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COFORGE LIMITED Interim / Quarterly Report 2021
61761_rns_2021-05-06_8a6dec37-3e7c-4099-bedf-7ec680823fdb.pdf
Interim / Quarterly Report
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May 06, 2021
The General Manager, Department of Corporate Services The National Stock Exchange of India Limited Exchange Plaza. Plot No. C/1, G Block, Bandra Kurla Complex, Bandra, Mumbai - 400 051 NSE Scrip code - [COFORGE]
Dear Sir/Madam.
Subiect: Outcome of Board Meeting - May 06, 2021 under Regulation 30 read with Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015 of SEBI (LODR), Regulations, 2015 as amended
Standalone and Consolidated audited financial results for the quarter ended/year ended March 31, 2021, Auditors Report, web presentation & Fact Sheet
Pursuant to the provisions contained in Regulation 33 of the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 and all amendments thereto, we wish to inform you that the Board of Directors at their meeting held today on May 06, 2021 have considered and approved the Standalone and Consolidated audited financial results for the quarter ended/year ended March 31, 2021, Auditors Report, web presentation & Fact Sheet. Please find enclosed the following documents in this regard:
- Audited Standalone and Consolidated Financial Results for the quarter ended/year ended March 31, 2021 along a) with Fact Sheet & web presentation:
- Statutory Audit Report issued by S R Batliboi & Associates LLP, Statutory Auditors, with unmodified opinion b) on the financial results of the Company for the quarter ended/year ended March 31, 2021.
Further, we would like to confirm that the Statutory Auditors have issued Audit Reports with unmodified opinion on the financial results of the Company for the quarter ended/year ended March 31, 2021 pursuant to Regulation 33(3)(d) of the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Interim Dividend & Record Date
The Board has also declared interim dividend of Rs. 13/- (Rupees Thirteen only) per Equity Share of the Company the face value of Rs. 10/- each fully paid-up, for the financial year 2020-21.
Further in terms of Regulation 42 of the SEBI Listing Regulations, 2015 as amended, the Board has fixed May 19, 2021 as the "Record Date" for the purpose of ascertaining the eligibility of shareholders for payment of interim Dividend.
The payment of interim dividend/ dispatch of dividend warrants would be done within 30 days from the date of declaration of dividend.
Re-appointment of Mr. Basab Pradhan (DIN: 0892181) as Independent Director
Mr. Basab Pradhan was appointed as Independent Directors of the Company pursuant to Section 149 of the Companies Act, 2013 ("the Act") read with Companies (Appointment and Qualification of Directors) Rules, 2014, by the Shareholders at the Annual General Meeting held on 21st September, 2019 to hold office upto June 28th, 2021 ("first term" as per the explanation to Section 149(10) and 149(11) of the Act.). The Board of Directors at its Meeting held today on 6th May, 2021 has recommended the re-appointment of Mr. Pradhan as an Independent Director on the Board of the Company, to hold office for the second term of three consecutive years commencing from June 29, 2021 upto June 28, 2024, subject to approval by the members at the ensuing Annual General Meeting of the Company, and not liable to retire by rotation, on the terms and conditions as mutually agreed between the Board and Mr. Pradhan,
Coforge Limited (Erstwhile known as NIIT Technologies Limited) Special Economic Zone, Plot No. TZ-2 & 2A, Sector - Tech Zone, Greater Noida (UP) - 201308, India. Tel.: +91 120 4592 300, Fax: +91 120 4592 301 www.coforgetech.com Registered Office: 8, Balaji Estate, Third Floor, Guru Ravi Das Marg, Kalkaji, New Delhi - 110 019, India. Tel.: +91 11 41029 297, Fax: +91 11 2641 4900 CIN: L72100DL1992PLC048753
Further, Mr. Pradhan is also appointed as Non-Executive Chairperson (Independent) of the Board with effect from June 29, 2021 till June 28, 2024.
A brief profile of the Director seeking appointment is annexed below:
Brief profile of Mr. Basab Pradhan (DIN: 0892181)
Mr. Basab Pradhan has had a successful career spanning IT Services, Technology and Consumer Marketing. His longest tenure was with Infosys Ltd. where he was Head of Global Sales & Marketing for 5 years. From 2002 to 2005 he led the company's sales organization as it grew from $400 million to $2 billion in revenues with industry leading margins.
Mr. Pradhan is a graduate of Indian Institute of Technology, Kanpur and Indian Institute of Management, Ahmedabad. He lives in the San Francisco Bay Area.
Mr. Pradhan is not related to any of the existing Directors of the Company and is not debarred from holding the Office of Director by virtue of any order passed by SEBI or any other such authority.
This disclosure is made in terms of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 for the information of the Exchange, Members and of the Debenture holders.
Thanking you.
Yours faithfully,
For Coforge Limited (Erstwhile NIIT Technologies Limited)
Lalit Kumar Sharma Company Secretary & Legal Counsel
Coforge Limited (Erstwhile known as NIIT Technologies Limited) Special Economic Zone, Plot No. TZ-2 & 2A, Sector - Tech Zone, Greater Noida (UP) - 201308, India. Tel.: +91 120 4592 300. Fax: +91 120 4592 301 www.coforgetech.com Registered Office: 8, Balaji Estate, Third Floor, Guru Ravi Das Marg, Kalkaji, New Delhi - 110 019, India. Tel.: +91 11 41029 297, Fax: +91 11 2641 4900 CIN: L72100DL1992PLC048753
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Chartered Accountants
12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
T0 The Board of Directors of Coforge Limited (erstwhile NIIT Technologies Limited)
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of Coforge Limited (erstwhile NIIT Technologies Limited) ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiaries, the Statement:
i. includes the results of the following entities;
| S. No. | Names of the entities |
|---|---|
| Coforge Limited (erstwhile NIIT Technologies Limited) | |
| $\overline{2}$ | Coforge Inc. (erstwhile NIIT Technologies Inc.) |
| $\overline{3}$ | Coforge UK Limited (erstwhile NIIT Technologies Limited United |
| Kingdom) | |
| $\overline{4}$ | Coforge Advantage Go (erstwhile NIIT Insurance Technologies Limited) |
| 5 | Coforge Smartserve Limited (erstwhile NIIT Smartserve Limited) |
| 6 | Coforge DPA UK Limited (erstwhile Incessant Technologies (UK) |
| Limited) | |
| 7 | Whishworks Limited, UK |
| 8 | Coforge DPA Private Limited (erstwhile NIIT Incessant Private Limited) |
| 9 | Whishworks IT Consulting Private Limited |
| 10 | Coforge BPM Inc. (erstwhile RuleTek LLC) |
| 11 | Coforge DPA Australia Pty Limited (erstwhile Incessant Technologies |
| (Australia) Pty Limited) | |
| 12 | Coforge Technologies (Australia) Pty Limited (erstwhile NIIT |
| Technologies Pty Limited) | |
| 13 | Coforge FZ LLC (erstwhile NIIT Technologies FZ LLC) |
| 14 | Coforge Limited, Thailand (erstwhile NIIT Technologies Limited, |
| Thailand) | |
| 15 | Coforge Pte Limited (erstwhile NIIT Technologies Pte Limited) |
| 16 | Coforge S.A. (erstwhile NIIT Technologies S.A.) |
Chartered Accountants
| S. No. | Names of the entities |
|---|---|
| 17 | Coforge Gmbh (erstwhile NIIT Technologies Gmbh) |
| 18 | Coforge DPA NA Inc. USA (erstwhile Incessant Technologies NA Inc.) |
| 19 | Coforge BV (erstwhile NIIT Technologies BV) |
| 20 | Coforge Airline Technologies GmbH (erstwhile Coforge NIIT Airline |
| Technologies GmbH) | |
| 21 | Coforge Services Limited (erstwhile NIIT Technologies Services Limited) |
| 22 | Coforge Spolka Z Ograniczona Odpowiedzialnoscia, Poland (erstwhile |
| NIIT Technologies Spółka Z Ograniczona Odpowiedzialnoscia, Poland) | |
| 23 | Coforge DPA Ireland Limited (erstwhile Incessant Technologies (Ireland) |
| Limited) | |
| 24 | Coforge S.R.L., Romania (erstwhile NIIT Technologies S.R.L.) |
| 25 | Coforge SDN. BHD, Malaysia (erstwhile NIIT Technologies SDN. BHD) |
| 26 | Coforge A.B. Swedan (erstwhile NIIT Technologies A.B.) |
| 27 | NIIT Technologies Philippines Inc. (under liquidation) |
- ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
- iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Management's Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
Chartered Accountants
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section $143(3)(i)$ of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such
other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Other Matters
The accompanying Statement includes the audited financial results and other financial information, in respect of thirteen subsidiaries, whose financial results include total assets of Rs 7,360 million as at March 31, 2021, total revenues of Rs 2,759 million and Rs 10,000 million, total net profit after tax of Rs. 103 million and Rs. 524 million, total comprehensive income of Rs. 103 million and Rs. 524 million, for the quarter and the year ended on that date, respectively and net cash outflows of Rs. 821 million for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.
