Investor Presentation

Q2FY24
October 19, 2023
2

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words or other comparable words. Among other things, the outlook for the full fiscal year 2022, the business outlook and quotations from management in this announcement,
as well as Coforge’s strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports
to regulators, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third
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involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but
not limited to the following: the performance of the Coforge's clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to
maintain its pricing, control costs or continue to grow its business; the effects of the novel coronavirus (COVID-19) on its business; the continued service of certain of its key
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arising out of its business operations. All information provided in this presentation is as of the date of this presentation, and Coforge undertakes no obligation to update any
forward-looking statement, except as required under applicable law.

Disclaimer
This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries
and affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. person (as such term in defined in Regulation S under the U.S. Securities
Act of 1933, as amended (the “Securities Act”)) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be
made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about
the issuer and management, as well as financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities
and Exchange Commission but has not yet become effective. The Form F-1 Registration Statement and all subsequent amendments may be accessed through the SEC’s website
at www.sec.gov. Such securities not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. Nothing
in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.
Conventions Used Herein
Except as otherwise noted in this presentation, the following conventions have been used. All references to “Y-o-Y” are comparisons between the second quarter of fiscal year
ended March 31, 2024 (“Q2 FY2024”) and the second quarter of fiscal year ended March 31, 2023 (“Q2 FY2023”). All references to “Q-on-Q” are comparison between the
second quarter of the fiscal year ended March 31, 2024 (“Q2 FY2024”) and the first quarter of fiscal year ended March 31, 2024 (“Q1 FY2024”).

2 © Coforge, 2023 | Confidential

Signs three large deal in Q2FY24

Financial Highlights Business Highlights

▪ On consolidated basis, Q2FY24 revenue was up 2.3% QoQ ▪ Robust total order intake of $313 Mn during the quarter
and 14.1% YoY on a constant currency basis.
▪ Signed three large deals.
▪ Revenue for the quarter was INR 22,762 Mn & $278.1
▪ Seventh consecutive quarter of $300+ Mn order intake
Mn
▪ Order book executable over next 12 months stood at $935
▪ Up 2.5% in INR terms and 2.3% in USD terms QoQ Mn at the end of the quarter, a 16.6% YoY growth
▪ Up 16.2% in INR terms and 12.6% in USD terms YoY ▪ 8 new logos opened during the quarter
▪ Adj. EBITDA Margin of 17.6%; improves 160 bps QoQ ▪ Attrition (LTM) stood at 13.0%. Continues to be amongst the
lowest in the IT services industry
▪ Consolidated PAT for the quarter at INR 1,810 Mn, up 9.5%
QoQ ▪ Global headcount at 24,638 as of September 30, 2023.

▪ Q2 Earnings Per Share (EPS) at Rs 29.6/- ▪ Net addition of 414 people and up 1.7% sequentially

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Revenue up 16.2% Y-o-Y; Adj. EBITDA up 11.2% Y-o-Y in INR terms
Revenue (INR Mn) 2.5% QoQ 16.2% YoY Adj. EBITDA (INR Mn) 11.2% YoY PAT* (INR Mn) 9.5% QoQ

₹ 22,210 ₹ 22,762
₹ 19,594 ₹ 3,997
₹ 3,595 ₹ 3,545 ₹ 2,011
₹ 1,653 ₹ 1,810

Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24

Revenue ($Mn) 2.3% QoQ 12.6% YoY Adj. EBITDA ($Mn) 7.8 YoY PAT* ($Mn) 9.0 QoQ
17.6%
Margin % 18.4% 16.0% 10.3% Margin %
16.5% 8%
7.5%

$271.8 $278.1
$246.9 $45.3 $48.8
$43.4 $25.3
$20.3 $22.1

Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24

4 © Coforge, 2023 | Confidential Note: Adj. EBITDA excl. ESOP costs. PAT* reflects Profit after Tax (after Minority interest)
 Well Diversified Business Portfolio with Increasing Offshoring
Revenues
By Vertical By Service Offering By Geography
9.5% 8.9%
Q2 FY24 Revenues Mix

