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Ienergizer Limited LSE:IBPO London Ordinary Share GG00B54NMG96 ORD 1P
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iEnergizer Limited Interim Results

12/11/2020 7:00am

UK Regulatory (RNS & others)


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iEnergizer Limited

12 November 2020

12 November 2020

iEnergizer Limited

("iEnergizer", the "Company" or the "Group")

INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2020

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, 2020. Following the increase in both earnings and interim dividend the Board looks forward to the remainder of the year with confidence.

Financial Highlights: Enhanced profitability and margin improvements despite temporary revenue impact of the COVID-19 pandemic.

   --    EBITDA ([1]) up by $1.6m to $30.7m (H1 2020: $29.1m) 
   --    Increased EBITDA margin at 34.1% (H1 2020: 30.2%) 

-- Group Revenue down 6.5% to $90.2m (H1 2020: $96.5m), reflecting reduced business from clients impacted by government lockdown measures

   --    Operating profit increased to $27.9m (H1 2020: $26.8m) 
   --    Increased operating profit margin at 30.9% (H1 2020: 27.8%) 
   --    Profit before tax increased to $26.9m (H1 2020: $25.0m) 
   --    Higher profit before tax margin at 29.9% (H1 2020: 25.9%) 
   --    Profit after tax increased to $23.5m (H1 2020: $21.6m) 
   --    Net Cash of $5.6m (31 March 2020: $1.6m) 
   --    Proposing interim dividend of 5.72p per ordinary share ($14.36m) (H1 2020: 5.2p) 

Operational Highlights : Continued focus on higher margin work and success in business development with existing international customers.

-- Business Process Outsource ("BPO"): Service Revenue reduced by 7.6% to $54.9m in H1 2021 (H1 2020: $59.4m), due to reduced business from some clients in India. EBITDA margin grew to 37.3% at $20.8m (H1 2020: 33.5% at $20.3m), as COVID-19 positively impacted iEnergizer's largest and higher margin generating international verticals, offsetting the negative impact on smaller verticals (low-margin India-based travel and e-commerce work). BPO's outsized exposure to fast-growing markets of video gaming, BFSI, telecom and healthcare is expected to result in revenue growth going forward after the temporary decline in the first half of the year.

-- Content Division: Service Revenue reduced by 5.6% to $33.7m in H1 2021 (H1 2020: $35.7m), as some key clients postponed high value projects to H2 2021, due to COVID-19. EBITDA margins grew to 28.8% at $9.9m (H1 2020: 24.5% at $8.8m) due to cost-savings and productivity enhancements from 90% of employees transitioning to work from home.

o Increase in revenue share from higher margin E-Learning contracts helped to reduce the larger negative revenue impact on traditional publishing segments during global lockdowns in H1 2021.

o Focussed on increasing its revenue share from the SaaS product line of "Scipris", investing in sales to promote this product line.

o Continuing to identify further opportunities in Anti Money Laundering /Know Your Customer services.

-- New business development: US based sales team is acutely focussed 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 target our existing accounts; and to cross-sell and generate leads for new product launches.

o Scalability, breadth of services and a highly trained workforce allows iEnergizer to take advantage of industry tailwinds in highly profitable verticals.

o The Company has continued to acquire new customers, in H1 2021 across iEnergizer's business lines of Business Process Outsource and Content Services Division, with revenue expected to grow from H2 2021 onwards for these new customers.

   --    Cost management: 

o Transition to agent work-from-home ("WFH") model has increased efficiency, profitability, client loyalty, productivity, and decreased costs.

o 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 Effective use of technology to handle greater volumes from key customers.

   --    COVID-19 

o The Company has taken important steps to ensure that it is well positioned to fully support the requirements of its customers and staff. Business is operating efficiently in servicing its customers, with most employees successfully transitioned to remote working.

o As the lockdown measures are being eased, employees catering to Indian customers are now returning to the Company's offices, following government and local authority best-practice guidelines.

o This provides the Directors with confidence that the Group's operational efficiency will increase to normal levels as the Government of India continue to reduce the lockdown measures.

o The Company's balance sheet, net cash position and its long-term customer relationships remain strong.

   --    Interim Dividend: 

o In line with the progressive dividend policy, the Company is pleased to announce an interim dividend of 5.72p with the dividend record date of 27 November, 2020. 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 26 November, 2020 and the interim dividend is expected to be paid on 18 December, 2020.

Marc Vassanelli, Chairman of iEnergizer, commented:

"Despite challenges in some business areas due to the impact of COVID-19 on our customers, iEnergizer has demonstrated high resilience during this period. The continued growth in profit margins has been driven by our colleagues' continued efforts in deepening existing customer relationships and via iEnergizer's compelling and evolving proposition, combined with careful and focused 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 5.72p, continuing the trend started in H1 2020.

