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WNS Holdings Limited (WNS)

Cover Page

Cover Page12 Months Ended
Mar. 31, 2022shares
Document Information [Line Items]
Document Type20-F
Amendment Flagfalse
Document Period End DateMar. 31,
2022
Document Fiscal Year Focus2022
Document Fiscal Period FocusFY
Title of 12(b) SecurityAmerican Depositary Shares, each represented by
Trading SymbolWNS
Security Exchange NameNYSE
Entity Registrant NameWNS (Holdings) Limited
Entity Central Index Key0001356570
Current Fiscal Year End Date--03-31
Entity Well-known Seasoned IssuerYes
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity Incorporation, State or Country CodeY9
Entity Address, Address Line OneGate 4, Godrej & Boyce Complex
Entity Address, Address Line TwoPirojshanagar
Entity Address, Address Line ThreeVikhroli (W)
Entity Address, City or TownMumbai
Entity Address, CountryIN
Entity Address, Postal Zip Code400 079
Entity Emerging Growth Companyfalse
Entity Filer CategoryLarge Accelerated Filer
Document Annual Reporttrue
Document Shell Company Reportfalse
Entity Interactive Data CurrentYes
Document Registration Statementfalse
Document Transition Reportfalse
Entity Common Stock, Shares Outstanding48,849,907
ICFR Auditor Attestation Flagtrue
Document Accounting StandardInternational Financial Reporting Standards
Entity File Number001-32945
Auditor NameGRANT THORNTON BHARAT LLP
Auditor Firm ID2416
Auditor LocationGurugram, India
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line OneGate 4, Godrej & Boyce Complex
Entity Address, Address Line TwoPirojshanagar
Entity Address, Address Line ThreeVikhroli (W)
Entity Address, City or TownMumbai
Entity Address, CountryIN
Entity Address, Postal Zip Code400 079
Contact Personnel NameGopi Krishnan
Contact Personnel Email Addressgopi.krishnan@wns.com
City Area Code91-22
Local Phone Number4095-2100

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current assets:
Cash and cash equivalents $ 108,153 $ 105,633
Investments211,398 203,676
Trade receivables, net100,522 83,118
Unbilled revenue87,032 66,403
Funds held for clients11,643 12,139
Derivative assets10,351 7,974
Contract assets10,169 7,753
Prepayments and other current assets28,822 23,211
Total current assets568,090 509,907
Non-current assets:
Goodwill123,537 123,979
Intangible assets65,421 65,141
Property and equipment49,257 52,272
Right-of-use assets142,623 166,766
Derivative assets3,249 1,749
Deferred tax assets34,765 33,022
Investments93,442 85,875
Trade receivables, net0 269
Contract assets39,833 27,136
Other non-current assets44,275 40,032
Total non-current assets596,402 596,241
TOTAL ASSETS1,164,492 1,106,148
Current liabilities:
Trade payables27,829 28,015
Provisions and accrued expenses36,752 23,933
Derivative liabilities6,042 4,491
Pension and other employee obligations105,768 82,586
Current portion of long-term debt0 16,748
Contract liabilities13,723 12,685
Current taxes payable2,279 1,489
Lease liabilities26,954 26,027
Other liabilities11,351 11,492
Total current liabilities230,698 207,466
Non-current liabilities:
Derivative liabilities831 2,037
Pension and other employee obligations16,238 19,589
Contract liabilities13,314 16,645
Lease liabilities140,040 165,880
Other non-current liabilities78 211
Deferred tax liabilities9,290 10,228
Total non-current liabilities179,791 214,590
TOTAL LIABILITIES410,489 422,056
Shareholders' equity:
Share capital (ordinary shares $0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 48,849,907 shares and 50,502,203 shares each as at March 31, 2022 and March 31, 2021, respectively)7,751 7,977
Share premium110,327 227,708
Retained earnings818,402 688,957
Other reserves2,656
Other components of equity(185,133)(161,987)
Total shareholder's equity, including shares held in treasury754,003 762,655
Less: Nil shares as at March 31, 2022 and 1,100,000 shares as at March 31, 2021, held in treasury, at cost0 (78,563)
Total shareholders' equity754,003 684,092
TOTAL LIABILITIES AND EQUITY $ 1,164,492 $ 1,106,148

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / sharesMar. 31, 2022Mar. 31, 2021
Statement of financial position [abstract]
Share capital, par value $ 0.16 $ 0.16
Share capital, authorized60,000,000 60,000,000
Share capital, issued48,849,907 50,502,203
Shares held in treasury, shares0 1,100,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Profit or loss [abstract]
Revenue $ 1,109,800 $ 912,643 $ 928,258
Cost of revenue735,165 587,205 583,920
Gross profit374,635 325,438 344,338
Operating expenses:
Selling and marketing expenses53,860 49,613 52,802
General and administrative expenses151,124 126,295 128,592
Foreign exchange (gain)/loss, net(5,959)754 (3,382)
Impairment of goodwill0 0 4,085
Amortization of intangible assets11,550 13,722 15,653
Operating profit164,060 135,054 146,588
Other income, net(13,867)(12,464)(14,375)
Finance expense13,387 14,827 17,011
Profit before income taxes164,540 132,691 143,952
Income tax expense32,439 30,074 27,183
Profit after tax $ 132,101 $ 102,617 $ 116,769
Earnings per ordinary share
Basic $ 2.70 $ 2.06 $ 2.35
Diluted $ 2.58 $ 1.97 $ 2.24

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Statement of comprehensive income [abstract]
Profit after tax $ 132,101 $ 102,617 $ 116,769
Items that will not be reclassified to profit or loss:
Pension adjustment, net of tax1,146 (1,164)(610)
Items that will be reclassified subsequently to profit or loss:
Current period gain9,395 2,684 8,717
Net change in time value of option contracts designated as cash flow hedges647 (1,204)(2,919)
Reclassification to profit or loss(3,327)(3,555)(13,409)
Foreign currency translation (loss) /gain(28,309)36,713 (42,196)
Income tax (expense)/benefit relating to above(2,698)(1,089)2,939
Other comprehensive income/(loss), net of taxes - Items that will be reclassified subsequently to profit or loss(24,292)33,549 (46,868)
Total other comprehensive (loss)/income, net of taxes(23,146)32,385 (47,478)
Total comprehensive income $ 108,955 $ 135,002 $ 69,291

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)TotalAdoption Of IFRS 16 [Member]Restated Adjusted balance [member]Share capital [member]Share capital [member]Restated Adjusted balance [member]Share Premium [member]Share Premium [member]Restated Adjusted balance [member]Retained earnings [member]Retained earnings [member]Adoption Of IFRS 16 [Member]Retained earnings [member]Restated Adjusted balance [member]Other components of equity: Foreign Currency translation reserve [member]Other components of equity: Foreign Currency translation reserve [member]Restated Adjusted balance [member]Other components of equity: Cash flow hedging reserve [member]Other components of equity: Cash flow hedging reserve [member]Restated Adjusted balance [member]Other components of equity: Pension adjustments [member]Other components of equity: Pension adjustments [member]Restated Adjusted balance [member]Treasury shares [member]Treasury shares [member]Restated Adjusted balance [member]Other reserves [member][1]
Beginning balance at Mar. 31, 2019 $ 552,419,000 $ (8,574,000) $ 543,845,000 $ 8,056,000 $ 8,056,000 $ 269,529,000 $ 269,529,000 $ 478,145,000 $ (8,574,000) $ 469,571,000 $ (155,195,000) $ (155,195,000) $ 5,954,000 $ 5,954,000 $ 2,347,000 $ 2,347,000 $ (56,417,000) $ (56,417,000)
Beginning balance, shares at Mar. 31, 201951,153,220 51,153,220 1,101,300 1,101,300
Shares issued for exercised options and RSUs (Refer Note 24) $ 99,000 (99,000)
Shares issued for exercised options and RSUs (Refer Note 24), shares780,420
Cancellation of treasury shares (Refer Note 19) $ (281,000)(119,873,000) $ 120,154,000
Cancellation of treasury shares (Refer Note 19), shares(2,200,000)(2,200,000)
Purchase of treasury shares (Refer note 19)(63,737,000) $ (63,737,000)
Purchase of treasury shares (Refer note 19), shares1,098,700
Share-based compensation expense (Refer note 24)37,520,000 37,520,000
Excess tax benefits relating to share-based options and RSUs191,000 191,000
Transactions with owners(26,026,000) $ (182,000)(82,261,000) $ 56,417,000
Transactions with owners, shares(1,419,580)(1,101,300)
Profit after tax116,769,000 116,769,000
Other comprehensive income/(loss), net of taxes(47,478,000)(42,196,000)(4,672,000)(610,000)
Total comprehensive income/(loss) for the period69,291,000 116,769,000 (42,196,000)(4,672,000)(610,000)
Ending balance at Mar. 31, 2020587,110,000 $ 7,874,000 187,268,000 586,340,000 (197,391,000)1,282,000 1,737,000 $ 0
Ending balance, shares at Mar. 31, 202049,733,640 0
Shares issued for exercised options and RSUs (Refer Note 24) $ 103,000 (103,000)
Shares issued for exercised options and RSUs (Refer Note 24), shares768,563
Transaction charges on cancellation of treasury shares (Refer Note 19)(55,000)(55,000)
Purchase of treasury shares (Refer note 19)(78,563,000) $ (78,563,000)
Purchase of treasury shares (Refer note 19), shares1,100,000
Share-based compensation expense (Refer note 24)38,230,000 38,230,000
Excess tax benefits relating to share-based options and RSUs2,368,000 2,368,000
Transactions with owners(38,020,000) $ 103,000 40,440,000 $ (78,563,000)
Transactions with owners, shares768,563 1,100,000
Profit after tax102,617,000 102,617,000
Other comprehensive income/(loss), net of taxes32,385,000 36,713,000 (3,164,000)(1,164,000)
Total comprehensive income/(loss) for the period135,002,000 102,617,000 36,713,000 (3,164,000)(1,164,000)
Ending balance at Mar. 31, 2021684,092,000 $ 7,977,000 227,708,000 688,957,000 (160,678,000)(1,882,000) $ 573,000 $ (78,563,000) $ 0
Ending balance, shares at Mar. 31, 202150,502,203 1,100,000
Shares issued for exercised options and RSUs (Refer Note 24) $ 76,000 (76,000)
Shares issued for exercised options and RSUs (Refer Note 24), shares547,704
Cancellation of treasury shares (Refer Note 19) $ (302,000)(163,409,000) $ 163,711,000
Cancellation of treasury shares (Refer Note 19), shares(2,200,000)(2,200,000)
Purchase of treasury shares (Refer note 19)(85,148,000) $ (85,148,000)
Purchase of treasury shares (Refer note 19), shares1,100,000
Share-based compensation expense (Refer note 24)44,165,000 44,165,000 $ 0
Excess tax benefits relating to share-based options and RSUs1,939,000 1,939,000 0
Transfer to other reserves(5,067,000)5,067,000
Transfer from other reserves on utilization2,411,000 (2,411,000)
Transactions with owners(39,044,000) $ (226,000)(117,381,000)(2,656,000) $ 78,563,000 2,656,000
Transactions with owners, shares(1,652,296)0 (1,100,000)
Profit after tax132,101,000 132,101,000
Other comprehensive income/(loss), net of taxes(23,146,000)(28,309,000)4,017,000 $ 1,146,000 $ 0 0
Total comprehensive income/(loss) for the period108,955,000 132,101,000 (28,309,000)4,017,000 1,146,000 0 0
Ending balance at Mar. 31, 2022 $ 754,003,000 $ 7,751,000 $ 110,327,000 $ 818,402,000 $ (188,987,000) $ 2,135,000 $ 1,719,000 $ 0 $ 2,656,000
Ending balance, shares at Mar. 31, 202248,849,907
[1]Other reserves include the Special Economic Zone Re-Investment Reserve created out of the profits of eligible Special Economic Zones (“SEZ”) units in terms of the provisions of the Indian Income-tax Act, 1961. Further, these provisions require the reserve to be utilized by the Company for acquiring new plant and machinery for the purpose of its business (Refer Note 25).

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Profit after tax $ 132,101 $ 102,617 $ 116,769
Adjustments to reconcile profit after tax to net cash generated from operating activities:
Depreciation and amortization61,553 62,645 62,873
Impairment of goodwill0 4,085
Share-based compensation expense44,165 38,230 37,520
Amortization of debt issue cost52 126 231
Allowances for expected credit losses ("ECL")(115)924 712
Unrealized exchange (gain)/loss, net(4,502)8,383 44
Income tax expense32,439 30,074 27,183
Interest expense13,335 14,701 16,780
Interest income(3,772)(3,702)(3,840)
Income from marketable securities(7,137)(6,352)(7,547)
(Gain)/loss on sale of property and equipment(329)67 (23)
Deferred rent0 0 (2)
Rent concession(21)(416)
Excess tax benefit from share-based compensation expense(1,062)(729)(998)
Unrealized loss/(gain) on derivative instruments3,254 (4,145)4,110
Changes in operating assets and liabilities:
Trade receivables and unbilled revenue(39,667)4,994 (13,483)
Other assets(24,325)7,174 (24,154)
Trade payables(1,456)(4,412)13,876
Contract liabilities(2,627)(2,687)19,017
Other liabilities34,255 9,288 18,991
Cash generated from operating activities before interest and income taxes236,141 256,780 272,144
Income taxes paid(38,872)(33,535)(31,180)
Interest paid(13,392)(14,454)(15,180)
Interest received3,577 4,935 2,837
Net cash provided by operating activities187,454 213,726 228,621
Cash flows from investing activities:
Payment of contingent considerations in relation to acquisitions0 0 (1,745)
Payment for property and equipment and intangible assets(28,327)(26,530)(27,860)
Proceeds from sale of property and equipment401 189 82
Investment in fixed deposits(99,472)(73,736)(75,977)
Proceeds from maturity of fixed deposits95,106 82,592 43,258
Marketable securities (purchased) / sold, net (short-term)(15,951)(75,797)(37,410)
Profit on sale of marketable securities2,321 505 2,657
Investment in mutual funds(118)
Proceeds from redemption of mutual funds0 0 125
Net cash used in investing activities(48,798)(92,777)(96,988)
Cash flows from financing activities:
Payment for repurchase of shares(85,038)(78,563)(63,737)
Transaction charges on cancellation of treasury shares(110)(55)
Repayment of long-term debt(16,800)(16,800)(28,200)
Principal payment for lease liabilities(26,235)(23,073)(20,793)
Excess tax benefit from share-based compensation expense1,062 729 998
Net cash used in financing activities(127,121)(117,762)(111,732)
Exchange difference on cash and cash equivalents(9,015)5,517 (8,416)
Net change in cash and cash equivalents2,520 8,704 11,485
Cash and cash equivalents at the beginning of the year105,633 96,929 85,444
Cash and cash equivalents at the end of the year108,153 105,633 96,929
Denali Sourcing Services Inc. [member]
Cash flows from investing activities:
Payment of contingent considerations in relation to acquisitions(1,745)
Non-cash transactions: Investing activities
(i) Liability towards property and equipment and intangible assets purchased on credit8,604 3,036 6,314
Value Edge Research Services Private Limited [member]
Non-cash transactions: Investing activities
(ii) Release of restricted cash, held in escrow0 $ 0 $ 1,535
CEPROCS S.R.L. [member]
Cash flows from investing activities:
Acquisition of subsidiaries and businesses, net of cash acquired(566)
MOL IPS [member]
Cash flows from investing activities:
Acquisition of subsidiaries and businesses, net of cash acquired(2,310)
Non-cash transactions: Investing activities
(iii) Deferred consideration payable towards acquisition $ 493

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - Long term debt (including current portion) [member] - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Statement [LineItems]
Opening Balance[1] $ 16,748 $ 33,422
Cash flows[1](16,800)(16,800)
Non-cash changes amortization of debt issuance cost[1]52 126
Closing balance[1] $ 0 $ 16,748
[1]For reconciliation of lease liabilities Refer Note 12.

Company overview

Company overview12 Months Ended
Mar. 31, 2022
Text block [abstract]
Company overview1. Company overview WNS (Holdings) Limited (“WNS Holdings”), along with its subsidiaries (collectively, “the Company”), is a global business process management (“BPM”) company with client service offices in Sydney (Australia), Canada, Dubai (United Arab Emirates), Germany, London (UK), New Jersey (US), New Zealand, Singapore and Switzerland and delivery centers in the People’s Republic of China (“China”), Costa Rica, India, the Philippines, Poland, Romania, Republic of South Africa (“South Africa”), Sri Lanka, Turkey, Spain, the United Kingdom (“UK”) and the United States (“US”). The Company’s clients are primarily in the travel, shipping and logistics services, utilities, retail and consumer products group, banking and financial and hi-tech and professional services, insurance services, healthcare, auto claims and others. WNS Holdings is incorporated in Jersey, Channel Islands and maintains a registered office in Jersey at 22, Grenville Street, St Helier, Jersey JE4 8PX. These consolidated financial statements were approved by the Board of Directors and authorized for issue on May 17

Summary of significant accounti

Summary of significant accounting policies12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of significant accounting policies2. Summary of significant accounting policies
a. Basis of preparation These consolidated financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”). These consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements.” Accounting policies applied are consistent with the policies that were applied for the preparation of the consolidated financial statements for the year ended March 31, 2021.
b. Basis of measurement These consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:
a. Derivative financial instruments;
b. Share-based payment transactions;
c. Marketable securities and investments in mutual funds;
d. Investments in FMPs; and
e. Contingent consideration.
c. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognized in the consolidated financial statements is included in the following notes:
i. Revenue recognition The Company’s determination of whether BPM services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company provides automobile claims handling services, wherein the Company enters into contracts with its clients to process all their claims over the contract period and the fees are determined either on a per claim basis or as a fixed payment for the contract period. Where the contracts are on a per claim basis, the Company invoices the client at the inception of the claim process. The Company estimates the processing period for the claims and recognizes revenue over the estimated processing period. This processing period generally ranges between one to two months. The processing time may be greater for new clients and the estimated service period is adjusted accordingly. The processing period is estimated based on historical experience and other relevant factors, if any.
ii. Current income taxes The major tax jurisdictions for the Company are India, the Philippines, South Africa, UK, and US, though the Company also files tax returns in other foreign jurisdictions. Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods. The recognition of taxes that are subject to certain legal or economic limits or uncertainties is assessed individually by management based on the specific facts and circumstances.
iii. Deferred income taxes The assessment of the probability of future taxable profit in which deferred tax assets can be utilized is based on the Company’s latest approved budget forecast, which is adjusted for significant non-taxable
iv. Impairment An impairment loss is recognized for the amount by which an asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. To determine the recoverable amount, management estimates expected future cash flows from each asset or cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary, and may cause significant adjustments to the Company’s assets within the next financial year. The calculation of impairment loss involves significant estimates and assumptions which include revenue and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate and future economic and market conditions. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors. Estimation uncertainty relating to COVID-19 In evaluating the recoverability of trade receivables including unbilled revenue, contract assets, goodwill, long lived assets and investments, the Company has considered all internal and external information in the preparation of the consolidated financial statements including credit reports and economic outlook. The Company has performed sensitivity analysis on the assumptions used and based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The impact of COVID-19
v. Valuation of derivative financial instruments Management uses valuation techniques in measuring the fair value of derivative financial instruments, where active market quotes are not available. In applying the valuation techniques, management makes maximum use of market inputs, and uses estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not observable, management uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.
vi. Accounting for defined benefit plans In accounting for pension and post-retirement benefits, several statistical and other factors that attempt to anticipate future events are used to calculate plan expenses and liabilities. These factors include expected return on plan assets, discount rate assumptions and rate of future compensation increases. To estimate these factors, actuarial consultants also use estimates such as withdrawal, turnover, and mortality rates which require significant judgment. The actuarial assumptions used by the Company may differ materially from actual results in future periods due to changing market and economic conditions, regulatory events, judicial rulings, higher or lower withdrawal rates, or longer or shorter participant life spans.
vii. Share-based compensation expense The share-based compensation expense is determined based on the Company’s estimate of equity instruments that will eventually vest and valuation using the Monte-Carlo simulation and the binomial lattice model.
viii. Business combinations Business combinations are accounted for using the acquisition method under the provisions of IFRS 3 (Revised) , “Business Combinations.” The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued, and liabilities incurred at the date of acquisition. The cost of the acquisition also includes the fair value of any contingent consideration. Identifiable tangible and intangible assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets.
xi. Impairment of non-derivative The Company applies the forward-looking expected credit loss (“ECL”) model for recognizing impairment loss on financial assets that are measured at amortized cost or at fair value through other comprehensive income (“FVOCI”). The Company applies the simplified approach for determining the lifetime ECL allowance using the Company’s historical credit loss experience adjusted for factors that are specific to the debtor. For all other financial assets, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition.
xii. Leases The Company determines the lease term as the non-cancellable lease-by-lease The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the rate prevailing in respective geographies. (Amounts in thousands, except share and per share data)
d. Basis of consolidation The Company consolidates entities over which it has control. Control exists when the Company has existing rights that give the Company the current ability to direct the activities which affect the entity’s returns; the Company is exposed to or has rights to returns which may vary depending on the entity’s performance; and the Company has the ability to use its power to affect its own returns from its involvement with the entity. Subsidiaries are consolidated from the date control commences until the date control ceases.
i. Business combinations Business combinations are accounted for using the acquisition method under the provisions of IFRS 3 (Revised) , “Business Combinations.” The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred at the date of acquisition. The consideration of the acquisition also includes the fair value of any contingent consideration. Identifiable tangible and intangible assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. Transaction costs that the Company incurs in connection with a business combination such as finders’ fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred.
ii. Transactions eliminated on consolidation All inter-company and intra-company balances, transactions, income and expenses including unrealized income or expenses are eliminated on consolidation.
e. Functional and presentation currency The financial statements of each of the Company’s subsidiaries are presented using the currency of the primary economic environment in which these entities operate (i.e. the functional currency). The consolidated financial statements are presented in US dollars (“USD”) which is the presentation currency of the Company and has been rounded off to the nearest thousands.
f. Foreign currency transactions and translation
i. Transactions in foreign currency Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the exchange rates prevailing at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of income. Gains/losses relating to translation or settlement of trading activities are disclosed under foreign exchange gains/losses and translation or settlements of financing activities are disclosed under finance expenses. In the case of foreign exchange gains/losses on borrowings that are considered as a natural economic hedge for the foreign currency monetary assets, such foreign exchange gains/losses, net are presented within results from operating activities.
ii. Foreign operations For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations that have local functional currency are translated into US dollars using exchange rates prevailing at the reporting date. Income and expense are translated at the monthly average exchange rate for the respective period. Exchange differences arising, if any, are recorded in equity as part of the Company’s other comprehensive income. Such exchange differences are recognized in the consolidated statement of income in the period in which such foreign operations are disposed. Goodwill and fair value adjustments arising on the acquisition of foreign operation are treated as assets and liabilities of the foreign operation and translated at the exchange rate prevailing at the reporting date. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operation and are recognized in foreign currency translation reserve.
g. Financial instruments — initial recognition and subsequent measurement Financial instruments are classified in the following categories:
• Non-derivative
• Non-derivative
• Derivative financial instruments under the category of financial assets or financial liabilities at FVTPL or at FVOCI. The classification of financial instruments depends on the purpose for which those were acquired. Management determines the classification of the Company’s financial instruments at initial recognition. Non-derivative Subsequent to initial recognition, non-derivative
i. Non-derivative
a) Financial assets at amortized cost Financial assets that meet the following criteria are measured at amortized cost (except for investments that are designated at FVTPL on initial recognition):
i) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
ii) the contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. Financial assets at amortized cost are presented as current assets, except for those maturing later than 12 months after the balance sheet date which are presented as non-current
b) Financial assets at FVTPL Financial assets that do not meet the amortized cost or FVOCI criteria are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Interest income on financial assets at FVTPL is recognized in the consolidated statement of income. Dividend on financial assets at FVTPL is recognized when the Company’s right to receive the dividend is established.
ii. Non-derivative All financial liabilities are recognized initially at fair value, except in the case of loans and borrowings which are recognized at fair value, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, bank overdrafts, contingent consideration and loans and borrowings. Trade and other payables maturing later than 12 months after the reporting date are presented as non-current After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the consolidated statement of income when the liabilities are derecognized as well as through the effective interest rate method amortization process. After initial recognition, contingent consideration is subsequently measured at fair value and the changes to the fair value are recognized in the consolidated statement of income.
iii. Derivative financial instruments and hedge accounting The Company is exposed to foreign currency fluctuations on foreign currency assets, liabilities, net investment in foreign operations and forecasted cash flows denominated in foreign currency. The Company limits the effect of foreign exchange rate fluctuation by following established risk management policies including the use of derivatives. The Company enters into derivative financial instruments where the counterparty is primarily a bank. The Company holds derivative financial instruments such as foreign exchange forward and option contracts and interest rate swaps to hedge certain foreign currency and interest rate exposures. Cash flow hedges The Company recognizes derivative instruments as either assets or liabilities in the statement of financial position at fair value. Derivative instruments qualify for hedge accounting when the instrument is designated as a hedge; the hedged item is specifically identifiable and exposes the Company to risk; and it is expected that a change in fair value of the derivative instrument and an opposite change in the fair value of the hedged item will have a high degree of correlation. For derivative instruments where hedge accounting is applied, the Company records the effective portion of derivative instruments that are designated as cash flow hedges in other comprehensive income/(loss) in the statement of comprehensive income, which is reclassified into earnings in the same period during which the hedged item affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion) or hedge components excluded from the assessment of effectiveness, and changes in fair value of other derivative instruments not designated as qualifying hedges is recorded as gains/losses, net in the consolidated statement of income. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in the cash flow hedging reserve (in other comprehensive income/(loss)) until the period the hedge was effective remains in the cash flow hedging reserve until the forecasted transaction occurs. Cash flow hedge on interest rate swaps are recorded under finance expense, net. Cash flows from the derivative instruments are classified within cash flows from operating activities in the statement of cash flows. When it is highly probable that a forecasted transaction will not occur, the Company discontinues the hedge accounting and recognizes immediately, in the consolidated statement of income, the gains and losses attributable to such derivative instrument that were accumulated in other comprehensive income/(loss). Gains/(losses) on cash flow hedges on forecasted revenue transactions are recorded in foreign exchange gains/(losses) forming part of revenue. Changes in fair value of foreign currency derivative instruments not designated as cash flow hedges are recognized in the consolidated statement of income and reported within foreign exchange gains, net within results from operating activities.
iv. Offsetting of financial instruments Financial assets and financial liabilities are offset against each other and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.
v. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies.
vi. Impairment of non-derivative The Company applies the forward-looking ECL model for recognizing impairment loss on financial assets that are measured at amortized cost or at FVOCI. Loss allowance for trade receivables and unbilled revenue with no significant financing component are measured at an amount equal to lifetime ECL. The Company applies the simplified approach for determining the lifetime ECL allowance using the Company’s historical credit loss experience adjusted for factors that are specific to the debtor. For all other financial assets, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instruments has not increased significantly since the initial recognition, the Company measures the loss allowance for that financial instrument equal to 12-month
h. Equity and share capital
i. Share capital, share premium and treasury shares The Company has only one class of equity shares. Par value of the equity share is recorded as the share capital and the amount received in excess of par value is classified as share premium. The credit corresponding to the share-based compensation expense and excess tax benefit related to the exercise of share options and restricted share units is recorded in share premium. Treasury shares represent the consideration paid by the Company, including any directly attributable costs, to repurchase its own ordinary shares. Treasury shares are presented as a deduction from total equity. On cancellation of treasury shares, the amount paid is adjusted against share capital, to the extent of the par value of ordinary shares repurchased, and the balance is adjusted against share premium.
ii. Retained earnings Retained earnings comprise the Company’s undistributed earnings after taxes.
iii. Other components of equity Other components of equity consist of the following: Cash flow hedging reserve Changes in fair value of derivative hedging instruments designated and effective as a cash flow hedge are recognized net of taxes. Foreign currency translation reserve Foreign currency translation reserve consists of (i) the exchange difference arising from the translation of the financial statements of foreign subsidiaries and (ii) foreign currency differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, which are considered to form part of net investment in foreign operation. Other Reserves Other reserves include the Special Economic Zone Re-Investment Reserve created out of the profits of eligible Special Economic Zones (“SEZ”) units in terms of the provisions of the Indian Income-tax Act, 1961. Further, these provisions require the reserve to be utilized by the Company for acquiring new plant and machinery for the purpose of its business . Pension adjustments This reserve represents cumulative actuarial gain and losses recognized, net of taxes on defined benefits plans.
i. Cash and cash equivalents The Company considers all highly liquid investments with an initial maturity of up to three months to be cash equivalents. Cash equivalents are readily convertible into known amounts of cash and subject to an insignificant risk of changes in value.
j. Investments
i. Marketable securities and mutual funds The Company’s marketable securities represent liquid investments and are acquired principally for the purpose of earning daily income. Investments in mutual funds represent investments in mutual fund schemes wherein the mutual fund issuer has invested these funds in enterprise development funds. Investments which are expected to be redeemed after 12 months from the reporting date are classified as non-current These investments are designated at fair value through profit or loss and changes in fair value recognized in the consolidated statement of income. The fair value represents the original cost of the investment and the investment’s fair value at each reporting period.
ii. Investments in fixed maturity plans The Company’s investments in FMPs represent investments in mutual fund schemes wherein the mutual fund issuer has invested these funds in certificates of deposits with banks in India. The investments in FMPs are designated as fair value through profit or loss and change in fair value is recognized in the consolidated statement of income. The fair value represents original cost of an investment and the investment’s fair value at each reporting period or net asset value as quoted. The Company manages FMPs on a fair value basis in accordance with the entity’s documented risk management, investment strategy and information provided to the key managerial personnel. The returns on the investment are measured based on the fair value movement rather than looking at the overall returns on the maturity. The Company’s investment purchase and sale decisions are also based on the fair value fluctuations rather than a predetermined policy to hold the investment until maturity. Key management personnel believe that recording these investments through the consolidated statement of income would provide more relevant information to measure the performance of the investment.
iii. Investments in fixed deposits Investments in fixed deposits consist of term deposits with original maturities of more than three months with banks. These are designated as financial assets at amortized cost.
k. Funds held for clients Some of the Company’s agreements in the auto claims handling services allow the Company to temporarily hold funds on behalf of the client. The funds are segregated from the Company’s funds and there is usually a short period of time between when the Company receives these funds from the client and when the payments are made on their behalf.
l. Property and equipment Property and equipment are stated at historical cost. Cost includes expenditures directly attributable to the acquisition of the asset. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:
Asset description Asset life (in years)
Buildings 20
Computers and software 3-4
Furniture, fixtures and office equipment 2-5
Vehicles 3
Leasehold improvements Lesser of estimated useful life or lease term Assets acquired under finance leases are capitalized as assets by the Company at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Assets under finance leases and leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the assets. Advances paid towards the acquisition of property and equipment and the cost of property and equipment not ready for use before the reporting date are disclosed as capital work-in-progress The Company assesses property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset or cash generating unit is the higher of its fair value less cost of disposal (“FVLCOD”) and its value-in-use
m. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is allocated to the cash-generating units expected to benefit from the synergies of the combination for the purpose of impairment testing. Goodwill is tested, at the cash-generating unit (or group of cash generating units) level, for impairment annually or if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is carried at cost less accumulated impairment losses. Impairment loss on goodwill is not reversed. See further discussion on impairment testing under “Impairment of intangible assets and goodwill” below.
n. Intangible assets Intangible assets are recognized only when it is probable that the expected future economic benefits attributable to the assets will accrue to the Company and the cost can be reliably measured. Intangible assets acquired in a business combination are recorded at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment, if indicators of impairment arise. Intangible assets with indefinite lives are not amortized but instead are tested for impairment at least annually and written down to the fair value. See further discussion on impairment testing under “Impairment of intangible assets and goodwill” below. Software development costs Costs incurred for developing software or enhancements to the existing software products to be sold and/or used for internal use are capitalized once the research phase is complete, technological feasibility and commercial feasibility has been established, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Significant management judgments and estimates are required in the assessment of when technological feasibility is established, as well as in the ongoing assessment of the recoverability of capitalized costs. Costs that qualify as software development costs include external direct costs of materials and services utilized in developing or obtaining software and compensation and related benefits for employees who are directly associated with the software project. The capitalized costs are amortized on a straight-line basis over the estimated useful life. Costs associated with research phase activities, training, maintenance and all post-implementation stage activities are expensed as incurred. The Company’s definite lived intangible assets are amortized over the estimated useful life of the assets on a straight-line basis, as given below.
Asset description Weighted average
Customer contracts 46
Customer relationships 218
Covenant not-to-compete 48
Trade names 34
Technology 94
Intellectual Property and other rights 24
Software 50
Service mark Indefinite useful life
o. Impairment of intangible assets and goodwill Goodwill is not subject to amortization and tested at least annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s FVLCOD and VIU. For the purposes of assessing impairment, assets are grouped at the cash generating unit level which is the lowest level for which there are separately identifiable cash flows. Impairment losses recognized in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash generating units (or group of cash generating units) and then, to reduce the carrying amount of the other assets in the cash generating unit (or group of cash generating units) on a pro rata basis based on the carrying amount of each asset in the cash generating unit. Intangible assets except goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
p. Employee benefits
i. Defined contribution plans US savings plan Eligible employees of the Company in the US participate in a savings plan (“the Plan”) under Section 401(k) of the United States Internal Revenue Code (“the Code”). The Plan allows for employees to defer a portion of their annual earnings on a pre-tax UK pension scheme Eligible employees in the UK contribute to a defined contribution pension scheme operated in the UK. The assets of the scheme are held separately in an independently administered fund. The pension expense represents contributions payable to the fund maintained by the Company. Provident fund Eligible employees of the Company in India, the Philippines

New accounting pronouncements n

New accounting pronouncements not yet adopted by the Company12 Months Ended
Mar. 31, 2022
Text block [abstract]
New accounting pronouncements not yet adopted by the Company3. New accounting pronouncements not yet adopted by the Company Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Company’s accounting periods beginning on or after April 1, 2022 or later periods. Those which are considered to be relevant to the Company’s operations are set out below.
i. In January 2020, the IASB issued amendments to IAS 1 “ Presentation of Financial Statements Non-current’. Non-current
• clarify that the classification of liabilities as current or non-current
• clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and
• make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The above amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. Early application is permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements.
ii. In January 2020, the IASB issued amendments to IAS 16 “ Property, Plant and Equipment
• prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management; and
• require an entity to recognize the proceeds from selling such items, and the cost of producing those items, in profit or loss. An entity is required to apply the amendments retrospectively only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The amendments are effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements.
iii. In May 2020, the IASB issued amendments to IAS 37 “ Provisions, Contingent Liabilities and Contingent Assets
• specify that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’; and
• state that costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour or materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). An entity is required to apply the amendments to contracts for which the entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which the entity first applies the amendments. Comparatives are not required to be restated. The amendments are effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Company is currently evaluating the impact of these amendments on its consolidated financial statements.

