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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
  -7.00 -1.64% 419.00 419.00 438.00 419.00 419.00 419.00 1,962 08:29:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 200.3 53.5 26.0 16.1 797

iEnergizer Limited Replacement - Interim Results

14/11/2022 7:22am

UK Regulatory (RNS & others)


Ienergizer (LSE:IBPO)
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RNS Number : 2778G

iEnergizer Limited

14 November 2022

A non material typographical change has been made to the 'Unaudited Interim Result for the Six Months Ended 30 September 2022' announcement released on 14 November 2022 at 07:00am under RNS No 1945G .

The changes are identified with an asterisk (*).

The full amended text is shown below:

Financial Highlights: Highly profitable revenue growth and sustained margin improvements, achieved through securing new customer contracts and deepening existing customer relationships along with continued and careful cost management, which is further supported by the *strengthening US$ against the INR.

14(th) November 2022

iEnergizer Limited

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

REPLACEMENT: UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2022

iEnergizer, the technology services and media solutions leader for the digital age, reports another record set of interim results for the six months ended 30 September 2022. The Board declares an increased interim dividend of 11.07p per ordinary share, 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 continued and careful cost management, which is further supported by the strengthening US$ against the INR.

   --    Revenue up 24.0% to $152.0m (H1 2022: $122.6m), Service Revenue up 23.0% 
   --    EBITDA up by $10.0m to $54.4m (H1 2022: $44.4m), resulting in EBITDA margin of 36.0% 

-- Operating profit increased to $48.8m (H1 2022: $42.0m), resulting in operating profit margin of 32.0%

   --    Profit before tax increased to $44.3m (H1 2022: $37.9m) 
   --    Profit after tax increased to $41.2m (H1 2022: $34.3m) 
   --    Gross Debt of $138.4m (31 March 2022: $139.7m) 
   --    Declared Interim dividend of 11.07p per ordinary share ($24.0m) (H1 2022: 8.12p) 

Operational Highlights : Continued focus on higher margin work and success in business growth from new and existing customers, innovating to deliver deeper and broader propositions to service evolving customer needs through technology-led solutions

   --    Business Process Outsource ("BPO"): 

o Strong revenue growth in H1 2023 of 30.6% to $109.0m (H1 2022: $83.5m) with an impressive EBITDA margin of 39% or $42.9m (H1 2022: $33.7m), which was attributable to growth in business across different verticals, particularly from International BPO customers.

o Focused on the new fast growth technology areas of content moderation and data tagging for Artificial Intelligence ("AI") / Machine Learning ("ML") applications, which are emerging as significant growth opportunities. The Group plans to invest in promoting its new-age technology-driven digital customer experience ("CX") service offerings.

o Robust outsourcing demand amidst inflationary pressures and BPO's outsized exposure to fast-growing markets of Media & Entertainment, BFSI and telecommunications, resulted in steady and strong revenue growth during H1 2023.

o Continued to add new customers and maintained growth in recurring revenue streams from long-term customer relationships across all verticals, focussing on faster growth, higher margin verticals, upselling additional more complex services and deploying technology to drive productivity.

   --    Content Division: 

o Achieved service revenue growth of 6.2% to $40.2m in H1 2023 (H1 2022: $37.8m), as business from key clients, specifically from Financial Reporting and Compliance services, increased. EBITDA margins maintained at around 28% at $11.5m (H1 2022: $10.7m) owing to cost effectiveness and efficiencies delivered through technology.

o Content Services' US based sales team continues to focus on cross-selling and securing business leads from new and existing customers for fast growth technology services, including:

   --     Digital Training and Education. 
   --     SAAS services for propositions including Technology Tools such as SciPris and PXE5. 

-- Providing immersive content for learners (specifically middle to high school), partnering with EdTech groups with select revenue share models.

   --    New business initiatives: 

o iEnergizer is well positioned to take advantage of industry tailwinds in highly profitable verticals, due to: the scalability & breadth of its BPO services; increasing adoption of fast-growing technology; the end-to-end proposition of Content Services; and iEnergizer's highly trained workforce.

o Content Moderation is witnessing high growth on the back of rising digital adoption. Rapid growth in online-first schools is driving demand for digital content. Education and corporate sectors are increasing Learning & Development spend. Major corporate businesses have identified the cost and time savings of replacing classroom training with virtual training.

o Development of regulatory training services, targeting the Group's existing customer base to promote compliance and e-Learning capabilities, focussed on the American Disability Act and Web Content Accessibility Guidelines.

o The US based sales team continues to focus on selling additional services, specifically in data tagging for AI/ML applications, Content Moderation and Web Content Accessibility Guidelines, to capture new market place opportunities, 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 existing accounts; and to cross-sell and generate leads for new product launches.

   --    Cost management : 

o Continues 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, even as more employees moved to work from office, on a routine basis during H1 2023.

   --    Interim Dividend: 

o In-line with its progressive dividend policy, the Company is pleased to announce an interim dividend of 11.07p with the dividend record date of 25 November 2022. 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 24 November 2022 and the interim dividend is expected to be paid on 21 December 2022.

   --    Outlook: 

o The Board is delighted with the Group's strategic progress during H1 and the delivery of further organic momentum and margin improvements. While we recognise the macro uncertainty, we are optimistic for the remainder of FY23, in particular due to ongoing inflationary pressures which continues to drive multinationals to focus not only on cost reduction but also revenue retention. Overall, new customer contract wins, reoccurring and repeat nature of busines s and improved margins give the Board confidence in the future outlook for the Company and underpin the expectations for FY23.

o Looking further ahead, 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 continued strong momentum across the Group.