"During this unprecedented time of COVID-19, we remain in close discussions with our customers to ensure that we meet their needs and requirements, while supporting our staff to work safely and remotely as per government guidelines, to serve customers at maximum capacity and efficiency on all our services.

"With iEnergizer's solid foundation, proven strength in operational execution, new sales initiatives, differentiated offerings, healthy balance sheet, and with substantial opportunities for further growth identified, w e expect sustained business performance and the Board looks forward to the remainder of the year with confidence."

-Ends-

EBITDA has been calculated under the IFRS 16 accounting standards, under which a company's operating lease liabilities are shown as liabilities on the balance sheet, together with the related assets that correspond to the right to use such assets over the remaining life of the related lease contracts. If these impacts had not been taken into consideration, the EBITDA would have been $29.8m.

 
 
 
 
 iEnergizer Ltd.                                  +44 (0)1481 242233 
 Chris de Putron 
 Mark De La Rue 
 
                                                  +44 (0)20 3727 
 FTI Consulting - Communications Adviser           1000 
 Jonathon Brill / Eleanor Purdon 
 
 Arden Partners - Nominated adviser and Broker 
  Ciaran Walsh / Benjamin Cryer/ Steve Douglas 
  / Dan Gee-Summons (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 2020 and 2019

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 2020 
                                                                  2020 
                                                             Unaudited                 Audited 
--------------------------------  ------  ----------------------------  ---------------------- 
 ASSETS 
 Non-current 
 Goodwill                            5                     102,249,839             102,248,030 
 Other intangible assets             6                      12,745,302              12,557,319 
 Right to use                       10                       4,912,802               5,303,271 
 Property, plant and equipment       7                       6,189,439               7,142,700 
 Long- term financial asset                                  2,511,424               3,351,981 
 Non-current tax assets                                        248,946               1,238,883 
 Deferred tax asset                                          3,866,593               3,623,361 
 Other non current assets                                        2,915                  21,047 
 Non-current assets                                        132,727,260             135,486,592 
                                          ----------------------------  ---------------------- 
 
 Current 
 Trade and other receivables                                30,608,165              32,044,127 
 Cash and cash equivalents                                  44,208,431              45,147,783 
 Short- term financial assets        8                      14,594,266               7,642,641 
 Current tax assets                                                  -                 211,055 
 Other current assets                                        4,042,739               2,589,023 
 Current assets                                             93,453,601              87,634,629 
                                          ----------------------------  ---------------------- 
 
 Total assets                                              226,180,861             223,121,221 
                                          ============================  ====================== 
 
 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                                         142,839,866             139,677,678 
 Other components of equity                               (16,591,327)            (17,320,281) 
 Total equity attributable to equity 
  holders of the parent                                    144,491,123             140,599,981 
                                          ----------------------------  ---------------------- 
 
 
 
   Notes          As at           As at 
           30 September   31 March 2020 
                   2020 
              Unaudited         Audited 
  ------  -------------  -------------- 
 
 
 Liabilities 
 Non-current 
 Long term borrowings                            28,561,619                32,992,983 
 Employee benefit obligations                     4,667,389                 4,667,061 
 Deferred tax liability                          10,664,867                 9,717,709 
 Non-current liabilities                         43,893,875                47,377,753 
                                 --------------------------  ------------------------ 
 
 Current 
 Trade and other payables                        14,616,199                11,481,885 
 Employee benefit obligations                       828,923                   810,614 
 Current tax liabilities                            300,107                         - 
 Current portion of long term 
  borrowings                                     10,049,427                10,527,775 
 Other current liabilities                       12,001,207                12,323,213 
 Current liabilities                             37,795,863                35,143,487 
                                 --------------------------  ------------------------ 
 
 Total equity and liabilities                   226,180,861               223,121,221 
                                 ==========================  ======================== 
 
 
 
 

(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     For the six 
                                                   months    months ended 
                                                    ended 
                                             30 September    30 September 
                                                     2020            2019 
                                                Unaudited       Unaudited 
----------------------------------  ------  -------------  -------------- 
 
 Income from operations 
 Revenue from services                         88,675,643      95,180,896 
 Other operating income                         1,070,303       1,046,950 
                                               89,745,946      96,227,846 
                                            -------------  -------------- 
 
 Cost and expenses 
 Outsourced service cost                       17,960,207      21,219,347 
 Employee benefits expense                     34,138,255      39,580,811 
 Depreciation and amortisation                  2,343,227       2,063,317 
 Other expenses                                 7,391,648       6,566,098 
                                               61,833,337      69,429,573 
                                            -------------  -------------- 
 
