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Income taxes (Tables) | 12 Months Ended
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Mar. 31, 2020
Text block [abstract] |
Summary of Allocation of Income Tax Expense to Other Comprehensive Income | Income tax expense has been allocated as follows:
|  | Year ended March 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Income tax expense as per the consolidated statement of income |  | ₹ | 22,390 |  |  | ₹ | 25,242 |  |  | ₹ | 24,799 |
Income tax included in other comprehensive income on: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized losses on investment securities |  |  | (644 | ) |  |  | (65 | ) |  |  | (230 | )
Gains/(losses) on cash flow hedging derivatives |  |  | (1,448 | ) |  |  | 633 |  |  |  | (1,165 | )
Defined benefit plan actuarial gains/(losses) |  |  | 255 |  |  |  | 47 |  |  |  | (196 | )
|  | ₹ | 20,553 |  |  | ₹ | 25,857 |  |  | ₹ | 23,208 |
Summary of Components of Income Tax Expense | Income tax expense consists of the following:
|  | Year ended March 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Current taxes |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | ₹ | 18,500 |  |  | ₹ | 17,987 |  |  | ₹ | 18,437 |
Foreign |  |  | 7,834 |  |  |  | 5,663 |  |  |  | 5,887 |
|  |  | 26,334 |  |  |  | 23,650 |  |  |  | 24,324 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 3 |  |  |  | (180 | ) |  |  | 1,624 |
Foreign |  |  | (3,947 | ) |  |  | 1,772 |  |  |  | (1,149 | )
|  |  | (3,944 | ) |  |  | 1,592 |  |  |  | 475 |
|  | ₹ | 22,390 |  |  | ₹ | 25,242 |  |  | ₹ | 24,799 |
Summary of Reconciliation of Income Tax Expense | The reconciliation between the provision of income tax and amounts computed by applying the Indian statutory income tax rate to profit before taxes is as follows:
|  | Year ended March 31, |
|  | 2018 |  |  | 2019 |  |  | 2020 |
Profit before taxes |  | ₹ | 102,474 |  |  | ₹ | 115,415 |  |  | ₹ | 122,512 |
Enacted income tax rate in India |  |  | 34.61 | % |  |  | 34.94 | % |  |  | 34.94 | %
Computed expected tax expense |  |  | 35,466 |  |  |  | 40,326 |  |  |  | 42, 806 |
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
Income exempt from tax |  |  | (12,878 | ) |  |  | (18,469 | ) |  |  | (12,930 | )
Basis differences that will reverse during a tax holiday period |  |  | 167 |  |  |  | (796 | ) |  |  | 480 |
Income taxed at higher/ (lower) rates |  |  | (111 | ) |  |  | (1,002 | ) |  |  | (3,122 | )
Reversal of deferred tax for past years due to rate reduction * |  |  | (1,563 | ) |  |  | — |  |  |  | — |
Taxes related to prior years |  |  | (380 | ) |  |  | (2,267 | ) |  |  | (116 | )
Changes in unrecognized deferred tax assets |  |  | 239 |  |  |  | 3,972 |  |  |  | (3,898 | )
Expenses disallowed for tax purpose |  |  | 1,431 |  |  |  | 3,503 |  |  |  | 1,785 |
Others, net |  |  | 19 |  |  |  | (25 | ) |  |  | (2 06 | )
Income tax expense |  | ₹ | 22,390 |  |  | ₹ | 25,242 |  |  | ₹ | 24,799 |
Effective income tax rate |  |  | 21.85 | % |  |  | 21.87 | % |  |  | 20.24 | %
* | The “Tax Cuts and Jobs Act,” was signed into law on December 22, 2017 (‘US tax reforms’) which among other things, makes significant changes to the rules applicable to the taxation of corporations, such as changing the corporate tax rate from 35% to 21% rate effective January 1, 2018. For the year ended March 2018, the Company took a positive impact of ₹ 1,563 on account of re-statement of deferred tax items pursuant to US tax reforms.
