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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/20/22 Coforge Ltd. F-1/A 2:6.7M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-1/A Pre-Effective Amendment to Registration Statement HTML 6.37M by a Foreign Issuer 2: EX-23.1 Consent of Expert or Counsel HTML 5K
tm2125810-17_f1a - block - 81.2971909s |
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Republic of India
|
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7371
|
| |
Not Applicable
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Jonathan B. Stone, Esq.
Rajeev P. Duggal, Esq. Skadden, Arps, Slate, Meagher & Flom LLP c/o Suite 23-02 6 Battery Road Singapore +65 6434-2900 |
| | |
| | |
Price to
public |
| |
Underwriting
discounts and commissions(1) |
| |
Proceeds,
Before expenses, to the Selling Shareholder |
|
Per ADS
|
| | US$ | | | US$ | | | US$ | |
Total | | | US$ | | | US$ | | | US$ | |
Barclays
|
BofA Securities |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | v | | | |
| | | | | 1 | | | |
| | | | | 8 | | | |
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| | | | | 50 | | | |
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| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 56 | | | |
| | | | | 62 | | | |
| | | | | 93 | | | |
| | | | | 95 | | | |
| | | | | 113 | | | |
| | | | | 124 | | | |
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| | | | | 129 | | | |
| | | | | 145 | | | |
| | | | | 155 | | | |
| | | | | 159 | | | |
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| | | | | 167 | | | |
| | | | | 175 | | | |
| | | | | 183 | | | |
| | | | | 184 | | | |
| | | | | 184 | | | |
| | | | | 185 | | | |
| | | | | 187 | | | |
| | | | | F-1 | | | |
| | | | | II-1 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions, except per share data)
|
| |||||||||||||||||||||
Revenue from operations
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
Other income, net
|
| | | | 7 | | | | | | 518 | | | | | | 326 | | | | | | 734 | | |
Total income
|
| | |
|
855
|
| | | |
|
64,838
|
| | | |
|
46,954
|
| | | |
|
42,573
|
| |
Expenses | | | | | | | | | | | | | | | | | | | | | |||||
Cost of hardware and third-party software
|
| | | | 54 | | | | | | 4,076 | | | | | | 3,595 | | | | | | 1,908 | | |
Sub-contracting / technical fees
|
| | | | 87 | | | | | | 6,572 | | | | | | 3,845 | | | | | | 2,893 | | |
Employee benefits expense
|
| | | | 504 | | | | | | 38,346 | | | | | | 28,158 | | | | | | 25,298 | | |
Depreciation and amortization expense
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Other expenses
|
| | | | 57 | | | | | | 4,307 | | | | | | 3,415 | | | | | | 4,595 | | |
Finance cost
|
| | | | 9 | | | | | | 650 | | | | | | 143 | | | | | | 155 | | |
Total expenses
|
| | |
|
741
|
| | | |
|
56,223
|
| | | |
|
40,992
|
| | | |
|
36,619
|
| |
Profit before income taxes
|
| | |
|
114
|
| | | |
|
8,615
|
| | | |
|
5,962
|
| | | |
|
5,954
|
| |
Income tax expense
|
| | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Profit for the year
|
| | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions, except per share data)
|
| |||||||||||||||||||||
Other comprehensive income/(loss) | | | | | | | | | | | | | | | | | | | | | |||||
Items to be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | |||||
Fair value changes on derivatives designated as cash flow hedge, net
|
| | | | — | | | | | | 21 | | | | | | 369 | | | | | | (473) | | |
Exchange differences on translation of foreign operations
|
| | | | — | | | | | | (28) | | | | | | 285 | | | | | | 452 | | |
Income tax relating to items that will be reclassified to profit or loss
|
| | | | — | | | | | | (3) | | | | | | (95) | | | | | | 120 | | |
Items not to be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | |||||
Remeasurement of post-employment benefit obligations
(expenses) / income |
| | | | — | | | | | | 13 | | | | | | (12) | | | | | | 3 | | |
Income tax relating to items that will not be reclassified to profit or loss
|
| | | | — | | | | | | 3 | | | | | | 3 | | | | | | (1) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income/(loss) for the year, net of tax
|
| | | | — | | | | | | 6 | | | | | | 550 | | | | | | 101 | | |
Total comprehensive income for the year
|
| | | | 94 | | | | | | 7,153 | | | | | | 5,210 | | | | | | 4,777 | | |
Profit is attributable to: | | | | | | | | | | | | | | | | | | | | | |||||
Owners of Coforge Limited
|
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | |
Non-controlling interests
|
| | | | 7 | | | | | | 530 | | | | | | 104 | | | | | | 236 | | |
| | | |
|
94
|
| | | |
|
7,147
|
| | | |
|
4,660
|
| | | |
|
4,676
|
| |
Other comprehensive income/(loss) is attributable to: | | | | | | | | | | | | | | | | | | | | | |||||
Owners of Coforge Limited
|
| | | | — | | | | | | (11) | | | | | | 550 | | | | | | 101 | | |
Non-controlling interests
|
| | | | — | | | | | | 17 | | | | | | — | | | | | | — | | |
| | | |
|
—
|
| | | |
|
6
|
| | | |
|
550
|
| | | |
|
101
|
| |
Total comprehensive income is attributable to: | | | | | | | | | | | | | | | | | | | | | |||||
Owners of Coforge Limited
|
| | | | 87 | | | | | | 6,606 | | | | | | 5,106 | | | | | | 4,541 | | |
Non-controlling interests
|
| | | | 7 | | | | | | 547 | | | | | | 104 | | | | | | 236 | | |
| | | |
|
94
|
| | | |
|
7,153
|
| | | |
|
5,210
|
| | | |
|
4,777
|
| |
Earnings per equity share (of Rs. 10 each) attributable to owners of Coforge Limited
|
| | | | | | | | | | | | | | | | | | | | |||||
Basic earnings per share
|
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | |
Diluted earnings per share
|
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | |
| | |
As at March 31,
|
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| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
Total non-current assets
|
| | | | 360 | | | | | | 27,335 | | | | | | 14,327 | | | | | | 13,354 | | |
Total current assets
|
| | | | 293 | | | | | | 22,209 | | | | | | 20,937 | | | | | | 21,099 | | |
Total Assets
|
| | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | | | | | 34,453 | | |
Total non-current liabilities
|
| | | | 124 | | | | | | 9,438 | | | | | | 1,919 | | | | | | 2,373 | | |
Total current liabilities
|
| | | | 156 | | | | | | 11,792 | | | | | | 8,425 | | | | | | 7,942 | | |
Total Liabilities
|
| | | | 280 | | | | | | 21,230 | | | | | | 10,344 | | | | | | 10,315 | | |
Total equity
|
| | | | 373 | | | | | | 28,314 | | | | | | 24,920 | | | | | | 24,138 | | |
Total Equity and Liabilities
|
| | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | | | | | 34,453 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Net cash inflow from operating activities
|
| | | | 101 | | | | | | 7,656 | | | | | | 7,623 | | | | | | 2,969 | | |
Net cash (outflow)/ inflow from investing activities
|
| | | | (126) | | | | | | (9,564) | | | | | | (927) | | | | | | 2,723 | | |
Net cash inflow/(outflow) from financing activities
|
| | | | (20) | | | | | | (1,558) | | | | | | (6,958) | | | | | | (2,689) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (45) | | | | | | (3,466) | | | | | | (262) | | | | | | 3,003 | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 105 | | | | | | 7,999 | | | | | | 8,195 | | | | | | 5,079 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | (1) | | | | | | (65) | | | | | | 66 | | | | | | 113 | | |
Cash and cash equivalents at the end of the financial year
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||
| | | | | |||||||||||||||
Total income (Rs. in millions)
|
| | | | 64,838 | | | | | | 46,954 | | | | | | 42,573 | | |
Revenue growth rate at constant currency(1) (%)
|
| | | | 37.6 | | | | | | 6.0 | | | | | | — | | |
Order Intake(2) (US$ in millions)
|
| | | | 1,151 | | | | | | 781 | | | | | | 748 | | |
Number of billable employees
|
| | | | 21,294 | | | | | | 11,469 | | | | | | 10,274 | | |
Utilization rate (%)
|
| | | | 77.0 | | | | | | 80.3 | | | | | | 79.5 | | |
Adjusted profit before tax (Rs. in millions)(1)
|
| | | | 10,180 | | | | | | 7,129 | | | | | | 6,701 | | |
Non-IFRS Adjusted EBITDA (Rs. in millions)(1)
|
| | | | 12,043 | | | | | | 8,461 | | | | | | 7,535 | | |
Adjusted diluted earnings per equity share(1)
|
| | | | 123.89 | | | | | | 86.36 | | | | | | 77.13 | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||
| | | | |
2021
|
| |||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |||||||||
| | |
(in millions, except percentages)
|
| |||||||||||||||
Reconciliation of Revenue Growth Rate at Constant Currency | | | | | | | | | | | | | | | |||||
Revenue
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | |
Revenue period-over-period growth rate
|
| | | | 37.9% | | | | | | 37.9% | | | | | | 11.4% | | |
Hedge Gain/(Loss)
|
| | | | 3 | | | | | | 224 | | | | | | (31) | | |
Estimated impact of foreign currency exchange rate fluctuations
|
| | | | 1 | | | | | | 97 | | | | | | (2,573) | | |
Revenue growth rate at constant currency
|
| | | | 37.6% | | | | | | 37.6% | | | | | | 6.0% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Reconciliation of Profit before Tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit before Tax
|
| | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | |
Employee share-based payment expense/One-time incentive
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | 0 | | | | | | 0 | | | | | | 180 | | | | | | 88 | | |
Impairment of goodwill on account of COVID-19
|
| | | | 0 | | | | | | 0 | | | | | | — | | | | | | 40 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Event based recoveries
|
| | | | 0 | | | | | | 0 | | | | | | — | | | | | | (57) | | |
Amortization of acquisition related intangibles
|
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | |
Adjusted Profit before Tax
|
| | | | 134 | | | | | | 10,180 | | | | | | 7,129 | | | | | | 6,701 | | |
Adjusted Profit before Tax as % of Revenue
|
| | | | 15.8% | | | | | | 15.8% | | | | | | 15.3% | | | | | | 16.0% | | |
|
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||
Reconciliation of Non-IFRS Adjusted EBITDA | | | | | | | | | | | | | | | | ||||||||||
Profit for Year
|
| | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
Adjustments: | | | | | | | | | | | | | | | | ||||||||||
Depreciation and amortization
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Finance income, gain on exchange fluctuations (net) and miscellaneous income
|
| | | | (5) | | | | | | (342) | | | | | | (274) | | | | | | (698) | | |
Loss on exchange fluctuations (net)
|
| | | | 0 | | | | | | — | | | | | | 106 | | | | | | — | | |
Interest on borrowings
|
| | | | 6 | | | | | | 479 | | | | | | 15 | | | | | | 5 | | |
Unwinding of discounts on lease liability and others
|
| | | | 2 | | | | | | 130 | | | | | | 92 | | | | | | 114 | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | |
Employee share-based payment expense/One-time
incentive |
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | 0 | | | | | | — | | | | | | 180 | | | | | | 88 | | |
Income taxes
|
| | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Non-IFRS Adjusted EBITDA
|
| | |
|
159
|
| | | |
|
12,043
|
| | | |
|
8,461
|
| | | |
|
7,535
|
| |
Non-IFRS Adjusted EBITDA as % of Revenue
|
| | | | 18.7% | | | | | | 18.7% | | | | | | 18.1% | | | | | | 18.0% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||||
Reconciliation of Adjusted Diluted Earnings per Equity Share
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Diluted Earnings per Equity Share
|
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | | | | | 64.73 | | | | | | 45.34 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.33 | | | | | | 0.74 | | | | | | 3.76 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.12 | | | | | | 9.42 | | | | | | 7.46 | | | | | | 1.01 | | | | | | 1.22 | | | | | | 1.57 | | |
Stock appreciation right
expense |
| | | | 0.01 | | | | | | 0.56 | | | | | | 0.55 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 2.90 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.91) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.90 | | | | | | — | | |
Amortization of acquisition
related intangibles |
| | | | 0.14 | | | | | | 10.88 | | | | | | 7.13 | | | | | | 5.96 | | | | | | 3.07 | | | | | | 2.93 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.43) | | | | | | (1.61) | | | | | | (3.21) | | | | | | (1.08) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.07) | | | | | | (5.39) | | | | | | (4.09) | | | | | | (2.58) | | | | | | (1.29) | | | | | | (1.06) | | |
Adjusted Diluted Earnings per Equity Share
|
| | | | 1.63 | | | | | | 123.89 | | | | | | 86.36 | | | | | | 77.13 | | | | | | 67.55 | | | | | | 47.74 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Basic Earnings per Equity Share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Basic Earnings per Equity Share
|
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | | | | | 65.49 | | | | | | 45.63 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.43 | | | | | | 0.75 | | | | | | 3.78 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.13 | | | | | | 9.64 | | | | | | 7.61 | | | | | | 1.01 | | | | | | 1.23 | | | | | | 1.58 | | |
Stock appreciation right expense
|
| | | | 0.01 | | | | | | 0.58 | | | | | | 0.56 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 2.95 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.92) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.91 | | | | | | — | | |
Amortization of acquisition related Intangibles
|
| | | | 0.14 | | | | | | 11.14 | | | | | | 7.26 | | | | | | 6.00 | | | | | | 3.10 | | | | | | 2.95 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.49) | | | | | | (1.64) | | | | | | (3.23) | | | | | | (1.09) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.08) | | | | | | (5.52) | | | | | | (4.17) | | | | | | (2.58) | | | | | | (1.31) | | | | | | (1.06) | | |
Adjusted Basic Earnings per Equity Share
|
| | |
|
1.67
|
| | | |
|
126.80
|
| | | |
|
88.00
|
| | | |
|
77.59
|
| | | |
|
68.34
|
| | | |
|
48.05
|
| |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Net Income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported Net Income
|
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | | | | | 4,033 | | | | | | 2,802 | | |
Transaction related expenses/One-time incentive
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | | | | | — | | | | | | — | | |
Employee share-based payment expense
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | | | | | 76 | | | | | | 97 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | | | | | — | | | | | | — | | |
Impairment of goodwill on
account of COVID-19 |
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56 | | | | | | — | | |
Amortization of acquisition
related Intangibles |
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | | | | | 191 | | | | | | 181 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (2) | | | | | | (151) | | | | | | (100) | | | | | | (201) | | | | | | (67) | | | | | | (64) | | |
Tax impact of above adjustments
|
| | | | (4) | | | | | | (335) | | | | | | (254) | | | | | | (161) | | | | | | (80) | | | | | | (65) | | |
Adjusted Net Income
|
| | |
|
101
|
| | | |
|
7,696
|
| | | |
|
5,369
|
| | | |
|
4,825
|
| | | |
|
4,209
|
| | | |
|
2,951
|
| |
Adjusted Net Income as % of Revenue
|
| | | | 12.0% | | | | | | 12.0% | | | | | | 11.5% | | | | | | 11.5% | | | | | | 11.4% | | | | | | 9.9% | | |
Price Per Share
|
| |
Rs.
|
| |
US$
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
BSE
|
| | | | | | | |
NSE
|
| | | | | | | |
BSE
|
| | | | | | | |
NSE
|
| | | | | | | ||||||||||||
| | |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||||||||||||||
Annual: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 4,604 | | | | | | 3,224 | | | | | | 4,605 | | | | | | 3,218 | | | | | | 60.7 | | | | | | 42.5 | | | | | | 60.7 | | | | | | 42.4 | | | |
Fiscal Year ended March 31, 2022
|
| | | | 6,133 | | | | | | 3,507 | | | | | | 6,135 | | | | | | 3,506 | | | | | | 80.8 | | | | | | 46.2 | | | | | | 80.9 | | | | | | 46.2 | | |
Fiscal Year ended March 31, 2021
|
| | | | 3,032 | | | | | | 1,014 | | | | | | 3,032 | | | | | | 1,011 | | | | | | 40.0 | | | | | | 13.4 | | | | | | 40.0 | | | | | | 13.3 | | |
Fiscal Year ended March 31, 2020
|
| | | | 2,057 | | | | | | 739 | | | | | | 2,060 | | | | | | 735 | | | | | | 27.1 | | | | | | 9.7 | | | | | | 27.2 | | | | | | 9.7 | | |
Fiscal Year ended March 31, 2019
|
| | | | 1,425 | | | | | | 853 | | | | | | 1,425 | | | | | | 820 | | | | | | 18.8 | | | | | | 11.2 | | | | | | 18.8 | | | | | | 10.8 | | |
Fiscal Year ended March 31, 2018
|
| | | | 1,012 | | | | | | 420 | | | | | | 1,012 | | | | | | 419 | | | | | | 13.3 | | | | | | 5.5 | | | | | | 13.3 | | | | | | 5.5 | | |
Quarterly: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Quarter of Fiscal Year ending March 31, 2023 (through July 18, 2022)
|
| | | | 3,722 | | | | | | 3,332 | | | | | | 3,720 | | | | | | 3,332 | | | | | | 49.1 | | | | | | 43.9 | | | | | | 49.0 | | | | | | 43.9 | | |
| | | | 4,604 | | | | | | 3,224 | | | | | | 4,605 | | | | | | 3,218 | | | | | | 60.7 | | | | | | 42.5 | | | | | | 60.7 | | | | | | 42.4 | | | |
Fourth Quarter of Fiscal Year ended March 31, 2022
|
| | | | 6,133 | | | | | | 4,085 | | | | | | 6,135 | | | | | | 4,084 | | | | | | 80.8 | | | | | | 53.8 | | | | | | 80.9 | | | | | | 53.8 | | |
Third Quarter of Fiscal Year ended March 31, 2022
|
| | | | 6,029 | | | | | | 4,824 | | | | | | 6,030 | | | | | | 4,727 | | | | | | 79.5 | | | | | | 63.6 | | | | | | 79.5 | | | | | | 62.3 | | |
Second Quarter of Fiscal Year ended March 31, 2022
|
| | | | 5,834 | | | | | | 4,094 | | | | | | 5,833 | | | | | | 4,090 | | | | | | 76.9 | | | | | | 54.0 | | | | | | 76.9 | | | | | | 53.9 | | |
First Quarter of Fiscal Year ended March 31, 2022
|
| | | | 5,334 | | | | | | 3,507 | | | | | | 5,337 | | | | | | 3,506 | | | | | | 70.3 | | | | | | 46.2 | | | | | | 70.3 | | | | | | 46.2 | | |
Fourth Quarter of Fiscal Year ended March 31, 2021
|
| | | | 3,032 | | | | | | 2,326 | | | | | | 3,032 | | | | | | 2,300 | | | | | | 40.0 | | | | | | 30.7 | | | | | | 40.0 | | | | | | 30.3 | | |
Third Quarter of Fiscal Year ended March 31, 2021
|
| | | | 2,813 | | | | | | 2,078 | | | | | | 2,814 | | | | | | 2,078 | | | | | | 37.1 | | | | | | 27.4 | | | | | | 37.1 | | | | | | 27.4 | | |
Second Quarter of Fiscal Year ended March 31, 2021
|
| | | | 2,423 | | | | | | 1,375 | | | | | | 2,420 | | | | | | 1,375 | | | | | | 31.9 | | | | | | 18.1 | | | | | | 31.9 | | | | | | 18.1 | | |
First Quarter of Fiscal Year ended March 31, 2021
|
| | | | 1,573 | | | | | | 1,014 | | | | | | 1,573 | | | | | | 1,011 | | | | | | 20.7 | | | | | | 13.4 | | | | | | 20.7 | | | | | | 13.3 | | |
Fourth Quarter of Fiscal Year ended March 31, 2020
|
| | | | 2,057 | | | | | | 739 | | | | | | 2,060 | | | | | | 735 | | | | | | 27.1 | | | | | | 9.7 | | | | | | 27.2 | | | | | | 9.7 | | |
Third Quarter of Fiscal Year ended March 31, 2020
|
| | | | 1,642 | | | | | | 1,339 | | | | | | 1,643 | | | | | | 1,338 | | | | | | 21.6 | | | | | | 17.6 | | | | | | 21.7 | | | | | | 17.6 | | |
Second Quarter of Fiscal Year ended March 31, 2020
|
| | | | 1,541 | | | | | | 1,180 | | | | | | 1,545 | | | | | | 1,178 | | | | | | 20.3 | | | | | | 15.6 | | | | | | 20.4 | | | | | | 15.5 | | |
First Quarter of Fiscal Year ended March 31, 2020
|
| | | | 1,362 | | | | | | 1,229 | | | | | | 1,364 | | | | | | 1,228 | | | | | | 18.0 | | | | | | 16.2 | | | | | | 18.0 | | | | | | 16.2 | | |
Most Recent Six Months | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
July 2022
|
| | | | 3,722 | | | | | | 3,332 | | | | | | 3,720 | | | | | | 3,332 | | | | | | 49.1 | | | | | | 43.9 | | | | | | 49.0 | | | | | | 43.9 | | |
June 2022
|
| | | | 4,009 | | | | | | 3,224 | | | | | | 4,010 | | | | | | 3,218 | | | | | | 52.8 | | | | | | 42.5 | | | | | | 52.9 | | | | | | 42.4 | | |
May 2022
|
| | | | 4,212 | | | | | | 3,353 | | | | | | 4,217 | | | | | | 3,353 | | | | | | 55.5 | | | | | | 44.2 | | | | | | 55.6 | | | | | | 44.2 | | |
April 2022
|
| | | | 4,604 | | | | | | 3,939 | | | | | | 4,605 | | | | | | 3,935 | | | | | | 60.7 | | | | | | 51.9 | | | | | | 60.7 | | | | | | 51.9 | | |
March 2022
|
| | | | 4,870 | | | | | | 4,085 | | | | | | 4,874 | | | | | | 4,084 | | | | | | 64.2 | | | | | | 53.8 | | | | | | 64.2 | | | | | | 53.8 | | |
February 2022
|
| | | | 4,947 | | | | | | 4,187 | | | | | | 4,949 | | | | | | 4,189 | | | | | | 65.2 | | | | | | 55.2 | | | | | | 65.2 | | | | | | 55.2 | | |
| | | | ||||
|
US$
|
| |
Rs.
