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BSE: 532755ISIN: INE669C01036INDUSTRY: IT Consulting & Software

BSE   ` 694.65   Open: 714.00   Today's Range 685.00
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Year End :2017-03 

The Directors present their Thirtieth Annual Report together with the audited accounts of your Company for the year ended March 31, 2017.


(Rs. in Million)

For the year ended March 31






Profit before Interest, Depreciation, exceptional items and tax









Profit Before Tax



Provision for taxation



Profit after tax



Other Comprehensive Income



Balance brought forward from previous year



Profit available for appropriation



Final Dividend Including tax



Transfer from Share Option Outstanding Account



Transfer from General Reserve



Transferred on merger of US branch with US subsidiary



Balance carried forward



1 Dividend for the financial year ended March 31, 2016

2 Dividend for the financial year ended March 31, 2015


Your Directors are pleased to recommend a dividend of Rs.9/- per Equity Share (180%), payable to those Shareholders whose names appear in the Register of Members as on the Book Closure Date.


During the year under review, your Company allotted 6,286,011 equity shares on the exercise of stock options under various Employee Stock Option Plans. Consequently the issued, subscribed and paid-up equity share capital has increased from Rs.4,839.05 Million divided into 967,810,069 equity shares of Rs.5/- each to Rs.4,870.48 Million divided into 974,096,080 equity shares of Rs.5/- each.


Your Company represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. The Company has presence across 90 countries and helps over 840 global customers including many Fortune 500 companies. The Company’s convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to the stakeholders.

In the fiscal year 2016-17 the Company’s consolidated revenues increased to Rs.291,408 Million from Rs.264,942 Million in the previous year, a growth of 10%. The geographic split of revenue was 47% share of Americas, 29% share of Europe and 24% from Rest of the World.

The consolidated Profit including other income before Interest, Depreciation, Tax and Exceptional Items was at Rs.49,620 Million, against Rs.47,100 Million in the previous year. The consolidated Profit After Tax, amounted to Rs.28,509 Million as against Rs.30,266 Million in the previous year. The number of customers increased from 807 in the previous year to 843 at the end of fiscal year 2016-17.

In emerging areas of Big Data, Mobility, Network, Cloud, Security, Platforms and Engineering Services, Tech Mahindra is well placed with its breadth of service offerings. The Company has also progressed well in building intellectual property through various Products & Services and Platforms. The Company is committed towards building a synergistic relationship with its partners to enable, deliver, complete and customized solutions to customers.

Tech Mahindra is well positioned in the markets it serves with a broad range of service offerings and a diversified customer base.

There are no material changes or commitments affecting the financial position of the Company between the end of the financial year and date of the report.


In the previous Financial Year 2015-16, your Company and Mahindra & Mahindra Limited (M&M) had jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic 85 year old legendary Italian styling brand associated among others with Ferrari, Alfa Romeo and Peugeot. The acquisition was completed on May 30, 2016. The acquisition complements existing engineering capability of the Company with High-end styling and Engineering Services. As part of the agreement, your Company and M&M purchased 76.06% of Pininfarina shares from the then controlling shareholder Pincar S.r.l. at a price of Euro 1.1 per share through a Special Purpose Vehicle (SPV), the ownership of which is with your Company and M&M in the ratio of 60:40.

During the year the Company augmented its Digital Portfolio with the acquisition in June 2016 of “The BIO Agency” (BIO), headquartered in UK. The BIO Agency - a leading Digital Change agent, specialises in Digital Transformation and Innovation, helping organizations change the way they engage with their end customers. The Company has embraced the future with its focus on Digital and sees this as an important strategic move. The acquisition will strengthen and enable your Company to engage with its clients at start of the journey and help design the customer experience for its businesses. Tech Mahindra purchased 100% of the shares of BIO for an Enterprise Value of around GBP 40 Million.

