Mastek Ltd

“Mastek Investor Day”

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The Economic Times recently listed us, and actually gave us a couple of different awards, so some of those are quoted as well. One very interesting Award that we received recently, is the Best Places to Work for Women. As you know, environment, social values, governance, which is ESG is very critical for us. And the focus on diversity and the focus on continuing to look at social values is important to us. So, we are very proud of this award as well. All of you would have seen some of the quarterly numbers that we announced last night and this morning. We are proud not just of Q4, but the full year FY22 Results, which have been very consistent. It's demonstration of solid execution. While we look at the numbers in itself, we do want to highlight some areas which are important not just from a current fiscal year perspective, but even from the future. Fortune 1000 Clients which we track very closely, we now have 20 of them. And this is an important indicator of how large enterprise clients are actually engaging with Mastek. The revenue, the EBITDA, as well as the Profit-After-Tax all have had record numbers, and you can see the numbers on the screen. But we are also very proud of our order backlog. And this is an indicator which sets us up for FY23, which is the fiscal year that we are already in. We have actually now crossed 5000 Mastekeers, and this is our employees and people who really make things happen. It's not just a few individuals, it's our entire team and workforce that makes things happen. We have a corporate video that we would like to play so hopefully you like it, our marketing team has worked very hard and put this together. So, if you can play the video, please. (Audio Visual Presentation) 12:22 Alright, I think our marketing team deserves a big hand. Prajakta, Ninad, can you stand up Kashmira. Hopefully, you got a glimpse of what we are about and what we have done, and what we can do. Let me quickly close with a couple more comments before I hand it off to Abhishek. We have a strong aspiration and ambition to get to a billion dollars in a few years. And we want to do it in the early part of the second half of the decade. And we realize it's a steep climb. And it's not going to be an easy journey. But we are gearing up and we have an excellent leadership team. But what's more important than just the numbers is, we really want to be the best places to work. We believe that our talent is really what will make things happen. And our differentiated delivery model is really what's going to create customer delight. So, this is going to be critical as part of our journey together. The road to that journey is going to have a lot of different initiatives, lot of different priorities. And I want to call out a couple of them because these are elements that we are focused on and that we are betting on.

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trusted advisors, ex-civil servants, who are advisors on those spaces. You know the best part of it is, how do you evidence it, this is all our version, but it is best evidence in the successes and wins that you have had. If you look at the last six months, or H2 of this financial year, the type of wins, the sizes of those wins, allude to the growing confidence of our customers in what Mastek can deliver for them. Going by the memory last year, this time, the biggest deal that we had won was around £25 to £30 million. Less than a year's time that engagement with the same customer is £50 million plus. So, that tells you that we are getting recognized. We have built our capacity and capability to actually deliver to that requirement that's out there. And last, but definitely not the least, is the new structure that Hiral alluded to, the Oracle Business that we have. So, Oracle's biggest strength in the UK geography is also in the public sector. 50% plus of their business, and even the future projections that we got to know, interacting with them early April, was in the public sector space both in Central Government and Local Government. So, there are some significant synergistic benefits, our presence in digital services in the central government that we can leverage to drive that business forward, our presence in local government via Oracle services that we can use to bring our digital capabilities there. So, all in all, whether you look at Central Government, or Local Government, or the various areas of the public sector, Healthcare, Defense, we are present significant headroom for growth, industrializing it is where our interest is. And these are some of the frameworks the government buys via frameworks. And those frameworks, to be on that framework is what allows you to bid for those opportunities. These are just an example of £15 billion plus of framework opportunities that Mastek has qualified into. And that narrows down the competition from thousands of vendors who can apply down to some cases, just 40. And last year, Feb/March, we had announced digital capability for health, it was £800 million, four year framework, where only 13 providers were there. And in-between October through February, we must have secured possibly £60 to £70 million worth of wins in that framework. So, that tells you that those frameworks are very relevant. They concentrate the competition, and then your win opportunity goes up. So, this is just a reference and that win, that velocity gets you recognized as one of the Top 10 fastest growing providers in the UK SI market. Moving forward, the new org structure, what does it mean in terms of the opportunity that it generates? There is a graph out there that I want to just point us to. Across FY19, FY20 and FY21, Gartner has rated our Oracle implementation capability at Evosys that has kept moving northward and upward. And that represents, if you look at all the big names that's out there, it's little blurred. But all the big names, including E&Y, LTI is below us in terms of capability. So, the leadership quadrant has people who offer integrated capability, not just the implementation capability. And that's where the organizations coming together have the value, because we bring in the digital capability to the SaaS implementation capability that we have with our Oracle Services, and that has the potential of taking us from here to this quadrant. That means the deal sizes that we are today engaged with, the customers between half a billion to $2 billion, top-line

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customers, you would get to the larger enterprise customers. That's the kind of opportunity that this reorg and getting together, brings to the table. In terms of the ecosystem, if we just reflect on it, we are the number one partner for Oracle in UK, it has come from them straight away. And they recognize our delivery capability, our vertical focus, and the number of projects under implementation. And that gives us that place. We want to leverage that in the European market as well, but that's the start. And referring back to what Hiral alluded. We want to cement this globally. The practices that we got via the Oracle business, in local government, in health, in higher education, are complementary. That's where we want to expand. Then we have got synergistic one both in central government as well as Healthcare, where both the Digital Services and Oracle business is present. This also gives you an opportunity for multi-pillar deals. So, you are not just going and implementing a point solution, but you are bringing your digital services capability and hence make an integrated deal, and have it as customer for life, not just implement and go. You actually have them for multiple requirements of theirs. Our whole strategy was about Oracle Services, helps us land the customers, Digital Services helps us expand it. And it's now evident in the few deals that we have had, and that gets industrialized in this new org structure that we have out here. And last, but definitely not the least is the SAP Compete, it's a stated objective of ours that we are going to be with Oracle in this particular space. We are recognized for the SAP Compete capability that we bring on table. We have experts who know, who articulate the benefit of moving from SAP to Oracle. So, this makes us very unique in the Oracle Ecosystem and gets us the recognition. Moving forward, it's all about public sector that we have talked about, what about the private sector? We have had some chats before coming into the room, some side words earlier as well. That's a much bigger opportunity, both in UK and in Europe. And yes, we are doing few things about it. We are already in the steps in that direction. So, it starts with as a 40 year old organization, having longest serving customer, which is, the relationship is going to be 21 years this October, if you look at just the capabilities with these customers that we have developed over a period of time, we could assetize that and take it across the sector. So, we started with Fraud Analytics, you know Fraud Prevention, Fraud Identification and Prevention. Any bank, any BFS customer would be interested in that. If we just walked across with digital capability, maybe it would take us a longer conversation cycles. But if you walk with this niche capability that you have done for your customer for last 20 plus years, you will have that conversation. And we are having it with Tier I banks. We have started to have that conversation. But that is when you take your capability from a customer to the organization. Same way the Identity and Access management that you see written out there, 300,000-Armed Force personnel in UK, use the identity and access services that we have created for Ministry of Defense. Customer Identification Management System that we created for NHS; millions of

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patients access it using that. So, that is the capability that can go to Retail sector, that can go to Banking and Financial services customers, that's how we are actually taking our capability across the sectors. Cross vertical point, the Fraud Prevention that we have talked about, in NHS prescription fraud is £280 million every year, and it's an accepted fraud. Imagine the ones that they don't know and that's not reported. That's where this capability, the standalone arm's length bodies, the hospitals, the individual hospitals are interested in this capability. So, we have not only assetized it for certain private sector customers, you can take it even to the public sector customer. Specialized focus, we realize that we have a significant heritage again, creating some platforms in the vehicle leasing space. And today with the EV revolution, we see that market exploding. So, that is leading with anchor customers, three to four platforms in that space Bynx, Jama, Sofico, all of them have partnered with Mastek and we are developing the capability to address that space. As just an example of it, financial services customers dealing in mortgage space, that's where we have got significant relationship that we are again, assetizing the capability and industrializing it with them. And last, but definitely not the least is Cloud Enhancement Services or Managed Services as we all know, but it's going in that space, it’s not just about reducing your ticketing, not just about reducing your costs, but bringing in the efficiency that's a far better game. You are driving the value for the customer, not just reducing the cost. So, this is just a flavor to give you an idea of what we are doing to enhance our enterprise business. And as we go into European market, these capabilities become fungible. The opening up of those customers using our SaaS capability, our Oracle capability will help us industrialize the private sector business. Moving forward, our rising profile is something that we are very proud of. It has always been known in the market that people buy from us. We have not necessarily gone and sold to them. Mastek is an undiscovered, underappreciated capability that has been there for some time. So, we have amply recognized it, the marketing video in our team that you just saw was an example of it. But we are also engaging locally to actually drive that and few of the evidences are right here where, the UK Prime Minister in his address last July recognized the jobs created by Mastek and the contributions made to the digitalizing the UK economy. To us being the northern powerhouse champion. So, up north in UK, the leveling up agenda that the Boris Johnson Government is driving, we are at the forefront. We have been in Leeds for 15 years. And that gets us the right to be there. We talk about our credential, how we have created the jobs and how we are contributing to that economy and that's getting recognized. And that also helps us with our sourcing, the Graduates and Apprentices Program, you are analysts, you meet all the IT companies everyone is dealing with the same sourcing issues, the attrition issues. One of the solutions is to engage different stratas of society through the

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Apprenticeship program and graduates through the Fresher program. And the work that we have done, the credentials that we have, helps us attract the crème. So, that's about our building the talent. TechMarketView, the fastest growing, we have talked about it, we are very proud of it. So, it's out here. Last but definitely not the least is social value. Under the ages of ESG, in UK, in particular social value is extremely important. And just one example of how a customer, NHS is partnering, one of their departments, is partnering with Mastek to create an Apprenticeship Academy where people from very, very underprivileged strata of society would be trained, and they could have an IT enabled job. And they have chosen Mastek as a partner as a part of our social value we were doing it, and they said, could we partner with you? We will fund a part of it and would like to join as a part of your story. So, this just tells you that the rising profile of Mastek, the recognition of us being in the geography for 30 years, the way we have impacted the life of UK citizens. That's sum and substance of where we are in UK and Europe. And as I said first, I will say that again, there is not a better time for us to be leading and driving the growth in the UK and Europe. That said, I will invite my colleague Umang, to talk about the Americas, but before that over to you. Thank you. Himanshi Chatwani: Ladies and gentlemen, might I also remind you that we do have a Q&A session much later. So, you might want to note down the points that you have questions on. Also, our virtual participants who are here with us, I am sure that you might also have some questions and you will also be getting the opportunity to ask in your questions. So, please note them down as well. Ladies and gentlemen, moving on to our next speaker, we have Mr. Umang Nahata, President Americas and AMEA that’s Asia Pacific and Middle East and Oracle Business. Over the last two years, under Umang’s vision and leadership, our Oracle Business has rapidly grown to become one of the fastest growing Oracle Cloud application partners globally. We are very proud of our 1,000 plus Oracle Cloud customers. And its contribution has been phenomenal in being recognized by Oracle, as its Global Cloud Partner of the Year for 2017 and 2019, and by Gartner’s MQ Report for its Oracle Cloud Application Services in 2019 and 2020. Ladies and gentlemen, please join me in welcoming him up on stage. Umang Nahata: Hello, everyone. First of all, thank you to the one who wrote my introduction, it was a little overwhelming introduction, right, I don't think, I have done such great work. So, on the Mastek’s journey in the Americas is what I am going to talk to you all about. And the flow of my presentation, or the flow of my message that I have, is going to be having in four broad sections.