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 2023. This has been driven by ongoing innovations that ensure iEnergizer continues to offer a market-leading proposition that enables our dedicated colleagues to deepen existing customer relationships and attract new customers for our service lines, combined with 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 11.07p, in continuation with our approach since H1 2020.

"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 continued strong momentum across the Group."

 
                             -Ends- 
 
 iEnergizer Ltd.                             +44 (0)1481 242233 
 Chris de Putron 
  Mark De La Rue 
 
 FTI Consulting - Communications Adviser     +44 (0)20 3727 1000 
 Alex Beagley 
  Eleanor Purdon 
 
 Strand Hanson - Nominated Adviser           +44 (0)20 7409 3494 
 James Dance 
  James Bellman 
 
 Arden Partners - Joint Broker               +44 (0)20 7614 5900 
 James Reed-Daunter 
  John Llewellyn-Lloyd 
 
 Canaccord Genuity Limited - Joint Broker    +44 (0)20 7523 8000 
 Max Hartley, Thomas Diehl, Gerel Bastin 
  (Corporate Finance) 
  Alex Aylen (Equity Sales) 
 

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 2022 and 2021

   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 
                                                                2022                     2022 
                                                           Unaudited                  Audited 
-------------------------------  ------  ---------------------------  ----------------------- 
 ASSETS 
 Non-current 
 Goodwill                           5                    102,238,817              102,246,868 
 Other intangible assets            6                     13,010,136               13,074,401 
 Property, plant and equipment      7                     14,242,452               10,123,815 
 Right-of-use assets               10                     19,013,667               16,140,370 
 Long- term financial asset                                5,924,288                4,971,036 
 Non-current tax assets                                      910,933                  420,895 
 Deferred tax asset                                        3,234,307                3,313,563 
 Other non current assets                                    361,209                  163,187 
 Non-current assets                                      158,935,809              150,454,135 
                                         ---------------------------  ----------------------- 
 
 Current 
 Trade and other receivables                              38,915,134               40,835,944 
 Short- term financial assets       8                     20,718,443               20,609,380 
 Cash and cash equivalents                                46,760,342               56,326,421 
 Other current assets                                      8,199,287                5,705,929 
 Current assets                                          114,593,206              123,477,674 
                                         ---------------------------  ----------------------- 
 
 Total assets                                            273,529,015              273,931,809 
                                         ===========================  ======================= 
 
 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) 
 Other components of equity                             (24,277,305)             (17,615,642) 
 Retained earnings                                        67,275,068               57,941,804 
 Total equity attributable to equity 
  holders of the parent                                   61,240,347               58,568,746 
                                         ---------------------------  ----------------------- 
 
 
   Notes          As at           As at 
           30 September   31 March 2022 
                   2022 
              Unaudited         Audited 
  ------  -------------  -------------- 
 
 
 Liabilities 
 Non-current 
 Borrowings                                      128,404,225             129,895,411 
 Lease liabilities                                15,611,470              13,697,079 
 Employee benefit obligations                      5,456,632               5,092,678 
 Deferred tax liability                            7,680,463               8,079,436 
 Non-current liabilities                         157,152,790             156,764,604 
                                 ---------------------------  ---------------------- 
 
 Current 
 Trade and other payables                         14,263,992              17,841,935 
 Employee benefit obligations                      1,535,790               1,272,362 
 Current tax liabilities                              40,807                 844,679 
 Borrowings                                       10,013,434               9,763,047 
 Lease liabilities                                 4,232,887               3,026,616 
 Other current liabilities                        25,048,968              25,849,820 
 Current liabilities                              55,135,878              58,598,459 
                                 ---------------------------  ---------------------- 
 
 Total equity and liabilities                    273,529,015             273,931,809 
                                 ===========================  ====================== 
 

(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)

 
                                   Notes                         For the six     For the six 
                                                                months ended    months ended 
                                                                30 September    30 September 
                                                                        2022            2021 
                                                                   Unaudited       Unaudited 
--------------------------------  ------  ----------------------------------  -------------- 
 
 Income from operations 
 Revenue from services                                           149,181,696     121,284,962 
 Other operating income                                            2,845,012       1,271,458 
                                                                 152,026,708     122,556,420 
                                          ----------------------------------  -------------- 
 
 Cost and expenses 
 Outsourced service cost                                          14,043,456      19,831,122 
 Employee benefits expense                                        71,028,302      48,194,012 
 Depreciation and amortisation                                     5,048,873       3,011,227 
 Other expenses                                                   13,106,665       9,482,318 
                                                                 103,227,296      80,518,679 
                                          ----------------------------------  -------------- 
 
 Operating profit                                                 48,799,412      42,037,741 
 Finance income                                                      498,874         453,702 
 Finance cost                                                    (5,015,600)     (4,555,815) 
 Profit before tax                                                44,282,686      37,935,628 
                                          ----------------------------------  -------------- 
 
 Income tax expense                                                3,130,663       3,612,806 
 Profit for the year attributable to 
  equity holders of the parent                                    41,152,023      34,322,822 
                                          ==================================  ============== 
 
