating to the global health consideration transferred in business combination.
pandemic from COVID-19 Changes in the fair value of the contingent consideration
The Group has considered the possible effects that that qualify as measurement period adjustments
may result from the pandemic relating to COVID-19 on are adjusted retrospectively, with corresponding
the carrying amounts of receivables, unbilled revenues, adjustments against goodwill or capital reserve, as the
goodwill and intangible assets. In developing the case may be. Measurement period adjustments are
assumptions relating to the possible future uncertainties adjustments that arise from the additional information
in the global economic conditions because of this obtained during the ‘measurement period’ (which cannot
pandemic, the Group, as at the date of approval of these exceed one year from the acquisition date) about facts
financial statements, has used internal and external and circumstances that existed as on the acquisition
sources of information including credit reports and date.
related information, economic forecasts and consensus The subsequent accounting for changes in the fair value
estimates from market sources on the expected future of the contingent consideration that do not qualify as
performance of the Group. The Group has performed measurement period adjustments and are classified as
sensitivity analysis on the assumptions used and, based an asset or liability and are remeasured at fair value at
on the current estimates, expects the carrying amount of subsequent reporting dates with the corresponding gain
these assets will be recovered. The impact of COVID-19 or loss being recognised in consolidated statement of
on the Group’s financial statements may differ from that profit and loss.
estimated as at the date of approval of these consolidated Acquisition of some or all of the non-controlling interest
financial statements. (“NCI”) is accounted for as a transaction with equity
holders in their capacity as equity holders. Consequently,
2.6 Business combination and goodwill the difference arising between the fair value of the
purchase consideration paid and the carrying value of the
The Company accounts for its business combinations NCI is recorded as an adjustment to retained earnings
under acquisition method of accounting. The that is attributable to the Company. No goodwill is
consideration transferred in a business combination is recognised as a result of such transactions.
measured at fair value, which is calculated as the sum of
the acquisition-date fair value of the assets transferred by Where settlement of any part of cash consideration
the Group, liabilities incurred by the Group to the former is deferred, the amounts payable in the future are
owners of the acquiree and the equity interest issued discounted to their present value as at the date of
by the Group in exchange of control of the acquiree. exchange. The discount rate used is the entity’s
Acquisition related costs are generally recognised in incremental borrowing rate, being the rate at which a
consolidated statement of profit and loss as incurred. similar borrowing could be obtained from an independent
financier under comparable terms and conditions.
Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non- Business combinations arising from entities that are
controlling interests in the acquiree, and the fair value under the common control are accounted at historical
of the acquirer’s previously held equity interest in the cost. The difference between any consideration given and
acquiree, if any over the net of the acquisition–date the aggregate historical carrying amounts of assets and
amounts of the identifiable assets acquired and the liabilities of the entity are recorded in other equity.
liabilities assumed.
If those amounts are less than the fair value of the net Goodwill
identifiable assets of the business acquired, the difference Goodwill arising on an acquisition of a business is carried
is recognised in other comprehensive income and at cost as established at the date of acquisition of the
accumulated in equity as capital reserve provided there business less accumulated impairment losses, if any.
is clear evidence of the underlying reasons for classifying
the business combination as a bargain purchase. In other For the purposes of impairment testing, goodwill is
cases, the bargain purchase gain is recognised directly in allocated to each of the Group’s cash generating units
equity as capital reserve. that is expected to benefit from the synergies of the
combination.
When the consideration transferred by the Group in
a business combination includes assets or liabilities A cash generating unit to which goodwill has been
resulting from a contingent consideration arrangement, allocated is tested for impairment annually or more
the contingent consideration is measured at its frequently when there is an indication that the unit may be
acquisition-date fair value and included as part of the impaired. Any impairment loss for goodwill is recognised

directly in consolidated statement of profit and loss. An 2.8 Property, plant and equipment
impairment loss recognised for goodwill is not reversed in Property, plant and equipment are stated at cost, less
the subsequent periods. accumulated depreciation and impairment, if any. Costs
directly attributable to the acquisition are capitalised
until the property, plant and equipment are ready for use,
2.7 Foreign currency translation
as intended by management. Capital work in progress
i) Functional and presentation currency is stated at cost, net of accumulated impairment loss, if
These consolidated financial statements are presented in any.
Indian rupees, which is the functional and presentation The Group depreciates property, plant and equipment
currency of the Company. For each entity the Group over their estimated useful lives using the straight-line
determines the functional currency and items included method as per the useful life prescribed in Schedule II
in the financial statements of each entity are measured to the Companies Act, 2013 except in respect of the
using that functional currency. following categories of assets, in whose case the life of
the assets has been assessed based on technical advice,
taking into account the nature of the asset, the estimated
ii) Transactions and balances
usage of the asset, the operating conditions of the asset,
Foreign currency denominated monetary assets and past history of replacement, anticipated technological
liabilities are translated into the relevant functional changes, manufacturers warranties and maintenance
currency at exchange rates in effect at the balance support. Freehold land is not depreciated.
sheet date. The gains or losses resulting from such
translations are included in net profit in the consolidated
statement of profit and loss. Non-monetary assets Type of asset Useful life
and non-monetary liabilities denominated in a foreign
Building 28 years
currency and measured at fair value are translated at
the exchange rate prevalent at the date when the fair Leasehold Shorter of lease period or
value was determined. Non-monetary assets and non- improvements estimated useful lives
monetary liabilities denominated in a foreign currency Computers 3 years
and measured at historical cost are translated at the Plant and equipment 10 years
exchange rate prevalent at the date of the transaction.
Furniture and fixtures 3-10 years
Transaction gains or losses realised upon settlement of
Electrical installations 3-10 years
foreign currency transactions are included in determining
net profit for the period in which the transaction is settled. Vehicles 8 years
Tools and equipment 5 years
iii) Group companies

Depreciation methods, useful lives and residual values
The results and financial position of foreign operations
are reviewed periodically including at each financial year-
(none of which has the currency of a hyperinflationary
end.
economy) that have a functional currency different
from the presentation currency is translated into the An item of property, plant and equipment is derecognised
presentation currency as follows: upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset.
• Assets and liabilities are translated at the closing rate
Any gain or loss arising on the disposal or retirement of
at the date of balance sheet;
an item of property, plant and equipment is determined
• Income and expenses are translated at average as the difference between the sales proceeds and the
exchange rates; carrying amount of the asset and is recognised in ‘other
• All resulting exchange differences are recognised in income” of the consolidated statement of profit and loss.
other comprehensive income; and The residual values, useful lives and methods of
• When a foreign operation is sold, the associated depreciation of property, plant and equipment are
exchange differences are reclassified to consolidated reviewed at each financial year end and adjusted
statement of profit and loss, as part of gain or loss on prospectively, if appropriate.
sale.

2.9 Intangible assets creating, producing and making the asset ready for its
Intangible assets are stated at cost less accumulated intended use.
amortisation and impairment.
Intangible assets acquired in a business combination Amortization and impairment of development cost:
and recognised separately from goodwill are initially Following initial recognition of the development
recognised at their fair value at the acquisition date expenditure as an asset, the asset is carried at cost
(which is regarded as their cost). Subsequent to initial less any accumulated amortisation and accumulated
recognition, intangible assets acquired in a business impairment losses. Amortisation of the asset begins
combination are reported at cost less accumulated when development is complete and the asset is available
amortisation and accumulated impairment losses. for use. It is amortised over the period of expected
Intangible assets are amortised over their estimated future benefit. Amortisation expense is recognised in
useful life on a straight-line basis as follows: the statement of profit and loss unless such expenditure
forms part of carrying value of another asset.
During the period of development, the asset is tested for
Type of asset Useful life impairment annually.
Computer software 3 years/ Over the period of
the respective project
2.10 Leases
Technology/ 2 - 6 years
Intellectual property Group as a lessee
Customer contracts 2 - 6 years The Group assesses whether a contract contains a lease,
Process knowhow 5 years at inception of a contract. A contract is, or contains, a
lease if the contract conveys the right to control the use
Other intangible Over the period of the
of an identified asset for a period of time in exchange for
assets respective project
consideration.
At the date of commencement of the lease, the
An intangible asset is de-recognised on disposal, or Group recognizes a right-of-use asset (“ROU”) and a
when no future economic benefits are expected from corresponding lease liability for all lease arrangements in
use. Gains or losses arising from de-recognition of an which it is a lessee, except for leases with a term of twelve
intangible asset, measured as the difference between months or less (short-term leases) and low value leases.
the net disposal proceeds and the carrying amount of the For these short-term and low value leases, the Group
asset, are recognised in ‘other income’ of consolidated recognizes the lease payments as an operating expense
statement of profit and loss when the asset is de- on a straight-line basis over the term of the lease.
recognised.
Certain lease arrangements include the options to extend
Expenditure incurred towards development is eligible or terminate the lease before the end of the lease term.
for capitalisation are carried as intangible assets under ROU assets and lease liabilities includes these options
development where such assets are not yet ready for when it is reasonably certain that they will be exercised.
their intended use.
Amortisation methods and useful lives are reviewed
i) Right-of-use assets
periodically at each financial year-end.
The right-of-use assets are initially recognized at cost,
which comprises the initial amount of the lease liability
Research and development costs adjusted for any lease payments made at or prior to the
Research costs are expensed as incurred. Development commencement date of the lease plus any initial direct
costs are expensed as incurred unless technical and costs less any lease incentives. They are subsequently
commercial feasibility of the project is demonstrated, measured at cost less accumulated depreciation and
future economic benefits are probable, availability of impairment losses and adjusted for any remeasurement
resources to complete the asset is established, the of lease liabilities.
Group has intention and ability to complete and use the Right-of-use assets are depreciated from the
asset and the costs are reliably measured, in which case commencement date on a straight-line basis over the
such expenditure is capitalised. The amount capitalised shorter of the lease term and useful life of the underlying
comprises expenditure that can be directly attributed asset. Right of use assets are evaluated for recoverability
or allocated on a reasonable and consistent basis for whenever events or changes in circumstances indicate

that their carrying amounts may not be recoverable. The The results and assets and liabilities of joint ventures are
right-of-use assets are also subject to impairment. incorporated in these consolidated financial statements
using the equity method of accounting. Under the equity
method, an investment in a joint venture is initially
ROU asset Useful lives recognised in the consolidated balance sheet at cost and
Leasehold land 15-33 years adjusted thereafter to recognise the Group’s share of
the profit or loss and other comprehensive income of the
Buildings 2-15 years
joint venture. Distributions received from a joint venture
Computers 2-4 years reduce the carrying amount of the investment. If entity’s
share of losses of a joint venture equals or exceeds its
interest in the joint venture (which includes any long term
ii) Lease liabilities
interest that, in substance, form part of the Group’s net
The lease liability is initially measured at amortized investment in the joint venture), the entity discontinues
cost at the present value of the future lease payments. recognising its share of further losses.
The lease payments are discounted using the interest
After application of the equity method of accounting,
rate implicit in the lease or, if not readily determinable,
the Group determines whether there is any objective
using the incremental borrowing rates in the country of
evidence of impairment as a result of one or more events
domicile of the leases. After the commencement date,
that occurred after the initial recognition of the net
the amount of lease liabilities is increased to reflect the
investment in a joint venture and that event (or events)
accretion of interest and reduced for the lease payments
has an impact on the estimated future cash flows from
made or a change in the assessment of extension or
the net investment that can be reliably estimated. If there
termination options. Lease liabilities are remeasured with
exists such an objective evidence of impairment, then it
a corresponding adjustment to the related right of use
is necessary to recognise impairment loss with respect to
asset if there is a modification, a change in the lease term,
the Group’s investment in a joint venture.
a change in the lease payments (e.g., changes to future
payments resulting from a change in an index or rate used
to determine such lease payments). 2.12 Income taxes
Lease liability and ROU asset have been separately The income tax expense or credit for the period is the tax
presented in the Balance Sheet and lease payments have payable on the taxable income based on the applicable
been classified as financing cash flows. income tax rate for each jurisdiction adjusted by changes
in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
Group as a lessor
Current and deferred tax is recognised in consolidated
Leases for which the group is a lessor is classified as a
statement of profit and loss, except to the extent that
finance or operating lease. Whenever the terms of the
it relates to items recognised in other comprehensive
lease transfer substantially all the risks and rewards of
income or directly in equity. In this case, the tax is also
ownership to the lessee, the contract is classified as a
recognised in other comprehensive income or directly in
finance lease. All other leases are classified as operating
equity, respectively.
leases.
The current tax and deferred tax calculated on the basis
For operating leases, rental income is recognized on a
of the tax laws enacted or substantively enacted at the
straight-line basis over the term of the relevant lease.
end of the reporting period in the countries where the
Company and its subsidiaries operate and generate
2.11 Investments in joint venture taxable income.
A Joint venture is a joint arrangement whereby the Deferred tax is provided in full, using the balance sheet
parties that have joint control of the arrangement have method, on temporary differences arising between
rights to the net assets of the joint arrangement. Joint the tax bases of assets and liabilities and their carrying
control is the contractually agreed sharing of control of amounts in the consolidated financial statements.
an arrangement, which exists only when decisions about However, deferred tax liabilities are not recognised if they
the relevant activities require unanimous consent of the arise from the initial recognition of goodwill. Deferred tax
parties sharing control. is also not accounted for if it arises from initial recognition
of an asset or liability in a transaction other than a
business combination that at the time of the transaction
affects neither accounting profit nor taxable profit/loss.

Deferred tax liabilities and assets are not recognised for 2.13 Inventories
temporary differences between the carrying amount Inventories are stated at the lower of cost and net
and tax bases of investments in subsidiaries, branches realisable value.
and associates and interest in joint arrangements where
the Group is able to control the timing of the reversal
of the temporary differences and it is probable that the Costs of inventories are determined on a weighted
differences will not reverse in the foreseeable future. average basis. Net realisable value represents the
Deferred tax assets are recognised for all deductible estimated selling price for inventories less all estimated
temporary differences and unused tax losses only if it is costs of completion and costs necessary to make the
probable that future taxable amounts will be available to sale.
utilise those temporary differences and losses. Inventories are valued in accordance with the below
Deferred tax assets and liabilities are offset when there method of valuation.
is a legally enforceable right to offset current tax assets i) Raw materials & consumables: Valued at cost or
and liabilities and when the deferred tax balances relate net realisable value whichever is less. Cost includes
to the same taxation authority. Current tax assets and purchase costs and other costs incurred in bringing
tax liabilities are offset where the entity has a legally the inventories to their present location and
enforceable right to offset and intends either to settle on condition.
a net basis, or to realise the asset and settle the liability
ii) Stores and spares: Valued at cost. Cost includes
simultaneously.
purchase costs and other costs incurred in bringing
Minimum alternate tax (MAT) paid in a year is charged to the inventories to their present location and
the consolidated statement of profit and loss as current condition.
tax for the year. MAT credit is recognised in accordance
iii) Work in progress & finished Goods: Valued at cost
with tax laws in India as a deferred tax asset only to the
or net realisable value whichever is less. Costs
extent that is probable that the Group will pay normal
includes direct material costs, wages and applicable
income tax during the specified period i.e. the period
overheads.
for which MAT credit is allowed to be carried forward.
The Group reviews the MAT credit at each balance sheet
date and writes down the carrying amount of MAT credit 2.14 Cash and cash equivalents:
entitlement to the extent there is no longer convincing
Cash comprises cash on hand, in bank, demand deposits
evidence to the effect that the Group will pay normal
with banks and with financial institutions. The Group
income tax during the specified period.
considers all highly liquid financial instruments, which are
In the situations where one or more entities in the readily convertible into cash and have original maturities
Group are entitled to a tax holiday under the Income- of three months or less from the date of purchase, to be
tax Act, 1961 enacted in India or tax laws prevailing in cash equivalents. Such cash equivalents are subject to
the respective tax jurisdictions where they operate, no insignificant risk of changes in value.
deferred tax (asset or liability) is recognized in respect
Cash flows are reported using indirect method, whereby
of temporary differences which reverse during the tax
profit / (loss) after tax is adjusted for the effects of
holiday period, to the extent the concerned entity’s
transaction of non- cash nature and any deferrals or
gross total income is subject to the deduction during the
accruals of past or future cash receipts or payments for
tax holiday period. Deferred tax in respect of temporary
the year. The cash flows from operating, investing and
differences which reverse after the tax holiday period is
financing activities of the Group are segregated based on
recognized in the year in which the temporary differences
the available information.
originate. However, the group restricts recognition of
deferred tax assets to the extent it is probable that
sufficient future taxable income will be available against 2.15 Equity Share Capital:
which such deferred tax assets can be realized. For
Ordinary shares are classified as equity. Shares bought
recognition of deferred taxes, the temporary differences
back are shown as a deduction from equity. No gain
which originate first are considered to reverse first.
or loss is recognised in the statement of profit or
loss on purchase, sale, issue or cancellation of equity
instruments, except in case of employee stock options.
Incremental costs directly attributable to the issuance of
equity shares or buyback of equity shares are recognised
as a deduction from equity, net of taxes.

2.16 Provisions and contingent liabilities no uncertainty as to measurement or collectability
Provisions of consideration. When there is uncertainty as to
measurement or ultimate collectability, revenue
Provisions are recognised when the Group has a present recognition is postponed until such uncertainty is
legal or constructive obligation as a result of past events, resolved. Percentage of completion is determined
it is probable that an outflow of resources will be required based on the project costs incurred to date as a
to settle the obligation and the amount can be reliably percentage of total estimated project costs required
estimated. to complete the project. The input method has been
Provisions are measured at the present value of used to measure the progress towards completion
management’s best estimate of the expenditure required as there is direct relationship between input and
to settle the present obligation at the end of the reporting productivity. In certain projects, a fixed quantum of
period. The discount rate used to determine the present service or output units is agreed at a fixed price for a
value is a pre-tax rate that reflects current market fixed term. In such contracts, revenue is recognised
assessments of the time value of money and the risks with respect to the actual output achieved till date as
specific to the liability. The increase in the provision due to a percentage of total contractual output. Any residual
the passage of time is recognised as an interest expense. service unutilised by the customer is recognised as
Provisions are not recognised for future operating losses. revenue on completion of the term.
Provisions for onerous contracts are recognised when c) Maintenance contracts: Revenue from fixed-price
the expected benefits to be desired by the Group from a maintenance contracts are recognised pro-rata over
contract are lower than unavoidable costs of meeting to the term of the maintenance arrangement.
future obligations under the contract and are measured d) Sale of products: Revenue from sale of products is
at the present value of lower than expected net cost of recognised at the point in time when control of the
fulfilling the contract and expected cost of terminating asset is transferred to the customer, generally on
the contract. delivery of the products.
Revenue from contract with customers is recognised
Contingencies by applying revenue recognition criteria specified in
Ind AS 115 for each distinct performance obligation.
Contingent liabilities are not recognised in the financial
The arrangement with customer specify services to be
statements. A contingent asset is neither recognised nor
rendered which meet criteria of performance obligations.
disclosed in the financial statements.
For allocation, transaction price, the Group measures the
revenue in respect of each performance obligation of a
2.17 Revenue contract at its relative standalone selling price.
The Group derives revenue primarily from services and Contract modifications are accounted for when additions,
solutions specialising in geospatial, engineering design, deletions or changes are approved either to the contract
analytics, network and operations solutions. Revenue scope or contract price. The accounting for modifications
is measured based on the consideration specified in a of contracts involves assessing whether the services
contract with a custome. The Group recognizes revenue added to an existing contract are distinct and whether
when it transfers control over a product or a service to the pricing is at the standalone selling price. Services
a customer. The method for recognizing revenues and that are not distinct are accounted for on a cumulative
costs depends on the nature of services rendered as catchup basis, while those that are distinct are accounted
mentioned below: for prospective, either as a separate contract, if the
additional services are priced at the standalone selling
a) Time and material: Revenue from time and material
price, or as a termination of existing contract and creation
contracts are recognized as the related services are
of a new contract if not priced at the standalone selling
performed, which is pursued based on the efforts
price.
spent and agreed rate with the customer. Revenue
from the end of the last invoicing to the reporting The Group classifies the right to consideration in
date is recognized as unbilled revenue. exchange for deliverables as either a receivable or as
unbilled revenue. A receivable is a right to consideration
b) Fixed price contracts: Revenue from fixed-price
that is unconditional upon passage of time. Revenue
contracts is recognized as per the ‘percentage-
in excess of invoicing are classified as contract assets
of-completion’ method, where the performance
(unbilled revenue) while invoicing in excess of revenue are
obligations are satisfied over time and when there is
classified as contract liabilities (unearned revenues).

The Group accounts for the Deferred contract costs, Defined contribution plans
upfront costs incurred for the contract, on a systematic Contributions in respect of Employees Provident
amortisation that is consistent with the transfer to the Fund and Pension Fund which are defined contribution
customer of the goods or services to which the asset schemes, are made to a fund administered and managed
relates. by the Government of India and are charged as an expense
The Group accounts for volume discounts and pricing based on the amount of contribution required to be made
incentives to customers as a reduction of revenue and when service are rendered by the employees.
based on the ratable allocation of discounts/incentives Contributions under the superannuation plan which
to each of the underlying performance obligation that is a defined contribution scheme, are made to a fund
corresponds to the progress by the customer towards administered and managed by the Life Insurance
earning the discount/incentive. Corporation of India and are charged as an expense based
The Group presents revenues net of indirect taxes in the on the amount of contribution required to be made and
consolidated statement of profit and loss. when services are rendered by the employees.
The Group provides a defined contribution plan benefit
2.18 Other income such as 401(K) Retirement Plan and other social security
benefits to all of its eligible employees of subsidiaries
Interest income from a financial asset is recognised when and are charged as an expense based on the amount of
it is probable that the economic benefits will flow to contribution required to be made and when services are
the Group and the amount of income can be measured rendered by the employees.
reliably.
Interest income is recognised on a time proportion basis
taking into account the amount outstanding and rate Defined benefit plans
applicable in the transaction. Gratuity
Dividend income is recognised when the Group’s right to The Group accounts for its liability towards Gratuity based
receive dividend is established. on actuarial valuation made by an independent actuary
Foreign currency gains and losses are reported on net as at the balance sheet date using projected unit credit
basis. This includes the changes in the fair value of foreign method. The liability recognised in the balance sheet in
exchange derivative instruments, which are accounted at respect of the gratuity plan is the present value of the
fair value through consolidated statement of profit and defined benefit obligation at the end of the reporting
loss. period less the fair value of the plan assets.
The present value of the defined benefit obligation is
determined by discounting the estimated future cash
2.19 Government grants/incentives outflows by reference to market yields at the end of the
Government grants are recognised when there is a reporting period on government bonds that have terms
reasonable assurance that: approximating to the terms of the related obligation. The
net interest cost is calculated by applying the discount
a) The Group will comply with the conditions attached
rate to the net balance of the defined obligation and
to them; and
the fair value of plan assets. This cost is included in the
b) The grant will be received. employee benefit expense in the consolidated statement
Export entitlements from government authorities are of profit and loss. Remeasurement gains and losses arising
recognised in the statement of consolidated profit from experience adjustments and changes in actuarial
and loss when the right to receive credit as per the assumptions are recognised in the period in which they
terms of the scheme is established in respect of the occur, directly in other comprehensive income. Changes
exports made by the Company, and where there is in the present value of the defined benefit obligation
no significant uncertainty regarding the ultimate resulting from plan amendments or curtailments are
collection of the relevant export proceeds. Grants recognised immediately in the consolidated statement of
are recognised net of attributable expenses. profit and loss as past service cost.
2.20 Employee benefit plans Compensated absences

