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Financial instruments (Tables)

12 Months Ended

Mar. 31, 2018

Carrying Value and Fair Value of Financial Instruments by Class

The carrying value and fair value of financial instruments by class as at March 31, 2018 are as follows:

Financial assets

		Loans and receivables				Financial assets at FVTPL				Derivative designated as cash flow hedges (carried at fair value)				Available for sale				Total carrying value				Total fair value
Cash and cash equivalents		$	99,829			$	—			$	—			$	—			$	99,829			$	99,829
Investment in fixed deposits			21,548				—				—				—				21,548				21,548
Investments in marketable securities and mutual funds			—				—				—				99,954				99,954				99,954
Trade receivables			71,388				—				—				—				71,388				71,388
Unbilled revenue			61,721				—				—				—				61,721				61,721
Funds held for clients			10,066				—				—				—				10,066				10,066
Prepayments and other assets (1)			4,410				—				—				—				4,410				4,410
Other non-current assets(2)			10,243				—				—				—				10,243				10,243
Derivative assets			—				2,212				12,771				—				14,983				14,983
Total carrying value		$	279,205			$	2,212			$	12,771			$	99,954			$	394,142			$	394,142

Financial liabilities

		Financial liabilities at FVTPL				Derivative designated as cash flow hedges (carried at fair value)				Financial liabilities at amortized cost				Total carrying value				Total fair value
Trade payables		$	—			$	—			$	19,703			$	19,703			$	19,703
Long term debt (includes current portion) (3)			—				—				89,900				89,900				89,900
Other employee obligations (4)			—				—				59,346				59,346				59,346
Provision and accrued expenses			—				—				28,826				28,826				28,826
Other liabilities(5)			11,388				—				2,447				13,835				13,835
Derivative liabilities			946				7,809				—				8,755				8,755
Total carrying value		$	12,334			$	7,809			$	200,222			$	220,365			$	220,365

Notes:

(1) Excluding non-financial assets $20,437.

(2) Excluding non-financial assets $32,145.

(3) Excluding non-financial asset (unamortized debt issuance cost) $769.

(4) Excluding non-financial liabilities $14,892.

(5) Excluding non-financial liabilities $13,566.

The carrying value and fair value of financial instruments by class as at March 31, 2017 are as follows:

Financial assets

		Loans and receivables				Financial assets at FVTPL				Derivative designated as cash flow hedges (carried at fair value)				Available for sale				Total carrying value				Total fair value
Cash and cash equivalents		$	69,803			$	—			$	—			$	—			$	69,803			$	69,803
Investment in fixed deposits			24,673				—				—				—				24,673				24,673
Investments in marketable securities and mutual funds			—				—				—				87,652				87,652				87,652
Investment in FMPs			—				96				—				—				96				96
Trade receivables			60,423				—				—				—				60,423				60,423
Unbilled revenue			48,915				—				—				—				48,915				48,915
Funds held for clients			9,135				—				—				—				9,135				9,135
Prepayments and other assets (1)			4,262				—				—				—				4,262				4,262
Other non-current assets (2)			10,791				—				—				—				10,791				10,791
Derivative assets			—				5,041				36,941				—				41,982				41,982
Total carrying value		$	228,002			$	5,137			$	36,941			$	87,652			$	357,732			$	357,732

Financial liabilities

		Financial liabilities at FVTPL				Derivative designated as cash flow hedges (carried at fair value)				Financial liabilities at amortized cost				Total carrying value				Total fair value
Trade payables		$	—			$	—			$	14,239			$	14,239			$	14,239
Long term debt (includes current portion) (3)			—				—				118,000				118,000				118,000
Other employee obligations (4)			—				—				46,701				46,701				46,701
Provision and accrued expenses			—				—				27,217				27,217				27,217
Other liabilities (5)			19,678				—				1,086				20,764				20,764
Derivative liabilities			26				4,757				—				4,783				4,783
Total carrying value		$	19,704			$	4,757			$	207,243			$	231,704			$	231,704

Notes:

(1) Excluding non-financial assets $ 23,123.