The independent auditor's report on the financial results of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.
The accompanying Statement includes unaudited financial results and other unaudited financial information in respect of five subsidiaries, whose financial results and other financial information reflect total assets of Rs 73 million as at March 31, 2021, and total revenues of Nil and Nil, total net loss after tax of Nil and Rs. 6 million, total comprehensive loss of Nil and Rs. 6 million, for the quarter and the year ended on that date, respectively and net cash outflows of Rs. 6 million for the year ended March 31, 2021, whose financial results and other financial information have not been audited by any auditors.
These unaudited financial results have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on such unaudited financial results. In our opinion and according to the information and explanations given to us by the Management, these financial results are not material to the Group.
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results certified by the Management.
Chartered Accountants
The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004
Digitally signed by VINEET KEDIADN: cn=VINEET KEDIA, c=IN, VINEET prince in the property, compared to the presental,email=[email protected]Date: 2021.05.06 09:36:29 +05'30' KEDIA
per Vineet Kedia Partner Membership No.: 212230
UDIN: 21212230AAAABL3862
Place: Mumbai Date: May 06, 2021
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidass Marg, Kalkaji, New Delhi-110019. Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetech.comEmail : [email protected]. CIN L72100DL1992PLC048753Statement of Audited Financial Results for the Quarter and Year ended March 31
| Rs. in Mn | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated Financial Results | ||||||||
| Particulars | Quarter endedMarch 31, 2021(Refer Note 12) | PrecedingQuarter endedDecember 31,2020 | CorrespondingQuarter endedMarch 31, 2020(Refer Note 12) | Year endedMarch 31, 2021 | Year endedMarch 31,2020 | |||
| Audited | (Unaudited) | (Audited) | (Audited | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | |||
| $\mathbf{I}$ | Revenue from Operations | 12,615 | 11,906 | 11,093 | 46,628 | 41,839 | ||
| Ш | Other Income | 165 | 46 | 221 | 326 | 677 | ||
| Ш | Total | 12,780 | 11,952 | 11,314 | 46.954 | 42,516 | ||
| 1V | Expenditure | |||||||
| a) Purchases of stock- in-trade / contract cost | 272 | 585 | 256 | 1,935 | 844 | |||
| b) Employee benefits expense | 7,585 | 7,205 | 6,441 | 28,158 | 25,298 | |||
| c) Finance Costs | 32 | 34 | 54 | 143 | 155 | |||
| d) Depreciation and amortization expense | 449 | 462 | 433 | 1,836 | 1,730 | |||
| e) Other expenses | 2,660 | 2,100 | 2,412 | 8,740 | 8,464 | |||
| f) Total | 10,998 | 10,386 | 9,596 | 40,812 | 36,491 | |||
| v | Profit before exceptional items and tax (III-IV) | 1,782 | 1,566 | 1,718 | 6,142 | 6,025 | ||
| VI | Exceptional items | $\blacksquare$ | $\overline{a}$ | 128 | 180 | 71 | ||
| VII | Profit before Tax (V-VI) | 1,782 | 1,566 | 1,590 | 5,962 | 5,954 | ||
| VIII Tax Expense | ||||||||
| - Current tax | 347 | 467 | 334 | 1,608 | 1,551 | |||
| - Deferred tax | 61 | (136) | 14 | (306) | (273) | |||
| Total tax expense | 408 | 331 | 348 | 1,302 | 1,278 | |||
| IX I | Profit for the period / year from operations | 1,374 | 1,235 | 1,242 | 4,660 | 4,676 | ||
| (VII-VIII) | ||||||||
| Profit attributable to owners of Coforge Limited | 1,330 | 1,220 | 1,136 | 4,556 | 4,440 | |||
| Profit attributable to Non-Controlling interests | 44 | 15 | 106 | 104 | 236 | |||
| X. | Other Comprehensive Income | |||||||
| A. Items that will be reclassified to profit or loss | ||||||||
| Deferred gains / (loss) on cash flow hedges | 46 | (25) | (235) | 369 | (473) | |||
| Exchange Differences on Translation of | (8) | 254 | 90 | 285 | 452 | |||
| Foreign Operations | ||||||||
| Income tax relating to items that will be | (13) | 4 | 59 | (95) | 120 | |||
| reclassified to profit or loss | ||||||||
| B. Items that will not be reclassified to profit or | ||||||||
| loss | 3 | |||||||
| Remeasurement of post - employmentbenefit obligations (expenses) / income | (25) | (8) | 38 | (12) | ||||
| Income tax relating to items that will not be | 8 | 2 | (13) | 3 | (1) | |||
| reclassified to profit or loss | ||||||||
| Total | 8 | 227 | (61) | 550 | 101 | |||
| ХL | Total comprehensive income for the period / | 1,382 | 1,462 | 1,181 | 5,210 | 4,777 | ||
| year (Comprising Profit and other | ||||||||
| comprehensive income for the period / year) | ||||||||
| Attributable to:Owners of Coforge Limited | 1,338 | 1,447 | 1,075 | 5,106 | 4,541 | |||
| Non-Controlling interests | 44 | 15 | 106 | 104 | 236 | |||
| XII I | Paid up Equity Share Capital | |||||||
| (Face Value of Rs 10 each, fully paid) | 606 | 606 | 625 | 606 | 625 | |||
| XIII Earnings Per Share of Rs. 10/-each):Basic | 21.95 | 20.14 | 18 18 | 74 68 | 71.39 | |||
| Diluted | 21 52 | 19.77 | 18 16 | 73 29 | 70.97 | |||
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetech
| Consolidated Statement of Assets and Liabilities | Rs. in Mn | |||
|---|---|---|---|---|
| Consolidated | ||||
| Particulars | AuditedAs at March31,2021 | AuditedAs at March31,2020 | ||
| Non-current assets | ||||
| Property, plant and equipment | 3,902 | 4,013 | ||
| Right-of-use assets | 614 | 792 | ||
| Capital work in-progress | 2 | 3 | ||
| Goodwill | 4,226 | 4,091 | ||
| Other Intangible assets | 1,464 | 1,897 | ||
| Financial assets | ||||
| Investments | ||||
| Other financial assets | 1,829 | 650 | ||
| Deferred tax assets (net) | 1,548 | 1,302 | ||
| Other non-current assets | 254 | 140 | ||
| Total non-current assets | 13,839 | 12,888 | ||
| Current Assets | ||||
| Financial assets | ||||
| Investments | 124 | 137 | ||
| Trade receivables | 8,895 | 8.565 | ||
| Cash and cash equivalents | 7,999 | 8,195 | ||
| Other bank balances | 123 | 839 | ||
| Other financial assets | 2,717 | 2.427 | ||
| Current tax assets (net) | 358 | 411 | ||
| Other current assets | 1,079 | 936 | ||
| Total current assets | 21,295 | 21,510 | ||
| Total Assets | 35,134 | 34,398 | ||
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Equity share capital | 606 | 625 | ||
| Other equity | ||||
| Reserves and Surplus | 23,041 | 22,885 | ||
| Other Reserves | 1,014 | 455 | ||
| Equity attributable to owners of Coforge Limited | 24,661 | 23,965 | ||
| Non-controlling Interests | ||||
| Total Equity | 24,661 | 23,965 | ||
| Liabilities | ||||
| Non-current liabilities | ||||
| Financial Liabilities | ||||
| Borrowings | 5 | 48 | ||
| Trade payables | 325 | 206 | ||
| Other financial liabilities | 546 | 1,247 | ||
| Provisions | 696 | 593 | ||
| Deferred tax liabilities | 295 | 397 | ||
| Other non-current liabilities | 181 | |||
| Total non-current liabilities | 2,048 | 2,491 | ||
| Current liabilities | ||||
| Financial Liabilities | ||||
| Trade payables | 3,398 | 2.634 | ||
| Other financial liabilities | 1,195 | 2,406 | ||
| Provisions | 225 | 329 | ||
| Other current liabilities | 3,607 | 2.573 | ||
| Total current liabilities | 8,425 | 7,942 | ||
| Total liabilities | 10,473 | 10,433 | ||
| Total Equity and Liabilities | 35,134 | 34,398 |
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetech
| Consolidated Statement of Cash Flows | Rs. in Mn | |
|---|---|---|
| Audited | ||
| Particulars | Year endedMarch 31, 2021 | Year endedMarch 31, 2020 |
