Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SIFY TECHNOLOGIES LTD |
Entity Central Index Key | 0001094324 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Trading Symbol | SIFY |
Entity Common Stock, Shares Outstanding | 182,835,369 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Title of 12(b) Security | American Depositary Shares, each represented by One Equity Share, par value ₹ 10 per share |
Security Exchange Name | NASDAQ |
ICFR Auditor Attestation Flag | true |
Auditor Name | ASA & Associates LLP |
Auditor Firm ID | 5341 |
Auditor Location | Chennai, India |
Entity Address, Address Line One | TIDEL Park, 2nd Floor |
Entity Address, Address Line Two | 4, Rajiv Gandhi Salai |
Entity Address, Address Line Three | Taramani |
Entity Address, City or Town | Chennai |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 600 113 |
Entity File Number | 000-27663 |
Entity Incorporation, State or Country Code | K7 |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | M.P.Vijay Kumar |
Contact Personnel Email Address | vijaykumar.mp@sifycorp.com |
Entity Address, Address Line One | TIDEL Park, 2nd Floor |
Entity Address, Address Line Two | 4, Rajiv Gandhi Salai |
Entity Address, Address Line Three | Taramani |
Entity Address, City or Town | Chennai |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 600113 |
City Area Code | 91 |
Local Phone Number | 44-2254-0770 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Assets | |||
Property, plant and equipment | ₨ 22,306,077 | $ 271,308 | ₨ 16,694,877 |
Right of Use Assets | 5,689,423 | 69,200 | 4,412,714 |
Intangible assets | 622,688 | 7,574 | 634,730 |
Other assets | 4,540,098 | 55,221 | 2,136,850 |
Deferred contract costs | 12,157 | 148 | 20,625 |
Other investments | 1,044,020 | 12,698 | 476,050 |
Deferred tax assets | 865,638 | 10,529 | 686,193 |
Total non-current assets | 35,080,101 | 426,678 | 25,062,039 |
Inventories | 1,941,923 | 23,620 | 2,407,203 |
Trade and other receivables, net | 14,615,606 | 177,769 | 14,061,653 |
Contract assets | 52,581 | 640 | 51,283 |
Deferred contract costs | 127,566 | 1,552 | 304,225 |
Prepayments for current assets | 741,129 | 9,014 | 607,961 |
Restricted cash | 1,194,787 | 14,532 | 792,035 |
Cash and cash equivalents | 3,650,446 | 44,400 | 3,781,978 |
Total current assets | 22,324,038 | 271,527 | 22,006,338 |
Total assets | 57,404,139 | 698,205 | 47,068,377 |
Equity | |||
Share capital | 1,841,168 | 22,394 | 1,840,238 |
Other Equity | 2,000,000 | 24,326 | |
Share premium | 19,685,143 | 239,429 | 19,676,167 |
Share based payment reserve | 361,184 | 4,393 | 349,123 |
Other components of equity | 53,094 | 646 | 77,299 |
Accumulated deficit | (6,794,901) | (82,646) | (7,466,624) |
Total equity attributable to equity holders of the Company | 17,145,688 | 208,542 | 14,476,203 |
Liabilities | |||
Borrowings | 13,817,634 | 168,063 | 7,769,122 |
Lease liabilities | 1,866,176 | 22,698 | 1,715,361 |
Employee benefits | 129,903 | 1,580 | 145,004 |
Contract liabilities | 2,323,958 | 28,266 | 1,797,611 |
Other liabilities | 55,877 | 680 | 60,742 |
Total non-current liabilities | 18,193,548 | 221,287 | 11,487,840 |
Borrowings | 5,710,355 | 69,455 | 7,111,069 |
Lease Liabilities | 585,003 | 7,115 | 492,042 |
Bank overdraft | 951,504 | 11,573 | 371,995 |
Trade and other payable | 12,845,558 | 156,240 | 11,336,886 |
Contract liabilities | 1,972,483 | 23,993 | 1,792,342 |
Total current liabilities | 22,064,903 | 268,376 | 21,104,334 |
Total liabilities | 40,258,451 | 489,663 | 32,592,174 |
Total equity and liabilities | ₨ 57,404,139 | $ 698,205 | ₨ 47,068,377 |
Consolidated Statement of Incom
Consolidated Statement of Income ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) ₨ / shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 INR (₨) ₨ / shares | Mar. 31, 2021 INR (₨) ₨ / shares | |
Revenue | ||||
- Rendering of services | ₨ 30,449,944 | $ 370,361 | ₨ 25,659,626 | ₨ 22,035,746 |
- Sale of products | 2,953,782 | 35,927 | 1,366,049 | 2,283,796 |
Total | 33,403,726 | 406,288 | 27,025,675 | 24,319,542 |
Cost of goods sold and services rendered | ||||
- Rendering of services | (18,576,006) | (225,939) | (14,208,357) | (12,269,997) |
- Sale of products | (2,803,423) | (34,098) | (1,833,699) | (2,432,537) |
Total | (21,379,429) | (260,037) | (16,042,056) | (14,702,534) |
Other income | ||||
- Profit on sale of property, plant and equipment (Net) | 10,781 | 131 | 4,825 | 1,352 |
- Other income | 121,059 | 1,473 | 125,903 | 154,641 |
Other income | 131,840 | 1,604 | 130,728 | 155,993 |
Selling, general and administrative expenses | (5,733,634) | (69,738) | (4,943,575) | (4,546,756) |
Depreciation and amortization | (3,971,865) | (48,310) | (3,283,452) | (2,835,632) |
Impairment Loss on goodwill | 0 | 0 | (14,595) | 0 |
Profit from operating activities | 2,450,638 | 29,807 | 2,872,725 | 2,390,613 |
Finance income | 222,905 | 2,711 | 73,577 | 172,319 |
Finance expenses | (1,652,522) | (20,100) | (1,098,096) | (962,656) |
Net finance income / (expense) | (1,429,617) | (17,389) | (1,024,519) | (790,337) |
Profit before tax | 1,021,021 | 12,419 | 1,848,206 | 1,600,276 |
Income tax (expense) / benefit | (346,499) | (4,214) | (590,261) | (68,414) |
Profit for the year | 674,522 | 8,204 | 1,257,945 | 1,531,862 |
Attributable to: | ||||
Equity holders of the Company | 674,522 | 8,204 | 1,257,945 | 1,531,862 |
Non-controlling interest | 0 | 0 | 0 | 0 |
Profit for the year | ₨ 674,522 | $ 8,204 | ₨ 1,257,945 | ₨ 1,531,862 |
Earnings per share | ||||
Basic earnings per share | (per share) | ₨ 3.69 | $ 0.04 | ₨ 6.89 | ₨ 8.53 |
Diluted earnings per share | (per share) | ₨ 3.63 | $ 0.04 | ₨ 6.73 | ₨ 8.45 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Income Statement [Abstract] | ||||
Profit for the year | ₨ 674,522 | $ 8,204 | ₨ 1,257,945 | ₨ 1,531,862 |
Items that will not be reclassified to profit or loss | ||||
Remeasurements of the net defined benefit liability/asset | (55,783) | (678) | (21,985) | 5,179 |
Items that may be reclassified to profit or loss | ||||
Exchange differences on translation of foreign operations | 24,610 | 299 | 8,900 | (8,415) |
Total other comprehensive income, net of taxes | (31,173) | (379) | (13,085) | (3,236) |
Total comprehensive income | 643,349 | 7,825 | 1,244,860 | 1,528,626 |
Total comprehensive income attributable to: | ||||
Equity holders of the Company | 643,349 | 7,825 | 1,244,860 | 1,528,626 |
Non-controlling interest | ||||
Total comprehensive income | ₨ 643,349 | $ 7,825 | ₨ 1,244,860 | ₨ 1,528,626 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - INR (₨) ₨ in Thousands | Total | Share capital [Member] | Share premium [Member] | Share based payment reserve [Member] | Other components of equity [Member] | Retained earnings /(accumulated deficit) [Member] | Equity attributable to owners of parent [Member] | Non-controlling interest [Member] | Compulsorily Convertible Debentures [Member] |
Balance at the Beginning at Mar. 31, 2020 | ₨ 11,351,308 | ₨ 1,805,047 | ₨ 19,358,022 | ₨ 351,054 | ₨ 93,617 | ₨ (10,256,432) | ₨ 11,351,308 | ₨ 0 | |
Statement [Line Items] | |||||||||
Total comprehensive income for the year | 1,528,626 | 0 | 0 | 0 | (3,236) | 1,531,862 | 1,528,626 | 0 | |
Transactions with owners, recorded directly in equity | |||||||||
Shares issued on exercise of ESOP | 245,490 | 30,148 | 215,342 | 245,490 | |||||
Call money received | 0 | 0 | |||||||
Transaction costs related to equity | 0 | 0 | |||||||
Transferred from share based payment reserve on exercise of ESOP | 0 | 54,765 | (54,765) | 0 | |||||
ESOP Expenses | 40,051 | 40,051 | 40,051 | ||||||
Balance at the Ending at Mar. 31, 2021 | 13,165,475 | 1,835,195 | 19,628,129 | 336,340 | 90,381 | (8,724,570) | 13,165,475 | 0 | |
Statement [Line Items] | |||||||||
Total comprehensive income for the year | 1,244,863 | 0 | 0 | 0 | (13,082) | 1,257,945 | 1,244,863 | 0 | |
Transactions with owners, recorded directly in equity | |||||||||
Shares issued on exercise of ESOP | 42,992 | 5,043 | 37,949 | 42,992 | |||||
Call money received | 0 | 0 | |||||||
Transaction costs related to equity | 0 | 0 | |||||||
Transferred from share based payment reserve on exercise of ESOP | 0 | 10,089 | (10,089) | 0 | |||||
ESOP Expenses | 22,873 | 22,873 | 22,873 | ||||||
Balance at the Ending at Mar. 31, 2022 | 14,476,203 | 1,840,238 | 19,676,167 | 349,123 | 77,299 | (7,466,624) | 14,476,203 | 0 | ₨ 0 |
Statement [Line Items] | |||||||||
Total comprehensive income for the year | 643,349 | 0 | 0 | 0 | (31,173) | 674,522 | 643,349 | 0 | 0 |
Reclassification Compulsorily Convertible Debentures | 2,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,000,000 |
Transactions with owners, recorded directly in equity | |||||||||
Shares issued on exercise of ESOP | 9,906 | 930 | 8,976 | 9,906 | 0 | ||||
Call money received | 0 | 0 | 0 | ||||||
Transaction costs related to equity | (2,799) | (2,799) | (2,799) | 0 | |||||
Transferred from share based payment reserve on exercise of ESOP | 6,968 | 6,968 | 6,968 | 0 | |||||
ESOP Expenses | 12,061 | 12,061 | 12,061 | 0 | |||||
Balance at the Ending at Mar. 31, 2023 | ₨ 17,145,688 | ₨ 1,841,168 | ₨ 19,685,143 | ₨ 361,184 | ₨ 53,094 | ₨ (6,794,901) | ₨ 15,157,516 | ₨ 0 | ₨ 2,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Statement [Line Items] | ||||
Profit for the year | ₨ 674,522 | $ 8,204 | ₨ 1,257,945 | ₨ 1,531,862 |
Adjustments for: | ||||
Depreciation and amortization & Impairment of goodwill | 3,971,865 | 48,310 | 3,298,047 | 2,835,632 |
(Gain) / loss on sale of property, plant and equipment | (10,783) | (131) | (4,825) | (1,352) |
Deposits/Advances no longer payable written back | 0 | |||
Provision for doubtful receivables/ advances | 371,890 | 4,523 | 433,723 | 755,495 |
Stock compensation expense | 16,494 | 201 | 22,885 | 40,051 |
Net finance (income) / expense | 1,429,617 | 17,388 | 1,024,519 | 790,337 |
Unrealized (gain)/ loss on account of exchange differences | (42,660) | (519) | (15,509) | 7,536 |
Amortization of leasehold prepayments | (1,515) | (18) | 0 | 0 |
Tax expense | 346,499 | 4,214 | 590,262 | 68,414 |
Cash flow from operating activities before working capital changes | 6,755,929 | 82,172 | 6,607,047 | 6,027,975 |
Change in trade and other receivables | (400,481) | (4,871) | (4,080,446) | 1,075,194 |
Change in inventories | 465,280 | 5,660 | (992,465) | (112,682) |
Change in Contract Assets | (1,298) | (16) | (43,767) | 8,598 |
Change in Contract Costs | 178,528 | 2,171 | (248,877) | 26,037 |
Change in Contract Liabilities | 706,485 | 8,593 | 1,282,743 | (166,029) |
Change in other assets | (789,470) | (9,602) | (301,328) | (33,812) |
Change in trade and other payables | 2,843,263 | 34,582 | 1,366,459 | 226,621 |
Change in employee benefits | (57,047) | (694) | (69,815) | 21,921 |
Cash generated from operations | 9,701,189 | 117,995 | 3,519,551 | 7,073,823 |
Income taxes (paid)/ refund received | (1,362,951) | (16,578) | (1,274,883) | (107,115) |
Net cash from / (used in) operating activities | 8,338,238 | 101,417 | 2,244,668 | 6,966,708 |
Cash flows from / (used in) investing activities | ||||
Acquisition of property, plant and equipment | (11,616,131) | (141,286) | (6,801,252) | (2,655,319) |
Expenditure on intangible assets | (417,466) | (5,078) | (333,867) | (307,306) |
Proceeds from sale of property, plant and equipment | 10,783 | 131 | 4,929 | 1,352 |
Investments in corporate debt securities & Equity | (546,886) | (6,652) | (263,904) | (5,513) |
Finance income received | 155,756 | 1,894 | 40,071 | 141,584 |
Amount paid for acquisition of right of use assets | (1,178,320) | (14,332) | (239,318) | (793,410) |
Net cash from / (used in) investing activities | (13,592,264) | (165,323) | (7,593,341) | (3,618,612) |
Cash flows from / (used in) financing activities | ||||
Proceeds from issue of shares on exercise of options (including share premium) | 8,079 | 98 | 42,988 | 245,400 |
Proceeds from / (repayment) of borrowings (net) | 6,829,485 | 83,067 | 5,557,074 | 1,565,118 |
Repayment of lease liabilities | (265,236) | (3,226) | (316,594) | (226,155) |
Finance expenses paid | (1,627,907) | (19,800) | (1,113,528) | (965,990) |
Net cash from / (used in) financing activities | 4,944,421 | 60,139 | 4,169,940 | 618,373 |
Net increase / (decrease) in cash and cash equivalents | (309,605) | (3,767) | (1,178,733) | 3,966,469 |
Cash and cash equivalents on April 1 | 4,202,018 | 51,109 | 5,378,388 | 1,415,291 |
Effect of exchange fluctuations on cash held | 1,316 | 17 | 2,363 | (3,372) |
Cash and cash equivalents on March 31 | ₨ 3,893,729 | $ 47,359 | ₨ 4,202,018 | ₨ 5,378,388 |
Reporting entity
Reporting entity | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of reporting entity [Abstract] | |
Reporting entity | 1. Reporting entity Sify Technologies Limited (‘Sify’ or ‘the Company’) is a Company domiciled in India. The address of the Company’s registered office is 2nd Floor, Tidel Park, 4, Rajiv Gandhi Salai, Taramani, Chennai – 600113, India. The Company and its subsidiaries Sify Technologies (Singapore) Pte. Limited, Sify Technologies North America Corporation, Sify Data and Managed Services Limited, Sify Infinit Spaces Limited, Sify Digital Services Limited , Print House (India) Private Limited and Patel Auto Engineering Company India Private Limited |
Basis of preparation
Basis of preparation | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Basis of preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation a. Statement of compliance The accompanying Consolidated Financial Statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) and its interpretations as issued by the International Accounting Standards Board (IASB). These Consolidated Financial Statements have been approved for issue by the Board of Directors on June 28 b. Basis of measurement These Consolidated Financial Statements have been prepared on the historical cost basis except for the following: · Derivative financial instruments are measured at fair value · Financial instruments at fair value through profit or loss are measured at fair value. · Financial assets at fair value through other comprehensive income are measured at fair value · Share-based payments · The defined benefit asset is recognized as the net total of the plan assets, plus unrecognized past service cost and unrecognized actuarial losses, less unrecognized actuarial gains and the present value of the defined benefit obligation. · In relation to lease prepayments, the initial fair value of the security deposit is estimated as the present value of the refundable amount, discounted using the market interest rates for similar instruments. The difference between the initial fair value and the refundable amount of the deposit is recognized as a Right of Use Asset and present value of lease liability The above items have been measured at fair value and the methods used to measure fair values are discussed further in Note 4. c. Functional and presentation currency Items included in the financial statements of each Group entity are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). Indian rupee is the functional currency of Sify, its domestic subsidiaries. The U.S. dollar is the functional currency of Sify’s foreign subsidiaries i.e. Sify Technologies North America Corporation and Sify Technologies (Singapore) Pte. Ltd. located in North America, United States of America and in Singapore. The Consolidated Financial Statements are presented in Indian Rupees which is the Group’s presentation currency. All financial information presented in Indian Rupees has been rounded up to the nearest thousand except where otherwise indicated. Convenience translation : d. Use of estimates and judgments The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, the disclosures of contingent assets and contingent liabilities at the date of financial statements, income and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods which are affected. Application of accounting policies that require critical accounting estimates, judgments and assumptions having the most significant effect on the amounts recognized in the financial statements are : · Useful lives of property, plant and equipment (Note 3 e and Note 5) · Useful lives of intangible assets (Note 3 g and Note 6) · Estimate of Lease term and measurement of Right of Use Assets and Lease Liabilities (Note 3 h, 7) · Identification of performance obligation and timing of satisfaction of performance obligation, measurement of transaction price on revenue recognition (Note 3 o) · Measurement of the recoverable amounts of cash-generating units containing goodwill (Note 3 k and Note 6) · Utilization of tax losses and computation of deferred taxes (Note 3 r, 11) · Measurement of defined employee benefit obligations (Note 17) · Measurement of share-based payments (Note 3 m, 27) · Valuation of financial instruments (Note 3 c, 4, 34 and 33) · Provisions and contingencies (Note 3 n and 31) · Expected Credit losses on Financial Assets (Note 3 c, 13) · Impairment testing [N 3 k ] |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Significant accounting policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these Consolidated Financial Statements a. Basis of consolidation The financial statements of the Group companies are consolidated on a line-by-line basis. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. These financial statements are prepared by applying uniform accounting policies in use at the Group. Subsidiaries are entities controlled by the Company. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Thus, the Company controls an investee if and only if the Company has all the following : (a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability to use its power over the investee to affect the amount of the Company’s returns. Generally, there is a presumption that majority of voting rights results in control. To support this presumption and when the Group has less than a majority of voting of similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee. The financial statements of subsidiaries are consolidated from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. b. Foreign currency (i) Foreign currency transactions and balances Transactions in foreign currencies are initially recognized in the financial statements using exchange rates prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the relevant functional currency at the exchange rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Foreign currency differences arising on translation are recognized in the income statement for determination of net profit or loss during the period. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to the functional currency at exchange rates at the reporting date. The income and expenses of foreign operations and cash flows are translated to Indian Rupees using average exchange rates during the period. Any differences arising on such translation are recognized in other comprehensive income. Such differences are included in the foreign currency translation reserve “FCTR” within other components of equity. When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss. c. Financial instruments (i) Financial Assets Financial assets comprise of investments in equity and debt securities, trade and other receivables, cash and cash equivalents and other financial assets. Initial recognition: All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement: Financial assets measured at amortized cost: Financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortised cost using effective interest rate (EIR) method. The EIR amortisation is recognized as finance income in the Statement of Income. The Group while applying above criteria has classified the following financial assets at amortised cost - Trade receivables - Other financial assets. - Investment in debt securities Financial assets at fair value through other comprehensive income (FVTOCI): Financial assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are subsequently measured at FVTOCI. Fair value movements in financial assets at FVTOCI are recognized in other comprehensive income. Equity instruments held for trading are classified as at fair value through profit or loss (FVTPL). For other equity instruments the Group classifies the same as at FVTOCI or FVTPL. The classification is made on initial recognition and is irrevocable. Fair value changes on equity investments at FVTOCI, excluding dividends, are recognized in other comprehensive income (OCI). Financial assets at fair value through profit or loss (FVTPL): Financial assets are measured at fair value through profit or loss if it does not meet the criteria for classification as measured at amortised cost or at fair value through other comprehensive income. All fair value changes are recognized in the Statement of Income. Derecognition of financial assets: Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred and the transfer qualifies for derecognition. On derecognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognized in the Statement of Income. Impairment of financial assets: Trade receivables, contract assets, lease receivables under IFRS 9, investments in debt instruments that are carried at amortised cost, investments in debt instruments that are carried at FVTOCI are tested for impairment based on the expected credit losses for the respective financial asset. Trade receivables An impairment analysis is performed at each reporting date. The expected credit losses over lifetime of the asset are estimated by adopting the simplified approach using a provision matrix which is based on historical loss rates reflecting current condition and forecasts of future economic conditions. In this approach assets are grouped on the basis of similar credit characteristics such as industry, customer segment and other factors which are relevant to estimate the expected cash loss from these assets. Other financial assets Other financial assets are tested for impairment based on significant change in credit risk since initial recognition and impairment is measured based on probability of default over the lifetime when there is significant increase in credit risk. (ii) Financial liabilities Financial liabilities are initially recognized at fair value and any transaction cost that are attributable to the acquisition of the financial liabilities except financial liabilities at fair value through profit or loss which are initially measured at fair value. Subsequent measurement: The financial liabilities are classified for subsequent measurement into following categories: - at amortised cost - at fair value through profit or loss Financial liabilities at amortised cost The Group is classifying the following financial liabilities at amortised cost; a) Borrowings b) Finance lease obligations c) Trade and other payables d) Other financial liabilities Amortised cost for financial liabilities represents amount at which financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. Financial liabilities at fair value through profit or loss Financial liabilities held for trading are measured at FVTPL. Derecognition of financial liabilities: A financial liability shall be derecognized when, and only when, it is extinguished i.e. when the obligation specified in the contract is discharged or cancelled or expires. (iii) Derivative financial instruments Foreign exchange forward contracts and options are entered into by the Group to mitigate the risk of changes in foreign exchange rates associated with certain payables, receivables and forecasted transactions denominated in certain foreign currencies. The group also enters into cross currency interest rate swaps for hedging the risk against variability in cash flows of its term loan. These derivative contracts do not qualify for hedge accounting under IFRS 9 and are initially recognized at fair value on the date the contract is entered into and subsequently re-measured at their fair value. Gains or losses arising from changes in the fair value of the derivative contracts are recognized immediately in profit or loss. (iv) Offsetting of Financial Assets and Financial Liabilities Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the assets and settle the liability simultaneously. (v) Reclassification of financial assets The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are categorized as equity instruments at FVTOCI and financial assets or liabilities that are specifically designated as FVTPL. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be very infrequent. The management determines change in the business model as a result of external or internal changes which are significant to the Group’s operations. A change in the business model occurs when the Group either begins or ceases to perform an activity that is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Group does not restate any previously recognized gains, losses (including impairment gains or losses) or interest. d. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or share options are recognized as a deduction from equity, net of any tax effects. e. Property, plant and equipment Property, Plant and Equipment is stated at cost less accumulated depreciation and where applicable accumulated impairment losses. Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchases taxes, after deducting trade discounts and rebates and includes expenditure directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of Property, Plant and Equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Amount paid as advances towards the acquisition of property, plant and equipment is disclosed separately under other non-current assets as capital advances and the cost of assets not put to use as on balance sheet date are disclosed under ‘Capital work-in-progress’. Gains and losses on disposal of an item of Property, Plant and Equipment are determined by comparing the proceeds from disposal with the carrying amount of Property, Plant and Equipment and are recognized net within “other income / other expenses” in the Statement of Income. (i) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is de-recognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in statement of income during the period in which it is incurred. (ii) Depreciation Depreciation is recognized in the Statement of Income on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment considering residual value to be zero. Depreciation on contract-specific assets are charged co-terminus over the contract period. Management’s estimated useful lives for the year ended March 31, 2023 and March 31, 2022 were as follows: Estimate of useful life in years Buildings 28 Plant and machinery comprising computers, servers etc. 3 – 5 Plant and machinery comprising other items 8 Furniture and fittings 5 Office equipment 5 Motor vehicles 3 Depreciation is not recorded on construction-in-progress until construction and installation are complete and the asset is ready for its intended use. The depreciation method, useful lives and residual value are reviewed at each of the reporting date f. Business combinations (i) Business combinations Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by independent valuation experts. Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3(Revised). The cost of acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition. The cost of acquisition also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Transactions costs that the group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed. The acquisition of an asset or a group of assets that does not constitute a ‘business’ as per IFRS 3 is accounted for by identifying and recognizing the individual identifiable assets acquired and liabilities assumed. The cost of the group is allocated to such individual identifiable assets and liabilities on the basis of their relative fair values on the date of purchase. Business combinations involving entities or businesses under common control have been accounted for using the pooling of interests method. (ii) Goodwill Goodwill represents the cost of a business acquisition in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess is negative (negative goodwill), the Group reassesses the identification and measurement of identifiable assets, liabilities and contingent liabilities, and the measurement of the cost of acquisition, and recognizes any remaining excess in profit or loss immediately on acquisition. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. g. Other intangible assets Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the intangible asset. (i) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. (ii) Amortization of intangible assets with finite useful lives Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and previous year are as follows: Estimate of useful life in years Software 1 – 3 Undersea cable capacity 12 Other Intangibles 3 – 5 Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. h. Leases The Group as a lessee The Group’s lease asset classes primarily consist of leases for land and buildings. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset. At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the group changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows. The Group as a lessor Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease. i. Inventories Inventories comprising traded hardware and software are measured at the lower of cost (determined using first-in first-out method) and net realizable value. Cost comprises cost of purchase and all directly attributable costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. j. Contract assets/liability Contract Assets (Unbilled revenue) represents revenue in excess of billing. Contract Liability (Deferred income) represents unserviced portion of billed contracts. k. Impairment of non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit or group of units on a pro rata basis. Reversal of impairment loss An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized directly in other comprehensive income and presented within equity. l. Employee benefits Employee benefits are accrued in the period in which the associated services are rendered by employees of the Group, as detailed below: (a) Defined contribution plan (Provident fund) Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. The Group makes specified monthly contribution towards Government administered provident fund scheme. The Group also contributes to 401(K) plans on behalf of eligible employees. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit and loss in the periods during which the related services are rendered by employees. (b) Defined benefit plans (Gratuity) In accordance with applicable Indian laws, the Group provides for a lump sum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and years of employment with the Group. The gratuity fund is managed by the Life Insurance Corporation of India (LIC). The Group's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting any unrecognized past service cost and the fair value of any plan assets. The discount rate is the yield at the reporting date on risk free Government bonds that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited to the total of any unrecognized past service costs and the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized in other comprehensive income and presented within equity. Remeasurements are not reclassified to profit or loss in subsequent periods. Service costs, net interest expenses and other expenses related to defined benefit plans are recognized in profit or loss. (c) Short term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (d) Compensated leave of absence The employees of the Group are entitled to compensated absence. The employees can carry forward a portion of the unutilized accrued absence and utilize it in future periods or receive cash compensation at retirement or termination of employment for the unutilized accrued compensated absence. The Group recognizes an obligation for compensated absences in the period in which the employee renders the services. The Group provides for the expected cost of compensated absence in the Statement of Income as the additional amount that the Group expects to pay as a result of the unused entitlement that has accumulated based on actuarial valuations carried out by an independent actuary at the balance sheet date. m. Share-based payment transactions The fair value of options on grant date, (equity-settled share based payments) granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period in which the options are vested. The increase in equity recognized in connection with a share based payment transaction is presented as a separate component in equity. The amount recognized as an expense is adjusted to reflect the actual number of share options that vest. In respect of options whose terms and conditions are modified, the Group includes the incremental fair value of the options in the measurement of the amounts recognized for services received from the employees. The incremental fair value is the difference between the fair value of the modified option and that of the original option both estimated as at the date of the modification. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments, which is recognized over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately, or over the vesting period if the employee is required to complete an additional period of service before becoming unconditionally entitled to those modified equity instruments. n. Provisions Provisions are recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract. o. Revenue Recognition The Group derives revenue from converged ICT solutions comprising Network-centric services, Data Center services and Digital Services which includes cloud and managed services, applications integration services and technology integration services. The Group recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services excluding the amount collected on behalf of third parties. The revenue recognition in respect of the various streams of revenue is described as follows i) Network centric services Revenue from Network centric services includes Data network services and Voice services. Network services primarily include revenue from connectivity services, NLD/ILD services and to a lesser extent, revenues from the setup and installation of connectivity links. The group provides connectivity for a fixed period of time at a fixed rate regardless of usage. Revenue from Network services are series of distinct services. The performance obligations are satisfied overtime. Service revenue is recognized when services are provided, based upon period of time. The setup and installation of connectivity links are deferred and recognized over the associated contract period. Sale of equipment’s are accounted as separate performance obligations if they are distinct and its related revenues are recognised at a point in time when the control is passed on to the customer. The Group provides NLD (National Long Distance) and ILD (International Long Distance) services through Group’s network. The Group carries voice traffic, both national and international, using th |
Determination of fair values
Determination of fair values | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Determination of fair values [Abstract] | |
Determination of fair values | 4. Determination of fair values A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal market or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole. The fair value hierarchy is described as below: Level 1 - unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - unobservable inputs for the asset or liability. For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of fair value hierarchy. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (i) Property, plant and equipment The fair value of property, plant and equipment recognized as a result of a business combination is an estimated amount for which a property could be exchanged on the date of acquisition in an orderly transaction between market participants. The fair value of items of plant, equipment, fixtures and fittings is based on the market approach and cost approach using quoted market prices for similar items when available and replacements costs when appropriate. (ii) Inventories The fair value of inventories acquired in a business combination is determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. (iii) Intangible assets The fair value of intangible assets acquired in the business combinations is based on discounted cash flows expected to be derived from the use and eventual sale of assets (terminal value). (iv) Investments in equity and debt securities The fair value is determined by reference to their quoted price at the reporting date. In the absence of quoted price, the fair value of the financial asset is measured using valuation techniques. (v) Trade and other receivables The fair value of trade and other receivables expected to be realized beyond twelve months, excluding construction contracts in progress, is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. However in respect of such financial instruments, fair value generally approximates the carrying amount due to the short term nature of such assets. This fair value is determined for disclosure purposes or when acquired in a business combination. (vi) Derivatives The fair value of forward exchange contracts is based on their quoted price, if available. If a quoted price is not available, the fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk free interest rate (based on Government bonds). The fair value of foreign currency option contracts is determined based on the appropriate valuation techniques, considering the terms of the contract. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group entity and the counter party when appropriate. The fair value of the cross currency swaps (principal only swaps) and interest rate swaps is determined based on the discounting of the future cash flows at the market rates existing on the reporting date. (vii) Non derivative financial liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For finance leases, the market rate of interest is determined by reference to similar lease agreements. (viii) Share-based payment transactions The fair value of employee stock options is measured using the Black-Scholes method. Measurement inputs include share price on grant date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), expected term of the instrument (based on historical experience and general option holder behavior), expected dividends, and the risk free interest rate (based on Government bonds). |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of property, plant and equipments [Abstract] | |
