Transaction costs that are directly attributable
to the acquisition or issue of financial assets and
liabilities that are not at fair value through profit or
loss are added to the fair value on initial recognition.
Regular purchase and sale of financial assets
are recognised on the trade date. Further, trade
receivables are measured at transaction price on
initial recognition. The Company applies expected
credit loss ('ECL') model for measurement and
recognition of impairment loss. Different criteria to
determine impairment are applied for each category
of financial assets.

B. Subsequent measurement

Non-derivative financial instruments

a. Financial assets carried at amortised cost

A financial asset is subsequently measured at
amortised cost if it is held within a business
model whose objective is to hold the asset in
order to collect contractual cash flows and the
contractual terms of the financial asset give
rise to cash flows on specified dates that are
solely payments of principal and interest on the
principal amount outstanding. Financial assets
are subsequently measured at amortised cost
using the effective interest rate method less
impairment losses, if any.

b. Financial assets at fair value through Other
Comprehensive Income ('FVOCI’)

A financial asset is subsequently measured
at FVOCI if it is held within a business model
whose objective is achieved by both collecting
contractual cash flows and selling financial
assets and the contractual terms of the
financial asset give rise to cash flows on
specified dates that are solely payments
of principal and interest on the principal
amount outstanding.

c. Financial assets at fair value through profit or
loss ('FVTPL’)

Financial assets held within a different business
model other than 'hold to collect' or 'hold to
collect and sell' are categorised at FVTPL.
Further, irrespective of the business model
used, financial assets whose contractual cash
flows are not solely payments of principal
and interest are accounted for at FVTPL. All
derivative financial instruments fall into this
category, except for those designated and
effective as hedging instruments, for which the
hedge accounting requirements apply.

Assets in this category are measured at fair
value with gains or losses recognised in profit
or loss. The fair values of financial assets in
this category are determined by reference to
active market transactions or using a valuation
technique where no active market exists.

d. Equity Instruments

All equity instruments are initially measured
at fair value. Any subsequent fair value gain /
loss is recognised through profit or loss if such
investments are held for trading purposes.

The fair value gains or losses of all other
equity investments are recognised in Other
Comprehensive Income.

Securities are classified as 'quoted' if the prices
at which they are traded are publicly available.

e. Financial liabilities

Financial liabilities are subsequently carried
at amortised cost using the effective interest
method. For trade and other payables maturing
within one year from the balance sheet date, the
carrying amounts approximate fair value due to
the short maturity of these instruments.

Derivative instruments

The Company holds derivative financial instruments

i.e., foreign exchange forward contracts, to mitigate
the risk of changes in exchange rates on foreign
currency exposures. The counterparty for these
contracts is generally a bank. These derivative
instruments are designated as cash flow hedges.

Hedge accounting is discontinued when the hedging
instrument is expired or sold, terminated or no longer
qualifies for hedge accounting. The cumulative gain
or loss on the hedging instruments recognised in
hedging reserve till the period hedge was effective
remains in cash flow hedging reserve until the
forecasted transaction occur. The cumulative gain or
loss previously recognised in the cash flow hedging
reserve is transferred to standalone statement
of profit and loss upon the occurrence of related
forecasted transactions.

Changes in the fair value of the derivative hedging
instrument designated as a cash flow hedge are
recognised in OCI and presented within equity in the
cash flow hedging reserve to the extent that the
hedge is effective. To the extent that the hedge is
ineffective, changes in fair value are recognised in the
standalone statement of profit and loss.

The Company's policy is to recognise transfers into
and transfers out of fair value hierarchy levels as at
the end of the reporting period.

C. De-recognition of financial instruments

The Company derecognises a financial asset when
the contractual right to receive the cash flows from
the financial asset expire or it transfers the financial
asset. A financial liability is derecognised when the
obligation under the liability is discharged, cancelled
or expires.

D. Investment in subsidiary companies

Investment in subsidiaries are carried at cost less
accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount
of the investment is assessed and written down
immediately to its recoverable amount. On disposal
of investment in subsidiaries, the difference between
net disposal proceeds and the carrying amounts are
recognised in the standalone statement of profit
and loss.

(iv) Current versus non-current classification

1. An asset is considered as current when it is:

(a) Expected to be realised or intended to be sold or
consumed in the normal operating cycle, or

(b) Held primarily for the purpose of trading, or

(c) Expected to be realised within twelve months
after the reporting period, or

(d) Cash or cash equivalents unless restricted
from being exchanged or used to settle a
liability for at least twelve months after the
reporting period.