 Earnings per share                  9 
 Basic                                                                  0.22            0.18 
 Diluted                                                                0.22            0.18 
 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                       For the six 
                                                                  months ended                      months ended 
                                                                  30 September                      30 September 
                                                                          2022                              2021 
                                                                     Unaudited                         Unaudited 
-----------------------------------------   ----------------------------------  -------------------------------- 
 
 Profit after tax for the year                                      41,152,023                        34,322,822 
 Other comprehensive income 
 Items that will be reclassified subsequently to the 
  consolidated income statement 
 Exchange differences on translating 
  foreign operations                                               (6,661,663)                         (907,517) 
 Net other comprehensive income/(loss) 
  that will be reclassified subsequently 
  to consolidated income statement                                 (6,661,663)                         (907,517) 
                                            ----------------------------------  -------------------------------- 
 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 not be reclassified subsequently 
  to consolidated income statement 
                                            ----------------------------------  -------------------------------- 
 Other comprehensive income/(loss) 
  for the year                                                     (6,661,663)                         (907,517) 
 Total comprehensive income attributable 
  to equity holders                                                 34,490,360                        33,415,305 
                                            ----------------------------------  -------------------------------- 
 

(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     compensation      reserve                 of                  earnings         equity 
                                capital       reserve                               equity 
                                                                        ---------------------------- 
                                                                            Foreign          Net 
                                                                            currency       defined 
                                                                           translation     benefit 
                                                                             reserve      liability 
---------------  ----------  -----------  --------------  ------------  --------------  ------------  --------------  ------------- 
 Balance as at 
  1 
  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                -            -               -             -               -             -    (43,078,726)   (43,078,726) 
 Transaction 
  with 
  owners                  -            -               -             -               -             -    (43,078,726)   (43,078,726) 
 Profit for the 
  year                    -            -               -             -               -             -      74,537,715     74,537,715 
 Other 
  comprehensive 
  income                  -            -               -             -     (2,289,842)     (188,864)               -    (2,478,706) 
 Total 
  comprehensive 
  income for 
  the period              -            -               -             -     (2,289,842)     (188,864)      74,537,715     72,059,009 
 Balance as at 
  31 
  March 2022      3,776,175   15,451,809          63,986   (1,049,386)    (18,156,440)       540,798      57,941,804     58,568,746 
---------------  ----------  -----------  --------------  ------------  --------------  ------------  --------------  ------------- 
 

(The accompanying notes are an integral part of the Unaudited Condensed Consolidated Interim 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 
  2022               3,776,175      15,451,809             63,986     (1,049,386)        (18,156,440)                 540,798       57,941,804      58,568,746 
---------------  -------------  --------------  -----------------  --------------  ------------------  ----------------------  ---------------  -------------- 
 Dividends                   -               -                  -               -                   -                       -     (31,818,761)    (31,818,761) 
 Transaction 
  with owners                -               -                  -               -                   -                       -     (31,818,761)    (31,818,761) 
 Profit for the 
  year                       -               -                  -               -                   -                       -       41,152,023      41,152,023 
 Other 
  comprehensive 
  loss                       -               -                  -               -         (6,661,663)                       -                -     (6,661,663) 
 Total 
  comprehensive 
  income for 
  the period                 -               -                  -               -         (6,661,663)                       -       41,152,023      34,490,361 
---------------  -------------  --------------  -----------------  --------------  ------------------  ----------------------  ---------------  -------------- 
 Balance as at 
  30 September 
  2022               3,776,175      15,451,809             63,986     (1,049,386)        (24,818,103)                 540,798       67,275,068      61,240,346 
---------------  -------------  --------------  -----------------  --------------  ------------------  ----------------------  ---------------  -------------- 
 

(The accompanying notes are an integral part of the 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 
                                                                          ended                      months ended 
                                                                   30 September                      30 September 
                                                                           2022                              2021 
 
 (A) Cash flow from operating activities 
 Profit before tax                                                   44,282,686                        37,935,627 
 Adjustments 
 Depreciation and amortisation                                        5,048,873                         3,011,227 
 Loss/(Profit) on disposal of property, 
  plant and equipment                                                  (11,223)                           (8,258) 
 Trade receivables written-off/provision 
  for doubtful debts                                                    303,289                           602,061 
 Sundry balances written back                                                 -                             (235) 
 Unrealised Foreign exchange loss/(gain)                                519,790                       (1,040,091) 
 Finance income                                                       (498,874)                         (453,702) 
 Finance cost                                                         3,898,654                         3,868,829 
 Interest cost on lease liability                                       856,131                           412,167 
 Other borrowing cost at amortised cost                                 260,815                           274,819 
                                                   ----------------------------  -------------------------------- 
                                                                     54,660,141                        44,602,444 
 Changes in operating assets and liabilities 
 (Increase)/ Decrease in trade and other 
  receivables                                                         2,968,884                       (3,941,087) 
 (Increase)/ Decrease in other assets 
  (current)                                                         (4,342,387)                       (4,326,912) 
 Increase / (Decrease) Non-current liabilities, 
  trade payables & other current liabilities                        (9,444,194)                        11,624,169 
 (Decrease)/ Increase in employee benefit 
  obligations                                                         1,353,139                           293,709 
                                                   ----------------------------  -------------------------------- 
 Cash generated from operations                                      45,195,583                        48,252,323 
 Income taxes paid                                                  (4,744,291)                       (3,201,599) 
                                                   ----------------------------  -------------------------------- 
 Net cash generated from operating activities                        40,451,292                        45,050,724 
                                                   ----------------------------  -------------------------------- 
 
