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Financial instruments (Tables)

12 Months Ended

Mar. 31, 2019

Statement [LineItems]

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, 2019 are as follows:

Financial assets

		Financial assets at amortized cost				Financial assets at FVTPL				Financial assets at FVOCI				Total carrying value				Total fair value
Cash and cash equivalents		$	85,444			$	—			$	—			$	85,444			$	85,444
Investment in fixed deposits			15,907				—				—				15,907				15,907
Investments in marketable securities and mutual funds			—				134,493				—				134,493				134,493
Trade receivables			73,872				—				—				73,872				73,872
Unbilled revenue(1)			65,295				—				—				65,295				65,295
Funds held for clients			7,063				—				—				7,063				7,063
Prepayments and other assets(2)			5,375				—				—				5,375				5,375
Other non-current assets(3)			9,308				—				—				9,308				9,308
Derivative assets			—				2,077				17,004				19,081				19,081
Total carrying value		$	262,264			$	136,570			$	17,004			$	415,838			$	415,838

Financial liabilities

		Financial liabilities at amortized cost				Financial liabilities at FVTPL				Financial liabilities at FVOCI				Total carrying value				Total fair value
Trade payables		$	17,831			$	—			$	—			$	17,831			$	17,831
Long-term debt (includes current portion)(4)			61,800				—				—				61,800				61,800
Other employee obligations(5)			63,129				—				—				63,129				63,129
Provision and accrued expenses			27,619				—				—				27,619				27,619
Other liabilities(6)			2,288				3,197				—				5,485				5,485
Derivative liabilities			—				307				2,096				2,403				2,403
Total carrying value		$	172,667			$	3,504			$	2,096			$	178,267			$	178,267

Notes:

(1) Excluding non-financial assets $1,457.

(2) Excluding non-financial assets $11,408.

(3) Excluding non-financial assets $34,931.

(4) Excluding non-financial asset (unamortized debt issuance cost) $409.

(5) Excluding non-financial liabilities $16,240.

(6) Excluding non-financial liabilities $13,768.

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

Financial assets

		Financial assets at amortized cost				Financial assets at FVTPL				Financial assets at FVOCI				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			$	102,166			$	12,771			$	394,142			$	394,142

Financial liabilities

		Financial liabilities at amortized cost				Financial liabilities at FVTPL				Financial liabilities at FVOCI				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)			2,447				11,388				—				13,835				13,835
Derivative liabilities			—				946				7,809				8,755				8,755
Total carrying value		$	200,222			$	12,334			$	7,809			$	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.

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, 2019 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		$	19,081			$	—			$	19,081			$	(2,045	)		$	—			$	17,036
Total		$	19,081			$	—			$	19,081			$	(2,045	)		$	—			$	17,036

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		$	2,403			$	—			$	2,403			$	(2,045	)		$	—			$	358
Total		$	2,403			$	—			$	2,403			$	(2,045	)		$	—			$	358

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

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, 2019 are as follows:-

						Fair value measurement at reporting date using
Description		March 31, 2019				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		$	2,077			$	—			$	2,077			$	—
Investments in marketable securities and mutual funds			134,493				134,047				446				—
Financial assets at FVOCI
Foreign exchange contracts			16,611				—				16,611				—
Interest rate swaps			392				—				392				—
Total assets		$	153,573			$	134,047			$	19,526			$	—
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts		$	308			$	—			$	308			$	—
Contingent consideration			3,197				—				—				3,197
Financial liabilities at FVOCI
Foreign exchange contracts			2,095				—				2,095				—
Total liabilities		$	5,600			$	—			$	2,403			$	3,197

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			$	—
Investments in marketable securities and mutual funds			99,954				99,412				542				—
Financial assets at FVOCI
Foreign exchange contracts			11,709				—				11,709				—
Interest rate swaps			1,062				—				1,062				—
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 FVOCI
Foreign exchange contracts			7,809				—				7,809				—
Total liabilities		$	20,143			$	—			$	8,755			$	11,388