Business Combinations

Business Combinations12 Months Ended
Mar. 31, 2022
Text block [abstract]
Business Combinations4. Business Combinations
a) Payment for business transfer (‘CEPROCS’) On December 31, 2021, the Company entered into an agreement with CEPROCS S.R.L. (“CEPROCS”), a provider of global sourcing and procurement services across multiple industries, including automotive, manufacturing, and retail/consumer packaged goods (“CPG”), pursuant to which the Company agreed to acquire its customer contract, skilled workforce and related assets, effective December 31, 2021 (“Acquisition Date”). The purchase price of the transaction, which was paid in cash, was $566. The excess of purchase price over the assets acquired amounted to $14, which has been recognized as goodwill. The Company incurred acquisition related costs of $78, which have been included in “General and administrative expenses” in the consolidated statement of income for the year ended March 31, 2022. Goodwill is attributable mainly to the benefits expected from the acquired assembled workforce and is not expected to be deductible for tax purposes.
b) MOL Information Processing Services (I) Private Limited (“MOL IPS”) On August 1, 2021, the Company acquired all outstanding equity shares of MOL IPS from the shareholder of MOL IPS, MOL Hong Kong Limited (“the seller”), for a total purchase consideration of The Company paid $2,310 to the seller (net of cash) as part of purchase consideration for the year ended March 31, 2022. The Company has recognized an amount of $1,298 as goodwill in the books as a result of this acquisition. The Company incurred acquisition related costs of $62, which have been included in “General and administrative expenses” in the consolidated statement of income for the year ended March 31, 2022. The purchase price has been allocated on a provisional basis, as set out below, to the assets acquired and liabilities assumed in the business combination.
Amount
Total assets $ 3,981
Less: Total liabilities (2,321 )
Net assets acquired 1,660
Less: Purchase consideration (2,958 )
Goodwill on acquisition $ 1,298
Goodwill is attributable mainly to assembled workforce arising from the acquisition. Goodwill arising on acquisition is not expected to be tax deductible.
c) Denali On January 20, 2017 (“Acquisition Date”), the Company acquired all outstanding shares of Denali, a provider of strategic procurement BPM solutions for a purchase consideration of $38,668 (including the contingent consideration of $6,277, dependent on the achievement of revenue targets over a period of three years and deferred consideration of $522 payable in the first quart e The Company made payment of $522 towards deferred consideration and reduced the purchase consideration by $968 towards working capital adjustments during the year ended March 31, 2018. During the year ended March 31, 2020, 2019 and 2018, contingent consideration of $1,745, $2,484 and $2,351, respectively, was paid by the Company to the sellers on achievement of the revenue target related to the respective measurement period.
d) Value Edge On June 14, 2016 (“Acquisition Date”), the Company acquired all outstanding equity shares of Value Edge which provides business research and analytics reports and databases across the domains of pharmaceutical, biotech and medical devices, for a total consideration of $18,265 including working capital adjustments of $765 and contingent consideration of $5,112 (held in escrow), subject to compliance with certain conditions, payable over a period of three years. The acquisition is expected to deepen the Company’s domain and specialized analytical capabilities in the growing pharma market, and provide the Company with a technology asset, which is leverageable across clients and industries. During the year ended March 31, 2020, 2019 and 2018, the Company released from escrow an amount of $1,535 each towards contingent consideration payable to the sellers.

Cash and cash equivalents

Cash and cash equivalents12 Months Ended
Mar. 31, 2022
Text block [abstract]
Cash and cash equivalents5. Cash and cash equivalents The Company considers all highly liquid investments with an initial maturity of up to three months to be cash equivalents. Cash and cash equivalents consist of the following:
As at
March 31, March 31,
2022 2021
Cash and bank balances $ 78,578 $ 73,398
Short-term deposits with banks* 29,575 32,235
Total $ 108,153 $ 105,633
* Short-term deposits can be withdrawn by the Company at any time without prior notice and are readily convertible into known amounts of cash with an insignificant risk of changes in value.

Investments

Investments12 Months Ended
Mar. 31, 2021
Text block [abstract]
Investments6. Investments Investments consist of the following:
As at
March 31, March 31,
2022 2021
Investments in marketable securities and mutual funds $ 263,013 $ 250,852
Investment in fixed deposits 41,827 38,699
Total $ 304,840 $ 289,551
As at
March 31, 2022 March 31, 2021
Current investments $ 211,398 $ 203,676
Non-current 93,442 85,875
Total $ 304,840 $ 289,551

Trade receivables and unbilled

Trade receivables and unbilled revenue, net12 Months Ended
Mar. 31, 2022
Text block [abstract]
Trade receivables and unbilled revenue, net7. Trade receivables and unbilled revenue, net Trade receivables and unbilled revenue consist of the following:
As at
March 31, March 31,
2022 2021
Trade receivables and unbilled revenue* $ 189,952 $ 152,414
Less: Allowances for ECL (2,398 ) (2,624 )
Total $ 187,554 $ 149,790
Non-current $ — $ 269
Current trade receivables and unbilled revenue* $ 187,554 $ 149,521
* As at March 31, 2022 and March 31, 2021 unbilled revenue includes contract assets amounting to $246 and $191, respectively. The movement in the ECL is as follows:
Year ended March 31,
2022 2021 2020
Balance at the beginning of the year $ 2,624 $ 1,590 $ 1,182
Charged to consolidated statement of income 1,504 1,971 1,316
Write-offs, net of collections (1,308 ) (589 ) (299 )
Reversals (397 ) (637 ) (533 )
Translation adjustment (25 ) 289 (76 )
Balance at the end of the year $ 2,398 $ 2,624 $ 1,590

Prepayments and other assets

Prepayments and other assets12 Months Ended
Mar. 31, 2022
Text block [abstract]
Prepayments and other assets 8. Prepayments and other assets Prepayment and other assets consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Service tax and other tax receivables $ 8,833 $ 5,997
Employee receivables 1,045 1,044
Advances to suppliers 2,987 2,667
Prepaid expenses 10,169 9,261
Other assets 5,788 4,242
Total $ 28,822 $ 23,211
Non-current:
Deposits $ 11,263 $ 10,508
Income tax assets 15,068 12,151
Service tax and other tax receivables 13,079 12,786
Other assets 4,865 4,587
Total $ 44,275 $ 40,032

Goodwill

Goodwill12 Months Ended
Mar. 31, 2022
Text block [abstract]
Goodwill9. Goodwill A summary of the carrying value of goodwill is as follows:
As at
March 31, March 31,
Gross carrying amount $ 150,684 $ 152,459
Accumulated impairment of goodwill (27,147 ) (28,480 )
Total $ 123,537 $ 123,979
The movement in goodwill balance by reportable segment as at March 31, 2022 and 2021 is as follows: Gross carrying amount
WNS WNS Auto
Global BPM Claims BPM Total
Balance as at April 1, 2020 $ 121,304 $ 25,520 $ 146,824
Translation adjustment 2,675 2,960 5,635
Balance as at March 31, 2021 $ 123,979 $ 28,480 $ 152,459
Goodwill arising on acquisitions (Refer Note 4(a),4(b)) 1,312 — 1,312
Translation adjustment (1,754 ) (1,333 ) (3,087 )
Balance as at March 31, 2022 $ 123,537 $ 27,147 $ 150,684
Key assumptions on which the Company has based its determination of VIUs include:
a) Estimated cash flows for five years based on management approved internal budgets with extrapolation for the remaining period, wherever such budgets were shorter than five years period.
b) Terminal value arrived by extrapolating last forecasted year cash flows to perpetuity using long-term growth rates. These long-term growth rates take into consideration external macro-economic sources of data. Such long-term growth rate considered does not exceed that of the relevant business and industry sector.
c) The discount rates used are based on weighted average cost of capital of a comparable market participant, which are adjusted for specific country risks. The key assumptions used in performing the impairment test, by each CGU, were as follows:
CGU’s – As at March 31, 2022
WNS Global BPM* South Africa Denali Research and HealthHelp Technology services
Discount rate 14.9 % 15.5 % 11.7 % 14.9 % 11.7 % 13.0 %
Perpetual growth rate 3.0 % 3.0 % 2.5 % 3.0 % 2.5 % 2.0 %
CGU’s – As at March 31, 2021
WNS Global BPM* South Africa Denali Research and HealthHelp Technology services
Discount rate 15.3 % 16.2 % 12.0 % 15.3 % 12.0 % 14.0 %
Perpetual growth rate 3.0 % 3.0 % 2.5 % 3.0 % 2.5 % 2.0 %
* Excludes South Africa, Research and Analytics, Technology services, HealthHelp and Denali CGUs. The assumptions used were based on the Company’s management approved internal budgets. The Company projected revenue, operating margins and cash flows for a period of five years and applied a perpetual long-term growth rate thereafter. In arriving at its forecasts, the Company considered past experience, economic trends and inflation as well as industry and market trends including the impact of COVID-19. Based on the above, no impairment was identified as at March 31, 2022, as the recoverable amount of the CGUs exceeded the carrying value. An analysis of the calculation’s sensitivity to a change in the key parameters (revenue growth, operating margin, discount rate and long-term growth rate) did not identify any probable scenarios where the other CGU’s recoverable amount would fall below its carrying amount. Impairment charge recognized in the year March 31, 2020 During the fourth quarter of the year ended March 31, 2020, the withdrawal of the UK from the EU, commonly referred to as “Brexit”, affecting insurance industry and downward revision in the expectation for future performance within WNS Auto Claims reportable segment due to contract renegotiations and loss of certain clients caused the financial projections and estimates of WNS Auto Claims BPM reportable segment to significantly decrease from the previous estimates. These factors arising in the fourth quarter of the year ended March 31, 2020 and with the operating environment in UK currently being highly uncertain had a significant and negative impact on the VIU of the WNS Auto Claims BPM reportable segment, and the Company determined that the carrying value of the reportable segment for WNS Auto Claims BPM exceeded the VIU as at the date of its annual impairment review. The Company further performed the valuation of FVLCOD of the impairment test. The Company determined the FVLCOD of reportable segment using the “Income Approach — Discounted Cash Flow Analysis” method. Under the “Income Approach — Discounted Cash Flow Analysis” method the key assumptions consider projected sales, cost of sales, and operating expenses for five years. These assumptions were determined by management utilizing our internal operating plan, growth rates for revenues and operating expenses, and margin assumptions using market participant perspective. An additional key assumption under this approach is the discount rate, which represents the expected return on capital and is based on the estimated weighted average cost of capital for a market participant. If our assumptions relative to growth rates were to change, our fair value calculation may change, which could impact the results. The fair value of the WNS Auto Claims BPM reportable segment was determined using level 3 inputs through an income approach which includes assumptions for discount rate of 14.5% with annual and perpetual growth rate of 0.6% to 5.1% and 2.0% respectively. The Company used the “Market Approach-Guideline Public Company Method” to corroborate the results of the income approach. The FVLCOD was higher than the VIU, which is considered as the recoverable amount of the CGU amounting to $33,592. The next step of the goodwill impairment test resulted in an impairment charge of $4,085 for goodwill related to the WNS Auto Claims BPM reportable segment during the year ended March 31, 2020. This impairment charge of $4,085 was recorded in operating expenses in the consolidated statement of income, which reduced the goodwill in WNS Auto Claims BPM to Nil as at March 31, 2020. Accumulated impairment losses
WNS WNS Auto
Global BPM Claims BPM Total
Balance as at April 1, 2020 $ — $ 25,520 $ 25,520
Impairment of goodwill recognized during the year — — —
Translation adjustment — 2,960 2,960
Balance as at March 31, 2021 $ — $ 28,480 $ 28,480
Impairment of goodwill recognized during the year — — —
Translation adjustment — (1,333 ) (1,333 )
Balance as at March 31, 2022 $ — $ 27,147 $ 27,147
The carrying value of goodwill allocated to the cash generating units (“CGU”) is as follows:
As at
March 31, March 31,
2022 2021
Research and Analytics $ 42,051 $ 43,594
HealthHelp 39,082 39,082
Denali 29,542 29,542
WNS Global BPM* 4,934 3,717
South Africa 4,522 4,471
Technology services 3,406 3,573
$ 123,537 $ 123,979
* Excludes South Africa, Research and Analytics, Technology services, Denali and HealthHelp goodwill.

Intangible assets

Intangible assets12 Months Ended
Mar. 31, 2022
Text block [abstract]
Intangible assets10. Intangible assets The changes in the carrying value of intangible assets for the year ended March 31, 2022 are as follows:
Gross carrying value Customer Contracts Customer Relationships Intellectual Property and Other rights Trade names Technology Leasehold Benefits Covenant not-to- compete Service mark Software Total
Balance as at April 1, 2021 $ 158,014 $ 121,622 $ 4,511 $ 641 $ 5,987 $ 1,835 $ 9,161 $ 400 $ 53,152 $ 355,323
Additions — — — — — — — — 12,246 12,246
On acquisitions (Refer Note 4(a), 4(b)) 536 — — — — — — — 146 682
Translation adjustments (2,387 ) (570 ) (199 ) (3 ) (40 ) — (96 ) — (2,325 ) (5,620 )
Balance as at March 31, 2022 $ 156,163 $ 121,052 $ 4,312 $ 638 $ 5,947 $ 1,835 $ 9,065 $ 400 $ 63,219 $ 362,631
Accumulated amortization
Balance as at April 1, 2021 $ 158,014 $ 76,739 $ 4,511 $ 641 $ 3,230 $ 1,835 $ 9,161 $ — $ 36,051 $ 290,182
Amortization 133 3,645 — — 766 — — — 7,006 11,550
Translation adjustments (2,377 ) (554 ) (199 ) (3 ) (31 ) — (96 ) — (1,262 ) (4,522 )
Balance as at March 31, 2022 $ 155,770 $ 79,830 $ 4,312 $ 638 $ 3,965 $ 1,835 $ 9,065 $ — $ 41,795 $ 297,210
Net carrying value as at March 31, 2022 $ 393 $ 41,222 $ — $ — $ 1,982 $ — $ — $ 400 $ 21,424 $ 65,421
The changes in the carrying value of intangible assets for the year ended March 31, 2021 are as follows:
Gross carrying value Customer Contracts Customer Relationships Intellectual Property and Other rights Trade names Technology Leasehold Benefits Covenant not-to- compete Service mark Software Total
Balance as at April 1, 2020 $ 155,214 $ 120,427 $ 4,068 $ 638 $ 5,950 $ 1,835 $ 9,060 $ 400 $ 43,615 $ 341,207
Additions — — — — — — — — 7,544 7,544
Translation adjustments 2,800 1,195 443 3 37 — 101 — 1,993 6,572
Balance as at March 31, 2021 $ 158,014 $ 121,622 $ 4,511 $ 641 $ 5,987 $ 1,835 $ 9,161 $ 400 $ 53,152 $ 355,323
Accumulated amortization
Balance as at April 1, 2020 $ 154,093 $ 71,965 $ 4,068 $ 638 $ 2,440 $ 1,835 $ 7,474 $ — $ 28,594 $ 271,107
Amortization 1,123 3,631 — — 765 — 1,587 — 6,616 13,722
Translation adjustments 2,798 1,143 443 3 25 — 100 — 841 5,353
Balance as at March 31, 2021 $ 158,014 $ 76,739 $ 4,511 $ 641 $ 3,230 $ 1,835 $ 9,161 $ — $ 36,051 $ 290,182
Net carrying value as at March 31, 2021 $ — $ 44,883 $ — $ — $ 2,757 $ — $ — $ 400 $ 17,101 $ 65,141
As at March 31, 2022, the estimated remaining weighted average amortization periods for definite lived intangible assets are as follows:
Balance life
(in months)
Customer relationships 167
Customer contracts 9
Technology 34
Software 16 The estimated annual amortization expense based on remaining weighted average amortization periods for intangible assets and exchange rates, each as at March 31, 2022 are as follows:
Amount
2023 $ 13,207
2024 11,319
2025 8,102
2026 4,431
2027 3,272
Thereafter 24,690
$ 65,021 *
* Excludes service mark, as it has an indefinite useful life.

Property and equipment

Property and equipment12 Months Ended
Mar. 31, 2022
Text block [abstract]
Property and equipment11. Property and equipment The changes in the carrying value of property and equipment for the year ended March 31, 2022 are as follows:
Gross carrying value Building Computers and software Furniture, Vehicles Leasehold improvements Total
Balance as at April 1, 2021 $ 9,733 $ 78,850 $ 84,335 $ 876 $ 76,043 $ 249,837
Additions — 13,966 2,449 — 2,348 18,763
On acquisitions (Refer Note 4(a), 4(b)) — 217 102 10 116 445
Disposals/retirements — (1,901 ) (1,016 ) (74 ) (2,765 ) (5,756 )
Translation adjustments (142 ) (3,558 ) (3,228 ) (28 ) (3,038 ) (9,994 )
Balance as at March 31, 2022 $ 9,591 $ 87,574 $ 82,642 $ 784 $ 72,704 $ 253,295
Accumulated depreciation
Balance as at April 1, 2021 $ 5,945 $ 65,421 $ 68,141 $ 737 $ 58,568 $ 198,812
Depreciation 483 8,771 6,412 120 6,004 21,790
Disposals/retirements — (1,864 ) (988 ) (70 ) (2,727 ) (5,649 )
Translation adjustments (90 ) (2,754 ) (2,599 ) (23 ) (2,376 ) (7,842 )
Balance as at March 31, 2022 $ 6,338 $ 69,574 $ 70,966 $ 764 $ 59,469 $ 207,111
Capital work-in-progress 3,073
Net carrying value as at March 31, 2022 $ 49,257
The changes in the carrying value of property and equipment for the year ended March 31, 2021 are as follows:
Gross carrying value Building Computers and software Furniture, Vehicles Leasehold improvements Total
Balance as at April 1, 2020 $ 9,602 $ 74,388 $ 78,403 $ 838 $ 70,928 $ 234,159
Additions — 9,618 4,096 — 2,591 16,305
Disposals/retirements — (9,044 ) (1,988 ) — (1,293 ) (12,325 )
Translation adjustments 131 3,888 3,824 38 3,817 11,698
Balance as at March 31, 2021 $ 9,733 $ 78,850 $ 84,335 $ 876 $ 76,043 $ 249,837
Accumulated depreciation
Balance as at April 1, 2020 $ 5,385 $ 63,896 $ 60,044 $ 514 $ 50,287 $ 180,126
Depreciation 484 7,203 6,995 193 6,605 21,480
Disposals/retirements — (9,003 ) (1,855 ) — (1,038 ) (11,896 )
Translation adjustments 76 3,325 2,957 30 2,714 9,102
Balance as at March 31, 2021 $ 5,945 $ 65,421 $ 68,141 $ 737 $ 58,568 $ 198,812
Capital work-in-progress 1,247
Net carrying value as at March 31, 2021 $ 52,272

Leases

Leases12 Months Ended
Mar. 31, 2022
Text block [abstract]
Leases12. Leases The changes in the carrying value of ROU assets for the year ended March 31, 2022 are as follows:
Gross carrying value Premises Computers Equipment Motor Total
Balance as at April 1, 2021 $ 219,078 $ 39 $ 25 $ 639 $ 219,781
Additions 5,620 — — 216 5,836
On acquisition (Refer Note 4(b)) 1,528 — — — 1,528
Terminations/modifications 3,174 — — — 3,174
Translation adjustments (9,215 ) 1 (1 ) (42 ) (9,257 )
Balance as at March 31, 2022 $ 220,185 $ 40 $ 24 $ 813 $ 221,062
Accumulated depreciation
Balance as at April 1, 2021 $ 52,497 $ 35 $ 17 $ 466 $ 53,015
Depreciation 28,100 4 3 106 28,213
Terminations/modifications (47 ) — — — (47 )
Translation adjustments (2,716 ) 1 (1 ) (26 ) (2,742 )
Balance as at March 31, 2022 $ 77,834 $ 40 $ 19 $ 546 $ 78,439
Net carrying value as at March 31, 2022 $ 142,351 $ — $ 5 $ 267 $ 142,623
The changes in the carrying value of ROU assets for the year ended March 31, 2021 are as follows:
Gross carrying value Premises Computers Equipment Motor Total
Balance as at April 1, 2020 $ 183,839 $ 34 $ 32 $ 515 $ 184,420
Additions 26,336 — — 118 26,454
Terminations/modifications (985 ) — (8 ) (22 ) (1,015 )
Translation adjustments 9,888 5 1 28 9,922
Balance as at March 31, 2021 $ 219,078 $ 39 $ 25 $ 639 $ 219,781
Accumulated depreciation
Balance as at April 1, 2020 $ 25,015 $ 16 $ 12 $ 279 $ 25,322
Depreciation 27,236 16 10 181 27,443
Terminations/modifications (1,503 ) — (5 ) (9 ) (1,517 )
Translation adjustments 1,749 3 — 15 1,767
Balance as at March 31, 2021 $ 52,497 $ 35 $ 17 $ 466 $ 53,015
Net carrying value as at March 31, 2021 $ 166,581 $ 4 $ 8 $ 173 $ 166,766
The movement in lease liabilities for the year ended March 31, 2022 and 2021 is as follows:
Lease liabilities March 31, March 31,
Opening balance $ 191,907 $ 178,892
Cash outflows
Principal payment of lease liabilities (26,235 ) (23,073 )
Interest payment on lease liabilities (12,826 ) (13,442 )
Non-cash
On acquisition (Refer Note 4(b)) 1,521 —
Additions 5,403 25,506
Terminations/modifications 2,282 1,313
Interest accrued 12,657 13,689
Rent concessions (21 ) (416 )
Translation adjustments (7,694 ) 9,438
Closing balance $ 166,994 $ 191,907
Rental expense charged for short-term leases was $1,125 and $857, rental expense charged for low value leases was $65 and $675 and variable lease payments was $1,599 and $1,730 for the year ended March 31, 2022 and March 31, 2021, respectively. The Company has applied practical expedient for rent concessions as a direct consequence of the COVID-19 The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2022, on an undiscounted basis:
As at
Tenure March 31, March 31,
Less than 1 year $ 37,330 $ 39,591
1-3 67,177 73,833
3-5 49,449 63,462
More than 5 years 62,234 79,419
Total $ 216,190 $ 256,305
The total future cash outflows for leases that had not yet commenced were $82,013 and $Nil for the year ended March 31, 2022 and March 31, 2021, respectively.

Loans and borrowings

Loans and borrowings12 Months Ended
Mar. 31, 2022
Text block [abstract]
Loans and borrowings13. Loans and borrowings Long-term debt The long-term loans and borrowings consist of th e following:
Final As at
Currency Interest rate March 31, 2022 March 31, 2021
US dollars 3M USD LIBOR+0.95 % 2022 — 16,800
Total — 16,800
Less: Debt issuance cost — (52 )
Total — 16,748
Current portion of long-term debt $ — $ 16,748
Long-term debt $ — $ — The Company has entered into a floating to fixed interest rate swap in relation to these debts. In March 2017, WNS (Mauritius) Limited obtained from HSBC Bank (Mauritius) Ltd. and Standard Chartered Bank, UK a five-year term loan facility of $84,000 at an interest rate equal to the three-month US dollar LIBOR was Short-term lines of credit The Company’s Indian subsidiary, WNS Global Services Private Limited (“WNS Global”), has unsecured lines of credit with banks amounting to $71,115 (based on the exchange rate on March 31, 2022). The Company has also established a line of credit in the UK amounting to $12,980 (based on the exchange rate on March 31, 2022). The Company has also established a line of credit in North America amounting to $10,000. Further the Company has also established a line of credit in South Africa amounting to $2,054 (based on the exchange rate March 31, 2022). As at March 31, 2022, no amounts were drawn under these lines of credit.

Financial instruments

Financial instruments12 Months Ended
Mar. 31, 2022
Text block [abstract]
Financial instruments14. Financial instruments Financial instruments by category The carrying value and fair value of financial instruments by class as at March 31, 2022 are as follows: Financial assets
Financial Financial Financial Total carrying value Total fair value
Cash and cash equivalents $ 108,153 $ — $ — $ 108,153 $ 108,153
Investment in fixed deposits 41,827 — — 41,827 41,827
Investments in marketable securities and mutual funds — 263,013 — 263,013 263,013
Trade receivables 100,522 — — 100,522 100,522
Unbilled revenue (1) 86,786 — — 86,786 86,786
Funds held for clients 11,643 — — 11,643 11,643
Prepayments and other assets (2) 6,283 — — 6,283 6,283
Other non-current (3) 13,509 — — 13,509 13,509
Derivative assets — 556 13,044 13,600 13,600
Total carrying value $ 368,723 $ 263,569 $ 13,044 $ 645,336 $ 645,336
Financial liabilities
Financial Financial Financial Total carrying value Total fair Value
Trade payables $ 27,829 $ — $ — $ 27,829 $ 27,829
Other employee obligations (4) 95,098 — — 95,098 95,098
Provisions and accrued expenses 36,752 — — 36,752 36,752
Lease liabilities 166,994 — — 166,994 166,994
Other liabilities (5) 2,015 — — 2,015 2,015
Derivative liabilities — 2,295 4,578 6,873 6,873
Total carrying value $ 328,688 $ 2,295 $ 4,578 $ 335,561 $ 335,561
Notes:
(1) Excluding non-financial
(2) Excluding non-financial
(3) Excluding non-financial
(4) Excluding non-financial
(5) Excluding non-financial The carrying value and fair value of financial instruments by class as at March 31, 2021 are as follows: Financial assets
Financial Financial Financial Total carrying value Total fair value
Cash and cash equivalents $ 105,633 $ — $ — $ 105,633 $ 105,633
Investment in fixed deposits 38,699 — — 38,699 38,699
Investments in marketable securities and mutual funds — 250,852 — 250,852 250,852
Trade receivables 83,387 — — 83,387 83,387
Unbilled revenue (1) 66,212 — — 66,212 66,212
Funds held for clients 12,139 — — 12,139 12,139
Prepayments and other assets (2) 4,757 — — 4,757 4,757
Other non-current (3) 13,790 — — 13,790 13,790
Derivative assets — 2,619 7,104 9,723 9,723
Total carrying value $ 324,617 $ 253,471 $ 7,104 $ 585,192 $ 585,192
Financial liabilities
Financial Financial Financial Total carrying value Total fair Value
Trade payables $ 28,015 $ — $ — $ 28,015 $ 28,015
Long-term debt (includes current portion) (4) 16,800 — — 16,800 16,800
Other employee obligations (5) 74,511 — — 74,511 74,511
Provisions and accrued expenses 23,933 — — 23,933 23,933
Lease liabilities 191,907 — — 191,907 191,907
Other liabilities (6) 1,803 — — 1,803 1,803
Derivative liabilities — 1,068 5,460 6,528 6,528
Total carrying value $ 336,969 $ 1,068 $ 5,460 $ 343,497 $ 343,497
Notes:
(1) Excluding non-financial
(2) Excluding non-financial
(3) Excluding non-financial
(4) Excluding non-financial
(5) Excluding non-financial
(6) Excluding non-financial For the financial assets and liabilities subject to offsetting or similar arrangements, each agreement between the Company and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. Financial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2022 are as follows:
Description of types of financial assets Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities offset in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial Instruments Cash collateral received
Derivative assets $ 13,600 $ — $ 13,600 $ (646 ) $ — $ 12,954
Total $ 13,600 $ — $ 13,600 $ (646 ) $ — $ 12,954
Description of types of financial liabilities Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets offset in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial instruments Cash collateral pledged
Derivative liabilities $ 6,873 $ — $ 6,873 $ (646 ) $ — $ 6,227
Total $ 6,873 $ — $ 6,873 $ (646 ) $ — $ 6,227
Financial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2021 are as follows:
Description of types of financial assets Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities offset in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial Instruments Cash collateral received
Derivative assets $ 9,723 $ — $ 9,723 $ (4,392 ) $ — $ 5,331
Total $ 9,723 $ — $ 9,723 $ (4,392 ) $ — $ 5,331
Description of types of financial liabilities Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets offset in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial instruments Cash collateral pledged
Derivative liabilities $ 6,528 $ — $ 6,528 $ (4,392 ) $ — $ 2,136
Total $ 6,528 $ — $ 6,528 $ (4,392 ) $ — $ 2,136
Fair value hierarchy The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — other techniques for which all inputs have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3 — techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The fair value is estimated using the discounted cash flow approach and market rates of interest. The valuation technique involves assumptions and judgments regarding risk characteristics of the instruments, discount rates and future cash flows. The Company uses valuation techniques in measuring the fair value of financial instruments, where active market quotes are not available. In applying the valuation techniques, the Company makes maximum use of market inputs, and uses estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not observable, the Company uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date. The assets and liabilities measured at fair value on a recurring basis as at March 31, 2022 are as follows:
Fair value measurement at reporting date using
Description March 31, 2022 Quoted prices in Significant other observable (Level 2) Significant unobservable
Assets
Financial assets at FVTPL
Foreign exchange contracts $ 556 $ — $ 556 $ —
Investments in marketable securities and mutual funds 263,013 262,602 411 —
Financial assets at FVOCI
Foreign exchange contracts 13,044 — 13,044 —
Total assets $ 276,613 $ 262,202 $ 14,011 $ —
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts $ 2,295 $ — $ 2,295 $ —
Financial liabilities at FVOCI
Foreign exchange contracts 4,578 — 4,578 —
Interest rate swaps — — — —
Total liabilities $ 6,873 $ — $ 6,873 $ —
The assets and liabilities measured at fair value on a recurring basis as at March 31, 2021 are as follows:
Fair value measurement at reporting date using
Description March 31, 2021 Quoted prices in Significant Other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Assets
Financial assets at FVTPL
Foreign exchange contracts $ 2,619 $ — $ 2,619 $ —
Investments in marketable securities and mutual funds 250,852 250,439 413 —
Financial assets at FVOCI
Foreign exchange contracts 7,104 — 7,104 —
Total assets $ 260,575 $ 250,439 $ 10,136 $ —
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts $ 1,068 $ — $ 1,068 $ —
Financial liabilities at FVOCI
Foreign exchange contracts 5,234 — 5,234 —
Interest rate swaps 226 — 226 —
Total liabilities $ 6,528 $ — $ 6,528 $ —
During the years ended March 31, 2022 and 2021, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. Fair value on a non-recurring The non-recurring Derivative financial instruments The primary risks managed by using derivative instruments are foreign currency exchange risk and interest rate risk. Forward and option contracts up to 24 months on various foreign currencies are entered into to manage the foreign currency exchange rate risk on forecasted revenue denominated in foreign currencies and monetary assets and liabilities held in non-functional The following table presents the notional values of outstanding foreign exchange forward contracts, foreign exchange option contracts and interest rate swap contracts:
As at
March 31, 2022 March 31, 2021
Forward contracts (Sell)
In US dollars $ 316,651 $ 260,999
In Pound Sterling 99,006 104,638
In Euro 21,811 26,395
In Australian dollars 27,290 29,076
Others 20,406 21,017
$ 485,164 $ 442,125
Option contracts (Sell)
In US dollars $ 204,773 $ 137,687
In Pound Sterling 88,899 92,159
In Euro 26,147 33,202
In Australian dollars 38,004 45,022
Others — —
$ 357,823 $ 308,070
Interest rate swap contracts
In US dollars — 16,800 The amount of gain/ (loss) reclassified from other comprehensive income into consolidated statement of income in respective line items for the years ended March 31, 2022, 2021 and 2020 are as follows:
Year ended March 31,
2022 2021 2020
Revenue $ 3,451 4,237 $ 12,695
Foreign exchange gain/(loss), net 93 (222 ) 543
Finance expense (217 ) (460 ) 171
Income tax related to amounts reclassified into consolidated statement of income (1,150 ) 425 (1,947 )
Total $ 2,177 3,980 $ 11,462
As at March 31, 2022, a gain amounting to $2,135 on account of c a Due to the discontinuation of cash flow hedge accounting on account of non-occurrence COVID-19. Financial risk management Financial risk factors The Company’s activities expose it to a variety of financial risks: market risk, interest rate risk, credit risk and liquidity risk. The Company’s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. The demographics of the customer including the default risk of the industry and country in which the customer operates also has an influence on credit risk assessment. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Risk management procedures The Company manages market risk through treasury operations. Senior management and the Board of Directors approve the Company’s treasury operations’ objectives and policies. The activities of treasury operations include management of cash resources, implementation of hedging strategies for foreign currency exposures, implementation of borrowing strategies and monitoring compliance with market risk limits and policies. The Company’s foreign exchange committee, comprising the Director nominated by the Board, Group Chief Executive Officer and Group Chief Financial Officer, is the approving authority for all hedging transactions. Components of market risk Exchange rate or currency risk The Company’s exposure to market risk arises principally from exchange rate risk. Although substantially all of the Company’s revenue is denominated in pound sterling and US dollars, a significant portion of expenses for the year ended March 31, 2022 (net of payments to repair centers made as part of the Company’s WNS Auto Claims BPM segment) were incurred and paid in Indian rupees. The exchange rates among the Indian rupee, the pound sterling and the US dollar have changed substantially in recent years and may fluctuate substantially in the future. The Company hedges a portion of forecasted external and inter-company revenue denominated in foreign currencies with forward contracts and options. Based upon the Company’s level of operations for the year ended March 31, 2022, a sensitivity analysis shows that a 10% appreciation or depreciation in the pound sterling against the US dollar would have increased or decreased, respectively, the Company’s revenue for the year ended March 31, 2022 by approximately $32,736. Similarly, a 10% appreciation or depreciation in the Indian rupee against the US dollar would have increased or decreased, respectively, the Company’s expenses incurred and paid in Indian rupee for the year ended March 31, 2022 by approximately $40,997. The foreign currency risk from non-d e
As at March 31, 2022
US Dollar Pound Sterling Indian Rupees Australian Dollar Euro Other currencies Total
Cash and cash equivalents $ 3,412 1,813 — 54 899 196 $ 6,374
Investment 600 — — — — — 600
Trade receivables 127,640 22,934 1,363 7,366 11,631 3,064 173,998
Unbilled revenue 7,105 4,460 — — 4,304 537 16,406
Prepayments and other current assets 205 66 55 2 246 — 574
Other non-current 3 — — — — 16 19
Trade payables (33,849 ) (74,701 ) (5,576 ) (103 ) (20,627 ) (467 ) (135,323 )
Provisions and accrued expenses (4,493 ) (1,084 ) (56 ) — (446 ) (71 ) (6,150 )
Pension and other employee obligations — (794 ) — — (1 ) (441 ) (1,236 )
Lease liabilities — — — — (4,736 ) (27 ) (4,763 )
Other liabilities — (14 ) — — (2 ) — (16 )
Net assets/ (liabilities) $ 100,623 (47,320 ) (4,214 ) 7,319 (8,732 ) 2,807 $ 50,483
The foreign currency risk from non-derivative
As at March 31, 2021
US Dollar Pound Sterling Indian Rupees Australian Dollar Euro Other currencies Total
Cash and cash equivalents $ 2,739 1,818 — 61 1,024 314 $ 5,956
Trade receivables 116,135 34,041 1,269 7,411 10,911 3,543 173,310
Unbilled revenue 4,569 3,954 — — 3,271 275 12,069
Prepayments and other current assets 108 44 57 — 43 — 252
Other non-current 3 — — — — 16 19
Trade payables (44,492 ) (91,359 ) (5,770 ) — (20,540 ) (1,248 ) (163,409 )
Provisions and accrued expenses (3,886 ) (1,035 ) — (83 ) (587 ) — (5,591 )
Pension and other employee obligations (302 ) — — — (29 ) (347 ) (678 )
Lease liabilities — — — — (3,635 ) (52 ) (3,687 )
Other liabilities (1 ) (7 ) (2 ) (2 ) (7 ) (19 )
Net assets/ (liabilities) $ 74,873 (52,544 ) (4,444 ) 7,387 (9,544 ) 2,494 $ 18,222
Other currencies include currencies such as the Swiss Franc (CHF), Singapore Dollar (SGD), Philippine Peso (PHP), Canadian Dollar (CAD), Polish Zloty (PLN), Sri Lankan Rupee (LKR), Romanian Leu (RON), South African Rand (ZAR), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), United Arab Emirates Dirham (AED), Chinese Yuan Renminbi (CNY), Costa Rican colon (CRC), Danish Krone (DKK), Swedish Krona (SEK), Malaysian Ringgit (MYR), Omani Riyal (OMR) and Turkish Lira (TRY). As at March 31, 2022, every 10% appreciation or depreciation of the respective foreign currencies compared to the functional currency of the Company would impact the Company’s profit before tax from operating activities by approximately $5,876. Interest rate risk The Company’s exposure to interest rate risk arises from borrowings which have a floating rate of interest, which is linked to the US dollar LIBOR. The risk is managed by the Company by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of interest rate swap contracts. The costs of floating rate borrowings may be affected by the fluctuations in the interest rates. In connection with the term loan facilities entered into during the year ended March 31, 2017, the Company entered into interest rate swap agreements with the banks in during the year ended March 31, 2017. These swap agreements effectively convert the term loans from variable US dollar LIBOR interest rates to fixed rates, thereby managing the Company’s exposure to changes in market interest rates under the term loans. As at March 31, 2022, there was no amount outstanding under these swap agreements. The Company monitors its positions and does not anticipate non-performance Credit risk Credit risk arises from the possibility that customers may not be able to settle their obligations as agreed. Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in the UK and the US. Credit risk is managed through periodic assessment of the financial reliability of customers, taking into account the financial condition, current economic trends, analysis of historical bad debts and ageing of trade receivables. The credit risk on marketable securities, FMPs, mutual funds, bank deposits and derivative financial instruments is limited because the counterparties are banks and mutual funds with high credit ratings assigned by international credit-rating agencies. The maximum exposure to credit risk at the reporting date is primarily from trade receivables and unbilled revenue which amounted to $100,522 and $87,032, respectively as at March 31, 2022 and $83,387 and $66,403, respectively, as at March 31, 2021. The Company provides loss allowance using the ECL model on trade receivables and unbilled revenue with no significant financing component at an amount equal to lifetime ECL (Refer Note 7). The following table gives details in respect of the percentage of revenue generated from the Company’s top customer and top five customers:
Year ended March 31,
2022 2021 2020
Revenue from top customer 7.3 % 8.1 % 6.9 %
Revenue from top five customers 27.1 % 26.8 % 25.1 % Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses and service financial obligations. In addition, the Company has concluded arrangements with reputable banks and has unused lines of credit of $96,149 as at March 31, 2022 that could be drawn upon, should there be a need. The contractual maturities of financial liabilities are as follows:
As at March 31, 2022
Less than 1 Year 1-2 years 2-5 years Total
Trade payables $ 27,829 $ — $ — $ 27,829
Provisions and accrued expenses 36,752 — — 36,752
Other liabilities 2,015 — — 2,015
Other employee obligations 95,098 — — 95,098
Derivative financial instruments 6,042 831 — 6,873
Total (2) (3) $ 167,736 $ 831 $ — $ 168,567
Notes:
(1) For contractual maturities of lease liabilities refer note 12.
(2) Non-financial
As at March 31, 2021
Less than 1 Year 1-2 years 2-5 years Total
Long-term debt (includes current portion) (1) $ 16,800 $ — $ — $ 16,800
Trade payables 28,015 — — 28,015
Provisions and accrued expenses 23,933 — — 23,933
Other liabilities 1,803 — — 1,803
Other employee obligations 74,511 — — 74,511
Derivative financial instruments 4,491 2,037 — 6,528
Total (2) (3) $ 149,553 $ 2,037 $ — $ 151,590
Notes:
(1) Before netting off debt issuance cost of $52.
(2) For contractual maturities of lease liabilities refer note 12.
(3) Non-financial The balanced view of liquidity and financial indebtedness is stated in the table below. This calculation of the net cash position is used by the management:
As at
March 31, 2022 March 31, 2021
Cash and cash equivalents $ 108,153 $ 105,633
Investments 304,840 289,551
Long-term debt (includes current portion) (1) — (16,800 )
Net cash position $ 412,993 $ 378,384
Note:
(1) Before netting off debt issuance cost of $Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.