 (B) Cash flow for investing activities 
 Payments for purchase of property plant 
  and equipment                                                     (7,602,159)                         (997,864) 
 Investment in fixed deposit (Net)                                  (1,165,664)                       (3,989,362) 
 Proceeds from disposal of property, 
  plant & equipment                                                      14,387                           260,853 
 Payments for purchase of other intangible 
  assets                                                            (7,407,647)                         (441,725) 
 Interest received                                                      508,579                           494,126 
 Net cash used in investing activities                             (15,652,504)                       (4,673,972) 
                                                   ----------------------------  -------------------------------- 
 
 
     For the period     For the six 
              ended    months ended 
       30 September    30 September 
               2022            2021 
 
 
 
 (C ) Cash flow from financing activities 
 Interest paid                                                  (3,898,654)                      (3,868,829) 
 Dividends paid to equity holders of 
  the parent                                                   (31,818,761)                     (22,274,007) 
 Net Proceeds/(Repayments) from borrowings 
  and lease liability                                               762,916                     (19,046,499) 
 Net cash used in financing activities                         (34,954,499)                     (45,189,336) 
                                               ----------------------------  ------------------------------- 
 
 Net increase/(decrease) in cash and 
  cash equivalents                                             (10,155,710)                      (4,812,584) 
 Cash and cash equivalents at the beginning 
  of the year                                                    56,326,421                       51,378,899 
 Effect of exchange rate changes on 
  cash                                                              589,632                           96,326 
 Cash and cash equivalents at the end 
  of the year                                                    46,760,342                       46,662,641 
                                               ----------------------------  ------------------------------- 
 
 Cash and cash equivalents comprise 
 Cash in hand                                                         9,037                            7,740 
 Balances with banks in current account                          34,251,305                       42,917,962 
 Remittance in transit                                                    -                        3,736,939 
 Short term investments (fixed deposits                          12,500,000                                - 
  with maturity less than 3 months) 
                                                                 46,760,342                       46,662,641 
                                               ----------------------------  ------------------------------- 
 

(This space has been intentionally left blank)

RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

The changes in the Group's liabilities arising from financing activities can be classified as follows:

 
                                       Long-term borrowings       Lease Liabilities                    Total 
                                         (including current 
                                       portion of long-term 
                                                 borrowing) 
-----------------------------  ----------------------------  ----------------------  ----------------------- 
 1 April 2021                                   162,117,051               5,191,699              167,308,750 
 Cash-flows: 
 Repayment                                     (22,999,794)             (3,709,859)             (26,709,653) 
 Non-cash: 
 Additional lease liability                               -              14,549,957               14,549,957 
 Interest on lease liability                              -               1,187,286                1,187,286 
 Other borrowing cost at 
  amortized cost                                    541,201                       -                  541,201 
 Translation adjustment                                   -               (495,388)                (495,388) 
 31 March 2022                                  139,658,458              16,723,695              156,382,153 
-----------------------------  ----------------------------  ----------------------  ----------------------- 
 
 1 April 2022                                   139,658,458              16,723,695              156,382,153 
-----------------------------  ----------------------------  ----------------------  ----------------------- 
 Cash-flows: 
 Net Repayment                                 (1,501,615)*             (4,090,152)              (5,591,767) 
 Non-cash: 
 Additional lease liability                               -               6,354,683                6,354,683 
 Interest on lease liability                              -                 856,131                  856,131 
 Other borrowing cost at 
  amortized cost                                    260,815                       -                  260,815 
 30 September 2022                              138,417,659              19,844,357              158,262,016 
-----------------------------  ----------------------------  ----------------------  ----------------------- 
 

* Includes borrowings for Computer Equipment worth US$ 2,347,629

(The accompanying notes are an integral part of the Unaudited Condensed Consolidated Interim 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 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 2022 and 2021. 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 2022 and 2021.

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(th) November 2022.

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 2022 and 2021.

   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 2022.

   5.   GOODWILL 

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

 
 Particulars                              Amount 
-----------------------------  ----------------- 
 Balance as at 1 April 2021          102,250,365 
 Impairment loss recognized                    - 
 Translation adjustment                  (3,497) 
 Balance as at 31 March 2022         102,246,868 
-----------------------------  ----------------- 
 
 
 Particulars                             Amount 
---------------------------------  ------------ 
 Balance as at 01 April 2022        102,246,868 
 Translation adjustment                 (8,051) 
 Balance as at 30 September 2022    102,238,817 
---------------------------------  ------------ 
 

(This space has been left blank intentionally)

   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 2021        24,105,769                     4,969,336          100,000            12,000,000       132,490            41,307,595 
 Additions                     -                     1,002,211                -                     -       306,487             1,308,698 
 Disposals                     -                             -                -                     -     (132,491)             (132,491) 
 Translation 
  adjustment             (3,911)                     (142,764)                -                     -       (6,486)             (153,161) 
 Balance as at 
  31 March 
  2022                24,101,858                     5,828,783          100,000            12,000,000       300,000            42,330,641 
                ----------------  ----------------------------  ---------------  --------------------  ------------  -------------------- 
 