|
| ||
|
(in millions)
|
| |||||
Cash and cash equivalents
|
| |
59
|
| |
4,468
|
|
Current borrowings(1)
|
| |
2
|
| |
180
|
|
Total debt, including current portion
|
| |
46
|
| |
3,545
|
|
Shareholders’ equity: | | | | | | | |
Equity share capital (number of equity shares: 60,913,152)
|
| |
8
|
| |
609
|
|
Reserves and Surplus
|
| |
352
|
| |
26,722
|
|
Non-Controlling Interest
|
| |
13
|
| |
983
|
|
Total equity
|
| |
373
|
| |
28,314
|
|
Total capitalization
|
| |
419
|
| |
31,859
|
|
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions, except
per share data) |
| |||||||||||||||||||||
Revenue from operations
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
Other income, net
|
| | | | 7 | | | | | | 518 | | | | | | 326 | | | | | | 734 | | |
Total income
|
| | | | 855 | | | | | | 64,838 | | | | | | 46,954 | | | | | | 42,573 | | |
Expenses | | | | | | | | | | | | | | | | ||||||||||
Cost of hardware and third-party software
|
| | | | 54 | | | | | | 4,076 | | | | | | 3,595 | | | | | | 1,908 | | |
Sub-contracting / technical fees
|
| | | | 87 | | | | | | 6,572 | | | | | | 3,845 | | | | | | 2,893 | | |
Employee benefits expense
|
| | | | 504 | | | | | | 38,346 | | | | | | 28,158 | | | | | | 25,298 | | |
Depreciation and amortization expense
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Other expenses
|
| | | | 57 | | | | | | 4,307 | | | | | | 3,415 | | | | | | 4,595 | | |
Finance cost
|
| | | | 9 | | | | | | 650 | | | | | | 143 | | | | | | 155 | | |
Total expenses
|
| | | | 741 | | | | |
|
56,223
|
| | | |
|
40,992
|
| | | |
|
36,619
|
| |
Profit before income taxes
|
| | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Income tax expense
|
| | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Profit for the year
|
| | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions, except
per share data) |
| |||||||||||||||||||||
Other comprehensive income/(loss) | | | | | | | | | | | | | | | | | | | | | |||||
Items to be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | |||||
Fair value changes on derivatives designated as cash flow hedge, net
|
| | | | — | | | | | | 21 | | | | | | 369 | | | | | | (473) | | |
Exchange differences on translation of foreign operations
|
| | | | — | | | | | | (28) | | | | | | 285 | | | | | | 452 | | |
Income tax relating to items that will be reclassified to profit or loss
|
| | | | — | | | | | | (3) | | | | | | (95) | | | | | | 120 | | |
Items not to be reclassified to profit or loss
|
| | | | | | | | | | | | | | | ||||||||||
Remeasurement of post-employment benefit obligations (expenses) / income
|
| | | | — | | | | | | 13 | | | | | | (12) | | | | | | 3 | | |
Income tax relating to items that will not be reclassified to profit or loss
|
| | | | — | | | | | | 3 | | | | | | 3 | | | | | | (1) | | |
Other comprehensive income/(loss) for the year, net of tax
|
| | | | — | | | | | | 6 | | | | | | 550 | | | | | | 101 | | |
Total comprehensive income for the year
|
| | | | 94 | | | | | | 7,153 | | | | | | 5,210 | | | | | | 4,777 | | |
Profit is attributable to: | | | | | | | | | | | | | | | | ||||||||||
Owners of Coforge Limited
|
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | |
Non-controlling interests
|
| | | | 7 | | | | | | 530 | | | | | | 104 | | | | | | 236 | | |
| | | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
Other comprehensive income/(loss) is attributable to: | | | | | | | | | | | | | | | | ||||||||||
Owners of Coforge Limited
|
| | | | — | | | | | | (11) | | | | | | 550 | | | | | | 101 | | |
Non-controlling interests
|
| | | | — | | | | | | 17 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | 6 | | | | | | 550 | | | | | | 101 | | |
Total comprehensive income is attributable to: | | | | | | | | | | | | | | | | ||||||||||
Owners of Coforge Limited
|
| | | | 87 | | | | | | 6,606 | | | | | | 5,106 | | | | | | 4,541 | | |
Non-controlling interests
|
| | | | 7 | | | | | | 547 | | | | | | 104 | | | | | | 236 | | |
| | | | | 94 | | | | | | 7,153 | | | | | | 5,210 | | | | | | 4,777 | | |
Earnings per equity share (of Rs. 10 each) attributable to owners of Coforge Limited
|
| | | | | | | | | | | | | | | ||||||||||
Basic earnings per share
|
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | |
Diluted earnings per share
|
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | |
| | |
As at
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
Total non-current assets
|
| | | | 360 | | | | | | 27,335 | | | | | | 14,327 | | | | | | 13,354 | | |
Total current assets
|
| | | | 293 | | | | | | 22,209 | | | | | | 20,937 | | | | | | 21,099 | | |
Total Assets
|
| | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | | | | | 34,453 | | |
Total non-current liabilities
|
| | | | 124 | | | | | | 9,438 | | | | | | 1,919 | | | | | | 2,373 | | |
Total current liabilities
|
| | | | 156 | | | | | | 11,792 | | | | | | 8,425 | | | | | | 7,942 | | |
Total Liabilities
|
| | | | 280 | | | | | | 21,230 | | | | | | 10,344 | | | | | | 10,315 | | |
Total equity
|
| | | | 373 | | | | | | 28,314 | | | | | | 24,920 | | | | | | 24,138 | | |
Total Equity and Liabilities
|
| | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | | | | | 34,453 | | |
| | |
Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| | ||||||||||||||||||||
Net cash inflow from operating activities
|
| | | | 101 | | | | | | 7,656 | | | | | | 7,623 | | | | | | 2,969 | | |
Net cash (outflow)/ inflow from investing activities
|
| | | | (126) | | | | | | (9,564) | | | | | | (927) | | | | | | 2,723 | | |
Net cash inflow/(outflow) from financing activities
|
| | | | (20) | | | | | | (1,558) | | | | | | (6,958) | | | | | | (2,689) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (45) | | | | | | (3,466) | | | | | | (262) | | | | | | 3,003 | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 105 | | | | | | 7,999 | | | | | | 8,195 | | | | | | 5,079 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | (1) | | | | | | (65) | | | | | | 66 | | | | | | 113 | | |
Cash and cash equivalents at the end of the financial year
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
| | |
Fiscal Year
Ended March 31, |
| |||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||
Total income (Rs. in millions)
|
| | | | 64,838 | | | | | | 46,954 | | | | | | 42,573 | | |
Revenue growth rate at constant currency(1) (%)
|
| | | | 37.6 | | | | | | 6.0 | | | | | | — | | |
Order Intake(2) (US$ in millions)
|
| | | | 1,151 | | | | | | 781 | | | | | | 748 | | |
Number of billable employees
|
| | | | 21,294 | | | | | | 11,469 | | | | | | 10,274 | | |
Utilization rate (%)
|
| | | | 77.0 | | | | | | 80.3 | | | | | | 79.5 | | |
Adjusted profit before tax (Rs. in millions)(1)
|
| | | | 10,180 | | | | | | 7,129 | | | | | | 6,701 | | |
Non-IFRS Adjusted EBITDA (Rs. in millions)(1)
|
| | | | 12,043 | | | | | | 8,416 | | | | | | 7,535 | | |
Adjusted diluted earnings per equity share(1)
|
| | | | 123.89 | | | | | | 86.36 | | | | | | 77.13 | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||
| | | | |
2021
|
| |||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |||||||||
| | |
(in millions, except
percentages) |
| |||||||||||||||
Reconciliation of Revenue Growth Rate at Constant Currency | | | | | | | | | | | | | | | |||||
Revenue
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | |
Revenue period-over-period growth rate
|
| | | | 37.9% | | | | | | 37.9% | | | | | | 11.4% | | |
Hedge Gain/(Loss)
|
| | | | 3 | | | | | | 224 | | | | | | (31) | | |
Estimated impact of foreign currency exchange rate fluctuations
|
| | | | 1 | | | | | | 97 | | | | | | (2,573) | | |
Revenue growth rate at constant currency
|
| | | | 37.6% | | | | | | 37.6% | | | | | | 6.0% | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Reconciliation of Profit before Tax: | | | | | | | | | | | | | | | | ||||||||||
Profit before Tax
|
| | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Adjustments: | | | | | | | | | | | | | | | | ||||||||||
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | |
Employee share-based payment expense/One-time incentive
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57) | | |
Amortization of acquisition related intangibles
|
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | |
Adjusted Profit before Tax
|
| | | | 134 | | | | | | 10,180 | | | | | | 7,129 | | | | | | 6,701 | | |
Adjusted Profit before Tax as % of Revenue
|
| | | | 15.8% | | | | | | 15.8% | | | | | | 15.3% | | | | | | 16.0% | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
Reconciliation of Non-IFRS Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit for Year
|
| | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Finance income, gain on exchange fluctuations (net) and miscellaneous income
|
| | | | (5) | | | | | | (342) | | | | | | (274) | | | | | | (698) | | |
Loss on exchange fluctuations (net)
|
| | | | — | | | | | | — | | | | | | 106 | | | | | | — | | |
Interest on borrowings
|
| | | | 6 | | | | | | 479 | | | | | | 15 | | | | | | 5 | | |
Unwinding of discounts on lease liability and others
|
| | | | 2 | | | | | | 130 | | | | | | 92 | | | | | | 114 | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | |
Employee share-based payment expense/One-time incentive
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | |
Income taxes
|
| | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Non-IFRS Adjusted EBITDA
|
| | |
|
159
|
| | | |
|
12,043
|
| | | |
|
8,461
|
| | | |
|
7,535
|
| |
Non-IFRS Adjusted EBITDA as % of Revenue
|
| | | | 18.7% | | | | | | 18.7% | | | | | | 18.1% | | | | | | 18.0% | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Diluted Earnings per Equity Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Diluted Earnings per Equity Share
|
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | | | | | 64.73 | | | | | | 45.34 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.33 | | | | | | 0.74 | | | | | | 3.76 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.12 | | | | | | 9.42 | | | | | | 7.46 | | | | | | 1.01 | | | | | | 1.22 | | | | | | 1.57 | | |
Stock appreciation right expense
|
| | | | 0.01 | | | | | | 0.56 | | | | | | 0.55 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 2.90 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.91) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.90 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 0.14 | | | | | | 10.88 | | | | | | 7.13 | | | | | | 5.96 | | | | | | 3.07 | | | | | | 2.93 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.43) | | | | | | (1.61) | | | | | | (3.21) | | | | | | (1.08) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.07) | | | | | | (5.39) | | | | | | (4.09) | | | | | | (2.58) | | | | | | (1.29) | | | | | | (1.06) | | |
Adjusted Diluted Earnings per Equity Share
|
| | | | 1.64 | | | | | | 123.89 | | | | | | 86.36 | | | | | | 77.13 | | | | | | 67.55 | | | | | | 47.74 | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Basic Earnings per Equity Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic Earnings per Equity Share
|
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | | | | | 65.49 | | | | | | 45.63 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.43 | | | | | | 0.75 | | | | | | 3.78 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.13 | | | | | | 9.64 | | | | | | 7.61 | | | | | | 1.01 | | | | | | 1.23 | | | | | | 1.58 | | |
Stock appreciation right expense
|
| | | | 0.01 | | | | | | 0.58 | | | | | | 0.56 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 2.95 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.92) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.91 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 0.14 | | | | | | 11.14 | | | | | | 7.26 | | | | | | 6.00 | | | | | | 3.10 | | | | | | 2.95 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.49) | | | | | | (1.64) | | | | | | (3.23) | | | | | | (1.09) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.08) | | | | | | (5.52) | | | | | | (4.17) | | | | | | (2.58) | | | | | | (1.31) | | | | | | (1.06) | | |
Adjusted Basic Earnings per Equity Share
|
| | | | 1.67 | | | | | | 126.80 | | | | | | 88.00 | | | | | | 77.59 | | | | | | 68.34 | | | | | | 48.05 | | |
| | |
For the Fiscal Year Ended
March 31, |
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Net Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported Net Income
|
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | | | | | 4,033 | | | | | | 2,802 | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | | | | | 76 | | | | | | 97 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | | | | | 191 | | | | | | 181 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (2) | | | | | | (151) | | | | | | (100) | | | | | | (201) | | | | | | (67) | | | | | | (64) | | |
Tax impact of above adjustments
|
| | | | (4) | | | | | | (335) | | | | | | (254) | | | | | | (161) | | | | | | (80) | | | | | | (65) | | |
Adjusted Net Income
|
| | |
|
101
|
| | | |
|
7,696
|
| | | |
|
5,369
|
| | | |
|
4,825
|
| | | |
|
4,209
|
| | | |
|
2,951
|
| |
Adjusted Net Income as % of Revenue
|
| | | | 12.0% | | | | | | 12.0% | | | | | | 11.5% | | | | | | 11.5% | | | | | | 11.4% | | | | | | 9.9% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||
Income tax expense (Rs. in millions)
|
| | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Effective tax rate
|
| | | | 17.0% | | | | | | 21.8% | | | | | | 21.5% | | |
| | |
For the Fiscal Year Ended March 31,
|
| | | | |||||||||||||||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| | | | ||||||||||||||||||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| | | | |||||||||||||||||||||||||||||
|
(in millions, except percentages)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||
Time-and-material
|
| | | | 371 | | | | | | 28,159 | | | | | | 44 | | | | | | 21,449 | | | | | | 46 | | | | | | 21,756 | | | | | | 52 | | | | | | ||||||
Fixed-price(1) | | | | | 477 | | | | | | 36,161 | | | | | | 56 | | | | | | 25,179 | | | | | | 54 | | | | | | 20,083 | | | | | | 48 | | | | | | ||||||
Revenue | | | | | 848 | | | | | | 64,320 | | | | | | 100 | | | | | | 46,628 | | | | | | 100 | | | | | | 41,839 | | | | | | 100 | | | | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |||||||||||||||||||||||
|
(in millions, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||
Revenue from operations
|
| | | | 848 | | | | | | 64,320 | | | | | | 100.0 | | | | | | 46,628 | | | | | | 100.0 | | | | | | 41,839 | | | | | | 100.0 | | |
Other Income, net
|
| | | | 7 | | | | | | 518 | | | | | | | | | | | | 326 | | | | | | | | | | | | 734 | | | | | | | | |
Total Income
|
| | | | 855 | | | | | | 64,838 | | | | | | | | | | | | 46,954 | | | | | | | | | | | | 42,573 | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Cost of hardware and third-party software
|
| | | | 54 | | | | | | 4,076 | | | | | | 6.3 | | | | | | 3,595 | | | | | | 7.7 | | | | | | 1,908 | | | | | | 4.6 | | |
Sub-contracting / technical fees
|
| | | | 87 | | | | | | 6,572 | | | | | | 10.2 | | | | | | 3,845 | | | | | | 8.2 | | | | | | 2,893 | | | | | | 6.9 | | |
Employee benefits expense
|
| | | | 504 | | | | | | 38,346 | | | | | | 59.6 | | | | | | 28,158 | | | | | | 60.4 | | | | | | 25,298 | | | | | | 60.5 | | |
Depreciation and amortization expense
|
| | | | 30 | | | | | | 2,272 | | | | | | 3.5 | | | | | | 1,836 | | | | | | 3.9 | | | | | | 1,770 | | | | | | 4.2 | | |
Other expenses
|
| | | | 57 | | | | | | 4,307 | | | | | | 6.7 | | | | | | 3,415 | | | | | | 7.3 | | | | | | 4,595 | | | | | | 11.0 | | |
Finance cost
|
| | | | 9 | | | | | | 650 | | | | | | 1.0 | | | | | | 143 | | | | | | 0.3 | | | | | | 155 | | | | | | 0.4 | | |
Total expenses
|
| | | | 741 | | | | | | 56,223 | | | | | | 87.4 | | | | | | 40,992 | | | | | | 87.9 | | | | | | 36,619 | | | | | | 87.5 | | |
Profit before income taxes
|
| | | | 114 | | | | | | 8,615 | | | | | | 13.4 | | | | | | 5,962 | | | | | | 12.8 | | | | | | 5,954 | | | | | | 14.2 | | |
Income tax expense
|
| | | | 20 | | | | | | 1,468 | | | | | | 2.3 | | | | | | 1,302 | | | | | | 2.8 | | | | | | 1,278 | | | | | | 3.1 | | |
Profit for the year
|
| | | | 94 | | | | | | 7,147 | | | | | | 11.1 | | | | | | 4,660 | | | | | | 10.0 | | | | | | 4,676 | | | | | | 11.2 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |||||||||||||||||
|
(in millions, except percentages)
|
| |||||||||||||||||||||||||||||
Vertical | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Banking and Financial Services
|
| | | | 216 | | | | | | 16,420 | | | | | | 25.5 | | | | | | 8,135 | | | | | | 17.4 | | |
Insurance
|
| | | | 240 | | | | | | 18,187 | | | | | | 28.3 | | | | | | 15,135 | | | | | | 32.5 | | |
Travel, Transportation and Hospitality
|
| | | | 161 | | | | | | 12,220 | | | | | | 19.0 | | | | | | 8,989 | | | | | | 19.3 | | |
All Others
|
| | | | 231 | | | | | | 17,493 | | | | | | 27.2 | | | | | | 14,369 | | | | | | 30.8 | | |
Revenues | | | | | 848 | | | | | | 64,320 | | | | | | 100.0 | | | | | | 46,628 | | | | | | 100.0 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |||||||||||||||||
|
(in millions, except percentages)
|
| |||||||||||||||||||||||||||||
Service category | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product Engineering
|
| | | | 102 | | | | | | 7,698 | | | | | | 12.0 | | | | | | 7,321 | | | | | | 15.7 | | |
Intelligent Automation(1)
|
| | | | 117 | | | | | | 8,899 | | | | | | 13.8 | | | | | | 6,994 | | | | | | 15.0 | | |
Data and Integration(2)
|
| | | | 177 | | | | | | 13,405 | | | | | | 20.8 | | | | | | 9,372 | | | | | | 20.1 | | |
Cloud and Infrastructure Management
|
| | | | 152 | | | | | | 11,495 | | | | | | 17.9 | | | | | | 9,652 | | | | | | 20.7 | | |
Business Process Management
|
| | | | 90 | | | | | | 6,853 | | | | | | 10.7 | | | | | | 793 | | | | | | 1.7 | | |
Application Development and Maintenance
|
| | | | 210 | | | | | | 15,970 | | | | | | 24.8 | | | | | | 12,496 | | | | | | 26.8 | | |
Revenues | | | | | 848 | | | | | | 64,320 | | | | | | 100.0 | | | | | | 46,628 | | | | | | 100.0 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of Revenues
|
| |
Rs.
|
| |
% of Revenues
|
| |||||||||||||||||
|
(in millions, except percentages)
|
| |||||||||||||||||||||||||||||
Geography | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 439 | | | | | | 33,288 | | | | | | 51.8 | | | | | | 22,236 | | | | | | 47.7 | | |
EMEA
|
| | | | 300 | | | | | | 22,771 | | | | | | 35.4 | | | | | | 17,181 | | | | | | 36.8 | | |
APAC
|
| | | | 72 | | | | | | 5,439 | | | | | | 8.4 | | | | | | 4,036 | | | | | | 8.7 | | |
India
|
| | | | 37 | | | | | | 2,822 | | | | | | 4.4 | | | | | | 3,175 | | | | | | 6.8 | | |
Revenues | | | | | 848 | | | | | | 64,320 | | | | | | 100 | | | | | | 46,628 | | | | | | 100.0 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |||||||||||||||||||||||||||
|
US$
|
| |
Rs.
|
| |
% of Revenues
|
| |
Rs.
|
| |
% of Revenues
|
| |||||||||||||||||
|
(in millions, except percentages)
|
| |||||||||||||||||||||||||||||
Geography | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 80 | | | | | | 6,056 | | | | | | 18.2 | | | | | | 3,866 | | | | | | 17.4 | | |
EMEA
|
| | | | 62 | | | | | | 4,706 | | | | | | 20.7 | | | | | | 3,604 | | | | | | 21.0 | | |
APAC
|
| | | | 8 | | | | | | 590 | | | | | | 10.8 | | | | | | 408 | | | | | | 10.1 | | |
India
|
| | | | (3) | | | | | | (198) | | | | | | (7.0) | | | | | | (13) | | | | | | (0.4) | | |
EBITDA
|
| | |
|
147
|
| | | |
|
11,154
|
| | | |
|
17.3
|
| | | |
|
7,865
|
| | | |
|
16.9
|
| |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| ||||||||||||
| | |
(in millions, except percentages)
|
| |||||||||||||||||||||
Vertical | | | | | | | | | | | | | | | | | | | | | | | | | |
Banking and Financial Services
|
| | | | 8,135 | | | | | | 17.4 | | | | | | 6,754 | | | | | | 16.1 | | |
Insurance
|
| | | | 15,135 | | | | | | 32.5 | | | | | | 12,694 | | | | | | 30.3 | | |
Travel, Transportation and Hospitality
|
| | | | 8,989 | | | | | | 19.3 | | | | | | 11,666 | | | | | | 27.9 | | |
All Others
|
| | | | 14,369 | | | | | | 30.8 | | | | | | 10,725 | | | | | | 25.6 | | |
Revenues | | | | | 46,628 | | | | | | 100.0 | | | | | | 41,839 | | | | | | 100.0 | | |
| | |
For the Fiscal Year Ended March 31,
|
| | |||||||||||||||||||||||
| | | | |
2020
|
| | |||||||||||||||||||||
| | |
Rs.
|
| |
% of Revenues
|
| |
Rs.
|
| |
% of Revenues
|
| | ||||||||||||||
| | | | | | | | |
(in millions, except percentages)
|
| ||||||||||||||||||
Service category | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Product Engineering
|
| | | | 7,321 | | | | | | 15.7 | | | | | | 6,234 | | | | | | 14.9 | | | | ||
Intelligent Automation(1)
|
| | | | 6,994 | | | | | | 15.0 | | | | | | 6,108 | | | | | | 14.6 | | | | ||
Data and Integration(2)
|
| | | | 9,372 | | | | | | 20.1 | | | | | | 7,657 | | | | | | 18.3 | | | | ||
Cloud and Infrastructure Management
|
| | | | 9,652 | | | | | | 20.7 | | | | | | 7,322 | | | | | | 17.5 | | | | ||
Business Process Management
|
| | | | 793 | | | | | | 1.7 | | | | | | 962 | | | | | | 2.3 | | | | ||
Application Development and Maintenance
|
| | | | 12,496 | | | | | | 26.8 | | | | | | 13,556 | | | | | | 32.4 | | | | ||
Revenue | | | | | 46,628 | | | | | | 100.0 | | | | | | 41,839 | | | | | | 100.0 | | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| ||||||||||||
| | |
(in millions, except percentages)
|
| |||||||||||||||||||||
Geography | | | | | | | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 22,236 | | | | | | 47.7 | | | | | | 20,040 | | | | | | 47.9 | | |
EMEA
|
| | | | 17,181 | | | | | | 36.8 | | | | | | 15,638 | | | | | | 37.4 | | |
APAC
|
| | | | 4,036 | | | | | | 8.7 | | | | | | 3,817 | | | | | | 9.1 | | |
India
|
| | | | 3,175 | | | | | | 6.8 | | | | | | 2,344 | | | | | | 5.6 | | |
Revenue | | | | | 46,628 | | | | | | 100.0 | | | | | | 41,839 | | | | | | 100.0 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2020
|
| |||||||||||||||||||
| | |
Rs.
|
| |
% of
EBITDA |
| |
Rs.
|
| |
% of
EBITDA |
| ||||||||||||
| | |
(in millions, except percentages)
|
| |||||||||||||||||||||
Geography | | | | | | | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 3,866 | | | | | | 17.4 | | | | | | 3,543 | | | | | | 17.7 | | |
EMEA
|
| | | | 3,604 | | | | | | 21.0 | | | | | | 3,621 | | | | | | 23.2 | | |
APAC
|
| | | | 408 | | | | | | 10.1 | | | | | | 335 | | | | | | 8.8 | | |
India
|
| | | | (13) | | | | | | (0.4) | | | | | | (302) | | | | | | (12.9) | | |
EBITDA | | | | | 7,865 | | | | | | 16.9 | | | | | | 7,197 | | | | | | 17.2 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||
| | | | |
2021
|
| |||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |||||||||
| | |
(in millions, except percentages)
|
| |||||||||||||||
Revenue
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | |
Revenue period-over-period growth rate
|
| | | | 37.9% | | | | | | 37.9% | | | | | | 11.4% | | |
Hedge Gain/(Loss)
|
| | | | 3 | | | | | | 224 | | | | | | (31) | | |
Estimated impact of foreign currency exchange rate fluctuations
|
| | | | 1 | | | | | | 97 | | | | | | (2,573) | | |
Revenue growth rate at constant currency
|
| | | | 37.6% | | | | | | 37.6% | | | | | | 6.0% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Reconciliation of Non-IFRS Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Profit for Year
|
| | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | | | | | 4,221 | | | | | | 3,087 | | |
Adjustments: | | | | | | | | ||||||||||||||||||||||||||||||
Depreciation and amortization
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | | | | | 1,248 | | | | | | 1,274 | | |
Finance income, gain on exchange fluctuations (net) and
miscellaneous income |
| | | | (5) | | | | | | (342) | | | | | | (274) | | | | | | (698) | | | | | | (513) | | | | | | (376) | | |
Loss on exchange fluctuations (net)
|
| | | | — | | | | | | — | | | | | | 106 | | | | | | — | | | | | | — | | | | | | 32 | | |
Interest on borrowings
|
| | | | 6 | | | | | | 479 | | | | | | 15 | | | | | | 5 | | | | | | 10 | | | | | | 12 | | |
Other borrowing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 1 | | |
Unwinding of discounts on lease liability and others
|
| | | | 2 | | | | | | 130 | | | | | | 92 | | | | | | 114 | | | | | | 35 | | | | | | 49 | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time
incentive |
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | | | | | 76 | | | | | | 97 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to
COVID-19 |
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | | | | | — | | | | | | — | | |
Income taxes
|
| | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | | | | | 1,403 | | | | | | 949 | | |
Event based expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56 | | | | | | | | |
Non-IFRS Adjusted EBITDA
|
| | |
|
159
|
| | | |
|
12,043
|
| | | |
|
8,461
|
| | | |
|
7,535
|
| | | |
|
6,550
|
| | | |
|
5,125
|
| |
Revenue from Operations
|
| | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | | | | | 36,762 | | | | | | 29,914 | | |
Non-IFRS Adjusted EBITDA as % of Revenue
|
| | | | 18.7% | | | | | | 18.7% | | | | | | 18.1% | | | | | | 18.0% | | | | | | 17.8% | | | | | | 17.1% | | |
| | |
For the Fiscal Year Ended March 31,
|
| | |||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| | ||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| | ||||||||||||||
| | |
(in millions)
|
| | | | |||||||||||||||||||||
Reconciliation of Profit before Tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit before Tax
|
| | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | | | ||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | | | ||
Employee share-based payment expense/One-time incentive
|
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | | | ||
Stock appreciation right expense
|
| | | | — | | | | | | 35 | | | | | | 34 | | | | | | 5 | | | | ||
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | | | ||
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | ||
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | ||
Amortization of acquisition related intangibles
|
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | | | ||
Adjusted Profit before Tax
|
| | | | 134 | | | | | | 10,180 | | | | | | 7,129 | | | | | | 6,701 | | | | ||
Adjusted Profit before Tax as % of Revenue
|
| | | | 15.8% | | | | | | 15.8% | | | | | | 15.3% | | | | | | 16.0% | | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Diluted Earnings Per Equity Share
|
| | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Diluted Earnings per Equity Share
|
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | | | | | 64.73 | | | | | | 45.34 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.33 | | | | | | 0.74 | | | | | | 3.76 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.12 | | | | | | 9.42 | | | | | | 7.46 | | | | | | 1.01 | | | | | | 1.22 | | | | | | 1.57 | | |
Stock appreciation right expense
|
| | | | 0.01 | | | | | | 0.56 | | | | | | 0.55 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to
COVID-19 |
| | | | — | | | | | | — | | | | | | 2.90 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.91) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.90 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 0.14 | | | | | | 10.88 | | | | | | 7.13 | | | | | | 5.96 | | | | | | 3.07 | | | | | | 2.93 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.43) | | | | | | (1.61) | | | | | | (3.21) | | | | | | (1.08) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.07) | | | | | | (5.39) | | | | | | (4.09) | | | | | | (2.58) | | | | | | (1.29) | | | | | | (1.06) | | |
Adjusted Diluted Earnings per Equity Share
|
| | | | 1.63 | | | | | | 123.89 | | | | | | 86.36 | | | | | | 77.13 | | | | | | 67.55 | | | | | | 47.74 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Basic Earnings per Equity Share | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Basic Earnings per Equity Share
|
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | | | | | 65.49 | | | | | | 45.63 | | |
Transaction related expenses
|
| | | | 0.06 | | | | | | 4.43 | | | | | | 0.75 | | | | | | 3.78 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time incentive
|
| | | | 0.13 | | | | | | 9.64 | | | | | | 7.61 | | | | | | 1.01 | | | | | | 1.23 | | | | | | 1.58 | | |
Stock appreciation right expense
|
| | | | 0.01 | | | | | | 0.58 | | | | | | 0.56 | | | | | | 0.08 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to COVID-19
|
| | | | — | | | | | | — | | | | | | 2.95 | | | | | | 1.41 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.64 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.92) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.91 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 0.14 | | | | | | 11.14 | | | | | | 7.26 | | | | | | 6.00 | | | | | | 3.10 | | | | | | 2.95 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (0.03) | | | | | | (2.49) | | | | | | (1.64) | | | | | | (3.23) | | | | | | (1.09) | | | | | | (1.04) | | |
Tax impact of above adjustments
|
| | | | (0.08) | | | | | | (5.52) | | | | | | (4.17) | | | | | | (2.58) | | | | | | (1.31) | | | | | | (1.06) | | |
Adjusted Basic Earnings per Equity Share
|
| | |
|
1.67
|
| | | |
|
126.80
|
| | | |
|
88.00
|
| | | |
|
77.59
|
| | | |
|
68.34
|
| | | |
|
48.05
|
| |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||||||||
Reconciliation of Adjusted Net Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reported Net Income
|
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | | | | | 4,033 | | | | | | 2,802 | | |
Transaction related expenses
|
| | | | 4 | | | | | | 269 | | | | | | 46 | | | | | | 235 | | | | | | — | | | | | | — | | |
Employee share-based payment expense/One-time
incentive |
| | | | 8 | | | | | | 585 | | | | | | 464 | | | | | | 63 | | | | | | 76 | | | | | | 97 | | |
Stock appreciation right expense
|
| | | | 0 | | | | | | 35 | | | | | | 34 | | | | | | 5 | | | | | | — | | | | | | — | | |
Allowance for doubtful debts recorded due to
COVID-19 |
| | | | — | | | | | | — | | | | | | 180 | | | | | | 88 | | | | | | — | | | | | | — | | |
Impairment of goodwill on account of COVID-19
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | (57) | | | | | | — | | | | | | — | | |
Event based expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56 | | | | | | — | | |
Amortization of acquisition related intangibles
|
| | | | 8 | | | | | | 676 | | | | | | 443 | | | | | | 373 | | | | | | 191 | | | | | | 181 | | |
Deferred tax on amortization of acquisition related intangibles
|
| | | | (2) | | | | | | (151) | | | | | | (100) | | | | | | (201) | | | | | | (67) | | | | | | (64) | | |
Tax impact of above adjustments
|
| | | | (4) | | | | | | (335) | | | | | | (254) | | | | | | (161) | | | | | | (80) | | | | | | (65) | | |
Adjusted Net Income
|
| | |
|
101
|
| | | |
|
7,696
|
| | | |
|
5,369
|
| | | |
|
4,825
|
| | | |
|
4,209
|
| | | |
|
2,951
|
| |
Adjusted Net Income as % of Revenue
|
| | | | 12.0% | | | | | | 12.0% | | | | | | 11.5% | | | | | | 11.5% | | | | | | 11.5% | | | | | | 9.9% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Attrition rates(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Total
|
| | | | 17.7% | | | | | | 10.5% | | | | | | 11.8% | | | | | | 12.2% | | | | | | 10.5% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
New customers
|
| | | | 9 | | | | | | 10 | | | | | | 6 | | | | | | 2 | | | | | | 4 | | |
Existing customers
|
| | | | 128 | | | | | | 105 | | | | | | 100 | | | | | | 88 | | | | | | 76 | | |
Total of new and existing customers
|
| | | | 137 | | | | | | 115 | | | | | | 106 | | | | | | 90 | | | | | | 80 | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Repeat business
|
| | | | 93% | | | | | | 89% | | | | | | 89% | | | | | | 90% | | | | | | 89% | | |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
Rs.