Pension and other employee obli

Pension and other employee obligations12 Months Ended
Mar. 31, 2022
Text block [abstract]
Pension and other employee obligations15. Pension and other employee obligations Pension and other employee obligations consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Salaries and bonus $ 93,210 $ 72,314
Pension 1,365 115
Withholding taxes on salary and statutory payables 11,193 10,157
Total $ 105,768 $ 82,586
Non-current:
Pension and other obligations $ 16,238 $ 19,589
Total $ 16,238 $ 19,589
Employee benefit costs consist of the following:
Year ended March 31,
2022 2021 2020
Salaries and bonus $ 608,064 $ 498,431 $ 487,246
Employee benefit plans:
Defined contribution plan 15,296 12,648 12,675
Defined benefit plan 4,339 2,839 2,634
Share-based compensation expense (Refer Note 24) 44,165 38,230 37,520
Total $ 671,864 $ 552,148 $ 540,075
Employee benefit costs is recognized in the following line items in the consolidated statement of income:
Year ended March 31,
2022 2021 2020
Cost of revenue $ 503,748 $ 404,431 $ 399,441
Selling and marketing expenses 46,614 43,601 40,816
General and administrative expenses 121,502 104,116 99,818
Total $ 671,864 $ 552,148 $ 540,075
Defined contribution plan The Company’s contributions to defined contribution plans are as follows:
Year ended March 31,
2022 2021 2020
India $ 10,758 $ 8,681 $ 8,772
United States 2,110 1,770 1,548
United Kingdom 825 898 892
South Africa 801 596 789
Sri Lanka 567 512 480
Philippines 235 191 194
Total $ 15,296 $ 12,648 $ 12,675
Defined benefit plan The net periodic cost recognized by the Company in respect of gratuity payments under the Company’s gratuity plans covering eligible employees of the Company in India, the Philippines and Sri Lanka is as follows:
Year ended March 31,
2022 2021 2020
Service cost $ 3,368 $ 2,047 $ 1,915
Interest on the net defined benefit liability 971 792 719
Net gratuity cost $ 4,339 $ 2,839 $ 2,634
As at
March 2022 March 2021
Change in projected benefit obligations
Obligation at beginning of the year $ 17,220 $ 13,524
Foreign currency translation (790 ) 441
Service cost 3,368 2,047
Interest cost 1,097 869
Benefits paid (2,374 ) (1,116 )
Business combinations 1,223 —
Actuarial (gain)/loss
From changes in demographic assumptions (1,334 ) 1,061
From changes in financial assumptions 238 341
From actual experience compared to assumptions (188 ) 53
Benefit obligation at end of the year $ 18,460 $ 17,220
Change in plan assets
Plan assets at beginning of the year $ 1,314 $ 1,146
Foreign currency translation (51 ) 40
Expected return on plan assets 126 77
Actual contributions 2,415 1,031
Benefits paid (2,260 ) (1,023 )
Business combinations 1,191 —
Actuarial gain 10 43
Plan assets at end of the year $ 2,745 $ 1,314
Accrued pension liability
Current $ 1,365 $ 115
Non-current 14,350 15,791
Net amount recognized $ 15,715 $ 15,906
Present value of funded defined benefit obligation $ 18,035 $ 16,378
Fair value of plan assets (2,745 ) (1,314 )
15,290 15,064
Present value of unfunded defined benefit obligation $ 425 $ 842
Weighted average duration of defined benefit obligation (both funded and unfunded) 5.1 years 8.9 years Net amount recognized relating to the Company’s India plan, Philippines plan and Sri Lanka plan was $15,336, $64 and $315 as at March 31, 2022 and was $15,131, $95 and $680 as at March 31, 2021, respectively. The assumptions used in accounting for the gratuity plans are as follows:
Year ended March 31,
2022 2021 2020
Discount rate:
India 6.2% to 6.6% 6.4% 6.3% to 6.6%
Philippines 1.7% 3.1% 3.7%
Sri Lanka 16.4% 8.1% 9.8%
Rate of increase in compensation level 8.0% to 10.0% 7.0% to 8.0% 7.0% to 8.0%
Expected rate of return on plan assets 6.5% to 6.6% 6.4% 6.6% The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government securities adjusted for a suitable risk premium to reflect the additional risk for high quality corporate bonds. As at March 31, 2022, for each of the Company’s defined benefit plans, the sensitivity of the defined benefit obligation to a change in each significant actuarial assumption is as follows:
India Philippines Sri Lanka
Discount rate:
Increase in discount rate by 1% (4.7 )% (1.1 )% (5.2 )%
Decrease in discount rate by 1% 5.2 % 1.1 % 5.8 %
Rate of increase in compensation level:
Increase in salary escalation rate by 1% 3.7 % 0.6 % 5.7 %
Decrease in salary escalation rate by 1% (3.5 )% (0.6 )% (5.1 )% Each sensitivity amount is calculated assuming that all other assumptions are held constant. The Company is not able to predict the extent of likely future changes in these assumptions, but based on past experience, the discount rate for each plan could change by up to 1% within a 12-month As at March 31, 2022, $1,162 and $1,583 ($4 and $1,310 as at March 31, 2021) of the fund assets are invested with LIC and ALICPL, respectively. Of the funds invested with LIC, approximately 40% and 60% of the funds are invested in unquoted government securities and money market instruments, respectively. Of the funds invested with ALICPL, approximately 77% and 23% are invested in unquoted government securities and money market instruments, respectively. Since the Company’s plan assets are managed by third party fund administrators, the contributions made by the Company are pooled with the corpus of the funds managed by such fund administrators and invested in accordance with regulatory guidelines. The Company’s funding policy is to contribute to the plan amounts necessary on an actuarial basis to, at a minimum, satisfy the minimum funding requirements. Additional discretionary contributions above the minimum funding requirement can be made and are generally based on adjustment for any over or under funding. The expected benefits are based on the same assumptions used to measure the Company’s defined benefit obligations as at March 31, 2022. The Company expects to contribute $3,029 to defined benefit plan for the year ending March 31, 2023. The maturity analysis of the Company’s defined benefit payments is as follows:
Amount
2023 $ 3,164
2024 3,128
2025 3,194
2026 3,195
2027 3,437
Thereafter 16,143
$ 32,261

Provisions and accrued expenses

Provisions and accrued expenses12 Months Ended
Mar. 31, 2022
Text block [abstract]
Provisions and accrued expenses 16. Provisions and accrued expenses Provisions and accrued expenses consist of the following:
As at
March 31, 2022 March 31, 2021
Accrued expenses 36,752 23,933
Total $ 36,752 $ 23,933

Contract liabilities

Contract liabilities12 Months Ended
Mar. 31, 2022
Text block [abstract]
Contract liabilities17. Contract liabilities Contract liabilities consists of the following:
As at
March 31, 2022 March 31, 2021
Current:
Payments in advance of services $ 8,344 $ 8,998
Advance billings 5,081 3,489
Others 298 198
Total $ 13,723 $ 12,685
Non-current:
Payments in advance of services $ 12,072 $ 15,876
Advance billings 1,226 752
Others 16 17
Total $ 13,314 $ 16,645

Other liabilities

Other liabilities12 Months Ended
Mar. 31, 2022
Text block [abstract]
Other liabilities18. Other liabilities Other liabilities consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Withholding taxes and value added tax payables $ 8,164 $ 9,288
Other liabilities 3,187 2,204
Total $ 11,351 $ 11,492
Non-current:
Other liabilities 78 211
Total $ 78 $ 211

Share capital

Share capital12 Months Ended
Mar. 31, 2022
Text block [abstract]
Share capital19. Share capital As at March 31, 2022, the authorized share capital was £6,100 divided into 60,000,000 ordinary shares of 10 pence each and 1,000,000 preferred shares of 10 pence each. The Company had 48,849,907 ordinary shares outstanding as at March 31, 2022. There were no preferred shares outstanding as at March 31, 2022. As at March 31, 2021, the authorized share capital was £6,100 divided into 60,000,000 ordinary shares of 10 pence each and 1,000,000 preferred shares of 10 pence each. The Company had 49,402,203 ordinary shares (excluding 1,100,000 treasury shares) outstanding as at March 31, 2021. There were no preferred shares outstanding as at March 31, 2021. Treasury shares In March 2018, the shareholders of the Company authorized the repurchase of up to 3,300,000 of the Company’s ADSs, at a price range of $10 to $100 per ADS. Pursuant to the terms of the repurchase program, the Company’s ADSs may be purchased in the open market from time to time for 36 months from March 30, 2018, the date of shareholders’ approval. During the year ended March 31, 2020, the Company received authorization from the Board of Directors to cancel, and cancelled, 2,200,000 ADSs that were held as treasury shares for an aggregate cost of $120,154. The effect of the cancellation of these treasury shares was recognized in share capital amounting to $281 and in share premium amounting to $119,873, in compliance with Jersey law. There was no effect on the total shareholders’ equity as a result of this cancellation. During the year ended March 31, 2021, the Company purchased the balance 1,100,000 ADSs in the open market for a total consideration of $78,563 (including transaction costs $11) and completed the authorized repurchases under the above-mentioned share repurchase program. The Company paid $55 towards cancellation fees for ADSs in relation to the repurchase of 1,100,000 ADSs. The Company funded the repurchases under the repurchase program with cash on hand. During the year ended March 31, 2021, the shareholders of the Company authorized a new share repurchase program for the repurchase of up to 3,300,000 of the Company’s ADSs, each representing one ordinary share, at a price range of $10 to $110 per ADS. Pursuant to the terms of the repurchase program, the Company’s ADSs may be purchased in the open market from time to time for 36 months from April 1, 2021 to March 31, 2024. The Company is not obligated under the repurchase program to repurchase a specific number of ADSs, and the repurchase program may be suspended at any time at the Company’s discretion. The Company intends to fund the repurchase with cash on hand. During the year ended March 31, 2022, the Company purchased 1,100,000 ADSs in the open market for a total consideration of $85,038 (including transaction costs $11) under the above-mentioned share repurchase program. The Company funded the repurchases under the repurchase program with cash on hand. During the year ended March 31, 2022, the Company received authorization from the Board of Directors to cancel, and cancelled, 2,200,000 ADSs that were held as treasury shares for an aggregate cost of $163,711 (including share cancellation charges $110). The effect of the cancellation of these treasury shares was recognized in share capital amounting to $302 and in share premium amounting to $163,409, in compliance with Jersey law. There was no effect on the total shareholders’ equity as a result of this cancellation.

Revenue

Revenue12 Months Ended
Mar. 31, 2022
Text block [abstract]
Revenue20. Revenue Disaggregation of revenue In the following tables, revenue is disaggregated by service type, major industries serviced, contract type and geography. Revenue by service type
Year ended March 31,
2022 2021 2020
Industry-specific $ 431,770 $ 372,505 $ 364,022
Finance and accounting 248,572 212,563 211,069
Customer experience services 189,615 154,368 192,466
Research and analytics 116,081 94,545 96,337
Auto claims 96,123 54,620 46,418
Others 27,639 24,042 17,946
Total $ 1,109,800 $ 912,643 $ 928,258
Revenue by industry
Year ended March 31,
2022 2021 2020
Insurance* $ 332,335 $ 266,669 $ 257,586
Healthcare 196,614 172,878 146,622
Diversified businesses including manufacturing, retail, CPG, media and entertainment, and telecom 149,884 139,449 152,973
Travel and leisure 163,849 129,231 166,766
Shipping and logistics 85,258 63,530 56,064
Hi-tech and professional services 69,278 56,386 49,698
Banking and financial services 64,034 42,555 40,485
Utilities 48,548 41,945 58,064
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28.
Revenue by contract type
Year ended March 31,
2022 2021 2020
Full-time-equivalent $ 703,440 $ 592,868 $ 615,765
Transaction* 188,357 133,423 144,637
Subscription 102,859 98,176 83,135
Fixed price 63,570 42,371 43,518
Others 51,574 45,805 41,203
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28. Revenue by delivery location
Year ended March 31,
2022 2021 2020
India $ 555,796 $ 463,908 $ 476,078
United States 168,493 150,418 134,031
Philippines 143,238 119,855 130,350
UK* 127,826 72,178 60,244
South Africa 56,735 51,625 68,051
Sri Lanka 16,282 15,748 13,766
China 13,880 12,740 12,399
Romania 12,756 13,107 17,433
Spain 5,314 5,224 8,959
Poland 4,989 4,816 3,649
Costa Rica 3,643 3,024 3,298
Australia 848 — —
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28. Revenue by geography Refer Note 28 — External revenue. Contract balances Contract assets The movement in contract assets during the year ended March 31, 2022 is as follows:
As at
March 31, 2022
Sales Transition Upfront Total
Opening balance $ 8,112 $ 17,656 $ 9,121 $ 34,889
Additions during the year 5,209 17,923 10,811 33,943
Amortization/recognition during the year (2,190 ) (7,352 ) (7,736 ) (17,278 )
Impairment loss recognized during the year (46 ) — — (46 )
Translation adjustments (240 ) (866 ) (400 ) (1,506 )
Closing balance $ 10,845 $ 27,361 $ 11,796 $ 50,002
The movement in contract assets during the year ended March 31, 2021 is as follows:
As at
March 31, 2021
Sales Transition Upfront Total
Opening balance $ 7,427 $ 19,006 $ 9,932 $ 36,365
Additions during the year 2,365 7,151 5,008 14,524
Amortization/recognition during the year (1,816 ) (9,216 ) (6,725 ) (17,757 )
Impairment loss recognized during the year (351 ) — — (351 )
Translation adjustments 487 715 906 2,108
Closing balance $ 8,112 $ 17,656 $ 9,121 $ 34,889
Contract liabilities
As at
March 31, 2022 March 31, 2021
Contract liabilities:
Payments in advance of services $ 20,416 $ 24,874
Advance billings 6,307 4,241
Others 314 215
Total $ 27,037 $ 29,330
Revenue recognized during the year ended March 31, 2022 and 2021, which was included in the contract liabilities balance at the beginning of the respective periods is as follows:
As at
March 31, 2022 March 31, 2021
Payments in advance of services $ 9,114 $ 7,695
Advance billings 2,742 3,168
Others 136 492
Total $ 11,992 $ 11,355
The estimated revenue expected to be recognized in the future relating to remaining performance obligations as at March 31, 2022 and March 31, 2021 is as follows:
As at March 31, 2022
Less 1-2 years 2-5 More Total
Transaction price allocated to remaining performance obligations $ 15,141 $ 5,475 $ 2,086 $ — $ 22,702
As at March 31, 2021
Less 1-2 years 2-5 More Total
Transaction price allocated to remaining performance obligations $ 8,807 $ 7,842 $ 6,206 $ 14 $ 22,869 The Company does not disclose the value of unsatisfied performance obligations for:
(i) contracts with an original expected length of one year or less; and
(ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

Expenses by nature

Expenses by nature12 Months Ended
Mar. 31, 2022
Text block [abstract]
Expenses by nature21. Expenses by nature Expenses by nature consist of the following:
Year ended March 31,
2022 2021 2020
Employee cost $ 671,864 $ 552,148 $ 540,075
Repair payments 82,954 43,942 32,047
Facilities cost 61,238 54,563 62,743
Depreciation 50,003 48,923 47,220
Legal and professional expenses 22,207 23,298 21,996
Travel expenses 4,878 1,927 22,373
Others 47,005 38,312 38,860
Total cost of revenue, selling and marketing and general and administrative expenses $ 940,149 $ 763,113 $ 765,314

Finance expense

Finance expense12 Months Ended
Mar. 31, 2022
Text block [abstract]
Finance expense22. Finance expense Finance expense consists of the following:
Year ended March 31,
2022 2021 2020
Interest expense on lease liabilities $ 12,657 $ 13,689 $ 14,782
Interest expense 461 552 2,169
Loss/(gain) on interest rate swaps 217 460 (171 )
Debt issuance cost 52 126 231
Total $ 13,387 $ 14,827 $ 17,011

Other income, net

Other income, net12 Months Ended
Mar. 31, 2022
Text block [abstract]
Other income, net23. Other income, net Other income, net consists of the following:
Year ended March 31,
2022 2021 2020
Net gain arising on financial assets designated as FVTPL $ 7,137 $ 6,352 $ 7,547
Interest income 3,772 3,702 3,840
Others, net 2,958 2,410 2,988
Total $ 13,867 $ 12,464 $ 14,375

Share-based payments

Share-based payments12 Months Ended
Mar. 31, 2022
Text block [abstract]
Share-based payments24. Share-based payments The Company has two share-based incentive plans: the 2006 Incentive Award Plan adopted on June 1, 2006, as amended and restated in February 2009, September 2011 and September 2013 (which has expired) the “2006 Incentive Award Plan”, and the 2016 Incentive Award Plan effective from September 27, 2016, as amended and restated in September 2018 (the “2016 Incentive Award Plan”) (collectively referred to as the “Plans”). All the Plans are equity settled. Under the Plans, share-based options and RSUs may be granted to eligible participants. Options are generally granted for a term of ten years. Options and RSUs have a graded vesting period of up to four years. The Company settles employee share-based options and RSU exercises with newly issued ordinary shares. As at March 31, 2022, the Company had 3,317,713 ordinary shares available for future grants. Share-based compensation expense during the years ended March 31, 2022, 2021 and 2020 is as follows:
Year ended March 31,
2022 2021 2020
Share-based compensation expense recorded in: $ $ $
Cost of revenue 5,155 4,890 4,589
Selling and marketing expenses 4,948 4,327 4,789
General and administrative expenses 34,062 29,013 28,142
Total share-based compensation expense $ 44,165 $ 38,230 $ 37,520
Upon exercise of RSUs, the Company issued 547,704, 768,563 and 780,420 shares during the years ended March 31, 2022, 2021 and 2020, respectively. Restricted share units The 2006 Incentive Award Plan and the 2016 Incentive Award Plan also allow for the grant of RSUs. Each RSU represents the right to receive one ordinary share and vests over a period of up to three years.
(i) Movements in the number of RSUs dependent on non-market
Shares Weighted Aggregate intrinsic value
Outstanding as at March 31, 2020 884,590 $ 44.07 $ 38,020
Granted 362,795 43.26
Exercised (304,822 ) 42.14
Forfeited (18,514 ) 51.26
Outstanding as at March 31, 2021 924,049 $ 44.25 $ 66,938
Granted 295,441 74.14
Exercised (293,769 ) 47.24
Forfeited (40,264 ) 56.52
Outstanding as at March 31, 2022 885,457 $ 52.67 $ 75,698
RSUs exercisable 488,608 $ 45.53 $ 41,771 The fair value of RSUs is generally the market price of the Company’s shares on the date of grant. As at March 31, 2022, there was $8,397 of unrecognized compensation cost related to unvested RSUs. This amount is expected to be recognized over a weighted average period of 2.7 years. To the extent the actual forfeiture rate is different than what the Company has anticipated, share-based compensation expense related to these RSUs will be different from the Company’s expectations. The weighted average grant date fair value of RSUs granted during the year ended March 31, 2022, 2021 and 2020 was $74.14, $43.26, and $56.23, per ADS, respectively. The aggregate intrinsic value of RSUs exercised during the year ended March 31, 2022, 2021 and 2020 was $23,194, $20,354, and $26,522, respectively. The total grant date fair value of RSUs vested during the year ended March 31, 2022, 2021 and 2020 was $18,240, $15,912, and $16,213, respectively. The weighted average share price of RSU exercised during the year ended March 31, 2022, 2021 and 2020 was $78.95, $66.77, and $61.03, respectively.
(ii) The 2006 Incentive Award Plan and the 2016 Incentive Award Plan also allow for the grant of RSUs based on the market price of the Company’s shares achieving a specified target over a period of time. The fair value of market-based share awards is determined using Monte-Carlo simulation. Movements in the number of RSUs dependent on market performance condition outstanding under the 2006 Incentive Award Plan and the 2016 Incentive Award Plan and their related weighted average fair values are as follows:
Shares Weighted average fair value Aggregate intrinsic value
Outstanding as at March 31, 2020 198,990 $ 13.09 $ 7,908
Granted — —
Exercised (123,345 ) 12.62
Forfeited — —
Lapsed — —
Outstanding as at March 31, 2021 75,645 $ 14.10 $ 5,480
Granted —
Exercised (16,245 ) 13.39
Forfeited —
Lapsed —
Outstanding as at March 31, 2022 59,400 14.30 $ 5,078
RSUs exercisable 59,400 $ 14.30 $ 5,078 On March 15, 2017, the Company modified the vesting period in respect of the RSUs as follows:
a. for RSUs granted in April 2014, the vesting date has been extended to the fifth anniversary of the grant date (i.e. April 2019)
b. for RSUs granted in April 2015, the vesting date has been extended to the fourth anniversary of the grant date (i.e. April 2019)
c. for RSUs granted in April 2016, the vesting date has been extended to the fourth anniversary of the grant date (i.e. April 2020) Subsequent vesting of RSUs for each of the remaining years would be subject to continued employment. The incremental fair value was determined using Monte-Carlo simulation by reference to the difference between fair value of original RSUs as at modification date and the fair value of modified RSUs as at modification date. The additional cost as a result of such modification in respect of modified share awards amounted to $1,185. The additional cost is spread over the period from the modification date until the vesting date of the modified award, which differs from the vesting date of the original award. The incremental cost recognized in the current year (March 31, 2021: ) The aggregate intrinsic value of RSUs exercised during the year ended March 31, 2022, 2021 and 2020 was $1,205, $8,973, and $285, respectively. The weighted average share price of RSU exercised during the year ended March 31, 2022, 2021 and 2020 was $74.18, $72.75, and $56.97, respectively. As at March 31, 2022, there was $Nil of unrecognized compensation cost related to unvested market based RSUs. The weighted average grant date fair value of the RSUs granted during the years ended March 31, 2022, 2021 and 2020 was $Nil.
(iii) RSUs related to total shareholder’s return (“TSR”) Movements in the number of RSUs linked to the TSR condition outstanding under the 2016 Incentive Award Plan and their related weighted average fair values are as follows:
Shares Weighted Average Aggregate Intrinsic
Outstanding as at March 31, 2020 533,253 $ 51.07 $ 22,919
Granted 314,771 35.22
Exercised (19,039 ) 36.52
Forfeited (2,775 ) 34.53
Lapsed — —
Outstanding as at March 31, 2021 826,210 $ 45.45 $ 59,851
Granted 154,110 78.80
Exercised (15,209 ) 50.22
Forfeited (15,111 ) 38.70
Lapsed (50,550 ) 57.20
Outstanding as at March 31, 2022 899,450 50.53 76,894
RSUs exercisable 268,777 $ 42.92 $ 22,978 During the year ended March 31, 2022, the Company issued 154,110 RSUs (March 31, 2021: 314,771 RSUs) to certain employees. The conditions for the vesting of these RSUs are linked to the TSR of the Company in addition to the condition of continued employment with the Company through the applicable vesting period. The performance of these RSUs shall be assessed based on the TSR of the custom peer group (based on percentile rank) and the industry index (based on outperformance rank). The RSUs granted with the TSR condition shall vest on the third anniversary of the grant date, subject to the participant’s continued employment with the Company through the applicable vesting date and achievement of the specified conditions of stock performance and TSR parameters. The fair value of these RSUs is determined using Monte-Carlo simulation. The weighted average grant date fair value of RSUs granted during the year ended March 31, 2022, 2021 and 2020 was $78.80, $35.22 and $63.10, per ADS, respectively. The stock compensation expense charged during the year ended March 31, 2022 was $5,892 (March 31, 2021: $5,213). As at March 31, 2022, there was $6,405 of unrecognized compensation cost related to these RSUs. This amount is expected to be recognized over a weighted average period of 1.9 years. The total grant date fair value of these RSUs vested during the year ended March 31, 2022, 2021 and 2020 was $5,338, $ The aggregate intrinsic value of RSUs exercised during the year ended March 31, 2022, 2021 and 2020 was $1,201, $1,413, and $Nil, respectively. The weighted average share price of RSU exercised during the year ended March 31, 2022, 2021 and 2020 was $78.97, $74.20, and $Nil, respectively. Performance share units The 2006 Incentive Award Plan and 2016 Incentive Award Plan also allow for grant of performance share units (“PSUs”). Each PSU represents the right to receive one ordinary share based on the Company’s performance against specified non-market Movements in the number of PSUs outstanding under the 2006 Incentive Award Plan and the 2016 Incentive Award Plan and their related weighted average fair values are as follow:
Shares Weighted average fair value Aggregate intrinsic value
Outstanding as at March 31, 2020 911,518 $ 36.67 $ 39,176
Granted 193,249 68.05
Exercised (321,357 ) 30.36
Forfeited (12,121 ) 53.38
Outstanding as at March 31, 2021 771,289 $ 43.21 $ 55,870
Granted 275,245 73.46
Exercised (192,053 ) 35.65
Forfeited (16,173 ) 60.58
Outstanding as at March 31, 2022 838,308 49.19 71,667
PSUs exercisable 341,072 $ 38.64 $ 29,158 The fair value of PSUs is generally the market price of the Company’s shares on the date of grant, and assumes that performance targets will be achieved. As at March 31, 2022, there was $9,763 of unrecognized compensation costs related to unvested PSUs, net of forfeitures. This amount is expected to be recognized over a weighted average period of 1.6 years. Over the performance period, the number of shares that will be issued will be adjusted upward or downward based upon the probability of achievement of the performance targets. The ultimate number of shares issued and the related compensation cost recognized as expense will be based on a comparison of the final performance metrics to the specified targets. The weighted average grant date fair value of PSUs granted during the years ended March 31, 2022, 2021 and 2020 was $ 73,46 The weighted average share price of PSU exercised during the year ended March 31, 2022, 2021 and 2020 was $77.89, $69.10 and $59.65, respectively. BBBEE program in South Africa The Company’s South African subsidiary has issued share appreciation rights to certain employees to be settled with the Company’s shares. As part of the settlement, the Company granted 1,135 RSUs during the year ended March 31, 2022 and 11,400 and 1,850 RSUs during the year ended March 31, 2021 which shall vest on the second anniversary, nine months and third anniversary, respectively, from the grant date. During the years ended March 31, 2020, 2019 and 2018, the Company granted shall vest on the fourth, third and fourth The total stock compensation expense in relation to these RSUs was $3,483 to be amortized over the vesting period of four years. The stock compensation expense charged during the years ended March 31, 2022 and 2021 was $324 and $871, respectively.