Employee benefits include provident fund, The employees of the Group are entitled to compensated
superannuation fund, employee’s state insurance absences. The employees can carry-forward a portion
scheme, gratuity fund and compensated absences. of the unutilised accrued compensated absence and

utilise it in future periods or receive cash compensation and loss such that the cumulative expense reflects the
at retirement or termination of employment. The Group revised estimate, with a corresponding adjustment to the
records an obligation for compensated absences in share based payments reserve in equity.
the period in which the employee renders the services The equity settlement component is not remeasured at
that increase this entitlement. The Group measures each reporting date. The cash settlement component
the expected cost of compensated absence based on is remeasured at each reporting date and at settlement
actuarial valuation made by an independent actuary as at date based on the fair value of the liability with any
the balance sheet date on projected unit credit method. changes in the fair value recognised in the consolidated
statement of profit and loss.
Medical benefits The dilutive effect of outstanding options if any is
In Cyient Inc, medical insurance plan is offered to the reflected as additional share dilution in the computation
associates on self-insured basis which consists of fixed of diluted earnings per share.
costs of administration charges and stop loss insurance
that are charged on a per associate and monthly claims 2.22 Earnings per share
being settled from consolidated fund maintained by third
party insurance fund. At the end of every calendar year, The Group presents basic and diluted earnings per
the insurance agency provides an estimate of “Claims Not share (“EPS”) data for its ordinary shares. Basic EPS is
Yet Received” computed on actuarial valuation based on calculated by dividing the consolidated profit attributable
number of associates and claims received over the last 12 to ordinary shareholders of the Group by the weighted
months. This estimate is extrapolated on the basis of the average number of ordinary shares outstanding during
closing enrolments as of March 31 and the management the year.
creates a liability for medical expenses. Diluted EPS is determined by adjusting the consolidated
statement of profit and loss attributable to ordinary
shareholders and the weighted average number of
Other short-term employee benefits ordinary shares outstanding for the effects of all dilutive
Other short-term employee benefits, including overseas potential ordinary shares, which includes all stock options
social security contributions and performance incentives granted to employees and RSU’s outstanding.
expected to be paid in exchange for the services rendered
by employees are recognised during the period when the
employee renders service. 2.23 Operating Segments
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
2.21 Share based payments decision maker.
The Company recognizes compensation expense relating The Managing Director and Chief Executive Officer
to share based payments in the statement of profit and evaluates Cyient Group’s performance and allocates
loss, using fair value in accordance with Ind AS 102, Share resources based on analysis of various performance
based payments. The Company issues equity-settled and indicators by business verticals and geographical
cash-settled share based options to eligible employees segmentation of customers. Refer note 30 for operating
under various stock option schemes established after segment information.
June 19, 1999.
These stock options are measured at the fair value
of the equity instruments at the grant date, based on 2.24 Financial instruments
option valuation model (Black Scholes model). The (A) Initial recognition:
fair value determined at the grant date of the stock
Financial assets and financial liabilities are recognised
options is expensed on a straight-line basis over the
when a Group entity becomes a party to the contractual
vesting period, based on the Company’s estimate of
provisions of the instruments. Financial assets and
the equity instruments that will eventually vest, with a
financial liabilities are initially measured at fair value and
corresponding increase in share based payments reserve
subsequently measured at amortised cost, fair value
in equity.
through other comprehensive income and fair value
At the end of each reporting period, the Company through profit or loss. Transaction costs that are directly
revises its estimate of the number of equity instruments attributable to the acquisition or issue of financial assets
expected to vest. The impact of the original estimates, and financial liabilities (other than financial assets and
if any, is recognised in consolidated statement of profit financial liabilities at fair value through profit or loss) are

added to or deducted from the fair value of the financial Derivatives are initially recognised at fair value at the
assets or financial liabilities, as appropriate, on initial date the derivative contracts are entered into and are
recognition. Transaction costs directly attributable to the subsequently remeasured to their fair value at the end
acquisition of financial assets or financial liabilities at fair of each reporting period. The resulting gain or loss is
value through profit or loss are recognised immediately in recognised in consolidated statement of profit and loss
consolidated statement of profit and loss. immediately unless the derivative is designated and
effective as a hedging instrument, in which event the
timing of the recognition in consolidated statement of
(B) Subsequent measurement: profit and loss depends on the nature of the hedging
a. Non-derivative financial instruments relationship and the nature of the hedged item.
i) Financial assets carried at amortised cost: A financial
asset is subsequently measured at amortised cost Effective interest method
if it is held within a business model whose objective
is to hold the asset in order to collect contractual The effective interest method is a method of calculating
cash flows and the contractual terms of the financial the amortised cost of a debt instrument and of allocating
asset give rise on specified dates to cash flows that interest income/expense over the relevant period. The
are solely payments of principal and interest on the effective interest rate is the rate that exactly discounts
principal amount outstanding. estimated future cash receipts (including all fees and
points paid or received that form an integral part of
ii) Financial assets at fair value through other the effective interest rate, transaction costs and other
comprehensive income: A financial asset is premiums or discounts) through the expected life of the
subsequently measured at fair value through other debt instrument, or, where appropriate, a shorter period,
comprehensive income if it is held within a business to the net carrying amount on initial recognition.
model whose objective is achieved by both collecting
contractual cash flows and selling financial assets Income is recognised on an effective interest basis for
and the contractual terms of the financial asset debt instruments other than those financial assets
give rise on specified dates to cash flows that are classified as at FVTPL. Interest income is recognised in
solely payments of principal and interest on the consolidated statement of profit and loss and is included
principal amount outstanding. The Group has made in “Other income”.
an irrevocable election for its investments which
are classified as equity instruments to present c. Hedge accounting
the subsequent changes in fair value in other
comprehensive income based on its business model. The Group designates derivative contracts in a cash flow
hedging relationship by applying the hedge accounting
iii) Financial assets at fair value through profit or loss: principles designated in a hedging relationship, used
Financial assets which are not classified in any of to hedge its risks associated with foreign currency
the above categories are subsequently fair valued fluctuations relating to certain highly probable forecast
through profit or loss. transactions.
iv) Financial liabilities: Financial liabilities are At the inception of the hedge relationship, the Group
subsequently carried at amortised cost using the documents the relationship between the hedging
effective interest method, except for contingent instrument and the hedged item, along with its risk
consideration recognised in a business combination management objectives and its strategy for undertaking
which is subsequently measured at fair value through various hedge transactions. Furthermore, at the
consolidated statement of profit and loss. For trade inception of the hedge and on an ongoing basis, the
and other payables maturing within one year from Group documents whether the hedging instrument is
the Balance Sheet date, the carrying amounts highly effective in offsetting changes in fair values or
approximate fair value due to the short maturity of cash flows of the hedged item attributable to the hedged
these instruments. risk.
These derivative contracts are stated at the fair value at
b. Derivative financial instruments: each reporting date.
The Group enters into a variety of derivative financial The effective portion of changes in the fair value of
instruments to manage its exposure to interest rate and derivatives that are designated and qualify as cash flow
foreign exchange rate risks, including foreign exchange hedges is recognised in other comprehensive income
forward contracts. and accumulated under cash flow hedge reserve.

The gain or loss relating to the ineffective portion is e. Foreign exchange gains and losses
recognised immediately in consolidated statement of • For foreign currency denominated financial assets
profit and loss. measured at amortised cost and FVTPL, the
Amounts previously recognised in other comprehensive exchange differences are recognised in consolidated
income and accumulated in equity relating to (effective statement of profit and loss except for those which
portion as described above) are reclassified to are designated as hedging instruments in a hedging
consolidated statement of profit and loss in the periods relationship.
when the hedged item affects profit or loss. • Changes in the carrying amount of investments in
Hedge accounting is discontinued when the hedging equity instruments at FVTOCI relating to changes
instrument expires or is sold, terminated, or exercised, or in foreign currency rates are recognised in other
when it no longer qualifies for hedge accounting. Any gain comprehensive income.
or loss recognised in other comprehensive income and • For the purposes of recognising foreign exchange
accumulated in equity at that time remains in equity and gains and losses, FVTOCI debt instruments are
is recognised when the forecast transaction is ultimately treated as financial assets measured at amortised
recognised in consolidated statement of profit and loss. cost. Thus, the exchange differences on the
When a forecast transaction is no longer expected to amortised cost are recognised in consolidated
occur, the gain or loss accumulated in equity is recognised statement of profit and loss and other changes in the
immediately in consolidated statement of profit and loss. fair value of FVTOCI financial assets are recognised in
other comprehensive income.
d. De-recognition of financial assets and liabilities • For financial liabilities that are denominated in a
Financial assets foreign currency and are measured at amortised
cost at the end of each reporting period, the foreign
The Group derecognises a financial asset when the exchange gains and losses are determined based
contractual rights to the cash flows from the asset expire, on the amortised cost of the instruments and are
or when it transfers the financial asset and substantially recognised in the consolidated statement of profit
all the risks and rewards of ownership of the asset to and loss.
another party. If the Group retains substantially all the
risks and rewards of ownership of a transferred financial • The fair value of financial liabilities denominated
asset, the Group continues to recognise the financial in a foreign currency is determined in that foreign
asset and also recognises a collateralised borrowing for currency and translated at the spot rate at the end
the proceeds received. of the reporting period. For financial liabilities that
are measured as at FVTPL, the foreign exchange
On de-recognition of a financial asset in its entirety, the component forms part of the fair value gains or
difference between the asset’s carrying amount and the losses and is recognised in consolidated statement
sum of the consideration received and receivable and of profit and loss.
the cumulative gain or loss that had been recognised in
other comprehensive income and accumulated in equity
is recognised in consolidated statement of profit and loss 2.25 Determination of fair values
if such gain or loss would have otherwise been recognised In determining the fair value of its financial instruments,
in consolidated statement of profit and loss on disposal the Group uses a variety of methods and assumptions
of that financial asset. that are based on market conditions and risks existing
at each reporting date. The methods used to determine
Financial liabilities fair value include discounted cash flow analysis, available
quoted market prices and dealer quotes. All methods of
The Group derecognises financial liabilities when, and assessing fair value result in general approximation of
only when, the Group’s obligations are discharged, value, and such value may never actually be realised.
cancelled or have expired. The difference between the
carrying amount of the financial liability derecognised Fair value is the price that would be received to sell an
and the consideration paid and payable is recognised in asset or paid to transfer a liability in an orderly transaction
consolidated statement of profit and loss. between market participants at the measurement date,
regardless of whether that price is directly observable
or estimated using another valuation technique. In
estimating the fair value of an asset or a liability, the
Group takes into account the characteristics of asset or

liability of market participants when pricing the asset or default rates over the expected life of the trade receivable
liability at the measurement date. and is adjusted for forward looking estimates. The ECL
Fair value for measurement and/or disclosure purposes loss allowance (or reversal) during the year is recognised
in these consolidated financial statements is determined in the consolidated statement of profit and loss.
on such a basis, except for share-based payment
transactions that are within the scope of Ind AS 102, b. Non-financial assets
leasing transactions that are within the scope of Ind AS
116, and measurements that have some similarities to Intangible assets, Intangible assets under development,
fair value but are not fair value, such as net realisable value property, plant and equipment, capital work-in-progress
in Ind AS 2 or value in use in Ind AS 36. and ROU assets are evaluated for recoverability whenever
events or changes in circumstances indicate that their
In addition, for financial reporting purposes, fair value carrying amounts may not be recoverable. For the
measurements are categorised into Level 1, 2, or 3 purpose of impairment testing, the recoverable amount
based on the degree to which the inputs to the fair value (i.e. the higher of the fair value less cost to sell and the
measurements are observable and the significance of the value-in-use) is determined on an individual asset basis
inputs to the fair value measurement in its entirety, which unless the asset does not generate cash flows that
are described as follows: are largely independent of those from other assets. In
• Level 1 inputs are quoted prices (unadjusted) in such cases, the recoverable amount is determined for
active markets for identical assets or liabilities that the CGU to which the asset belongs. Intangible assets
the entity can access at the measurement date; under development are tested for impairment annually.
• Level 2 inputs are inputs, other than quoted prices The Group bases its impairment calculation on detailed
included within Level 1, that are observable for the budgets and forecast calculations, which are prepared
asset or liability, either directly or indirectly; and separately for each of the Group’s CGUs to which the
individual assets are allocated.
• Level 3 inputs are unobservable inputs for the asset
or liability. If such assets are considered to be impaired, the
impairment to be recognised in the statement of profit
and loss is measured by the amount by which the carrying
2.26 Impairment of assets value of the assets exceeds the estimated recoverable
amount of the asset. An impairment loss is reversed in
a. Financial assets
the consolidated statement of profit and loss if there has
The Group recognises loss allowances using the been a change in the estimates used to determine the
expected credit loss (ECL) model for the financial assets recoverable amount. The carrying amount of the asset
which are not fair valued through consolidated statement is increased to its revised recoverable amount, provided
of profit and loss. Loss allowance for trade receivables that this amount does not exceed the carrying amount
with no significant financing component is measured at that would have been determined (net of any accumulated
an amount equal to lifetime ECL. For all other financial amortisation or depreciation) had no impairment loss
assets, expected credit losses are measured at an been recognised for the asset in prior years.
amount equal to the 12 month ECL, unless there has been
a significant increase in credit risk from initial recognition
in which case those are measured at lifetime ECL. The 2.27 Cash dividend to equity holders
amount of expected credit losses (or reversal) that is The Company recognises a liability to make cash
required to adjust the loss allowance at the reporting distributions to equity holders when the distribution
date to the amount that is required to be recognised as is authorised and the distribution is no longer at the
an impairment gain or loss in consolidated statement of discretion of the Company. As per the corporate laws in
profit and loss. India, a distribution is authorised when it is approved by
For trade receivables, the Group applies the simplified the shareholders. A corresponding amount is recognised
approach permitted by Ind AS 109 Financial Instruments, directly in equity.
which requires expected lifetime losses to be recognised 2.28 Borrowing costs
from initial recognition of the receivables. As a practical
expedient, the Group uses a provision matrix to Borrowing costs directly attributable to the acquisition,
determine impairment loss of its trade receivables. The construction or production of an asset that necessarily
provision matrix is based on its historically observed takes a substantial period of time to get ready for its
intended use or sale are capitalised as part of the cost

of the asset. All other borrowing costs are expensed - Provide temporary relief to entities from having
in the period in which they occur. Borrowing costs to meet the separately identifiable requirement
consist of interest and other costs that an entity incurs when an RFR instrument is designated as a
in connection with the borrowing of funds. Borrowing hedge of a risk component
cost also includes exchange differences to the extent
These amendments had no impact on the financial
regarded as an adjustment to the borrowing costs.
statements of the Group. The Group intends to use
the practical expedients in future periods if they
2.29 Treasury shares become applicable.
The Group has created an Employee Benefit Trust (EBT)

(ii) Conceptual framework for financial reporting under
for providing share-based payment to its employees.
Ind AS issued by ICAI
The Group uses EBT as a vehicle for distributing shares to
employees under the employee remuneration schemes. The Framework is not a Standard and it does not
The EBT buys shares of the Company from the market, override any specific standard. Therefore, this does
for giving shares to employees. The Group treats EBT not form part of a set of standards pronounced by the
as its extension and shares held by EBT are treated as standard-setters. While, the Framework is primarily
treasury shares. meant for the standard-setter for formulating the
standards, it has relevance to the preparers in certain
Own equity instruments that are reacquired (treasury
situations such as to develop consistent accounting
shares) are recognised at cost and deducted from equity.
policies for areas that are not covered by a standard
No gain or loss is recognised in profit or loss on the
or where there is choice of accounting policy, and
purchase, sale, issue or cancellation of the Group’s own
to assist all parties to understand and interpret the
equity instruments. Any difference between the carrying
Standards.
amount and the consideration, if reissued, is recognised
in capital reserve. Share options exercised during the The amendments made in following standards due to
reporting period are satisfied with treasury shares. Conceptual Framework for Financial Reporting under
Ind AS includes amendment of the footnote to the
definition of an equity instrument in Ind AS 102- Share
2.30 New and amended standards Based Payments, footnote to be added for definition of
The Group applied for the first-time aforesaid new liability i.e. definition of liability is not revised on account
standards and amendments, which are effective for of revision of definition in conceptual framework in case
annual periods beginning on or after April 1, 2021. The of Ind AS 37 - Provisions, Contingent Liabilities and
Group has not early adopted any other standard or Contingent Assets etc.
amendment that has been issued but is not yet effective. The MCA has notified the Amendments to Ind AS
consequential to Conceptual Framework under Ind
AS vide notification dated June 18, 2021, applicable
(i) Interest Rate Benchmark Reform – Phase 2:
for annual periods beginning on or after April 1, 2021.
Amendments to Ind AS 109, Ind AS 107, Ind AS 104
Accordingly, the Conceptual Framework is applicable for
and Ind AS 116
preparers for accounting periods beginning on or after
The amendments provide temporary reliefs which April 1,2021.
address the financial reporting effects when an
These amendments had no impact on the financial
interbank offered rate (IBOR) is replaced with an
statements of the Group.
alternative nearly risk-free interest rate (RFR).
The amendment includes the following practical
expedients: (iii) Ind AS 116: COVID-19 related rent concessions
- A practical expedient to require contractual MCA issued an amendment to Ind AS 116 Covid-19-
changes, or changes to cash flows that are Related Rent Concessions beyond June 30, 2021 to
directly required by the reform, to be treated as update the condition for lessees to apply the relief to a
changes to a floating interest rate, equivalent to reduction in lease payments originally due on or before
a movement in a market rate of interest June 30, 2022 from June 30, 2021. The amendment
- Permit changes required by IBOR reform applies to annual reporting periods beginning on or after
to be made to hedge designations and April 1, 2021. In case a lessee has not yet approved the
hedge documentation without the hedging financial statements for issue before the issuance of this
relationship being discontinued amendment, then the same may be applied for annual
reporting periods beginning on or after April 1,2020.

These amendments had no impact on the financial (vi) Ind AS 16 – Property Plant and equipment –
statements of the Group.
The amendment clarifies that excess of net sale proceeds
of items produced over the cost of testing, if any, shall
(iv) Ind AS 103: Business combination not be recognised in the profit or loss but deducted
from the directly attributable costs considered as part
The amendment states that to qualify for recognition as of cost of an item of property, plant, and equipment. The
part of applying the acquisition method, the identifiable effective date for adoption of this amendment is annual
assets acquired and liabilities assumed must meet the periods beginning on or after April 1, 2022. The Group
definitions of assets and liabilities in the Framework for has evaluated the amendment and there is no significant
the Preparation and Presentation of Financial Statements impact on its consolidated financial statements.
in accordance with Indian Accounting Standards* issued
by the Institute of Chartered Accountants of India at
the acquisition date. Therefore, the acquirer does not (vii) Ind AS 103 – Business Combinations -
recognise those costs as part of applying the acquisition
The amendments specify that to qualify for recognition as
method. Instead, the acquirer recognises those costs in
part of applying the acquisition method, the identifiable
its post-combination financial statements in accordance
assets acquired and liabilities assumed must meet the
with other Ind AS.
definitions of assets and liabilities in the Conceptual
These amendments had no impact on the financial Framework for Financial Reporting under Indian
statements of the Group. Accounting Standards (Conceptual Framework) issued
by the Institute of Chartered Accountants of India at
the acquisition date. These changes do not significantly
(v) Amendment to Ind AS 105, Ind AS 16 and Ind AS 28 change the requirements of Ind AS 103. The Group does
The definition of “Recoverable amount” is amended such not expect the amendment to have any significant impact
that the words “the higher of an asset’s fair value less in its financial statements.
costs to sell and its value in use” are replaced with “higher
of an asset’s fair value less costs of disposal and its value
in use”. The consequential amendments are made in Ind (viii) Ind AS 37 – Provisions, Contingent Liabilities and
AS 105, Ind AS 16 and Ind AS 28. Contingent Assets –
These amendments had no impact on the financial The amendment specifies that the ‘cost of fulfilling’ a
statements of the Group. contract comprises the ‘costs that relate directly to the
contract’. Costs that relate directly to a contract can either
Ministry of Corporate Affairs (“MCA”) notifies new be incremental costs of fulfilling that contract (examples
standards or amendments to the existing standards would be direct labour, materials) or an allocation of
under Companies (Indian Accounting Standards) Rules other costs that relate directly to fulfilling contracts (an
as issued from time to time. On March 23, 2022, MCA example would be the allocation of the depreciation
amended the Companies (Indian Accounting Standards) charge for an item of property, plant and equipment used
Amendment Rules, 2022, as below: in fulfilling the contract). The effective date for adoption
of this amendment is annual periods beginning on or after
April 1, 2022, although early adoption is permitted. The
Group has evaluated the amendment and the impact is
not expected to be material.

3A. Property, plant and equipment
As at As at
Particulars
March 31, 2022 March 31, 2021
Carrying amount of:
Freehold land 16 16
Buildings 2,117 2,203
Leasehold improvements 79 88
Computers 464 458
Plant and equipment 1,070 1,196
Office equipment 147 209
Furniture and fixtures 340 404
Electrical installations 187 212
Vehicles 55 14
Tools and equipment 65 70
Total 4,540 4,870

Notes:
(a) Movement in the carrying amount of property, plant and equipment is as below:
278
Freehold land Buildings Computers
Leasehold Plant and Office Furniture Electrical Tools and
Particulars [refer note [refer note (c) [refer note (d) Vehicles Total
improvements equipment equipment and fixtures installations equipment
(b) below] below] below]
I. Cost or deemed cost
Balance as at April 1, 2020 16 2,259 225 2,094 2,143 818 971 623 48 156 9,353
Additions - 811 4 201 356 56 38 22 - 18 1,506
Disposals - - (34) (5) (47) (18) (32) (11) (5) - (152)
Foreign currency translation - (7) 2 (38) 35 (29) 6 (1) (2) 1 (33)

adjustments

Balance as at March 31, 2021 16 3,063 197 2,252 2,487 827 983 633 41 175 10,674
Additions - 58 2 280 79 12 9 7 50 6 503
Disposals - (5) (1) (6) (37) (2) (18) - (4) - (73)
Foreign currency translation - - 3 8 2 7 3 1 - - 24

adjustments
Balance as at March 31, 2022 16 3,116 201 2,534 2,531 844 977 641 87 181 11,128
II. Accumulated depreciation
Balance as at April 1, 2020 - 743 116 1,573 1,118 550 536 392 27 93 5,148
Depreciation for the year - 121 25 261 181 102 65 39 5 11 810
Disposals - - (31) (4) (27) (12) (24) (11) (2) - (111)
Foreign currency translation - (4) (1) (36) 19 (22) 2 1 (3) 1 (43)

adjustments
Balance as at March 31, 2021 - 860 109 1,794 1,291 618 579 421 27 105 5,804
Depreciation for the year - 141 7 274 186 78 63 33 9 11 801
Disposals - (1) (1) (4) (16) (2) (6) - (4) - (34)
Foreign currency translation - (1) 7 6 - 3 1 - - - 17

adjustments
Balance as at March 31, 2022 - 999 122 2,070 1,461 697 637 454 32 116 6,588
Net book value as at March 31, 16 2,203 88 458 1,196 209 404 212 14 70 4,870
2021
Net book value as at March 16 2,117 79 465 1,070 147 340 187 55 65 4,540
31, 2022
(b) Includes ₹ 4 (March 31, 2021: ₹ 4) in respect of which land allocation letters have been received, pending completion of legal formalities relating to conveyance.
(c) Includes ₹ 1,406 (March 31, 2021: ₹ 1,459) relating to building constructed on leasehold land.
(d) During the year, the Company has entered into sale and leaseback transaction for sale of computers for a consideration of ₹ 40 (March 31, 2021: ₹ 57). As the transaction has not met conditions specified under Ind
AS 115, these assets continued to be recognised under property, plant and equipment and financial liability equivalent to the sale consideration has been recognised in other financial liabilities. As at March 31, 2022,
closing balance of the financial liabilities, net of repayment is ₹ 60 (March 31, 2021: ₹ 51)(refer note 16).
3B. Capital work-in-progress

Capital Work in Progress 134 113
(a) Ageing of Capital work-in-progress:
Particulars Less than 1 year 1 - 2 years 2 - 3 years Total

Projects in progress 91 38 6 134
Total 91 38 6 134
Projects in progress 98 15 - 113
Total 98 15 - 113
3C. Leases
(a) Right of use assets:

Movement in the carrying amount of right of use assets is as below
Category of ROU assets

Particulars
Leasehold land Buildings Computers Total
Balance as at April 1, 2020 448 1,980 276 2,704
Additions - 247 248 495
Deletions - (145) - (145)
Depreciation transferred to CWIP (6) - - (6)
Depreciation (26) (521) (206) (753)
Foreign currency translation adjustments - 14 2 16
Balance as at March 31, 2021 416 1,575 320 2,311

Additions - 237 621 858
Deletions - (164) - (164)
Depreciation (32) (465) (257) (754)
Other adjustments - - (17) (17)
Foreign currency translation adjustments - 15 (2) 13
Balance as at March 31, 2022 384 1,198 665 2,247
(b) Current and non current lease liabilities:

Current lease liabilities 738 632
Non-current lease liabilities 1,732 1,958
Total 2,470 2,590

The following is the movement in lease liabilities during the year ended:

Balance at the beginning of the year 2,590 2,965
Additions 858 488
Finance cost transferred to CWIP - 9
Deletions (208) (171)
Finance cost accrued during the year 176 212
Payment of lease liabilities (962) (925)
Foreign currency translation adjustments 16 12
Balance at the end of the year 2,470 2,590
The table below provides details regarding contractual maturities of lease liabilities on an undiscounted basis:

Less than one year 802 805
One to five years 1,440 1,483
More than five years 1,014 1,366
Total 3,256 3,654
The Group does not face a significant liquidity risk with regard to its lease liabilities, as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
The aggregate depreciation on ROU assets has been included under depreciation and amortisation expense in the consolidated
statement of profit and loss. (refer note 27)
Rental expense for low value assets and short-term leases was ₹ 130 (March 31, 2021: ₹ 170) included under other expenses in
the consolidated statement of profit and loss. (refer note 28)
4. Goodwill

Balance at beginning of the year 5,830 5,374
Additions on account of business combinations (refer note 33 A(i)) 272 603
Impairment (refer note 36 (a)) - (309)
Foreign currency translation adjustments 83 162
Balance at end of the year 6,185 5,830
Goodwill of ₹ 2,962 (March 31, 2021: ₹ 2,951) has been allocated to the DLM segment (refer note 30). The estimated value-in-use
of this cash generating unit (CGU) is based on the future cash flows using a 3%-5% annual growth rate for periods subsequent to
the forecast period of 5 years and discount rate of 12.7-15.2%. An analysis of the sensitivity of the computation to a change in key
parameters (operating margin, discount rates and long term average growth rate), based on reasonably probable assumptions,
did not identify any probable scenario in which the recoverable amount of the CGU would decrease below its carrying amount.


Goodwill of ₹ 3,223 (March 31, 2021: ₹ 2,879) has been allocated to the Services segment (refer note 30). The estimated
value-in-use of this CGU is based on the future cash flows using a 2%-3% annual growth rate for periods subsequent to the
forecast period of 5 years and discount rate of 13.0%-22.1%. An analysis of the sensitivity of the computation to a change in key
parameters (operating margin, discount rates and long term average growth rate), based on reasonably probable assumptions,
did not identify any probable scenario in which the recoverable amount of the CGU would decrease below its carrying amount,
except for the impairment provision of ₹ Nil (March 31, 2021: ₹ 309).