26.6%
27.3% 12.1% 11.8%
31.6% Product
Engineering
Intelligent 49.4%
Automation
Data and 38.8%
18.5% 24.5%
Integration
22.6% CIMS
18.5%
Banking & Financial Services (BFS) Software
Insurance Americas
Engineering EMEA
Travel, Transportation & Hospitality (TTH) BPM
Others Rest of World

Location Mix (IT Revenues Only)

49.8% 50.5% 50.7% 51.0% 52.0%

50.2% 49.5% 49.3% 49.0% 48.0%

Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24

Onsite Offshore
5 © Coforge, 2023 | Confidential Note: CIMS = Cloud & Infrastructure Management Services; BPM = Business Process Management.
 Very Significant Business Momentum Driving Robust
Growth
FRESH ORDER INTAKE TCV ($ MN)

$1,491
$1,482
$1,265
$1,151

$748 $781
$646
$457 $507

FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q2FY24

Q1FY24

New Clients
Added 15 31 40 41 45 47 44 8
6

6 © Coforge, 2023 | Confidential Q2FY24 TTM intake

 High Degree of Visibility Through Contracted Revenues and Repeat
Business
ORDER BOOK EXECUTABLE OVER NEXT 12 MONTHS ($MN)
$1,200 93% 100% 94% 95% 100%
92%
$1 ,200

91% 89% 90% 89% 89%

90% 90%
$1,000 $1 ,000

80% 80%

70% 70%
$800 $8 00

60% 60%

$600 50% $6 00

50%

40% $935 40%

$869
$400 $4 00

$802
$720 30% 30%

$468 $520 20% 20%

$200 $390
$339
$2 00

$320
10% 10%

$0 0% $0

0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q2FY23 Q2FY24

Repeat Business %

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De-Risked Operating Profile with Declining Client Concentration
While Increasing Large Account Relationships
Top Clients Revenue Contribution Clients by Size
145
45.3% 137 150
42.4%
39.0% 38.3%
115
34.4% 34.0% 35.5% 35.2% 106

90 104
101
80 100
73
88
32.8% 80
30.4%
28.3% 27.9% 66
24.3% 22.9% 23.2% 23.5% 60
55

23 23
19
16 15 16
10 13 21 23
18
8 7 8 11 11

FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q2FY24 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q2FY24
Top 10 Top 5 >$10 Mn $5 - $10 Mn $1 - $5 Mn

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Best-in-Industry Attrition Levels Testament to Coforge Culture
Total Global Headcount LTM Attrition % (Excl. BPS)
24,224 24,638
1147
22,991 23,224 1099 360
22,505 1059 363
1008
291 1035 350
317

16.4% 15.8%
14.1%
13.3% 13.0%
22,762 23,131
21,692 21,815
21,153

Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Billable (IT + BPS) Sales & Marketing Others

9 © Coforge, 2023 | Confidential

 Key Tenets of Coforge Growth Strategy

• FY23 total revenue at $ 1002 million, grew 22% YoY in CC terms

Robust • Q2FY24 revenue growth of 2.3% QoQ and 14.1% YoY, in constant
currency (CC)

• FY23 Adj. EBITDA margin of 18.3%

Profitable • Q2FY24 Adj. EBITDA margin of 17.6%

• Strong executable order book for next 12 months ($935 Mn as of Sept 30,
Predictable 2023)
• High degree of repeat business (95% in Q2FY24)