 Operating profit                              27,912,609      26,798,273 
 Finance income                                   590,691         360,107 
 Finance cost                                 (1,603,155)     (2,199,643) 
 Profit before tax                             26,900,145      24,958,737 
                                            -------------  -------------- 
 
 Income tax expense                             3,363,846       3,387,120 
 Profit for the year attributable 
  to equity holders of the parent              23,536,299      21,571,617 
                                            =============  ============== 
 
 Earnings per share                    9 
 Basic                                               0.12            0.11 
 Diluted                                             0.12            0.11 
 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 six months             For the six months 
                                                                        ended                          ended 
                                                            30 September 2020                   30 September 
                                                                                                        2019 
                                                                    Unaudited                      Unaudited 
-------------------------------------------   -------------------------------  ----------------------------- 
 
 Profit after tax for the year                                     23,536,299                     21,571,617 
 Other comprehensive income 
 Items that will be reclassified subsequently to 
  the 
  consolidated income statement 
 Exchange differences on translating 
  foreign operations                                                  728,954                      (808,836) 
 Net other comprehensive (loss) that 
  will be reclassified subsequently 
  to consolidated income statement                                    728,954                      (808,836) 
                                              -------------------------------  ----------------------------- 
 Items that will not be reclassified subsequently 
  to income statement 
 Remeasurement of the net defined 
  benefit liability                                                         -                        257,399 
 Income tax relating to items that 
  will not be reclassified                                                  -                       (74,954) 
 Net other comprehensive income that 
  will be not be reclassified subsequently 
  to consolidated income statement                                          -                        182,445 
                                              -------------------------------  ----------------------------- 
 
 Other comprehensive income/(loss) 
  for the year                                                        728,954                      (626,391) 
 Total comprehensive income attributable 
  to equity holders                                                24,265,253                     20,945,226 
                                              -------------------------------  ----------------------------- 
 

(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          Retained         Total 
                   capital     paid-in-capital    compensation      reserve             of equity              earnings       equity 
                                                    reserve 
                                                                              --------------------------- 
                                                                                 Foreign      Net defined 
                                                                                 currency       benefit 
                                                                                translation    liability 
                                                                                  reserve 
---------------  ----------  -----------------  --------------  ------------  -------------  ------------  -------------  --------------- 
 Balance as at 
  1 
  April 2019      3,776,175         15,451,809          63,986   (1,049,386)   (12,448,144)       778,332    131,950,337      138,523,109 
---------------  ----------  -----------------  --------------  ------------  -------------  ------------  -------------  --------------- 
 Dividends                -                  -               -             -              -             -   (37,294,827)     (37,294,827) 
---------------  ----------  -----------------  --------------  ------------  -------------  ------------  -------------  --------------- 
 Transaction 
  with 
  owners                  -                  -               -             -              -             -   (37,294,827)     (37,294,827) 
 Profit for the 
  year                    -                  -               -             -              -             -     45,022,168       45,022,168 
 Other 
  comprehensive 
  loss                    -                  -               -             -    (5,559,767)      (90,702)              -      (5,650,469) 
--------------- 
 Total 
  comprehensive 
  income for 
  the period              -                  -               -             -    (5,559,767)      (90,702)     45,022,168       39,371,699 
---------------  ----------  -----------------  --------------  ------------  -------------  ------------  -------------  --------------- 
 Balance as at 
  31 
  March 2020      3,776,175         15,451,809          63,986   (1,049,386)   (18,007,911)       687,630    139,677,678      140,599,981 
---------------  ----------  -----------------  --------------  ------------  -------------  ------------  -------------  --------------- 
 

(The accompanying notes are an integral part of the Consolidated Financial Statements)

 
                      Share           Additional              Share compensation             Merger                Other components              Retained          Total 
                     capital            Paid in                     reserve                  reserve                   of equity                 earnings          equity 
                                        Capital 
                                                                                                         ---------------------------------- 
                                                                                                              Foreign       Net defined 
                                                                                                              currency       benefit 
                                                                                                             translation     liability 
                                                                                                               reserve 
---------------  -------------  ---------------------  -------------------------------  ---------------  ----------------  ------------------------------------------------- 
 Balance as at 
  01 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                   -                      -                                -                -                 -                 -    (20,374,113)     (20,374,113) 
---------------  -------------  ---------------------  -------------------------------  ---------------  ----------------  ----------------  --------------  --------------- 
 Transaction 
  with owners                -                      -                                -                -                 -                 -    (20,374,113)     (20,374,113) 
 Profit for the 
  year                       -                      -                                -                -                 -                 -      23,536,300       23,536,300 
 Other 
  comprehensive 
  gain                       -                      -                                -                -           728,954                 -               -          728,954 
--------------- 
 Total 
  comprehensive 
  income for 
  the period                 -                      -                                -                -           728,954                 -      23,536,300       24,265,254 
---------------  -------------  ---------------------  -------------------------------  ---------------  ----------------  ----------------  --------------  --------------- 
 Balance as at 
  30 September 
  2020               3,776,175             15,451,809                           63,986      (1,049,386)      (17,278,957)           687,630     142,839,866      144,491,123 
---------------  -------------  ---------------------  -------------------------------  ---------------  ----------------  ----------------  --------------  --------------- 
 