5A. Other Intangible assets

Carrying amount of:
Computer software 160 196
Technology/ Intellectual Property 46 65
Customer contracts 188 227
Process knowhow 4 17
Other intangible assets 79 93
Total intangible assets 477 598
Movement in the carrying amount of intangible assets is as below:
Technology/ Other
Computer Customer Process
Particulars Intellectual intangible Total
software contracts Knowhow
Property assets
I. Cost or deemed cost
Balance as at April 1, 2020 3,522 143 486 90 1,090 5,331
Additions (refer note 5B (a)) 19 - - - - 19
Disposals (refer note 5B (a)) (2) - - - - (2)
Additions through business combination - - 121 - 42 163
Foreign currency translation adjustments 1 - 3 (2) 60 62
Balance as at March 31, 2021 3,540 143 610 88 1,192 5,573
Additions 51 - 22 - 820 893
Disposals - - - - (791) (791)
Additions through business combination - - 81 - 42 123
Foreign currency translation adjustments 15 4 9 4 18 50

Technology/ Other
Computer Customer Process
Particulars Intellectual intangible Total
software contracts Knowhow
Property assets
II. Accumulated amortisation
Balance as at April 1, 2020 3,195 55 276 57 981 4,564
Amortisation for the year 151 21 90 18 102 382
Disposals (1) - - - - (1)
Foreign currency translation adjustments (1) 2 17 (4) 16 30
Amortisation for the year 87 21 149 16 94 367
Disposals - - - - (6) (6)
Foreign currency translation adjustments 15 2 2 1 15 35
Net book value as at March 31, 2021 196 65 227 17 93 598
Net book value as at March 31, 2022 160 46 188 4 79 477

5B. Intangible assets under development

Intangible assets under development - 763
Total - 763
Particulars Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
Project in progress 122 145 245 251 763
Total 122 145 245 251 763
Note:
Intangible assets under development:
(a) The Company entered into an agreement with a third party, wherein it was granted technology license to develop (namely
Software Design Radio), test and commercially utilise the benefits from such testing and development activity. Accordingly,
the initial amount and subsequent development costs aggregating to ₹ 791 (March 31, 2021: ₹ 734) had been classified under
‘intangible assets under development’.
On December 22, 2021, the Board of Directors authorized the Company to hive off the Software Design Radio (SDR) division
to Innovation Communications Systems Limited (ICS), a company in the business of wireless communication systems. The
transfer was undertaken through a Business Transfer Agreement between Cyient and ICS dated December 31, 2021 for ₹ 791.
In exchange for the SDR division and an additional cash investment of ₹ 100 by the Company in ICS aggregating to ₹ 891, the
Company received a 15% stake in the paid up share capital of ICS (on a fully diluted basis). The said transfer was recorded in
the books at fair value and did not result in any material profit / loss on disposal (refer note 6(A)).

6. Investments
As at
Particulars
March 31, 2022 March 31, 2021
Non-current (refer note (A) below)
Investment carried at equity method of accounting
(i) Equity instruments of joint venture company (unquoted) (refer note (iii) below) - -
- -
Investments carried at fair value through other comprehensive income
(i) Equity instruments of other entities (unquoted) 926 42
926 42
(i) Investment in tax free bonds (quoted) 1,716 -
(ii) Investment in perpetual bonds (quoted) 441 -
2,157 -

(i) Compulsorily convertible preference shares of other entities (unquoted) 10 12
(ii) Preferred instruments of other entities (unquoted) 338 175
(iii) Units of Partnership fund (unquoted) 151 115
499 302
Total non-current investments 3,582 344
Current (refer note (A) below)
(i) Investments in mutual funds (quoted) 704 -
704 -
(i) Investment in perpetual bonds (unquoted) 162 -
162 -
Total current investments 866 -
Total investments 4,448 344
Aggregate book value of quoted investments 2,861 -
Aggregate market value of quoted investments 2,980 -
Aggregate value of unquoted investments 1,587 344
Aggregate amount of impairment in value of investments - -

Notes:
(i) Details of investments

No. of shares Amount No. of shares Amount
Non current:
Equity instruments of joint venture company (unquoted)
Infotech HAL Limited, India (refer note (iii) below) 2,000,000 - 2,000,000 -
- -
Equity instruments of other entities (unquoted)
Traffic master Plc., United Kingdom (refer note (a) below) 35,088 - 35,088 -
Mysore ESDM Cluster 3,193,237 3 3,193,237 3
Qunu Labs Private Limited 67,437 18 67,437 15
Innovation Communications Systems Private Limited (refer note 5B(a)) 2,342,869 885 - -
926 42
Investment in Bonds
Tax Free Bonds (refer note (a)) below) 1,716 -
Perpetual Bond (refer note (a)) below) 441 -
2,157 -
Compulsorily convertible preference shares of other entities
(unquoted)
Preferred instruments of other entities (unquoted)
Jana Care Inc. 368,297 76 368,297 77
Cylus Cyber Security Ltd. 668,986 126 668,986 98
Duskrise, Inc. 42,171 136 - -
348 187
Investment in units of Partnership fund (unquoted)
Vasuki 2019 SCSp, Luxembourg NA 113 NA 115
Start Burst NA 38 - -
151 115
Total 3,582 344
Current:
Investment in Bonds
Perpetual Bond (refer note (a)) below) 150 162 - -
Investment in Mutual Funds
Mutual Funds 10,370,466 704 - -
Total 866 -
Total (Non current + current) 4,448 344


Notes:
(a) Details of investments in bonds
March 31, 2022 March 31, 2021

Particulars Carrying Carrying
Face Value Number Face Value Number
value value
Non-current
Quoted investments carried at amortised cost
Investments carried at amortised cost:
(i) Investments in perpetual bonds
ICICI Bank 2,000,000 400 441 - - -
Total (i) 441 -
(ii) Investment in Tax free bonds
National Housing Bank 1,000,000 50 64 - - -
Indian Railway Finance Corp Ltd 3,007,000 438,226 1,141 - - -
The Housing and Urban Development Corporation 1,000 12,579 16 - - -
Limited
REC Limited 2,003,000 65,196 109 - - -
Power Finance Corporation Ltd 1,003,000 91,748 262 - - -
The National Highways Authority of India 5,000 103,254 125 - - -
Total (ii) 1,716 -
Investments
Current
(iii) Investments in perpetual bonds
HDFC Bank 1,000,000 150 162 - - -
Total (iii) 162 -
Current
(iv) Investments in mutual funds
IDFC Floating Rate Fund - Growth 7,313,836 76 - -
ICICI Pru Floating Rate Interest Fund - Growth 209,321 75 - -
ABSL Floating Rate Fund - Growth 269,272 76 - -
HDFC Floating Rate Debt Fund - Growth 1,895,686 76 - -
HDFC Liquid Fund - Growth option 47,802 200 - -
ICICI Pru Liquid Fund - Growth 634,549 200 - -
Total (iv) 704 -
Total (i+ii+iii+iv) 3,023 -

(b) As at March 31, 2022, carrying value of equity instruments in Traffic master Plc. was ₹ 0.11 (March 31, 2021: ₹ 0.11)
(c) (Gain) / Loss on fair valuation of investments:
For the year ended

Particulars
March 31, 2022 March 31, 2021
Spry Health Inc. - 114
Jana Care Inc. 5 -
Cylus Cyber Security Ltd. (25) (23)
Cardiac Design Labs Private Limited, India 6 -
Qunu Labs Private Limited (3) -
(ii) Carrying values:
As at
Particulars
March 31, 2022 March 31, 2021
Aggregate amount of Investments carried at fair value through other 926 42
comprehensive income
Investment carried at amortised cost (current and non-current) 2,319 -
Aggregate amount of Investments carried at fair value through profit and 1,203 302
loss (current and non-current)
(iii) Investments in Joint Venture

The Company holds 50% stake in Infotech HAL Limited, India as at March 31, 2022 (March 31, 2021: 50%). The share in profit of
joint venture is accounted for using the equity method of accounting. (refer note 31).
Summarised financial information:

Financial Position:

Particulars
(Unaudited) (Audited)**
Non-current assets 2 2
Current assets 11 28
Current liabilities (55) (69)
Net assets (42) (39)
Year ended Year ended

Revenue 8 25
Profit/(loss) for the year (3) (8)
Other comprehensive income for the year - -
Total comprehensive income for the year (3) (8)
Share in profit/(loss) from Joint venture (2) (4)
Share of profit / (loss) from joint venture accounted in consolidated
- -
financial statements*

Reconciliation to carrying amounts

Particulars
Opening net assets (23) (31)
Total comprehensive income for the year (3) 8
Closing net assets (26) (23)
Group's share % 50% 50%

Group's share in net assets of Joint venture* - -
* Cyient Limited has restricted its share of loss from joint venture to its carrying value in line with it’s contractual obligation.
The financial statements of joint venture is not audited as on date of approval of these financial statements.
** The disclosure pertaining to investment in Joint Venture were based on unaudited financial statements, which has been
changed based on audited financial statements.
7. Other financial assets
As at
Particulars
March 31, 2022 March 31, 2021
Non-current:
(at amortised cost)
Security deposits
Considered good 257 266
Less : Allowance for doubtful deposits (16) (16)
Total other non-current financial assets 257 266
Current:
(at amortised cost)
Unbilled revenue 2,986 2,259
Interest accrued on deposit accounts 171 277
Advance to employees 20 13
Other receivables 54 52
(at FVTOCI)
Total other current financial assets 3,476 2,838
Total other financial assets 3,733 3,104


8. Other assets
As at
Particulars
March 31, 2022 March 31, 2021
Non-current:
Capital advances (net of provision) 14 38
Balances with government authorities 11 -
Total other non-current assets 355 192
Current:
Balances with government authorities 341 277
Advances to suppliers 675 350
Other receivables 21 44
Total other current assets 1,841 1,418
Total other assets 2,196 1,610

9. Inventories
As at
Particulars
March 31, 2022 March 31, 2021
Raw materials 2,220 1,191
Work-in-progress 385 138
Finished goods 154 226
Consumables & stores 31 31
Total 2,790 1,586

10. Trade receivables
As at
Particulars
March 31, 2022 March 31, 2021
Trade receivables
Trade receivables considered good - unsecured 7,603 8,413
Less: Allowance for expected credit loss (270) (387)
7,333 8,026
Trade receivables - credit impaired - unsecured 47 52
Less : Allowance for credit impairment (47) (52)
Total 7,333 8,026

Note:
Expected credit loss (ECL):
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed
through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Group grants credit terms in the normal course of business. The average credit period is between 60-90 days. Before accepting
any new customer, the Company uses an internal credit scoring system to assess the potential customer’s credit quality and
defines credit limits for each customer. Limits and scoring attributed to customers are reviewed once a year.

As a practical expedient, the Group uses a provision matrix to determine impairment loss of its trade receivables. The provision
matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward
looking estimates. The ECL allowance (or reversal) during the year is recognised in the consolidated statement of profit and
loss.


Ageing for receivables Less than 6 months More than
Undisputed Trade Receivables
Considered good 6,442 817 167 84 13 80 7,603
Disputed Trade Receivables
Credit impaired - - - - 11 36 47
Total 6,442 817 167 84 24 116 7,650
Less : Allowance for credit (317)
impairment and expected credit
loss

Ageing for receivables Less than 6 months More than
Undisputed Trade Receivables
Considered good 6,243 1,655 312 93 48 62 8,413
Disputed Trade Receivables
Credit impaired - - - 11 2 39 52
Total 6,243 1,655 312 104 50 101 8,465
Less : Allowance for credit (439)
impairment and expected credit
loss
As at
Movement in the expected credit loss allowance
March 31, 2022 March 31, 2021
Balance at the beginning of the year 439 265
Provision made during the year 390 369
Reversal of provision on account of collection (433) (188)
Bad debts written-off (112) (7)
Translation adjustment 33 -
Balance at the end of the year 317 439
11. Cash and Bank Balances

11A. Cash and cash equivalents
As at
Particulars
March 31, 2022 March 31, 2021
Cash on hand - 1
Balances with banks
in current accounts 3,682 3,667
in deposit accounts * 8,253 10,633
Remittances in transit 203 83
Total 12,157 14,408

* The deposits maintained by the Company with banks and financial institutions comprise time deposits, which can be withdrawn
by the Company at any point without prior notice or penalty on the principal.


11B. Other bank balances
As at
Particulars
March 31, 2022 March 31, 2021
Deposits held as margin money/security for bank guarantees 509 242
Total 509 242

Reconciliation of liabilities arising from financing activities for the year ended March 31, 2022:
As at March 31, Proceeds/ Exchange As at

2021 Additions difference March 31, 2022
Borrowings (current & non-current) 3,184 620 (545) 5 3,264
Lease liabilities 2,590 835 (962) 16 2,470
Sale and lease back 51 40 (31) - 60
Total liabilities from financing 5,825 1,495 (1,538) 21 5,794
activities

Reconciliation of liabilities arising from financing activities for the year ended March 31, 2021:
As at March 31, Proceeds/ Exchange As at

2020 Additions difference March 31, 2021
Borrowings (current & non-current) 4,149 419 (1,466) 82 3,184
Lease liabilities 2,965 538 (925) 12 2,590
Sale and lease back - 57 (6) - 51
Total liabilities from financing 7,114 1,014 (2,397) 94 5,825
activities

12. Equity share capital
As at
Particulars
March 31, 2022 March 31, 2021
Authorised share capital:
280,000,000 fully paid up equity shares of ₹ 5 each (March 31, 2021 : 280,000,000) 1,400 1,400
Issued and subscribed capital:

110,317,416 fully paid-up equity shares of ₹ 5 each (March 31, 2021 : 110,029,812) 552 550
Total 552 550

(A) Reconciliation of the number of shares outstanding:

Particulars
Number of shares Amount Number of shares Amount
Opening balance 110,029,812 550 109,971,221 550
Add: Issue of shares during the year (refer note below) 287,604 2 58,591 -
Closing balance 110,317,416 552 110,029,812 550
Note: During the year, the Company alloted 287,604 (March 31, 2021 - 58,591) equity shares of ₹ 5 each valuing ₹ 1.44 (March
31, 2021 - ₹ 0.29) (rounded off), consequent to the exercise of the stock options by the associates of the Company under the
Associate Stock Option Plan.

(B) Details of shares held by each shareholder holding more than 5% shares:

Name of the shareholder Number of shares % holding of Number of % holding of
held equity shares shares held equity shares
Fully paid up equity shares
Vineyard Point Software Private Limited 14,000,000 12.69% 14,000,000 12.72%
Amansa Holdings Private Limited 9,568,296 8.67% 9,568,296 8.70%
Infocad Enterprises Private Limited 7,000,000 6.35% 7,000,000 6.36%

(C) Details of Shares held by promoters at the end of the year:
As at March 31, 2022 % holding

% Change
Name of the promoter of equity
March 31, 2021 Change March 31, 2022 during the Year
shares
Vineyard Point Software Private 14,000,000 - 14,000,000 12.69% -
Limited
Infocad Enterprises Private Limited 7,000,000 - 7,000,000 6.35% -
Venkat Rama Mohan Reddy
373,820 - 373,820 0.34% -
Bodanapu
Sucharitha Bodanapu 373,820 - 373,820 0.34% -
D. Nageswara Reddy 169,200 3,600 172,800 0.16% 2.13%
Bodanapu Avanti Reddy 137,500 - 137,500 0.12% -
Carol Ann Reddy 38,400 - 38,400 0.03% -
B V S Ratna Kumari 15,600 - 15,600 0.01% -
A Amala Reddy 3,680 - 3,680 0.00% -
B Ashok Reddy 300 - 300 0.00% -
As at March 31, 2021 % holding

% Change
Name of the promoter of equity
March 31, 2021 Change March 31, 2021 during the Year
shares
Vineyard Point Software Private 13,256,634 743,366 14,000,000 12.72% 5.61%
Limited
Infocad Enterprises Private Limited 5,628,317 1,371,683 7,000,000 6.36% 24.37%
Venkat Rama Mohan Reddy
1,453,254 (1,079,434) 373,820 0.34% -74.28%
Bodanapu
Sucharitha Bodanapu 932,883 (559,063) 373,820 0.34% -59.93%
D. Nageswara Reddy 169,200 - 169,200 0.15% 46.88%
Bodanapu Avanti Reddy* - 137,500 137,500 0.12% 175.00%
Carol Ann Reddy 38,400 - 38,400 0.03% -
B V S Ratna Kumari 15,600 - 15,600 0.01% -
A Amala Reddy 3,680 - 3,680 0.00% -
B Ashok Reddy 300 - 300 0.00% -
* 50,000 Shares, issued for the first time during FY 2020-21, have been considered for computation of % change during the year
(D) Rights, preferences and restrictions attached to equity shares:

The Company has only one class of equity shares having a par value of ₹ 5 per share. Each holder of equity shares is entitled to one
vote per share. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company in proportion to their shareholding.


(E) Buyback of Equity shares:
Aggregate number of equity shares bought back during the period of previous five years : 3,123,963 (March 31, 2021:
3,123,963).

(F) Purchase of treasury shares:

(G) Details of shares allotted under Associate Stock Option Plans:
(i) 1,151,208 (March 31, 2021: 1,078,568) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company
(ii) 184,265 (March 31, 2021: 20,841) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company
(iii) 51,540 (March 31, 2021: Nil) equity shares of ₹ 5 each fully paid-up was allotted to associates of the Company pursuant to
the Associate Stock Option Plan - 2020 (ASOP - 2020)

(H) Details of shares reserved for issue:
(i) Shares aggregating 35,860 (March 31, 2021: 121,000), reserved for issue under ASOP 2008 scheme.
(ii) Shares aggregating 679,898 (March 31, 2021: 855,468), reserved for issue under ASOP 2015 scheme.
(iii) Shares aggregating 164,646 (March 31, 2021: 186,200), reserved for issue under RSU 2020 scheme.
(iv) Shares aggregating 1,026,500 (March 31, 2021: Nil), reserved for issue under ASOP 2021 scheme.

(I) (i) Associate Stock Option Plans
under ASOP. The Company modified ASOP 2008 and adjusted the number of options and exercise price on account of bonus
issue 1:1 during Financial year 2010-11. Under ASOP 2008, options will be issued to employees at an exercise price, which shall
not be less than the market price on the date of grant. These options vest over a period ranging from one to three years from the
date of grant, starting with 10% at the end of first year, 15% at the end of one and half years, 20% after two years, 25% at the end
of two and half years and 30% at the end of third year.


ASOP 2008
Options outstanding at the beginning of the year 1,21,000 510 2,04,750 522
Forfeited (12,500) 500 (46,000) 547
Exercised (72,640) 507 (37,750) 515
Options outstanding at the end of year 35,860 518 1,21,000 510

As at March 31, 2022, 1,151,208 (March 31, 2021: 1,078,568) equity shares of ₹ 5 each have been allotted to the associates
under ASOP 2008 plan. Accordingly, options (net of cancellations) for a total number of 35,860 (March 31, 2021: 121,000) are
outstanding as at March 31, 2022.

under ASOP. Under ASOP 2015, options will be issued to employees at an exercise price, which shall not be less than the market
price on the date of grant. These options vest over a period ranging from one to three years from the date of grant, starting with
10% at the end of first year, 15% at the end of one and half years, 20% after two years, 25% at the end of two and half years and
30% at the end of third year.

ASOP 2015
Options outstanding at the beginning of the year 855,468 522 701,434 551
Granted 92,000 929 316,240 467
Forfeited (104,146) 496 (141,365) 545
Exercised (163,424) 558 (20,841) 529
Options outstanding at the end of year 679,898 572 855,468 522

As at March 31, 2022, 184,265 (March 31, 2021: 20,841) equity shares of ₹ 5 each have been allotted to the associates under ASOP
2015 plan. Accordingly, options (net of cancellations) for a total number of 679,898 (March 31, 2021: 855,468) are outstanding as
at March 31, 2022.

Associate Restricted Stock Units Scheme 2020 (ARSU 2020):
The Company has instituted the ARSU’s 2020 plan earmarking 1,050,000 shares of ₹ 5 each which provided for grant of RSUs to
eligible associates of the Company and its subsidiaries. The Board of Directors recommended the establishment of the plan on
January 16, 2020 and the shareholders approved the recommendation of Board of Directors on March 5, 2020 through a postal
ballot. The RSUs will vest over a period of three years from the date of grant.

ARSU 2020
Options outstanding at the beginning of the 186,200 5 - -
year
Granted 33,780 5 193,030 5
Forfeited (3,794) - (6,830) 5
Exercised (51,540) 5 - -
Options outstanding at the end of year 164,646 5 186,200 5
As at March 31, 2022, 51,540 (March 31, 2021: Nil) equity shares of ₹ 5 each have been allotted to the associates under ASRSU
202 plan. accordingly, Options (net of cancellations) for a total number of 164,646 (March 31, 2021: 186,200) are outstanding as
at March 31, 2022.

ASOP 2021
The Company has instituted the ASOP 2021 scheme and also incorporated ‘Cyient Associate Stock Option Scheme 2021 Trust’
(ASOP Trust), whereunder shares were purchased from the stock exchanges through the ASOP Trust. KP Corporate Solutions
Limited, Corporate Trustee, has been appointed as trustee for this ASOP Trust. Shareholders of the Company have approved the
Scheme and the formation of ASOP Trust through postal ballot on 23rd February 2021.
During the financial year, ASOP Trust purchased 1,079,000 shares and movement in stock options during the year is as follows:
Options outstanding at the beginning of the - - - -
year
Granted* 1,026,500 5 - -
Forfeited - - - -
Exercised - - - -
Options outstanding at the end of year 1,026,500 5 - -
*During the current year, Company has intimated the grant of performance based stock incentive in the form of Stock options
(SO’s) to certain eligible employees, which could eventually result in the issue of 1,026,500 shares against such options, Subject
to the fulfilment of vesting conditions. Out of the total outstanding options 394,000 (March 31, 2021: Nil) options pertain to
options granted to the associates of subsidiary companies.

(ii) Fair value of stock options granted during the year:
The weighted average fair value of the share options during the year is ₹ 61.69 - ₹ 713.88 (2020-21: ₹ 61.69 - ₹ 256.08). Options
and RSUs were priced using Black Scholes pricing model. Where relevant, the expected life used in the model has been adjusted
based on management’s best estimate for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Expected volatility is based on the historical share price volatility over the past years.
The following assumptions were used for calculation of fair value of grants:
Black-Scholes Model As at
Particulars
March 31, 2022 March 31, 2021
a) ASOP 2008
Exercise price (₹) 184 - 559 184 - 559
Grant date share price (₹) 185 - 531.5 185 - 531.5
Dividend yield (%) 1.53 - 2.64 1.53 - 2.64
b) ASOP 2015
Exercise price (₹) 222 - 1011 222 - 741
Grant date share price (₹) 235 - 986 235 - 734.95
Dividend yield (%) 1.7 - 2.9 1.7 to 2.5
Expected volatility (%) 29.8 - 41.60 29.8 to 38.96
Risk-free interest (%) 4.49 - 7.9 4.49 to 7.9
Expected term (in years) 3-4 3 to 4
c) RSU 2020
Exercise price (₹) 5 5
Grant date share price (₹) 284.15 - 874 284.15
Dividend yield (%) 2.5 - 2.9 2.5
Expected volatility (%) 34.7 - 40.30 34.7 to 37.1
Risk-free interest (%) 4.49 - 5.36 4.49 to 4.91
Expected term (in years) 3-4 3 to 4
d) ASOP 2021
Exercise price (₹) 5 -
Grant date share price (₹) 982.9 -
Dividend yield (%) 2.9 -
Expected volatility (%) 36 - 41 -
Risk-free interest (%) 5.1 - 6.3 -
Expected term (in years) 5-9 -


(iii). Share Options exercised during the year
No. of options Share price at

Series Year Exercise date*
exercised exercise date
Associate Stock Option Plan – 2008 (ASOP 2008)* 2021-22 72,640 6th Apr 21 to 679.65 - 928
31st Mar 22
Associate Stock Option Plan – 2015 (ASOP 2015)* 2021-22 1,63,424 10th Jun 21 to 814.10 - 928
31st Mar 22
Associate Restricted Stock option plan - 2020 (ARSU 2021-22 51,540 26th Aug 21 to 928 - 942.70
2020)* 31st Mar 22
Associate Stock Option Plan – 2008 (ASOP 2008) 2020-21 37,750 6th March 21 630.45
Associate Stock Option Plan – 2015 (ASOP 2015) 2020-21 20,841 6th March 21 630.45
* Allotment happened at various dates during that period

13. Other equity
As at
Particulars
March 31, 2022 March 31, 2021
(a) Capital reserve
35 35
(b) Capital redemption reserve
16 16
(c) Securities premium
Options exercised 56 6
Premium received on allotment of shares 128 30
2,295 2,111
(d) General reserve
Opening and closing balance 5,139 5,139
5,139 5,139
(e) Special Economic Zone Reinvestment Reserve
Add: Addition during the year 65 -
65 -
(f ) Share based payment reserve
Opening balance 158 106
Share-based payments expense 130 57
Options exercised (56) (5)
232 158
(g) Cash flow hedge reserve
Opening balance 124 (80)
Effective portion of gain/(loss) on designated portion of hedging instruments (net 4 204
of tax)
128 124
(h) Foreign currency translation reserve
Additions (net) 57 105
1,273 1,216
(i) Retained earnings
Profit for the year attributable to the shareholders of the Company 5,223 3,638
Other comprehensive income arising out of remeasurement of defined benefit (41) (78)
obligation (net of taxes)
25,394 20,212
Less: Appropriations
Dividend on equity shares (refer note 38) (2,952) -
Transfer to Special Economic Zone reinvestment reserve account (65)
22,377 20,212

As at
Particulars
March 31, 2022 March 31, 2021
(j) Treasury shares
Opening balance - -
Purchase of Treasury shares (950) -
(950) -
(k) Equity instruments through other comprehensive income (refer note 6(i))
Opening balance 5 5
Increase in fair value of equity instruments (net of tax) (1) -
4 5
(l) Share application money pending allotment
Opening balance 7 -
Received during the year - 7
Allotment during the year (7) -
- 7
Total 30,614 29,023

Nature of reserves:
(a) Capital reserve
Represents the gain on bargain purchase on acquisitions and other additions from components.

(b) Capital redemption reserve
Represents the nominal value of equity shares bought back pursuant to Buyback in accordance with Section 69 of the Companies
Act, 2013.

(c) Securities premium
Amounts received on issue of shares in excess of the par value has been classified as securities premium. The reserve is utilised
in accordance with the provisions of the Companies Act, 2013.

(d) General reserve
Represents appropriation of profit by the Group. Additionally, General reserve is appropriated for the creation of capital
redemption reserve on Buyback of equity shares pursuant to section 69 of Companies Act, 2013.

(e) Special Economic Zone reinvestment reserve
Represents amount transferred to the (‘SEZRR’) SEZ Re-investment Reserve This reserve has been created out of the profits
of eligible SEZ units in terms of the provisions of Section 10AA(1)(ii) of the Income-tax Act, 1961. This reserve shall be utilized
by the Company for acquiring new plant and machinery for the purpose of its business in the terms of Section 10AA(2) of the
Income-tax Act, 1961.

(f ) Share based payments reserve
The Share based payments reserve is used to record the value of equity-settled share based payment transactions with
employees. The amounts recorded in this account are transferred to securities premium upon exercise of stock options by
employees.