| Cash flow from operating activities | ||
| Profit before tax | 5,962 | 5,954 |
| Adjustments for | ||
| Depreciation and amortisation expense | 1,836 | 1,730 |
| Impairment of goodwill | 40 | |
| Loss on disposal of property, plant and equipment (net) | 16 | 13 |
| Interest and finance charges | 79 | 85 |
| Provision for customer contracts written back | (87) | (148) |
| Employee share-based payment expense | 476 | 63 |
| Provision for doubtful debts & unbilled revenue (including exceptional) (net) | 610 | 84 |
| Dividend and interest income classified as investing cash flows | (12) | |
| Interest income from financial assets at amortised cost | (40) | (69) |
| Gain on closure of subsidiary | (96) | |
| Gain on sale of investments | (1) | (423) |
| Unrealized loss / (gain) on fair valuation of current investments | (7) | 215 |
| Unwinding of discount - Finance Income | (69) | (24) |
| Unwinding of discount - Finance Cost | 28 | 35 |
| 2,841 | 1,493 | |
| Changes in operating assets and liabilities | ||
| (Increase)/Decrease in trade receivables(Increase)/Decrease in other financial assets | (691)(566) | (2,071)(1,715) |
| (Increase)/Decrease in other assets | (218) | 166 |
| Increase/(Decrease) in provisions | 80 | (37) |
| Increase/(Decrease) in trade payables | 785 | 958 |
| Increase /(Decrease) in other current liabilities | 1,112 | 35 |
| Cash generated / (used) from operations | 502 | (2,664) |
| Income taxes paid | (1,682) | (1, 814) |
| Net cash inflow from operating activities | 7,623 | 2,969 |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment | (782) | (725) |
| Proceeds from sale of property, plant and equipment | 25 | 22 |
| Purchase of additional stake in subsidiaries / business acquisition | (1,691) | (1, 362) |
| Purchase of subsidiary | (1, 494) | |
| Distribution on closure of subsidiary | 897 | |
| Purchase of current investments | (6, 787) | |
| Proceeds from sale of current investments | 21 | 10,489 |
| Dividend income | 12 | |
| Interest received on banks | 73 | 71 |
| Net cash (outflow) / inflow from investing activities | (2, 354) | 1,123 |
| Cash flow from financing activities | ||
| Payment for buy back of own equity shares (including taxes) | (4, 166) | (11) |
| Proceeds from issue of shares (including security premium) | 18 | 286 |
| Proceeds from term loan | 281 | |
| Repayment of term loan | (306) | (42) |
| Cash paid for principal portion of lease liabilities | (312) | (287) |
| Interest paidDividends paid to the Company's shareholders | (79) | (85)(1.469) |
| Net cash (outflow) from financing activities | (686)(5,531) | (1,327) |
| Cash acquired on acquisition of subsidiary | 238 | |
| Net increase (decrease) in cash and cash equivalents | (262) | 3,003 |
| Cash and cash equivalents at the beginning of the financial year | 8,195 | 5,194 |
| Previous year assets classified as held for sale included in investing activities above | (115) | |
| Effects of exchange rate changes on cash and cash equivalents | 66 | 113 |
| Cash and cash equivalents at the end of the financial year | 7.999 | 8,195 |
| Cash and Cash Equivalents comprise of: | ||
| Cash on hand | ||
| Cheques, drafts on hand | 8 | 299 |
| Balances with banksFixed deposit accounts (less than 3 months maturity) | 7,264727 | 4,6313,265 |
| Total | 7,999 | 8,195 |
Selected explanatory notes to the Consolidated Financial Results for the Quarter and Year ended March 31, 2021
1 The above results were reviewed and recommended by the Audit Committee at the meeting held on May 5, 2021 and approved by the Board of Directors at their meeting held on May 6, 2021.
2 The financial results have been prepared in accordance with applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and Amended Rules, 2016.
3 During the quarter ended March 31, 2021, pursuant to Employees Stock Option Plan 2005, 4,890 options were exercised from various Grants and 1,574,493 options were outstanding as on March 31, 2021 issued on various dates.
4 Seament information at Consolidated level
| Preceding | RS IN MN | ||||
|---|---|---|---|---|---|
| Quarter endedMarch 31, 2021 | Quarter endedDecember 31,2020 | CorrespondingQuarter endedMarch 31, 2020 | Year endedMarch 31, 2021 | Year endedMarch 31,2020 | |
| Revenue from Operations | |||||
| Americas | 5,849 | 5,884 | 5,094 | 22,236 | 20,040 |
| Europe, Middle East and Africa | 4.991 | 4,261 | 4,427 | 17,181 | 15,638 |
| Asia Pacific | 1.175 | 1.044 | 867 | 4.036 | 3,817 |
| India | 600 | 717 | 705 | 3,175 | 2,344 |
| Total | 12,615 | 11,906 | 11,093 | 46,628 | 41,839 |
| Adjusted earning before Interest, Tax, Depreciation and Amortization (EBITDA) | |||||
| Americas | 940 | 1,098 | 798 | 3,866 | 3,543 |
| Europe, Middle East and Africa | 1.085 | 898 | 1,170 | 3,604 | 3,621 |
| Asia Pacific | 129 | 116 | 49 | 408 | 335 |
| India | (33) | (102) | (46) | (13) | (302) |
| Total | 2,121 | 2,010 | 1,971 | 7,865 | 7,197 |
| Depreciation and Amortization | 449 | 462 | 433 | 1,836 | 1,730 |
| Other Income (net) | 110 | 18 | 180 | 113 | 558 |
| Profit Before Tax (before exceptional items) | 1,782 | 1,566 | 1,718 | 6,142 | 6,025 |
| Exceptional items | 128 | 180 | 71 | ||
| Profit Before Tax | 1,782 | 1,566 | 1,590 | 5,962 | 5,954 |
| Provision for Tax | 408 | 331 | 348 | 1,302 | 1,278 |
| Profit after Tax | 1,374 | 1,235 | 1,242 | 4,660 | 4,676 |
Notes to segment information : (a) The Chief Operating Decision Maker i.e., the Chief Executive Officer (CEO), primarily uses a measure of revenue and adjusted Earnings before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA) to assess the performance of the operating segments. Earnings before Interest, Tax, Depreciation and Amortisation is adjusted with other income and foreign exchange differences to arrive at Adjusted EBITDA. Assets and liabilities used in the group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. Accordingly, the CEO does not review assets and liabilities at reportable segments level.
(b) As per Ind AS 108 on 'Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial results.
- 5 During the quarter the Group received old outstanding (which was provided for in earlier years) amounting to Rs. 220 Mn from one of its government customer. The Group recorded the recovery of principal amount of Rs. 138 Mn as credit to the provision to doubtful debts and interest component of Rs. 82 Mn in Other Income.
- 6 The Group made a strategic investment in M/s SLK Global Solutions Private Limited (the "Investee Company") on April 12, 2021, and has entered into the following agreements:
(i) Share Purchase Agreement to acquire 80% equity shares over a period of two years from the existing shareholders of the Investee Company (ii) Shareholders Agreement to regulate the rights and obligations of the shareholders, inter se and for the internal management of the Investee Company.
Out of this, equity shares equivalent to 35% of the total issued and paid up share capital of the Investee Company were purchased on April 12, 2021 ("Tranche 1") and equity shares equivalent to 25% of the total issued and paid up share capital of the Investee Company were purchased on April 28, 2021 ("Tranche 2"), aggregating to 60% of the total share capital of the Investee Company. The balance equity shares equivalent to 20% (twenty per cent) of the total issued and paid up share capital of the Investee Company will be purchased after two years from the date hereof.