Your Company has acquired Target Group, UK, in May 2016 to augment its Platform Business- Process-as-a-Service (BPaaS) offerings in Banking, Financial Services and Insurance (BFSI). The acquisition is in line with Company’s strategy of expanding its Fintech capabilities and adding IP and platforms to drive non linearity and play aggressively in the BFSI sector. Target Group’s proprietary platform automates complex and critical processing, servicing and administration of loans, investments and insurance. The platform helps deliver high quality services with built in compliance in a highly complex and regulated environment. Its capabilities are easily transferrable to new markets. The Company intends to leverage its global footprint and enhance the platform to service other markets. As part of the agreement, Tech Mahindra purchased 100% of the shares of Target Group for an Enterprise Value of around GBP 112 Million.

The Board of your Company has approved a proposal on March 6, 2017 to acquire, through its wholly owned subsidiary Tech Mahindra (Americas) Inc., (TMA), CJS Solutions Group LLC, a US based Healthcare Information Technology Consulting Company, which does business as “The HCI Group”. Accordingly, TMA executed a definitive agreement to acquire The HCI Group. The HCI Group works with some of the world’s most prestigious tier - I healthcare service providers, primarily in the US and UK, focusing on providing end-to-end implementation of Electronic Health Record (EHR) and Electronic Medical Record (EMR) software, training and support. The acquisition aligns well with your Company’s DAVID strategy where digitalization is one of the five pillars of future growth strategy. As part of the agreement TMA made the upfront investment of US$ 89.5 Million for the acquisition of 84.7% stake in CJS Solutions. The deal was concluded on May 4, 2017. The balance stake will be acquired over three years.


During the year the Board of Directors of the Complex IT Solution Consultoria Em Informatica S/A, in their meeting held on January 1, 2017, approved the scheme of its merger and arrangement applicable under article 227 of Law 6.404/76, with its parent Company viz, Tech Mahindra Servicos De Informatica LTDA a 100% subsidiary of the Company with effect from January 1, 2017.

Further, the Board of Directors of the Sofgen SaveTax SA, in their meeting held on February 22, 2017, approved the scheme of its merger and arrangement applicable under article 23 alinea 1 LFus, with its parent Company viz, Sofgen SA, Switzerland a 100% subsidiary of the Sofgen Holdings Limited with effect from November 1, 2016 and pursuant thereto the entire business and all the assets and liabilities, duties, taxes and obligations of Sofgen SaveTax SA have been transferred to and vested in the Sofgen SA with effect from November 1, 2016.

As on March 31, 2017, your Company has 166 subsidiaries which includes 127 step-down subsidiaries and 5 Associate Companies. There has not been any material change in the nature of the business of the subsidiaries. As required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (The Listing Regulations), with the Stock Exchanges and the Companies Act, 2013, the Consolidated Financial Statements of your Company and all its subsidiaries are provided in this Annual Report. The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (IND AS) - IND AS 110 and IND AS 28 issued by The Institute of Chartered Accountants of India and shows the financial resources, assets, liabilities, income, profits and other details of your Company and its subsidiaries and share in Associate Company as a single entity.

The performance and financial position of the subsidiaries, associate companies and joint venture companies included in the consolidated financial statement is provided in accordance with the provisions of Section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014 as a separate statement annexed to the Notes on Accounts containing the salient features of the financial statement of Company’s subsidiaries/joint ventures or associate companies in Form AOC - 1.

Pursuant to Rule 8(5) (iv) of the Companies (Accounts) Rules, 2014, the names of the companies which have become or ceased to be the subsidiaries, joint ventures or associate companies during the year are provided in “Annexure I” to this report.

The policy for determining Material Subsidiaries formulated by the Board of Directors is disclosed on the Company’s website and is accessible on http://www.


In 2016-17, the Company focused on delivering an integrated, mobile, social & digital experience to its associates. Aligning to the organization’s goal of IT to DT, your Company introduced several internal HR digital interventions: An HR chat bot (UVO), Attrition Prediction through predictive analytics (TEWS), social collaboration on a news app (NeMo), seamless on-boarding experience for new hires (DOVE) and gamification (fun way of learning HR policies) among others. Wellness is another area where number of initiatives were undertaken to facilitate the wellbeing of associates.


Your Company is continuously creating career opportunities and developing associates for future responsibilities by measuring and tracking the CI Index.

As digitization of society and business intensifies, traditional IT is being rapidly replaced by Digital Technologies. With proliferation of newer and exciting technologies, IT companies need to constantly keep challenging status quo on technical competencies like AI, Big Data / Analytics, Machine Learning, IoT, Cloud, AR / VR etc., and adapt faster to stay relevant.