(g) Cash flow hedge reserve
Represents effective portion of gain and loss on designated portion of hedging instruments in a cash flow hedge, net of tax.
(h) Foreign currency translation reserve
Exchange difference relating to the translation of the Group’s foreign operations from their functional currencies to the
Company’s presentation currency are recognised directly in other comprehensive income and accumulated in the foreign
currency translation reserve.

(i) Retained earnings
(i) Retained earnings comprises of prior years’ undistributed earnings after taxes along with current year profit, net of
dividends declared.
(ii) Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. These are presented within retained
earnings.
(iii) Gain or loss on disposal of equity instruments designated at fair value through other comprehensive income is reclassified
to retained earnings.
(iv) Net difference between the consideration paid for the acquisition of non-controlling interests and its respective carrying
value is recognised in retained earnings.

(j) Treasury shares
(k) Equity instruments through other comprehensive income

Represents the cumulative gains and losses arising on fair valuation of the equity instruments measured at fair value through
OCI, net of amounts reclassified to retained earnings when the investments have been disposed off.
(l) Share application money pending allotment

Represents amount received from associates on exercise of stock options, pending allotment.
14. Non-controlling Interests (‘NCI’)
As at
Particulars
March 31, 2022 March 31, 2021
Balance at beginning of the year (32) (32)
Total comprehensive profit/loss for the year attributable to NCI - -
Balance at end of the year (32) (32)
Details of subsidiaries with the non-controlling interests:
Place of incorporation and

Name of the subsidiary Non-controlling interests
principal place of business
March 31, 2022 March 31, 2021
Cyient Solutions and Systems Private Limited India 49% 49%
('CSSPL')

15. Borrowings
As at
Particulars
March 31, 2022 March 31, 2021
Non - current
Secured - at amortised cost
Term loans from banks 23 453
Total 23 453
Current
Secured - at amortised cost
Working capital loans from banks 2,816 2,302
Current maturities of non-current borrowings 425 429
Total 3,241 2,731
Total borrowings 3,264 3,184
Details of the non-current borrowings along with their terms and conditions are mentioned in the below tables:
Gross
Coupon/Interest amount March 31, 2022 March 31, 2021
Particulars Security
Rate in Foreign
currency Foreign Foreign
INR INR
currency currency
Cyient Inc.
"DECD (USD) (refer note 2.5% 5,00,000 None 3,50,135 27 3,95,718 29
below)
(Obtained in August 2018)"
Cyient Defense Services

Inc.
HSBC (USD) LIBOR+1% 30,00,000 i. Lien on cash, - - 7,50,000 55
(Availed in January 2018 Payable quarterly deposits, securities,
repayable in quaterly instruments or
installments over a period other property in the
of 4 years) possession of the
bank
ii. Corporate Guarantee

from Cyient Limited
Cyient Europe Limited

HSBC (EUR) EURIBOR+0.78% 1,15,00,000 i. First charge on 50,00,000 421 85,00,000 729
(Availed in October 2017 per annum all existing and
repayable in quaterly payable quarterly future freehold and
installments over a period leasehold property
of 4 years) and other assets
HSBC (USD) 3 Months 50,00,000 ii. Corporate Guarantee - - 9,37,500 69
(Availed in April 2018, LIBOR+1.15% per from Cyient Limited
repayable in quaterly annum payable
installments over a period quarterly
of 5 years and repayment
will start from second year
onwards)

Note:
i) In the earlier years, Cyient Inc. has received financial assistance in the form of loan of ₹ 35 (USD 500,000) from ‘The Connecticut
Department of Economics and Community Development’ (DECD) at interest rate of 2.5% for a term of 10 years and repayble
in monthly installments, as a part of the Company’s project in East Hartford, Connecticut, USA (“Assistance agreement”). The
Company may be eligible for a principal loan forgiveness of USD 200,000 based on creation of 85 new jobs and retention of
456 existing jobs at a specified average salary and retaining the same for 24 consecutive months. The Company is required to
use the loan funds for the acquisition of machinery and equipment. As at March 31, 2022, Company has filed for an extension
of timeline to meet specified terms and conditions of the assistance agreement.
ii) Cyient DLM Private Limited and Cyient SRO have taken loans against security of current assets and quarterly returns or
statements of current assets filed by these entities with banks or financial institutions are in agreement with the books of
accounts.

Working capital loans:
Cyient DLM Private Limited- (Interest ranging from 1.40% - 13.6%)
(a) HDFC Bank :
Loan outstanding balance as on March 31, 2022 is ₹ 449 (March 31, 2021: ₹ 580) This loan is secured by a corporate guarantee
from Cyient Limited.
Primary Security: Paripassu charge on current assets of Cyient DLM Private Limited.
Secondary Security: Paripassu charge on movable fixed assets of Cyient DLM Private Limited.

(b)
State Bank of India:
Loan outstanding balance as on March 31, 2022 is ₹ 200 (March 31, 2021 ₹ 56). This loan is secured by a corporate guarantee
(c)
Federal Bank :
Loan outstanding balance as on March 31, 2022 is ₹ 558 (March 31, 2021: ₹ 390). This loan is secured by a corporate guarantee

(d) Packing credit facility from HDFC Bank whose outstanding balance as at March 31, 2022 is ₹ 190 (March 31, 2021 is ₹ 367 from
Federal bank). The rate of interest on these facilities range from 1.40% to 1.89%.

Cyient Inc. - (Interest ranging from 1.1%- 1.7%)
Loan outstanding as at March 31, 2022 is ₹ Nil (USD Nil) (March 31, 2021: ₹ 441 (USD 6,000,158)), was secured by a stand by letter
of credit from HSBC Bank, India and a corporate guarantee from Cyient Limited.

Cyient Europe Limited - (Interest ranging from 0.78%- 2.9%)
(a) Loan outstanding from HSBC bank as at March 31, 2022 is ₹ Nil (EUR Nil) (March 31, 2021: ₹ 0.3 (EUR 3,357)). This loan was
secured by a corporate guarantee from Cyient Limited.
(b) Loan outstanding from HSBC bank as at March 31, 2022 is ₹ 746 (GBP 7,492,344) (March 31, 2021: ₹ 380 (GBP 3,760,638)).
This loan is secured by corporate guarantee from Cyient Limited and charge on all existing and future freehold and leasehold
property and other assets and liabilities.
(c) Loan outstanding from Citibank as at March 31, 2022 was ₹ 159 (GBP 1,600,000) (March 31, 2021: ₹ 162 (GBP 1,600,000)).
This loan is secured by a corporate guarantee from Cyient Limited.

Cyient SRO - (Interest ranging from 1.8%- 2.32%)
Loan outstanding from HSBC bank as at March 31, 2022 was ₹ 13 (CZK 3,728,468) (March 31, 2021: ₹ 35 (CZK 10,657,686)). This
loan is secured by a corporate guarantee from Cyient Limited.
Cyient GmbH
Loan outstanding from HSBC as at March 31, 2022 aggregating ₹ 290 (EUR 3,431,795) (March 31, 2021: ₹ Nil (EUR Nil)) from HSBC
Bank. This loan is secured by a corporate guarantee from Cyient Limited.

Cyient Australia Pty Limited-(Interest rate of 1.65%)
Loan outstanding from HSBC bank as at March 31, 2022 was ₹ 211 (AUD 3,715,553) (March 31, 2021: ₹ 258 (AUD 4,615,553)). This
loan is secured by a corporate guarantee from Cyient Limited.
16. Other financial liabilities
As at
Particulars
March 31, 2022 March 31, 2021
Non-current
(at fair value through profit and loss)
Liability towards acquisition of business (refer note (i) below) 317 199
(at amortised cost)

Sale & lease back liability 28 32
Total 345 231
Current
(at amortised cost)
Capital creditors 50 55
Interest accrued 2 2
Unpaid dividends 24 24
Sale & lease back liability 32 19
(at fair value through profit and loss)

Liability towards acquisition of business (refer note (i) below) 268 156
(at FVTOCI)
Total 425 302
Total other financial liabilities 770 533


Note:
i) The Group has certain outstanding liabilities to previous shareholders of acquired entities payable on meeting certain critiera
defined within acquisition agreements:

As at
Payable by Acquisition of
March 31, 2022 March 31, 2021
Cyient Inc. B&F Design Inc.
Current - 50
(During the year, an amount of ₹ 50 (March 31,
2021: ₹ 36) has been paid as deferred consideration
and ₹ Nil (March 31, 2021: ₹ 46) has been written
back to other income.
Cyient Australia Pty Limited Integrated Global Partners Pty Limited
Non-current 247 199
Current 153 106
(Deferred consideration is payable through May
31, 2022 until March 31, 2024 and during the year
additional liability of ₹ 52 has been recognised
based on fair value changes)(refer note 33))
Cyient Australia Pty Limited Work Force Delta Pty Limited
Non-current 70 -
Current 115 -
(Deferred consideration is payable through
September 13, 2022 until November 13, 2023 (refer
note 33))
17. Provisions
As at
Particulars
March 31, 2022 March 31, 2021
Gratuity (refer note (i) below) 1,001 925
Compensated absences (refer note (ii) below) 756 742
Total 1,761 1,672
Non-current:
Gratuity 873 805
Total non-current provisions 1,347 1,288
Current:
Gratuity 128 120
Total current provisions 414 384


Note:
Employee benefit plans:
The employee benefit schemes are as under:

Defined benefit plans
(i). Gratuity:
In accordance with the ‘Payment of Gratuity Act, 1972’ of India, the Company and two of its subsidiaries provide for gratuity, a
defined retirement benefit plan (the ‘Gratuity Plan’) covering eligible employees. Liabilities with regard to such gratuity plan are
determined by an independent actuarial valuation and are charged to the Consolidated Statement of Profit and Loss in the period
determined. The gratuity plan is administered by the Company’s own trust which has subscribed to the “Group Gratuity Scheme”
of Life Insurance Corporation of India.
The present value of the defined benefit obligation (DBO), and the related current service cost and past service cost, were
measured using the projected unit credit method.

Principal assumptions used for the purposes of the actuarial valuation As at March 31, 2022 As at March 31, 2021
Discount Rate (%) 6.15% - 7.46% 5.75% - 6.99%
Salary Increase rate (%) 7.00% - 10.06% 6.00% - 10.00%
Attrition (%) 13.01% - 20.00% 8.00% - 20.00%
Mortality Table IALM (2012-14) IALM (2012-14)
Ultimate Ultimate
Retirement age 58 - 60 years 58 - 60 years

The following table sets out the defined benefit costs as per actuarial valuation for the Company and its subsidiaries in India:


Particulars
March 31, 2022 March 31, 2021
Amounts recognised in consolidated statement of profit and loss in respect of these
defined benefit plans
Total service cost (A) 117 124

Interest expense on defined benefit obligation 55 51
Interest income on plan assets (6) (8)
Net interest cost (B) 49 43
Defined benefit cost recognised in consolidated statement of profit and loss (A)+(B) 166 167
Remeasurement effects recognised in other comprehensive income

Actuarial (gain)/loss due to financial assumptions change in befined benefit obligation 24 62
Actuarial (gain)/loss due to experience on defined benefit obligation 25 35
Return on plan assets less/(greater) than discount rate 3 3
Components of defined benefit costs recognised in other comprehensive income 52 100
Total 218 267


The amount included in the balance sheet arising from the entity’s obligation in respect of its defined benefit plans is as follows:

Present value of funded defined benefit obligation 1,114 1,029
Fair value of plan assets (113) (104)
Net liability arising from defined benefit obligation 1,001 925

Movement in the present value of the defined benefit obligation:

Particulars
March 31, 2022 March 31, 2021
Projected benefit obligation at the beginning of the year 1,029 913
Interest cost 55 51
Actuarial loss/(gain) 49 97
Defined benefit obligation at the end of the year 1,114 1,029

Change in plan assets

Particulars
March 31, 2022 March 31, 2021
Plan assets at the beginning of the year 104 107
Return on plan assets 6 8
Employer contribution 141 148
Return on plan assets less than discount rate (3) (3)
Plan assets at the end of the year 113 104

past compensation revision trends and management’s estimate of future salary increases.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below:


Particulars
Increase Decrease Increase Decrease
Discount rate (1% movement) (49) 53 (54) 42
Future salary growth (1% movement) 52 (48) 41 (54)


Maturity profile of defined benefit obligation:
As at
Particulars
March 31, 2022 March 31, 2021
Within 1 year 197 184
1-2 years 184 163
2-3 years 156 150
3-4 years 136 127
4-5 years 120 109
5-10 years 404 347
The expected contribution to the plan for the year ended March 31, 2023 is 197
Composition of plan assets
Plan assets comprise of 100% insurer managed funds. Fund is managed by Life Insurance Corporation of India as per Insurance
Regulatory and Development Authority of India (IRDA) guidelines, category wise composition of the plan assets is not available.

(ii). Assumptions for compensated absences
a) Compensated absences – India and domestic subsidiaries:
As at As at
March 31, 2022 March 31, 2021
Discount Rate (%) 6.15% - 7.32% 5.75% - 6.99%
Salary escalation rate (%) 7.00% - 10.00% 6.00% - 10.00%
Mortality Table IALM (2012-14) Ultimate IALM (2012-14) Ultimate
Attrition (%) 8.00% - 20.00% 8.00% - 20.00%
Retirement age 58 - 60 years 58 - 60 years

b) Compensated absences – Overseas branches and subsidiaries:
As at As at
March 31, 2022 March 31, 2021
Discount Rate (%) 2.50% - 2.90% 0.2% - 1.95%
Salary escalation rate (%) 2.00% 2.00% - 3.00%
Mortality Table IALM (2012-14) Ultimate IALM (2012-14) Ultimate
Attrition (%) 5.00% - 15.00% 5.00% - 15.00%

The accrual for unutilised leave is determined for the entire available leave balance standing to the credit of the employees at
year-end as per Company’s policy. The value of such leave balance eligible for carry forward, is determined by an independent
actuarial valuation and charged to consolidated statement of profit and loss in the period determined.
past compensation revision trends and management’s estimate of future salary increases.
c) Long Service Leave – Australia:

The regulations of long service leave are applicable to the associates of the Company employed at its Australia Branch and
subsidiaries. The accrual of long service leave is in addition to the compensated absences to which the associates are entitled to.
These long service leaves are dependent on the tenure of the employee with the same employer and are regulated by respective
state laws.

18.
Income taxes
18.1 Tax Expense
A. Income tax expense/(benefit) recognised in the consolidated statement of profit and loss

Particulars
March 31, 2022 March 31, 2021
Current tax:
In respect of the current year 1,678 1,351
In respect of earlier years 14 -
1,692 1,351
Deferred tax (credit)/charge:
In respect of the current year 40 (186)
In respect of MAT credit 29 (32)
69 (218)
Total 1,761 1,133
Notes:
i) In FY 20-21, deferred taxes include one-time charge arising out of assets acquired as part of past business combinations
of ₹ 88.

B. Income tax expense/(benefit) recognised in other comprehensive income

Particulars
March 31, 2022 March 31, 2021
Income tax expense/(benefit) recognised directly in equity consists of:
Tax effect on remeasurements of the net defined benefit liability 11 22
Tax effect on effective portion of hedging instruments in a cash flow hedge (2) (109)
Total 9 (87)
Bifurcation of the income tax recognised in other comprehensive income into:

Items that will not be reclassified to consolidated statement of profit and loss 11 22
Items that may be reclassified to consolidated statement of profit and loss (2) (109)
Total 9 (87)


C. Reconciliation of effective tax rate
The following is the reconciliation of the Group’s effective tax rate for the year ended March 31, 2022 and March 31, 2021:

Particulars
March 31, 2022 March 31, 2021
Enacted rate in India 34.94% 34.94%
Computed expected tax expense 2,440 1,667
Exemptions / deductions for tax purposes / tax holidays (739) (624)

Effect of expenses that are not deductible in determining taxable profit 138 97
Deferred tax asset not recognised on tax losses in certain jurisdictions/Reversal of 29 75
deferred tax asset recognised in earlier years
Adjustments in respect of current income tax of previous years 14 -
Effect of different tax rates of subsidiaries operating in other jurisdictions (138) (78)
Others 17 (3)
Income tax expense 1,761 1,133
Effective tax rate 25.22% 23.75%

Notes:
The difference between the tax rate enacted in India and the effective tax rate of the Group is primarily on account of the benefit
availed on the profits of the undertakings situated in Special Economic Zones (SEZ). The SEZ units of the Company which began
to provide the services on or after April 1, 2005 are eligible for 100% deduction of profits and gains derived from export of services
for a period of first five years from the year of commencement of provision of services. For the next five years, they are eligible for
deduction of 50% of profits and gains derived from export of services.

18.2. Deferred tax assets and liabilities
A. The following is the analysis of deferred tax assets/(liabilities) presented in the consolidated balance sheet:
As at
Particulars
March 31, 2022 March 31, 2021
Deferred tax assets (net) 248 319
Deferred tax liabilities (net) (345) (182)


B. Movement in deferred tax assets and liabilities :
Recognised
Recognised
in the On acquisition
Opening in other MAT utilisation/ Exchange Closing
2021-22 consolidated of stepdown
Balance comprehensive entitlement difference balance
statement of subsidiary
income
profit and loss
Deferred tax (liabilities)/
assets in relation to :
Property, plant and (205) 36 - (93) - (3) (265)
equipment & Intangible
assets
Provision for doubtful debts 106 (42) 1 - - 2 67
Provisions 355 64 10 - - 3 432
Unearned revenue (329) (99) - - - (9) (437)
Cash flow hedges (67) - (2) - - - (69)
Carry forward of tax losses 73 (23) - - - 1 51
MAT credit entitlement 80 (4) - - (76) - -
Gain on bargain purchase (13) - - - - - (13)
on business combinations
Capital loss 54 (6) - - - 1 49
Right of use assets/lease 77 4 - - - - 81
liabilities
Others 6 1 - - - - 7
Net deferred tax assets/ 137 (69) 9 (93) (76) (5) (97)
(liabilities)

Opening Balance Recognised in the Recognised in other Exchange Closing

2020-21 consolidated statement comprehensive income difference balance
of profit and loss
Deferred tax (liabilities)/
assets in relation to:
Property, plant and (139) (67) - 1 (205)
equipment & Intangible
assets
Provision for doubtful 92 15 - (1) 106
debts
Provisions 343 (18) 22 8 355
Unearned revenue (524) 214 - (19) (329)
Cash flow hedges 43 - (109) (1) (67)
Carry forward of tax 85 (12) - - 73
losses
MAT credit entitlement 49 31 - - 80
Gain on bargain (11) - - (2) (13)
purchase on business
combinations
Capital loss 29 27 - (2) 54
Right of use assets/lease 51 26 - - 77
liabilities
Others - 2 - 4 6
Net deferred tax assets/ 18 218 (87) (12) 137
(liabilities)


Gross deferred tax assets and liabilities are as follows:
Jurisdictions with Jurisdictions with

As at March 31, 2022 Net
Net Assets Net Liabilities
Deferred tax assets / (liabilities) in relation to:
Property, plant and equipment & Intangible assets (111) (154) (265)
Provision for doubtful debts 47 20 67
Unearned revenue - (437) (437)
Cash flow hedges (69) - (69)
Carry forward of tax losses - 51 51
MAT credit entitlement - - -
Gain on bargain purchase on business combinations - (13) (13)
Right of use assets/lease liabilities (refer note 3C) 54 27 81
Capital loss 49 49
Others 3 4 7
Net deferred tax assets/(liabilities) 248 (345) (97)

Jurisdictions with Jurisdictions with

As at March 31, 2021 : Net
Net Assets Net Liabilities
Deferred tax assets / (liabilities) in relation to:
Property, plant and equipment & Intangible assets (165) (40) (205)
Provision for doubtful debts 107 (1) 106
Unearned revenue (139) (190) (329)
Cash flow hedges (67) - (67)
Carry forward of tax losses 59 14 73
MAT credit entitlement 80 - 80
Gain on bargain purchase on business combinations - (13) (13)
Right of use assets/lease liabilities (refer note 3C) 69 8 77
Capital loss 54 - 54
Others 3 3 6
Net deferred tax assets/(liabilities) 319 (182) 137

18.3. Income tax assets and liabilities
The following is the analysis of income tax assets/(liabilities) presented in the consolidated balance sheet:
As at
Particulars
March 31, 2022 March 31, 2021
Income tax assets, net
Income tax assets (net of provisions ₹ 4,608 (March 31, 2021: ₹ 4,592)) 876 804
Income tax liabilities, net

Income tax payable (net of advance ₹ 5,361 (March 31, 2021: ₹ 4,258)) (350) (296)

19. Other liabilities
As at
Particulars
March 31, 2022 March 31, 2021
Non-current
Statutory remittances - 166
Advance from customers 261 -
Total 261 166
Current
Advance from customers 1,128 1,157
Statutory remittances 791 715
Others 37 50
Total 2,196 2,232

20. Trade Payables
As at
Particulars
March 31, 2022 March 31, 2021
(at amortised cost)
Non-current
(i) Total outstanding dues of micro enterprises and small enterprises - -
(MSME) (refer note 37)
(ii) Total outstanding dues of creditors other than micro enterprises and 63 -
small enterprises
Current
(i) Total outstanding dues of micro enterprises and small enterprises 53 72
(MSME) (refer note 37)
(ii) Total outstanding dues of creditors other than micro enterprises and 5,206 4,460
small enterprises*
5,259 4,532
Total** 5,322 4,532
* includes amount payable to its related parties (refer note 32)
** Trade payables are non-interest bearing and are normally settled on 30- 60 days.

Ageing of
trade payables Less than More than
Unbilled Not due 1 - 2 years 2 - 3 years Total
1 year 3 years
MSME - 53 - - - - 53
Others 3,779 1,109 288 44 26 23 5,269
Total 3,779 1,162 288 44 26 23 5,322
Ageing of As at March 31, 2021

trade payables Less than More than
Unbilled Not due 1 - 2 years 2 - 3 years Total
1 year 3 years
MSME - 72 - - - - 72
Others 2,740 1,066 543 49 42 21 4,460
Total 2,740 1,138 543 49 42 21 4,532
21. Revenue from operations

Particulars
March 31, 2022 March 31, 2021
Revenue from services 37,515 34,317
Revenue from products 7,829 7,007
Total revenue from operations 45,344 41,324
The Group presents revenues net of indirect taxes in the statement of profit and loss.
A. Disaggregated revenue information

The table below presents disaggregated revenues from contracts with customers by contract type and geography. The Group
believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are
affected.

Particulars
March 31, 2022 March 31, 2021
Revenues by contract type
Fixed-price 16,622 13,971
Time and material 20,851 20,314
Maintenance 42 33
Product Sale 7,829 7,007
Total 45,344 41,324
Revenues by Geography
Europe 11,825 11,137
APAC (including India) 11,225 10,260
Total 45,344 41,324
Revenues by Timing of recognition

Goods and services transferred
- At a point in time 7,829 7,201
- Over time 37,515 34,123
Total 45,344 41,324
Fixed price:
Fixed price arrangements with customers have defined delivery milestones with agreed scope of work and pricing for each
milestone. Revenue from fixed-price contracts, where the performance obligations are satisfied over time and when there is no
uncertainty as to measurement or collectability of consideration, is recognised as per the ‘percentage-of-completion’ method.
When there is uncertainty as to measurement or ultimate collectability, revenue recognition is postponed until such uncertainty is
resolved. Percentage of completion is determined based on the project costs incurred to date as a percentage of total estimated
project costs required to complete the project. The input method has been used to measure the progress towards completion
as there is direct relationship between input and productivity. In certain projects, a fixed quantum of service or outputs units is
agreed at a fixed price for a fixed term. In such contracts, revenue is recognised with respect to the actual output achieved till
date as a percentage of total contractual output. Any residual service unutilised by the customer is recognised as revenue on
completion of the term.
Time and material:

Revenue from time and material contracts are recognised as and when services are rendered to the customer. These are based
on the efforts spent and rates agreed with the customer. Revenue from the end of the last invoicing to the reporting date is
recognised as unbilled revenue.

Product sale:
Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer, generally
on delivery of the products.
Sales volume discounts are reduced from the contract price to recognise the revenue and does not have material impact on
revenue recognised.
B. Trade receivables and contract balances
As at March 31, As at March 31,

Particulars
2022 2021
Unbilled revenue 2,986 2,259
The Company classifies the right to consideration in exchange for deliverables as either a receivable or as unbilled revenue. A
receivable is a right to consideration that is unconditional upon passage of time. Revenue in excess of invoicing are classified as
contract assets (unbilled revenue) while invoicing in excess of revenue are classified as contract liabilities (unearned revenues).

Contract assets:
During the year ended March 31, 2022, ₹ 2,238 of contract assets as at March 31, 2021 has been reclassified to receivables on
completion of performance obligation. During the year ended March 31, 2021, ₹ 3,957 of contract assets as at March 31, 2020
has been reclassified to receivables on completion of performance obligation. During the year, contract assets of ₹ Nil (2020-21:
₹ 350) has been impaired.

Contract liabilities:
During the year ended March 31, 2022 the Company recognized revenue of ₹ 310 arising from contract liabilities as at March
31, 2021. During the year ended March 31, 2021 the Company recognized revenue of ₹ 154 arising from contract liabilities as at
March 31, 2020.
C. Transaction price allocated to the remaining performance obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which
includes contract liabilities and amounts that will be invoiced and recognized as revenue in future periods. Applying the practical
expedient, the Company has not disclosed information about remaining performance obligations in contracts, where the original
contract duration is one year or less or where the entity has the right to consideration that corresponds directly with the value of
entity’s performance completed to date.
As at March 31, 2022, the aggregate amount of transaction price allocated to remaining performance obligations, other than
those meeting the exclusion criteria above, was ₹ 38,175 of which approximately 70% is expected to be recognized as revenues
within one year, and the remainder thereafter. This includes contracts, with a substantive enforceable termination penalty if the
contract is terminated without cause by the customer, based on an overall assessment of the contract carried out at the time of
inception. Historically, customers have not terminated contracts without cause.
As at March 31, 2021, the aggregate amount of transaction price allocated to remaining performance obligations, other than
those meeting the exclusion criteria above, was ₹ 37,152 of which approximately 95% is expected to be recognized as revenues
within one year, and the remainder thereafter. This includes contracts, with a substantive enforceable termination penalty if the
contract is terminated without cause by the customer, based on an overall assessment of the contract carried out at the time of
inception. Historically, customers have not terminated contracts without cause.