(2) Excluding non-financial assets $ 21,153.

(3) Excluding non-financial asset (unamortized debt issuance cost) $1,257.

(4) Excluding non-financial liabilities $16,912.

(5) Excluding non-financial liabilities $13,720.

Financial Assets and Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements or Similar Agreements

Financial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2018 are as follows:

Description of types of financial assets		Gross amounts of recognized financial assets				Gross amounts of recognized financial liabilities offset in the statement of financial position				Net amounts of financial assets presented in the statement of  financial position				Related amount not set off in financial instruments								Net Amount
														Financial instruments				Cash collateral received
Derivative assets		$	14,983			$	—			$	14,983			$	(4,215	)		$	—			$	10,768
Total		$	14,983			$	—			$	14,983			$	(4,215	)		$	—			$	10,768

Description of types of financial liabilities		Gross amounts of recognized financial liabilities				Gross amounts of recognized financial assets offset in the statement of financial position				Net amounts of financial liabilities presented in the statement of  financial position				Related amount not set off in financial instruments								Net Amount
														Financial instruments				Cash collateral pledged
Derivative liabilities		$	8,755			$	—			$	8,755			$	(4,215	)		$	—			$	4,540
Total		$	8,755			$	—			$	8,755			$	(4,215	)		$	—			$	4,540

Financial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2017 are as follows:

Description of types of financial assets		Gross amounts of recognized financial assets				Gross amounts of recognized financial liabilities offset in the statement of financial position				Net amounts of financial assets presented in the statement of  financial position				Related amount not set off in financial instruments								Net Amount
														Financial instruments				Cash collateral received
Derivative assets		$	41,982			$	—			$	41,982			$	(1,712	)		$	—			$	40,270
Total		$	41,982			$	—			$	41,982			$	(1,712	)		$	—			$	40,270

Description of types of financial liabilities		Gross amounts of recognized financial liabilities				Gross amounts of recognized financial assets offset in the statement of financial position				Net amounts of financial liabilities presented in the statement of  financial position				Related amount not set off in financial instruments								Net Amount
														Financial instruments				Cash collateral pledged
Derivative liabilities		$	4,783			$	—			$	4,783			$	(1,712	)		$	—			$	3,071
Total		$	4,783			$	—			$	4,783			$	(1,712	)		$	—			$	3,071

Assets and Liabilities Measured at Fair Value on Recurring Basis

The assets and liabilities measured at fair value on a recurring basis as at March 31, 2018 are as follows:-

						Fair value measurement at reporting date using
Description		March 31, 2018				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Assets
Financial assets at FVTPL
Foreign exchange contracts		$	2,212			$	—			$	2,212			$	—
Financial assets at fair value through other comprehensive income
Foreign exchange contracts			11,709				—				11,709				—
Interest rate swaps			1,062				—				1,062				—
Investments in marketable securities and mutual funds			99,954				99,412				542				—
Total assets		$	114,937			$	99,412			$	15,525			$	—
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts		$	946			$	—			$	946			$	—
Contingent consideration			11,388				—				—				11,388
Financial liabilities at fair value through other comprehensive income
Foreign exchange contracts			7,809				—				7,809				—
Total liabilities		$	20,143			$	—			$	8,755			$	11,388

The assets and liabilities measured at fair value on a recurring basis as at March 31, 2017 are as follows:-

						Fair value measurement at reporting date using
Description		March 31, 2017				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Assets
Financial assets at FVTPL
Foreign exchange contracts		$	5,041			$	—			$	5,041			$	—
Investment in FMPs			96				96				—				—
Financial assets at fair value through other comprehensive income
Foreign exchange contracts			36,733				—				36,733				—
Interest rate swaps			208				—				208				—
Investments in marketable securities and mutual funds			87,652				87,223				429				—
Total assets		$	129,730			$	87,319			$	42,411			$	—
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts		$	26			$	—			$	26			$	—
Contingent consideration			19,678				—				—				19,678
Financial liabilities at fair value through other comprehensive income
Foreign exchange contracts			4,136				—				4,136				—
Interest rate swaps			621				—				621				—
Total liabilities		$	24,461			$	—			$	4,783			$	19,678