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First, and the prime theme that I am going to talk to you in terms of U.S. as most of you know, we have been in the U.S. for some years, largely with Majesco and now, with Mastek earlier with TAISTech acquisition, and with the Oracle acquisition. It has grown, it has had its good foundation in terms of previous set. And I think we have a really good launchpad that we want to move forward from. And what I am going to talk to you about is what we are going to do differently to really expand and zoom into that kind of growth that we are looking forward to. So, the four themes that I will talk about is: I. Culturally, what are we going to be different? How are we really going to change the needle there. II. Organizationally, what is the big change that we are making? III. In terms of service offerings, what is going to be our USP? Why are we going to go into the most competitive market as well as the biggest market? What is going to be a differentiator in terms of our offerings? IV. And last and not the least, what is going to be our go-to-market? How are we really going to attack the market? How are we going to really deliver the value that we are all ambitiously looking forward to? So, that's the theme right. So, we are going to be different as far as our current approach and business is concerned. First and foremost, like I said the culture and the mindset is going to be our first important change. You have to first win it in your mind before you can go out and win it in the market. If you look at our journey, Mastek, there are two very interesting things that we have. One, we have been a 40-year-old company. So, a lot of heritage, lot of rich culture of resilience that we have seen, and we know how to sustain and do that kind of business really well. Abhishek spoke about the really strong inroads that we have had in the UK government, we have graduated there, we have been there in that market, recognized as a part of the economy and the growth there. However, as far as Americas is concerned, what we really wanted to go out and say is we need the hustle of a startup. We really need to think aggressively, ambitiously, take some risks, make some investments, move the needle around, make some disruption in the market. So, we are going to think like a startup as far as our North America business is concerned. And that's what, is going to make us a 40-year-old startup in North America, which has all the heritage from the 40 year old company, all the business and governance and even the cash to back us. But the mindset and the hustle and the disruption of a startup is what we are really trying to do. So, that's the cultural change that we are going to bring, and the approach that we are going to take in this market. The other important change, like I said, we really are going to look at it not just from one aspect, from all aspects. Between Mastek and Evosys, if you look at it up till now we were, while we are integrated as one single organization, at least in our North America business we were still

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operating as two pillars, I think both the pillars have done really well and have grown together. But our next focus is going to be really integrating the power of two into one single unified strong Mastek. And that starts with the change in the organization structure itself. As you see, first my role from the current role, which was the Chief Executive Officer of Evosys, is going to move to the role of North America but leading the One Mastek organization. So, the entire services and the entire portfolio and the entire business that we have, and it's just not covering North America, it's also covering APAC and Middle East, which is AMEA. Very complementary to my role, and my partner in crime, Mr. Raman Sapra here, so Raman was earlier heading the North America business, but one of the key differentiators that we want to make in our business is to make sure that we have enough capabilities and abilities that we want to build. M&A is going to be a big part of our strategy, building our capabilities is going to be a big part of our strategy, and making sure that we have enough assets and ammunition to go out and fire. And that's where Raman’s role, very grateful is moved from being the President of North America, Raman has very graciously accepted this challenge of really building the global service line for us, and M&A for us. So, like I said, while we are looking at one arm focusing on business and execution, there is another arm which is really focusing on expanding the capability and focus. And that's how the leadership team is going to be aligned for the region. Raman’s role, of course, it's not just North America, Raman supporting the entire global business and supporting our capability all across. So, that's one important change in terms of, two like I said, culture, which was the mindset of a startup, organization change, really integrated one single leadership as far as go-to-market is concerned, and one single leadership as far as our capability building is concerned. Now let's talk about what are we really going to do? What are we really going to offer to the market? And how is that going to be different from what we were doing up till now? If you look at the current setup, like I said, we had three simple pillars. We had the Oracle Business, which was doing the Oracle Cloud Applications implementation business. We had the Digital Commerce business, which was doing Digital Commerce implementations, both of these pillars, we were among the top partners that Oracle has in North America also. And then there was the AES, which was our Application Enhancement Services business, which is the Managed Services part of the business. So, we had three simple pillars that we were focusing on, we were doing well, but standalone in those individual pillars. What is going to change now is this new set of five offerings that we are going to come out with and go to the market with. Let me talk about all of these offerings one-by-one. How did we come up with these first? We looked at Evosys and the Oracle Business, we look at the Digital Commerce business that we have and we looked at the UK Heritage that we have created, the really strong engineering heritage that we have. And we said if we combine all of them together, what's the really strong integrated power that really comes out? And that went into the first

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option that you see there; it’s called Glide 4.0. And let me take a quick two minute to explain what the capability is going to be all about. The Oracle Business had a really strong capability called Glide. It was called Glide 2.0, which was allowing us to transform on-premise implementations to the Cloud. Abhishek alluded to our capability around SAP to Oracle transformations also. So, it looked at all of kind of on-premise applications, be it Oracle, be it PeopleSoft, be it SAP, we had a tool, we had the methodology and with the script to transform them to the Cloud. As we move forward, as more and more larger customers are coming to our kitty, if you look at our deal sizes they have also, our average deal size has consistently grown. Two years back, we were like half a million average deal size, we are now clocking more than a million dollars in average deal size. And many more million-dollar deals, Hiral alluded to 40 plus million dollar deals, and many of them in the Fortune 1000. So, as you move up the train there, the deals are becoming much more complex in terms of execution, the customer expectations are much more complex. And the complexity is because when they bought these ERP systems, they just did not buy the ERP system, they really customized it. They made it fit to their specific need and environment. They also had an array of surround systems that they needed so their environments were complex, there were a lot of surround systems that needed to be integrated. They also had complex mission-critical applications, which if anything goes wrong there their business could come down on. All of these as Evosys standalone were things that we had, but not necessarily top notch in that area. But now if you combine the capability of Evosys and Mastek, Digital Engineering is our heart, right, we deliver amongst the top, most mission-critical Digital Engineering capabilities. We have done that in UK with Home Office, with NHS, with Morrisons and many others. System Integration which is basically developing integration layer across variety of systems that's again, a very core part of our business that we do, really go out and integrate. For example, the Spine project that we did with NHS, was literally integrating the entire NHS database to a single integrated Spine. System Integration is another real critical capability that we have and quality assurance. Most of the work that we do is mission-critical work. Projects that get awarded to Mastek, was largely because they were mission-critical and we had that capability, executing mission-critical capabilities. Now if you put the four together in a single box, capability to deliver On-premise to Cloud migration, but to take care of those customizations Digital Engineering capabilities, to take care of those integrations, and third-party array, the System Integration capability, and to deliver mission-critical applications, the Quality capability. All of those put together in a single package is going to be called Glide 4.0.

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So, when we are going out to customers now, which is the next year of Tier I, the Fortune 1000 customers, our pitch is going to be looking at a fully integrated, overall solution. And we are super excited that nobody else in that array. So, for example, there are two kinds of partners that we compete with, one are like us, Oracle focused only, they don't have that kind of system engineering or system integration background, that makes us extremely sharp and different from them. And then there are those GSIs who do everything, but they are not so super sharp or so super focused on Oracle, as you saw from the Gartner Review Chart that Abhishek presented. We are in that top corner there, moving trying to edge into the leading bucket, most of the leading guys were what Accenture, Deloitte. The GSIs are still there, they are around us. They have good capability because they had everything else, but not necessarily super sharp on Oracle. As we combine the power of two, which is our digital and our Oracle capabilities, I think that is the route forward to really push us northeast into that leadership quadrant. And that's what I think the market is really looking out for as we move into the next era of Cloud transformation in the top capability. So, that's our first, tightly integrated offering for the market Glide 4.0. And there is another reason why they are calling it 4.0 from 2.0, we are moving to 4.0 because it has a vertical layer to its entire approach. We are looking at top three verticals only, our North America business is not going to be boiling the entire ocean. We are going to focus on limited areas of business. But we are going to be really brilliant in those areas of business that we pick up, Healthcare and Life Sciences, Manufacturing, which is Hi-Tech and Industrial, Retail and Commerce, and that's about it. But in these three verticals, every proposition that we have, every offering that we have, will have a vertical flavor, will have a vertical capability to it. So, the Glide will also have pre-built vertical assets. And we have learned a lot from across the 1200 plus customers that we have delivered already for. And we are now trying to bring that entire extract in terms of our vertical capability adding to our flavor. So, that's one which is the Glide application. The second important service, again, look at the integrated potential again, we had our digital commerce business. We are actually one of the biggest partners for Oracle as far as their Digital Commerce Cloud platform is concerned. And we are a small player as far as their Oracle CX partner is concerned, which is their Oracle Customer Experience solutions. We do pockets of work. And we do some work for Magento, we do some work for Salesforce, and so on and so forth. Now, if you look at the marketplace in North America, most of the customer experience marketplace is actually filled with such partners like us, a small partners who do pocket solutions, somebody does commerce, somebody that sales, somebody does service, marketing, so on and so forth. There is no one single partner who can actually go and boost off doing a fully integrated pitch, almost 25% of Oracle's business is coming out of CX.

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Our intention is now creating a fully integrated CX platform starting from commerce, to sales, to order management, and then the back office. I think that integrated CX platform has a real good potential of really shooting us up amongst the top partners for Oracle, taking a substantial portion of 25% pie in the Customer Experience space. And we already got the methodology set. So, we used to call it D2X, which was basically the frontend proposition. And now we are adding the CRM and the CPQ behind it. So, that's going to become our second important engine, which is the Customer Experience service line, again, the power of integrating the two organizations seamlessly together. Let's talk about the third area. If you look at the Cloud business, and this is interesting, most of our revenues earlier were very project driven. Because we would do implementation, implementation gets over, we would go out, do another implementation. Literally, which means we started our year with a very low starting base. And we would build the entire thing up. And we were doing well in that we continue to do well, because we were winning lots of projects. And therefore, in spite of the low start, we would still go and blow our number as far as our growth is concerned, that was because the mindset was Cloud is a business where you don't need too much Managed Services. Now, if you look at that from a different lens, while you don't need Managed Services, because the infrastructure is taken care, etc. Cloud actually also has an upgrade to the product every three months. So, that product is getting upgraded every quarter. And to realize the true potential of a Cloud, there are so much enhancement that is happening. So, we needed a solution or a Managed Services proposition that is focusing on enhancement that is delivering more value rather than just solving tickets. And that's why we created a proposition called Enhancement Services or Cloud Enhancement Services. The intention being we are not here to sell tickets for you. We are here to make sure that we are delivering maximum ROI on your Cloud investment, which is going to get upgraded every quarter. And that's the third service ended up creating and it is Cloud, not just applications because we can do that not just on the application side, we can now as a combined entity do that on the platform as well as on the infrastructure side of the business. So, that's our third key piece. And I will talk about the go-to-market also about how we are looking at selling these. The fourth area is in terms of looking at verticalization, like I said, the market is moving towards a vertical Cloud, the whole era of only Cloud is well accepted getting matured. And the next wave is going to be around verticalizing the Cloud. Most of the large hyper scalars are starting to acquire vertical assets. Oracle announced their acquisition of Cerner, Microsoft announced another acquisition in the Healthcare space, and so on and so forth. Our part of the business since we are not owning the product, but we have to realign our service lines to be also verticalized. And therefore, we have set-up a unit which is dedicatedly going to look at creating vertical accelerators to support that kind of vertical first approach that our principals are taking, which is the alliance partners are taking, which Oracle is taking, and Microsoft is taking, and so on and so forth. So, we are going to realign our Cloud proposition to

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be vertical focus, vertical first. And like I said, those top three verticals are our key verticals of choice where you want to be the number one partner in the North America. And not just in North America, across the board in terms of even in UK, Europe, and APAC, and all of these geographies. The last and not the least, is area around Data and Automation. The market as we move forward. So, if you look at our service lines around Cloud, around engineering, around system integration, that is one section of the service line, where we really wanted to build and buy the other area, right. So, our strategy was not just to build capability, our strategy is also to buy and acquire. And that's the space we were looking at buying and acquiring. So, we are looking at buying and acquiring on the automation, on the data, on some of the other complementary assets there. So, that we have a full stack offering, which starts from like I said, commerce, does CX has an ERP and then could also do good data and automation as a fully integrated proposition. And that's going to become our fifth pillar, which is looking at Data and Automation. And that capability is going to come through our M&A route of business that we are trying to do look at. And it's not just M&A it is also M&A and partnerships that we are going to build on. So, these five are going to be our differentiator, I think these five really show the full integrated power of the organization, not you know as different from the current setup, which was more single pillar or individual pillar driven. So, that's as far as the pillars that we have. The line at the bottom, which is VBD (Value Based Delivery), is really where the business sense that we will offer will also be completely different from what anybody else does, because most of the other SIs also have all of these pillars. Our message to our customers is we are going to deliver them on an outcome focused market. In fact, we already do that in our Oracle Business for the last two years. And now we are taking that across all of our businesses. It's called Value Based Delivery, which means a portion of our contract anywhere between 5% to 20% is directly linked to the business outcomes that we are delivering to our client. Skin in the game, right, why would you not buy a partner that is basically investing in the outcome and is giving you an ROI, which is going to be 3x, 5x, or whatever we are signing up for. We have build assets that allow us to measure those outcomes. We have build assets that allow us to identify where or what corrections do we need to make so that those outcomes can be delivered. And now is the time to really encashing that asset that we have built across all of our service lines. So, everything that I said, but with an outcome based contracting model is what we are really trying to strive for. So, that's going to be our differentiator. And that is what is going to be your USP as far as the Americas business is concerned. The next slide is going to talk about our go-to-market, in terms of how are we are going to take these differentiators to the market? And how are we going to really deliver what we have built?