|
| |
Rs.
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Net cash inflow from operating activities
|
| | | | 101 | | | | | | 7,656 | | | | | | 7,623 | | | | | | 2,969 | | |
Net cash inflow/(outflow) inflow from investing activities
|
| | | | (126) | | | | | | (9,564) | | | | | | (927) | | | | | | 2,723 | | |
Net cash inflow/(outflow) from financing activities
|
| | | | (20) | | | | | | (1,558) | | | | | | (6,958) | | | | | | (2,689) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | (45) | | | | | | (3,466) | | | | | | (262) | | | | | | 3,003 | | |
Cash, cash equivalents and restricted cash at the beginning of the year
|
| | | | 105 | | | | | | 7,999 | | | | | | 8,195 | | | | | | 5,079 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | (1) | | | | | | (65) | | | | | | 66 | | | | | | 113 | | |
Cash and cash equivalents at the end of the year
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
|
Less than
one year |
| |
One-two
years |
| |
Two-Four
years |
| |
Four to
Eight Years(1) |
| |
Total
|
| |||||||||||||||||
|
(Rs. in millions)
|
| |||||||||||||||||||||||||||||
Borrowings
|
| | | | 180 | | | | | | — | | | | | | 3,365 | | | | | | — | | | | | | 3,545 | | |
Trade payables
|
| | | | 6,160 | | | | | | 244 | | | | | | 67 | | | | | | 53 | | | | | | 6,524 | | |
Lease liability
|
| | | | 414 | | | | | | 211 | | | | | | 178 | | | | | | 548 | | | | | | 1,351 | | |
Other financial liabilities (excluding borrowings)
|
| | | | 2,398 | | | | | | 2,830 | | | | | | 78 | | | | | | — | | | | | | 5,306 | | |
Total
|
| | |
|
9,152
|
| | | |
|
3,285
|
| | | |
|
3,688
|
| | | |
|
601
|
| | | |
|
16,726
|
| |
| | |
For the Fiscal Year Ended March 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||
|
(in millions)
|
| |||||||||||||||||
Balance at the beginning of the year
|
| | | | 993 | | | | | | 783 | | | | | | 655 | | |
Impairment loss recognized
|
| | | | 16 | | | | | | 385 | | | | | | 172 | | |
Transfer from provision for customer contract
|
| | | | 49 | | | | | | 87 | | | | | | — | | |
Amounts written off
|
| | | | — | | | | | | (262) | | | | | | (44) | | |
Balance at the end of the year
|
| | | | 1,058 | | | | | | 993 | | | | | | 783 | | |
| | |
For the Fiscal Year Ended March 31,
|
| ||||||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |||||||||||||||||||||||||||||||
| | |
US$
|
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| |
Rs.
|
| |
% of
Revenues |
| ||||||||||||||||||
| | |
(in millions, except percentages)
|
| ||||||||||||||||||||||||||||||||||||
Vertical | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Insurance
|
| |
216
|
| | | | 16,420 | | | | | | 25.5 | | | | | | 15,135 | | | | | | 32.5 | | | | | | 12,694 | | | | | | 30.3 | | |
Banking and Financial Services
|
| |
240
|
| | | | 18,187 | | | | | | 28.3 | | | | | | 8,135 | | | | | | 17.4 | | | | | | 6,754 | | | | | | 16.1 | | |
Travel, Transport and Hospitality
|
| |
161
|
| | | | 12,220 | | | | | | 19.0 | | | | | | 8,989 | | | | | | 19.3 | | | | | | 11,666 | | | | | | 27.9 | | |
All Others
|
| |
231
|
| | | | 17,493 | | | | | | 27.2 | | | | | | 14,369 | | | | | | 30.8 | | | | | | 10,725 | | | | | | 25.6 | | |
Revenue
|
| |
848
|
| | | | 64,320 | | | | | | 100.0 | | | | | | 46,628 | | | | | | 100.0 | | | | | | 41,839 | | | | | | 100.0 | | |
| | |
% of Revenues for
the Fiscal Year Ended March 31, |
| | |||||||||||||||||
| | |
2021
|
| |
2020
|
| | ||||||||||||||
Geography | | | | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 18.2 | | | | | | 17.4 | | | | | | 17.7 | | | | ||
EMEA
|
| | | | 20.7 | | | | | | 21.0 | | | | | | 23.2 | | | | ||
APAC
|
| | | | 10.8 | | | | | | 10.1 | | | | | | 8.8 | | | | ||
India
|
| | | | (7.0) | | | | | | (0.4) | | | | | | (12.9) | | | | ||
Revenues
|
| | |
|
17.3
|
| | | |
|
16.9
|
| | | |
|
17.2
|
| | |
| | |
% of Revenues
for Fiscal Year Ended March 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||
Top five customers
|
| | | | 23 | | | | | | 24 | | | | | | 28 | | |
Top ten customers
|
| | | | 34 | | | | | | 34 | | | | | | 38 | | |
| | |
Number of Clients
for Fiscal Year Ended March 31, |
| |||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Customers with an annual revenue contribution of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
US$1 million to US$5 million
|
| | | | 100 | | | | | | 88 | | | | | | 80 | | | | | | 66 | | | | | | 60 | | |
US$5 million to US$10 million
|
| | | | 19 | | | | | | 16 | | | | | | 15 | | | | | | 16 | | | | | | 13 | | |
Over US$10 million
|
| | | | 18 | | | | | | 11 | | | | | | 11 | | | | | | 8 | | | | | | 7 | | |
Total | | | | | 137 | | | | | | 115 | | | | | | 106 | | | | | | 90 | | | | | | 80 | | |
| | |
As of
March 31, 2022 |
| |
As of
March 31, 2021 |
| |
As of
March 31, 2020 |
| |||||||||||||||||||||||||||
|
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||||
Functions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Delivery
|
| | | | 21,294 | | | | | | 95 | | | | | | 11,469 | | | | | | 93 | | | | | | 10,274 | | | | | | 92 | | |
Sales and Marketing
|
| | | | 278 | | | | | | 1 | | | | | | 188 | | | | | | 1 | | | | | | 170 | | | | | | 2 | | |
Others
|
| | | | 928 | | | | | | 4 | | | | | | 734 | | | | | | 6 | | | | | | 712 | | | | | | 6 | | |
Total | | | | | 22,500 | | | | | | 100 | | | | | | 12,391 | | | | | | 100 | | | | | | 11,156 | | | | | | 100 | | |
Award/Recognition
|
| |
Award Year
|
| |
Awarding Institution/Authority
|
|
Leader in the ISG Provider Lens™ Archetype study on Next-Gen Private /Hybrid Cloud – Data Center Solutions & Services | | | 2022 | | | ISG | |
JAPAC Breakthrough Partner of the Year by MuleSoft | | | 2022 | | | MuleSoft | |
2022 Pega Partner Innovation Awards Winners | | | 2022 | | | Pega | |
Major Contender’ in the Salesforce Services in Insurance PEAK Matrix® Assessment 2022 of the Everest Group | | | 2022 | | | Everest Group | |
Leader in Insurance Business Model Innovation Enablement Services’ PEAK Matrix Assessment | | | 2021 | | | Everest Group | |
Major Contender in Pega Services PEAK Matrix Assessment | | | 2021 | | | Everest Group | |
Leader in Travel & Hospitality and Small & Medium Services Providers’ segment for RPA services | | | 2020 | | | Zinnov Zones | |
Leader for Cloud Infrastructure Brokerage, Orchestration and Management Services | | | 2020 | | | Nelson Hall | |
Top 3 IT Service Providers in Customer Satisfaction | | | 2020 | | | Whitelane Research | |
Leader in Agile and DevOps | | | 2019 | | | Nelson Hall | |
Leader in the Nelson Hall NEAT Evaluation for RPA & AI in Banking | | | 2019 | | | Nelson Hall | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Basab Pradhan | | |
56
|
| | Chairperson of the Board of Directors and Non-Executive Independent Director | |
Sudhir Singh | | |
50
|
| |
Chief Executive Officer and Executive Director
|
|
Hari Gopalakrishnan | | |
45
|
| | Non-Executive Director | |
Patrick John Cordes | | |
46
|
| | Non-Executive Director | |
Kenneth Tuck Kuen Cheong | | |
53
|
| | Non-Executive Director | |
Kirti Ram Hariharan | | |
43
|
| | Non-Executive Director | |
Ashwani Puri | | |
65
|
| | Non-Executive Independent Director | |
Mary Beth Boucher | | |
56
|
| | Non-Executive Independent Director | |
Ajay Kalra | | |
52
|
| | Chief Financial Officer | |
Madan Mohan | | |
53
|
| | Executive Vice President and Global Head of Travel, Transportation and Hospitality | |
Gautam Samanta | | |
52
|
| | Executive Vice President and Global Head of Banking and Financial Services | |
Sanjeev Prasad | | |
60
|
| | Executive Vice President and Global Head of APAC | |
Name
|
| |
Equity Shares
Underlying Options Awarded |
| |
Exercise Price
(Rs./Share) |
| |
Date of Grant
|
| |
Date of Expiration
|
| ||||||
Sudhir Singh | | | | | * | | | | | | 1,048 | | | | | | | ||
| | | | | * | | | | | | 1,048 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
Madan Mohan | | | | | * | | | | | | 706 | | | | | | | ||
| | | | | * | | | | | | 706 | | | | | | |
Name
|
| |
Equity Shares
Underlying Options Awarded |
| |
Exercise Price
(Rs./Share) |
| |
Date of Grant
|
| |
Date of Expiration
|
| ||||||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
Gautam Samanta | | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | |
Three years from the vesting date
|
| |
Ajay Kalra | | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | |
Five years from the vesting date
|
| |
Sanjeev Prasad | | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | | ||
| | | | | * | | | | | | 10 | | | | | | |
Date of Grant
|
| |
Number of
Equity Instruments Granted(1) |
| |
Exercise
Price (Rs./Share) |
| |
Fair
Value of Equity Shares on Date of Grant (Rs.) |
| |
Share
Price on the Indian Stock Exchange on Date of Grant (Rs.) |
| |||||||||
| | | | 17,275 | | | | | | 10 | | | |
915 - 940
|
| | | | 1,101 | | | |
| | | | 15,600 | | | | | | 10 | | | |
2,503
|
| | | | 2,554 | | | |
| | | | 129,000 | | | | | | 10 | | | |
3,006 - 3,080
|
| | | | 3,107 | | | |
| | | | 106,000 | | | | | | 10 | | | |
3,182 - 3,251
|
| | | | 3,277 | | | |
| | | | 10,000 | | | | | | 10 | | | |
4,341
|
| | | | 4,388 | | | |
| | | | 23,000 | | | | | | 10 | | | |
4,591 - 4,768
|
| | | | 4,811 | | | |
| | | | 6,000 | | | | | | 10 | | | |
5,331 - 5,409
|
| | | | 5,448 | | | |
| | | | 2,000 | | | | | | 10 | | | |
5,760 - 5,811
|
| | | | 5,931 | | | |
| | | | 26,000 | | | | | | 10 | | | |
4,424 - 4,259
|
| | | | 4,298 | | |
Name of Beneficial Owners
|
| |
Number of Equity
Shares Beneficially Owned |
| |
Number of Equity
Shares Sold in Offering |
| |
Percentage of Equity Shares
Beneficially Owned |
| |||||||||
|
Before the
Offering |
| |
After the
Offering |
| ||||||||||||||
5% Shareholders | | | | | | | | | | | | | | | | | | | |
Baring Private Equity Asia GP VII
Limited(1) |
| | | | 24,421,260 | | | | | | | | | 40.08% | | | | | |
Axis Mutual Fund Trustee Limited(2)
|
| | | | 3,971,462 | | | | | | | | | 6.52% | | | | | |
Directors and Executive Officers(3)
|
| | | | * | | | | | | | | | * | | | | | |
Basab Pradhan
|
| | | | * | | | | | | | | | * | | | | | |
| | | | * | | | | | | | | | * | | | | | | |
| | | | — | | | | | | | | | — | | | | | | |
| | | | — | | | | | | | | | — | | | | | | |
| | | | — | | | | | | | | | — | | | | | | |
| | | | — | | | | | | | | | — | | | | | | |
| | | | — | | | | | | | | | — | | | | | | |
| | | | * | | | | | | | | | * | | | | | | |
Madan Mohan
|
| | | | * | | | | | | | | | * | | | | | |
Gautam Samanta
|
| | | | * | | | | | | | | | * | | | | | |
Sanjeev Prasad
|
| | | | * | | | | | | | | | * | | | | | |
Selling Shareholders | | | | | | | | | | | | | | | | | | | |
Baring Private Equity Asia GP VII
Limited(1) |
| | | | 24,421,260 | | | | | | | | | 40.08% | | | | | |
| | |
As of March 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||
Name of the Principal shareholder
|
| |
No. of
shares |
| |
%
|
| |
No. of
shares |
| |
%
|
| |
No. of
shares |
| |
%
|
| ||||||||||||||||||
Baring Private Equity Asia GP VII, L.P.(1)(2)
|
| | | | 24,421,260 | | | | | | 40.1 | | | | | | 38,771,260 | | | | | | 64.0 | | | | | | 43,807,297 | | | | | | 70.1 | | |
NIIT Limited
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
India
|
| |
Delaware
|
|
Number of Directors
|
| | Minimum of three directors and a maximum of 15 directors for a public company, provided that a company may appoint more than 15 directors after passing a special resolution | | | Under Delaware law, a corporation must have at least one director, and the number of directors shall be fixed by or in the manner provided in the bylaws, unless the certificate of incorporation fixes the number of directors. | |
Removal of Directors
|
| | Under Indian law, a director of a company, other than a director appointed by the Tribunal, may be removed by an ordinary resolution, provided that a special notice of the resolution to remove the director is given in accordance with the provisions of the Companies Act. The appointment, re-appointment or removal of an independent director of a listed entity, shall be subject to the approval of shareholders by way of a special resolution. Under our Articles of Association, any director who has been nominated to our board by any persons pursuant to the provisions of an agreement with us may be removed at any time by such person. | | | Under Delaware law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) if the certificate of incorporation provides otherwise, in the case of a corporation whose board of directors is classified, stockholders may effect such removal only for cause, or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part. | |
Vacancies on the Board of Directors
|
| | The board of directors has the power to fill a vacancy on the board and any director so appointed shall hold office only so long as the vacating director would have held such office if no vacancy had occurred. | | | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, (i) vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) or by a sole remaining director and (ii) where the certificate of incorporation directs that a particular class of stock is to elect one or more directors, vacancies and newly created directorships may be filled by a majority of the other directors elected by such class, or a sole remaining director elected by such class. | |
Annual General Meeting
|
| | In the event the company defaults in holding an annual general meeting within 15 months from the date of its last annual general meeting, the Tribunal may order a meeting to be held upon the application of any shareholder. | | | Under Delaware law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. If a corporation fails to hold an annual meeting or fails to take action by | |
| | |
India
|
| |
Delaware
|
|
| | | | | | written consent to elect directors in lieu of an annual meeting for a period of 30 days after the date designated for the annual meeting, or if no date was designated, 13 months after either the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, whichever is later, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director. | |
General Meeting
|
| | While shareholders of a company do not have any right to call for an annual general meeting, shareholders holding one tenth of the voting share capital of the company have a right to request an extraordinary general meeting. | | | Under Delaware law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. | |
Notice of General Meetings
|
| | A general meeting of a company may be called by giving not less than clear 21 notice either in writing or through electronic mode in the prescribed manner, provided that subject to certain conditions, a general meeting may be called after giving shorter notice if consent, in writing or by electronic mode, is accorded. | | | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than 10 nor more than 60 days before the date of the meeting and shall specify, among others things, the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes of the meeting. | |
Quorum
|
| |
5 members personally present if the total number of members as of the date of the meeting is not more than 1,000;
15 members personally present if the total number of members as of the date of the meeting is more than 1,000 but up to 5,000; and
30 members personally present if the total number of members as of the date of the meeting exceeds 5,000.
|
| | Under Delaware law, the certificate of incorporation or bylaws may specify the number of shares, the holders of which shall be present or represented by proxy at any meeting in order to constitute a quorum, but in no event shall a quorum consist of less than one third of the shares entitled to vote at the meeting. In the absence of such specification in the certificate of incorporation or bylaws, a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at a meeting of the stockholders. | |
Proxy
|
| | Any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint another person as a proxy to attend and vote at the meeting on his behalf, provided that a proxy shall not have the right to speak at such meeting and shall not be entitled to vote except on a poll. | | | Under Delaware law, at any meeting of stockholders, a stockholder may designate another person to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director may not issue a proxy | |
| | |
India
|
| |
Delaware
|
|
| | | | | | representing the director’s voting rights as a director. | |
Preemptive Rights
|
| | Under the Companies Act, issue of shares to persons other than existing shareholders requires a special resolution | | | Under Delaware law, stockholders have no preemptive rights to subscribe to additional issues of stock or to any security convertible into such stock unless, and except to the extent that, such rights are expressly provided for in the certificate of incorporation. | |
Authority to Allot
|
| | The Board of Directors may allot shares to any persons other than existing shareholders if so authorized by a special resolution of the shareholders. Such shares may be issued for cash or for a consideration other than cash, if the price of such shares is determined by the valuation report of a registered valuer, subject to the compliance with applicable law | | | Under Delaware law, if the certificate of incorporation so provides, the board of directors has the power to authorize the issuance of stock. The board of directors may authorize capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the corporation or any combination thereof. It may determine the amount of such consideration by approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the value of such consideration is conclusive. | |
Liability of Directors and Officers
|
| | Directors can be held personally liable for their acts under the provisions of the Companies Act 2013 under circumstances if there is a breach of fiduciary duty or instance of fraud. Section 149(12) of the Companies Act limits the liability of independent directors and non-executive directors (not being a promoter or key managerial personnel) only to the extent of acts of omission or commission by a company, which (i) occurs with their respective knowledge, attributable through board processes, and (ii) with their consent or connivance or where the director had not acted diligently. | | |
Under Delaware law, the certificate of incorporation may include a provision eliminating or limiting the personal liability of a director to the corporation and its stockholders for damages arising from a breach of fiduciary duty as a director. However, no provision can limit the liability of a director for:
•
any breach of the director’s duty of loyalty to the corporation or its stockholders;
•
acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
•
willful or negligent payment of unlawful dividends or stock purchases or redemptions; or
•
any transaction from which the director derives an improper personal benefit.
|
|
Voting Rights
|
| | Other than shares issued with differential voting rights, voting rights of shareholders shall be in proportion to their share of the paid — up share capital. | | | Under Delaware law, unless otherwise provided in the certificate of incorporation, each stockholder is entitled to one vote for each share of capital stock held by such stockholder. | |
Shareholder Vote on Certain Transactions
|
| | A special resolution of the shareholders of the company is required to sell, lease or otherwise dispose of the whole or | | | Generally, under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the | |
| | |
India
|
| |
Delaware
|
|
| | | substantially the whole of the undertaking of the company or where the company owns more than one undertaking, of the whole or substantially the whole of any of such undertakings | | |
stock, completion of (i) a merger, (ii) a consolidation, (iii) a sale, lease or exchange of all or substantially all of a corporation’s assets or (iv) a dissolution requires:
•
the approval of the board of directors; and
•
approval by the vote of the holders of a majority of the outstanding stock or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding stock of a corporation entitled to vote on the matter.
|
|
Standard of Conduct for Directors
|
| | The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended prescribe that all listed companies are required to adopt a code of conduct for members of the board of directors and senior management of the company | | |
The Delaware code does not contain specific provisions setting forth the standard of conduct of a director. The scope of the fiduciary duties of directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest, on a well-informed basis and in a manner they reasonably believe to be in the best interest of the stockholders.
Directors owe fiduciary duties of care and loyalty to the corporation and to its stockholders. The duty of care generally requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have
|
|
| | |
India
|
| |
Delaware
|
|
| | | | | |
also imposed heightened scrutiny on the conduct of directors in respect of actions designed to defeat a threatened change in control of the corporation.
In addition, under Delaware law, when the board of directors approves the sale or break-up of a corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders.
|
|
Stockholder Suits
|
| | Under the Companies Act, shareholders holding not less than one tenth of the issued share capital, shareholders representing not less than one tenth of the total number of members or one hundred members, provided that they have paid all calls and other sums due on their shares, have the right to request the Tribunal, a statutory body, for an order or injunction as to the taking or not taking of an action by the company on the following grounds of oppression or mismanagement: (a) that the business of the company is being conducted with intent to defraud its creditors, members or any other person or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive to any of its members or that the company was formed for any fraudulent or unlawful purpose; or (b) the persons concerned in formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members; or (c) that the members of the company have not been given all the information with respect to its affairs which they might reasonably expect, including information relating to the calculation of the commission payable to a managing or other director, or the manager, of the company. | | |
Under Delaware law, a stockholder may initiate a derivative action to enforce a right of a corporation if the corporation fails to enforce the right itself. The complaint must:
•
state that the plaintiff was a stockholder at the time of the transaction of which the plaintiff complains or that the plaintiff’s stock thereafter devolved on the plaintiff by operation of law; and
•
allege with particularity the efforts made by the plaintiff to obtain the action the plaintiff desires from the directors and the reasons for the plaintiff’s failure to obtain the action; or
•
state the reasons for not making the effort.
