The year at a glance
Based on Ind AS consolidated financial statements
in ₹ crore, except per equity share data
|
2019 |
2018 |
Growth (%) |
|
|
Financial performance |
|||
|
Revenues |
82,675 |
70,522 |
17.2 |
|
Gross profit |
28,808 |
25,392 |
13.5 |
|
Operating profit |
18,880 |
17,148 |
10.1 |
|
Profit after tax(1)(2)(3)(4) |
15,410 |
16,029 |
(3.9) |
|
Profit attributable to owners of the Company(1)(2)(3)(4) |
15,404 |
16,029 |
(3.9) |
|
Earnings per share (par value of ₹ 5 each) : Basic(6)(7) |
35.44 |
35.53 |
(0.3) |
|
Diluted(6)(7) |
35.38 |
35.50 |
(0.3) |
|
Financial position |
|
||
|
Cash and cash equivalents(6) |
19,568 |
19,818 |
(1.3) |
|
Current investments |
6,627 |
6,407 |
3.4 |
|
Assets held for sale(2) |
– |
2,060 |
– |
|
Net current assets(5) |
34,240 |
34,176 |
0.2 |
|
Property, plant and equipment (including capital work-in-progress) |
12,867 |
11,722 |
9.8 |
|
Goodwill(2) |
3,540 |
2,211 |
60.1 |
|
Intangible assets(2) |
691 |
247 |
179.8 |
|
Other non-current assets |
14,762 |
15,693 |
(5.9) |
|
Total assets |
84,738 |
79,890 |
6.1 |
|
Liabilities directly associated with assets held for sale(2) |
– |
324 |
– |
|
Non-current liabilities |
1,094 |
861 |
27.1 |
|
Total equity(6) |
65,006 |
64,924 |
0.1 |
|
Total equity and liabilities(6) |
84,738 |
79,890 |
6.1 |
(1) During the quarter ended December 31, 2017, on account of the conclusion of an Advance Pricing Agreement (APA) with the US Internal Revenue Service (IRS), the Company had reversed an income tax expense provision of US$ 225 million (₹ 1,432 crore), which pertained to previous periods.
(2) During the year ended March 2018, Kallidus and Skava (together referred to as “Skava”) and Panaya were classified under ‘Held for Sale’, resulting in a reduction in fair value in respect of Panaya amounting to ₹ 118 crore. Accordingly, assets amounting to ₹ 2,060 crore and liabilities amounting to ₹ 324 crore in respect of the disposal group had been classified as held for sale. During the year ended March 31, 2019, a further reduction of ₹ 270 crore was recorded in respect of Panaya and on reclassification of Panaya and Skava from ‘Held for Sale’, the Company recognized an adjustment in respect of excess of carrying amount over recoverable amount of ₹ 451 crore in respect of Skava.
(3) Includes ₹ 51 crore and ₹ 262 crore for the years ended March 31, 2019 and March 31, 2018, respectively, towards interest on income tax refund.
(4) During the year ended March 31, 2018, the Company had written down the entire carrying value of ₹ 71 crore in its associate, DWA Nova LLC.
(5) Excludes assets held for sale and liabilities directly associated with assets held for sale for the year ended March 31, 2018.
(6) In line with the Capital Allocation Policy announced in April 2018, shareholders approved a buyback of equity shares from the open market route through Indian stock exchanges of up to ₹ 8,260 crore (maximum buyback size) at a price not exceeding ₹ 800 per equity share (maximum buyback price). The buyback shall close within six months from the date of opening of the buyback, i.e. March 20, 2019 or such other period as may be permitted under the Companies Act, 2013 or the SEBI (Buy-back of Securities) Regulations, 2018. Accordingly, during the year ended March 31, 2019, 1,26,52,000 equity shares were purchased from the Indian stock exchanges. Subsequent to the year end, the Company has purchased 81,31,000 shares till the date of the Board’s report.
During the previous year, 11,30,43,478 equity shares (not adjusted for the September 2018 bonus issue) were bought back by the Company for a total amount of ₹ 13,000 crore.