Your Company has a sharp focus on Right / Re - skilling its associates (both experienced as well as freshers) to meet the competency / customer needs of the future. Tech Mahindra’s Digital Training Framework is a comprehensive, layered framework that prepares associates all the way from “An introduction to Digital” to “Building Practitioners, Architects and Consultants”. About 63,000 associates have been trained through this Framework. This includes about 45,000 who were certified as Digital Practitioners.

Your Company has also realized the need to move beyond pure Technical skills to succeed in an Experience-driven economy that resulted in nurturing multi-disciplinary associates who also understand aspects like Design Thinking, DevOps, Automation and Business Networking skills.

This focus has positioned your Company to partner with leading global Enterprises in their transformation journey.

Building an Aspirational and Innovative mind-set

Initiatives like IRIS, a platform that nurtures ideation, Mission Innovation - a month long celebration of innovation, and contests like Appify that encouraged new app creation, helped spark the entrepreneurial spirit among associates of the Company.

Connecting, Collaborating and Empowering

While the Company build the requisite capabilities and ecosystem in Tech Mahindra, it has also been mindful of creating digital experiences for the associate. As part of Process Simplification, the Company has been focussing on enhancing Associate Experience across various touchpoints - Recruitment, Induction, Engagement and Career Progression. UVO (the HR Chatbot), NeMo (The News and More App), HR flipbooks, simulation games, videos, mobility enabled approvals, enhanced digital processes, etc. have been a step in that direction.

Rewarding and Recognizing

Your Company believes that timely appreciation remains key to creating a happy organisation and recognized over 45,000 Tech Mighties through multiple channels. In line with the digitization focus, the entire Reward and Recognition process is digital and associates share their rewards and pride on their respective social networks.

Strive, Sustain and Safety

Your Company took various steps to ensure the safety and work-life balance of associates working at Tech Mahindra. The Associate Welfare Trust established for the associates, by the associates, helped 100 associates in their medical exigencies. Company’s Mantra of “Wellness before Business” is reflected in the medical camps, wellness programs, work from home facility and numerous other facilities across all the large campuses. Your Company has established a robust Emergency contact process with toll free numbers across India, US, UK, and Australia and conducted self-defence training sessions across many locations.

During the year under review, Tech Mahindra’s people practices, policies and programs have been awarded in various external forums representing members from not just the Information Technology industry but the entire spectrum of the corporate world.

- The Business World HR Excellence Award

- HR Excellence Award from the Society for Human Resource Management

- Golden Peacock Award for HR Excellence

- CMO ASIA Award for Best Use of Social Media in Employer Branding, 2016

- Asia Branding Awards for Best Use of Technology in HR, Promoting Health in the Workplace, Best Use of Social Media, Excellence in Training, Learning and Development, Organization with Innovative HR practice

- NASSCOM Award for Best Practices in HR Technology, 2016

These awards and recognitions have positioned Tech Mahindra as an organization that puts people first, delivers future focused excellence in the field of People Management and recognizes the importance of human capital as a key driver of business growth.


Your Company continues its focus on quality and strives to exceed customer expectations at all times. It is certified under various standards to meet client demands and enhance value delivery - Successfully assessed at CMMI SVC V1.3 L5, TL9K, ISO 9001:2008, ISO 20000:2011, ISO 27001: 2013, ISO 13485, Auto Spice, AS9100:2009 (Standard for Aerospace domain -scope of certification limited to the aerospace business within Tech Mahindra). In addition to these, your Company also maintains its commitment to health, safety and environment by continually improving its processes in accordance with ISO 14001 and OHSAS 18001 standards.

Your Company is also certified on ISO 22301:2012 (Societal Security) and has a comprehensive Business Continuity and Disaster Recovery framework, to prevent potential business disruptions in the event of any disaster. It has processes that will help resume services to customers’ acceptable service levels. Automated Service Desk with SLAs for enabling business and Vulnerability Assessment and Penetration Testing Lab for secured corporate network operations are highlights showcasing information security posture of the Organization.

