THE FUTURE IS IN THE CLOUD

1 THE FUTURE IS IN THE CLOUDHEXAWARE TECHNOLOGIES LIMITED ANNUAL REPORT 2020 AMPLIFY WITH MOBIQUITY AUTOMATE WITH TENSAIACCELERATE WITH AMAZEC ontent IndexHexaware at a Glance2 Theme Introduction6 Corporate Identity 8 Key Services10 Corporate Strengths12 Global PresenceReviewing the Year 14 Chairman s Communiqu 16 Chief Executive Officer s Message 18 Chief Financial Officer s Review 20 Key Performance Indicators Value Creation Approach22 Business Model 24 Operating Context 26 Risk Management Segment-wise Review28 Banking and Financial Services 30 Healthcare and Insurance 34 Hi-tech and Professional Services 35 Travel and Transportation 36 Manufacturing and ConsumerEnvironment, Social and Governance 40 Environment 42 Social (People, Community and COVID-19 Response)50 Governance (Board of Directors and Leadership Team)54 Our Performance ScorecardStatutory Reports 56 Management Discussion and Analysis 76 Directors' Report112 Business Responsibility Report120 Corporate Governance Report Financial Statements 141 Consolidated Financials191 Standalone Financials237 NoticeFinancial Capital Funds available to us, including debt, equity and reinvestments, to support FUTURE business activities and use as inputs in other capitals to create value over time.

2 Manufactured Capital Our tangible infrastructure (offices across the globe and IT and telecommunication hardware) required for the smooth functioning of our operations and for providing clients with quality service. Human Capital Our people and their diverse skillset, experience and industry knowledge, along with their safety and Capital Our knowledge base, which includes our intellectual properties, thought leadership, trademarks, patents, copyrights and solutions developed through R&D. Social and Relationship Capital Our relationships with our stakeholders customers, suppliers, investors, the government and the society, among Capital Natural resources such as water, land and energy, which we either utilise or which are impacted by our operations. Economic value added62,621*Reduction in energy consumption43%IP copyrights26 CSR beneficiaries35,496 Capex investments736*New hires6,747 EBITDA before RSU cost 10,937*Reduction in water consumption34%Whitepapers110 New customers added55 Net cash and bank balances 10,379*Value created in 2020 Value created in 2020 Capital-wise Highlights *In C millionRead more on page 42 to 45 Read more on page 67 Read more on page 46 & 47 Read more on page 40 & 41 Read more on page 70 to 75 Read more on page 12 The CLOUD has emerged as a harbinger of holistic transformation.

3 Businesses are increasingly migrating to the CLOUD to increase productivity, improve efficiency and accelerate business transformation. With rapidly evolving behaviour patterns, organisations are creating digital capabilities to store, manage and process data in real time to deliver immersive experiences to their customers. However, migration to the CLOUD is a complex journey. At Hexaware Technologies Limited (Hexaware), we are enabling organisations to seamlessly transition from the new normal to the next, boosting their resilience, relevance and growth. Leveraging the power of big data, Artificial Intelligence (AI) and Robotic Process Automation (RPA), we have created three unique platforms to transform customer experiences, while generating substantial cost savings that can be reinvested in strengthening the core FUTURE IS IN THE CLOUDOur StrategiesOur FoundationAutomate Everything We help organisations imbibe automation as a crucial component for every aspect such as customer experience, infrastructure, business processes, application, testing, and data.

4 Cloudify Everything Cloudify Everything is our outcome-driven strategy to enable organisations to reap the benefits of CLOUD transformation using automation, managed services, blueprint templates for building CLOUD architectures and ringing in cultural Customer Experiences We work relentlessly to offer superior solutions through the Transform Customer Experiences strategy, with an aim to help our clients adopt customer intimacy, transform their end customers experiences and deliver consistently to make it their competitive approachDomain experienceDiverse segmentsPerformance-oriented cultureStrong leadershipSkilled professionals Strong financials Digital Transformation End-customer Experience Customer RequirementsPersistent EfficiencyRead more about our strengths on page 10 & 11 PlatformsVision To amplify human potential using digital technologiesHEXAWARE AT A GLANCE23 Hexaware Technologies LimitedAnnual Report 2020 Theme IntroductionAutomate withTe n s a iTM is our end-to-end automation platform built using open-source components.

5 How does TensaiTM benefit clients? Ability to scale up and run test cases any number of times Substantial effort reduction Improved accuracy leading to customer satisfaction Annual cost savingsOur AMAZETM suite of offerings supports all the major stages of the CLOUD transformation process and helps the customer transition to CLOUD faster at a substantially lower cost. How does AMAZETM benefit clients? Reduces time across all stages Makes it possible to scan, review and re-factor millions of lines of code with high efficiency and drastically reduced timelines Ensures zero impact on business functionality Offers code transformation from legacy technology to new technology High flexibility for customisationMobiquity combines the best of human-focused design and data-driven technology, helping our customers drive meaning for their business and relevance for their customers. How does Mobiquity benefit clients? Provides solutions that help in transforming customer experience Holistic offerings around commerce management, content and creative production, marketing analytics and measurement services and machine learning driven optimisation Provides shoppable experience and personalisation Helps in engineering transformation AMAZEing turnaroundOne of the large banks in the US with global operations was looking to adopt and scale to CLOUD .