2. All other assets are classified as non-current.

3. Liability is considered as current when it is:

(a) Expected to be settled in the normal operating
cycle, or

(b) Held primarily for the purpose of trading, or

(c) Due to be settled within twelve months after
the reporting period, or

(d) There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period.

4. All other liabilities are classified as non-current.

5. Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

6. All assets and liabilities have been classified as
current or non-current as per the Company's
operating cycle and other criteria set out in Schedule
III to the Act. Based on the nature of services and the
time between the acquisition of assets for processing
and their realisation in cash and cash equivalents,
the Company has ascertained its operating cycle as a
period not exceeding twelve months for the purpose
of current and non-current classification of assets
and liabilities.

(v) Property, plant and equipment

PPE are stated at historical cost, less accumulated
depreciation and impairment losses, if any. Historical costs
include expenditure directly attributable to acquisition
which are capitalised until the PPE are ready for use, as
intended by management, including non-refundable taxes.
Any trade discount and rebates are deducted in arriving at
the purchase price.

The cost of PPE acquired in a business combination is
recorded at fair value on the date of acquisition. The fair
value is taken as per the report of independent valuer.

The cost comprises purchase price, borrowing cost if
capitalisation criteria are met and directly attributable
cost of bringing the asset to its working condition for the
intended use.

An item of PPE initially recognised is de-recognised
upon disposal or when no future economic benefits are
expected from its use or disposal. Gains or losses arising
from disposals of assets are measured as the difference
between the net disposal proceeds and the carrying value
of the asset on the date of disposal and are recognised in
the standalone statement of profit and loss, in the period
of disposal.

The Company depreciates PPE over their estimated useful
lives using the straight-line method. The estimated useful
lives of PPE for the current and comparative periods are
as follows:

In case of certain PPE, the Company uses useful life
different from those specified in Schedule II to the Act
which is duly supported by technical evaluation. The
management believe that these estimated useful lives are
realistic and reflect fair approximation of the period over
which the assets are likely to be used.

Gains or losses arising from derecognition of PPE
are measured as the difference between the net
disposal proceeds and the carrying amount of the
asset on the date of disposal and are recognised in the
standalone statement of profit and loss when the asset
is derecognised.

Depreciation methods, estimated useful lives and residual
values are reviewed at each reporting date. Depreciation
on addition to PPE or on disposal of PPE is calculated pro¬
rata from the month of such addition or up to the month of
such disposal as the case may be.

Capital work-in-progress includes PPE under construction
and not ready for intended use as on the balance sheet
date. Capital work-in-progress is stated at cost, net of
accumulated impairment loss, if any.

(vi) Intangible assets

Intangible assets acquired separately are initially
recognised at cost of acquisition which includes purchase
price including import duties and nonrefundable taxes,
if any and further includes directly attributable cost of
preparing the asset for its intended use. Identifiable
intangible assets are recognised when it is probable that
future economic benefits attributed to the asset will
flow to the Company and the cost of the asset can be
reliably measured. Following initial recognition, intangible
assets are carried at cost less accumulated amortisation
and impairment losses, if any. The amortisation of an
intangible asset with a finite useful life reflects the manner
in which the economic benefit is expected to be generated.
The estimated useful life of amortisable intangibles are
reviewed and where appropriate are adjusted, annually.

Gains or losses arising from derecognition of an intangible
asset are measured as the difference between the
net disposal proceeds and the carrying amount of the
asset on the date of disposal and are recognised in the
standalone statement of profit and loss when the asset
is derecognised.

Amortisation on addition to intangible assets or on
disposal of intangible assets is calculated pro-rata from
the month of such addition or up to the month of such
disposal as the case may be.

The estimated useful lives of the amortisable intangible
assets for the current and comparative periods are
as follows:

Goodwill is measured as the excess of the aggregate of the
consideration transferred and the amount recognised for
non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities
assumed. Goodwill arising on an acquisition of a business
is carried at cost as established at the date of acquisition
of the business less accumulated impairment losses, if any.

A cash generating unit ('CGU') to which goodwill has been
allocated is tested for impairment annually, or more
frequently when, there is an indication that the unit may be
impaired. If the recoverable amount of the CGU is less than
its carrying amount, the impairment loss is allocated first
to reduce the carrying amount of any goodwill allocated to
the unit and then to the other assets of the unit pro-rata
based on the carrying amount of each asset in the unit. Any
impairment loss for goodwill is recognised in statement of
profit and loss. An impairment loss recognised for goodwill
is not reversed in subsequent periods. On the disposal of
the relevant cash generating unit, the attributable amount
of goodwill is included in the determination of the profit or
loss on disposal.