22. Other income

Particulars
March 31, 2022 March 31, 2021
Interest income on financial assets carried at amortised cost:
Deposits with banks and financial institutions 439 497
Interest income on bonds 40 -
479 497
Other non-operating income
Gain on termination of leases 41 -
Liabilities no longer required, written back, net
- 341
(refer note (i) below) (refer note 16)
Export incentives (refer note (ii) below) 93 566
Miscellaneous income 62 107
196 1,014
Other gain and loss
Foreign exchange gain (net) 28 154
Gain / (loss) on fair valuation of equity instruments 19 (86)
Exchange gain/ (loss) on foreign currency forward contracts (net) 388 (180)
Gain on fair valuation of financial assets and financial liability 11 -
446 (112)
Total 1,121 1,399
Notes:
(i) Liabilities no longer required, written back includes gain of ₹ Nil (2020-21: ₹ 341) on reversal of contingent consideration
payable on past acquisitions which are not contractually payable.
(ii) During the year, the Company has recognised export incentives of ₹ 93 (2020-21: ₹ 566) aggregating under schemes defined
by the Government of India, as other income upon satisfying the conditions specified in the applicable scheme and monetized
₹ 93 (2020-21: ₹ 566).


23. Employee benefits expense

Particulars
March 31, 2022 March 31, 2021
Salaries and wages 20,829 19,739
Contribution to provident and other funds (refer note (i) below) 631 636
Social security and other benefits to overseas employees (refer note (ii) below) 306 208
Share-based payments expense 130 57
Staff welfare expenses (refer note (iii) below) 811 1,021
Less: Capitalised (42) (50)
Total 22,665 21,611

Notes:
(i) Contribution to provident fund and other funds
Provident fund:
The Company and two of its subsidiaries makes provident fund contributions which are defined contribution plans for
qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs
to fund the benefits. These contributions are made to the fund administered and managed by the Government of India. The
Group’s monthly contributions are charged to the consolidated statement of profit and loss in the period they are incurred.
Total expense recognised during the year aggregated ₹ 398 (2020-21: ₹ 413).

Gratuity (funded):
Amount recognised in the consolidated statement of profit and loss in respect of gratuity ₹ 166 (2020-21: ₹ 167) (refer note
17(i)).

National Pension Scheme:
Amount recognised in Statement of Profit and Loss in respect of national pension scheme ₹ 14 (2020-21: ₹ 12).

Superannuation fund - India:
The qualifying employees of the Company receive benefit under a Superannuation scheme which is a defined contribution
scheme wherein the employee has an option to choose the percentage of contribution in between 5% to 15% of the basic
salary of the covered employee. These contributions are made to a fund administrated by Life Insurance Corporation of
India. The Company’s monthly contributions are charged to the consolidated statement of profit and loss in the period they
are incurred. Total expense recognised during the year aggregated ₹ 25 (2020-21: ₹ 24).
Employees’ State Insurance Scheme:

Amount recognised in the statement of profit and loss in respect of Company’s contribution to employees’ state insurance
scheme ₹ 28 (2020-21 - ₹ 20).

(ii) Social security and other benefits to overseas employees
Superannuation fund - Australia:
The employees at the Australia branch & subsidiaries of the Company are also covered under a superannuation scheme.
The Group contributes 9.5% of the basic salary of the employee. The Group’s monthly contributions are charged to the
consolidated statement of profit and loss in the period they are incurred. Total expense recognised during the year
aggregated ₹ 107 (2020-21: ₹ 84).


401 (K) benefit plan - Cyient Inc:
Cyient Inc., provides a defined contribution plan benefit through 401(K) benefit Plan to all of its eligible employees. The plan
is administered by the Cyient Inc., while the trustee for the plan is an external agency. The contribution from the Cyient
Inc., is at the discretion of the Board of Directors. The Cyient Inc., monthly contributions are charged to the consolidated
statement of profit and loss in the period they are incurred. Total expense recognised during the year aggregated ₹ 99
(2020-21: ₹ 86). The amount payable towards 401(K) benefit plan as at March 31, 2022 is ₹ Nil (March 31, 2021: ₹ Nil).

(iii) Staff welfare
Medical Insurance plan - Cyient Inc:
Cyient Inc., offers a medical insurance plan to its associates on self-insured basis which consists of fixed costs of
administration charges and stop loss insurance that are charged on a per associate and monthly claims being settled
from consolidated fund maintained by third party insurance fund. At the end of every calendar year, the insurance agency
provides an estimate of “Claims Not Yet Received” computed on actuarial valuation based on number of associates and
claims received over the last 12 months. This estimate is extrapolated on the basis of the closing enrolments as of March 31
and a liability is recognised for medical expenses. Total expense recognised during the year aggregated to ₹ 572 ( 2020:21:
₹ 663).
24. Cost of materials consumed

Particulars
March 31, 2022 March 31, 2021
Opening stock 1,191 1,773
Add: Purchases 6,910 4,583
Less: Closing stock (2,220) (1,191)
Total 5,881 5,165
25. Changes in inventories of finished goods, stock-in-trade and work-in-progress

Particulars
March 31, 2022 March 31, 2021
Opening stock:
364 462
Closing stock:
539 364
Net (increase)/ decrease (175) 98

26. Finance costs

Particulars
March 31, 2022 March 31, 2021
Interest expense
Interest on borrowings 32 54
Interest on lease liabilities (refer note 3C) 176 212
Other interest expense 134 155
Unwinding of discounting of deferred consideration 51 13
Total 393 433
27. Depreciation and amortisation expense

Particulars
March 31, 2022 March 31, 2021
Depreciation of property, plant and equipment 801 810
Depreciation of right of use assets (refer note 3C) 754 753
Amortisation of intangible assets 367 382
Total 1,922 1,945

28. Other expenses

Particulars
March 31, 2022 March 31, 2021
Rent including lease rentals (refer note 3C) 130 170
Rates and taxes 55 76
Insurance 178 156
Stores and spares consumed 33 25
Freight outwards 133 101
Travelling and conveyance 529 416
Sub-contracting charges 3,139 3,286
Communication 285 292
Printing and stationery 24 20
Power and fuel 204 165
Marketing and advertising expenses 141 105
Repairs and maintenance
- Buildings 19 23
- Machinery 1,187 1,144
- Others 206 131
Non executive directors' commission 30 14
Legal and professional charges 1,446 991
Expenditure for corporate social responsibility 95 102
Expected credit loss for trade receivables (refer note 10 & 21) (refer note (i)
36 381
below)
Fair value changes in liability towards acquisition of business 52 -
Auditors' remuneration 34 33
Recruitment expenses 160 32
Training and development 76 58
Software charges 157 190
Miscellaneous expenses 446 515
Total 8,795 8,426

Notes:
(i) Expected credit loss
Bad debts/unbilled revenue written off during the year ended March 31, 2022 was ₹ 79 (2020-21: ₹ 200) and reversal of provision
for doubtful debts was ₹ 433 (2020-21: ₹ 188). Provision for ECL allowance made for the year ended March 31, 2022 was ₹ 390
(2020-21: ₹ 369).


29. Earnings per share

Particulars
March 31, 2022 March 31, 2021
Profit for the year attributable to shareholders of the Company 5,223 3,638
Basic:
Number of shares outstanding at the year end 110,317,416 110,029,812
Less: Treasury shares 1,079,000 -
Number of shares for earnings per share 109,238,416 110,029,812
Weighted average number of equity shares 109,379,568 109,975,395
Diluted:
Effect of potential equity shares on ASOPs & RSUs outstanding 487,183 59,559
Weighted average number of equity shares outstanding 109,866,751 110,034,954
30. Segment Information

A. Products and services from which reportable segments derive their revenue
The Group’s Chief Operating Decision maker, is the Managing Director and Chief Executive Officer who evaluates Cyient
Group’s performance and allocates resources based on an analysis of various performance indicators by business verticals
and geographical segmentation of customers.

The Cyient Group has identified business segments as its primary segment and geographic segments as its secondary
segment. Geographic segments of the Cyient Group are North America, Europe and Asia Pacific.

The Chief Operating Decision Maker (CODM) reviews the business as two operating segments - ‘Services’ and ‘Design led
Manufacturing’ (DLM), and in accordance with the core principles of Ind AS 108 - ‘Operating Segments’, these have been
considered as the reportable segments of the Group.

The ‘Services’ segment comprises the Group service and solutions offerings across the of Aerospace & Defence,
Transportation, Semiconductor, Medical & Healthcare, Communications, Energy & Utilities and Portfolio business units. The
‘DLM’ segment is engaged in providing electronic manufacturing solutions in the fields of medical, industrial, automotive,
telecommunications, defence and aerospace applications including manufacture and machining of components for
aerospace, automotive and defence industries.

The Group has re-presented the information relating to all comparative periods in line with this revised segmental
classification.

The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. Segment
revenue, expenses, assets and liabilities have been identified to segments on the basis of their relationship to the operating
activities of the segment.

Revenue, expenses, assets and liabilities which relate to the Group as a whole and are not allocable to segments on reasonable
basis have been included under “unallocable revenue /expenses /assets /liabilities”.

B. Segment revenue and results
Segment Revenue Segment Profit

Particulars Year ended Year ended Year ended Year ended
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Services 37,541 34,249 5,753 4,097
Design Led Manufacturing 7,815 7,091 646 584
Less : Inter segment revenue (12) (16) - -
Total 45,344 41,324 6,399 4,681
Less : Finance costs 393 433

Add : Unallocable income (net of unallocable
978 523
expenses)
Add : Share of (loss)/profit from joint venture - -
C. Capital employed (Segment assets - Segment liabilities)
As at As at
Particulars
March 31, 2022 March 31, 2021
Segment assets
Services 19,417 18,943
Design Led Manufacturing 9,802 9,354
Total 29,219 28,297
Unallocable assets 18,654 16,631
Consolidated total assets 47,873 44,928
Segment liabilities
Services 7,004 5,964
Design Led Manufacturing 3,172 3,048
Total 10,176 9,012
Unallocable liabilities 6,563 6,375
Consolidated total liabilities 16,739 15,387

Geographic segments
Information regarding geographical revenue is as follows:

Geographic location
March 31, 2022 March 31, 2021
Segment Revenue

Europe 11,825 11,137
Total 45,344 41,324

Geographical non-current assets, (property , plant & equipment, right of use assets, capital work-in-progress, goodwill, intangible
assets, intangible assets under development and other non-current assets) are allocated based on location of assets:

As at As at
Geographic location
March 31, 2022 March 31, 2021
Segment non-current assets
Europe 2,266 2,391
Total 13,938 14,677

31. List of subsidiaries and joint venture included in consolidation:
Extent of holding (%)

Country of
Sl. No. Name of the Company Parent Company As at March As at March
Incorporation
31, 2022 31, 2021
Subsidiaries
1 Cyient Europe Limited Cyient Limited UK 100% 100%
2 Cyient Benelux BV Cyient Europe Limited Netherlands 100% 100%
3 Cyient Schweiz GmbH Cyient Europe Limited Switzerland 100% 100%
4 Cyient SRO Cyient Europe Limited Czech Republic 100% 100%
5 AnSem NV Cyient Europe Limited Belgium 100% 100%
6 AnSem B.V. AnSem NV Netherlands 100% 100%
7 Cyient Inc. Cyient Limited USA 100% 100%
8 Cyient Canada Inc. Cyient Inc. Canada 100% 100%
9 Cyient Defense Services Inc. Cyient Inc. USA 100% 100%
10 Cyient GmbH Cyient Limited Germany 100% 100%
11 Cyient AB Cyient GmbH Sweden 100% 100%
12 Cyient KK @5 Cyient Limited Japan 100% 100%
13 Cyient Insights Private Limited Cyient Limited India 100% 100%
14 Cyient DLM Private Limited Cyient Limited India 100% 100%
15 Cyient Australia Pty Limited Cyient Limited Australia 100% 100%
Integrated Global Partners Pty Limited
16 @1
Cyient Australia Pty Limited Australia 100% 100%
Integrated Global Partners Pte. Integrated Global Partners

17 Singapore 100% 100%
Limited @1 Pty Limited
Integrated Global Partners
18 Integrated Global Partners Spa @1 Chile 100% 100%
Pty Limited
Integrated Global Partners
19 IG Partners South Africa (Pty) Ltd @1 South Africa 100% 100%
Pty Limited
20 Workforce Delta Pty Limited @2 Cyient Australia Pty Limited Australia 100% -
21 Cyient Singapore Private Limited Cyient Limited Singapore 100% 100%
22 Cyient Israel India Limited @6
Cyient Limited Israel 100% 100%
23 Cyient Limited India 51% 51%
Limited
24 Cyient Engineering (Beijing) Limited @7 Cyient Limited China - -
Joint Venture
25 - India 50% 50%
Infotech HAL Limited
Section 8 Company
26 Cyient Urban Micro Skill Centre - India - -
Foundation @3

Notes:
1. Cyient Australia Pty Limited, Australia, acquired 100% of equity shares of Integrated Global Partners Pty Limited, Australia
(and its wholly owned subsidiaries Integrated Global Partners Pte. Limited, Singapore; Integrated Global Partners SpA, Chile
and IG Partners South Africa (Pty) Ltd, South Africa) on November 06, 2020.
2. Cyient Australia Pty Limited, Australia, acquired 100% of equity shares of Workforce Delta Pty Limited, Australia on July 27,
2021.
3. On October 10, 2018, the Company incorporated Cyient Urban Micro Skill Centre Foundation (“”Cyient Urban””), a wholly
owned Section 8 Company under the Companies Act, 2013, to further the CSR activities of the Company. The objective is
not to obtain economic benefits through the activities of Cyient Urban and accordingly it has been excluded for the purpose
of preparation of consolidated financial statements.
4. Cyient Limited, its subsidiaries and joint venture (‘Group’) are engaged in providing global technology services and solutions
specialising in geospatial, engineering design, IT solutions and data analytics, electronics manufacturing solutions including
machining of components.
5. Cyient Australia Pty Limited holds 86% of shareholding in Cyient KK, Japan and Cyient Limited holds the remaining 14%
shareholding.
6. The Board of Directors of the Company at their meeting held on October 14, 2021 approved the closure of its wholly owned
subsidiary, Cyient Israel India Limited (CIIL) in line with its strategy and simplification of legal entity structure. CIIL did not
have any operations and the financial results of CIIL are not material to the Group. This has no impact on business as the
same is serviced by the existing legal entities.
7. Effective December 21, 2020, Cyient Engineering (Beijing) Limited, China has been deregistered.

32. Related party transactions

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been
eliminated on consolidation and are not disclosed in this note.
Details of transactions between the Group and other related parties are disclosed below.
Joint Venture:
Extent of holding (%) as at

Name of the Joint Venture Country of incorporation
March 31, 2022 March 31, 2021
Infotech HAL Limited India 50% 50%
Other related parties:
Entity Country of incorporation Nature of relationship

Cyient Foundation India Entity with common KMP
Infotech ESOP Trust India Entity with common KMP
Cyient associate stock option scheme 2021 Trust India Entity with common KMP

Key Managerial Personnel (KMP):
Name Designation
M.M. Murugappan Non-Executive Chairman
B.V.R Mohan Reddy Non-Executive and Non-independent Director
Krishna Bodanapu Managing Director and CEO
Ajay Aggarwal Executive Director and Chief Financial Officer
Karthikeyan Natarajan Executive Director and Chief Operating Officer
Sudheendhra Putty Company Secretary
Som Mittal (until 06 February, 2022) Independent Director
Vinai Kumar Thummalapally Independent Director
Vikas Sehgal Independent Director
Vivek Gour Independent Director
Matangi Gowrishankar Independent Director
Ramesh Abhishek (effective 12 Aug, 2020) Independent Director
Alain De Taeye Non-Executive and Non-independent Director
Relative of Non-Executive & Non-independent Director and Managing Director & CEO
Name Designation
B. Ashok Reddy President – Corporate Affairs & Infrastructure ( till 30 June,
2020) & Advisor to Company ( till 31 March, 2021)
Summary of the transactions and balances with the above related parties are as follows:
(a) Transactions during the year:
For the year ended

March 31, 2022 March 31, 2021
CSR expenditure Cyient Foundation 95 102
Compensation to key management personnel as follows:
For the year ended

March 31, 2022 March 31, 2021
Short-term benefits Non-Executive and Non-independent Director,
400* 267
Managing Director & CEO and Executive officers#1 & 2
Dividend paid Non-Executive and Non-independent Director and
64 -
Commission and other benefits Non-executive/independent directors 30 14
*Includes ₹ 50 accrued in the previous year as a part of overall incentive provision and paid during the year for executive officers
#1 Executive officers include Ajay Aggarwal (Executive Director & Chief Financial Officer), Karthikeyan Natarajan (Executive
Director & Chief Operating Officer), Sudheendhra Putty (Company Secretary) and Ashok Reddy (relative of Non-Executive
and Non-independent Director and Managing Director & CEO).
#2 The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance, as
separate actuarial valuation / premium paid are not available.
(b) Balances at the year end:
As at
March 31, 2022 March 31, 2021
Short-term benefits payable Non-Executive and Non-independent
231 136
Director and Managing Director & CEO
Commission and other benefits payable Non-executive/independent directors 22 14

33. Business combinations
A. Business combinations during the year 2021-22:
(i) Workforce Delta Limited (WFD)
On July 27, 2021, the Company through its wholly owned subsidiary Cyient Australia Pty Limited entered into a Share
Purchase Agreement (SPA) to acquire 100% of the issued capital of Workforce Delta Pty Limited (‘WFD’) for an upfront cash
consideration of AUD 3.8 Mn and earn out payments based on future performance. WFD became a subsidiary of Cyient
Australia Pty Limited effective August 05, 2021 on satisfactory completion of the closing conditions under the SPA and has
been consolidated with effect from that date.
The fair value of the purchase consideration of ₹ 418 comprise of an upfront consideration of ₹ 210, contingent consideration
of upto ₹ 165 payable subject to the satisfaction of certain conditions and working capital adjustment of ₹ 43. The fair value
of the contingent consideration, recognised on the acquisition date is determined by discounting the estimated amount
payable to the previous owners on achievement of certain financial targets applying the discounted cash flow approach. The
key inputs used for the estimation of fair values are discount rate of 16% and probabilities of achievement of financial targets.
The fair value of net assets acquired on the acquisition date amounted to ₹ 146. The excess of purchase consideration over
the fair value of the net assets acquired has been attributed towards goodwill.
Components Purchase price allocated

Intangible assets 123
Net current assets * 23
Total 146
Goodwill 272
Total purchase price 418
*includes cash and cash equivalents acquired of ₹ 75.
The intangible assets are amortised over a period of 3-5 years as per management’s estimate of its useful life, over which
economic benefits are expected to be realised. The fair value and gross contractual amount for trade receivables acquired is
₹ 18 and is expected to be collectable. The goodwill amounting to ₹ 272 is attributable to the workforce and high profitability
of the acquired business. Goodwill arising on the acquisition is not deductible for tax purposes. From the date of acquisition,
WFD has contributed revenues amounting to ₹ 222 and profit amounting to ₹ 31 to the Group’s performance for the year
ended March 31, 2022.

B. Business combinations during the year 2020-21:
(i) Merger of B&F Design Inc.
B&F Design Inc. a wholly owned subsidiary of Cyient Defense Services Inc. (“CDSI”) was merged with CDSI, effective April
01, 2020. Pursuant to the amalgamation, all the assets, liabilities and reserves stand transferred and vested in CDSI. The
amalgamation had been accounted for under “Pooling of Interests” method. Accordingly, the assets, liabilities and reserves
have been taken over at their books values. As B&F Design Inc. was a wholly owned subsidiary of CDSI, no consideration was
paid to effect the amalgamation.
(ii) Integrated Global Partners Pty Limited, Australia (IGP)

On August 31, 2020, the Company through its wholly owned subsidiary, Cyient Australia Pty Ltd entered into a Share
Purchase agreement to acquire 100% of the issued capital of Integrated Global Partners Pty Ltd (‘IGP’) and its wholly
owned subsidiaries Integrated Global Partners Pte. Limited, Singapore, Integrated Global Partners SpA , Chile and IG
Partners South Africa (Pty) Ltd, South Africa. IGP is a technology consultancy helping energy and mining companies with
digital readiness, transformation and asset optiomization. IGP became a subsidiary effective November 6, 2020 upon
obtaining approval from Foreign Investment Review Board of Australia and has been consolidated with effect from that date.

The fair value of the purchase consideration of ₹ 886 comprise of an upfront consideration of ₹ 616, contingent consideration
of upto ₹ 270 payable subject to the satisfaction of certain conditions. The fair value of the contingent consideration,
recognised on the acquisition date is determined by discounting the estimated amount payable to the previous owners on
achievement of certain financial targets applying the discounted cash flow approach. The key inputs used for the estimation
of fair values are discount rate of 16% and probabilities of achievement of financial targets. The fair value of net assets
acquired on the acquisition date amounted to ₹ 283. The excess of purchase consideration over the fair value of the net
assets acquired has been attributed towards goodwill.

Components Purchase price allocated

Intangible assets 163
Net current assets * 120
Total 283
Goodwill 603
Total purchase price 886
*includes cash and cash equivalents acquired of ₹ 22.
The intangible assets are amortised over a period of 3-5 years as per management’s estimate of its useful life, over which
economic benefits are expected to be realised. The fair value and gross contractual amount for trade receivables acquired is
₹ 172 and is expected to be collectable. The goodwill amounting to ₹ 603 is attributable to the workforce and high profitability
of the acquired business. Goodwill arising on the acquisition is not deductible for tax purposes. In the previous year, IGP
has contributed revenues amounting to ₹ 246 and profit amounting to ₹ 54 to the Group’s performance for the year ended
March 31, 2021.
34.
Financial Instruments
34.1Capital management
The Group manages its capital to ensure that it maximises the return to stakeholders through the optimisation of the
capital structure. The Group monitors the return on capital as well as the level of dividends on its equity shares. The Group is
predominantly equity financed which is evident from the capital structure. Further the Group has always been positive on its
net cash position with cash and bank balances along with investments in liquid and short term mutual funds.

Gearing ratio:
As at As at
Particulars
March 31, 2022 March 31, 2021
Borrowings* 3,264 3,184
Cash and bank balances (12,666) (14,650)
Net debt - -
Net debt to equity ratio - -
* Include current, non-current and current maturities of non-current borrowings (refer note 15)

34.2 Financial instruments by category
Particulars
March 31, 2022 March 31, 2021
Financial assets:
Amortised cost
Cash and cash equivalents 12,157 14,408
Other bank balances 509 242
Other financial assets 3,488 2,867
Investment in tax free and perpetual bonds (quoted)** 2,319 -

Investments in other equity instruments (unquoted) 926 42

Investments in mutual funds 704 -
Investment in compulsorily convertible preference shares (CCPS) 10 12
Investment in preferred instruments of other entities 338 175
Investment in Partnership fund 151 115
Total financial assets 28,180 26,124
Financial liabilities:
Amortised cost
Borrowings* 3,264 3,184
Trade payables 5,322 4,532
Other financial liabilities 136 132
Lease liabilities 2,470 2,590


Liability towards acquisition of business 585 355
Total financial liabilities 11,826 10,839
* Include current, non-current and current maturities of non-current borrowings (refer note 15)
** Fair value of investment in tax free and perpetual bond is ₹ 2,276 (March 31, 2021: Nil)
The management assessed that fair value of cash and cash equivalents and other bank balances, trade receivables, other financial
assets, trade payables, borrowings and other current financial liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments, and hence these are carried at amortised cost.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than a forced or a liquidation sale.
Investments in other equity, debt and preferred instruments (quoted and unquoted) are measured at fair value through initial
designation in accordance with Ind-AS 109.
Derivative assets/ (liabilities) are mandatorily measured at fair value.
Liability towards acquisition of business is measured mandatorily at fair value through consolidated statement of profit and loss.

34.3 Fair value hierarchy
Valuation technique and key inputs
Level 1 - Quoted prices (unadjusted) in an active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Fair value measurement at the end

As at March of year using
Particulars Date of valuation
31, 2022
Level 1 Level 2 Level 3
Assets
Investments in other equity instruments March 31, 2022 926 - - 926
(unquoted) *
Investment in preferred instruments of other March 31, 2022 338 - - 338
entities (unquoted) *
Investment in compulsorily convertible March 31, 2022 10 - - 10
preference shares (CCPS) (unquoted) *
Investment in Partnership fund (unquoted) * March 31, 2022 151 - - 151
Investments in tax free and perpetual bonds March 31, 2022 2,276 - 2,276 -
(quoted) **
Investment in mutual funds ** March 31, 2022 704 704 - -
Derivative instruments designated in a hedging March 31, 2022 245 - 245 -
relationship **
Liabilities
relationship **
Liability towards acquisition of business * March 31, 2022 585 - - 585

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of
March 31, 2021:
Fair value measurement at the

Date of As at March end of year using
Particulars
valuation 31, 2021
Level 1 Level 2 Level 3
Assets
Investments in other equity instruments (unquoted) * March 31, 2021 42 - - 42
Investment in preferred instruments of other entities March 31, 2021 175 - - 175
(unquoted) *
Investment in compulsorily convertible preference March 31, 2021 12 - - 12
shares (CCPS) (unquoted) *
Investment in Partnership fund (unquoted) * March 31, 2021 115 - - 115

relationship **
Liabilities
relationship **
Liability towards acquisition of business * March 31, 2021 355 - - 355

There have been no transfers among Level 1, Level 2 and Level 3 during the previous year.
The following methods and assumptions were used to estimate the fair values:

* The fair values of the unquoted equity, debt, CCPS and preferred instruments, liability towards acquisition of business
and gross obligation liability to acquire non-controlling interests have been estimated using a DCF model. The valuation
requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
and probabilities of the various estimates within the range used in management’s estimate of fair value for these unquoted
equity, preferred and debt investments.

** The Company enters into derivative financial instruments with various counterparties, principally financial institutions with
investment grade credit ratings. Foreign exchange forward contracts and interest rate swaps are valued using valuation
techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include
forward pricing using present value calculations. The models incorporate various inputs including the credit quality of
counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, etc. As at March 31,
2021 the mark-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative
counterparty default risk. The changes in counterparty credit risk had insignificant impact on the hedge effectiveness
assessment for derivatives designated in hedge relationships.