 Accumulated 
 amortisation 
 Balance as at 
  1 April 2021        24,105,769                     4,496,109                -                     -             -            28,601,878 
 Amortisation 
  for the year                 -                       798,314                -                     -             -               798,314 
 Disposals                     -                             -                -                     -             -                     - 
 Translation 
  adjustment             (3,911)                     (140,041)                -                     -             -             (143,952) 
 Balance as at 
  31 March 
  2022                24,101,858                     5,154,382                -                     -             -            29,256,240 
                ----------------  ----------------------------  ---------------  --------------------  ------------  -------------------- 
 
 Impairment 
 Balance as at 
  1 April 2021                 -                             -                -                     -       132,490               132,490 
 Impairment                    -                             -                -                     -             -                     - 
 for the year 
 Disposals                     -                             -                -                     -     (132,490)             (132,490) 
 Translation                   -                             -                -                     -             -                     - 
 and other 
 adjustment 
 Balance as at                 -                             -                -                     -             -                     - 
 31 March 
 2022 
                ----------------  ----------------------------  ---------------  --------------------  ------------  -------------------- 
 Carrying 
  values as at 
  31 
  March 2022                   -                       674,401          100,000            12,000,000       300,000            13,074,401 
--------------  ----------------  ----------------------------  ---------------  --------------------  ------------  -------------------- 
 
 
       Particulars               Customer           Computer          Patent         Trade mark       Intangibles          Total 
                                 contracts           software                                            under 
                                                                                                      development 
-------------------------  -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 Cost 
 Balance as at 01 April 
  2022                              24,101,858         5,828,783        100,000          12,000,000        300,000          42,330,641 
                           -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 Additions                                   -           798,084              -                   -      (278,440)             519,644 
 Disposals                                   -                 -              -                   -              -                   - 
 Translation adjustment                (9,005)         (395,295)              -                   -       (21,560)           (425,860) 
 Balance as at 30 
  September 2022                    24,092,853         6,231,572        100,000          12,000,000              -          42,424,425 
                           -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 
 Accumulated amortisation 
 Balance as at 01 April 
  2022                              24,101,858         5,154,382              -                   -        300,000          29,556,240 
                           -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 Amortisation/impairment 
  for the 
  period                                     -           530,378              -                   -              -             530,378 
 Disposals                                   -                 -              -                   -              -                   - 
 Translation and other 
  adjustment                           (9,005)         (363,324)              -                   -      (300,000)           (672,329) 
 Balance as at 30 
  September 2022                    24,092,853         5,321,436              -                   -              -          29,414,289 
                           -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 Carrying values as at 30 
  September 
  2022                                       -           910,136        100,000          12,000,000              -          13,010,136 
-------------------------  -------------------  ----------------  -------------  ------------------  -------------  ------------------ 
 
   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                           improvements          and        work 
                    equipment                fixtures        and                                                  machinery      in 
                                                          generator                                                           progress 
----------------  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 Cost 
 Balance as at 1 
  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          3,266,111     157,151      278,515     1,247,713                  -               2,268,521     114,887           -    7,332,898 
 Disposals 
  (Net)/transfer     (97,133)       (472)            -             -            (5,961)                       -    (41,489)   (214,307)    (359,362) 
 Translation 
  adjustment        (381,044)    (32,341)     (39,396)      (29,198)           (12,239)               (143,916)    (66,062)           -    (704,196) 
                  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 Balance as at 
  31 March 
  2022             14,893,849   1,272,413    1,653,588     2,168,988            386,105               6,950,669   2,423,603           -   29,749,215 
                  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 
 Accumulated 
 depreciation 
 Balance as at 1 
  April 
  2021              8,588,637     879,485    1,139,616       469,188             94,194               3,646,017   2,054,297           -   16,871,434 
 Depreciation 
  for the 
  period            2,373,226     100,811       84,675       150,839             36,025                 561,923     120,456           -    3,427,955 
 Disposals (Net)     (95,470)       (472)            -             -            (5,460)                       -    (33,030)           -    (134,432) 
 Translation 
  adjustment        (288,020)    (25,331)     (32,271)      (16,417)            (3,381)               (116,878)    (57,259)           -    (539,557) 
                  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 Balance as at 
  31 March 
  2022             10,578,373     954,493    1,192,020       603,610            121,378               4,091,062   2,084,464           -   19,625,400 
                  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 Carrying values 
  as 
  at 31 March 
  2022              4,315,476     317,920      461,568     1,565,378            264,727               2,859,607     339,139           -   10,123,815 
----------------  -----------  ----------  -----------  ------------  -----------------  ----------------------  ----------  ----------  ----------- 
 