• FY23 order intake of $1.27 billion, including 11 large deals

Sustainable • 61+ Forbes Global 1000 clients

10 © Coforge, 2023 | Confidential

Appendix

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 Consolidated Income Statement – Q2FY24 (USD Mn)
Particulars Q2 FY24 Q1FY24 QoQ% Q2FY23 YoY%
Reported Reported Reported Reported Reported
Gross Revenues 278.1 271.8 2.3% 246.9 12.6%
Direct Costs 187.8 188.5 -0.3% 167.8 12.0%
Gross Profit 90.3 83.3 8.3% 79.1 14.1%
GM% 32.5% 30.7% 180 Bps 32.0% 42 Bps
Selling / General And Administration 41.4 39.9 3.8% 33.8 22.6%
SG&A to Revenue % 14.9% 14.7% 21 Bps 13.7% 121 Bps
Adj EBITDA 48.8 43.4 12.6% 45.3 7.8%
Adj EBITDA% 17.6% 16.0% 160 Bps 18.4% -79 Bps
Acquisition related expenses 0.0 0.2 -69.3% 0.0 -0.8%
Cost of ESOPS 6.3 2.6 139.5% 1.9 241.2%
EBITDA 42.4 40.6 4.6% 43.4 -2.2%
EBITDA% 15.3% 14.9% 33 Bps 17.6% -232 Bps
Depreciation and Amortization 9.4320 9.2237 2.3% 7.7 21.8%
Other Income (net) -3.6 -1.9 94.6% -1.9 90.5%
$1 Bn Milestone celebration cost 0.0 2.0 -100.0% 0.0 NA
Profit Before Tax 29.4 27.5 7.0% 33.8 -12.9%
PBT % 10.6% 10.1% 46 Bps 13.7% -310 Bps
Provision for Tax 6.5 5.9 8.7% 6.0 7.9%
Minority Interest 0.8 1.3 -33.8% 2.5 -65.7%
Profit After Tax (after Minority Int.) 22.1 20.3 9.0% 25.3 -12.7%
PAT% 8.0% 7.5% 49 Bps 10.3% -231 Bps
Basic EPS (INR) 29.6 27.0 9.4% 33.0 -10.4%

12 © Coforge, 2023 | Confidential

 Consolidated Income Statement – Q2FY24 (INR Mn)
Q2 FY24 Q1FY24 QoQ% Q2FY23 YoY%
Particulars
Reported Reported Reported Reported Reported
Gross Revenues 22,762 22,210 2.5% 19,594 16.2%
Direct Costs 15,374 15,401 -0.2% 13,316 15.5%
Gross Profit 7,388 6,808 8.5% 6,277 17.7%
GM% 32.5% 30.7% 180 Bps 32.0% 42 Bps
Selling / General And Administration 3,392 3,264 3.9% 2,682 26.5%
SG&A to Revenue % 14.9% 14.7% 21 Bps 13.7% 121 Bps
Adj. EBITDA 3,997 3,545 12.7% 3,596 11.2%
Adj. EBITDA% 17.6% 16.0% 160 Bps 18.4% -79 Bps
Acquisition related expenses 4 13 -69.2% 4 2.4%
Cost of ESOPS 519 216 139.9% 147 252.2%
EBITDA 3,474 3,316 4.8% 3,444 0.9%
EBITDA% 15.3% 14.9% 33 Bps 17.6% -232 Bps

Depreciation and Amortization 772 757 2.0% 614 25.7%

Other Income (net) -295 -152 94.1% -150 96.7%
$1 Bn Milestone celebration cost 0 165 -100.0% 0 NA
Profit Before Tax 2,407 2,242 7.4% 2,680 -10.2%
PBT % 10.6% 10.1% 48 Bps 13.7% -311 Bps
Provision for Tax 528 485 8.9% 474 11.4%
Minority Interest 69 104 -33.7% 195 -64.6%
Profit After Tax (after Minority Int.) 1,810 1,653 9.5% 2,011 -10.0%
PAT% 8.0% 7.4% 51 Bps 10.3% -232 Bps
EPS - INR
Basic EPS (INR) 29.6 27.0 9.4% 33.0 -10.4%

13 © Coforge, 2023 | Confidential

 Other Key Metrics
Q2FY24 Q1FY24 Q2FY23 Q2FY24 Q1FY24 Q2FY23
DSO

(in Million)
Position
Hedge
64 61 70 USD 218.89 218.34 155.01
GBP 94.65 89.03 40.19
EUR 8.75 8.5 4.18
Q2FY24 Q1FY24 Q2FY23
Q2FY24 Q1FY24 Q2FY23
Rupee

Outstandin
Dollar
Rate

g Hedges
Average
Period Closing Rate 83.08 82.10 81.38

Rates
USD 83.73 83.31 79.78
Period Average Rate 82.67 82.15 79.28 GBP 103.66 101.80 99.91
EUR 91.57 89.79 87.06

14 © Coforge, 2023 | Confidential

Let’s engage!

15 © Coforge, 2023 | Confidential