For acquiring 60% stake in the Investee Company, the Group invested Rs. 9,183 Mn. The Group funded this transaction partially from Redeemable Non-Convertible Bonds amounting to Rs. 3,400 Mn and balance through internal accruals.
- 7 As at March 31, 2020, the Group held 57.6% stake in Whishworks IT Consulting Private Limited ("Whishworks"). Consequent to the Share Purchase Agreement with shareholders of Whishworks, on 9 June 2020, the Group acquired incremental 23.8% stake for consideration of Rs. 689 Mn resulting in Whishworks becoming a 81.4% subsidiary as at March 31, 2021. Pending acquisition of 18.6% shareholding, the group has attributed the profit and each component of other comprehensive income (if any) to Non Controlling Interest, which is included in future acquisition liability.
- 8 On February 13, 2020, the Shareholders of the Company accorded their approval for buy-back of 1,956,290 fully paid equity shares of the face value of Rs. 10/- each at a price of up to Rs. 1,725 per share aggregating to Rs. 3,375 Mn. The buy-back was consummated on June 22, 2020 and accordingly, 1,956,290 fully paid equity shares have been extinguished from the share capital of the Company with corresponding reduction in Equity Share Capital, Securities Premium Account, General Reserve and Retained Earnings amounting to Rs. 20 Mn, Rs. 1,053 Mn, Rs. 250 Mn and Rs. 2,052 respectively.
- 9 As at June 30, 2020, the Group held 80% membership interest in RuleTek LLC ("RuleTek"). Consequent to the Membership Interest Purchase Agreement with members of RuleTek, during the quarter ended September 30, 2020, the Group acquired incremental 20% interest for consideration of Rs. 722 Mn resulting in RuleTek becoming a wholly owned subsidiary as at March 31, 2021.
- 10 On June 14, 2020, the Shareholders of the Company have approved the proposed change in name of the Company from "NIIT Technologies Limited" to "Coforge Limited". The name of the Company has been changed from "NIIT Technologies Limited" to "Coforge Limited" w.e.f. August 3, 2020 vide certificate of incorporation pursuant to change of name issued by the Ministry of Corporate Affairs, Government of India.
- 11 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules / interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
- 12 The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year up to March 31, 2021 and the unaudited published year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the financial year which were subjected to limited review.
- 13 The Board of Directors at its meeting held on May 6, 2021 has declared an interim dividend of Rs. 13 per equity share.
- 14 Previous year/period figures have been reclassified to conform to current year/ period's classification.
By order of the Board Coforge Limited (erstwhile NIIT Technologies Limited) SUDHIR Digitally signed bySUDHIR SINGH SINGH Date: 2021.05.0 Sudhir Singh CEO & Executive Director
Place: New Jersey, USA Date: May 6, 2021
S.R. BATLIBOL& ASSOCIATES LLP Chartered Accountants
12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
T0 The Board of Directors of Coforge Limited (erstwhile NIIT Technologies Limited)
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of Coforge Limited (erstwhile NIIT Technologies Limited) (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
- i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
- ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management's Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting
Chartered Accountants
records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section $143(3)(i)$ of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
Chartered Accountants
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants ICAI Firm Registration Number: 101049W/E300004
Digitally signed by VINEET KEDIADN: cn=VINEET KEDIA, c=IN, VINEET e=Fersonar,email=[email protected]Date: 2021.05.06 09:34:47 +05'30' KEDIA
per Vineet Kedia Partner Membership No.: 212230
UDIN: 21212230AAAABK1474
Place: Mumbai Date: May 06, 2021
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidass Marg, Kalkaji, New Delhi-110019.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetec Statement of Audited Financial Results for the Quarter and Year ended March 31, 2021
| Rs. in Mn | ||||||||
|---|---|---|---|---|---|---|---|---|
| Standalone Financial Results | ||||||||
| Particulars | Quarter endedMarch 31, 2021(Refer note 10) | PrecedingQuarter endedDecember 31,2020 | CorrespondingQuarter endedMarch 31, 2020(Refer note 10) | Year endedMarch 31, 2021 | Year endedMarch 31,2020 | |||
| (Audited) | (Unaudited) | (Audited) | (Audited) | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | |||
| П | Revenue from Operations | 6,152 | 6,123 | 5,581 | 24,124 | 22,310 | ||
| Ш | Other Income | 157 | 70 | 832 | 1.056 | 2.846 | ||
| Ш | Total | 6,309 | 6,193 | 6,413 | 25,180 | 25,156 | ||
| IV | Expenditure | |||||||
| a) Purchases of stock- in- trade | 74 | 298 | 215 | 1,169 | 535 | |||
| b) Employee benefits expense | 4,251 | 4.016 | 3.522 | 15,941 | 14.175 | |||
| c) Finance costs | 10 | 16 | 24 | 58 | 78 | |||
| d) Depreciation and amortization expense | 238 | 243 | 224 | 962 | 902 | |||
| e) Other expensesf) Total | 1,263 | 1,027 | 1,177 | 4,216 | 4,593 | |||
| ν | Profit before tax (V-VI) | 5,836473 | 5,600593 | 5,1621,251 | 22,3462,834 | 20,2834,873 | ||
| VI | Tax expense | |||||||
| - Current tax | 51 | 155 | 74 | 537 | 718 | |||
| - Deferred tax | 43 | (52) | 3 | (102) | (70) | |||
| Total tax expense | 94 | 103 | 77 | 435 | 648 | |||
| Profit for the period / year from operations | 379 | 490 | 1,174 | 2,399 | 4,225 | |||
| VII | (VII-VIII) | |||||||
| VIII | Other Comprehensive Income | |||||||
| A. Items that will be reclassified to profit or loss | ||||||||
| Deferred gains on cash flow hedges | 32 | (4) | (228) | 370 | (466) | |||
| Income tax relating to items that will be | (9) | 59 | (95) | 120 | ||||
| reclassified to profit or lossB. Items that will not be reclassified to profit or | ||||||||
| loss | ||||||||
| Remeasurement of post - employmentbenefit obligations (expenses) / income | (12) | (4) | 38 | (7) | ||||
| Income tax relating to items that will not bereclassified to profit or loss | 4 | $\overline{2}$ | (14) | $\overline{2}$ | ||||
| Total | 15 | (6) | (145) | 275 | (351) | |||
| Total comprehensive income for the period / | 394 | 484 | 1,029 | 2,674 | 3,874 | |||
| IX | vear (Comprising Profit and othercomprehensive income for the period / year) | |||||||
| Paid up Equity Share Capital | 606 | 606 | 625 | 606 | 625 | |||
| х | (Face Value of Rs 10 each, fully paid) | |||||||
| ΧI | Earnings Per Share of Rs 10/- each): | |||||||
| Basic | 6.26 | 8.09 | 1879 | 39 32 | 67.93 | |||
| Diluted | 6 13 | 794 | 1877 | 38 59 | 67.53 | |||
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetech
| Statement of Assets and Liabilities | Rs. in Mn | ||
|---|---|---|---|
| Standalone | |||
| Audited | Audited | ||
| Particulars | As at March | As at March | |
| 31,2021 | 31,2020 | ||
| Non-current assetsProperty, plant and equipment | 3,663 | 3,792 | |
| Right-of-use assets | 111 | 151 | |
| 2 | 3 | ||
| Capital work-in-progressGoodwill | 21 | 21 | |
| 32 | 156 | ||
| Other Intangible assetsFinancial assets | |||
| Investments | 8,424 | ||
| Other Financial Assets | 495 | 8,255272 | |
| Deferred tax assets (net) | 1,227 | 1,095 | |
| Other non-current assets | 193 | 117 | |
| Total Non-current AssetsCurrent Assets | 14,168 | 13,862 | |
| Financial assets | |||
| Investments | 124 | 117 | |
| Trade receivables | 3,013 | 4.012 | |
| Cash and cash equivalents | 4.006 | 4,138 | |
| Other bank balances | 17 | 296 | |
| Other financial assets | 434 | 445 | |
| Current tax assets (net) | 189 | 100 | |
| Other current assets | 546 | 491 | |
| Total current assets | 8,329 | 9,599 | |
| Total AssetsEQUITY AND LIABILITIES | 22,497 | 23,461 | |
| Equity | 606 | 625 | |
| Equity share capital | |||
| Other equity | 17,360 | 19,316 | |