(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 six                      For the six 
                                                                         months                     months ended 
                                                                          ended 
                                                                   30 September                     30 September 
                                                                           2020                             2019 
 
 (A) Cash flow from operating activities 
 Profit before tax                                                   26,900,145                       24,958,737 
 Adjustments 
 Depreciation and amortisation                                        2,343,227                        2,063,317 
 Loss/(Profit) on disposal of property, 
  plant and equipment                                                   (2,064)                          (6,024) 
 Trade receivables written-off/provision 
  for doubtful debts                                                  1,089,700                         (65,262) 
 Sundry balances written back                                           (2,750)                                - 
 Unrealised foreign exchange gain                                     (651,277)                        (174,089) 
 Finance income                                                       (590,691)                        (360,107) 
 Finance cost                                                         1,603,155                        2,199,643 
                                                   ----------------------------  ------------------------------- 
                                                                     30,689,445                       28,616,215 
 
 Changes in operating assets and liabilities 
 (Increase)/ Decrease in trade and other 
  receivables                                                         (484,556)                        2,015,601 
 (Increase)/ Decrease in other assets 
  (current and non-current)                                           2,081,433                          941,298 
 Increase / (Decrease) Non-current liabilities, 
  trade payables & other current liabilities                        (1,304,119)                        2,670,121 
 (Decrease)/ Increase in employee benefit 
  obligations                                                           (9,053)                          307,761 
                                                   ----------------------------  ------------------------------- 
 Cash generated from operations                                      30,973,150                       34,550,996 
 Income taxes paid                                                  (1,158,820)                      (2,383,750) 
                                                   ----------------------------  ------------------------------- 
 Net cash generated from operating activities                        29,814,330                       32,167,246 
                                                   ----------------------------  ------------------------------- 
 
 (B) Cash flow for investing activities 
 Payments for purchase of property plant 
  and equipment                                                       (256,175)                      (1,521,588) 
 Investment in fixed deposit (Net)                                  (3,256,262)                        (883,210) 
 Proceeds from disposal of property, 
  plant & equipment                                                       2,258                            6,581 
 Payments for purchase of other intangible 
  assets                                                              (505,703)                        (220,909) 
 Interest received                                                      585,282                          400,808 
 Net cash used in investing activities                              (3,430,600)                      (2,218,318) 
                                                   ----------------------------  ------------------------------- 
 
 
       For the six   For the six months 
      months ended                ended 
      30 September         30 September 
              2020                 2019 
 
 
 
 
 (C ) Cash flow from financing activities 
 Interest paid                                                 (1,603,155)                     (2,145,802) 
 Repayment of borowings and lease liability                    (5,179,793)                     (4,150,357) 
 Net cash used in financing activities                         (6,782,948)                     (6,296,159) 
                                               ---------------------------  ------------------------------ 
 
 Net increase/(decrease) in cash and 
  cash equivalents                                              19,600,782                      23,652,769 
 Dividends paid to equity holders of 
  the parent                                                  (20,374,113)                    (24,068,320) 
 Cash and cash equivalents at the beginning 
  of the year                                                   45,147,783                      42,404,281 
 Effect of exchange rate changes on cash                         (166,022)                          83,553 
 Cash and cash equivalents at the end 
  of the year                                                   44,208,431                      42,072,283 
                                               ---------------------------  ------------------------------ 
 
 Cash and cash equivalents comprise 
 Cash in hand                                                       13,801                           8,337 
 Balances with banks in current account                         44,194,630                      42,063,946 
                                                                44,208,431                      42,072,283 
                                               ---------------------------  ------------------------------ 
 

(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 2020 and 2019. 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 2020 and 2019.

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 11 November 2020.

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 2020 and 2019.

   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 2020.

