Hinduja Global Solutions Ltd

#CSStart#

On behalf of the Board of Directors, I am delighted to share with you the Annual Report of HGS for the financial year 2023-24. The year gone by is representative of the value creation journey of HGS for all its stakeholders.

In a year of enduring global economic and geo-political volatility, and the resultant impact on businesses, FY2024 stood as a testament to resilience for HGS. The last fiscal has indeed been action-packed - from continuing to rebuild the business post the Healthcare divestment, integrating the three mergers & acquisitions made in the last ~18 months, developing Al-led solutions, launching B2B broadband enterprise solutions and expanding into newer segments, all amidst trends of technology announcements every few months, rising expectations of hyper-personalized experience from consumers and continuing digital inclusion.

The task was far from simple. The changing environment meant that we had to cultivate agility, mitigate risk by avoiding over-reliance on specific strategies and swiftly adjust to thrive. In light of this, the progress your Company has seen, led by our focus on maximizing operational efficiencies along with innovation and seamless execution, is all the more impressive.

Value Creation has consistently been the core focus of HGS’ philosophy, and we have consistently strived to embody this principle whenever feasible. Last year, we demonstrated our commitment to shareholders by distributing a special dividend and executing a bonus issue. We further reinforced this commitment this year by successfully completing a significant share buyback program, involving the repurchase of 60 lakh shares and delivering substantial rewards to shareholders totaling Rs 1,020 crore. We also announced a dividend of Rs 7 per share for FY2024. Our dedication to enhancing shareholder value remains steadfast, as we continue to proactively undertake initiatives geared towards value creation and timely rewards for our shareholders.

In our quest to Value Creation for shareholders, HGS continues to explore organic & inorganic opportunities with significant growth potential to add to its existing portfolio. The Board, time and again, has demonstrated its Value Creation prowess, a case in point being the divestiture of the Healthcare BPM vertical, followed by the recent acquisitions viz, TekLink and Diversify. Both these entities have exceeded expectations with a strong performance, as reflected in their revenue and EBIDTA growth rates. The synergies realized from these acquisitions have been instrumental in enhancing our capabilities and offerings. Moving forward, we are prioritizing the utilization of these synergies into cross-sell and up-sell avenues for our technology services within the client base of both TekLink and Diversify. The favorable reception we have received, especially from the Australian and US markets, serves as a strong source of encouragement.

Your Company's HRO Division is growing and provides services to leading marquee organizations across all sectors and is most preferred by leading multinational banks, financial institutions and service providers. It is also one of India's largest service provider of HR Services.

In FY2023, we successfully merged the digital media business of NXTDIGITAL Ltd (NDL) as part of our strategic initiative to consolidate our digital business ventures within the Hinduja Group. Our goal was to foster synergies between our technology services and digital media segments to create a global telecom and media ecosystem at your Company to serve both B2B and B2C segments in the next few years, building on emerging technologies seamlessly. The launch of CelerityX, and more notably it's flagship products NetX and OneX, reflect the synergy and the oppprtunities being created by the merged entities - for not just domestic, but global growth.

The launch of NetX, a simplified, always-on enterprise network connectivity solution, marked a remarkable journey, with the solution being effectively operationalized during the inauguration of the Shri Ram Mandir in Ayodhya, a historic moment for the nation. The instance vividly demonstrated the synergistic potential between our BPM and digital

media businesses, leveraging advanced technologies such as artificial intelligence, analytics, and automation.

Looking ahead, it is imperative for us to remain vigilant and adaptable, leveraging our strengths to navigate potential challenges and seize emerging opportunities in the evolving global economy. In the next few years, we will focus on three key areas as part of a growth acceleration roadmap -

• drive growth and margins

• verticalization to deepen client relationships and expand the addressable market

• invest in newer capabilities and next-generation delivery models to push non-linearity

In closing, I would like to extend my sincere gratitude to all the esteemed members of our Board, dedicated employees, supportive shareholders, valued clients, and trusted partners who have consistently stood by the Company, offering wholehearted support to our operations over the years. Your unwavering commitment has been instrumental in our journey of growth, success, and the fulfillment of stakeholders' aspirations.

Together, we are poised to navigate through new challenges, embrace opportunities, and achieve new heights of excellence. May good health and prosperity accompany each of you in the year ahead, as we collectively strive towards greater milestones.

Chairman, HGS