![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ienergizer Limited | LSE:IBPO | London | Ordinary Share | GG00B54NMG96 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 59.80 | 57.80 | 59.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIBPO
RNS Number : 9911R
iEnergizer Limited
11 November 2021
11 November 2021
iEnergizer Limited
("iEnergizer", the "Company" or the "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2021
iEnergizer, the technology services and media solutions leader for the digital age, reports another record set of interim results for the six months ended September 30, 2021. The Board declares an increased interim dividend of 8.12p, reflecting the increase in earnings and confidence in the growth strategy and outlook for the Full Year.
Financial Highlights: Highly profitable revenue growth and sustained margin improvements, achieved through securing new customer contracts and deepening existing customer relationships along with careful and active cost management
-- Revenue up 35.1% to $121.9m (H1 2021: $90.2m), Service Revenue up 36.8%
-- EBITDA up by $13.7m to $44.4m (H1 2021: $30.7m), resulting in EBITDA margin of 36.4% (H1 2021: 34.1%)
-- Operating profit increased to $42.0m (H1 2021: $27.9m), resulting in operating profit margin of 34.5% (H1 2021: 30.9%)
-- Profit before tax increased to $37.9m (H1 2021: $26.9m) -- Profit after tax increased to $34.3m (H1 2021: $23.5m) -- Net Debt of $111.3m (31 March 2021: $115.9m) -- Declared I nterim dividend of 8.12p per ordinary share ($21.0m) (H1 2021: 5.72p)
Operational Highlights : Continued focus on higher margin work and success in business growth from new and existing customers
-- Business Process Outsource ("BPO"):
o Strong service revenue growth of 51.9% to $83.5m in H1 2022 (H1 2021: $54.9m), due to an increase in business from new and existing clients. EBITDA margin grew to 40.2% at $33.7m ( H1 2021: 37.3% at
$20.8m), as business from higher margin- generating international verticals increased.
o Secured a multimillion dollar contract from a major telecom service provider to be serviced over a 3-year period.
o BPO's delivery of superior quality delivery and competitive pricing provided an edge over the competition.
o BPO's outsized exposure to fast-growing markets of media and entertainment, BFSI and telecommunications is expected to result in steady and strong revenue growth going forward.
-- Content Division:
o Service revenue growth by 12.1% to $37.8m in H1 2022 (H1 2021: $33.7m), as business from key clients increased. EBITDA margins maintained over 28% at $10.7m (H1 2021: $9.9m) owing to greater productivity and overhead-related cost savings during continued work from home operations.
o Focused sales efforts on increasing the revenue share from the high margin work areas of E-Learning and Online Education and the SaaS product line of "Scipris".
o Increased revenue share from both Publishing as well as Non-Publishing segments.
-- New business initiatives:
o Scalability, breadth of services and a highly trained workforce allows iEnergizer to take advantage of industry tailwinds in highly profitable verticals.
o Acquisition of the several new customers, as well as launching of new service lines.
-- Won a multimillion dollar contract to be serviced over a 3-year period through participation in a global RFP process of a major international telecom provider, which is expected to contribute to revenue growth starting H2 2022 onwards.
-- Launched a new service line of "work-person compensation support" under health care services for a new customer acquired during H1 2022.
-- For another new customer, a new business line for cargo support was launched during H1 2022.
o Our award-winning performance in E-Learning, and the growth of our online training and education segments during the pandemic, is expected to continue as major corporate businesses have identified the cost and time savings of replacing classroom training with virtual training.
o US based sales team continues to focus on selling additional services, specifically in the online learning market, which is expected to grow significantly due to new opportunities presented by remote education and operating systems, while working on its strategic priorities: to enhance and grow key accounts; to identify and win new business through new customers; as well as to target our existing accounts; and to cross-sell and generate leads for new product launches.
-- Cost management:
o Continued to manage increased proportion of division-specific higher margin international work, particularly in non- voice-based processes including: entertainment gaming support; BFSI; content technology; and E-Learning.
o Achieved cost savings through effective use of resources and productivity improvements in balancing home and office working operations.
-- COVID-19
o The business is operating effectively while supporting the requirements of customers and staff; the operational employees are well equipped to work remotely and from the office as per project requirements, and following government and local authority safety guidelines.
-- Interim Dividend:
o In line with the progressive dividend policy, the Company is pleased to announce an interim dividend of 8.12p with the dividend record date of 26 November, 2021. This interim dividend reflects the Board's confidence in the Group's business plan and growth prospects.
o The Company's ordinary shares are expected to go ex-dividend on 25 November, 2021 and the interim dividend is expected to be paid on 20 December, 2021.
Marc Vassanelli, Chairman of iEnergizer, commented:
"We are delighted to report another strong performance by iEnergizer, with highly profitable growth in revenue and profit margins, which exceeded our expectations for H1 2022. This has been driven by our colleagues' continued efforts in deepening existing customer relationships and attracting several new customers for our new service lines, combined with careful and active cost management.