(vii) Leases

The determination of whether an arrangement is
(or contains) a lease is based on the substance of
the arrangement at the inception of the lease. The
arrangement is, or contains, a lease if fulfilment of the
arrangement is dependent on the use of a specific asset
or assets and such arrangement conveys a right to use the
asset or assets, even if that right is not explicitly specified
in an arrangement.

As a lessee

The Company assesses whether a contract contains a
lease, at inception of a contract. A contract is, or contains,
a lease if the contract conveys the right to control the use
of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an
identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the
period of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the Company
recognises a right of use asset ('ROU') and a corresponding
lease liability for all lease arrangements in which it is a
lessee, except for leases with a term of twelve months or
less (short-term leases) and leases for low value asset.

For these short-term leases and leases for low-value
assets, the Company recognises the lease payments as an
operating expense on a straight-line basis over the term of
the lease.

Certain lease arrangements include the options to extend or
terminate the lease before the end of the lease term. ROU
assets and lease liabilities includes these options when it
is reasonably certain that they will be exercised. The ROU
assets are initially recognised at cost, which comprises
the initial amount of the lease liability adjusted for any
lease payments made at or prior to the commencement
date of the lease plus any initial direct costs less any lease
incentives. They are subsequently measured at cost less
accumulated depreciation and impairment losses, if any.

The Company has elected to account for short-term
leases and leases of low-value assets using the practical
expedients. Instead of recognising a right-of-use asset
and lease liability, the payments in relation to these are
recognised as an expense in profit or loss on a straight-line
basis over the lease term.

i. Right of use assets

ROU assets are depreciated from the commencement date
on a straight-line basis over the shorter of the lease term
and useful life of the underlying asset. ROU assets are
evaluated for recoverability whenever events or changes in
circumstances indicate that their carrying amounts may not
be recoverable. For the purpose of impairment testing, the
recoverable amount (i.e., the higher of the fair value less cost
to sell and the value-in-use) is determined on an individual
asset basis unless the asset does not generate cash flows
that are largely independent of those from other assets. In
such cases, the recoverable amount is determined for the
Cash Generating Unit ('CGU') to which the asset belongs.

ii. Lease liabilities

The lease liability is initially measured at amortised cost
at the present value of the future lease payments. The
lease payments are discounted using the interest rate
implicit in the lease or, if not readily determinable, using
the incremental borrowing rates in the country of domicile
of these leases. Lease liabilities are remeasured with a
corresponding adjustment to the related ROU asset if
the Company changes its assessment on whether it will
exercise an extension or a termination option.

As a lessor:

Leases for which the Company is a lessor is classified
as a finance or operating lease. Whenever the terms of
the lease transfer substantially all the risks and rewards
of ownership to the lessee, the contract is classified
as a finance lease. All other leases are classified as
operating leases.

For operating leases, rental income is recognised on a
straight-line basis over the term of the relevant lease.
Contingent rents are recognised as revenue in the period in
which they are earned.

(viii) Impairment of assets

a. Non financial assets

Intangible assets, ROU assets and PPE are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e., the
higher of the fair value less cost to sell and the value
in use) is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets.

In such cases, the recoverable amount is determined
for the CGU to which the asset belongs.

If such assets are considered to be impaired, the
impairment to be recognised in the standalone
statement of profit and loss is measured by the
amount by which the carrying value of the assets
exceeds the estimated recoverable amount of
the asset. An impairment loss is reversed in the
standalone statement of profit and loss if there has
been a change in the estimates used to determine
the recoverable amount. The carrying amount of the
asset is increased to its revised recoverable amount,
provided that this amount does not exceed the
carrying amount that would have been determined
(net of any accumulated amortisation or depreciation)
had no impairment loss been recognised for the asset
in prior years.

b. Financial assets

The Company assesses at each date of balance
sheet whether a financial asset or a Company of
financial assets is impaired. Ind AS 109 requires
expected credit losses to be measured through a
loss allowance. The Company recognises lifetime
expected losses for all trade receivables and contract
assets that do not constitute a financing component.
In determining the allowances for doubtful trade
receivables and contract assets, the Company
has used a practical expedient by computing the

expected credit loss allowance for trade receivables
and contract assets based on a provision matrix. The
provision matrix takes into account historical credit
loss experience and is adjusted for forward-looking
information. The expected credit loss allowance is
based on the ageing of the receivables that are due
and allowance rates used in the provision matrix.