| Reserves and SurplusOther Reserves | 85 | (190) | |
| Total Equity | 18,051 | 19,751 | |
| Liabilities | |||
| Non-current liabilities | |||
| Financial Liabilities | |||
| Borrowings | 3 | 45 | |
| Trade payables | |||
| Total outstanding dues of micro enterprises and small enterprises | |||
| Total outstanding dues of creditors other than micro enterprises and small enterpris | 136 | 118 | |
| Other financial liabilities | 93 | 143 | |
| Provisions | 473 | 470 | |
| Other non current liabilities | 163 | ||
| Total non-current liabilities | 868 | 776 | |
| Current liabilities | |||
| Financial Liabilities | |||
| Trade payables | |||
| Total outstanding dues of micro enterprises and small enterprises | 153 | 56 | |
| Total outstanding dues of creditors other than micro enterprises and small enterpris | 1,810 | 1,326 | |
| Other financial liabilities | 263 | 447 | |
| Provisions | 33 | 127 | |
| Other current liabilities | 1,319 | 978 | |
| Total current liabilities | 3,578 | 2,934 | |
| Total liabilities | 4,446 | 3,710 | |
| Total Equity and Liabilities | 22,497 | 23,461 |
Coforge Limited (erstwhile NIIT Technologies Limited)Regd Office :8, Balaji Estate, Third Floor, Guru Ravidas Marg, Kalkaji, New Delhi-110019.Ph : 91 (11) 41029297 Fax : 91 (11) 26414900 Website : https://www.coforgetech
| Statement of Cash FlowsRs. in Mn | |||
|---|---|---|---|
| Audited | |||
| Particulars | Year ended | Year ended | |
| March 31, 2021 | March 31, 2020 | ||
| Cash flow from operating activities | |||
| Profit before tax | 2,834 | 4,873 | |
| Adjustments for: | |||
| Depreciation and amortisation expense | 962 | 902 | |
| Loss on disposal of property, plant and equipment (net) | 14 | 11 | |
| Dividend income from financial assets at amortised cost | (682) | (1, 246) | |
| Interest income from financial assets at amortised cost | (30) | (55) | |
| Interest and finance charges | 9 | 10 | |
| Gain on sale / closure of subsidiary | (913) | ||
| Gain on sale of investments | (323) | ||
| Unrealized gain on fair valuation of current investments | (8) | 168 | |
| Employee share-based payment expense | 356 | 63 | |
| Provision for doubtful debts & contract assets (net) | 246 | 49 | |
| Provision for customer contracts written back | (87) | (97) | |
| Unwinding of discount - Finance Income | (27) | (13) | |
| Unwinding of discount - Finance Cost | 30 | 52 | |
| 783 | (1, 392) | ||
| Changes in operating assets and liabilities | |||
| Decrease/ (Increase) in trade receivables | 830 | (885) | |
| Decrease/ (Increase) in other financial assets | (93) | (229) | |
| Decrease/(Increase) in other assets | (160) | 71 | |
| (Increase)/Decrease in other bank balances | 279 | (29) | |
| Increase /(Decrease) in trade payables | 631 | 621 | |
| Increase /(Decrease) in provisionsIncrease /(Decrease) in other current liabilities | (4)504 | (68)32 | |
| Cash used from operations | 1,987 | (487) | |
| Income taxes paid | (754) | (715) | |
| Net cash inflow from operating activities | 4.850 | 2,279 | |
| Cash flow from investing activities | |||
| Purchase of Property plant and equipment | (631) | (608) | |
| Proceeds from sale of Property, plant and equipment | 18 | 18 | |
| Payments for investment in subsidiaries | (169) | (953) | |
| Purchase of subsidiaries | (1, 494) | ||
| Proceeds from sale of investment in subsidiary | 897 | ||
| Distribution on sale of subsidiary | 25 | ||
| Payments for purchase of current investments in mutual funds | (6, 364) | ||
| Proceeds from sale of current investments in mutual funds | 9,250 | ||
| Dividend received from financial assets at amortised cost | 682 | 1,246 | |
| Interest received from financial assets at amortised cost | 58 | 43 | |
| Net cash outflow from investing activities | (42) | 2,060 | |
| Cash flow from financing activities | |||
| Payment for buy back of own equity shares | (4, 166) | (11)286 | |
| Proceeds from issue of shares (including share premium)Repayment of borrowings | 18 | (36) | |
| Repayment of lease liabilities | (22)(58) | (49) | |
| Interest paid | (26) | (49) | |
| Dividends paid to Company's shareholders | (686) | (1, 469) | |
| Net cash outflow from financing activities | (4, 940) | (1, 328) | |
| Net (decrease)/increase in cash and cash equivalents | (132) | 3,011 | |
| Cash and cash equivalents at the beginning of the financial year | 4,138 | 1,127 | |
| Cash and cash equivalents at the end of the financial year | 4.006 | 4,138 | |
| Reconciliation of cash and cash equivalents as per the cash flow statement | |||
| Cash and cash equivalents as per above comprise of the following | |||
| Cash on hand | |||
| Cheques, drafts on hand | 2 | ||
| Balances with Banks | 3,326 | 2,056 | |
| Fixed deposit accounts (less than 3 months maturity) | 680 | 2,080 | |
| Total | 4,006 | 4,138 |
Selected explanatory notes to the Statement of Standalone Financial Results for the Quarter and Year ended March 31. 2021
- 1 The above results were reviewed and recommended by the Audit Committee at the meeting held on May 5, 2021 and approved by the Board of Directors at their meeting held on May 6, 2021.
- 2 The financial results have been prepared in accordance with applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and Amended Rules, 2016.
- 3 During the quarter ended March 31, 2021, pursuant to Employees Stock Option Plan 2005, 4,890 options were exercised from various Grants and 1,574,493 options were outstanding as on March 31, 2021 issued on various dates.
- 4 During the quarter the Company received old outstanding (which was provided for in earlier years) amounting to Rs. 220 Mn from one of its government customer. The Company recorded the recovery of principal amount of Rs. 138 Mn as credit to the provision to doubtful debts and interest component of Rs. 82 Mn in Other Income.
- 5 The Company made a strategic investment in M/s SLK Global Solutions Private Limited (the "Investee Company") on April 12, 2021, and has entered into the following agreements:
(i) Share Purchase Agreement to acquire 80% equity shares over a period of two years from the existing shareholders of the Investee Company
(ii) Shareholders Agreement to regulate the rights and obligations of the shareholders, inter se and for the internal management of the Investee Company.
Out of this, equity shares equivalent to 35% of the total issued and paid up share capital of the Investee Company were purchased on April 12, 2021 ("Tranche 1") and equity shares equivalent to 25% of the total issued and paid up share capital of the Investee Company were purchased on April 28, 2021 ("Tranche 2"), aggregating to 60% of the total share capital of the Investee Company. The balance equity shares equivalent to 20% (twenty per cent) of the total issued and paid up share capital of the Investee Company will be purchased after two years from the date hereof.
For acquiring 60% stake in the Investee Company, the Company invested Rs. 9,183 Mn. The Company funded this transaction partially from Redeemable Non-Convertible Bonds amounting to Rs. 3,400 Mn and balance through internal accruals.
- 6 As at March 31, 2020, the Company held 57.6% stake in Whishworks IT Consulting Private Limited ("Whishworks"). Consequent to the Share Purchase Agreement with shareholders of Whishworks, on 8 June 2020, the Company acquired incremental 5.3% stake for consideration of Rs. 153 Mn resulting in Whishworks becoming a 62.9% subsidiary as at March 31, 2021.
- 7 On February 13, 2020, the Shareholders of the Company accorded their approval for buy-back of 1,956,290 fully paid equity shares of the face value of Rs. 10/- each at a price of up to Rs. 1,725 per share aggregating to Rs. 3,375 Mn. The buy-back was consummated on June 22, 2020 and accordingly, 1,956,290 fully paid equity shares have been extinguished from the share capital of the Company with corresponding reduction in Equity Share Capital, Securities Premium Account, General Reserve and Retained Earnings amounting to Rs. 20 Mn, Rs. 1,053 Mn, Rs. 250 Mn and Rs. 2,052 respectively.