Additionally, the plaintiff must remain a stockholder through the duration of the derivative suit. The action will not be dismissed or compromised without the approval of the Delaware Court of Chancery.
|
|
Service
|
| |
Fees
|
|
•
To any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash)
|
| | Up to US$0.05 per ADS issued | |
•
Cancellation of ADSs, including the case of termination of the deposit agreement
|
| | Up to US$0.05 per ADS cancelled | |
•
Distribution of cash dividends
|
| | Up to US$0.05 per ADS held | |
•
Distribution of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements
|
| | Up to US$0.05 per ADS held | |
•
Distribution of ADSs pursuant to exercise of rights.
|
| | Up to US$0.05 per ADS held | |
•
Distribution of securities other than ADSs or rights to purchase additional ADSs
|
| | Up to US$0.05 per ADS held | |
•
Depositary services
|
| | Up to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank | |
If we:
|
| |
Then:
|
|
Change the nominal or par value of our ordinary shares | | | The cash, shares or other securities received by the depositary will become deposited securities. | |
Reclassify, split up or consolidate any of the deposited securities | | | Each ADS will automatically represent its equal share of the new deposited securities. | |
Distribute securities on the ordinary shares that are not distributed to you, or
Recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action
|
| | The depositary may distribute some or all of the cash, shares or other securities it received. It may also deliver new ADSs or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities. | |
Name
|
| |
Number of ADSs
|
| |||
Citigroup Global Markets Inc
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Barclays Capital Inc.
|
| | | | | | |
BofA Securities, Inc.
|
| | | | | | |
Evercore Group L.L.C.
|
| | | | | | |
Credit Suisse Securities (USA) LLC
|
| | | | | | |
Deutsche Bank Securities Inc.
|
| | | | | | |
Robert W. Baird & Co. Incorporated
|
| | | | | | |
Cowen and Company, LLC
|
| | | | | | |
Needham & Company, LLC
|
| | | | | | |
William Blair & Company, L.L.C.
|
| | | | | | |
Total
|
| | | | | |
| | |
Without
option to purchase additional ADSs exercise |
| |
With full
option to purchase additional ADSs exercise |
| ||||||
Per ADS
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | |
| | |
Amount
|
|
|
US$
|
| ||
SEC registration fee
|
| |
|
|
FINRA filing fee
|
| | | |
Stock Exchange listing fee
|
| | | |
Printing and engraving expenses
|
| | | |
Legal fees and expenses
|
| | | |
Accounting fees and expenses
|
| | | |
Miscellaneous costs
|
| | | |
Total
|
| | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-9 | | |
Particulars
|
| |
Notes
|
| |
As at
31 March 2022 |
| |
As at
31 March 2022 |
| |
As at
31 March 2021 |
| |||||||||
| | | | | |
(In USD)
Refer note 2(b) |
| |
(In INR)
|
| |
(In INR)
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| |
3(a)
|
| | | | 60 | | | | | | 4,538 | | | | | | 3,601 | | |
Right-of-use assets
|
| |
3(b)
|
| | | | 19 | | | | | | 1,476 | | | | | | 917 | | |
Goodwill
|
| |
3(c)
|
| | | | 141 | | | | | | 10,708 | | | | | | 4,407 | | |
Other intangible assets
|
| |
3(c)
|
| | | | 54 | | | | | | 4,113 | | | | | | 1,514 | | |
Deferred tax assets (net of liabilities)
|
| |
4(c)
|
| | | | 36 | | | | | | 2,736 | | | | | | 1,447 | | |
Trade receivables
|
| |
6(a)
|
| | | | 22 | | | | | | 1,691 | | | | | | 1,584 | | |
Income tax assets (net of provisions)
|
| |
4(b)
|
| | | | 8 | | | | | | 607 | | | | | | 358 | | |
Non current financial assets
|
| |
6(b)
|
| | | | 6 | | | | | | 421 | | | | | | 245 | | |
Other non-current assets
|
| |
5
|
| | | | 14 | | | | | | 1,045 | | | | | | 254 | | |
Total non-current assets
|
| | | | | | | 360 | | | | | | 27,335 | | | | | | 14,327 | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| |
6(a)
|
| | | | 183 | | | | | | 13,894 | | | | | | 10,683 | | |
Contract assets
|
| |
7
|
| | | | 16 | | | | | | 1,184 | | | | | | 629 | | |
Cash and cash equivalents
|
| |
6(c)
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | |
Other current financial assets
|
| |
6(b)
|
| | | | 10 | | | | | | 729 | | | | | | 547 | | |
Other current assets
|
| |
5
|
| | | | 25 | | | | | | 1,934 | | | | | | 1,079 | | |
Total current assets
|
| | | | | | | 293 | | | | | | 22,209 | | | | | | 20,937 | | |
TOTAL ASSETS
|
| | | | | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | |
Equity | | | | | | | | | | | | | | | | | | | | | | |
Issued Capital
|
| |
11
|
| | | | 8 | | | | | | 609 | | | | | | 606 | | |
Reserves and surplus
|
| |
12
|
| | | | 352 | | | | | | 26,722 | | | | | | 24,314 | | |
Equity attributable to owners of Coforge Limited
|
| | | | | | | 360 | | | | | | 27,331 | | | | | | 24,920 | | |
Non-controlling interests
|
| |
13
|
| | | | 13 | | | | | | 983 | | | | | | — | | |
Total equity
|
| | | | | | | 373 | | | | | | 28,314 | | | | | | 24,920 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Non-Current Liabilities | | | | | | | | | | | | | | | | | | | | | | |
Borrowings
|
| |
6(d)
|
| | | | 44 | | | | | | 3,365 | | | | | | 3 | | |
Trade payables
|
| |
6(e)
|
| | | | 5 | | | | | | 364 | | | | | | 325 | | |
Lease liabilities
|
| |
3(b)
|
| | | | 12 | | | | | | 937 | | | | | | 548 | | |
Deferred tax liabilities (net of assets)
|
| |
4(c)
|
| | | | 10 | | | | | | 766 | | | | | | 166 | | |
Other financial liabilities
|
| |
6(f)
|
| | | | 38 | | | | | | 2,908 | | | | | | — | | |
Employee benefit obligations
|
| |
8
|
| | | | 14 | | | | | | 1,047 | | | | | | 696 | | |
Other non-current liabilities
|
| |
10
|
| | | | 1 | | | | | | 51 | | | | | | 181 | | |
Total non-current liabilities
|
| | | | | | | 124 | | | | | | 9,438 | | | | | | 1,919 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Borrowings
|
| |
6(d)
|
| | | | 2 | | | | | | 180 | | | | | | 7 | | |
Trade payables
|
| |
6(e)
|
| | | | 81 | | | | | | 6,160 | | | | | | 3,398 | | |
Lease liabilities
|
| |
3(b)
|
| | | | 6 | | | | | | 414 | | | | | | 268 | | |
Other financial liabilities
|
| |
6(f)
|
| | | | 32 | | | | | | 2,398 | | | | | | 2,435 | | |
Employee benefit obligations
|
| |
8
|
| | | | 4 | | | | | | 316 | | | | | | 222 | | |
Provisions
|
| |
9
|
| | | | — | | | | | | — | | | | | | 3 | | |
Other current liabilities
|
| |
10
|
| | | | 31 | | | | | | 2,324 | | | | | | 2,092 | | |
Total current liabilities
|
| | | | | | | 156 | | | | | | 11,792 | | | | | | 8,425 | | |
TOTAL LIABILITIES
|
| | | | | | | 280 | | | | | | 21,230 | | | | | | 10,344 | | |
TOTAL EQUITY AND LIABILITIES
|
| | | | | | | 653 | | | | | | 49,544 | | | | | | 35,264 | | |
Particulars
|
| |
Note
|
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| |||||||||||||||
| | | | | | | | |
(In USD)
Refer note 2(b) |
| |
(In INR)
|
| |
(In INR)
|
| |
(In INR)
|
| ||||||||||||
Revenue from operations
|
| | | | 14 | | | | | | 848 | | | | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
Other income
|
| | | | 15 | | | | | | 7 | | | | | | 518 | | | | | | 326 | | | | | | vn734 | | |
Total income
|
| | | | | | | | | | 855 | | | | | | 64,838 | | | | | | 46,954 | | | | | | 42,573 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of hardware and third-party software
|
| | | | | | | | | | 54 | | | | | | 4,076 | | | | | | 3,595 | | | | | | 1,908 | | |
Sub-contracting / technical fees
|
| | | | | | | | | | 87 | | | | | | 6,572 | | | | | | 3,845 | | | | | | 2,893 | | |
Employee benefits expense
|
| | | | 16 | | | | | | 504 | | | | | | 38,346 | | | | | | 28,158 | | | | | | 25,298 | | |
Depreciation and amortisation expense
|
| | | | 17 | | | | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Other expenses
|
| | | | 18 | | | | | | 57 | | | | | | 4,307 | | | | | | 3,415 | | | | | | 4,595 | | |
Finance cost
|
| | | | 19 | | | | | | 9 | | | | | | 650 | | | | | | 143 | | | | | | 155 | | |
Total expenses
|
| | | | | | | | | | 741 | | | | | | 56,223 | | | | | | 40,992 | | | | | | 36,619 | | |
Profit before income taxes
|
| | | | | | | | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Income tax expense
|
| | | | 4(a) | | | | | | 20 | | | | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Profit for the period
|
| | | | | | | | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
Other comprehensive income/(loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Items to be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value changes on derivatives designated as cash flow hedge, net
|
| | | | | | | | | | 0 | | | | | | 21 | | | | | | 369 | | | | | | (473) | | |
Exchange differences on translation of foreign operations
|
| | | | | | | | | | 0 | | | | | | (28) | | | | | | 285 | | | | | | 452 | | |
Income tax relating to items that will be reclassified to
profit or loss |
| | | | | | | | | | 0 | | | | | | (3) | | | | | | (95) | | | | | | 120 | | |
Items not to be reclassified to profit or loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Remeasurement of post – employment benefit obligations (expenses) / income
|
| | | | | | | | | | 0 | | | | | | 13 | | | | | | (12) | | | | | | 3 | | |
Income tax relating to items that will not be reclassified
to profit or loss |
| | | | | | | | | | 0 | | | | | | 3 | | | | | | 3 | | | | | | (1) | | |
Other comprehensive income/(loss) for the period, net of tax
|
| | | | | | | | | | 0 | | | | | | 6 | | | | | | 550 | | | | | | 101 | | |
Total comprehensive income for the period
|
| | | | | | | | | | 94 | | | | | | 7,153 | | | | | | 5,210 | | | | | | 4,777 | | |
Profit is attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of Coforge Limited
|
| | | | | | | | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | |
Non-controlling interests
|
| | | | | | | | | | 7 | | | | | | 530 | | | | | | 104 | | | | | | 236 | | |
| | | | | | | | | | | 94 | | | | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
Other comprehensive income/(loss) is attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of Coforge Limited
|
| | | | | | | | | | 0 | | | | | | (11) | | | | | | 550 | | | | | | 101 | | |
Non-controlling interests
|
| | | | | | | | | | 0 | | | | | | 17 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | 0 | | | | | | 6 | | | | | | 550 | | | | | | 101 | | |
Total comprehensive income is attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of Coforge Limited
|
| | | | | | | | | | 87 | | | | | | 6,606 | | | | | | 5,106 | | | | | | 4,541 | | |
Non-controlling interests
|
| | | | | | | | | | 7 | | | | | | 547 | | | | | | 104 | | | | | | 236 | | |
| | | | | | | | | | | 94 | | | | | | 7,153 | | | | | | 5,210 | | | | | | 4,777 | | |
Earnings per equity share (of Rs 10 each) attributable to owners of Coforge Limited
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
|
| | | | 28 | | | | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | |
Diluted earnings per share
|
| | | | 28 | | | | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | |
Particulars
|
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| ||||||||||||
| | |
(In USD)
Refer note 2(b) |
| |
(In INR)
|
| |
(In INR)
|
| |
(In INR)
|
| ||||||||||||
Cash flow from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit before tax
|
| | | | 114 | | | | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Adjustments for | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortisation expense
|
| | | | 30 | | | | | | 2,272 | | | | | | 1,836 | | | | | | 1,730 | | |
Impairment of goodwill
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40 | | |
Loss on disposal of property, plant and equipment (net)
|
| | | | — | | | | | | — | | | | | | 16 | | | | | | 13 | | |
Interest and finance charges
|
| | | | 8 | | | | | | 609 | | | | | | 107 | | | | | | 120 | | |
Provision for customer contracts written back
|
| | | | — | | | | | | — | | | | | | (87) | | | | | | (148) | | |
Employee share-based payment expense
|
| | | | 4 | | | | | | 355 | | | | | | 476 | | | | | | 63 | | |
Allowance for doubtful debts & contract assets (net)
|
| | | | 0 | | | | | | 16 | | | | | | 610 | | | | | | 84 | | |
Dividend and interest income
|
| | | | 0 | | | | | | (31) | | | | | | (40) | | | | | | (81) | | |
Realised and unrealised loss/ (gain) on investments
|
| | | | 0 | | | | | | (3) | | | | | | (8) | | | | | | (208) | | |
Unwinding of discount – Finance Income
|
| | | | (1) | | | | | | (98) | | | | | | (69) | | | | | | (24) | | |
Gain on sale of subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | (96) | | |
| | | | | 41 | | | | | | 3,120 | | | | | | 2,841 | | | | | | 1,493 | | |
Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
(Increase)/Decrease in trade receivables
|
| | | | (41) | | | | | | (3,152) | | | | | | (691) | | | | | | (2,071) | | |
(Increase)/Decrease in other financial assets
|
| | | | 8 | | | | | | 600 | | | | | | (566) | | | | | | (1,715) | | |
(Increase)/Decrease in other assets
|
| | | | (17) | | | | | | (1,276) | | | | | | (218) | | | | | | 166 | | |
Increase/(Decrease) in provisions
|
| | | | 3 | | | | | | 223 | | | | | | 80 | | | | | | (37) | | |
Increase/(Decrease) in trade payables
|
| | | | 28 | | | | | | 2,153 | | | | | | 785 | | | | | | 958 | | |
Increase/(Decrease) in other liabilities
|
| | | | 0 | | | | | | 19 | | | | | | 1,112 | | | | | | 35 | | |
Cash (used) / generated from operations
|
| | | | (19) | | | | | | (1,433) | | | | | | 502 | | | | | | (2,664) | | |
Income taxes paid
|
| | | | (35) | | | | | | (2,646) | | | | | | (1,682) | | | | | | (1,814) | | |
Net cash inflow from operating activities
|
| | | | 101 | | | | | | 7,656 | | | | | | 7,623 | | | | | | 2,969 | | |
Cash flow from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, plant and equipment
|
| | | | (20) | | | | | | (1,541) | | | | | | (782) | | | | | | (725) | | |
Proceeds from sale of property, plant and equipment
|
| | | | 1 | | | | | | 66 | | | | | | 25 | | | | | | 22 | | |
Acquisition of a subsidiary/operations, net of cash acquired (Refer note 26)
|
| | | | (113) | | | | | | (8,557) | | | | | | (264) | | | | | | (1,256) | | |
Proceeds from sale of subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | 897 | | |
Purchase of current investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (6,787) | | |
Proceeds from sale of current investments
|
| | | | 6 | | | | | | 450 | | | | | | 21 | | | | | | 10,489 | | |
Dividend Income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12 | | |
Interest received on bank deposits
|
| | | | 0 | | | | | | 18 | | | | | | 73 | | | | | | 71 | | |
Net cash (outflow) from investing activities
|
| | | | (126) | | | | | | (9,564) | | | | | | (927) | | | | | | 2,723 | | |
Cash flow from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Payment for buy back of own equity shares (including taxes)
|
| | | | — | | | | | | — | | | | | | (4,166) | | | | | | (11) | | |
Proceeds from issue of shares (including securities premium)
|
| | | | 1 | | | | | | 51 | | | | | | 18 | | | | | | 286 | | |
Purchase of additional stake in subsidiaries
|
| | | | (10) | | | | | | (729) | | | | | | (1,427) | | | | | | (1,362) | | |
Proceeds from term loan
|
| | | | 48 | | | | | | 3,578 | | | | | | — | | | | | | 281 | | |
Repayment of term loan
|
| | | | (1) | | | | | | (59) | | | | | | (306) | | | | | | (42) | | |
Particulars
|
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| ||||||||||||
| | |
(In USD)
Refer note 2(b) |
| |
(In INR)
|
| |
(In INR)
|
| |
(In INR)
|
| ||||||||||||
Payment of principal portion of lease liabilities
|
| | | | (5) | | | | | | (386) | | | | | | (312) | | | | | | (287) | | |
Interest paid
|
| | | | (3) | | | | | | (265) | | | | | | (79) | | | | | | (85) | | |
Dividends paid to the NCI
|
| | | | (8) | | | | | | (596) | | | | | | — | | | | | | — | | |
Dividends paid
|
| | | | (42) | | | | | | (3,152) | | | | | | (686) | | | | | | (1,469) | | |
Net cash (outflow) from financing activities
|
| | | | (20) | | | | | | (1,558) | | | | | | (6,958) | | | | | | (2,689) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (45) | | | | | | (3,466) | | | | | | (262) | | | | | | 3,003 | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 105 | | | | | | 7,999 | | | | | | 8,195 | | | | | | 5,079 | | |
Effects of exchange rate changes on cash and cash equivalents
|
| | | | (1) | | | | | | (65) | | | | | | 66 | | | | | | 113 | | |
Cash and cash equivalents at the end of the year
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
Cash and Cash Equivalents comprise of: | | | | | | ||||||||||||||||||||
Balances with banks
|
| | | | 59 | | | | | | 4,468 | | | | | | 7,272 | | | | | | 4,930 | | |
Fixed deposit accounts (less than 3 months original maturity)
|
| | | | — | | | | | | — | | | | | | 727 | | | | | | 3,265 | | |
Total cash and cash equivalents as per statement of financial
position |
| | | | 59 | | | | | | 4,468 | | | | | | 7,999 | | | | | | 8,195 | | |
|
Description
|
| |
Equity Shares
|
| |
Reserves and Surplus
|
| |
Total
Reserves and Surplus |
| |
Non-
controlling interest |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity
Shares (Numbers) |
| |
Equity
Share Capital |
| |
Capital
Reserve |
| |
Capital
Redemption Reserve |
| |
Securities
Premium |
| |
Employee
stock option |
| |
General
Reserves |
| |
Retained
Earnings |
| |
Cash Flow
Hedging Reserve |
| |
Foreign
Currency Translation Reserve |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at 1 April 2019
|
| | | | 61,783,874 | | | | | | 618 | | | | | | 11 | | | | | | 17 | | | | | | 614 | | | | | | 180 | | | | | | 2,306 | | | | | | 16,808 | | | | | | 156 | | | | | | — | | | | | | 20,092 | | | | | | 75 | | | | | | 20,167 | | |
Profit for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,440 | | | | | | — | | | | | | — | | | | |
|
4,440
|
| | | | | 236 | | | | | | 4,676 | | |
Other Comprehensive Income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | (353) | | | | | | 511 | | | | |
|
160
|
| | | | | — | | | | | | 160 | | |
Total Comprehensive Income for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,442 | | | | | | (353) | | | | | | 511 | | | | | | 4,600 | | | | | | 236 | | | | | | 4,836 | | |
Shares issued on exercise of employee stock options
|
| | | | 710,685 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 279 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 279 | | | | | | — | | | | | | 279 | | |
Transferred from Employee Stock Option Reserve on exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 160 | | | | | | (160) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shares based payments expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63 | | | | | | — | | | | | | 63 | | |
Dividend paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,249) | | | | | | — | | | | | | — | | | | | | (1,249) | | | | | | — | | | | | | (1,249) | | |
Corporate dividend tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (219) | | | | | | — | | | | | | — | | | | | | (219) | | | | | | — | | | | | | (219) | | |
Acquisition of SF(erstwhile Whishworks)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,034 | | | | | | 1,034 | | |
Change in fair value of fair value of NCI
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (127) | | | | | | — | | | | | | — | | | | | | (127) | | | | | | — | | | | | | (127) | | |
Derecognition of NCI to Financial liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,272) | | | | | | (1,272) | | |
Others
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 74 | | | | | | — | | | | | | — | | | | | | 74 | | | | | | (73) | | | | | | 1 | | |
Balance as at 31 March 2020
|
| | | | 62,494,559 | | | | | | 625 | | | | | | 11 | | | | | | 17 | | | | | | 1,053 | | | | | | 83 | | | | | | 2,306 | | | | | | 19,729 | | | | | | (197) | | | | | | 511 | | | | | | 23,513 | | | | | | — | | | | | | 23,513 | | |
Description
|
| |
Equity Shares
|
| |
Reserves and Surplus
|
| |
Total
Reserves and Surplus |
| |
Non-
controlling interest |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity
Shares (Numbers) |
| |
Equity
Share Capital |
| |
Capital
Reserve |
| |
Capital
Redemption Reserve |
| |
Securities
Premium |
| |
Employee
stock option |
| |
General
Reserves |
| |
Retained
Earnings |
| |
Cash Flow
Hedging Reserve |
| |
Foreign
Currency Translation Reserve |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at 1 April 2020
|
| | | | 62,494,559 | | | | | | 625 | | | | | | 11 | | | | | | 17 | | | | | | 1,053 | | | | | | 83 | | | | | | 2,306 | | | | | | 19,729 | | | | | | (197) | | | | | | 511 | | | | | | 23,513 | | | | | | — | | | | | | 23,513 | | |
Profit for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,556 | | | | | | — | | | | | | — | | | | |
|
4,556
|
| | | | | 104 | | | | | | 4,660 | | |
Other Comprehensive Income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | | | | | 274 | | | | | | 371 | | | | | | 636 | | | | | | — | | | | | | 636 | | |
Total Comprehensive Income for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,547 | | | | | | 274 | | | | | | 371 | | | | | | 5,192 | | | | | | 104 | | | | | | 5,296 | | |
Shares issued on exercise of employee stock options
|
| | | | 54,080 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17 | | | | | | — | | | | | | 17 | | |
Transferred from employee stock option reserve on exercise of
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22 | | | | | | (22) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
stock options
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares based payments expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 462 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 462 | | | | | | — | | | | | | 462 | | |
Dividend paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (687) | | | | | | — | | | | | | — | | | | | | (687) | | | | | | — | | | | | | (687) | | |
Change in fair value of NCI
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (36) | | | | | | — | | | | | | — | | | | | | (36) | | | | | | — | | | | | | (36) | | |
Derecognition of NCI to Financial liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (104) | | | | | | (104) | | |
Buy back of equity shares including transaction cost (Refer note 11)
|
| | | | (1,956,290) | | | | | | (20) | | | | | | — | | | | | | 19 | | | | | | (1,053) | | | | | | — | | | | | | (249) | | | | | | (2,864) | | | | | | — | | | | | | — | | | | | | (4,147) | | | | | | — | | | | | | (4,147) | | |
Balance as at 31 March 2021
|
| | | | 60,592,349 | | | | | | 606 | | | | | | 11 | | | | | | 36 | | | | | | 39 | | | | | | 523 | | | | | | 2,057 | | | | | | 20,689 | | | | | | 77 | | | | | | 882 | | | | | | 24,314 | | | | | | — | | | | | | 24,314 | | |
Description
|
| |
Equity Shares
|
| |
Reserves and Surplus
|
| |
Total
Reserves and Surplus |
| |
Non-
controlling interest |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Equity
Shares (Numbers) |
| |
Equity
Share Capital |
| |
Capital
Reserve |
| |
Capital
Redemption Reserve |
| |
Securities
Premium |
| |
Employee
stock option |
| |
General
Reserves |
| |
Retained
Earnings |
| |
Cash Flow
Hedging Reserve |
| |
Foreign