Summary of Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows:
|  | As at March 31, |
|  | 2019 |  |  | 2020 |
Carry forward losses * |  | ₹ | 3,149 |  |  | ₹ | 2,044 |
Trade payables, accrued expenses and other liabilities |  |  | 3,713 |  |  |  | 4,994 |
Allowances for lifetime expected credit loss |  |  | 4,521 |  |  |  | 3,921 |
Minimum alternate tax |  |  | — |  |  |  | 3,425 |
Cash flow hedges |  |  | — |  |  |  | 561 |
Others |  |  | 318 |  |  |  | — |
|  |  | 11,701 |  |  |  | 14,945 |
Property, plant and equipment |  |  | (1,840 | ) |  |  | (686 | )
Amortizable goodwill |  |  | (1,899 | ) |  |  | (2,166 | )
Intangible assets |  |  | (2,295 | ) |  |  | (1,541 | )
Interest income and fair value movement of investments |  |  | (1,455 | ) |  |  | (626 | )
Cash flow hedges |  |  | (604 | ) |  |  | — |
Contract liabilities |  |  | (289 | ) |  |  | (11 | )
SEZ Re-investment Reserve |  |  | (1,132 | ) |  |  | (6,614 | )
Others |  |  | — |  |  |  | (121 | )
|  |  | (9,514 | ) |  |  | (11,765 | )
Net deferred tax assets |  | ₹ | 2,187 |  |  | ₹ | 3,180 |
Amounts presented in consolidated statement of financial position: |  |  |  |  |  |  |  |
Deferred tax assets |  | ₹ | 5,604 |  |  | ₹ | 6,005 |
Deferred tax liabilities |  | ₹ | (3,417 | ) |  | ₹ | (2,825 | )
*  Includes deferred tax asset recognized on carry forward losses pertaining to business combinations.
Movement in Deferred Tax Assets and Liabilities | Movement in deferred tax assets and liabilities
Movement during the year ended March 31, 2018 |  | As at April 1, 2017 |  |  | Credit/ (charge) in the consolidated statement of income |  |  | Credit/ (charge) in other comprehensive income * |  |  | On account of business combination |  |  | Assets held for sale |  |  | As at March 31, 2018 |
Carry forward losses |  | ₹ | 5,513 |  |  | ₹ | 133 |  |  | ₹ | 48 |  |  | ₹ | — |  |  | ₹ | — |  |  | ₹ | 5,694 |
Trade payables, accrued expenses and other liabilities |  |  | 3,151 |  |  |  | 243 |  |  |  | (246 | ) |  |  | — |  |  |  | (41 | ) |  |  | 3,107 |
Allowances for lifetime expected credit loss |  |  | 2,955 |  |  |  | 1,564 |  |  |  | 2 |  |  |  | — |  |  |  | (22 | ) |  |  | 4,499 |
Minimum alternate tax |  |  | 1,520 |  |  |  | (1,446 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |
Property, plant and equipment |  |  | (4,153 | ) |  |  | 912 |  |  |  | (75 | ) |  |  | — |  |  |  | 1,150 |  |  |  | (2,166 | )
Amortizable goodwill |  |  | (4,057 | ) |  |  | 1,522 |  |  |  | (53 | ) |  |  | — |  |  |  | 778 |  |  |  | (1,810 | )
Intangible assets |  |  | (4,511 | ) |  |  | 1,546 |  |  |  | (112 | ) |  |  | (113 | ) |  |  | — |  |  |  | (3,190 | )
Interest income and fair value movement of investments |  |  | (2,245 | ) |  |  | (112 | ) |  |  | 645 |  |  |  | — |  |  |  | — |  |  |  | (1,712 | )
Cash flow hedges |  |  | (1,419 | ) |  |  | — |  |  |  | 1,448 |  |  |  | — |  |  |  | — |  |  |  | 29 |
Contract liabilities |  |  | (183 | ) |  |  | (35 | ) |  |  | (9 | ) |  |  | — |  |  |  | (46 | ) |  |  | (273 | )
Others |  |  | (87 | ) |  |  | (383 | ) |  |  | (75 | ) |  |  | — |  |  |  | 142 |  |  |  | (403 | )
Total |  | ₹ | (3,516 | ) |  | ₹ | 3,944 |  |  | ₹ | 1,573 |  |  | ₹ | (113 | ) |  | ₹ | 1,961 |  |  | ₹ | 3,849 |