Fair value measurements using significant unobservable inputs (level 3)

The following table presents changes in level 3 items for the year ended March 31, 2022 and March 31, 2021:

Investment in other Liability towards

Particulars equity, debt and preferred acquisition of business and
instruments (unquoted) contingent consideration
As at March 31, 2020 414 489
Acquisitions 15 270
Loss/(gain) recognised in consolidated statement of profit and
(86) (343)
loss account
Exchange impact on financial assets/liabilities 1 38
Payments during the year - (99)
As at March 31, 2021 344 355
Acquisitions 1,056 165
Loss/(gain) recognised in consolidated statement of profit and
17 103
loss account
Exchange impact on financial asssets / liabilities 8 7
Payments during the year - (45)
As at March 31, 2022 1,425 585

Valuation inputs and relationships to fair value
The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value
measurements.
Fair value as at Significant

Sensitivity of the
Particulars March 31, March 31, unobservable Valuation process
inputs to fair value
2022 2021 inputs
Earnings growth factor for Any increase in

unquoted equity, debt, preferred earnings growth rate
investments and CCPS are would increase the fair
Earnings estimated based on the market value.
growth rate information of similar type of
Investment in companies and also considering
unquoted equity, debt, the economic environment
preferred instruments impact.
1,425 344
and compulsorily
convertible preference Discount rates are determined Any increase in the
shares (CCPS) using a capital asset pricing discount rate would
model to calculate a pre-tax result in decrease in
Discount rate rate that reflects current market fair value.
assessments of the time value
of money and risk specific to
that asset.
Estimate of cash outflows are Any increase in
based on forecasted sales expected cash flows
Expected and entity's knowledge of the would increase the fair
cash outflows business and how the current value.
economic environment is likely
Liability towards to impact.
585 355
acquisition of business Discount rate is the current Any increase in the
average borrowing cost that discount rate would
a market participant would result in decrease in
Discount rate
expect to pay to obtain its debt fair value.
financing based on the assumed
capital structure.

34.4
Financial risk management
Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and other price risks. The
Group’s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects
on its financial performance. The primary market risk to the Group is foreign exchange risk and interest rate risk. The Group
uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Group’s exposure to credit risk
is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.
The liquidity risk is measured by the Group’s inability to meet its financial obligations as they become due.


Foreign exchange risk
The Group operates internationally and a major portion of the business is dominated in foreign exchange predominantly US
Dollar, Pound Sterling and Euro currencies. Consequently the Company is exposed to foreign exchange risk through its services
and purchases / import of services from overseas suppliers in various foreign currencies. The Group holds derivative financial
instruments such as foreign exchange forward contracts to mitigate the risk of changes in exchange rates on foreign currency
exposures. The exchange rate between the rupee and foreign currencies has changed substantially in recent years and may
fluctuate substantially in the future. Consequently, the results of the Group’s operations are affected as the rupee appreciates/
depreciates against these currencies.
The Company monitors and manages its financial risks by analysing its foreign exchange exposures. The Company, in accordance
with its Board approved risk management policies and procedures, enters into foreign exchange forward contracts to manage its
exposure in foreign exchange rates.

Derivative financial instruments:
Amount in foreign
Currency No. of contracts Amount in ₹ Buy/Sell Cross currency
currency
AUD 35 28,000,000 1,605 Sell Rupees
CAD 27 18,000,000 1,115 Sell Rupees
EUR 40 30,000,000 2,743 Sell Rupees
USD 74 75,200,000 5,858 Sell Rupees

Amount in foreign
Currency No. of contracts Amount in ₹ Buy/Sell Cross currency
currency
AUD 32 26,900,000 1,526 Sell Rupees
CAD 25 16,900,000 1,003 Sell Rupees
EUR 33 28,450,000 2,611 Sell Rupees
USD 64 68,000,000 5,245 Sell Rupees

All outstanding forward exchange contracts as at March 31, 2022 and March 31, 2021 have balance maturity period of less than
one year.
IIn respect of the Company’s forward contracts, a 5% increase/decrease in the respective exchange rates of each of the currencies
underlying such contracts would have resulted in:

Unhedged foreign currency exposure
The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the volatality of the Group’s net
financial assets (which includes cash and cash equivalents, trade receivables, other financial assets, trade payables, other financial
liabilities), which are denominated in various foreign currencies (viz. USD, Euro, UK pound sterling, Aus $, SGD, CAD, Yen etc.).


For the year ended March 31, 2022 and March 31, 2021 , every 5% increase / decrease of the respective foreign currencies compared
to functional currency of the Company would impact profit before tax by ₹ 148 / (₹ 148) and ₹ 173 / (₹ 173) respectively.

Interest rate risk

The Group is exposed to interest rate risk as it has borrowing at floating interest rate. The risk is managed by maintaining use of
interest rate swap contracts. Hedging activities are evaluated regularly to align with interest rate views and define risk appetite,
ensuring the most cost effective hedging strategies are applied.

Interest rate swap contracts
Under Interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest
amounts calculated on agreed notional principal amount. Such contract enables group to mitigate the risk of changing interest
rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The fair value of
interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the curves at the
end of the reporting period and the credit risk inherent in the contract, and is disclosed below. The average interest is based on
the outstanding balances at the end of the reporting period.

Details of the Interest rate swap contracts:
Loan Amount Fair Value of Interest Rate Swap

As at Coupon/ Fixed Interest
Particulars As at March 31, As at March 31, As at March 31,
March 31, Interest Rate Rate
2022 2021 2021
2022
Term loan Libor + 1% to 2.175% -
- 56 - (1)
from HSBC 1.5% 3.3190%
In respect of the Group’s interest rate swap contracts, a 5% increase/decrease in its fair value has an insignificant impact on the
profit of the Group.

Credit risk:
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the Group’s receivables from customers and investment securities. Credit risk arises from
cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of
customers to which the Group grants credit terms in the normal course of business. The Group establishes an allowance for
expected credit losses and impairment that represents its estimate of incurred losses in respect of trade and other receivables
and investments.
In addition, the Company is exposed, to credit risk in relation to financial guarantees given to subsidiary’s banks. The Company’s
exposure in this respect is limited to the maximum amount the Company could have to pay if the guarantee is called on.

Trade and other receivables:
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics
of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on
credit risk assessment.

The following table gives details in respect of percentage of total receivables and unbilled receivables from top customer and top
five customers:
For the year ended

Particulars
March 31, 2022 March 31, 2021
Receivable from top customer 6.8 12.7
Receivable from top 5 customers 27.2 38.9

Investments:
The Group limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good
credit rating. The Group does not expect any losses from non-performance by these counter-parties, and does not have any
significant concentration of exposures to specific industry sectors or specific country risks.

Liquidity risk:
The Group principal sources of liquidity are cash & bank balances and investments in mutual funds and cash generated from
operations. The Group believes that working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is
perceived.
The Group has unutilised credit limits from the banks of ₹ 6,097 and ₹ 5,927, as of March 31, 2022 and March 31, 2021
respectively

As of March 31, 2022, the Company had working capital of ₹ 16,349, including cash and bank balances of ₹ 12,666

As of March 31, 2021, the Company had working capital of ₹ 17,409, including cash and bank balances of ₹ 14,650

The table below provides details regarding the contractual maturities of significant financial liabilities (excluding current, non-
current borrowings and lease liabilities) as at March 31, 2022:
Particulars Less than 1 year 1-2 years 2-3 years More than 3 years
Trade payables 5,259 63 - -
Other financial liabilities (current & non-current) 425 193 152 -
Total 5,684 256 152 -

The table below provides details regarding the contractual maturities of significant financial liabilities (excluding current, non-
current borrowings and lease liabilities) as at March 31, 2021:
Particulars Less than 1 year 1-2 years 2-3 years More than 3 years
Trade payables 4,532 - - -
Other financial liabilities (current & non-current) 302 131 97 -
Total 4,834 131 97 -
* The Group’s obligation towards payment of borrowings has been included in note 15.
Other price risks
The Group is exposed to equity price risks arising from equity investments. Company’s equity investments are held for strategic
rather than trading purposes.

35. Contingent liabilities and commitments
As at
Particulars
March 31, 2022 March 31, 2021
(A) Contingent liabilities:
Claims against the Company not acknowledged as debt (refer note (a) to (g) 553 566
below)
553 566
(B) Commitments:
Contracts remaining to be executed on capital account and not provided for (net 174 198
of capital advances)
Total 727 764

Notes:
(a) The Company disputed various demands raised by income tax authorities for the assessment years 2002-03, 2004-05, 2013-
14, 2014-15, 2016-17, 2017-18 and 2018-19 (March 31, 2021: 2002-03, 2004-05, 2013-14, 2014-15, 2016-17, 2017-18 and
2018-19) which are pending at various stages of appeals. The aggregate amount of disputed tax not provided for is ₹ 40
(March 31, 2021 - ₹ 40). The Company is confident that these appeals will be decided in its favour.

(b) The Company disputed various demands raised by the sales tax authorities for the financial years 2004-05 to 2009-10 and
2015-16 to 2017-18 (till June 2017) (March 31, 2021: 2004-05 to 2009-10 and 2015-16 to 2017-18 (till June 2017)). The
Company filed appeals, which are pending with the appropriate authorities. The aggregate amount of disputed tax not
provided for is ₹ 21 (March 31, 2021 : ₹ 21). The Company is confident that these appeals will be decided in its favour. The
above does not include show cause notices received by the Company.
A subsidiary Company has pending statutory forms (C/H/I) for financial years 2015-16 to 2017-18. Aggregate amount of
liability not provided for is ₹ Nil (March 31, 2021 : ₹ 8)

(c) The Company disputed various demands raised by the service tax authorities for the financial years 2013-14 to 2017-18
(till June 2017) (March 31, 2021 - 2013-14 to 2017-18 (till June 2017)). The Company filed appeals, which are pending with
the appropriate authorities. The aggregate amount of disputed tax not provided for is ₹ 371 (March 31, 2021 - ₹ 371). The
Company is confident that these appeals will be decided in its favour. The above does not include show cause notices received
by the Company.

(d) The Company is contesting certain pending service tax refunds amounting to ₹ 29 (March 31, 2021 : ₹ 34) at various appellate
authorities. The Company is confident that these appeals will be decided in its favour.
(e) During the financial year 2015-16, the Government of India notified an amendment to the Payment of Bonus Act, 1961
whereby the applicable slabs as well as coverage limit was enhanced. The said amendment was made effective April 1, 2014.
The Company is contesting the retrospective applicability of the amendment for the financial year 2014-15 in the High Court
of Judicature at Hyderabad for the states of Telangana and Andhra Pradesh. The aggregate amount of liability pertaining to
the financial year 2014-15, not provided for, is ₹ 92 (March 31, 2021: ₹ 92).

(f) One of the former employee of the Company filed a legal suit to recover amount from a party in his personal capacity on
behalf of Certon Software Inc., (merged with Cyient Inc. on November 1, 2018). The Company has taken proactive steps to
mitigate any potential risks that may arise out of this action. Pending legal resolution of the dispute, no provision has been
recognised in the consolidated financial statements.


(g) During the year a charge was filed in a United States District Court, against an employee of one of the the Company’s US
subsidiaries and employees of a customer and the customer’s outsourced engineering suppliers charging each of them with
violating the federal antitrust laws for purported agreements restricting the employment of individuals relating to services
rendered to the customer. The subsidiary or its affiliates were not charged under the suit.
Subsequently, certain civil class action antitrust lawsuits were filed in a U.S. District Court against such subsidiary and its
employee, amongst various other corporate and individual defendants. The matters in each of the civil lawsuits arise from the
assertions in the antitrust suit mentioned above. We expect the civil suits will be consolidated into an amended civil complaint
and the subsidiary and other defendants will file motions to dismiss that.
Based on the information available to date, we do not believe that the aforesaid matter will have any material adverse effect on
the Company’s operations, financial condition, or liquidity.
(C) The Company has certain outstanding export obligations/commitments as at March 31, 2022 and March 31, 2021. Further,
the Company has certain commitments to bankers relating to receivable factoring arrangements entered with them in respect of
receivables from few customers. These factoring arrangements are without recourse to the Company and in the normal course of
business. The Company is confident of meeting these commitments arising from such arrangements.
36. Impairment of non-current assets

(a) In the previous year, the Company had recognised one-time charge of ₹ 309 of goodwill relating to semiconductor business
(‘Services CGU’) considering the business forecasts and long term outlook of the business (refer note 4).

(b) In the earlier years, Company’s subsidiary, Cyient Solutions and Systems Private Limited ( ‘CSSPL’) entered into a collaboration
agreement with a third party for the development of payload and customisation of UAV systems. As at March 31, 2019, ₹ 163
spent has been classified as ‘intangible asset under development’ and ₹ 59 under capital and other advances. In the FY 19-20,
CSSPL has recognised one-time impairment charge of ₹ 222 relating to costs incurred on development of UAV systems in
view of the potential delays in materialization of orders and classified under ‘impairment of non-current assets’. Reversal of
impairment of ₹ 35 in the consolidated financial statements for the year ended March 31, 2021 represents recoveries against
the aforesaid impairment of non-current assets.

37. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
As at
Particulars
March 31, 2022 March 31, 2021
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting 53 72
year
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the - -
accounting year
(iii) The amount of interest paid along with the amounts of the payment made to - -
the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year - -
(v) The amount of interest accrued and remaining unpaid at the end of the - -
accounting year
(vi) The amount of further interest due and payable even in the succeeding year, - -
until such date when the interest dues as above are actually paid
The disclosures in respect of the amounts payable to such enterprises as at March 31, 2022 and March 31, 2021 has been made
in the financial statements based on information received and available with the Group. Further in view of the Management, the
impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The
Group has not received any claim for interest from any supplier as at the balance sheet date.

38. Dividends distribution made and proposed

Cash dividends on equity shares declared and paid:
Final dividend for the year ended on March 31, 2021 : ₹ 17 per share (March 31, 1,871 -
2020 : ₹ Nil per share)
Interim dividend for the year ended on March 31, 2022 : ₹ 10 per share (March 31, 1,102 -
2021 : ₹ Nil per share)
Total#* 2,973 -
Proposed dividend on equity shares:

Final dividend for the year ended on March 31, 2022 : ₹ 14 per share ( March 31, 1,544 1,871
2021: ₹ 17)
1,544 1,871
#Includes unclaimed dividend amount of ₹ 5 (2020-21: ₹ Nil).
*Includes dividend on treasury shares ₹ 21 (2020-21: ₹ Nil)

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a liability
as at March 31, 2022. The dividend declared/paid and proposed is in accordance with Section 123 of The Companies Act, 2013.
With effect from April 1, 2020, the Dividend Distribution Tax (‘DDT’) payable by the company under section 115O of Income Tax
Act was abolished and a withholding tax was introduced on the payment of dividend. As a result, dividend is now taxable in the
hands of the recipient.


39. Disclosure of additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial Statements to
Schedule III to the Companies Act, 2013
(A) As at and for the year ended March 31, 2022
Net assets, i.e., total assets Share of other comprehensive Share in total comprehensive
Share of profit or loss
minus total liabilities income income
Sl
Name of the entity in the Group
No. As % of As % of As % of consolidated As % of consolidated
consolidated Amount consolidated Amount other comprehensive Amount total comprehensive Amount
net assets profit or loss income income
Parent Company
Cyient Limited 83.47% 25,987 108.97% 5,691 (175.6%) (34) 107.91% 5,657
Subsidiaries
Indian
1 Cyient Insights Private Limited (0.26%) (80) (0.53%) (28) - - (0.53%) (28)
2 Cyient DLM Private Limited 2.48% 771 7.62% 398 (17.22%) (3) 7.53% 395
3 Cyient Solutions and Systems Private (0.94%) (291) (0.04%) (2) - - (0.04%) (2)
Limited
Foreign
1 Cyient Inc. 11.02% 3,430 10.45% 546 5.15% 1 10.43% 547
2 Cyient Europe Limited 2.89% 901 2.14% 112 - - 2.14% 112
3 Cyient GmbH 5.26% 1,637 0.95% 50 - - 0.95% 50
4 Cyient KK 1.06% 330 0.30% 16 - - 0.30% 16
5 Cyient Australia Pty Limited 2.18% 680 3.44% 180 - - 3.43% 180
6 Cyient Singapore Private Limited (0.08%) (25) (0.36%) (19) - - (0.36%) (19)
7 Cyient Israel Private Limited 0.13% 41 - (4) - - - (4)
Adjustments on account of consolidation (7.09%) (2,209) (32.88%) (1,717) 287.68% 56 -31.69% (1,661)
Non-controlling interests in:

1 Cyient Solutions and Systems Private (0.11%) (32) - - - - - -
Limited (refer note 14)

Joint Venture
Indian
Infotech HAL Limited - - - - - - - -
341
Total 100% 31,134 100% 5,223 100% 19 100% 5,242
39. Disclosure of additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial
Statements to Schedule III to the Companies Act, 2013
342
(B) As at and for the year ended March 31, 2021
Net assets, i.e., total assets Share of profit or loss Share of other comprehensive Share in total comprehensive
minus total liabilities income income
Sl As % of Amount As % of Amount As % of consolidated Amount As % of Amount
Name of the entity in the Group
No. consolidated net consolidated profit other comprehensive consolidated total
assets or loss income comprehensive
income
Parent Company

Cyient Limited 81.17% 23,979 76.44% 2,781 51.95% 120 74.98% 2,901
Subsidiaries
Indian
1 Cyient Insights Private Limited (0.18%) (52) 0.03% 1 0.87% 2 0.08% 3
2 Cyient DLM Private Limited 1.28% 377 3.25% 118 0.87% 2 3.11% 120
3 Cyient Solutions and Systems Private (0.98%) (289) 0.91% 33 - - 0.86% 33
Limited
Foreign
1 Cyient Inc. 14.29% 4,221 4.92% 179 (12.55%) (29) 3.88% 150
2 Cyient Europe Limited 2.78% 820 6.29% 229 (17.75%) (41) 4.85% 188
3 Cyient GmbH 5.48% 1,618 1.04% 38 6.93% 16 1.39% 54
4 Cyient KK 1.14% 338 2.72% 99 - - 2.55% 99
5 Cyient Australia Pty Limited 1.65% 487 6.64% 242 (1.3%) (3) 6.17% 239
6 Cyient Singapore Private Limited (0.02%) (7) (1.05%) (38) - - (0.99%) (38)
7 Cyient Israel Private Limited 0.14% 41 - - - - - -
Adjustments on account of consolidation (6.63%) (1,960) (1.18%) (43) 71.00% 164 3.13% 121
Non-controlling interests in:

1 Cyient Solutions and Systems Private (0.11%) (32) - - - - - -
Limited (refer note 14)
Joint Venture
Indian
Infotech HAL Limited - - - - - - - -
Total 100% 29,541 100% 3,638 100% 231 100% 3,869

40. The code of Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment received
Presidential assent in September 2020 and its effective date is yet to be notified. The Company will assess and record the
impact of the Code, once it is effective.

41. Other statutory information
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group
for holding any Benami property.
(ii) The Group does not have any transaction with companies struck off.
(iii) The Group does not have any charge or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Group has not been declared willful defaulter by any bank or financial institution or government or any government
authority.
(vi) The Group has not advanced or loaned or invested funds to any other person or entity, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Group has not received any fund from any person or entity, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(viii) The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961).

42. Previous year figures have been regrouped / reclassified, where necessary, to confirm to current year’s classification.


(DIN - 02565242)


Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
344
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014-AOC I)
Part “A”: Subsidiaries
Cyient
Cyient Cyient Cyient Cyient
Cyient Solutions
Cyient Australia Singapore Insights Cyient DLM Israel
Name of the subsidiary Cyient Inc., Europe Cyient KK and Systems
GmbH Pty Private Private Private Limited India
Limited Private
Limited Limited Limited Limited
Limited
Reporting period for the
subsidiary concerned,
April to April to April to April to April to April to April to
if different from the April to March April to March April to March

March March March March March March March
holding company’s
reporting period
Reporting currency USD GBP EUR JPY AUD SGD INR INR INR ILS
Exchange rate as on the
last date of the relevant
75.84 99.58 84.63 0.62 56.89 56.06 1 1 1 22.01
Financial year in the case
of foreign subsidiaries
Equity share capital 21,450,000 1,850,000 600,000 64,500,000 1,000 5,085,360 19,994,780 13,670,000 200,000 1,817,100
Other equity 24,722,047 7,208,208 18,742,888 467,756,499 12,013,593 (5,535,733) (72,052,098) 757,450,000 (291,480,697) (32,690)
Total assets 99,734,303 56,711,542 36,621,493 880,221,279 46,054,096 2,185,270 89,303,404 7,769,142,206 29,432,714 2,415,814
Total Liabilities 45,868,892 47,653,334 17,278,605 347,964,780 34,039,503 2,635,643 141,360,722 6,998,020,000 320,713,412 631,405
Investments 4,959,985 1,139,456 - - 671,550 - - 3,218,237 - -
Turnover 239,118,559 62,984,284 23,172,374 1,174,323,877 73,403,100 2,710,996 33,940,876 7,205,328,847 - 713,184
Profit/(Loss) before
10,830,061 1,831,727 894,814 35,123,698 73,403,100 115,738 (212,656) 507,300,000 (1,858,016) (151,721)
taxation
Provision for taxation 3,514,236 723,128 314,349 11,342,941 2,335,795 444,379 - 109,350,000 - 20,200
Profit/(Loss) after
7,315,825 1,108,599 580,465 23,780,757 3,210,923 (328,641) (212,656) 397,950,000 (1,858,016) (171,921)
taxation
Proposed Dividend - - - - - - - - - -
% of shareholding 100% 100% 100% 100% 100% 100% 100% 100% 51% 100%
Notes: 1. All amounts mentioned above are in the respective reporting currency, in accordance with Ind-AS accounting standards.
2. Cyient Engineering (Beijing) Limited, China was incorporated during the year 2015-16. Effective December 01, 2020, Cyient Engineering (Beijing) Limited
has been deregistered.
3. On October 10, 2018, the Company incorporated Cyient Urban Micro Skill Centre Foundation (“Cyient Urban”), a wholly owned Section 8 Company under
the Companies Act, 2013, to further the CSR activities of the Company. The objective is not to obtain economic benefits through the activities of Cyient
Urban and accordingly it has been excluded for the purpose of preparation of consolidated financial statements.
Part “B”: Associates and Joint Ventures
Name of Associates/Joint Ventures Infotech HAL Limited, India

1. Latest audited Balance Sheet Date March 31, 2022
2. Shares of Associate/Joint Ventures held by the company on the year end
i. Number i. 2,000,000
ii. Amount of Investment in Associates/Joint Venture (refer note below) ii. -
iii. Extend of Holding % iii. 50%
3. Description of how there is significant influence There is significant influence to the
extent of shareholding
4. Reason why the associate/joint venture is not consolidated NA
5. Net worth attributable to Shareholding as per latest audited Balance Sheet Nil (refer notes below)
6. Profit/(Loss) for the year
i. Considered in Consolidation i) -
ii. Not Considered in Consolidation ii) -
Notes: i. Infotech HAL Limited is accounted as a joint venture in the consolidated financial statements of Cyient Limited.
ii. Rs. Nil share of profit or loss has been recognized on consolidation from Infotech HAL Limited in FY 22.
iii. Names of joint ventures which are yet to commence operations – None.

