Dear Shareholder,
I am delighted to share our strong financial results of the past year and express my optimism for the year ahead. As you are aware, the last two years have seen businesses across industries increase their adoption of digital technology to grow and innovate. At Mphasis, we successfully enabled technology-powered agility to help our clients meet and exceed their customers’ expectations. Each of our employees has contributed to the accomplishments of the year past with their expertise and resilience, despite the continuing pandemic. It is their hard work and dedication that fuels us to drive excellent client outcomes and undertake innovative digital transformation initiatives.
Forging ahead of challenges and competition calls for purposeful and bold transformation with consistency and speed. With a focused purpose of being the 'Driver in the Driverless Car', and with 'Engineering is in our DNA', we moved the needle across all areas of business growth. We set a scorching pace in envisioning possibilities and transforming them into achievementswith design and architecture.
Blackstone's reinvestment through a fresh commitment from new funds is a strong vote of confidence in our clients, investors, employees and board. Additionally, the co-investment from the Abu Dhabi Investment Authority and The Regents of the University of California has opened up new markets. This will accelerate our growth to scale higher summits.
We have executed strategic acquisitions to build competencies aligned to our tribe offerings. This has enabled us to proactively accelerate disruptive change and drive digital transformation for our global clients.
We have deepened our expertise and stretched the limits of our technology capabilities through strategic partnerships.
In a rapidly evolving tech industry, we enable organizations to accelerate transformation at any stage of their journeys and keep them successful and relevant. We doubled down on our focus and commitment to growing our Cloud business and created Cloud Guild, our end-to-end cloud offerings that are replicable, instantiated and differentiated.
Our purpose is to be the ‘Driver in the Driverless Car’ for global enterprises, and we apply next-generation design, architecture and engineering services to deliver scalable and sustainable software and technology solutions.
We drive sustainability through a wideand deep lens that encompasses our clients, our people and our partners. The principles of ESG are inextricably interwoven into our services to deliver scalable and sustainable software and technology solutions.
Corporate Social Responsibility (CSR) at Mphasis drives positive outcomes in the areas of education, livelihood creation and equitable development.
“The reward for work well done is the opportunity to do more.”
- Jonas Salk
At Mphasis, this is the spirit with which we wear our badges of recognition, motivating us to raise our efforts to multiply our positive impact.
Leading analyst firms have recognized us:
Top Leader & Star Performer, and ranked 14th in the ITS Top 20
Major Contender and Star Performer
Major Contender
Aspirant and Star Performer
Aspirant
Profiled
Positioned as Technology Standout
Challenger
Profiled
Mentioned
Mid-size Player
Featured
Small Vendor
Mentioned
Mr. Davinder Singh Brar joined the Board of Mphasis on 8 April 2004 and elected as the Chairman of the Board effective 11 December 2015. He is currently a promoter of GVK Biosciences Private Limited, Excelra Knowledge Solutions Pvt. Ltd and Davix Management Services Private Limited.
In addition, Mr. Brar is also on the board of Maruti Suzuki India Limited, Wockhardt Limited, and Mountain Trail Foods (India) Private Limited. He is a member of the Advisory Board of the USA-India Chamber of Commerce (USAIC). Mr. Brar was also the Director of the Reserve Bank of India (RBI) during 2000-2007.
Mr. Brar started his career with Associated Cement Companies (ACC) and later joined Ranbaxy Laboratories Limited, where he rose to the position of Chief Executive Officer (CEO) and Managing Director.
Mr. Brar has a bachelor’s degree in electrical engineering from Thapar Institute of Engineering and Technology, Patiala; and a master’s degree in management from Faculty of Management Studies from the University of Delhi (gold medalist - 1974).
Nitin Rakesh, a distinguished leader in the IT services industry, joined Mphasis as its Chief Executive Officer and Director in January 2017.
In the first year of taking on the mantle as the CEO of Mphasis, Nitin introduced Mphasis' C= X2C2 =1TM formula for success, (hyper-personalization; drive n=1 powered by Cloud & Cognitive); driving multi-dimensions of business value with an integrated consumer-centric Front2BackTM Digital Transformation, enabling Business Operations, Technology Transformation and Service Transformation, driven by IP assets.
Under Nitin’s leadership, Mphasis set a record of highest deal wins in the history of the company, thus re-defining benchmarks and growing above industry rate. Mphasis' stock price observed an increase of 4x, in four years and revenue from digital projects increased substantially. His laser focus on quadra dimensional growth – consistent, profitable, competitive and responsible, led to enhanced shareholder value. His motto to accelerate value creation for customers, shareholders and employees builds a growth-focused culture within the company.