Income taxes

Income taxes12 Months Ended
Mar. 31, 2022
Text block [abstract]
Income taxes25. Income taxes The domestic and foreign source component of profit/(loss) before income taxes is as follows:
Year ended March 31,
2022 2021 2020
Domestic $ (11,150 ) $ (8,176 ) $ (2,795 )
Foreign 175,690 140,867 146,747
Profit before income taxes $ 164,540 $ 132,691 $ 143,952
The Company’s income tax expense consists of the following:
Year ended March 31,
2022 2021 2020
Current taxes
Domestic taxes $ — $ — $ —
Foreign taxes 37,579 31,326 31,270
37,579 31,326 31,270
Deferred taxes
Domestic taxes — — —
Foreign taxes (5,140 ) (1,252 ) (4,087 )
(5,140 ) (1,252 ) (4,087 )
Income tax expense $ 32,439 $ 30,074 $ 27,183
Domestic taxes are Nil as the corporate rate of tax applicable to companies in Jersey, Channel Islands is 0%. Foreign taxes are based on applicable tax rates in each subsidiary’s jurisdiction. From fiscal 2012 until the year ended March 31, 2021, the Company started operations in various delivery centers in Mumbai, Pune, Chennai, Gurgaon, Noida, India registered under the Special Economic Zone scheme. Some of these operations are eligible for a 100% income tax exemption for a period of five years from the date of commencement of operations expiring between fiscal 2022 and fiscal 2024. Following the expiry of the 100% income tax exemption, these operations are eligible for a 50% income tax exemption expiring between fiscal 2026 and fiscal 2034. The Company’s operations in Costa Rica are eligible for a 50% income tax exemption from fiscal 2018 to fiscal 2021. Between fiscal 2016 and fiscal 2022, the Company commenced operations in delivery centers in the Philippines that are eligible for various tax exemption benefits expiring between fiscal 2020 and fiscal 2026. Following the expiry of the tax benefits, income generated by our Philippines subsidiary, WNS Global Services Philippines Inc., will be taxed at the prevailing special tax rate, which is currently 5.0% on gross profit. As per The Corporate Recovery and Tax Incentives for Enterprises Act (“CREATE”) which is effective from April, 2021, enterprises will be taxed at 5% on gross profit for a fixed period of 10 years. Our operations in Sri Lanka were eligible to claim income tax exemption with respect to the profits earned from export revenue until fiscal 2018 and have been taxed at 14% on a net basis with effect from April 1, 2018 until December 31, 2019. From January 1, 2020, our operations in Sri Lanka are eligible to claim income tax exemption with respect to the profits earned from export revenue. If the income tax exemptions described above were not available, the additional income tax expense at the respective statutory rates in India, Sri Lanka and Philippines would have been approximately $20,885, $11,102 and $17,692 for the years ended March 31, 2022, 2021 and 2020, respectively. Such additional tax would have decreased the basic and diluted earnings per share for the year ended March 31, 2022 by $0.43 and $0.41, respectively ($0.22 and $0.21, respectively for the year ended March 31, 2021 and $0.36 and $0.34, respectively, for the year ended March 31, 2020). Income taxes recognized directly in equity are as follows:
Year ended March 31,
2022 2021 2020
Current taxes:
Excess tax deductions related to share-based payments (1,062 ) (729 ) (998 )
$ (1,062 ) $ (729 ) $ (998 )
Deferred taxes:
Excess tax deductions related to share-based payments (877 ) (1,640 ) 807
$ (877 ) $ (1,640 ) $ 807
Total income tax recognized directly in equity $ (1,939 ) $ (2,369 ) $ (191 )
Income taxes recognized in other comprehensive income are as follows:
Year ended March 31,
2022 2021 2020
Current taxes — — —
Deferred taxes:
Unrealized gain/(loss) on cash flow hedging derivatives 2,698 1,089 (2,939 )
Pension liability 148 (248 ) (189 )
Total income tax recognized directly in other comprehensive income $ 2,846 $ 841 $ (3,128 )
The reconciliation of estimated income tax to income tax expense:
Year ended March 31,
2022 2021 2020
Profit before income taxes $ 164,540 $ 132,691 $ 143,952
Income tax expense at tax rates applicable to individual entities 50,954 41,268 43,379
Effect of:
Items not deductible for tax 358 401 414
Exempt income (20,557 ) (11,340 ) (18,380 )
Non tax deductible goodwill impairment — — 776
Losses in respect of which deferred tax asset not recognized due to uncertainty and ineligibility to carry forward 2,183 106 178
Recognition of unutilized tax benefits / Unrecognized losses utilized (56 ) (472 ) (264 )
Temporary difference that will reverse during tax holiday period 2,828 1,139 2,138
Change in tax rate and law (160 ) 1,228 55
Provision for uncertain tax position — — (409 )
State taxes 345 458 61
Employment related tax incentive (2,123 ) (1,734 ) (1,253 )
Others, net (1,333 ) (980 ) 488
Income tax expense $ 32,439 $ 30,074 $ 27,183
Deferred taxes for the year ended March 31, 2022 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Additions due to acquisition Recognized in income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 6,188 $ 237 $ 254 $ — $ — $ (152 ) $ 6,527
Net operating loss carry forward 1,249 — (294 ) — — (23 ) 932
Accruals deductible on actual payment 10,549 153 1,743 — (148 ) (295 ) 12,002
Share-based compensation expense 21,036 — 3,678 877 — (661 ) 24,930
Others 799 — (33 ) — — (12 ) 754
Total deferred tax assets $ 39,821 $ 390 $ 5,348 $ 877 $ (148 ) $ (1,143 ) $ 45,145
Deferred tax liabilities:
Intangible assets 11,967 1 32 — — (17 ) 11,983
Unrealized gain/(loss) on cash flow hedging and investments 1,387 — (117 ) — 2,698 (114 ) 3,854
Others 3,674 — 293 — — (134 ) 3,833
Total deferred tax liabilities $ 17,028 $ 1 $ 208 $ — $ 2,698 $ (265 ) $ 19,670
Net deferred tax assets/(liabilities) $ 22,793 $ 389 $ 5,140 $ 877 $ (2,846 ) $ (878 ) $ 25,475
Deferred taxes for the year ended March 31, 2021 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Additions due to acquisition Recognized in statement of income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 5,592 $ — $ 40 $ — $ — $ 556 $ 6,188
Net operating loss carry forward 779 — 417 — — 53 1,249
Accruals deductible on actual payment 9,825 — (120 ) — 248 596 10,549
Share-based compensation expense 16,101 — 1,861 1,640 — 1,434 21,036
Minimum alternate tax 629 — (654 ) — — 25 —
Others 130 — 610 — — 59 799
Total deferred tax assets $ 33,056 $ — $ 2,154 $ 1,640 $ 248 $ 2,723 $ 39,821
Deferred tax liabilities:
Intangible assets 11,437 — 312 — — 218 11,967
Unrealized gain/(loss) on cash flow hedging and investments 352 — (52 ) — 1,089 (2 ) 1,387
Others 2,380 — 642 — — 652 3,674
Total deferred tax liabilities $ 14,169 $ — $ 902 $ — $ 1,089 $ 868 $ 17,028
Net deferred tax assets/(liabilities) $ 18,887 $ — $ 1,252 $ 1,640 $ (841 ) $ 1,855 $ 22,793
Deferred taxes for the year ended March 31, 2020 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Transition Recognized in statement of income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 7,073 $ — $ (736 ) $ — $ — $ (745 ) $ 5,592
Net operating loss carry forward 1,287 — (430 ) — — (78 ) 779
Accruals deductible on actual payment 7,358 2,106 1,226 — 189 (1,054 ) 9,825
Share-based compensation expense 14,120 — 3,917 (807 ) — (1,129 ) 16,101
Minimum alternate tax 552 — 135 — — (58 ) 629
Others 482 — (295 ) — — (57 ) 130
Total deferred tax assets $ 30,872 $ 2,106 $ 3,817 $ (807 ) $ 189 $ (3,121 ) $ 33,056
Deferred tax liabilities:
Intangible assets 12,183 — (753 ) — — 7 11,437
Unrealized gain/(loss) on cash flow hedging and investments 3,539 — (5 ) — (2,939 ) (243 ) 352
Others 2,084 — 488 — — (192 ) 2,380
Total deferred tax liabilities $ 17,806 $ — $ (270 ) $ — $ (2,939 ) $ (428 ) $ 14,169
Net deferred tax assets/(liabilities) $ 13,066 $ 2,106 $ 4,087 $ (807 ) $ 3,128 $ (2,693 ) $ 18,887
Deferred tax presented in the consolidated statement of financial position is as follows:
As at
March 31, 2022 March 31, 2021
Deferred tax assets 34,765 33,022
Deferred tax liabilities (9,290 ) (10,228 )
Net deferred tax assets $ 25,475 $ 22,794
There are unused tax losses amounting to $18,709 as at March 31, 2022 for which no deferred tax asset has been recognized as these losses relate to a tax jurisdiction where the group entity has had past losses and there is no conclusive evidence to support the view that sufficient taxable profit will be generated by such group entity in the future to offset such losses. The expiry dates of the tax benefit for these losses depend on the local tax laws of the jurisdiction and, if not utilized, would expire on various dates starting from financial year 2022 to 2027. However, in the US, Germany and New Zealand there is no expiry period for the unused tax losses. Deferred income tax liabilities on earnings of the Company’s subsidiaries have not been provided as such earnings are deemed to be permanently reinvested in the business and the Company is able to control the timing of the reversals of temporary differences associated with these investments. Accordingly, temporary difference on which deferred tax liability has not been recognized amounts to $984,475, $840,607 and $737,776 as at March 31, 2022, 2021 and 2020, respectively. From time to time, the Company receives orders of assessment from the Indian tax authorities assessing additional taxable income on the Company and/or its subsidiaries in connection with their review of their tax returns. The Company currently has orders of assessment outstanding for various years through fiscal 2018, which assess additional taxable income that could in the aggregate give rise to an estimated $24,718 (March 31, 2021: $27,590) in additional taxes, including interest of $6,214 (March 31, 2021: $9,450). These orders of assessment allege that the transfer prices the Company applied to certain of the international transactions between WNS Global and its other wholly-owned subsidiaries were not on arm’s length terms, disallow a tax holiday benefit claimed by the Company, deny the set off of brought forward business losses and unabsorbed depreciation and disallow certain expenses claimed as tax deductible by WNS Global. The Company has appealed against these orders of assessment before higher appellate authorities. In addition, the Company has orders of assessment pertaining to similar issues that have been decided in favor of the Company by appellate authorities, vacating the tax demands of $71,712 (March 31, 2021: $57,175) in additional taxes, including interest of $25,481 (March 31, 2021: $19,381). The income tax authorities have filed or may file appeals against these orders at higher appellate authorities. Uncertain tax positions are reflected at the amount likely to be paid to the taxation authorities. A liability is recognized in connection with each item that is not probable of being sustained on examination by taxing authority. The liability is measured using single best estimate of the most likely outcome for each position taken in the tax return. Thus, the provision would be the aggregate liability in connection with all uncertain tax positions. As of March 31, 2022, the Company has provided a tax reserve of $10,216 (March 31, 2021: $10,591) primarily on account of the Indian tax authorities’ denying the set off of brought forward business losses and unabsorbed depreciation. As at March 31, 2022, corporate tax returns for years ended March 31, 2019 and onward remain subject to examination by tax authorities in India. Based on the facts of these cases, the nature of the tax authorities’ disallowances and the orders from appellate authorities deciding similar issues in favor of the Company in respect of assessment orders for earlier fiscal years and after consultation with the Company’s external tax advisors, the Company believes these orders are unlikely to be sustained at the higher appellate authorities. The Company has deposited $11,849 (March 31, 2021: $12,534) of the disputed amounts with the tax authorities and may be required to deposit the remaining portion of the disputed amounts with the tax authorities pending final resolution of the respective matters. Others The Company received an assessment order from the Indian service tax authority, demanding payment of $1,965 towards service tax for the period April 1, 2014 to June 30, 2017. The tax authorities have rejected input service tax credit on certain types of input services. The Company has orders of assessment pertaining to similar issues for earlier fiscal years that have been decided in favor of the Company by appellate authorities. The Company intends to dispute the order of assessment.

Earnings per share

Earnings per share12 Months Ended
Mar. 31, 2022
Text block [abstract]
Earnings per share 26. Earnings per share The following table sets forth the computation of basic and diluted earnings per share:
Year ended March 31,
2022 2021 2020
Numerator:
Profit after tax $ 132,101 $ 102,617 $ 116,769
Denominator:
Basic weighted average ordinary shares outstanding 48,891,004 49,765,672 49,726,636
Dilutive impact of equivalent share-based options and RSUs 2,357,573 2,343,077 2,310,304
Diluted weighted average ordinary shares outstanding 51,248,577 52,108,749 52,036,940 The computation of earnings per ordinary share (“EPS”) was determined by dividing profit by the weighted average ordinary shares outstanding during the respective periods. The Company excluded from the calculation of diluted EPS RSUs for the issuance of

Related party

Related party12 Months Ended
Mar. 31, 2022
Text block [abstract]
Related party 27. Related party The following is a list of the Company’s subsidiaries as at March 31, 2022:
Direct subsidiaries Step subsidiaries Place of
WNS Global Services Netherlands B.V. (1) The Netherlands
WNS Global Services (Romania) S.R.L. Romania
WNS North America Inc. Delaware, USA
WNS Business Consulting Services Private Limited India
WNS Global Services Inc. Delaware, USA
WNS BPO Services Costa Rica, S.R.L. Costa Rica
Denali Sourcing Services Inc. Delaware, USA
- WNS Denali Sourcing Services Inc. (2) Delaware, USA
WNS Assistance Limited (previously WNS Workflow Technologies Limited) United Kingdom
WNS Assistance (Legal) Limited United Kingdom
Accidents Happen Assistance Limited United Kingdom
WNS Legal Assistance LLP United Kingdom
WNS (Mauritius) Limited Mauritius
WNS Capital Investment Limited Mauritius
- WNS Customer Solutions (Singapore) Private Limited Singapore
-WNS Global Services (Australia) Pty Ltd Australia
- WNS New Zealand Limited New Zealand
- Business Applications Associates Beijing Ltd China
WNS Global Services Private Limited (3) India
- WNS Global Services (UK) Limited (4) United Kingdom
- WNS Global Services SA (Pty) Limited South Africa
- WNS B-BBEE (5) South Africa
- Ucademy (Pty) Limited South Africa
- WNS South Africa (Pty) Limited (6) South Africa
- MTS HealthHelp Inc. Delaware, USA
- HealthHelp Holdings LLC Delaware, USA
- HealthHelp LLC Delaware, USA
- WNS-HealthHelp Philippines
- Value Edge Inc. Delaware, USA
- Value Edge AG. Switzerland
-VE Value Edge GmbH Germany
WNS Global Services (Private) Limited Sri Lanka
WNS Global Services (Dalian) Co. Ltd. China
WNS Global Services (UK) International Limited United Kingdom
- WNS Global Services North Americas Inc. Delaware, USA
- WNS Global Services AG (7) Switzerland
- WNS Global Services Lisbon Unipessoal LDA (8) Portugal
WNS Information Services (India) Private Limited (9) India
WNS Business Consulting Netherlands B.V. (10) The Netherlands
WNS Global Services Philippines Inc. The Philippines
WNS Gestion des Processus d’Affaire Inc. (11) Canada Notes:
(1) WNS Global Services Netherlands Cooperatief U.A. was converted into a BV entity with effect from January 9, 2020. As a consequence, the name of WNS Global Services Netherlands Cooperatief U.A. was changed to WNS Global Services Netherlands B.V. with effect from January 9, 2020.
(2) WNS Denali Sourcing Services Inc., a wholly-owned subsidiary of Denali Sourcing Services Inc., was incorporated on November 27, 2019.
(3) WNS Global Services Private Limited is held jointly by WNS (Mauritius) Limited, WNS Global Services Netherlands B.V. and WNS Customer Solutions (Singapore) Private Limited. The percentage of holding of WNS (Mauritius) Limited is 63.18%, of WNS Global Services Netherlands B.V. is 20.84%, and of WNS Customer Solutions (Singapore) Private Limited is 15.98%.
(4) WNS Global Services (UK) Limited is jointly held by WNS Global Services Private Limited and WNS (Holdings) Limited. The percentage of holding of WNS Global Services Private Limited is 94.9% and of WNS (Holdings) Limited is 5.1%.
(5) The WNS B-BBEE
(6) WNS South Africa (Pty) Limited was incorporated as a subsidiary of WNS Global Services SA (Pty) Limited on December 19, 2018. The name of the entity was changed to WNS South Africa (Pty) Ltd with effect from September 25, 2019.
(7) WNS Global Services AG, a wholly-owned subsidiary of WNS Global Services (UK) International Limited, was incorporated on July 16, 2021.
(8) WNS Global Services Lisbon Unipessoal LDA, a wholly-owned subsidiary of WNS Global Services (UK) International Limited, was incorporated on August 13, 2021.
(9) On August 1, 2021, the Company acquired all outstanding shares of MOL Information Processing Services (I) Private Limited. The name of the entity was changed to WNS Information Services (India) Private Limited with effect from December 1, 2021.
(10) WNS Business Consulting Netherlands B.V., a wholly-owned subsidiary of WNS (Holdings) Limited, was incorporated on March 17, 2020 pursuant to the execution of deed of demerger on March 16, 2020. The shares of WNS Global Services Philippines Inc. were transferred from WNS Global Services Netherlands B.V. to WNS Business Consulting Netherlands B.V. pursuant to the proposal of demerger.
(11) WNS Gestion des Processus d’Affaire Inc. was incorporated on April 28, 2020.
Key management personnel
Adrian T. Dillon (Ceased to be Chairman from September 20, 2021) Chairman
Timothy L. Main (Appointed on September 21, 2021) Chairman
Keshav R. Murugesh Director and Group Chief Executive Officer
Renu S. Karnad (Ceased to be Director from February 14, 2020) Director
Jason Liberty (Appointed on February 14, 2020) Director
Swaminathan Rajamani Chief People Officer
Gautam Barai Chief Operating Officer
Sanjay Puria Group Chief Financial Officer
Gareth Williams Director
Michael Menezes Director
John Freeland Director
Françoise Gri Director
Keith Haviland Director
Mario P. Vitale Director
Lan Tu (Appointed on February 4, 2022) Director
Year ended March 31,
Nature of transaction with related parties 2022 2021 2020
Key management personnel*
Remuneration and short-term benefits 7,601 7,380 6,959
Defined contribution plan 124 105 114
Other benefits 114 47 54
Share-based compensation expense 15,264 14,830 17,167
* Defined benefit plan related costs are not disclosed as these are determined for the Company as a whole.

Operating segments

Operating segments12 Months Ended
Mar. 31, 2022
Text block [abstract]
Operating segments28. Operating segments The Company has several operating segments based on a mix of industry and the types of services. The composition and organization of these operating segments currently is designed in such a way that the back office shared processes, i.e. the horizontal structure, delivers service to industry specific back office and front office processes i.e. the vertical structure. These structures represent a matrix form of organization structure, accordingly operating segments have been determined based on the core principle of segment reporting in accordance with IFRS 8 “Operating segments” The Company believes that the business process management services that it provides to customers in industries other than auto claims such as travel, shipping and logistics services; utilities, retail and consumer products group; banking and financial, healthcare and insurance; hi-tech and professional services; and others are similar in terms of services, service delivery methods, use of technology, and average long-term gross profit and hence meet the aggregation criteria in accordance with IFRS 8. WNS Assistance Limited and Accidents Happen Assistance Limited (which provide automobile repair through a network of third party repair centers), and WNS Assistance (Legal) Limited and WNS Legal Assistance LLP (which provide legal services in relation to personal injury claims), constitute WNS Auto Claims BPM, the performance of which is evaluated by the CODM separately. The WNS Auto Claims BPM segment does not meet the aggregation criteria. Accordingly, the Company has determined that it has two reportable segments, “WNS Global BPM” and “WNS Auto Claims BPM.” In order to provide accident management services, the Company arranges for the repair through a network of repair centers. Repair costs paid to automobile repair centers are invoiced to customers and recognized as revenue except in cases where the Company has concluded that it is not the principal in providing claims handling services and hence it would be appropriate to record revenue from repair services on a net basis, i.e. net of repair cost. The Company uses revenue less repair payments (non-GAAP) non-GAAP “Non-fault “Non-fault” The segment results for the year ended March 31, 2022 are as follows:
Year ended March 31, 2022
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 1,013,677 $ 96,123 $ — $ 1,109,800
Segment revenue $ 1,014,671 $ 96,123 $ (994 ) $ 1,109,800
Payments to repair centers — 82,954 — 82,954
Revenue less repair payments (non-GAAP) 1,014,671 13,169 (994 ) 1,026,846
Depreciation 49,277 726 — 50,003
Other costs 742,745 15,317 (994 ) 757,068
Segment operating profit/(loss) 222,649 (2,874 ) — 219,775
Other income, net (13,134 ) (733 ) — (13,867 )
Finance expense 13,323 64 — 13,387
Segment profit/(loss) before income taxes 222,460 (2,205 ) — 220,255
Income tax expense 32,703 (264 ) — 32,439
Segment profit/(loss) 189,757 (1,941 ) — 187,816
Amortization of intangible assets 11,550
Share-based compensation expense 44,165
Profit after tax $ 132,101
Addition to non-current (2) $ 39,094 $ 2,232 $ — $ 41,326
Total assets, net of elimination 1,044,865 119,627 — 1,164,492
Total liabilities, net of elimination $ 319,936 $ 90,553 $ — $ 410,489
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use No client individually accounted for more than 10% of the total revenue during the year ended March 31, 2022. The segment results for the year ended March 31, 2021 are as follows:
Year ended March 31, 2021
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 858,023 $ 54,620 $ — $ 912,643
Segment revenue $ 858,368 $ 54,620 $ (345 ) $ 912,643
Payments to repair centers — 43,942 — 43,942
Revenue less repair payments (non-GAAP) 858,368 10,678 (345 ) 868,701
Depreciation 48,302 621 — 48,923
Other costs 620,487 12,630 (345 ) 632,772
Segment operating profit/(loss) 189,579 (2,573 ) — 187,006
Other income, net (11,847 ) (617 ) — (12,464 )
Finance expense 14,758 69 — 14,827
Segment profit/(loss) before income taxes 186,668 (2,025 ) — 184,643
Income tax expense 29,661 413 — 30,074
Segment profit/(loss) 157,007 (2,438 ) — 154,569
Amortization of intangible assets 13,722
Share-based compensation expense 38,230
Profit after tax $ 102,617
Addition to non-current (2) $ 46,806 $ 1,792 $ — $ 48,598
Total assets, net of elimination 979,281 126,867 — 1,106,148
Total liabilities, net of elimination $ 329,192 $ 92,864 $ — $ 422,056
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use No client individually accounted for more than 10% of the total revenue during the year ended March 31, 2021. The segment results for the year ended March 31, 2020 are as follows:
Year ended March 31, 2020
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 881,840 $ 46,418 $ — $ 928,258
Segment revenue $ 882,016 $ 46,418 $ (176 ) $ 928,258
Payments to repair centers — 32,047 — 32,047
Revenue less repair payments (non-GAAP) 882,016 14,371 (176 ) 896,211
Depreciation 46,722 498 — 47,220
Other costs 630,375 14,946 (176 ) 645,145
Impairment of goodwill (Refer Note 9) — 4,085 — 4,085
Segment operating profit/(loss) 204,919 (5,158 ) — 199,761
Other income, net (13,298 ) (1,077 ) — (14,375 )
Finance expense 16,932 79 — 17,011
Segment profit/(loss) before income taxes 201,285 (4,160 ) — 197,125
Income tax expense 27,387 (204 ) — 27,183
Segment profit/(loss) 173,898 (3,956 ) — 169,942
Amortization of intangible assets 15,653
Share-based compensation expense 37,520
Profit after tax $ 116,769
Addition to non-current (2) $ 42,973 $ 1,760 $ — $ 44,733
Total assets, net of elimination 892,572 119,757 — 1,012,329
Total liabilities, net of elimination $ 339,660 $ 85,559 $ — $ 425,219
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use No client individually accounted for more than 10% of the total revenue during the year ended March 31, 2020. External revenue Revenues from the geographic segments based on domicile of the customer. The Company’s external revenue by geographic area is as follows:
Year ended March 31,
2022 2021 2020
Jersey, Channel Islands $ — $ — $ —
North America (primarily the US) 504,260 403,527 392,601
UK 363,871 286,646 291,295
Australia 67,409 70,297 79,875
Europe (excluding the UK) 67,918 61,381 74,308
South Africa 22,270 26,450 35,429
Rest of the world 84,072 64,342 54,750
Total $ 1,109,800 $ 912,643 $ 928,258
The Company’s non-current right-of-use
As at March 31,
2022 2021
Jersey, Channel Islands $ — $ —
India 90,272 108,971
Philippines 59,030 58,149
South Africa 12,136 16,737
North America 14,707 16,601
UK 5,066 6,396
Rest of the world 10,669 12,184
Total $ 191,880 $ 219,038

Commitment and contingencies

Commitment and contingencies12 Months Ended
Mar. 31, 2022
Text block [abstract]
Commitment and contingencies 29. Commitment and contingencies Capital commitments As at March 31, 2022 and 2021, the Company had committed to spend approximately $9,522 and $7,027, respectively, under agreements to purchase property and equipment. These amounts are net of capital advances paid in respect of these purchases. Bank guarantees and others Certain subsidiaries of the Company hold bank guarantees aggregating $868 and $1,264 as at March 31, 2022 and March 31 2021, respectively. These guarantees have a remaining expiry term ranging from one Restricted time deposits placed with bankers as security for guarantees given by them to regulatory authorities and other third parties aggregating Contingencies In the ordinary course of business, the Company is involved in lawsuits, claims and administrative proceedings. While uncertainties are inherent in the final outcome of these matters, the Company believes, after consultation with counsel, that the disposition of these proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Additional capital disclosures