Property, plant and equipment | 5. Property, plant and equipment The following table presents the changes in property, plant and equipment during the year ended March 31, 202 3 Cost Accumulated depreciation Particulars As of April 1, 2022 Additions Deletions As of Mar 31, 2023 As of April 1, 2022 Depreciation for the year Deletions As of Mar 31, 2023 Carrying amount as of March 31, 2023 Freehold Land 147,176 59,691 - 206,867 - - - - 206,867 Building 4,944,478 1,304,500 10,309 6,238,669 1,058,496 916,646 10,300 1,964,842 4,273,827 Plant and machinery 17,512,223 3,839,433 48,651 21,303,005 10,842,235 1,600,493 48,873 12,393,855 8,909,150 Computer equipment 1,863,469 191,867 18,075 2,037,261 1,630,581 167,923 17,827 1,780,677 256,584 Office equipment 1,695,295 411,700 - 2,106,995 909,833 270,508 5 1,180,336 926,659 Furniture and fittings 4,589,404 1,500 477 4,590,427 2,161,280 901 485 2,161,696 2,428,731 Vehicles 9,721 - - 9,721 9,697 9,697 24 Total 30,761,766 5,808,691 77,512 36,492,945 16,612,122 2,956,471 77,490 19,491,103 17,001,842 Add: Construction in progress 5,304,235 Total 30,761,766 5,808,691 77,512 36,492,945 16,612,122 2,956,471 77,490 19,491,103 22,306,077 The following table presents the changes in property, plant and equipment during the year ended March 31, 202 2 Cost Accumulated depreciation Particulars As of April 1, 2021 Additions Deletions As of Mar 31, 2022 As of April 1, 2021 Depreciation for the year Deletions As of Mar 31, 2022 Carrying amount as of March 31, 2022 Freehold Land 147,176 - - 147,176 - - - - 147,176 Building 4,767,708 178,465 1,695 4,944,478 871,698 186,798 - 1,058,496 3,885,982 Plant and machinery 15,161,056 2,369,218 18,051 17,512,223 9,590,746 1,269,471 17,982 10,842,235 6,669,988 Computer equipment 1,685,739 185,020 7,290 1,863,469 1,494,287 143,526 7,234 1,630,581 232,889 Office equipment 1,294,796 401,029 530 1,695,295 713,157 197,215 539 909,833 785,462 Furniture and fittings 3,238,201 1,351,480 277 4,589,404 1,607,897 555,399 2,016 2,161,280 2,428,124 Vehicles 9,721 - - 9,721 9,697 - - 9,697 24 Total 26,304,397 4,485,212 27,843 30,761,766 14,287,482 2,352,409 27,770 16,612,122 14,149,645 Add: Construction in progress 2,545,232 Total 26,304,397 4,485,212 27,843 30,761,766 14,287,482 2,352,409 27,770 16,612,122 16,694,877 Capital Commitments As of March 31, 2023 and 2022, the Company had committed to spend approximately ₹ 10,678,787 and ₹ 6,651,423 respectively, under agreements to purchase property, plant and equipment. Construction in progress Amounts paid towards acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of property, plant and equipment that are not ready to be put into use are disclosed under construction-in-progress. Security As of March 31, 2023 property, plant and equipment with a carrying amount of ₹ 16,910,327 (March 31, 2022: ₹ 14,045,705) are subject to a registered charge to secure bank borrowings. Capitalized borrowing costs Borrowing costs capitalized during the year amounted to ₹ 149,297 (March 2022, ₹ 22,012) |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Intangible Assets And Goodwill Explanatory [Abstract] | |
Intangible assets | 6. Intangible assets Intangible assets comprise the following: March 31, 202 3 March 31, 202 2 Goodwill - - Other intangible assets 622,688 634,730 622,688 634,730 (i) Goodwill The following table presents the changes in goodwill during the years ended March 31, 2023 and 2022 Particulars March 31, 2023 March 31, 2022 Balance at the beginning of the year - 14,595 Effect of movement in exchange rates - - Impairment loss recognized during the year - (14,595 ) Net carrying amount of goodwill - - The amount of goodwill and impairment loss as of March 31, 2022 has been allocated to Digital Services segment. During the year, the company has discontinued the current affairs and sports channel of its portal sify.com pursuant to notification from the Government of India regulating the entities which have FDI of more than 49% to carry content relating to current affairs and sports. Consequently the eyeballs to the site would come down and hence the goodwill associated to this business has been impaired. (ii) Other intangibles The following table presents the changes in intangible assets during and 2022. Bandwidth Capacity Software License fees Total (A) Cost Balance as of April 0 1, 202 1 736,388 1,578,234 78,000 2,392,622 Acquisitions during the year - 325,471 - 325,471 Disposals during the year - - - - Balance as of March 31, 202 2 736,388 1,903,704 78,000 2,718,093 Acquisitions during the year 36,900 383,476 - 420,376 Adjustment - - - - Disposals during the year - - - - Balance as of March 31, 2023 773,288 2,287,180 78,000 3,138,468 (B) Amortization Balance as of April 0 1, 202 1 512,695 1,159,647 40,289 1,712,631 Amortization for the year 74,483 293,299 3,150 370,932 Impairment loss on intangibles Balance as of March 31, 202 2 587,178 1,452,946 43,439 2,083,363 Amortization for the year 95,319 333,935 3,163 432,417 Impairment loss on intangibles Balance as of March 31, 2023 682,497 1,786,681 46,602 2,515,780 (C) Carrying amounts As of April 0 1, 202 1 223,693 418,587 37,711 679,991 As of March 31, 202 2 149,210 450,958 34,561 634,730 As of March 31, 2023 90,791 500,499 31,398 622,688 Intangible assets that were fully impaired / amortised were removed from the block. Capital commitments The Company had not committed to spend any amount under agreements to purchase intangible assets during the year ending March 31, 2023 and 2022. |
Right of use assets
Right of use assets | 12 Months Ended |
Mar. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Right of use assets | 7. Right of use assets Following are the changes in the carrying value of right of use assets for the year ended March 31, 2023: Particulars Category of ROU asset Land Building P&M IRU Total Balance as of April 1, 2022 1,783,510 1,594,112 480,501 554,591 4,412,714 Additions 1,085,331 681,500 7,468 85,387 1,859,686 Adjustments - - - - - Depreciation (18,496 ) (347,964 ) (138,095 ) (78,422 (582,977 Balance as of March 31, 202 3 2,850,345 1,927,648 349,874 561,556 5,689,423 Following are the changes in the carrying value of right of use assets for the year ended March 31, 202 2 : Particulars Category of ROU asset Land Building P&M IRU Total Balance as of April 1, 2021 1,807,260 1,716,152 486,056 530,134 4,539,602 Additions - 204,110 133,200 106,122 443,432 Deletions (10,399 ) (10,399 ) Depreciation (23,750 ) (314,359 ) (138,755 ) (83,254 ) (560,118 ) Translation difference (1,392 ) 1,589 197 Balance as of March 31, 202 2 1,783,510 1,594,112 480,501 554,591 4,412,714 Particulars March 31, 2023 March 31, 2022 Current lease liabilities 585,003 492,042 Non-current lease liabilities 1,866,176 1,715,361 Total 2,451,179 2,207,403 The following is the movement in lease liabilities during the Year ended Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2,207,403 2,202,649 Additions 596,842 326,600 Finance cost accrued during the period 278,697 191,136 Deletions - (12,247 ) Payment of lease liabilities (640,714 ) (507,498 ) Fair value adjustment 4,575 4,262 Translation difference 4,376 2,501 Balance as of March 31, 2,451,179 2,207,403 The table below provides details regarding the contractual maturities of lease liabilities as of March 31, 2023 and March 31, 202 2 on an undiscounted basis (including finance expenses): Particulars March 31, 2023 March 31, 2022 Less than one year 585,790 507,037 One to five years 1,343,804 1,163,309 More than five years 3,773,736 2,611,603 Total 5,703,330 4,281,949 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |
Cash and cash equivalents | 8. Cash and cash equivalents Cash and cash equivalents as per consolidated statement of financial position, as of March 31, 2023 amounted to ₹ 3,650,446 3,781,978 and March 31, 2021: ₹ 5,101,083 (a) Restricted cash March 31, 2023 March 31, 2022 March 31, 202 1 Current Bank deposits held under lien against borrowings / guarantees from banks / Government authorities 1,194,787 792,035 400,971 Total restricted cash 1,194,787 792,035 400,971 (b) Non restricted cash Current Cash and bank balances 3,650,446 3,781,978 5,101,083 Total cash (a+b) 4,845,233 4,574,013 5,502,054 Bank overdraft used for cash management purposes (951,504 ) (371,995 ) (123,666 ) Cash and cash equivalents for the statement of cash flows 3,893,729 4,202,018 5,378,388 |
Contract balances
Contract balances | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Contract balances and Other liabilities Explanatory [Abstract] | |
Contract balances | 9. Contract balances The following table provides information about receivables, contract assets and contract liabilities from the contracts with the customers Particulars March 2023 March 2022 Trade Receivables 11,345,542 10,784,668 Contract Assets – Unbilled Revenue 52,581 51,283 Contract liabilities – Deferred Income Current contract liabilities 1,972,483 1,792,342 Non-current contract liabilities 2,323,958 1,797,611 Total 4,296,441 3,589,953 The following table provides the movement in contract assets (unbilled revenue) for the year ended March 31, 2023 and March 31, 2022: Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2022 51,283 7,516 Add: Revenue recognized during the year 51,111 49955 Less: Invoiced during the year (51,312 ) (7,516 ) Add: Translation gain or (loss) 1,499 1328 Balance as of March 31, 20 23 52,581 51,283 The /following table provides the movement in contract liabilities (Deferred Income) for the year ended March 31, 2023 and March 31, 2022: Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2022 3,590,019 2,307,213 Less: Revenue recognized during the period (1,702,548 ) (1,490,312 ) Add: Invoiced during the period but revenue not recognized 2,420,931 2,773,921 Add: Translation gain or (loss) (11,961 ) (869 ) Balance as of March 31, 2023 4,296,441 3,589,953 Contract Cost and Amortisation Costs to fulfil customer contracts are deferred and amortized over the contract period. For the year ended March 31, 2023 the Company has capitalised ₹ ₹ ₹ ₹ Incremental costs of obtaining a contract are recognized as assets and amortized over the contract period. The Company recognizes incremental cost of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognized is one year or less. |
Other assets
Other assets | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Assets [Abstract] | |
Other assets | 10. Other assets Non-current March 31, 202 3 March 31, 202 2 Other deposits and receivables 4,540,098 2,136,850 4,540,098 2,136,850 Financial assets included in other assets 850,261 447,940 |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Deferred tax assets and liabilities [Abstract] | |
Disclosure of deferred taxes [text block] | 11. Deferred tax assets and liabilities The tax effects of significant temporary differences that resulted in deferred tax assets and a description of the items that created these differences is given below Recognized deferred tax assets / (liabilities) Assets / (liabilities) March 31, 202 3 March 31, 202 2 Deductible temporary difference Property, Plant and Equipment 714,742 556,604 Lease obligations on right of use assets 147,614 130,143 Provision for employee benefits 45,421 46,204 Accounts receivable 104,658 111,455 Provision for Doubtful Advances 21,177 20,976 1,033,612 865,382 Taxable temporary difference Intangible assets (133,829 ) (143,519 ) Finance Lease obligations (34,145 ) (35,670 ) (167,974 ) (179,189 ) Unused Tax credits Mat Credit Entitlement - - Net deferred tax asset (liability) recognized in Balance Sheet 865,638 686,193 In assessing the realizability of deferred tax assets, management considers whether some portion or all of deferred tax assets will not be realized. The ultimate realization of deferred tax assets and tax loss carry forwards is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategy in making this assessment. Based on the level of historical taxable income and projections of future taxable income over the periods in which deferred tax assets are deductible, management believes that the Group will realize the benefits of those recognized deductible differences. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income are reduced. Movement in temporary differences during the year Balance as 21 Recognized Recognized Balance 2 Recognized Recognized Balance 3 Property, plant and equipment 597,497 (40,893 ) - 556,604 158,138 - 714,742 Intangible assets (143,326 ) (193 ) - (143,519 ) 9,690 - (133,829 ) Lease obligations on right of use assets 61,752 68,391 - 130,143 17,471 - 147,614 Finance Lease obligations - (35,670 ) - (35,670 ) 1,525 - (34,145 ) MAT Credit entitlement - - - - - Provision for employee benefits 8,886 37,372 - 46,204 (783 ) - 45,421 Accounts receivable 99,078 12,377 - 111,455 (6,797 ) - 104,658 Provision for - - Doubtful Advances 12,585 8,391 - 20,976 201 - 21,177 Unrecognized deferred tax assets / (liabilities) As of March 31, 2023 As of March 31, 2022 Deductible temporary differences - - Unrecognized tax losses 105,500 - 105,500 - Considering the probability of availability of future taxable profits in the period in which tax losses expire, deferred tax assets have not been recognized in respect of tax losses carried forward by the Group. The above tax losses expire at various years. Income tax expense recognized in profit or loss March 31, 202 3 March 31, 202 2 March 31, 2021 Current tax expense / (benefit) Current period 525,942 639,982 671,877 Deferred tax expense / (benefit) Origination and reversal of temporary differences (179,443 ) (49,721 ) (603,463 ) MAT credit entitlement Total income tax expense / (benefit) 346,499 590,261 68,414 There are no income taxes directly recognized in other comprehensive income. Reconciliation of effective tax rate A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before taxes is summarized below: Year ended 3 Year ended 2 Year ended Profit before income taxes 1,021,086 1,862,838 1,600,276 Enacted tax rates in India 25.17 % 25.17 % 34.94 % Computed expected tax expense / (benefit) 257,007 468,876 559,136 Effect of: Share based payment expense not deductible for tax purposes - - - Unrecognized deferred tax assets on losses incurred during the year (net of temporary differences, if any) Recognition of previously unrecognised deferred tax asset on temporary differences (42,500 ) (37,923 ) (267,566 ) Difference on account differential tax rates in different jurisdictions 18,519 23,917 (1,555 ) Effect of Unrecognised business loss including reversal of previously recognised DTA on business loss 105,500 - - Expenses/income not taxable - Recognition of current year temporary differences (129,500 ) Recognition of previously unrecognized tax losses - - - Difference on account of differential tax rates in different companies - - (86,987 ) Effect of expenses that are not deductible in determining taxable profit 1,700 7,224 3,092 Expenses/income not taxable Unrecognized temporary differences - - 3,491 Utilisation of previously unrecognised temporary differences - 14,875 2,056 Effect of rate difference in opening and closing deferred tax - (718 ) (28,182 ) Others - - 14,429 6,246 (10,920 ) - Reversal of previously recognised temporary differences - 124,930 - 346,499 590,261 68,414 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Inventories [Abstract] | |
Disclosure of inventories [text block] | 12. Inventories March 31, 202 3 March 31, 202 2 Trade inventories * 1,941,923 2,407,203 1,941,923 2,407,203 * Includes project inventory of ₹1,692,378 ( previous year: ₹ 2,142,385) |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Trade and other receivables [Abstract] | |
Disclosure of trade and other receivables [text block] | 13. Trade and other receivables Trade and other receivables comprise: March 31, 202 3 March 31, 202 2 (i) Trade receivables, net 11,345,542 10,784,668 (ii) Other receivables including deposits 3,270,064 3,276,985 (iii) Contract related accruals - - 14,615,606 14,061,653 (i) Trade receivables as of March 31, 2023 and March 31, 2022 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. Trade receivables consist of: March 31, 202 3 March 31, 202 2 Trade receivables from related parties - - Other trade receivables 11,825,945 11,265,210 11,825,945 11,265,210 Less: Allowance for doubtful receivables (480,403 ) (480,542 ) Balance at the end of the year 11,345,542 10,784,668 The activity in the allowance for doubtful accounts receivable is given below: For the year ended March 31, 202 3 March 31, 202 2 Balance at the beginning of the year 480,542 426,487 Add : Additional provision, net 371,890 433,723 Less : Bad debts written off (372,029 ) (379,668 ) Balance at the end of the year 480,403 480,542 (ii) Other receivables comprise of the following items: March 31, 202 3 March 31, 202 2 Advances and other deposits (Refer Note (a) below) 1,605,204 1,945,027 Withholding taxes (Refer Note (b) below) 1,664,860 1,331,958 3,270,064 3,276,985 Financial assets included in other receivables 100,681 29,869 Notes: a) Advances and other deposits primarily comprise of receivables in the form of deposits, sales tax/VAT, service tax, GST and other advances given in the ordinary course of business. b) Includes withholding taxes recoverable from the Department of Income-tax for which the Company has filed tax returns for refund. The Company expects to realize such refund of withholding taxes within the next 12 months. c) Non – current trade receivables is ₹. Nil (March 31, 2022: ₹. 1,990) |
Prepayments for current assets
Prepayments for current assets | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Prepayments for current assets [Abstract] | |
Disclosure of prepayments and other assets [text block] | 14. Prepayments for current assets Prepayments for current assets comprise of the following: March 31, 202 3 March 31, 202 2 Prepayments for purchase of bandwidth 91,507 47,263 Prepayments related to insurance - 858 Prepayments-others 649,622 559,840 741,129 607,961 |
Other investments
Other investments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Other investments [Abstract] | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [text block] | 15. Other investments Other Investments comprise investment in unquoted equity instruments classified as financial assets at FVTOCI and investment in unquoted debt securities classified as financial assets at amortised cost. The details of such investments are given below: March 31, 202 3 March 31, 2022 Investment in equity instruments – unquoted Investment in equity shares of Vashi Railway Station Commercial Complex Limited 150 150 Investment in equity shares of Sarayu Clean Gen Private Limited 1,560 1,560 Investment in The Gizmo App Company 20,554 19,000 Investment in Tasoula Energy Private Limited 225,000 225,000 Investment in Padvest Corporation 4,111 3,650 Investment in Digifresh Corporation 16,443 15,153 Investment in VEH Srishti Energy Private Limited 375,300 - Investment in Chatter Inc 12,333 - Investment in Passerine technologies Inc 16,443 - Investment in debt securities – unquoted Investment in Elevo Corporation (Erstwhile Attala Systems Corporation) # 372,126 211,537 1,044,020 476,050 # Unsecured convertible promissory note of $ 3 |
Equity
Equity | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Equity [Abstract] | |
Disclosure of share capital, reserves and other equity interest [text block] | 16. Equity No of shares March 31, March 31, 2 Issued as of April 01 182,742,369 182,238,069 Issued for cash - - Issued for consideration other than cash - - Exercise of share options 93,000 504,300 Issued as of March 31 182,835,369 182,742,369 Value (₹) 1,828,354 1,827,424 In fiscal 2015, the authorized share capital of the Company was enhanced by an amount of ₹ 189,000. Consequently the authorized share capital is increased to ₹ 2,040,000 divided into 204,000,000 Equity Shares, having a par value ₹ 10 per share. The directors have not recommended any dividend for paid up Equity Share of ₹ 10 each for the year 2022-23 (2021-22: ₹ Nil) Also refer note 35 – Issue of share on private basis to existing promoter group and Note 27 – Share-based payment 16 A Fully paid Compulsorily Convertible debentures : 2023 202 2 Compulsorily convertible Debentures issued to Kotak Special Securities Fund 2,000,000 - 2,000,000 - ₹ 100 each amounting to ₹ 2,000 ("series 1 CCD") and 1% of 2,00,00,000 (two crore) Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 2,000 These CCD's carry a coupon rate of 6% p.a payable half-yearly. The CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio shall be decided based on the equity valuation of the next financial year following the financial year of drawdown of CCD money During the year, the Company has valued the share price and fixed the conversion ratio, at 0.8112 in relation to series 1 CCDs subscribed - - Share based payment reserve Share based payment reserve represents the stock compensation expense recognized in the statement of changes in equity. Share Premium Share Premium used to record the premium on issue of shares. The reserve is utilized Other components of equity: a) Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. b) Fair value reserve The fair value reserve comprises the cumulative net change in the fair value of investments classified as at FVTOCI until the investments are derecognized or impaired. c) Remeasurements of the net defined benefit liability/asset Remeasurements of the net defined benefit liability/asset represent the cumulative actuarial gain / loss on account of Change in demographic assumptions, change in financial assumption and experience variance and remeasurement in return on plan assets, excluding amounts recognized in net interest expense/ income. |
Employee benefits
Employee benefits | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Employee Benefits [Abstract] | |
Disclosure of employee benefits [text block] | 17. Employee benefits March 31, 2023 March 31, 202 2 Gratuity payable 27,733 77,826 Compensated absences 102,170 67,178 129,903 145,004 Gratuity cost The components of gratuity costs recognized in the consolidated income statement for the years ending March 31, 2023, 2022, and March 31, 2021 consist of the following: ` March 31, 202 3 March 31, 202 2 March 31, 2021 Service cost 47,050 31,865 29,854 Interest cost 13,926 10,088 8,753 Interest income (8,788 ) (2,303 ) (1,705 ) 52,188 39,650 36,902 Details of employee benefit obligation and plan asset are as follows: March 31, 202 3 March 31, 202 2 Projected benefit obligation at the end of the year 298,903 216,006 Plan assets at the end of the year (271,170 ) (138,180 ) Funded status amount of liability recognised in the Balance Sheet 27,733 77,826 The following table set out the status of the gratuity plan: Change in defined benefit obligation Projected benefit obligation at the beginning of the year 216,006 177,098 156,412 Service cost 47,050 31,865 29,854 Interest cost 13,926 10,088 8,753 Remeasurements - Actuarial (gain) / loss 47,703 20,245 (7,178 ) Benefits paid (25,782 ) (23,290 ) (10,743 ) Projected benefit obligation at the end of the year 298,903 216,006 177,098 Change in plan assets March 31, 202 3 March 31, 202 2 March 31, 2021 Fair value of plan assets at the beginning of the year 138,180 40,651 30,474 Interest income 8,788 2,316 1,705 Employer contributions 157,682 120,000 21,214 Benefits paid (25,342 ) (23,290 ) (10,743 ) Return on plan assets, excluding amount recognised in net interest expense (8,138 ) (1,497 ) (1,999 ) Fair value of plan assets at the end of the year 271,170 138,180 40,651 Actual return on plan assets 611 907 (293 ) Actuarial assumptions at end of the year The principal actuarial assumptions as on March 31, 2023, 2022, and 2021 were as follows: Discount rate 7.30 % p.a. 6.35 % p.a. 5.70 % p.a. Long-term rate of compensation increase 5.00 % p.a. 5.00 % p.a. 5.00 % p.a. Expected long term rate of return on plan assets 8 % 8% for the first year and 5% thereafter 0% for the first year and 5% thereafter Average future working life time 21.68 years 21.85 years 22.42 years Discount rate: . Long term rate of compensation increase: Expected long term rate of return on plan assets: Salary escalation rate: The estimates of future salary increases considered take into account the inflation, seniority, promotion and other relevant factors. Assumptions regarding future mortality are based on published statistics and mortality tables. The Group assesses these assumptions with the projected long-term plans of growth and prevalent industry standards. Contributions The expected benefit payments to be made in the next few years are as under: Year March 31, 2023 March 31, 202 2 1 Year 58,014 34,787 2 to 5 years 187,762 124,332 6 to 10 years 121,795 91,562 More than 10 years 67,564 62,294 Plan assets: Funds managed by insurers 100 % 100 % Remeasurements of the net defined benefit liability recognized in other comprehensive income Amount recognized in other comprehensive income for the years ending March 31, 2023, 2022, and 2021 are as follows: March 31, 2023 March 31, 202 2 March 31, 2021 Remeasurements of the net defined benefit liability Actuarial (gain)/loss - Change in demographic assumptions (4,967 ) 146 - - change in financial assumptions 24,823 (402 ) (9,342 ) - experience variance 27,747 21,146 2,165 - return on plan assets, excluding amounts recognized in net interest expense/ income 8,179 1,172 1,999 55,782 22,062 (5,178 ) Sensitivity Analysis of significant actuarial assumption Sensitivity analysis for the defined benefit obligations will increase/ decrease by the amounts mentioned below if there is a variation of 100 basis points in the discount rate and salary escalation rate. Discount rate Salary escalation rate Increase by 100 bps (₹ ‘000s) Decrease by 100 bps (₹ ‘000s) Increase by 100 bps (₹ ‘000s) Decrease by 100 bps ( ₹ ‘000s) Present Value of Defined Benefit Obligation 285,955 312,584 310,808 287,127 The present value of defined benefit obligation has been arrived at using the same method as is used for valuing the defined benefit obligation as per the current assumptions. The increase/decrease in defined benefit obligation has been arrived assuming the other assumptions are constant though such increase/decrease do not happen in isolation in real scenarios. Contributions to defined contribution plans In accordance with Indian law, all employees receive benefits from a provident fund, which is a defined contribution plan. Both the employee and employer make monthly contributions to the plan, each equal to a specified percentage of employee’s basic salary. The Group has no further obligations under the plan beyond its monthly contributions. The Group contributed ₹ 194,451, a nd 2 and 21 . The Group has contributed to 401(K) plans on behalf of eligible employees amounting to ₹ 17,537 (March 31, 20 22 : ₹ 14,339) during the year ended March 31, 202 3 . |
Other liabilities
Other liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Liabilities [Abstract] | |
Other liabilities | 18. Other liabilities March 31, 202 3 March 31, 202 2 Other liabilities 55,877 60,742 55,877 60,742 Financial liabilities included in other liabilities 19,877 60,742 |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Borrowings [Abstract] | |
Disclosure of borrowings [text block] | 19. Borrowings March 31, 202 3 March 31, 202 2 Current Term bank loans (Refer note (a), (b), (c), (d) , (k) below) 1,740,076 1,392,738 Other working capital facilities (Refer note (h), (i), (j) ,(l),(m), (n), (o), (p) below) 3,367,962 4,868,255 Borrowings from others (Refer note (e), (f), (g) below) 602,317 850,076 5,710,355 7,111,069 Non current Term bank loans (Refer note (a), (b), (c), (d) , (k) below) 9,874,545 4,139,500 Borrowings from others (Refer note (e), (f), (g) below) 3,943,089 3,629,622 13,817,634 7,769,122 (a) Of the above, facilities amounting to ₹ 1,635 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Noida DC Project. (b) Of the above, facilities amounting to ₹ 747 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Chennai DC Project. (c) Of the above, facilities amounting to ₹ 2,804 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Rabale T5 DC Project. (d) Of total term loan balance ₹ 3,867 Million (previous year ₹ 4,282 Million) is primarily secured by charge on movable fixed assets funded by term loan and also secured by project receivables. Of the total term loan balance, an amount of ₹ 306 Million (previous year ₹ 721 Million) including current maturity is primarily secured against the specific project receivables of the company and ₹ 2,509 Million (previ o us Of the total term loan balance, an amount of ₹ 1,000 Million (previous year ₹ Nil) is also primarily secured by the charge on immovable fixed assets, both present and future (except the assets exclusively charged to other lenders) with Second pari-passu charge on entire current assets of the Borrower, including trade/ bills receivables, book debts, etc. both present & future, excluding the Cash margin lien marked or Current Assets specifically funded by other lenders. (e) The company has entered into External Commercial Borrowing (ECB) facility agreement for $ 5 Million and drawn down $ 5 Million out of sanctioned loan and repaid $ 0.05 Million in FY 2021-22 and $ 0.1 Million in FY 2022-23. The Company has also entered into agreement for currency swap (from USD to INR) to fully hedge foreign currency exposure towards principal repayment and interest rate swap from floating to fixed. (f) The term loans bear interest rate ranging from 7.20% p .a p.a (g). During the financial year 2021-22, Kotak Special Situations Fund (KSSF) subscribed to 2,00,00,000 (two crore) Series 1 Compulsorily Convertible Debentures (CCDs) with face value of ₹ 100 each amounting to ₹ 2,000 Million and 1% of 2,00,00,000 (two crore) Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 200. During the year under review, Kotak Special Situations Fund (KSSF) subscribed to additional 1,98,00,000 Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 1,980 Million. Further, the Company has the option and right to require KSSF to acquire additional compulsory convertible debentures of the Company (“Additional CCDs”) in one or more tranches during FY 2023, FY 2024, FY 2025 or by October 1, 2026 for up to an aggregate subscription amount of ₹ 6,000 Million. The CCDs are secured by secondary charge over identified movable assets of Data Center facility. These CCD's carry a coupon rate of 6% p.a payable The Tranche - I, CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio is decided based on the equity valuation as at March 31, 2023 as 0.8112. Since the fixed to fixed test is satisfied as per IAS 32 the above CCDs are presented as Equity (refer note 1 6a (h). The Company has adjusted the processing charges paid with respect to borrowings from borrowings from banks ₹ 185 Million (Previous year ₹ 114 Million) (i). These bear interest rate ranging from 8.3% p.a p.a p.a p.a (j). Of the above, facilities amounting to ₹ 1,659 Million (Previous Year : ₹ 1,655 Million), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium. (k). The above facilities amounting to ₹ 732 Million (previous year ₹ 591 Million), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium. l. The above facilities amounting to ₹ 715 Million (previous year ₹ 656 Million), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium. (l). In addition to the above, out of these loans repayable on demand (i) exposure amounting to ₹ 2,586 Million (previous year ₹ 2,222 Million) is secured collaterally by way of pari-passu charge on the unencumbered movable fixed assets of the Company, both present and future. (ii) exposure amounting to ₹ 1,334 Million (previous year ₹ 1,072) is secured collaterally by way of equitable mortgage over the properties at Tidel Park, Chennai, Vashi 6th floor, Vile Parle at Mumbai. (iii) exposure amounting to ₹ 470 Million (previous year ₹ 680 Million) is collaterally secured by equitable mortgage over the land and building at Noida and also covered by WDV of specific movable fixed assets funded out of their Term loan (since closed) at Noida Data Center, Uttar Pradesh. (iv) the exposure amounting to ₹ 876 Million (previous year ₹ 950 Million) is collaterally secured by equitable mortgage over the Vashi 5th floor property at Mumbai. (m). Of fhe above, facilities amounting to ₹ Nil (previous year ₹ 250 Million) are primarily secured by way of pari-passu charge on current assets of the Company, both present and future. (n). Of the above, facilities amounting to ₹ 374 Million (previous year ₹ 400 Million) are secured by way of pari-passu charge on current assets. Out of which ₹ 25 Million (previous year ₹ 400 Million) has first pari-passu charge on unencumbered movable fixed assets of the Company. (o). These working capital facilities bear interest ranging from p.a (p). The loans in the nature of Buyers Credit bear interest rate 0.67% p.a . p.a . p .a . p.a . ( q |
Trade and other payables
Trade and other payables | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Trade And Other Payables [Abstract] | |
Disclosure of trade and other payables [text block] | 20. Trade and other payables March 31, 202 3 March 31, 202 2 Trade payables 9,227,928 4,969,507 Advance from customers 1,238,312 1,050,899 Accrued expenses 1,766,653 4,106,167 Other payables 612,665 1,210,313 12,845,558 11,336,886 Financial liabilities included in trade and other payables 11,267,576 10,510,409 |
Deferred income
Deferred income | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Deferred Income [Abstract] | |
Disclosure of deferred income [text block] | 21. Deferred income March 31, 202 3 March 31, 202 2 Contract liabilities C urrent 1,972,483 1,792,342 N on - current 2,323,958 1,797,611 4,296,441 3,589,953 |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of revenue [text block] | 22. Revenue Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Rendering of services Service revenue 29,967,698 25,329,497 21,718,351 Installation service revenue 482,246 330,129 317,395 30,449,944 25,659,626 22,035,746 Sale of products 2,953,782 1,366,049 2,283,796 33,403,726 27,025,675 24,319,542 Note: Revenue disaggregation as per business segment and geography has been included in segment information (See Note 30). |
Performance obligations and rem
Performance obligations and remaining performance obligations | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about revenue expected to be recognised in the future related to performance obligation [Abstract] | |
Disclosure of transaction price allocated to remaining performance obligations [text block] | 23. Performance obligations and remaining performance obligations The Group has applied the practical expedient provided in the standard and accordingly not disclosed the remaining performance obligation relating to the contract where the performance obligation is part of a contract that has an original expected duration of one year or less and has also not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date. The following table provides revenue expected to be recognized in the future related to performance obligation that are unsatisfied (or partially satisfied) at the reporting date: To be recognized Amount Within one year 1,183,207 One to three years 848,399 Three years or more 1,438,237 |
Cost of goods sold and services
Cost of goods sold and services rendered | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Cost of Goods Sold And Services Rendered [Abstract] | |
Cost of goods sold and services rendered [text block] | 24. Cost of goods sold and services rendered Cost of goods sold and services rendered information is presented before any depreciation or amortization that is direct and attributable to revenue sources. The Group’s asset base deployed in the business is not easily split into a component that is directly attributable to a business and a component that is common / indirect to all the businesses. Since a gross profit number without depreciation and amortization does not necessarily meet the objective of such a disclosure, the Group has not disclosed gross profit numbers but disclosed all expenses, direct and indirect, in a homogenous group leading directly from revenue to operating income. |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Selling, General And Administrative Expenses [Abstract] | |
Selling, general and administrative expenses [text block] | 25. Selling, general and administrative expenses Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Personnel expenses 2,045,942 1,734,944 1,512,934 Marketing and promotion expenses 256,688 120,057 72,398 Administrative and other expenses*# 3,431,004 3,088,574 2,961,424 5,733,634 4,943,575 4,546,756 # Includes Contract associates costs Attributable to cost of goods sold and services rendered 112,076 210,870 253,289 Attributable to selling, general and administrative expenses 25,892 113,591 49,353 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Personnel Expenses [Abstract] | |
Personnel expenses [text block] | 26. Personnel expenses Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Salaries and wages 4,122,783 3,291,605 2,827,234 Contribution to provident fund and other funds 263,593 189,207 163,781 Staff welfare expenses 50,305 56,295 30,151 Employee stock compensation expense 16,494 22,885 40,051 4,453,175 3,559,992 3,061,217 Attributable to cost of goods sold and services rendered 2,407,234 1,825,048 1,548,282 Attributable to selling, general and administrative expenses 2,045,942 1,734,944 1,512,934 |
Share-based payments
Share-based payments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Share-based payments [Abstract] | |
Disclosure of share-based payment arrangements [text block] | 27. Share-based payments The Group had issued stock options under Associate Stock Option Plan (ASOP) 1999, ASOP 2000, ASOP 2002, ASOP 2005, ASOP 2007 and ASOP 2014. The Compensation Committee grants the options on the basis of performance, criticality and potential of the employees as identified by the management. Each option entitles the holder to purchase one American Depository Share (ADS) at an exercise price determined by the Compensation committee on the date of the grant. There are no options outstanding in respect of ASOP 1999, ASOP 2000, ASOP 2002, ASOP 2005 and ASOP 2007 as of March 31, 2023. The plan details of ASOP 2014 are as follows: Associate Stock Option Plan 2014 During July 2014, the shareholders of the Company approved a new scheme for allotment of shares to employees i.e. Associate Stock Option Plan 2014. 2,50,00,000 shares are reserved for this plan. Consequently 58,70,800 options were granted to the employees on January 20, 2015. The Company has granted additional 25,000, 1,95,000, 4,65,000, 72,20,000. 3,35,000, 1,50,000, 5,25,000 and 1,84,300 options to employees during the year 2022-23, 2021-22, 2020-21, 2019-20, 2018-19, 2017-18, 2016-17 and 2015-16 respectively. The options vest in the following manner: 4,304,600 Options (Option Plan I): 3/5th of the options vest at the end of one year from the date of grant. The remaining 2/5th vests at the end of every half year during second and third years from the date of grant in four equal instalments 6,612,700 Options (Option Plan II): 2/5th of the options vest at the end of one year from the date of grant. The remaining 3/5th vests at the end of every half year during second, third and fourth years in six equal instalments 4,052,800 Options (Option Plan III): 2/5th of the options vest at the end of two years from the date of grant. The remaining 3/5th vests at the end of every half year during third, fourth and fifth years in six equal instalments. The stock options can be exercised within a period of twelve months from the date of last vesting. As the number of stock options and the price of those options were made known to each allottee, the Plan has been considered as a fixed price grant. Stock option activity under the ASOP 2014 Plan is as follows: No. of options granted, exercised and forfeited 202 3 202 3 202 2 202 2 202 1 202 1 Outstanding at the beginning of the year 7,232,978 87.82 7,780,278 86.13 11,056,100 70.90 Granted during the year 25,000 135.13 195,000 146.23 465,000 118.05 Forfeited during the year (192,000 ) 89.64 (238,000 ) 85.24 (726,000 ) 81.43 Expired during the year - - - - - - Exercised during the year (93,000 ) 92.60 (504,300 ) 85.24 (3,014,822 ) 81.43 Outstanding at the end of the year 6,972,978 92.60 7,232,978 87.82 7,780,278 86.13 Exercisable at the end of the year 5,584,478 92.60 8,771,360 87.82 6,582,070 81.99 The fair value of stock options granted has been measured using the Black Scholes model at the date of the grant. The Black Scholes model includes assumptions regarding dividend yields, expected volatility, expected term (or “option life”) and risk free interest rates. In respect of the options granted, the expected term is estimated based on the vesting term, contractual term as well as expected exercise behavior of the employees receiving the option. Expected volatility of the option is based on historical volatility, during a period equivalent to the option life, of the observed market prices of the Company’s publicly traded equity shares. Share prices for the year 2011-12 have been eliminated in determining volatility as there had been extra ordinary price movements during the said period on account of capital infusion by promoters. Dividend yield of the options is based on the recent dividend activity. Risk-free interest rates are based on the Government securities yield in effect at the time of the grant. These assumptions reflect management’s best estimates, but these assumptions involve inherent market uncertainties based on market conditions generally outside the Company’s control. As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted. Further, if management uses different assumptions in the future periods, stock compensation expense could be materially impacted in future years. The estimated fair value of stock options is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. A summary of information about fixed price stock options outstanding with respect to ASOP 2014 is furnished below: As at Range of exercise price in ₹ Number outstanding on March 31 Weighted average exercise price in ₹ Weighted average remaining contractual life Number exercisable on March 31 Weighted average exercise price In ₹ March 31, 2023 66.6 - 230.97 6,972,978 92.60 0.06-4.82 Years 5,584,478 92.60 March 31, 2022 57.66-230.97 7,232,978 87.82 0.8-4.58 Years 8,771,360 87.82 March 31, 2021 57.66 - 152.56 7,780,278 86.13 0.55 - 4.83 years 6,582,070 86.13 The assumptions used in Black Scholes model to arrive at the fair value on grant date for the options granted during the year are summarised below: Grant date Jan 24, 2023 Category Category III Current market price 150.14 Exercise price 135.13 Expected term 2-5 years Volatility 56.67% to 87.91% Dividend yield 12% Discount rate 0.9% |
