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 on
specified dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding.

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

A financial asset which is not classified
in any of the above categories are
subsequently fair valued through profit
or loss.

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.

The hedge accounting is discontinued when
the hedging instrument are 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
profit or 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. Offsetting of financial instruments

Financial assets and financial liabilities are
offset and the net amount is reported in the
balance sheet if there is a currently enforceable
legal right to offset the recognised amounts
and there is an intention to settle on a net basis
or to realise the assets and settle the liabilities
simultaneously. The legally enforceable right
must not be contingent on future events and
must be enforceable in the normal course of
business and in the event of default, insolvency
or bankruptcy of the group or the counterparty.

E. Investment in subsidiary companies

Investment in subsidiaries is carried at cost in
the separate financial statements.

(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')

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.

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.

(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:

ivin 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 the 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.

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 group 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

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 event, 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 stock options lapse
after vesting, an amount equivalent to the cumulative
cost for the lapsed option is transferred from "Share
options outstanding account" to "General reserve".