Tech Mahindra (IT Division) has been assessed for implementation of high maturity business excellence practices’ at Mahindra Group (Services Sector). It has been assessed at TMW Maturity Stage 5 (on scale of 1-10 stages) of Mahindra Business Excellence Framework - The Mahindra Way.

These certifications are testimony of the robustness of business processes and at large the quality culture imbibed in the organization.

Your Company has also introduced Process/Practice and Tools Industrialization of various Engineering activities for Development, Testing and Managed service portfolio to achieve standardization, better efficiency and best practices being implemented across the businesses. Your Company has continued to strengthen the process for transforming Quality Assurance processes to Delivery Assurance processes with focus on Product Assurance and Architecture Assurance; these are measured and monitored through various indices. One such initiative is “Execution Excellence Index” focusing on achieving high project maturity, improved tools usage and standardization, knowledge management and performance on key business metrics, in order to strengthen further the Business Excellence in what we deliver to the customers, thereby achieve better Customer satisfaction. Your Company is putting all the initiatives in place in order to ensure we deliver as stated in Quality Policy.


During the year under review all Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.

Pursuant to the provisions of Section 152 (6) (c) of the Companies Act, 2013, Mr. Ulhas N. Yargop, Director (DIN: 00054530) is liable to retire by rotation and offers himself for reappointment.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 read with Schedule II, Part D of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has devised a policy on evaluation of performance of Board of Directors, Committees and Individual directors. Accordingly, the Chairman of the Nomination and Remuneration Committee obtained from all the board members duly filled in evaluation templates for evaluation of the Board as a whole, evaluation of the Committees and peer evaluation. The summary of the evaluation reports was presented to the respective Committees and the Board for their consideration.

Policy on Directors’ Appointment and Remuneration

The Governance policies laid down by the Board of Directors of your Company include:

i. Policy on appointment and removal of Directors, Key Managerial Personnel and Senior Management

ii. Policy on remuneration to the Directors, Key Managerial Personnel and Senior Management and other Employees

The extract of these two policies are provided in “Annexure II”.


The Company has laid down a policy on training for Independent Directors, as part of the governance policies. The Senior Leadership of the Company update the directors on the regulatory changes, Business strategy and operations periodically.

Key Managerial Personnel (KMPs)

Pursuant to provisions of Section 203 of the Companies Act, 2013, Mr. C. P. Gurnani, Managing Director & Chief Executive Officer, Mr. Milind Kulkarni, Chief Financial Officer and Mr. G. Jayaraman, Company Secretary & Chief Compliance Officer were the Key Managerial Personnel of the Company during the year.

Mr. G Jayaraman, Company Secretary & Chief Compliance Officer retired from the services of your Company on March 31, 2017. Mr. Anil Khatri has been appointed as Company Secretary and Compliance Officer, effective April 1, 2017, and he is a Key Managerial Personnel under Section 203 of the Companies Act, 2013.


Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on the representation(s) received from the Operating Management and after due enquiry, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. they have, in the selection of the accounting policies, consulted the Statutory Auditors and these have been applied consistently and, reasonable and prudent judgments and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year ended on that date;

iii. proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a going concern basis;

v. they had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

vi. the proper systems to ensure compliance with the provisions of all applicable laws are in place and are adequate and operating effectively.


The Company has internal financial controls which are adequate and were operating effectively. The controls are adequate for ensuring the orderly & efficient conduct of the business, including adherence to the Company’s policies, the safe guarding of assets, the prevention & detection of frauds & errors, the accuracy & completeness of accounting records and timely preparation of reliable financial information.


M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, [Firm’s Registration No. 117366W/W-100018] the Statutory Auditors of your Company (‘Deloitte’), hold office up to the conclusion of the forthcoming Annual General Meeting (AGM) of the Company. Deloitte has been auditor of the Company for more than 10 years and will complete permissible maximum number of 3 consecutive years after the commencement of the Companies Act 2013, as statutory auditors at the forthcoming AGM. As such, pursuant to the provisions of Section 139(2) of the Companies Act 2013 read with Rule 6 of Companies (Audit and Auditors) Rules 2014, the Audit Committee recommended M/s B S R & Co. LLP, Chartered Accountants, [Firm’s Registration No. 101248W/W-100022] in place of the incumbent auditor whose term will expire at the conclusion of this AGM. Your Company has received a written confirmation from M/s. B S R & Co. LLP, Chartered Accountants, to the effect that their appointment, if made, would satisfy the criteria provided in Section 141 of the Companies Act, 2013. Your Board recommends the appointment of M/s. B S R & Co. LLP, Chartered Accountants as Statutory Auditor for a term of five years from the conclusion of the forthcoming Annual General Meeting until the conclusion of the Annual General Meeting for the financial year 2021-22 subject to ratification by members at every Annual General Meeting and to fix their remuneration.