6 One of their primary concerns was a complex Java web application that was developed 12 years ago and was mission-critical for the business. The unavailability of SMEs who developed the application hindered the migration. We proposed AMAZE , which is primarily designed for Java and .Net applications. The migration was completed in just six weeks with around 50% savings in implementation cost and ~50% reduction in total cost of , accuracy, savingsA leading Japan-based global distribution system connectivity provider needed to reduce their process turnaround time, expedite the release process and minimise human processing errors. We offered them our proprietary automation platform, TensaiTM. Using RPA and screen scraping techniques, TensaiTM provided automation benefits to the client while facilitating quicker release of enhancements and new features with zero upfront investment for licences. It also offered 100% accuracy in reading data/screen scrape on the mainframe emulator screen.

7 Apart from annual saving of around 12%, the effort required was reduced by 50%.A solution in the nick of timeA regional chain of convenience stores and gas stations in the US engaged Mobiquity to evolve its app to include a best-in-class Curbside Pick-up experience (a user-friendly journey through order placement, payment and pick-up). Mobiquity devised an extensive model that would define, streamline and optimise their innovation processes. We were able to quickly merge the prototype into the existing codebase and make Curbside Pick-up available to all applicable stores. This solution comes right in the nick of time as consumers look for safe, contactless options for studyCase study15+TensaiTM projects successfully executed 20+Active projects under AMAZETM platform as on December 31, 202063+Customer experience transformation projects deliveredAccelerate withAmplify withOur three-pronged strategy Automate Everything , Cloudify Everything and Transform Customer Experiences is aimed at fast-tracking enterprises into the digital era.

8 This strategy, supported by our AI and microservice offerings, helps our customers to automate business processes, accelerate CLOUD migration and amplify customer experience transformation. We aim at solving complex business issues by combining human creativity and intellect with the power of pervasive data, insights-driven algorithm and CLOUD studyHEXAWARE AT A GLANCE45 Hexaware Technologies LimitedAnnual Report 2020 Theme IntroductionCorporate IdentityHexaware is a fast-growing next-generation, automation-led IT and consulting services provider. Our digital offerings help clients across diverse sectors use cutting-edge technology to amplify customer experience. Today, we provide customised and innovative solutions to our customers across the globe using 160+ proprietary tools and accelerators. Our complex technology solutions and services are powered by Bottom Up Disruption (BUD). The unique platform harnesses the creativity and innovative potential of our employees at the grassroots level and brings them to factsMission To transform how IT services are delivered and to be the first IT services company in the world where half the workforce is digitalVision To amplify human potential using digital technologiesValues Fearless Attitude Anchored in the Past Cool DisruptiveHighly Passionate 277 Customer base 19, 8 3 3 Hexaware team strength 30+Country presence 37 Offices across locations 8 Strategic alliances and partnerships 26 IP copyrights Delivering solutions for digital transformationAs on December 31, 2020 Information Technology Outsourcing Named a Leader in AIOps for Mid Market in the ISG Provider Lens Intelligent Automation Solutions & Services 2020 US Quadrant Report Named a Leader in Managed Service Archetype (Mid-Sized Deal Focus)

9 In the ISG Provider Lens Next-Gen Private/Hybrid CLOUD Data Center Services & Solutions 2020 Archetype Study Named a Leader in Application Maintenance Services Midmarket/Niche in the ISG Provider Lens Next-Gen Application Development & Maintenance Services 2020 US Quadrant ReportBusiness Process Services Profiled in Gartner s Competitive Landscape: Customer Management BPO, October 2020 Named a Leader in the Automation Embracer Archetype in the ISG Provider Lens Contact Center Customer Experience Services 2020 Named a Leader in the CX Evangelist Archetype in the ISG Provider Lens Contact Center Customer Experience Services 2020 CLOUD Named a Leader in Consulting & Transformational Services for Midmarket in the ISG Provider LensTM Public CLOUD Solutions and Service Partners 2020 Named a Leader in Consulting Services in the ISG Provider Lens 2020 AWS Ecosystem Partners Profiled in the HFS Market Analysis: Disruptive Hyperscale CLOUD Service Providers ReportCustomer Experience Transformation Named a Leader in Digital Customer Experience Services in the ISG Provider Lens Digital Business Solutions and Service Partners 2020 Named a Leader in Digital Backbone Managed Services Midmarket in the ISG Provider Lens Digital Business Solutions and Service Providers 2019-20 Profiled in Gartner s Competitive Landscape.

10 Custom Software Development Services, August 2020 Digital Engineering Named a Leader in Office365 Integration in the ISG Provider Lens Microsoft Ecosystem 2020 Named a Leader in Continuous Testing Midmarket and Expert Consulting in the ISG Provider Lens Next-Gen Application Development & Maintenance Services 2020 Named a Leader in Digital Product Lifecycle Services in the ISG Provider Lens Digital Business Solutions and Service Partners 2020 Enterprise Services Named a Leader in SAP S/4 HANA System Transformation Midmarket in the ISG Provider Lens SAP HANA and Leonardo Ecosystem Partners 2020 Named a Leader in Managed Applications for Services for SAP ERP in the ISG Provider Lens SAP HANA and Leonardo Ecosystem Partners 2020 Positioned as a Top Ten Player in HFS s Employee Experience Top 10 Report Recognised for our efforts HEXAWARE AT A GLANCEH onours at the Global Training & Development Leadership Awards 2021 Hexaware ranks No. 1 for 'Business Understanding', CLOUD Capability & Account Management Quality and for Contractual Flexibility in Whitelane s latest IT Sourcing StudyOutsourcing Innovation & Strategic Enabler of the Year 202067 Hexaware Technologies LimitedAnnual Report 2020 Corporate IdentityKey Services Enabling seamless transition to the FUTURE Underpinned by our three strategic pillars, we leverage the power of human-machine collaboration to develop transformative digital solutions that help customers solve complex business problems.