Additional capital disclosures12 Months Ended
Mar. 31, 2022
Text block [abstract]
Additional capital disclosures30. Additional capital disclosures The key objective of the Company’s capital management is to ensure that it maintains a stable capital structure with the focus on total equity to uphold investor, creditor, and customer confidence and to ensure future development of its business. The Company focuses on keeping a strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required, without impacting the risk profile of the Company. The capital structure as at March 31, 2022 and 2021 was as follows:
As at March 31,
2022 2021 % Change
Total equity attributable to the equity shareholders of the Company $ 754,003 $ 684,092 10 %
As percentage of total capital 100 % 98 %
Long-term debt (1) — 16,800 (100 )%
Total debt $ — $ 16,800 (100 )%
As percentage of total capital — 2 %
Total capital (debt and equity) $ 754,003 $ 700,892 8 %
Note:
(1) Before netting off debt issuance cost of Nil and $52 as at March 31, 2022 and March 31, 2021, respectively. The Company is fully equity-financed. This is also evident from the fact that debt represents only 0% and 2% of total capital as at March 31, 2022 and 2021, respectively.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Basis of preparationa. Basis of preparation These consolidated financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board (“IASB”). These consolidated financial statements correspond to the classification provisions contained in IAS 1 (revised), “Presentation of Financial Statements.” Accounting policies applied are consistent with the policies that were applied for the preparation of the consolidated financial statements for the year ended March 31, 2021.
Basis of measurementb. Basis of measurement These consolidated financial statements have been prepared on a historical cost convention and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:
a. Derivative financial instruments;
b. Share-based payment transactions;
c. Marketable securities and investments in mutual funds;
d. Investments in FMPs; and
e. Contingent consideration.
Use of estimates and judgmentsc. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognized in the consolidated financial statements is included in the following notes:
i. Revenue recognition The Company’s determination of whether BPM services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The Company provides automobile claims handling services, wherein the Company enters into contracts with its clients to process all their claims over the contract period and the fees are determined either on a per claim basis or as a fixed payment for the contract period. Where the contracts are on a per claim basis, the Company invoices the client at the inception of the claim process. The Company estimates the processing period for the claims and recognizes revenue over the estimated processing period. This processing period generally ranges between one to two months. The processing time may be greater for new clients and the estimated service period is adjusted accordingly. The processing period is estimated based on historical experience and other relevant factors, if any.
ii. Current income taxes The major tax jurisdictions for the Company are India, the Philippines, South Africa, UK, and US, though the Company also files tax returns in other foreign jurisdictions. Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods. The recognition of taxes that are subject to certain legal or economic limits or uncertainties is assessed individually by management based on the specific facts and circumstances.
iii. Deferred income taxes The assessment of the probability of future taxable profit in which deferred tax assets can be utilized is based on the Company’s latest approved budget forecast, which is adjusted for significant non-taxable
iv. Impairment An impairment loss is recognized for the amount by which an asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. To determine the recoverable amount, management estimates expected future cash flows from each asset or cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary, and may cause significant adjustments to the Company’s assets within the next financial year. The calculation of impairment loss involves significant estimates and assumptions which include revenue and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate and future economic and market conditions. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors. Estimation uncertainty relating to COVID-19 In evaluating the recoverability of trade receivables including unbilled revenue, contract assets, goodwill, long lived assets and investments, the Company has considered all internal and external information in the preparation of the consolidated financial statements including credit reports and economic outlook. The Company has performed sensitivity analysis on the assumptions used and based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The impact of COVID-19
v. Valuation of derivative financial instruments Management uses valuation techniques in measuring the fair value of derivative financial instruments, where active market quotes are not available. In applying the valuation techniques, management makes maximum use of market inputs, and uses estimates and assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not observable, management uses its best estimate about the assumptions that market participants would make. These estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.
vi. Accounting for defined benefit plans In accounting for pension and post-retirement benefits, several statistical and other factors that attempt to anticipate future events are used to calculate plan expenses and liabilities. These factors include expected return on plan assets, discount rate assumptions and rate of future compensation increases. To estimate these factors, actuarial consultants also use estimates such as withdrawal, turnover, and mortality rates which require significant judgment. The actuarial assumptions used by the Company may differ materially from actual results in future periods due to changing market and economic conditions, regulatory events, judicial rulings, higher or lower withdrawal rates, or longer or shorter participant life spans.
vii. Share-based compensation expense The share-based compensation expense is determined based on the Company’s estimate of equity instruments that will eventually vest and valuation using the Monte-Carlo simulation and the binomial lattice model.
viii. Business combinations Business combinations are accounted for using the acquisition method under the provisions of IFRS 3 (Revised) , “Business Combinations.” The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued, and liabilities incurred at the date of acquisition. The cost of the acquisition also includes the fair value of any contingent consideration. Identifiable tangible and intangible assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets.
xi. Impairment of non-derivative The Company applies the forward-looking expected credit loss (“ECL”) model for recognizing impairment loss on financial assets that are measured at amortized cost or at fair value through other comprehensive income (“FVOCI”). The Company applies the simplified approach for determining the lifetime ECL allowance using the Company’s historical credit loss experience adjusted for factors that are specific to the debtor. For all other financial assets, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition.
xii. Leases The Company determines the lease term as the non-cancellable lease-by-lease The Company has applied an incremental borrowing rate for the purpose of computing lease liabilities based on the rate prevailing in respective geographies.
Basis of consolidationd. Basis of consolidation The Company consolidates entities over which it has control. Control exists when the Company has existing rights that give the Company the current ability to direct the activities which affect the entity’s returns; the Company is exposed to or has rights to returns which may vary depending on the entity’s performance; and the Company has the ability to use its power to affect its own returns from its involvement with the entity. Subsidiaries are consolidated from the date control commences until the date control ceases.
i. Business combinations Business combinations are accounted for using the acquisition method under the provisions of IFRS 3 (Revised) , “Business Combinations.” The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred at the date of acquisition. The consideration of the acquisition also includes the fair value of any contingent consideration. Identifiable tangible and intangible assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. Transaction costs that the Company incurs in connection with a business combination such as finders’ fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred.
ii. Transactions eliminated on consolidation All inter-company and intra-company balances, transactions, income and expenses including unrealized income or expenses are eliminated on consolidation.
Functional and presentation currencye. Functional and presentation currency The financial statements of each of the Company’s subsidiaries are presented using the currency of the primary economic environment in which these entities operate (i.e. the functional currency). The consolidated financial statements are presented in US dollars (“USD”) which is the presentation currency of the Company and has been rounded off to the nearest thousands.
Foreign currency transactions and translationf. Foreign currency transactions and translation
i. Transactions in foreign currency Transactions in foreign currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the exchange rates prevailing at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of income. Gains/losses relating to translation or settlement of trading activities are disclosed under foreign exchange gains/losses and translation or settlements of financing activities are disclosed under finance expenses. In the case of foreign exchange gains/losses on borrowings that are considered as a natural economic hedge for the foreign currency monetary assets, such foreign exchange gains/losses, net are presented within results from operating activities.
ii. Foreign operations For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations that have local functional currency are translated into US dollars using exchange rates prevailing at the reporting date. Income and expense are translated at the monthly average exchange rate for the respective period. Exchange differences arising, if any, are recorded in equity as part of the Company’s other comprehensive income. Such exchange differences are recognized in the consolidated statement of income in the period in which such foreign operations are disposed. Goodwill and fair value adjustments arising on the acquisition of foreign operation are treated as assets and liabilities of the foreign operation and translated at the exchange rate prevailing at the reporting date. Foreign currency exchange differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, are considered to form part of net investment in foreign operation and are recognized in foreign currency translation reserve.
Financial instruments - initial recognition and subsequent measurementg. Financial instruments — initial recognition and subsequent measurement Financial instruments are classified in the following categories:
• Non-derivative
• Non-derivative
• Derivative financial instruments under the category of financial assets or financial liabilities at FVTPL or at FVOCI. The classification of financial instruments depends on the purpose for which those were acquired. Management determines the classification of the Company’s financial instruments at initial recognition. Non-derivative Subsequent to initial recognition, non-derivative
i. Non-derivative
a) Financial assets at amortized cost Financial assets that meet the following criteria are measured at amortized cost (except for investments that are designated at FVTPL on initial recognition):
i) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
ii) the contractual terms of the instrument give rise on specified dates to cash flows that are solely payment of principal and interest on the principal amount outstanding. Financial assets at amortized cost are presented as current assets, except for those maturing later than 12 months after the balance sheet date which are presented as non-current
b) Financial assets at FVTPL Financial assets that do not meet the amortized cost or FVOCI criteria are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Interest income on financial assets at FVTPL is recognized in the consolidated statement of income. Dividend on financial assets at FVTPL is recognized when the Company’s right to receive the dividend is established.
ii. Non-derivative All financial liabilities are recognized initially at fair value, except in the case of loans and borrowings which are recognized at fair value, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, bank overdrafts, contingent consideration and loans and borrowings. Trade and other payables maturing later than 12 months after the reporting date are presented as non-current After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the consolidated statement of income when the liabilities are derecognized as well as through the effective interest rate method amortization process. After initial recognition, contingent consideration is subsequently measured at fair value and the changes to the fair value are recognized in the consolidated statement of income.
iii. Derivative financial instruments and hedge accounting The Company is exposed to foreign currency fluctuations on foreign currency assets, liabilities, net investment in foreign operations and forecasted cash flows denominated in foreign currency. The Company limits the effect of foreign exchange rate fluctuation by following established risk management policies including the use of derivatives. The Company enters into derivative financial instruments where the counterparty is primarily a bank. The Company holds derivative financial instruments such as foreign exchange forward and option contracts and interest rate swaps to hedge certain foreign currency and interest rate exposures. Cash flow hedges The Company recognizes derivative instruments as either assets or liabilities in the statement of financial position at fair value. Derivative instruments qualify for hedge accounting when the instrument is designated as a hedge; the hedged item is specifically identifiable and exposes the Company to risk; and it is expected that a change in fair value of the derivative instrument and an opposite change in the fair value of the hedged item will have a high degree of correlation. For derivative instruments where hedge accounting is applied, the Company records the effective portion of derivative instruments that are designated as cash flow hedges in other comprehensive income/(loss) in the statement of comprehensive income, which is reclassified into earnings in the same period during which the hedged item affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any (i.e., the ineffective portion) or hedge components excluded from the assessment of effectiveness, and changes in fair value of other derivative instruments not designated as qualifying hedges is recorded as gains/losses, net in the consolidated statement of income. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in the cash flow hedging reserve (in other comprehensive income/(loss)) until the period the hedge was effective remains in the cash flow hedging reserve until the forecasted transaction occurs. Cash flow hedge on interest rate swaps are recorded under finance expense, net. Cash flows from the derivative instruments are classified within cash flows from operating activities in the statement of cash flows. When it is highly probable that a forecasted transaction will not occur, the Company discontinues the hedge accounting and recognizes immediately, in the consolidated statement of income, the gains and losses attributable to such derivative instrument that were accumulated in other comprehensive income/(loss). Gains/(losses) on cash flow hedges on forecasted revenue transactions are recorded in foreign exchange gains/(losses) forming part of revenue. Changes in fair value of foreign currency derivative instruments not designated as cash flow hedges are recognized in the consolidated statement of income and reported within foreign exchange gains, net within results from operating activities.
iv. Offsetting of financial instruments Financial assets and financial liabilities are offset against each other and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.
v. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies.
vi. Impairment of non-derivative The Company applies the forward-looking ECL model for recognizing impairment loss on financial assets that are measured at amortized cost or at FVOCI. Loss allowance for trade receivables and unbilled revenue with no significant financing component are measured at an amount equal to lifetime ECL. The Company applies the simplified approach for determining the lifetime ECL allowance using the Company’s historical credit loss experience adjusted for factors that are specific to the debtor. For all other financial assets, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instruments has not increased significantly since the initial recognition, the Company measures the loss allowance for that financial instrument equal to 12-month
Equity and share capitalh. Equity and share capital
i. Share capital, share premium and treasury shares The Company has only one class of equity shares. Par value of the equity share is recorded as the share capital and the amount received in excess of par value is classified as share premium. The credit corresponding to the share-based compensation expense and excess tax benefit related to the exercise of share options and restricted share units is recorded in share premium. Treasury shares represent the consideration paid by the Company, including any directly attributable costs, to repurchase its own ordinary shares. Treasury shares are presented as a deduction from total equity. On cancellation of treasury shares, the amount paid is adjusted against share capital, to the extent of the par value of ordinary shares repurchased, and the balance is adjusted against share premium.
ii. Retained earnings Retained earnings comprise the Company’s undistributed earnings after taxes.
iii. Other components of equity Other components of equity consist of the following: Cash flow hedging reserve Changes in fair value of derivative hedging instruments designated and effective as a cash flow hedge are recognized net of taxes. Foreign currency translation reserve Foreign currency translation reserve consists of (i) the exchange difference arising from the translation of the financial statements of foreign subsidiaries and (ii) foreign currency differences arising from intercompany receivables or payables relating to foreign operations, the settlement of which is neither planned nor likely to occur in the foreseeable future, which are considered to form part of net investment in foreign operation. Other Reserves Other reserves include the Special Economic Zone Re-Investment Reserve created out of the profits of eligible Special Economic Zones (“SEZ”) units in terms of the provisions of the Indian Income-tax Act, 1961. Further, these provisions require the reserve to be utilized by the Company for acquiring new plant and machinery for the purpose of its business . Pension adjustments This reserve represents cumulative actuarial gain and losses recognized, net of taxes on defined benefits plans.
Cash and cash equivalentsi. Cash and cash equivalents The Company considers all highly liquid investments with an initial maturity of up to three months to be cash equivalents. Cash equivalents are readily convertible into known amounts of cash and subject to an insignificant risk of changes in value.
Investmentsj. Investments
i. Marketable securities and mutual funds The Company’s marketable securities represent liquid investments and are acquired principally for the purpose of earning daily income. Investments in mutual funds represent investments in mutual fund schemes wherein the mutual fund issuer has invested these funds in enterprise development funds. Investments which are expected to be redeemed after 12 months from the reporting date are classified as non-current These investments are designated at fair value through profit or loss and changes in fair value recognized in the consolidated statement of income. The fair value represents the original cost of the investment and the investment’s fair value at each reporting period.
ii. Investments in fixed maturity plans The Company’s investments in FMPs represent investments in mutual fund schemes wherein the mutual fund issuer has invested these funds in certificates of deposits with banks in India. The investments in FMPs are designated as fair value through profit or loss and change in fair value is recognized in the consolidated statement of income. The fair value represents original cost of an investment and the investment’s fair value at each reporting period or net asset value as quoted. The Company manages FMPs on a fair value basis in accordance with the entity’s documented risk management, investment strategy and information provided to the key managerial personnel. The returns on the investment are measured based on the fair value movement rather than looking at the overall returns on the maturity. The Company’s investment purchase and sale decisions are also based on the fair value fluctuations rather than a predetermined policy to hold the investment until maturity. Key management personnel believe that recording these investments through the consolidated statement of income would provide more relevant information to measure the performance of the investment.
iii. Investments in fixed deposits Investments in fixed deposits consist of term deposits with original maturities of more than three months with banks. These are designated as financial assets at amortized cost.
Funds held for clientsk. Funds held for clients Some of the Company’s agreements in the auto claims handling services allow the Company to temporarily hold funds on behalf of the client. The funds are segregated from the Company’s funds and there is usually a short period of time between when the Company receives these funds from the client and when the payments are made on their behalf.
Property and equipmentl. Property and equipment Property and equipment are stated at historical cost. Cost includes expenditures directly attributable to the acquisition of the asset. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:
Asset description Asset life (in years)
Buildings 20
Computers and software 3-4
Furniture, fixtures and office equipment 2-5
Vehicles 3
Leasehold improvements Lesser of estimated useful life or lease term Assets acquired under finance leases are capitalized as assets by the Company at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Assets under finance leases and leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life of the assets. Advances paid towards the acquisition of property and equipment and the cost of property and equipment not ready for use before the reporting date are disclosed as capital work-in-progress The Company assesses property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset or cash generating unit is the higher of its fair value less cost of disposal (“FVLCOD”) and its value-in-use
Goodwillm. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is allocated to the cash-generating units expected to benefit from the synergies of the combination for the purpose of impairment testing. Goodwill is tested, at the cash-generating unit (or group of cash generating units) level, for impairment annually or if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is carried at cost less accumulated impairment losses. Impairment loss on goodwill is not reversed. See further discussion on impairment testing under “Impairment of intangible assets and goodwill” below.
Intangible assetsn. Intangible assets Intangible assets are recognized only when it is probable that the expected future economic benefits attributable to the assets will accrue to the Company and the cost can be reliably measured. Intangible assets acquired in a business combination are recorded at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment, if indicators of impairment arise. Intangible assets with indefinite lives are not amortized but instead are tested for impairment at least annually and written down to the fair value. See further discussion on impairment testing under “Impairment of intangible assets and goodwill” below. Software development costs Costs incurred for developing software or enhancements to the existing software products to be sold and/or used for internal use are capitalized once the research phase is complete, technological feasibility and commercial feasibility has been established, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. Technological feasibility is established upon completion of a detailed design program or, in its absence, completion of a working model. Significant management judgments and estimates are required in the assessment of when technological feasibility is established, as well as in the ongoing assessment of the recoverability of capitalized costs. Costs that qualify as software development costs include external direct costs of materials and services utilized in developing or obtaining software and compensation and related benefits for employees who are directly associated with the software project. The capitalized costs are amortized on a straight-line basis over the estimated useful life. Costs associated with research phase activities, training, maintenance and all post-implementation stage activities are expensed as incurred. The Company’s definite lived intangible assets are amortized over the estimated useful life of the assets on a straight-line basis, as given below.
Asset description Weighted average
Customer contracts 46
Customer relationships 218
Covenant not-to-compete 48
Trade names 34
Technology 94
Intellectual Property and other rights 24
Software 50
Service mark Indefinite useful life
Impairment of intangible assets and goodwillo. Impairment of intangible assets and goodwill Goodwill is not subject to amortization and tested at least annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s FVLCOD and VIU. For the purposes of assessing impairment, assets are grouped at the cash generating unit level which is the lowest level for which there are separately identifiable cash flows. Impairment losses recognized in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash generating units (or group of cash generating units) and then, to reduce the carrying amount of the other assets in the cash generating unit (or group of cash generating units) on a pro rata basis based on the carrying amount of each asset in the cash generating unit. Intangible assets except goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Employee benefitsp. Employee benefits
i. Defined contribution plans US savings plan Eligible employees of the Company in the US participate in a savings plan (“the Plan”) under Section 401(k) of the United States Internal Revenue Code (“the Code”). The Plan allows for employees to defer a portion of their annual earnings on a pre-tax UK pension scheme Eligible employees in the UK contribute to a defined contribution pension scheme operated in the UK. The assets of the scheme are held separately in an independently administered fund. The pension expense represents contributions payable to the fund maintained by the Company. Provident fund Eligible employees of the Company in India, the Philippines, South Africa, Sri Lanka and the UK participate in a defined contribution fund in accordance with the regulatory requirements in the respective jurisdictions. Both the employee and the Company contribute an equal amount to the fund which is equal to a specified percentage of the employee’s salary. The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are charged to profit or loss and are included in the consolidated statement of income in the year in which they accrue.
ii. Defined benefit plan Employees in India, the Philippines and Sri Lanka are entitled to a defined benefit retirement plan covering eligible employees of the Company. The plan provides for a lump-sum 26 Gratuity liabilities are determined by actuarial valuation, performed by an independent actuary, at each reporting date using the projected unit credit method. The Company recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or liability, as the case may be, in accordance with IAS 19 “Employee Benefits.”
iii. Compensated absences The Company’s liability for compensated absences is determined on the basis of an actuarial valuation using the projected unit credit method and is charged to consolidated statement of income in the year in which they accrue.
Share-based paymentsq. Share-based payments The Company accounts for share-based compensation expense relating to share-based payments using a fair value method in accordance with IFRS 2 “Share-based Payments.”
Provisions and accrued expensesr. Provisions and accrued expenses A provision is recognized in the statement of financial position when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.
Revenue recognitions. Revenue recognition The Company derives revenue from BPM services, comprising back-office administration, data management, customer experience services management, and auto claims handling services. Revenue from rendering services is recognized on an accrual basis when the promised services are performed for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. Revenue from the end of last billing to the reporting date is recognized as unbilled revenue. Unbilled revenue for certain contracts is classified as contract assets, as the right to consideration is conditional on factors other than the passage of time. Revenue is net of value-added taxes and includes reimbursements of out-of-pocket Revenue earned by back-office administration, data management and customer experience services management services Back-office administration, data management and customer experience services contracts are based on the following pricing models:
a) per full-time-equivalent arrangements, which typically involve billings based on the number of full-time employees (or equivalent) deployed on the execution of the business process outsourced;
b) per transaction arrangements, which typically involve billings based on the number of transactions processed (such as the number of e-mail
c) subscription arrangements, which typically involve billings based on per member per month, based on contractually agreed rates;
d) fixed-price arrangements, which typically involve billings based on achievements of pre-defined
e) outcome-based arrangements, which typically involve billings based on the business result achieved by our clients through our service efforts (such as measured based on a reduction in days sales outstanding, improvement in working capital, increase in collections or a reduction in operating expenses); or
f) other pricing arrangements, including cost-plus arrangements, which typically involve billing the contractually agreed direct and indirect costs and a fee based on the number of employees deployed under the arrangement. Revenues under time-and-material mark-up. Revenue for performance obligations that are satisfied over time is recognized in accordance with the methods prescribed for measuring the progress. The input method (cost or efforts expended) has been used to measure progress towards completion as there is a direct relationship between inputs and productivity. In respect of arrangements involving sub-contracting, “Revenue from Contract with Customers (“IFRS 15”) “Principal versus agent considerations.” Contracts with customers include variability in transaction price primarily due to service level agreements, gain share, minimum commitment and volume discounts. Revenues relating to such arrangements are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Amounts billed or payments received, where revenue recognition criteria have not been met, are recorded as deferred revenue and classified as contract liabilities. These are recognized as revenue when all the recognition criteria have been met. The costs related to the performance of BPM services unrelated to transition services (discussed below) are fulfilment costs classified as contract assets and recognized in the consolidated statement of income when the conditions for revenue recognition have been met. Any upfront payment received towards future services is classified as a contract liability and is recognized in the consolidated statement of income over the period when such services are provided. All incremental and direct costs incurred for acquiring contracts, such as certain sales commission, are classified as contract assets. Such costs are amortized over the expected life of the contract. Other upfront fees paid to customers are classified as contract assets. Such costs are amortized over the life of the contract and recorded as an adjustment to the transaction price and reduced from revenue. For certain BPM customers, the Company performs transition activities at the outset of entering into a new contract. The Company has determined these transition activities do not meet the criteria of IFRS 15 to be accounted for as a separate performance obligation and has deferred revenue attributable to these activities. Accordingly, transition revenues are classified as contract liabilities and are subsequently recognized ratably over the period in which the BPM services are performed. Costs related to such transition services are fulfillment costs which are directly related to the contract and result in generation or enhancement of resources and are expected to be recoverable under the contract and thereby classified as contract assets and are recognized ratably over the estimated life of the contract. All contracts entered into by the Company specify the payment terms. Usual payment terms range between 30 60 Revenue earned by auto claims handling services Auto claims handling services include claims handling and administration (“Claims Handling”), car hire and arranging for repairs with repair centers across the UK and the related payment processing for such repairs (“Accident Management”). With respect to Claims Handling, the Company receives either a per-claim In order to provide Accident Management services, the Company arranges for the repair through a network of repair centers. The repair costs are invoiced to customers. In determining whether the receipt from the customers related to payments to repair centers should be recognized as revenue, the Company considers the criteria established by IFRS 15 under the application guidance in paragraphs B34 to B38 “Principal versus agent considerations.”
a) the Company has the primary responsibility for providing the services,
b) the Company negotiates labor rates with repair centers, and
c) the Company is responsible for timely and satisfactory completion of repairs. If there are circumstances where the above criteria are not met and therefore the Company is not the principal in providing Accident Management services, amounts received from customers are recognized and presented net of payments to repair centers in the consolidated statement of income. Revenue from Accident Management services is recorded net of the repairer referral fees passed on to customers. Revenue from legal services in the Auto Claims BPM segment is recognized on the admission of liability by the third party to the extent of fixed fees earned at each stage and any further income on the successful settlement of the claim. Incremental and direct costs incurred to contract with a claimant are classified as contract assets and amortized over the expected period of benefit, not exceeding 15 months. All other costs to the Company are expensed as incurred.
Leasest. Leases The Company leases most of its delivery centers and office facilities under operating lease agreements that are renewable on a periodic basis at the option of the lessor and the lessee. The lease agreements contain rent free periods and rent escalation clauses. The Company assesses whether a contract contains a lease at the inception of the 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 the 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 recognizes a ROU asset and a corresponding lease liability for all lease arrangements under which it is a lessee, except for short-term leases and low value leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. For short-term leases and low value leases, the Company recognizes the lease payments as an expense on a straight-line basis over the term of the lease. The lease arrangements include options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised. The ROU assets are initially recognized 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. ROU assets are depreciated from the date of commencement of the lease on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. The lease liability is initially measured at amortized cost at the present value of the future lease payments. For leases under which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of commencement of the lease in determining the present value of lease payments. Lease liabilities are remeasured with a corresponding adjustment to the related ROU asset if the Company changes its assessment as to whether it will exercise an extension or a termination option. The Company accounts for a modification of a lease contract as a separate contract for an additional right of use not included in the original lease and the increase in lease payment is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as at the effective date of the modifications based on the modified terms and conditions and the facts and circumstances as at that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in consolidated statement of income. The Company has applied practical expedient under an amendment to IFRS 16 for COVID-19 covid-19 In the case of sub-leases, sub-lease right-of-use sub-lease sub-lease sub-lease sub-lease.
Finance expenseu. Finance expense Finance expense comprises interest cost on borrowings, transaction costs, interest expense on lease liabilities and the gains/losses on settlement of related derivative instruments. The foreign exchange gains/losses on borrowings are considered as a natural economic hedge for the foreign currency monetary assets which are classified as foreign exchange gains/losses, net within results from operating activities. Borrowing costs are recognized in the consolidated statement of income using the effective interest method.
Income taxesv. Income taxes Income tax comprises current and deferred tax. Income tax expense is recognized in the consolidated statement of income except to the extent it relates to items directly recognized in equity, in which case it is recognized in equity.
i. Current income tax Current income tax for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable profit for the period. The tax rates and tax laws used to compute the amount are those that are enacted by the reporting date and applicable for the period. The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and liability simultaneously. Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods. The recognition of taxes that are subject to certain legal or economic limits or uncertainties is assessed individually by management based on the specific facts and circumstances. Though the Company has considered all these issues in estimating its income taxes, there could be an unfavorable resolution of such issues that may affect results of the Company’s operations.
ii. Deferred income tax Deferred income tax is recognized using the balance sheet approach. Deferred income tax assets and liabilities are recognized for all deductible and taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amount in financial statements, except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profits or loss at the time of transaction. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred income tax asset in respect of carry forward of unused tax credits and unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. The Company recognizes deferred tax liabilities for all taxable temporary differences except those associated with the investments in subsidiaries where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
Earnings per sharew. Earnings per share Basic earnings per share are computed using the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by considering the impact of the potential issuance of ordinary shares, using the treasury stock method, on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive.
Government grantsx. Government grants The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to depreciable assets are treated as deferred income and are recognized in the consolidated statement of income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the consolidated statement of income, generally over the periods necessary to match them with the related costs that they are intended to compensate.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Estimated Useful Lives of Property and EquipmentDepreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:
Asset description Asset life (in years)
Buildings 20
Computers and software 3-4
Furniture, fixtures and office equipment 2-5
Vehicles 3
Leasehold improvements Lesser of estimated useful life or lease term
Estimated Useful Life of Intangible AssetsThe Company’s definite lived intangible assets are amortized over the estimated useful life of the assets on a straight-line basis, as given below.
Asset description Weighted average
Customer contracts 46
Customer relationships 218
Covenant not-to-compete 48
Trade names 34
Technology 94
Intellectual Property and other rights 24
Software 50
Service mark Indefinite useful life

Business Combinations (Tables)

Business Combinations (Tables)12 Months Ended
Mar. 31, 2022
MOL Information Processing Services (I) Private Limited [Member]
Statement [LineItems]
Purchase Price Allocation to Assets Acquired and Liabilities AssumedThe purchase price has been allocated on a provisional basis, as set out below, to the assets acquired and liabilities assumed in the business combination.
Amount
Total assets $ 3,981
Less: Total liabilities (2,321 )
Net assets acquired 1,660
Less: Purchase consideration (2,958 )
Goodwill on acquisition $ 1,298

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Cash and Cash EquivalentsThe Company considers all highly liquid investments with an initial maturity of up to three months to be cash equivalents. Cash and cash equivalents consist of the following:
As at
March 31, March 31,
2022 2021
Cash and bank balances $ 78,578 $ 73,398
Short-term deposits with banks* 29,575 32,235
Total $ 108,153 $ 105,633

Investments (Tables)

Investments (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of InvestmentsInvestments consist of the following:
As at
March 31, March 31,
2022 2021
Investments in marketable securities and mutual funds $ 263,013 $ 250,852
Investment in fixed deposits 41,827 38,699
Total $ 304,840 $ 289,551
As at
March 31, 2022 March 31, 2021
Current investments $ 211,398 $ 203,676
Non-current 93,442 85,875
Total $ 304,840 $ 289,551

Trade receivables and unbille_2

Trade receivables and unbilled revenue, net (Tables)12 Months Ended
Mar. 31, 2022
Trade receivables and unbilled revenue [member]
Statement [LineItems]
Summary of Trade Receivables and Unbilled RevenueTrade receivables and unbilled revenue consist of the following:
As at
March 31, March 31,
2022 2021
Trade receivables and unbilled revenue* $ 189,952 $ 152,414
Less: Allowances for ECL (2,398 ) (2,624 )
Total $ 187,554 $ 149,790
Non-current $ — $ 269
Current trade receivables and unbilled revenue* $ 187,554 $ 149,521
Trade receivables [member]
Statement [LineItems]
Movement in Allowances for Expected Credit LossesThe movement in the ECL is as follows:
Year ended March 31,
2022 2021 2020
Balance at the beginning of the year $ 2,624 $ 1,590 $ 1,182
Charged to consolidated statement of income 1,504 1,971 1,316
Write-offs, net of collections (1,308 ) (589 ) (299 )
Reversals (397 ) (637 ) (533 )
Translation adjustment (25 ) 289 (76 )
Balance at the end of the year $ 2,398 $ 2,624 $ 1,590

Prepayments and other assets (T

Prepayments and other assets (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Prepayment and Other AssetsPrepayment and other assets consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Service tax and other tax receivables $ 8,833 $ 5,997
Employee receivables 1,045 1,044
Advances to suppliers 2,987 2,667
Prepaid expenses 10,169 9,261
Other assets 5,788 4,242
Total $ 28,822 $ 23,211
Non-current:
Deposits $ 11,263 $ 10,508
Income tax assets 15,068 12,151
Service tax and other tax receivables 13,079 12,786
Other assets 4,865 4,587
Total $ 44,275 $ 40,032

Goodwill (Tables)

Goodwill (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of the Carrying Value of GoodwillA summary of the carrying value of goodwill is as follows:
As at
March 31, March 31,
Gross carrying amount $ 150,684 $ 152,459
Accumulated impairment of goodwill (27,147 ) (28,480 )
Total $ 123,537 $ 123,979
Summary of Movement in Goodwill by Reportable SegmentThe movement in goodwill balance by reportable segment as at March 31, 2022 and 2021 is as follows: Gross carrying amount
WNS WNS Auto
Global BPM Claims BPM Total
Balance as at April 1, 2020 $ 121,304 $ 25,520 $ 146,824
Translation adjustment 2,675 2,960 5,635
Balance as at March 31, 2021 $ 123,979 $ 28,480 $ 152,459
Goodwill arising on acquisitions (Refer Note 4(a),4(b)) 1,312 — 1,312
Translation adjustment (1,754 ) (1,333 ) (3,087 )
Balance as at March 31, 2022 $ 123,537 $ 27,147 $ 150,684
Accumulated impairment losses
WNS WNS Auto
Global BPM Claims BPM Total
Balance as at April 1, 2020 $ — $ 25,520 $ 25,520
Impairment of goodwill recognized during the year — — —
Translation adjustment — 2,960 2,960
Balance as at March 31, 2021 $ — $ 28,480 $ 28,480
Impairment of goodwill recognized during the year — — —
Translation adjustment — (1,333 ) (1,333 )
Balance as at March 31, 2022 $ — $ 27,147 $ 27,147
Carrying Value of Goodwill Allocated to Cash Generating UnitsThe carrying value of goodwill allocated to the cash generating units (“CGU”) is as follows:
As at
March 31, March 31,
2022 2021
Research and Analytics $ 42,051 $ 43,594
HealthHelp 39,082 39,082
Denali 29,542 29,542
WNS Global BPM* 4,934 3,717
South Africa 4,522 4,471
Technology services 3,406 3,573
$ 123,537 $ 123,979
* Excludes South Africa, Research and Analytics, Technology services, Denali and HealthHelp goodwill.
Key Assumptions Used in Performing Impairment Test, by each CGUThe key assumptions used in performing the impairment test, by each CGU, were as follows:
CGU’s – As at March 31, 2022
WNS Global BPM* South Africa Denali Research and HealthHelp Technology services
Discount rate 14.9 % 15.5 % 11.7 % 14.9 % 11.7 % 13.0 %
Perpetual growth rate 3.0 % 3.0 % 2.5 % 3.0 % 2.5 % 2.0 %
CGU’s – As at March 31, 2021
WNS Global BPM* South Africa Denali Research and HealthHelp Technology services
Discount rate 15.3 % 16.2 % 12.0 % 15.3 % 12.0 % 14.0 %
Perpetual growth rate 3.0 % 3.0 % 2.5 % 3.0 % 2.5 % 2.0 %

Intangible assets (Tables)

Intangible assets (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Change in Carrying Value of Intangible AssetsThe changes in the carrying value of intangible assets for the year ended March 31, 2022 are as follows:
Gross carrying value Customer Contracts Customer Relationships Intellectual Property and Other rights Trade names Technology Leasehold Benefits Covenant not-to- compete Service mark Software Total
Balance as at April 1, 2021 $ 158,014 $ 121,622 $ 4,511 $ 641 $ 5,987 $ 1,835 $ 9,161 $ 400 $ 53,152 $ 355,323
Additions — — — — — — — — 12,246 12,246
On acquisitions (Refer Note 4(a), 4(b)) 536 — — — — — — — 146 682
Translation adjustments (2,387 ) (570 ) (199 ) (3 ) (40 ) — (96 ) — (2,325 ) (5,620 )
Balance as at March 31, 2022 $ 156,163 $ 121,052 $ 4,312 $ 638 $ 5,947 $ 1,835 $ 9,065 $ 400 $ 63,219 $ 362,631
Accumulated amortization
Balance as at April 1, 2021 $ 158,014 $ 76,739 $ 4,511 $ 641 $ 3,230 $ 1,835 $ 9,161 $ — $ 36,051 $ 290,182
Amortization 133 3,645 — — 766 — — — 7,006 11,550
Translation adjustments (2,377 ) (554 ) (199 ) (3 ) (31 ) — (96 ) — (1,262 ) (4,522 )
Balance as at March 31, 2022 $ 155,770 $ 79,830 $ 4,312 $ 638 $ 3,965 $ 1,835 $ 9,065 $ — $ 41,795 $ 297,210
Net carrying value as at March 31, 2022 $ 393 $ 41,222 $ — $ — $ 1,982 $ — $ — $ 400 $ 21,424 $ 65,421
The changes in the carrying value of intangible assets for the year ended March 31, 2021 are as follows:
Gross carrying value Customer Contracts Customer Relationships Intellectual Property and Other rights Trade names Technology Leasehold Benefits Covenant not-to- compete Service mark Software Total
Balance as at April 1, 2020 $ 155,214 $ 120,427 $ 4,068 $ 638 $ 5,950 $ 1,835 $ 9,060 $ 400 $ 43,615 $ 341,207
Additions — — — — — — — — 7,544 7,544
Translation adjustments 2,800 1,195 443 3 37 — 101 — 1,993 6,572
Balance as at March 31, 2021 $ 158,014 $ 121,622 $ 4,511 $ 641 $ 5,987 $ 1,835 $ 9,161 $ 400 $ 53,152 $ 355,323
Accumulated amortization
Balance as at April 1, 2020 $ 154,093 $ 71,965 $ 4,068 $ 638 $ 2,440 $ 1,835 $ 7,474 $ — $ 28,594 $ 271,107
Amortization 1,123 3,631 — — 765 — 1,587 — 6,616 13,722
Translation adjustments 2,798 1,143 443 3 25 — 100 — 841 5,353
Balance as at March 31, 2021 $ 158,014 $ 76,739 $ 4,511 $ 641 $ 3,230 $ 1,835 $ 9,161 $ — $ 36,051 $ 290,182
Net carrying value as at March 31, 2021 $ — $ 44,883 $ — $ — $ 2,757 $ — $ — $ 400 $ 17,101 $ 65,141
Estimated Remaining Weighted Average Amortization Periods for Definite Lived Intangible AssetsAs at March 31, 2022, the estimated remaining weighted average amortization periods for definite lived intangible assets are as follows:
Balance life
(in months)
Customer relationships 167
Customer contracts 9
Technology 34
Software 16
Estimated Annual Amortization ExpenseThe estimated annual amortization expense based on remaining weighted average amortization periods for intangible assets and exchange rates, each as at March 31, 2022 are as follows:
Amount
2023 $ 13,207
2024 11,319
2025 8,102
2026 4,431
2027 3,272
Thereafter 24,690
$ 65,021 *
* Excludes service mark, as it has an indefinite useful life.