There are no qualifications, reservation or adverse remark or disclaimer made in the audit report for the Financial Year 2016-17. The board of directors places on record its sincere appreciation for the valuable services rendered by Deloitte.


Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Dr. K. R. Chandratre, Practicing Company Secretary, Pune to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is provided as “Annexure III”. There are no qualifications, reservation or adverse remark or disclaimer made in the Secretarial Audit Report.


Pursuant to the provisions of Section 134(3) (a) of the Companies Act, 2013, the extract of the Annual Return in Form MGT-9 is attached as “Annexure IV”.


Disclosures of the ratio of the remuneration of each director to the median employee’s remuneration and other details as required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time, are provided as “Annexure V”.

None of the directors or Managing Director of the Company, received any remuneration or commission from Subsidiary Companies of your Company.

The details of remuneration paid to the Directors including the Managing Director of the Company are given in Form MGT-9 forming part of the Directors Report.


The information required under Section 197(12) of the Companies Act, 2013 (“the Act”) read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. However, pursuant to first proviso to Section 136(1) of the Act, this Report is being sent to the Shareholders excluding the aforesaid information. Any shareholder interested in obtaining said information, may write to the Company Secretary at the Registered Office / Corporate Office of the Company and the said information is open for inspection at the Registered Office of the Company.

Prevention of Sexual Harassment Policy

Your Company laid down Prevention of Sexual Harassment policy and it is made available on the website of the Company. The Company has zero tolerance on Sexual Harassment at workplace. During the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.


During the year under review, there were no material changes in the Employee Stock Option Plans (ESOPs) of the Company and the Schemes are in compliance with the SEBI Regulations on ESOPs. As per Regulation 14 of SEBI(Share Based Employee Benefits) Regulations, 2014 read with SEBI circular dated June 16, 2015 the details of the ESOPs are uploaded on the Company’s website http://


A report on Corporate Governance covering among others composition, details of meetings of the Board and Committees along with a certificate for compliance with the conditions of Corporate Governance in accordance with the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, issued by the Statutory Auditors of the Company, forms part of this Annual Report.


A detailed analysis of your Company’s performance is discussed in the Management Discussion and Analysis Report, which forms part of this Annual Report.


The Risk Management Committee of the Board of Directors periodically reviews the Risk Management framework, identifies risks with criticality and mitigation plan. The elements of risk as identified for the Company with impact and mitigation strategy are set out in the Management Discussion and Analysis Report (MDA).


Your Company has laid down Whistle Blower Policy covering Vigil Mechanism with protective Clauses for the Whistle Blowers. The Whistle Blower Policy is made available on the website of the Company.


Your Company has not accepted any deposits from the public during the year under review. The particulars of loans/advances, guarantees and investments under Section 186 of the Companies Act, 2013 are given in the notes forming part of the Financial Statements.


All transactions entered into with Related Parties as defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, (“The Listing Regulations”), during the financial year were in the ordinary course of business and at an arm’s length pricing basis and do not attract the provisions of Section 188 of the Companies Act, 2013. There were no transactions with related parties in the financial year which were in conflict with the interest of the Company and requiring compliance of the provisions of Regulation 23 of the Listing Regulations. Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) has been made in the notes forming part of the Financial Statements.

The Company has formulated a policy on materiality of Related Party Transactions and dealing with Related Party Transactions which has been uploaded on the Company’s website http://www.techmahindra. com/sites/ResourceCenter/Brochures/investors/ corporategovernence/Related-Party-Transactions-Policy.pdf

The particulars of related party transactions in prescribed Form AOC - 2 are attached as “Annexure VI”.