Financial income and expense
Financial income and expense | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Financial income and expense [Abstract] | |
Disclosure of finance income (cost) [text block] | 28. Financial income and expense Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Interest income on bank deposits 82,675 45,060 56,134 Others 140,230 28,517 116,185 Finance income 222,905 73,577 172,319 Interest expense on lease obligations 191,911 185,092 - Bank charges (including letter of credit, 147,117 107,834 62,160 Interest expense on borrowings 1,313,494 805,170 900,496 Finance expense (1,652,522 ) (1,098,096 ) (962,656 ) Net finance income / (expense) recognized in profit or loss (1,429,617 ) (1,024,519 ) (790,337 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Earnings per share [Abstract] | |
Earnings per share [text block] | 29. Earnings per share The calculation of basic earnings per share for the years ended March 31, 2023, 2022, and 2021 is based on the profit / (loss) attributable to ordinary shareholders of ₹674,522, ₹1,257,945, and ₹1,531,862 respectively and a weighted average number of shares outstanding of 182,803,189, 182,468,672, and 179,533,536 respectively, calculated as follows: Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Net profit – as reported 674,522 1,257,945 1,531,862 Weighted average number of shares – basic 182,803,189 182,468,672 179,533,536 Basic earnings per share 3.69 6.89 8.53 Weighted average number of shares – diluted 185,672,592 187,016,037 181,216,005 Diluted earnings per share 3.63 6.73 8.45 Weighted average number of ordinary shares basic Year ended March 31, 2023 202 2 2021 Issued fully paid ordinary shares on April 01 182,742,369 182,238,069 179,223,247 Effect of shares issued on exercise of stock options 60,820 230,603 310,289 Effect of partly paid shares - - - Weighted average number of equity shares and equivalent shares outstanding 182,803,189 182,468,672 179,533,536 Weighted average number of ordinary shares diluted Year ended March 31, 2023 202 2 2021 Weighted average number of ordinary shares (basic) 182,803,189 182,468,672 179,533,536 Effect of stock options (Note 1) 2,869,403 4,547,365 1,682,469 Weighted average number of equity shares outstanding (diluted) 185,672,592 187,016,037 181,216,005 Note 1: The Company has issued Associate Stock Options of which 69,72,978 (Previous year : 72,32,978) options are outstanding as at March 31, 2023. These could potentially dilute basic earnings per share in future. Refer Note ( 27 |
Segment reporting
Segment reporting | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of segment reporting [Abstract] | |
Disclosure of entity's operating segments [text block] | 30. Segment reporting The operating segments of the Group has been reclassified in the previous year with effect from April 1, 2021 pursuant to the business reorganization a. Network centric services Consists of domestic data, international data, wholesale voice b. Data Center Services Consists of co-location services, cross connects and other allied managed services c. Digital Services Consists of Cloud and Managed Services, Network Managed Services, Applications Integration Services, Technology Integration Services Network-centric services - The Network services consist of network services addressing the domestic connectivity needs of Indian enterprises and international inward and outward connectivity needs of International Enterprises. The services include a comprehensive range of Internet protocol based Virtual Private Network, offerings, including intranets, extranets, and remote access applications to both small and large corporate customers. The Group provides MPLS-enabled IP VPN’s through entire network. The Group also provides last mile connectivity to customers. The cable landing station and investment in submarine cable consortium are other assets extended to international partners for international inward and outward connectivity needs. The cable landing station currently lands 2 major submarine cables; namely Gulf Bridge International (GBI) and the Middle Eastern and North African cable (MENA) Data Center services Digital services The Group offers following services under Digital Services segment: On-demand hosting (cloud) services offer end-customers with the solutions to Enterprises. On-demand cloud services giving companies the option to “pay as you go” basis. Remote and Onsite Infrastructure Management services which provide management and support of customer operating systems, applications, and database layers. Network Operations Center (NOC) services, managed SDWAN and managed Wi-Fi solutions. Data Centre Build, Network Integration, Information security and End User computing. Web-applications which include sales force automation, supply chain management, intranet and extranets, workflow engine and knowledge management systems. Online portals, such as www.sify.com The Chief Operating Decision Maker (“CODM”), i.e., The Board of Directors and the senior management, evaluate the Group’s performance and allocate resources to various strategic business units that are identified based on the products and services that they offer and on the basis of the market served. The measure of profit / loss reviewed by the CODM is “Earnings/loss before interest, taxes, depreciation and amortization” also referred to as “segment operating income / loss”. Revenue in relation to segments is categorized based on items that are individually identifiable to that segment. Bandwidth costs, which form a significant part of the total expenses, is allocated to Network Services. Manpower costs of Technology resources rendering services to support Infrastructure operations, Managed services and Application services, are identified to respective operating segments specifically. The Group believes that the resulting allocations are reasonable. Certain expenses, such as depreciation, technology infrastructure and administrative overheads, which form a significant component of total expenses, are not allocable to specific segments as the underlying services are used interchangeably. Management believes that it is not practical to provide segment disclosure of these expenses and, accordingly, they are separately disclosed as “unallocated” and adjusted only against the total income of the Group. A significant part of the Property, plant and equipment used in the Group’s business are not identifiable exclusively to any of the reportable segments and can be used interchangeably between segments. Management believes that it is not feasible to provide segment disclosures relating to total assets since a meaningful segregation of the available data is onerous. The Group’s operating segment information for the years ended March 31, 2023, 2022 and Year ended March 31, 20 23 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) External Customers 13,290,510 10,125,610 9,987,606 33,403,726 Intersegment Revenues - 87,749 219,754 307,503 Operating expenses * (11,125,798 ) (6,085,634 ) (9,899,113 ) (27,110,545 ) Intersegment Expenses (250,085 ) - (57,418 ) (307,503 ) Segment operating income / (loss) 1,914,627 4,127,725 250,829 6,293,181 Unallocated expenses: Support Service Unit Costs (149,607 ) Depreciation and amortization (3,971,865 ) Other income / (expense), net 131,840 Finance income 222,905 Finance expenses * (1,505,433 ) Profit / (loss) before tax 1,021,021 Income tax (expense) / benefit (346,499 ) Profit / (loss) for the year 674,522 *Bank charges of ₹ 147,089 ($ 1,789) has been allocated to respective segments in operating expenses Year ended March 31, 20 22 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) Segment revenue 12,011,178 7,494,395 7,520,102 27,025,675 Intersegment Revenues - 87,753 220,468 308,221 Allocated segment expenses 9,880,381 4,297,871 6,702,094 20,880,346 Intersegment Expenses 250,803 - 57,418 308,221 Segment operating income / (loss) 1,879,994 3,284,277 981,058 6,145,329 Unallocated expenses: Support Service Unit Costs (105,285 ) Depreciation and amortization (3,298,047 ) Other income / (expense), net 130,728 Finance income 73,577 Finance expenses (1,098,096 ) Profit / (loss) before tax 1,848,206 Income tax (expense) / benefit (590,261 ) Profit / (loss) for the year 1,257,945 Year ended March 31, 20 21 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) Segment revenue 10,939,620 5,540,937 7,838,985 24,319,542 Intersegment Revenues - 87,753 225,506 313,259 Allocated segment expenses 8,878,254 3,029,653 7,231,665 19,139,572 Intersegment Expenses 255,841 57,418 313,259 Segment operating income / (loss) 1,805,525 2,599,036 775,408 5,179,970 Unallocated expenses: Support Service Unit Costs (109,718 ) Depreciation and amortization (2,835,632 ) Other income / (expense), net 155,993 Finance income 172,319 Finance expenses (962,656 ) Profit / (loss) before tax 1,600,276 Income tax (expense) / benefit (68,414 ) Profit / (loss) for the year 1,531,862 Geographic segments The Group has two geographic segments India and rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows: Description India Rest of the world Total Revenues Year ended March 31, 2023 27,349,352 6,054,374 33,403,726 Year ended March 31, 2022 22,399,400 4,626,275 27,025,675 Year ended March 31, 2021 20,292,816 4,026,726 24,319,542 The Group does not disclose information relating to non-current assets located in India and rest of the world as the necessary information is not available and the cost to develop it would be excessive. During the year under review revenue from one customer of the Group's Data center services segment is ₹ 3,852 million which is more than 10% of the Group's total revenue. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of contingencies [Abstract] | |
Disclosure of other provisions, contingent liabilities and contingent assets [text block] | 31. Contingencies a) Claims against the Group not acknowledged as debts include demands from Indian Income Tax authorities for payment of tax amounting to ₹ Nil (previous year: ₹ Nil). b) Contingencies due to certain Service Tax claims as at March 31, 2023 amounted to ₹ 416 million (previous year: ₹ 416 million). c) Contingencies due to certain Sales Tax claims as at March 31, 2023 amounted to ₹ 226 million (previous year: ₹ 226 million)*. d) The Group is subject to legal proceedings and claims which are arising in the ordinary course of business. The management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have material and adverse effect on the Group's results of operations or financial conditions. *Out of the above, an amount of ₹1.8 million has been paid under protest. Put Option: Sify Infinit Spaces Limited (SISL), wholly owned subsidiary of the company has issued Compulsorily Convertible Debentures (CCD) to Kotak Special Situations Fund (KSSF) with initial subscription of ₹ 2,020 m illion with subsequent subscription of ₹ 1,980 million million Europe India Gateway: The Group has entered into a contract with Emirates Integrated Telecom (‘the Emirates’) for the construction and supply of undersea cable capacity from the Europe India Gateway. As per the contract with Emirates, the Group is required to pay its share of decommissioning costs, if any, that may arise in the future. No provision has been made by the Group for such decommissioning costs as the amount of provision cannot be measured reliably as of March 31, 2023. The capacity under the mentioned facility would be upgraded over a period of time. Export obligation under EPCG : Effective 2012-13, the Company has participated in the Export Promotion Capital Goods Scheme (“the scheme”) under which capital equipment’s are permitted to be imported against a specific license at a substantially reduced customs duty, subject to fulfilment of obligation to export services rendered by use of capital equipment imported under the scheme to the extent of over 6 times the value of duty saved over a period of 6 years from the date of obtaining the license. In case of failure to meet the export obligation, the company would be liable to pay the difference between the normal duty and the duty saved under the scheme along with interest. As of March 31, 2023, the company is holding NIL NIL Legal proceedings a) Proceedings before Department of Telecommunication (i) License fees TDSAT has by its Order dated 28.02.2022 quashed the demands made by D O O The Company has been paying AGR on the licensed based 166 a ctivities DOT Supreme Court had by its Order dated 10.06.2020, accepted the stand of the DOT DOT DOT DOT DOT ‘ ’ the The Service providers which had different license conditions for ISP, NLD & ILD and having revenue from other business units approached the Hon’ble Supreme Court stating that Hon’ble Supreme Court judgement dated 24.10.2019 on the access Telecom Service Providers is not applicable to other services providers as license conditions were different from the Access Telecom Service Providers. The Hon’ble Supreme Court observed that if the license conditions of Other Service Providers including ISP, NLD & ILD are different from the license conditions of the Mobile Access Providers, then the other service providers should adjudicate the license fee issue before the appropriate forum. Meanwhile DoT withdrew the demands against Public Sector Undertaking on account of different license conditions. The Company which had approached the Hon’ble High Court of Madras (Court) in 2013 by filing a writ petition prohibiting Department of Telecommunications (DOT) from levying a license fee on non-licensed activities obtained stay of the demands. The Hon’ble Court restrained DoT from recovering the license fee in respect of non- telecom activities and the case is pending for hearing The Company believes that it has adequate legal defenses against the demand raised by DoT and that the ultimate outcome of these actions will not have a material adverse effect on the Company ’ s financial position and result of operations. ISPAI, association representing the internet service providers including the company issued a letter to DoT stating that the Hon’ble Supreme Court judgement dated 24.10.2019 is not applicable to Internet Service Providers and the license conditions are different. The Company which had received notices for earlier years from DoT claiming Licence fee on the total Income (including income from Non Licensed activities) has already responded to these notices stating that licence fees are not payable on income from non-licensed activities. The Company believes that it has adequate legal defenses against these notices and that the ultimate outcome of these actions may not have a material adverse effect on the Company ’ s financial position and result of operations. DoT in its written submission made before the Hon’ble Supreme Court had clearly mentioned that non telecom revenue would stand excluded from the purview of the gross revenue. In 2017, the Hon’ble Tripura High Court held that Service Providers are not liable to pay license fee on the income accruing from other businesses. (ii) The present license for ISP under Unified License issued by DOT on June 2, 2014 provides for payment of License fee on pure internet services. However, the Company through Internet Service Providers Association of India (ISPAI) challenged the said clause before TDSAT and has not made payment in this regard. TDSAT setaside the demand made by the DoT and passed the order in favour of the ISP. DoT has challenged the Order of the TDSAT and the appeal is pending before Supreme Court. The Company has appropriately accounted for any adverse effect that may arise in this regard in the books of account. However TDSAT by its order dated 18.10.2019 held that license fee is not chargeable on the Internet Service Providers. DoT has filed appeal before Supreme Court and the appeal is pending for final hearing. However the company has started paying AGR on pure internet effective from 01.04.2022 pursuant to the notification issued by DoT. b) The company is party to additional legal actions arising in the ordinary course of business. Based on the available information as on March 31, 2023, the Company believes that it has adequate legal defences for these actions and that the ultimate outcome of these actions will not have a material adverse effect on the Company's financial position and results of operations. c) The Company has received an order passed under section 7A of the Employees Provident Fund & Miscellaneous Provisions Act, 1952 from Employees Provident Fund Organisation (EPFO) claiming provident fund contribution aggregating to ₹ 6.4 million on special allowances paid to employees. The company has filed a writ petition before High court of Madras and obtained the stay of demand. In February 2019, the Supreme Court held, in a similar case, that Special allowances paid by the employer to its employee will be included in the scope of basic wages and subject to provident fund contribution. However, the Supreme Court has not fixed the effective date of order d) During the financial year 2019-20, Directorate General of Goods and Services Tax Intelligence (DGGI) did an inspection based on the analysis of service tax returns filed by the company in the past. The company has been categorizing services relating to e-Learning and Infrastructure Management Services provided to foreign customers billed in convertible foreign currency under OIDAR services while filing its half-yearly service tax return. However, based on the Place of Provision of Services Rules then applicable under the Finance Act, 1994, Service Tax has to be paid for OIDAR services provided to foreign customers even if the conditions for qualifying as export of services are met. Hence, the DGGI contended that Service Tax should be paid on the services classified as OIDAR services in the returns. The total contended during the period April 2014 to November 2016 of Service Tax was ₹ 161.8 million and the Interest & Penalty as applicable. The company believes that the services relating to e-learning and infrastructure management services will not fall under OIDAR services and also the activities covered under E-learning and IMS does not meet the conditions for taxation under the provisions applicable as OIDAR and hence there is no liability. However, during the investigation, the Company has paid ₹ 64.6 million under protest to continue the proceeding with the relevant adjudicating authorities. Thereafter, the DGGI has issued Show Cause Notice and the company has replied on the same. The matter is pending with the Adjudicating Authority. The company believes that no provision is required to be made against this demand. |
Related party transaction_
Related party transaction: | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of related parties [Abstract] | |
Disclosure of related party [text block] | 32. Related party transaction: The related parties where control / significant influence exists are subsidiaries and associates. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director whether executive or otherwise. Key management personnel include the board of directors and other senior management executives. The other related parties are those with whom the Group has had transaction during the years ended March 31, 2023, 2022 and 2021are as follows: % of Ownership interest Particulars Country of incorporation March 31, 20 23 March 31, 20 22 Holding Company Infinity Satcom Universal Private Limited India Raju Vegesna Infotech & Industries Private Limited (Subsidiary of Infinity Satcom Universal Private Limited) India Ramanand Core Investment Company Private Limited (Subsidiary of Raju Vegesna Infotech & Industries Private Limited) India Subsidiaries Sify Technologies (Singapore) Pte. Limited Singapore 100 100 Sify Technologies North America Corporation USA 100 100 Sify Data and Managed Services Limited India 100 100 Sify Infinit Spaces Limited India 100 100 Sify Digital Services Limited India 100 100 Print House (India) Private Limited India 100 100 Patel Auto Engineering Private Limited India 100 - Trust controlled by KMP: India Raju Vegesna Foundation The following is a summary of the related party transactions for the year ended March 31, 2023: Transactions Holding Company Others Key Management Personnel Consultancy services received - - 300 Sitting fees paid - - 2,200 Salaries and other short term benefits* - - 55,930 Contributions to defined contribution plans* - - 2,151 Share based payment transactions* - - 1,901 Lease rentals paid** 1,369 8,054 - CSR Contribution made - 24,390 - Amount of outstanding balances 9% Cumulative Non-convertible preference shares# - 500,000 - Advance lease rentals and refundable deposits made** - 5,600 - Lease rentals payable** 114 685 - All transactions between Sify Technologies Limited and its subsidiaries up to March 31, 2023 of this Annual Report have been in the ordinary course of business The following is a summary of the related party transactions for the year ended March 31, 2022: Transactions Holding Company Associates Others Key Management Personnel Consultancy services received - - - 300 Sitting fees paid - - - 2,000 Salaries and other short term benefits* - - - 56,006 Contributions to defined contribution plans* - - - 1,850 Share based payment transactions* - - - 4,507 Lease rentals paid** 1,369 - 7,220 - Preference shares issued# - - 500,000 - Dividend paid - - - - CSR Contribution made - - 13,220 - Advances given - - - Amount of outstanding balances Advance lease rentals and refundable deposits made** - - 5,600 - Lease rentals payable** 200 - 600 - The following is a summary of the related party transactions for the year ended March 31, 2021: Transactions Holding Company Associates Others Key Management Personnel Consultancy services received - - - 300 Sitting fees paid - - - 1,380 Salaries and other short term benefits* - - - 41,135 Contributions to defined contribution plans* - - - 1,619 Share based payment transactions* - - - 11,242 Lease rentals paid** 1,220 - 7,160 - Preference shares issued# - - 500,000 - Dividend paid - - - - Advances given - - - - Amount of outstanding balances Advance lease rentals and refundable deposits made** - - 5,560 - Lease rentals payable** 135 - 710 - * Represents salaries and other benefits of Key Management Personnel comprising of Mr. Kamal Nath - Chief Executive Officer (Sify Technologies Limited), Mr. M P Vijay Kumar – Whole Time Director and Chief Financial Officer and Mr. C R Rao - Chief Operating Officer. **During the year 2011-12, the Group had entered into a lease agreement with M/s Raju Vegesna Infotech and Industries Private Limited, the holding Group, to lease the premises owned by it for a period of three years effective February 1, 2012 on a rent of ₹ 0.075 million (Rupees Seventy Five Thousand) per month. Subsequently, the Group entered into an amendment agreement with effect from April 1, 2013, providing for automatic renewal for a further period of two blocks of 3 years with an escalation of 15% on the last paid rent after the end of every three years. Subsequently on account of expiry of the said agreement, the Group entered into a fresh agreement for a period of three years effective February 01, 2021 on a rent of ₹ 0.114 million (Rupees One Lakh Fourteen Thousand Only) per month. During the year 2011-12, the Group had also entered into a lease agreement with M/s Raju Vegesna Developers Private Limited, a Group in which Mr Ananda Raju Vegesna, the then Executive Director of the Group and Mr Raju Vegesna, Chairman and Managing director of the Group exercise significant influence, to lease the premises owned by it for a period of three years effective February 1, 2012 on a rent of ₹ 0.030 million (Rupees Thirty Thousand) per month. The agreement provides for the automatic renewal for further period of two blocks of 3 years with an escalation of 15% on the last paid rent after the end of every three years.Subsequently on account of expiry of the said agreement, the Group entered into a fresh agreement for a period of three years effective February 01, 2021 on a rent of ₹ 0.046 million (Rupees Forty Six Thousand) per month.. During the year 2010-11, the Group had entered into a lease agreement with Ms Radhika Vegesna, daughter of Mr Anand Raju Vegesna, the then Executive Director of the Group, to lease the premises owned by her for a period of three years effective June 1, 2010 on a rent of ₹ 0.3 million (Rupees Three Lakhs) per month and payment of refundable security deposit of ₹ 2.6 million million million # ₹ 500 million towards Cumulative Non-convertible Redeemable preference shares issued by Print house (India) Private limited to Ramanand Developers private limited with the tenure of 20 years from the date of allotment which will carry a preferential dividend of 9% per annum, payable till redemption. |
Financial instruments
Financial instruments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of financial instruments [text block] | 33. Financial instruments Financial instruments by category The carrying value and fair value of financial instruments by each category as of March 31, 2023 were as follows: Particulars Note Financial assets/ liabilities at amortised costs Financial assets / liabilities at FVTPL Financial assets / liabilities at FVTOCI Total carrying value Total fair value Assets Cash and cash equivalents 8 4,845,233 - - 4,845,233 4,845,233 Other assets 10 850,261 - - 850,261 850,261 Trade receivables 13 11,345,542 - - 11,345,542 11,345,542 Derivative financial instruments 13 - 25,263 - 25,263 25,263 Other investments 15 372,000 - 671,020 1,044,020 1,044,020 Liabilities Bank overdraft 8 951,466 - - 951,466 951,466 Lease liabilities 7 2,451,179 - - 2,451,179 2,451,179 Other liabilities 18 19,877 - - 19,877 19,877 Borrowings from banks 19 14,982,750 - - 14,982,750 14,982,750 Borrowings from others 19 2,045,239 - - 2,045,239 2,045,239 Trade and other payables 20 11,267,576 - - 11,267,576 11,267,576 Derivative financial liabilities 20 - - - Other financial liabilities 2,059,524 - - 2,059,524 2,059,524 6% Compulsory Convertible Debentures 2,000,000 - - 2,000,000 2,000,000 9% Cumulative Non-convertible preference shares 500,000 - - 500,000 500,000 The carrying value and fair value of financial instruments by each category as of March 31, 2022 were as Particulars Note Financial assets/ liabilities at amortised costs Financial assets / liabilities at FVTPL Financial assets / liabilities at FVTOCI Total carrying value Total fair value Assets Cash and cash equivalents 8 4,574,013 - - 4,574,013 4,574,013 Other assets 10 447,940 - - 447,940 447,940 Trade receivables 13 10,784,668 - - 10,784,668 10,784,668 Other receivables 13 29,869 - - 29,869 29,869 Other investments 15 474,340 - 1,710 476,050 476,050 Liabilities Bank overdraft 8 371,995 - - 371,995 371,995 Lease liabilities 7 2,207,403 - - 2,207,403 2,207,403 Other liabilities 18 60,742 - - 60,742 60,742 Borrowings from banks 19 7,379,680 - - 7,379,680 7,379,680 Borrowings from others 19 5,000,511 - - 5,000,511 5,000,511 Trade and other payables 20 10,510,409 - - 10,510,409 10,510,409 Derivative financial liabilities 20 - - - 6% Compulsory Convertible Debentures 2,000,000 - - 2,000,000 2,000,000 9% Cumulative Non-convertible preference shares 500,000 - - 500,000 500,000 Details of financial assets hypothecated as collateral The carrying amount of financial assets as at March 31, 2023 and 2022 that the Group has provided as collateral for obtaining borrowings and other facilities from its bankers are as follows: As of March 31, 2023 March 31, 202 2 Cash and cash equivalents 1,194,786 4,304,700 Trade receivables 4,078,466 10,991,295 5,273,252 15,295,995 Derivative financial instruments (a) Forwards and options Foreign exchange forward contracts and options are purchased to mitigate the risk of changes in foreign exchange rates associated with certain payables, receivables and forecasted transactions denominated in certain foreign currencies. These derivative contracts do not qualify for hedge accounting under IFRS 9 and are initially recognized at fair value on the date the contract is entered into and subsequently re-measured at their fair value. Gains or losses arising from changes in the fair value of the derivative contracts are recognized immediately in profit or loss. The counterparties for these contracts are generally banks or financial institutions. The following table gives details in respect of the notional amount of outstanding foreign exchange contracts as at March 31, 2023 and 2022 As of March 31, 20 23 March 31, 2022 Forward contracts In U.S. Dollars (Sell) - - In U.S. Dollars (Buy) - - The Company recognized a net loss on the forward contracts of ₹ (1,387) (March 31, 2022: ₹ 2,206 – Net gain) for the year ended March 31, 2023. The forward exchange contracts and option contracts mature between one and twelve months. The table below summarizes the notional amounts of derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: As of March 31, 202 3 March 31, 20 22 Buy: (US $) (US $) Not later than one month - - Later than one month and not later than three months - - Later than three months and not later than six months - - Later than six months and not later than one year - - (b) Cross Currency Swap: The Group has entered into Cross Currency Swaps in order to hedge the cash flows arising out of the Principal and Interest payments of the underlying External Commercial Borrowing denominated in USD. The period of the swap contracts is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay INR fixed and receive fixed USD principal and interest cash flows during the term of the contract. The swap arrangement is marked to market at the end of every period and losses are recognised in the Statement of Income. The swap contracts outstanding balances as on March 31, 2023 and March 31, 2022 is as follows. Particulars Value of the outstanding INR term loan Value of the outstanding USD principal Mark to Market losses/ (gain) Tranche 1 102,900 USD 1,400 - Tranche 2 (Undrawn) 154,350 USD 2,100 - Total 257,300 USD 3,500 - Particulars Value of the outstanding INR term loan Value of the outstanding USD principal Mark to Market losses/ (gain) Tranche 1 132,300 USD 1,800 - Tranche 2 (Undrawn) 198,450 USD 2,700 - Total 330,750 USD 4,500 - The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (principal) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: Particulars As at As at 'March 31, 2023 'March 31, 2022 Payable (USD) Receivable (INR) Payable (USD) Receivable (INR) Less than 1 year 1,000 73,500 1,000 73,500 One to two years 1,000 73,500 1,000 73,500 Two to three years 1,000 73,500 1,000 73,500 Three to four years 500 36,800 1,000 73,500 Four to five years - - 500 36,800 More than five years - - - - Total cash flows 3,500 257,300 4,500 330,750 The Group recognized a net loss on the cross currency swaps of ₹ Nil [Previous year : ₹ Nil for the year ended March 31, 2023. (c) Interest Rate Swap: The Group has entered into Interest Rate Swaps in order to hedge the cash flows arising out of the Interest payments of the underlying ECB. The period of the swap contract is co terminus with the period of the underlying ECB. As per the terms of the arrangement, the Company shall pay fixed rate of interest (8.9%) and receive variable rate of interest equal to LIBOR + 2.5% on notional amount. The swap arrangement is marked to market at the end of every period and losses are recognised in the Statement of income. The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (interest) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: As of March 31, 202 3 March 31, 2022 Receivable (US $) Payable (US $) Receivable (US $) Payable (US $) Less than 1 year 279 20,507 367 26,999 One to two years 189 13,916 279 20,507 Two to three years 101 7,375 189 13,916 Three to four years * 1,237 101 7,375 Four to five years - - * 1,236 More than five years - - - - Total cash flows 569 43,035 936 70,033 * Amount below rounding off norm adopted by the Group Total notional amount outstanding as of March 31, 202 3 is US $ 3,500 (March 31, 20 22 : US $ 4,500) . Net gain on account of interest rate swaps amount to ₹ 25,263 for the year ended March 31, 202 3 (March 31, 20 22 : ₹ 16,879 – Net gain). Fair value measurements: The details of assets and liabilities that are measured on fair value on recurring basis are given below: Fair value as of March 31, 2023 Fair value as of March 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Derivative financial assets – gain on outstanding forward/options contracts - - - - - - Liabilities Derivative financial liabilities – loss on outstanding forward/options contracts - - - - - - Derivative financial liabilities - loss on outstanding cross currency swaps - - - - - - Derivative financial liabilities - loss on outstanding interest rate swaps - - 25,263 - - 16,879 · Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities. · Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). · Level 3 – unobservable inputs for the asset or liability. Interest income/ (expenses), gains/ (losses) recognized on financial assets and liabilities Recognized in profit or loss Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Financial assets at amortised cost Interest income on bank deposits 82,675 45,060 56,134 Interest income from other financial assets 55,511 28,517 26,700 Impairment loss of trade receivables (371,890 ) (433,723 ) (755,495 ) Financial assets at fair value through profit or loss Net change in fair value of derivative financial instruments gain/(loss) (25,263 ) (16,879 ) 8,079 Financial liabilities at amortised cost Interest expenses on lease obligations (191,911 ) (185,092 ) (178,300 ) Interest expenses on borrowings from banks, others and overdrafts (1,313,494 ) (805,170 ) (714,121 ) |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of financial risk management [Abstract] | |