For all other financial assets, expected credit losses
are measured at an amount equal to the 12-months
expected credit losses or at an amount equal to
the lifetime credit losses if the credit risk on the
financial asset has increased significantly since
initial recognition.

When determining whether the credit risk of a
financial asset has increased significantly since initial
recognition, the Company considers reasonable and
supportable information that is relevant and available
without undue cost or effort. This includes both
quantitative and qualitative information and analysis,
based on the Company's historical experience and
informed credit assessment, that includes forward¬
looking information.

The Company assumes that the credit risk on a
financial asset has increased significantly if it is more
than 90 days past due (inclusive of additional 60 days
over and above 30 days rebuttable presumption,
where the delay could be due to administrative
oversight which is considered normal in the industry
and/ or geographies where Company is operating).

For impairment of investment in subsidiaries, refer
accounting policy of 'Investment in subsidiaries'.

(ix) Employee benefits

A. Long term employee benefits

(a) Defined contribution plan

The Company has defined contribution plans for
post employment benefits in the form of provident
fund, employees' state insurance, labour welfare
fund and superannuation fund in India which are
administered through Government of India and/
or Life Insurance Corporation of India ('LIC'). Under
the defined contribution plans, the Company has no
further obligation beyond making the contributions.
Such contributions are charged to the standalone
statement of profit and loss as incurred.

(b) Defined benefit plan

The Company has defined benefit plans for post
employment benefits in the form of gratuity for
its employees in India. The gratuity scheme of the
Company is administered through LIC. Liability/
asset for defined benefit plans is recognised on the

basis of actuarial valuations, as at the balance sheet
date, carried out by an independent actuary. The
actuarial valuation method used by independent
actuary which is the net of the present value of
defined obligation and the fair value of plan assets.
The actuarial valuation method used by independent
actuary for measuring the liability is the projected
unit credit method.

Actuarial gains or losses are recognised in OCI.
Further, the profit or loss does not include an
expected return on plan assets. Instead net interest
recognised in profit or loss is calculated by applying
the discount rate used to measure the defined
benefit obligation to the net defined benefit liability
or asset. The discount rate used is with reference
to the market yields on government bonds for a
term approximating with the term of the related
obligation. The actual return on the plan assets above
or below the discount rate is recognised as part of re¬
measurement of net defined liability or asset through
other comprehensive income.

Remeasurements comprising of actuarial gains or
losses and return on plan assets (excluding amounts
included in net interest on the net defined benefit
liability) are not reclassified to profit or loss in
subsequent periods.

(c) Other long-term employee benefits

The employees of the Company are also entitled for
other long-term benefit in the form of compensated
absences as per the policy of the Company.

Employees are entitled to accumulate leave balance
up to the upper limit as per the Company's policies
which can be carried forward perpetually. Leave
encashment for employees gets triggered on an
annual basis, if the accumulated leave balance
exceeds the upper limit of leave. Further, at the time
of retirement or death while in employment or on
termination of employment, leave encashment vests
equivalent to salary payable for number of days of
accumulated leave balance. Liability for such benefits
is provided on the basis of actuarial valuations, as at
the balance sheet date, carried out by an independent
actuary using the projected unit credit method.
Actuarial gains and loss are recognised in the
standalone statement of profit and loss during the
period in which they arise.

B. Short-term employee benefits

The undiscounted amount of short term employee benefits

expected to be paid in exchange for the services rendered

by employees is recognised in the year during which the

employee rendered the services. These benefits include
salary and performance incentives etc.

C. Termination benefits

Termination benefits, including those in the nature of
voluntary retirement benefits or those arising from
restructuring, are recognised in the standalone statement
of profit and loss when the Company has a present
obligation as a result of past events, when a reliable
estimate can be made of the amount of the obligation
and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligations.

(x) Share based payments

The Company determines the compensation cost based
on the fair value method using Black-Scholes-Merton
formula, in accordance with Ind AS 102 "Share-based
Payment" ('Ind AS 102'). The Company grants options to
its employees which will be vested in a graded manner
and are to be exercised within a specified period. The
compensation cost is amortised on graded basis over
the vesting period. The share based payment expense is
determined based on the Company's estimate of equity
instrument that will eventually vest.

The amounts recognised in "Share options outstanding
account" are transferred to share capital and securities
premium upon exercise of stock options by employees.
Where employee share options are cancelled after vesting,
an amount equivalent to the cumulative cost for the lapsed
option is transferred from "Share options outstanding
account" to "General reserve".