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Loans, borrowings and bank overdrafts | 12 Months Ended
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Mar. 31, 2020
Text block [abstract] |
Loans, borrowings and bank overdrafts | 14. Loans, borrowings and bank overdrafts Short-term loans, borrowings and bank overdrafts The Company had loans, borrowings and bank overdrafts amounting to ₹ 68,085 and ₹ 54,020, as at March 31, 2019 and 2020, respectively. The principal source of borrowings from banks as at March 31, 2020 primarily consists of lines of credit of approximately ₹ 17,960, U.S. Dollar (U.S.$) 955 million, Canadian Dollar (CAD) 71 million, Saudi Riyal (SAR) 128 million, Euro (EUR) 19 million, Great British Pound (GBP) 7 million, Chinese Yuan (CNY) 20 million, Qatari Riyal (QAR) 10 million, Brazilian Real (BRL) 10 million, Mexican Peso (MXN) 33 million, and Indonesian Rupiah (IDR) 13,000 million from bankers for working capital requirements and other short-term needs. As at March 31, 2020, the Company has unutilized lines of credit aggregating ₹ 4,260, U.S. Dollar (U.S.$) 471 million, Canadian Dollar (CAD) 3 million, Saudi Riyal (SAR) 128 million, Euro (EUR) 19 million, Great British Pound (GBP) 7 million, Chinese Yuan (CNY) 20 million, Qatari Riyal (QAR) 10 million, Brazilian Real (BRL) 1 million, Mexican Peso (MXN) 33 million, and Indonesian Rupiah (IDR) 13,000 million. To utilize these unused lines of credit, the Company requires consent of the lender and compliance with certain financial covenants. Significant portion of these lines of credit are revolving credit facilities and floating rate foreign currency loans, renewable on a periodic basis. The Company has non-fund based revolving credit facilities in various currencies equivalent to ₹ 40,470 and ₹ 41,597, as at March 31, 2019 and 2020, respectively, towards operational requirements that can be used for the issuance of letters of credit and bank guarantees. As at March 31, 2019, and 2020, an amount of ₹ 22,014, and ₹ 22,790, respectively, was unutilized out of these non-fund-based facilities. Long-term loans and borrowings
|  | As at March 31, 2019 |  |  | As at March 31, 2020 |
Currency |  | Foreign currency in millions |  |  | Indian Rupee |  |  | Foreign currency in millions |  |  | Indian Rupee |  |  | Interest rate |  |  | Final maturity |
Unsecured loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Dollar (U.S.$) |  |  | 382 |  |  |  | 26,395 |  |  |  | 311 |  |  |  | 23,478 |  |  |  | 2.20% - 3.81 | % |  |  | July-21 |
Canadian Dollar (CAD) |  |  | 52 |  |  |  | 2,701 |  |  |  | ^ |  |  |  | 25 |  |  |  | 1.48% - 3.26 | % |  |  | July-21 |
Indian Rupee (INR) |  |  | — |  |  |  | 162 |  |  |  | — |  |  |  | 440 |  |  |  | 8.29% - 9.35 | % |  |  | March-24 |
Australian Dollar (AUD) |  |  | 1 |  |  |  | 70 |  |  |  | 1 |  |  |  | 44 |  |  |  | 4.65 | % |  |  | January-22 |
Great British Pound (GBP) |  |  | ^ |  |  |  | 31 |  |  |  | ^ |  |  |  | 22 |  |  |  | 2.93 | % |  |  | February-22 |
Euro (EUR) |  |  | ^ |  |  |  | 19 |  |  |  | ^ |  |  |  | 13 |  |  |  | 2.87 | % |  |  | March-23 |
Brazilian Real (BRL) |  |  | ^ |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
|  |  |  |  |  | ₹ | 29,380 |  |  |  |  |  |  | ₹ | 24,022 |  |  |  |  |  |  |  |  |
Obligations under finance leases |  |  |  |  |  |  | 2,002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | ₹ | 31,382 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current portion of long term loans and borrowings |  |  |  | 28,368 |  |  |  |  |  |  |  | 4,840 |  |  |  |  |  |  |  |  |