Disclosure of financial risk management [text block] | 34. Financial Risk Management The Group has exposure to the following risks from its use of financial instruments: · Credit risk · Liquidity risk · Market risk The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Board of Directors has established a risk management policy to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management systems are reviewed periodically to reflect changes in market conditions and the Group’s activities. The Group Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the risk management framework. The Group Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. Credit risk Trade and other receivables The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Management considers that the demographics of the Group’s customer base, including the default risk of the industry and country in which customers operate, has less of an influence on credit risk. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Group grants credit terms in the normal course of the business. Cash and cash equivalents and other investments In the area of treasury operations, the Group is presently exposed to counter-party risks relating to short term and medium term deposits placed with public-sector banks, and also to investments made in mutual funds. The Chief Financial Officer is responsible for monitoring the counterparty credit risk and has been vested with the authority to seek Board’s approval to Exposure to credit risk The gross carrying amount of financial assets, net of any impairment losses recognized represents the maximum credit exposure. The maximum exposure to credit risk as of March 31, 2023 and 2022 was as follows: March 31, 2023 March 31, 202 2 Cash and cash equivalents 3,650,446 3,781,978 Restricted Cash 1,194,787 792,035 Other assets 825,037 431,052 Trade receivables 11,345,542 10,784,668 Other receivables 100,681 29,869 Other investments 1,044,020 476,050 18,160,513 16,295,652 Impairment for financial assets Allowances for impairment for trade receivables have been provided based on Expected Credit Loss Method adopting a simplified approach provided in IFRS 9. The ag e due date for the practical expedient . The ageing of trade receivables, net of allowances, is given below: Period (in days) March 31, 2023 March 31, 202 2 Less than 365 days 10,872,340 9,972,651 More than 365 days 473202 812,017 11,345,542 10,784,668 See note 13 for the activity in the allowance for impairment of trade account receivables. Liquidity risks The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: As of March 31, 20 23 Carrying amount Contractual cash flows 0-12 months 1-3 years 3-5 years >5 years Non-derivative financial liabilities Bank overdrafts 951,504 951,504 951,504 - - - 6% Compulsory Convertible Debentures 2,000,000 2,160,000 240,000 480,000 480,000 960,000 9% Cumulative Non-convertible preference shares 500,000 500,000 - - - 500,000 Lease liabilities 2,451,179 5,703,330 585,790 788,588 555,216 3,773,736 Other liabilities 2,059,500 2,059,500 2,039,600 19,900 - - Borrowing from banks 14,982,750 19,853,900 5,680,600 5,755,100 4,800,000 3,618,200 Borrowings from others 2,045,239 2,361,800 748,900 1,149,400 463,500 - Trade and other payables 9,227,900 9,227,900 9,227,900 - - - 34,218,072 42,817,934 19,474,294 8,192,988 6,298,716 8,851,936 As of March 31, 20 22 Carrying amount Contractual cash flows 0-12 months 1-3 years 3-5 years >5 years Non-derivative financial liabilities Bank overdrafts 371,995 371,995 371,995 - - - Lease liabilities 2,207,403 4,281,949 507,037 733,287 430,022 2,611,603 Other liabilities 60,742 60,742 60,742 - - - Borrowing from banks 10,400,424 11,485,975 6,706,849 2,832,392 1,499,683 447,051 Borrowings from others 4,479,774 3,853,303 1,106,150 1,042,525 719,827 984,800 Trade and other payables 10,510,409 10,510,409 10,510,409 - - - 28,030,747 30,564,373 19,263,182 4,608,204 2,649,532 4,043,454 Market risk: Currency risk · Forecasting inflows and outflows denominated in US$ for a twelve-month period · Estimating the net-exposure in foreign currency, in terms of timing and amount · Determining the extent to which exposure should be protected through one or more risk-mitigating instruments to maintain the permissible limits of uncovered exposures. · Carrying out a variance analysis between estimate and actual on an ongoing basis and taking stop-loss action when the adverse movements breach the 5% barrier of deviation, subject to review by Audit Committee. The Group’s exposure to foreign currency risk as of March 31, 2023 was as follows: All amounts in respective currencies as mentioned (in thousands) US $ AUD CHF EUR GBP DHS HK $ SG $ Cash and cash equivalents 405 - - 44 69 - - - Trade receivables 28,052 - - 411 85 - - - Trade payables (28,575 ) - - (250 ) (34 ) (27 ) - - Foreign currency loan (6,059 ) - - - - - - - Net balance sheet exposure (6177 ) - - 205 120 (27 ) - - The Group’s exposure to foreign currency risk as of March 31, 2022 was as follows: All amounts in respective currencies as mentioned (in thousands) US $ AUD CHF EUR GBP DHS HK $ SG $ Cash and cash equivalents 3,435 - - 16 51 - - - Trade receivables 29,093 - - 222 85 - - - Trade payables (16,369 ) - - (196 ) (16 ) (27 ) (4 ) - Foreign currency loan (9,389 ) - - - - - - - Net balance sheet exposure 6770 - - 42 120 (27 ) (4 ) - All amounts in respective currencies as mentioned (in thousands) Sensitivity analysis A 10% strengthening of the rupee against the respective currencies as of March 31, 2023 and 2022 would have increased / (decreased) other comprehensive income and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2022. Other comprehensive income Profit or ( loss) March 31, 2023 - (47,755 ) March 31, 2022 - (52,815 ) A 10% weakening of the rupee against the above currencies as of March 31, 2023 and 2022 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. Interest Rate Risk: Profile At the reporting date the interest rate profile of the Group’s interest –bearing financial instruments were as follows: Carrying amount March 31, 202 3 March 31, 202 2 Fixed rate instruments Financial assets - Fixed deposits with banks 2590,530 1,905,131 - Investment in debt securities 372,000 211,537 Financial liabilities - Borrowings from banks 240,962 173,184 - Borrowings from others 4,773,718 4,781,393 Variable rate instruments Financial liabilities - Borrowings from banks 14,741,788 10,227,240 - Bank overdrafts 951,504 371,995 Fair value sensitivity for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss. Cash flow sensitivity for variable rate instruments An increase of 100 basis points in interest rates at the reporting date would have increased / (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis has been performed on the same basis as 2022. Equity Profit or (loss) March 31, 2023 - (12,185 ) March 31, 2022 - (69,438 ) A decrease of 100 basis points in the interest rates at the reporting date would have had equal but opposite effect on the amounts shown above, on the basis that all other variables remain constant. |
Issue of shares on a private pl
Issue of shares on a private placement basis to the existing promoter group | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Issued Capital Explanatory [Abstract] | |
Disclosure of issued capital [text block] | 35. Issue of shares on a private placement basis to the existing promoter group On August 4, 2010, the Board of Directors of the Group proposed the issuance, in a private placement, of upto an aggregate of 12,50,00,000 of the company’s equity shares, par value ₹10 per share (“Equity shares”), for an aggregate purchase price of ₹ 40,000, to a group of investors affiliated with the Group’s promoter, including entities affiliated with Mr Raju Vegesna, the Group’s Chairman and Managing Director and Mr Ananda Raju Vegesna, Executive Director and brother of Mr Raju Vegesna (the “Offering”). The company’s shareholders approved the terms of the Offering at the Company’s Annual General Meeting held on September 27, 2010. On October 22 2010, the company entered into a Subscription Agreement with Mr Ananda Raju Vegesna, acting as representative of the acquirers in connection with the offering. Accordingly, the company issued 12,50,00,000 equity shares to Raju Vegesna Infotech and Industries Private Limited, a company affiliated with the promoter group on October 30, 2010. The above shares were subsequently transferred by Raju Vegesna Infotech & Industries Private Limited to Ramanand Core Investment Company Private Limited. On August 14, 2011, the Company received a letter from RVIIPL expressing its intention to transfer the above partly paid shares to its wholly owned subsidiary M/s Ramanand Core Investment Company Private limited (“RCICPL”). The Company, on August 26, 2011, registered such transfer of partly paid shares in the name of RCICPL. On September 7, 2011, the parties entered into an amendment to the Subscription Agreement (the “Amendment”) extending the validity of the agreement period to September 26, 2013. This Amendment provides the Board of Directors of the Company with additional time to call upon the purchasers to pay the balance money, in accordance with the terms of the Subscription Agreement. During the year ended March 31, 2019, the Company has called–up and received a sum of ₹ 10 per share and hence the shares have become fully paid up. As of March 31, 2023, entities affiliated with our CEO, Chairman and Managing Director, Raju Vegesna, beneficially owned approximately 84.26% of our outstanding equity shares. |
Corporate Social Responsibility
Corporate Social Responsibility (CSR) expenditure | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Corporate Social Responsibility CSR Expenditure [Abstract] | |
Disclosure of service concession arrangements [text block] | 36. Corporate Social Responsibility (CSR) expenditure Section 135 of the Companies Act, 2013, requires Company to spend towards Corporate Social Responsibility (CSR). The Company is expected to spend ₹ 33,090 towards CSR in compliance of this requirement. A sum of ₹ 33,090 has been spent during the current year towards CSR activities as per details given below. Amount (₹) Organization March 31, 2023 March 31, 2022 VIRRD Trust, Dwarakha Tirumala - 10,000 Voluntary Health Services Hospital, Taramani 1,800 2,000 Raju Vegesna Foundation, Visakapatanam 24,390 13,220 Shree Anand Charitable Trust, Mumbai 2,500 2,500 Sri Hanuman Mani Education & Culture Trust 800 500 Dr Ambedkar Yuvajana Sangham Trust 400 CHILD (Project Sakthi) 800 - Guided Fortune Samirti 2,500 - Nayaki vidya mandir school 300 - Total 33,090 28,620 |
Capital Management
Capital Management | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 37. Capital Management The Group's capital comprises equity share capital, share premium, and other equity attributable to equity holders. The primary objective of Group's capital management is to maximize shareholders value. The Group manages its capital and makes adjustment to it in light of the changes in economic and market conditions. The Group does so by adjusting dividend paid to shareholders. The total capital as on March 31, 2023 is ₹ 17,145,688 (Previous Year: ₹ 14,476,203 ) . |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Significant accounting policies [Abstract] | |
Basis of consolidation | a. Basis of consolidation The financial statements of the Group companies are consolidated on a line-by-line basis. Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. These financial statements are prepared by applying uniform accounting policies in use at the Group. Subsidiaries are entities controlled by the Company. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Thus, the Company controls an investee if and only if the Company has all the following : (a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability to use its power over the investee to affect the amount of the Company’s returns. Generally, there is a presumption that majority of voting rights results in control. To support this presumption and when the Group has less than a majority of voting of similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee. The financial statements of subsidiaries are consolidated from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. |
Foreign currency | b. Foreign currency (i) Foreign currency transactions and balances Transactions in foreign currencies are initially recognized in the financial statements using exchange rates prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the relevant functional currency at the exchange rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Foreign currency differences arising on translation are recognized in the income statement for determination of net profit or loss during the period. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to the functional currency at exchange rates at the reporting date. The income and expenses of foreign operations and cash flows are translated to Indian Rupees using average exchange rates during the period. Any differences arising on such translation are recognized in other comprehensive income. Such differences are included in the foreign currency translation reserve “FCTR” within other components of equity. When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss. |
Financial instruments | c. Financial instruments (i) Financial Assets Financial assets comprise of investments in equity and debt securities, trade and other receivables, cash and cash equivalents and other financial assets. Initial recognition: All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement: Financial assets measured at amortized cost: Financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortised cost using effective interest rate (EIR) method. The EIR amortisation is recognized as finance income in the Statement of Income. The Group while applying above criteria has classified the following financial assets at amortised cost - Trade receivables - Other financial assets. - Investment in debt securities Financial assets at fair value through other comprehensive income (FVTOCI): Financial assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are subsequently measured at FVTOCI. Fair value movements in financial assets at FVTOCI are recognized in other comprehensive income. Equity instruments held for trading are classified as at fair value through profit or loss (FVTPL). For other equity instruments the Group classifies the same as at FVTOCI or FVTPL. The classification is made on initial recognition and is irrevocable. Fair value changes on equity investments at FVTOCI, excluding dividends, are recognized in other comprehensive income (OCI). Financial assets at fair value through profit or loss (FVTPL): Financial assets are measured at fair value through profit or loss if it does not meet the criteria for classification as measured at amortised cost or at fair value through other comprehensive income. All fair value changes are recognized in the Statement of Income. Derecognition of financial assets: Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred and the transfer qualifies for derecognition. On derecognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognized in the Statement of Income. Impairment of financial assets: Trade receivables, contract assets, lease receivables under IFRS 9, investments in debt instruments that are carried at amortised cost, investments in debt instruments that are carried at FVTOCI are tested for impairment based on the expected credit losses for the respective financial asset. Trade receivables An impairment analysis is performed at each reporting date. The expected credit losses over lifetime of the asset are estimated by adopting the simplified approach using a provision matrix which is based on historical loss rates reflecting current condition and forecasts of future economic conditions. In this approach assets are grouped on the basis of similar credit characteristics such as industry, customer segment and other factors which are relevant to estimate the expected cash loss from these assets. Other financial assets Other financial assets are tested for impairment based on significant change in credit risk since initial recognition and impairment is measured based on probability of default over the lifetime when there is significant increase in credit risk. (ii) Financial liabilities Financial liabilities are initially recognized at fair value and any transaction cost that are attributable to the acquisition of the financial liabilities except financial liabilities at fair value through profit or loss which are initially measured at fair value. Subsequent measurement: The financial liabilities are classified for subsequent measurement into following categories: - at amortised cost - at fair value through profit or loss Financial liabilities at amortised cost The Group is classifying the following financial liabilities at amortised cost; a) Borrowings b) Finance lease obligations c) Trade and other payables d) Other financial liabilities Amortised cost for financial liabilities represents amount at which financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. Financial liabilities at fair value through profit or loss Financial liabilities held for trading are measured at FVTPL. Derecognition of financial liabilities: A financial liability shall be derecognized when, and only when, it is extinguished i.e. when the obligation specified in the contract is discharged or cancelled or expires. (iii) Derivative financial instruments Foreign exchange forward contracts and options are entered into by the Group to mitigate the risk of changes in foreign exchange rates associated with certain payables, receivables and forecasted transactions denominated in certain foreign currencies. The group also enters into cross currency interest rate swaps for hedging the risk against variability in cash flows of its term loan. These derivative contracts do not qualify for hedge accounting under IFRS 9 and are initially recognized at fair value on the date the contract is entered into and subsequently re-measured at their fair value. Gains or losses arising from changes in the fair value of the derivative contracts are recognized immediately in profit or loss. (iv) Offsetting of Financial Assets and Financial Liabilities Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the assets and settle the liability simultaneously. (v) Reclassification of financial assets The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are categorized as equity instruments at FVTOCI and financial assets or liabilities that are specifically designated as FVTPL. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be very infrequent. The management determines change in the business model as a result of external or internal changes which are significant to the Group’s operations. A change in the business model occurs when the Group either begins or ceases to perform an activity that is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Group does not restate any previously recognized gains, losses (including impairment gains or losses) or interest. |
Share capital | d. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or share options are recognized as a deduction from equity, net of any tax effects. |
Property, plant and equipment | e. Property, plant and equipment Property, Plant and Equipment is stated at cost less accumulated depreciation and where applicable accumulated impairment losses. Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchases taxes, after deducting trade discounts and rebates and includes expenditure directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of Property, Plant and Equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Amount paid as advances towards the acquisition of property, plant and equipment is disclosed separately under other non-current assets as capital advances and the cost of assets not put to use as on balance sheet date are disclosed under ‘Capital work-in-progress’. Gains and losses on disposal of an item of Property, Plant and Equipment are determined by comparing the proceeds from disposal with the carrying amount of Property, Plant and Equipment and are recognized net within “other income / other expenses” in the Statement of Income. (i) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is de-recognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in statement of income during the period in which it is incurred. (ii) Depreciation Depreciation is recognized in the Statement of Income on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment considering residual value to be zero. Depreciation on contract-specific assets are charged co-terminus over the contract period. Management’s estimated useful lives for the year ended March 31, 2023 and March 31, 2022 were as follows: Estimate of useful life in years Buildings 28 Plant and machinery comprising computers, servers etc. 3 – 5 Plant and machinery comprising other items 8 Furniture and fittings 5 Office equipment 5 Motor vehicles 3 Depreciation is not recorded on construction-in-progress until construction and installation are complete and the asset is ready for its intended use. The depreciation method, useful lives and residual value are reviewed at each of the reporting date |
Business combinations | f. Business combinations (i) Business combinations Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by independent valuation experts. Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3(Revised). The cost of acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition. The cost of acquisition also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Transactions costs that the group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed. The acquisition of an asset or a group of assets that does not constitute a ‘business’ as per IFRS 3 is accounted for by identifying and recognizing the individual identifiable assets acquired and liabilities assumed. The cost of the group is allocated to such individual identifiable assets and liabilities on the basis of their relative fair values on the date of purchase. Business combinations involving entities or businesses under common control have been accounted for using the pooling of interests method. (ii) Goodwill Goodwill represents the cost of a business acquisition in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess is negative (negative goodwill), the Group reassesses the identification and measurement of identifiable assets, liabilities and contingent liabilities, and the measurement of the cost of acquisition, and recognizes any remaining excess in profit or loss immediately on acquisition. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. |
Other intangible assets | g. Other intangible assets Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the intangible asset. (i) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred. (ii) Amortization of intangible assets with finite useful lives Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and previous year are as follows: Estimate of useful life in years Software 1 – 3 Undersea cable capacity 12 Other Intangibles 3 – 5 Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Leases | h. Leases The Group as a lessee The Group’s lease asset classes primarily consist of leases for land and buildings. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset. At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the group changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows. The Group as a lessor Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease. |
Inventories | i. Inventories Inventories comprising traded hardware and software are measured at the lower of cost (determined using first-in first-out method) and net realizable value. Cost comprises cost of purchase and all directly attributable costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. |
Contract assets/liability | j. Contract assets/liability Contract Assets (Unbilled revenue) represents revenue in excess of billing. Contract Liability (Deferred income) represents unserviced portion of billed contracts. |
Impairment of non-financial assets | k. Impairment of non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit or group of units on a pro rata basis. Reversal of impairment loss An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized directly in other comprehensive income and presented within equity. |
Employee benefits | l. Employee benefits Employee benefits are accrued in the period in which the associated services are rendered by employees of the Group, as detailed below: (a) Defined contribution plan (Provident fund) Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. The Group makes specified monthly contribution towards Government administered provident fund scheme. The Group also contributes to 401(K) plans on behalf of eligible employees. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit and loss in the periods during which the related services are rendered by employees. (b) Defined benefit plans (Gratuity) In accordance with applicable Indian laws, the Group provides for a lump sum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and years of employment with the Group. The gratuity fund is managed by the Life Insurance Corporation of India (LIC). The Group's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting any unrecognized past service cost and the fair value of any plan assets. The discount rate is the yield at the reporting date on risk free Government bonds that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited to the total of any unrecognized past service costs and the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest), are recognized in other comprehensive income and presented within equity. Remeasurements are not reclassified to profit or loss in subsequent periods. Service costs, net interest expenses and other expenses related to defined benefit plans are recognized in profit or loss. (c) Short term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. (d) Compensated leave of absence The employees of the Group are entitled to compensated absence. The employees can carry forward a portion of the unutilized accrued absence and utilize it in future periods or receive cash compensation at retirement or termination of employment for the unutilized accrued compensated absence. The Group recognizes an obligation for compensated absences in the period in which the employee renders the services. The Group provides for the expected cost of compensated absence in the Statement of Income as the additional amount that the Group expects to pay as a result of the unused entitlement that has accumulated based on actuarial valuations carried out by an independent actuary at the balance sheet date. |
Share-based payment transactions | m. Share-based payment transactions The fair value of options on grant date, (equity-settled share based payments) granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period in which the options are vested. The increase in equity recognized in connection with a share based payment transaction is presented as a separate component in equity. The amount recognized as an expense is adjusted to reflect the actual number of share options that vest. In respect of options whose terms and conditions are modified, the Group includes the incremental fair value of the options in the measurement of the amounts recognized for services received from the employees. The incremental fair value is the difference between the fair value of the modified option and that of the original option both estimated as at the date of the modification. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments, which is recognized over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately, or over the vesting period if the employee is required to complete an additional period of service before becoming unconditionally entitled to those modified equity instruments. |
Provisions | n. Provisions Provisions are recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. A provision for onerous contracts is recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract. |
Revenue Recognition | o. Revenue Recognition The Group derives revenue from converged ICT solutions comprising Network-centric services, Data Center services and Digital Services which includes cloud and managed services, applications integration services and technology integration services. The Group recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services excluding the amount collected on behalf of third parties. The revenue recognition in respect of the various streams of revenue is described as follows i) Network centric services Revenue from Network centric services includes Data network services and Voice services. Network services primarily include revenue from connectivity services, NLD/ILD services and to a lesser extent, revenues from the setup and installation of connectivity links. The group provides connectivity for a fixed period of time at a fixed rate regardless of usage. Revenue from Network services are series of distinct services. The performance obligations are satisfied overtime. Service revenue is recognized when services are provided, based upon period of time. The setup and installation of connectivity links are deferred and recognized over the associated contract period. Sale of equipment’s are accounted as separate performance obligations if they are distinct and its related revenues are recognised at a point in time when the control is passed on to the customer. The Group provides NLD (National Long Distance) and ILD (International Long Distance) services through Group’s network. The Group carries voice traffic, both national and international, using the network back-bone and delivers voice traffic to Inter-connect Operators. Revenue is recognised when the services are provided based upon the usage (e.g: metered call units of voice traffic terminated on the Group’s network). ii) Data Center Services: Revenue from DC services consists co-location of racks and power charges. The contracts are mainly for a fixed rate for a period of time. Revenue from co-location of racks, power charges and cross connect charges are series of distinct services. The performance obligations are satisfied overtime. Service revenue is recognized as the related services are performed. Sale of equipment such as servers, switches, networking equipment, cable infrastructure and racks etc., are accounted as separate performance obligations if they are distinct and its related revenues are recognized at a point in time when the control is passed on to the customer. iii) Digital Services Revenue from Cloud and managed services include revenue from Cloud and storage solutions, managed services, value added services, domestic and International managed services. Revenues from Cloud and on demand compute and storage, are primarily fixed for a period of time. Revenue from Cloud and managed services are series of distinct services. The performance obligations are satisfied overtime. The group recognize service revenue as the related services are performed. Revenues from domestic and international managed services, comprise of value added services, operations and maintenance of projects and from remote infrastructure management. Contracts from this segment are fixed and could also be based on time and material contracts. In the case of time and material contracts, the group recognizes service revenue as the related services are performed. In the case of fixed price contract, the group recognize revenue over a period of time based on progress towards completion of performance obligation using efforts or cost to cost measure of progress (percentage completion method of accounting). The stage of completion is measured by efforts spent to estimated total efforts over the term of the contract. Revenue from Technology Integration Services include system integration Services, revenue from construction of Data Centers, network services, security solutions and to a lesser extent, revenue from sale of hardware and software. Revenue from construction contract includes revenue from construction of Data Centers to the specific needs and design of the customer. The Group recognize revenue at point in time, when the customer does not take control of work-in-progress or over a period of time when the customer controls the work-in-progress. In the case where revenue is recognized over a period of time and progress is measured based on the costs incurred to date as a percentage of the total estimated costs to fulfill the contract. If the Group does not have a sufficient basis to measure the progress of completion or to estimate the total contract revenues and costs, revenue is recognized only to the extent of contract cost incurred for which recoverability is probable. When total cost estimates exceed revenues in an arrangement, the estimated losses are recognized in the statement of Income in the period in which such losses become probable based on the current contract estimates. Revenue from Applications Integration services include online assessment, document management services, web development, digital certificate based authentication services, supply chain software and eLearning software development services. eLearning software development services consist of structuring of content, developing modules, delivery and training users in the modules developed. Revenue from Applications Integration Services is recognized over a period of time. The progress is measured based on the amount of time/effort spent on a project. Revenue in relation to ‘time’ is measured as the agreed rate per unit of time multiplied by the units of time expended. The element of revenue related to materials is measured in accordance with the terms of the contract. The Group enters into contracts with customers to serve advertisements in the portal and the Group is paid on the basis of impressions, click-throughs or leads and in each case the revenue is recognized ratably over the period of the contract based upon the usage (i.e., on actual impressions/click throughs / leads delivered.) Revenue from commissions earned on electronic commerce transactions are recognized when the transactions are completed. Digital Certification revenues include income received on account of Web certification. Generally the Group does not hold after sale service commitments after the activation of the Digital Certificates sold and accordingly, revenue is recognized fully on the date of activation of the respective certificate. Multiple deliverable arrangements In certain cases, some elements belonging to the services mentioned above are sold as a package consisting of all or some of the elements. The Group accounts for goods or services of the package separately if they are distinct. i.e., if a good or service is separately identifiable from other promises in the contract and if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. The Group allocate the transaction price to each performance obligation identified in the contract on a relative stand-alone selling price basis. Standalone selling price is the price at which group would sell a promised good or service separately to the customer. If the relative stand-alone selling prices are not available, the group estimates the same. In doing so, the group maximise the use of observable inputs and apply estimation methods consistently in similar circumstances. Contract Cost Costs to fulfil customer contracts i.e., the costs relate directly to a contract or to an anticipated contract that the Group can specifically identify or the costs generate/ enhance resources of the group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future or the costs that are expected to be recovered are recognized as asset and amortized over the contract period. Incremental costs of obtaining a contract are recognized as assets and amortized over the contract period if entity expects to recover those costs. The Group recognize incremental cost of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognized is one year or less. Costs to obtain a contract that is incurred regardless of whether the contract is obtained are recognized as an expense when incurred, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained. Significant judgments on applying IFRS 15 The group contracts with customer include promises or arrangements to transfer multiple goods or services to a customer. The group assess whether such arrangements in the contract has distinct goods or services (performance obligation). Identification of distinct performance obligation involves judgment to determine ability of customer to benefit independently from other promises in the contract. The judgment is required to measure the transaction price for the contract. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration could be fixed amount or variable amount or could be both. Transaction price could also be adjusted for time value of money if contract includes a significant financing component. In the case of multiple arrangements in a contract, the group allocate transaction price to each performance obligation based on standalone transaction price. The determination of standalone transaction price involves judgment. The group uses judgment in determining timing of satisfaction of performance obligation. The group considers how customer benefits from goods or services as the services are rendered, who controls as the assets is created or enhanced, whether asset has an alternate use and the entity has an enforceable right to payment for performance completed to date, transfer of significant risk and reward to the customer, acceptance or sign off from the customer etc., The group uses judgement when capitalising the contract cost as to whether it generates or enhances resources of the entity that will be used in satisfying performance obligation in the future. |
Finance income | p. Finance income Finance income comprises interest income on funds invested, dividend income and gains on the disposal of financial assets at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Dividend income is recognized in profit or loss on the date when the Group’s right to receive payment is established, which in the case of quoted securities is the ex-dividend date. |
Finance expense | q. Finance expense Finance expense comprises borrowing costs, bank charges, unwinding of discount on provision, fair value losses on financial assets at fair value through profit or loss that are recognized in Statement of Income. Fair value changes attributable to hedged risk are recognized in the Statement of Income. Borrowing costs Borrowing costs are interest and other costs (including exchange difference relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds. Interest expense is recognized using effective interest method. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. Other borrowing costs are recognized as expenses in the period in which they are incurred. To the extent the Group borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the Group determines the amount of borrowings costs eligible for capitalization by applying a capitalization rate to the expenditure incurred on such asset. The capitalization rate is determined based on the weighted average of borrowing costs applicable to the borrowings of the Group which are outstanding during the period, other than borrowings made specifically towards purchase of the qualifying asset. The amount of borrowing costs that the Group capitalizes during a period does not exceed the amount of borrowing costs incurred during that period. |
Income taxes | r. Income taxes Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Minimum Alternate Tax (MAT) is accounted as current tax when the Group is subjected to such provisions of the Income Tax Act. However, credit of such MAT paid is available when the Group is subjected to tax as per normal provisions in the future. Credit on account of MAT is recognized as a deferred tax asset based on the management’s estimate of its recoverability in the future. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: (i) the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. (ii) differences relating to investments in subsidiaries and associates to the extent that it is probable that they will not reverse in the foreseeable future. (iii) arising due to taxable temporary differences on the initial recognition of goodwill, as the same is not deductible for tax purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred taxation arising on investments in subsidiaries and associates is recognized except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred taxation on temporary differences arising out of undistributed earnings of the equity method accounted investee is recorded only when it is expected to be distributed in foreseeable future based on the management's intention. |
Earnings per share | s. Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Where ordinary shares are issued but not fully paid, they are treated in the calculation of basic earnings per share as a fraction of an ordinary share to the extent that they were entitled to participate in dividends during the period relative to a fully paid ordinary share. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which includes share options granted to employees. To the extent that partly paid shares are not entitled to participate in dividends during the period they are treated as the equivalent of warrants or options in the calculation of diluted earnings per share. |
Dividend distribution to equity shareholders | t. Dividend distribution to equity shareholders Dividend distributed to Equity shareholders is recognized as distribution to owners of capital in the Statement of Changes in Equity, in the period in which it is paid after approval of shareholders. |
Current/ non-current classification | u. Current/ non-current classification An asset is classified as current if: (a) it is expected to be realized or sold or consumed in the Group's normal operating cycle; (b) it is held primarily for the purpose of trading; (c) it is expected to be realized within twelve months after the reporting period; (d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is classified as current if: The operating cycle is the time between acquisition of assets for processing and their realisation in cash and cash equivalents. The Group's normal operating cycle is twelve months. |
