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Financial instruments (Tables)
 12 Months Ended
Mar. 31, 2020
Text block [abstract]  
Summary of Financial Assets and Liabilities
Financial assets and liabilities (carrying value / fair value)
 
 
  
As at March 31,
 
 
  
2019
 
  
2020
 
Assets:
  
   
  
   
Cash and cash equivalents
  
₹
158,529
 
  
₹
144,499
 
Investments
  
   
  
   
Financial instruments at FVTPL
  
 
13,960
 
  
 
14,795
 
Financial instruments at FVTOCI
  
 
191,964
 
  
 
164,884
 
Financial instruments at Amortized cost
  
 
21,708
 
  
 
19,258
 
Other financial assets
  
   
  
   
Trade receivables
  
 
104,862
 
  
 
110,523
 
Unbilled receivables
  
 
22,880
 
  
 
25,209
 
Other assets
  
 
19,757
 
  
 
14,495
 
Derivative assets
  
 
5,104
 
  
 
3,025
 
 
  
 
 
 
  
 
 
 
 
  
₹
538,764
 
  
₹
496,688
 
 
  
 
 
 
  
 
 
 
Liabilities:
  
   
  
   
Trade payables and other payables
  
   
  
   
Trade payables and accrued expenses
  
₹
88,304
 
  
₹
78,129
 
Lease liabilities
  
 
—  
 
  
 
19,198
 
Other liabilities
  
 
644
 
  
 
1,050
 
Loans, borrowings and bank overdrafts
  
 
99,467
 
  
 
78,042
 
Derivative liabilities
  
 
1,310
 
  
 
7,369
 
 
  
 
 
 
  
 
 
 
 
  
₹
189,725
 
  
₹
183,788
 
 
  
 
 
 
  
 
 
Summary of Offsetting Other Financial Assets and Trade Payable and Other Liabilities
Offsetting financial assets and liabilities
The following table contains information on other financial assets and trade payable and other liabilities subject to offsetting:
 
 
  
Financial assets
 
 
  
Gross amounts of
recognized other
financial assets
 
  
Gross amounts of

recognized

financial liabilities

set off in the

balance sheet
 
  
Net amounts of

recognized other

financial assets

presented in the

balance sheet
 
As at March 31, 2019
  
 
154,129
 
  
 
(6,630
) 
  
 
147,499
 
As at March 31, 2020
  
 
157,304
 
  
 
(7,077
) 
  
 
150,227
 
 
 
  
Financial liabilities
 
 
  
Gross amounts of

recognized trade

payables and other

payables
 
  
Gross amounts of

recognized

financial
liabilities

set off in the

balance sheet
 
  
Net amounts of

recognized trade

payables and other

payables presented

in the balance

sheet
 
As at March 31, 2019
  
 
95,578
 
  
 
(6,630
) 
  
 
88,948
 
As at March 31, 2020
  
 
86,256
 
  
 
(7,077
) 
  
 
79,179
 
Summary of Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value of Recurring Basis
The following table presents fair value of hierarchy of assets and liabilities measured at fair value on a recurring basis:
 
 
  
As at March 31, 2019
 
  
As at March 31, 2020
 
Particular
  
Fair value measurements at reporting

date
 
  
Fair value measurements at reporting

date
 
 
  
Total
 
 
Level 1
 
  
Level 2
 
 
Level 3
 
  
Total
 
 
Level 1
 
  
Level 2
 
 
Level 3
 
Assets
  
   
 
   
  
   
 
   
  
   
 
   
  
   
 
   
Derivative instruments:
  
   
 
   
  
   
 
   
  
   
 
   
  
   
 
   
Cash flow hedges
  
 
3,149
 
 
 
—  
 
  
 
3,149
 
 
 
—  
 
  
 
1,382
 
 
 
—  
 
  
 
1,382
 
 
 
—  
 
Others
  
 
1,955
 
 
 
—  
 
  
 
1,955
 
 
 
—  
 
  
 
1,643
 
 
 
—  
 
  
 
1,643
 
 
 
—  
 
Investments:
  
   
 
   
  
   
 
   
  