"Reflecting the Group's strong balance sheet and the cash generative nature of the business, we are pleased to announce an interim dividend of 8.12p, in continuation with our approach since H1 2020.
"As the world recovers from the COVID-19 pandemic and the guidelines are relaxed, we are now well equipped to ensure that we meet all needs and requirements of customers, while supporting our staff to work safely either from office or remotely as per government guidelines, to serve customers at maximum capacity and efficiency across all our services.
"With iEnergizer's solid foundations; its proven strength in operational execution and healthy balance sheet; our differentiated offerings, successful new sales initiatives, and substantial opportunities for further growth identified, we expect a sustained business performance. The Board looks forward to the remainder of the year with confidence."
-Ends- iEnergizer Ltd. Chris de Putron +44 (0)1481 242233 Mark De La Rue +44 (0)20 3727 FTI Consulting - Communications Adviser 1000 James Styles / Eleanor Purdon Arden Partners - Nominated adviser and Broker Steve Douglas / Antonio Bossi (Corporate Finance) +44 (0)20 7614 James Reed-Daunter (Equity Sales) 5900
iEnergizer Limited and its subsidiaries
Unaudited Condensed Consolidated Interim Financial Statements
Prepared in accordance with International Financial Reporting Standards (IFRS)
Six months ended 30 September 2021 and 2020
Unaudited Condensed Consolidated Statements of Financial Position
(All amounts in United States Dollars, unless otherwise stated)
Notes As at As at 30 September 31 March 2021 2021 Unaudited Audited ------------------------------- ------ --------------------------- ----------------------- ASSETS Non-current Goodwill 5 102,248,945 102,250,365 Other intangible assets 6 12,650,967 12,573,227 Right to use 10 12,541,724 4,719,671 Property, plant and equipment 7 5,693,505 6,608,441 Long- term financial asset 5,551,278 3,311,739 Non-current tax assets 84,485 262,166 Deferred tax asset 3,542,430 3,469,843 Other non current assets 306,706 23,909 Non-current assets 142,620,040 133,219,361 --------------------------- ----------------------- Current Trade and other receivables 39,179,674 33,893,763 Cash and cash equivalents 46,662,641 51,378,899 Short- term financial assets 8 18,452,085 16,281,924 Other current assets 8,141,800 3,562,881 Current assets 112,436,200 105,117,467 --------------------------- ----------------------- Total assets 255,056,240 238,336,828
=========================== ======================= EQUITY AND LIABILITIES Equity Share capital 3,776,175 3,776,175 Share compensation reserve 63,986 63,986 Additional paid in capital 15,451,809 15,451,809 Merger reserve (1,049,386) (1,049,386) Retained earnings 38,531,629 26,482,815 Other components of equity (16,044,453) (15,136,936) Total equity attributable to equity holders of the parent 40,729,760 29,588,463 --------------------------- ----------------------- Notes As at As at 30 September 31 March 2021 2021 Unaudited Audited ------ ------------- -------------- Liabilities Non-current Long term borrowings 147,709,597 142,905,717 Employee benefit obligations 4,509,482 4,708,447 Deferred tax liability 8,823,414 8,929,659 Non-current liabilities 161,042,493 156,543,823 -------------------------- ---------------------- Current Trade and other payables 17,212,896 12,929,316 Employee benefit obligations 1,520,140 959,887 Current tax liabilities 805,386 393,028 Current portion of long term borrowings 10,211,363 24,403,033 Other current liabilities 23,534,202 13,519,278 Current liabilities 53,283,987 52,204,542 -------------------------- ---------------------- Total equity and liabilities 255,056,240 238,336,828 ========================== ======================
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Income Statements
(All amounts in United States Dollars, unless otherwise stated)
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Notes For the six months For the six months ended ended 30 September 2021 30 September 2020 Unaudited Unaudited ------------------------------- ------ ---------------------------------- ------------------------------- Income from operations Revenue from services 121,284,962 88,675,643 Other operating income 1,271,458 1,070,303 122,556,420 89,745,946 ---------------------------------- ------------------------------- Cost and expenses Outsourced service cost 19,831,122 17,960,207 Employee benefits expense 48,194,012 34,138,255 Depreciation and amortisation 3,011,227 2,343,227 Other expenses 9,482,318 7,391,648 80,518,679 61,833,337 ---------------------------------- ------------------------------- Operating profit 42,037,741 27,912,609 Finance income 453,702 590,691 Finance cost (4,555,815) (1,603,155) Profit before tax 37,935,628 26,900,145 ---------------------------------- ------------------------------- Income tax expense 3,612,806 3,363,846 Profit for the year attributable to equity holders of the parent 34,322,822 23,536,299 ================================== ============================= Earnings per share 9 Basic 0.18 0.12 Diluted 0.18 0.12 Par value of each share in GBP 0.01 0.01
Unaudited Condensed Consolidated Statements of Other Comprehensive Income
(All amounts in United States Dollars, unless otherwise stated)
For the period For the six months ended ended 30 September 2021 30 September 2020 Unaudited Unaudited ------------------------------------------- ---------------------------------- -------------------------------- Profit after tax for the year 34,322,822 23,536,299 Other comprehensive income Items that will be reclassified subsequently to the consolidated income statement Exchange differences on translating foreign operations (907,517) 728,954 Net other comprehensive (loss) that will be reclassified subsequently to consolidated income statement (907,517) 728,954 ---------------------------------- -------------------------------- Items that will not be reclassified subsequently to income statement Remeasurement of the net defined - - benefit liability Income tax relating to items that - - will not be reclassified Net other comprehensive income that - - will be not be reclassified subsequently to consolidated income statement ---------------------------------- -------------------------------- Other comprehensive income/(loss) for the year (907,517) 728,954 Total comprehensive income attributable to equity holders 33,415,305 24,265,253 ---------------------------------- --------------------------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Share Additional Share Merger Other components of Retained Total equity capital Paid in compensation reserve Equity earnings Capital reserve --------------- ---------- ----------- ------------- ------------ ------------------------------ -------------- -------------- Foreign Net currency defined translation benefit reserve Liability ----------------- ----------- Balance as at 1 April 2020 3,776,175 15,451,809 63,986 (1,049,386) (18,007,911) 687,630 139,677,678 140,599,981 --------------- ---------- ----------- ------------- ------------ ----------------- ----------- -------------- -------------- Dividends - - - - - - (162,131,146) (162,131,146)