Prior to joining Mphasis, Nitin Rakesh was the Chief Executive Officer and President of Syntel (a NASDAQ listed IT Services Company). Nitin has a proven track record of delivering profitable growth at industry leading operating margins. Before he was appointed as the CEO, he served as President, Americas for Syntel, where he headed Business Development and North American operations.
Nitin has deep domain expertise in Banking, Financial Services and Insurance verticals. He has strong customer-orientation, large deal experience, and a track record of delivering transformative digital solutions. Nitin has an entrepreneurial mindset and is focused on launching innovative new service offerings, including in automation.
Nitin served at Syntel in various capacities (most recently as the CEO) from 2012 to 2016 and also before that between 2002 and 2008.
From 2008 to 2012, he served as the CEO and Managing Director of Motilal Oswal Asset Management Company. During his tenure, the company was named "Most Innovative ETF, Asia Pacific" at the 2011 ETF Awards in New York, and the "Most Innovative Mutual Fund, India" in 2010 at the Crisil - S&P Mutual Fund Awards. He is one of the first 250 CEOs globally across 26 countries who has committed to build an inclusive work environment, end disability inequality through business performance and create social and economic value of people living with disabilities across the world. In addition, he has worked with the TCG Group, a transnational private equity and investments firm as the Head of Banking & Financial Services Sales at TCG Software Services between 1999 and 2002.
Earlier in his career, Nitin worked for Unit Trust of India, setting up offshore mutual funds and secondary Market Research Cell, Product Development and Risk Management divisions.
Recently, Nitin co-authored an award-winning book, 'Transformation in Times of Crisis - Eight Principles for Creating Opportunities and Value in the Post-Pandemic World', a business playbook for leaders and businesses to transform a crisis into an opportunity. The book has been recognized as 'Best Business Book' in the 'Publication Award Category' of American Business Awards and has won the International Business Book title at 2021 Business Book Awards. Recently, Nitin won the 2021 American Business Awards®- Management Awards - Bronze Stevie under the 'Tech Innovator of the Year – Services' category. In the past, he has been recognized with '2019 American Business Awards & International Business Awards – Gold Stevie' under the 'Tech Innovator of the Year – Services' category. The 2018 International Business Awards and American Business Awards 2018 recognized Nitin as 'Executive of the Year - Computer Services', felicitating him with Gold Stevie under the Management award category. Nitin recently won the ‘2018 Outstanding 50 Asian Americans in Business’ Award, recognizing him for the innovative growth strategy translating Mphasis into one of the fastest growing digital companies.
Nitin is also an active member of various institutions globally, such as US-India Strategic Partnership Forum (USISPF) driving financial services council and business relations between US and India. He is a member of the NASSCOM executive council. He is also on the advisory board of the Knowledge@Wharton, The Wharton School, University of Pennsylvania’s driving digital transformation discussions at grass root level. He is a member of The Wall Street Journal (WSJ) CEO Council and an industry expert and practitioner with the Forbes Technology Council (FTC). Nitin globally advises their readers on current, as well as future, technologies and trends.
Nitin is a founding member of Plaksha University, a new model of engineering education and research through collective philanthropy to transform higher education in India.
Nitin holds a Bachelor's degree in Engineering (Computer Science) from Delhi Institute of Technology, Delhi University and has received his Master's in Management from Narsee Monjee Institute of Management Studies, Mumbai and is also an alumni of Harvard Business School's CEO Workshop.
Narayanan Kumar joined the Board of Mphasis on February 15, 2013. He is the Vice Chairman of The Sanmar Group, a fourth-generation, family-owned, business conglomerate. The Group is a multinational US$ 1 billion conglomerate headquartered in Chennai, India; and has manufacturing facilities in India, United States, Mexico, and Egypt. It is engaged in three key business sectors—chemicals (including specialty chemicals), engineering (products and steel castings) and shipping.
Kumar is the Honorary Consul General of Greece in Chennai.
He is on the Board of various public companies and carries with him over four decades of experience in the spheres of technology, management, and finance. In addition, he is also the Chairman of National Accreditation Board for Certification Bodies, which is a constituent of Quality Council of India; and is also a member of the Board of Governors of Institute for Financial Management and Research.
As a spokesman of industry and trade, Kumar had been the President of Confederation of Indian Industry (CII) and participated in many apex bodies. He presently chairs the CII Institute of Quality, Bangalore.
Apart from this, Kumar has a wide range of public interests going beyond the confines of corporate management, in the areas of health, social welfare, education, and sports. One special area in which he is involved is the Madhuram Narayanan Center for Exceptional Children.
He has a bachelor’s degree in electronics engineering from Anna University, Chennai; and is a fellow member of the Indian National Academy of Engineering.
Amit Dixit joined the Board of Mphasis in September 2016. He is a Senior Managing Director and Co-Head of Private Equity at Blackstone India. Since the time of joining Blackstone in 2007, Amit has been involved in various investments and investment opportunities in India and South Asia.