   
 
   
  
   
 
   
Investment in liquid and short-term mutual funds
  
 
13,960
 
 
 
13,960
 
  
 
—  
 
 
 
—  
 
  
 
14,795
 
 
 
14,795
 
  
 
—  
 
 
 
—  
 
Investment in equity instruments
  
 
6,916
 
 
 
—  
 
  
 
248
 
 
 
6,668
 
  
 
9,297
 
 
 
—  
 
  
 
119
 
 
 
9,178
 
Commercial paper, Certificate of deposits and bonds
  
 
185,048
 
 
 
6,865
 
  
 
178,183
 
 
 
—  
 
  
 
155,587
 
 
 
12,983
 
  
 
142,604
 
 
 
—  
 
Liabilities
  
   
 
   
  
   
 
   
  
   
 
   
  
   
 
   
Derivative instruments:
  
   
 
   
  
   
 
   
  
   
 
   
  
   
 
   
Cash flow hedges
  
 
(130
) 
 
 
—  
 
  
 
(130
) 
 
 
—  
 
  
 
(4,057
) 
 
 
—  
 
  
 
(4,057
) 
 
 
—  
 
Others
  
 
(1,180
) 
 
 
—  
 
  
 
(1,180
) 
 
 
—  
 
  
 
(3,312
) 
 
 
—  
 
  
 
(3,312
) 
 
 
—  
 
Summary of Details of Assets and Liabilities Considered under Level 3 Classification
Details of assets and liabilities considered under Level 3 classification
 
 
  
Investment in

equity

instruments
 
Balance as at April 1, 2018
  
₹
5,685
 
Additions
  
 
2,869
 
Transfers out of level 3
  
 
(647
) 
Disposal
  
 
(1,341
) 
Gain recognized in foreign currency translation reserve
  
 
203
 
Loss recognized in other comprehensive income
  
 
(101
) 
 
  
 
 
 
Balance as at March 31, 2019
  
₹
6,668
 
 
  
 
 
 
Balance as at April 1, 2019
  
₹
6,668
 
Additions
  
 
2,124
 
Transfers out of level 3
  
 
—  
 
Disposal
  
 
(1,327
) 
Gain recognized in foreign currency translation reserve
  
 
855
 
Gain recognized in other comprehensive income
  
 
858
 
 
  
 
 
 
Balance as at March 31, 2020
  
₹
9,178
 
Summary of Significant Unobservable Inputs to Valuation
Description of significant unobservable inputs to valuation:
 
As at March 31, 2019
  
 
  
 
  
 
 
 
 
 
 
 
 
Items
  
Valuation technique
  
Significant unobservable

input
  
Movement

by
 
 
Increase

(
₹
)
 
 
Decrease

(
₹
)
 
Unquoted equity investments
  
Discounted cash
flow model
  
Long term growth rate
Discount rate
  
 
0.5
0.5
% 
% 
 
 
201
(243
 
) 
 
 
(187
256
) 
 
 
  
 
  
 
  
   
 
   
 
   
 
As at March 31, 2020
  
 
  
 
  
 
 
 
 
 
 
 
 
Items
  
Valuation technique
  
Significant unobservable

input
  
Movement

by
 
 
Increase

(
₹
)
 
 
Decrease

(
₹
)
 
Unquoted equity investments
  
Discounted cash
flow model
  
Long term growth rate
Discount rate
  
 
0.5
0.5
% 
% 
 
 
298
(388
 
) 
 
 
(273
404
) 
 
 
  
 
  
 
  
   
 
   
 
   
Summary of Aggregate Contracted Principal Amounts of Company's Derivative Contracts Outstanding
The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:
 
 
  
 
 
  
 
 
  
 
 
  
(in million)
 
 
  
As at March 31,
 
 
  
2019
 
  
2020
 
 
  
Notional
 
  
Fair value
 
  
Notional
 
  
Fair value
 
Designated derivative instruments
  
   
  
   
  
   
  
   
Sell: Forward contracts
  
USD
333
 
  
₹
1,410
 
  
USD
 1,011
 
  
₹
(2,902
) 
 
