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68456534758.Pdf 12th May 2021 National Stock Exchange of India Ltd, BSE Limited Exchange Plaza, Bandra Kurla Complex, P.J. Towers, Dalal Street Bandra (East), Mumbai – 400051. Mumbai - 400001. Fax No.26598237/26598238 Fax No.22722037/22723121 Name of Scrip: CIGNITITEC Scrip code: 534758 Dear Sir / Madam, Sub: Submission of Annual Report for the FY 2020-21 In compliance with Regulation 34 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, we are herewith submitting the Annual report of the Company for the FY 2020-21. This is for the information and records of the Exchange, please. Thanking you. Yours Faithfully, For Cigniti Technologies Limited A.N.Vasudha Company Secretary Encl: as above WELCOMING Assuring Digital Experiences Annual Report 2020-21 Cigniti Technologies Ltd. Contents Corporate Overview Welcoming Next - Assuring Digital Experiences 01 Key Performance Indicators 07 Chairman’s Message 08 CEO’s Message 10 World of Cigniti 12 Project Cignificance, a CSR Initiative 25 Board of Directors 26 Our People 28 Corporate Information 32 Reports Notice 36 Board’s Report 44 Management Discussion and Analysis 70 Business Responsibility Report 76 Corporate Governance Report 84 Financial Statements Consolidated Statement Independent Auditors Report 114 Balance Sheet 121 Statement of Profit and Loss 122 Cash Flow Statement 124 Notes 125 Standalone Statement Independent Auditors Report 172 Balance Sheet 181 Statement of Profit and Loss 182 Cash Flow Statement 184 Notes 185 Cautionary Statement Regarding Forward-Looking Statements Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. We have tried wherever possible to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’ and other words of similar substance, in connection with any discussions regarding future performance. We cannot guarantee that these forward-looking statements will be realized, although we believe that we have been prudent while making the assumptions. The achieve- ment of results is subject to risks, uncertainties and even inaccurate assumptions. Should known orunknown risks or uncertainties material- ize, or should underlying assumptions prove inaccurate, our actual results could vary materially from those anticipated, estimated, or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or even otherwise. Assuring Digital Experiences Corporate Overview Management Reports Financial Statement Welcoming Next Assuring Digital Experiences Last year saw customer demands surge across Consumers today demand online experiences and sectors and enterprises – especially those that could want to be ‘happily virtual’. They want seamless provide services online. There was a need to rapidly digital procurement and provisioning - at the click of adopt digital transformation initiatives for organiza- a button. Today, everything is about speed, conve- tions across the globe to cater to these require- nience, and not to forget, remotely accessible! ments and provide the best possible digital custom- ayn u an ny a er experience. This led organizations to rethink their tions to increase the customer’s digital experience digital strategies and priorities and make serious a l aly anan an n . across sectors. Per Forrester, “27% of brands provide customer-centric services using advanced, improved their CX this year, which is 13% higher next generation technologies. than the previous year. They improved by focusing on core CX competencies.” Organizations that implemented new strategies quickly to ensure ease of use and reduced challeng- At Cigniti, we understand the importance of assuring es for customers grew the fastest. The rate of growth digital experience for our customers. In the coming of the digital native across the globe was nothing year, we are set to further increase our spread of short of spectacular! Per Satya Nadella “Microsoft alnaaalnna has seen two years' worth of digital transformation of trends and technologies. This will help us add in just two months of its third quarter”. Google Cloud greater value to all our enterprise clients. As we too reported more than 45% growth during the welcome the next year, we are very excited about same period. our potential, the opportunities, and the value we can deliver. While 81% of insurers acknowledge that technology has become an inextricable part of the human expe- rience, about 37% of consumers are very likely to use telehealth in the future. AI, IoT, Augmented Reality, Virtual Reality, and cloud are growing trends in retail, accelerated due to the pandemic. Construc- tion technology, AI, and Big Data analytics are the top three biggest disruptors in the real estate industry. As the adoption of digital transformation can be n n n n nu a globe, the digital customer service interactions are set to increase by 40%. Next-generation communi- cations, edge computing architectures, and cloud-native technologies are coming togeth- er to create breakthroughs in cloud-to-edge integration. Implementing these technolo- gies will require new levels of security, compliance, infrastructure, service, support, and continuity. Annual Report 2020-21 1 Cigniti Technologies Ltd. Next-gen Technologies are Causing Rapid Digital Transformation The COVID-19 crisis has accelerated the digitization of customer interactions by several years. Global siaPacific Europe North America Adoption Adoption Adoption Adoption acceleration acceleration acceleration acceleration 3 years 4 years 3 years 3 years With the pandemic intensifying the rate of adoption of While disruptive, investments in digital transforma- digital transformation initiatives and new technolo- tion has helped organizations expedite their gies, the way organizations need to work today has business goals and long-term digital strategies. undergone a sea of change. Enablers such as AI, hyperautomation, RPA, IoT, digital analytics and delivery, machine and deep According to a recent McKinsey Global Survey, organi- learning, and process automation are being imple- zations have accelerated the digitalization of their mented to create agile research and development internal operations and their customer and processes. supply-chain interactions by three to four years. Also, the share of digitally enabled products in these organi- Recently, most boardroom technology conversa- zations has accelerated by seven years. Deloitte in a tions have pivoted in the direction of how 5G will recent report states that 77% of surveyed CEOs shape the structure of their industry and the acknowledge that COVID-19 has accelerated their future-readiness of their organization to adopt 5G. digital transformation plans. As the global infrastructure is still playing catch-up on how to adopt the technology with the least This adoption of digital technologies is taking place amount of R&D costs, 5G seems to be ahead of its across application and infrastructure platforms, curve – yet it is one of the most coveted technolo- digital supply networks, e-commerce, smart factories, gies of the decade. CIOs and CTOs all over the world the supply chain, and more with cognitive automation ananalyna.n and AI, and broader adoption of data and predictive of 5G adoption and vying to introduce 5G-driven analytics. solutions to their customers for placing their organi- zation above competition. 2 Assuring Digital Experiences Corporate Overview Management Reports Financial Statement To make the most out of the technologies, every Digital Technologies, thus, are critical to be imple- industry needs to focus on developing or implement- mented if organizations wish to achieve the advan- ing tools for experience analysis and strategize a plan tages of agility. The advantages may include being aly u nn able to make fact-based decisions faster, analyse n. n nl l n anunnnlya nyanun line operations and automate processes to achieve yl.lnylun quality at high speed, improve productivity by decrease the cost of doing business and comple- leveraging collaborative tools and technologies, and ments investments in infrastructure, quality products launlynlalnu help improve customer satisfaction that improves the failproof, cybersecurity measures. brand of the organizations. Annual Report 2020-21 3 Cigniti Technologies Ltd. The Growing Importance of Digital Experience When organizations interact with their customers via By implementing digital strategies, a lot of organiza- digital means, the result is Digital Experience. The tions were able to put themselves in the shoes of way their customers react to the digital experience their customers and eventually provide seamless helps organizations and technology leaders under- service to them. They were able to provide them the stand what improvements are needed to be imple- best possible experience and make them feel mented to drive the digital growth. Understanding comfortable as they could analyse and predict not how consumer experiences (CX) and expectations just their needs, but also gauge their sentiments. are changing leads to continuous reviews and imple- mentation of the best possible digital strategies. This This was possible by using digital transformation to helps organizations set
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