Currency Translation Reserve |
| ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at 1 April 2021
|
| | | | 60,592,349 | | | | | | 606 | | | | | | 11 | | | | | | 36 | | | | | | 39 | | | | | | 523 | | | | | | 2,057 | | | | | | 20,689 | | | | | | 77 | | | | | | 882 | | | | | | 24,314 | | | | | | — | | | | | | 24,314 | | |
Profit for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,617 | | | | | | — | | | | | | — | | | | | | 6,617 | | | | | | 530 | | | | | | 7,147 | | |
Other Comprehensive Income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 18 | | | | | | (33) | | | | | | (11) | | | | | | 17 | | | | | | 6 | | |
Total Comprehensive Income for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,621 | | | | | | 18 | | | | | | (33) | | | | | | 6,606 | | | | | | 547 | | | | | | 7,153 | | |
Shares issued on exercise of employee stock options
|
| | | | 320,803 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | — | | | | | | 48 | | |
Transferred from Employee Stock Option Reserve on exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 297 | | | | | | (297) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shares based payments expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 349 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 349 | | | | | | — | | | | | | 349 | | |
Tax benefit on share based payment (Refer note 27)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 382 | | | | | | — | | | | | | — | | | | | | 382 | | | | | | — | | | | | | 382 | | |
Dividend paid
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,155) | | | | | | — | | | | | | — | | | | | | (3,155) | | | | | | — | | | | | | (3,155) | | |
Change in fair value of NCI
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,822) | | | | | | — | | | | | | — | | | | | | (1,822) | | | | | | — | | | | | | (1,822) | | |
Dividend from subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (596) | | | | | | (596) | | |
Derecognition of NCI to financial liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,110) | | | | | | (1,110) | | |
NCI arising on acquisition of subsidiary (Refer note 26)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,142 | | | | | | 2,142 | | |
Balance as at 31 March 2022
|
| | | | 60,913,152 | | | | | | 609 | | | | | | 11 | | | | | | 36 | | | | | | 384 | | | | | | 575 | | | | | | 2,057 | | | | | | 22,715 | | | | | | 95 | | | | | | 849 | | | | | | 26,722 | | | | | | 983 | | | | | | 27,705 | | |
Asset
|
| |
Useful life
|
|
Buildings | | | 60 years | |
Plant and Machinery: | | | | |
Computers and peripherals | | | 2 – 5 years | |
Office Equipment | | | 5 years | |
Other assets | | | 3 – 15 years | |
Furniture and Fixtures | | | 4 – 10 years | |
Leasehold improvements | | | 3 years or lease period whichever is lower | |
Vehicles
|
| | 8 years | |
| Patents, copyright and other rights | | | 5 years | |
| Computer software – external | | | 3 years | |
| Non – compete fees | | | 5 – 6 years | |
| Brand | | | 10 years | |
| Customer Contract/ Relationships | | | 5 – 10 years | |
Particulars
|
| |
Freehold
Land |
| |
Buildings
|
| |
Plant and
Machinery - Computers and Peripherals |
| |
Plant and
Machinery - Office Equipment |
| |
Plant and
Machinery - Others |
| |
Furniture
and Fixtures |
| |
Lease Hold
Improvements |
| |
Vehicles*
|
| |
Capital
work in progress |
| |
Total
|
| ||||||||||||||||||||||||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at 1 April 2020
|
| | | | — | | | | | | 2,464 | | | | | | 2,554 | | | | | | 287 | | | | | | 1,550 | | | | | | 822 | | | | | | 166 | | | | | | 401 | | | | | | 3 | | | | | | 8,247 | | |
Additions
|
| | | | — | | | | | | — | | | | | | 406 | | | | | | 7 | | | | | | 7 | | | | | | 6 | | | | | | — | | | | | | 95 | | | | | | — | | | | | | 521 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | 34 | | | | | | 13 | | | | | | 1 | | | | | | 22 | | | | | | — | | | | | | 86 | | | | | | | | | | | | 156 | | |
Translation Adjustment
|
| | | | — | | | | | | — | | | | | | 14 | | | | | | 1 | | | | | | 6 | | | | | | 1 | | | | | | 2 | | | | | | (1) | | | | | | — | | | | | | 23 | | |
Transfers/Adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | |
As at 31 March 2021
|
| | | | — | | | | | | 2,464 | | | | | | 2,940 | | | | | | 282 | | | | | | 1,562 | | | | | | 807 | | | | | | 168 | | | | | | 409 | | | | | | 2 | | | | | | 8,634 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at 1 April 2020
|
| | | | — | | | | | | 281 | | | | | | 2,172 | | | | | | 231 | | | | | | 979 | | | | | | 539 | | | | | | 143 | | | | | | 144 | | | | | | — | | | | | | 4,489 | | |
Depreciation charge for the year
|
| | | | — | | | | | | 41 | | | | | | 278 | | | | | | 25 | | | | | | 147 | | | | | | 80 | | | | | | 18 | | | | | | 49 | | | | | | — | | | | | | 638 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | 34 | | | | | | 13 | | | | | | 1 | | | | | | 18 | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 119 | | |
Translation Adjustment
|
| | | | — | | | | | | — | | | | | | 15 | | | | | | 3 | | | | | | — | | | | | | 5 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 25 | | |
As at 31 March 2021
|
| | | | — | | | | | | 322 | | | | | | 2,431 | | | | | | 246 | | | | | | 1,125 | | | | | | 606 | | | | | | 163 | | | | | | 140 | | | | | | — | | | | | | 5,033 | | |
Net carrying amount as at 31 March 2021
|
| | | | — | | | | | | 2,142 | | | | | | 509 | | | | | | 36 | | | | | | 437 | | | | | | 201 | | | | | | 5 | | | | | | 269 | | | | | | 2 | | | | | | 3,601 | | |
Particulars
|
| |
Freehold
Land |
| |
Buildings
|
| |
Plant and
Machinery - Computers and Peripherals |
| |
Plant and
Machinery - Office Equipment |
| |
Plant and
Machinery - Others |
| |
Furniture
and Fixtures |
| |
Lease Hold
Improvements |
| |
Vehicles*
|
| |
Capital
work in progress |
| |
Total
|
| ||||||||||||||||||||||||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at 1 April 2021
|
| | | | — | | | | | | 2,464 | | | | | | 2,940 | | | | | | 282 | | | | | | 1,562 | | | | | | 807 | | | | | | 168 | | | | | | 409 | | | | | | 2 | | | | | | 8,634 | | |
Additions through business combination (refer note 26)
|
| | | | 96 | | | | | | 291 | | | | | | 139 | | | | | | 32 | | | | | | 53 | | | | | | 40 | | | | | | 93 | | | | | | — | | | | | | 13 | | | | | | 757 | | |
Additions
|
| | | | — | | | | | | 1 | | | | | | 800 | | | | | | 21 | | | | | | 23 | | | | | | 12 | | | | | | 22 | | | | | | 112 | | | | | | 104 | | | | | | 1,095 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | 237 | | | | | | 33 | | | | | | 16 | | | | | | 22 | | | | | | 47 | | | | | | 96 | | | | | | — | | | | | | 451 | | |
Translation Adjustment
|
| | | | — | | | | | | — | | | | | | (16) | | | | | | (2) | | | | | | — | | | | | | (1) | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (22) | | |
Transfers/Adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33) | | | | | | (33) | | |
As at 31 March 2022
|
| | | | 96 | | | | | | 2,756 | | | | | | 3,626 | | | | | | 300 | | | | | | 1,622 | | | | | | 836 | | | | | | 233 | | | | | | 425 | | | | | | 86 | | | | | | 9,980 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As at 1 April 2021
|
| | | | — | | | | | | 322 | | | | | | 2,431 | | | | | | 246 | | | | | | 1,125 | | | | | | 606 | | | | | | 163 | | | | | | 140 | | | | | | — | | | | | | 5,033 | | |
Depreciation charge for the year
|
| | | | — | | | | | | 47 | | | | | | 469 | | | | | | 34 | | | | | | 91 | | | | | | 72 | | | | | | 48 | | | | | | 52 | | | | | | — | | | | | | 813 | | |
Disposals
|
| | | | — | | | | | | — | | | | | | 223 | | | | | | 33 | | | | | | 9 | | | | | | 31 | | | | | | 42 | | | | | | 47 | | | | | | — | | | | | | 385 | | |
Translation Adjustment
|
| | | | — | | | | | | — | | | | | | (17) | | | | | | (1) | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | (19) | | |
As at 31 March 2022
|
| | | | — | | | | | | 369 | | | | | | 2,660 | | | | | | 246 | | | | | | 1,207 | | | | | | 646 | | | | | | 169 | | | | | | 145 | | | | | | — | | | | | | 5,442 | | |
Net carrying amount as at 31 March 2022
|
| | | | 96 | | | | | | 2,387 | | | | | | 966 | | | | | | 54 | | | | | | 415 | | | | | | 190 | | | | | | 64 | | | | | | 280 | | | | | | 86 | | | | | | 4,538 | | |
| | |
As at 31 March 2022
|
| |
As at 31 March 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
Particulars
|
| |
Category of ROU asset
|
| |
Total
|
| |
Category of ROU asset
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
|
Lease Hold
Land |
| |
Buildings
|
| |
Vehicles
|
| |
Lease Hold
Land |
| |
Buildings
|
| |
Vehicles
|
| ||||||||||||||||||||||||||||||||
Balance at beginning
|
| | | | 303 | | | | | | 613 | | | | | | 1 | | | | | | 917 | | | | | | 258 | | | | | | 789 | | | | | | 3 | | | | | | 1,050 | | |
Additions
|
| | | | — | | | | | | 793 | | | | | | — | | | | | | 793 | | | | | | 49 | | | | | | 162 | | | | | | — | | | | | | 211 | | |
Additions through business combination (refer note 26)
|
| | | | — | | | | | | 325 | | | | | | — | | | | | | 325 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Deletions
|
| | | | — | | | | | | (149) | | | | | | — | | | | | | (149) | | | | | | — | | | | | | (52) | | | | | | — | | | | | | (52) | | |
Depreciation
|
| | | | (4) | | | | | | (406) | | | | | | (1) | | | | | | (411) | | | | | | (4) | | | | | | (285) | | | | | | (2) | | | | | | (291) | | |
Translation difference
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1) | | |
Balance at the end
|
| | | | 299 | | | | | | 1,177 | | | | | | — | | | | | | 1,476 | | | | | | 303 | | | | | | 613 | | | | | | 1 | | | | | | 917 | | |
Particulars
|
| |
As at 31 March
2022 |
| |
As at 31 March
2021 |
| ||||||
Balance at the beginning
|
| | | | 816 | | | | | | 977 | | |
Additions
|
| | | | 793 | | | | | | 211 | | |
Additions through business combination (refer note 26)
|
| | | | 358 | | | | | | — | | |
Deletions
|
| | | | (152) | | | | | | (5) | | |
Finance cost accrued during the period
|
| | | | 77 | | | | | | 64 | | |
Payment of lease liabilities
|
| | | | (546) | | | | | | (425) | | |
Translation difference
|
| | | | 5 | | | | | | (6) | | |
Balance at the end
|
| | | | 1,351 | | | | | | 816 | | |
Particulars
|
| |
As at 31 March
2022 |
| |
As at 31 March
2021 |
| ||||||
Current lease liabilities
|
| | | | 414 | | | | | | 268 | | |
Non-current lease liabilities
|
| | | | 937 | | | | | | 548 | | |
Total | | | | | 1,351 | | | | | | 816 | | |
Particulars
|
| |
As at 31 March
2022 |
| |
As at 31 March
2021 |
| ||||||
Less than one year
|
| | | | 474 | | | | | | 314 | | |
One to five years
|
| | | | 683 | | | | | | 552 | | |
More than five years
|
| | | | 688 | | | | | | 68 | | |
| | | | | 1,845 | | | | | | 934 | | |
Particulars
|
| |
Year ended 31
March 2022 |
| |
Year ended 31
March 2021 |
| |
Year ended
31 March 2020 |
| |||||||||
Depreciation expense of right-of-use assets
|
| | | | 411 | | | | | | 291 | | | | | | 283 | | |
Interest expense on lease liabilities
|
| | | | 77 | | | | | | 64 | | | | | | 80 | | |
Expense relating to short-term leases and leases of low-value assets (included in other expenses)
|
| | | | 240 | | | | | | 185 | | | | | | 163 | | |
| | | | | 728 | | | | | | 540 | | | | | | 526 | | |
| | |
Other Intangible assets
|
| | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Particulars
|
| |
Acquired
software |
| |
Internally
developed software |
| |
Patents
|
| |
Brand
|
| |
Customer
relationships |
| |
Non-compete
fee |
| |
Intangible
assets under development |
| |
Total
|
| |
Goodwill
|
| | |||||||||||||||||||||||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
As at 1 April 2020
|
| | | | 2,897 | | | | | | 467 | | | | | | 13 | | | | | | 509 | | | | | | 1,664 | | | | | | 452 | | | | | | — | | | | | | 6,002 | | | | | | 4,251 | | | | ||
Additions
|
| | | | 273 | | | | | | — | | | | | | — | | | | | | — | | | | | | 201 | | | | | | — | | | | | | — | | | | | | 474 | | | | | | 61 | | | | ||
Disposals
|
| | | | 1,224 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,224 | | | | | | — | | | | ||
Translation Adjustment
|
| | | | 16 | | | | | | 35 | | | | | | — | | | | | | 8 | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 68 | | | | | | 135 | | | | ||
As at 31 March 2021
|
| | | | 1,962 | | | | | | 502 | | | | | | 13 | | | | | | 517 | | | | | | 1,874 | | | | | | 452 | | | | | | — | | | | | | 5,320 | | | | | | 4,447 | | | | ||
Accumulated amortization and impairment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
As at 1 April 2020
|
| | | | 2,689 | | | | | | 372 | | | | | | 8 | | | | | | 107 | | | | | | 614 | | | | | | 293 | | | | | | — | | | | | | 4,083 | | | | | | 40 | | | | ||
| | | | | 415 | | | | | | 49 | | | | | | — | | | | | | 49 | | | | | | 317 | | | | | | 77 | | | | | | — | | | | | | | | | | | | — | | | | ||
Amortization charge for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 907 | | | | | | | | | | ||
Disposals
|
| | | | 1,224 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,224 | | | | | | — | | | | ||
Translation Adjustment
|
| | | | 14 | | | | | | 31 | | | | | | 1 | | | | | | (1) | | | | | | (4) | | | | | | (1) | | | | | | — | | | | | | 40 | | | | | | — | | | | | |
As at 31 March 2021
|
| | | | 1,894 | | | | | | 452 | | | | | | 9 | | | | | | 155 | | | | | | 927 | | | | | | 369 | | | | | | — | | | | | | 3,806 | | | | | | 40 | | | | ||
Net carrying amount as at 31
March 2021 |
| | | | 68 | | | | | | 50 | | | | | | 4 | | | | | | 362 | | | | | | 947 | | | | | | 83 | | | | | | | | | | | | 1,514 | | | | | | 4,407 | | | |
| | |
Other Intangible assets
|
| | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Particulars
|
| |
Acquired
software |
| |
Internally
developed software |
| |
Patents
|
| |
Brand
|
| |
Customer
relationships |
| |
Non-compete
fee |
| |
Intangible
assets under development |
| |
Total
|
| |
Goodwill
|
| | |||||||||||||||||||||||||||||
Gross carrying amount | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
As at 1 April 2021
|
| | | | 1,962 | | | | | | 502 | | | | | | 13 | | | | | | 517 | | | | | | 1,874 | | | | | | 452 | | | | | | — | | | | | | 5,320 | | | | | | 4,447 | | | | ||
Additions through business combination (refer note 26)
|
| | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,176 | | | | | | 50 | | | | | | — | | | | | | 3,230 | | | | | | 6,317 | | | | ||
Additions
|
| | | | 347 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 82 | | | | | | 429 | | | | | | — | | | | ||
Disposals
|
| | | | 798 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 798 | | | | | | — | | | | ||
Translation Adjustment
|
| | | | (1) | | | | | | (6) | | | | | | — | | | | | | 2 | | | | | | 10 | | | | | | 2 | | | | | | — | | | | | | 7 | | | | | | 6 | | | | ||
As at 31 March 2022
|
| | | | 1,514 | | | | | | 496 | | | | | | 13 | | | | | | 519 | | | | | | 5,060 | | | | | | 504 | | | | | | 82 | | | | | | 8,188 | | | | | | 10,770 | | | | ||
Accumulated amortization and impairment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
As at 1 April 2021
|
| | | | 1,894 | | | | | | 452 | | | | | | 9 | | | | | | 155 | | | | | | 927 | | | | | | 369 | | | | | | — | | | | | | 3,806 | | | | | | 40 | | | | ||
| | | | | 322 | | | | | | 51 | | | | | | — | | | | | | 52 | | | | | | 569 | | | | | | 55 | | | | | | — | | | | | | 1,049 | | | | | | — | | | | ||
Amortization charge for the year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Disposals
|
| | | | 795 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 795 | | | | | | — | | | | ||
Translation Adjustment
|
| | | | — | | | | | | (7) | | | | | | — | | | | | | 2 | | | | | | 18 | | | | | | 2 | | | | | | — | | | | | | 15 | | | | | | 22 | | | | | |
As at 31 March 2022
|
| | | | 1,421 | | | | | | 496 | | | | | | 9 | | | | | | 209 | | | | | | 1,514 | | | | | | 426 | | | | | | — | | | | | | 4,075 | | | | | | 62 | | | | ||
Net carrying amount as at 31 March 2022
|
| | | | 93 | | | | | | — | | | | | | 4 | | | | | | 310 | | | | | | 3,546 | | | | | | 78 | | | | | | 82 | | | | | | 4,113 | | | | | | 10,708 | | | |
Particulars
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Property, plant and equipment
|
| | | | 220 | | | | | | 24 | | |
Intangible assets
|
| | | | 0 | | | | | | 52 | | |
CGU
|
| |
Segment
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||
SF
|
| | EMEA | | | | | 1,280 | | | | | | 1,286 | | |
DPA
|
| | APAC | | | | | 357 | | | | | | 354 | | |
Advantage Go
|
| | EMEA | | | | | 914 | | | | | | 924 | | |
BPM#
|
| | Americas | | | | | 930 | | | | | | 532 | | |
BPS
|
| | Americas | | | | | 6,124 | | | | | | — | | |
Others*
|
| | | | | | | 1,103 | | | | | | 1,311 | | |
| | | | | | | | 10,708 | | | | | | 4,407 | | |
Assumption
|
| |
Approach used to determining values [refer note C.]
|
|
Revenue | | | Average annual growth rate over the five-year forecast period; based on past performance and management’s expectations of market development. These growth rates are further corroborated by annual budgets of the Company. | |
Budgeted operating margin | | | Based on past performance and management’s expectations for the future. | |
Pre-tax discount rates | | | Reflect specific risks relating to the relevant segments and the geographies in which they operate. | |
CGU
|
| |
Segment
|
| |
Revenue
(% annual growth rate) |
| |
Budgeted
operating margin (%) |
| |
Pre-tax
discount rate (%) |
|
SF
|
| | EMEA | | |
10%
|
| |
28%
|
| |
12%
|
|
DPA
|
| | APAC | | |
10%
|
| |
20%
|
| |
12%
|
|
Advantage Go
|
| | EMEA | | |
5%
|
| |
35%
|
| |
12%
|
|
BPM
|
| | Americas | | |
10%
|
| |
29%
|
| |
13%
|
|
BPS
|
| | Americas | | |
10%
|
| |
25%
|
| |
13%
|
|
CGU
|
| |
Segment
|
| |
Revenue
(% annual growth rate) |
| |
Budgeted
operating margin (%) |
| |
Pre-tax
discount rate (%) |
|
SF
|
| | EMEA | | |
9.50%
|
| |
28%
|
| |
19.50%
|
|
DPA
|
| | APAC | | |
5%
|
| |
20%
|
| |
12%
|
|
Advantage Go
|
| | EMEA | | |
10%
|
| |
30%
|
| |
12%
|
|
BPM
|
| | Americas | | |
10%
|
| |
31%
|
| |
17%
|
|
| | |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| |||||||||
Current tax | | | | | | | | | | | | | | | | | | | |
Current tax on operating profits of the period
|
| | | | 2,762 | | | | | | 1,712 | | | | | | 1,548 | | |
Adjustments for current tax of prior periods
|
| | | | (91) | | | | | | 24 | | | | | | 12 | | |
Total current tax expense
|
| | | | 2,671 | | | | | | 1,736 | | | | | | 1,560 | | |
Deferred tax | | | | | | | | | | | | | | | | | | | |
Decrease (increase) in deferred tax assets – Minimum Alternate
Tax |
| | | | (897) | | | | | | (128) | | | | | | (9) | | |
Decrease (increase) in deferred tax assets (Employee benefits and provisions and others)
|
| | | | (157) | | | | | | (99) | | | | | | (55) | | |
(Decrease) in deferred tax liabilities (PPE)
|
| | | | 17 | | | | | | (92) | | | | | | 33 | | |
(Decrease) in deferred tax liabilities (Intangible assets)
|
| | | | (166) | | | | | | (115) | | | | | | (251) | | |
Total deferred tax benefit
|
| | | | (1,203) | | | | | | (434) | | | | | | (282) | | |
Income tax expense
|
| | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
| | |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| |||||||||
(ii) Amount recognised directly in equity outside profit or loss | | | | | | | | | | | | | | | | | | | |
Deferred tax asset
|
| | | | 382 | | | | | | — | | | | | | — | | |
(iii) Tax Losses | | | | | | | | | | | | | | | | | | | |
Unused tax losses for which no deferred tax asset has been
recognised due to no probable certainty of realisation (with no expiry period) |
| | | | 670 | | | | | | 394 | | | | | | 543 | | |
Potential tax benefit
|
| | | | 188 | | | | | | 118 | | | | | | 161 | | |
| | |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| |
Year ended
31 March 2020 |
| |||||||||
Profit from continuing operations before income tax expense
|
| | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Tax at the Indian tax rate of 34.944% (for FY 2020-21: 34.944%, FY 2019-20: 34.944%)
|
| | | | 3,010 | | | | | | 2,083 | | | | | | 2,081 | | |
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
|
| | | | | | | | | | | | | | | | | | |
Impact of deductions | | | | | | | | | | | | | | | | | | | |
Effect of tax holiday benefits*
|
| | | | (749) | | | | | | (443) | | | | | | (412) | | |
Taxes pertaining to branches – net of credits
|
| | | | 208 | | | | | | 27 | | | | | | (90) | | |
Others
|
| | | | 2 | | | | | | (4) | | | | | | (19) | | |
Impact of permanent differences | | | | | | | | | | | | | | | | | | | |
Expenses to the extent disallowable
|
| | | | 22 | | | | | | 20 | | | | | | 11 | | |
Tax provision for current tax of prior periods
|
| | | | (91) | | | | | | 24 | | | | | | 12 | | |
Others
|
| | | | (74) | | | | | | 46 | | | | | | 37 | | |
Others | | | | | | | | | | | | | | | | | | | |
Effect of differential tax rates
|
| | | | (860) | | | | | | (451) | | | | | | (372) | | |
Effect due to change in statutory tax rate during the year
|
| | | | — | | | | | | — | | | | | | 30 | | |
Income tax expense
|
| | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
| | |
Year ended
31 March 2022 |
| |
Year ended
31 March 2021 |
| ||||||
Income tax assets | | | | | | | | | | | | | |
Advance Income Tax
|
| | | | 12,697 | | | | | | 8,994 | | |
Less: Provision for income tax
|
| | | | 12,090 | | | | | | 8,636 | | |
Total income tax assets
|
| | | | 607 | | | | | | 358 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Deferred tax assets – Non Current
|
| | | | 2,736 | | | | | | 1,447 | | |
The balance comprises temporary differences attributable to: | | | | | | | | | | | | | |
Provisions allowed on payment basis
|
| | | | 445 | | | | | | 349 | | |
Defined benefit obligations allowed on payment basis
|
| | | | 530 | | | | | | 298 | | |
Other items
|
| | | | 94 | | | | | | 37 | | |
Minimum alternate tax credit entitlement
|
| | | | 1,792 | | | | | | 895 | | |
Gross deferred tax assets (A)
|
| | | | 2,861 | | | | | | 1,579 | | |
Tax impact of difference between carrying amount of Property, plant and equipment in the financial statements and as per the income tax calculation
|
| | | | (89) | | | | | | (101) | | |
Deferred tax asset related to fair value loss on derivative instruments not charged in the statement of Profit and Loss but taken to Balance Sheet
|
| | | | (36) | | | | | | (31) | | |
Gross deferred tax liabilities (B)
|
| | | | (125) | | | | | | (132) | | |
Net Deferred tax assets (A-B)
|
| | | | 2,736 | | | | | | 1,447 | | |
| | |
Deferred tax assets
|
| |
Deferred tax
liability |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Property,
plant and equipment |
| |
Derivatives
|
| |
Employee
benefits |
| |
Provisions
allowed on payment basis |
| |
Minimum
alternate tax credit entitlement |
| |
Other
items |
| |
Total
|
| |
Intangible
assets |
| ||||||||||||||||||||||||
At 31 March 2020
|
| | | | (193) | | | | | | 64 | | | | | | 194 | | | | | | 334 | | | | | | 767 | | | | | | 49 | | | | | | 1,215 | | | | | | (279) | | |
(charged)/credited: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | |
– to profit or loss- deferred tax
|
| | | | 92 | | | | | | — | | | | | | 103 | | | | | | 15 | | | | | | — | | | | | | (19) | | | | | | 191 | | | | | | 115 | | |