  
€
—  
 
  
 
—  
 
  
€
 121
 
  
₹
231
 
 
  
£
—  
 
  
 
—  
 
  
£
52
 
  
₹
240
 
 
  
AUD
97
 
  
₹
15
 
  
AUD
144
 
  
₹
741
 
Range forward option contracts
  
USD
 1,067
 
  
₹
1,149
 
  
USD
474
 
  
₹
(1,057
) 
 
  
£
191
 
  
₹
68
 
  
£
98
 
  
₹
(13
) 
 
  
€
 153
 
  
₹
349
 
  
€
 39
 
  
₹
85
 
 
  
AUD
56
 
  
₹
39
 
  
AUD
—  
 
  
 
—  
 
Interest rate swaps
  
USD
75
 
  
₹
(11
) 
  
USD
—  
 
  
 
—  
 
     
Non-designated
derivative instruments
  
   
  
   
  
   
  
   
Sell: Forward contracts *
  
USD
 1,182
 
  
₹
1,359
 
  
USD
 1,314
 
  
₹
(3,116
) 
 
  
€
 32
 
  
₹
55
 
  
€
 59
 
  
₹
34
 
 
  
£
1
 
  
₹
(1
) 
  
£
81
 
  
₹
112
 
 
  
AUD
82
 
  
₹
28
 
  
AUD
56
 
  
₹
115
 
 
  
SGD
11
 
  
₹
1
 
  
SGD
7
 
  
₹
8
 
 
  
ZAR
56
 
  
₹
14
 
  
ZAR
17
 
  
₹
1
 
 
  
CAD
56
 
  
₹
40
 
  
CAD
51
 
  
₹
153
 
 
  
SAR
 123
 
  
₹
(1
) 
  
SAR
60
 
  
₹
(1
) 
 
  
AED
9
 
  
 
^
 
  
AED
—  
 
  
 
—  
 
 
  
PLN
38
 
  
₹
15
 
  
PLN
34
 
  
₹
13
 
 
  
CHF
10
 
  
 
^
 
  
CHF
7
 
  
₹
4
 
 
  
QAR
3
 
  
₹
(1
) 
  
QAR
19
 
  
₹
(8
) 
 
  
TRY
28
 
  
₹
12
 
  
TRY
30
 
  
₹
31
 
 
  
NOK
29
 
  
₹
4
 
  
NOK
19
 
  
₹
16
 
 
  
OMR
1
 
  
₹
(1
) 
  
OMR
2
 
  
₹
1
 
 
  
SEK
35
 
  
₹
5
 
  
SEK
13
 
  
₹
4
 
 
  
MYR
—  
 
  
 
—  
 
  
MYR
20
 
  
₹
1
 
 
  
JPY
—  
 
  
 
—  
 
  
JPY
325
 
  
 
^
 
Range forward option contracts
  
USD
150
 
  
₹
161
 
  
USD
—  
 
  
 
—  
 
 
  
€
 31
 
  
₹
12
 
  
€
—  
 
  
 
—  
 
 
  
£
71
 
  
₹
57
 
  
£
—  
 
  
 
—  
 
Buy: Forward contracts
  
USD
730
 
  
₹
(971
) 
  
USD
480
 
  
₹
972
 
 
  
JPY
154
 
  
 
^
 
  
JPY
—  
 
  
 
—  
 
 
  
MXN
9
 
  
 
^
 
  
MXN
 11
 
  
₹
(9
) 
 
  
DKK
75
 
  
₹
(13
) 
  
DKK
9
 
  
 
^
 
 
  
   
  
 
 
 
  
   
  
 
 
 
 
  
   
  
₹
3,794
 
  
   
  
₹
(4,344
) 
 
  
   
  
 
 
 
  
   
  
 
 
 
 
*
USD 1,182 and USD 1,314 includes USD/PHP sell forward of USD 117 and USD 176 as at March 31, 2019 and 2020, respectively.
^
Value is less than
₹
1
 
 
Summary of Activity in Cash Flow Hedging Reserve within Equity Related to all Derivative Instruments Classified as Cash Flow Hedges
The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:
 