--------------- ---------- ----------- ------------- ------------ ----------------- ----------- -------------- -------------- Transaction with owners - - - - - - (162,131,146) (162,131,146) Profit for the year - - - - - - 48,936,28 48,936,283 Other comprehensive gain - - - - 2,141,313 42,032 - 2,183,345 --------------- ---------- ----------- ------------- ------------ ----------------- ----------- -------------- -------------- Total comprehensive income for the period - - - - 2,141,313 42,032 48,936,283 51,119,628 --------------- ---------- ----------- ------------- ------------ ----------------- ----------- -------------- -------------- Balance as at 31 March 2021 3,776,175 15,451,809 63,986 (1,049,386) (15,866,598) 729,662 26,482,815 29,588,463 --------------- ---------- ----------- ------------- ------------ ----------------- ----------- -------------- --------------
(The accompanying notes are an integral part of the Consolidated Financial Statements)
Share Additional Share Merger Other components Retained Total capital Paid in compensation reserve of equity earnings equity Capital reserve ------------------------------------------ Foreign Net defined currency benefit translation liability reserve --------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- ---- ---------------------------- Balance as at 01 April 2021 3,776,175 15,451,809 63,986 (1,049,386) (15,866,598) 729,662 26,482,815 29,588,463 Dividends - - - - - - (22,274,007) (22,274,007) --------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- ----------------- --------------- Transaction with owners - - - - - - (22,274,007) (22,274,007) Profit for the year - - - - - - 34,322,822 34,322,822 Other comprehensive loss - - - - (907,517) - - (907,517) --------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- ----------------- --------------- Total comprehensive income for the period - - - - (907,517) - 34,322,822 33,415,305 --------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- ----------------- --------------- Balance as at 30 September 2021 3,776,175 15,451,809 63,986 (1,049,386) (16,774,115) 729,662 38,531,629 40,729,760 --------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- ----------------- ---------------
(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in United States Dollars, unless otherwise stated)
For the period For the six months ended ended 30 September 30 September 2021 2020 (A) Cash flow from operating activities Profit before tax 37,935,627 26,900,145 Adjustments Depreciation and amortisation 3,011,227 2,343,227 Loss/(Profit) on disposal of property, plant and equipment (8,258) (2,064) Trade receivables written-off/provision for doubtful debts 602,061 1,089,700 Sundry balances written back (235) (2,750) Unrealised foreign exchange gain (1,040,091) (651,277) Finance income (453,702) (590,691) Finance cost 3,868,829 1,521,027 Interest cost on lease liability 412,167 82,128 Other borrowing cost at amortised 274,819 - cost ----------------------------- ------------------------------- 44,602,444 30,689,445 Changes in operating assets and liabilities (Increase)/ Decrease in trade and other receivables (3,941,087) (484,556) (Increase)/ Decrease in other assets (current and non-current) (4,326,912) 2,081,433 Increase / (Decrease) Non-current liabilities, trade payables & other current liabilities 11,624,169 (1,304,119) (Decrease)/ Increase in employee benefit obligations 293,709 (9,053) ----------------------------- ------------------------------- Cash generated from operations 48,252,322 30,973,150 Income taxes paid (3,201,599) (1,158,820) ----------------------------- ------------------------------- Net cash generated from operating activities 45,050,724 29,814,330 ----------------------------- ------------------------------- (B) Cash flow for investing activities Payments for purchase of property plant and equipment (997,864) (256,175) Investment in fixed deposit (Net) (3,989,362) (3,256,262) Proceeds from disposal of property, plant & equipment 260,853 2,258 Payments for purchase of other intangible assets (441,725) (505,703) Interest received 494,126 585,282 Net cash used in investing activities (4,673,972) (3,430,600) ----------------------------- ------------------------------- For the period For the six ended months ended 30 September 30 September 2021 2020 (C ) Cash flow from financing activities Interest paid (3,868,829) (1,603,155) Dividends paid to equity holders of the parent (22,274,007) (20,374,113) Repayment of borowings and lease liability (19,046,499) (5,179,793) Net cash used in financing activities (45,189,336) (27,157,061) ---------------------------- ------------------------------ Net increase/(decrease) in cash and cash equivalents (4,812,584) (773,331) Cash and cash equivalents at the beginning
of the year 51,378,899 45,147,784 Effect of exchange rate changes on cash 96,326 (166,022) Cash and cash equivalents at the end of the year 46,662,641 44,208,431 ---------------------------- ------------------------------ Cash and cash equivalents comprise Cash in hand 7,740 13,801 Balances with banks in current account 42,917,962 44,194,630 Remittance in transit 3,736,939 - 46,662,641 44,208,431 ---------------------------- ------------------------------
(The accompanying notes are an integral part of these Consolidated Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in United States Dollars, unless otherwise stated)
1. INTRODUCTION
iEnergizer Limited (the 'Company' or 'iEnergizer ') was incorporated in Guernsey on 12 May 2010.