- 8 On June 14, 2020, the Shareholders of the Company have approved the proposed change in name of the Company from "NIIT Technologies Limited" to "Coforge Limited". The name of the Company has been changed from "NIIT Technologies Limited" to "Coforge Limited" w.e.f. August 3, 2020 vide certificate of incorporation pursuant to change of name issued by the Ministry of Corporate Affairs. Government of India.
- 9 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not vet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
- 10 The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year up to March 31, 2021 and the unaudited published year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the financial year which were subjected to limited review.
- 11 The Board of Directors at its meeting held on May 6, 2021 has declared an interim dividend of Rs. 13 per equity share.
- 12 Previous year / period figures have been reclassified to conform to current year/ period's classification.
By order of the Board Coforge Limited (erstwhile NIIT Technologies Limited) SUDHIR Digitally signed bSUDHIR SINGHDate: 2021.05.06 SINGH Sudhir Singh CEO & Executive Director
Place: New Jersey, USA Date: May 6, 2021
Coforge Limited Consolidated Profit and Loss Statement
31st March 2021
| Particulars | Q4FY21 | Q3FY21 | QoQ% | Q4FY20 | YoY% |
|---|---|---|---|---|---|
| Gross Revenues | 12,615 | 11,906 | 6.0% | 11,093 | 13.7% |
| Direct Costs | 8,580 | 8,096 | 6.0% | 7,289 | 17.7% |
| Gross Profit | 4,035 | 3,810 | 5.9% | 3,804 | 6.1% |
| GM% | 32.0% | 32.0% | -2 Bps | 34.3% | -231 Bps |
| Selling / General And Administration | 1,767 | 1,665 | 6.1% | 1,816 | -2.7% |
| SG&A to Revenue % | 14.0% | 14.0% | 3 Bps | 16.4% | -236 Bps |
| EBITDA | 2,268 | 2,145 | 5.7% | 1,988 | 14.1% |
| EBITDA% | 18.0% | 18.0% | -4 Bps | 17.9% | 5 Bps |
| Acquisition related expenses | 46 | 0 | NA | 0 | NA |
| Cost of ESOPS | 100 | 136 | -26.5% | 17 | 490.1% |
| EBITDA (Post RSU) | 2,122 | 2,009 | 5.6% | 1,971 | 7.6% |
| EBITDA% (Post RSU) | 16.8% | 16.9% | -5 Bps | 17.8% | -95 Bps |
| Depreciation and Amortization | 449 | 462 | -2.8% | 433 | 3.7% |
| Other Income (net) | 109 | 19 | 473.7% | 180 | -39.5% |
| Profit Before Tax (Before exceptional items) | 1,782 | 1,566 | 13.8% | 1,718 | 3.7% |
| PBT % (Before exceptional items) | 14.1% | 13.1% | 97 Bps | 15.5% | -137 Bps |
| Exceptional items | 0 | 0 | NA | 128 | NA |
| Profit Before Tax | 1,782 | 1,566 | 13.8% | 1,590 | 12.0% |
| PBT % | 14.1% | 13.1% | 97 Bps | 14.3% | -21 Bps |
| Provision for Tax | 408 | 331 | 23.3% | 348 | 17.1% |
| Minority Interest | 44 | 15 | 193.3% | 106 | -58.5% |
| Profit After Tax (after Minority Int.) | 1,330 | 1,220 | 9.0% | 1,136 | 17.0% |
| PAT% | 10.5% | 10.2% | 30 Bps | 10.2% | 30 Bps |
| Basic EPS (INR) | 21.9 | 20.1 | 9.0% | 18.2 | 20.7% |
INR Mn.
Coforge Limited Consolidated Profit and Loss Statement
| INR Mn. | |||||
|---|---|---|---|---|---|
| Particulars | FY 21(Reported) | FY 20 (Adjusted) | FY 20(Adj. Cont. Biz) | YoY%(Adjusted) | YoY%(Adj. Cont. Biz) |
| Gross Revenues | 46,628 | 41,839 | 41,809 | 11.4% | 11.5% |
| Direct Cost | 31,693 | 27,528 | 27,501 | 15.1% | 15.2% |
| Gross Profit | 14,935 | 14,312 | 14,308 | 4.4% | 4.4% |
| GM% | 32.0% | 34.2% | 34.2% | -218 Bps | -219 Bps |
| Selling / General And Administration | 6,544 | 6,863 | 6,841 | -4.7% | -4.3% |
| SG&A to Revenue % | 14.0% | 16.4% | 16.4% | -237 Bps | -233 Bps |
| EBITDA | 8,391 | 7,448 | 7,467 | 12.7% | 12.4% |
| EBITDA% | 18.0% | 17.8% | 17.9% | 19 Bps | 14 Bps |
| Acquisition related expenses | 46 | 0 | 0 | NA | NA |
| Cost of ESOPS | 481 | 17 | 17 | 2727.6% | 2727.6% |
| EBITDA (Post RSU) | 7,865 | 7,431 | 7,450 | 5.8% | 5.6% |
| EBITDA% (Post RSU) | 16.9% | 17.8% | 17.8% | -89 Bps | -95 Bps |
| Depreciation and Amortization | 1,836 | 1,730 | 1,730 | 6.2% | 6.2% |
| Other Income (net) | 113 | 462 | 461 | -75.5% | -75.5% |
| Profit Before Tax (Before exceptional items) | 6,142 | 6,163 | 6,181 | -0.4% | -0.6% |
| PBT % (Before exceptional items) | 13.2% | 14.7% | 14.8% | -156 Bps | -161 Bps |
| Exceptional items | 180 | 0 | 0 | NA | |
| Profit Before Tax | 5,962 | 6,163 | 6,181 | -3.3% | -3.5% |
| PBT % | 12.8% | 14.7% | 14.8% | -195 Bps | -200 Bps |
| Provision for Tax | 1,302 | 1,203 | 1,203 | 8.3% | 8.3% |
| Minority Interest | 104 | 236 | 238 | -56.0% | -56.3% |
| Profit After Tax (after Minority Int.) | 4,556 | 4,724 | 4,740 | -3.6% | -3.9% |
| PAT% | 9.8% | 11.3% | 11.3% | -152 Bps | -157 Bps |
| EPS - INR | |||||
| Basic | 74.7 | 76.0 | 76.2 | -1.7% | -2.0% |
Coforge Limited Consolidated Profit and Loss Statement
March 31, 2021
| INR Mn. | |||||
|---|---|---|---|---|---|
| Particulars | FY 21 | FY 20 | FY 20 | YoY% | YoY% |
| (Reported) | (Reported) | (Cont. Biz) | (Reported) | (Cont. Biz) | |
| Gross Revenues | 46,628 | 41,839 | 41,809 | 11.4% | 11.5% |
| Direct Cost | 31,693 | 27,528 | 27,501 | 15.1% | 15.2% |
| Gross Profit | 14,935 | 14,312 | 14,308 | 4.4% | 4.4% |
| GM% | 32.0% | 34.2% | 34.2% | -218 Bps | -219 Bps |
| Selling / General And Administration | 6,544 | 7,097 | 7,075 | -7.8% | -7.5% |
| SG&A to Revenue % | 14.0% | 17.0% | 16.9% | -293 Bps | -289 Bps |
| EBITDA | 8,391 | 7,214 | 7,233 | 16.3% | 16.0% |
| EBITDA% | 18.0% | 17.2% | 17.3% | 75 Bps | 70 Bps |
| Transaction related expenses | 46 | 0 | 0 | NA | NA |
| Cost of ESOPS | 481 | 17 | 17 | 2727.6% | 2727.6% |
| EBITDA (Post RSU) | 7,865 | 7,197 | 7,216 | 9.3% | 9.0% |
| EBITDA% (Post RSU) | 16.9% | 17.2% | 17.3% | -34 Bps | -39 Bps |
| Depreciation and Amortization | 1,836 | 1,730 | 1,730 | 6.2% | 6.2% |
| Other Income (net) | 113 | 558 | 557 | -79.7% | -79.7% |
| Profit Before Tax (Before exceptional items) | 6,142 | 6,025 | 6,043 | 1.9% | 1.6% |
| PBT % (Before exceptional items) | 13.2% | 14.4% | 14.5% | -123 Bps | -128 Bps |
| Exceptional items | 180 | 71 | 71 | 153.6% | 153.6% |
| Profit Before Tax | 5,962 | 5,954 | 5,972 | 0.1% | -0.2% |
| PBT % | 12.8% | 14.2% | 14.3% | -145 Bps | -150 Bps |
| Provision for Tax | 1,302 | 1,278 | 1,278 | 1.9% | 1.9% |
| Minority Interest | 104 | 236 | 238 | -56.0% | -56.3% |