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So, the first part is what? And the second part is how? And these are the again five-step plan. So, it's a five-by-five, five solutions, five GTM in terms of how are we going to deliver. First, clearly is our Oracle Alliance, we have a really strong partnership with Oracle. Oracle, North America is growing in terms of their Cloud Services at around anywhere between 20% to 30%, Oracle does not necessarily give a direct disclosure of what is the application growth, but it is anywhere between 20% to 30%. And that makes it at least a $3 billion market, if not more. And currently where we are in terms of our size, I think we are a very, very small percentage, we have tons of headroom. So, I think in the North America market, we don't even need to discuss potential because the potential is enormous. But the proposition that we are now building, with that market potential that we have, and the vertical focus that we are going to create, which is around Healthcare, Life Sciences, Manufacturing, and Retail would allow us to really increase our market share, look at the next level of deals that we are going to really go after. So, that's one, we just continue focusing on the Oracle Alliance and making sure that business continues to grow. Within the Oracle market, we were currently delivering or only looking at the mid-cap IT, which was in the North America parallel, which was around $500 million to $2 billion kind of customer was our sweet spot. That's where we were winning most of our business. So, we continue to, first pillar looks at that. But we are now creating a special team, which is going to look at the upmarket. We think teams are armed with the new assets that we have, we have a really strong potential of going after the next set of larger customers, which is the $2 billion above or the Fortune 1000 as it may be. And there is going to be a dedicated sales team only focusing on that Fortune 1000 customers and try to make sure that we are getting many more Fortune 1000 logos as we move ahead in the coming years. The third key area, as a part of our North America business, we actually had a very small account mining setup, we did not really have a really strong account mining setup. And again, learning from our UK business, our UK business largely lies on very strong account mining that we do with Home Office, with NHS, with the rest of the government and some of the key private sector customers that we had like Morrisons. We want to bring that entire business approach to our North America business. I think they have won lots of customers there, out of the rich customer install base that we have, we have further shortlisted Top 30 customers that we only want to go after in terms of account mining, and create a new team parallel, it is a brand-new team, looking at account mining only. So, that team is not looking at one or two, in terms of Oracle. They are not going to Oracle for their leads. They are only going to go after our customers look at the entire scale of, breadth of our propositions, and start to do account mining with those customers. These customers have potential that we think currently anywhere between a $5 million to $25 million kind of range, annual repeatable revenue. And we will see how we build across. So, we have classified them further in terms of what we could potentially win. But that's the third go- to-market.

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The next one, like I spoke about the Cloud value services, Cloud Enhancement Services, which is the Managed Services proposition that we have. We think we have got a serious differentiator in our pocket now. And we can go with that solution not just to our customers for whom we were doing implementation, but to everybody else's customers, the Accenture, and Deloitte, and the Oracle Consulting and everybody else’s customers also, because we think we have a service proposition that is extremely sharp, extremely different, real, true value for money. And look at that install base, which is not our install base. There are around 7000 odd Oracle Cloud install base customers already sitting in North America. And with the proposition that we have, we think it's a strong market to go after. Again, not the same pipe, right we are not going to Oracle, we are not going to our customers, we are now going to set of customers whom we had lost or we have not competed for in the implementation, was just trying to grow the Managed Services business. And we have already started winning some of those deals in this fiscal also. Last and not the least, our new alliances, while our business really at strong alliances in connection with Oracle. We think this is, now is the time to really expand from Oracle. And again, as you put the integrated organization to focus, Microsoft has been a key partner for us in many other geographies. We really want to now expand from Oracle to look at Microsoft, but in complementary areas of business, look at No-Code development, look at Low-Code development, look at BI, look at Azure DevOps and so on and so forth. Similarly, expand to ServiceNow and Salesforce, like I said, with our M&A view, we are looking at those additional capabilities and alliances also to come along. So, expand that alliance from Oracle to new partners that we have. We are looking at few modern age, really fast-growing principals also like Snowflake and Pega who are growing now, in terms of almost like 100% kind of growth companies also. So, we are trying to build new partnerships with those newer alliances also. So, while it was Oracle Alliance for now, we are changing that in the future to expand from Oracle to look at four or five other key alliances that we will go after. And that ladies and gentlemen is the plan. So, look at a different culture, reorganize the organization, find the differentiators, and have full throttle on the go-to-market. So, that is what we are really trying to do. And I am sure we will make a significant splash in the market with all of these changes. So, that's all I had for you, all of you. Thank you. Himanshi Chatwani: Well, how are we doing? Can I get a thumbs-up from everybody? That's nice. Just wanted to know everyone is doing good. Okay with that, ladies and gentlemen, I would like to now invite Mr. Arun Agarwal, Global CFO. As Global Chief Financial Officer, Arun overseas multiple functions globally, including finance, investor relationships, facilities and infrastructure. He has over 19 years of experience as a Chartered Accountant and previously held senior leadership roles at Firstsource, GE, Wipro and Synovate. Ladies and gentlemen, please, will you join me in welcoming him up on stage?

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One of the most important and it's one of the favorite topics which keeps coming whenever I talk to any of you. What happens to our U.S. business? Umang showed why and how we are going to grow in the U.S. as a market and the numbers are talking here. Currently, 65% of our business comes from the UK, 3.8% comes from Europe, 17% comes from U.S. and 14% comes from AMEA as a market. Our target as a part of Vision 2025, which Hiral is alluding into, we are targeted to deliver 34% from U.S., 46% from UK, 10% from Europe and 10% from AMEA. It doesn't mean that any of this UK and AMEA is going to de-grow. The only point is U.S. and Europe is going to grow much faster than the company average. So, that's the plan for the U.S. in terms of numbers. In terms of revenue type by industry, currently 47% comes from the private sector and 53% come from the public. Our endeavor is to make it 60% - 40% as we grow in U.S. predominantly in the private sector. And as Abhishek alluded into, we have a strong plan to get into Europe and also to grow UK in the private sector space. Again, the reflection of the profits, the reflection of the work which has been done by Mastekeers, we started, our ROCE used to be in double digit, it was 17% kind of a percent number in FY18. It has consistently increased and now it is 33.6% for FY22. Similarly, ROE used to be 13.7% has become 29.5%, it has consistently increased year by year. Our cash position continues to be strong. It used to be Rs. 372 crores, we closed this year with Rs. 800 crores looks a little lower year-on-year. Just to remind you know we have done 10% more acquisition of shares of Evosys as a part of overall journey which led to some of the dilution in the cash number, but it is reflected into the ownership structure which we have. The utilization again, when we talk about operating EBITDA, it didn't happen by its own. There were multiple actions in terms of operating levers which were taken by the company last five years. Just to talk few of them, utilization used to be 77% in FY20 and it has become 80% in FY22. Again, one of the lever which is tracked on a regular basis by Mastek, headcount mix it used to be 65% onshore in FY20 is 74% in the current year. Significant shift in offshoring which is happening is also leading to improvement in the margin at the same time. Our client and countries concentration was one of the bigger risk five/ four years back, we were highly concentrated into UK and highly concentrated in terms of top 5 to 10 customers, FY20 for example 58% was coming from top 10 And 40% was coming from top 5, which has come down to 43% and 30% respectively. It means as we are getting more and more customers to land, we are mining the existing ones as well at the same time. Again, as a return to shareholders, EPS started with Rs. 30, now we are at Rs. 107 which we have delivered for this year. And dividend per share has gone up from Rs. 6 to Rs. 19 in last five years.

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To summarize very quickly, I am sure next five years is going to be very, very critical, as Hiral alluded into getting into $1 billion journey. We need to make investments consistently whether it's growth strategy, your partnership and alliances, which Umang spoke about, Abhishek alluded into digital talent which Maninder is going to cover, investing into next gen capabilities, industry leading high quality of earnings continue to be focus and at the same time when we are working to generate profits giving back to the society is equally important. So, while we do everything to make money, but at the same time, how can we distribute more and more to the society back is going to be the focused upon. To conclude while I am really excited about $1 billion journey and I can promise as we get into this journey and embark upon for next three years, you will be excited to be with us. Thank you. Himanshi Chatwani: Ladies and gentlemen, once again, I would like to remind you that we do have a Q&A session. So, if you have any pointers that you would like to note them, please do so. Also a reminder it to our virtual participants that are here. With that may I now please invite Ms. Maninder Kapoor Puri, Global CHRO. Maninder oversees all aspects of HR practices and operations in order to meet the needs of the constantly evolving business, facilitating strategic planning and initiatives, change management and organizational design. Prior to Mastek, she had global Human Resource roles in organizations such as FirstSource Solutions, ICICI OneSource, Accenture and iGate Solutions. Ladies and gentlemen, please join me in welcoming her up on stage. Maninder Kapoor Puri: I do have a couple of slides. I think like Abhishek said, it's a great time to talk about business. I also believe it's a great time to talk about people and culture, reason being the whole Great Resignation that you guys have seen over the last two years, with pandemic coming, starting with the whole world becoming literally inaccessible, and suddenly the world waking up to the fact of digitalization in every single aspect. I think going from there to where we are today, we have had a brilliant journey as an organization. But before I start, I do want to play a video for you, could we please play a video? (Audio Video Presentation): 1:07 So, as leaders before me spoke, right, they talked about how brilliantly we are growing, you have seen the numbers doing very well. All these didn’t happen if there were no people working for us. And today, I think all our leaders look very good, because we have brilliant workforce behind all of us. So, I do want to thank all the Mastekeers for getting us where we are today. Thank you. I do want to say that any organization's backbone is its people. And if you do invest in people, you work with them, they would stay with you. I know attrition will be a question mark and a topic that will come and I am aware of it. But I don't want to focus on attrition. I want to focus on the growth mindset.

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One of the things that we talk about at Mastek is our 4.0 culture which was initiated by Mr. Sudhakar Ram, our Founder member. And he is somebody who really passionately drove it. And our job is of course to take it forward. And I strongly believe in this culture, because if we have to move from a high-performance culture to an organization that is going to be a growth mindset culture, because those are the three areas that we talk about growth, growth and growth. And if that is what we want to drive in the organization, then we will have to make sure that all our employees, every single Mastekeer is empowered, is flexible, they have the ability to take decisions and all that can only happen if we have the culture to really empower them. And that's what I think all the leaders here are driving towards. Talent is another area that, I think each leader spoke about and I think Hiral mentioned and talked about differentiated talents. Don't worry, I won't bore you with the whole nine blockers. But I do want to talk about the nine shifts that we are making as an organization. I think the first and the foremost, I am going to go to the center of the tile, which is the future of the workforce. You must have seen in the video about gig workers, graduates and the next generation. Now why is it important for us? Today, as we stand, we have 85% of our Mastekeers, who are either Gen Y or Gen Z, and which will only increase. We have been hiring graduates. And next year, we plan to hire at least 50% more graduates that we have done the last year. So, which means that if our workforce is going to be Gen Z, and Gen Y, is the workplace ready for them? Are people practices ready for them? Are they looking forward to come and work with us, which goes to my digital enablement tile, which talks about what it is that we are doing for them today? We have apps for everything. I mean, if you have nieces, nephews, children, grandchildren, who are Gen Y, Gen Z, you will know they will always be on the phone and there's no app, it doesn't excite them. How do we make the workplace far more hyper personalized for them, I think that's the focus for us. We today, just to give an example, we have a tool, an HR bot, we call it Mastek’s Best Friend Forever and this bot usage in the last year itself has grown to about 86%, just because people tend to talk to the bot rather than talking to human beings. But it's interesting because it also tells us that what is it that we need to do more of. So, today we have digital ID cards, digital visiting cards, and so on and so forth. The other thing I want to talk about is the differentiated talent from upskilling, reskilling a point of view. So, there are again, because we are a technology company, so we have to leverage technology, we have a very interesting tool called TechSense. So, there are three areas we work in. One is our current talent, how are we upskilling them for the future? And where do we get all the inputs from? So, here are the two business leaders that you heard and of course Raman earlier, they would give us all the inputs through their sales teams, and all the input would come to us and we would start to work with people right to upskill them for future. Then we need to also work with current program managers, what is happening today, which is literally reskilling them and getting there. And third, and not the least, but how do we work with every single