MAT asset created from current tax expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 128 | | | | | | — | | | | | | 128 | | | | | | — | | |
– to other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax netted with deferred gain on cash flow hedges
|
| | | | — | | | | | | (95) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (95) | | | | | | — | | |
Remeasurement of post – employment benefit obligations (expenses) / income
|
| | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | |
– Translation adjustment
|
| | | | — | | | | | | — | | | | | | -2 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 5 | | | | | | (2) | | |
At 31 March 2021
|
| | | | (101) | | | | | | (31) | | | | | | 298 | | | | | | 349 | | | | | | 895 | | | | | | 37 | | | | | | 1,447 | | | | | | (166) | | |
| | |
Deferred tax assets
|
| |
Deferred tax
liability |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Property,
plant and equipment |
| |
Derivatives
|
| |
Employee
benefits |
| |
Provisions
allowed on payment basis |
| |
Minimum
alternate tax credit entitlement |
| |
Other
items |
| |
Total
|
| |
Intangible
assets |
| ||||||||||||||||||||||||
Created on acquisition of subsidiary (Refer note 26)
|
| | | | 29 | | | | | | (2) | | | | | | 53 | | | | | | 6 | | | | | | — | | | | | | 6 | | | | | | 92 | | | | | | (702) | | |
– Unexercised ESOP (Refer Note 27)
|
| | | | — | | | | | | — | | | | | | 160 | | | | | | — | | | | | | — | | | | | | — | | | | | | 160 | | | | | | — | | |
(charged)/credited: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– to profit or loss- deferred tax
|
| | | | (17) | | | | | | — | | | | | | 16 | | | | | | 90 | | | | | | — | | | | | | 51 | | | | | | 140 | | | | | | 166 | | |
MAT asset created from current tax expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 897 | | | | | | — | | | | | | 897 | | | | | | — | | |
– to other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax netted with deferred gain on cash flow hedges
|
| | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | |
Remeasurement of post – employment benefit obligations (expenses) / income
|
| | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | |
– Translation adjustment
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | (64) | | |
At 31 March 2022
|
| | | | (89) | | | | | | (36) | | | | | | 530 | | | | | | 445 | | | | | | 1,792 | | | | | | 94 | | | | | | 2,736 | | | | | | (766) | | |
|
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Claims against the Group not acknowledged as debts | | | | | | | | | | | | | |
Income tax matters pending disposal by the tax authorities
|
| | | | 877 | | | | | | 368 | | |
Others
|
| | | | 254 | | | | | | — | | |
Total | | | | | 1,131 | | | | | | 368 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Current | | | | | | | | | | | | | |
Advances other than capital advances
|
| | | | 616 | | | | | | 367 | | |
Prepayments
|
| | | | 881 | | | | | | 669 | | |
Contract cost [Refer note (a) below]
|
| | | | 336 | | | | | | 43 | | |
Other assets [Refer note (b) below]
|
| | | | 101 | | | | | | — | | |
Total other Current assets
|
| | | | 1,934 | | | | | | 1,079 | | |
Non-Current | | | | | | | | | | | | | |
Capital advances
|
| | | | 4 | | | | | | — | | |
Advances other than capital advances
|
| | | | 32 | | | | | | 38 | | |
Prepayments
|
| | | | 190 | | | | | | 152 | | |
Contract cost [Refer note (a) below]
|
| | | | 819 | | | | | | 64 | | |
Total other non-current assets
|
| | | | 1,045 | | | | | | 254 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
Trade receivables
|
| | | | 14,854 | | | | | | 1,691 | | | | | | 11,588 | | | | | | 1,584 | | |
Less: Allowance for doubtful debt
|
| | | | 960 | | | | | | — | | | | | | 905 | | | | | | — | | |
Total receivables
|
| | | | 13,894 | | | | | | 1,691 | | | | | | 10,683 | | | | | | 1,584 | | |
Trade receivables includes amounts yet to be billed to customers and dependent only on passage of time (unbilled)
|
| | | | 2,691 | | | | | | 1,691 | | | | | | 1,788 | | | | | | 1,584 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
Security deposits
|
| | | | 134 | | | | | | 195 | | | | | | 112 | | | | | | 33 | | |
Less -Allowance for doubtful security deposits
|
| | | | — | | | | | | 2 | | | | | | — | | | | | | 2 | | |
| | | | | 134 | | | | | | 193 | | | | | | 112 | | | | | | 31 | | |
Long term deposits with bank with maturity period more than
12 months [Refer Note (a) below] |
| | | | — | | | | | | 189 | | | | | | — | | | | | | 153 | | |
Deposits with maturity more than 3 months but less than 12 months
|
| | | | 47 | | | | | | — | | | | | | 106 | | | | | | — | | |
Unpaid dividend account
|
| | | | 20 | | | | | | — | | | | | | 17 | | | | | | — | | |
Financial lease receoverable
|
| | | | 23 | | | | | | 39 | | | | | | 21 | | | | | | 61 | | |
Others [Refer Note (b) below]
|
| | | | 343 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 567 | | | | | | 421 | | | | | | 256 | | | | | | 245 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
(ii) Financial assets at fair value through other comprehensive income – Non Current
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Unquoted
|
| | | | — | | | | | | 0 | | | | | | — | | | | | | 0 | | |
Investments in equity instruments (fully paid) at Fair Value through OCI
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
(iii) Financial assets at fair value through profit or loss- Current
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment in Mutual Funds – Quoted
|
| | | | — | | | | | | — | | | | | | 124 | | | | | | — | | |
(iv) Derivative Financial Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
(i) Derivatives- fair value through other comprehensive income Foreign exchange forward contracts designated as cash flow hedge
|
| | | | 162 | | | | | | — | | | | | | 167 | | | | | | — | | |
Total derivative financial assets
|
| | | | 162 | | | | | | — | | | | | | 167 | | | | | | — | | |
Total other financial assets
|
| | | | 729 | | | | | | 421 | | | | | | 547 | | | | | | 245 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Balances with Banks | | | | | | | | | | | | | |
– in Current Accounts
|
| | | | 3,549 | | | | | | 4,211 | | |
– in EEFC account
|
| | | | 919 | | | | | | 3,061 | | |
Deposits with maturity less than three months
|
| | | | — | | | | | | 727 | | |
Total Cash and cash equivalents
|
| | | | 4,468 | | | | | | 7,999 | | |
Particulars
|
| |
As at 1st
April 2021 |
| |
Cash Flow during the year
|
| |
Finance
Charges Accrued |
| |
Others
|
| |
As at 31 March
2022 |
| |||||||||||||||||||||||||||
|
Proceeds
|
| |
Payment
|
| |
Net Cash Flows
|
| |||||||||||||||||||||||||||||||||||
Long term borrowings (including
Current Maturities of long term debt) |
| | | | 10 | | | | | | 3,578 | | | | | | (59) | | | | | | 3519 | | | | | | 16 | | | | | | — | | | | | | 3,545 | | |
Dividend Payable (including
Corporate Dividend Tax ) [ Refer Note 1 below] |
| | | | 17 | | | | | | — | | | | | | (3,748) | | | | | | (3748) | | | | | | — | | | | | | 3,751 | | | | | | 20 | | |
Interest on borrowings
|
| | | | — | | | | | | — | | | | | | (188) | | | | | | (188) | | | | | | 463 | | | | | | 14 | | | | | | 289 | | |
Lease liability [ Refer Note 3(b) for
others] |
| | | | 816 | | | | | | — | | | | | | (546) | | | | | | (546) | | | | | | 77 | | | | | | 1,004 | | | | | | 1,351 | | |
Future acquisition liability [ Refer Note 6 g (iv) for others]
|
| | | | 708 | | | | | | | | | | | | (729) | | | | | | (729) | | | | | | — | | | | | | 2,929 | | | | | | 2,908 | | |
| | | | | 1,551 | | | | | | 3,578 | | | | | | (5,270) | | | | | | (1,692) | | | | | | 556 | | | | | | 7,698 | | | | | | 8,113 | | |
Particulars
|
| |
As at 1st
April 2020 |
| |
Cash Flow during the year
|
| |
Finance
Charges Accrued |
| |
Others
|
| |
As at 31 March
2021 |
| |||||||||||||||||||||||||||
|
Proceeds
|
| |
Payment
|
| |
Net Cash Flows
|
| |||||||||||||||||||||||||||||||||||
Long term borrowings (including
Current Maturities of long term debt) |
| | | | 316 | | | | | | — | | | | | | (306) | | | | | | (306) | | | | | | — | | | | | | — | | | | | | 10 | | |
Dividend Payable (including
Corporate Dividend Tax ) [ Refer Note 1 below] |
| | | | 16 | | | | | | — | | | | | | (686) | | | | | | (686) | | | | | | — | | | | | | 687 | | | | | | 17 | | |
Interest on borrowings
|
| | | | — | | | | | | — | | | | | | (15) | | | | | | (15) | | | | | | 15 | | | | | | — | | | | | | — | | |
Lease liability [ Refer Note 3(b) for
others] |
| | | | 977 | | | | | | — | | | | | | (425) | | | | | | (425) | | | | | | 64 | | | | | | 200 | | | | | | 816 | | |
Future acquisition liability [ Refer Note 6 g (iv) for others]
|
| | | | 1,994 | | | | | | | | | | | | (1,427) | | | | | | (1,427) | | | | | | 141 | | | | | | 708 | | | | | | | | |
| | | | | 3,303 | | | | | | — | | | | | | (2,859) | | | | | | (2859) | | | | | | 79 | | | | | | 1,028 | | | | | | 1,551 | | |
Particulars
|
| |
As at 1st
April 2019 |
| |
Cash Flow during the year
|
| |
Finance
Charges Accrued |
| |
Others
|
| |
As at 31 March
2020 |
| |||||||||||||||||||||||||||
|
Proceeds
|
| |
Payment
|
| |
Net Cash Flows
|
| |||||||||||||||||||||||||||||||||||
Long term borrowings (including
Current Maturities of long term debt) |
| | | | 77 | | | | | | 281 | | | | | | (42) | | | | | | 239 | | | | | | — | | | | | | — | | | | | | 316 | | |
Dividend Payable (including
Corporate Dividend Tax ) [Refer Note 1 below] |
| | | | 17 | | | | | | — | | | | | | (1,469) | | | | | | (1469) | | | | | | — | | | | | | 1,468 | | | | | | 16 | | |
Interest on borrowings
|
| | | | — | | | | | | — | | | | | | (5) | | | | | | (5) | | | | | | 5 | | | | | | — | | | | | | — | | |
Lease liability
|
| | | | 1,182 | | | | | | — | | | | | | (367) | | | | | | (367) | | | | | | 80 | | | | | | 82 | | | | | | 977 | | |
Future acquisition liability
|
| | | | 1,954 | | | | | | — | | | | | | (1,362) | | | | | | (1,362) | | | | | | — | | | | | | 1,402 | | | | | | 1,994 | | |
| | | | | 3,230 | | | | | | 281 | | | | | | (3,245) | | | | | | (2,964) | | | | | | 85 | | | | | | 2,952 | | | | | | 3,303 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Secured Loans
|
| | | | | | | | | | | | |
Term loans
|
| | | | | | | | | | | | |
From Financial Institutions
|
| | | | — | | | | | | 3 | | |
Unsecured Loans
|
| | | | | | | | | | | | |
Term loans
|
| | | | | | | | | | | | |
Listed, Rated, Redeemable, Non-Convertible Bonds
|
| | | | 3,365 | | | | | | — | | |
Total non-current borrowings
|
| | | | 3,365 | | | | | | 3 | | |
Current Borrowings
|
| | | | | | | | | | | | |
Secured Loans
|
| | | | | | | | | | | | |
Term loans
|
| | | | | | | | | | | | |
From Financial Institutions
|
| | | | 178 | | | | | | 7 | | |
Secured Loans
|
| | | | | | | | | | | | |
Current maturities of Term loans
|
| | | | | | | | | | | | |
From Financial Institutions
|
| | | | 2 | | | | | | — | | |
Total current borrowings
|
| | | | 180 | | | | | | 7 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
Trade Payables
|
| | | | 6,160 | | | | | | 364 | | | | | | 3,398 | | | | | | 325 | | |
| | | | | 6,160 | | | | | | 364 | | | | | | 3,398 | | | | | | 325 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
Capital creditors
|
| | | | 100 | | | | | | — | | | | | | 134 | | | | | | — | | |
Employee benefits payable
|
| | | | 1,955 | | | | | | — | | | | | | 1,515 | | | | | | — | | |
Interest accrued but not due
|
| | | | 289 | | | | | | — | | | | | | — | | | | | | — | | |
Unclaimed dividend
|
| | | | 20 | | | | | | — | | | | | | 17 | | | | | | — | | |
Future acquisition liability
|
| | | | — | | | | | | 2,908 | | | | | | 708 | | | | | | — | | |
Total other financial liabilities
|
| | | | 2,364 | | | | | | 2,908 | | | | | | 2,374 | | | | | | — | | |
(ii) Derivative Financial Liability | | | | | | ||||||||||||||||||||
Designated as hedge instrument cash flow hedge – fair value through other comprehensive income
|
| | | | | ||||||||||||||||||||
Foreign exchange forward contracts
|
| | | | 34 | | | | | | — | | | | | | 61 | | | | | | — | | |
Total derivative financial liabilities
|
| | | | 34 | | | | | | — | | | | | | 61 | | | | | | — | | |
Total other financial liabilities
|
| | | | 2,398 | | | | | | 2,908 | | | | | | 2,435 | | | | | | — | | |
As at 31 March 2022
|
| |
FVPL
|
| |
FVTOCI
|
| |
Amortized
Cost |
| |
Carrying
amount |
| |
Fair value
|
| |||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | — | | | | | | — | | | | | | 1,691 | | | | | | 1,691 | | | | | | 1,691 | | |
Derivative instruments
|
| | | | — | | | | | | 162 | | | | | | — | | | | | | 162 | | | | | | 162 | | |
Other long-term financial assets
|
| | | | — | | | | | | — | | | | | | 421 | | | | | | 421 | | | | | | 421 | | |
Total Financial assets
|
| | | | — | | | | | | 162 | | | | | | 2,112 | | | | | | 2,274 | | | | | | 2,274 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current borrowings
|
| | | | — | | | | | | — | | | | | | 3,365 | | | | | | 3,365 | | | | | | 3,365 | | |
Non controlling interest*
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,908 | | | | | | 2,908 | | |
Trade payable
|
| | | | — | | | | | | — | | | | | | 364 | | | | | | 364 | | | | | | 364 | | |
Derivative instruments
|
| | | | — | | | | | | 34 | | | | | | — | | | | | | 34 | | | | | | 34 | | |
Total Financial liabilities
|
| | | | — | | | | | | 34 | | | | | | 3,729 | | | | | | 6,671 | | | | | | 6,671 | | |
As at 31 March 2021
|
| |
FVPL
|
| |
FVTOCI
|
| |
Amortized
Cost |
| |
Carrying
amount |
| |
Fair value
|
| |||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | — | | | | | | — | | | | | | 1,584 | | | | | | 1,584 | | | | | | 1,584 | | |
Investments in Mutual funds
|
| | | | 124 | | | | | | — | | | | | | — | | | | | | 124 | | | | | | 124 | | |
Derivative instruments
|
| | | | — | | | | | | 167 | | | | | | — | | | | | | 167 | | | | | | 167 | | |
Other long-term financial assets
|
| | | | — | | | | | | — | | | | | | 245 | | | | | | 245 | | | | | | 245 | | |
Total Financial assets
|
| | | | 124 | | | | | | 167 | | | | | | 1,829 | | | | | | 2,120 | | | | | | 2,120 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current borrowings
|
| | | | — | | | | | | — | | | | | | 3 | | | | | | 3 | | | | | | 3 | | |
Non controlling interest*
|
| | | | — | | | | | | — | | | | | | | | | | | | 708 | | | | | | 708 | | |
Trade payable
|
| | | | — | | | | | | — | | | | | | 325 | | | | | | 325 | | | | | | 325 | | |
Derivative instruments
|
| | | | — | | | | | | 61 | | | | | | — | | | | | | 61 | | | | | | 61 | | |
Total Financial liabilities
|
| | | | — | | | | | | 61 | | | | | | 328 | | | | | | 1,097 | | | | | | 1,097 | | |
Financial assets and liabilities measured at fair value – recurring fair value measurements at
31 March 2022 |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial assets | | | | | | ||||||||||||||||||||
Derivatives designated as hedges | | | | | | ||||||||||||||||||||
Derivative financial assets
|
| | | | — | | | | | | 162 | | | | | | — | | | | | | 162 | | |
Financial assets at amortised costs | | | | | | ||||||||||||||||||||
Trade receivables
|
| | | | — | | | | | | 1,691 | | | | | | — | | | | | | 1,691 | | |
Other long-term financial assets
|
| | | | — | | | | | | 421 | | | | | | — | | | | | | 421 | | |
Total financial assets
|
| | | | — | | | | | | 2,274 | | | | | | — | | | | | | 2,274 | | |
Financial Liabilities | | | | | | ||||||||||||||||||||
Derivatives designated as hedges | | | | | | ||||||||||||||||||||
Derivative financial liability
|
| | | | — | | | | | | 34 | | | | | | — | | | | | | 34 | | |
Other financial liabilities | | | | | | ||||||||||||||||||||
Future acquisition liability
|
| | | | — | | | | | | — | | | | | | 2,908 | | | | | | 2,908 | | |
Financial liabilities at amortised costs | | | | | | ||||||||||||||||||||
Borrowings
|
| | | | — | | | | | | 3,365 | | | | | | — | | | | | | 3,365 | | |
Trade payable
|
| | | | — | | | | | | 364 | | | | | | — | | | | | | 364 | | |
Total financial Liabilities
|
| | | | — | | | | | | 3,763 | | | | | | 2,908 | | | | | | 6,671 | | |
Financial assets and liabilities measured at fair value – recurring fair value measurements at
31 March 2021 |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial assets | | | | | | ||||||||||||||||||||
Financial Investments at FVPL | | | | | | ||||||||||||||||||||
Mutual funds
|
| | | | 124 | | | | | | — | | | | | | — | | | | | | 124 | | |
Derivatives designated as hedges | | | | | | ||||||||||||||||||||
Derivative financial Assets
|
| | | | — | | | | | | 167 | | | | | | — | | | | | | 167 | | |
Financial assets at amortised costs | | | | | | ||||||||||||||||||||
Trade receivables
|
| | | | — | | | | | | 1,584 | | | | | | — | | | | | | 1,584 | | |
Other long-term financial assets
|
| | | | — | | | | | | 245 | | | | | | — | | | | | | 245 | | |
Total financial assets
|
| | | | 124 | | | | | | 1,996 | | | | | | — | | | | | | 2,120 | | |
Financial Liability | | | | | | ||||||||||||||||||||
Derivatives designated as hedges | | | | | | ||||||||||||||||||||
Derivative financial liability
|
| | | | — | | | | | | 61 | | | | | | — | | | | | | 61 | | |
Other financial liabilities | | | | | | ||||||||||||||||||||
Future acquisition liability
|
| | | | — | | | | | | — | | | | | | 708 | | | | | | 708 | | |
Financial liabilities at amortised costs | | | | | | ||||||||||||||||||||
Borrowings
|
| | | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | |
Trade payable
|
| | | | — | | | | | | 325 | | | | | | — | | | | | | 325 | | |
Total financial Liability
|
| | | | — | | | | | | 389 | | | | | | 708 | | | | | | 1,097 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Revenue (% annual growth rate)
|
| | | | 10% | | | | | | 10% | | |
Budgeted operating margin (%)
|
| | | | 23.50% | | | | | | 25% | | |
Pre-tax discount rate (%)
|
| | | | 13.5% | | | | | | 19.5% | | |
Particulars
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Opening future acquisition liability
|
| | | | 708 | | | | | | 1,994 | | |
Addition on account of acquisition
|
| | | | 1,117 | | | | | | — | | |
Additional stake acquisition payout
|
| | | | (729) | | | | | | (1,427) | | |
Fair value through other equity
|
| | | | 1,812 | | | | | | 141 | | |
Particulars
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Closing future acquisition liability
|
| | | | 2,908 | | | | | | 708 | | |
|
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non- Current
|
| |
Current
|
| |
Non- Current
|
| ||||||||||||
Contract assets
|
| | | | 1,282 | | | | | | | | | | | | 717 | | | | | | — | | |
Less: Allowance for doubtful contract assets
|
| | | | 98 | | | | | | — | | | | | | 88 | | | | | | — | | |
Net contract assets
|
| | | | 1,184 | | | | | | — | | | | | | 629 | | | | | | — | | |
Total contract assets
|
| | | | 1,184 | | | | | | — | | | | | | 629 | | | | | | — | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||||||||||||||
| | |
Current
|
| |
Non Current
|
| |
Total
|
| |
Current
|
| |
Non Current
|
| |
Total
|
| ||||||||||||||||||
Leave Obligations (i)
|
| | | | 226 | | | | | | 440 | | | | | | 666 | | | | | | 159 | | | | | | 348 | | | | | | 507 | | |
Gratuity (iii)
|
| | | | 90 | | | | | | 607 | | | | | | 697 | | | | | | 63 | | | | | | 348 | | | | | | 411 | | |
Total
|
| | | | 316 | | | | | | 1,047 | | | | | | 1,363 | | | | | | 222 | | | | | | 696 | | | | | | 918 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Current leave obligations expected to be settled within next 12 months
|
| | | | 226 | | | | | | 159 | | |
Amount recognized in the Statement of Profit and Loss
|
| |
31 March 2022
|
| |
31 March 2021
|
| |
31 March 2020
|
| |||||||||
Superannuation fund paid to the Trust
|
| | | | 14 | | | | | | 16 | | | | | | 20 | | |
Contribution plans (branches outside India)
|
| | | | 1,197 | | | | | | 978 | | | | | | 853 | | |
Employees state insurance fund paid to the authorities
|
| | | | 15 | | | | | | 5 | | | | | | 7 | | |
Pension fund paid to the authorities
|
| | | | 268 | | | | | | 125 | | | | | | 116 | | |
Provident Fund – RPFC
|
| | | | 112 | | | | | | 29 | | | | | | 23 | | |
Total | | | | | 1,606 | | | | | | 1,153 | | | | | | 1,019 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Description | | | | | | | | | | | | | |
Present value of the defined benefit obligation as at the end of the year
|
| | | | 4,742 | | | | | | 3,798 | | |
Fair value of plan assets at the end of the year
|
| | | | 4,742 | | | | | | 3,798 | | |
Liability/(Assets) recognized in the Balance Sheet
|
| | | | — | | | | | | — | | |
|
Discount Rate
|
| | | | 7.22% | | | | | | 6.87% | | |
|
Return on Assets for Exempt PF Fund
|
| | | | 6.64% | | | | | | 6.72% | | |
|
Long term EPFO Rate
|
| | | | 8.10% | | | | | | 8.50% | | |
|
Expected Contribution to the fund in the next year
|
| | | | 330 | | | | | | 248 | | |
| | |
Present Value
of Obligation |
| |
Fair Value of
Plan Assets |
| |
Net Amount
|
| | |||||||||||
1 April 2020
|
| | | | 570 | | | | | | (270) | | | | | | 300 | | | | ||
Current Service Cost
|
| | | | 123 | | | | | | — | | | | | | 123 | | | | ||
Interest expense/ (income)
|
| | | | 40 | | | | | | (18) | | | | | | 22 | | | | ||
Total amount recognized in profit or loss
|
| | | | 163 | | | | | | (18) | | | | | | 145 | | | | ||
Remeasurements | | | | | | | | | | | | | | | | | | | | | ||
Actuarial changes arising from changes in demographic assumptions
|
| | | | 8 | | | | | | 2 | | | | | | 10 | | | | ||
Actuarial changes arising from changes in financial
assumptions |
| | | | 15 | | | | | | — | | | | | | 15 | | | | ||
Experience adjustments
|
| | | | (11) | | | | | | — | | | | | | (11) | | | | | |
Exchange differences
|
| | | | — | | | | | | (1) | | | | | | (1) | | | | ||
Total amount recognized in other comprehensive income
|
| | | | 11 | | | | | | 1 | | | | | | 12 | | | | ||
Employer’s Contributions
|
| | | | — | | | | | | (7) | | | | | | (7) | | | | ||
Benefit payments
|
| | | | (122) | | | | | | 83 | | | | | | (39) | | | | ||
31 March 2021
|
| | | | 622 | | | | | | (211) | | | | | | 411 | | | |
| | |
Present Value
of Obligation |
| |
Fair Value of
Plan Assets |
| |
Net Amount
|
| | |||||||||||
1 April 2021
|
| | | | 622 | | | | | | (211) | | | | | | 411 | | | | ||
Grautity from acquired entirty
|
| | | | 138 | | | | | | (6) | | | | | | 132 | | | | ||
Current Service Cost
|
| | | | 171 | | | | | | — | | | | | | 171 | | | | ||
Interest expense/ (income)
|
| | | | 45 | | | | | | (16) | | | | | | 29 | | | | ||
Total amount recognized in profit or loss
|
| | | | 216 | | | | | | (16) | | | | | | 200 | | | | ||
Remeasurements | | | | | | | | | | | | | | | | | | | | | ||
Actuarial changes arising from changes in demographic assumptions
|
| | | | (7) | | | | | | — | | | | | | (7) | | | | | |
Actuarial changes arising from changes in financial assumptions
|
| | | | (33) | | | | | | — | | | | | | (33) | | | | ||
Experience adjustments
|
| | | | 24 | | | | | | 3 | | | | | | 27 | | | |
| | |
Present Value
of Obligation |
| |
Fair Value of
Plan Assets |
| |
Net Amount
|
| | |||||||||||
Exchange differences