iEnergizer Limited is a 'Company limited by shares' and is domiciled in Guernsey. The registered office of the Company is located at Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4 LH. iEnergizer was listed on the Alternative Investment Market ('AIM') of London Stock Exchange on 14 September 2010.
iEnergizer through its subsidiaries iEnergizer Holdings Limited, iEnergizer IT Services Private Limited, iEnergizer Management Services Limited, iEnergizer BPO Limited, iEnergizer BPO Inc, iEnergizer Aptara Limited and Aptara Inc and subsidiaries. (together the 'Group') is engaged in the business of call centre operations, providing business process outsource (BPO) and content delivery services, and back office services to their customers, who are primarily based in the United States of America and India, from its operating offices in Mauritius and India.
2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IFRS
These Unaudited Condensed Consolidated Interim Financial Statements are for the six months ended 30 September 2021 and 2020. They have been prepared in accordance with IAS 34 Interim Financial Reporting as developed and published by the International Accounting Standards Board ('IASB'), on a going concern basis. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the annual financial statements for the years ended 31 March 2021 and 2020.
The Unaudited Condensed Consolidated Interim Financial Statements have been prepared and presented in United States Dollar (US$) which is the Company's functional currency.
These Unaudited Condensed Consolidated Interim Financial Statements were approved by the Board on 10 November 2021.
The Group has applied the same accounting policies in preparing these unaudited management financial information as adopted in the most recent annual audited financial information of the Group.
3. SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the years ended 31 March 2021 and 2020.
4. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY
When preparing the Unaudited Condensed Consolidated Interim Financial Statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the Unaudited Condensed Consolidated Interim Financial Statements, including the key sources of estimation uncertainty were the same as those applied in the Group's last audited financial statements for the year ended 31 March 2021.
5. GOODWILL
The net carrying amount of goodwill can be analysed as follows:
Particulars Amount ----------------------------- ----------------- Balance as at 1 April 2020 102,248,030 Impairment loss recognized - Translation adjustment 2,335 Balance as at 31 March 2021 102,250,365 ----------------------------- ----------------- Particulars Amount --------------------------------- ------------ Balance as at 01 April 2021 102,250,365 Translation adjustment (1,420) Balance as at 30 September 2021 102,248,945 --------------------------------- ------------ 6. OTHER INTANGIBLE ASSETS
The Intangible assets comprise of computer software, customer contracts.