   5.   GOODWILL 

The net carrying amount of goodwill can be analysed as follows:

 
 Particulars                              Amount 
-----------------------------  ----------------- 
 Balance as at 1 April 2019          102,256,665 
 Impairment loss recognized                    - 
 Translation adjustment                  (8,635) 
 Balance as at 31 March 2020         102,248,030 
-----------------------------  ----------------- 
 
 
 Particulars                             Amount 
---------------------------------  ------------ 
 Balance as at 01 April 2020        102,248,030 
 Translation adjustment                   1,809 
 Balance as at 30 September 2020    102,249,839 
---------------------------------  ------------ 
 
   6.   OTHER INTANGIBLE ASSETS 

The Intangible assets comprise of computer software, customer contracts.

 
 Particulars                     Customer           Computer          Patent          Trademark       Intangibles      Total 
                                 contracts          software                                             under 
                                                                                                      development 
-------------------------  -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 Cost 
 Balance as at 1 April 
  2019                              24,112,814        3,944,019          100,000        12,000,000         132,490   40,289,323 
                           -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 Additions                                   -          511,654                -                 -               -      511,654 
 Disposals                                   -                -                -                 -               -            - 
 Translation and other 
  adjustments                          (9,657)        (276,192)                -                 -               -    (285,849) 
 Balance as at 31 March 
  2020                              24,103,157        4,179,481          100,000        12,000,000         132,490   40,515,128 
                           -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 
 Accumulated amortisation 
 Balance as at 1 April 
  2019                              24,112,814        3,559,966                -                 -         132,490   27,805,270 
                           -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 Amortisation/impairment 
  for 
  the period                                 -          423,580                -                 -               -      423,580 
 Disposals                                   -                -                -                 -               -            - 
 Translation and other 
  adjustments                          (9,657)        (261,384)                -                 -               -    (271,041) 
 Balance as at 31 March 
  2020                              24,103,157        3,722,162                -                 -         132,490   27,957,809 
                           -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 Carrying values as at 31 
  March 2020                        -                   457,319          100,000        12,000,000               -   12,557,319 
-------------------------  -------------------  ---------------  ---------------  ----------------  --------------  ----------- 
 
 
       Particulars           Customer contracts*        Computer             Patent             Trade mark         Intangibles            Total 
                                                        softwares                                                     under 
                                                                                                                   development 
-------------------------  ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 Cost 
 Balance as at 01 April 
  2020                                 24,103,157           4,179,481             100,000           12,000,000            132,490          40,515,128 
                           ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 Additions                                      -             505,703                   -                    -                  -             505,703 
 Disposals                                      -                   -                   -                    -                  -                   - 
 Translation and other 
  adjustments                               2,024              64,686                   -                    -                  -              66,710 
 Balance as at 30 
  September 2020                       24,105,181           4,749,870             100,000           12,000,000            132,490          41,087,541 
                           ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 
 Accumulated amortisation 
 Balance as at 01 April 
  2020                                 24,103,157           3,722,162                   -                    -            132,490          27,957,809 
                           ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 Amortisation/impairment 
  for 
  the period                                    -             319,700                   -                    -                  -             319,700 
 Disposals                                      -                   -                   -                    -                  -                   - 
 Translation and other 
  adjustments                               2,024              62,706                   -                    -                  -              64,730 
 Balance as at 30 
  September 2020                       24,105,181           4,104,568                   -                    -            132,490          28,342,239 
                           ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 Carrying values as at 30 
  September 
  2020                                          -             645,302             100,000           12,000,000                  -          12,745,302 
-------------------------  ----------------------  ------------------  ------------------  -------------------  -----------------  ------------------ 
 
   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                                  machinery   progress 
                                                       generator 
--------------  -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 Cost 
 Balance as at 
  1 April 
  2019            8,406,553     854,772   1,438,730       916,719     20,747       4,717,127   2,316,570    224,308          18,895,526 
                -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 Additions        2,467,719     274,357      39,541        34,233    398,792         152,713     120,773    114,088           3,602,216 
 Disposals         (85,706)           -    (16,167)             -          -               -    (15,686)          -           (117,559) 
 Translation 
  and other 
  adjustments     (684,194)    (66,510)    (95,586)      (67,004)   (23,407)       (334,231)   (147,647)    (7,175)         (1,425,754) 
 Balance as at 
  31 March 
  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 
                -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 
 Balance as at 
  1 April 
  2019            5,522,457     778,064     996,024       262,105     16,561       2,846,284   1,866,959          -          12,288,454 
                -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 Depreciation 
  for the 
  period          1,628,060      62,006     117,881       114,565     29,858         461,149     187,790          -           2,601,309 
 Disposals         (85,037)           -    (16,083)             -          -               -    (15,261)          -           (116,381) 
 Translation 
  and other 
  adjustments     (466,409)    (52,044)    (69,242)      (24,599)    (2,745)       (220,207)   (126,407)          -           (961,653) 
 Balance as at 
  31 March 
  2020            6,599,071     788,026   1,028,580       352,071     43,674       3,087,226   1,913,081          -          13,811,729 
                -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 Carrying 
  values as 
  at 31 March 
  2020            3,505,301     274,593     337,938       531,877    352,458       1,448,383     360,929    331,221           7,142,700 
--------------  -----------  ----------  ----------  ------------  ---------  --------------  ----------  ---------  ------------------ 
 