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Mastekeer to become the best version of themselves. So, those are the soft skills that we also work towards. Now, when we are doing this and when we are getting our workforce ready, we also need to charter in various territories that we have not been before. And hence brings me to our diversity equity inclusion. And it's not diversity about women alone, I think there's lots of untapped talent out there, there's disability diversity, there is of course gender diversity. And unfortunately in India, for now, we only talk about women diversity. I think in gender, there are other genders we need to look at. If 50% of the world population is the other gender, I think it's important that we get them to the workplace. That's an untapped market for us. We also talk about the whole, the reason I am probably talking about skilling here, we are also getting people from and we have been doing that for a long time at Mastek, we get people as graduates, we train them. So, we do look at build models within the organization to upskill the talent. The last maybe I will not go through each, but last thing that I do want to talk about is the work life balance. Now when you are dealing with Gen Y, Gen Z, while they love to work, and you will see them work odd hours. And we have talked about flexibility right upfront for 4.0. I think one thing that is very important to them is the whole work life balance and mental wellness. So, we do have some four areas of wellness we work towards. One is social wellness, which is something that Mastek prides itself and I will talk about it in the next slide. Second is the financial wellness. So, we do tell them we call some of the investor community to help them how do they invest their money. We do some physical wellness, even during pandemic times we had sessions going on. And of course, we have an app again for emotional wellness. So, we have a mindfulness app available for everybody. We also provide every employee along with their two family members for a coaching or a counseling session as part of the program. The next thing I want to talk about I think, which Hiral, I think each of the leaders mentioned and of course, so did Arun, talked about the ESG. Now ESG is a new term that is coined, but I must say that Mastek even before I joined the company, I can tell you, when CSR and I think Ashank shared the story with me that even before the CSR Act came into play where you have to give away 2% of your profits, Mastek was always a part of giving to the society. So, I think in that gambit, we decided to work towards the entire ESG initiatives. In the ESG initiatives we've taken some four very strong --. So, the Mastek’s commitment that we are taking are four, one is achieve net zero emissions in UK by, and you will see two UK programs there. In UK by FY2045, achieve gender diversity at 40% by 2026, touch a million lives through CSR programs by FY2028. And, of course, achieve 25% SOROI. Now, this is something I want to just mention that, I think we are the only organizations that I have I have come across were pre-pandemic, I had employee payroll giving program at 85%.

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85% of our employees were giving to society on their own, there was not a mandate. Today, as we stand, we are at 59%, it has come down, but I still think, I mean, if you go to any organization, they won't be more than 10% or 12%. So, that we take really pride in and that talks about the culture that we drive at Mastek. We do have an ESG live site, which is led by Vimal. And he helps us manage a microsite for the organization where we get to know real-time, water consumption, power consumption, and so on and so forth. I do want to share something with you, each one of you who have registered today would be getting, we will be planting a tree in your name, and you will get a certificate that will be couriered to you. I just want to leave you with a video. And I think any organization, testimonial or for me my customer is, my employees right, a Mastekeer. And since U.S. is a growth geography, we did request one of the U.S. leader to share her story about her experience with Mastek. Could you play the video, please? (Audio Video Presentation) 01:18:00 I do want to give a disclaimer, this is on her own accord, we didn’t ask her to write anything. Thank you. Himanshi Chatwani: Well, ladies and gentlemen, before we move ahead, and I just want to ask you something, are you all good? I can see we had a lot of people joining us a little later. And all of you have been in rapt attention throughout all of the speeches that we have had. So, I just figured we could do something before we invite the next gentleman up on stage. And it’s very simple, all you should do is show me your hands. Great, now just rub them together, like rub them nicely, nicely, nice make them nice and warm and now place them on your eyes. If you are wearing specs, don't forget to take them out, before you do that. And did you know that before we invite the next gentleman up on stage if you give me a huge round of applause you get discounts, it just somehow happens. Yes, you get discounts on flights, hotels, on different websites, not here. You don't get anything here. Okay, with that ladies and gentlemen, will you please once again with all the enthusiasm join me as I invite Mr. Hiral Chandrana – Global CEO Mastek Group back on stage to spotlight a few important things. Over to him. Let's have this. Hiral Chandrana: Alright, so this is our last session and we will open it up for Q&A here in a few minutes. I hope everyone here got a flavor of not just who we are today but where we want to go. A lot of you have been with Mastek for a while and have been following us through the years. I think before we can wrap up the official session and get into Q&A, it's important to highlight how we are gearing up and bringing all of these things together. So, I will just highlight a couple of areas to give you a flavor.

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Umang talked about industry Cloud vertical capabilities. I mentioned earlier that Healthcare is a $10 trillion market globally: in North America its $4.5 trillion. In the next five years, the Medicare and Medicaid prediction is that it's going to be $6.8 trillion. And we believe this is a huge bet that we will make. There is 38,000 nurses shortage today. The technology adoption that is happening is at a very furious pace. And based on our front office to back office to middle office capabilities, we believe we have all the ingredients that it takes, right from patient experience all the way to supply chains, to bring it all together, not just from an implementation perspective, but from a business transformation perspective as well. There was a lot of mention about partnerships, about service lines, about capabilities, we cannot do it all alone, we will have to do it together with our partners, with our ecosystem of innovators. We are going to be focused on these five service lines, and each of them are going to be very selective where we are partnering with leading providers and platforms. You already know our capabilities in Oracle, we already are doing some very cutting edge work with Microsoft and AWS. We are going to bring on a couple more partners like Salesforce and UiPath and scale them up in different areas across digital experience, engineering, data automation, AI, commerce, etc. We also want to complement our capabilities with some horizontal and complimentary partners. We cannot be in every space; we are focused on digital and Cloud services. We are very razor sharp focused on that. But when we go to the customer, when we go to an account, there will be infrastructure capabilities, there will be cybersecurity capabilities. So, we want to partner with complimentary providers to bring that together as well. You have heard some of these names, and you would have heard some of these in the press releases as well. We talked about Home Office, whether it is Asylum services, whether it is customs and immigration, the Lululemon account that we have in the U.S., we are transforming their entire omni-channel experience and digital value chains. Middle East we don't talk about it much, but there's some amazing work that we have done with hospitals, with telecom companies, with financial services companies. And we continue to focus on that geography and grow to the next level. Companies like Arcadis are global accounts, this is another area that we are focused on. The industry lines are blurring. When we talk about manufacturing account versus a retail account versus a healthcare account, many of them are adopting technologies. And it's all going to come together. Many of them are present globally. So, we are creating a model that will cater to these accounts globally. After this session and after the Q&A, you will see some videos, and you can take your time during dinner. There are some screens outside in the reception area where we are launching a couple of new platform solutions. We are very proud of this, because our growth in the future is not going to be just about growing through IT services. We want to differentiate like Umang and

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Abhishek talked about through enhancement services, through value-based models, through business outcomes, but also through innovative platform led nonlinear growth, whether it's in the digital retailing, in the asset management space, whether it's in the medical device areas, you will see a couple of solutions, which showcase the power of not just services, but software platforms and partnerships coming together. I really feel that each of these areas have so many different elements to it, but I think it's important to summarize, you have heard a lot of different content here in the last hour and a half. But in summary, if you take each one of these areas, there is a massive untapped opportunity in Americas. We have talked about the combination of the two organizations. Umang talked about all the different USPs, the go-to-market models, as we look at Glide 4.0 and as we look at specific focus industries, we are super excited about the potential here. We will demonstrate this in the numbers over the next few quarters. But this is a market that we believe that we are ready to conquer. Public sector in the UK has been a stronghold for us. But the journey is not over yet. Abhishek talked about just the different framework deals that we are engaged in. Now we are not going to win everything, but we are not going to lose everything either. There is a significant untapped potential in many of the large government institutions. And we are equally excited about the potential and private sector, whether it's financial services or retail, Europe, non-UK market is opening up for us as well. Maninder beautifully covered the whole Mastek 4.0, the future of the workforce. This is so critical, not just from an attraction or a retention perspective, but also looking at how will work be delivered in the future? How are we preparing our talent? How are we grooming our people for the next future skills that we need to be prepared for? Innovation is not going to happen in a point in time, it's a continuous journey. And even 1982 or the early 1980s when we started, we started developing products. The journey went on to 1990s, the journey went on to 2000s. We didn't get into Y2K, we didn't get into infrastructure, we didn't get into BPO. But we always focused on business solutions. We always focused on delivering business value to customers. That journey is going to be taken to the next level. The commitments that we are making on ESG whether its environment, social or governance, it's not a new journey. We have been doing that for years, we are going to continue doing that for years. The one Mastek brand, the power of all of us coming together is very, very powerful. And this is a journey next three, four years as we pivot into a new phase there's been a lot of challenges through the pandemic, we are still dealing with macro uncertainties, whether it's the war, whether it's the supply chain, whether it's inflation, whether it's wages. But we are gearing up and prepared to handle those challenges. None of this can happen with a solid, solid team. And you got a glimpse of some of the people that that are already in my leadership team. But there are so many others.

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I want to first start with saying that no organization can come to this stage without the resilience and the founding members of our company who've been together for the last 40 years. I would like to call on Ashank and just maybe if I can request Ashank to stand up. Ashank Desai is not a new name. And one of our founders and I think you can relate to this because many of you know him, but the ethics and the integrity of our organization is how the 4 founders were bonded together. Late Mr. Sudhakar Ram is no longer with us. But we have Girija, ma'am, Girija, if I can request you to please stand. And we have two other founders. Sundar, who's in California, you saw Deep Blue, the organization initiative, which focuses on bridging the gap between academia and companies, that's his baby. He's been the architect behind it. And a lot of people here have taken it forward. We also have Ketan Mehta who's the other co-founder, who continues to be a key part of our board. So, we are very, very fortunate to have such strong founders who have built this organization and continue to provide guidance to the Mastek going forward. But I do want to call out a few more people here. Umang and Abhishek both talked about the capabilities that we are building and those capabilities and service lines, we have created a brand new role called the Global Chief Growth Officer. This role is going to be key strategic part of our Vision 2025 journey. We are going to bring all the capabilities together, looking at build, buy, partner, all our service lines, partnerships, all our inorganic activity, our minority investments, and Raman if I can request you to stand Raman is going to lead that charter. You have already heard Maninder talk about people and our culture. But if we don't deliver that day in and day out, if we don't delight our customers, if we don't continuously challenge our customers, and partner with them, none of this is going to happen. Our customer focus has been second to none. And we are very proud to have our Chief Delivery Officer who continues to drive that journey Narasimha if I can request you to stand. Hopefully, you have got a glimpse of what we can do with amplifying our messaging and some of the videos with what our marketing team has come up with. You will see hopefully more splash in the social media. But we stay true to ourselves. We are still going to remain a humble company, we still want to make it realistic, and deliver value. So, we are very proud to have Prajakta leading our marketing efforts, big hand for Prajakta again. We also got recently, Ritwik, if I can request you to stand. Ritwik comes from a slightly different background. He started his own companies. He sold his companies. He's built platforms. He has created new ventures and platforms. And he's going to lead our Innovation & Platforms charter. And like I said, you will see some glimpses of demos and videos that we have already built. The most important person who's Vimal. So, Vimal if I can request you to stand as well. And Vimal leads our Legal Compliance & Risk office. But he also has multiple hats, where he is playing a key role in integrating our entire ESG efforts. We cannot be Decomplexing Digital. We cannot be talking about Digital Engineering and Cloud transformation unless we decomplex our internal operations, unless we digitize Mastek

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internally. We are very proud to have a solid IT organization which we call Digital Catalyst Team, Narottam, if I can request you to stand, leads our DCT team. And while you don't see some names here, we have a few other leaders like Sundar and Rakesh, Rakesh, if you can please stand as well. Rakesh is actually our co-founder of Evosys, who's joined the company a couple of years back along with Umang and so many talented leaders that we have now integrated as One Mastek. We have had some amazing learnings and best practices from our Oracle Business that we are institutionalizing across the global Mastek One brand. Rakesh has played a key role in growing the Middle East market, but before that, partnering with Umang, Yash and many others, to build the entire Evosys company, which has been so super successful. So, I am just so excited and humbled to be part of this amazing team. We are looking at a challenging, but a super exciting journey ahead. In addition to our founders, in addition to our executive leadership team, we also have some very, very senior advisors who we have onboarded. We've made some announcements on that recently. So, in addition to our global board, we also have David O'Brien, David Rutchik, Vivek Chopra, Rob Shaw, Gary Barnes you see there at the bottom row. Each of these members have amazing connections in the industry, whether it's in UK public sector, whether it's in private sector, whether it's in large deals, whether it's in private equity, whether it's in running large companies themselves as experience-CEOs. So, we are very proud to have these caliber of advisors as part of our global Mastek team as well. So, with that, I want to end our formal session, but also tell you and re-announce that we are completing 40 years on May 14th this is a huge milestone for us. Like Maninder said multiple times, none of this would have happened without the Mastekeers, without our people who made all this happen, without our investors, without our supporters, without our stakeholders, which is all of you, without our customers. And we are just very fortunate to have not just an amazing team, but also some amazing supporters and investors like yourself. So, with that, I want to conclude our formal session and we will open it up for Q&A. I will invite Himanshi back. Thank you Himanshi Chatwani: Ladies and gentlemen, the Q&A session shall begin shortly. We are just going to get everything in place. It's a very simple process, I am sure that you have a couple of thoughts on your mind. I am going to encourage you to use this platform to please ask your questions. And all you have to do is just raise your hand, we have mics in the audience, I will come to you. And may I also request you to please introduce yourself, your firm, and the representative that you would like your question directed to. Also our virtual participants who have joined us here, well firstly, thank you so much for being a participant here with us today. And after the physical questions are done with the participants that are here, we are going to then open the opportunity for our virtual participants to ask in the questions.