Apart from Mphasis, he currently serves as a Director of Intelenet Global Services, IBS Software Private Limited, S.H. Kelkar, Jagran Prakashan, Mid-day Infomedia, and Hindustan Power Projects. Previously, Dixit was a Principal at Warburg Pincus. He was also a Director of Emcure Pharmaceuticals, Igarashi Motors India, and Trans Maldivian Airways.
He has received a master’s degree in business administration (MBA) from Harvard Business School, a master’s in science (MS) in engineering from Stanford University, and a bachelor’s degree in technology (BTech) from Indian Institute of Technology, Mumbai, where he was awarded the Director’s Silver Medal for graduating at the top of his program.
Ms. Jan Kathleen Hier joined the Board of Mphasis in December 2015.
Formerly, she was a partner with a start-up (Bicycle Financial – www.bicycylefinancial.com) and she was also the Executive Vice President at Charles Schwab responsible for centralized support services including Schwab Technology Services, Operational Services, Corporate Project Management, Operational Risk Management and Offshore Services.
At Schwab, Ms. Hier held several other positions, including, Chief Information Officer; Executive Vice President of Human Resources; Head of Electronic Brokerage Technology that developed schwab.com; and Head of Schwab Institutional Technology.
Before joining Schwab in 1994, Ms. Hier served as a Vice President of engineering at Transaction Technology, Inc., a Citicorp subsidiary, where she was responsible for providing distributed technology to Citibank businesses worldwide. Previously, she was a telecommunications specialist at Bank of America.
As an economist with the Bureau of Labor Statistics, she was instrumental in the original development of a Producer Price Index for the telecommunications industry and was called on as an expert witness at the U.S. House of Representatives.
Ms. Hier earned her Bachelor's degree in Economics and attended Post-Graduate studies at Syracuse University, New York, USA.
David Lawrence Johnson (Dave Johnson) joined the Board of Mphasis in September 2016. He is a Director and CFO of TLGA, a special purpose acquisition corporation focused on digital technologies and listed on the New York Stock Exchange. David is currently the Chairman of Cloudreach Inc, and Intsights. He is a Trustee in Mercy College, New York, USA. Previously, David was a Senior Managing Director at Blackstone, where he led many of their Private Equity technology investments. He joined the firm in 2013 and was based in their New York offices. Before joining Blackstone, David was the Senior Vice President of Strategy at Dell Corporation, where he was responsible for corporate strategy, software, corporate development and acquisition integration. Prior to joining Dell, he also held a number of managerial positions across IBM’s business lines, including the CFO of its $18B Technology Group and ultimately leading IBM’s Corporate Development organization, responsible for the company’s acquisitions, divestitures, minority investments and acquisition integration. David received a B.A. in English and an M.B.A. from Boston College
Marshall Lux joined the Board of Mphasis in August 2018. He has been a financial services consultant and practitioner for over 30 years now and has been on company boards or played an advisory role for various private equity companies across industries and geographies. Currently, he works with companies across consumer credit, wealth, insurance, healthcare, technology, and financial technology. Marshall has a broad network of C-suite executives, with whom he has worked with on some of their most important issues. He has also played an integral role in many of the largest private equity deals. In addition, he is a member of the Board of Governors of the Online Lending Policy Institute.
Beyond corporate work, Marshall has also worked on 35 pro bono assignments and has served on a number of not-for-profit boards, including the Harlem Children’s Zone, the New York Historical Society’s Chairman’s Council, the New York Tenement Museum, Junior Achievement, and Reading is Fundamental. He is also a member of the Council on Foreign Relations.
Four years ago, Marshall decided to broaden his focus areas. He has since been a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. He is also a Senior Advisor to The Committee on Capital Markets Regulation and a Senior Fellow to The Program on International Financial Systems, both at Harvard Law School. That’s not all, Marshall is also a Senior Fellow at Wharton and Georgetown.
As a thought leader, Marshall’s writings have concerned the unintended consequences of Dodd-Frank on financial services. He has written papers entitled ‘The State and Fate of Community Banking,’ ‘What’s Behind the Non-Bank Mortgage Boom,’ and ‘Out of Reach: Regressive Trends in Credit Card Access.’ All papers have been cited in the Financial Times, Wall Street Journal, The New York Times, among others. He has also released papers entitled ‘When Markets Quake: The Past, Present, and Future of Online Lending’ and ‘Hunting High and Low: The Decline of the Small IPO and What to Do About It.’
Apart from this, he is also a speaker and has spoken at the House of Small Business Committee, the Federal Reserve, and various universities and trade groups.