 
     Particulars           Computer           Office         Furniture      Air conditioner      Vehicle          Leasehold             Plant              Capital               Total 
                           and data          Equipment      and fixtures     and generator                       improvements        and machinery         work in 
                           equipment                                                                                                                       progress 
--------------------  -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 Cost 
 Balance as at 01 
  April 
  2022                       14,893,849         1,272,413      1,653,588           2,168,988        386,105           6,950,669            2,423,603                 -              29,749,215 
                      -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 Additions                    4,602,920            77,858        280,892             678,742         37,504           1,436,158               60,991                 -               7,175,065 
 Disposals/transfer 
  (Net)                       (909,283)                 -              -                   -              -                   -             (11,576)                 -               (920,859) 
 Translation and 
  other 
  adjustment                (1,141,139)          (87,882)      (115,042)           (156,771)       (28,875)           (502,490)            (157,374)                 -             (2,189,572) 
 Balance as at 30 
  September 
  2022                       17,446,347         1,262,389      1,819,438           2,690,959        394,734           7,884,337            2,315,644                 -              33,813,848 
                      -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 
 Accumulated 
 depreciation 
 Balance as at 01 
  April 
  2022                       10,578,373           954,493      1,192,020             603,610        121,378           4,091,062            2,084,464                 -              19,625,400 
                      -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 Depreciation for 
  the 
  period                      1,301,755            41,847        300,223             107,430         34,580             429,499               55,958                 -               2,271,292 
 Disposals (Net)              (908,909)                 -              -                   -              -                   -              (8,786)                 -               (917,695) 
 Translation and 
  other 
  adjustments                 (759,259)          (63,470)       (88,573)            (47,401)       (10,018)           (303,660)            (135,220)                 -             (1,407,601) 
 Balance as at 30 
  September 
  2022                       10,211,960           932,870      1,403,670             663,639        145,940           4,216,901            1,996,416                 -              19,571,396 
                      -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 Carrying values as 
  at 30 September 
  2022                        7,234,387           329,519        415,768           2,027,320        248,794           3,667,436              319,228                 -              14,242,452 
--------------------  -----------------  ----------------  -------------  ------------------  -------------  ------------------  -------------------  ----------------  ---------------------- 
 
   8.   SHORT TERM FINANCIAL ASSETS 
 
 Particulars                                       30 September      31 March 2022 
                                                           2022 
----------------------------------------  ---------------------  ----------------- 
 Security deposits                                       14,713            265,921 
 Restricted cash                                      6,523,099          7,645,707 
 Short term investments (fixed deposits 
  with maturity less than 12 months)                 14,048,810         12,327,421 
 Derivative financial instruments                             -            206,382 
 Due from officers and employees                         71,315             93,738 
 Others                                                  60,506             70,211 
----------------------------------------  ---------------------  ----------------- 
                                                     20,718,443         20,609,380 
----------------------------------------  ---------------------  ----------------- 
 
 
 

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 2022 is as follows:

Basic earnings per share

 
                  Particulars                                  30 September                 30 September 
                                                                       2022                         2021 
----------------------------------------------  ---------------------------  --------------------------- 
 Profit attributable to shareholders                             41,152,023                   34,322,822 
 Weighted average numbers shares outstanding                    190,130,008                  190,130,008 
 Basic earnings per share (US$)                                        0.22                         0.18 
----------------------------------------------  ---------------------------  --------------------------- 
 

Diluted earnings per share

 
                     Particulars                                   30 September                 30 September 
                                                                           2022                         2021 
----------------------------------------------------  -------------------------  --------------------------- 
 Profit attributable 
  to shareholders                                                    41,152,023                   34,322,822 
 Weighted average numbers shares outstanding                        190,130,008                  190,130,008 
 Diluted earnings per 
  share (US$)                                                              0.22                         0.18 
------------------------------------------------  -----------------------------  --------------------------- 
 
 

(This space has been left blank intentionally)

10. LEASES

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

 
 Particulars                 30 September        31 March 2022 
                                     2022               202020 
-------------  --------------------------  ------------------- 
 Current                        4,232,887            3,026,616 
 Non-current                   15,611,470           13,697,079 
-------------  --------------------------  ------------------- 
                               19,844,357           16,723,695 
-------------  --------------------------  ------------------- 
 

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

 
 Particulars                                               30 September   31 March 2022 
                                                                   2022 
------------------------------------------  ---------------------------  -------------- 
 Depre ciation expenses of right-of-use 
  Interest Expense on the Lease Liability                     2,247,203       2,671,352 
 Interest expense on lease liability                            856,131         273,405 
 Rent expenses*                                                   2,308          11,202 
 Common area maintenance expenses                                63,479         114,162 
------------------------------------------  ---------------------------  -------------- 
 Total                                                        3,169,121       3,070,121 
------------------------------------------  ---------------------------  -------------- 
 

*Rent expense in respect of Short Term Lease

(This space has been left blank intentionally)

(c) Right to use of assets as at 31 March 2022:

 
 Particulars                                 Computers                Buildings        Total 
----------------------------------  ------------------  -----------------------  ----------- 
  Gross block 
  Balance as at 1 April 2021                         -                7,517,462    7,517,462 
  Additions during the year                  2,903,363               11,646,594   14,549,957 
  Disposal                                           -                (326,888)    (326,888) 
  Translation adjustment                             -                (377,245)    (377,245) 
----------------------------------  ------------------  -----------------------  ----------- 
  Gross block as at 31 March 2022            2,903,363               18,459,923   21,363,286 
----------------------------------  ------------------  -----------------------  ----------- 
 
  Accumulated depreciation 
  Balance as at 1 April 2021                         -                2,797,791    2,797,791 
  Depreciation for the period                  241,239                2,430,113    2,671,352 
  Disposal                                           -                (149,824)    (149,824) 
  Translation adjustment                       (3,539)                 (92,864)     (96,403) 
----------------------------------  ------------------  -----------------------  ----------- 
  Accumulated depreciation as at 
   31 March 2022                               237,700                4,985,216    5,222,916 
----------------------------------  ------------------  -----------------------  ----------- 
  Net block as at 31 March 2022              2,665,663               13,474,707   16,140,370 
----------------------------------  ------------------  -----------------------  ----------- 
 