10 Year Historical Perspective - Standalone ` Mn
I GAAP IND AS
346
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
For the year
Total Revenue 10,889 12,769 13,969 13,591 13,736 14,397 16,149 15,231 13,799 17,505
EBITDA 3,196 3,967 4,053 3,637 3,617 5,671 5,932 4,792 4,742 7,881
Finance cost 1 4 5 3 6 6 11 148 146 104
Depreciation, amortisation and impairment** 563 649 618 684 540 508 509 1,301 1,076 967
Provision for income tax 699 763 707 615 601 1,285 1,179 743 755 1,162
Deferred tax 71 3 12 (72) (100) (43) (174) 120 (16) (43)

Profit before exceptional item 1,862 2,549 2,711 2,407 2,570 3,915 4,407 2,480 2,781 5,691
Exceptional item 18 - - 72 201 (103) - - - -
Profit after tax 1,843 2,549 2,711 2,335 2,369 4,018 4,407 2,480 2,781 5,691
Dividend 586 559 899 787 1,307 1,463 1,667 1,649 1,871 2,646
As at the end of the year
Share capital* 558 560 562 562 563 563 552 550 550 552
Reserves and surplus 11,108 13,298 15,244 16,213 18,259 20,051 21,813 20,433 23,422 25,442
Share application money pending allotment 4 1 - 1 - - - - 7 (7)
Net Worth 11,670 13,859 15,806 16,776 18,822 20,614 22,365 20,983 23,979 25,987
Loan funds - - - - - - - - - -
Gross block 6,810 7,226 7,806 8,013 8,251 8,581 9,028 9,735 9,943 10,379
Capital investment 834 416 580 207 238 330 447 707 208 436
Right of use assets - - - - - - - 1,667 1,830 2,555
Net Current assets 6,230 8,524 7,589 8,420 10,510 12,282 13,044 10,449 14,151 13,575
Debt - equity ratio - - - - - - - - - -
Per share data
Basic earnings per share (Rs.) (EPS) 16.53 22.81 24.17 20.77 21.05 35.69 39.07 22.56 25.29 52.03
Dividend Per Share (Rs.) (DPS) 4.5 5.0 8.0 7.0 10.5 13.0 15 15 17 24
Dividend (%) 90.0% 100.0% 160.0% 140.0% 210.0% 260.0% 300% 300% 340% 480%
Dividend Pay-out (%) 27.2% 21.9% 33.2% 33.7% 55.2% 36.4% 37.8% 66.5% 67.3% 46.5%
Book Value (Rs.) 104.5 123.8 140.7 149.1 167.2 183.1 202.45 189.94 217.99 235.56
Face Value (Rs.) 5 5 5 5 5 5 5 5 5 5
Pursuant to the notification dated February 16, 2015 issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (“Ind AS”)
notified under the Companies (Indian Accounting Standards) Rules, 2015, with effect from the “transition date” of April 01, 2015. Financial statements for the year ended
and as at March 31, 2016, already reported under the Previous GAAP, have been restated to conform to Ind AS.
* The Company bought back an aggregate of 3,123,963 equity shares , utilizing a total of ₹ 1,999 (excluding transaction costs of Buyback), which represents 99.99% of
the maximum Buyback size between February 01, 2019 to April 11, 2019.
** Effective April 1, 2019, the Company has adopted Ind AS 116 ‘Leases’ which sets out the principles for recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model.
Financial Analysis - Standalone
Balance Sheet Summary for Last Five Years ` Mn and percentage
IND AS
As at As at As at As at As at
March 31, % March 31, % March 31, % March 31, % March 31, %
2022 2021 2020 2019 2018
ASSETS
Non-current assets
Property, plant and equipment 2,561 8% 2,636 9% 2,852 10.7% 2,460 9.5% 2,252 9.4%
Right of use assets 1,064 3% 909 3% 1,221 4.6% - - - -
Capital work-in-progress 70 0% 36 0% 14 0.1% 287 1.1% 213 0.9%
Other Intangible assets 148 0% 178 1% 282 1.1% 204 0.8% 292 1.2%
Intangible assets under
- 0% 734 2% 613 2.3% 468 1.8% 251 1.0%
development
Financial assets
(a) Investments 8,047 25% 5,008 16% 5,107 19.1% 5,101 19.8% 4,639 19.‸3%
(b) Loans 1,111 3% 802 3% 1,002 3.7% 688 2.7% 320 1.3%
(c) Other financial assets 179 1% 182 1% - - - 0.0%
Deferred tax assets (net) 203 1% 204 1% 274 1.0% 194 0.8% 167 0.7%
Income tax assets (net) 763 2% 771 3% 807 3.0% 320 1.2% 392 1.6%
Other non-current assets 207 1% 125 0.4% 210 0.7% 462 1.8% 507 2.1%
Total non-current assets 14,353 45.0% 11,585 38.1% 12,382 46.3% 10,184 39.5% 9,033 37.6%
Current assets
Financial assets
(a) Investments 866 2.7% - - - - 278 1.1% 1,130 4.7%
(b) Trade receivables 4,589 14.4% 4,297 14.1% 5,658 21.2% 5,079 19.7% 4,151 17.3%
(c) Cash and cash equivalents 8,748 27.5% 11,541 38.0% 5,836 21.8% 6,998 27.1% 7,200 30.0%
(d) Other bank balances 1 0.0% 2 0.01% 1 0.0% 129 0.5% 66 0.3%
(e) Loans 540 1.7% 671 2.2% 436 1.6% 320 1.2% 267 1.1%
(f) Other financial assets 1,744 5.5% 1,470 4.8% 1,566 5.9% 1,805 7.0% 1,628 6.8%

Other current assets 1,021 3.2% 823 2.7% 848 3.2% 1,008 3.9% 536 2.2%
Total current assets 17,509 55.0% 18,804 61.9% 14,345 53.7% 15,617 60.5% 14,978 62.4%
347
Total assets 31,862 100% 30,389 100.0% 26,727 100% 25,801 100% 24,011 100%
IND AS
348
As at As at As at As at As at
March 31, % March 31, % March 31, % March 31, % March 31, %
2022 2021 2020 2019 2018
Equity
Equity share capital 552 1.7% 550 1.8% 550 2.0% 552 2.1% 563 2.3%
Other equity 25,435 79.8% 23,429 77.1% 20,433 76.5% 21,813 84.5% 20,051 83.5%
Total equity 25,987 81.6% 23,979 78.9% 20,983 78.5% 22,365 86.7% 20,614 85.9%

LIABILITIES
Provisions 1,052 3.3% 956 3.1% 834 3.1% 863 3.3% 701 2.9%
(a) Lease liabilities 798 2.5% 769 2.5% 1,014 3.8% - - - -
(b) Trade payables 63 0.2% - - - - - - - -
(c) Other financial liabilities 28 0.1% 32 0.1% - - - - - -
Total non-current liabilities 1,941 6.1% 1,757 5.8% 1,848 6.9% 863 3.3% 701 2.9%
Current liabilities
Financial Liabilities
(a) Trade payables 2,598 8.2% 2,752 9.1% 2,584 9.7% 1,963 7.6% 1,933 8.1%
(b) Lease liabilities 358 1.1% 272 0.9% 347 1.3% - - - -
(c) Other financial liabilities 136 0.4% 103 0.3% 331 1.2% 137 0.5% 173 0.7%
Income tax liabilities (net) 114 0.4% 97 0.3% 134 0.5% 48 0.2% 44 0.2%
Provisions 210 0.7% 200 0.7% 163 0.6% 97 0.4% 71 0.3%
Other current liabilities 518 1.6% 1,229 4.0% 337 1.3% 328 1.3% 475 2.0%
Total current liabilities 3,934 12.3% 4,653 15.3% 3,896 14.6% 2,573 10.0% 2,696 11.2%
Total liabilities 5,875 18.4% 6,410 21.1% 5,744 21.5% 3,436 13.3% 3,397 14.1%
Total equity and liabilities 31,862 100% 30,389 100.0% 26,727 100.0% 25,801 100.0% 24,011 100%
Financial Analysis - Standalone
Statement of Profit and Loss Summary for Last Five Years ` Mn and percentage
IND AS
Particulars
2021-22 % 2020-21 % 2019-20 % 2018-19 % 2017-18 %
INCOME
Revenue from operations 17,505 86.4% 13,799 92.0% 15,231 92.3% 16,149 90.9% 14,397 88.2%
Other income 2,753 13.6% 1,198 8.0% 1,267 7.7% 1,621 9.1% 1,923 11.8%
Total Income 20,258 100.0% 14,997 100.0% 16,498 100.0% 17,770 100.0% 16,320 100.0%
EXPENSES
Employee benefits expense 8,954 44.2% 7,235 48.2% 7,672 46.5% 7,557 42.5% 6,758 41.4%
Operating, administration and other expense 3,423 16.9% 3,020 20.1% 4,034 24.5% 4,281 24.1% 3,891 23.8%
Finance costs 104 0.5% 146 1.0% 148 0.9% 11 0.06% 6 0.04%
Depreciation, amortisation and impairment 967 4.8% 1,076 7.2% 1,301 7.9% 509 2.9% 508 3.1%
Total expenses 13,448 66.4% 11,477 76.5% 13,155 79.7% 12,358 69.5% 11,163 68.4%
Profit before exceptional items and tax 6,810 33.6% 3,520 23.5% 3,343 20.3% 5,412 30.5% 5,157 31.6%
Exceptional item - - - - - - - - (103) -0.6%
Profit before tax 6,810 33.6% 3,520 23.5% 3,343 20.3% 5,412 30.5% 5,260 32.2%
Provision for income tax 1162 5.7% 755 5.0% 743 4.5% 1,179 6.6% 1,285 7.9%
Deferred tax (43) -0.2% (16) -0.1% 120 0.7% (174) -1.0% (43) -0.3%
Profit after tax 5,691 28.1% 2,781 18.5% 2,480 15.0% 4,407 24.8% 4,018 24.6%
Total other comprehensive income, net of tax (34) -0.2% 120 0.8% (328) -2.0% 257 1.4% (357) -2.2%
Total comprehensive income for the year 5,657 27.9% 2,901 19.3% 2,152 13.0% 4,664 26.2% 3,661 22.4%

349
Financial Analysis - Consolidated ` Mn and percentage
Balance Sheet Summary for Last Five Years
350
IND AS
Particulars As at As at As at As at As at
March % March % March % March % March %
31, 2022 31, 2021 31, 2020 31, 2019 31, 2018
ASSETS
Non-current assets
Property, plant and equipment 4,540 9.5% 4,870 10.8% 4,205 10.1% 3,530 9.1% 3,220 9.4%

Right of use assets 2,247 4.7% 2,311 5.1% 2,704 6.5% - - - -
Capital work-in-progress 134 0.3% 113 0.3% 800 1.9% 300 0.8% 213 0.6%
Goodwill 6,185 12.9% 5,830 13.0% 5,374 12.9% 5,257 13.5% 3,549 10.3%
Other intangible assets 477 1.0% 598 1.3% 767 1.8% 993 2.6% 1,206 3.5%
Intangible assets under development - - 763 1.7% 659 1.6% 740 1.9% 302 0.9%
Financial assets
(a) Investments 3,582 7.5% 344 0.8% 414 1.0% 270 0.7% 298 0.9%
(b) Loans 257 0.5% 266 0.6% 299 0.7% 308 0.8% - -
(c) Other financial assets - - - 0.0% 10 0.0% 8 0.0% 270 0.8%
Deferred tax assets (net) 248 0.5% 319 0.7% 396 0.9% 294 0.8% 321 0.9%
Income tax assets (net) 876 1.8% 804 1.8% 878 2.1% 716 1.8% 755 2.2%
Other non-current assets 355 0.7% 192 0.4% 373 0.9% 626 1.6% 736 2.1%
Total Non -current assets 18,901 42.1% 16,410 36.5% 16,879 40.4% 13,042 33.5% 10,870 31.6%
Current Assets
Inventories 2,790 5.8% 1,586 3.5% 2,267 5.4% 1,833 4.7% 1,312 3.8%
Financial assets
(a) Investments 866 1.8% - - - - 278 0.7% 1,130 3.3%
(b) Trade receivables 7,333 15.3% 8,026 17.9% 7,262 17.4% 8,137 20.9% 6,913 20.1%
(c) Cash and cash equivalents 12,157 25.4% 14,408 32.1% 8,995 21.5% 9,096 23.4% 9,603 28.0%
(d) Other bank balances 509 1.1% 242 0.5% 523 1.3% 609 1.6% 204 0.6%
(e) Other financial assets 3,476 7.3% 2,838 6.3% 4,411 10.6% 4,223 10.9% 3,384 9.9%
Other current assets 1,841 3.8% 1,418 3.2% 1,460 3.5% 1,674 4.3% 910 2.6%
Total current assets 28,972 60.5% 28,518 63.5% 24,918 59.6% 25,850 66.5% 23,456 68.4%
Total assets 47,873 100.0% 44,928 100.0% 41,797 100% 38,892 100% 34,326 100%
IND AS
Particulars As at As at As at As at As at
March % March % March % March % March %
31, 2022 31, 2021 31, 2020 31, 2019 31, 2018
Equity
Equity share capital 552 1.2% 550 1.2% 550 1.3% 552 1.4% 563 1.6%
Other equity 30,614 63.9% 29,023 64.6% 25,059 60.0% 25,089 64.5% 22,876 66.6%
Equity attributable to owners of the Company 31,166 65.1% 29,573 65.8% 25,609 61.3% 25,641 65.9% 23,439 68.3%
Non-controlling interests (32) -0.1% (32) -0.1% (32) -0.1% (19) -0.05% 3 0.01%
Total equity 31,134 65.0% 29,541 65.8% 25,577 61.2% 25,622 65.9% 23,442 68.3%
(a) Borrowings 23 0.0% 453 1.0% 859 2.1% 1,116 2.9% 630 1.8%
(b) Lease liabilities 1,795 3.7% 1,958 4.4% 2,293 5.5% - - - -
(c) Other financial liabilities 345 0.7% 231 0.5% 380 0.9% 697 1.8% 353 1.0%
Provisions 1,347 2.8% 1,288 2.9% 1,151 2.7% 1,137 2.9% 878 2.6%
Deferred tax liabilities (net) 345 0.7% 182 0.4% 378 0.9% 405 1.0% 356 1.0%
Income tax liabilities (net) - - - - - - 20 0.1% 20 0.1%
Other non-current liabilities 261 0.5% 166 0.4% 24 0.1% - - 26 0.1%
Total non-current liabilities 4,116 8.6% 4,278 9.5% 5,085 12.2% 3,375 8.7% 2,263 6.6%
Current liabilities
(a) Borrowings 3,241 6.8% 2,731 6.1% 2,879 6.9% 2,137 5.5% 1,780 5.2%
(b) Trade payables 5,259 11.0% 4,532 10.1% 3,729 8.9% 3,700 9.5% 3,813 11.1%
(c) Lease liabilities 738 1.5% 632 1.4% 672 1.6% - - - -
(d) Other financial liabilities 425 0.9% 302 0.7% 1,016 2.4% 874 2.2% 1,256 3.7%
Income tax liabilities (net) 350 0.7% 296 0.7% 328 0.8% 424 1.1% 316 0.9%
Provisions 414 0.9% 384 0.9% 377 0.9% 289 0.7% 229 0.7%
Other current liabilities 2,196 4.6% 2,232 5.0% 2,134 5.1% 2,471 6.4% 1,227 3.5%

Total current liabilities 12,623 26.4% 11,109 24.7% 11,135 26.6% 9,895 25.4% 8,621 25.1%
Total liabilities 16,739 35.0% 15,387 34.2% 16,220 38.8% 13,270 34.1% 10,884 31.7%
351
Total equity and liabilities 47,873 100% 44,928 100% 41,797 100.0% 38,892 100.0% 34,326 100%
Financial Analysis - Consolidated
Statement of Profit and Loss Summary for Last Five Years ` Mn and percentage
352
IND AS
Particulars
2021-22 % 2020-21 % 2019-20 % 2018-19 % 2017-18 %
INCOME
Revenue from operations 45,344 97.6% 41,324 96.7% 44,274 96.5% 46,175 97.2% 39,175 96.3%
Other income 1,121 2.4% 1,399 3.3% 1,583 3.5% 1,340 2.8% 1,519 3.7%
Total Income 46,465 100.0% 42,723 100.0% 45,857 100.0% 47,515 100.0% 40,694 100.0%
EXPENSES

Employee benefits expense 22,665 48.8% 21,611 50.6% 24,776 54.0% 25,469 53.6% 21,877 53.8%
Cost of materials consumed 5,881 12.7% 5,165 12.1% 4,066 8.9% 3,936 8.3% 3,272 8.0%
Purchases of stock-in-trade - - - - - 0.0% 108 0.2% - -
Changes in inventories of finished goods, (175) -0.4% 98 0.2% (144) -0.3% 141 0.3% (201) -0.5%
stock-in-trade and work in progress
Excise duty - - - - - - 36 0.1%
Operating, administration and other expenses 8,795 18.9% 8,426 19.7% 9,683 21.1% 10,193 21.5% 8,837 21.7%
Finance costs 393 0.8% 433 1.0% 486 1.1% 326 0.7% 204 0.5%
Depreciation, amortisation and impairment expense 1,922 4.1% 2,219 5.2% 2,282 5.0% 1,114 2.3% 1,052 2.6%
Total expenses 39,481 85.0% 37,952 88.8% 41,149 89.7% 41,287 86.9% 35,077 86.2%
Profit before exceptional item, share of (loss)/profit 6,984 15.0% 4,771 11.2% 4,708 10.3% 6,228 13.1% 5,617 13.8%
from joint venture and associate and tax
Exceptional item - - - - - - 35 0.1% 50 0.1%
Profit before share of (loss)/profit from joint 6,984 15.0% 4,771 11.2% 4,708 10.3% 6,193 13.0% 5,567 13.7%
venture and associate and tax
Provision for income tax 1,692 3.6% 1,351 3.2% 1,181 2.6% 1,512 3.2% 1,493 3.7%
Deferred tax 69 0.1% (218) -0.5% 89 0.2% (85) -0.2% (113) -0.3%
Profit before share of (loss)/profit from associate 5,223 11.2% 3,638 8.5% 3,438 7.5% 4,766 10.0% 4,187 10.3%
and joint venture
Share of (loss)/profit in associate company and joint - - - - (26) -0.1% 5 0.0% (156) -0.4%
venture
Non-controlling interest - - - - 13 0.0% 14 0.0% 23 0.1%
Profit for the year 5,223 11.2% 3,638 8.5% 3,425 7.5% 4,785 10.1% 4,054 10.0%
Total other comprehensive income, net of tax 19 0.0% 231 0.5% 133 0.3% 329 0.7% 82 0.2%
Total comprehensive income for the year 5,242 11.28% 3,869 9.06% 3,558 7.8% 5,114 10.8% 4,136 10.2%
Ratio Analysis - Standalone
IND AS I GAAP
Ratio analysis for the year ended March 31
2022 2021 2020 2019 2018 2017
Ratio - Financial Performance
Revenue from Operations / Total revenue (%) 86.4% 92.0% 92.3% 90.9% 88.2% 94.1%
Other Income / Total revenue (%) (Note 3) 13.6% 8.0% 7.7% 9.1% 11.8% 5.9%
Employee cost / Total revenue (%) 44.2% 48.2% 46.5% 42.5% 41.4% 47.5%
Administration expenses / Total revenue (%) 16.9% 20.1% 24.5% 24.1% 23.8% 26.2%
Operating expenses / Total revenue (%) (Note 2) 61.1% 68.4% 71.0% 66.6% 65.3% 73.7%
Depreciation / Total revenue (%) 4.8% 7.2% 7.9% 2.9% 3.1% 3.9%
Finance Charges / Total revenue (%) 0.5% 1.0% 0.9% 0.06% 0.04% 0.04%
Tax expense / Total revenue (%) 5.5% 4.9% 5.2% 5.7% 7.6% 4.4%
Tax expense / PBT (%) 16.4% 21.0% 25.8% 18.6% 23.6% 17.5%
EBITDA / Total revenue (%) 45.0% 34.4% 31.5% 36.7% 35.4% 24.9%
Net Profit (PAT) / Total revenues (%) 28.1% 18.5% 15.0% 24.8% 24.6% 17.2%
Net Profit (PAT) / Average net worth (%) 22.8% 12.4% 11.4% 20.5% 20.4% 13.3%
ROCE (EBIT / Average capital employed) (%) (Note 1) 27.7% 16.3% 16.1% 25.2% 26.2% 17.3%
Ratios- Balance sheet
Debt-equity ratio - - - - - -
Debtors turnover (Days) 96 114 136 115 105 83
Current ratio 4.45 4.04 3.62 6.07 5.56 5.85
Cash & cash equivalents / Total assets (%) 27.5% 38.0% 21.8% 27.1% 30.0% 30.1%
Cash & cash equivalents / Total revenue (%) 50.0% 83.6% 38.3% 43.3% 50.0% 50.4%
Depreciation & Amortisation / Average gross block (%) 7.8% 8.3% 9.2% 5.8% 6.5% 6.7%
Total Revenue / Average Net Fixed Assets (Note 4) 4.67 3.42 3.57 6.20 5.39 5.21
Total Revenue / Average Total Assets 0.65 0.53 0.58 0.65 0.63 0.67
Ratios - Growth
Revenue from Operations (%) 26.9% -9.4% -5.7% 12.2% 11.4% 3.7%
Total Income (%) 35.1% -9.1% -7.2% 8.9% 18.8% 1.1%
Operating expenses (%) 20.7% -12.4% -1.1% 11.2% 5.2% 1.7%
EBITDA (%) 66.2% -1.0% -19.2% 4.6% 69.0% -4.2%
Net Profit (%) 104.6% 12.1% -43.7% 9.7% 69.6% 1.5%
Per Share Data
Basic earnings per share (`) 52.03 25.29 22.56 39.07 35.69 21.05
Cash Earnings per share (`) 60.35 35.06 34.38 44.50 40.21 25.84
Book value (`) 235.57 217.93 190.80 202.45 183.12 167.21
Price / Earning, end of year 17.83 25.60 10.18 16.62 19.47 22.21
Price / Cash Earning, end of year 15.37 18.47 6.68 14.59 17.38 18.09
Price / Book value , end of year 3.94 2.97 1.20 3.21 3.82 2.80
Share price as on March 31 (National Stock Exchange) 927.75 647.45 229.65 649.45 698.85 467.50
No. of Share Outstanding as on March 31, (in Millions) 110.32 110.03 109.97 110.47 112.57 112.57
Dividend Per Share (`) 24 17 15 15 13 10.50
Dividend (%) 480% 340% 300% 300% 260% 210%
1. Capital employed is defined as total equity excluding long term and short 3. Total revenue includes other income.
term borrowings. 4. Net fixed assets excludes capital work-in-progress
2. Operating expenses includes employee cost and administration expenses. and intangible assets under development.

Ratio Analysis - Consolidated
IND AS I GAAP
Ratio analysis for the year ended March 31
2022 2021 2020 2019 2018 2017
Ratio - Financial Performance
Other Income / Total Revenue (%) (Note 2) 2.4% 3.3% 3.5% 2.8% 3.7% 2.5%
Employee cost / Total Revenue (%) 48.8% 50.6% 54.0% 53.6% 53.8% 55.4%
Operating & Administration expenses / Total Revenue (%) 18.9% 19.7% 21.1% 21.5% 21.7% 21.2%
Depreciation & Amortization / Total Revenue (%) 4.1% 5.2% 5.0% 2.3% 2.6% 2.6%
Finance Charges / Total Revenue (%) 0.8% 1.0% 1.1% 0.7% 0.5% 0.5%
Tax expense / PBT (%) 25.2% 23.7% 27.1% 23.0% 25.7% 23.5%
EBITDA / Total Revenue (%) 18.1% 14.8% 13.5% 14.0% 14.0% 14.7%
Net Profit / Total Revenue (%) 11.2% 8.5% 7.5% 10.1% 10.0% 9.3%
Net Profit / Average Net Worth (%) 17.2% 13.2% 13.4% 19.5% 18.2% 17.4%
ROCE (EBIT / Average capital employed) (%) (Note 1) 24.3% 18.9% 20.3% 26.6% 25.9% 22.7%
Ratios- Balance sheet
Debt-equity ratio 0.18 0.19 0.16 0.15 0.13 0.10
Debtors turnover (Days) 78 84 95 88 80 74
Current ratio 2.30 2.57 2.21 2.61 2.72 2.50
Cash & Cash Equivalents / Total Assets (%) 25.4% 32.1% 21.5% 23.4% 28.0% 27.3%
Cash & Cash Equivalents / Total Revenue (%) 26.2% 33.7% 19.6% 19.1% 23.6% 23.1%
Depreciation & Amortization / Average gross block (%) 9.26% 11.64% 14.52% 8.75% 6.9% 6.8%
Revenue / Average Net Fixed Assets (Note 3) 3.35 3.10 3.40 5.20 4.60 4.99
Revenue / Average Total Assets 0.98 0.95 1.10 1.30 1.24 1.23
Ratios - Growth*
Operating Revenue (%) 9.7% -6.7% -4.1% 17.9% 8.6% 16.3%
Operating Expenses (%) (Note 4) 5.3% -8.0% -3.7% 17.8% 8.1% 16.4%
EBITDA (%) 35.4% 9.0% -8.5% 17.3% 13.3% 15.7%
Net Profit (%) 43.6% 6.2% -28.4% 18.0% 16.1% 5.6%
Per Share Data
Basic earnings per share (Rs.) 47.75 33.08 31.14 42.43 36.00 30.55
Cash Earnings per share (Rs.) 64.77 53.23 51.90 53.40 45.36 39.01
Book value (Rs.) 282.22 268.48 232.58 231.93 208.24 188.09
Price / Earning, end of year 19.43 19.57 7.37 15.31 19.41 15.30
Price / Cash Earning, end of year 14.32 12.16 4.43 12.16 15.41 11.98
Price / Book value , end of year 3.29 2.41 0.99 2.80 3.36 2.49
Share price as on March 31 (National Stock Exchange) 927.75 647.45 229.65 649.45 698.85 467.5
No. of Share Outstanding as on March 31, (in Millions) 110.32 110.03 109.97 110.47 112.57 112.57
Dividend Per Share (Rs.) 24 17 15 15 13 10.5
Dividend (%) 480% 340% 300% 300% 260% 210%
1. Capital employed is defined as total equity excluding long term and short term borrowings.
2. Total revenue includes other income.
3. Net fixed assets excludes capital work-in-progress and intangible assets under development.
4. Operating expenses includes employees cost, administration expenses, cost of materials consumed and changes in inventories.