Current portion of long term loans and borrowings |  |  |  | 3,014 |  |  |  |  |  |  |  | 19,182 |  |  |  |  |  |  |  |  |
^ | Value is less than 1
Cash and non-cash changes in liabilities arising from financing activities:
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | April 1, 2018 |  |  | Cash flow |  |  | Assets taken on finance lease |  |  | Foreign exchange movements |  |  | March 31, 2019 |
Borrowings from banks |  | ₹ | 119,689 |  |  | ₹ | (26,228 | ) |  | ₹ | — |  |  | ₹ | 3,518 |  |  | ₹ | 96,979 |
Bank overdrafts |  |  | 3,999 |  |  |  | (3,995 | ) |  |  | — |  |  |  | — |  |  |  | 4 |
External commercial borrowings |  |  | 9,777 |  |  |  | (10,064 | ) |  |  | — |  |  |  | 287 |  |  |  | — |
Obligations under finance leases |  |  | 3,973 |  |  |  | (2,234 | ) |  |  | 14 |  |  |  | 249 |  |  |  | 2,002 |
Loans from other than bank |  |  | 821 |  |  |  | (352 | ) |  |  | — |  |  |  | 13 |  |  |  | 482 |
|  | ₹ | 138,259 |  |  | ₹ | (42,873 | ) |  | ₹ | 14 |  |  | ₹ | 4,067 |  |  | ₹ | 99,467 |
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | April 1, 2019 |  |  | Cash flow |  |  | IFRS 16 adoption |  |  | Additions to lease liabilities |  |  | Foreign exchange movements |  |  | March 31, 2020 |
Borrowings from banks |  | ₹ | 96,979 |  |  | ₹ | (26,138 | ) |  | ₹ | — |  |  | ₹ | — |  |  | ₹ | 6,217 |  |  | ₹ | 77,058 |
Bank overdrafts |  |  | 4 |  |  |  | 391 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 395 |
Obligations under finance leases |  |  | 2,002 |  |  |  | — |  |  |  | (2,002 | ) |  |  | — |  |  |  | — |  |  |  | — |
Loans from other than bank |  |  | 482 |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 589 |
Lease Liabilities |  |  | — |  |  |  | (6,784 | ) |  |  | 17,381 |  |  |  | 7,942 |  |  |  | 659 |  |  |  | 19,198 |
|  | ₹ | 99,467 |  |  | ₹ | (32,431 | ) |  | ₹ | 15,379 |  |  | ₹ | 7,942 |  |  | ₹ | 6,883 |  |  | ₹ | 97,240 |
Significant portion of loans, borrowings and bank overdrafts bear floating rates of interest, referenced to LIBOR or other similar country specific official benchmark interest rates and a spread, determined based on market conditions. The terms of the other secured and unsecured loans and borrowings also contain certain restrictive covenants primarily requiring the Company to maintain certain financial ratios. As at March 31, 2019 and 2020, the Company has met all the covenants under these arrangements. Obligations under finance leases amounting to ₹ 2,002 as at March 31, 2019 were secured by underlying property, plant and equipment. Interest expense on loans, borrowings and bank overdrafts was ₹ 3,045, ₹ 4,058, and ₹ 3,166 for the year ended March 31, 2018, 2019 and 2020, respectively. Details of finance lease payables are given below:
|  | As at March 31, 2019 |
|  | Minimum lease payments |  |  | Present value of minimum lease payment |
Not later than one year |  | ₹ | 1,555 |  |  | ₹ | 1,506 |
Later than one year but not later than five years |  |  | 506 |  |  |  | 496 |
Total minimum lease payments |  |  | 2,061 |  |  |  | 2,002 |
Less: Amounts representing interest |  |  | (59 | ) |  |  | — |
Obligation under finance lease |  | ₹ | 2,002 |  |  | ₹ | 2,002 |
Non-current finance lease payables |  |  |  |  |  |  | 496 |
Current finance lease payables |  |  |  |  |  |  | 1,506 |

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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