Right-of-use of assets as at 30 September 2022:

 
 Particulars                                 Computers             Buildings           Total 
--------------------------------  --------------------  --------------------  -------------- 
  Gross block 
 Balance as at 1 April 2022                  2,903,363            18,459,923      21,363,286 
 Additions during the year                   2,008,029             4,346,654       6,354,683 
 Disposal                                            -                     -               - 
 Translation adjustment                              -           (1,609,218)     (1,609,218) 
--------------------------------  --------------------  --------------------  -------------- 
 Gross block as at 30 September 
  2022                                       4,911,392            21,197,359      26,108,751 
--------------------------------  --------------------  --------------------  -------------- 
 
  Accumulated depreciation 
 Balance as at 1 April 2022                    237,700             4,985,216       5,222,916 
 Depreciation for the period                   350,647             1,896,557       2,247,203 
 Disposal                                            -                     -               - 
 Translation adjustment                              -             (375,035)       (375,035) 
--------------------------------  --------------------  --------------------  -------------- 
 Accumulated depreciation as 
  at 
  30 September 2022                            588,347             6,506,738     7,095,084 
---------------------------------------  -------------  --------------------  ------------ 
 Net block as at 30 September 
  2022                                       4,323,045            14,690,621      19,013,667 
----------------------------------------  ------------  --------------------  -------------- 
 
 

(This space has been intentionally left blank)

(d) The table below describes the nature of the Group's leasing activities by type of right-of-use asset

recognised in the consolidated statement of financial position:

31 March 2022

 
 Right-of-use        Number          Range of        Average         Number             Number              Number 
  asset                of           remaining       remaining      of leases           of leases          of leases 
                  right-of-use         term         lease term   with extension       with options           with 
                     assets         (in years)      (in years)      options           to purchase        termination 
                     leased                                                                                options 
                                   0.25 to 8.09 
 Buildings             17              years       2.68 years          10                           -         14 
--------------  ---------------  ---------------  ------------  ---------------  --------------------  --------------- 
                                   4.42 to 4.92 
 Computers            3580             years        4.64 years         -                   6                   - 
--------------  ---------------  ---------------  ------------  ---------------  --------------------  --------------- 
 

30 September 2022

 
 Right-of-use        Number         Range of        Average         Number              Number              Number 
  asset                of           remaining      remaining       of leases           of leases          of leases 
                  right-of-use         term        lease term    with extension       with options           with 
                     assets         (in years)     (in years)       options           to purchase        termination 
                     leased                                                                                options 
                                   0.58 to 7.59 
 Buildings             21              years      2.97 years          12                            -         18 
--------------  ---------------  --------------  ------------  ----------------  --------------------  --------------- 
                                   3.92 to 4.58 
 Computers            3806             years       4.20 years          -                   7                   - 
--------------  ---------------  --------------  ------------  ----------------  --------------------  --------------- 
 

(e) Maturity of lease liabilities

The future lease payments at 31 March 2022 were as follows:

 
 31 March 2022                                      Lease payments due 
                     Within        1-2         2-3         3-4         4-5        After       Total 
                      1 year      years       years       years       years      5 years 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Lease payments     4,426,970   3,953,827   3,463,111   2,649,128   2,210,382   5,433,631   22,137,049 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Finance charges    1,400,354   1,143,997     898,013     700,905     533,179     736,906    5,413,354 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Net present 
  values            3,026,616   2,809,830   2,565,098   1,948,223   1,677,203   4,696,725   16,723,695 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 
 
 30 September                                       Lease payments due 
  2022 
                   ----------------------------------------------------------------------------------- 
                     Within        1-2         2-3         3-4         4-5        After       Total 
                      1 year      years       years       years       years      5 years 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Lease payments     5,883,794   5,404,334   4,208,165   3,682,600   1,924,738   4,208,724   25,312,355 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Finance charges    1,650,907   1,278,572     921,864     693,638     434,608     488,409    5,467,998 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 Net present 
  values            4,232,887   4,125,762   3,286,301   2,988,962   1,490,130   3,720,315   19,844,357 
                   ----------  ----------  ----------  ----------  ----------  ----------  ----------- 
 

(f) Total cash outflow for leases for the year ended 30 September 2022 was US$ 4,090,152 (31 March 2022 was US$ 3,709,859)

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 
                                           2022           2021 
--------------------------------  -------------  ------------- 
 Transactions during the period 
  ended 
 Short term employee benefits 
 Remuneration paid to directors 
 Chris de Putron                          5,821          6,912 
 Mark De La Rue                           5,821          6,912 
 Marc Vassanelli                         20,747         20,736 
 Ashish Madan                            51,793              - 
 
 Balances at the end of 
 Total remuneration payable              13,921        189,509 
--------------------------------  -------------  ------------- 
 