Property and equipment (Tables)

Property and equipment (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Changes in Carrying Value of Property and EquipmentThe changes in the carrying value of property and equipment for the year ended March 31, 2022 are as follows:
Gross carrying value Building Computers and software Furniture, Vehicles Leasehold improvements Total
Balance as at April 1, 2021 $ 9,733 $ 78,850 $ 84,335 $ 876 $ 76,043 $ 249,837
Additions — 13,966 2,449 — 2,348 18,763
On acquisitions (Refer Note 4(a), 4(b)) — 217 102 10 116 445
Disposals/retirements — (1,901 ) (1,016 ) (74 ) (2,765 ) (5,756 )
Translation adjustments (142 ) (3,558 ) (3,228 ) (28 ) (3,038 ) (9,994 )
Balance as at March 31, 2022 $ 9,591 $ 87,574 $ 82,642 $ 784 $ 72,704 $ 253,295
Accumulated depreciation
Balance as at April 1, 2021 $ 5,945 $ 65,421 $ 68,141 $ 737 $ 58,568 $ 198,812
Depreciation 483 8,771 6,412 120 6,004 21,790
Disposals/retirements — (1,864 ) (988 ) (70 ) (2,727 ) (5,649 )
Translation adjustments (90 ) (2,754 ) (2,599 ) (23 ) (2,376 ) (7,842 )
Balance as at March 31, 2022 $ 6,338 $ 69,574 $ 70,966 $ 764 $ 59,469 $ 207,111
Capital work-in-progress 3,073
Net carrying value as at March 31, 2022 $ 49,257
The changes in the carrying value of property and equipment for the year ended March 31, 2021 are as follows:
Gross carrying value Building Computers and software Furniture, Vehicles Leasehold improvements Total
Balance as at April 1, 2020 $ 9,602 $ 74,388 $ 78,403 $ 838 $ 70,928 $ 234,159
Additions — 9,618 4,096 — 2,591 16,305
Disposals/retirements — (9,044 ) (1,988 ) — (1,293 ) (12,325 )
Translation adjustments 131 3,888 3,824 38 3,817 11,698
Balance as at March 31, 2021 $ 9,733 $ 78,850 $ 84,335 $ 876 $ 76,043 $ 249,837
Accumulated depreciation
Balance as at April 1, 2020 $ 5,385 $ 63,896 $ 60,044 $ 514 $ 50,287 $ 180,126
Depreciation 484 7,203 6,995 193 6,605 21,480
Disposals/retirements — (9,003 ) (1,855 ) — (1,038 ) (11,896 )
Translation adjustments 76 3,325 2,957 30 2,714 9,102
Balance as at March 31, 2021 $ 5,945 $ 65,421 $ 68,141 $ 737 $ 58,568 $ 198,812
Capital work-in-progress 1,247
Net carrying value as at March 31, 2021 $ 52,272

Leases (Tables)

Leases (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Right Use AssetsThe changes in the carrying value of ROU assets for the year ended March 31, 2022 are as follows:
Gross carrying value Premises Computers Equipment Motor Total
Balance as at April 1, 2021 $ 219,078 $ 39 $ 25 $ 639 $ 219,781
Additions 5,620 — — 216 5,836
On acquisition (Refer Note 4(b)) 1,528 — — — 1,528
Terminations/modifications 3,174 — — — 3,174
Translation adjustments (9,215 ) 1 (1 ) (42 ) (9,257 )
Balance as at March 31, 2022 $ 220,185 $ 40 $ 24 $ 813 $ 221,062
Accumulated depreciation
Balance as at April 1, 2021 $ 52,497 $ 35 $ 17 $ 466 $ 53,015
Depreciation 28,100 4 3 106 28,213
Terminations/modifications (47 ) — — — (47 )
Translation adjustments (2,716 ) 1 (1 ) (26 ) (2,742 )
Balance as at March 31, 2022 $ 77,834 $ 40 $ 19 $ 546 $ 78,439
Net carrying value as at March 31, 2022 $ 142,351 $ — $ 5 $ 267 $ 142,623
The changes in the carrying value of ROU assets for the year ended March 31, 2021 are as follows:
Gross carrying value Premises Computers Equipment Motor Total
Balance as at April 1, 2020 $ 183,839 $ 34 $ 32 $ 515 $ 184,420
Additions 26,336 — — 118 26,454
Terminations/modifications (985 ) — (8 ) (22 ) (1,015 )
Translation adjustments 9,888 5 1 28 9,922
Balance as at March 31, 2021 $ 219,078 $ 39 $ 25 $ 639 $ 219,781
Accumulated depreciation
Balance as at April 1, 2020 $ 25,015 $ 16 $ 12 $ 279 $ 25,322
Depreciation 27,236 16 10 181 27,443
Terminations/modifications (1,503 ) — (5 ) (9 ) (1,517 )
Translation adjustments 1,749 3 — 15 1,767
Balance as at March 31, 2021 $ 52,497 $ 35 $ 17 $ 466 $ 53,015
Net carrying value as at March 31, 2021 $ 166,581 $ 4 $ 8 $ 173 $ 166,766
Summary of Movement in Lease LiabilitiesThe movement in lease liabilities for the year ended March 31, 2022 and 2021 is as follows:
Lease liabilities March 31, March 31,
Opening balance $ 191,907 $ 178,892
Cash outflows
Principal payment of lease liabilities (26,235 ) (23,073 )
Interest payment on lease liabilities (12,826 ) (13,442 )
Non-cash
On acquisition (Refer Note 4(b)) 1,521 —
Additions 5,403 25,506
Terminations/modifications 2,282 1,313
Interest accrued 12,657 13,689
Rent concessions (21 ) (416 )
Translation adjustments (7,694 ) 9,438
Closing balance $ 166,994 $ 191,907
Summary of Contractual Maturities of Lease LiabilitiesThe table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2022, on an undiscounted basis:
As at
Tenure March 31, March 31,
Less than 1 year $ 37,330 $ 39,591
1-3 67,177 73,833
3-5 49,449 63,462
More than 5 years 62,234 79,419
Total $ 216,190 $ 256,305

Loans and borrowings (Tables)

Loans and borrowings (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Long-term Loans and BorrowingsThe long-term loans and borrowings consist of th e following:
Final As at
Currency Interest rate March 31, 2022 March 31, 2021
US dollars 3M USD LIBOR+0.95 % 2022 — 16,800
Total — 16,800
Less: Debt issuance cost — (52 )
Total — 16,748
Current portion of long-term debt $ — $ 16,748
Long-term debt $ — $ —

Financial instruments (Tables)

Financial instruments (Tables)12 Months Ended
Mar. 31, 2022
Statement [LineItems]
Carrying Value and Fair Value of Financial Instruments by ClassThe carrying value and fair value of financial instruments by class as at March 31, 2022 are as follows: Financial assets
Financial Financial Financial Total carrying value Total fair value
Cash and cash equivalents $ 108,153 $ — $ — $ 108,153 $ 108,153
Investment in fixed deposits 41,827 — — 41,827 41,827
Investments in marketable securities and mutual funds — 263,013 — 263,013 263,013
Trade receivables 100,522 — — 100,522 100,522
Unbilled revenue (1) 86,786 — — 86,786 86,786
Funds held for clients 11,643 — — 11,643 11,643
Prepayments and other assets (2) 6,283 — — 6,283 6,283
Other non-current (3) 13,509 — — 13,509 13,509
Derivative assets — 556 13,044 13,600 13,600
Total carrying value $ 368,723 $ 263,569 $ 13,044 $ 645,336 $ 645,336
Financial liabilities
Financial Financial Financial Total carrying value Total fair Value
Trade payables $ 27,829 $ — $ — $ 27,829 $ 27,829
Other employee obligations (4) 95,098 — — 95,098 95,098
Provisions and accrued expenses 36,752 — — 36,752 36,752
Lease liabilities 166,994 — — 166,994 166,994
Other liabilities (5) 2,015 — — 2,015 2,015
Derivative liabilities — 2,295 4,578 6,873 6,873
Total carrying value $ 328,688 $ 2,295 $ 4,578 $ 335,561 $ 335,561
Notes:
(1) Excluding non-financial
(2) Excluding non-financial
(3) Excluding non-financial
(4) Excluding non-financial
(5) Excluding non-financial The carrying value and fair value of financial instruments by class as at March 31, 2021 are as follows: Financial assets
Financial Financial Financial Total carrying value Total fair value
Cash and cash equivalents $ 105,633 $ — $ — $ 105,633 $ 105,633
Investment in fixed deposits 38,699 — — 38,699 38,699
Investments in marketable securities and mutual funds — 250,852 — 250,852 250,852
Trade receivables 83,387 — — 83,387 83,387
Unbilled revenue (1) 66,212 — — 66,212 66,212
Funds held for clients 12,139 — — 12,139 12,139
Prepayments and other assets (2) 4,757 — — 4,757 4,757
Other non-current (3) 13,790 — — 13,790 13,790
Derivative assets — 2,619 7,104 9,723 9,723
Total carrying value $ 324,617 $ 253,471 $ 7,104 $ 585,192 $ 585,192
Financial liabilities
Financial Financial Financial Total carrying value Total fair Value
Trade payables $ 28,015 $ — $ — $ 28,015 $ 28,015
Long-term debt (includes current portion) (4) 16,800 — — 16,800 16,800
Other employee obligations (5) 74,511 — — 74,511 74,511
Provisions and accrued expenses 23,933 — — 23,933 23,933
Lease liabilities 191,907 — — 191,907 191,907
Other liabilities (6) 1,803 — — 1,803 1,803
Derivative liabilities — 1,068 5,460 6,528 6,528
Total carrying value $ 336,969 $ 1,068 $ 5,460 $ 343,497 $ 343,497
Notes:
(1) Excluding non-financial
(2) Excluding non-financial
(3) Excluding non-financial
(4) Excluding non-financial
(5) Excluding non-financial
(6) Excluding non-financial
Financial Assets and Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements or Similar AgreementsFinancial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2022 are as follows:
Description of types of financial assets Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities offset in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial Instruments Cash collateral received
Derivative assets $ 13,600 $ — $ 13,600 $ (646 ) $ — $ 12,954
Total $ 13,600 $ — $ 13,600 $ (646 ) $ — $ 12,954
Description of types of financial liabilities Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets offset in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial instruments Cash collateral pledged
Derivative liabilities $ 6,873 $ — $ 6,873 $ (646 ) $ — $ 6,227
Total $ 6,873 $ — $ 6,873 $ (646 ) $ — $ 6,227
Financial assets and liabilities subject to offsetting, enforceable master netting arrangements or similar agreements as at March 31, 2021 are as follows:
Description of types of financial assets Gross amounts of recognized financial assets Gross amounts of recognized financial liabilities offset in the statement of financial position Net amounts of financial assets presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial Instruments Cash collateral received
Derivative assets $ 9,723 $ — $ 9,723 $ (4,392 ) $ — $ 5,331
Total $ 9,723 $ — $ 9,723 $ (4,392 ) $ — $ 5,331
Description of types of financial liabilities Gross amounts of recognized financial liabilities Gross amounts of recognized financial assets offset in the statement of financial position Net amounts of financial liabilities presented in the statement of financial position Related amount not set off in financial instruments Net Amount
Financial instruments Cash collateral pledged
Derivative liabilities $ 6,528 $ — $ 6,528 $ (4,392 ) $ — $ 2,136
Total $ 6,528 $ — $ 6,528 $ (4,392 ) $ — $ 2,136
Assets and Liabilities Measured at Fair Value on Recurring BasisThe assets and liabilities measured at fair value on a recurring basis as at March 31, 2022 are as follows:
Fair value measurement at reporting date using
Description March 31, 2022 Quoted prices in Significant other observable (Level 2) Significant unobservable
Assets
Financial assets at FVTPL
Foreign exchange contracts $ 556 $ — $ 556 $ —
Investments in marketable securities and mutual funds 263,013 262,602 411 —
Financial assets at FVOCI
Foreign exchange contracts 13,044 — 13,044 —
Total assets $ 276,613 $ 262,202 $ 14,011 $ —
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts $ 2,295 $ — $ 2,295 $ —
Financial liabilities at FVOCI
Foreign exchange contracts 4,578 — 4,578 —
Interest rate swaps — — — —
Total liabilities $ 6,873 $ — $ 6,873 $ —
The assets and liabilities measured at fair value on a recurring basis as at March 31, 2021 are as follows:
Fair value measurement at reporting date using
Description March 31, 2021 Quoted prices in Significant Other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Assets
Financial assets at FVTPL
Foreign exchange contracts $ 2,619 $ — $ 2,619 $ —
Investments in marketable securities and mutual funds 250,852 250,439 413 —
Financial assets at FVOCI
Foreign exchange contracts 7,104 — 7,104 —
Total assets $ 260,575 $ 250,439 $ 10,136 $ —
Liabilities
Financial liabilities at FVTPL
Foreign exchange contracts $ 1,068 $ — $ 1,068 $ —
Financial liabilities at FVOCI
Foreign exchange contracts 5,234 — 5,234 —
Interest rate swaps 226 — 226 —
Total liabilities $ 6,528 $ — $ 6,528 $ —
Notional Values of Outstanding Foreign Exchange Forward Contracts, Foreign Exchange Option Contracts and Interest Rate Swap ContractsThe following table presents the notional values of outstanding foreign exchange forward contracts, foreign exchange option contracts and interest rate swap contracts:
As at
March 31, 2022 March 31, 2021
Forward contracts (Sell)
In US dollars $ 316,651 $ 260,999
In Pound Sterling 99,006 104,638
In Euro 21,811 26,395
In Australian dollars 27,290 29,076
Others 20,406 21,017
$ 485,164 $ 442,125
Option contracts (Sell)
In US dollars $ 204,773 $ 137,687
In Pound Sterling 88,899 92,159
In Euro 26,147 33,202
In Australian dollars 38,004 45,022
Others — —
$ 357,823 $ 308,070
Interest rate swap contracts
In US dollars — 16,800
Gain/(Loss) Reclassified from Other Comprehensive Income into Consolidated Statement of IncomeThe amount of gain/ (loss) reclassified from other comprehensive income into consolidated statement of income in respective line items for the years ended March 31, 2022, 2021 and 2020 are as follows:
Year ended March 31,
2022 2021 2020
Revenue $ 3,451 4,237 $ 12,695
Foreign exchange gain/(loss), net 93 (222 ) 543
Finance expense (217 ) (460 ) 171
Income tax related to amounts reclassified into consolidated statement of income (1,150 ) 425 (1,947 )
Total $ 2,177 3,980 $ 11,462
Foreign Currency Risk from Non-derivative Financial InstrumentsThe foreign currency risk from non-d e
As at March 31, 2022
US Dollar Pound Sterling Indian Rupees Australian Dollar Euro Other currencies Total
Cash and cash equivalents $ 3,412 1,813 — 54 899 196 $ 6,374
Investment 600 — — — — — 600
Trade receivables 127,640 22,934 1,363 7,366 11,631 3,064 173,998
Unbilled revenue 7,105 4,460 — — 4,304 537 16,406
Prepayments and other current assets 205 66 55 2 246 — 574
Other non-current 3 — — — — 16 19
Trade payables (33,849 ) (74,701 ) (5,576 ) (103 ) (20,627 ) (467 ) (135,323 )
Provisions and accrued expenses (4,493 ) (1,084 ) (56 ) — (446 ) (71 ) (6,150 )
Pension and other employee obligations — (794 ) — — (1 ) (441 ) (1,236 )
Lease liabilities — — — — (4,736 ) (27 ) (4,763 )
Other liabilities — (14 ) — — (2 ) — (16 )
Net assets/ (liabilities) $ 100,623 (47,320 ) (4,214 ) 7,319 (8,732 ) 2,807 $ 50,483
The foreign currency risk from non-derivative
As at March 31, 2021
US Dollar Pound Sterling Indian Rupees Australian Dollar Euro Other currencies Total
Cash and cash equivalents $ 2,739 1,818 — 61 1,024 314 $ 5,956
Trade receivables 116,135 34,041 1,269 7,411 10,911 3,543 173,310
Unbilled revenue 4,569 3,954 — — 3,271 275 12,069
Prepayments and other current assets 108 44 57 — 43 — 252
Other non-current 3 — — — — 16 19
Trade payables (44,492 ) (91,359 ) (5,770 ) — (20,540 ) (1,248 ) (163,409 )
Provisions and accrued expenses (3,886 ) (1,035 ) — (83 ) (587 ) — (5,591 )
Pension and other employee obligations (302 ) — — — (29 ) (347 ) (678 )
Lease liabilities — — — — (3,635 ) (52 ) (3,687 )
Other liabilities (1 ) (7 ) (2 ) (2 ) (7 ) (19 )
Net assets/ (liabilities) $ 74,873 (52,544 ) (4,444 ) 7,387 (9,544 ) 2,494 $ 18,222
Percentage of Revenue Generated from Top Customer and Top Five CustomersThe following table gives details in respect of the percentage of revenue generated from the Company’s top customer and top five customers:
Year ended March 31,
2022 2021 2020
Revenue from top customer 7.3 % 8.1 % 6.9 %
Revenue from top five customers 27.1 % 26.8 % 25.1 %
Contractual Maturities of Financial LiabilitiesThe contractual maturities of financial liabilities are as follows:
As at March 31, 2022
Less than 1 Year 1-2 years 2-5 years Total
Trade payables $ 27,829 $ — $ — $ 27,829
Provisions and accrued expenses 36,752 — — 36,752
Other liabilities 2,015 — — 2,015
Other employee obligations 95,098 — — 95,098
Derivative financial instruments 6,042 831 — 6,873
Total (2) (3) $ 167,736 $ 831 $ — $ 168,567
Notes:
(1) For contractual maturities of lease liabilities refer note 12.
(2) Non-financial
As at March 31, 2021
Less than 1 Year 1-2 years 2-5 years Total
Long-term debt (includes current portion) (1) $ 16,800 $ — $ — $ 16,800
Trade payables 28,015 — — 28,015
Provisions and accrued expenses 23,933 — — 23,933
Other liabilities 1,803 — — 1,803
Other employee obligations 74,511 — — 74,511
Derivative financial instruments 4,491 2,037 — 6,528
Total (2) (3) $ 149,553 $ 2,037 $ — $ 151,590
Notes:
(1) Before netting off debt issuance cost of $52.
(2) For contractual maturities of lease liabilities refer note 12.
(3) Non-financial
Summary of Net Cash PositionThe balanced view of liquidity and financial indebtedness is stated in the table below. This calculation of the net cash position is used by the management:
As at
March 31, 2022 March 31, 2021
Cash and cash equivalents $ 108,153 $ 105,633
Investments 304,840 289,551
Long-term debt (includes current portion) (1) — (16,800 )
Net cash position $ 412,993 $ 378,384
Note:
(1) Before netting off debt issuance cost of $Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.

Pension and other employee ob_2

Pension and other employee obligations (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Pension and Other Employee ObligationsPension and other employee obligations consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Salaries and bonus $ 93,210 $ 72,314
Pension 1,365 115
Withholding taxes on salary and statutory payables 11,193 10,157
Total $ 105,768 $ 82,586
Non-current:
Pension and other obligations $ 16,238 $ 19,589
Total $ 16,238 $ 19,589
Summary of Employee Benefit CostsEmployee benefit costs consist of the following:
Year ended March 31,
2022 2021 2020
Salaries and bonus $ 608,064 $ 498,431 $ 487,246
Employee benefit plans:
Defined contribution plan 15,296 12,648 12,675
Defined benefit plan 4,339 2,839 2,634
Share-based compensation expense (Refer Note 24) 44,165 38,230 37,520
Total $ 671,864 $ 552,148 $ 540,075
Employee benefit costs is recognized in the following line items in the consolidated statement of income:
Year ended March 31,
2022 2021 2020
Cost of revenue $ 503,748 $ 404,431 $ 399,441
Selling and marketing expenses 46,614 43,601 40,816
General and administrative expenses 121,502 104,116 99,818
Total $ 671,864 $ 552,148 $ 540,075
Contributions to Defined Contribution PlansThe Company’s contributions to defined contribution plans are as follows:
Year ended March 31,
2022 2021 2020
India $ 10,758 $ 8,681 $ 8,772
United States 2,110 1,770 1,548
United Kingdom 825 898 892
South Africa 801 596 789
Sri Lanka 567 512 480
Philippines 235 191 194
Total $ 15,296 $ 12,648 $ 12,675
Summary of Net Periodic CostThe net periodic cost recognized by the Company in respect of gratuity payments under the Company’s gratuity plans covering eligible employees of the Company in India, the Philippines and Sri Lanka is as follows:
Year ended March 31,
2022 2021 2020
Service cost $ 3,368 $ 2,047 $ 1,915
Interest on the net defined benefit liability 971 792 719
Net gratuity cost $ 4,339 $ 2,839 $ 2,634
Summary of Net Defined Benefit Liability (Asset)As at
March 2022 March 2021
Change in projected benefit obligations
Obligation at beginning of the year $ 17,220 $ 13,524
Foreign currency translation (790 ) 441
Service cost 3,368 2,047
Interest cost 1,097 869
Benefits paid (2,374 ) (1,116 )
Business combinations 1,223 —
Actuarial (gain)/loss
From changes in demographic assumptions (1,334 ) 1,061
From changes in financial assumptions 238 341
From actual experience compared to assumptions (188 ) 53
Benefit obligation at end of the year $ 18,460 $ 17,220
Change in plan assets
Plan assets at beginning of the year $ 1,314 $ 1,146
Foreign currency translation (51 ) 40
Expected return on plan assets 126 77
Actual contributions 2,415 1,031
Benefits paid (2,260 ) (1,023 )
Business combinations 1,191 —
Actuarial gain 10 43
Plan assets at end of the year $ 2,745 $ 1,314
Accrued pension liability
Current $ 1,365 $ 115
Non-current 14,350 15,791
Net amount recognized $ 15,715 $ 15,906
Present value of funded defined benefit obligation $ 18,035 $ 16,378
Fair value of plan assets (2,745 ) (1,314 )
15,290 15,064
Present value of unfunded defined benefit obligation $ 425 $ 842
Weighted average duration of defined benefit obligation (both funded and unfunded) 5.1 years 8.9 years
Actuarial Assumptions For Gratuity PlansThe assumptions used in accounting for the gratuity plans are as follows:
Year ended March 31,
2022 2021 2020
Discount rate:
India 6.2% to 6.6% 6.4% 6.3% to 6.6%
Philippines 1.7% 3.1% 3.7%
Sri Lanka 16.4% 8.1% 9.8%
Rate of increase in compensation level 8.0% to 10.0% 7.0% to 8.0% 7.0% to 8.0%
Expected rate of return on plan assets 6.5% to 6.6% 6.4% 6.6%
Sensitivity of Defined Benefit Obligation to a Change in Each Significant Actuarial AssumptionAs at March 31, 2022, for each of the Company’s defined benefit plans, the sensitivity of the defined benefit obligation to a change in each significant actuarial assumption is as follows:
India Philippines Sri Lanka
Discount rate:
Increase in discount rate by 1% (4.7 )% (1.1 )% (5.2 )%
Decrease in discount rate by 1% 5.2 % 1.1 % 5.8 %
Rate of increase in compensation level:
Increase in salary escalation rate by 1% 3.7 % 0.6 % 5.7 %
Decrease in salary escalation rate by 1% (3.5 )% (0.6 )% (5.1 )%
Maturity Analysis of Defined Benefit PaymentsThe maturity analysis of the Company’s defined benefit payments is as follows:
Amount
2023 $ 3,164
2024 3,128
2025 3,194
2026 3,195
2027 3,437
Thereafter 16,143
$ 32,261

Provisions and accrued expens_2

Provisions and accrued expenses (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Provisions and Accrued ExpensesProvisions and accrued expenses consist of the following:
As at
March 31, 2022 March 31, 2021
Accrued expenses 36,752 23,933
Total $ 36,752 $ 23,933

Contract liabilities (Tables)

Contract liabilities (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Contract LiabilitiesContract liabilities consists of the following:
As at
March 31, 2022 March 31, 2021
Current:
Payments in advance of services $ 8,344 $ 8,998
Advance billings 5,081 3,489
Others 298 198
Total $ 13,723 $ 12,685
Non-current:
Payments in advance of services $ 12,072 $ 15,876
Advance billings 1,226 752
Others 16 17
Total $ 13,314 $ 16,645

Other liabilities (Tables)

Other liabilities (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Other LiabilitiesOther liabilities consist of the following:
As at
March 31, 2022 March 31, 2021
Current:
Withholding taxes and value added tax payables $ 8,164 $ 9,288
Other liabilities 3,187 2,204
Total $ 11,351 $ 11,492
Non-current:
Other liabilities 78 211
Total $ 78 $ 211

Revenue (Tables)

Revenue (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Revenue by Service TypeRevenue by service type
Year ended March 31,
2022 2021 2020
Industry-specific $ 431,770 $ 372,505 $ 364,022
Finance and accounting 248,572 212,563 211,069
Customer experience services 189,615 154,368 192,466
Research and analytics 116,081 94,545 96,337
Auto claims 96,123 54,620 46,418
Others 27,639 24,042 17,946
Total $ 1,109,800 $ 912,643 $ 928,258
Summary of Revenue by IndustryRevenue by industry
Year ended March 31,
2022 2021 2020
Insurance* $ 332,335 $ 266,669 $ 257,586
Healthcare 196,614 172,878 146,622
Diversified businesses including manufacturing, retail, CPG, media and entertainment, and telecom 149,884 139,449 152,973
Travel and leisure 163,849 129,231 166,766
Shipping and logistics 85,258 63,530 56,064
Hi-tech and professional services 69,278 56,386 49,698
Banking and financial services 64,034 42,555 40,485
Utilities 48,548 41,945 58,064
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28.
Summary of Revenue by Contract TypeRevenue by contract type
Year ended March 31,
2022 2021 2020
Full-time-equivalent $ 703,440 $ 592,868 $ 615,765
Transaction* 188,357 133,423 144,637
Subscription 102,859 98,176 83,135
Fixed price 63,570 42,371 43,518
Others 51,574 45,805 41,203
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28.
Summary of Revenue by Delivery Location ExplanatoryRevenue by delivery location
Year ended March 31,
2022 2021 2020
India $ 555,796 $ 463,908 $ 476,078
United States 168,493 150,418 134,031
Philippines 143,238 119,855 130,350
UK* 127,826 72,178 60,244
South Africa 56,735 51,625 68,051
Sri Lanka 16,282 15,748 13,766
China 13,880 12,740 12,399
Romania 12,756 13,107 17,433
Spain 5,314 5,224 8,959
Poland 4,989 4,816 3,649
Costa Rica 3,643 3,024 3,298
Australia 848 — —
Total $ 1,109,800 $ 912,643 $ 928,258
* Includes revenue disclosed under the Auto Claims BPM segment in Note 28.
Summary of Movement in Contract AssetsThe movement in contract assets during the year ended March 31, 2022 is as follows:
As at
March 31, 2022
Sales Transition Upfront Total
Opening balance $ 8,112 $ 17,656 $ 9,121 $ 34,889
Additions during the year 5,209 17,923 10,811 33,943
Amortization/recognition during the year (2,190 ) (7,352 ) (7,736 ) (17,278 )
Impairment loss recognized during the year (46 ) — — (46 )
Translation adjustments (240 ) (866 ) (400 ) (1,506 )
Closing balance $ 10,845 $ 27,361 $ 11,796 $ 50,002
The movement in contract assets during the year ended March 31, 2021 is as follows:
As at
March 31, 2021
Sales Transition Upfront Total
Opening balance $ 7,427 $ 19,006 $ 9,932 $ 36,365
Additions during the year 2,365 7,151 5,008 14,524
Amortization/recognition during the year (1,816 ) (9,216 ) (6,725 ) (17,757 )
Impairment loss recognized during the year (351 ) — — (351 )
Translation adjustments 487 715 906 2,108
Closing balance $ 8,112 $ 17,656 $ 9,121 $ 34,889
Summary of Movement in Contract LiabilitiesAs at
March 31, 2022 March 31, 2021
Contract liabilities:
Payments in advance of services $ 20,416 $ 24,874
Advance billings 6,307 4,241
Others 314 215
Total $ 27,037 $ 29,330
Revenue recognized during the year ended March 31, 2022 and 2021, which was included in the contract liabilities balance at the beginning of the respective periods is as follows:
As at
March 31, 2022 March 31, 2021
Payments in advance of services $ 9,114 $ 7,695
Advance billings 2,742 3,168
Others 136 492
Total $ 11,992 $ 11,355
Summary of Estimated Revenue Expected to be Recognized in Future Related to Remaining Performance ObligationsThe estimated revenue expected to be recognized in the future relating to remaining performance obligations as at March 31, 2022 and March 31, 2021 is as follows:
As at March 31, 2022
Less 1-2 years 2-5 More Total
Transaction price allocated to remaining performance obligations $ 15,141 $ 5,475 $ 2,086 $ — $ 22,702
As at March 31, 2021
Less 1-2 years 2-5 More Total
Transaction price allocated to remaining performance obligations $ 8,807 $ 7,842 $ 6,206 $ 14 $ 22,869

Expenses by nature (Tables)

Expenses by nature (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Expenses by NatureExpenses by nature consist of the following:
Year ended March 31,
2022 2021 2020
Employee cost $ 671,864 $ 552,148 $ 540,075
Repair payments 82,954 43,942 32,047
Facilities cost 61,238 54,563 62,743
Depreciation 50,003 48,923 47,220
Legal and professional expenses 22,207 23,298 21,996
Travel expenses 4,878 1,927 22,373
Others 47,005 38,312 38,860
Total cost of revenue, selling and marketing and general and administrative expenses $ 940,149 $ 763,113 $ 765,314

Finance expense (Tables)

Finance expense (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Finance ExpenseFinance expense consists of the following:
Year ended March 31,
2022 2021 2020
Interest expense on lease liabilities $ 12,657 $ 13,689 $ 14,782
Interest expense 461 552 2,169
Loss/(gain) on interest rate swaps 217 460 (171 )
Debt issuance cost 52 126 231
Total $ 13,387 $ 14,827 $ 17,011

Other income, net (Tables)

Other income, net (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Other Income, NetOther income, net consists of the following:
Year ended March 31,
2022 2021 2020
Net gain arising on financial assets designated as FVTPL $ 7,137 $ 6,352 $ 7,547
Interest income 3,772 3,702 3,840
Others, net 2,958 2,410 2,988
Total $ 13,867 $ 12,464 $ 14,375

Share-based payments (Tables)

Share-based payments (Tables)12 Months Ended
Mar. 31, 2022
Statement [LineItems]
Summary of Share-based Compensation ExpenseShare-based compensation expense during the years ended March 31, 2022, 2021 and 2020 is as follows:
Year ended March 31,
2022 2021 2020
Share-based compensation expense recorded in: $ $ $
Cost of revenue 5,155 4,890 4,589
Selling and marketing expenses 4,948 4,327 4,789
General and administrative expenses 34,062 29,013 28,142
Total share-based compensation expense $ 44,165 $ 38,230 $ 37,520
Movements in Number of Options Outstanding under 2006 Incentive Award Plan and Related Weighted Average Exercise Prices(i) Movements in the number of RSUs dependent on non-market
Shares Weighted Aggregate intrinsic value
Outstanding as at March 31, 2020 884,590 $ 44.07 $ 38,020
Granted 362,795 43.26
Exercised (304,822 ) 42.14
Forfeited (18,514 ) 51.26
Outstanding as at March 31, 2021 924,049 $ 44.25 $ 66,938
Granted 295,441 74.14
Exercised (293,769 ) 47.24
Forfeited (40,264 ) 56.52
Outstanding as at March 31, 2022 885,457 $ 52.67 $ 75,698
RSUs exercisable 488,608 $ 45.53 $ 41,771
RSUs dependent on market performance condition [member]
Statement [LineItems]
Movements in Number of Shares Outstanding under 2006 and 2016 Incentive Award Plan and Related Weighted Average Fair ValuesMovements in the number of RSUs dependent on market performance condition outstanding under the 2006 Incentive Award Plan and the 2016 Incentive Award Plan and their related weighted average fair values are as follows:
Shares Weighted average fair value Aggregate intrinsic value
Outstanding as at March 31, 2020 198,990 $ 13.09 $ 7,908
Granted — —
Exercised (123,345 ) 12.62
Forfeited — —
Lapsed — —
Outstanding as at March 31, 2021 75,645 $ 14.10 $ 5,480
Granted —
Exercised (16,245 ) 13.39
Forfeited —
Lapsed —
Outstanding as at March 31, 2022 59,400 14.30 $ 5,078
RSUs exercisable 59,400 $ 14.30 $ 5,078
RSUs related total shareholders return [member]
Statement [LineItems]
Movements in Number of Shares Outstanding under 2006 and 2016 Incentive Award Plan and Related Weighted Average Fair ValuesMovements in the number of RSUs linked to the TSR condition outstanding under the 2016 Incentive Award Plan and their related weighted average fair values are as follows:
Shares Weighted Average Aggregate Intrinsic
Outstanding as at March 31, 2020 533,253 $ 51.07 $ 22,919
Granted 314,771 35.22
Exercised (19,039 ) 36.52
Forfeited (2,775 ) 34.53
Lapsed — —
Outstanding as at March 31, 2021 826,210 $ 45.45 $ 59,851
Granted 154,110 78.80
Exercised (15,209 ) 50.22
Forfeited (15,111 ) 38.70
Lapsed (50,550 ) 57.20
Outstanding as at March 31, 2022 899,450 50.53 76,894
RSUs exercisable 268,777 $ 42.92 $ 22,978
PSUs [member]
Statement [LineItems]
Movements in Number of Shares Outstanding under 2006 and 2016 Incentive Award Plan and Related Weighted Average Fair ValuesMovements in the number of PSUs outstanding under the 2006 Incentive Award Plan and the 2016 Incentive Award Plan and their related weighted average fair values are as follow:
Shares Weighted average fair value Aggregate intrinsic value
Outstanding as at March 31, 2020 911,518 $ 36.67 $ 39,176
Granted 193,249 68.05
Exercised (321,357 ) 30.36
Forfeited (12,121 ) 53.38
Outstanding as at March 31, 2021 771,289 $ 43.21 $ 55,870
Granted 275,245 73.46
Exercised (192,053 ) 35.65
Forfeited (16,173 ) 60.58
Outstanding as at March 31, 2022 838,308 49.19 71,667
PSUs exercisable 341,072 $ 38.64 $ 29,158

Income taxes (Tables)