Particulars Customer Computer software Patent Trade mark Intangibles Total contracts under development ------------------ ----------- ------------------ ----------- --------------- ------------------ --------------- Cost Balance as at 1 April 2020 24,103,157 4,179,481 100,000 12,000,000 132,490 40,515,128 ----------- ------------------ ----------- --------------- ------------------ --------------- Additions - 706,210 - - - 706,210 Disposals - - - - - - Translation adjustment 2,612 83,645 - - - 86,257 Balance as at 31 March 2021 24,105,769 4,969,336 100,000 12,000,000 132,490 41,307,595 ----------- ------------------ ----------- --------------- ------------------ --------------- Accumulated amortisation Balance as at 1 April 2020 24,103,157 3,722,162 - - - 27,825,319 ----------- ------------------ ----------- --------------- ------------------ --------------- Amortisation for the period - 694,385 - - - 694,385 Disposals - - - - - - Translation adjustment 2,612 79,562 - - - 82,174 --------------- Balance as at 31 March 2021 24,105,769 4,496,109 - - - 28,601,878 ----------- ------------------ ----------- --------------- ------------------ --------------- Impairment Balance as at 1 April 2020 - - - - 132,490 132,490 ----------- ------------------ ----------- --------------- ------------------ --------------- Impairment for - - - - - - the period Disposals - - - - - - Translation - - - - - - adjustment ----------- ------------------ ----------- --------------- ------------------ --------------- Balance as at 31 March 2020 - - - - 132,490 132,490 ----------- ------------------ ----------- --------------- ------------------ --------------- Carrying values as at 31 March 2021 - 473,227 100,000 12,000,000 - 12,573,227 ------------------ ----------- ------------------ ----------- --------------- ------------------ --------------- Particulars Customer Computer Patent Trade mark Intangibles Total contracts softwares under development ------------------------- ------------------- ---------------- ------------- ------------------ -------------- ------------------ Cost Balance as at 01 April 2021 24,105,769 4,969,336 100,000 12,000,000 132,490 41,307,595 ------------------- ---------------- ------------- ------------------ -------------- ------------------ Additions - 363,870 - - 214,308 578,178 Disposals - - - - (268,943) (268,943) Translation adjustment (1,589) (57,775) - - (2,634) (61,998) Balance as at 30 September
2021 24,104,180 5,275,431 100,000 12,000,000 75,221 41,554,832 ------------------- ---------------- ------------- ------------------ -------------- ------------------ Accumulated amortisation Balance as at 01 April 2021 24,105,769 4,496,109 - - 132,490 28,734,368 ------------------- ---------------- ------------- ------------------ -------------- ------------------ Amortisation/impairment for the period - 356,113 - - - 356,113 Disposals - - - - (132,490) (132,490) Translation adjustment (1,589) (52,537) - - - (54,126) Balance as at 30 September 2021 24,104,180 4,799,685 - - - 28,903,865 ------------------- ---------------- ------------- ------------------ -------------- ------------------ Carrying values as at 30 September 2021 - 475,746 100,000 12,000,000 75,221 12,650,967 ------------------------- ------------------- ---------------- ------------- ------------------ -------------- ------------------ 7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Particulars Computer Office Furniture Air Vehicle Leasehold Plant Capital Total and data Equipment and conditioner improve-ments and work in equipment fixtures and generator machinery progress -------------- ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Cost Balance as at 01 April 2020 10,104,372 1,062,619 1,366,518 883,948 396,132 4,535,609 2,274,010 331,221 20,954,429 ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Additions 2,011,543 65,076 21,965 48,436 - 198,516 121,393 - 2,466,929 Disposals (Net)/ transfer (256,417) (129) - - - - (21,213) (123,247) (401,006) Translation and other adjustment 246,417 20,509 25,986 18,089 8,173 91,939 42,077 6,333 459,523 Balance as at 31 March 2021 12,105,915 1,148,075 1,414,469 950,473 404,305 4,826,064 2,416,267 214,307 23,479,875 ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Balance as at 01 April 2020 6,599,071 788,026 1,028,580 352,071 43,674 3,087,226 1,913,081 - 13,811,729 ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Depreciation for the period 2,036,286 76,359 91,142 108,634 49,068 491,560 126,306 - 2,979,355 Disposals (Net) (199,976) (129) - - - - (21,213) - (221,318) Translation and other adjustments 153,256 15,229 19,894 8,483 1,452 67,231 36,123 - 301,668 Balance as at 31 March 2021 8,588,637 879,485 1,139,616 469,188 94,194 3,646,017 2,054,297 - 16,871,434 ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Carrying values as at 31 March 2021 3,517,278 268,590 274,853 481,285 310,111 1,180,047 361,970 214,307 6,608,441 -------------- ------------- ---------------- ----------- --------------- -------------- -------------- ------------- -------------- ---------------- Particulars Computer Office Furniture Air conditioner Vehicle Leasehold Plant and Capital Total and data Equipment and fixtures and generator improvements machinery work in equipment progress -------------------- ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- Cost Balance as at 01 April 2021 12,105,915 1,148,075 1,414,469 950,473 404,305 4,826,064 2,416,267 214,307 23,479,875 ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- Additions 825,764 24,697 1,383 - - 48,076 63,783 34,162 997,865 Disposals/Transfer (Net) (32,775) - - - (6,072) - (21,825) (214,307) (274,979) Translation and other adjustment (144,504) (13,024) (15,976) (11,687) (4,971) (58,417) (26,826) (140) (275,545) Balance as at 30 September 2021 12,754,400 1,159,748 1,399,876 938,786 393,262 4,815,723 2,431,399 34,022 23,927,216 ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- Accumulated depreciation Balance as at 01 April 2021 8,588,637 879,487 1,139,616 469,187 94,194 3,646,016 2,054,298 - 16,871,435 ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- Depreciation for the period 1,102,018 41,743 36,816 51,081 24,283 271,378 60,579 - 1,587,898 Disposals (Net) (3,614) - - - (5,561) - (13,209) - (22,384) Translation and other adjustments (106,838) (9,834) (12,709) (5,979) (1,258) (44,133) (22,487) - (203,238) Balance as at 30 September 2021 9,580,203 911,396 1,163,723 514,289 111,658 3,873,261 2,079,181 - 18,233,711 ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- Carrying values as at 30 September 2021 3,174,197 248,352 236,153 424,497 281,604 942,462 352,218 34,022 5,693,505 -------------------- ----------- ---------------- ------------- ---------------- --------- ------------------ ---------------- --------------- ----------- 8. SHORT TERM FINANCIAL ASSETS Particulars 30 September 31 March 2021 2021 ---------------------------------------- ------------------ --------------- Security deposits 28,386 30,767 Restricted cash 6,760,589 6,444,738 Short term investments (fixed deposits with maturity less than 12 months) 11,315,077 9,550,799 Derivative financial instruments 281,076 151,913 Due from officers and employees 42,010 38,336 Others 24,947 65,371 ---------------------------------------- ------------------ --------------- 18,452,085 16,281,924 ---------------------------------------- ------------------ ---------------
Short term investments comprise of investment through banks in deposits denominated in various currency units bearing fixed rate of interest.
9. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
Calculation of basic and diluted profit per share for the period ended 30 September 2021 is as follows:
Basic earnings per share
Particulars 30 September 30 September 2021 2020 ---------------------------------------------- --------------------------- --------------------------- Profit attributable to shareholders 34,322,822 23,536,299 Weighted average numbers shares outstanding 190,130,008 190,130,008 Basic earnings per share (US$) 0.18 0.12 ---------------------------------------------- --------------------------- ---------------------------
Diluted earnings per share
Particulars 30 September 30 September 2021 2020 ---------------------------------------------- --------------------------- --------------------------- Profit attributable to shareholders 34,322,822 23,536,299 Weighted average numbers shares outstanding 190,130,008 190,130,008 Diluted earnings per share (US$) 0.18 0.12 ---------------------------------------------- --------------------------- ---------------------------
10. LEASES
(a) Lease liabilities are presented in the statement of financial position as follows:
Particulars 30 September 31 March 2021 2021 ------------- ------------- -------------------------- Current 2,230,659 1,424,940 Non-current 10,892,004 3,766,759 ------------- ------------- -------------------------- 13,122,663 5,191,699 ------------- ------------- --------------------------
(b) The following are amounts recognised in consolidated income statement:
Particulars 30 September 31 March 2021 2021 ------------------------------------------ ---------------- -------------- Depre ciation expenses of right-of-use Interest Expense on the Lease Liability 1,067,216 1,484,349 Interest expense on lease liability 412,167 529,756 Rent expenses* 96,680 7,167 Common area maintenance expenses 28,193 165,386 ------------------------------------------ ---------------- -------------- Total 1,604,256 2,186,658 ------------------------------------------ ---------------- --------------
*Rent expense in respect of Short Term Lease
(c) Right to use of assets as at 31 March 2021:
Particulars Leased premises --------------------------------- ---------------- Gross block Balance as at 1 April 2020 6,696,491 Additions during the year 1,009,919 Disposal (306,301) Translation adjustment 117,353 --------------------------------- ---------------- Gross block as at 31 March 2021 7,517,462 --------------------------------- ---------------- Accumulated depreciation Balance as at 1 April 2020 1,393,220 Depreciation for the period 1,484,349 Disposal (112,393) Translation adjustment 32,615 --------------------------------- ---------------- Accumulated depreciation as at 31 March 2021 2,797,791 --------------------------------- ---------------- Net block as at 31 March 2021 4,719,671 --------------------------------- ---------------- Particulars Leased premises ------------------------------------- ---------------- Gross block as at 1 April 2021 7,517,462 Additions during the year 8,971,723 Translation adjustment (110,590) ------------------------------------- ---------------- Gross block as at 30 September 2021 16,378,595 ------------------------------------- ---------------- Accumulated depreciation Balance as at 1 April 2021 2,797,791 Depreciation for the period 1,067,216 Translation adjustment (28,136) ------------------------------------- ---------------- Accumulated depreciation as at 30 September 2021 3,836,871 ------------------------------------- ---------------- Net block as at 30 September 2021 12,541,724 ------------------------------------- ---------------- (d) The maturity analysis of the lease liabilities as of 30 September 2021, is as follows: Payments falling due Gross future minimum lease payments ----------------------------------------- ----------------------------- 30 September 31 March 2021 2021 ----------------------------------------- ------------- -------------- Within 1 year 3,246,786 1,870,956 Later than 1 year but less than 5 years 8,385,746 3,670,800 More than 5 years 6,450,030 1,508,367 ----------------------------------------- ------------- -------------- 18,082,562 7,050,123 ----------------------------------------- ------------- --------------
11. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised in the table below:
Nature of the relationship Related Party's Name ------------------------------ ------------------------------------------- I. Ultimate controlling Mr. Anil Aggarwal party II. Entities directly or indirectly through EICR (Cyprus) Limited (Parent of one or more intermediaries, iEnergizer Limited) control, are controlled by, or are under common control with, the reported enterprises III. Key management personnel Mr. Anil Aggarwal (Ultimate Shareholder, ("KMP") and significant EICR Limited) shareholders Mr. Chris de Putron (Director, iEnergizer Limited) Mr. Mark De La Rue (Director, iEnergizer Limited) Mr. Marc Vassanelli (Director, iEnergizer Limited) Mr. Ashish Madan (Director, iEnergizer Limited)
Disclosure of transactions between the Group and related parties and the outstanding balances is as under:
Transactions with KMP and relative of KMP
Particulars 30 September 30 September 2021 2020 -------------------------------- ------------- ------------- Transactions during the period ended Short term employee benefits Remuneration paid to directors Chris de Putron 6,912 6,300 Mark De La Rue 6,912 6,300 Marc Vassanelli 20,736 18,899 Balances at the end of Total remuneration payable 189,509 147,741 -------------------------------- ------------- -------------
12. SEGMENT REPORTING
Management currently identifies the Group's two service lines business process outsource and content delivery as operating segments on the basis of operations. These operating segments are monitored and operating and strategic decisions are made on the basis of operating segment results.