| Profit After Tax (after Minority Int.) | 4,556 | 4,440 | 4,456 | 2.6% | 2.2% |
| PAT% | 9.8% | 10.6% | 10.7% | -84 Bps | -89 Bps |
| EPS - INR | |||||
| Basic | 74.7 | 71.4 | 71.6 | 4.6% | 4.2% |
Coforge Limited Consolidated Balance Sheet
31st March 2021
| INR Mn. | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | As at Mar 31As at Dec 31As at Mar 31202120202020606606625Fixed Assets24,05522,60623,340Intangible Assets24,66123,21223,965Current Assets1015315Debtors0037 | Particulars | As at Mar 312021 | As at Dec 312020 | As at Mar 312020 | ||
| Equity | 4,516 | 4,531 | 4,805 | ||||
| Reserves & Surplus | Capital Work in Progress | 2 | 10 | 3 | |||
| 5,690 | 5,889 | 5,988 | |||||
| NET Worth | |||||||
| Cash and Cash Equivalent | 8,391 | 5,365 | 9,365 | ||||
| Bank Borrowings | 8,895 | 9,276 | 8,565 | ||||
| Deferred Payment Liabilities | Other Current Assets | 6,092 | 5,756 | 4,369 | |||
| Deferred Tax Liability | 295 | 357 | 397 | Current Liabilities | -9,460 | -8,181 | -7,689 |
| Future Acquisition Liability | -708 | -688 | -1,994 | ||||
| Deferred Tax Assets | 1,548 | 1,626 | 1,302 | ||||
| 24,966 | 23,584 | 24,714 | 24,966 | 23,584 | 24,714 |
Coforge Limited Financial and Operational Metrics
31st March 2021
| Revenue | |||||
|---|---|---|---|---|---|
| INR Mn | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
| Revenue | 12,615 | 11,906 | 11,093 | 46,628 | 41,839 |
| Hedge Gain/(Loss) | 36 | 10 | 10 | (31) | 235 |
Other Income
| INR Mn. | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Income on mutual Funds / Net Interest Income | 141 | 23 | 83 | 219 | 384 |
| Difference in Exchange * | (32) | (4) | 98 | (106) | 174 |
| Other Income (net) | 109 | 19 | 180 | 113 | 558 |
* Includes gain/loss on revaluation of foreign currency current assets and liabilities
Vertical Split
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Banking and Financial Services | 17% | 18% | 15% | 17% | 16% |
| Insurance | 31% | 32% | 31% | 32% | 30% |
| Transport | 19% | 20% | 27% | 19% | 28% |
| Others | 33% | 30% | 27% | 31% | 26% |
| Practice Split | |||||
|---|---|---|---|---|---|
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
| Application Development & Management | 72% | 69% | 72% | 70% | 73% |
| IP Assets | 7% | 7% | 8% | 7% | 6% |
| Managed Services | 17% | 18% | 17% | 17% | 17% |
| SI & PI ** | 2% | 3% | 1% | 4% | 1% |
| BPO | 2% | 3% | 3% | 3% | 3% |
New Practice Split
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| ADM | 26% | 26% | 29% | 27% | 32% |
| CIMS | 19% | 21% | 18% | 21% | 18% |
| BPM | 1% | 2% | 2% | 2% | 2% |
| Product Engineering | 16% | 17% | 16% | 16% | 15% |
| Data & Integration | 23% | 19% | 21% | 20% | 18% |
| Intelligent Automation | 15% | 15% | 14% | 15% | 15% |
Geography
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Americas | 46% | 49% | 46% | 48% | 48% |
| EMEA | 40% | 36% | 40% | 37% | 37% |
| ROW | 14% | 15% | 14% | 15% | 15% |
Revenue Mix
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| ONSITE | 61% | 62% | 64% | 62% | 64% |
| OFFSHORE | 39% | 38% | 36% | 38% | 36% |
| Total | 100% | 100% | 100% | 100% | 100% |
Order Book
| $ Mn | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Fresh Order Intake | 201 | 192 | 180 | 781 | 748 |
| USA | 119 | 116 | 81 | 441 | 336 |
| EMEA | 65 | 45 | 52 | 238 | 213 |
| ROW | 17 | 32 | 47 | 102 | 200 |
| Executable Order Book over Next 12 Months | 520 | 501 | 468 | 520 | 468 |
Client Data
| No. | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Repeat Business % | 86% | 87% | 87% | 89% | 89% |
| New client Addition: | |||||
| USA | 4 | 4 | 3 | 19 | 21 |
| EMEA | 5 | 5 | 6 | 17 | 12 |
| APAC | 2 | 2 | 1 | 4 | 7 |
| India | - | - | - | 5 | 1 |
| Total | 11 | 11 | 10 | 45 | 41 |
** System Integration and Package Implementation
Coforge Limited Financial and Operational Metrics
31st March 2021
| DAYS | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| DSO | 70 | 75 | 74 | 70 | 74 |
| Revenue Concentration | |||||
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
| Top 5 | 25% | 24% | 27% | 24% | 28% |
| Top 10 | 36% | 34% | 37% | 34% | 38% |
| Client Size | |||||
| Nos | Q4FY21 | Q3FY21 | Q4FY20 | ||
| Between 1 to 5 Million | 88 | 87 | 80 | ||
| Between 5 to 10 Million | 16 | 17 | 15 | ||
| Above 10 Million | 11 | 11 | 11 | ||
| 115 | 115 | 106 | |||
| People Numbers (By Role) | |||||
| Nos | Q4FY21 | Q3FY21 | Q4FY20 | ||
| Billable Personnel | |||||
| Onsite | 2,536 | 2,506 | 2,451 | ||
| Offshore | 8,933 | 8,032 | 7,823 | ||
| Total | 11,469 | 10,538 | 10,274 | ||
| Sales and Marketing | 188 | 189 | 170 | ||
| Others | 734 | 697 | 712 | ||
| Grand Total | 12,391 | 11,424 | 11,156 | ||
| Utilization/Attrition (Excl BPO) | |||||
| % | Q4FY21 | Q3FY21 | Q4FY20 | ||
| Utilization | 81.0% | 78.9% | 78.1% | ||
| Attrition Rate | 10.5% | 10.4% | 11.8% | ||
| Rupee Dollar Rate | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
| Period Closing Rate | 73.17 | 73.01 | 75.37 | 73.17 | 75.37 |
| Period Average Rate | 73.19 | 74.04 | 71.66 | 74.32 | 70.54 |
| Hedge Position | |||||
| Q4FY21 | Q3FY21 | Q4FY20 | |||
| USD | 74.69 | 74.84 | 75.93 | ||
| GBP | 21.81 | 22.10 | 21.65 | ||
| Euro | 4.54 | 4.67 | 5.81 | ||
| Average Rates for Outstanding Hedges as on: | |||||
| Q4FY21 | Q3FY21 | Q4FY20 | |||
| USD | 76.95 | 76.89 | 73.89 | ||
| GBP | 100.92 | 98.81 | 94.53 | ||
| 91.08 | 89.21 | 83.86 | |||
| Euro | |||||
| Revenue by Project type | |||||
| % | Q4FY21 | Q3FY21 | Q4FY20 | FY 2021 | FY 2020 |
| FPP | 54% | 55% | 51% | 54% | 48% |
Financial Performance Q4FY21
May 6, 2021
© 2021 Coforge
Agenda
- Financial Highlights
- Business Update
- Financial Statements
- Income Statement
- Balance Sheet
- Business Analysis
© 2021 Coforge
Financial Highlights – Q4FY21
Q4 Revenue at INR 12,615 Mn
- Up 6.0% QoQ and 13.7% YoY
- Up 5.1% QoQ in constant currency
- Up 7.1% QoQ in $ terms
Net Profits at INR 1,330 Mn
- Up 9.0% QoQ and Down 17.0% YoY
- EPS at INR 21.9 per share
EBITDA at INR 2,122 Mn
- EBITDA excl. RSU and acquisition related cost at 18.0% same as last quarter.