The particulars as prescribed under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in “Annexure VII” which forms part of this report.


The CSR vision of your Company is “Empowerment through Education.”

In compliance with the guidelines prescribed under Section 135 of the Companies Act, 2013, your Company constituted a Corporate Social Responsibility (CSR) Committee. Your Board of Directors laid down the CSR Policy, covering the Objectives, Focus Areas, Governance Structure and Monitoring & Reporting Framework among others. The policy is available at

Your Company’s social initiatives are carried out by Tech Mahindra Foundation and Mahindra Educational Institutions.


The Tech Mahindra Foundation, the CSR arm of the Company, established in 2007 as a Section 25 Company of the erstwhile Companies Act, 1956, works towards the stated mission:

“Educated, skilled and able women and men are a country’s true strength.”

The Foundation has a presence in 10 states and 12 cities across the country. The organisation successfully ran projects in 144 centres during the last financial year. The activities of the Foundation have directly impacted more than 50,000 beneficiaries till date.

School Education

The Foundation’s work in school education focuses upon three thematic areas: school improvement, educator empowerment and learning enrichment. The key initiatives include:

All Round Improvement in School Education (ARISE)

Tech Mahindra Foundation’s educational initiatives under ARISE are long-term school improvement programmes, run in partnership with local governments and partner organisations. The Foundation is working with 18 schools across India reaching 8600 beneficiaries.

All Round Improvement in Special Education (ARISE )

ARISE initiatives encompass educational empowerment programmes for children with disabilities. This year, the Foundation ran 18 projects with 7033 beneficiaries under ARISE . Along with supporting these projects, the Foundation also works with institutions developing content and learning material for children with disabilities such as the publication of braille books.


The Shikshaantar programme works towards building capacity of government school teachers, principals and school inspectors. The Shikshaantar programme covered 7 projects and reached 7160 beneficiaries last year. The In-Service Teacher Education Institute (ITEI) is run in the PPP model with the East Delhi Municipal Corporation.


Skills for Market Training (SMART) is the Foundation’s flagship programme in employability. It is built on the vision of an educated, enlightened and employed India, and a belief that educated and skilled youth are the country’s true strength. The programme started with 3 Centres in 2012 is currently running 80 centres at 10 locations across India. These include SMART Centres, SMART Centres (training for people with disabilities), SMART-T Centres (training in technical trades) and the first SMART Academy for Healthcare in Delhi.

The Academy will provide quality training to allied health professionals such as operation theatre technicians, emergency medical technicians, dialysis and X-Ray technicians etc. More than 200 students were enrolled in courses of varying durations in the first year.

During the year under review, the Foundation trained more than 17,000 young women and men under its SMART programme through 80 SMART centres. Over 70% of the graduates are placed in jobs upon successful completion of the training, across multiple industries.

Mahindra Educational Institutions (MEI)

Technical Education

Your Company’s initiatives in technical education are carried out through Mahindra Educational Institutions (MEI), under which the Company has extended infrastructural and operational support to Mahindra Ecole Centrale, a state of-the-art technical institution in Hyderabad. The institution offers a four-year B Tech Programme in association with Ecole Centrale, Paris (now Centrale Supelec) under an industry academia memorandum of understanding with Jawaharlal Nehru Technological University, Hyderabad. Now this association has entered into fourth academic year after a successful three year presence on the technical education landscape of the country.

This high impact, Indo-French collaboration in engineering education has emerged as a disruptive player with its keen focus on Industry-aligned and industry-sponsored education; all Ph.D. faculty roster, global internships and a distinct curriculum that includes the French language.

The institution’s vision is to train engineers to be entrepreneurial and innovative as well as technically trained, so that they are capable of meeting the greatest challenges of the era. It is aligned to MEI’s work for the cause of promoting quality higher education by establishing institutions of higher learning, encourage education and research work in different disciplines and to promote innovation and technology development.

The Annual Report on CSR activities is provided as “Annexure VIII”.