Summary of Contingent Consideration Categorized Under Level 3 Fair Value Measurement

The movement in contingent consideration categorized under Level 3 fair value measurement is given below:

		For the year ended
		March 31, 2018				March 31, 2017
Balance at the beginning of the year		$	19,678			$	—
Additions			—				19,934
Payouts			(7,000	)			—
Gain recognized in the consolidated statement of income			(1,553	)			(279	)
Finance expense recognized in the consolidated statement of income			263				23
Balance at the end of the year			11,388				19,678

Notional Values of Outstanding Foreign Exchange Forward Contracts, Foreign Exchange Option Contracts and Interest Rate Swap Contracts

The following table presents the notional values of outstanding foreign exchange forward contracts, foreign exchange option contracts and interest rate swap contracts:

		As at
		March 31, 2018				March 31, 2017
Forward contracts (Sell)
In US dollars		$	242,418			$	241,673
In United Kingdom Pound Sterling			132,591				126,441
In Euro			23,883				14,769
In Australian dollars			48,147				43,474
Others			2,332				3,511
		$	449,371			$	429,868
Option contracts (Sell)
In US dollars		$	107,629			$	84,490
In United Kingdom Pound Sterling			116,401				94,094
In Euro			21,483				14,494
In Australian dollars			28,828				19,412
Others			927				1,978
		$	275,268			$	214,468
Interest Rate Swap contracts
In US dollars			89,900				118,000

Gain/(Loss) Reclassified from Other Comprehensive Income into Consolidated Statement of Income

The amount of gain/ (loss) reclassified from other comprehensive income into consolidated statement of income in respective line items for the years ended March 31, 2018, 2017 and 2016 are as follows:

		Year ended March 31,
		2018				2017				2016
Revenue		$	11,231			$	7,952			$	7,941
Foreign exchange gain, net			15,766				16,896				6,281
Finance expense			(561	)			(71	)			—
Income tax related to amounts reclassified into consolidated statement of income			(9,965	)			(8,998	)			(5,230	)
Total		$	16,471			$	15,779			$	8,992

Percentage of Revenue Generated from Top Customer and Top Five Customers

The following table gives details in respect of the percentage of revenue generated from the Company’s top customer and top five customers:

		Year Ended March 31,
		2018				2017				2016
Revenue from top customer			6.8	%			9.0	%			10.9	%
Revenue from top five customers			29.4	%			32.1	%			30.7	%

Contractual Maturities of Financial Liabilities

The contractual maturities of financial liabilities are as follows:

		As at March 31, 2018
		Less than 1 Year				1-2 years				2-5 years				Total
Long term debt (includes current portion)(1)		$	28,100			$	28,200			$	33,600			$	89,900
Trade payables			19,703				—				—				19,703
Provision and accrued expenses			28,826				—				—				28,826
Other liabilities			10,680				3,154				—				13,834
Other employee obligations			59,347				—				—				59,347
Derivative financial instruments			6,466				2,289				—				8,755
Total(2)		$	153,122			$	33,643			$	33,600			$	220,365

Notes:

(1) Before netting off debt issuance cost of $769.

(2) Non-financial liabilities are explained in the financial instruments categories table above.

		As at March 31, 2017
		Less than 1 Year				1-2 years				2-5 years				Total
Long term debt (includes current portion)(1)		$	28,100			$	28,100			$	61,800			$	118,000
Trade payables			14,239				—				—				14,239
Provision and accrued expenses			27,217				—				—				27,217
Other liabilities			9,338				8,195				3,231				20,764
Other employee obligations			46,701				—				—				46,701
Derivative financial instruments			3,947				836				—				4,783
Total(2)		$	129,542			$	37,131			$	65,031			$	231,704

Notes:

(1) Before netting off debt issuance cost of $1,257.