Significant Milestones in the History of the Company
1991 August Infotech Enterprises was incorporated as a private limited company
1995 August The company received its first ISO 9002 certifi cation from BVQi London for its conversion services
1997 March Re-organized as a public limited company; IPO of Equity shares at ` 20 per share and listed in all major
stock exchanges in India
April Acquisition of SRG Infotech, a 16-year-old local software company providing software services in
Oracle and Visual basic client server environments. The acquisition brought into the company the
assets, customers, technologies, employees and over 500 person years of expertise
October Partner in Development with IBM for developing Enterprise wide Information System. Infotech
Enterprises diversifies into Business software development by adding 50 developers, creating an
independent profit centre
1998 December December Infotech Enterprises signs a break-through contract to provide GIS conversion, Consulting
and Mapping services worth US$ 5.5 million to Analytical Surveys, Inc. (ASI)
1999 January Infotech Enterprises enters into an agreement with Navionics Italy the world leader in seamless
marine electronic charts for digitization and Conversion services
June Infotech and ASI sign a long term contract for ASI to source US$ 33 million in conversion and software
services from Infotech Enterprises
July Infotech Enterprises establishes a wholly owned subsidiary Infotech Software Solutions Inc. in the
United states of America in the state of California. The Corporation is primarily engaged in the
business of supplying computer software and related services
August Infotech Enterprises announces acquisition of Europe based GIS software solution company-
Dataview Solutions Limited. The company acquired Dataview with an upfront cash payment of US $
1.80 million and issue of stock of Infotech for US $1.80 million over the next two years
September Infotech Enterprises acquires Cartographic Sciences Pvt. Mumbai- India from Analytical Surveys Inc.
September Infotech Enterprises receives an ISO 9001 for its software development services
September Infotech Enterprises earned the coveted Fast Track Award from Smallworld Pte. Ltd. U.K. for
completion of a prestigious GIS project at Bharti Telenet Limited in a record time of five months
November Infotech Enterprises signed a shareholder agreement with Walden Nikko and GE Capital for issue of
equity/optionally convertible debentures aggregating to 11,50,000 equity shares of ` 10 each at a
price of ` 350 each
2000 January Inauguration of the state-of-the-art software development centre spread across 130,000 sq.ft. area
in Infocity - Hyderabad. The state-of-the-art development centre built at an approximate cost of
` 12 crore and can accommodate 4,000 software engineers
April Merger of Cartographic Sciences with the company
May Infotech Enterprises enters into a Master Services Agreement with Pratt & Whitney, a division of
United Technologies Corporation, a Fortune 100 company
October Infotech Enterprises announces the acquisition of a German company, Advanced Graphics Software
GmbH (AGS). AGS is nine-year-old mechanical engineering software and services company
specializing in 3D CAD/CAM
November Infotech Enterprises wins a multimillion dollar GIS project from the Dutch multi-national group,
FUGRO
2001 April Infotech Europe acquires European GIS distributor Map Centric - a leading independent GIS
distributor in Europe
May Infotech Enterprises bags a contract worth US $ 7 million to provide Photogrammetry service to
Triathlon, a leading full fl edged geomatics company in Canada
May Infotech Enterprises ranks 5th among Top Ten Exporters from Andhra Pradesh for the Year
2000-2001
June Infotech Enterprises acquires 10-acres of land to set up a software development campus at
Manikonda, Hyderabad.
July Infotech Enterprises achieves the ISO 9001:2000 from BVQi and joins the list of top few companies in
India and the first company in the GIS sector

2001 August Infotech Enterprises attains the coveted SEI CMM LEVEL 4 certifi cation for its software development
centre at Infocity, Hyderabad
November Infotech Enterprises receives ISO 9001:2000 for Software and Engineering Services lines of business
by BVQi London
December Infotech Enterprises announces the opening of the state-of-the-art Engineering services facility in
Bangalore, India
2002 February Infotech Enterprises Announces strategic business relationship with Pratt & Whitney Division of
UTC. Pratt & Whitney to participate with up to ~18% equity stake in Infotech, demonstrating long
term partnering intent and endorsing Infotech Business competence
April Infotech Enterprises achieves SEI CMM Level 5 for its Software Development & Services Division
April Infotech Enterprises’ board recommends issue of Bonus Shares at 1:1 ratio
August Infotech Enterprises bags a major GIS contract from KPN Telecom, the largest telecommunications
company in the Netherlands, to provide spatial data management services.
September Company bags the Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPCCI) Award
for Best Information Technology (IT) Company in the state of Andhra Pradesh (2001-2002)
2003 April Infotech Enterprises attains the best process improvement model-”The Level 5 of the CMMi Version
1.1 for the SW/SE/SS disciplines”
September Infotech Enterprises announces the inauguration of a new development center in Puerto Rico to
provide engineering design services
September Infotech Enterprises signs long term outsourcing contact with Bombardier Transportation to provide
Engineering Services in India
2004 January Infotech Enterprises acquires VARGIS - a GIS Company in the US
July Change in Business Model. Verticalization brought into place
September Infotech Enterprises divests 51% of its stake in Infotech Aerospace Services Inc. in favour of United
Technologies Corporation
September Infotech Enterprises conferred with BS 7799 standards
2005 March Infotech Enterprises acquires Tele Atlas India Pvt. Ltd. Tele Atlas (Netherlands) joins as a strategic
partner with preferential allotment of shares
March Infotech Enterprises opens branch office in Singapore
April Infotech Enterprises opens branch office in Melbourne, Australia
May Inaugurated Geospatial production facility at Frostburg, Maryland, USA
July Infotech Enterprises opens branch office in Dubai
September Wins a landmark GIS contract from KPN Telecom and also signs a 5-year major Engineering Design
Agreement with Alstom Transport
October Completed 5 years of relationship with Pratt & Whitney
2006 March Signs a major GIS contract with GE for Swisscom
December Infotech Enterprises opens branch office at Canada
2007 June Acquires 74% stake in Geospatial Integra and renamed the company as Infotech Geospatial (India)
Limited
July Preferential allotment of shares to GA Global Investments Limited & Carrier International Mauritius
Limited
August Set up Infotech HAL Limited, a Joint Venture Company with HAL, a Navaratna PSU under the Ministry
of Defence, at Bangalore
2008 October Acquired TTM (India) Private Limited and TTM Inc. made foray into Hitech Vertical
December Established wholly owned subsidiary in Japan
2009 December Infotech Enterprises opens branch office in Malaysia
2010 January Infotech Enterprises signs a long term engineering services contract with Hamilton Sundstrand
January Acquired Daxcon Engineering Inc., USA (Step down subsidiary)
August Acquired Wellsco Inc., USA (Step down subsidiary)

2011 May Awarded ‘Supplier of the year’ by Boeing
November IGIL becomes a wholly owned subsidiary
2012 October Set up branch in South Korea
October Won Golden Peacock Award for excellence in Corporate Governance
2013 January Inaugurated New Development Centre in SEZ at Kakinada
April Opened office in Silicon Valley
September Set up branch in Taiwan
November Set up branch in South Africa
2014 March Acquired Softential Inc.,
March Commenced process for name change and re-branding
April Mr. Krishna Bodanapu appointed Managing Director & CEO
May Re-branding completed, new logo launched and Company’s name changed to Cyient
August Acquired 51% stake in Invati Insights Pvt. Ltd., Hyderabad
October Set up a subsidiary in Australia
December Won the 14th ICSI National Award for Excellence in Corporate Governance
2015 January Acquired 74% stake in Rangsons Electronics Pvt. Ltd., Mysore
April Mr. B.V.R. Mohan Reddy elected Chairman of National Association of Software Services Companies
(NASSCOM)
July Acquired Pratt & Whitney Global Services Engineering Asia, Singapore
August Divested entire stake in Infotech Enterprises Information Technology Services Private Limited, a
wholly owned subsidiary
Launched National Digital Literacy Mission Centre
September R&D Unit recognised by Department of Scientific and Industrial Research, Ministry of Science and
Technology, Government of India
October Set up step down subsidiary in Czech republic
2016 February Established state of the art development centre in Warangal, Telangana
March ‘Lifetime Achievement Award’ conferred on Mr. B.V.R. Mohan Reddy by Hyderabad Management
Association
Set up a subsidiary in China
May Awarded 2015 Supplier of the Year by Boeing
June Inaugurated Global Design Center in Bengaluru for SMEC
July Set up subsidiary in Israel
August Marked its 25th Anniversary by enabling large scale inclusive ‘Digital Literacy’ Mission
October Mr. B.V.R. Mohan Reddy appointed as the Honorary Consul of the Federal Republic of Germany
November Cyient Europe Limited acquired 100% stake in Blom Aerofilms Limited, UK
December Zinnov Zones 2016 Rates Cyient in the Leadership Zone in Four Industry Verticals
2017 January Secured Prestigious Pratt & Whitney 2016 Supplier Innovation and Productivity Savings Awards
February Cyient Inc. acquired 100% stake in Certon Software Inc, a Florida based company
March Mr. B.V.R. Mohan Reddy awarded the Padma Shri Award, 2017 for distinguished and exceptional
achievement in Trade & Industry
New facility set up at Pune, Maharashtra
April Incorporated Cyient Solutions and Systems Private Limited
September Acquired B&F Design Inc. through US subsidiary
November Recognised as one of ‘India’s most innovative organisations’ by CII
December Divested company’s stake in Infotech Aerospace Services Inc., Puerto Rico
December Voluntarily obtained a rating of CGR 2+ from ICRA for corporate governance practices

2018 February Won Pratt & Whitney awards for supplier innovation and productivity savings
March Adopted a new set of Articles of Association
April Non-resident shareholding in the company limited to 49%
Acquisition of AnSem NV, Belgium through Cyient Europe Limited
May Cyient Insights becomes wholly owned subsidiary
October Incorporated Cyient Urban Micro Skill Centre Foundation, a section 8 company
2019 January Cyient DLM becomes wholly owned subsidiary

February Company commences first ever buyback of its shares
March Dissolved Cyient Insight LLC, USA, a step down subsidiary of the company
April Completion of buyback of company shares
July New Technology Precision Machining Co., Inc was merged with Cyient Defense Services Inc.
2020 April Commissioned new factory for DLM business in Hyderabad

August Acquired Integrated Global Partners Pty Ltd., Australia
2021 February Launched “Design for Circularity” Consulting and Engineering Practice
2021 April Appointment of Mr. M.M. Murugappan as Non-Executive Chairman

July Launched gender neutral global parental leave policy
October Launched global management consulting practice
December Acquired 15% stake in Innovation Communication System Limited
2022 January Constituted ESG Committee of the Board including CSR within its ambit

Shareholders’ Handbook
When was the company founded?
The company was incorporated as Infotech Enterprises Private Limited - a Private Limited company on August 28th, 1991 under
the Companies Act, 1956. The Company was converted into a Public Limited company vide resolution dated 21 April 1995. In May
2014 the company changed its name to Cyient Limited.
What is the company’s area of operations?
Cyient is an acknowledged leader in geospatial services, engineering design services, design-led manufacturing, networks and
operations, data transformation, and analytics. We collaborate with our clients to help them achieve more and together shape a
better future. We call it Designing Tomorrow Together.
Our industry focus includes Aerospace &Defense, rail transportation, off-highway & industrial, power generation, mining, oil &
gas, communications, utilities, infrastructure, geospatial and Navigation, semiconductor and medical technology & Healthcare.
We align closely with the business needs, goals, culture, and core values of our clients. This reflects in the deep, long-standing
relationships we have developed and sustained with some of the leading names in these industries.
We employ over 13,000 people across 38 locations in North America, Europe, and the Asia-Pacific region. Our stock is publicly
traded, and we have a sound track record of growth and profitability. We are committed to developing a sustainable society and
actively promote education and inclusive growth initiatives in communities around us.
Who are the founder members of the company?
The founder members of the company are: Mr. B.V.R. Mohan Reddy, Mrs. B. Sucharitha, and Mr. K. Rajan Babu.
When did the Company have its Initial Public Offer (IPO) and at what price?
The company made its maiden public offer in March 1997 at a price of ` 10 each for cash at a premium of ` 10 per share. The issue
was lead managed by Industrial Development Bank of India (IDBI), Madras. The issue was oversubscribed by 1.56 times.
What is the Vision Statement of the company?
Designing Tomorrow Together. This is our vision and the basis of our brand promise. Three simple words that describe our unique
approach of working with you to improve your business and the lives of your customers.
What are the values of the company?
In our relationships with our clients, stakeholders, and associates, we are guided by our Values FIRST - Fairness, Integrity, Respect,
Sincerity and Transparency.
What is the Quality Policy of the company?
“At Cyient, we are committed to delight our Clients by consistently providing sustainable solutions, complying with the applicable
requirements and continually improving the processes to improve human lives. Cyient focuses on exceeding our Clients’
expectations and failure prevention.
We at Cyient understand and are committed to live up to our brand promise of “Designing Tomorrow Together”.
We at Cyient communicate the Quality Policy within the Organization as well as to interested Parties.”.
What are the Quality Objectives of the company?
Aspire to achieve best-in-class levels of Client, Quality and Delivery performance metrics for the industries we serve as per the
respective roadmaps
Improve or sustain stakeholder’s engagement scores
Focus on building skills and capabilities to keep abreast with the demands of the changing business
Where is the company located?
The company is headquartered in Hyderabad, India and has a global presence across 47 locations. Full details of the locations are
published elsewhere in this Annual Report.

What is the address of the company’s registered office?
The registered office of the company is located at
4th Floor, ‘A’ Wing
Plot No. 11, Software Units Layout,
Infocity, Madhapur, Hyderabad - 500 081, Telangana
What is the company’s financial year?
The Company follows a financial year that begins on April 1 and ends on March 31.
Who are the company’s auditors and consultants?
Auditors: S.R. Batliboi & Associates LLP
Secretarial Auditors: S. Chidambaram
Internal Auditors: KPMG
Tax advisor: G.P. Associates
Legal Counsel
Cyril Amarchand Mangaldas
Fox Mandal & Associates
CRS Associates
What is the history of Bonus issue of Shares at the Company?
Year 1994-95 1995-96 1996-97 2002-03 2006-07 2010-11
Bonus issue ratio 7:5 1:1 1:1 1:1 1:2 1:1
What is the Dividend History of the Company for last five years?
Year 2018 2019 2020 2021 2022

1st 2nd 1st 2nd
Dividend Final Interim Final Final Interim Final
Interim Interim Interim Interim
% 100 80 80 120 180 120 180 340 200 280
What is the number of shareholders in the company in the last five years?
Year ended 31 March 2018 2019 2020 2021 2022

No. of Shareholders 25,385 34,223 44,011 57,316 116,297
What is the market capitalisation of the company for the last five years?
Year ended 31 March 2018 2019 2020 2021 2022

Market Capitalisation (` Million) 78,237 71,851* 25,216 71,238 102,346
* The company undertook a buy back of its shares.
Is nomination facility available to the shareholders?

Yes. Nomination facility is available to the Shareholders. Shareholders are advised to make use of the nomination facility. For
further details, investors may contact the R&T Agents of the Company.
How does a shareholder go about transferring his shares/having related correspondence?
To transfer shares in physical form and general correspondence regarding shares, shareholders may write to the Company’s
Registrars/the Company -
KFin Technologies Limited
Unit: Cyient Limited
Karvy Selenium Tower B, Plot 31-32,
Financial District, Gachibowli ,Nanakramguda, Hyderabad - 500 032.
Tel : +91-40-6716 1562
Email : mohsin.mohd@kfintech.com; einward.ris@kfintech.com
Website : www.kfintech.com

Transfer of shares in electronic form are effected through your depository participant. Please note that the Securities and
Exchange Board of India has issued directives that trading in the scrip of the Company would be in compulsory demat form by all
investors w.e.f. August 28, 2000.
In which stock exchanges are the company’s shares listed and what are the codes?
The company’s equity shares are listed in India on the National Stock Exchange (NSE: CYIENT) and the BSE Limited (BSE: 532175).
What is the company’s ISIN code?
Cyient’s ISIN code is INE136B01020
How many shares are outstanding?
As of 31 March 2022, the company had 110,317,416 shares outstanding.
What is the record date and payment date of the interim/final dividend?
You can find the record date/payment date for the last announced dividend in the Announcements section of the Investor page
on our website. These details are also notified to the stock exchanges on the same day of the announcement of the dividend and
available on the BSE and NSE websites.
When is the AGM held?
The Annual General Meeting (AGM) is typically held in mid-July. The formal announcement will be published on the Investors page
of our website, closer to the event. If you are a shareholder, you will receive a formal notice of the meeting, containing details of
the date, time and venue, alongside the Annual Report.
How does a person buy the company’s shares?
The company’s shares can be purchased in the open market in India through either a stock broker or any financial institution that
provides brokerage services at the BSE or NSE.
How can a shareholder access information about the company?
Information about the company is available on its website. Further, all information that is material in nature is notified to stock
exchanges and appropriate advertisements are also issued in the newspapers.
Does the company accept fixed deposits from the public?
The Company does not accept fixed deposits.
How does a shareholder record a change in the address?
For physical holdings, please send a letter, duly signed by the first holder, stating the new address and folio numbers of the shares
you own to our R & T agents. An acknowledgement will be sent to your new address confirming the up-dation of the change in
our records.
In the case of dematerialized holdings, please write to your Depository Participant (DP) intimating them of the change and ask for
a confirmation that their records reflect the new address.
If dividend cheque is lost/was never received/has expired, how to get a fresh cheque re-issued?
Please write to our R&T Agent, with details of folio numbers (in the case of physical holdings) or the DP ID and Client ID in the case
of dematerialized holdings. After verification, they will issue a fresh instrument.
To avoid this problem in the future, you can use the ECS facility in which the dividend amount is automatically credited to the bank
account of your choice. To avail of this facility, give your request to our R&T agent in writing.
Also, you might consider dematerializing your holdings through a Depository Participant. This would not only eliminate the issues
of storage and risk of loss of paper certificates but also ensure automatic crediting of dividends to your bank account.
How does a shareholder re-claim the shares and/or unclaimed dividend transferred to IEPF?
Such shareholders may make an application to the IEPF Authority in Form No. IEPF-5 available on www.iepf.gov.in online and send
a physical copy of the same duly signed to the R&T Agent along with requisite documents enumerated in the Form No. IEPF-5.
No claims shall lie against the company in respect of the dividend/shares so transferred to the IEPF.

GLOBAL PRESENCE
Global Headquarters South Korea India
Cyient Ltd. Cyient Ltd.
Cyient Ltd. 21 F, Seoul Finance Center Cyient IT Park
Plot No. 11 136, Sejong-daero, Jung-gu Plot No- 110A & 110 B
Software Units Layout Seoul 04520 Phase 1, Electronics City
Infocity, Madhapur Tel: + 82 2 3782 4936 Hosur Road
Hyderabad - 500081 Bangalore - 560100
Telangana, India Taiwan Tel: +91 80 2852 2341
Tel: +91 40 6764 1000
Cyient Ltd.
No. 262, Zhuangjing 6th Street Cyient Ltd.
Asia Pacific Plot No. 2, IT Park
Zhubei City, Hsinchu County 30264
Tel: +886 3 668 5522 Nanakramguda
Australia Gachibowli
Cyient Australia Pty Ltd. Japan Hyderabad - 500032
Level 8, 350 Collins Street Telangana
Cyient KK
Melbourne, Victoria 3000 Tel: +91 40 6748 9100
Sho-Building 6F
Tel: +61 3 8605 4815
3-14-5, Nihonbashi
Cyient Ltd.
Chuo-Ku, Tokyo 103-0027
Cyient Australia Pty Ltd. Lanco Hills SEZ
Tel: +81 3 3527 9825
8, Freight Drive Manikonda
Ravenhall Hyderabad 500089
Malaysia
Melbourne, Victoria 3023 Telangana
Cyient Ltd.
Tel: +91 40 6748 9100
Level 28
Cyient Australia Pty Ltd.
The Gardens South Tower
Lvl 4, 81 Flushcombe Rd Cyient Ltd.
Mid Valley City
Blacktown NSW 2148, Sydney NSL SEZ
Lingkaran Syed Putra
Tel: +61 2 8887 8600 Block No. 1
Kuala Lumpur 59200
Plot No. 6, Survey No. 1
Tel: +60 3 2298 7321
Cyient Australia Pty Ltd. IT/TES SEZ, IDA Uppal
34, Toohey Road Hyderabad – 500039
Singapore
Wetherill Park, NSW 2164 Telangana
Sydney Cyient Ltd. Tel: +91 40 6704 3434
1 North Bridge Road
Cyient Ltd. #19-04/05 Cyient Ltd.
45 Ventnor Avenue High Street Center Plot No: 1, 2, 3, 4 & 5A
West Perth, WA 6005 Singapore 179 094 IT SEZ, Sarpavaram
Tel: +61 8 9389 4410 Tel: +65 6 337 2472 Kakinada - 533005
Andhra Pradesh
New Zealand Cyient Singapore Pte Ltd. Tel: +91 884 232 6700
61, Seletar Aerospace View
Cyient Ltd.
Singapore 797560 Cyient Ltd.
PO Box 97999, Manukau 2241
Level 2, 652 Great South Road, Survey No: 410
Manukau, Level 2, 65 Upper Plot No: 14, SEZ Unit
Queen Street, Auckland Hill No: 3
Tel: +64 9 277 8278 Madhurawada(V)

Rushikonda, Vizag - 530045 Europe, Middle East, and Africa
Andhra Pradesh Germany
Tel: +91 891 669 3100 Belgium Cyient GmbH
AnSem NV Industriestrasse 23
Cyient Ltd. Researchpark Haasrode 1113 Stuttgart 70565
Plot No. 1 Esperantolaan 9 Tel: +49 711 414402 0
IT Incubation center, 3001 Heverlee, Leuven
TSIIC, Industrial estate Tel: +32 16 38 65 00 Cyient GmbH
Madikonda (SEZ), Düsseldorfer Landstr. 401
Kazipet (M) England 47259 Duisburg
Warangal-506142
Cyient Europe Ltd.
Telangana Cyient GmbH
Apex, Forbury Road,
Tel: +91 870 336 0900 Sofradec 153 boulevard
Reading RG1 1AX,
United Kingdom Haussmann 75008 PARIS
Cyient DLM Pvt. Ltd.
Plot No. 347 - D1 & D2 Prague, Czech Republic
Cyient Europe Ltd.
KIADB
The Astrolabe Cyient s.r.o
Electronics City
Cheddar Business Park Classic 7 Business Park
Hebbal Indl. Area
Wedmore Road Jankovcova 1603 / 47a
Mysore - 570 016
Cheddar, Somerset 170 00 Prague 7
Karnataka
BS27 3EB Czech Republic
Tel: +91 821 428 0000
Tel: +44 (0) 1934 311 000 Tel: +420 277 008 200
Cyient Ltd.
Cyient Europe Ltd. South Africa
602, 6th Floor
Office 3.9 Litchurch Plaza Cyient
79/1-Zero One Building
Litchurch Lane, Derby, 255 Anna Wilson Street
Mundhwa Road, Pingle Wasti
DE24 8AA, United Kingdom Kilnerpark, Pretoria – 0186
Pune - 411036
Maharashtra
Switzerland UAE
Tel: +91 20 3005 8000
Cyient Schweiz GmbH Cyient Ltd.
c/o Walder Wyss AG Dubai Airport Free Zone
Cyient Ltd.
Christoffelgasse, 6 Authority (DAFZA)
B-11, Sector 63
3011, Bern P.O. Box 54713, Dubai
Noida - 201307
Uttar Pradesh Tel: +971 50 686 7045
The Netherlands
Tel: +91 120 669 1000
Cyient BV Minervum 7491 Israel
Cyient Ltd. 4817 ZP Breda Oost, Breda Cyient Israel India Ltd.
Plot No. 7, NSEZ, Phase-2 Tel: +31 76 572 2966 David Ben-Gurion 1, Bnei Brak
Noida - 201305 Tel: +972 54 811 0200
Uttar Pradesh AnSem BV
Hengelosestraat 565 7521
AG Enschede
Netherlands
Tel: +31 53 203 2500

North America Cyient Inc. Cyient Inc.
4949 Harrison Ave Suite 115 14703 Park of Commerce Blvd
United States of America Rockford, IL 61108 Jupiter, FL 33478
Cyient Inc. Tel: +1 860 310 3758
275 East Hillcrest Dr Cyient Inc.
Thousand Oaks 5340 Fryling Rd Cyient Defense Services Inc.
CA 91360 Erie 15300 Park of Commerce Blvd
PA 16506 Jupiter, FL 33478
Cyient Inc. Tel: +1 860 310 3758
800 West Cummings Park
Suite 6250, Woburn Cyient Inc. Certon Software Inc.
MA 01801 3rd, 4th & 5th Floor Suite D 1396
99 East River Drive South Babcock Street
Cyient Inc. East Hartford, CT 06108 Melbourne, FL 32901
6115 Coca Cola Blvd. Tel: +1 860 528 5430
Columbus, GA 31909 Cyient Inc.
Cyient Inc. 218 South Thomas Street
Allen (One Bethany East) 175, Addison Road Suite 204-209 Spanish Village III
900 W Bethany Drive Windsor, CT 06095 Tupelo MS 38801
Suite 245 & 250
Allen, TX Cyient Inc. Canada
3rd Floor Cyient Canada Inc.
Cyient Inc. 386, Main Street 273 Lakeshore
Peoria Heights Executive Plaza Middletown, Middlesex Suite F
4541 N. Prospect Rd, Suite 200 CT 06457 Montreal, QC
Peoria Heights
IL 61616 Cyient Inc. Cyient Canada Inc.
120 Production Ct 600 Alden Rd
Cyient Inc. New Britain CT 06051 Suite 304
2206 Eastland Drive Markham, ON
Bloomington, IL 61704 Cyient Inc.
Tel: +1 309 664 6991 1401 Nolan Ryan
Expressway
Arlington, TX 76011
Tel: +1 817 268 9501

Annual Report 2020-21

cyient.com
Global Headquarters
Cyient Limited, Plot No. 11, Software Units Layout,
Infocity, Madhapur, Hyderabad - 500 081, India | T: +91 40 6764 1000

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12 May 2022

The BSE Limited

Dear Sir/ Madam,

Sub: Annual Report for Financial Year 2021-22

The aforesaid documents are available on the website of the Company at

Ravi Kumar Nukala

Cyient Ltd. 4th Floor, A Wing, 11 Software CIN: L72200TG1991PLC013134

We move forward in this renewed direction

As a 30 years young company, Cyient celebrates

The year 2022 gets us to focus on the

Our Technology roadmap and Innovation

24% Group Revenue

6 Annual Report | 2021-22

Normalized EBIT Services Revenue

DLM Revenue Free Cash Flow

Annual Report | 2021-22 7

At Cyient, we are committed to

8 Annual Report | 2021-22

Global Presence Global Headquarters

Annual Report | 2021-22 9

The Social Impact Solution of the Year for

Engineered in India Product of the Year

Engineered in India Product of the Year

Service Delivery Excellence of the Year for

10 Annual Report | 2021-22

ISG Provider Lens Quadrant Study on

Everest PEAK Matrix Assessment

Annual Report | 2021-22 11

Thirty is considered a significant decade in the in technological disruption, customer-in-control

12 Annual Report | 2021-22

I wish our customers, shareholders, board members,

BVR Mohan Reddy

BVR Mohan Reddy

Annual Report | 2021-22 13

As I look back at the year and my role

14 Annual Report | 2021-22

Annual Report | 2021-22 15

16 Annual Report | 2021-22

At Cyient Consulting, we co-design sustainable business and technology

Our approach leverages our deep executive, functional experience, sound

Annual Report | 2021-22 17

18 Annual Report | 2021-22

Our value is the sum

ValuesFIRST stands for

Unbiased in Objectivity, and Recognition, Realistic and Open to

ValuesFIRST is how we navigate the business landscapes seamlessly.

The ValuesFIRST Navigator was launched to

Annual Report | 2021-22 19

20 Annual Report | 2021-22

Cyient initiated the school adoption program in 2007-08 to

Since the beginning of the school adoption initiatives,

Cyient’s interventions in the past 13 years have improved girl

Annual Report | 2021-22 21

During the pandemic, Cyient ensured continuous access to

The Cyient Urban Micro Skill Center (CUMSC) has trained

We have initiated the Teachers Capacity Building pilot program

22 Annual Report | 2021-22

Despite challenges posed by the pandemic, Cyient continued to

We achieved 0% open defecation in all the government

As a part of Environmental initiatives in FY22, we developed