Your Company believes that only a sustainable business can be a responsible business and hence the Company concentrates on integrating sustainability into all aspects of the business. Sustainability is one of the core concepts taken into consideration while leveraging strategies across all dimensions - social, economic and environmental. The focus on next generation solutions, attracting and retaining the right talent and identifying the Company’s environmental goals ensure that the Company adheres to a business strategy that impacts positively and creates an enduring value for all the stakeholders.

As the world moves towards a low carbon economy and increasingly stringent regulations, your Company is also shifting to greener renewables and working towards being more energy-efficient and mitigate the environmental impact.

Carbon management strategy involves:

- I dentifying risks related to climate change and plans to mitigate them

- Setting targets for reducing the carbon emissions (Scope 1, 2 and 3)

- Minimizing the emissions by improving operational efficiencies

- Investing in technological innovations such as cloud based solutions and platforms which helps the Company and its customers reduce their carbon emissions

- Working with its suppliers to understand opportunities to improve the supply chain footprint

- Sharing the knowledge of carbon accounting, management and reporting from the client work and operational experiences across the business to accelerate best practice for everyone

- Installing sources of renewable energy at major locations of operations

The Company has been reporting its Sustainability performance since 2013-14 even as it had been part of the combined M&M reports in the previous years. These reports are externally assured in accordance with the latest guidelines of the internationally accepted Global Reporting Initiative (GRI). The detailed reports can be accessed at company/Sustainability.aspx

During the year under review, the Company developed a 5-year roadmap which includes targets taken for critical material issues identified in the business operations. The emphasis is on increased use of renewable resources, improved energy efficiency, promotion of innovative solutions and harnessing the expertise of its employees by ensuring their well-being and development.

The Company advocates the cause of a green eco-system through Green Marshals, a band of dedicated associates who spearhead the cause of environment and advocate sustainability across the organization. Your Company has helped its customers realize their sustainability objectives through its spectrum of Green services. The Company’s culture ensures that it attract, mentor and retain the best talent through effecting an assured career development path and a feasible work-life balance.

The recent leadership position as give below across platforms such as DJSI, CDP and FTSE Rankings, affirm the Company’s efforts and organizational strategy on sustainability.

- One of only 6 Indian Companies included in the DJSI Sustainability Yearbook 2017

- One of the only 3 Indian companies to make it to DJSI World Index 2016

- One of the 10 Indian Companies to make it through the DJSI Emerging Markets Index 2016

- Listed in the CDP’s Carbon Disclosure A list 2016 - one of only 2 Indian companies

- Recognised asCDP Global Supplier A List 2017

- Constituent of the FTSE4Good Emerging Index 2016 AWARDS AND RECOGNITION

Your Company continued its quest for excellence in its chosen area of business to emerge as a true global brand. Several awards and rankings continue to endorse your Company as a thought leader in the industry. BT India recognized Mr. C. P. Gurnani, Managing Director & Chief Executive Officer as the Best CEO in IT and ITES industry. The Awards / recognitions received by the Company during the year 2016-17 include:

- India Risk Management Award-CNBC TV 18

- Golden Peacock Award for Corporate Ethics

- One Globe Award for Digital Economy

- Top IT Exporters Award as part of HYSEA Summit & Awards

- Tech Mahindra Foundation received the Best CSR Practices Award and Best Corporate Foundation Award

- ASSOCHAM Second Corporate Governance Excellence Awards

- Drivers of the Digital Awards 2016 honors Tech Mahindra with “Best Digital Enterprise of the Year”

- Mr. C. P. Gurnani won the Asia One Global Indian of the year -Technology

- Recognized in 5 categories at 7th Asia Best employer Brand Awards 2016

- Awarded at NASSCOM HR summit for Excellence in HR Technology Adoption

- Firm Of the Year - IT/ITES at the CNBC TV18 India Risk management Awards

- Frost & Sullivan India ICT Awards 2016

- Golden Peacock Excellence Award - 2016 for outstanding Business Excellence Practices for its BSG division

- Coveted Economic Times Telecom Award 2016


Your Directors place on record their appreciation for the contributions made by employees towards the success of your Company. Your Directors gratefully acknowledge the co-operation and support received from the shareholders, customers, vendors, bankers, regulatory and Governmental authorities in India and abroad.

For and on behalf of the Board

Place: Mumbai Anand G. Mahindra

Date: May 26, 2017 Chairman