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So, with that, in the next few seconds, I would like to invite our panel up for whom the questions can be directed to. And the questions that are coming in from the audience members, you can just maybe we can get the first person who's going to be asking him a question ready. Who's going to be the first person to ask in the question today? Great. With this, mam, please take the opportunity to request you to handover the mic to this lovely lady right there in the fourth row. With that may I please request Mr. Hiral Chandrana, Mr. Abhishek Singh, Ms. Maninder Kapoor Puri, Mr. Arun Agarwal and Mr. Umang Nahata to join us for the Q&A session. Please be seated. Thank you for joining us. Lisa Fernandes: Hi, I am Lisa Fernandes and I am from Equentis Wealth Advisory. So, first of all congrats on a strong performance and a great quarter and thanking for hosting this wonderful event. So, the thing is that you are focusing more on the U.S. market now. And for that, you will be zeroing down on substantial investments in capabilities also. So, I want to know, what will be your acquisition budget or the value range that you are targeting? Hiral Chandrana: I think I want to first clarify, when we say we are going to double down on the U.S., doesn't mean we are going to focus only on the U.S., we are going to focus on all our key growth markets and verticals, which includes UK, which includes Middle East, which includes Europe. We do see a substantial unrealized value in the U.S. just because of the sheer market opportunity and our size, relatively speaking, as you know, most of our competition does about 60% of their business, from the Americas. And in our case, it's a very small percentage point. So, from that perspective, relatively speaking, we have lot more room to grow. Having said that when it comes to both organic and inorganic we need to do a few things when it comes to capability building. So, our investments are not just going to be on M&A, they are going to be on capability building on sales, on subject matter experts, even on solutions, and delivery. When it comes to M&A, we have a thesis, which is Cloud platform, data, CX and automation. And the companies that we are targeting, as of right now is companies in the range of $20 million to $50 million run rate. So, what that means is, companies who are doing annual business of about roughly in the average range of about $30 to $35 million. So, that's the sweet spot we believe, is the right type of acquisition. Now, that doesn't mean we are going to not look at companies which are below that or above that, but that size of companies typically would come with a certain type of valuation some of it depends on the revenue side, some of it depends on the EBIT does. So, we are not hung up on a specific valuation or a specific size of investment. What we are focused on is looking at what capabilities do we want to amplify, what areas can give us market access, which industries can we even complement our own capabilities. And that intersection of capability, industry and market is where we will look at these assets. And we will be cautious in making sure that we invest in the right assets. But also, we are aggressively looking at scanning the entire market for the space.

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So, those are the types of companies between the $20 and $50 million range. It's very difficult to predict what the valuation for that as you know the market is very competitive today but we are looking at various options there. Lisa Fernandes: And what will be the impact on the margin? Just an estimate. Hiral Chandrana: First of all, it's very difficult to predict, future margins, because some of these assets have margins which are much better than Mastek. Some of these assets have margins that are lower, some of these are comparable. So, it really depends on the acquisition that we finally make. We believe that independent of where the companies are today, some of these companies, particularly the companies who are in the $20, $30 million ranges, do not have the scale at which Mastek can provide some of those shared services. Whether it is recruiting, whether it is delivery, whether it is platforms, whether it is tools, whether it is the infrastructure, whether it is the sales and account access. That's what we will leverage. What we are looking for in these organizations are differentiated capabilities and market access. We believe that we have the underlying shared services infrastructure, which can over a period of time, make them comparable if not better when it comes to margins. Lisa Fernandes: Okay. My second question is so on the Evosys merger, I want to know that are there any synergies yet to play out of this and in which segment will that be? Hiral Chandrana: If you ask me very candidly, we're just scratching the surface on synergies today. While we've done a few things well when it comes to co-selling together and cross-selling in each other's accounts, there's a tremendous potential. What Umang outlined earlier with respect to combining the organizations in North America, what Abhishek talked about, how the service line and the Oracle business are getting integrated in UK and Europe, the size of the deals and the type of accounts would be the two indicators that I would suggest you follow in the coming quarters. You will see that we are starting to win lot more end-to-end deals. These are deals like, lead to cash transformation, front-office to back-office and that happens because we have the Oracle cloud capability in the back-office and the front-office and the digital engineering capabilities in between. Bringing that together and replicating that success in multiple accounts and multiple geographies and multiple industries, it also will give us access to larger accounts. We were to report out very transparently and we do this even today in the investor sheet number of $3 million and greater accounts, the accounts which have $3 million run rate and greater, that's an indicator for you to say that we are actually growing our accounts. We're mining them well, fortune 1000 clients. These are enterprise companies, which are greater than $2 billion. So that's another indicator. In the end, how we're delivering on our growth strategy and giving industry leading growth these would be the indicators that you can follow as we continue to drive synergies. Himanshi Chatwani: We do have a couple of hands up, so we are just going to pass on the microphones. Also, for the webcast participants under the media player there's an audio question button to ask live questions. You might want to locate that. You still have little bit of time.

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structural angle, my sense is that my reading is that, once the initial cloud adoption happens, adoption and transformation, the speed at which the spends are growing, probably the speed will come down. So wanted to get your understanding on that, these two questions. Thank you very much. Hiral Chandrana: I am not answering the question. I want to pass the billion-dollar question to Arun and then I'll take the other question in terms of the cloud angle and maybe Umang can add to that as well. Arun Agarwal: Mihir, again it’s a journey and I just showed the financial number. We have grown at good CAGR last five years, both M&A and organically, the journey continues. Definitely, you will see good organic growth coming. We believe we are going to grow and lead greater than what industry is growing at. That's the target internally. We don't give guidance, unfortunately, but the aspiration is a billion dollar in next, as Hiral alluded into early part of, second half of this decade. However, at the same time, what is important, M&A is going to be more focusing upon the capabilities and in the US specifically to start with. Gradually, we'll be getting into UK and Europe market as well, to fill in the gaps of both clients and the capabilities as we say. The growth is going to come as a combination and it will be really difficult to say, what percentage will be organic and what percentage will be inorganic, but you can go buy organic growth at least up more than what industry is targeting. Hiral Chandrana: Umang, maybe you can add on the cloud sort of journey. Umang Nahata: As far as the cloud opportunity is concerned, I think we're still very-very early days. Just by Oracle numbers, there is still sub-40% in terms of the conversion, not even 40% of the customers have migrated and this is only the e-business field. PeopleSoft and JD Edwards the numbers are very-very low, not even in the twenties yet. The headroom for cloud conversion is we are still getting the more matured, end-to-end customers are now coming to play in terms of specialty supply chain, the manufacturing ones, we're now getting into those cloud migration discussions. I think there is enough for another three to five years I think there's no question of any slowdown in terms of net new cloud migration projects coming in. Plus, like I said, we are also building this CES capability, the Cloud Enhancement Services, because the cloud gets upgraded every quarter. So, there is going to be constant business the implementation is just the beginning of the journey. You need to continuously enhance the product, work on, making sure that you're getting the maximum ROI out of it. I think it’s both force, so the journey is clearly I don't see any visible end to it, and it is definitely going to continue for the mid to long-term. Hiral Chandrana: And, while we have talked about cloud migration, the innovation that happens once companies move to the cloud, whether it's Oracle or whether it's Azure or AWS, that's a bigger opportunity too, maybe Abhishek you want to add little bit in terms of, once the customers have moved to the cloud, that's where we are working towards building solutions and next generation capabilities.

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Mastek Limited

we've always had a very strong present in public sector. You mentioned in one of your slides that 50% of the Oracle in UK is in public sector and second, you mentioned about this UK private business, taking up to the next level. What do you believe has changed over the last two years that you believe that there will be a great organic growth coming in the UK business? Abhishek Singh: Thank you for that question. Thanks for tracking and being with us all along. It starts first with what capabilities you have, instead of boiling the ocean first, you look at what do you have within and what can you scale. That's where we shared the assetization of our capabilities. As a simple example, that takes us from one customer to many BFS customers, the fraud detection and fraud prevention part that I talked about. So that's the first step. The second one is the fundamental transformation of the organization, where we were order takers going there and having discussion with customers of what's the opportunity versus now working with the buyer CIO organization, working with the business on what's the business problem that we can solve. For example, retail customer our retailer needs its wholesale customer to onboard faster. That's their business problem. A delay in that is a revenue leak for them. That's what we are solving as against providing another two more DevSecOps or five data or five testers. That's another change that has come into the organization. Third and most important one is UK, Ireland and Europe as a geography. Oracle is a strong in public sector, but it has got 18% of its opportunity in BFS, 9% in retail, 8% in telecoms and media. This is just the UK data. Then Europe led by manufacturing and BFS opportunities, as we are succeeding in Europe and as we are succeeding in commercial industry, as Oracle calls it that gives us the opportunity to bring in our digital services in this space. Last, but definitely not the least, which is fundamental is, building your sales team based on the vertical capabilities, vertical focus, architecting capability that you do the discovery work with the CIO, give them the confidence. The scale that we have delivered in public sector gives confidence to the enterprise customers, that's yes, you have done it at scale consistently over 30 years with them, you can do it with in their estate as well. These are the things that are changing, and we are leading with the conversation to give them the confidence. We just landed a fortune 50 customer. Amit Doshi: Thanks. The second one, while Hiral did talk about $1 billion target and of course that would involve a lot of capability building, lot of go to market steps that you will have to take. How much margin are you willing to dilute from the current levels to get to these, to that $1 billion target, which is far higher than the CAGR growth that we saw Mastek for last five years, which includes one of the acquisitions as well? Hiral Chandrana: I'll start and then Arun can add, but as we look at this journey, even in our annual report last year, we said that in the early part of the second half of the decade for us is 2025-2026 fiscal year which is four years from now. In that early part, we want to get to a billion-dollar run rate, which is basically $250 million per quarter at that stage. The margin story has a few different components to it. One is based on our cost structures based on our fixed leverage that we have, based on our people, our entire infrastructure, but there are some elements which are changing in the new scheme of things. When we say value-based delivery and when we say delivering on business outcomes, we're really meaning it. What that change is, is that it changes the

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conversation from the rate card to saying, hey, what value are you willing to commit? We believe that the margin conversation does not have to be a linear conversation saying, hey, this is my cost to people, and this is the price I'm getting, and this is the rate card. So that is one aspect of it. The second aspect of it is that while we continue to industrialize some of the assets, the lessons learned the integration of the teams, the go-to markets the same thing happens on the delivery side. So, Narasimha and his team are going to drive a completely new charter on delivery transformation. As we look at automation, as we look at tooling, as we look at assets, which can actually industrialize delivery as well. So that's another kind of margin lever. Having said all that stuff the growth aspiration that we have, the potential M&As that we will do will come at different margin levels and in the foreseeable future for the next 12 to 18 months, we've communicated this in many different discussions and analyst and investor calls that we'd like to keep it at a 20% range for our operating EBITDA. If you fast forward 12, 18 months down the road, it's very difficult to predict the competitive landscape, because the reality is that we're getting into a much bigger deal when it comes to some of these larger deals, some of the larger enterprise customers. So, we basically said we're comfortable in the high teens, and towards the range of the 18% to 20% mark. That gives us about 2% to 3% flexibility when it comes to operating margin, but in the foreseeable future we want to keep it at the 20% range. Hiral Chandrana: Arun, you want to add anything? Arun Agarwal: Absolutely fine. As Hiral alluded into, there will always be a leverage. While definitely we need to invest for the future growth, but there are multiple operating levers like some of them I spoke about. So, there will always be a balance but yes 20% is the guidance which we are looking for as our internal target in terms of operating EBITDA and as time goes by, we will discuss more, how it is panning and coming along. Amit Doshi: The last one. Do you believe that Middle East business has saturated because quarter-on-quarter what numbers that we are seeing is something which seems to have a bit of a saturation? So, that was one. And second, as far as US is concerned, of course, now we are targeting from 17% to 33% share in our Mastek’s revenue. So, prior to one Mastek, so what portion was Evosys catering to, and what portion that we are targeting as a US market. So, if these two questions can be answered. Umang Nahata: As far as the Middle East business is concerned, so we are taking a very pragmatic and strategic view to our Middle East business. If you look at the historic Middle East business, we still almost run 20% to 25% of Oracle's business in Middle East. So, we are the dominant partner that Oracle had, which meant that we got a lot of customers, tons of customers coming in left right center. And as we expand globally, and as we really start delivering mature businesses, I think our focus in terms of doing or having a long tail is really going down. So, we don’t want to consistently have a long-tail of small customers and where we are not able to deliver value or repeat. So, what is happening in Middle East is we are realigning our market focus to pick up a high value, high margin, high potential customers and we are letting go some of those long tail businesses. So, it is more like a realignment rather than a saturation. The business in Middle East is definitely