The Chief Operating Decision Maker ("CODM") evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by reportable segments. The Group's reportable segments are as follows:
1. Business Process Outsource 2. Content delivery
The measurement of each segment's revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Unaudited Condensed Consolidated Interim Financial Statements . Segment information can be analysed as follows for the reporting periods under review:
30 September 2021 -------------------------------------------- Business Process Content delivery Total Outsource ---------------------------------- --------------------- ----------------------- ------------------- Revenue from external customers 83,455,893 37,829,069 121,284,962 Other income (including realised foreign exchange gain) 429,851 184,825 614,676 Segment revenue 83,885,744 38,013,894 121,899,638 ---------------------------------- --------------------- ----------------------- ------------------- Cost of outsourced Services 15,079,693 4,751,429 19,831,122
Employee benefit expense 27,730,594 20,463,418 48,194,012 Other expenses 7,382,280 2,100,038 9,482,318 ---------------------------------- --------------------- ----------------------- ------------------- Earning before interest, tax, depreciation and amortisation 33,693,177 10,699,009 44,392,186 ---------------------------------- --------------------- ----------------------- ------------------- Rent adjustment as per IFRS 16 740,113 623,451 1,363,564 --------------------- ----------------------- ------------------- Earning before interest, tax, depreciation and amortisation (before rent adjustment) 32,953,064 10,075,558 43,028,622 ---------------------------------- --------------------- ----------------------- ------------------- Unrealized Foreign Exchange gain/(loss) 183,355 473,427 656,782 Depreciation and amortisation (1,758,797) (1,252,430) (3,011,227) Rent adjustment as per IFRS 16 740,113 623,451 1,363,564 ---------------------------------- --------------------- ----------------------- ------------------- Segment operating profit 32,117,735 9,920,006 42,037,741 Other Income/expense : Finance income 291,848 161,854 453,702 Finance costs (2,707,467) (1,848,348) (4,555,815) Profit before tax 29,702,116 8,233,512 37,935,628 ---------------------------------- --------------------- ----------------------- ------------------- Income tax expense (2,042,704) (1,570,102) (3,612,806) Profit after tax 27,659,412 6,663,410 34,322,822 ---------------------------------- --------------------- ----------------------- ------------------- Segment assets 86,219,900 168,836,340 255,056,240 Segment liabilities 180,567,985 33,758,495 214,326,480 Capital expenditure 9,218,733 1,329,033 10,547,766* ---------------------------------- --------------------- ----------------------- -------------------
* Includes "Right of Use" Assets added and recorded worth $8,971,723/-
30 September 2020 ------------------------------------------- Business Process Content delivery Total Outsource ---------------------------------- ---------------------- ---------------------- ------------------- Revenue from external customers 54,935,441 33,740,202 88,675,643 Other income (including realised foreign exchange gain) 934,741 135,563 1,070,304 Realized Foreign Exchange gain/(loss) (23,942) 497,113 473,171 ---------------------------------- ---------------------- ---------------------- ------------------- Segment revenue 55,846,240 34,372,878 90,219,118 ---------------------------------- ---------------------- ---------------------- ------------------- Cost of outsourced Services 13,537,655 4,422,552 17,960,207 Employee benefit expense 15,971,568 18,166,687 34,138,255 Other expenses 5,513,055 1,878,593 7,391,648 ---------------------------------- ---------------------- ---------------------- ------------------- Earning before interest, tax, depreciation and amortization 20,823,961 9,905,046 30,729,007 ---------------------------------- ---------------------- ---------------------- ------------------- Rent adjustment as per IFRS 16 321,533 568,176 889,709 ---------------------- ---------------------- ------------------- Earning before interest, tax, depreciation and amortisation (before rent adjustment) 20,502,428 9,336,870 29,839,298 ---------------------------------- ---------------------- ---------------------- ------------------- Unrealized Foreign Exchange gain/(loss) 23,942 (497,113) (473,171) Depreciation and amortisation (1,186,847) (1,156,380) (2,343,227) Rent adjustment as per IFRS 16 321,533 568,176 889,709 ---------------------------------- ---------------------- ---------------------- ------------------- Segment operating profit 19,661,056 8,251,553 27,912,609 Other Income/expense : Finance income 433,615 157,076 590,691 Finance costs (258,483) (1,344,672) (1,603,155) Profit before tax 19,836,189 7,063,957 26,900,146 ---------------------------------- ---------------------- ---------------------- ------------------- Income tax expense (2,145,367) (1,218,479) (3,363,846) Profit after tax 17,690,822 5,845,478 23,536,300 ---------------------------------- ---------------------- ---------------------- ------------------- Segment assets 72,950,460 153,230,400 226,180,860 Segment liabilities 22,136,831 59,441,566 81,578,397 Capital expenditure 692,921 339,037 1,031,958** ---------------------------------- ---------------------- ---------------------- -------------------
** Includes "Right of Use" Assets added and recorded worth $270,081/-
Revenue from the following customer's amounts to more than 10% of consolidated revenue during the period presented.