Recent accounting pronouncements [text block] | v. Recent accounting pronouncements New amendments not yet adopted: Certain new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2022 and have not been applied in preparing these consolidated financial statements. New standards, amendments to standards and interpretations that could have potential impact on the consolidated financial statements of the Company are: Amendments to IAS 12 – Income Taxes On May 7, 2021, the IASB amended IAS 12 “Income Taxes” and published 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)' that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. The amendments clarify that this exemption does not apply to transactions such as leases and decommissioning obligations and companies are required to recognize deferred tax on such transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IAS 12 is not expected to have any material impact on the consolidated financial statements. Amendments to IAS 1 – Presentation of Financial Statements On January 23, 2020, the IASB issued “Classification of liabilities as Current or Non-Current (Amendments to IAS 1)” providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangement in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also clarified the classification requirements for debt a company might settle by converting it into equity. These amendments are effective for annual reporting periods beginning on or after January 1, 2023, and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IAS 1 is not expected to have any material impact on the consolidated financial statements. Amendments to IAS 1 – Presentation of Financial Statements On October 31, 2022, the IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)'. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. The amendments are effective for reporting periods beginning on or after January 1, 2024, with earlier application permitted. The adoption of these amendments to IAS 1 are not expected to have any material impact on the consolidated financial statements. Amendments to IFRS 16 – Leases On September 22, 2022, the IASB issued ‘Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)’ that specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendment is intended to improve the requirements for sale and leaseback transactions in IFRS 16 and will not change the accounting for leases unrelated to sale and leaseback transactions. These amendments are effective for annual reporting periods beginning on or after January 1, 2024, and are to be applied retrospectively, with earlier application permitted. The adoption of amendments to IFRS 16 is not expected to have any material impact on the consolidated financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Significant accounting policies [Abstract] | |
Disclosure of detailed information about property, plant and equipment with estimated useful lives [Text Block] | Depreciation is recognized in the Statement of Income on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment considering residual value to be zero. Depreciation on contract-specific assets are charged co-terminus over the contract period. Management’s estimated useful lives for the year ended March 31, 2023 and March 31, 2022 were as follows: Estimate of useful life in years Buildings 28 Plant and machinery comprising computers, servers etc. 3 – 5 Plant and machinery comprising other items 8 Furniture and fittings 5 Office equipment 5 Motor vehicles 3 |
Disclosure of detailed information about intangible assets with finite useful life [Text Block] | Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and previous year are as follows: Estimate of useful life in years Software 1 – 3 Undersea cable capacity 12 Other Intangibles 3 – 5 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of property, plant and equipments [Abstract] | |
Disclosure of detailed information about property, plant and equipment | The following table presents the changes in property, plant and equipment during the year ended March 31, 202 3 Cost Accumulated depreciation Particulars As of April 1, 2022 Additions Deletions As of Mar 31, 2023 As of April 1, 2022 Depreciation for the year Deletions As of Mar 31, 2023 Carrying amount as of March 31, 2023 Freehold Land 147,176 59,691 - 206,867 - - - - 206,867 Building 4,944,478 1,304,500 10,309 6,238,669 1,058,496 916,646 10,300 1,964,842 4,273,827 Plant and machinery 17,512,223 3,839,433 48,651 21,303,005 10,842,235 1,600,493 48,873 12,393,855 8,909,150 Computer equipment 1,863,469 191,867 18,075 2,037,261 1,630,581 167,923 17,827 1,780,677 256,584 Office equipment 1,695,295 411,700 - 2,106,995 909,833 270,508 5 1,180,336 926,659 Furniture and fittings 4,589,404 1,500 477 4,590,427 2,161,280 901 485 2,161,696 2,428,731 Vehicles 9,721 - - 9,721 9,697 9,697 24 Total 30,761,766 5,808,691 77,512 36,492,945 16,612,122 2,956,471 77,490 19,491,103 17,001,842 Add: Construction in progress 5,304,235 Total 30,761,766 5,808,691 77,512 36,492,945 16,612,122 2,956,471 77,490 19,491,103 22,306,077 The following table presents the changes in property, plant and equipment during the year ended March 31, 202 2 Cost Accumulated depreciation Particulars As of April 1, 2021 Additions Deletions As of Mar 31, 2022 As of April 1, 2021 Depreciation for the year Deletions As of Mar 31, 2022 Carrying amount as of March 31, 2022 Freehold Land 147,176 - - 147,176 - - - - 147,176 Building 4,767,708 178,465 1,695 4,944,478 871,698 186,798 - 1,058,496 3,885,982 Plant and machinery 15,161,056 2,369,218 18,051 17,512,223 9,590,746 1,269,471 17,982 10,842,235 6,669,988 Computer equipment 1,685,739 185,020 7,290 1,863,469 1,494,287 143,526 7,234 1,630,581 232,889 Office equipment 1,294,796 401,029 530 1,695,295 713,157 197,215 539 909,833 785,462 Furniture and fittings 3,238,201 1,351,480 277 4,589,404 1,607,897 555,399 2,016 2,161,280 2,428,124 Vehicles 9,721 - - 9,721 9,697 - - 9,697 24 Total 26,304,397 4,485,212 27,843 30,761,766 14,287,482 2,352,409 27,770 16,612,122 14,149,645 Add: Construction in progress 2,545,232 Total 26,304,397 4,485,212 27,843 30,761,766 14,287,482 2,352,409 27,770 16,612,122 16,694,877 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Intangible Assets And Goodwill Explanatory [Abstract] | |
Disclosure of detailed information about intangible assets | Intangible assets comprise the following: March 31, 202 3 March 31, 202 2 Goodwill - - Other intangible assets 622,688 634,730 622,688 634,730 |
Disclosure of reconciliation of changes in goodwill | The following table presents the changes in goodwill during the years ended March 31, 2023 and 2022 Particulars March 31, 2023 March 31, 2022 Balance at the beginning of the year - 14,595 Effect of movement in exchange rates - - Impairment loss recognized during the year - (14,595 ) Net carrying amount of goodwill - - |
Disclosure of detailed information about the intangible assets other than goodwill | The following table presents the changes in intangible assets during and 2022. Bandwidth Capacity Software License fees Total (A) Cost Balance as of April 0 1, 202 1 736,388 1,578,234 78,000 2,392,622 Acquisitions during the year - 325,471 - 325,471 Disposals during the year - - - - Balance as of March 31, 202 2 736,388 1,903,704 78,000 2,718,093 Acquisitions during the year 36,900 383,476 - 420,376 Adjustment - - - - Disposals during the year - - - - Balance as of March 31, 2023 773,288 2,287,180 78,000 3,138,468 (B) Amortization Balance as of April 0 1, 202 1 512,695 1,159,647 40,289 1,712,631 Amortization for the year 74,483 293,299 3,150 370,932 Impairment loss on intangibles Balance as of March 31, 202 2 587,178 1,452,946 43,439 2,083,363 Amortization for the year 95,319 333,935 3,163 432,417 Impairment loss on intangibles Balance as of March 31, 2023 682,497 1,786,681 46,602 2,515,780 (C) Carrying amounts As of April 0 1, 202 1 223,693 418,587 37,711 679,991 As of March 31, 202 2 149,210 450,958 34,561 634,730 As of March 31, 2023 90,791 500,499 31,398 622,688 |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Disclosure of quantitative information about right-of-use assets [text block] | Following are the changes in the carrying value of right of use assets for the year ended March 31, 2023: Particulars Category of ROU asset Land Building P&M IRU Total Balance as of April 1, 2022 1,783,510 1,594,112 480,501 554,591 4,412,714 Additions 1,085,331 681,500 7,468 85,387 1,859,686 Adjustments - - - - - Depreciation (18,496 ) (347,964 ) (138,095 ) (78,422 (582,977 Balance as of March 31, 202 3 2,850,345 1,927,648 349,874 561,556 5,689,423 Following are the changes in the carrying value of right of use assets for the year ended March 31, 202 2 : Particulars Category of ROU asset Land Building P&M IRU Total Balance as of April 1, 2021 1,807,260 1,716,152 486,056 530,134 4,539,602 Additions - 204,110 133,200 106,122 443,432 Deletions (10,399 ) (10,399 ) Depreciation (23,750 ) (314,359 ) (138,755 ) (83,254 ) (560,118 ) Translation difference (1,392 ) 1,589 197 Balance as of March 31, 202 2 1,783,510 1,594,112 480,501 554,591 4,412,714 |
Disclosure Detail Of Lease Liabilities [Table Text Block] | Particulars March 31, 2023 March 31, 2022 Current lease liabilities 585,003 492,042 Non-current lease liabilities 1,866,176 1,715,361 Total 2,451,179 2,207,403 |
Disclosure Detail Of Movement In Lease Liabilities [Table Text Block] | The following is the movement in lease liabilities during the Year ended Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2,207,403 2,202,649 Additions 596,842 326,600 Finance cost accrued during the period 278,697 191,136 Deletions - (12,247 ) Payment of lease liabilities (640,714 ) (507,498 ) Fair value adjustment 4,575 4,262 Translation difference 4,376 2,501 Balance as of March 31, 2,451,179 2,207,403 |
Disclosure Detail Of Maturity Analysis Of Contractual Lease Liabilities Undiscounted [Table Text Block] | The table below provides details regarding the contractual maturities of lease liabilities as of March 31, 2023 and March 31, 202 2 on an undiscounted basis (including finance expenses): Particulars March 31, 2023 March 31, 2022 Less than one year 585,790 507,037 One to five years 1,343,804 1,163,309 More than five years 3,773,736 2,611,603 Total 5,703,330 4,281,949 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |
Disclosure of restricted cash and cash equivalents | (a) Restricted cash March 31, 2023 March 31, 2022 March 31, 202 1 Current Bank deposits held under lien against borrowings / guarantees from banks / Government authorities 1,194,787 792,035 400,971 Total restricted cash 1,194,787 792,035 400,971 (b) Non restricted cash Current Cash and bank balances 3,650,446 3,781,978 5,101,083 Total cash (a+b) 4,845,233 4,574,013 5,502,054 Bank overdraft used for cash management purposes (951,504 ) (371,995 ) (123,666 ) Cash and cash equivalents for the statement of cash flows 3,893,729 4,202,018 5,378,388 |
Contract balances (Tables)
Contract balances (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Contract balances and Other liabilities Explanatory [Abstract] | |
Disclosure of detailed information about receivables contract assets and contract liabilities from the contracts with the customers [text block] | The following table provides information about receivables, contract assets and contract liabilities from the contracts with the customers Particulars March 2023 March 2022 Trade Receivables 11,345,542 10,784,668 Contract Assets – Unbilled Revenue 52,581 51,283 Contract liabilities – Deferred Income Current contract liabilities 1,972,483 1,792,342 Non-current contract liabilities 2,323,958 1,797,611 Total 4,296,441 3,589,953 |
Disclosure of detailed information about movement in contract assets [text block] | The following table provides the movement in contract assets (unbilled revenue) for the year ended March 31, 2023 and March 31, 2022: Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2022 51,283 7,516 Add: Revenue recognized during the year 51,111 49955 Less: Invoiced during the year (51,312 ) (7,516 ) Add: Translation gain or (loss) 1,499 1328 Balance as of March 31, 20 23 52,581 51,283 |
Disclosure of detailed information about movement in contract liabilities [text block] | The /following table provides the movement in contract liabilities (Deferred Income) for the year ended March 31, 2023 and March 31, 2022: Particulars March 31, 2023 March 31, 2022 Balance as of April 1, 2022 3,590,019 2,307,213 Less: Revenue recognized during the period (1,702,548 ) (1,490,312 ) Add: Invoiced during the period but revenue not recognized 2,420,931 2,773,921 Add: Translation gain or (loss) (11,961 ) (869 ) Balance as of March 31, 2023 4,296,441 3,589,953 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Assets [Abstract] | |
Disclosure of other non-current assets | Non-current March 31, 202 3 March 31, 202 2 Other deposits and receivables 4,540,098 2,136,850 4,540,098 2,136,850 Financial assets included in other assets 850,261 447,940 |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Deferred tax assets and liabilities [Abstract] | |
Disclosure Of Detailed Information Of Recognized Deferred Tax Assets Liabilities [text block] | The tax effects of significant temporary differences that resulted in deferred tax assets and a description of the items that created these differences is given below Recognized deferred tax assets / (liabilities) Assets / (liabilities) March 31, 202 3 March 31, 202 2 Deductible temporary difference Property, Plant and Equipment 714,742 556,604 Lease obligations on right of use assets 147,614 130,143 Provision for employee benefits 45,421 46,204 Accounts receivable 104,658 111,455 Provision for Doubtful Advances 21,177 20,976 1,033,612 865,382 Taxable temporary difference Intangible assets (133,829 ) (143,519 ) Finance Lease obligations (34,145 ) (35,670 ) (167,974 ) (179,189 ) Unused Tax credits Mat Credit Entitlement - - Net deferred tax asset (liability) recognized in Balance Sheet 865,638 686,193 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Movement in temporary differences during the year Balance as 21 Recognized Recognized Balance 2 Recognized Recognized Balance 3 Property, plant and equipment 597,497 (40,893 ) - 556,604 158,138 - 714,742 Intangible assets (143,326 ) (193 ) - (143,519 ) 9,690 - (133,829 ) Lease obligations on right of use assets 61,752 68,391 - 130,143 17,471 - 147,614 Finance Lease obligations - (35,670 ) - (35,670 ) 1,525 - (34,145 ) MAT Credit entitlement - - - - - Provision for employee benefits 8,886 37,372 - 46,204 (783 ) - 45,421 Accounts receivable 99,078 12,377 - 111,455 (6,797 ) - 104,658 Provision for - - Doubtful Advances 12,585 8,391 - 20,976 201 - 21,177 |
Disclosure of detailed information about unrecognized deferred tax assets liabilities [text block] | Unrecognized deferred tax assets / (liabilities) As of March 31, 2023 As of March 31, 2022 Deductible temporary differences - - Unrecognized tax losses 105,500 - 105,500 - |
Disclosure of income tax | Income tax expense recognized in profit or loss March 31, 202 3 March 31, 202 2 March 31, 2021 Current tax expense / (benefit) Current period 525,942 639,982 671,877 Deferred tax expense / (benefit) Origination and reversal of temporary differences (179,443 ) (49,721 ) (603,463 ) MAT credit entitlement Total income tax expense / (benefit) 346,499 590,261 68,414 |
Disclosure of Effective Income Tax provision Reconciliation [text block] | A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before taxes is summarized below: Year ended 3 Year ended 2 Year ended Profit before income taxes 1,021,086 1,862,838 1,600,276 Enacted tax rates in India 25.17 % 25.17 % 34.94 % Computed expected tax expense / (benefit) 257,007 468,876 559,136 Effect of: Share based payment expense not deductible for tax purposes - - - Unrecognized deferred tax assets on losses incurred during the year (net of temporary differences, if any) Recognition of previously unrecognised deferred tax asset on temporary differences (42,500 ) (37,923 ) (267,566 ) Difference on account differential tax rates in different jurisdictions 18,519 23,917 (1,555 ) Effect of Unrecognised business loss including reversal of previously recognised DTA on business loss 105,500 - - Expenses/income not taxable - Recognition of current year temporary differences (129,500 ) Recognition of previously unrecognized tax losses - - - Difference on account of differential tax rates in different companies - - (86,987 ) Effect of expenses that are not deductible in determining taxable profit 1,700 7,224 3,092 Expenses/income not taxable Unrecognized temporary differences - - 3,491 Utilisation of previously unrecognised temporary differences - 14,875 2,056 Effect of rate difference in opening and closing deferred tax - (718 ) (28,182 ) Others - - 14,429 6,246 (10,920 ) - Reversal of previously recognised temporary differences - 124,930 - 346,499 590,261 68,414 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Inventories [Abstract] | |
Disclosure of detailed information about inventories [text block] | March 31, 202 3 March 31, 202 2 Trade inventories * 1,941,923 2,407,203 1,941,923 2,407,203 * Includes project inventory of ₹1,692,378 ( previous year: ₹ 2,142,385) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Trade and other receivables [Abstract] | |
Disclosure of detailed information about Trade and other receivables [text block] | Trade and other receivables comprise: March 31, 202 3 March 31, 202 2 (i) Trade receivables, net 11,345,542 10,784,668 (ii) Other receivables including deposits 3,270,064 3,276,985 (iii) Contract related accruals - - 14,615,606 14,061,653 |
Disclosure of detailed information about trade receivables [text block] | Trade receivables consist of: March 31, 202 3 March 31, 202 2 Trade receivables from related parties - - Other trade receivables 11,825,945 11,265,210 11,825,945 11,265,210 Less: Allowance for doubtful receivables (480,403 ) (480,542 ) Balance at the end of the year 11,345,542 10,784,668 |
Disclosure of detailed about allowance for credit losses [text block] | The activity in the allowance for doubtful accounts receivable is given below: For the year ended March 31, 202 3 March 31, 202 2 Balance at the beginning of the year 480,542 426,487 Add : Additional provision, net 371,890 433,723 Less : Bad debts written off (372,029 ) (379,668 ) Balance at the end of the year 480,403 480,542 |
Disclosure of other receivables [text block] | (ii) Other receivables comprise of the following items: March 31, 202 3 March 31, 202 2 Advances and other deposits (Refer Note (a) below) 1,605,204 1,945,027 Withholding taxes (Refer Note (b) below) 1,664,860 1,331,958 3,270,064 3,276,985 Financial assets included in other receivables 100,681 29,869 Notes: a) Advances and other deposits primarily comprise of receivables in the form of deposits, sales tax/VAT, service tax, GST and other advances given in the ordinary course of business. b) Includes withholding taxes recoverable from the Department of Income-tax for which the Company has filed tax returns for refund. The Company expects to realize such refund of withholding taxes within the next 12 months. c) Non – current trade receivables is ₹. Nil (March 31, 2022: ₹. 1,990) |
Prepayments for current assets
Prepayments for current assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Prepayments for current assets [Abstract] | |
Disclosure of derailed information about prepayments for current assets [text block] | Prepayments for current assets comprise of the following: March 31, 202 3 March 31, 202 2 Prepayments for purchase of bandwidth 91,507 47,263 Prepayments related to insurance - 858 Prepayments-others 649,622 559,840 741,129 607,961 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Other investments [Abstract] | |
Disclosure of detailed information about fair value of investments in equity instruments designated at fair value through other comprehensive income [text block] | The details of such investments are given below: March 31, 202 3 March 31, 2022 Investment in equity instruments – unquoted Investment in equity shares of Vashi Railway Station Commercial Complex Limited 150 150 Investment in equity shares of Sarayu Clean Gen Private Limited 1,560 1,560 Investment in The Gizmo App Company 20,554 19,000 Investment in Tasoula Energy Private Limited 225,000 225,000 Investment in Padvest Corporation 4,111 3,650 Investment in Digifresh Corporation 16,443 15,153 Investment in VEH Srishti Energy Private Limited 375,300 - Investment in Chatter Inc 12,333 - Investment in Passerine technologies Inc 16,443 - Investment in debt securities – unquoted Investment in Elevo Corporation (Erstwhile Attala Systems Corporation) # 372,126 211,537 1,044,020 476,050 # Unsecured convertible promissory note of $ 3 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Equity [Abstract] | |
Disclosure of detailed information about number of shares issued [text block] | No of shares March 31, March 31, 2 Issued as of April 01 182,742,369 182,238,069 Issued for cash - - Issued for consideration other than cash - - Exercise of share options 93,000 504,300 Issued as of March 31 182,835,369 182,742,369 Value (₹) 1,828,354 1,827,424 |
Summary of fully paid compulsorily convertible debentures | 2023 202 2 Compulsorily convertible Debentures issued to Kotak Special Securities Fund 2,000,000 - 2,000,000 - |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Employee Benefits [Abstract] | |
Disclosure of detailed information about employee benefits [text block] | March 31, 2023 March 31, 202 2 Gratuity payable 27,733 77,826 Compensated absences 102,170 67,178 129,903 145,004 |
Disclosure of detailed information about costs recognized in results to increase or decrease in net defined benefit liability asset [text block] | The components of gratuity costs recognized in the consolidated income statement for the years ending March 31, 2023, 2022, and March 31, 2021 consist of the following: ` March 31, 202 3 March 31, 202 2 March 31, 2021 Service cost 47,050 31,865 29,854 Interest cost 13,926 10,088 8,753 Interest income (8,788 ) (2,303 ) (1,705 ) 52,188 39,650 36,902 |
Disclosure of defined benefit plans [text block] | Details of employee benefit obligation and plan asset are as follows: March 31, 202 3 March 31, 202 2 Projected benefit obligation at the end of the year 298,903 216,006 Plan assets at the end of the year (271,170 ) (138,180 ) Funded status amount of liability recognised in the Balance Sheet 27,733 77,826 |
Disclosure of net defined benefit liability (asset) [text block] | The following table set out the status of the gratuity plan: Change in defined benefit obligation Projected benefit obligation at the beginning of the year 216,006 177,098 156,412 Service cost 47,050 31,865 29,854 Interest cost 13,926 10,088 8,753 Remeasurements - Actuarial (gain) / loss 47,703 20,245 (7,178 ) Benefits paid (25,782 ) (23,290 ) (10,743 ) Projected benefit obligation at the end of the year 298,903 216,006 177,098 |
Disclosure of fair value of plan assets [text block] | Change in plan assets March 31, 202 3 March 31, 202 2 March 31, 2021 Fair value of plan assets at the beginning of the year 138,180 40,651 30,474 Interest income 8,788 2,316 1,705 Employer contributions 157,682 120,000 21,214 Benefits paid (25,342 ) (23,290 ) (10,743 ) Return on plan assets, excluding amount recognised in net interest expense (8,138 ) (1,497 ) (1,999 ) Fair value of plan assets at the end of the year 271,170 138,180 40,651 Actual return on plan assets 611 907 (293 ) |
Disclosure of actuarial assumptions [text block] | The principal actuarial assumptions as on March 31, 2023, 2022, and 2021 were as follows: Discount rate 7.30 % p.a. 6.35 % p.a. 5.70 % p.a. Long-term rate of compensation increase 5.00 % p.a. 5.00 % p.a. 5.00 % p.a. Expected long term rate of return on plan assets 8 % 8% for the first year and 5% thereafter 0% for the first year and 5% thereafter Average future working life time 21.68 years 21.85 years 22.42 years |
Disclosure of information about maturity profile of defined benefit obligation [text block] | The expected benefit payments to be made in the next few years are as under: Year March 31, 2023 March 31, 202 2 1 Year 58,014 34,787 2 to 5 years 187,762 124,332 6 to 10 years 121,795 91,562 More than 10 years 67,564 62,294 |
Disclosure of detailed information about weighted average allocation of assets [text block] | Plan assets: Funds managed by insurers 100 % 100 % |
Disclosure of detailed information about gain or relating to actuarial assumptions recognized in other comprehensive income [text block] | Amount recognized in other comprehensive income for the years ending March 31, 2023, 2022, and 2021 are as follows: March 31, 2023 March 31, 202 2 March 31, 2021 Remeasurements of the net defined benefit liability Actuarial (gain)/loss - Change in demographic assumptions (4,967 ) 146 - - change in financial assumptions 24,823 (402 ) (9,342 ) - experience variance 27,747 21,146 2,165 - return on plan assets, excluding amounts recognized in net interest expense/ income 8,179 1,172 1,999 55,782 22,062 (5,178 ) |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Sensitivity analysis for the defined benefit obligations will increase/ decrease by the amounts mentioned below if there is a variation of 100 basis points in the discount rate and salary escalation rate. Discount rate Salary escalation rate Increase by 100 bps (₹ ‘000s) Decrease by 100 bps (₹ ‘000s) Increase by 100 bps (₹ ‘000s) Decrease by 100 bps ( ₹ ‘000s) Present Value of Defined Benefit Obligation 285,955 312,584 310,808 287,127 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Liabilities [Abstract] | |
Disclosure of detailed information about other non-current liabilities | March 31, 202 3 March 31, 202 2 Other liabilities 55,877 60,742 55,877 60,742 Financial liabilities included in other liabilities 19,877 60,742 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Borrowings [Abstract] | |
Disclosure of detailed information about borrowings [text block] | March 31, 202 3 March 31, 202 2 Current Term bank loans (Refer note (a), (b), (c), (d) , (k) below) 1,740,076 1,392,738 Other working capital facilities (Refer note (h), (i), (j) ,(l),(m), (n), (o), (p) below) 3,367,962 4,868,255 Borrowings from others (Refer note (e), (f), (g) below) 602,317 850,076 5,710,355 7,111,069 Non current Term bank loans (Refer note (a), (b), (c), (d) , (k) below) 9,874,545 4,139,500 Borrowings from others (Refer note (e), (f), (g) below) 3,943,089 3,629,622 13,817,634 7,769,122 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Trade And Other Payables [Abstract] | |
Disclosure of detailed information about current trade and other payables [text block] | March 31, 202 3 March 31, 202 2 Trade payables 9,227,928 4,969,507 Advance from customers 1,238,312 1,050,899 Accrued expenses 1,766,653 4,106,167 Other payables 612,665 1,210,313 12,845,558 11,336,886 Financial liabilities included in trade and other payables 11,267,576 10,510,409 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Deferred Income [Abstract] | |
Disclosure of detailed information about current deferred income [text block] | March 31, 202 3 March 31, 202 2 Contract liabilities C urrent 1,972,483 1,792,342 N on - current 2,323,958 1,797,611 4,296,441 3,589,953 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of detailed information about revenue [text block] | Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Rendering of services Service revenue 29,967,698 25,329,497 21,718,351 Installation service revenue 482,246 330,129 317,395 30,449,944 25,659,626 22,035,746 Sale of products 2,953,782 1,366,049 2,283,796 33,403,726 27,025,675 24,319,542 |
Performance obligations and r_2
Performance obligations and remaining performance obligations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about revenue expected to be recognised in the future related to performance obligation [Abstract] | |
Disclosure of detailed information about revenue expected to be recognised in the future related to performance obligation [text block] | The following table provides revenue expected to be recognized in the future related to performance obligation that are unsatisfied (or partially satisfied) at the reporting date: To be recognized Amount Within one year 1,183,207 One to three years 848,399 Three years or more 1,438,237 |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Selling, General And Administrative Expenses [Abstract] | |
Disclosure of detailed information about general and administrative expense [text block] | Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Personnel expenses 2,045,942 1,734,944 1,512,934 Marketing and promotion expenses 256,688 120,057 72,398 Administrative and other expenses*# 3,431,004 3,088,574 2,961,424 5,733,634 4,943,575 4,546,756 # Includes Contract associates costs Attributable to cost of goods sold and services rendered 112,076 210,870 253,289 Attributable to selling, general and administrative expenses 25,892 113,591 49,353 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Personnel Expenses [Abstract] | |
Disclosure of detailed information about employee benefits [text block] | Year ended March 31, 202 3 March 31, 202 2 March 31, 2021 Salaries and wages 4,122,783 3,291,605 2,827,234 Contribution to provident fund and other funds 263,593 189,207 163,781 Staff welfare expenses 50,305 56,295 30,151 Employee stock compensation expense 16,494 22,885 40,051 4,453,175 3,559,992 3,061,217 Attributable to cost of goods sold and services rendered 2,407,234 1,825,048 1,548,282 Attributable to selling, general and administrative expenses 2,045,942 1,734,944 1,512,934 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Share-based payments [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [text block] | As the number of stock options and the price of those options were made known to each allottee, the Plan has been considered as a fixed price grant. Stock option activity under the ASOP 2014 Plan is as follows: No. of options granted, exercised and forfeited 202 3 202 3 202 2 202 2 202 1 202 1 Outstanding at the beginning of the year 7,232,978 87.82 7,780,278 86.13 11,056,100 70.90 Granted during the year 25,000 135.13 195,000 146.23 465,000 118.05 Forfeited during the year (192,000 ) 89.64 (238,000 ) 85.24 (726,000 ) 81.43 Expired during the year - - - - - - Exercised during the year (93,000 ) 92.60 (504,300 ) 85.24 (3,014,822 ) 81.43 Outstanding at the end of the year 6,972,978 92.60 7,232,978 87.82 7,780,278 86.13 Exercisable at the end of the year 5,584,478 92.60 8,771,360 87.82 6,582,070 81.99 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [text block] | A summary of information about fixed price stock options outstanding with respect to ASOP 2014 is furnished below: As at Range of exercise price in ₹ Number outstanding on March 31 Weighted average exercise price in ₹ Weighted average remaining contractual life Number exercisable on March 31 Weighted average exercise price In ₹ March 31, 2023 66.6 - 230.97 6,972,978 92.60 0.06-4.82 Years 5,584,478 92.60 March 31, 2022 57.66-230.97 7,232,978 87.82 0.8-4.58 Years 8,771,360 87.82 March 31, 2021 57.66 - 152.56 7,780,278 86.13 0.55 - 4.83 years 6,582,070 86.13 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | The assumptions used in Black Scholes model to arrive at the fair value on grant date for the options granted during the year are summarised below: Grant date Jan 24, 2023 Category Category III Current market price 150.14 Exercise price 135.13 Expected term 2-5 years Volatility 56.67% to 87.91% Dividend yield 12% Discount rate 0.9% |
Financial income and expense (T
Financial income and expense (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Financial income and expense [Abstract] | |
Disclosure of detailed information about financial income and expenditure [text block] | Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Interest income on bank deposits 82,675 45,060 56,134 Others 140,230 28,517 116,185 Finance income 222,905 73,577 172,319 Interest expense on lease obligations 191,911 185,092 - Bank charges (including letter of credit, 147,117 107,834 62,160 Interest expense on borrowings 1,313,494 805,170 900,496 Finance expense (1,652,522 ) (1,098,096 ) (962,656 ) Net finance income / (expense) recognized in profit or loss (1,429,617 ) (1,024,519 ) (790,337 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Earnings per share [Abstract] | |
Disclosure of detailed information about earnings per share [text block] | The calculation of basic earnings per share for the years ended March 31, 2023, 2022, and 2021 is based on the profit / (loss) attributable to ordinary shareholders of ₹674,522, ₹1,257,945, and ₹1,531,862 respectively and a weighted average number of shares outstanding of 182,803,189, 182,468,672, and 179,533,536 respectively, calculated as follows: Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Net profit – as reported 674,522 1,257,945 1,531,862 Weighted average number of shares – basic 182,803,189 182,468,672 179,533,536 Basic earnings per share 3.69 6.89 8.53 Weighted average number of shares – diluted 185,672,592 187,016,037 181,216,005 Diluted earnings per share 3.63 6.73 8.45 |
Disclosure of detailed information about weighted average number of shares [text block] | Weighted average number of ordinary shares basic Year ended March 31, 2023 202 2 2021 Issued fully paid ordinary shares on April 01 182,742,369 182,238,069 179,223,247 Effect of shares issued on exercise of stock options 60,820 230,603 310,289 Effect of partly paid shares - - - Weighted average number of equity shares and equivalent shares outstanding 182,803,189 182,468,672 179,533,536 |
Disclosure of detailed information about adjusted weighted average number of shares [text block] | Weighted average number of ordinary shares diluted Year ended March 31, 2023 202 2 2021 Weighted average number of ordinary shares (basic) 182,803,189 182,468,672 179,533,536 Effect of stock options (Note 1) 2,869,403 4,547,365 1,682,469 Weighted average number of equity shares outstanding (diluted) 185,672,592 187,016,037 181,216,005 Note 1: The Company has issued Associate Stock Options of which 69,72,978 (Previous year : 72,32,978) options are outstanding as at March 31, 2023. These could potentially dilute basic earnings per share in future. Refer Note ( 27 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of segment reporting [Abstract] | |
Disclosure of operating segments [text block] | The Group’s operating segment information for the years ended March 31, 2023, 2022 and Year ended March 31, 20 23 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) External Customers 13,290,510 10,125,610 9,987,606 33,403,726 Intersegment Revenues - 87,749 219,754 307,503 Operating expenses * (11,125,798 ) (6,085,634 ) (9,899,113 ) (27,110,545 ) Intersegment Expenses (250,085 ) - (57,418 ) (307,503 ) Segment operating income / (loss) 1,914,627 4,127,725 250,829 6,293,181 Unallocated expenses: Support Service Unit Costs (149,607 ) Depreciation and amortization (3,971,865 ) Other income / (expense), net 131,840 Finance income 222,905 Finance expenses * (1,505,433 ) Profit / (loss) before tax 1,021,021 Income tax (expense) / benefit (346,499 ) Profit / (loss) for the year 674,522 *Bank charges of ₹ 147,089 ($ 1,789) has been allocated to respective segments in operating expenses Year ended March 31, 20 22 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) Segment revenue 12,011,178 7,494,395 7,520,102 27,025,675 Intersegment Revenues - 87,753 220,468 308,221 Allocated segment expenses 9,880,381 4,297,871 6,702,094 20,880,346 Intersegment Expenses 250,803 - 57,418 308,221 Segment operating income / (loss) 1,879,994 3,284,277 981,058 6,145,329 Unallocated expenses: Support Service Unit Costs (105,285 ) Depreciation and amortization (3,298,047 ) Other income / (expense), net 130,728 Finance income 73,577 Finance expenses (1,098,096 ) Profit / (loss) before tax 1,848,206 Income tax (expense) / benefit (590,261 ) Profit / (loss) for the year 1,257,945 Year ended March 31, 20 21 Network- centric Services Data Center Services Digital Services Total (A) (B) (C ) (D) = (A)+(B)+(C) Segment revenue 10,939,620 5,540,937 7,838,985 24,319,542 Intersegment Revenues - 87,753 225,506 313,259 Allocated segment expenses 8,878,254 3,029,653 7,231,665 19,139,572 Intersegment Expenses 255,841 57,418 313,259 Segment operating income / (loss) 1,805,525 2,599,036 775,408 5,179,970 Unallocated expenses: Support Service Unit Costs (109,718 ) Depreciation and amortization (2,835,632 ) Other income / (expense), net 155,993 Finance income 172,319 Finance expenses (962,656 ) Profit / (loss) before tax 1,600,276 Income tax (expense) / benefit (68,414 ) Profit / (loss) for the year 1,531,862 |
Disclosure of geographical areas [text block] | The Group has two geographic segments India and rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows: Description India Rest of the world Total Revenues Year ended March 31, 2023 27,349,352 6,054,374 33,403,726 Year ended March 31, 2022 22,399,400 4,626,275 27,025,675 Year ended March 31, 2021 20,292,816 4,026,726 24,319,542 The Group does not disclose information relating to non-current assets located in India and rest of the world as the necessary information is not available and the cost to develop it would be excessive. During the year under review revenue from one customer of the Group's Data center services segment is ₹ 3,852 million which is more than 10% of the Group's total revenue. |
Related party transaction_ (Tab
Related party transaction: (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of related parties [Abstract] | |
Disclosure of detailed information about related parties [text block] | The related parties where control / significant influence exists are subsidiaries and associates. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director whether executive or otherwise. Key management personnel include the board of directors and other senior management executives. The other related parties are those with whom the Group has had transaction during the years ended March 31, 2023, 2022 and 2021are as follows: % of Ownership interest Particulars Country of incorporation March 31, 20 23 March 31, 20 22 Holding Company Infinity Satcom Universal Private Limited India Raju Vegesna Infotech & Industries Private Limited (Subsidiary of Infinity Satcom Universal Private Limited) India Ramanand Core Investment Company Private Limited (Subsidiary of Raju Vegesna Infotech & Industries Private Limited) India Subsidiaries Sify Technologies (Singapore) Pte. Limited Singapore 100 100 Sify Technologies North America Corporation USA 100 100 Sify Data and Managed Services Limited India 100 100 Sify Infinit Spaces Limited India 100 100 Sify Digital Services Limited India 100 100 Print House (India) Private Limited India 100 100 Patel Auto Engineering Private Limited India 100 - Trust controlled by KMP: India Raju Vegesna Foundation |