- EBITDA Margins at 16.8%, Down 5 bps QoQ and 95 bps YoY
Order Intake at $201 Mn
• $520 Mn of firm business executable over next 12 months
Financial Highlights – FY2021
FY21 Revenue at INR 46,628 Mn
- Up 11.4% over last year
- Up 6.0% in constant currency
- Up 6.0% in $ terms
Net Profits at INR 4,556 Mn
- Up 2.6% over last year
- EPS at INR 74.7 per share
EBITDA at INR 7,865 Mn
- EBITDA excl. RSU and acquisition related cost at 18.0%
- Up 9.3% over last year
- EBITDA Margins at 16.9%, Down 34 bps
Order Intake at $781 Mn
• $520 Mn of firm business executable over next 12 months
Consolidated Income Statement – Q4FY21
INR Mn
| Particulars | Q4FY21 | Q3FY21 | QoQ% | Q4FY20 | YoY% |
|---|---|---|---|---|---|
| Gross Revenues | 12,615 | 11,906 | 6.0% | 11,093 | 13.7% |
| Gross Profit | 4,035 | 3,810 | 5.9% | 3,804 | 6.1% |
| GM% | 32.0% | 32.0% | -2 Bps | 34.3% | -231 Bps |
| Selling / General And Administration | 1,767 | 1,665 | 6.1% | 1,816 | -2.7% |
| SG&A to Revenue % | 14.0% | 14.0% | 3 Bps | 16.4% | -236 Bps |
| EBITDA | 2,268 | 2,145 | 5.7% | 1,988 | 14.1% |
| EBITDA% | 18.0% | 18.0% | -4 Bps | 17.9% | 5 Bps |
| Acquisition related expenses | 46 | 0 | NA | 0 | NA |
| Cost of ESOPS | 100 | 136 | -26.5% | 17 | 490.1% |
| EBITDA (Post RSU) | 2,122 | 2,009 | 5.6% | 1,971 | 7.6% |
| EBITDA% (Post RSU) | 16.8% | 16.9% | -5 Bps | 17.8% | -95 Bps |
| Depreciation and Amortization | 449 | 462 | -2.8% | 433 | 3.7% |
| Other Income (net) | 109 | 19 | 473.7% | 180 | -39.5% |
| Profit Before Tax (Before exceptional items) | 1,782 | 1,566 | 13.8% | 1,718 | 3.7% |
| PBT % (Before exceptional items) | 14.1% | 13.1% | 97 Bps | 15.5% | -137 Bps |
| Exceptional items | 0 | 0 | NA | 128 | NA |
| Profit Before Tax | 1,782 | 1,566 | 13.8% | 1,590 | 12.0% |
| PBT % | 14.1% | 13.1% | 97 Bps | 14.3% | -21 Bps |
| Provision for Tax | 408 | 331 | 23.3% | 348 | 17.1% |
| Minority Interest | 44 | 15 | 193.3% | 106 | -58.5% |
| Profit After Tax (after Minority Int.) | 1,330 | 1,220 | 9.0% | 1,136 | 17.0% |
| PAT% | 10.5% | 10.2% | 30 Bps | 10.2% | 30 Bps |
| CoforgeBasic EPS (INR) | 21.9 | 20.1 | 9.0% | 18.2 | 20.7% |
Consolidated Income Statement – FY2021
INR Mn
| Particulars | FY 21(Reported) | FY 20(Reported) | FY 20*(ContinuingBusiness) | YoY%(Reported) | YoY%(ContinuingBusiness) |
|---|---|---|---|---|---|
| Gross Revenues | 46,628 | 41,839 | 41,809 | 11.4% | 11.5% |
| Direct Cost | 31,693 | 27,528 | 27,501 | 15.1% | 15.2% |
| Gross Profit | 14,935 | 14,312 | 14,308 | 4.4% | 4.4% |
| GM% | 32.0% | 34.2% | 34.2% | -218 Bps | -219 Bps |
| Selling / General And Administration | 6,544 | 7,097 | 7,075 | -7.8% | -7.5% |
| SG&A to Revenue % | 14.0% | 17.0% | 16.9% | -293 Bps | -289 Bps |
| EBITDA | 8,391 | 7,214 | 7,233 | 16.3% | 16.0% |
| EBITDA% | 18.0% | 17.2% | 17.3% | 75 Bps | 70 Bps |
| Transaction related expenses | 46 | 0 | 0 | NA | NA |
| Cost of ESOPS | 481 | 17 | 17 | 2727.6% | 2727.6% |
| EBITDA (Post RSU) | 7,865 | 7,197 | 7,216 | 9.3% | 9.0% |
| EBITDA% (Post RSU) | 16.9% | 17.2% | 17.3% | -34 Bps | -39 Bps |
| Depreciation and Amortization | 1,836 | 1,730 | 1,730 | 6.2% | 6.2% |
| Other Income (net) | 113 | 558 | 557 | -79.7% | -79.7% |
| Profit Before Tax (Before exceptional items) | 6,142 | 6,025 | 6,043 | 1.9% | 1.6% |
| PBT % (Before exceptional items) | 13.2% | 14.4% | 14.5% | -123 Bps | -128 Bps |
| Exceptional items | 180 | 71 | 71 | 153.6% | 153.6% |
| Profit Before Tax | 5,962 | 5,954 | 5,972 | 0.1% | -0.2% |
| PBT % | 12.8% | 14.2% | 14.3% | -145 Bps | -150 Bps |
| Provision for Tax | 1,302 | 1,278 | 1,278 | 1.9% | 1.9% |
| Minority Interest | 104 | 236 | 238 | -56.0% | -56.3% |
| Profit After Tax (after Minority Int.) | 4,556 | 4,440 | 4,456 | 2.6% | 2.2% |
| PAT% | 9.8% | 10.6% | 10.7% | -84 Bps | -89 Bps |
| EPS –Basic (INR) | 74.7 | 71.4 | 71.6 | 4.6% | 4.2% |
* Continuing business excludes GIS business from Q1 FY20
INR Mn
| Particulars | As at Mar 312021 | As at Dec 312020 | As at Mar 312020 | Particulars | As at Mar 312021 | As at Dec 312020 | As at Mar 312020 |
|---|---|---|---|---|---|---|---|
| Equity | 606 | 606 | 625 | Fixed Assets | 4,516 | 4,531 | 4,805 |
| Reserves & Surplus | 24,055 | 22,606 | 23,340 | Capital Work in Progress | 2 | 10 | 3 |
| Intangible Assets | 5,690 | 5,889 | 5,988 | ||||
| NET Worth | 24,661 | 23,212 | 23,965 | Current Assets | |||
| Cash and Cash Equivalent | 8,391 | 5,365 | 9,365 | ||||
| Bank Borrowings | 10 | 15 | 315 | Debtors | 8,895 | 9,276 | 8,565 |
| Deferred Payment Liabilities | 0 | 0 | 37 | Other Current Assets | 6,092 | 5,756 | 4,369 |
| Deferred Tax Liability | 295 | 357 | 397 | Current Liabilities | -9,460 | -8,181 | -7,689 |
| Future Acquisition Liability | -708 | -688 | -1,994 | ||||
| Deferred Tax Assets | 1,548 | 1,626 | 1,302 | ||||
| 24,966 | 23,584 | 24,714 | 24,966 | 23,584 | 24,714 |
| •Reserves and Surplus up INR 1,449 Mn over LQ. | •Cash and Bank Balances up by INR 3,026 Mn over LQ |
|---|---|
| •DSO –70 days | |
| •Capex during the year –INR 748 Mn | |
Geography Mix Vertical Mix
New Service Mix
Order Intake ($ Mn)
- 11 new customers added: 4 in US, 5 in EMEA and 2 in ROW
- $201 Mn order intake in the quarter leading to $ 520 Mn of firm business executable over next 12 months
- Geographical breakdown of order intake US (119 Mn), EMEA (65 Mn), ROW (17 Mn)
Top Client Mix
Top 5 Top 10 Top 20 Others
People Resource
People Data