Movement during the year ended March 31, 2019 |  | As at April 1, 2018 |  |  | Credit/ (charge) in the consolidated statement of income |  |  | Credit/ (charge) in other comprehensive income * |  |  | Others (Note 36) |  |  | As at March 31, 2019 |
Carry forward losses |  | ₹ | 5,694 |  |  | ₹ | (2,879 | ) |  | ₹ | 334 |  |  | ₹ | — |  |  | ₹ | 3,149 |
Trade payables, accrued expenses and other liabilities |  |  | 3,107 |  |  |  | 295 |  |  |  | (22 | ) |  |  | 333 |  |  |  | 3,713 |
Allowances for lifetime expected credit loss |  |  | 4,499 |  |  |  | 9 |  |  |  | 2 |  |  |  | 11 |  |  |  | 4,521 |
Minimum alternate tax |  |  | 74 |  |  |  | (74 | ) |  |  | — |  |  |  | — |  |  |  | — |
Property, plant and equipment |  |  | (2,166 | ) |  |  | 219 |  |  |  | (94 | ) |  |  | 201 |  |  |  | (1,840 | )
Amortizable goodwill |  |  | (1,810 | ) |  |  | 16 |  |  |  | (105 | ) |  |  | — |  |  |  | (1,899 | )
Intangible assets |  |  | (3,190 | ) |  |  | 1,076 |  |  |  | (181 | ) |  |  | — |  |  |  | (2,295 | )
Interest income and fair value movement of investments |  |  | (1,712 | ) |  |  | 186 |  |  |  | 71 |  |  |  | — |  |  |  | (1,455 | )
Cash flow hedges |  |  | 29 |  |  |  | — |  |  |  | (633 | ) |  |  | — |  |  |  | (604 | )
Contract liabilities |  |  | (273 | ) |  |  | (1 | ) |  |  | (15 | ) |  |  | — |  |  |  | (289 | )
SEZ Re-investment Reserve |  |  | — |  |  |  | (1,132 | ) |  |  | — |  |  |  | — |  |  |  | (1,132 | )
Others |  |  | (403 | ) |  |  | 693 |  |  |  | 27 |  |  |  | 1 |  |  |  | 318 |
Total |  | ₹ | 3,849 |  |  | ₹ | (1,592 | ) |  | ₹ | (616 | ) |  | ₹ | 546 |  |  | ₹ | 2,187 |
Movement during the year ended March 31, 2020 |  | As at April 1, 2019 |  |  | Credit/ (charge) in the consolidated statement of income |  |  | Credit/ (charge) in other comprehensive income * |  |  | On account of business combination |  |  | As at March 31, 2020 |
Carry forward losses |  | ₹ | 3,149 |  |  | ₹ | (1,287 | ) |  | ₹ | 182 |  |  | ₹ | — |  |  | ₹ | 2,044 |
Trade payables, accrued expenses and other liabilities |  |  | 3,713 |  |  |  | 1,033 |  |  |  | 248 |  |  |  | — |  |  |  | 4,994 |
Allowances for lifetime expected credit loss |  |  | 4,521 |  |  |  | (591 | ) |  |  | (9 | ) |  |  | — |  |  |  | 3,921 |
Minimum alternate tax |  |  | — |  |  |  | 3,425 |  |  |  | — |  |  |  | — |  |  |  | 3,425 |
Property, plant and equipment |  |  | (1,840 | ) |  |  | 1,150 |  |  |  | 4 |  |  |  | — |  |  |  | (686 | )
Amortizable goodwill |  |  | (1,899 | ) |  |  | (92 | ) |  |  | (175 | ) |  |  | — |  |  |  | (2,166 | )
Intangible assets |  |  | (2,295 | ) |  |  | 1,021 |  |  |  | (90 | ) |  |  | (177 | ) |  |  | (1,541 | )
Interest income and fair value movement of investments |  |  | (1,455 | ) |  |  | 599 |  |  |  | 230 |  |  |  | — |  |  |  | (626 | )
Cash flow hedges |  |  | (604 | ) |  |  | — |  |  |  | 1,165 |  |  |  | — |  |  |  | 561 |
Contract liabilities |  |  | (289 | ) |  |  | 285 |  |  |  | (7 | ) |  |  | — |  |  |  | (11 | )
SEZ Re-investment Reserve |  |  | (1,132 | ) |  |  | (5,482 | ) |  |  | — |  |  |  | — |  |  |  | (6,614 | )
Others |  |  | 318 |  |  |  | (536 | ) |  |  | 97 |  |  |  | — |  |  |  | (121 | )
Total |  | ₹ | 2,187 |  |  | ₹ | (475 | ) |  | ₹ | 1,645 |  |  | ₹ | (177 | ) |  | ₹ | 3,180 |
* | Includes impact of foreign currency translation.

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