Disclosure of transactions between related parties [text block] | The following is a summary of the related party transactions for the year ended March 31, 2023: Transactions Holding Company Others Key Management Personnel Consultancy services received - - 300 Sitting fees paid - - 2,200 Salaries and other short term benefits* - - 55,930 Contributions to defined contribution plans* - - 2,151 Share based payment transactions* - - 1,901 Lease rentals paid** 1,369 8,054 - CSR Contribution made - 24,390 - Amount of outstanding balances 9% Cumulative Non-convertible preference shares# - 500,000 - Advance lease rentals and refundable deposits made** - 5,600 - Lease rentals payable** 114 685 - All transactions between Sify Technologies Limited and its subsidiaries up to March 31, 2023 of this Annual Report have been in the ordinary course of business The following is a summary of the related party transactions for the year ended March 31, 2022: Transactions Holding Company Associates Others Key Management Personnel Consultancy services received - - - 300 Sitting fees paid - - - 2,000 Salaries and other short term benefits* - - - 56,006 Contributions to defined contribution plans* - - - 1,850 Share based payment transactions* - - - 4,507 Lease rentals paid** 1,369 - 7,220 - Preference shares issued# - - 500,000 - Dividend paid - - - - CSR Contribution made - - 13,220 - Advances given - - - Amount of outstanding balances Advance lease rentals and refundable deposits made** - - 5,600 - Lease rentals payable** 200 - 600 - The following is a summary of the related party transactions for the year ended March 31, 2021: Transactions Holding Company Associates Others Key Management Personnel Consultancy services received - - - 300 Sitting fees paid - - - 1,380 Salaries and other short term benefits* - - - 41,135 Contributions to defined contribution plans* - - - 1,619 Share based payment transactions* - - - 11,242 Lease rentals paid** 1,220 - 7,160 - Preference shares issued# - - 500,000 - Dividend paid - - - - Advances given - - - - Amount of outstanding balances Advance lease rentals and refundable deposits made** - - 5,560 - Lease rentals payable** 135 - 710 - |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about financial instruments [text block] | The carrying value and fair value of financial instruments by each category as of March 31, 2023 were as follows: Particulars Note Financial assets/ liabilities at amortised costs Financial assets / liabilities at FVTPL Financial assets / liabilities at FVTOCI Total carrying value Total fair value Assets Cash and cash equivalents 8 4,845,233 - - 4,845,233 4,845,233 Other assets 10 850,261 - - 850,261 850,261 Trade receivables 13 11,345,542 - - 11,345,542 11,345,542 Derivative financial instruments 13 - 25,263 - 25,263 25,263 Other investments 15 372,000 - 671,020 1,044,020 1,044,020 Liabilities Bank overdraft 8 951,466 - - 951,466 951,466 Lease liabilities 7 2,451,179 - - 2,451,179 2,451,179 Other liabilities 18 19,877 - - 19,877 19,877 Borrowings from banks 19 14,982,750 - - 14,982,750 14,982,750 Borrowings from others 19 2,045,239 - - 2,045,239 2,045,239 Trade and other payables 20 11,267,576 - - 11,267,576 11,267,576 Derivative financial liabilities 20 - - - Other financial liabilities 2,059,524 - - 2,059,524 2,059,524 6% Compulsory Convertible Debentures 2,000,000 - - 2,000,000 2,000,000 9% Cumulative Non-convertible preference shares 500,000 - - 500,000 500,000 The carrying value and fair value of financial instruments by each category as of March 31, 2022 were as Particulars Note Financial assets/ liabilities at amortised costs Financial assets / liabilities at FVTPL Financial assets / liabilities at FVTOCI Total carrying value Total fair value Assets Cash and cash equivalents 8 4,574,013 - - 4,574,013 4,574,013 Other assets 10 447,940 - - 447,940 447,940 Trade receivables 13 10,784,668 - - 10,784,668 10,784,668 Other receivables 13 29,869 - - 29,869 29,869 Other investments 15 474,340 - 1,710 476,050 476,050 Liabilities Bank overdraft 8 371,995 - - 371,995 371,995 Lease liabilities 7 2,207,403 - - 2,207,403 2,207,403 Other liabilities 18 60,742 - - 60,742 60,742 Borrowings from banks 19 7,379,680 - - 7,379,680 7,379,680 Borrowings from others 19 5,000,511 - - 5,000,511 5,000,511 Trade and other payables 20 10,510,409 - - 10,510,409 10,510,409 Derivative financial liabilities 20 - - - 6% Compulsory Convertible Debentures 2,000,000 - - 2,000,000 2,000,000 9% Cumulative Non-convertible preference shares 500,000 - - 500,000 500,000 |
Disclosure of financial assets [text block] | The carrying amount of financial assets as at March 31, 2023 and 2022 that the Group has provided as collateral for obtaining borrowings and other facilities from its bankers are as follows: As of March 31, 2023 March 31, 202 2 Cash and cash equivalents 1,194,786 4,304,700 Trade receivables 4,078,466 10,991,295 5,273,252 15,295,995 |
Disclosure of effect of changes in foreign exchange rates [text block] | The following table gives details in respect of the notional amount of outstanding foreign exchange contracts as at March 31, 2023 and 2022 As of March 31, 20 23 March 31, 2022 Forward contracts In U.S. Dollars (Sell) - - In U.S. Dollars (Buy) - - |
Disclosure of maturity analysis for derivative financial liabilities [text block] | The forward exchange contracts and option contracts mature between one and twelve months. The table below summarizes the notional amounts of derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: As of March 31, 202 3 March 31, 20 22 Buy: (US $) (US $) Not later than one month - - Later than one month and not later than three months - - Later than three months and not later than six months - - Later than six months and not later than one year - - |
Disclosure of outstanding swap contract [text block] | The swap contracts outstanding balances as on March 31, 2023 and March 31, 2022 is as follows. Particulars Value of the outstanding INR term loan Value of the outstanding USD principal Mark to Market losses/ (gain) Tranche 1 102,900 USD 1,400 - Tranche 2 (Undrawn) 154,350 USD 2,100 - Total 257,300 USD 3,500 - Particulars Value of the outstanding INR term loan Value of the outstanding USD principal Mark to Market losses/ (gain) Tranche 1 132,300 USD 1,800 - Tranche 2 (Undrawn) 198,450 USD 2,700 - Total 330,750 USD 4,500 - |
Maturity analysis for derivative financial instruments explanatory [text block] | The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (principal) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: Particulars As at As at 'March 31, 2023 'March 31, 2022 Payable (USD) Receivable (INR) Payable (USD) Receivable (INR) Less than 1 year 1,000 73,500 1,000 73,500 One to two years 1,000 73,500 1,000 73,500 Two to three years 1,000 73,500 1,000 73,500 Three to four years 500 36,800 1,000 73,500 Four to five years - - 500 36,800 More than five years - - - - Total cash flows 3,500 257,300 4,500 330,750 |
Disclosure of detailed information about maturity analysis of interest rate swaps [text Block] | The maturity of these contracts extends for five years and six months. The table below summarizes the cash flows (interest) of these derivative financial instruments into relevant maturity groupings based on the remaining period as at the end of the year: As of March 31, 202 3 March 31, 2022 Receivable (US $) Payable (US $) Receivable (US $) Payable (US $) Less than 1 year 279 20,507 367 26,999 One to two years 189 13,916 279 20,507 Two to three years 101 7,375 189 13,916 Three to four years * 1,237 101 7,375 Four to five years - - * 1,236 More than five years - - - - Total cash flows 569 43,035 936 70,033 * Amount below rounding off norm adopted by the Group |
Disclosure of detailed information about fair value measurement [text Block] | The details of assets and liabilities that are measured on fair value on recurring basis are given below: Fair value as of March 31, 2023 Fair value as of March 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Derivative financial assets – gain on outstanding forward/options contracts - - - - - - Liabilities Derivative financial liabilities – loss on outstanding forward/options contracts - - - - - - Derivative financial liabilities - loss on outstanding cross currency swaps - - - - - - Derivative financial liabilities - loss on outstanding interest rate swaps - - 25,263 - - 16,879 |
Disclosure of financial instruments at fair value through profit or loss [text block] | Interest income/ (expenses), gains/ (losses) recognized on financial assets and liabilities Recognized in profit or loss Year ended March 31, 2023 March 31, 202 2 March 31, 2021 Financial assets at amortised cost Interest income on bank deposits 82,675 45,060 56,134 Interest income from other financial assets 55,511 28,517 26,700 Impairment loss of trade receivables (371,890 ) (433,723 ) (755,495 ) Financial assets at fair value through profit or loss Net change in fair value of derivative financial instruments gain/(loss) (25,263 ) (16,879 ) 8,079 Financial liabilities at amortised cost Interest expenses on lease obligations (191,911 ) (185,092 ) (178,300 ) Interest expenses on borrowings from banks, others and overdrafts (1,313,494 ) (805,170 ) (714,121 ) |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of financial risk management [Abstract] | |
Disclosure of credit risk exposure [text block] | The gross carrying amount of financial assets, net of any impairment losses recognized represents the maximum credit exposure. The maximum exposure to credit risk as of March 31, 2023 and 2022 was as follows: March 31, 2023 March 31, 202 2 Cash and cash equivalents 3,650,446 3,781,978 Restricted Cash 1,194,787 792,035 Other assets 825,037 431,052 Trade receivables 11,345,542 10,784,668 Other receivables 100,681 29,869 Other investments 1,044,020 476,050 18,160,513 16,295,652 |
Disclosure of financial assets that are either past due or impaired [text block] | Period (in days) March 31, 2023 March 31, 202 2 Less than 365 days 10,872,340 9,972,651 More than 365 days 473202 812,017 11,345,542 10,784,668 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: As of March 31, 20 23 Carrying amount Contractual cash flows 0-12 months 1-3 years 3-5 years >5 years Non-derivative financial liabilities Bank overdrafts 951,504 951,504 951,504 - - - 6% Compulsory Convertible Debentures 2,000,000 2,160,000 240,000 480,000 480,000 960,000 9% Cumulative Non-convertible preference shares 500,000 500,000 - - - 500,000 Lease liabilities 2,451,179 5,703,330 585,790 788,588 555,216 3,773,736 Other liabilities 2,059,500 2,059,500 2,039,600 19,900 - - Borrowing from banks 14,982,750 19,853,900 5,680,600 5,755,100 4,800,000 3,618,200 Borrowings from others 2,045,239 2,361,800 748,900 1,149,400 463,500 - Trade and other payables 9,227,900 9,227,900 9,227,900 - - - 34,218,072 42,817,934 19,474,294 8,192,988 6,298,716 8,851,936 As of March 31, 20 22 Carrying amount Contractual cash flows 0-12 months 1-3 years 3-5 years >5 years Non-derivative financial liabilities Bank overdrafts 371,995 371,995 371,995 - - - Lease liabilities 2,207,403 4,281,949 507,037 733,287 430,022 2,611,603 Other liabilities 60,742 60,742 60,742 - - - Borrowing from banks 10,400,424 11,485,975 6,706,849 2,832,392 1,499,683 447,051 Borrowings from others 4,479,774 3,853,303 1,106,150 1,042,525 719,827 984,800 Trade and other payables 10,510,409 10,510,409 10,510,409 - - - 28,030,747 30,564,373 19,263,182 4,608,204 2,649,532 4,043,454 |
Disclosure of market risk [text block] | The Group’s exposure to foreign currency risk as of March 31, 2023 was as follows: All amounts in respective currencies as mentioned (in thousands) US $ AUD CHF EUR GBP DHS HK $ SG $ Cash and cash equivalents 405 - - 44 69 - - - Trade receivables 28,052 - - 411 85 - - - Trade payables (28,575 ) - - (250 ) (34 ) (27 ) - - Foreign currency loan (6,059 ) - - - - - - - Net balance sheet exposure (6177 ) - - 205 120 (27 ) - - The Group’s exposure to foreign currency risk as of March 31, 2022 was as follows: All amounts in respective currencies as mentioned (in thousands) US $ AUD CHF EUR GBP DHS HK $ SG $ Cash and cash equivalents 3,435 - - 16 51 - - - Trade receivables 29,093 - - 222 85 - - - Trade payables (16,369 ) - - (196 ) (16 ) (27 ) (4 ) - Foreign currency loan (9,389 ) - - - - - - - Net balance sheet exposure 6770 - - 42 120 (27 ) (4 ) - |
Sensitivity analysis for types of market risk [text block] | The analysis is performed on the same basis for 2022. Other comprehensive income Profit or ( loss) March 31, 2023 - (47,755 ) March 31, 2022 - (52,815 ) |
Disclosure of financial instruments by type of interest rate [text block] | At the reporting date the interest rate profile of the Group’s interest –bearing financial instruments were as follows: Carrying amount March 31, 202 3 March 31, 202 2 Fixed rate instruments Financial assets - Fixed deposits with banks 2590,530 1,905,131 - Investment in debt securities 372,000 211,537 Financial liabilities - Borrowings from banks 240,962 173,184 - Borrowings from others 4,773,718 4,781,393 Variable rate instruments Financial liabilities - Borrowings from banks 14,741,788 10,227,240 - Bank overdrafts 951,504 371,995 |
Disclosure of detailed information about the changes in equity and net profit due to changes in base points of variable interest [text block] | Equity Profit or (loss) March 31, 2023 - (12,185 ) March 31, 2022 - (69,438 ) |
Corporate Social Responsibili_2
Corporate Social Responsibility (CSR) expenditure (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Corporate Social Responsibility CSR Expenditure [Abstract] | |
Disclosure of detailed information about Corporate Social Responsibility (CSR) expenditure [Text Block] | Section 135 of the Companies Act, 2013, requires Company to spend towards Corporate Social Responsibility (CSR). The Company is expected to spend ₹ 33,090 towards CSR in compliance of this requirement. A sum of ₹ 33,090 has been spent during the current year towards CSR activities as per details given below. Amount (₹) Organization March 31, 2023 March 31, 2022 VIRRD Trust, Dwarakha Tirumala - 10,000 Voluntary Health Services Hospital, Taramani 1,800 2,000 Raju Vegesna Foundation, Visakapatanam 24,390 13,220 Shree Anand Charitable Trust, Mumbai 2,500 2,500 Sri Hanuman Mani Education & Culture Trust 800 500 Dr Ambedkar Yuvajana Sangham Trust 400 CHILD (Project Sakthi) 800 - Guided Fortune Samirti 2,500 - Nayaki vidya mandir school 300 - Total 33,090 28,620 |
Reconciliation of liabilities f
Reconciliation of liabilities from financing activities (Detail) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance Beginning | ₨ 16,917,093 | ₨ 11,611,878 |
Proceeds | 11,642,842 | 6,775,374 |
Repayment | (2,892,202) | (2,909,732) |
Movement in short term borrowings | (1,520,339) | 1,566,975 |
Cash flow | 24,147,394 | 17,044,495 |
Foreign exchange movement | 48,952 | 24,277 |
Reclass | (2,238,500) | (170,500) |
Fair value changes | 21,322 | 18,821 |
Balance Ending | 21,979,168 | 16,917,093 |
Borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance Beginning | 14,709,690 | 9,409,229 |
Proceeds | 11,046,000 | 6,448,774 |
Repayment | (2,530,185) | (2,581,123) |
Movement in short term borrowings | (1,520,339) | 1,566,975 |
Cash flow | 21,705,166 | 14,843,855 |
Foreign exchange movement | 44,541 | 21,776 |
Reclass | (2,238,500) | (170,500) |
Fair value changes | 16,863 | 14,559 |
Balance Ending | 19,528,070 | 14,709,690 |
Lease liabilities [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance Beginning | 2,207,403 | 2,202,649 |
Proceeds | 596,842 | 326,600 |
Repayment | (362,017) | (328,609) |
Cash flow | 2,442,228 | 2,200,640 |
Foreign exchange movement | 4,411 | 2,501 |
Fair value changes | 4,459 | 4,262 |
Balance Ending | ₨ 2,451,098 | ₨ 2,207,403 |
Basis of preparation (Details T
Basis of preparation (Details Textual) - Mar. 31, 2022 | ₨ / shares | $ / shares |
Disclosure of basis of preparation [Line Items] | ||
Foreign Exchange Rate | $ / shares | $ 1 | |
Country of domicile [member] | ||
Disclosure of basis of preparation [Line Items] | ||
Foreign Exchange Rate | ₨ / shares | ₨ 82.2169 |
Significant accounting polici_4
Significant accounting policies (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Buildings [member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 28 | 28 |
Machinery [member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 8 | 8 |
Fixtures and fittings [member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 5 | 5 |
Office Equipment [Member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 5 | 5 |
Vehicles [Member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 3 | 3 |
Bottom of range [member] | Computer Equipment [Member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 3 | 3 |
Top of range [member] | Computer Equipment [Member] | ||
Statement [Line Items] | ||
Depreciation method, property, plant and equipment | 5 | 5 |
Significant accounting polici_5
Significant accounting policies (Details 1) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Computer software [member] | Bottom of range [member] | ||
Statement [Line Items] | ||
Amortisation method, intangible assets other than goodwill | 1 | 1 |
Computer software [member] | Top of range [member] | ||
Statement [Line Items] | ||
Amortisation method, intangible assets other than goodwill | 3 | 3 |
Cable Capacity [member] | ||
Statement [Line Items] | ||
Amortisation method, intangible assets other than goodwill | 12 | 12 |
Other intangible assets [member] | Bottom of range [member] | ||
Statement [Line Items] | ||
Amortisation method, intangible assets other than goodwill | 3 | 3 |
Other intangible assets [member] | Top of range [member] | ||
Statement [Line Items] | ||
Amortisation method, intangible assets other than goodwill | 5 | 5 |
Significant accounting polici_6
Significant accounting policies (Details Textual) ₨ in Thousands | Mar. 31, 2023 INR (₨) |
Statement [Line Items] | |
Residual value of assets | ₨ 0 |
Property, plant and equipment_2
Property, plant and equipment (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | ₨ 16,694,877 | ||
Balance at the ending | 22,306,077 | $ 271,308 | ₨ 16,694,877 |
Freehold [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 147,176 | ||
Balance at the ending | 206,867 | 147,176 | |
Building [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 3,885,982 | ||
Balance at the ending | 4,273,827 | 3,885,982 | |
Plant and machinery [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 6,669,988 | ||
Balance at the ending | 8,909,150 | 6,669,988 | |
Property, plant and equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 14,149,645 | ||
Balance at the ending | 17,001,842 | 14,149,645 | |
Computer Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 232,889 | ||
Balance at the ending | 256,584 | 232,889 | |
Office Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 785,462 | ||
Balance at the ending | 926,659 | 785,462 | |
Fixtures and fittings [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 2,428,124 | ||
Balance at the ending | 2,428,731 | 2,428,124 | |
Vehicles [Member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 24 | ||
Balance at the ending | 24 | 24 | |
Construction in Progress [Member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 2,545,232 | ||
Balance at the ending | 5,304,235 | 2,545,232 | |
Gross carrying amount [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 30,761,766 | 26,304,397 | |
Additions | 5,808,691 | 4,485,212 | |
Disposals or Deletions | 77,512 | 27,843 | |
Balance at the ending | 36,492,945 | 30,761,766 | |
Gross carrying amount [member] | Freehold [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 147,176 | 147,176 | |
Additions | 59,691 | 0 | |
Balance at the ending | 206,867 | 147,176 | |
Gross carrying amount [member] | Building [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 4,944,478 | 4,767,708 | |
Additions | 1,304,500 | 178,465 | |
Disposals or Deletions | 10,309 | 1,695 | |
Balance at the ending | 6,238,669 | 4,944,478 | |
Gross carrying amount [member] | Plant and machinery [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 17,512,223 | 15,161,056 | |
Additions | 3,839,433 | 2,369,218 | |
Disposals or Deletions | 48,651 | 18,051 | |
Balance at the ending | 21,303,005 | 17,512,223 | |
Gross carrying amount [member] | Property, plant and equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 30,761,766 | 26,304,397 | |
Additions | 5,808,691 | 4,485,212 | |
Disposals or Deletions | 77,512 | 27,843 | |
Balance at the ending | 36,492,945 | 30,761,766 | |
Gross carrying amount [member] | Computer Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 1,863,469 | 1,685,739 | |
Additions | 191,867 | 185,020 | |
Disposals or Deletions | 18,075 | 7,290 | |
Balance at the ending | 2,037,261 | 1,863,469 | |
Gross carrying amount [member] | Office Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 1,695,295 | 1,294,796 | |
Additions | 411,700 | 401,029 | |
Disposals or Deletions | 0 | 530 | |
Balance at the ending | 2,106,995 | 1,695,295 | |
Gross carrying amount [member] | Fixtures and fittings [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 4,589,404 | 3,238,201 | |
Additions | 1,500 | 1,351,480 | |
Disposals or Deletions | 477 | 277 | |
Balance at the ending | 4,590,427 | 4,589,404 | |
Gross carrying amount [member] | Vehicles [Member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 9,721 | 9,721 | |
Additions | 0 | 0 | |
Disposals or Deletions | 0 | 0 | |
Balance at the ending | 9,721 | 9,721 | |
Accumulated depreciation and amortisations [Member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 16,612,122 | 14,287,482 | |
Depreciation for the year | 2,956,471 | 2,352,409 | |
Disposals or Deletions | 77,490 | 27,770 | |
Balance at the ending | 19,491,103 | 16,612,122 | |
Accumulated depreciation and amortisations [Member] | Freehold [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Disposals or Deletions | 0 | ||
Accumulated depreciation and amortisations [Member] | Building [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 1,058,496 | 871,698 | |
Depreciation for the year | 916,646 | 186,798 | |
Disposals or Deletions | 10,300 | 0 | |
Balance at the ending | 1,964,842 | 1,058,496 | |
Accumulated depreciation and amortisations [Member] | Plant and machinery [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 10,842,235 | 9,590,746 | |
Depreciation for the year | 1,600,493 | 1,269,471 | |
Disposals or Deletions | 48,873 | 17,982 | |
Balance at the ending | 12,393,855 | 10,842,235 | |
Accumulated depreciation and amortisations [Member] | Property, plant and equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 16,612,122 | 14,287,482 | |
Depreciation for the year | 2,956,471 | 2,352,409 | |
Disposals or Deletions | 77,490 | 27,770 | |
Balance at the ending | 19,491,103 | 16,612,122 | |
Accumulated depreciation and amortisations [Member] | Computer Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 1,630,581 | 1,494,287 | |
Depreciation for the year | 167,923 | 143,526 | |
Disposals or Deletions | 17,827 | 7,234 | |
Balance at the ending | 1,780,677 | 1,630,581 | |
Accumulated depreciation and amortisations [Member] | Office Equipment [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 909,833 | 713,157 | |
Depreciation for the year | 270,508 | 197,215 | |
Disposals or Deletions | 5 | 539 | |
Balance at the ending | 1,180,336 | 909,833 | |
Accumulated depreciation and amortisations [Member] | Fixtures and fittings [member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 2,161,280 | 1,607,897 | |
Depreciation for the year | 901 | 555,399 | |
Disposals or Deletions | 485 | 2,016 | |
Balance at the ending | 2,161,696 | 2,161,280 | |
Accumulated depreciation and amortisations [Member] | Vehicles [Member] | |||
Disclosure of Property, plant and equipments [Line Items] | |||
Balance at beginning | 9,697 | 9,697 | |
Depreciation for the year | 0 | ||
Disposals or Deletions | 0 | ||
Balance at the ending | ₨ 9,697 | ₨ 9,697 |
Property, plant and equipment_3
Property, plant and equipment (Details Textual) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of Property, plant and equipments [Line Items] | ||
Contractual commitments for acquisition of property, plant and equipment | ₨ 10,678,787 | ₨ 6,651,423 |
Property, plant and equipment, pledged as security | 16,910,327 | 14,045,705 |
Borrowing costs capitalised | ₨ 149,297 | ₨ 22,012 |
Intangible assets (Details)
Intangible assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Apr. 01, 2021 INR (₨) | Mar. 31, 2021 INR (₨) |
Disclosure Of Intangible Assets And Goodwill Explanatory [Abstract] | |||||
Goodwill | ₨ 0 | ₨ 0 | ₨ 14,595 | ||
Other intangible assets | 622,688 | 634,730 | ₨ 679,991 | ||
Intangible assets and goodwill | ₨ 622,688 | $ 7,574 | ₨ 634,730 |
Intangible assets (Details 1)
Intangible assets (Details 1) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Disclosure Of Intangible Assets And Goodwill Explanatory [Abstract] | ||||
Balance at the beginning of the year | ₨ 0 | ₨ 14,595 | ||
Effect of movement in exchange rates | 0 | 0 | ||
Impairment loss recognized during the year | 0 | $ 0 | (14,595) | ₨ 0 |
Net carrying amount of goodwill | ₨ 0 | ₨ 0 | ₨ 14,595 |
Intangible assets (Details 2)
Intangible assets (Details 2) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Apr. 01, 2021 | |
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | ₨ 2,392,622 | ||
Intangible Assets Other Than Goodwill | ₨ 622,688 | 634,730 | ₨ 679,991 |
Gross carrying amount [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 2,718,093 | ||
Acquisitions during the year | 420,376 | 325,471 | |
Disposals during the year | 0 | 0 | |
Adjustment | 0 | ||
Balance at ending | 3,138,468 | 2,718,093 | |
Accumulated depreciation and amortization [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 2,083,363 | 1,712,631 | |
Acquisitions during the year | 432,417 | 370,932 | |
Balance at ending | 2,515,780 | 2,083,363 | |
Bandwidth Capacity [Member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Intangible Assets Other Than Goodwill | 90,791 | 149,210 | 223,693 |
Bandwidth Capacity [Member] | Gross carrying amount [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 736,388 | 736,388 | |
Acquisitions during the year | 36,900 | 0 | |
Disposals during the year | 0 | 0 | |
Adjustment | 0 | ||
Balance at ending | 773,288 | 736,388 | |
Bandwidth Capacity [Member] | Accumulated depreciation and amortization [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 587,178 | 512,695 | |
Acquisitions during the year | 95,319 | 74,483 | |
Balance at ending | 682,497 | 587,178 | |
Computer software [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Intangible Assets Other Than Goodwill | 500,499 | 450,958 | 418,587 |
Computer software [member] | Gross carrying amount [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 1,903,704 | 1,578,234 | |
Acquisitions during the year | 383,476 | 325,471 | |
Disposals during the year | 0 | 0 | |
Adjustment | 0 | ||
Balance at ending | 2,287,180 | 1,903,704 | |
Computer software [member] | Accumulated depreciation and amortization [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 1,452,946 | 1,159,647 | |
Acquisitions during the year | 333,935 | 293,299 | |
Balance at ending | 1,786,681 | 1,452,946 | |
Licences and franchises [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Intangible Assets Other Than Goodwill | 31,398 | 34,561 | ₨ 37,711 |
Licences and franchises [member] | Gross carrying amount [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 78,000 | 78,000 | |
Acquisitions during the year | 0 | 0 | |
Disposals during the year | 0 | 0 | |
Adjustment | 0 | ||
Balance at ending | 78,000 | 78,000 | |
Licences and franchises [member] | Accumulated depreciation and amortization [member] | |||
Disclosure Of Intangible Assets And Goodwill Explanatory [Line Items] | |||
Balance at beginning | 43,439 | 40,289 | |
Acquisitions during the year | 3,163 | 3,150 | |
Balance at ending | ₨ 46,602 | ₨ 43,439 |
Intangible assets (Details Text
Intangible assets (Details Textual) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Intangible Assets And Goodwill Explanatory [Abstract] | |
Percentage of FDI to carry content relating to current affairs and sports | 49% |
Right of use assets (Details)
Right of use assets (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of April 1, 2021 | ₨ 4,412,714 | ₨ 4,539,602 | |
Additions | 1,859,686 | 443,432 | |
Adjustments | 0 | ||
Deletions | (10,399) | ||
Depreciation | (582,977) | (560,118) | |
Translation difference | 197 | ||
Balance as of March 31, 2022 | 5,689,423 | $ 69,200 | 4,412,714 |
IRU [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of April 1, 2021 | 554,591 | 530,134 | |
Additions | 85,387 | 106,122 | |
Adjustments | 0 | ||
Depreciation | (78,422) | (83,254) | |
Translation difference | 1,589 | ||
Balance as of March 31, 2022 | 561,556 | 554,591 | |
P&M [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of April 1, 2021 | 480,501 | 486,056 | |
Additions | 7,468 | 133,200 | |
Adjustments | 0 | ||
Depreciation | (138,095) | (138,755) | |
Balance as of March 31, 2022 | 349,874 | 480,501 | |
Buildings [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of April 1, 2021 | 1,594,112 | 1,716,152 | |
Additions | 681,500 | 204,110 | |
Adjustments | 0 | ||
Deletions | (10,399) | ||
Depreciation | (347,964) | (314,359) | |
Translation difference | (1,392) | ||
Balance as of March 31, 2022 | 1,927,648 | 1,594,112 | |
Land [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of April 1, 2021 | 1,783,510 | 1,807,260 | |
Additions | 1,085,331 | 0 | |
Adjustments | 0 | ||
Depreciation | (18,496) | (23,750) | |
Balance as of March 31, 2022 | ₨ 2,850,345 | ₨ 1,783,510 |
Right of use assets - (Details
Right of use assets - (Details 1) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Presentation of leases for lessee [abstract] | ||||
Current lease liabilities | ₨ 585,003 | $ 7,115 | ₨ 492,042 | |
Non-current lease liabilities | 1,866,176 | $ 22,698 | 1,715,361 | |
Total | ₨ 2,451,179 | ₨ 2,207,403 | ₨ 2,202,649 |
Right of use assets - (Detail_2
Right of use assets - (Details 2) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Presentation of leases for lessee [abstract] | ||
Balance as of April 1, 2019 | ₨ 2,207,403 | ₨ 2,202,649 |
Additions | 596,842 | 326,600 |
Finance cost accrued during the period | 278,697 | 191,136 |
Deletions | 0 | (12,247) |
Payment of lease liabilities | (640,714) | (507,498) |
Fair value adjustment of Right of use Asset | 4,575 | 4,262 |
Translation difference | 4,376 | 2,501 |
Balance as of March 31, 2020 | ₨ 2,451,179 | ₨ 2,207,403 |
Right of use assets - (Detail_3
Right of use assets - (Details 3) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Detail Of Maturity Analysis Of Contractual Lease Liabilities Undiscounted [Line Items] | ||
Gross lease liabilities | ₨ 5,703,330 | ₨ 4,281,949 |
Less than one year | ||
Disclosure Detail Of Maturity Analysis Of Contractual Lease Liabilities Undiscounted [Line Items] | ||
Gross lease liabilities | 585,790 | 507,037 |
One to five years | ||
Disclosure Detail Of Maturity Analysis Of Contractual Lease Liabilities Undiscounted [Line Items] | ||
Gross lease liabilities | 1,343,804 | 1,163,309 |
More than five years | ||
Disclosure Detail Of Maturity Analysis Of Contractual Lease Liabilities Undiscounted [Line Items] | ||
Gross lease liabilities | ₨ 3,773,736 | ₨ 2,611,603 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 INR (₨) | Mar. 31, 2020 INR (₨) |
Current restricted cash [Abstract] | ||||||
Bank deposits held under lien against borrowings / guarantees from banks / Government authorities | ₨ 1,194,787 | ₨ 792,035 | ₨ 400,971 | |||
Total restricted cash | 1,194,787 | $ 14,532 | 792,035 | 400,971 | ||
Cash [abstract] | ||||||
Cash and bank balances | 3,650,446 | 44,400 | 3,781,978 | 5,101,083 | ||
Total cash (a+b) | 4,845,233 | 4,574,013 | 5,502,054 | |||
Bank overdraft used for cash management purposes | (951,504) | (11,573) | (371,995) | (123,666) | ||
Cash and cash equivalents for the statement of cash flows | ₨ 3,893,729 | $ 47,359 | ₨ 4,202,018 | $ 51,109 | ₨ 5,378,388 | ₨ 1,415,291 |
Cash and cash equivalents (De_2
Cash and cash equivalents (Details Textual) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Disclosure Of Cash And Cash Equivalents [Abstract] | ||||
Restricted cash and cash equivalents | ₨ 1,194,787 | $ 14,532 | ₨ 792,035 | ₨ 400,971 |
Cash and cash equivalents | ₨ 3,650,446 | $ 44,400 | ₨ 3,781,978 | ₨ 5,101,083 |
Contract balances (Details)
Contract balances (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Statement [Line Items] | |||||
Trade Receivables | [1] | ₨ 11,345,542 | ₨ 10,784,668 | ||
Contract Assets – Unbilled Revenue | 52,581 | 51,283 | ₨ 7,516 | ||
Contract liabilities – Deferred Income | |||||
Current contract liabilities | 1,972,483 | 1,792,342 | |||
Non current contract liabilities | 2,323,958 | $ 28,266 | 1,797,611 | ||
Total Contract liabilities – Deferred Income | ₨ 4,296,441 | ₨ 3,589,953 | |||
[1]Trade receivables as of March 31, 2023 and March 31, 2022 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. |
Contract balances (Details 1)
Contract balances (Details 1) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Balance as of April 1, 2022 | ₨ 51,283 | ₨ 7,516 |
Add: Revenue recognized during the year | 51,111 | 49,955 |
Less: Invoiced during the period | (51,312) | (7,516) |
Add: Translation gain or (loss) | 1,499 | 1,328 |
Balance as at March 31, 2023 | ₨ 52,581 | ₨ 51,283 |
Contract balances (Details 2)
Contract balances (Details 2) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Balance as of April 1, 2022 | ₨ 3,590,019 | ₨ 2,307,213 |
Less: Revenue recognized during the period | (1,702,548) | (1,490,312) |
Add: Invoiced during the period but revenue not recognized | 2,420,931 | 2,773,921 |
Add: Translation gain or (loss) | (11,961) | (869) |
Balance as at March 31, 2023 | ₨ 4,296,441 | ₨ 3,589,953 |
Contract balances (Details Text
Contract balances (Details Textual) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Contract Costs Capitalised | ₨ 119,312 | ₨ 307,221 |
Contract costs Amortized | ₨ 304,439 | ₨ 91,111 |
Other assets (Details)
Other assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Statement [Line Items] | |||
Other Deposits and Receivables | ₨ 4,540,098 | ₨ 2,136,850 | |
Other non-current assets | 4,540,098 | $ 55,221 | 2,136,850 |
Noncurrent Financial Assets [Member] | |||
Statement [Line Items] | |||
Other non-current assets | ₨ 850,261 | ₨ 447,940 |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | |
Deductible temporary difference | |||
Deferred tax assets | ₨ 1,033,612 | ₨ 865,382 | |
Taxable temporary difference | |||
Deferred tax liabilities | (167,974) | (179,189) | |
Mat Credit Entitlement | 0 | 0 | |
Net deferred tax asset (liability) recognized in Balance Sheet | 865,638 | 686,193 | $ 10,529 |
Property, Plant and Equipment [Member] | |||
Deductible temporary difference | |||
Deferred tax assets | 714,742 | 556,604 | |
Lease Obligation On Right Of Use Assets [Member] | |||
Deductible temporary difference | |||
Deferred tax assets | 147,614 | 130,143 | |
Deferred Tax Assets Provision For Employee Benefits [Member] | |||
Deductible temporary difference | |||
Deferred tax assets | 45,421 | 46,204 | |
Deferred Tax Assets Accounts Receivable [Member] | |||
Deductible temporary difference | |||
Deferred tax assets | 104,658 | 111,455 | |
Deferred Tax Assets Provision For Doubtful Advances [Member] | |||
Deductible temporary difference | |||
Deferred tax assets | 21,177 | 20,976 | |
Intangible assets [Member] | |||
Taxable temporary difference | |||
Deferred tax liabilities | (133,829) | (143,519) | |
Finance Lease obligations [Member] | |||
Taxable temporary difference | |||
Deferred tax liabilities | ₨ (34,145) | ₨ (35,670) |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities (Details 1) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred tax assets, property, Plant and Equipment [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | ₨ 714,742 | ₨ 556,604 | ₨ 597,497 |
Deferred tax expense (income) recognized in profit or loss | 158,138 | (40,893) | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Deferred tax liabilities, intangible assets [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | (133,829) | (143,519) | (143,326) |
Deferred tax expense (income) recognized in profit or loss | 9,690 | (193) | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Lease Obligations On Right Of Use Assets [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | 147,614 | 130,143 | 61,752 |
Deferred tax expense (income) recognized in profit or loss | 17,471 | 68,391 | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Deferred tax liabilities, finance Lease obligations [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | (34,145) | (35,670) | 0 |
Deferred tax expense (income) recognized in profit or loss | 1,525 | (35,670) | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
MAT Credit Entitlement [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | 0 | ||
Deferred tax expense (income) recognized in profit or loss | 0 | 0 | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Deferred Tax Assets Provision For Employee Benefits [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | 45,421 | 46,204 | 8,886 |
Deferred tax expense (income) recognized in profit or loss | (783) | 37,372 | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Deferred Tax Assets Accounts Receivable [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | 104,658 | 111,455 | 99,078 |
Deferred tax expense (income) recognized in profit or loss | (6,797) | 12,377 | |
Deferred tax relating to items credited (charged) directly to equity | 0 | 0 | |
Deferred Tax Assets Provision For Doubtful Advances [Member] | |||
Disclosure Of Deferred tax assets and liabilities [Line Items] | |||
Deferred tax liability (asset) | 21,177 | 20,976 | ₨ 12,585 |
Deferred tax expense (income) recognized in profit or loss | 201 | 8,391 | |
Deferred tax relating to items credited (charged) directly to equity | ₨ 0 | ₨ 0 |
Deferred tax assets and liabi_5
Deferred tax assets and liabilities (Details 2) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Deferred tax assets and liabilities [Line Items] | ||
Deductible temporary differences | ₨ 0 | ₨ 0 |
Unrecognized tax losses | 105,500 | 0 |
Unrecognized deferred tax Assets Liabilities | ₨ 105,500 | ₨ 0 |
Deferred tax assets and liabi_6
Deferred tax assets and liabilities (Details 3) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Current tax expense / (benefit) | ||||
Current period | ₨ 525,942 | ₨ 639,982 | ₨ 671,877 | |
Deferred tax expense / (benefit) | ||||
Origination and reversal of temporary differences | (179,443) | (49,721) | (603,463) | |
Total income tax expense / (benefit) | ₨ 346,499 | $ 4,214 | ₨ 590,261 | ₨ 68,414 |
Deferred tax assets and liabi_7
Deferred tax assets and liabilities (Details 4) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Deferred tax assets and liabilities [Abstract] | |||
Profit before income taxes | ₨ 1,021,086 | ₨ 1,862,838 | ₨ 1,600,276 |
Enacted tax rates in India | 25.17% | 25.17% | 34.94% |
Computed expected tax expense / (benefit) | ₨ 257,007 | ₨ 468,876 | ₨ 559,136 |
Effect of: | |||
Share based payment expense not deductible for tax purposes | 0 | 0 | 0 |
Recognition of previously unrecognised deferred tax asset on temporary differences | (42,500) | (37,923) | (267,566) |
Difference on account differential tax rates in different jurisdictions | 18,519 | 23,917 | (1,555) |
Effect of Unrecognised business loss including reversal of previously recognised DTA on business loss | 105,500 | 0 | 0 |
Recognition of current year temporary differences | (129,500) | ||
Recognition of previously unrecognized tax losses | 0 | ||
Difference on account of differential tax rates in different companies | 0 | 0 | (86,987) |
Effect of expenses that are not deductible in determining taxable profit | 1,700 | 7,224 | 3,092 |
Unrecognized temporary differences | 0 | 0 | 3,491 |
