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Shaping the future of software driven business
Management Discussion and Analysis •
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Accordingly, the Hedge Reserve (net of tax effects) as at March 31, 2019 stood at a credit balance of
`
185.06 Million as against
a credit balance of
`
16.63 Million as at March 31, 2018. Please refer “Other Equity” under Statement of Changes in Equity in
the consolidated financials for details.
Exchange differences on translating the financial statements of foreign operations
While consolidating the financial statements of subsidiaries (including step down subsidiaries) with the financial statements of
the Parent Company, the assets and liabilities are stated in Indian Rupees by applying the closing exchange rates and income
and expenditure are stated in Indian Rupees by applying the average exchange rates. This creates exchange difference on
consolidation which is accumulated under foreign currency translation reserve.
The balance in the foreign currency translation reserve was
`
265.17 Million as at March 31, 2019 as against
`
151.35 Million as
at March 31, 2018. Please refer “Other Equity” under Statement of Changes in Equity in the consolidated financials for details.
Non-current assets (other than non-current financial assets)
The Non-current assets (other than non-current financial assets) as at March 31, 2019 stood at
`
4,323.53 Million as against
`
5,173.88 Million as at March 31, 2018. The details are as below:
(In
`
Million)
Particulars
As at March 31, 2019 As at March 31, 2018
Property, Plant and Equipment
2,331.24
2,581.30
Capital work-in-progress
12.10
7.71
Goodwill
81.24
76.61
Other Intangible assets
1,595.41
2,463.54
Intangible assets under development
303.54
44.72
TOTAL
4,323.53
5,173.88
Property, Plant and Equipment
The gross block of Property, Plant and Equipment amounted to
`
7,390.19 Million as at March 31, 2019 as against
`
7,323.90
Million as at March 31, 2018. The increase is primarily because of additional computers / hardware procured for the growing
business needs.
Capital work-in-progress
Capital work-in-progress (Capital WIP) stood at
`
12.10 Million as at March 31, 2019 as against
`
7.71 Million as at March 31, 2018.
Goodwill
Goodwill represents the cost of business acquisition in excess of the Company’s interest in the net fair value of identifiable
assets, liabilities and contingent liabilities of the acquired Company. The Goodwill as at March 31, 2019 was
`
81.24 Million as
against
`
76.61 Million as at March 31, 2018. The difference represents exchange fluctuation.
Other Intangible assets
The gross block of intangible fixed assets amounted to
`
6,784.16 Million as at March 31, 2019 as against
`
6,406.11 Million as at
March 31, 2018. The additions pertain to software and acquired contractual rights.
Intangible assets under development
The amount of intangible assets under development was
`
303.54 Million as against
`
44.72 Million as on March 31, 2018. The
net additions include amounts recognized on acquisition of Herald Technologies Inc. in accordance with Ind AS 103, Business
Combinations and the development of Intellectual Property Rights for one of our business partners.
Non-current financial assets
The non-current financial assets at March 31, 2019 were
`
4,859.00 Million as against
`
3,061.20 Million as at March 31, 2018.
The details of non-current financial assets are as follows:
(In
`
Million)
Particulars
As at March 31, 2019 As at March 31, 2018
Investments
4,345.71
2,881.04
Loans
164.00
142.73
Other non-current financial assets
349.29
37.43
Total
4,859.00
3,061.20