 
  
As at March 31,
 
 
  
2019
 
  
2020
 
Balance as at the beginning of the year
  
₹
(143
) 
  
₹
3,019
 
 
  
 
 
 
  
 
 
 
Deferred cancellation gain/ (loss), net
  
 
6
 
  
 
(201
) 
Changes in fair value of effective portion of derivatives
  
 
1,069
 
  
 
(2,312
) 
Net gain/(loss) reclassified to consolidated statement of income on occurrence of hedged transactions *
  
 
2,087
 
  
 
(3,382
) 
 
  
 
 
 
  
 
 
 
Gain/(loss) on cash flow hedging derivatives, net
  
₹
3,162
 
  
₹
(5,895
) 
 
  
 
 
 
  
 
 
 
Balance as at the end of the year
  
 
3,019
 
  
 
(2,876
) 
Deferred tax thereon
  
 
(604
) 
  
 
561
 
 
  
 
 
 
  
 
 
 
Balance as at the end of the year, net of deferred tax
  
₹
2,415
 
  
₹
(2,315
) 
 
  
 
 
 
  
 
 
 
 
*
Includes net gain/(loss) reclassified to revenue (March 31, 2019:
₹
2,585, March 31, 2020:
₹
(4,761)) and cost of revenues (March 31, 2019:
₹
(498), March 31, 2020:
₹
1,379).
Summary of Foreign Currency Risk from Non-derivative Financial Instruments
The below table presents foreign currency risk from
non-derivative
financial instruments as at March 31, 2019 and 2020:
 
 
  
As at March 31, 2019
 
 
  
US $
 
 
Euro
 
 
Pound
Sterling
 
 
Australian
Dollar
 
 
Canadian
Dollar
 
 
Other
currencies #
 
 
Total
 
Trade receivables
  
₹
39,896
 
 
₹
8,030
 
 
₹
5,212
 
 
₹
3,542
 
 
₹
1,528
 
 
₹
3,880
 
 
₹
62,088
 
Unbilled receivables
  
 
8,038
 
 
 
1,609
 
 
 
3,146
 
 
 
1,225
 
 
 
204
 
 
 
743
 
 
 
14,965
 
Contract assets
  
 
4,706
 
 
 
1,445
 
 
 
2,270
 
 
 
836
 
 
 
150
 
 
 
598
 
 
 
10,005
 
Cash and cash equivalents
  
 
21,997
 
 
 
2,884
 
 
 
1,573
 
 
 
1,003
 
 
 
1,928
 
 
 
2,204
 
 
 
31,589
 
Other assets
  
 
8,553
 
 
 
1,173
 
 
 
4,056
 
 
 
1,038
 
 
 
1,033
 
 
 
4,544
 
 
 
20,397
 
Loans, borrowings and bank overdrafts
  
 
(50,516
) 
 
 
(20
) 
 
 
(21
) 
 
 
(33
) 
 
 
—  
 
 
 
(21
) 
 
 
(50,611
) 
Trade payables, accrued expenses and other liabilities
  
 
(27,202
) 
 
 
(5,779
) 
 
 
(4,646
) 
 
 
(1,526
) 
 
 
(806
) 
 
 
(2,787
) 
 
 
(42,746
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets/ (liabilities)
  
₹
5,472
 
 
₹
9,342
 
 
₹
11,590
 
 
₹
6,085
 
 
₹
4,037
 
 
₹
9,161
 
 
₹
45,687
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
As at March 31, 2020
 
 
  
US $
 
 
Euro
 
 
Pound
Sterling
 
 
Australian
Dollar
 
 
Canadian
Dollar
 
 
Other
currencies #
 
 
Total
 
Trade receivables
  
₹
42,329
 
 
₹
8,860
 
 
₹
7,735
 
 
₹
3,044
 
 
₹
1,388
 
 
₹
4,522
 
 
₹
67,878
 
Unbilled receivables
  
 
11,127
 
 
 
1,030
 
 
 
2,221
 
 
 
784
 
 
 
291
 
 
 
1,126
 
 
 
16,579
 
Contract assets
  
 
5,517
 
 
 