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going to pick up. The data centers have now been established. The Middle East is going through a significant growth in itself. Saudi has like plans of really turning on the growth engines in the region and it is more than 50% of Middle East market. So, Middle East is going to grow, but our business plan, at least for this last 12 months and for the foreseeable couple of more quarters is to reorganize ourselves, take off that long tail, focus on the right deals and then accelerate it back again from there. So, it is a very-very calculated, planned step in terms of moving to the right kind of deals and customers in Middle East. So, that's as far as Middle East is concerned. The second part of the business North America was around one third of our business as far as the Oracle services is concerned already. So, we were doing tremendous growth as far as our Oracle business is concerned. The Oracle business was literally growing almost 80% to 100% already over the last two years. And we with the new focus, I really don't want to go into a break-up of Oracle non-Oracle. That's exactly what I want to avoid. I want to talk about an integrated single business. So, historically, yes, we were growing at around 80% to 100% only in Oracle. Oracle will grow, but our intention is to grow Oracle with an integrated business focus only. Hiral Chandrana: And just to add on Middle East, I think while historically our primary business was Oracle on the apps, which is ERP and HCM and supply chain. We have actually moved a senior leader with digital services background. So, we are starting to see service now opportunities, Microsoft opportunities, cloud development opportunities in the Middle East as well. So, part of this account mining focus is to sacrifice some lower quality revenue but focus on some select accounts that can take us into the future with lot more deeper account mining across different parts of Mastek services. Amit Doshi: Thanks. If I can add one more for Arun. What portion of the revenue you believe the growth would be owing to the price escalation? And second, do we plan to have any fixed dividend payout policy? That is all from my side. Thanks. Arun Agarwal: Price escalation some of them are part of the contract. As you know, lot of wage cost is going up, the headcounts, the resources, people are becoming much more expensive. So, definitely that gets factored into the new rate card at least, whenever you go and compete in the market all competitions have changed their input cost. So, we also go by that. With the existing client, we are seeing industry is going in the range of, overall, if you take the new clients and the existing client together, 5% to 7% is a range which even ISG is talking about. In case of niche, digital transformation, and next gen technology, it could be in the range of 10%. But broadly that's the range which industry is seeing. And when we are talking to our customers, they are also open- minded some of the contracts you can’t do which are fixed price contract, but lot of TNM contracts which comes on renewal on an annual basis, the customers are open to have those conversations with us. Coming back to the dividend, yes, as a company there's no specific- specific percentage, but currently if you see last two years, we are in the range of 19% to 20% of PAT which we are giving. Our endeavor is to maintain. However, if there is more M&A requirement, there's more fund requirement which we believe can be more EPS accretive as a value creation for shareholders we will come and talk to you all.

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Mastek Limited

cloud transformation comes in. And the cost of transforming and we have come across a variety of these, we have done a lot in the UK public sector where we have SAP customers who have migrated to Oracle cloud with our assets, etc., just the sheer cost difference of migrating or upgrading to an SAP cloud versus an Oracle cloud was anywhere between 3x to 5x. So, not only is the product better right now on the Oracle side, the pricing is also a significant differentiator. And usually, the anti-incumbency of having an ERP which are tons of customization SAP having a really complex licensing model, etc., I think in my view the ball is really tilting towards the Oracle side as far as the conversion battle goes. And that is why Oracle really aggressively flashing out saying that, okay, we have converted x number of customers from SAP to Oracle and a large number of those conversions have been done by us. So, I think it's a really good time to be in the Oracle's corner as far as the SAP Oracle compete is concerned. Hiral Chandrana: And because this is such an important question, I want to add just one more thing. Now in that SaaS world, there is front office, middle office and back office. When it comes to back office, we are talking about ERP, we are talking about supply chain, we are talking about HCM. And there we are very clear that our strategy is anchored around Oracle because we have domination and because we have differentiation among top. But when it comes to mid-office and front office, we are opening up our avenues to at least about four or five other key strategic alliances. Microsoft, you heard that a couple of times, but we are doing some very cutting-edge work when it comes to cloud native development, power automate and power apps which are also built on cloud, built on Microsoft Azure. Salesforce, when it comes to the entire customer journey from sales, services, marketing, this is all in the front office. Pega, which is the confluence of intelligent automation and customer engagement. You heard Snowflake earlier, which is an area that we are looking at when it comes to the data cloud. So, Oracle, while we will anchor our capabilities on the ERP, HCM and supply chain, and we believe there's a lot more headroom to grow even there, but when it comes to front office and middle office, there are some other strategic partnerships, including AWS and Azure, where we will build capabilities on those hyperscalers. And that's how we will diversify and make sure that we are addressing the entire cloud potential across a front office, middle office and back office. Varun Goenka: Sure. Thanks for clarifying so much. Another question on the product platform business that you spoke about, even though minuscule today. What is the kind of investments that we envisage in the next 3-4 years? Because it takes generally 5 to 8 years to really have some scale and get into some kind of profitability. Hiral Chandrana: Varun, another good question and happy to chat offline and Ritvik is here so he can walk you through some of the direction out there as well. But at a headline level, we are not trying to build a new product, and we are not trying to create a brand-new platform. We have existing assets. Abhishek alluded to the fraud analytics and the fraud management. We actually have some assets in those areas already. What we see missing is certain process gaps, some technology elements, and some partnerships. If we bridge those gaps, we believe those assets can get amplified into a platform that can get monetized. You heard also about asset leasing management in the vehicle leasing. We already have built assets in there. We just not monetized it. Even in the Oracle world,

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there's a couple of assets, actually there's about 15-16 of them that's built on Oracle platform as a service, but 2 or 3 in particular, the workforce scheduler, the time-tracking system, these are examples of assets, there are some industry accelerators that we have built in, but if we combine some of the process gaps in technology gaps with maybe some startup partners, we believe we can take these existing assets and monetize them into a much more innovative led platform business. So, we are not talking about starting a five-year/ multi-year journey. Some of these platforms will be launched this quarter and some of them will be launched later this year. And we believe that as we look at the next 3 to 4 years, customers are expecting some of this stuff and we being a business solutions DNA for a long time, have some of these investments and capabilities already. Having said that we will have to do some more investments and we have kind of baked that as part of our 3–4-year journey. Varun Goenka: Just a final clarification, given our hands are so full and we have so much to do in UK and US, would we consider sometime exiting Middle East given return on time or return on capital would be much higher in UK and US in terms of management bandwidth? Hiral Chandrana: Maybe I'll start and Umang can add. See, our Middle East business is actually very strategic. So, my request to all the investor community in particular is to look at it a little bit more holistically. And the reason I say that is because we have actually built a business which differentiates not just in the Middle East market but helps us across the globe. A lot of our initial graduates, a lot of our initial employees who joined the organization, get their first projects executed in Middle East. A lot of the very senior leaders in our Oracle business actually did their first implementations in Middle East. And we see the same thing even today where we are leveraging that experience and once they spend a couple of years in Middle East, we are actually moving them into the UK or US markets. So, for us, it's an extended engine for grooming talent. Now having said that we are doing some very cutting-edge work in particularly financial services, hospitals and healthcare, and manufacturing areas. And that industry capability that we are acquiring in Middle East is also going to help our vertical-cloud differentiation. So, I wouldn't look at Middle East standalone just because the growth numbers are not comparable. By design, like Umang said, we are exiting certain accounts because we want to focus on higher quality revenue, but there's a whole lot of differentiators that we are getting by being in that geography. And Umang, feel free to add. Umang Nahata: You put it very right. Of course, Middle East is really key part of the jigsaw. If you take that out of the business, for example, when went through this phase of high attrition, just that we had a strong Middle East business, it allowed us to deliver well in UK and US because we could easily shuffle people around even in those times. Two, from the Middle East business standpoint by itself and while Hiral explained the overall jigsaw, I think we have a really strong market hold. The diversification from a geography standpoint in a market where you have strong hold and letting go, I think would be not so wise on our part. Yes, we need to relook at what kind of revenue that we are acquiring from that market. And that is something that we are thinking of. But the market is definitely the hub from variety of standpoints. Like for example, we build the Oracle relationship, it is the starting point for our Servicenow relationship. It is also the starting

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point for our Snowflake relationship. A lot of things happen in Middle East which then we take forward. So, that market we have a really strong customer hold, and therefore it allows us to build many of these capabilities out there first. Two, like I said, if we correct our current positioning and leave that tail aside, very soon you will start seeing Middle East deliver a phenomenal growth. And if you look at from the Middle East market’s eye, I think the world is going to change very soon again, especially with Saudi the kind of investments that they are going to make in terms of recreating the city and recreating the country in a few years’ time, we will be very happy that we continued in the market that is phenomenally changing and growing. So, I think it's a market where we have to stay both in the integrated stand and as well as in the standalone market point of view also. Varun Goenka: Thank you so much. Abhishek Singh: Varun, in short term it is a paid training ground. Varun Goenka: I get that. Thank you. Himanshi Chatwani : Before we take the next question from our attendees here, I once again would like to remind our virtual participants, all you have to do is, it’s a very simple process, under the media player there is an audio question button, so you can record your question and then we will play it for our leaders here. So, please make the most of this platform and the opportunity. Back to our participants here. Pankit Shah: Hi, thanks for the opportunity. This is Pankit Shah from Dinero Wealth. My question is mainly towards UK government business, UK public sector business where we have seen in past that because of elections or their political volatility, there's a freeze on spending and even the existing projects get delayed, and the fresh projects also doesn't come in. So, how big a risk is this and how do we see this? Abhishek Singh: Thank you for that question. It's the progression that we have made over a couple of years that gives us the confidence. It happened in 2019 with Brexit when there was a complete policy and governmental what do you call as for want of a better term paralysis that the government of Theresa May was going to stay or not what kind of kind of Brexit would the nation had adopted soft or hard Brexit and hence, there was a bit of a of a slowdown there. At that time, we were operating on the periphery of many critical programs. Over the last two years, we are now at the core of it, which is fairly insulated. So, no matter which government comes in, no matter what policies you adopt, these are the programs that have got funding support from the parliamentary approval process. So, it's fairly insulated. The second one is we ourselves have matured over a period of time that we are now participating in the critical part, not just on the process, or the project that we have got, but we are aware of the whole journey, where it is going hence what do we need to do to be prepared, for example, the home office 50 million pound engagement of 52 million pound engagement that we just signed for three years, this was a plan that we executed over the last 12 to 15 months, knowing fully well, that what we would have done on the biometric

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side would yield opportunities, how do you get ready for it? The same story applies on let's say, NHS digital in particular, where the last six months successes have come in. So, it's the maturity of the organization of how you are playing and if you saw the slide, which talked about the Advisory Board, there are a couple of other advisors as well, who provide us with that insight. So, we know how it is progressing and how do you need to get prepared? For example, we are running the campaign right now to land the revenues and customs side. How do you expand there, we have landed there, but we have not expanded yet. So, I would say it's plain and simple. It's a very mature customer, it's a very sophisticated customer, pays in time has got everything of strong governance established, we now know a lot better than what we were in 2019 to work it and expand it. Pankit Shah: Okay, thanks for that. And some more color on the acquisition side. Just wanted to understand how aggressive are we planning to be? How close are we for an acquisition? Hiral Chandrana: So, Pankaj will obviously keep you posted as we make progress, but we definitely want to do at least one acquisition this year, the initial focus is going to be on the US market, we are looking at multiple areas that we talked about, but in very focused spaces and I think that $20 to $50 million kind of revenue, size of customers is really what we're focused on. I think, in the next two or three months, we should be in a position to hopefully announce something, but it's never done until it is done and we have a very rigorous process when it comes to both qualifying, evaluating as well as doing our due diligence is with these M&A targets. So, it's tough to predict, but we are moving in the right direction. Pankit Shah: Great, all the best. Thank you. Vikas Khemani: Hi, my name is Vikas Khemani from Carnelian. My question is more macro. And first of all, congratulations on such a great journey and great insightful session. My question is more at a macro level, I think from the all the macro indicators, US is more likely to get into a stagflation kind of environment, inflation is catching up interest rates are going up and typically in this kind of scenario, if suppose, and we don't know what will happen, but if let's say probabilities are higher on that side, based on your experience being in the market for so many years, and interaction with the client, how do you see this time is going to be do you think the demand environment can slow down? I mean of course, journey right now looks very good, but if that were to happen, what would your take be given the fact that our US is also a very, very critical part for our growth? Hiral Chandrana: Sure. That's a good question Vikas. Because if you take a look at a few of these cycles, that that the global I mean, at a global level, but particularly in the US, there have been times whether it's the financial crisis, or even in the dot com booms, it takes some of these kind of cycles, there are elements that that can all fit together, right. When there is pressure on margins and prices, there's more cost optimizations that are needed. So, that creates opportunities. When the economy is doing well, which it has been in the last few years. There's more innovation that happens. When it comes to market share, grab, when companies are changing and reimagining business models.

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People want to move towards cloud and digitize their operations. So, each crisis has created opportunity. The second aspect of it is that because of the macro level uncertainties right whether it's inflation and wage costs and supply chain challenges, or even just worker challenges or even the unfortunate war that is happening what that leads to is that some customers become much more cautious, rightly so. But when customers look at transformation, they're looking at large transformations and they look at it and saying, you know what, we don't want to do all this together, we don't want to take our entire real estate and hand it over to one particular vendor or partner, that's actually a good thing for us. Because if they did that, then we may not be the best partner. But what customers are looking at right now is they're breaking up their overall spend, and say, hey, let's look at certain areas and let's face this out, let's look at maybe a front office area or developing a particular platform capability and when it comes to best of breed partners, and looking at how they can co-work with system integrators like us, they are breaking down larger budgets into smaller numbers, while we have aspirations to grow into the large deal sizes, which we are already doing relative to where we are, some of the customers are saying, hey you know what, instead of spending this into entire 100 million in one shot, let me break it up into five phases and even that, let me pick a best of breed partner who I can work it in one particular area. So, to us, that's an advantage, because we become a much strong challenger, to convert it. So, yes, there will be challenges, there will be some of these cycles in the US, we will have to be very focused and Umang walked you through the entire differentiation strategy, or go to market our cultural kind of mindset change in the industries that were focused on and in the sweet spots that we have, we believe there is a lot more headroom, even with some of the uncertainty and challenges that we have in the market. Vikas Khemani: Is it fair to assume that in your aspiration of billion dollar, you assume taken care of the headwinds in the macro environment, if at all, if it happens, and you will probably gain market share, your size is very small. So, is it fair to assume that? Hiral Chandrana: See, the window that we have in the next three, four years, irrespective of how the markets will get challenged, is really a growth window, right? Relative to some of our peer groups, and even our mid-cap providers who are larger than us, we're still relatively small, as you know. So, we have a growth window here over the next three to five years, which is a massive spend on cloud and digital, independent of the market crisis. Now, of course, some of those challenges might slow down some of the spends, it might delay some of the decision making, it might repurpose some of the areas that customers are investing in,right? But we believe that the areas that we are in are much more modern, transformational innovative areas that are not just optimizing their spend, but also helping them transform. So, we feel comfortable that we're in the right spaces to grab some of that market share. It's difficult to predict quarter on quarter, what will happen, but we feel that we are we have the ingredients to take on some of these challenges. Vikas Khemani: Great. Thanks all the best. Mohit: Sir Mohit from Anand Rathi, just one thing on the UK side, UK, private, we haven't discussed enough. So, what is happening there because in our spreadsheet when we do this UK breakup,

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you guys are the dominant players on the public side, but on the private side, it appears weak compared to the peers that we have. So, what are the plans for next few years on UK private side and a connected question is why are we going to European side while not covering UK private in totality? Abhishek Singh: Thank you, if anyone knew it better that would be only you, that said, I think the start of the UK private sector journey is about the focus that we have bought last year was about building the sales organization, identifying the capabilities that we had, and establishing the reach, deciding what is it that you want to sell and where is it that you want to sell and the green shoots of data clearly visible. I mean, we did rush a bit on that slide but it's not for want of depth. For example, the vehicle leasing space, which then backward integration would be the asset leasing space, you start with that the EV revolution gives you phenomenal opportunity. Lex leasing, Zenith, these are acquired by Lloyds Bank now and they are now coming up with multi-million replatforming opportunity that Mastek would have the opportunity to participate in because it built it in its first avtaar 7, 8 years back. The anchor customers that I have in that space gives me the right to actually expand that. So, this is how you are identifying your capabilities in the private sector space. The European part of it that you alluded to is independent. It was driven by the SaaS relationship that we had with Oracle and we had some good growth both in terms of order booking as well as revenue. It grew pretty fast in the in the last financial year, which gives us strong confidence that we can expand it with the Oracles’ ambition and the amount of investment that it is making in that market. If you bring in your digital capability with land, Oracle or SaaS capability expand using digital capability, you are not going to go through the discovery phase that we had to do in the UK business for private sector. So, that's why Europe is the focus, but that does not mean that you're not doing it in UK, we are doing in the Europe right from the word go, when it is pretty nascent, it is sub 10 million, you doing it there right away. So, that's why we are doing it in an integrated fashion in Europe and in UK, these assets are identified, sales teams are built and I would like to believe that next financial year, it should be a lot different. Mohit: Europe will not be on the public side. Right. This is more on the private side. Abhishek Singh: At this point. It's completely enterprise side. Hiral Chandrana: And Mohit just to maybe clarify there again, see the European market, we are not going to go after all the different countries as well, right, we are going to be very focused on some parts of Nordic, certain places like France and Netherlands, where Oracle is actually taking us as the preferred partner and the reason this is important is our sales cost and the investments that we need to make, obviously are not going to be that large, and we are going to be able to get pipeline as a result of that. Now, having said that, our UK infrastructure, when it comes to pre sales when it comes to solution building when it comes to people and architecture can be leveraged in those English speaking markets, particularly Netherlands and Nordics or English speaking markets where we've done some good projects, some of the accounts that we won, whether it's Arcadis or Exide, actually are global accounts, which have presence in UK, which have presence in North

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America as well, but they started in Europe right? So, there's some interesting dynamics there in terms of again, a very sort of selective and focused approach towards the broader Europe market. Mohit: Right in one for Umang sir, would you continue to look for Evosys growth or like, you will be asking someone else like who is handling Evosys growth and the second thing is, on the US side, like as we remember if I remember correctly during the Evosys days few years back when you integrated US was not a strong piece for Evosys at that point in time. But today, you spoke about 33% of the business coming from the US. So, those like US has grown really fast for Evosys in the last two years, or this is the total number, we are not comparing the right numbers. Umang Nahata: So, the order book numbers of US have been growing really fast, we had invested quite early on so when we integrated we had those years made those early investments in sales, we also acquired a small entity called Newbury at that point in time. So, we had gone through those investment phases early on, the order book numbers of US are close to that kind of range, maybe slightly lower than 1/3. I don't have the exact stats, but it is definitely growing substantially fast as far as the Oracle ecosystem or the Evosys business view is concerned and like I said, we continue to. Now coming back to the forward-looking part as far as the new structure and design of our business concern, we are going to look at it from an integrated business point of view. While Oracle continues to be one of our key GTMs Oracle continues to be a key part of our differentiated solution offering. We are not going to look at it as Oracle non-Oracle, we are going to look at it as integrated North America business. Having said that, there is a leader called Yashodhar Bhinde who is going to take care of the Oracle service line. So, Oracle is going to be one of our biggest service lines in the in the group and we have identified a dedicated leader and owner who's going to run that service line with a constant focus on growing the Oracle Service line from a service line design point of view. So, that's the revised structures. So, Oracle focus continues with the service line leader. So, who was earlier working in UK is now running the Oracle service line. The regional focuses are going to be fully integrated, I think our strength lies in the integrated solution or integrated offering. So, we continue to look at it from an integrated fashion. Mohit: So, Evosys respective geographies will roll up to individual, some part of it will for example, go to Abhishek from UK Europe perspective, some parts will come to you. Hiral Chandrana: That is correct Mohit and that's a very thing I just want to re-emphasize that's a very important part of the realignment because you know one of the first questions I think Geeta asked was about synergies and we believe truly that one plus one can become four and five and that's really the integrated go-to-market that Umang is talking about so it's not just about even adding it to one plus one, two or three. But we feel that there's an amplification that can happen. But that can happen only if we go at it from an account perspective right the customers the unit of truth and if we go to the account as one integrated one Mastek that changes the conversation and we've seen this live in many examples, whether it's UK or US, and Yash, his role is going to be critical, he's also going to be working closely with as part of Narasimha’s team to integrate the entire delivery of Oracle as well, because it's a very, very big and strategic part of our business even

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going forward and that's some best practices that we have, that have come from the Oracle Business that we feel can be institutionalized across Mastek. So making sure that we are combining the best of both worlds and delivering that to every geography for that matter, even Middle East, right, or, Europe be that. Mohit: And one for Maninder as well. So, are there any hiring targets that you guys are sharing for FY23? I also heard you people said 50% or more, hiring competent what you have done in FY 22. But are there any absolute numbers that you guys are sharing from that perspective for FY 23? Maninder Kapoor Puri: So, not really, but we will grow significantly because the fact is that growth is going to be our journey. So, we will need people. The reason I said 50% was more about our graduates, I think we'll have to focus towards interns, graduates, and that market. Mohit: What was the number last year for graduates? I think you're referring to fresh graduates. Maninder Kapoor Puri: I'm talking about fresh graduates. Mohit: What was the number? Maninder Kapoor Puri: We have about 600 plus people? So, we're talking about at least 900 to 1000. Mohit: Second was onsite/ offshore, like do you think delivery will continue to shift more offshore for you guys, or currently the level were in you want to stabilize that that is last one. Hiral Chandrana: Yes. So, I mean, I think different parts of our business have different nuances, as you know Mohit. There is a lot more acceptance from some of our larger customers to do, more offshore work, I think the pandemic last couple of years. While this created a lot of challenges. It also created an acceptance that a global delivery model works even in very strategic and secure areas. So, we do see a shift here. Having said that, I mean, some of the work that we do, whether it's in the digital engineering space, or the cloud transformation space, is very cutting edge, particularly when it comes to the design, the blueprinting some of the business analysis that we do and so there's going to be projects that will meet that high touch and Arun I don't know if you want to add, but in general, we feel that there is some more room when it comes to offshore ability, but we feel that get to the point which you're comfortable with maybe a few percentage points improvement in offshore mix, can still happen in the coming years. Arun Agarwal: So, Mohit precisely 75% currently is our headcount mix offshore, maybe 200 bps as we move between private sector and public sector and get more offshore opportunity. It may shift a little bit but broadly is going to be similar. Mohit: 80-20 is not that you guys are looking at. Arun Agarwal: It's difficult to predict at the moment, but as it evolves, we can.

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able to really deliver to the scale, and us being invited over to accelerate that, that tells you the level of confidence that they have. So, what we have summed it up as Mastek has been there in UK building critical national infrastructure and decomplexing digital is also coming from a customer compliment that we have received, we hand it over to you and you simplify it and you deliver it every time. So, if the delivery credential is established over a protracted period of time, I think that that would be the public sector story. Just touching briefly on Oracle, having spent some time with Oracle satraps in the UK market where we are number one partner, the vertical capability, the vertical expertise that we have, where you would have hundreds of implementation experience across the sector, when you walk to a customer, you're not just implementing a platform or a back end software for them, you're also telling them this is what you would need, or this is what your problems would be, this is how you should go about it. So, suddenly, from being an SI, you're also an advisor, and they see the value in that. So, I'll eventually go back to it's the delivery capability. And last, but definitely not the least is the consulting practice that we have established over the last 12 to 15 months where you working with the CIO organization, its architecture as a service, design thinking capability. The whole of NHS success is based on the design thinking, enterprise architecting, solutioning then building and implementing, and now we are enhancing it into the managing and modernizing which is what you call as managed services. So, all of it that you have done, that gives customer a degree of comfort that you not only understand you're a trusted peer of time, hand and you have executed time and again. Umang Nahata: I think Abhishek has very rightly pointed out and if you just look at our last two years performance history, the two pillars standalone, which is the Evosys and the digital services business, both have done phenomenally well in their respective markets, which is in the UK public sector and you know, the Oracle Service line, be it on the ERP or the commerce side. So, within that respective spaces, we already had phenomenal differentiators which allowed us to be the leading partner or grow towards the leading partner space as far as those markets are concerned. Now while those two continue, we are creating a third line which is the integrated strength of the organization and creating those through the various parameters that me and Abhishek earlier pointed out be Glide 4.0, CES, the fully integrated CX solution etc. I think those are phenomenal differentiators. Those are areas where our entry door capability through the Oracle as well as the overall delivery capability through our digital services and then landing and expanding you know, through our account mining capabilities is going to give us the right to not just win but right to stay in the account and right to do much more than just you know winning new customers because we have been winning at a rate of what 30 to 40 customers every quarter consistently. So, I don't think there's a question of what is our right to win. We already had the right to win. Now we have to really figure out how we really expand much more and that's where the integrated capability is going to play amongst the various services that are set. So, that's where we are. Hiral Chandrana: Yes and I think both Abhishek and Umang covered it the right to land, I think is not an issue, the right to expand and grow is really the focus of the organization. And that's where you see the account mining focus. But I just sort of wanted tight together with our overall positioning. So,

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when Abhishek mentioned decomplexing digital, this is what customers told us and, and when we say trust, value, velocity, that trust has not come overnight, that trust has come from 15-20 year old relationships, where we've continued to deliver business value and that goes to the value part. Most of our engagements have been cutting edge, most of our engagements have been solution led, including the Oracle implementations. But even in the digital engineering space, we're talking about aligning to the business processes and transforming those processes in different verticals. So, the business value addition, and we are small enough, where we can give the attention and the focus to some of the customers that we serve and we are large enough that can help scale to meet their business needs. You know, Raman who was leading the digital business in the US. If you rewind about 18 months back, we were working with only about 6 fortune 1000 customers. Now we are working with 19, right These are fortune 1,000 customers that have trusted us to do at least work in a certain area or a couple of different areas. Now you tie that together with what Umang and Abhishek talked about the one integrated Mastek in the services portfolio. It lets us expand in those same customers and the new customers that we want to land, we want to start with an integrated approach. So, the large deals that we're starting to see the end to end, front to back office transformation that we're starting to participate in, can be replicated in multiple industries. So, I think there's a game plan and there is a journey that is plotted out, execution is going to be key. It's not going to be easy. There is going to be competition, but we feel that there's enough differentiation, combining the various pockets, the different markets and the different industries, which you know, allow us not just right to win, but right to grow as well. Vikas Kasturi: Thank you so much for those detailed answers. Moderator: Thank you. We have our next question from the line of Sahil Sharma as an investor, please go ahead. Sahil Sharma: Just a question on the acquisition, one of the concerns that investors generally have is that the base rate of success for acquisitions overall is a bit low around 30% and Sir mentioned having a rigorous process to evaluate acquisition candidates, can you appreciate any color on like how we aim to increase the probability of a successful acquisition and you know, one of the reasons for asking this is because Evosys has worked really well for us, but one of the previous acquisitions TAISTech had not worked very well. Hiral Chandrana: Sure. So, Sahil, it's a good question and there are various learnings that we have from M&A and M&A integration. The learnings are not just our learnings within Mastek, but learnings are collective learnings across the leadership teams and what we've seen in organizations, even before Mastek, so those collective learnings are being applied and, again Raman, who's leading that charter, along with his team is looking at a very detailed qualification process, which aligns to our capability gaps, our industry focus and our market focus. So, that said, the integration and the success of the acquisition boils down to three or four things and this is again, patterns that we've seen over you know, 10, 15, 20 years. One is the cultural fitment. In the end Maninder alluded in terms of people and culture, the cultural fitment of how the organizations come

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together every person has emotional attachments to the companies that they belong to. So, that angle is very critical and thinking about that way in advance is important. What we typically call synergies, which is, let's say there's an acquisition XYZ, the capabilities that brings to the table, taking those capabilities to Mastek accounts, is one part of the synergies. The second part of the synergies could be depending on the company, taking Mastek capabilities to their accounts. So, looking at it from both angles, on what the true potential is, in which industries in which accounts in which markets, and how those synergies will get realized, is another critical success factor. The third factor is about measuring and staying with that integration in a focused manner. Because there is an approach that you can take saying, hey, you know what, we've thought about the synergies and it will happen, but in reality, that's not the case, even with a very, very successful Evosys acquisition in terms of our combined growth, we would still all agree that there would be areas that we would do differently if we were to do it together and we're taking some of those learnings and applying it to our synergy plan and our integration plan, even before we make the decision on the acquisition. And last but not the least it is betting on certain platforms and certain areas, which are future proof. We're not trying to look at legacy companies who have had their run, we ourselves are doing majority of our business in digital and cloud services. So, the companies that we are looking at are future proof companies, which can give us the amplification for few more years to come, whether it's in the digital market or the cloud market and that is very critical. So, platforms like Salesforce platforms like Pega, platforms like Snowflake, are the areas that we're looking at whether it's Microsoft, Azure, and AWS, and these companies have legroom to grow and we are also looking at innovative partners beyond acquisitions. We might even make some investments in certain companies, which we may not want to acquire immediately. But over a period of time, we will jointly partner with them in the Go-to-market and with certain accounts, and then decide over a period of time whether to acquire. So, there's you know, these are some examples of the rigor that we are applying even before we make the acquisition. So, hopefully that answers Sahil. Abhishek Singh: So, the one critical factor that would make a difference is today we have done the homework, and we know how to grow those companies, we know which areas we want to get into. So, whether it is Salesforce or any of the areas hyperscalers that we have talked about, we're also talking about how we will work with you to grow. All the traditional areas that we talked about, there is a clear business plan of what you will bring in and how you will be will contribute to your growth, which gives the target organization a very clear view of stuff that they weren't able to do it on their own, or why they thought they had matured in their journey and how can someone who's acquiring would help them grow. That's that makes a huge difference with their decision making as well. Farid Kazani: First of all, congratulations on such a fantastic performance, I must really appreciate the hard work that you guys have done specially in a very competitive scenario. What I've seen is a fantastic quality of work that you guys have done to the great amount of client base that you guys have built, the consistency of the performance and the financial indicators that you have kind of delivered quarter-on-quarter, and the depth of the management team. So, really speaking, it's a very transformed Mastek that I'm seeing today. Okay, compared to where I was Mastek in

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around 6-7 years back. So, I have just a couple of questions, and I'll leave it to Hiral or anybody else to answer it. You're really dependent upon how you're pushing your sales guys to deliver for your organic growth. Let's leave aside the inorganic targets that you have, can you get a call it some kind of color on the quality of the pipeline that you have? I know you will not be able to give an exact number of what the pipeline stands, but can we get an understanding of how is that pipeline moved in percentage terms, growth compared to last year? What's the kind of breakup between your business from the existing client and new client? What we have seen in the past is that there is lumpiness in the order booking and order backlog and that comes from Abhishek going and closing a large elephant deal at points of time. But can you tell us what's the kind of base of new clients that you're building and how are your sales guys targeting to do that? And in the marketplace, when you have a win loss, what would be the reason that you would lose a deal because I'm assuming that you've now got a complete suite of solutions, you're competitive in terms of pricing, then what is the key reason that you would lose a deal? Okay. So, that's one part of my question. My second part is to Umang and Umang I think you did a fantastic deal with Mastek, with cash and stock option and I'm sure you're happy where you are today. We are all. So, my question to you is, how do you look at your stake from having now done the earnouts? How do you look at your stake as remaining a long-term investing in the company or your expectations to kind of monetize that because you want to move on to something else? So, what's the kind of plan and thoughts you have especially? Umang Nahata: So, I think, Farid the transaction the way it was built, day one, was with a long term interest, you don't build a transaction, where you have a substantial portion of the value sitting in stock unless you have a long term interest in the organization and I think that's been our thought, even from any transaction happened, it has become even more strong as the cultural people integration the ease in which we're working these days, we're seeing growth together, so it has grown even stronger. So, our interest was always to look at be a part of owning the company, putting the skin in the game and then growing and reaping the benefits if it works out, or taking the beating if it doesn't work out. So, that I think was always the intent and that continues to be the intent from where we are looking at it and even more now, since we are running an integrated Mastek, like I said, some portion of the earn-out is over. We are now, looking at this in terms of a fully integrated, right from sales to delivery to operations were already integrated. So, I think, clearly, it is much more actively ingrained in terms of what we're trying to do and trying to build for a larger, stronger Mastek is what we are now looking forward to. So, first of all, thank you to all the investors, to all the shareholders and my fellow Mastekeers for the success that we've all had, we definitely had a good run and a successful M&A. But that's definitely the beginning of the journey. I think there's way-way more that we could all do and this is just the start, I'm sure, with the North America, and AMEA as one region, but closely working with Abhishek, Hiral, Arun, Maninder everyone to see how we can really turn this around. Like I said, you're still a 40-year- old startup, which means there is a significant headroom that we have to achieve. So, that's what I'm looking forward to. Hiral Chandrana: And just maybe a couple of things here, while you know, we have great respect for Umang, Rakesh and Yash. But there's a super talented team that came with the acquisition Farid, as you

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know, and part of the integration is integrating the entire family together and we started this a few months back where the leader who managed the global workforce in recruiting in Evosys took a role in the broader Mastek organization to run global workforce management across the globe for Mastek and since then, we've got multiple people, some have moved from Mumbai to Ahmedabad. Some have moved from Ahmedabad to the US or UK, some have moved from Middle East to US and these are role changes of people who want to do more,right? While they came, some of them came from an Oracle background. Many of them came from a background which is much more diverse and they are now seeing an opportunity from a career perspective and from a growth perspective. So, it's about looking at the path of the entire organization and that's really what's exciting. I will try and make my answer to the first question that you had quick because officially we're out of time, but happy to chat. It's maybe coincidental but you know last question is from Ex-Mastekeer here and, as you know, Maninder always reminds us once a Mastekeer, always a Mastekeer. The journey that we're on, I think the sales in our field team. While that is a critical part of our success and pipeline, and some of these numbers are important, but I don't want to underestimate the impact that our delivery organization makes, each person who's involved in the account actually contributes to that growth. Now, having said that, the industry norm for pipeline is roughly about 3x and when I say 3x , 3x, multiples of our revenue, right. We are operating at about a 3.5x give or take. The interesting part there in that pipeline is that we're starting to see a lot more longer-term deals, a lot more annuity deals, multiyear deals and we hope that that pipeline continues to grow. As we get into more competitive situations, there will be some challenges in terms of win ratios, but we've been able to maintain that fairly healthy 35% to 40%, which means that where we compete, and where we are good at, it's not very easy to beat us, right, we may not be doing too many different things. But where we are, right, we're doing it really well. So, that combination of focus, and pipeline build combined with our strong win ratio and differentiation that you heard in the last couple of hours, I think gives us some confidence going forward as well because as we look at building the organization to the next pivot, in this journey, for the next three-four years, we feel there's multiple areas and some of the lessons and the learnings from our wins as well as losses, right can play into how we can get a better traction, both in terms of pipeline, as well as winning with our customers. So, I'll leave it at that and once again, I want to thank each and every one of you for not just coming here listening patiently, but also for your very insightful questions. Raman when you stepped out, I answered the question on your behalf. So, we will let you know what the answer was because there's some very pointed questions on M&A. But on a lighter note, there is obviously, there's dinner and I'm sure you're going to make some announcements. But I do want to remind there's some solution demos that you'll see in the screens as well. So, happy to chat over the course of the next hour or so and the leadership team and the other ELT members are here as well. So, thank you once again, and appreciate all your support. Himanshi Chatwani: Ladies and gentlemen, before you leave, may I please request you put your hands together for our leadership team. Thank you so much. And ladies and gentlemen, I think you have to keep continuing the applause for all of you for being a lovely audience. Thank you so much for taking the time out and joining us here today at the Investor Day 2022. On behalf of mastic, please join us for networking and dinner. If you do have any questions that have been unanswered, please

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do connect with the team offline and there are a few videos that would require attention you can watch them here or you can watch them outside as you enjoy some dinner. Have a fantastic evening ahead. Thank you once again for joining us here. Hiral Chandrana: Hello, I just want to make sure that you know an event like this does not happen you know that easily. We will try to do this once a year at least, but there's a lot of people who worked extremely hard to make this event happen and I want to thank all of them as well for taking you know spending the time and really making this a very successful Investor day. A big hand for all of you as well.