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, 2019				March 31, 2018
Balance at the beginning of the year		$	11,388			$	19,678
Additions			—				—
Payouts			(8,456	)			(7,000	)
Gain recognized in the consolidated statement of income			—				(1,553	)
Finance expense recognized in the consolidated statement of income			265				263
Balance at the end of the year		$	3,197			$	11,388

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, 2019				March 31, 2018
Forward contracts (Sell)
In US dollars		$	230,292			$	242,418
In UK pound sterling			134,077				132,591
In Euro			34,251				23,883
In Australian dollars			43,271				48,147
Others			2,866				2,332
		$	444,757			$	449,371
Option contracts (Sell)
In US dollars		$	134,060			$	107,629
In UK pound sterling			122,377				116,401
In Euro			32,226				21,483
In Australian dollars			42,106				28,828
Others			—				927
		$	330,769			$	275,268
Interest rate swap contracts
In US dollars			61,800				89,900

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, 2019, 2018 and 2017 are as follows:

		Year ended March 31,
		2019				2018				2017
Revenue		$	66				11,231			$	7,952
Foreign exchange gain, net			(2	)			15,766				16,896
Finance expense			422				(561	)			(71	)
Income tax related to amounts reclassified into consolidated statement of income			(577	)			(9,965	)			(8,998	)
Total		$	(91	)			16,471			$	15,779

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,
		2019				2018				2017
Revenue from top customer			6.9	%			6.8	%			9.0	%
Revenue from top five customers			27.1	%			29.4	%			32.1	%

Contractual Maturities of Financial Liabilities

The contractual maturities of financial liabilities are as follows:

		As at March 31, 2019
		Less than 1 Year				1-2 years				2-5 years				Total
Long-term debt (includes current portion)(1)		$	28,200			$	16,800			$	16,800			$	61,800
Trade payables			17,831				—				—				17,831
Provision and accrued expenses			27,619				—				—				27,619
Other liabilities			5,485				—				—				5,485
Other employee obligations			63,129				—				—				63,129
Derivative financial instruments			2,096				307				—				2,403
Total(2)		$	144,360			$	17,107			$	16,800			$	178,267

Notes:

(1) Before netting off debt issuance cost of $409.

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

		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.

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, 2019				March 31, 2018
Cash and cash equivalents		$	85,444			$	99,829
Investments			150,400				121,502
Long-term debt (includes current portion)(1)			(61,800	)			(89,900	)
Net cash position		$	174,044			$	131,431

Note:

(1) Before netting off debt issuance cost of $409 and $769 as at March 31, 2019 and March 31, 2018, respectively.

Currency risk [member]

Statement [LineItems]

Foreign Currency Risk from Non-derivative Financial Instruments

The foreign currency risk from non-derivative financial instruments as at March 31, 2019 is as follows:

		As at March 31, 2019
		US Dollar				Pound Sterling				Indian Rupees				Australian Dollar				Euro				Other currencies				Total
Cash and cash equivalents		$	1,204				263				—				2,864				528				214				5,073
Trade receivables			100,713				48,198				3,629				17,107				12,459				3,395				185,501
Unbilled revenue			4,576				3,553				—				3,221				5,778				532				17,660
Prepayments and other current assets			522				311				2				82				85				16				1,018
Other non-current assets			4				—				—				—				—				15				19
Trade payables			(28,704	)			(63,467	)			(8,332	)			(9,059	)			(10,265	)			(596	)			(120,423	)
Provisions and accrued expenses			(2,924	)			(210	)			(217	)			(1,069	)			(477	)			(72	)			(4,969	)
Pension and other employee obligations			(127	)			—				—				—				(28	)			(177	)			(332	)
Other liabilities			(2	)			(7	)			—				—				—				(1	)			(10	)
Net assets/ (liabilities)		$	75,262				(11,359	)			(4,918	)			13,146				8,080				3,326				83,537

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

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