1,559
 
 
 
2,850
 
 
 
654
 
 
 
146
 
 
 
790
 
 
 
11,516
 
Cash and cash equivalents
  
 
13,481
 
 
 
3,978
 
 
 
1,697
 
 
 
586
 
 
 
1,292
 
 
 
1,733
 
 
 
22,767
 
Other assets
  
 
49,835
 
 
 
4,314
 
 
 
3,283
 
 
 
413
 
 
 
1,447
 
 
 
1,805
 
 
 
61,097
 
Loans, borrowings and bank overdrafts
  
 
(36,578
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(36,578
) 
Lease Liabilities
  
 
(3,393
) 
 
 
(2,606
) 
 
 
(373
) 
 
 
(214
) 
 
 
(16
) 
 
 
(1,412
) 
 
 
(8,014
) 
Trade payables, accrued expenses and other liabilities
  
 
(27,457
) 
 
 
(3,419
) 
 
 
(3,718
) 
 
 
(1,228
) 
 
 
(605
) 
 
 
(3,087
) 
 
 
(39,514
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets/ (liabilities)
  
₹
54,861
 
 
₹
13,716
 
 
₹
13,695
 
 
₹
4,039
 
 
₹
3,943
 
 
₹
5,477
 
 
₹
95,731
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
#
Other currencies reflect currencies such as Swiss Franc, UAE Dirham, Saudi Riyal, Singapore Dollar, etc.
Summary of Remaining Contractual Maturities of Significant Financial Liabilities at Reporting Date
The table below provides details regarding the remaining contractual maturities of significant financial liabilities at the reporting date. The amounts include estimated interest payments and exclude the impact of netting agreements, if any.
 
 
  
As at March 31, 2019
 
 
  
Carrying

value
 
  
Less than 1

year
 
  
1-2
years
 
  
2-4 years
 
  
Beyond

4 years
 
  
Total
 
Loans, borrowings and bank overdrafts *
  
₹
99,467
 
  
₹
73,559
 
  
₹
24,887
 
  
₹
4,309
 
  
₹
—  
 
  
₹
102,755
 
Trade payables and accrued expenses
  
 
88,304
 
  
 
88,304
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
88,304
 
Derivative liabilities
  
 
1,310
 
  
 
1,310
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
1,310
 
Other liabilities
  
 
644
 
  
 
644
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
644
 
 
 
  
As at March 31, 2020
 
 
  
Carrying

value
 
  
Less than 1

year
 
  
1-2 years
 
  
2-4 years
 
  
Beyond

4 years
 
  
Total
 
Loans, borrowings and bank overdrafts *
  
₹
78,042
 
  
₹
74,663
 
  
₹
4,761
 
  
₹
119
 
  
₹
—  
 
  
₹
79,543
 
Lease Liabilities *
  
 
19,198
 
  
 
7,322
 
  
 
6,128
 
  
 
5,425
 
  
 
2,192
 
  
 
21,067
 
Trade payables and accrued expenses
  
 
78,129
 
  
 
78,129
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
78,129
 
Derivative liabilities
  
 
7,369
 
  
 
7,231
 
  
 
90
 
  
 
48
 
  
 
—  
 
  
 
7,369
 
Other liabilities
  
 
1,050
 
  
 
899
 
  
 
88
 
  
 
63
 
  
 
—  
 
  
 
1,050
 
 
*
Includes future cash outflow toward
s
estimated interest on borrowings and lease liabilities
Summary of Balanced View of Liquidity and Financial Indebtedness
The balanced view of liquidity and financial indebtedness is stated in the table below. This calculation of the net cash position is used by the management for external communication with investors, analysts and rating agencies:
 
 
  
As at March 31,
 
 
  
2019
 
  
2020
 
Cash and cash equivalents
  
₹
158,529
 
  
₹
144,499
 
Investments
  
 
220,716
 
  
 
189,635
 
Loans, borrowings and bank overdrafts
  
 
(99,467
) 
  
 
(78,042
) 
 
  
 
 
 
  
 
 
 
 
  
₹
279,778
 
  
₹
256,092