 
  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 
  2020                   10,104,372           1,062,619           1,366,518              883,948   396,132           4,535,609                 2,274,011           331,221   20,954,430 
                -------------------  ------------------  ------------------  -------------------  --------  ------------------  ------------------------  ----------------  ----------- 
 Additions                  355,308              27,857              15,019               45,619         -              21,528                    43,940         (253,097)      256,174 
 Disposals 
  (Net)                    (58,497)                   -                   -                    -         -                   -                         -                 -     (58,497) 
 Translation 
  and other 
  adjustments               158,534              15,872              20,117               13,761     6,333              71,299                    32,611             5,478      324,005 
 Balance as at 
  30 September 
  2020                   10,559,717           1,106,348           1,401,654              943,328   402,465           4,628,436                 2,350,562            83,602   21,476,112 
                -------------------  ------------------  ------------------  -------------------  --------  ------------------  ------------------------  ----------------  ----------- 
 
 Accumulated 
 depreciation 
 Balance as at 
  01 April 
  2020                    6,599,071             788,028           1,028,580              352,070    43,674           3,087,225                 1,913,082                 -   13,811,730 
                -------------------  ------------------  ------------------  -------------------  --------  ------------------  ------------------------  ----------------  ----------- 
 Depreciation 
  for the 
  period                    859,562              33,731              53,728               53,916     1,596             232,032                    65,810                 -    1,300,375 
 Disposals 
  (Net)                    (58,303)                   -                   -                    -         -                   -                         -                 -     (58,303) 
 Translation 
  and other 
  adjustments               117,019              11,715              15,593                6,534       730              52,860                    28,421                 -      232,872 
 Balance as at 
  30 September 
  2020                    7,517,349             833,474           1,097,901              412,520    46,000           3,372,117                 2,007,313                 -   15,286,674 
                -------------------  ------------------  ------------------  -------------------  --------  ------------------  ------------------------  ----------------  ----------- 
 Carrying 
  values as 
  at 30 
  September 
  2020                    3,042,368             272,874             303,753              530,808   356,465           1,256,319                   343,249            83,602    6,189,438 
--------------  -------------------  ------------------  ------------------  -------------------  --------  ------------------  ------------------------  ----------------  ----------- 
 
   8.   SHORT TERM FINANCIAL ASSETS 
 
 Particulars                                     30 September     31 March 2020 
                                                         2020 
----------------------------------------  -------------------  ---------------- 
 Security deposits                                     61,483            60,516 
 Restricted cash                                    5,815,886         4,293,982 
 Short term investments (fixed deposits 
  with maturity less than 12 months)                8,648,935         3,244,643 
 Derivative financial instruments                      23,942                 - 
 Due from officers and employees                       22,354            27,244 
 Others                                                21,666            16,256 
----------------------------------------  -------------------  ---------------- 
                                                   14,594,266         7,642,641 
----------------------------------------  -------------------  ---------------- 
 
 
 

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 2020 is as follows:

Basic earnings per share

 
                  Particulars                                  30 September                  30 September 
                                                                       2020                          2019 
----------------------------------------------  ---------------------------  ---------------------------- 
 Profit attributable to shareholders                             23,536,299                    21,571,617 
 Weighted average numbers shares outstanding                    190,130,008                   190,130,008 
 Basic earnings per share (US$)                                        0.12                          0.11 
----------------------------------------------  ---------------------------  ---------------------------- 
 

Diluted earnings per share

 
                  Particulars                                 30 September         30 September 
                                                                      2020                 2019 
----------------------------------------------  --------------------------  ------------------- 
 Profit attributable 
  to shareholders                                               23,536,299           21,571,617 
 Weighted average numbers shares outstanding                   190,130,008          190,130,008 
 Diluted earnings per 
  share (US$)                                                         0.12                 0.09 
----------------------------------------------  --------------------------  ------------------- 
 
 

10. LEASES

(a) Lease liabilities are presented in the statement of financial position as follows:

 
 Particulars    30 September        31 March 2020 
                        2020 
-------------  -------------  ------------------- 
 Current           1,108,453            1,216,547 
 Non-current       4,293,899            4,467,004 
-------------  -------------  ------------------- 
                   5,402,352            5,683,551 
-------------  -------------  ------------------- 
 

(b) The following are amounts recognised in consolidated income statement:

 
 Particulars                                 30 September   31 March 2020 
                                                     2020 
------------------------------------------  -------------  -------------- 
 Depre ciation expenses of right-of-use 
  Interest Expense on the Lease Liability         723,152       1,451,931 
 Interest expense on lease liability              266,387         587,564 
 Rent expenses*                                    29,448           9,323 
 Common area maintenance expenses                  60,887         175,566 
------------------------------------------  -------------  -------------- 
 Total                                          1,079,874       2,224,384 
------------------------------------------  -------------  -------------- 
 

*Rent expense in respect of Short Term Lease

(c) Right to use of assets as at 31 March 2020:

 
 Particulars                        Leased premises 
---------------------------------  ---------------- 
  Gross block 
 Balance as at 31 March 2019                      - 
 IFRS-16 transition                       6,311,071 
---------------------------------  ---------------- 
 Gross block as at 1 April 2019           6,311,071 
  Additions during the year                 580,409 
  Translation adjustment                  (194,989) 
---------------------------------  ---------------- 
 Gross block as at 31 March 2020          6,696,491 
---------------------------------  ---------------- 
 
  Accumulated depreciation 
 Balance as at 1 April 2019                       - 
 Depreciation for the period              1,451,931 
 Translation adjustment                    (58,711) 
---------------------------------  ---------------- 
 Accumulated depreciation as at 
  31 March 2020                           1,393,220 
---------------------------------  ---------------- 
 Net block as at 31 March 2020            5,303,271 
---------------------------------  ---------------- 
 
 
 Particulars                            Leased premises 
-------------------------------------  ---------------- 
 Gross block as at 1 April 2020               6,696,491 
  Additions during the year                     270,081 
  Translation adjustment                         90,297 
-------------------------------------  ---------------- 
 Gross block as at 30 September 2020          7,056,869 
-------------------------------------  ---------------- 
 
  Accumulated depreciation 
 Balance as at 1 April 2020                   1,393,220 
 Depreciation for the period                    723,152 
 Translation adjustment                          27,695 
-------------------------------------  ---------------- 
 Accumulated depreciation as at 
  30 September 2020                           2,144,067 
-------------------------------------  ---------------- 
 Net block as at 30 September 2020            4,912,802 
-------------------------------------  ---------------- 
 

The lease liabilities were USD 5,402,352 as of 30 September 2020 (USD 5,683,551 as of 31 March 2020). The corresponding interest expense for the six month ended 30 September 2020 amounted to USD 266,387 (interest expense for the year ended 31 March 2020 amounted to USD 587,564).

   (e)   The maturity analysis of the lease liabilities as of 31 March 2020, is as follows: 
 
 Payments falling due                         Gross future minimum lease 
                                                                payments 
-----------------------------------------  ----------------------------- 
                                            30 September   31 March 2020 
                                                    2020 
-----------------------------------------  -------------  -------------- 
 Within 1 year                                 1,699,280       1,616,248 
 Later than 1 year but less than 5 years       3,929,693       3,341,682 
 More than 5 years                             1,744,994       2,436,638 
-----------------------------------------  -------------  -------------- 
                                               7,373,967       7,394,568 
-----------------------------------------  -------------  -------------- 
 

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 
                                           2020           2019 
--------------------------------  -------------  ------------- 
 Transactions during the period 
  ended 
 Short term employee benefits 
 Remuneration paid to directors 
 Chris de Putron                          6,300          6,249 
 Mark De La Rue                           6,300          6,249 
 Marc Vassanelli                         18,899         18,747 
 
 Balances at the end of 
 Total remuneration payable             147,741        109,385 
--------------------------------  -------------  ------------- 
 