Utilisation of previously unrecognised temporary differences | 0 | 14,875 | 2,056 |
Effect of rate difference in opening and closing deferred tax | 0 | (718) | (28,182) |
Others | 0 | 0 | 14,429 |
Tax Effect Before Reversal Of Previously Recognised Temporary Differences | 6,246 | (10,920) | 0 |
Reversal of previously recognised temporary differences | 0 | 124,930 | 0 |
Tax expense (income), continuing operations | ₨ 346,499 | ₨ 590,261 | ₨ 68,414 |
Inventories (Details)
Inventories (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Disclosure Of Inventories [Abstract] | |||
Trade inventories | ₨ 1,941,923 | ₨ 2,407,203 | |
Inventories | ₨ 1,941,923 | $ 23,620 | ₨ 2,407,203 |
Inventories (Details Textual)
Inventories (Details Textual) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Inventories [Abstract] | ||
Project Inventory | ₨ 1,692,378 | ₨ 2,142,385 |
Trade and other receivables (De
Trade and other receivables (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Statement [Line Items] | ||||
Trade receivables, net | [1] | ₨ 11,345,542 | ₨ 10,784,668 | |
Other receivables including deposits | 3,270,064 | 3,276,985 | ||
Construction contract related accruals | 0 | 0 | ||
Trade and other current receivables | ₨ 14,615,606 | $ 177,769 | ₨ 14,061,653 | |
[1]Trade receivables as of March 31, 2023 and March 31, 2022 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. |
Trade and other receivables (_2
Trade and other receivables (Details 1) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement [Line Items] | |||
Trade receivables from related parties | ₨ 0 | ₨ 0 | |
Other trade receivables | 11,825,945 | 11,265,210 | |
Current trade receivables | 11,825,945 | 11,265,210 | |
Less: Allowance for doubtful receivables | (480,403) | (480,542) | ₨ (426,487) |
Balance at the end of the year | ₨ 11,345,542 | ₨ 10,784,668 |
Trade and other receivables (_3
Trade and other receivables (Details 2) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of Allowance for doubtful accounts receivable [Abstract] | ||
Balance at the beginning of the year | ₨ 480,542 | ₨ 426,487 |
Add : Additional provision, net | 371,890 | 433,723 |
Less : Bad debts written off | (372,029) | (379,668) |
Balance at the end of the year | ₨ 480,403 | ₨ 480,542 |
Trade and other receivables (_4
Trade and other receivables (Details 3) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of Trade and other receivables [Abstract] | ||
Advances and other deposits (Refer Note (a) below) | ₨ 1,605,204 | ₨ 1,945,027 |
Withholding taxes (Refer Note (b) below) | 1,664,860 | 1,331,958 |
Other Current Receivables | 3,270,064 | 3,276,985 |
Financial assets included in other receivables | ₨ 100,681 | ₨ 29,869 |
Trade and other receivables (_5
Trade and other receivables (Details Textual) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of Trade and other receivables [Abstract] | ||
Non-current trade receivables | ₨ 0 | ₨ 1,990 |
Prepayments for current asset_2
Prepayments for current assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Disclosure of Prepayments for current assets [Abstract] | |||
Prepayments for purchase of bandwidth | ₨ 91,507 | ₨ 47,263 | |
Prepayments related to insurance | 0 | 858 | |
Prepayments-others | 649,622 | 559,840 | |
Current prepayments | ₨ 741,129 | $ 9,014 | ₨ 607,961 |
Other investments (Details)
Other investments (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Investment in debt securities - unquoted | |||
Investments in subsidiaries, joint ventures and associates | ₨ 1,044,020 | $ 12,698 | ₨ 476,050 |
Vashi Railway Station Commercial Complex Limited [Member] | |||
Investment in equity instruments - unquoted | |||
Investment in equity shares | 150 | 150 | |
Sarayu Clean Gen Private Limited [Member] | |||
Investment in equity instruments - unquoted | |||
Investment in equity shares | 1,560 | 1,560 | |
The Gizmo App Company [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 20,554 | 19,000 | |
Tasoula Energy Private Limited [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 225,000 | 225,000 | |
Padvest Corporation [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 4,111 | 3,650 | |
Digifresh Corporation [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 16,443 | 15,153 | |
Elevo Corporation [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 372,126 | 211,537 | |
VEH Srishti Energy Private Limited [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 375,300 | 0 | |
Chatter Inc [Member] | |||
Investment in debt securities - unquoted | |||
Investment | 12,333 | 0 | |
Passerine Technologies Inc [Member] | |||
Investment in debt securities - unquoted | |||
Investment | ₨ 16,443 | ₨ 0 |
Other investments (Details Text
Other investments (Details Textual) - Attala Systems Corporation [Member] ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 |
Statement [Line Items] | |||
Corporate debt instruments held | $ 2,789 | ||
Borrowings, interest rate | 5% | 5% | 5% |
Matures on 17th October 2019 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | ₨ 55,100 | $ 750 | |
Matures on 4th Jan 2020 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | 27,600 | 375 | |
Matures on 4th April 2020 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | 27,600 | 375 | |
Matures on 30th October 2020 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | 36,800 | 500 | |
Matures on 1st January 2021 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | 15,700 | 214 | |
Matures On 27th November 2021 [Member] | |||
Statement [Line Items] | |||
Corporate debt instruments held | ₨ 42,200 | $ 575 |
Equity (Details)
Equity (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of Equity [Abstract] | ||
Issued as at April 01 | 182,742,369 | 182,238,069 |
Issued for cash | 0 | 0 |
Issued for consideration other than cash | 0 | 0 |
Exercise of share options | 93,000 | 504,300 |
Issued as at March 31 | 182,835,369 | 182,742,369 |
Value | ₨ 1,828,354 | ₨ 1,827,424 |
Equity (Details 1)
Equity (Details 1) - Compulsorily Convertible Debentures [Member] - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Detailed Information About Fully Paid Compulsorily Convertible Debentures [Line Items] | ||
Compulsorily convertible Debentures issued to Kotak Special Securities Fund | ₨ 2,000,000 | ₨ 0 |
Kotak Special Situations Fund [Member] | ||
Disclosure Of Detailed Information About Fully Paid Compulsorily Convertible Debentures [Line Items] | ||
Compulsorily convertible Debentures issued to Kotak Special Securities Fund | ₨ 2,000,000 | ₨ 0 |
Equity (Details Textual)
Equity (Details Textual) ₨ / shares in Units, ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2023 ₨ / shares $ / shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2015 INR (₨) ₨ / shares shares | |
Statement [Line Items] | ||||
Increase in authorised share capital | ₨ 189,000 | |||
Authorized Share Capital | ₨ 2,040,000 | |||
Number of shares authorised | shares | 204,000,000 | |||
Par value per share | ₨ / shares | ₨ 10 | ₨ 10 | ₨ 0 | ₨ 10 |
Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Interest Rate | 6% | |||
Compulsorily Convertible Debentures [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | ₨ 0 | ||
Compulsorily Convertible Debentures [Member] | Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Instrument, Convertible, Conversion Ratio | 0.8112 | |||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | ₨ 0 | ||
Series 1 Compulsorily Convertible Debentures [Member] | Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 20,000,000 | |||
Debt Conversion Converted Instrument Share Price | (per share) | ₨ 100 | ₨ 100 | ||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | |||
Series 2 Compulsorily Convertible Debentures [Member] | Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 19,800,000 | 20,000,000 | ||
Debt Conversion Converted Instrument Share Price | (per share) | ₨ 100 | ₨ 100 | ₨ 100 | |
Debt Conversion Converted Instrument Amount 1 | ₨ 1,980,000 | ₨ 200 | ||
Debt Conversion, Converted Instrument Rate | 1% | 1% | ||
Related parties [Member] | Series 1 Compulsorily Convertible Debentures [Member] | Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 20,000,000 | |||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | |||
Related parties [Member] | Series 2 Compulsorily Convertible Debentures [Member] | Kotak Special Situations Fund [Member] | ||||
Statement [Line Items] | ||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 20,000,000 | |||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 |
Employee benefits (Details)
Employee benefits (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Disclosure Of Employee Benefits [Abstract] | |||
Gratuity payable | ₨ 27,733 | ₨ 77,826 | |
Compensated absences | 102,170 | 67,178 | |
Non-current provisions for employee benefits | ₨ 129,903 | $ 1,580 | ₨ 145,004 |
Employee benefits (Details 1)
Employee benefits (Details 1) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Employee Benefits [Line Items] | |||
Service cost | ₨ 47,050 | ₨ 31,865 | ₨ 29,854 |
Interest cost | 13,926 | 10,088 | 8,753 |
Interest income | (8,788) | (2,303) | (1,705) |
Gratuity cost | ₨ 52,188 | ₨ 39,650 | ₨ 36,902 |
Employee benefits (Details 2)
Employee benefits (Details 2) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure Of Employee Benefits [Line Items] | ||||
Projected benefit obligation at the end of the year | ₨ 298,903 | ₨ 216,006 | ₨ 177,098 | ₨ 156,412 |
Plan assets at the end of the year | (271,170) | (138,180) | ₨ (40,651) | ₨ (30,474) |
Funded status amount of liability recognised in the Balance Sheet | ₨ 27,733 | ₨ 77,826 |
Employee benefits (Details 3)
Employee benefits (Details 3) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in net defined benefit liability (asset) [abstract] | |||
Projected benefit obligation at the beginning of the year | ₨ 216,006 | ₨ 177,098 | ₨ 156,412 |
Service cost | 47,050 | 31,865 | 29,854 |
Interest cost | 13,926 | 10,088 | 8,753 |
Remeasurements - Actuarial (gain) / loss | 47,703 | 20,245 | (7,178) |
Benefits paid | (25,782) | (23,290) | (10,743) |
Projected benefit obligation at the end of the year | ₨ 298,903 | ₨ 216,006 | ₨ 177,098 |
Employee benefits (Details 4)
Employee benefits (Details 4) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in net assets available for benefits [abstract] | |||
Fair value of plan assets at the beginning of the year | ₨ 138,180 | ₨ 40,651 | ₨ 30,474 |
Interest income | 8,788 | 2,316 | 1,705 |
Employer contributions | 157,682 | 120,000 | 21,214 |
Benefits paid | (25,342) | (23,290) | (10,743) |
Remeasurements - return on plan assets excluding amounts included in interest income | (8,138) | (1,497) | (1,999) |
Fair value of plan assets at the end of the year | 271,170 | 138,180 | 40,651 |
Actual return on plan assets | ₨ 611 | ₨ 907 | ₨ (293) |
Employee benefits (Details 5)
Employee benefits (Details 5) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Actuarial assumptions [Abstract] | |||
Discount rate | 7.30% | 6.35% | 5.70% |
Long-term rate of compensation increase | 5% | 5% | 5% |
Expected long term rate of return on plan assets | 8% | ||
Average future working life time (Years) | 21 years 8 months 4 days | 21 years 10 months 6 days | 22 years 5 months 1 day |
Not later than one year [Member] | |||
Actuarial assumptions [Abstract] | |||
Expected long term rate of return on plan assets | 8% | 0% | |
Less than 1 year [Member] | |||
Actuarial assumptions [Abstract] | |||
Expected long term rate of return on plan assets | 5% | 5% |
Employee benefits (Details 6)
Employee benefits (Details 6) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Not later than one year [Member] | ||
Expected benefit payments in next few years [Abstract] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | ₨ 58,014 | ₨ 34,787 |
Later than two year and not later than five year [Member] | ||
Expected benefit payments in next few years [Abstract] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 187,762 | 124,332 |
Later than six year and not later than ten year [Member] | ||
Expected benefit payments in next few years [Abstract] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 121,795 | 91,562 |
Later than ten years [Member] | ||
Expected benefit payments in next few years [Abstract] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | ₨ 67,564 | ₨ 62,294 |
Employee benefits (Details 7)
Employee benefits (Details 7) | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Employee Benefits [Abstract] | ||
Funds managed by insurers | 100% | 100% |
Employee benefits (Details 8)
Employee benefits (Details 8) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Actuarial (gain)/loss | |||
Gain (loss) on remeasurement, net defined benefit liability (asset) | ₨ (47,703) | ₨ (20,245) | ₨ 7,178 |
Remeasurements of the net defined benefit liability [member] | |||
Actuarial (gain)/loss | |||
- Change in demographic assumptions | (4,967) | 146 | 0 |
- change in financial assumptions | 24,823 | (402) | (9,342) |
- experience variance | 27,747 | 21,146 | 2,165 |
- return on plan assets, excluding amounts recognized in net interest expense/ income | 8,179 | 1,172 | 1,999 |
Gain (loss) on remeasurement, net defined benefit liability (asset) | ₨ 55,782 | ₨ 22,062 | ₨ (5,178) |
Employee benefits (Details 9)
Employee benefits (Details 9) ₨ in Thousands | Mar. 31, 2023 INR (₨) |
Discount rate [member] | |
Disclosure Of Employee Benefits [Line Items] | |
Present Value of Defined Benefit Obligation, Increase by 100 bps | ₨ 285,955 |
Present Value of Defined Benefit Obligation, Decrease by 100 bps | 312,584 |
Salary escalation rate [member] | |
Disclosure Of Employee Benefits [Line Items] | |
Present Value of Defined Benefit Obligation, Increase by 100 bps | 310,808 |
Present Value of Defined Benefit Obligation, Decrease by 100 bps | ₨ 287,127 |
Employee benefits (Details Text
Employee benefits (Details Textual) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Employee Benefits [Abstract] | |||
Expected Contributions to plan on gratuity fund, net defined benefit liability asset | ₨ 157,682 | ||
Contributions to plan, net defined benefit liability (asset) | 194,451 | ₨ 135,589 | ₨ 114,374 |
Contributions to plan by employer, net defined benefit liability (asset) | ₨ 17,537 | ₨ 14,339 |
Other liabilities (Details)
Other liabilities (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Disclosure Of Other liabilities [Line Items] | |||
Deferred income and other liabilities | ₨ 55,877 | ₨ 60,742 | |
Other non-current liabilities | 55,877 | $ 680 | 60,742 |
Financial liabilities included in other liabilities | ₨ 19,877 | ₨ 60,742 |
Borrowings (Details)
Borrowings (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Current | ||||
Term bank loans (Refer note below) | [1],[2],[3],[4],[5] | ₨ 1,740,076 | ₨ 1,392,738 | |
Other working capital facilities (Refer note below) | [6],[7],[8],[9],[10],[11],[12],[13] | 3,367,962 | 4,868,255 | |
Borrowings from others (Refer note below) | [14],[15],[16] | 602,317 | 850,076 | |
Current borrowings and current portion of non-current borrowings | 5,710,355 | 7,111,069 | ||
Non current [abstract] | ||||
Term bank loans (Refer note below) | [1],[2],[3],[4],[5] | 9,874,545 | 4,139,500 | |
Borrowings from others (Refer note below) | [14],[15],[16] | 3,943,089 | 3,629,622 | |
Non-current portion of non-current borrowings | ₨ 13,817,634 | $ 168,063 | ₨ 7,769,122 | |
[1]Of the above, facilities amounting to ₹ 1,635 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Noida DC Project.[2]Of the above, facilities amounting to ₹ 2,804 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Rabale T5 DC Project.[3]Of the above, facilities amounting to ₹ 747 Million (Previous Year : ₹ Nil) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Chennai DC Project.[4]Of total term loan balance ₹ 3,867 Million (previous year ₹ 4,282 Million) is primarily secured by charge on movable fixed assets funded by term loan and also secured by project receivables. Of the total term loan balance, an amount of ₹ 306 Million (previous year ₹ 721 Million) including current maturity is primarily secured against the specific project receivables of the company and ₹ 2,509 Million (previous year ₹ 331 Million) is secured by moveable fixed assets funded out of Term Loan. Of the total term loan balance, an amount of ₹ 1,000 Million (previous year ₹ Nil) is also primarily secured by the charge on immovable fixed assets, both present and future (except the assets exclusively charged to other lenders) with Second pari-passu charge on entire current assets of the Borrower, including trade/ bills receivables, book debts, etc. both present & future, excluding the Cash margin lien marked or Current Assets specifically funded by other lenders.[5]The above facilities amounting to ₹ 732 Million (previous year ₹ 591 Million), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium.[6]In addition to the above, out of these loans repayable on demand from banks, (i) exposure amounting to ₹ 2,586 Million (previous year ₹ 2,222 Million) is secured collaterally by way of pari-passu charge on the unencumbered movable fixed assets of the Company, both present and future. (ii) exposure amounting to ₹ 1,334 Million (previous year ₹ 1,072) is secured collaterally by way of equitable mortgage over the properties at Tidel Park, Chennai, Vashi 6th floor, Vile Parle at Mumbai. (iii) exposure amounting to ₹ 470 Million (previous year ₹ 680 Million) is collaterally secured by equitable mortgage over the land and building at Noida and also covered by WDV of specific movable fixed assets funded out of their Term loan (since closed) at Noida Data Center, Uttar Pradesh. (iv) the exposure amounting to ₹ 876 Million (previous year ₹ 950 Million) is collaterally secured by equitable mortgage over the Vashi 5th floor property at Mumbai.[7]Of fhe above, facilities amounting to ₹ Nil (previous year ₹ 250 Million) are primarily secured by way of pari-passu charge on current assets of the Company, both present and future.[8]Of the above, facilities amounting to ₹ 1,659 Million (Previous Year : ₹ 1,655 Million), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium.[9]Of the above, facilities amounting to ₹ 374 Million (previous year ₹ 400 Million) are secured by way of pari-passu charge on current assets. Out of which ₹ 25 Million (previous year ₹ 400 Million) has first pari-passu charge on unencumbered movable fixed assets of the Company.[10]The Company has adjusted the processing charges paid with respect to borrowings from borrowings from banks ₹ 185 Million (Previous year ₹ 114 Million)[11]The loans in the nature of Buyers Credit bear interest rate 0.67%p.a to 1.10%p.a (previous year 0.79%p.a to 1.73%p.a).[12]These bear interest rate ranging from 8.3%p.a to 10.50%p.a (Previous Year: 8.3%p.a to 10.50%p.a) and repayable over a period of 12 to 60 months on equated monthly / quarterly instalments.[13]These working capital facilities bear interest ranging from5.4% p.a. to 9.30%p.a. [Previous year: 5.4% p.a. to 9.45% p.a.] and these facilities are subject to renewal annually.[14]During the financial year 2021-22, Kotak Special Situations Fund (KSSF) subscribed to 2,00,00,000 (two crore) Series 1 Compulsorily Convertible Debentures (CCDs) with face value of ₹ 100 each amounting to ₹ 2,000 Million and 1% of 2,00,00,000 (two crore) Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 200. During the year under review, Kotak Special Situations Fund (KSSF) subscribed to additional 1,98,00,000 Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹100 each amounting to ₹ 1,980 Million. Further, the Company has the option and right to require KSSF to acquire additional compulsory convertible debentures of the Company (“Additional CCDs”) in one or more tranches during FY 2023, FY 2024, FY 2025 or by October 1, 2026 for up to an aggregate subscription amount of ₹ 6,000 Million. The CCDs are secured by secondary charge over identified movable assets of Data Center facility. These CCD's carry a coupon rate of 6%p.a payable half-yearly. The Tranche - I, CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio is decided based on the equity valuation as at March 31, 2023 as 0.8135. Since the fixed to fixed test is satisfied as per Ind AS 32 the above CCDs are presented as Equity (refer note 16a)[15]The company has entered into External Commercial Borrowing (ECB) facility agreement for $ 5 Million and drawn down $ 5 Million out of sanctioned loan and repaid $ 0.05 Million in FY 2021-22 and $ 0.1 Million in FY 2022-23. The Company has also entered into agreement for currency swap (from USD to INR) to fully hedge foreign currency exposure towards principal repayment and interest rate swap from floating to fixed.[16]The term loans bear interest rate ranging from 7.20%p.a to 10.84%p.a repayable in quarterly instalments within a tenor of 3 to 6 years after moratorium period ranging from 6 months to 2 years in certain cases. |
Borrowings (Details Textual)
Borrowings (Details Textual) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2023 USD ($) | |
Disclosure Of Borrowings [Line Items] | |||||
Maximum Amount of Securities Issuable | ₨ 6,000,000 | ||||
Description of conversion of debt to equity | The Tranche - I, CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio is decided based on the equity valuation as at March 31, 2023 as 0.8112. | The Tranche - I, CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio is decided based on the equity valuation as at March 31, 2023 as 0.8112. | |||
Collateral Asset Member One [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Working Capital Facilities | ₨ 250,000 | ||||
Collateral Asset Member Two [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Working Capital Facilities | 374,000 | 400,000 | |||
Collateral asset Member Three [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Working Capital Facilities | 25,000 | 400,000 | |||
Compulsorily Convertible Debentures [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | 0 | |||
Compulsorily Convertible Debentures [Member] | Tranche one [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Conversion ratio | 0.8112% | 0.8112% | |||
Collaterally Secured by Unencumbered Movable Fixed Asset [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 2,586,000 | 2,222,000 | |||
Collaterally Secured by Equitable Mortgages Over Properties [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 1,334,000 | 1,072,000 | |||
Collaterally Secured by Equitable Mortgage Over Vashi Property [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 876,000 | 950,000 | |||
Collaterally Secured by Equitable Mortgage Over Land And Building [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 470,000 | ₨ 680,000 | |||
Bottom of range [member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Working Capital Facilities Bear Interest | 5.40% | 5.40% | 5.40% | 5.40% | |
Bottom of range [member] | Buyers Credit Bear Interest Rate [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Interest rate | 0.67% | 0.79% | 0.67% | ||
Top of range [member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Working Capital Facilities Bear Interest | 9.30% | 9.30% | 9.45% | 9.45% | |
Top of range [member] | Buyers Credit Bear Interest Rate [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Interest rate | 1.10% | 1.73% | 1.10% | ||
Movable Fixed Assets Funded By Term Loan And Project Receivables [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 3,867,000 | ₨ 4,282,000 | |||
Specific Project Receivables [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 306,000 | 721,000 | |||
Moveable Fixed Assets Funded Out Of Term Loan [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 2,509,000 | ₨ 331,000 | |||
Term bank loans [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings maturity | repayable in quarterly instalments within a tenor of 3 to 6 years after moratorium period ranging from 6 months to 2 years in certain cases | repayable in quarterly instalments within a tenor of 3 to 6 years after moratorium period ranging from 6 months to 2 years in certain cases | |||
Term bank loans [Member] | Bottom of range [member] | Borrowings Interest Rate For Others [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings, interest rate | 7.20% | ||||
Term bank loans [Member] | Top of range [member] | Borrowings Interest Rate For Others [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings, interest rate | 10.84% | ||||
ECB [Member] | ECB Facility Agreement [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings, Face amount | $ | $ 5,000 | ||||
Proceeds from borrowings | $ | $ 5,000 | ||||
Loan repaid | $ | $ 100 | $ 50 | |||
Kotak Special Situations Fund [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Debt Conversion Converted Instrument Interest Rate | 6% | 6% | |||
Kotak Special Situations Fund [Member] | Series 1 Compulsorily Convertible Debentures [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 20,000,000 | 20,000,000 | |||
Debt Conversion Converted Instrument Share Price | (per share) | $ 100 | ₨ 100 | |||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | ||||
Kotak Special Situations Fund [Member] | Series 2 Compulsorily Convertible Debentures [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Debt Conversion Converted Instrument Shares Issued 1 | shares | 19,800,000 | 19,800,000 | 20,000,000 | 20,000,000 | |
Debt Conversion Converted Instrument Share Price | (per share) | ₨ 100 | $ 100 | ₨ 100 | ||
Debt Conversion Converted Instrument Amount 1 | ₨ 1,980,000 | ₨ 200 | |||
Debt Conversion, Converted Instrument Rate | 1% | 1% | 1% | 1% | |
Kotak Special Situations Fund [Member] | Compulsorily Convertible Debentures [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Debt Conversion Converted Instrument Amount 1 | ₨ 2,000,000 | ₨ 0 | |||
Immovable Fixed Assets [Member] | Second Charge Mortgage Security Against Another Loan [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 1,000,000 | ||||
Noida DC Project [Member] | Project Receivables and Movable Fixed Assets [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 1,635,000 | ||||
Chennai DC Project [Member] | Project Receivables and Movable Fixed Assets [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | 747,000 | ||||
Rabale T5 DC Project [Member] | Project Receivables and Movable Fixed Assets [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 2,804,000 | ||||
Other Working Capital Facilities [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings maturity | repayable over a period of 12 to 60 months on equated monthly / quarterly instalments | repayable over a period of 12 to 60 months on equated monthly / quarterly instalments | |||
Borrowings | ₨ 1,659,000 | 1,655,000 | |||
Processing charges paid | ₨ 185,000 | ₨ 114,000 | |||
Other Working Capital Facilities [Member] | Bottom of range [member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings, interest rate | 8.30% | 8.30% | 8.30% | ||
Other Working Capital Facilities [Member] | Top of range [member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings, interest rate | 10.50% | 10.50% | 10.50% | ||
Other Working Capital Facilities Two [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 732,000 | ₨ 591,000 | |||
Processing charges paid | 53,000 | 56,000 | |||
Other Working Capital Facilities Three [Member] | |||||
Disclosure Of Borrowings [Line Items] | |||||
Borrowings | ₨ 715,000 | ₨ 656,000 |
Trade and other payables (Detai
Trade and other payables (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Disclosure Of Trade And Other Payables [Line Items] | |||
Trade payables | ₨ 9,227,928 | ₨ 4,969,507 | |
Advance from customers | 1,238,312 | 1,050,899 | |
Accrued expenses | 1,766,653 | 4,106,167 | |
Other payables | 612,665 | 1,210,313 | |
Trade and other current payables | 12,845,558 | $ 156,240 | 11,336,886 |
Financial liabilities, category [member] | |||
Disclosure Of Trade And Other Payables [Line Items] | |||
Trade and other current payables | ₨ 11,267,576 | ₨ 10,510,409 |
Deferred income (Details)
Deferred income (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Deferred Income [Abstract] | ||
Current | ₨ 1,972,483 | ₨ 1,792,342 |
Non - Current | 2,323,958 | 1,797,611 |
Total | ₨ 4,296,441 | ₨ 3,589,953 |
Revenue (Details)
Revenue (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Rendering of services | ||||
Service revenue | ₨ 29,967,698 | ₨ 25,329,497 | ₨ 21,718,351 | |
Installation service revenue | 482,246 | 330,129 | 317,395 | |
Revenue from rendering of services | 30,449,944 | $ 370,361 | 25,659,626 | 22,035,746 |
Sale of products | 2,953,782 | 35,927 | 1,366,049 | 2,283,796 |
Revenue | ₨ 33,403,726 | $ 406,288 | ₨ 27,025,675 | ₨ 24,319,542 |
Performance obligations and r_3
Performance obligations and remaining performance obligations (Details) ₨ in Thousands | Mar. 31, 2023 INR (₨) |
Within One Year [Member] | |
Statement [Line Items] | |
Transaction price allocated to remaining performance obligations | ₨ 1,183,207 |
One To Three Years [Member] | |
Statement [Line Items] | |
Transaction price allocated to remaining performance obligations | 848,399 |
More Than Three Years [Member] | |
Statement [Line Items] | |
Transaction price allocated to remaining performance obligations | ₨ 1,438,237 |
Selling, general and administ_3
Selling, general and administrative expenses (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Disclosure Of Selling General And Administrative Expenses [Line Items] | ||||
Personnel expenses | ₨ 2,045,942 | ₨ 1,734,944 | ₨ 1,512,934 | |
Marketing and promotion expenses | 256,688 | 120,057 | 72,398 | |
Administrative and other expenses | 3,431,004 | 3,088,574 | 2,961,424 | |
Selling, general and administrative expense | 5,733,634 | $ 69,738 | 4,943,575 | 4,546,756 |
Cost Of Goods Sold And Services Rendered [Member] | ||||
Disclosure Of Selling General And Administrative Expenses [Line Items] | ||||
Administrative and other expenses | 112,076 | 210,870 | 253,289 | |
Selling General And Administrative Expenses [Member] | ||||
Disclosure Of Selling General And Administrative Expenses [Line Items] | ||||
Administrative and other expenses | ₨ 25,892 | ₨ 113,591 | ₨ 49,353 |
Personnel expenses (Details)
Personnel expenses (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Personnel Expenses [Abstract] | |||
Salaries and wages | ₨ 4,122,783 | ₨ 3,291,605 | ₨ 2,827,234 |
Contribution to provident fund and other funds | 263,593 | 189,207 | 163,781 |
Staff welfare expenses | 50,305 | 56,295 | 30,151 |
Employee stock compensation expense | 16,494 | 22,885 | 40,051 |
Employee benefits expense | 4,453,175 | 3,559,992 | 3,061,217 |
Attributable to cost of goods sold and services rendered | 2,407,234 | 1,825,048 | 1,548,282 |
Attributable to selling, general and administrative expenses | ₨ 2,045,942 | ₨ 1,734,944 | ₨ 1,512,934 |
Share-based payments (Details T
Share-based payments (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 20, 2015 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Jul. 31, 2014 shares | |
Statement [Line Items] | ||||||||||
Number of share options granted in share-based payment arrangement | 25,000 | 195,000 | 465,000 | |||||||
Associate Stock Option Plan 2014 [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 25,000,000 | |||||||||
Number of share options granted in share-based payment arrangement | 5,870,800 | 25,000 | 195,000 | 465,000 | 7,220,000 | 335,000 | 150,000 | 525,000 | 184,300 | |
Options Plan One [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Description of vesting requirements for share-based payment arrangement | 4,304,600 Options (Option Plan I): 3/5th of the options vest at the end of one year from the date of grant. The remaining 2/5th vests at the end of every half year during second and third years from the date of grant in four equal instalments | |||||||||
Options Plan Two [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Description of vesting requirements for share-based payment arrangement | 6,612,700 Options (Option Plan II): 2/5th of the options vest at the end of one year from the date of grant. The remaining 3/5th vests at the end of every half year during second, third and fourth years in six equal instalments | |||||||||
Options Plan Three [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Description of vesting requirements for share-based payment arrangement | 4,052,800 Options (Option Plan III): 2/5th of the options vest at the end of two years from the date of grant. The remaining 3/5th vests at the end of every half year during third, fourth and fifth years in six equal instalments. |
Share-based payments (Details 1
Share-based payments (Details 1) | 12 Months Ended | |||||||||||||||
Mar. 31, 2023 shares | Mar. 31, 2023 shares | Mar. 31, 2023 shares ₨ / shares | Mar. 31, 2022 shares | Mar. 31, 2022 shares | Mar. 31, 2022 shares ₨ / shares | Mar. 31, 2021 shares | Mar. 31, 2021 shares | Mar. 31, 2021 shares ₨ / shares | Mar. 31, 2020 ₨ / shares | Mar. 31, 2023 | Mar. 31, 2023 ₨ / shares | Mar. 31, 2022 | Mar. 31, 2022 ₨ / shares | Mar. 31, 2021 | Mar. 31, 2021 ₨ / shares | |
Disclosure of Share-based payments [Abstract] | ||||||||||||||||
Number of options, Opening balance | 7,232,978 | 7,232,978 | 7,780,278 | 7,780,278 | 11,056,100 | |||||||||||
Number of options, Granted during the year | 25,000 | 195,000 | 465,000 | |||||||||||||
Number of options, Forfeited during the year | (192,000) | (238,000) | (726,000) | |||||||||||||
Number of options, Expired during the year | 0 | 0 | 0 | |||||||||||||
Number of options, Exercised during the year | (93,000) | (504,300) | (3,014,822) | |||||||||||||
Number of options, Closing balance | 6,972,978 | 6,972,978 | 7,232,978 | 7,232,978 | 7,780,278 | 7,780,278 | 11,056,100 | |||||||||
Number of options, Exercisable at the end of the year | 5,584,478 | 5,584,478 | 5,584,478 | 8,771,360 | 8,771,360 | 8,771,360 | 6,582,070 | 6,582,070 | 6,582,070 | 5,584,478 | 8,771,360 | 6,582,070 | ||||
Weighted average exercise price, Opening balance | ₨ 87.82 | ₨ 86.13 | ₨ 70.9 | |||||||||||||
Weighted average exercise price, Granted during the year | 135.13 | 146.23 | 118.05 | |||||||||||||
Weighted average exercise price, Forfeited during the year | 89.64 | 85.24 | 81.43 | |||||||||||||
Weighted average exercise price, Expired during the year | 0 | 0 | 0 | |||||||||||||
Weighted average exercise price, Exercised during the year | 92.6 | 85.24 | 81.43 | |||||||||||||
Weighted average exercise price, Closing balance | ₨ 92.6 | ₨ 87.82 | ₨ 86.13 | ₨ 70.9 | ||||||||||||
Weighted average exercise price, Exercisable at the end of the year | ₨ 92.6 | ₨ 87.82 | ₨ 81.99 |
Share-based payments (Details 2
Share-based payments (Details 2) | 12 Months Ended | |||||||||
Mar. 31, 2023 shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | Mar. 31, 2023 | Mar. 31, 2023 ₨ / shares | Mar. 31, 2022 | Mar. 31, 2022 ₨ / shares | Mar. 31, 2021 | Mar. 31, 2021 ₨ / shares | Mar. 31, 2020 ₨ / shares | |
Statement [Line Items] | ||||||||||
Number outstanding | 6,972,978 | 7,232,978 | 7,780,278 | 6,972,978 | 7,232,978 | 7,780,278 | 11,056,100 | |||
Weighted average exercise price | ₨ 92.6 | ₨ 87.82 | ₨ 86.13 | |||||||
Number exercisable | 5,584,478 | 8,771,360 | 6,582,070 | 5,584,478 | 8,771,360 | 6,582,070 | ||||
Weighted average exercise price | 92.6 | 87.82 | 86.13 | ₨ 70.9 | ||||||
Bottom of range [member] | ||||||||||
Statement [Line Items] | ||||||||||
Range of exercise price | 66.6 | 57.66 | 57.66 | |||||||
Weighted average remaining contractual life | 21 days | 9 months 18 days | 6 months 18 days | |||||||
Top of range [member] | ||||||||||
Statement [Line Items] | ||||||||||
Range of exercise price | ₨ 230.97 | ₨ 230.97 | ₨ 152.56 | |||||||
Weighted average remaining contractual life | 4 years 9 months 25 days | 4 years 6 months 29 days | 4 years 9 months 29 days |
Share-based payments (Details 3
Share-based payments (Details 3) - Option Plan III Grant date Jan 24 2023 [Member] | 12 Months Ended |
Mar. 31, 2023 yr $ / shares | |
Statement [Line Items] | |
Grant date | Jan 24, 2023 |
Category | Category III |
Current market price | $ / shares | $ 150.14 |
Exercise price | $ / shares | $ 135.13 |
Dividend yield | 12% |
Discount rate | 0.90% |
Bottom of range [member] | |
Statement [Line Items] | |
Expected term | yr | 2 |
Volatility | 56.67% |
Top of range [member] | |
Statement [Line Items] | |
Expected term | yr | 5 |
Volatility | 87.91% |
Financial income and expense (D
Financial income and expense (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Disclosure of Financial income and expense [Abstract] | ||||
Interest income on bank deposits | ₨ 82,675 | ₨ 45,060 | ₨ 56,134 | |
Others | 140,230 | 28,517 | 116,185 | |
Finance income | 222,905 | $ 2,711 | 73,577 | 172,319 |
Interest expense on lease obligations | 191,911 | 185,092 | 178,300 | |
Bank charges (including letter of credit, bill discounting and buyer's credit charges) | 147,117 | 107,834 | 62,160 | |
Interest expense on borrowings | 1,313,494 | 805,170 | 900,496 | |
Finance expense | (1,652,522) | (20,100) | (1,098,096) | (962,656) |
Net finance income / (expense) recognized in profit or loss | ₨ (1,429,617) | $ (17,389) | ₨ (1,024,519) | ₨ (790,337) |
Earnings per share (Details)
Earnings per share (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2021 INR (₨) ₨ / shares shares | |
Disclosure of Earnings per share [Abstract] | ||||
Net profit - as reported | ₨ 674,522 | $ 8,204 | ₨ 1,257,945 | ₨ 1,531,862 |
Weighted average number of shares - basic | 182,803,189 | 182,803,189 | 182,468,672 | 179,533,536 |
Basic earnings per share | (per share) | ₨ 3.69 | $ 0.04 | ₨ 6.89 | ₨ 8.53 |
Weighted average number of shares - diluted | 185,672,592 | 185,672,592 | 187,016,037 | 181,216,005 |
Diluted earnings per share | (per share) | ₨ 3.63 | $ 0.04 | ₨ 6.73 | ₨ 8.45 |
Earnings per share (Details 1)
Earnings per share (Details 1) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average number of ordinary shares basic | |||
Issued fully paid ordinary shares on April 01 | 182,742,369 | 182,238,069 | 179,223,247 |
Effect of shares issued on exercise of stock options | 60,820 | 230,603 | 310,289 |
Effect of partly paid shares | 0 | 0 | 0 |
Weighted average number of equity shares and equivalent shares outstanding | 182,803,189 | 182,468,672 | 179,533,536 |
Earnings per share (Details 2)
Earnings per share (Details 2) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average number of ordinary shares diluted | |||
Weighted average number of ordinary shares (basic) | 182,803,189 | 182,468,672 | 179,533,536 |
Effect of stock options (Note 1) | 2,869,403 | 4,547,365 | 1,682,469 |
Weighted average number of equity shares outstanding (diluted) | 185,672,592 | 187,016,037 | 181,216,005 |
Earnings per share (Details Tex
Earnings per share (Details Textual) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 INR (₨) shares | Mar. 31, 2021 INR (₨) shares | |
Earnings per share [line items] | ||||
Profit | ₨ 674,522 | $ 8,204 | ₨ 1,257,945 | ₨ 1,531,862 |
Weighted average number of ordinary shares outstanding | 182,803,189 | 182,803,189 | 182,468,672 | 179,533,536 |
Segment reporting (Details)
Segment reporting (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Disclosure of segment reporting [Line Items] | |||||
External Customers | ₨ 33,403,726 | $ 406,288 | ₨ 27,025,675 | ₨ 24,319,542 | |
Intersegment Revenues | 307,503 | 308,221 | 313,259 | ||
Operating expenses | (27,110,545) | [1] | 20,880,346 | 19,139,572 | |
Intersegment Expenses | (307,503) | 308,221 | 313,259 | ||
Segment operating income / (loss) | 6,293,181 | 6,145,329 | 5,179,970 | ||
Unallocated expenses: | |||||