|
| | | | — | | | | | | 2 | | | | | | 2 | | | | ||
Total amount recognized in other comprehensive income
|
| | | | (16) | | | | | | 5 | | | | | | (11) | | | | | |
Employer’s Contributions
|
| | | | — | | | | | | (17) | | | | | | (17) | | | | ||
Benefit payments
|
| | | | (132) | | | | | | 114 | | | | | | (18) | | | | ||
31 March 2022
|
| | | | 828 | | | | | | (131) | | | | | | 697 | | | | ||
|
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||||||||||||||
| | |
India
|
| |
Outside India
|
| |
Total
|
| |
India
|
| |
Outside India
|
| |
Total
|
| ||||||||||||||||||
Present value of defined benefit obligation
|
| | | | 719 | | | | | | | | | | | | 719 | | | | | | 532 | | | | | | — | | | | | | 532 | | |
Fair value of plan assets
|
| | | | (131) | | | | | | | | | | | | (131) | | | | | | (211) | | | | | | — | | | | | | (211) | | |
Net defined benefit obligation
|
| | |
|
588
|
| | | |
|
—
|
| | | |
|
588
|
| | | |
|
321
|
| | | |
|
—
|
| | | |
|
321
|
| |
Unfunded plans
|
| | | | — | | | | | | 109 | | | | | | 109 | | | | | | — | | | | | | 90 | | | | | | 90 | | |
Total defined benefit obligation
|
| | | | 588 | | | | | | 109 | | | | | | 697 | | | | | | 321 | | | | | | 90 | | | | | | 411 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
| | |
India
|
| |
Others
|
| |
India
|
| |
Others
|
|
Discount rate
|
| |
6.79% to 7.35%
|
| |
1.95% to 5.18%
|
| |
6.49% to 6.90%
|
| |
1.7% to 2.8%
|
|
Future salary increase
|
| |
5% to 12%
|
| |
2% to 5%
|
| |
5% to 10%
|
| |
2% to 5.25%
|
|
Life expectancy
|
| |
6.49 to 26.08 Year
|
| |
6 to 13.12 Years
|
| |
3.5 to 11.78 Years
|
| |
8.23 to 13.18 Years
|
|
Rate of return on plan assets
|
| |
6.79% to 7.35%
|
| |
—
|
| |
6.49% to 6.90%
|
| |
—
|
|
| | |
Change in assumptions
|
| |
Impact on defined benefit obligation
|
| ||||||||||||||||||||||||
|
Increase in assumption
|
| |
Decrease in assumption
|
| ||||||||||||||||||||||||||
|
31 March 2022
|
| |
31 March 2020
|
| |
31 March 2022
|
| |
31 March 2021
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||
Discount rate
|
| |
50 Basis Points
|
| |
50 Basis Points
|
| | | | (40) | | | | | | (28) | | | | | | 43 | | | | | | 25 | | |
Salary growth rate
|
| |
50 Basis Points
|
| |
50 Basis Points
|
| | | | 43 | | | | | | 27 | | | | | | (40) | | | | | | (28) | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||||||||||||||
| | |
Quoted
|
| |
Total
|
| |
%
|
| |
Quoted
|
| |
Total
|
| |
%
|
| ||||||||||||||||||
Insurance policies and cash
|
| | | | 131 | | | | | | 131 | | | | | | 100% | | | | | | 211 | | | | | | 211 | | | | | | 100% | | |
| | |
Less than a
year |
| |
Between 1 – 2
years |
| |
Between 2 – 5
years |
| |
Over 5 years
|
| |
Total
|
| |||||||||||||||
31 March 2022
|
| | | | 58 | | | | | | 48 | | | | | | 247 | | | | | | 1,221 | | | | | | 1,574 | | |
31 March 2021
|
| | | | 44 | | | | | | 43 | | | | | | 182 | | | | | | 525 | | | | | | 794 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||||||||||||||
| | |
Current
|
| |
Non-Current
|
| |
Total
|
| |
Current
|
| |
Non-Current
|
| |
Total
|
| ||||||||||||||||||
Provision for Customer Contract
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | |
Total | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Other non-current liabilities | | | | | | | | | | | | | |
Payroll taxes
|
| | | | — | | | | | | 145 | | |
Contract liabilities
|
| | | | 51 | | | | | | 36 | | |
Total other non-current liabilities
|
| | | | 51 | | | | | | 181 | | |
Other current liabilities | | | | | | | | | | | | | |
Contract liabilities
|
| | | | 560 | | | | | | 536 | | |
Payroll taxes
|
| | | | 159 | | | | | | 150 | | |
Statutory dues including provident fund and tax deducted at source
|
| | | | 1,605 | | | | | | 1,406 | | |
Total other current liabilities
|
| | | | 2,324 | | | | | | 2,092 | | |
| | |
Number of
shares |
| |
Amount
|
| ||||||
As at 01 April 2020
|
| | | | 77,000,000 | | | | | | 770 | | |
Increase during the year
|
| | | | — | | | | | | — | | |
As at 31 March 2021
|
| | | | 77,000,000 | | | | | | 770 | | |
Increase during the year
|
| | | | — | | | | | | — | | |
As at 31 March 2022
|
| | | | 77,000,000 | | | | | | 770 | | |
| | |
Number of
shares |
| |
Amount
|
| ||||||
As at 01 April 2020
|
| | | | 62,494,559 | | | | | | 625 | | |
Issue of Shares
|
| | | | 54,080 | | | | | | 1 | | |
Shares extinguished on buy back (Refer note below)
|
| | | | (1,956,290) | | | | | | (20) | | |
As at 31 March,2021
|
| | | | 60,592,349 | | | | | | 606 | | |
Issue of Shares
|
| | | | 320,803 | | | | | | 3 | | |
As at 31 March 2022
|
| | | | 60,913,152 | | | | | | 609 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Capital reserves
|
| | | | 11 | | | | | | 11 | | |
Capital redemption reserve
|
| | | | 36 | | | | | | 36 | | |
Securities premium
|
| | | | 384 | | | | | | 39 | | |
Share options outstanding
|
| | | | 575 | | | | | | 523 | | |
General reserve
|
| | | | 2,057 | | | | | | 2,057 | | |
Retained earnings
|
| | | | 22,715 | | | | | | 20,689 | | |
Cash flow hedging reserve
|
| | | | 95 | | | | | | 77 | | |
Foreign currency translation reserve
|
| | | | 849 | | | | | | 882 | | |
Total reserves and surplus
|
| | | | 26,722 | | | | | | 24,314 | | |
(i) Capital Reserves | | | | | | | | | | | | | |
Opening Balance
|
| | | | 11 | | | | | | 11 | | |
Increase/ decrease during the year
|
| | | | — | | | | | | — | | |
Closing Balance
|
| | | | 11 | | | | | | 11 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
(ii) Capital redemption reserve | | | | | | | | | | | | | |
Opening Balance
|
| | | | 36 | | | | | | 17 | | |
Add: Increase due to buy back of equity shares
|
| | | | — | | | | | | 19 | | |
Closing Balance
|
| | | | 36 | | | | | | 36 | | |
(iii) Securities premium | | | | | | | | | | | | | |
Opening Balance
|
| | | | 39 | | | | | | 1,053 | | |
Add: Transferred from employee stock option
|
| | | | 297 | | | | | | 22 | | |
Add: Premium on shares issued for exercised options
|
| | | | 48 | | | | | | 17 | | |
Less: Decrease due to buy back of equity shares
|
| | | | — | | | | | | (1,053) | | |
Closing Balance
|
| | | | 384 | | | | | | 39 | | |
(iv) Employee stock option | | | | | | | | | | | | | |
Options granted till date
|
| | | | 523 | | | | | | 83 | | |
Less: Transferred to securities premium
|
| | | | (297) | | | | | | (22) | | |
Add: service cost for the year
|
| | | | 349 | | | | | | 462 | | |
Closing Balance
|
| | | | 575 | | | | | | 523 | | |
(v) General Reserve | | | | | | | | | | | | | |
Opening Balance
|
| | | | 2,057 | | | | | | 2,306 | | |
Less: Decrease due to buy back of equity shares
|
| | | | — | | | | | | (249) | | |
Closing Balance
|
| | | | 2,057 | | | | | | 2,057 | | |
(vi) Retained Earnings | | | | | | | | | | | | | |
Opening Balance
|
| | | | 20,689 | | | | | | 19,729 | | |
Net profit for the period
|
| | | | 6,617 | | | | | | 4,556 | | |
Add: Remeasurement gains on defined benefit plans
|
| | | | 4 | | | | | | (9) | | |
Add: Sale of subsidiary
|
| | | | — | | | | | | — | | |
Add: Tax benefit on share based payment
|
| | | | 382 | | | | | | — | | |
Less: Impact of fair value of NCI
|
| | | | (1,822) | | | | | | (36) | | |
Less: Decrease due to buy back of equity shares including transaction cost
|
| | | | — | | | | | | (2,864) | | |
Less: Appropriations
|
| | | | — | | | | | | — | | |
Dividend paid
|
| | | | (3,155) | | | | | | (687) | | |
Closing Balance
|
| | | | 22,715 | | | | | | 20,689 | | |
|
| | |
Cash Flow
Hedging Reserve |
| |
Foreign
Currency Translation Reserve |
| |
Total
|
| |||||||||
As at 1 April 2020
|
| | | | (197) | | | | | | 511 | | | | | | 314 | | |
Fair Value changes on Cash Flow Hedges, net of tax | | | | | |||||||||||||||
Increase/(decrease) during the year
|
| | | | 274 | | | | | | 371 | | | | | | 645 | | |
As at 31 March 2021
|
| | | | 77 | | | | | | 882 | | | | | | 959 | | |
Fair Value changes on Cash Flow Hedges, net of tax | | | | | |||||||||||||||
Increase/(decrease) during the year
|
| | | | 18 | | | | | | (33) | | | | | | (15) | | |
As at 31 March 2022
|
| | | | 95 | | | | | | 849 | | | | | | 944 | | |
| | |
Amount
|
| |||
At 1 April 2020
|
| | |
|
—
|
| |
Add : Non-controlling share in the results for the year
|
| | | | 104 | | |
Less : Derecognition of NCI to Financial liability
|
| | | | (104) | | |
At 31 March 2021
|
| | | | — | | |
Add : Non-controlling share in the results for the period
|
| | | | 547 | | |
Add: Acquisition of non controlling interest
|
| | | | 2,142 | | |
Less: Dividend paid
|
| | | | (596) | | |
Less: Derecognition of NCI to Financial liability
|
| | | | (1,110) | | |
At 31 March 2022
|
| | | | 983 | | |
| | |
Year Ended
31 March 2022 |
| |
Year Ended
31 March 2021 |
| |
Year Ended
31 March 2020 |
| |||||||||
Sale of products
|
| | | | 2,333 | | | | | | 3,636 | | | | | | 459 | | |
Sale of services
|
| | | | 61,987 | | | | | | 42,992 | | | | | | 41380 | | |
Total revenue from operations
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
| Timing of revenue recognition | | | | | | | | | | | | | | | | | | | |
|
Goods transferred at a point in time
|
| | | | 2,333 | | | | | | 3,636 | | | | | | 459 | | |
|
Services transferred over time
|
| | | | 61,987 | | | | | | 42,992 | | | | | | 41,380 | | |
|
Total revenue from operations
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
Vertical
|
| |
Year Ended
31 March 2022 |
| |
Year Ended
31 March 2021 |
| |
Year Ended
31 March 2020 |
| |||||||||
Banking and financial services
|
| | | | 16,420 | | | | | | 8,135 | | | | | | 6754 | | |
Insurance
|
| | | | 18,187 | | | | | | 15,135 | | | | | | 12694 | | |
Travel, transportation and hospitality
|
| | | | 12,220 | | | | | | 8,989 | | | | | | 11666 | | |
All Others
|
| | | | 17,493 | | | | | | 14,369 | | | | | | 10725 | | |
Total Revenue
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
| | |
Year Ended
31 March 2022 |
| |
Year Ended
31 March 2021 |
| |
Year Ended
31 March 2020 |
| |||||||||
Product Engineering
|
| | | | 7,698 | | | | | | 7,321 | | | | | | 6234 | | |
Intelligent Automation
|
| | | | 8,899 | | | | | | 6,994 | | | | | | 6108 | | |
Data and Integration
|
| | | | 13,405 | | | | | | 9,372 | | | | | | 7657 | | |
Cloud and Infrastructure Management
|
| | | | 11,495 | | | | | | 9,652 | | | | | | 7322 | | |
Business Process Management
|
| | | | 6,853 | | | | | | 793 | | | | | | 962 | | |
Application Development and Maintenance
|
| | | | 15,970 | | | | | | 12,496 | | | | | | 13556 | | |
Total Revenue
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
| | |
Year Ended 31
March 2022 |
| |
Year Ended 31
March 2021 |
| |
Year Ended 31
March 2020 |
| |||||||||
Time-and-material
|
| | | | 28,159 | | | | | | 21,449 | | | | | | 21,756 | | |
Fixed-price* | | | | | 36,161 | | | | | | 25,179 | | | | | | 20,083 | | |
Total Revenue
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
| | |
Year Ended 31
March 2022 |
| |
Year Ended 31
March 2021 |
| |
Year Ended 31
March 2020 |
| |||||||||
Balance at the beginning
|
| | | | 629 | | | | | | 1,072 | | | | | | 623 | | |
| | | | 616 | | | | | | 1,026 | | | | | | 540 | | |
| | |
Year Ended 31
March 2022 |
| |
Year Ended 31
March 2021 |
| |
Year Ended 31
March 2020 |
| |||||||||
Balance at the beginning
|
| | | | 572 | | | | | | 403 | | | | | | 390 | | |
Revenue recognized during the year from opening contract liability
|
| | | | 572 | | | | | | 403 | | | | | | 377 | | |
| | |
Year Ended
31 March 2022 |
| |
Year Ended
31 March 2021 |
| |
Year Ended
31 March 2020 |
| |||||||||
| | | | | | | | | | | | | | | | | | | |
Net gain on sale of investments | | | | | | | | | | | | | | | | | | | |
Dividend income from investment in mutual funds
|
| | | | 2 | | | | | | — | | | | | | 12 | | |
Interest Income from financial assets at amortised cost
|
| | | | 110 | | | | | | 109 | | | | | | 93 | | |
| | |
Year Ended
31 March 2022 |
| |
Year Ended
31 March 2021 |
| |
Year Ended
31 March 2020 |
| |||||||||
Gain on sale of Investments in equity instruments
|
| | | | 3 | | | | | | — | | | | | | 116 | | |
Income on Financial Investments at fair value through profit and loss Mutual funds
|
| | | | — | | | | | | 8 | | | | | | 188 | | |
Finance income
|
| | | | 115 | | | | | | 117 | | | | | | 409 | | |
Gain on exchange fluctuations (net)
|
| | | | 161 | | | | | | — | | | | | | 174 | | |
Government incentives
|
| | | | 170 | | | | | | 52 | | | | | | 36 | | |
Profit on sale of asset
|
| | | | 6 | | | | | | — | | | | | | — | | |
Miscellaneous income
|
| | | | 66 | | | | | | 157 | | | | | | 115 | | |
Total other income
|
| | | | 518 | | | | | | 326 | | | | | | 734 | | |
|
|
Salaries, wages and bonus
|
| | | | 35,561 | | | | | | 26,062 | | | | | | 23691 | | |
|
Contribution to provident (and other) funds
|
| | | | 1,924 | | | | | | 1,303 | | | | | | 1151 | | |
|
Employee share-based payment expense
|
| | | | 382 | | | | | | 464 | | | | | | 63 | | |
|
Gratuity
|
| | | | 200 | | | | | | 145 | | | | | | 103 | | |
|
Staff welfare expenses
|
| | | | 279 | | | | | | 184 | | | | | | 290 | | |
|
Total employee benefit expense
|
| | | | 38,346 | | | | | | 28,158 | | | | | | 25,298 | | |
|
Depreciation of property, plant and equipment
|
| | | | 812 | | | | | | 638 | | | | | | 623 | | |
|
Depreciation of right of use assets
|
| | | | 411 | | | | | | 291 | | | | | | 283 | | |
|
Amortisation of intangible assets
|
| | | | 1,049 | | | | | | 907 | | | | | | 864 | | |
|
Total Depreciation and amortization expense
|
| | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
|
Facility related expenses
|
| | | | 1,229 | | | | | | 840 | | | | | | 864 | | |
|
Communication expenses
|
| | | | 341 | | | | | | 229 | | | | | | 268 | | |
|
Legal and professional
|
| | | | 969 | | | | | | 770 | | | | | | 931 | | |
|
Travelling and conveyance
|
| | | | 263 | | | | | | 197 | | | | | | 1277 | | |
|
Recruitment expenses
|
| | | | 628 | | | | | | 227 | | | | | | 313 | | |
|
Insurance premium
|
| | | | 117 | | | | | | 78 | | | | | | 76 | | |
|
Loss on exchange fluctuations (net)
|
| | | | — | | | | | | 106 | | | | | | — | | |
|
Allowance for doubtful debts – trade receivables and contract assets [Refer note (a)]
|
| | | | 16 | | | | | | 384 | | | | | | 172 | | |
|
Loss on sales of assets (net)
|
| | | | — | | | | | | 16 | | | | | | 13 | | |
|
Expenditure towards Corporate Social Responsibilities activities
|
| | | | 104 | | | | | | 81 | | | | | | 56 | | |
|
Marketing expenses
|
| | | | 191 | | | | | | 123 | | | | | | 318 | | |
|
Transaction related expenses
|
| | | | — | | | | | | 46 | | | | | | 40 | | |
|
Miscellaneous expenses
|
| | | | 449 | | | | | | 318 | | | | | | 267 | | |
| | | | | | 4,307 | | | | | | 3,415 | | | | | | 4,595 | | |
|
Interest on borrowings
|
| | | | 479 | | | | | | 15 | | | | | | 5 | | |
|
Bank and financial charges
|
| | | | 41 | | | | | | 36 | | | | | | 36 | | |
|
Unwinding of discounts on lease liability and others
|
| | | | 130 | | | | | | 92 | | | | | | 114 | | |
|
Finance costs expensed in profit or loss
|
| | | | 650 | | | | | | 143 | | | | | | 155 | | |
Particulars
|
| |
Less than 1
month |
| |
1 to 3
months |
| |
3 to 6
months |
| |
6 to 9
months |
| |
9 to 12
month |
| |
Total
|
| ||||||||||||||||||
USD /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 1,029 | | | | | | 2,003 | | | | | | 2,686 | | | | | | 2,335 | | | | | | 1,982 | | | | | | 10,034 | | |
Average forward rate
|
| | | | 77 | | | | | | 76 | | | | | | 77 | | | | | | 78 | | | | | | 78 | | | | | | 76.95 | | |
GBP /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 201 | | | | | | 502 | | | | | | 607 | | | | | | 549 | | | | | | 486 | | | | | | 2,346 | | |
Average forward rate
|
| | | | 106 | | | | | | 106 | | | | | | 105 | | | | | | 105 | | | | | | 105 | | | | | | 105.47 | | |
EUR /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 42 | | | | | | 82 | | | | | | 108 | | | | | | 84 | | | | | | 68 | | | | | | 384 | | |
Average forward rate
|
| | | | 92 | | | | | | 92 | | | | | | 91 | | | | | | 90 | | | | | | 90 | | | | | | 90.73 | | |
AUD /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount
|
| | | | 46 | | | | | | 92 | | | | | | 121 | | | | | | 107 | | | | | | 93 | | | | | | 458 | | |
Average forward rate
|
| | | | 57 | | | | | | 56 | | | | | | 56 | | | | | | 57 | | | | | | 57 | | | | | | 56.55 | | |
Particulars
|
| |
Less than 1
month |
| |
1 to 3
months |
| |
3 to 6
months |
| |
6 to 9
months |
| |
9 to 12
month |
| |
Total
|
| ||||||||||||||||||
USD /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 590 | | | | | | 1,149 | | | | | | 1,448 | | | | | | 1,366 | | | | | | 1,193 | | | | | | 5,746 | | |
Average forward rate
|
| | | | 78 | | | | | | 78 | | | | | | 77 | | | | | | 77 | | | | | | 76 | | | | | | 77 | | |
GBP /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 165 | | | | | | 477 | | | | | | 592 | | | | | | 521 | | | | | | 446 | | | | | | 2,201 | | |
Average forward rate
|
| | | | 97 | | | | | | 98 | | | | | | 100 | | | | | | 102 | | | | | | 105 | | | | | | 101 | | |
EUR /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount (INR)
|
| | | | 37 | | | | | | 86 | | | | | | 110 | | | | | | 96 | | | | | | 84 | | | | | | 413 | | |
Average forward rate
|
| | | | 88 | | | | | | 89 | | | | | | 91 | | | | | | 82 | | | | | | 93 | | | | | | 91 | | |
AUD /INR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notional amount
|
| | | | 17 | | | | | | 47 | | | | | | 60 | | | | | | 57 | | | | | | 51 | | | | | | 232 | | |
Average forward rate
|
| | | | 54 | | | | | | 55 | | | | | | 56 | | | | | | 57 | | | | | | 59 | | | | | | 56 | | |
Foreign exchange
forward contracts |
| |
Notional
amount |
| |
Carrying
amount |
| |
Line item in the statement of
financial position |
| |
Change in fair value
used for measuring ineffectiveness for the year |
|
At 31 March 2022
|
| |
13,222
|
| |
128
|
| | Derivative instruments under current financial assets / liabilities | | |
—
|
|
At 31 March 2021
|
| |
8,592
|
| |
106
|
| | Derivative instruments under current financial assets / liabilities | | |
—
|
|
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||
| | |
Carrying amount of hedging
instrument |
| |
Maturity period
|
| |
Carrying amount of hedging
instrument |
| |
Maturity period
|
| ||||||
| | |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| ||||||
Cash flow hedge | | | | | | | | | | | | | | | | | | | |
Foreign exchange risk
Foreign exchange forward contracts |
| |
162
|
| |
34
|
| |
April 2022 to
March 2023 |
| |
167
|
| |
61
|
| |
April 2021 to
March 2022 |
|
| | |
Change in the value of hedging
instrument recognised in other comprehensive income* |
| |
Amount reclassified from
cash flow hedging reserve to profit or loss |
| |
Line item affected
in statement of profit and loss because of the reclassification |
| |||||||||||||||||||||||||||
Type of Hedge
|
| |
31 March
2022 |
| |
31 March
2021 |
| |
31 March
2022 |
| |
31 March
2021 |
| |
31 March
2022 |
| |
31 March
2021 |
| ||||||||||||||||||
Cash flow hedge | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign exchange risk
|
| | | | 18 | | | | | | 274 | | | | | | 224 | | | | | | (31) | | | | | | Revenue | | | | | | Revenue | | |
Currencies
|
| |
Net financial Assets
|
| |
Net financial Liabilities
|
| ||||||||||||||||||
|
31 March 2022
|
| |
31 March 2021
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||
USD/INR
|
| | | | 2,225 | | | | | | 1,161 | | | | | | 189 | | | | | | 61 | | |
GBP/INR
|
| | | | 1,501 | | | | | | 762 | | | | | | 11 | | | | | | — | | |
EURO/INR
|
| | | | 78 | | | | | | 186 | | | | | | 0 | | | | | | — | | |
AUD/INR
|
| | | | 162 | | | | | | 151 | | | | | | — | | | | | | 1 | | |
Currencies
|
| |
Impact on Profit after Tax
|
| |
Impact on other components of
equity(excluding impact through Profit and Loss) |
| ||||||||||||||||||
|
31 March 2022
|
| |
31 March 2021
|
| |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||
USD Sensitivity
INR/USD – Increase by 3% (31 March 2020 – 3%)* |
| | | | 42 | | | | | | 12 | | | | | | 1 | | | | | | 3 | | |
INR/USD – Decrease by 3% (31 March 2020 – 3%)*
|
| | | | (42) | | | | | | (12) | | | | | | (1) | | | | | | (3) | | |
EUR Sensitivity INR/EUR – Increase by 3%
(31 March 2020 – 3%)* |
| | | | 3 | | | | | | 9 | | | | | | 1 | | | | | | 0 | | |
INR/EUR – Decrease by 3% (31 March 2020 – 3%)*
|
| | | | (3) | | | | | | (9) | | | | | | (1) | | | | | | (0) | | |
GBP Sensitivity INR/GBP – Increase by 3%
(31 March 2020 – 3%)* |
| | | | 45 | | | | | | 24 | | | | | | 3 | | | | | | (2) | | |
INR/GBP – Decrease by 3% (31 March 2020 – 3%)*
|
| | | | (45) | | | | | | (24) | | | | | | (3) | | | | | | 2 | | |
AUD Sensitivity | | | | | | | | | | | | | | | | | | | | | | | | | |
INR/AUD – Increase by 3% (31 March 2020 – 3%)*
|
| | | | 4 | | | | | | 3 | | | | | | (0) | | | | | | (0) | | |
INR/AUD – Decrease by 3% (31 March 2020 – 3%)*
|
| | | | (4) | | | | | | (3) | | | | | | 0 | | | | | | 0 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
Balance at the beginning
|
| | | | 993 | | | | | | 783 | | |
Impairment loss recognized
|
| | | | 16 | | | | | | 385 | | |
Transfer from provision for customer contract / other expenses
|
| | | | 49 | | | | | | 87 | | |
Amounts written off
|
| | | | — | | | | | | (262) | | |
Balance at the end
|
| | | | 1,058 | | | | | | 993 | | |
Particulars
|
| |
Less than 1 Year
|
| |
1 – 2 Years
|
| |
2 – 4 Years
|
| |
4 – 8 Years
|
| |
Total
|
| |||||||||||||||
Borrowings
|
| | | | 180 | | | | | | — | | | | | | 3,365 | | | | | | — | | | | | | 3,545 | | |
Trade Payables
|
| | | | 6,160 | | | | | | 244 | | | | | | 67 | | | | | | 53 | | | | | | 6,524 | | |
Lease Liability
|
| | | | 414 | | | | | | 211 | | | | | | 178 | | | | | | 548 | | | | | | 1,351 | | |
Other Financial Liabilities (excluding
Borrowings) |
| | | | 2,398 | | | | | | 2,830 | | | | | | 78 | | | | | | — | | | | | | 5,306 | | |
| | | | | 9,152 | | | | | | 3,285 | | | | | | 3,688 | | | | | | 601 | | | | | | 16,726 | | |
Particulars
|
| |
Less than 1 Year
|
| |
1 – 2 Years
|
| |
2 – 4 Years
|
| |
4 – 8 Years
|
| |
Total
|
| |||||||||||||||
Borrowings
|
| | | | 7 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 10 | | |
Trade Payables
|
| | | | 3,398 | | | | | | 206 | | | | | | 44 | | | | | | 75 | | | | | | 3,723 | | |
Lease Liability
|
| | | | 268 | | | | | | 198 | | | | | | 233 | | | | | | 117 | | | | | | 816 | | |
Other Financial Liabilities (excluding
Borrowings) |
| | | | 2,435 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,435 | | |
| | | | | 6,108 | | | | | | 407 | | | | | | 277 | | | | | | 192 | | | | | | 6,984 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||
(i) Equity Shares | | | | | | | | | | | | | |
During the year the directors have recommended the payment of Interim dividend.
|
| | | | 2,367 | | | | | | 687 | | |
(ii) Dividends not recognised at the end of reporting period | | | | | | | | | | | | | |
In addition to the above dividends, the directors have recommended the payment of Interim dividend of Rs. 13 per fully paid up equity share each on 12 May 2022 (31 March 2021 Rs. 11 per share).
|
| | | | 792 | | | | | | 788 | | |
Sr.