Income taxes (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Domestic and Foreign Source Component of Profit/(Loss) Before Income TaxesThe domestic and foreign source component of profit/(loss) before income taxes is as follows:
Year ended March 31,
2022 2021 2020
Domestic $ (11,150 ) $ (8,176 ) $ (2,795 )
Foreign 175,690 140,867 146,747
Profit before income taxes $ 164,540 $ 132,691 $ 143,952
Income Tax ExpenseThe Company’s income tax expense consists of the following:
Year ended March 31,
2022 2021 2020
Current taxes
Domestic taxes $ — $ — $ —
Foreign taxes 37,579 31,326 31,270
37,579 31,326 31,270
Deferred taxes
Domestic taxes — — —
Foreign taxes (5,140 ) (1,252 ) (4,087 )
(5,140 ) (1,252 ) (4,087 )
Income tax expense $ 32,439 $ 30,074 $ 27,183
Income Taxes Recognized Directly in EquityIncome taxes recognized directly in equity are as follows:
Year ended March 31,
2022 2021 2020
Current taxes:
Excess tax deductions related to share-based payments (1,062 ) (729 ) (998 )
$ (1,062 ) $ (729 ) $ (998 )
Deferred taxes:
Excess tax deductions related to share-based payments (877 ) (1,640 ) 807
$ (877 ) $ (1,640 ) $ 807
Total income tax recognized directly in equity $ (1,939 ) $ (2,369 ) $ (191 )
Income Taxes Recognized in Other Comprehensive IncomeIncome taxes recognized in other comprehensive income are as follows:
Year ended March 31,
2022 2021 2020
Current taxes — — —
Deferred taxes:
Unrealized gain/(loss) on cash flow hedging derivatives 2,698 1,089 (2,939 )
Pension liability 148 (248 ) (189 )
Total income tax recognized directly in other comprehensive income $ 2,846 $ 841 $ (3,128 )
Reconciliation of Estimated Income Tax to Provision for Income TaxesThe reconciliation of estimated income tax to income tax expense:
Year ended March 31,
2022 2021 2020
Profit before income taxes $ 164,540 $ 132,691 $ 143,952
Income tax expense at tax rates applicable to individual entities 50,954 41,268 43,379
Effect of:
Items not deductible for tax 358 401 414
Exempt income (20,557 ) (11,340 ) (18,380 )
Non tax deductible goodwill impairment — — 776
Losses in respect of which deferred tax asset not recognized due to uncertainty and ineligibility to carry forward 2,183 106 178
Recognition of unutilized tax benefits / Unrecognized losses utilized (56 ) (472 ) (264 )
Temporary difference that will reverse during tax holiday period 2,828 1,139 2,138
Change in tax rate and law (160 ) 1,228 55
Provision for uncertain tax position — — (409 )
State taxes 345 458 61
Employment related tax incentive (2,123 ) (1,734 ) (1,253 )
Others, net (1,333 ) (980 ) 488
Income tax expense $ 32,439 $ 30,074 $ 27,183
Summary of Deferred Taxes Arising from Temporary Differences and Unused Tax LossesDeferred taxes for the year ended March 31, 2022 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Additions due to acquisition Recognized in income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 6,188 $ 237 $ 254 $ — $ — $ (152 ) $ 6,527
Net operating loss carry forward 1,249 — (294 ) — — (23 ) 932
Accruals deductible on actual payment 10,549 153 1,743 — (148 ) (295 ) 12,002
Share-based compensation expense 21,036 — 3,678 877 — (661 ) 24,930
Others 799 — (33 ) — — (12 ) 754
Total deferred tax assets $ 39,821 $ 390 $ 5,348 $ 877 $ (148 ) $ (1,143 ) $ 45,145
Deferred tax liabilities:
Intangible assets 11,967 1 32 — — (17 ) 11,983
Unrealized gain/(loss) on cash flow hedging and investments 1,387 — (117 ) — 2,698 (114 ) 3,854
Others 3,674 — 293 — — (134 ) 3,833
Total deferred tax liabilities $ 17,028 $ 1 $ 208 $ — $ 2,698 $ (265 ) $ 19,670
Net deferred tax assets/(liabilities) $ 22,793 $ 389 $ 5,140 $ 877 $ (2,846 ) $ (878 ) $ 25,475
Deferred taxes for the year ended March 31, 2021 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Additions due to acquisition Recognized in statement of income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 5,592 $ — $ 40 $ — $ — $ 556 $ 6,188
Net operating loss carry forward 779 — 417 — — 53 1,249
Accruals deductible on actual payment 9,825 — (120 ) — 248 596 10,549
Share-based compensation expense 16,101 — 1,861 1,640 — 1,434 21,036
Minimum alternate tax 629 — (654 ) — — 25 —
Others 130 — 610 — — 59 799
Total deferred tax assets $ 33,056 $ — $ 2,154 $ 1,640 $ 248 $ 2,723 $ 39,821
Deferred tax liabilities:
Intangible assets 11,437 — 312 — — 218 11,967
Unrealized gain/(loss) on cash flow hedging and investments 352 — (52 ) — 1,089 (2 ) 1,387
Others 2,380 — 642 — — 652 3,674
Total deferred tax liabilities $ 14,169 $ — $ 902 $ — $ 1,089 $ 868 $ 17,028
Net deferred tax assets/(liabilities) $ 18,887 $ — $ 1,252 $ 1,640 $ (841 ) $ 1,855 $ 22,793
Deferred taxes for the year ended March 31, 2020 arising from temporary differences and unused tax losses can be summarized below:
Opening Balance Transition Recognized in statement of income Recognized in equity Recognized in/ Reclassified from other comprehensive income Foreign currency translation Closing balance
Deferred tax assets:
Property and equipment $ 7,073 $ — $ (736 ) $ — $ — $ (745 ) $ 5,592
Net operating loss carry forward 1,287 — (430 ) — — (78 ) 779
Accruals deductible on actual payment 7,358 2,106 1,226 — 189 (1,054 ) 9,825
Share-based compensation expense 14,120 — 3,917 (807 ) — (1,129 ) 16,101
Minimum alternate tax 552 — 135 — — (58 ) 629
Others 482 — (295 ) — — (57 ) 130
Total deferred tax assets $ 30,872 $ 2,106 $ 3,817 $ (807 ) $ 189 $ (3,121 ) $ 33,056
Deferred tax liabilities:
Intangible assets 12,183 — (753 ) — — 7 11,437
Unrealized gain/(loss) on cash flow hedging and investments 3,539 — (5 ) — (2,939 ) (243 ) 352
Others 2,084 — 488 — — (192 ) 2,380
Total deferred tax liabilities $ 17,806 $ — $ (270 ) $ — $ (2,939 ) $ (428 ) $ 14,169
Net deferred tax assets/(liabilities) $ 13,066 $ 2,106 $ 4,087 $ (807 ) $ 3,128 $ (2,693 ) $ 18,887
Deferred Tax Presented in Consolidated Statement of Financial PositionDeferred tax presented in the consolidated statement of financial position is as follows:
As at
March 31, 2022 March 31, 2021
Deferred tax assets 34,765 33,022
Deferred tax liabilities (9,290 ) (10,228 )
Net deferred tax assets $ 25,475 $ 22,794

Earnings per share (Tables)

Earnings per share (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Computation of Basic and Diluted Earnings Per ShareThe following table sets forth the computation of basic and diluted earnings per share:
Year ended March 31,
2022 2021 2020
Numerator:
Profit after tax $ 132,101 $ 102,617 $ 116,769
Denominator:
Basic weighted average ordinary shares outstanding 48,891,004 49,765,672 49,726,636
Dilutive impact of equivalent share-based options and RSUs 2,357,573 2,343,077 2,310,304
Diluted weighted average ordinary shares outstanding 51,248,577 52,108,749 52,036,940

Related party (Tables)

Related party (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
List of the Company's SubsidiariesThe following is a list of the Company’s subsidiaries as at March 31, 2022:
Direct subsidiaries Step subsidiaries Place of
WNS Global Services Netherlands B.V. (1) The Netherlands
WNS Global Services (Romania) S.R.L. Romania
WNS North America Inc. Delaware, USA
WNS Business Consulting Services Private Limited India
WNS Global Services Inc. Delaware, USA
WNS BPO Services Costa Rica, S.R.L. Costa Rica
Denali Sourcing Services Inc. Delaware, USA
- WNS Denali Sourcing Services Inc. (2) Delaware, USA
WNS Assistance Limited (previously WNS Workflow Technologies Limited) United Kingdom
WNS Assistance (Legal) Limited United Kingdom
Accidents Happen Assistance Limited United Kingdom
WNS Legal Assistance LLP United Kingdom
WNS (Mauritius) Limited Mauritius
WNS Capital Investment Limited Mauritius
- WNS Customer Solutions (Singapore) Private Limited Singapore
-WNS Global Services (Australia) Pty Ltd Australia
- WNS New Zealand Limited New Zealand
- Business Applications Associates Beijing Ltd China
WNS Global Services Private Limited (3) India
- WNS Global Services (UK) Limited (4) United Kingdom
- WNS Global Services SA (Pty) Limited South Africa
- WNS B-BBEE (5) South Africa
- Ucademy (Pty) Limited South Africa
- WNS South Africa (Pty) Limited (6) South Africa
- MTS HealthHelp Inc. Delaware, USA
- HealthHelp Holdings LLC Delaware, USA
- HealthHelp LLC Delaware, USA
- WNS-HealthHelp Philippines
- Value Edge Inc. Delaware, USA
- Value Edge AG. Switzerland
-VE Value Edge GmbH Germany
WNS Global Services (Private) Limited Sri Lanka
WNS Global Services (Dalian) Co. Ltd. China
WNS Global Services (UK) International Limited United Kingdom
- WNS Global Services North Americas Inc. Delaware, USA
- WNS Global Services AG (7) Switzerland
- WNS Global Services Lisbon Unipessoal LDA (8) Portugal
WNS Information Services (India) Private Limited (9) India
WNS Business Consulting Netherlands B.V. (10) The Netherlands
WNS Global Services Philippines Inc. The Philippines
WNS Gestion des Processus d’Affaire Inc. (11) Canada Notes:
(1) WNS Global Services Netherlands Cooperatief U.A. was converted into a BV entity with effect from January 9, 2020. As a consequence, the name of WNS Global Services Netherlands Cooperatief U.A. was changed to WNS Global Services Netherlands B.V. with effect from January 9, 2020.
(2) WNS Denali Sourcing Services Inc., a wholly-owned subsidiary of Denali Sourcing Services Inc., was incorporated on November 27, 2019.
(3) WNS Global Services Private Limited is held jointly by WNS (Mauritius) Limited, WNS Global Services Netherlands B.V. and WNS Customer Solutions (Singapore) Private Limited. The percentage of holding of WNS (Mauritius) Limited is 63.18%, of WNS Global Services Netherlands B.V. is 20.84%, and of WNS Customer Solutions (Singapore) Private Limited is 15.98%.
(4) WNS Global Services (UK) Limited is jointly held by WNS Global Services Private Limited and WNS (Holdings) Limited. The percentage of holding of WNS Global Services Private Limited is 94.9% and of WNS (Holdings) Limited is 5.1%.
(5) The WNS B-BBEE
(6) WNS South Africa (Pty) Limited was incorporated as a subsidiary of WNS Global Services SA (Pty) Limited on December 19, 2018. The name of the entity was changed to WNS South Africa (Pty) Ltd with effect from September 25, 2019.
(7) WNS Global Services AG, a wholly-owned subsidiary of WNS Global Services (UK) International Limited, was incorporated on July 16, 2021.
(8) WNS Global Services Lisbon Unipessoal LDA, a wholly-owned subsidiary of WNS Global Services (UK) International Limited, was incorporated on August 13, 2021.
(9) On August 1, 2021, the Company acquired all outstanding shares of MOL Information Processing Services (I) Private Limited. The name of the entity was changed to WNS Information Services (India) Private Limited with effect from December 1, 2021.
(10) WNS Business Consulting Netherlands B.V., a wholly-owned subsidiary of WNS (Holdings) Limited, was incorporated on March 17, 2020 pursuant to the execution of deed of demerger on March 16, 2020. The shares of WNS Global Services Philippines Inc. were transferred from WNS Global Services Netherlands B.V. to WNS Business Consulting Netherlands B.V. pursuant to the proposal of demerger.
(11) WNS Gestion des Processus d’Affaire Inc. was incorporated on April 28, 2020.
Key Management Personnel CompensationYear ended March 31,
Nature of transaction with related parties 2022 2021 2020
Key management personnel*
Remuneration and short-term benefits 7,601 7,380 6,959
Defined contribution plan 124 105 114
Other benefits 114 47 54
Share-based compensation expense 15,264 14,830 17,167
* Defined benefit plan related costs are not disclosed as these are determined for the Company as a whole.

Operating segments (Tables)

Operating segments (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Segment Results for Operating SegmentsThe segment results for the year ended March 31, 2022 are as follows:
Year ended March 31, 2022
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 1,013,677 $ 96,123 $ — $ 1,109,800
Segment revenue $ 1,014,671 $ 96,123 $ (994 ) $ 1,109,800
Payments to repair centers — 82,954 — 82,954
Revenue less repair payments (non-GAAP) 1,014,671 13,169 (994 ) 1,026,846
Depreciation 49,277 726 — 50,003
Other costs 742,745 15,317 (994 ) 757,068
Segment operating profit/(loss) 222,649 (2,874 ) — 219,775
Other income, net (13,134 ) (733 ) — (13,867 )
Finance expense 13,323 64 — 13,387
Segment profit/(loss) before income taxes 222,460 (2,205 ) — 220,255
Income tax expense 32,703 (264 ) — 32,439
Segment profit/(loss) 189,757 (1,941 ) — 187,816
Amortization of intangible assets 11,550
Share-based compensation expense 44,165
Profit after tax $ 132,101
Addition to non-current (2) $ 39,094 $ 2,232 $ — $ 41,326
Total assets, net of elimination 1,044,865 119,627 — 1,164,492
Total liabilities, net of elimination $ 319,936 $ 90,553 $ — $ 410,489
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use No client individually accounted for more than 10% of the total revenue during the year ended March 31, 2022. The segment results for the year ended March 31, 2021 are as follows:
Year ended March 31, 2021
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 858,023 $ 54,620 $ — $ 912,643
Segment revenue $ 858,368 $ 54,620 $ (345 ) $ 912,643
Payments to repair centers — 43,942 — 43,942
Revenue less repair payments (non-GAAP) 858,368 10,678 (345 ) 868,701
Depreciation 48,302 621 — 48,923
Other costs 620,487 12,630 (345 ) 632,772
Segment operating profit/(loss) 189,579 (2,573 ) — 187,006
Other income, net (11,847 ) (617 ) — (12,464 )
Finance expense 14,758 69 — 14,827
Segment profit/(loss) before income taxes 186,668 (2,025 ) — 184,643
Income tax expense 29,661 413 — 30,074
Segment profit/(loss) 157,007 (2,438 ) — 154,569
Amortization of intangible assets 13,722
Share-based compensation expense 38,230
Profit after tax $ 102,617
Addition to non-current (2) $ 46,806 $ 1,792 $ — $ 48,598
Total assets, net of elimination 979,281 126,867 — 1,106,148
Total liabilities, net of elimination $ 329,192 $ 92,864 $ — $ 422,056
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use The segment results for the year ended March 31, 2020 are as follows:
Year ended March 31, 2020
WNS Global BPM WNS Auto Claims BPM Inter segments (1) Total
Revenue from external customers $ 881,840 $ 46,418 $ — $ 928,258
Segment revenue $ 882,016 $ 46,418 $ (176 ) $ 928,258
Payments to repair centers — 32,047 — 32,047
Revenue less repair payments (non-GAAP) 882,016 14,371 (176 ) 896,211
Depreciation 46,722 498 — 47,220
Other costs 630,375 14,946 (176 ) 645,145
Impairment of goodwill (Refer Note 9) — 4,085 — 4,085
Segment operating profit/(loss) 204,919 (5,158 ) — 199,761
Other income, net (13,298 ) (1,077 ) — (14,375 )
Finance expense 16,932 79 — 17,011
Segment profit/(loss) before income taxes 201,285 (4,160 ) — 197,125
Income tax expense 27,387 (204 ) — 27,183
Segment profit/(loss) 173,898 (3,956 ) — 169,942
Amortization of intangible assets 15,653
Share-based compensation expense 37,520
Profit after tax $ 116,769
Addition to non-current (2) $ 42,973 $ 1,760 $ — $ 44,733
Total assets, net of elimination 892,572 119,757 — 1,012,329
Total liabilities, net of elimination $ 339,660 $ 85,559 $ — $ 425,219
(1) Transactions between inter segments represent business process management services rendered by WNS Global BPM to WNS Auto Claims BPM.
(2) Addition to non-current right-of-use
External Revenue and Non-current Assets (Excluding Goodwill and Intangible Assets) by Geographic AreaRevenues from the geographic segments based on domicile of the customer. The Company’s external revenue by geographic area is as follows:
Year ended March 31,
2022 2021 2020
Jersey, Channel Islands $ — $ — $ —
North America (primarily the US) 504,260 403,527 392,601
UK 363,871 286,646 291,295
Australia 67,409 70,297 79,875
Europe (excluding the UK) 67,918 61,381 74,308
South Africa 22,270 26,450 35,429
Rest of the world 84,072 64,342 54,750
Total $ 1,109,800 $ 912,643 $ 928,258
The Company’s non-current right-of-use
As at March 31,
2022 2021
Jersey, Channel Islands $ — $ —
India 90,272 108,971
Philippines 59,030 58,149
South Africa 12,136 16,737
North America 14,707 16,601
UK 5,066 6,396
Rest of the world 10,669 12,184
Total $ 191,880 $ 219,038

Additional capital disclosures

Additional capital disclosures (Tables)12 Months Ended
Mar. 31, 2022
Text block [abstract]
Summary of Capital StructureThe capital structure as at March 31, 2022 and 2021 was as follows:
As at March 31,
2022 2021 % Change
Total equity attributable to the equity shareholders of the Company $ 754,003 $ 684,092 10 %
As percentage of total capital 100 % 98 %
Long-term debt (1) — 16,800 (100 )%
Total debt $ — $ 16,800 (100 )%
As percentage of total capital — 2 %
Total capital (debt and equity) $ 754,003 $ 700,892 8 %
Note:
(1) Before netting off debt issuance cost of Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail)12 Months Ended
Mar. 31, 2022
Buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment20 years
Computers and software [member] | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment3 years
Computers and software [member] | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment4 years
Furniture, fixtures and office equipment [member] | Bottom of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment2 years
Furniture, fixtures and office equipment [member] | Top of range [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment5 years
Vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipment3 years
Leasehold improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives of property and equipmentLesser of estimated useful life or lease term

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Life of Intangible Assets (Detail)12 Months Ended
Mar. 31, 2022
Customer contracts [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets46 months
Customer relationships [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets218 months
Covenant not-to-compete [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets48 months
Trade names [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets34 months
Technology [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets94 months
Intellectual property and other rights [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets24 months
Software [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assets50 months
Service mark [member]
Disclosure of detailed information about intangible assets [line items]
Weighted average amortization period of definite lived intangible assetsIndefinite useful life

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Defined Benefit Plan - Additional Information (Detail) $ in Thousands12 Months Ended
Mar. 31, 2022USD ($)
Disclosure of defined benefit plans [abstract]
Approximate maximum amount per employee available for lump-sum payment to eligible employees in India $ 26

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Detail)12 Months Ended
Mar. 31, 2022
Bottom of range [member]
Disclosure of revenue [line items]
Usual payment terms30 days
Top of range [member]
Disclosure of revenue [line items]
Usual payment terms60 days

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in ThousandsAug. 01, 2021Jan. 20, 2017Jun. 14, 2016Jun. 30, 2017Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020Mar. 31, 2019Mar. 31, 2018Dec. 31, 2021
Disclosure of detailed information about business combination [line items]
Goodwill $ 123,537 $ 123,979
Payment of contingent consideration0 0 $ 1,745
Denali Sourcing Services Inc. [member]
Disclosure of detailed information about business combination [line items]
Purchase consideration $ 38,668
Working capital adjustments $ 968
Contingent consideration $ 6,277
Payment of contingent consideration $ 522 1,745 $ 2,484 2,351
Deferred consideration522
Value Edge Research Services Private Limited [member]
Disclosure of detailed information about business combination [line items]
Purchase consideration $ 18,265
Working capital adjustments765
Contingent consideration $ 5,112
Release of restricted cash, held in escrow0 $ 0 $ 1,535 $ 1,535 $ 1,535
CEPROCS S.R.L. [member]
Disclosure of detailed information about business combination [line items]
Payment of Purchase consideration $ 566
Goodwill $ 14
Acquisition related costs78
MOL Information Processing Services (I) Private Limited [Member]
Disclosure of detailed information about business combination [line items]
Payment of Purchase consideration2,310
Goodwill1,298
Purchase consideration $ 2,958 2,958
Acquisition related costs $ 62
Amount of Deferred Consideration $ 1,054

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation to Assets Acquired and Liabilities Assumed of MOL IPS (Detail) - USD ($) $ in ThousandsMar. 31, 2022Aug. 01, 2021Mar. 31, 2021
Disclosure of detailed information about business combination [line items]
Goodwill on acquisition $ 123,537 $ 123,979
MOL IPS [member]
Disclosure of detailed information about business combination [line items]
Total assets3,981
Less: Total liabilities(2,321)
Net assets acquired1,660
Less: Purchase consideration(2,958) $ (2,958)
Goodwill on acquisition $ 1,298

Cash and Cash Equivalents - Sum

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021Mar. 31, 2020Mar. 31, 2019
Cash and cash equivalents [abstract]
Cash and bank balances $ 78,578 $ 73,398
Short term deposits with banks[1]29,575 32,235
Total $ 108,153 $ 105,633 $ 96,929 $ 85,444
[1]Short-term deposits can be withdrawn by the Company at any time without prior notice and are readily convertible into known amounts of cash with an insignificant risk of changes in value.

Investments - Summary of Invest

Investments - Summary of Investments (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Categories of financial assets [abstract]
Investments in marketable securities and mutual funds $ 263,013 $ 250,852
Investment in fixed deposits41,827 38,699
Current investments211,398 203,676
Non-current investment93,442 85,875
Total $ 304,840 $ 289,551

Trade Receivables and Unbille_3

Trade Receivables and Unbilled Revenue, Net - Summary of Trade Receivables and Unbilled Revenue (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Trade and other receivables [abstract]
Trade receivables and unbilled revenue[1] $ 189,952 $ 152,414
Less: Allowances for ECL(2,398)(2,624)
Total187,554 149,790
Non-current trade receivables0 269
Current Trade Receivables and Unbilled revenue[1] $ 187,554 $ 149,521
[1]As at March 31, 2022 and March 31, 2021 unbilled revenue includes contract assets amounting to $246 and $191, respectively.

Trade Receivables and Unbille_4

Trade Receivables and Unbilled Revenue, Net - Summary of Trade Receivables and Unbilled Revenue (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of financial assets [line items]
Contract assets $ 50,002 $ 34,889 $ 36,365
Unbilled revenue [member]
Disclosure of financial assets [line items]
Contract assets $ 246 $ 191

Trade Receivables and Unbille_5

Trade Receivables and Unbilled Revenue, Net - Movement in Allowances for Expected Credit Losses (ECL) (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of financial assets [line items]
Balance at the beginning of the year $ 2,624
Balance at the end of the year2,398 $ 2,624
Allowances for expected credit losses [member]
Disclosure of financial assets [line items]
Balance at the beginning of the year2,624 1,590 $ 1,182
Charged to consolidated statement of income1,504 1,971 1,316
Write-offs, net of collections(1,308)(589)(299)
Reversals(397)(637)(533)
Translation adjustment(25)289 (76)
Balance at the end of the year $ 2,398 $ 2,624 $ 1,590

Prepayments and Other Assets -

Prepayments and Other Assets - Summary of Prepayment and Other Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current:
Service tax and other tax receivables $ 8,833 $ 5,997
Employee receivables1,045 1,044
Advances to suppliers2,987 2,667
Prepaid expenses10,169 9,261
Other assets5,788 4,242
Total28,822 23,211
Non-current:
Deposits11,263 10,508
Income tax assets15,068 12,151
Service tax and other tax receivables13,079 12,786
Other assets4,865 4,587
Total $ 44,275 $ 40,032

Goodwill - Summary of the Carry

Goodwill - Summary of the Carrying Value of Goodwill (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill $ 123,537 $ 123,979
Gross carrying value [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill150,684 152,459 $ 146,824
Accumulated impairment [member]
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill $ (27,147) $ (28,480)

Goodwill - Summary of Movement

Goodwill - Summary of Movement in Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance $ 123,979
Impairment of goodwill recognized during the year0 $ 0 $ (4,085)
Ending balance123,537 123,979
Accumulated impairment [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance28,480 25,520
Impairment of goodwill recognized during the year0
Translation adjustment(1,333)2,960
Ending balance27,147 28,480 25,520
Accumulated impairment [member] | WNS Global BPM [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance0 0
Impairment of goodwill recognized during the year
Translation adjustment
Ending balance0 0
Accumulated impairment [member] | WNS Auto Claims BPM [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance28,480 25,520
Impairment of goodwill recognized during the year0
Translation adjustment(1,333)2,960
Ending balance27,147 28,480 25,520
Gross carrying value [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance152,459 146,824
Goodwill arising on acquisitions1,312
Translation adjustment(3,087)5,635
Ending balance150,684 152,459 146,824
Gross carrying value [member] | WNS Global BPM [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance123,979 121,304
Goodwill arising on acquisitions1,312
Translation adjustment(1,754)2,675
Ending balance123,537 123,979 121,304
Gross carrying value [member] | WNS Auto Claims BPM [member]
Disclosure of reconciliation of changes in goodwill [line items]
Beginning balance28,480 25,520
Goodwill arising on acquisitions0
Translation adjustment(1,333)2,960
Ending balance $ 27,147 $ 28,480 $ 25,520

Goodwill - Carrying Value of Go

Goodwill - Carrying Value of Goodwill Allocated to Cash Generating Units ("CGU") (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of information for cash-generating units [line items]
Goodwill $ 123,537 $ 123,979
Research and analytics [member]
Disclosure of information for cash-generating units [line items]
Goodwill42,051 43,594
HealthHelp [member]
Disclosure of information for cash-generating units [line items]
Goodwill39,082 39,082
Denali [member]
Disclosure of information for cash-generating units [line items]
Goodwill29,542 29,542
South Africa [member]
Disclosure of information for cash-generating units [line items]
Goodwill4,522 4,471
WNS Global BPM [member]
Disclosure of information for cash-generating units [line items]
Goodwill[1]4,934 3,717
Technology services [member]
Disclosure of information for cash-generating units [line items]
Goodwill $ 3,406 $ 3,573
[1]Excludes South Africa, Research and Analytics, Technology services, Denali and HealthHelp goodwill.

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of reconciliation of changes in goodwill [line items]
Estimated cash flows periodfive years
Impairment charge $ 0 $ 0 $ 4,085
WNS Auto Claims BPM [member]
Disclosure of reconciliation of changes in goodwill [line items]
Impairment charge $ 4,085
Discount rate14.50%
Recoverable amount of cash generating units $ 33,592
WNS Auto Claims BPM [member] | Annual Growth Rate [member] | Bottom of range [member]
Disclosure of reconciliation of changes in goodwill [line items]
Growth rate0.60%
WNS Auto Claims BPM [member] | Annual Growth Rate [member] | Top of range [member]
Disclosure of reconciliation of changes in goodwill [line items]
Growth rate5.10%
WNS Auto Claims BPM [member] | Perpetual Growth Rate [member]
Disclosure of reconciliation of changes in goodwill [line items]
Growth rate2.00%

Goodwill - Key Assumptions Used

Goodwill - Key Assumptions Used in Performing Impairment Test, by each CGU (Detail)Mar. 31, 2022Mar. 31, 2021
WNS Global BPM [member]
Disclosure of information for cash-generating units [line items]
Discount rate[1]14.90%15.30%
Perpetual growth rate[1]3.00%3.00%
South Africa [member]
Disclosure of information for cash-generating units [line items]
Discount rate15.50%16.20%
Perpetual growth rate3.00%3.00%
Denali Sourcing Services Inc. [member]
Disclosure of information for cash-generating units [line items]
Discount rate11.70%12.00%
Perpetual growth rate2.50%2.50%
Research and analytics [member]
Disclosure of information for cash-generating units [line items]
Discount rate14.90%15.30%
Perpetual growth rate3.00%3.00%
HealthHelp [member]
Disclosure of information for cash-generating units [line items]
Discount rate11.70%12.00%
Perpetual growth rate2.50%2.50%
Technology services [member]
Disclosure of information for cash-generating units [line items]
Discount rate13.00%14.00%
Perpetual growth rate2.00%2.00%
[1]Excludes South Africa, Research and Analytics, Technology services, HealthHelp and Denali CGUs.

Intangible Assets - Change in C

Intangible Assets - Change in Carrying Value of Intangible Assets (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Beginning balance $ 65,141
Amortization11,550 $ 13,722 $ 15,653
Ending balance65,421 65,141
Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance355,323 341,207
Additions12,246 7,544
On acquisitions (Refer Note 4(a), 4(b))682
Translation adjustments(5,620)6,572
Ending balance362,631 355,323 341,207
Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance290,182 271,107
Amortization11,550 13,722
Translation adjustments(4,522)5,353
Ending balance297,210 290,182 271,107
Customer contracts [member]
Disclosure of detailed information about intangible assets [line items]
Ending balance393
Customer contracts [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance158,014 155,214
On acquisitions (Refer Note 4(a), 4(b))536
Translation adjustments(2,387)2,800
Ending balance156,163 158,014 155,214
Customer contracts [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance158,014 154,093
Amortization133 1,123
Translation adjustments(2,377)2,798
Ending balance155,770 158,014 154,093
Customer relationships [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance44,883
Ending balance41,222 44,883
Customer relationships [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance121,622 120,427
Translation adjustments(570)1,195
Ending balance121,052 121,622 120,427
Customer relationships [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance76,739 71,965
Amortization3,645 3,631
Translation adjustments(554)1,143
Ending balance79,830 76,739 71,965
Intellectual property rights [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance4,511 4,068
Translation adjustments(199)443
Ending balance4,312 4,511 4,068
Intellectual property rights [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance4,511 4,068
Translation adjustments(199)443
Ending balance4,312 4,511 4,068
Trade names [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance641 638
Translation adjustments(3)3
Ending balance638 641 638
Trade names [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance641 638
Translation adjustments(3)3
Ending balance638 641 638
Technology [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance2,757
Ending balance1,982 2,757
Technology [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance5,987 5,950
Translation adjustments(40)37
Ending balance5,947 5,987 5,950
Technology [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance3,230 2,440
Amortization766 765
Translation adjustments(31)25
Ending balance3,965 3,230 2,440
Leasehold benefits [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance1,835 1,835
Ending balance1,835 1,835 1,835
Leasehold benefits [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance1,835 1,835
Ending balance1,835 1,835 1,835
Covenant not-to-compete [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance9,161 9,060
Translation adjustments(96)101
Ending balance9,065 9,161 9,060
Covenant not-to-compete [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance9,161 7,474
Amortization0 1,587
Translation adjustments(96)100
Ending balance9,065 9,161 7,474
Service mark [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance400
Ending balance400 400
Service mark [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance400 400
Ending balance400 400 400
Software [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance17,101
Ending balance21,424 17,101
Software [member] | Gross carrying value [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance53,152 43,615
Additions12,246 7,544
On acquisitions (Refer Note 4(a), 4(b))146
Translation adjustments(2,325)1,993
Ending balance63,219 53,152 43,615
Software [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance36,051 28,594
Amortization7,006 6,616
Translation adjustments(1,262)841
Ending balance $ 41,795 $ 36,051 $ 28,594

Intangible Assets - Estimated R

Intangible Assets - Estimated Remaining Weighted Average Amortization Periods for Definite Lived Intangible Assets (Detail) - Remaining weighted average [member]12 Months Ended
Mar. 31, 2022
Customer contracts [member]
Disclosure of detailed information about intangible assets [line items]
Estimated remaining weighted average amortization periods9 months
Customer relationships [member]
Disclosure of detailed information about intangible assets [line items]
Estimated remaining weighted average amortization periods167 months
Technology [member]
Disclosure of detailed information about intangible assets [line items]
Estimated remaining weighted average amortization periods34 months
Software [member]
Disclosure of detailed information about intangible assets [line items]
Estimated remaining weighted average amortization periods16 months

Intangible Assets - Estimated A

Intangible Assets - Estimated Annual Amortization Expense (Detail) $ in Thousands12 Months Ended
Mar. 31, 2022USD ($)
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense $ 65,021 [1]
2023 [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense13,207
2024 [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense11,319
2025 [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense8,102
2026 [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense4,431
2027 [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense3,272
Thereafter [member]
Disclosure of intangible assets with indefinite useful life [line items]
Estimated annual amortization expense $ 24,690
[1]Excludes service mark, as it has an indefinite useful life

Property and Equipment - Change

Property and Equipment - Changes in Carrying Value of Property and Equipment (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance $ 52,272
Capital work-in-progress3,073 $ 1,247
Ending balance49,257 52,272
Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance249,837 234,159
On acquisitions (Refer Note 4(a), 4(b))445
Additions18,763 16,305
Disposals/retirements(5,756)(12,325)
Translation adjustments(9,994)11,698
Ending balance253,295 249,837
Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance198,812 180,126
Depreciation21,790 21,480
Disposals/retirements(5,649)(11,896)
Translation adjustments(7,842)9,102
Ending balance207,111 198,812
Buildings [member] | Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance9,733 9,602
Translation adjustments(142)131
Ending balance9,591 9,733
Buildings [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance5,945 5,385
Depreciation483 484
Translation adjustments(90)76
Ending balance6,338 5,945
Computers and software [member] | Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance78,850 74,388
On acquisitions (Refer Note 4(a), 4(b))217
Additions13,966 9,618
Disposals/retirements(1,901)(9,044)
Translation adjustments(3,558)3,888
Ending balance87,574 78,850
Computers and software [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance65,421 63,896
Depreciation8,771 7,203
Disposals/retirements(1,864)(9,003)
Translation adjustments(2,754)3,325
Ending balance69,574 65,421
Furniture, fixtures and office equipment [member] | Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance84,335 78,403
On acquisitions (Refer Note 4(a), 4(b))102
Additions2,449 4,096
Disposals/retirements(1,016)(1,988)
Translation adjustments(3,228)3,824
Ending balance82,642 84,335
Furniture, fixtures and office equipment [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance68,141 60,044
Depreciation6,412 6,995
Disposals/retirements(988)(1,855)
Translation adjustments(2,599)2,957
Ending balance70,966 68,141
Vehicles [member] | Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance876 838
On acquisitions (Refer Note 4(a), 4(b))10
Disposals/retirements(74)
Translation adjustments(28)38
Ending balance784 876
Vehicles [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance737 514
Depreciation120 193
Disposals/retirements(70)
Translation adjustments(23)30
Ending balance764 737
Leasehold improvements [member] | Gross carrying value [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance76,043 70,928
On acquisitions (Refer Note 4(a), 4(b))116
Additions2,348 2,591
Disposals/retirements(2,765)(1,293)
Translation adjustments(3,038)3,817
Ending balance72,704 76,043
Leasehold improvements [member] | Accumulated depreciation and amortization [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance58,568 50,287
Depreciation6,004 6,605
Disposals/retirements(2,727)(1,038)
Translation adjustments(2,376)2,714
Ending balance $ 59,469 $ 58,568

Leases - Summary of Changes in

Leases - Summary of Changes in the Carrying Value of ROU Asset (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance $ 166,766
Ending balance142,623 $ 166,766
Premises [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance166,581
Ending balance142,351 166,581
Computers [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance4
Ending balance0 4
Equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance8
Ending balance5 8
Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance173
Ending balance267 173
Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance219,781 184,420
Additions5,836 26,454
On acquisition (Refer Note 4(b))1,528
Terminations/modifications3,174 (1,015)
Translation adjustments(9,257)9,922
Ending balance221,062 219,781
Gross carrying amount [member] | Premises [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance219,078 183,839
Additions5,620 26,336
On acquisition (Refer Note 4(b))1,528
Terminations/modifications3,174 (985)
Translation adjustments(9,215)9,888
Ending balance220,185 219,078
Gross carrying amount [member] | Computers [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance39 34
On acquisition (Refer Note 4(b))0
Translation adjustments1 5
Ending balance40 39
Gross carrying amount [member] | Equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance25 32
On acquisition (Refer Note 4(b))0
Terminations/modifications0 (8)
Translation adjustments(1)1
Ending balance24 25
Gross carrying amount [member] | Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance639 515
Additions216 118
On acquisition (Refer Note 4(b))0
Terminations/modifications0 (22)
Translation adjustments(42)28
Ending balance813 639
Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance53,015 25,322
Depreciation28,213 27,443
Terminations/modifications(47)(1,517)
Translation adjustments(2,742)1,767
Ending balance78,439 53,015
Accumulated depreciation [member] | Premises [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance52,497 25,015
Depreciation28,100 27,236
Terminations/modifications(47)(1,503)
Translation adjustments(2,716)1,749
Ending balance77,834 52,497
Accumulated depreciation [member] | Computers [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance35 16
Depreciation4 16
Translation adjustments1 3
Ending balance40 35
Accumulated depreciation [member] | Equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance17 12
Depreciation3 10
Terminations/modifications0 (5)
Translation adjustments(1)
Ending balance19 17
Accumulated depreciation [member] | Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance466 279
Depreciation106 181
Terminations/modifications0 (9)
Translation adjustments(26)15
Ending balance $ 546 $ 466

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Rental expense charged for short-term leases $ 1,125 $ 857
Rental expense charged for low value leases65 675
Rental expense charged for variable leases1,599 1,730
Rent Concessions On Lease Liability21 416
Future cash outflows for leases not yet commenced $ 82,013 $ 0

Leases - Summary of Movement in

Leases - Summary of Movement in Lease Liabilities (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure Of Movements In Lease Liabilities [Line Items]
Opening balance $ 191,907 $ 178,892
Interest payment on lease liabilities(12,657)(13,689) $ (14,782)
Rent concessions21 416
Closing balance166,994 191,907 $ 178,892
Cash Out flows [Member]
Disclosure Of Movements In Lease Liabilities [Line Items]
Principal payment of lease liabilities(26,235)(23,073)
Interest payment on lease liabilities(12,826)(13,442)
Non Cash Adjustments [Member]
Disclosure Of Movements In Lease Liabilities [Line Items]
On acquisition (Refer Note 4(b))1,521 0
Additions5,403 25,506
Terminations/modifications2,282 1,313
Interest accrued12,657 13,689
Rent concessions(21)(416)
Translation adjustments $ (7,694) $ 9,438

Leases - Summary of Contractual

Leases - Summary of Contractual Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Minimum lease payments $ 216,190 $ 256,305
Less than 1 Year [member]
Disclosure of quantitative information about right-of-use assets [line items]
Minimum lease payments37,330 39,591
1-3 years [member]
Disclosure of quantitative information about right-of-use assets [line items]
Minimum lease payments67,177 73,833
3-5 years [member]
Disclosure of quantitative information about right-of-use assets [line items]
Minimum lease payments49,449 63,462
More than 5 years [member]
Disclosure of quantitative information about right-of-use assets [line items]
Minimum lease payments $ 62,234 $ 79,419

Loans and Borrowings - Summary

Loans and Borrowings - Summary of Long-term Loans and Borrowings (Detail) - USD ($) $ in ThousandsMar. 01, 2017Mar. 31, 2022Mar. 31, 2021Mar. 31, 2017
Disclosure of detailed information about borrowings [line items]
Total long term debt[1] $ 0 $ 16,800 [2]
Less: Debt issuance cost0 (52)
Total long term debt0 16,748
Current portion of long-term debt0 16,748
Long-term debt $ 0 0
Long term loan to finance acquisition of health help [member]
Disclosure of detailed information about borrowings [line items]
Interest rate basis3M USD Libor3M USD LIBOR
Adjustment to interest rate basis0.95%0.95%
Final maturity (fiscal year)2022
Total long term debt $ 0 $ 16,800
[1]Before netting off debt issuance cost of $Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.
[2]Excluding non-financial asset (unamortized debt issuance cost) $52.