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 2022 
                                              Business            Content delivery            Total 
                                          Process Outsource 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Revenue from external customers                 108,985,103               40,196,593          149,181,696 
 Other income (including realised 
  foreign exchange gain)                             839,794                1,123,552            1,963,346 
 Segment revenue                                 109,824,897               41,320,145          151,145,042 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Cost of outsourced Services                       7,799,083                6,244,373           14,043,456 
 Employee benefit expense                         49,402,300               21,626,002           71,028,302 
 Other expenses                                    9,760,539                1,944,670           11,705,209 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Earning before interest, 
  tax, depreciation and amortisation              42,862,975               11,505,100           54,368,075 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Rent adjustment as per IFRS 
  16                                               2,102,860                  676,214            2,779,074 
                                       ---------------------  -----------------------  ------------------- 
 Earning before interest, 
  tax, depreciation and amortisation 
  (before rent adjustment)                        40,760,115               10,828,886           51,589,001 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Unrealized Foreign Exchange 
  gain/(loss)                                    (1,218,165)                  698,375            (519,790) 
 Depreciation and amortisation                   (3,675,976)              (1,372,897)          (5,048,873) 
 Rent adjustment as per IFRS 
  16                                               2,102,860                  676,214            2,779,074 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Segment operating profit                         37,968,834               10,830,578           48,799,412 
 Other Income/expense : 
 Finance income                                      261,591                  237,283              498,874 
 Finance costs                                   (3,315,468)              (1,700,132)          (5,015,600) 
 Profit before tax                                34,914,957                9,367,729           44,282,685 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Income tax expense                              (1,428,328)              (1,702,335)          (3,130,663) 
 Profit after tax                                 33,486,629                7,665,394           41,152,022 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 Segment assets                                  107,291,679              166,237,336          273,529,014 
 Segment liabilities                             187,421,058               24,867,610          212,288,668 
 Capital expenditure                              11,774,814                2,274,578          14,049,392* 
-------------------------------------  ---------------------  -----------------------  ------------------- 
 

*Includes "Right of Use" Assets added and recorded worth $6,354,683.

 
                                                                                         30 September 2021 
                                                              -------------------------------------------- 
                                              Business            Content delivery            Total 
                                          Process 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.

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

30 September 2022

 
 Revenue from              Segment                 Amount 
--------------  ----------------------------  ----------- 
 Customer 1      Business Process Outsource    32,021,458 
--------------  ----------------------------  ----------- 
 

30 September 2021

 
 Revenue from              Segment                 Amount 
--------------  ----------------------------  ----------- 
 Customer 1      Business Process Outsource    23,630,750 
--------------  ----------------------------  ----------- 
 

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 
                                                                     2022                2022 
--------------------------------------------  ---------------------------  ------------------ 
 Non-current assets 
     Financial assets measured at amortized 
      cost 
  Security deposits                                             1,282,091             895,722 
  Restricted cash                                               1,921,417           2,007,253 
  Fixed deposits with banks                                     2,720,780           2,068,061 
 Current assets 
     Financial assets measured at amortized 
      cost 
  Trade and other receivables                                  38,915,134          40,835,944 
  Cash and cash equivalents                                    46,760,342          56,326,421 
  Restricted cash                                               6,523,099           7,645,707 
  Security deposits                                                14,713             265,921 
  Fixed deposits with banks                                    14,048,810          12,327,421 
  Due from officers and employees                                  71,315              93,738 
   Interest accrued on fixed deposit                               60,506              70,211 
 
     Fair value through profit and 
      loss: 
  Derivative financial instruments                                      -             206,382 
                                                              112,318,207         122,742,781 
--------------------------------------------  ---------------------------  ------------------ 
 
 
 
 Financial liabilities                             30 September              31 March 
                                                       2022                    2022 
-------------------------------------------  -----------------------  ------------------- 
 Non-current liabilities 
     Financial liabilities measured at 
      amortized cost: 
  Borrowings                                        128,404,225              129,895,411 
  Lease liabilities                                  15,611,470               13,697,079 
 Current liabilities 
      Financial liabilities measured 
       at amortized cost: 
  Trade and other payables                           14,263,992               17,841,935 
  Borrowings                                         10,013,434                9,763,047 
  Lease liabilities                                   4,232,887                3,026,616 
                                                         172,526,008          174,224,088 
------------------------------------------------  ------------------  ------------------- 
 
 

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 2022                 Total     Level 2 
-----------------------------  -----------  ------------------------ 
                                (Notional 
 Liabilities                     amount) 
 Derivative instruments 
 Forward contracts (currency 
  - US$/INR)                    47,500,000   (1,882,900) 
-----------------------------  -----------  ------------------------ 
 
 
 31 March 2022                           Total          Fair value measurements 
                                                            at reporting date 
                                                                  using 
-----------------------------  ---------------------  --------------------------- 
                                                                       Level 2 
-----------------------------  ---------------------  --------------------------- 
 Liabilities                       (Notional amount) 
 Derivative instruments 
 Forward contracts (currency 
  - US$/INR)                           61,700,000                         183,383 
-----------------------------  ---------------------  --------------------------- 
 

15. COMMITMENT AND CONTINGENCIES

As at 30 September 2022 and 31 March 2022, the Group had a capital commitment of US$ 1,889,372 and US$ 582,089 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$ 119,613 and US$ 116,725 as on 30 September 2022 and 31 March 2022 respectively and in respect of interest on VAT amounts to US$ 8,586 as on 30 September 2022 (US$ 9,251 as on 31 March 2022).

Guarantees: As at 30 September 2022 and 31 March 2022, guarantees provided by banks on behalf of the group companies to the revenue authorities and certain other agencies, amount to approximately US$ 22,450 and US$ 36,280 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 2022 and 2021.

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 2022 and 2021.

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 GPGBGGUPPUMC

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November 14, 2022 02:22 ET (07:22 GMT)

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