No. |
| |
Name
|
| |
Place of
business/ country of incorporation |
| |
Ownership interest
held by the Company |
| |
Ownership interest
held by the Non controlling interest |
| |
Principal
Activities |
| ||||||||||||||||||
|
31 March
2022 |
| |
31 March
2021 |
| |
31 March
2022 |
| |
31 March
2021 |
| |||||||||||||||||||||||
| | | Direct subsidiaries | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 | | | Coforge SmartServe Limited (erstwhile NIIT SmartServe Limited) | | | India | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
2 | | |
Coforge Services Limited (erstwhile NIIT Technologies
Services Limited) |
| | India | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
3 | | | Coforge U.K. Limited (erstwhile NIIT Technologies Limited) | | |
United Kingdom
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
4 | | |
Coforge Pte Limited (erstwhile NIIT
Technologies Pacific Pte Limited) |
| | Singapore | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
5 | | | Coforge DPA Private Limited (erstwhile NIIT Incessant Private Limited) | | | India | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
6 | | | Coforge GmbH(erstwhile NIIT Technologies GmbH) | | | Germany | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
7 | | | Coforge Inc. (erstwhile NIIT Technologies Inc) | | | USA | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
8 | | |
Coforge Airline Technologies GmbH (erstwhile
NIIT Airline Technologies GmbH) |
| | Germany | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
Sr.
No. |
| |
Name
|
| |
Place of
business/ country of incorporation |
| |
Ownership interest
held by the Company |
| |
Ownership interest
held by the Non controlling interest |
| |
Principal
Activities |
| ||||||||||||||||||
|
31 March
2022 |
| |
31 March
2021 |
| |
31 March
2022 |
| |
31 March
2021 |
| |||||||||||||||||||||||
9 | | | Coforge FZ LLC(erstwhile NIIT Technologies FZ LLC) | | | Dubai | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
10 | | |
NIIT Technologies Philippines Inc (under liquidation)
|
| | Philippines | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
11 | | |
Coforge SF Private Limited (erstwhile Whishworks IT
Consulting Private Limited) |
| | India | | | | | 100 | | | | | | 81.40 | | | | | | — | | | | | | 18.60 | | | |
Software
development |
|
12 | | | Coforge Business Process Solutions Private Limited (Erstwhile SLK Global Solutions Pvt Limited) w.e.f. April 28, 2021* | | | India | | | | | 60 | | | | | | — | | | | | | 40 | | | | | | — | | | |
Information
Technology/ Information Technology Enabled Services (“IT / ITES”) |
|
| | | Stepdown subsidiaries | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13 | | |
Coforge BV (erstwhile NIIT Technologies BV) (Wholly
owned by Coforge U.K. Ltd.) |
| | Netherlands | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
14 | | | Coforge Limited (erstwhile NIIT Technologies Ltd) (Coforge Pte Ltd., Singapore) | | | Thailand | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
15 | | |
Coforge Technologies (Australia) Pty Limited
(erstwhile NIIT Technologies Pty Ltd) (Wholly owned by Coforge Pte Ltd., Singapore) |
| | Australia | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
16 | | |
Coforge Advantage Go (erstwhile NIIT Insurance Technologies Limited) (Wholly owned by Coforge U.K. Ltd., UK)
|
| |
United Kingdom
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
17 | | |
Coforge S.A. (erstwhile NIIT Technologies S.A.) (Wholly owned by Coforge U.K. Ltd.)
|
| | Spain | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
18 | | |
Coforge BPM Inc. (erstwhile RuleTek LLC) (80% owned Coforge DPA Private Limited, India and 20% by Coforge DPA NA Inc. USA)
|
| | USA | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
19 | | | Coforge DPA UK Ltd. (erstwhile Incessant Technologies. (UK) Limited) (Wholly owned by Coforge DPA Private Ltd.) | | |
United Kingdom
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
20 | | |
Coforge DPA Ireland Limited (erstwhile Incessant Technologies (Ireland) Ltd., (Ireland) (Wholly owned by Coforge DPA Private Ltd.)
|
| | Ireland | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
21 | | |
Coforge DPA Australia Pty Ltd. (erstwhile Incessant Technologies (Australia) Pty Ltd.) (Wholly owned by Coforge DPA Private Ltd.)
|
| | Australia | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
22 | | | Coforge DPA NA Inc. USA (erstwhile Incessant Technologies NA Inc.) (Wholly owned by Coforge DPA Private Ltd.) | | | USA | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | |
Software
development |
|
23 | | | Coforge SF Limited, UK (Erstwhile Whishworks Limited, UK) (Wholly owned by Whishworks IT Consulting Private Limited, India) | | |
United Kingdom
|
| | | | 100 | | | | | | 81.40 | | | | | | — | | | | | | 18.60 | | | |
Software
development |
|
24 | | |
Coforge SPÓŁKA Z OGRANICZONA
ODPOWIEDZIALNOSCIA (erstwhile NIIT Technologies Spółka Z Ograniczona Odpowiedzialnoscia) (Wholly owned by Coforge U.K. Ltd., UK, |
| | Poland | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | |
Software
development |
|
25 | | |
Coforge S.R.L., Romania (erstwhile NIIT Technologies
S.R.L.) (Wholly owned by Coforge U.K. Limited, w.e.f. August 25, 2020) |
| | Romania | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | |
Software
development |
|
26 | | |
Coforge A.B. Sweden (erstwhile NIIT Technologies A.B.) (wholly owned by Coforge U.K. Limited, w.e.f. September 07, 2020)
|
| | Sweden | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | |
Software
development |
|
Sr.
No. |
| |
Name
|
| |
Place of
business/ country of incorporation |
| |
Ownership interest
held by the Company |
| |
Ownership interest
held by the Non controlling interest |
| |
Principal
Activities |
| ||||||||||||||||||
|
31 March
2022 |
| |
31 March
2021 |
| |
31 March
2022 |
| |
31 March
2021 |
| |||||||||||||||||||||||
27 | | |
Coforge SDN. BHD. Malaysia (Erstwhile NIIT
Technologies SDN. BHD), (Wholly owned by Coforge Pte Ltd., Singapore, w.e.f. June 25, 2020) |
| | Malaysia | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | |
Software
development |
|
28 | | | Coforge SpA, Chile (Wholly owned by Coforge U.K. Ltd., UK) | | | Chile | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | |
Software
development |
|
29 | | |
SLK Global Philippines Inc, Philippines (wholly owned subsidiary of SLK Global Solutions Private Limited w.e.f. April 28, 2021) *
|
| | Philippines | | | | | 60 | | | | | | — | | | | | | 40 | | | | | | — | | | |
Information
Technology/ Information Technology Enabled Services (“IT / ITES”) |
|
30 | | |
Coforge BPS America Inc. (Erstwhile SLK Global Solutions America Inc., USA) (wholly owned subsidiary of SLK Global Solutions Private Limited w.e.f. April 28, 2021) *
|
| | USA | | | | | 60 | | | | | | — | | | | | | 40 | | | | | | — | | | |
Information
Technology/ Information Technology Enabled Services (“IT / ITES”) |
|
31 | | |
SLK Global North Carolina LLC, USA (wholly owned
subsidiary of SLK Global Solutions Private Limited w.e.f. April 28, 2021) |
| | USA | | | | | 60 | | | | | | — | | | | | | 40 | | | | | | — | | | |
Information
Technology/ Information Technology Enabled Services (“IT / ITES”) |
|
32 | | |
Coforge Healthcare Digital Automation LLC (Subsidiary of Coforge BPM Inc. w.e.f. January 21, 2022)
|
| | USA | | | | | 55 | | | | | | — | | | | | | 45 | | | | | | — | | | |
Information
Technology/ Information Technology Enabled Services (“IT / ITES”) |
|
Particulars
|
| |
31 March 2022
|
| |||
Assets | | | | | | | |
Non current assets
|
| | | | 1,326 | | |
Current assets
|
| | | | 2,873 | | |
Liabilities | | | | | | | |
Non current liabilities
|
| | | | 201 | | |
Current liabilities
|
| | | | 1,363 | | |
Equity
|
| | | | 2,635 | | |
% of ownership interest held by NCI [Refer Note 26(d)]
|
| | | | 40% | | |
Accumulated NCI
|
| | | | 983 | | |
Particulars
|
| |
31 March 2022
|
| |||
Revenue
|
| | | | 6,108 | | |
Net profit / (loss)
|
| | | | 1,278 | | |
Other comprehesive income / (loss)
|
| | | | 49 | | |
Total other comprehensive income / (loss)
|
| | |
|
1,327
|
| |
Profit/(loss) allocated to NCI
|
| | | | 511 | | |
Particulars
|
| |
31 March 2022
|
| |||
Net cash flows from operating activities
|
| | | | 1,576 | | |
Net cash (outflow)/ inflow from investing activities
|
| | | | 448 | | |
Net cash (outflow)/ inflow from financing activities
|
| | | | (1,706) | | |
Net cash (outflow)/ inflow
|
| | | | 318 | | |
Dividend paid to NCI
|
| | | | 596 | | |
Particulars
|
| |
Country
|
| |
Nature of relationship
|
|
Coforge Limited Employees Provident Fund
Trust (formerly NIIT Technologies Limited Employees Provident Fund Trust) |
| | India | | | Post-employment benefit plan | |
Coforge Limited Employees Group Gratuity
Scheme (formerly NIIT Technologies Limited Employees Group Gratuity Scheme) |
| | India | | | Post-employment benefit plan | |
Coforge Limited Employees Superannuation
Scheme (formerly NIIT Technologies Superannuation Scheme) |
| | India | | | Post-employment benefit plan | |
Nature of Transactions
|
| |
Investor with
significant influence |
| | | |
Parties in which
Key Managerial Personnel of the Group are interested |
| |
Total
|
| |||||||||||||
Receiving of Services
31 March 2022 31 March 2021 31 March 2020 |
| | | | | ||||||||||||||||||||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 3 | | | | | | — | | | | | | 3 | | | ||
Rendering of Services
31 March 2022 31 March 2021 31 March 2020 |
| | | | | ||||||||||||||||||||
| | | — | | | | | | — | | | | | | 2 | | | | | | 2 | | | ||
| | | — | | | | | | — | | | | | | 5 | | | | | | 5 | | | ||
| | | — | | | | | | 29 | | | | | | — | | | | | | 29 | | | ||
Dividend Paid
31 March 2022 31 March 2021 31 March 2020 |
| | | | | ||||||||||||||||||||
| | | 1,666 | | | | | | — | | | | | | — | | | | | | 1,666 | | | ||
| | | 482 | | | | | | — | | | | | | — | | | | | | 482 | | | ||
| | | 876 | | | | | | — | | | | | | — | | | | | | 876 | | |
Particulars
|
| |
Year Ended 31
March 2022 |
| |
Year Ended 31
March 2021 |
| |
Year Ended 31
March 2020 |
| |||||||||
Short term employee benefits**
|
| | | | 290 | | | | | | 199 | | | | | | 341 | | |
Commission & sitting fees
|
| | | | 32 | | | | | | 21 | | | | | | 11 | | |
Post e mployment benefits*
|
| | | | 9 | | | | | | 27 | | | | | | 52 | | |
Remuneration paid
|
| | | | 331 | | | | | | 231 | | | | | | 420 | | |
Share based payment transactions
|
| | | | 352 | | | | | | 355 | | | | | | 52 | | |
Total of compensation
|
| | | | 683 | | | | | | 586 | | | | | | 472 | | |
| | | | | | | | |
Closing option as at
|
| |||||||||
Grant year
|
| |
Expiry date
|
| |
Exercise price
|
| |
31 March 2022
|
| |
31 March
2021 |
| ||||||
FY 17-18
|
| |
31 Dec 21 to 31 Dec 24
|
| |
10 to 706.05
|
| | | | — | | | | | | 9,000 | | |
FY 18-19
|
| |
22 May 22 to 22 May 24
|
| |
1049
|
| | | | 15,030 | | | | | | 63,020 | | |
FY 19-20
|
| |
31 Dec 2021 to 30 Sep 30
|
| |
10
|
| | | | 739,682 | | | | | | 972,620 | | |
FY 21-22
|
| |
31 Dec 2022 to 31
Dec 25 |
| |
10
|
| | | | 15,200 | | | | | | — | | |
| | | | | | | | | | | 769,912 | | | | | | 1,044,640 | | |
Particulars
|
| |
Receivables as at
31 March 2022 |
| |
Receivables as at
31 March 2021 |
| ||||||
Parties in which the key managerial personnel or the relatives of the key managerial personnel are interested
|
| | | | — | | | | | | 2 | | |
Purchase consideration
|
| |
Amount
|
| |||
Cash paid for acquisition of 60% stake along with profit during step up acquisition period
|
| | | | 9,201 | | |
Total purchase consideration
|
| | | | 9,201 | | |
| | |
Fair value
|
| |||
Identified tangible assets and liabilities | | | | | | | |
Property, plant and equipment
|
| | | | 761 | | |
Right of Use Asset
|
| | | | 325 | | |
Other Assets
|
| | | | 157 | | |
Net Current assets
|
| | | | 1,068 | | |
Cash and bank balances
|
| | | | 739 | | |
Acquired liabilities
|
| | | | (135) | | |
Lease Liability
|
| | | | (358) | | |
Deferred tax assets
|
| | | | 92 | | |
Identified intangible assets | | | | | | | |
Customer Contract and related Relationships
|
| | | | 3,130 | | |
Non-compete fees
|
| | | | 48 | | |
Deferred tax liabilities
|
| | | | (702) | | |
Net identifiable assets acquired
|
| | | | 5,125 | | |
Calculation of goodwill
|
| |
Fair value
|
| |||
Net identified Tangible and Intangible Assets acquired
|
| | | | 5,125 | | |
Non Controlling Interest determined on the basis of proportionate share of net assets
acquired |
| | | | 2,050 | | |
Total purchase consideration
|
| | | | 9,201 | | |
Goodwill | | | | | 6,126 | | |
| | |
Amount
|
| |||
Outflow of cash to acquire subsidiary, net of cash acquired | | | | | | | |
Cash consideration
|
| | | | 9,183 | | |
Less: balances acquired | | | | | | | |
Cash and Bank
|
| | | | 739 | | |
Net outflow of cash – investing activities
|
| | | | 8,444 | | |
Particular
|
| |
Amount
|
| |||
Proportionate share of net assets acquired
|
| | | | 2,050 | | |
Add : Non-controlling share in the results for the period
|
| | | | 516 | | |
Less: Dividend paid
|
| | | | (596) | | |
Proportionate share of net assets as at March 31, 2022
|
| | | | 1,970 | | |
Particulars
|
| |
Year Ended 31
March 2022 |
| |
Year Ended 31
March 2021 |
| |
Year ended 31
March 2020 |
| |||||||||
Revenue from operations | | | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 33,288 | | | | | | 22,236 | | | | | | 20,040 | | |
Europe, Middle East and Africa
|
| | | | 22,771 | | | | | | 17,181 | | | | | | 15,638 | | |
Asia Pacific
|
| | | | 5,439 | | | | | | 4,036 | | | | | | 3,817 | | |
India
|
| | | | 2,822 | | | | | | 3,175 | | | | | | 2,344 | | |
Total
|
| | | | 64,320 | | | | | | 46,628 | | | | | | 41,839 | | |
Adjusted earnings before Interest, Tax, Depreciation and Amortization (Adjusted EBITDA)*
|
| | | | | | | | | | | | | | | | | | |
Americas
|
| | | | 6,056 | | | | | | 3,866 | | | | | | 3,543 | | |
Europe, Middle East and Africa
|
| | | | 4,706 | | | | | | 3,604 | | | | | | 3,621 | | |
Asia Pacific
|
| | | | 590 | | | | | | 408 | | | | | | 335 | | |
India
|
| | | | (198) | | | | | | (13) | | | | | | (302) | | |
Total
|
| | | | 11,154 | | | | | | 7,865 | | | | | | 7,197 | | |
Depreciation and amortization
|
| | | | 2,272 | | | | | | 1,836 | | | | | | 1,770 | | |
Event based impairments
|
| | | | — | | | | | | 180 | | | | | | 88 | | |
Event based recoveries
|
| | | | — | | | | | | — | | | | | | 57 | | |
Other income (net)
|
| | | | (267) | | | | | | 113 | | | | | | 558 | | |
Profit before tax
|
| | | | 8,615 | | | | | | 5,962 | | | | | | 5,954 | | |
Provision for tax
|
| | | | 1,468 | | | | | | 1,302 | | | | | | 1,278 | | |
Profit after tax
|
| | | | 7,147 | | | | | | 4,660 | | | | | | 4,676 | | |
| | |
31 March 2022
|
| |
31 March 2021
|
| ||||||||||||||||||
| | |
Average
exercise |
| |
Number of
options |
| |
Avergae exercise
price per share |
| |
Number of
options |
| ||||||||||||
Opening balance
|
| | | | 50.02 | | | | | | 1,574,493 | | | | | | 69.02 | | | | | | 1,719,230 | | |
Granted during the year
|
| | | | 10.00 | | | | | | 302,000 | | | | | | 10.00 | | | | | | 32,875 | | |
Exercised during the year *
|
| | | | 157.72 | | | | | | 320,803 | | | | | | 315.56 | | | | | | 54,080 | | |
Forfeited/ lapsed during the year
|
| | | | 10.00 | | | | | | 214,868 | | | | | | 187.62 | | | | | | 123,532 | | |
Closing balance
|
| | | | 21.65 | | | | | | 1,340,822 | | | | | | 69.02 | | | | | | 1,574,493 | | |
Vested and exercisable
|
| | | | | | | | | | 115,727 | | | | | | | | | | | | 261,303 | | |
Grant Year
|
| |
Vesting
conditions |
| |
Vesting
Date |
| |
Expiry
date |
| |
Exercise
price |
| |
Fair Value
at the grant date |
| |
Share options outstanding as at
|
| |||
|
31 March
2022 |
| |
31 March
2021 |
| |||||||||||||||||
2016-17
|
| | Service | | |
20-Jun-17 to
|
| |
20-Jun-20 to
|
| |
10 to 534.3
|
| |
136.04 to 486.55
|
| |
—
|
| |
—
|
|
2017-18
|
| | Service | | |
23-Jun-18 to 23-Jun-21
|
| |
23-Jun-21 to 23-Jun-24
|
| |
10 to 706.05
|
| |
175.54 to 667.05
|
| |
—
|
| |
68,000
|
|
2018-19
|
| | Service | | |
23-May-19 to 23-May-21
|
| |
23-May-22 to 23-May-24
|
| |
10 to 1364.4
|
| |
296.72 to 1319.16
|
| |
15,030
|
| |
48,720
|
|
2019-20
|
| |
Service and service/ performance
|
| |
31-Mar-21 to 30- Sept-25
|
| |
31-Dec-21 to 29-Mar-32
|
| |
10
|
| |
879.3 to 1183.04
|
| |
1,022,553
|
| |
1,424,898
|
|
2020-21
|
| |
Service and service/ performance
|
| |
30-Sept-21 to 30-Sept-25
|
| |
31-Dec-21 to 31-Dec-25
|
| |
10
|
| |
915.67 to 2571.87
|
| |
24,237
|
| |
32,875
|
|
2021-22
|
| |
Service and service/ performance
|
| |
31st July 22 to 30-Sep-25
|
| |
31st Dec 22 to 30-Sep-30
|
| |
10
|
| |
3,040 to 5,811
|
| |
279,002
|
| |
—
|
|
Total
|
| | | | | | | | | | | | | | | | |
1,340,822
|
| |
1,574,493
|
|
Grant Year
|
| |
Market Price
|
| |
Fair Value
|
| |
Exercise
|
| |
Volatility*
|
| |
Average Life of
|
| |
Risk Less
|
| |
Dividend yield
|
|
FY 2020-21
|
| |
1,101.85 to 2,554.45
|
| |
915.67 to 2,571.87
|
| |
10
|
| |
34.67% to 49.93%
|
| |
1.5 to 5
|
| |
3.76% to 6.25%
|
| |
2.12% to 2.74%
|
|
FY 2021-22
|
| |
3107.65 to 5931.15
|
| |
3,040 to 5,811
|
| |
10
|
| |
43.39% to 58.42%
|
| |
0.94 to 4.48
|
| |
3.84% to 6.33%
|
| |
0.33% to 0.58%
|
|
| | |
31 March 2022
|
| |
31 March 2021
|
| |
31 March 2020
|
| |||||||||
Expense arising from equity-settled share-based payment transactions
|
| | | | 382 | | | | | | 464 | | | | | | 63 | | |
Particulars
|
| |
Period ended
31 March 2022 In USD |
| |
Period ended
31 March 2022 In INR |
| |
Period ended
31 March 2021 In INR |
| |
Period ended
31 March 2020 In INR |
| ||||||||||||
| | |
Refer note 2(b)
|
| | | | | | | | | | | | | | | | | | | |||
(a) Basic earnings per equity share of Rs 10 each
Attributable to the equity holders of the Company (Rs. Per share) |
| | | | 1.44 | | | | | | 109.02 | | | | | | 74.68 | | | | | | 71.39 | | |
(b) Diluted earnings per equity share of Rs 10 each
Attributable to the equity holders of the Company (Rs. Per share) |
| | | | 1.40 | | | | | | 106.52 | | | | | | 73.29 | | | | | | 70.97 | | |
(c) Reconciliations of earnings used in calculating
earnings per share Basic earnings per share Profit attributable to the equity holders of the Company used in calculating basic earnings per share |
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | |
Diluted earnings per share Profit attributable to the
equity holders of the Company used in calculating diluted earnings per share |
| | | | 87 | | | | | | 6,617 | | | | | | 4,556 | | | | | | 4,440 | | |
(d) Weighted average number of shares used as the denominator Weighted average number of equity shares used as the denominator in calculating basic earnings per share (numbers)
|
| | | | 60,694,760 | | | | | | 60,694,760 | | | | | | 61,007,773 | | | | | | 62,192,226 | | |
Adjustments for calculation of diluted earnings per
share: Dilutive impact of stock options outstanding (numbers) Weighted average number of equity shares and potential equity shares used as the denominator in calculating diluted earnings per share (numbers) |
| | | | 1,424,394 | | | | | | 1,424,394 | | | | | | 1,158,187 | | | | | | 370803 | | |
| | | 62,119,154 | | | | | | 62,119,154 | | | | | | 62,165,960 | | | | | | 62,563,029 | | |
Exhibit
No. |
| |
Description
|
|
1.1† | | | | |
3.1† | | | | |
3.2† | | | | |
3.3† | | | | |
4.1† | | | | |
4.2† | | | | |
5.1† | | | | |
8.1† | | | | |
10.1† | | | | |
10.2† | | | | |
10.3† | | | | |
21.1† | | | | |
23.1 | | | | |
23.2† | | | | |
23.3† | | | | |
24.1† | | | | |
99.1† | | | | |
107† | | | |
|
Name
|
| |
Title
|
|
|
/s/ Sudhir Singh
|
| |
Chief Executive Officer and Executive Director
(Principal Executive Officer) |
|
|
|
| | Non-Executive Director | |
|
|
| | Non-Executive Director | |
|
|
| | Non-Executive Director | |
|
|
| | Non-Executive Director | |
|
|
| | Non-Executive Independent Director | |
|
/s/ Ashwani Puri
|
| | Non-Executive Independent Director | |
|
/s/ Ajay Kalra
|
| |
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
This ‘F-1/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/30/30 | None on these Dates | |||
9/30/29 | ||||
3/31/29 | ||||
9/30/28 | ||||
12/31/27 | ||||
9/30/27 | ||||
9/30/26 | ||||
3/31/26 | ||||
12/31/25 | ||||
9/30/25 | ||||
1/28/25 | ||||
12/31/24 | ||||
9/30/24 | ||||
5/22/24 | ||||
4/26/24 | ||||
1/17/24 | ||||
12/31/23 | ||||
5/22/23 | ||||
3/31/23 | ||||
1/17/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
Filed on: | 7/20/22 | |||
7/18/22 | ||||
7/15/22 | ||||
7/1/22 | ||||
3/31/22 | ||||
3/14/22 | ||||
1/21/22 | ||||
1/7/22 | ||||
1/1/22 | ||||
11/9/21 | ||||
11/8/21 | ||||
10/22/21 | ||||
10/5/21 | ||||
9/30/21 | ||||
8/11/21 | ||||
7/30/21 | ||||
7/13/21 | ||||
5/20/21 | ||||
4/28/21 | ||||
4/26/21 | ||||
4/17/21 | ||||
4/12/21 | ||||
4/8/21 | ||||
4/6/21 | ||||
4/1/21 | ||||
3/31/21 | ||||
2/12/21 | ||||
1/13/21 | ||||
1/1/21 | ||||
12/18/20 | ||||
10/15/20 | ||||
10/1/20 | ||||
9/7/20 | ||||
8/25/20 | ||||
8/3/20 | ||||
6/25/20 | ||||
6/22/20 | ||||
6/14/20 | ||||
6/9/20 | ||||
5/14/20 | ||||
5/5/20 | ||||
4/22/20 | ||||
4/17/20 | ||||
4/10/20 | ||||
4/8/20 | ||||
4/1/20 | ||||
3/31/20 | ||||
3/28/20 | ||||
3/16/20 | ||||
2/21/20 | ||||
2/13/20 | ||||
1/29/20 | ||||
1/23/20 | ||||
11/28/19 | ||||
10/10/19 | ||||
5/17/19 | ||||
4/6/19 | ||||
4/1/19 | ||||
3/31/19 | ||||
5/25/18 | ||||
5/23/18 | ||||
3/31/18 | ||||
1/18/18 | ||||
5/29/17 | ||||
2/3/17 | ||||
3/31/16 | ||||
4/5/12 | ||||
4/1/11 | ||||
8/8/05 | ||||
5/18/05 | ||||
4/1/05 | ||||
5/14/04 | ||||
1/15/04 | ||||
5/13/92 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/07/22 Coforge Ltd. F-1/A 6:9.1M Toppan Merrill/FA 11/30/21 Coforge Ltd. F-1/A 2:8.6M Toppan Merrill/FA 11/15/21 Coforge Ltd. F-1 12:10M Toppan Merrill/FA |