Support Service Unit Costs | (149,607) | (105,285) | (109,718) | ||
Depreciation and amortization | (3,971,865) | (3,298,047) | (2,835,632) | ||
Other income / (expense), net | 131,840 | 1,604 | 130,728 | 155,993 | |
Finance income | 222,905 | 2,711 | 73,577 | 172,319 | |
Finance expenses | (1,505,433) | [1] | (1,098,096) | (962,656) | |
Profit / (loss) before tax | 1,021,021 | 12,419 | 1,848,206 | 1,600,276 | |
Income tax (expense) / benefit | (346,499) | (4,214) | (590,261) | (68,414) | |
Profit / (loss) for the year | 674,522 | $ 8,204 | 1,257,945 | 1,531,862 | |
Network centric Services | |||||
Disclosure of segment reporting [Line Items] | |||||
External Customers | 13,290,510 | 12,011,178 | 10,939,620 | ||
Intersegment Revenues | 0 | 0 | 0 | ||
Operating expenses | (11,125,798) | [1] | 9,880,381 | 8,878,254 | |
Intersegment Expenses | (250,085) | 250,803 | 255,841 | ||
Segment operating income / (loss) | 1,914,627 | 1,879,994 | 1,805,525 | ||
Data Center Services | |||||
Disclosure of segment reporting [Line Items] | |||||
External Customers | 10,125,610 | 7,494,395 | 5,540,937 | ||
Intersegment Revenues | 87,749 | 87,753 | 87,753 | ||
Operating expenses | (6,085,634) | [1] | 4,297,871 | 3,029,653 | |
Intersegment Expenses | 0 | 0 | |||
Segment operating income / (loss) | 4,127,725 | 3,284,277 | 2,599,036 | ||
Digital Services | |||||
Disclosure of segment reporting [Line Items] | |||||
External Customers | 9,987,606 | 7,520,102 | 7,838,985 | ||
Intersegment Revenues | 219,754 | 220,468 | 225,506 | ||
Operating expenses | (9,899,113) | [1] | 6,702,094 | 7,231,665 | |
Intersegment Expenses | (57,418) | 57,418 | 57,418 | ||
Segment operating income / (loss) | ₨ 250,829 | ₨ 981,058 | ₨ 775,408 | ||
[1]Bank charges of ₹ 147,089 ($ 1,789) has been allocated to respective segments in operating expenses |
Segment reporting (Details 1)
Segment reporting (Details 1) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Revenue | ||||
Revenue | ₨ 33,403,726 | $ 406,288 | ₨ 27,025,675 | ₨ 24,319,542 |
Country of domicile [member] | ||||
Revenue | ||||
Revenue | 27,349,352 | 22,399,400 | 20,292,816 | |
Foreign countries [member] | ||||
Revenue | ||||
Revenue | ₨ 6,054,374 | ₨ 4,626,275 | ₨ 4,026,726 |
Segment reporting (Details Text
Segment reporting (Details Textual) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Disclosure of segment reporting [Line Items] | ||||
Revenue | ₨ 33,403,726 | $ 406,288 | ₨ 27,025,675 | ₨ 24,319,542 |
Bank charges | 147,117 | ₨ 107,834 | ₨ 62,160 | |
Operating Expenses [Member] | ||||
Disclosure of segment reporting [Line Items] | ||||
Bank charges | 147,089 | $ 1,789 | ||
One Customer of Data center-centric IT services [Member] | ||||
Disclosure of segment reporting [Line Items] | ||||
Revenue | ₨ 3,852,000 | |||
More Than [Member] | ||||
Disclosure of segment reporting [Line Items] | ||||
Percentage of entity's revenue | 10% | 10% |
Contingencies (Details Textual)
Contingencies (Details Textual) ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Nov. 30, 2016 INR (₨) | Apr. 30, 2014 INR (₨) | |
Disclosure of contingencies [Line Items] | ||||
Number of licenses | 0 | 27 | ||
Contract liabilities | ₨ 4,296,441 | ₨ 3,589,953 | ||
Allowance paid to employees | 6,400 | |||
Maximum amount of securities issuable | 6,000,000 | |||
Compulsorily Convertible Debentures [Member] | Put Option Agreement [Member] | ||||
Disclosure of contingencies [Line Items] | ||||
Debt conversion converted instrument shares issued, Value | 1,980,000 | 2,020,000 | ||
Maximum amount of securities issuable | 6,000,000 | |||
Tax contingent liability [member] | ||||
Disclosure of contingencies [Line Items] | ||||
Estimated financial effect of contingent liabilities | 0 | 0 | ||
Service tax contingent liability [Member] | ||||
Disclosure of contingencies [Line Items] | ||||
Estimated financial effect of contingent liabilities | 416,000 | 416,000 | ||
Contract liabilities | 0 | ₨ 64,600 | ₨ 161,800 | |
Sales tax contingent liability [Member] | ||||
Disclosure of contingencies [Line Items] | ||||
Estimated financial effect of contingent liabilities | 226,000 | 226,000 | ||
Loss contingency payment under protest | 1,800 | |||
Export obligation [Member] | ||||
Disclosure of contingencies [Line Items] | ||||
Contract liabilities | ₨ 0 | ₨ 2,453,000 |
Related party transaction_ (Det
Related party transaction: (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Infinity Satcom Universal Private Limited [Member] | ||
Disclosure of related parties [Line Items] | ||
Name of ultimate parent of group | Infinity Satcom Universal Private Limited | |
Country of incorporation of entity whose consolidated financial statements have been produced for public use | India | |
Raju Vegesna Infotech Industries Private Limited [Member] | ||
Disclosure of related parties [Line Items] | ||
Name of ultimate parent of group | Raju Vegesna Infotech & Industries Private Limited (Subsidiary of Infinity Satcom Universal Private Limited) | |
Country of incorporation of entity whose consolidated financial statements have been produced for public use | India | |
Ramanand Core Investment Company Private Limited [Member] | ||
Disclosure of related parties [Line Items] | ||
Name of ultimate parent of group | Ramanand Core Investment Company Private Limited (Subsidiary of Raju Vegesna Infotech & Industries Private Limited) | |
Country of incorporation of entity whose consolidated financial statements have been produced for public use | India | |
Sify Technologies Singapore Pte. Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Sify Technologies (Singapore) Pte. Limited | |
Country of incorporation | Singapore | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Sify Technologies North America Corporation [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Sify Technologies North America Corporation | |
Country of incorporation | USA | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Sify Data and Managed Services Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Sify Data and Managed Services Limited | |
Country of incorporation | India | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Sify Infinit Spaces Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Sify Infinit Spaces Limited | |
Country of incorporation | India | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Sify Digital Services Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Sify Digital Services Limited | |
Country of incorporation | India | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Print House India Private Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Print House (India) Private Limited | |
Country of incorporation | India | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Raju Vegesna Foundation [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Raju Vegesna Foundation | |
Country of incorporation | India | |
Patel Auto Engineering Private Limited [Member] | ||
Disclosure of subsidiaries [abstract] | ||
Name of subsidiary | Patel Auto Engineering Private Limited | |
Country of incorporation | India | |
Proportion of ownership interest in subsidiary | 100% |
Related party transaction_ (D_2
Related party transaction: (Details 1) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Disclosure of related parties [Line Items] | |||||
Lease rentals paid | ₨ 265,236 | $ 3,226 | ₨ 316,594 | ₨ 226,155 | |
Parent [Member] | |||||
Disclosure of related parties [Line Items] | |||||
Consultancy services received | 0 | 0 | 0 | ||
Sitting fees paid | 0 | 0 | 0 | ||
Salaries and other short term benefits | [1] | 0 | 0 | 0 | |
Contributions to defined contribution plans | [1] | 0 | 0 | 0 | |
Share based payment transactions | [1] | 0 | 0 | 0 | |
Lease rentals paid | [2] | 1,369 | 1,369 | 1,220 | |
Dividend paid | 0 | 0 | |||
Amount of outstanding balances | |||||
Advance lease rentals and refundable deposits made | [2] | 0 | 0 | 0 | |
Lease rentals payable | [2] | 114 | 200 | 135 | |
Associates [Member] | |||||
Disclosure of related parties [Line Items] | |||||
Consultancy services received | 0 | 0 | |||
Sitting fees paid | 0 | 0 | |||
Salaries and other short term benefits | [1] | 0 | 0 | ||
Contributions to defined contribution plans | [1] | 0 | 0 | ||
Share based payment transactions | [1] | 0 | 0 | ||
Lease rentals paid | [2] | 0 | 0 | ||
Dividend paid | 0 | 0 | |||
Amount of outstanding balances | |||||
Advance lease rentals and refundable deposits made | [2] | 0 | 0 | ||
Lease rentals payable | [2] | 0 | 0 | ||
Other related parties [Member] | |||||
Disclosure of related parties [Line Items] | |||||
Consultancy services received | 0 | 0 | 0 | ||
Sitting fees paid | 0 | 0 | 0 | ||
Salaries and other short term benefits | [1] | 0 | 0 | 0 | |
Contributions to defined contribution plans | [1] | 0 | 0 | 0 | |
Share based payment transactions | [1] | 0 | 0 | 0 | |
Lease rentals paid | [2] | 8,054 | 7,220 | 7,160 | |
Preference shares issued | [3] | 500,000 | 500,000 | ||
CSR Contribution made | 24,390 | 13,220 | |||
Dividend paid | 0 | 0 | |||
9% Cumulative Non-convertible preference shares | [3] | 500,000 | |||
Amount of outstanding balances | |||||
Advance lease rentals and refundable deposits made | [2] | 5,600 | 5,600 | 5,560 | |
Lease rentals payable | [2] | 685 | 600 | 710 | |
Key management personnel of entity or parent [Member] | |||||
Disclosure of related parties [Line Items] | |||||
Consultancy services received | 300 | 300 | 300 | ||
Sitting fees paid | 2,200 | 2,000 | 1,380 | ||
Salaries and other short term benefits | [1] | 55,930 | 56,006 | 41,135 | |
Contributions to defined contribution plans | [1] | 2,151 | 1,850 | 1,619 | |
Share based payment transactions | [1] | 1,901 | 4,507 | 11,242 | |
Lease rentals paid | [2] | 0 | 0 | 0 | |
Dividend paid | 0 | 0 | |||
Amount of outstanding balances | |||||
Advance lease rentals and refundable deposits made | [2] | 0 | 0 | 0 | |
Lease rentals payable | [2] | ₨ 0 | ₨ 0 | ₨ 0 | |
[1]Represents salaries and other benefits of Key Management Personnel comprising of Mr. Kamal Nath - Chief Executive Officer (Sify Technologies Limited), Mr. M P Vijay Kumar – Whole Time Director and Chief Financial Officer and Mr. C R Rao - Chief Operating Officer.[2]During the year 2011-12, the Group had entered into a lease agreement with M/s Raju Vegesna Infotech and Industries Private Limited, the holding Group, to lease the premises owned by it for a period of three years effective February 1, 2012 on a rent of ₹ 0.75 (Rupees Seventy Five Thousand) per month. Subsequently, the Group entered into an amendment agreement with effect from April 1, 2013, providing for automatic renewal for a further period of two blocks of 3 years with an escalation of 15% on the last paid rent after the end of every three years. Subsequently on account of expiry of the said agreement, the Group entered into a fresh agreement for a period of three years effective February 01, 2021 on a rent of ₹ 1.14 (Rupees One Lakh Fourteen Thousand Only) per month.[3]₹ 500 million towards Cumulative Non-convertible Redeemable preference shares issued by Print house (India) Private limited to Ramanand Developers private limited with the tenure of 20 years from the date of allotment which will carry a preferential dividend of 9% per annum, payable till redemption. |
Related party transaction_ (D_3
Related party transaction: (Details Textual) - INR (₨) ₨ in Thousands | 12 Months Ended | |||
Feb. 01, 2021 | Feb. 01, 2012 | Jun. 01, 2010 | Mar. 31, 2023 | |
Cumulative Non Convertible Redeemable Preference Shares Issued From Print House India Private Limited [Member] | ||||
Disclosure of related parties [Line Items] | ||||
Borrowings | ₨ 500,000 | |||
Borrowings maturity | 20 | |||
Percentage of preferential dividend payable till redemption | 9% | |||
Ms Raju Vegesna Infotech and Industries Private Limited [Member] | ||||
Disclosure of related parties [Line Items] | ||||
Description of material leasing arrangements by lessee classified as finance lease | During the year 2011-12, the Group had entered into a lease agreement with M/s Raju Vegesna Infotech and Industries Private Limited, the holding Group, to lease the premises owned by it for a period of three years effective February 1, 2012 on a rent of ₹ 0.075 million (Rupees Seventy Five Thousand) per month. Subsequently, the Group entered into an amendment agreement with effect from April 1, 2013, providing for automatic renewal for a further period of two blocks of 3 years with an escalation of 15% on the last paid rent after the end of every three years. Subsequently on account of expiry of the said agreement, the Group entered into a fresh agreement for a period of three years effective February 01, 2021 on a rent of ₹ 0.114 million (Rupees One Lakh Fourteen Thousand Only) per month. | |||
Agreed monthly lease rent | ₨ 114 | |||
Term of lease agreement | 3 years | 3 years | ||
Ms Raju Vegesna Developers Private Limited [Member] | ||||
Disclosure of related parties [Line Items] | ||||
Description of material leasing arrangements by lessee classified as finance lease | During the year 2011-12, the Group had also entered into a lease agreement with M/s Raju Vegesna Developers Private Limited, a Group in which Mr Ananda Raju Vegesna, the then Executive Director of the Group and Mr Raju Vegesna, Chairman and Managing director of the Group exercise significant influence, to lease the premises owned by it for a period of three years effective February 1, 2012 on a rent of ₹ 0.030 million (Rupees Thirty Thousand) per month. The agreement provides for the automatic renewal for further period of two blocks of 3 years with an escalation of 15% on the last paid rent after the end of every three years.Subsequently on account of expiry of the said agreement, the Group entered into a fresh agreement for a period of three years effective February 01, 2021 on a rent of ₹ 0.046 million (Rupees Forty Six Thousand) per month.. | |||
Agreed monthly lease rent | ₨ 46 | ₨ 30 | ||
Ms Radhika Vegesna [Member] | ||||
Disclosure of related parties [Line Items] | ||||
Agreed monthly lease rent | ₨ 300 | |||
Refundable security deposit payment | ₨ 2,600 | |||
Ms Radhika Vegesna [Member] | Renewed Lease Agreement [Member] | ||||
Disclosure of related parties [Line Items] | ||||
Agreed monthly lease rent | ₨ 556 | |||
Refundable security deposit payment | ₨ 3,000 | |||
Term of lease agreement | 3 years |
Financial instruments (Details)
Financial instruments (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Assets | |||||
Cash and cash equivalents | ₨ 3,650,446 | $ 44,400 | ₨ 3,781,978 | ₨ 5,101,083 | |
Other assets | 4,540,098 | 55,221 | 2,136,850 | ||
Trade Receivables | [1] | 11,345,542 | 10,784,668 | ||
Other receivables | 3,270,064 | 3,276,985 | |||
Other investments | 1,044,020 | 12,698 | 476,050 | ||
Liabilities | |||||
Bank overdraft | 951,504 | $ 11,573 | 371,995 | 123,666 | |
Lease liabilities | 2,451,179 | 2,207,403 | ₨ 2,202,649 | ||
Other liabilities | 19,877 | 60,742 | |||
Financial assets at carrying value, class [member] | |||||
Assets | |||||
Cash and cash equivalents | 4,845,233 | 4,574,013 | |||
Other assets | 850,261 | 447,940 | |||
Trade Receivables | 11,345,542 | 10,784,668 | |||
Other receivables | 29,869 | ||||
Other investments | 1,044,020 | 476,050 | |||
Derivative financial instrument | 25,263 | ||||
Financial assets at fair value, class [member] | |||||
Assets | |||||
Cash and cash equivalents | 4,845,233 | 4,574,013 | |||
Other assets | 850,261 | 447,940 | |||
Trade Receivables | 11,345,542 | 10,784,668 | |||
Other receivables | 29,869 | ||||
Other investments | 1,044,020 | 476,050 | |||
Derivative financial instrument | 25,263 | ||||
Financial liabilities at carrying value, class [member] | |||||
Liabilities | |||||
Bank overdraft | 951,466 | 371,995 | |||
Lease liabilities | 2,451,179 | 2,207,403 | |||
Other liabilities | 19,877 | 60,742 | |||
Borrowings from banks | 14,982,750 | 7,379,680 | |||
Borrowings from others | 2,045,239 | 5,000,511 | |||
Trade and other payables | 11,267,576 | 10,510,409 | |||
Other financial liabilities | 2,059,524 | ||||
6% Compulsory Convertible Debentures | 2,000,000 | 2,000,000 | |||
9% Cumulative Non-convertible preference shares | 500,000 | 500,000 | |||
Financial liabilities at fair value, class [member] | |||||
Liabilities | |||||
Bank overdraft | 951,466 | 371,995 | |||
Lease liabilities | 2,451,179 | 2,207,403 | |||
Other liabilities | 19,877 | 60,742 | |||
Borrowings from banks | 14,982,750 | 7,379,680 | |||
Borrowings from others | 2,045,239 | 5,000,511 | |||
Trade and other payables | 11,267,576 | 10,510,409 | |||
Other financial liabilities | 2,059,524 | ||||
6% Compulsory Convertible Debentures | 2,000,000 | 2,000,000 | |||
9% Cumulative Non-convertible preference shares | 500,000 | 500,000 | |||
Financial liabilities at amortised costs [member] | |||||
Liabilities | |||||
Bank overdraft | 951,466 | 371,995 | |||
Lease liabilities | 2,451,179 | 2,207,403 | |||
Other liabilities | 19,877 | 60,742 | |||
Borrowings from banks | 14,982,750 | 7,379,680 | |||
Borrowings from others | 2,045,239 | 5,000,511 | |||
Trade and other payables | 11,267,576 | 10,510,409 | |||
Derivative financial liabilities | 0 | 0 | |||
Other financial liabilities | 2,059,524 | ||||
6% Compulsory Convertible Debentures | 2,000,000 | 2,000,000 | |||
9% Cumulative Non-convertible preference shares | 500,000 | 500,000 | |||
Financial liabilities at FVTPL [member] | |||||
Liabilities | |||||
Bank overdraft | 0 | 0 | |||
Lease liabilities | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Borrowings from banks | 0 | 0 | |||
Borrowings from others | 0 | 0 | |||
Trade and other payables | 0 | 0 | |||
Derivative financial liabilities | 0 | 0 | |||
Other financial liabilities | 0 | ||||
6% Compulsory Convertible Debentures | 0 | 0 | |||
9% Cumulative Non-convertible preference shares | 0 | 0 | |||
Financial liabilities at FVTOCI [member] | |||||
Liabilities | |||||
Bank overdraft | 0 | 0 | |||
Lease liabilities | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Borrowings from banks | 0 | 0 | |||
Borrowings from others | 0 | 0 | |||
Trade and other payables | 0 | 0 | |||
Derivative financial liabilities | 0 | 0 | |||
Other financial liabilities | 0 | ||||
6% Compulsory Convertible Debentures | 0 | 0 | |||
9% Cumulative Non-convertible preference shares | 0 | 0 | |||
Financial assets at amortised costs [member] | |||||
Assets | |||||
Cash and cash equivalents | 4,845,233 | 4,574,013 | |||
Other assets | 850,261 | 447,940 | |||
Trade Receivables | 11,345,542 | 10,784,668 | |||
Other receivables | 29,869 | ||||
Other investments | 372,000 | 474,340 | |||
Derivative financial instrument | 0 | ||||
Financial assets at FVTPL [member] | |||||
Assets | |||||
Cash and cash equivalents | 0 | 0 | |||
Other assets | 0 | 0 | |||
Trade Receivables | 0 | 0 | |||
Other receivables | 0 | ||||
Other investments | 0 | 0 | |||
Derivative financial instrument | 25,263 | ||||
Financial assets at FVTOCI [member] | |||||
Assets | |||||
Cash and cash equivalents | 0 | 0 | |||
Other assets | 0 | 0 | |||
Trade Receivables | 0 | 0 | |||
Other receivables | 0 | ||||
Other investments | 671,020 | ₨ 1,710 | |||
Derivative financial instrument | ₨ 0 | ||||
[1]Trade receivables as of March 31, 2023 and March 31, 2022 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. |
Financial instruments (Details
Financial instruments (Details 1) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | ₨ 5,273,252 | ₨ 15,295,995 |
Cash and cash equivalent [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 1,194,786 | 4,304,700 |
Trade receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | ₨ 4,078,466 | ₨ 10,991,295 |
Financial instruments (Detail_2
Financial instruments (Details 2) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Change in value of forward elements of forward contracts [abstract] | ||||
Nominal Amounts Of Hedging Instrument | $ | $ 3,500 | $ 4,500 | ||
Written put options [member] | Currency swap contract [member] | ||||
Change in value of forward elements of forward contracts [abstract] | ||||
Nominal Amounts Of Hedging Instrument | ₨ 0 | ₨ 0 | ||
Purchased call options [member] | Currency swap contract [member] | ||||
Change in value of forward elements of forward contracts [abstract] | ||||
Nominal Amounts Of Hedging Instrument | ₨ 0 | ₨ 0 |
Financial instruments (Detail_3
Financial instruments (Details 3) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | $ | $ 3,500 | $ 4,500 | ||
Not later than one month [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | ₨ 0 | ₨ 0 | ||
Later than one month and not later than three months [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | 0 | 0 | ||
Later than three months and not later than six months [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | 0 | 0 | ||
Later than six months and not later than one year [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | ₨ 0 | ₨ 0 |
Financial instruments (Detail_4
Financial instruments (Details 4) - Currency swap contract [member] ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Disclosure of financial assets [line items] | ||||
Value of the outstanding term loan | ₨ 257,300 | ₨ 330,750 | $ 3,500 | $ 4,500 |
Mark to Market losses/ (gain) | 0 | 0 | ||
Tranche one [Member] | ||||
Disclosure of financial assets [line items] | ||||
Value of the outstanding term loan | 102,900 | 132,300 | 1,400 | 1,800 |
Mark to Market losses/ (gain) | 0 | 0 | ||
Tranche two undrawn [Member] | ||||
Disclosure of financial assets [line items] | ||||
Value of the outstanding term loan | 154,350 | 198,450 | $ 2,100 | $ 2,700 |
Mark to Market losses/ (gain) | ₨ 0 | ₨ 0 |
Financial instruments (Detail_5
Financial instruments (Details 5) - Currency swap contract [member] ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) |
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | $ 3,500 | $ 4,500 | ||
Receivable | ₨ | ₨ 257,300 | ₨ 330,750 | ||
Less than 1 year [Member] | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | 1,000 | 1,000 | ||
Receivable | ₨ | 73,500 | 73,500 | ||
One to two years [Member] | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | 1,000 | 1,000 | ||
Receivable | ₨ | 73,500 | 73,500 | ||
Two to three years [Member] | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | 1,000 | 1,000 | ||
Receivable | ₨ | 73,500 | 73,500 | ||
Three to four years [Member] | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | 500 | 1,000 | ||
Receivable | ₨ | 36,800 | 73,500 | ||
Four to five years [member] | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | 0 | 500 | ||
Receivable | ₨ | 0 | 36,800 | ||
More than five years | ||||
Maturity Analysis For Derivative Financial Instruments [Line Items] | ||||
Payable | $ | $ 0 | $ 0 | ||
Receivable | ₨ | ₨ 0 | ₨ 0 |
Financial instruments (Detail_6
Financial instruments (Details 8) - Interest rate swap contract [member] - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | $ 569 | $ 936 |
Interest payable | 43,035 | 70,033 |
Less than 1 year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 279 | 367 |
Interest payable | 20,507 | 26,999 |
One to two years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 189 | 279 |
Interest payable | 13,916 | 20,507 |
Two to three years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 101 | 189 |
Interest payable | 7,375 | 13,916 |
Three to four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 101 | |
Interest payable | 1,237 | 7,375 |
Four to five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 0 | |
Interest payable | 0 | 1,236 |
Later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest receivable | 0 | 0 |
Interest payable | $ 0 | $ 0 |
Financial instruments (Detail_7
Financial instruments (Details 9) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Level 3 of fair value hierarchy [member] | Interest rate swap contract [member] | ||
Liabilities | ||
Derivative financial liabilities | ₨ 25,263 | ₨ 16,879 |
Financial instruments (Detail_8
Financial instruments (Details 10) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Financial assets at amortised cost | |||
Interest income on bank deposits | ₨ 82,675 | ₨ 45,060 | ₨ 56,134 |
Interest income from other financial assets | 55,511 | 28,517 | 26,700 |
Impairment loss of trade receivables | (371,890) | (433,723) | (755,495) |
Financial assets at fair value through profit or loss | |||
Net change in fair value of derivative financial instruments gain/(loss) | (25,263) | (16,879) | 8,079 |
Financial liabilities at amortised cost | |||
Interest expenses on lease obligations | (191,911) | (185,092) | (178,300) |
Interest expenses on borrowings from banks, others and overdrafts | ₨ (1,313,494) | ₨ (805,170) | ₨ (714,121) |
Financial instruments (Detail_9
Financial instruments (Details Textual) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal Amounts Of Hedging Instrument | $ | $ 3,500 | $ 4,500 | ||
Fixed interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings, interest rate | (8.90%) | (8.90%) | ||
Borrowings, interest rate basis | 2.5 | 2.5 | ||
Forward contract [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net Gain (loss) | ₨ (1,387) | ₨ 2,206 | ||
Gain loss on derivative financial instruments | (1,387) | 2,206 | ||
Interest rate swap contract [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net Gain (loss) | 25,263 | 16,879 | ||
Gain loss on derivative financial instruments | 25,263 | 16,879 | ||
Currency swap contract [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net Gain (loss) | 0 | 0 | ||
Gain loss on derivative financial instruments | ₨ 0 | ₨ 0 |
Financial Risk Management (Deta
Financial Risk Management (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | ₨ 18,160,513 | ₨ 16,295,652 |
Cash and cash equivalents | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | 3,650,446 | 3,781,978 |
Restricted Cash | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | 1,194,787 | 792,035 |
Other assets | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | 825,037 | 431,052 |
Trade receivables | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | 11,345,542 | 10,784,668 |
Other receivables | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | 100,681 | 29,869 |
Other investments | ||
Disclosure of financial risk management [Line Items] | ||
Maximum exposure to credit risk | ₨ 1,044,020 | ₨ 476,050 |
Financial Risk Management (De_2
Financial Risk Management (Details 1) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial risk management [Line Items] | |||
Trade receivables | [1] | ₨ 11,345,542 | ₨ 10,784,668 |
Financial assets past due but not impaired [member] | |||
Disclosure of financial risk management [Line Items] | |||
Trade receivables | 11,345,542 | 10,784,668 | |
More than 365 days [Member] | Financial assets past due but not impaired [member] | |||
Disclosure of financial risk management [Line Items] | |||
Trade receivables | 473,202 | 812,017 | |
Less than 365 days [Member] | Financial assets past due but not impaired [member] | |||
Disclosure of financial risk management [Line Items] | |||
Trade receivables | ₨ 10,872,340 | ₨ 9,972,651 | |
[1]Trade receivables as of March 31, 2023 and March 31, 2022 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. |
Financial Risk Management (De_3
Financial Risk Management (Details 2) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | ₨ 34,218,072 | ₨ 28,030,747 |
Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 951,504 | 371,995 |
Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,451,179 | 2,207,403 |
Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,059,500 | 60,742 |
Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 14,982,750 | 10,400,424 |
Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,045,239 | 4,479,774 |
Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,227,900 | 10,510,409 |
6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,000,000 | |
9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 500,000 | |
Not later than one year [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 19,474,294 | 19,263,182 |
Not later than one year [Member] | Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 951,504 | 371,995 |
Not later than one year [Member] | Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 585,790 | 507,037 |
Not later than one year [Member] | Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,039,600 | 60,742 |
Not later than one year [Member] | Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,680,600 | 6,706,849 |
Not later than one year [Member] | Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 748,900 | 1,106,150 |
Not later than one year [Member] | Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,227,900 | 10,510,409 |
Not later than one year [Member] | 6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 240,000 | |
Not later than one year [Member] | 9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | |
Later than one year and not later than three years [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 8,192,988 | 4,608,204 |
Later than one year and not later than three years [Member] | Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than one year and not later than three years [Member] | Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 788,588 | 733,287 |
Later than one year and not later than three years [Member] | Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 19,900 | 0 |
Later than one year and not later than three years [Member] | Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,755,100 | 2,832,392 |
Later than one year and not later than three years [Member] | Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,149,400 | 1,042,525 |
Later than one year and not later than three years [Member] | Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than one year and not later than three years [Member] | 6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 480,000 | |
Later than one year and not later than three years [Member] | 9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | |
Later than three years and not later than five years [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 6,298,716 | 2,649,532 |
Later than three years and not later than five years [Member] | Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than three years and not later than five years [Member] | Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 555,216 | 430,022 |
Later than three years and not later than five years [Member] | Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than three years and not later than five years [Member] | Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 4,800,000 | 1,499,683 |
Later than three years and not later than five years [Member] | Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 463,500 | 719,827 |
Later than three years and not later than five years [Member] | Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than three years and not later than five years [Member] | 6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 480,000 | |
Later than three years and not later than five years [Member] | 9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | |
Later than five years [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 8,851,936 | 4,043,454 |
Later than five years [Member] | Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than five years [Member] | Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,773,736 | 2,611,603 |
Later than five years [Member] | Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than five years [Member] | Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,618,200 | 447,051 |
Later than five years [Member] | Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 984,800 |
Later than five years [Member] | Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than five years [Member] | 6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 960,000 | |
Later than five years [Member] | 9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 500,000 | |
Contractual Cash Flows [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 42,817,934 | 30,564,373 |
Contractual Cash Flows [Member] | Bank overdrafts [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 951,504 | 371,995 |
Contractual Cash Flows [Member] | Lease liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 5,703,330 | 4,281,949 |
Contractual Cash Flows [Member] | Other liabilities [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,059,500 | 60,742 |
Contractual Cash Flows [Member] | Borrowing from banks [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 19,853,900 | 11,485,975 |
Contractual Cash Flows [Member] | Borrowings from others [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,361,800 | 3,853,303 |
Contractual Cash Flows [Member] | Trade and other payables [Member] | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,227,900 | ₨ 10,510,409 |
Contractual Cash Flows [Member] | 6% Compulsory Convertible Debentures | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,160,000 | |
Contractual Cash Flows [Member] | 9% Cumulative Non-convertible preference shares | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities, undiscounted cash flows | ₨ 500,000 |
Financial Risk Management (De_4
Financial Risk Management (Details 3) - Currency risk [member] € in Thousands, د.إ in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 AUD ($) | Mar. 31, 2023 CHF (SFr) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 AED (د.إ) | Mar. 31, 2023 HKD ($) | Mar. 31, 2023 SGD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 GBP (£) | Mar. 31, 2022 AUD ($) | Mar. 31, 2022 CHF (SFr) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 AED (د.إ) | Mar. 31, 2022 HKD ($) | Mar. 31, 2022 SGD ($) |
Cash and cash equivalents [Member] | ||||||||||||||||
Disclosure of financial risk management [Line Items] | ||||||||||||||||
Net credit exposure | $ 405 | £ 69 | $ 0 | SFr 0 | € 44 | د.إ 0 | $ 0 | $ 0 | $ 3,435 | £ 51 | $ 0 | SFr 0 | € 16 | د.إ 0 | $ 0 | $ 0 |
Trade receivables [member] | ||||||||||||||||
Disclosure of financial risk management [Line Items] | ||||||||||||||||
Net credit exposure | 28,052 | 85 | 0 | 0 | 411 | 0 | 0 | 0 | 29,093 | 85 | 0 | 0 | 222 | 0 | 0 | 0 |
Trade payables [Member] | ||||||||||||||||
Disclosure of financial risk management [Line Items] | ||||||||||||||||
Net credit exposure | (28,575) | (34) | 0 | 0 | (250) | (27) | 0 | 0 | (16,369) | (16) | 0 | 0 | (196) | (27) | (4) | 0 |
Foreign currency loan [Member] | ||||||||||||||||
Disclosure of financial risk management [Line Items] | ||||||||||||||||
Net credit exposure | (6,059) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9,389) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net balance sheet exposure [Member] | ||||||||||||||||
Disclosure of financial risk management [Line Items] | ||||||||||||||||
Net credit exposure | $ (6,177) | £ 120 | $ 0 | SFr 0 | € 205 | د.إ (27) | $ 0 | $ 0 | $ 6,770 | £ 120 | $ 0 | SFr 0 | € 42 | د.إ (27) | $ (4) | $ 0 |
Financial Risk Management (De_5
Financial Risk Management (Details 4) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial risk management [Abstract] | ||
Other comprehensive income | ₨ 0 | ₨ 0 |
Profit or (loss) | ₨ (47,755) | ₨ (52,815) |
Financial Risk Management (De_6
Financial Risk Management (Details 5) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Financial liabilities | ||||
- Bank overdrafts | ₨ 951,504 | $ 11,573 | ₨ 371,995 | ₨ 123,666 |
Fixed interest rate [member] | ||||
Financial assets | ||||
- Fixed deposits with banks | 2,590,530 | 1,905,131 | ||
- Investment in debt securities | 372,000 | 211,537 | ||
Financial liabilities | ||||
- Borrowings from banks | 240,962 | 173,184 | ||
- Borrowings from others | 4,773,718 | 4,781,393 | ||
Floating interest rate [member] | ||||
Financial liabilities | ||||
- Borrowings from banks | 14,741,788 | 10,227,240 | ||
- Bank overdrafts | ₨ 951,504 | ₨ 371,995 |
Financial Risk Management (De_7
Financial Risk Management (Details 6) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial risk management [Abstract] | ||
Equity | ₨ 0 | ₨ 0 |
Profit or (loss) | ₨ (12,185) | ₨ (69,438) |
Financial Risk Management (De_8
Financial Risk Management (Details Textual) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial risk management [Line Items] | ||
Description of changes in objectives, policies and processes for managing risk | Carrying out a variance analysis between estimate and actual on an ongoing basis and taking stop-loss action when the adverse movements breach the 5% barrier of deviation, subject to review by Audit Committee. | |
Currency risk [member] | ||
Disclosure of financial risk management [Line Items] | ||
Percentage of strengthening in value of domestic currency due to exchange | 10% | 10% |
Percentage of weakening in value of domestic currency | 10% | 10% |
Issue of shares on a private _2
Issue of shares on a private placement basis to the existing promoter group (Details Textual) - INR (₨) ₨ / shares in Units, ₨ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 04, 2010 | Oct. 22, 2010 | Mar. 31, 2023 | Mar. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2015 | |
Disclosures Of Issued Capital Explanatory [Line Items] | ||||||
Par value per share | ₨ 10 | ₨ 0 | ₨ 10 | |||
Private placements [Member] | ||||||
Disclosures Of Issued Capital Explanatory [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 84.26% | |||||
Private placements [Member] | Related parties [Member] | ||||||
Disclosures Of Issued Capital Explanatory [Line Items] | ||||||
Stock issued during the period, shares, Issued under private placement | 125,000,000 | |||||
Par value per share | ₨ 10 | |||||
Stock issued during the period, value, issued for private placement | ₨ 40,000 | |||||
Stock alloted during the period, shares, Issued under private placement | 125,000,000 | |||||
Paid up value per share | ₨ 10 |
Corporate Social Responsibili_3
Corporate Social Responsibility (CSR) expenditure (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | ₨ 33,090 | ₨ 28,620 |
VIRRD Trust, Dwarakha Tirumala | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 10,000 | |
Voluntary Health Services Hospital, Taramani | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 1,800 | 2,000 |
Raju Vegesna Foundation, Visakapatanam | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 24,390 | 13,220 |
Shree Anand Charitable Trust, Mumbai | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 2,500 | 2,500 |
Sri Hanuman Mani Education & Culture Trust | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 800 | 500 |
Dr Ambedkar Yuvajana Sangham Trust | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | ₨ 400 | |
CHILD (Project Sakthi) | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 800 | |
Guided Fortune Samirti | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | 2,500 | |
Nayaki vidya mandir school | ||
Disclosure Of Corporate Social Responsibility (CSR) Expenditure [Line Items] | ||
Expenses spent, corporate social responsibility | ₨ 300 |
Corporate Social Responsibili_4
Corporate Social Responsibility (CSR) expenditure (Details Textual) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Corporate Social Responsibility CSR Expenditure [Abstract] | ||
Expected expenses to be spent, corporate social responsibility | ₨ 33,090 | |
Expenses spent, corporate social responsibility | ₨ 33,090 | ₨ 28,620 |
Capital Management (Details Tex
Capital Management (Details Textual) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||
Equity attributable to owners of parent | ₨ 17,145,688 | ₨ 14,476,203 |