(2) Non-financial liabilities are explained in the financial instruments categories table above.

Summary of Net Cash Position

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:

		As at
		March 31, 2018				March 31, 2017
Cash and cash equivalents		$	99,829			$	69,803
Investments			121,502				112,421
Long term debt (includes current portion)(1)			(89,900	)			(118,000	)
Net cash position		$	131,431			$	64,224

Note:

(1) Before netting off debt issuance cost of $769 and $1,257 as at March 31, 2018 and March 31, 2017, respectively.

Currency risk [member]

Foreign Currency Risk from Non-derivative Financial Instruments

The foreign currency risk from non-derivative financial instruments as at March 31, 2018 is as follows:

		As at March 31, 2018
		US Dollar				Pound Sterling				Indian Rupees				Australian Dollar				Euro				Other currencies				Total
Cash and cash equivalents		$	399				4,735				—				2,991				339				610				9,074
Trade receivables			100,002				46,658				3,850				24,686				7,289				2,525				185,010
Unbilled revenue			7,178				3,209				—				643				6,230				858				18,118
Prepayments and other current assets			428				188				10				29				63				11				729
Other non-current assets			3				—				—				—				—				16				19
Trade payables			(27,613	)			(64,070	)			(6,989	)			(16,093	)			(1,429	)			(19	)			(116,213	)
Provisions and accrued expenses			(2,314	)			(291	)			(205	)			—				(154	)			(19	)			(2,983	)
Pension and other employee obligations			(134	)			—				—				—				(12	)			(306	)			(452	)
Other liabilities			(7	)			(4	)			—				—				—				—				(11	)
Net assets/ (liabilities)		$	77,942				(9,575	)			(3,334	)			12,256				12,325				3,676				93,291

The foreign currency risk from non-derivative financial instruments as at March 31, 2017 is as follows:

		As at March 31, 2017
		US Dollar				Pound Sterling				Indian Rupees				Australian Dollar				Euro				Other currencies				Total
Cash and cash equivalents		$	599				253				—				2,606				1,323				35				4,816
Trade receivables			98,713				53,668				2,996				23,373				5,370				3,192				187,312
Unbilled revenue			4,656				1,241								3,062				3,205				494				12,658
Prepayments and other current assets			428				130				3				66				30				14				671
Other non-current assets			3				—				—				—				—				16				19
Trade payables			(40,600	)			(71,039	)			(3,986	)			(19,205	)			(1,140	)			(312	)			(136,282	)
Provisions and accrued expenses			(1,706	)			(504	)			(105	)			(128	)			(68	)			(208	)			(2,719	)
Pension and other employee obligations			(56	)			—				—				—				(31	)			(165	)			(252	)
Other liabilities			(5	)			(2	)			—				—				—				14				7
Net assets/ (liabilities)		$	62,032				(16,253	)			(1,092	)			9,774				8,689				3,080				66,230

Trade receivables [member]

Age-wise Break-up of Trade Receivables, Net of Allowances that are Past Due Beyond Credit Period

The age-wise break up of trade receivables, net of allowances that are past due beyond credit period, are as follows:

		As at
		March 31, 2018				March 31, 2017
Neither past due nor impaired		$	56,372			$	45,939
Past due but not impaired
Past due 0-30 days			9,578				8,260
Past due 31-60 days			2,738				2,544
Past due 61-90 days			834				1,174
Past due over 90 days			1,866				2,506
Past due and impaired			564				1,713
Total		$	71,952			$	62,136
Allowances for doubtful trade receivables		$	(564	)		$	(1,713	)
Trade receivables, net of allowances for doubtful receivables		$	71,388			$	60,423

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Disclosure of liquidity and financial indebtedness.

+ References

No definition available.

+ Details

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- Definition

Disclosure of maturity analysis for financial liabilities.

+ References

No definition available.

+ Details

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X

- Definition

Disclosure of revenue concentrations of risk by customers.

+ References

No definition available.

+ Details

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- Details

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X

- Details

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