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 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 
----------------------------------  ----------------------  -----------------------  ---------------------- 
                                                                                        30 September 2019 
                                                            --------------------------------------------- 
                                       Business Process         Content delivery             Total 
                                           Outsource 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Revenue from external customers                59,433,379               35,747,517            95,180,896 
 Other income (including realised 
  foreign exchange gain)                         1,028,226                  280,168             1,308,394 
 Realized Foreign Exchange                               -                        -                     - 
  gain/(loss) 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Segment revenue                                60,461,605               36,027,685            96,489,290 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Cost of outsourced Services                    16,144,667                5,074,680            21,219,347 
 Employee benefit expense                       20,188,248               19,392,563            39,580,811 
 Other expenses                                  3,839,943                2,726,155             6,566,098 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Earning before interest, tax, 
  depreciation and amortisation                 20,288,747                8,834,287            29,123,034 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Rent adjustment as per IFRS 
  16                                             (281,860)                (602,398)             (884,258) 
                                    ----------------------  -----------------------  -------------------- 
 Earning before interest, tax, 
  depreciation and amortisation 
  (before rent adjustment)                      20,006,887                8,231,889            28,238,776 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Unrealized Foreign Exchange 
  gain/(loss)                                            -                (261,444)             (261,444) 
 Depreciation and amortisation                   (959,531)              (1,103,786)           (2,063,317) 
 Rent adjustment as per IFRS 
  16                                               281,860                  602,398               884,258 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Segment operating profit                       19,329,216                7,469,057            26,798,273 
 Other Income/expense : 
 Finance income                                    246,139                  113,968               360,107 
 Finance costs                                   (256,274)              (1,943,369)           (2,199,643) 
 Profit before tax                              19,319,081                5,639,656            24,958,737 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Income tax expense                            (1,954,446)              (1,432,675)           (3,387,121) 
 Profit after tax                               17,364,635                4,206,981            21,571,616 
----------------------------------  ----------------------  -----------------------  -------------------- 
 Segment assets                                 65,500,283              156,564,586           222,064,869 
 Segment liabilities                            38,248,855               48,416,000            86,664,855 
 Capital expenditure                             4,682,531                3,625,169             8,307,700 
----------------------------------  ----------------------  -----------------------  -------------------- 
 
 

Revenue from the following customer's amounts to more than 10% of consolidated revenue during the period presented.

30 September 2020

 
 Revenue from              Segment                 Amount 
--------------  ----------------------------  ----------- 
 Customer 1      Business Process Outsource    12,959,751 
--------------  ----------------------------  ----------- 
 

30 September 2019

 
 Revenue from              Segment                                   Amount 
--------------  ----------------------------  ----------------------------- 
 Customer 1      Business Process Outsource                       9,928,185 
--------------  ----------------------------  ----------------------------- 
 

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 2020 
                                                    2020 
-----------------------------------------  -------------  -------------- 
 
 Non-current assets 
 Loans and receivables 
 Security deposits                               408,735         382,614 
 Restricted cash                               1,424,263       1,881,726 
 Fixed deposit                                   678,426       1,087,641 
 Current assets 
 Loans and receivables 
 Trade receivables                            30,608,165      32,044,127 
 Cash and cash equivalents                    44,198,534      45,147,783 
 Restricted cash                               5,815,886       4,293,982 
 Security deposits                                61,483          60,516 
 Fixed deposits with banks                     8,648,934       3,244,643 
 Due from officers and employees                  22,354          27,244 
 Interest accrued on fixed deposit                21,666          16,256 
 
 Fair value through profit and loss: 
 Derivative financial instruments                      -               - 
                                              91,888,446      88,186,532 
-----------------------------------------  -------------  -------------- 
 
 Financial liabilities                      30 September   31 March 2020 
                                                    2020 
-----------------------------------------  -------------  -------------- 
 
 Non-current liabilities 
 Financial liabilities measured at 
  amortized cost: 
 Long term borrowings                         28,561,619      32,992,983 
 Current liabilities 
 Financial liabilities measured at 
  amortized cost: 
 Short term borrowings 
 Trade payables                               14,616,172      11,481,885 
 Current portion of long term borrowings      10,049,427      10,527,775 
 Other current liabilities                    12,001,206      12,323,213 
 
 Fair value through profit and loss: 
 Derivative financial instruments                      -               - 
 
                                              65,228,424      67,325,856 
-----------------------------------------  -------------  -------------- 
 

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 2020                   Total                       Level 2 
-------------------------------  -------------  ------------------------ 
                                  (Notional 
 Liabilities                       amount) 
 Derivative instruments 
 Forward contracts (currency - 
  US$/INR)                        19, 100 ,000                  (89,733) 
-------------------------------  -------------  ------------------------ 
 
 
                                               Fair value measurements 
                                                at reporting date 
                                                using 
-------------------------------  -----------  ------------------------ 
 31 March 2020                       Total                     Level 2 
-------------------------------  -----------  ------------------------ 
                                  (Notional 
 Assets                            amount) 
 Derivative instruments 
 Forward contracts (currency - 
  US$/INR)                        35,850,000               (1,891,422) 
-------------------------------  -----------  ------------------------ 
 

15. COMMITMENT AND CONTINGENCIES

As at 30 September 2020 and 31 March 2020, the Group had a capital commitment of US$ 318,845 and US$141,848 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$62,876 and US$55,427 as on 30 September 2020 and 31 March 2020 respectively and in respect of interest on VAT amounts to US$9,496 as on 30 September 2020 (US$9,347 as on 31 March 2020).

Guarantees: As at 30 September 2020 and 31 March 2020, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately US$37,320 and US$36,732 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 2020 and 2019.

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 2020 and 2019.

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.

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