He began his career at McKinsey, where he served financial service firms across a variety of sub-sectors and functional areas. Marshall led McKinsey's and Boston Consulting Group's (BCG’s) private equity practice. He has extensive relationships across financial services and private equity (PE) Firms. After approximately 25 years, he left McKinsey to become the Chief Risk Officer for Chase (all consumer products globally) during the financial crisis. He then joined BCG, where he was a Senior Partner for five years, and in particular, helped build a private equity practice while serving financial institutions. For example, Marshall was BCG’s first Senior Partner and built the PE practice. Marshall continues to be an active advisor to BCG.
He attended the Woodrow Wilson School at Princeton University and graduated Summa Cum Laude. Marshall also attended Harvard Business School where he was a Baker and Ford Scholar (awarded to the number one student in each graduate school).
Amit Dalmia joined the Board of Mphasis in September 2016. He is also an Executive Director in the Corporate Private Equity group in Blackstone and is based in Mumbai. After joining Blackstone in 2010, he has primarily been involved in creating and driving value-added initiatives across Blackstone portfolio companies in India. Before joining Blackstone, Amit gained diverse operational experience at Hindustan Unilever India (HUL) in various management and business leadership roles ranging from finance and accounts to commercial and supply chain. He has undergone a management training program with the Indian Institute of Management, Ahmedabad; and subsequently worked extensively on in-company training at Unilever.
Amit is a chartered accountant (CA), company secretary (CS), and cost accountant (ICWA) with three gold medals for securing first ranks in the country.
He completed a bachelor’s degree in commerce (Hons.) from St. Xaviers' College, University of Kolkata, India.
Mr. Kabir Mathur joined the Board of Mphasis in December 2021. Mr. Mathur is Head of India and South East Asia within the Private Equities Department of the Abu Dhabi Investment Authority (ADIA), and is responsible for leading ADIAs investment and portfolio management activities in these regions.
Prior to joining ADIA in 2018, Mr. Mathur worked at Kohlberg Kravis Roberts & Co (KKR) where he was responsible for sourcing, executing and managing private equity investments in Asia. Mr. Mathur joined KKR in 2008, having previously worked at TPG Capital, also in their Asian private equity business. Mr. Mathur began his career in the Investment Banking division of Citigroup/Salomon Smith Barney.
Mr. Mathur graduated from the London School of Economics and Political Science with a BSc (Hons.) in Economics.
Mr. Pankaj Sood joined the Board of Mphasis in December 2021. Mr. Sood heads the Private Equity (Direct Investments) business of GIC Private Limited, a company incorporated in Singapore (“GIC”) in India and Africa. He joined GIC in 2010 and is based in the Mumbai office.
Mr. Sood has over 22 years of experience in private equity and M&A transactions in India. Prior to GIC, Mr. Sood was an investment banker in India in Kotak Investment Bank, Ernst & Young and SBI Capital Markets.
Mr. Sood is a post-graduate from Indian Institute of Management Calcutta (1999) and has a bachelor’s degree in Chemical Engineering from Indian Institute of Technology Kharagpur (1996).
Ms. Courtney Karlan della Cava joined the Board of Mphasis in December 2021. Ms. Courtney is a Senior Managing Director and Global Head of Portfolio Talent & Leadership. Before joining Blackstone in 2021, Ms. Courtney served as a Partner at Bain & Company in its Leadership & Talent/Organization practice. With 20 years of global management consulting experience at Bain & Company across multiple sectors and geographies, Ms. Courtney most recently advised corporate and private equity clients on CEO succession, CEO and board effectiveness and broader organizational talent strategies and solutions, and she also built and led several of the firm’s global human capital teams and capabilities. She also served as a Partner and Managing Director for Russell Reynolds Associates, a global executive search and talent assessment firm, and European Marketing Director for M&M Mars. Earlier, she held product and marketing roles with Toyota/Lexus, and began her career at WPP/Hill and Knowlton. Ms. Courtney earned an MBA from The Wharton School of the University of Pennsylvania and graduated from The University of California, Los Angeles, with a B.A. in Economics.
Ms. Maureen Anne Erasmus joined the Board of Mphasis in December 2021. Ms. Erasmus has extensive experience in financial services including capital markets and banking having worked across developed and emerging markets for more than 35 years. Until 2017, she was a partner at Bain and Company Inc. (London), where she led major assignments across Europe, the Middle East and Africa on corporate and investment banking turnaround strategies. Prior to this, she had held senior executive roles at Merrill Lynch in London and New York.
Currently, Ms. Erasmus is a non-executive director on the Board of Standard Bank Group, Johannesburg, Credit Suisse, UK and Vanguard, UK, besides being a Senior Independent Director of Mizuho International Plc, UK. She is also a member of Global Advisory Board of African Leadership Institute and a non-executive director on the board of PSI Global Healthcare, USA, the not-for-profit entities. Ms. Erasmus is a graduate of the University of Cape Town.