Loans and Borrowings - Addition

Loans and Borrowings - Additional Information (Detail) - USD ($) $ in ThousandsMar. 14, 2022Sep. 14, 2021Mar. 15, 2021Sep. 14, 2020Mar. 16, 2020Sep. 16, 2019Mar. 14, 2019Sep. 17, 2018Mar. 14, 2018Sep. 14, 2017Mar. 01, 2017Mar. 31, 2022Mar. 31, 2017
Disclosure of detailed information about borrowings [line items]
Line of credit $ 96,149
Line of credit [member] | UK [member]
Disclosure of detailed information about borrowings [line items]
Line of credit12,980
Line of credit [member] | South Africa [member]
Disclosure of detailed information about borrowings [line items]
Line of credit2,054
Line of credit [member] | North America [Member]
Disclosure of detailed information about borrowings [line items]
Line of credit10,000
Line of credit [member] | WNS Global Services Private Limited [member]
Disclosure of detailed information about borrowings [line items]
Line of credit $ 71,115
Long term loan to finance acquisition of health help [member]
Disclosure of detailed information about borrowings [line items]
Term loan facility tenure5 years
Term loan facility amount $ 84,000
Interest rate basis3M USD Libor3M USD LIBOR
Adjustment to interest rate basis0.95%0.95%
Repayment of installment $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400 $ 8,400
Long term loan to finance acquisition of health help [member] | Fixed interest rate [member] | Interest rate swap [member]
Disclosure of detailed information about borrowings [line items]
Fixed rate1.9635%

Financial Instruments - Carryin

Financial Instruments - Carrying Value and Fair Value of Financial Instruments by Class (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021Mar. 31, 2020Mar. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents $ 108,153 $ 105,633 $ 96,929 $ 85,444
Investment in fixed deposits41,827 38,699
Investments in marketable securities and mutual funds263,013 250,852
Trade receivables100,522 83,387
Unbilled revenue86,786 [1]66,212 [2]
Funds held for clients11,643 12,139
Prepayments and other assets6,283 [3]4,757 [4]
Other non-current assets13,509 [5]13,790 [6]
Derivative assets13,600 9,723
Total carrying value645,336 585,192
Trade payables27,829 28,015
Long-term debt (includes current portion)[7]0 16,800 [8]
Other employee obligations95,098 [9]74,511 [10]
Provision and accrued expenses36,752 23,933
Lease liabilities166,994 191,907 $ 178,892
Other liabilities2,015 [11]1,803 [12]
Derivative liabilities6,873 6,528
Total carrying value335,561 343,497
Financial liabilities at amortized cost [member]
Disclosure of detailed information about financial instruments [line items]
Trade payables27,829 28,015
Long-term debt (includes current portion)[8]16,800
Other employee obligations95,098 [9]74,511 [10]
Provision and accrued expenses36,752 23,933
Lease liabilities166,994 191,907
Other liabilities2,015 [11]1,803 [12]
Total carrying value328,688 336,969
Fair value through profit or loss [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities2,295 1,068
Total carrying value2,295 1,068
Financial liabilities at FVOCI [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities4,578 5,460
Total carrying value4,578 5,460
Financial liabilities at fair value, class [member]
Disclosure of detailed information about financial instruments [line items]
Trade payables27,829 28,015
Long-term debt (includes current portion)[8]16,800
Other employee obligations95,098 [9]74,511 [10]
Provision and accrued expenses36,752 23,933
Lease liabilities166,994 191,907
Other liabilities2,015 [11]1,803 [12]
Derivative liabilities6,873 6,528
Total carrying value335,561 343,497
Financial assets at amortized cost [member]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents108,153 105,633
Investment in fixed deposits41,827 38,699
Trade receivables100,522 83,387
Unbilled revenue86,786 [1]66,212 [2]
Funds held for clients11,643 12,139
Prepayments and other assets6,283 [3]4,757 [4]
Other non-current assets13,509 [5]13,790 [6]
Total carrying value368,723 324,617
Fair value through profit or loss [member]
Disclosure of detailed information about financial instruments [line items]
Investments in marketable securities and mutual funds263,013 250,852
Derivative assets556 2,619
Total carrying value263,569 253,471
Financial assets at FVOCI [member]
Disclosure of detailed information about financial instruments [line items]
Derivative assets13,044 7,104
Total carrying value13,044 7,104
Financial assets at fair value, class [member]
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents108,153 105,633
Investment in fixed deposits41,827 38,699
Investments in marketable securities and mutual funds263,013 250,852
Trade receivables100,522 83,387
Unbilled revenue86,786 [1]66,212 [2]
Funds held for clients11,643 12,139
Prepayments and other assets6,283 [3]4,757 [4]
Other non-current assets13,509 [5]13,790 [6]
Derivative assets13,600 9,723
Total carrying value $ 645,336 $ 585,192
[1]Excluding non-financial assets $246.
[2]Excluding non-financial assets $191.
[3]Excluding non-financial assets $22,539.
[4]Excluding non-financial assets $18,454.
[5]Excluding non-financial assets $30,766.
[6]Excluding non-financial assets $26,241.
[7]Before netting off debt issuance cost of $Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.
[8]Excluding non-financial asset (unamortized debt issuance cost) $52.
[9]Excluding non-financial liabilities $26,908
[10]Excluding non-financial liabilities $27,664.
[11]Excluding non-financial liabilities $26,908
[12]Excluding non-financial liabilities $9,900.

Financial Instruments - Carry_2

Financial Instruments - Carrying Value and Fair Value of Financial Instruments by Class (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Unbilled Revenue $ 86,786 [1] $ 66,212 [2]
Prepayments and other assets28,822 23,211
Other non-current assets44,275 40,032
Unamortised debt issuance cost0 52
Other employee obligations105,768 82,586
Other liabilities11,351 11,492
Non-financial instruments [member]
Disclosure of detailed information about financial instruments [line items]
Unbilled Revenue246 191
Prepayments and other assets22,539 18,454
Other non-current assets30,766 26,241
Unamortised debt issuance cost52
Other employee obligations26,908 27,664
Other liabilities $ 9,414 $ 9,900
[1]Excluding non-financial assets $246.
[2]Excluding non-financial assets $191.

Financial Instruments - Financi

Financial Instruments - Financial Assets and Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements or Similar Agreements (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of offsetting of financial assets liabilities [Line Items]
Gross amounts of recognized financial assets $ 13,600 $ 9,723
Net amounts of financial assets presented in the statement of financial position13,600 9,723
Related amount not set off in financial instruments, Financial instruments, financial assets(646)(4,392)
Net Amount, financial assets12,954 5,331
Gross amounts of recognized financial liabilities6,873 6,528
Net amounts of financial liabilities presented in the statement of financial position6,873 6,528
Related amount not set off in financial instruments, Financial instruments, financial liabilities(646)(4,392)
Net Amount, financial liabilities6,227 2,136
Derivatives [member]
Disclosure of offsetting of financial assets liabilities [Line Items]
Gross amounts of recognized financial assets13,600 9,723
Net amounts of financial assets presented in the statement of financial position13,600 9,723
Related amount not set off in financial instruments, Financial instruments, financial assets(646)(4,392)
Net Amount, financial assets12,954 5,331
Gross amounts of recognized financial liabilities6,873 6,528
Net amounts of financial liabilities presented in the statement of financial position6,873 6,528
Related amount not set off in financial instruments, Financial instruments, financial liabilities(646)(4,392)
Net Amount, financial liabilities $ 6,227 $ 2,136

Financial Instruments - Assets

Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Derivative assets $ 13,600 $ 9,723
Investments in marketable securities and mutual funds263,013 250,852
Total assets645,336 585,192
Derivative liabilities6,873 6,528
Total liabilities335,561 343,497
Fair value on recurring basis [member]
Disclosure of detailed information about financial instruments [line items]
Total assets276,613 260,575
Total liabilities6,873 6,528
Fair value on recurring basis [member] | Fair value through profit or loss [member]
Disclosure of detailed information about financial instruments [line items]
Investments in marketable securities and mutual funds263,013 250,852
Fair value on recurring basis [member] | Fair value through profit or loss [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative assets556 2,619
Fair value on recurring basis [member] | Financial assets at FVOCI [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative assets13,044 7,104
Fair value on recurring basis [member] | Fair value through profit or loss [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities2,295 1,068
Fair value on recurring basis [member] | Financial liabilities at FVOCI [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities4,578 5,234
Fair value on recurring basis [member] | Financial liabilities at FVOCI [member] | Interest rate swap contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities0 226
Fair value on recurring basis [member] | Level 1 [member]
Disclosure of detailed information about financial instruments [line items]
Total assets262,202 250,439
Fair value on recurring basis [member] | Level 1 [member] | Fair value through profit or loss [member]
Disclosure of detailed information about financial instruments [line items]
Investments in marketable securities and mutual funds262,602 250,439
Fair value on recurring basis [member] | Level 2 [member]
Disclosure of detailed information about financial instruments [line items]
Total assets14,011 10,136
Total liabilities6,873 6,528
Fair value on recurring basis [member] | Level 2 [member] | Fair value through profit or loss [member]
Disclosure of detailed information about financial instruments [line items]
Investments in marketable securities and mutual funds411 413
Fair value on recurring basis [member] | Level 2 [member] | Fair value through profit or loss [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative assets556 2,619
Fair value on recurring basis [member] | Level 2 [member] | Financial assets at FVOCI [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative assets13,044 7,104
Fair value on recurring basis [member] | Level 2 [member] | Fair value through profit or loss [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities2,295 1,068
Fair value on recurring basis [member] | Level 2 [member] | Financial liabilities at FVOCI [member] | Foreign exchange contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities4,578 5,234
Fair value on recurring basis [member] | Level 2 [member] | Financial liabilities at FVOCI [member] | Interest rate swap contracts [member]
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities $ 0 $ 226

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Transfers between Level 1 and Level 2 fair value measurements, financial assets $ 0 $ 0
Transfers between Level 1 and Level 2 fair value measurements, financial liabilities0 0
Transfers between Level 2 and Level 1 fair value measurements, financial assets0 0
Transfers between Level 2 and Level 1 fair value measurements, financial liabilities0 0
Transfers into Level 3 fair value measurements, financial assets0 0
Transfers into Level 3 fair value measurements, financial liabilities0 0
Transfers out of Level 3 fair value measurements, financial assets0 0
Transfers out of Level 3 fair value measurements, financial liabilities0 0
Gain (loss) recognized due to discontinuation of cash flow hedge accounting93,000 (222,000) $ 543,000
Outstanding swap agreement0
Trade receivables100,522,000 83,118,000
Unbilled revenue87,032,000 66,403,000
Unused lines of credit $ 96,149,000
Level 3 [member] | Non-recurring fair value measurement [member]
Disclosure of detailed information about financial instruments [line items]
Fair value measurement for Auto Claim BPM CGU34,086,000
Disposal cost $ 494,000
Currency risk [member]
Disclosure of detailed information about financial instruments [line items]
Rate of appreciation or depreciation of the foreign currencies against the functional currency of the company10.00%
Effect on statement of profit before tax from operating activities due to appreciation or depreciation of the foreign currencies against the functional currency of the company $ 5,876,000
Currency risk [member] | UK Pound Sterling [member]
Disclosure of detailed information about financial instruments [line items]
Rate of appreciation or depreciation of the foreign currencies against the functional currency of the company10.00%
Effect on statement of profit before tax from operating activities due to appreciation or depreciation of the foreign currencies against the functional currency of the company $ 32,736,000
Currency risk [member] | Indian Rupees [member]
Disclosure of detailed information about financial instruments [line items]
Rate of appreciation or depreciation of the foreign currencies against the functional currency of the company10.00%
Effect on statement of profit before tax from operating activities due to appreciation or depreciation of the foreign currencies against the functional currency of the company $ 40,997,000
Credit risk [member]
Disclosure of detailed information about financial instruments [line items]
Trade receivables100,522,000 83,387,000
Unbilled revenue87,032,000 $ 66,403,000
Interest rate swap contracts [member]
Disclosure of detailed information about financial instruments [line items]
Gain (loss) on cash flow hedges, expected to be reclassified from other comprehensive income into profit (loss) $ 2,135,000
Reclassification period for cash flow hedges24 months

Financial Instruments - Notiona

Financial Instruments - Notional Values of Outstanding Foreign Exchange Forward Contracts, Foreign Exchange Option Contracts and Interest Rate Swap Contracts (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Forward contracts (sell) [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount $ 485,164 $ 442,125
Forward contracts (sell) [member] | US Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount316,651 260,999
Forward contracts (sell) [member] | Pound Sterling [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount99,006 104,638
Forward contracts (sell) [member] | Euro [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount21,811 26,395
Forward contracts (sell) [member] | Australian Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount27,290 29,076
Forward contracts (sell) [member] | Others Currencies [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount20,406 21,017
Option contracts (sell) [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount357,823 308,070
Option contracts (sell) [member] | US Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount204,773 137,687
Option contracts (sell) [member] | Pound Sterling [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount88,899 92,159
Option contracts (sell) [member] | Euro [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount26,147 33,202
Option contracts (sell) [member] | Australian Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount $ 38,004 45,022
Interest rate swap contracts [member] | US Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Derivative, notional amount $ 16,800

Financial Instruments - Gain_(L

Financial Instruments - Gain/(Loss) Reclassified from Other Comprehensive Income into Consolidated Statement of Income (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Changes in fair value of cash flow hedges reclassified to consolidated statement of income $ 3,327 $ 3,555 $ 13,409
Income tax related to amounts reclassified into consolidated statement of income(1,150)425 (1,947)
Total2,177 3,980 11,462
Revenue [member]
Disclosure of detailed information about financial instruments [line items]
Changes in fair value of cash flow hedges reclassified to consolidated statement of income3,451 4,237 12,695
Foreign exchange gain/(loss), net [member]
Disclosure of detailed information about financial instruments [line items]
Changes in fair value of cash flow hedges reclassified to consolidated statement of income93 (222)543
Finance expense [member]
Disclosure of detailed information about financial instruments [line items]
Changes in fair value of cash flow hedges reclassified to consolidated statement of income $ (217) $ (460) $ 171

Financial Instruments - Foreign

Financial Instruments - Foreign Currency Risk from Non-derivative Financial Instruments (Detail) - Currency risk [member] - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents $ 6,374 $ 5,956
Investment600
Trade receivables173,998 173,310
Unbilled revenue16,406 12,069
Prepayments and other current assets574 252
Other non-current assets19 19
Trade payables(135,323)(163,409)
Provisions and accrued expenses(6,150)(5,591)
Pension and other employee obligations(1,236)(678)
Lease liabilities(4,763)(3,687)
Other liabilities(16)(19)
Net assets/ (liabilities)50,483 18,222
US Dollars [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents3,412 2,739
Investment600
Trade receivables127,640 116,135
Unbilled revenue7,105 4,569
Prepayments and other current assets205 108
Other non-current assets3 3
Trade payables(33,849)(44,492)
Provisions and accrued expenses(4,493)(3,886)
Pension and other employee obligations(302)
Other liabilities(1)
Net assets/ (liabilities)100,623 74,873
UK Pound Sterling [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents1,813 1,818
Trade receivables22,934 34,041
Unbilled revenue4,460 3,954
Prepayments and other current assets66 44
Trade payables(74,701)(91,359)
Provisions and accrued expenses(1,084)(1,035)
Pension and other employee obligations(794)
Other liabilities(14)(7)
Net assets/ (liabilities)(47,320)(52,544)
Indian Rupees [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade receivables1,363 1,269
Prepayments and other current assets55 57
Trade payables(5,576)(5,770)
Provisions and accrued expenses(56)
Net assets/ (liabilities)(4,214)(4,444)
Australian Dollars [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents54 61
Trade receivables7,366 7,411
Prepayments and other current assets2
Trade payables(103)
Provisions and accrued expenses(83)
Other liabilities(2)
Net assets/ (liabilities)7,319 7,387
Euro [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents899 1,024
Trade receivables11,631 10,911
Unbilled revenue4,304 3,271
Prepayments and other current assets246 43
Trade payables(20,627)(20,540)
Provisions and accrued expenses(446)(587)
Pension and other employee obligations(1)(29)
Lease liabilities(4,736)(3,635)
Other liabilities(2)(2)
Net assets/ (liabilities)(8,732)(9,544)
Others Currencies [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents196 314
Trade receivables3,064 3,543
Unbilled revenue537 275
Other non-current assets16 16
Trade payables(467)(1,248)
Provisions and accrued expenses(71)
Pension and other employee obligations(441)(347)
Lease liabilities(27)(52)
Other liabilities(7)
Net assets/ (liabilities) $ 2,807 $ 2,494

Financial Instruments - Percent

Financial Instruments - Percentage of Revenue Generated from Top Customer and Top Five Customers (Detail)12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Top customer [member]
Disclosure of major customers [line items]
Percentage of revenue generated from customers7.30%8.10%6.90%
Top five customers [Member]
Disclosure of major customers [line items]
Percentage of revenue generated from customers27.10%26.80%25.10%

Financial Instruments - Contrac

Financial Instruments - Contractual Maturities of Financial Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of maturity analysis for financial liabilities [Line Items]
Long-term debt (includes current portion)[1] $ 16,800
Trade payables $ 27,829 28,015
Provisions and accrued expenses36,752 23,933
Other liabilities2,015 1,803
Other employee obligations95,098 74,511
Derivative financial instruments6,873 6,528
Total[2],[3]168,567 151,590
Less than 1 Year [member]
Disclosure of maturity analysis for financial liabilities [Line Items]
Long-term debt (includes current portion)[1]16,800
Trade payables27,829 28,015
Provisions and accrued expenses36,752 23,933
Other liabilities2,015 1,803
Other employee obligations95,098 74,511
Derivative financial instruments6,042 4,491
Total[2],[3]167,736 149,553
1-2 years [member]
Disclosure of maturity analysis for financial liabilities [Line Items]
Long-term debt (includes current portion)[1]
Derivative financial instruments831 2,037
Total[2],[3]831 2,037
2-5 years [member]
Disclosure of maturity analysis for financial liabilities [Line Items]
Long-term debt (includes current portion)[1]
Total[2],[3]
[1]Before netting off debt issuance cost of $52.
[2]For contractual maturities of lease liabilities refer note 12.
[3]Non-financial liabilities are explained in the financial instruments categories table above.

Financial Instruments - Contr_2

Financial Instruments - Contractual Maturities of Financial Liabilities (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure Of Maturity Analysis For Financial Liabilities [abstract]
Unamortised debt issuance cost $ 0 $ 52

Financial Instruments - Summary

Financial Instruments - Summary of Net Cash Position (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021Mar. 31, 2020Mar. 31, 2019
Disclosure of detailed information about financial instruments [abstract]
Cash and cash equivalents $ 108,153 $ 105,633 $ 96,929 $ 85,444
Investments304,840 289,551
Long-term debt (includes current portion)[1]0 (16,800)[2]
Net cash position $ 412,993 $ 378,384
[1]Before netting off debt issuance cost of $Nil and $52 as at March 31, 2022 and March 31, 2021, respectively.
[2]Excluding non-financial asset (unamortized debt issuance cost) $52.

Financial Instruments - Summa_2

Financial Instruments - Summary of Net Cash Position (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Unamortized debt issuance cost $ 0 $ 52

Pension and Other Employee Ob_3

Pension and Other Employee Obligations - Summary of Pension and Other Employee Obligations (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current:
Salaries and bonus $ 93,210 $ 72,314
Pension1,365 115
Withholding taxes on salary and statutory payables11,193 10,157
Total105,768 82,586
Non-current:
Pension and other obligations16,238 19,589
Total $ 16,238 $ 19,589

Pension and Other Employee Ob_4

Pension and Other Employee Obligations - Summary of Employee Benefits Costs (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of employee benefit expenses [Line Items]
Salaries and bonus $ 608,064 $ 498,431 $ 487,246
Employee benefit plans: Defined contribution plan15,296 12,648 12,675
Employee benefit plans: Defined benefit plan4,339 2,839 2,634
Share-based compensation expense (Refer Note 24)44,165 38,230 37,520
Employee benefit costs671,864 552,148 540,075
Cost of revenue [member]
Disclosure of employee benefit expenses [Line Items]
Share-based compensation expense (Refer Note 24)5,155 4,890 4,589
Employee benefit costs503,748 404,431 399,441
Selling and marketing expenses [member]
Disclosure of employee benefit expenses [Line Items]
Share-based compensation expense (Refer Note 24)4,948 4,327 4,789
Employee benefit costs46,614 43,601 40,816
General and administrative expenses [member]
Disclosure of employee benefit expenses [Line Items]
Share-based compensation expense (Refer Note 24)34,062 29,013 28,142
Employee benefit costs $ 121,502 $ 104,116 $ 99,818

Pension and Other Employee Ob_5

Pension and Other Employee Obligations - Contributions to Defined Contribution Plans (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans $ 15,296 $ 12,648 $ 12,675
India [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans10,758 8,681 8,772
USA [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans2,110 1,770 1,548
UK [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans825 898 892
South Africa [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans801 596 789
Sri Lanka [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans567 512 480
Philippines [member]
Disclosure of geographical areas [Line Items]
Contributions to defined contribution plans $ 235 $ 191 $ 194

Pension and Other Employee Ob_6

Pension and Other Employee Obligations - Summary of Net Periodic Cost (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of defined benefit plans [abstract]
Service cost $ 3,368 $ 2,047 $ 1,915
Interest on the net defined benefit liability971 792 719
Net gratuity cost $ 4,339 $ 2,839 $ 2,634

Pension and Other Employee Ob_7

Pension and Other Employee Obligations - Summary of Net Defined Benefit Liability (Asset) (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Service cost $ 3,368 $ 2,047 $ 1,915
Interest cost971 792 719
Accrued pension liability
Current1,365 115
Non-current14,350 15,791
Net amount recognized15,715 15,906
Fair value of plan assets(2,745)(1,314)
Net surplus (deficit) in plan $ 15,290 $ 15,064
Weighted average duration of defined benefit obligation (both funded and unfunded)5 years 1 month 6 days8 years 10 months 24 days
Benefit obligations [member]
Disclosure of net defined benefit liability (asset) [line items]
Beginning of the year $ 17,220 $ 13,524
Foreign currency translation(790)441
Service cost3,368 2,047
Interest cost1,097 869
Benefits paid(2,374)(1,116)
Business combinations1,223
Actuarial (gain)/loss from changes in demographic assumptions(1,334)1,061
Actuarial (gain)/loss from changes in financial assumptions238 341
Actuarial (gain)/loss from actual experience compared to assumptions(188)53
End of the year18,460 17,220 13,524
Plan assets [member]
Disclosure of net defined benefit liability (asset) [line items]
Beginning of the year1,314 1,146
Foreign currency translation(51)40
Expected return on plan assets126 77
Actual contributions2,415 1,031
Benefits paid(2,260)(1,023)
Business combinations1,191
Actuarial (gain)/loss10 43
End of the year2,745 1,314 $ 1,146
Present value of funded defined benefit obligation [member]
Accrued pension liability
Present value of defined benefit obligation18,035 16,378
Present value of unfunded defined benefit obligation [member]
Accrued pension liability
Present value of defined benefit obligation $ 425 $ 842

Pension and Other Employee Ob_8

Pension and Other Employee Obligations - Additional Information (Detail) - USD ($) $ in Thousands12 Months Ended
Mar. 31, 2022Mar. 31, 2021
Disclosure of defined benefit plans [line items]
Net amount recognized relating to defined benefit plan $ 15,715 $ 15,906
Fair value of plan assets(2,745)(1,314)
Expected contributions for the year ending March 31, 20233,029
Life Insurance Corporation of India [member]
Disclosure of defined benefit plans [line items]
Fair value of plan assets1,162 4
Aviva Life Insurance Company Private Limited [member]
Disclosure of defined benefit plans [line items]
Fair value of plan assets $ 1,583 1,310
Unquoted government securities [member] | Life Insurance Corporation of India [member]
Disclosure of defined benefit plans [line items]
Fund assets, investment percentage40.00%
Unquoted government securities [member] | Aviva Life Insurance Company Private Limited [member]
Disclosure of defined benefit plans [line items]
Fund assets, investment percentage77.00%
Money market instruments [member] | Life Insurance Corporation of India [member]
Disclosure of defined benefit plans [line items]
Fund assets, investment percentage60.00%
Money market instruments [member] | Aviva Life Insurance Company Private Limited [member]
Disclosure of defined benefit plans [line items]
Fund assets, investment percentage23.00%
Discount rate [member]
Disclosure of defined benefit plans [line items]
Possible change in discount rates within a 12-month periodup to 1%
India [member]
Disclosure of defined benefit plans [line items]
Net amount recognized relating to defined benefit plan $ 15,336 15,131
Philippines [member]
Disclosure of defined benefit plans [line items]
Net amount recognized relating to defined benefit plan64 95
Sri Lanka [member]
Disclosure of defined benefit plans [line items]
Net amount recognized relating to defined benefit plan $ 315 $ 680

Pension and Other Employee Ob_9

Pension and Other Employee Obligations - Actuarial Assumptions For Gratuity Plans (Detail)Mar. 31, 2022Mar. 31, 2021Mar. 31, 2020
Disclosure of defined benefit plans [line items]
Expected rate of return on plan assets6.40%6.60%
Bottom of range [member]
Disclosure of defined benefit plans [line items]
Rate of increase in compensation level8.00%7.00%7.00%
Expected rate of return on plan assets6.50%
Top of range [member]
Disclosure of defined benefit plans [line items]
Rate of increase in compensation level10.00%8.00%8.00%
Expected rate of return on plan assets6.60%
India [member]
Disclosure of defined benefit plans [line items]
Discount rate6.40%
India [member] | Bottom of range [member]
Disclosure of defined benefit plans [line items]
Discount rate6.20%6.30%
India [member] | Top of range [member]
Disclosure of defined benefit plans [line items]
Discount rate6.60%6.60%
Philippines [member]
Disclosure of defined benefit plans [line items]
Discount rate1.70%3.10%3.70%
Sri Lanka [member]
Disclosure of defined benefit plans [line items]
Discount rate16.40%8.10%9.80%

Pension and Other Employee O_10

Pension and Other Employee Obligations - Sensitivity of Defined Benefit Obligation to a Change in Each Significant Actuarial Assumption (Detail)Mar. 31, 2022
India [member] | Discount rate [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%(4.70%)
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%5.20%
India [member] | Salary escalation [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%3.70%
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%(3.50%)
Philippines [member] | Discount rate [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%(1.10%)
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%1.10%
Philippines [member] | Salary escalation [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%0.60%
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%(0.60%)
Sri Lanka [member] | Discount rate [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%(5.20%)
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%5.80%
Sri Lanka [member] | Salary escalation [member]
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Sensitivity of defined benefit obligation due to a possible increase in discount rate by 1%5.70%
Sensitivity of defined benefit obligation due to a possible decrease in discount rate by 1%(5.10%)

Pension and Other Employee O_11

Pension and Other Employee Obligations - Maturity Analysis of Defined Benefit Payments (Detail) $ in ThousandsMar. 31, 2022USD ($)
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments $ 32,261
2023 [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments3,164
2024 [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments3,128
2025 [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments3,194
2026 [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments3,195
2027 [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments3,437
Thereafter [member]
Disclosure of Information About Maturity Profile of Defined Benefit Obligation [line items]
Defined benefit payments $ 16,143

Provisions and Accrued Expens_3

Provisions and Accrued Expenses - Summary of Provisions and Accrued Expenses (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current provisions and accrued expenses [abstract]
Accrued expenses $ 36,752 $ 23,933
Total $ 36,752 $ 23,933

Contract liabilities - Summary

Contract liabilities - Summary of Deferred Revenue (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current:
Payments in advance of services $ 8,344 $ 8,998
Advance billings5,081 3,489
Others298 198
Total13,723 12,685
Non-current:
Payments in advance of services12,072 15,876
Advance billings1,226 752
Others16 17
Total $ 13,314 $ 16,645

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2022Mar. 31, 2021
Current:
Withholding taxes and value added tax payables $ 8,164 $ 9,288
Other liabilities3,187 2,204
Total11,351 11,492
Non-current:
Other liabilities78 211
Total $ 78 $ 211

Share Capital - Additional Info

Share Capital - Additional Information (Detail) $ / shares in Units, £ in Thousands, $ in ThousandsMar. 30, 2018USD ($)sharesMar. 31, 2022GBP (£)sharesMar. 31, 2022USD ($)$ / sharessharesMar. 31, 2021GBP (£)sharesMar. 31, 2021USD ($)$ / sharessharesMar. 31, 2020USD ($)sharesMar. 31, 2019shares
Disclosure of classes of share capital [line items]
Authorized share capital shares60,000,000 60,000,000
Par value per share | $ / shares $ 0.16 $ 0.16
Share cancellation charges | $ $ 110
Treasury shares [member]
Disclosure of classes of share capital [line items]
Number of shares outstanding1,100,000 0 1,101,300
Number of shares repurchased1,100,000 1,100,000
Number of shares cancelled2,200,000 2,200,000 2,200,000
Cancellation of treasury shares | $ $ 163,711 $ 120,154
Share capital [member]
Disclosure of classes of share capital [line items]
Number of shares outstanding48,849,907 50,502,203 49,733,640 51,153,220
Number of shares cancelled2,200,000 2,200,000 2,200,000
Cancellation of treasury shares | $ $ 302 $ 281
Share Premium [member]
Disclosure of classes of share capital [line items]
Cancellation of treasury shares | $ $ 163,409 $ 119,873
Ordinary shares [member]
Disclosure of classes of share capital [line items]
Authorized share capital amount | £ £ 6,100 £ 6,100
Authorized share capital shares60,000,000 60,000,000
Par value per share | $ / shares $ 10 $ 10
Number of shares outstanding48,849,907 49,402,203