30 September 2021
Revenue from Segment Amount -------------- ---------------------------- ----------- Customer 1 Business Process Outsource 23,630,750 -------------- ---------------------------- -----------
30 September 2020
Revenue from Segment Amount -------------- ---------------------------- ----------- Customer 1 Business Process Outsource 12,959,751 -------------- ---------------------------- -----------
13. FINANCIAL ASSETS AND LIABILITIES
Fair value of carrying amounts of assets and liabilities presented in the statement of financial position relates to the following categories of assets and liabilities:
Financial assets 30 September 31 March 2021 2021 ----------------------------------------- ------------- --------------------- Non-current assets Loans and receivables Security deposits 1,017,228 686,922 Restricted cash 1,849,618 1,398,071 Fixed deposit 2,684,432 1,226,746 Current assets Loans and receivables Trade receivables 39,179,674 33,893,763 Cash and cash equivalents 46,662,641 51,378,899 Restricted cash 6,760,589 6,444,738 Security deposits 28,386 30,767 Fixed deposits with banks 11,315,077 9,550,799 Due from officers and employees 42,010 38,336 Interest accrued on fixed deposit 24,947 65,371 Fair value through profit and loss: Derivative financial instruments 281,076 151,913 109,845,678 104,866,325 ----------------------------------------- ------------- --------------------- Financial liabilities 30 September 31 March 2021 2021 ----------------------------------------- ------------- --------------------- Non-current liabilities Financial liabilities measured at amortized cost: Long term borrowings 147,709,597 142,905,717 Current liabilities Financial liabilities measured at amortized cost: Trade payables 17,212,896 12,929,316 Current portion of long term borrowings 10,211,363 24,403,033 Other current liabilities 23,534,202 13,519,278 198,668,058 193,757,344
----------------------------------------- ------------- ---------------------
These non-current financial assets and liabilities, current financial assets and liabilities have been recorded at their respective carrying amounts as the management considers the fair values to be not materially different from their carrying amounts recognised in the statement of financial positions as these are expected to realise within one year from the reporting dates. Derivative financial instruments, recorded at fair value through profit and loss, are recorded at their respective fair values on the reporting dates.
14. FAIR VALUE HIERARCHY
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or 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 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
No financial assets/liabilities have been valued using level 1 and 3 fair value measurements.
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
Fair value measurements at reporting date using ------------------------------- ----------- ------------------------ 30 September 2021 Total Level 2 ------------------------------- ----------- ------------------------ (Notional Liabilities amount) Derivative instruments Forward contracts (currency - US$/INR) 34,950,000 281,076 ------------------------------- ----------- ------------------------ Fair value measurements at reporting date using ------------------------------- ----------- ------------------------ 31 March 2021 Total Level 2 ------------------------------- ----------- ------------------------ (Notional Assets amount) Derivative instruments Forward contracts (currency - US$/INR) 22,900,000 151,913 ------------------------------- ----------- ------------------------
15. COMMITMENT AND CONTINGENCIES
As at 30 September 2021 and 31 March 2021, the Group had a capital commitment of US$ 1,755,652 and US$ 344,537 respectively for acquisition of property, plant and equipment.
The contingent liability in respect of claims filed by erstwhile employees against the group companies amounts to US$ 103,568 and US$ 77,886 as on 30 September 2021 and 31 March 2021 respectively and in respect of interest on VAT amounts to US$ 9,423 as on 30 September 2021 (US$ 9,540 as on 31 March 2021).
Guarantees: As at 30 September 2021 and 31 March 2021, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately US$ 36,952 and US$ 36,412 respectively.
16. ESTIMATES
The preparation of interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these Unaudited Condensed Consolidated Interim Financial Statements, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the years ended 31 March 2021 and 2020.
17. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the years ended 31 March 2021 and 2020.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR FLFFELILILIL
(END) Dow Jones Newswires
November 11, 2021 02:00 ET (07:00 GMT)
1 Year Ienergizer Chart |
1 Month Ienergizer Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions