Dear Shareholder,
Over the past few years, the IT sector has grappled with global
uncertainty and related challenges. At Mphasis, our key focus has continued to be our
commitment to areas related to transformation and technology adoption. This commitment
includes developing organic capabilities, investing in partner-driven strengths, and
building competencies through acquisitions, especially in _elds like arti_cial
intelligence (AI). Our ability to combine technology and human expertise to address client
needs positions us well in this tech-_rst environment, with, for example, the integration
of AI into our solutions and archetypes. Our expertise in AI has signi_cantly enhanced our
ability to deliver value to clients. Your Company has successfully leveraged the
Mphasis.AI business unit to create unique AI experiences for our clients. Our commitment
lies in accelerating AI integration through strategic partnerships and cutting-edge
innovations. At Mphasis, we are dedicated to delivering AI value to businesses worldwide
by creating customized interfaces and domain-speci_c solutions that empower organizations
to thrive in this digital era.
Fiscal Year (FY) 24 has been another signi_cant year for your Company:
In FY24, your Company achieved new TCV wins of USD 1.38 billion
Mphasis Gen AI Foundry, launched in collaboration with Amazon Web
Services (AWS), is led by Mphasis.AI, a dedicated business unit focusing on AI solutions
We also launched DeepInsights™ Doc AI, an intelligent
document processing solution powered by generative AI
Undertook strategic partnerships with companies such as Kore.ai,
WorkFusion and CoreStack
Received the 2023 ISG Star of Excellence™ Award in the
"Emerging Tech" segment for Arti_cial Intelligence (AI) Your Company also
achieved the top quartile across several global industry rankings and assessments in ESG
in FY24. Mphasis has been acknowledged by S&P Global, EcoVadis Sustainability Rating
and CRISIL ESG Score for its ongoing commitment to upholding standards in Environment,
Labor and Human Rights, Governance, Ethics and Climate Strategy.
Through the Mphasis F1 Foundation, your Company, as part of ongoing
social commitment, has contributed towards long-term societal bene_ts in the following
areas: Environmental Sustainability: Partnered with United Way of Bengaluru and
launched an initiative on World Wetlands Day dedicated to the restoration of mangroves.
Education: Partnered with The Akanksha Foundation to impact over
11,100 children from underserved communities through two schools operating under the
School Projects in Pune, as well as the Tech Vision program spanning across Pune, Mumbai
and Nagpur. Supported The/Nudge Institute, which launched a development action institute
with three impact streams. These streams include programs for incubation, startup
acceleration and a fellowship program placing senior executives with government of_cials
for 18 months. Inclusion: Mphasis recently partnered with AVAS to launch the
‘Universal Design and Accessibility Walk for Arcause 4.0'. This walk from
Chennai to Bengaluru raised awareness about creating inclusive environments for
individuals of all ages, abilities and backgrounds.
As we contemplate the future, our optimism grows even stronger
regarding the vast and exciting opportunities that lie ahead. Our strong pipeline of large
deals underscores the signi_cance of digital transformation and legacy modernization as
core themes for our clients. With the added momentum of AI adoption, organizations are now
poised for acceleration and greater success.
At Mphasis, our commitment to innovation and collaboration,
sustainability and social good drives us forward, ensuring that we stay at the forefront
of transformative technologies.
Finally, the foundation of our success lies in our dedicated employees,
as well as the unwavering support and guidance from our esteemed clients and shareholders.
I extend our heartfelt gratitude to each of you.
Regards,
| Nitin Rakesh |
| Chief Executive Of_cer and Managing Director |