(7) EPS is adjusted for the September 2018 bonus issue and computed based on full numbers without rounding off.
Based on IFRS US$ consolidated financial statements
in US$ million, except per equity share data
|
2019 |
2018 |
Growth (%) |
|
|
Financial performance |
|||
|
Revenues |
11,799 |
10,939 |
7.9 |
|
Gross profit |
4,112 |
3,938 |
4.4 |
|
Operating profit |
2,696 |
2,659 |
1.4 |
|
Net profit(1)(2)(3)(4) |
2,200 |
2,486 |
(11.5) |
|
Net profit attributable to owners of the Company(1)(2)(3)(4) |
2,199 |
2,486 |
(11.5) |
|
Earnings per share (par value of ₹ 5 (US$ 0.16) each) : Basic(6)(7) |
0.51 |
0.55 |
(8.2) |
|
Diluted(6)(7) |
0.51 |
0.55 |
(8.3) |
|
Financial position |
|
||
|
Cash and cash equivalents(6) |
2,829 |
3,041 |
(7.0) |
|
Current investments |
958 |
982 |
(2.4) |
|
Assets held for sale(2) |
– |
316 |
– |
|
Net current assets(5) |
4,951 |
5,243 |
(5.6) |
|
Property, plant and equipment |
1,931 |
1,863 |
3.7 |
|
Goodwill(2) |
512 |
339 |
51.0 |
|
Intangible assets(2) |
100 |
38 |
163.2 |
|
Other non-current assets |
2,065 |
2,342 |
(11.8) |
|
Total assets |
12,252 |
12,255 |
– |
|
Liabilities directly associated with assets held for sale(2) |
– |
50 |
– |
|
Non-current liabilities |
159 |
131 |
21.4 |
|
Total equity(6) |
9,400 |
9,960 |
(5.6) |
|
Total equity and liabilities(6) |
12,252 |
12,255 |
– |
(1) During the quarter ended December 31, 2017, on account of the conclusion of an APA with the US IRS, the Company had reversed income tax expense provision of US$ 225 million, which pertained to previous periods.
(2) During the year ended March 2018, Kallidus and Skava (together referred to as “Skava”) and Panaya were classified under ‘Held for Sale’, resulting in a reduction in fair value in respect of Panaya amounting to $ 18 million. Accordingly, assets amounting to $ 316 million and liabilities amounting to $ 50 million in respect of the disposal group had been classified as held for sale. During the year ended March 31, 2019, a further reduction of $ 39 million was recorded in respect of Panaya and on reclassification of Panaya and Skava from ‘Held for Sale’, the Company recognized an adjustment in respect of excess of carrying amount over recoverable amount of $ 65 million in respect of Skava.
(3) Includes US$ 7 million and US$ 41 million for the years ended March 31, 2019 and March 31, 2018, respectively, towards interest on income tax refund.
(4) During the year ended March 31, 2018, the Company had written down the entire carrying value of US$ 11 million in its associate, DWA Nova LLC.
(5) Excludes assets held for sale and liabilities directly associated with assets held for sale for the year ended March 31, 2018.
(6) In line with the Capital Allocation Policy announced in April 2018, shareholders approved a buyback of equity shares from the open market route through Indian stock exchanges of up to ₹ 8,260 crore (maximum buyback size) at a price not exceeding ₹ 800 per equity share (maximum buyback price). The buyback shall close within six months from the date of opening of the buyback, i.e. March 20, 2019 or such other period as may be permitted under the Companies Act, 2013 or the SEBI (Buy-back of Securities) Regulations, 2018. Accordingly, during the year ended March 31, 2019, 1,26,52,000 equity shares were purchased from the Indian stock exchanges. Subsequent to the year end, the Company has purchased 81,31,000 shares till the date of the Board’s report.
During the previous year, 11,30,43,478 equity shares (not adjusted for the September 2018 bonus issue) were bought back by the Company for a total amount of US$ 2,035 million.
(7) EPS is adjusted for the September 2018 bonus issue and computed based on full numbers without rounding off.