Notes to the Standalone Financial Statements as at and for the year ended March 31, 2024
Notes to the Standalone Financial Statements as at and for the year ended March 31, 2024
8 Trade Receivables
(in Rupees million) As at March 31, 2023
As at March 31, 2024
(in Rupees million) As at March 31, 2023
Particulars
As at March 31, 2024
C. Unquoted Compulsory Convertible Debentures (at amortised cost) Eugenie Technologies Private Limited Nil (March 31, 2023: 9,200) 0.1% Compulsory Convertible Debentures of C 10,000 each fully paid up
Particulars
Unsecured, considered good - Third parties
-
92
772
546
- - -
Related parties (Refer note 29) Unbilled receivables -- Third parties Related parties -- Unbilled (Refer note 29)
2,488
4,759
143
149
D. Deemed Investment in subsidiaries Fractal Analytics Incorporated, USA Fractal Analytics UK Limited, UK Theremin Ai Solutions Private Limited Senseforth AI Research Private Limited
3,432
1,074
654 342
390 233
Unsecured, credit impaired - Third parties
12
12
2
2
Sub Total
6,847
6,540
65 19
46 19
Allowance for expected credit loss Current trade receivables
(49)
(17)
Neal Analytics LLC***
6,798
6,523
Investments in equity instruments in associate (at cost) A. Unquoted equity shares Q ure.ai Technologies Private Limited 250,000,000 (March 31, 2023 :250,000,000 equity shares of C 1 fully paid up)
Ageing for Trade receivables : March 31, 2024
250
250
Outstanding for following periods from due date of payment
B. Other investments
Current but not due
More than 3 years
(Unquoted, measured at amortised cost) Qi-Cap Investments Private Limited* (March 31, 2024 : 132,567 shares of face value C 1 each March 31, 2023 : Nil) Less : Provision for impairment of Investment (Refer note 26)
Less than 6 Months
6 months – 1 year 1-2 years 2-3 years
Particulars
Total
0
-
Trade receivables (i) U ndisputed Trade receivables – considered good (ii) U ndisputed Trade receivables – credit impaired
677
1,870
703
5
4
1
3,260
(296)
(383)
-
-
-
-
-
12
12
Total (Non-current)
5,393
5,132
Other investments (Current) Investment in mutual funds units (unquoted) (at fair value through profit and loss) Investment in liquid mutual funds units (unquoted)
677
1,870
703
5
4
13
3,272
Less: Allowance for expected credit loss
(49)
Trade receivables - Unbilled
3,575 6,798
4,174 4,174 9,567
2,753 2,753 7,885
Total
Total other investments
(a) Aggregate carrying amount of unquoted investments (b) Aggregate amount of impairment in value of investments
Ageing for Trade receivables : March 31, 2023
296
383
*Denotes amount less than C 1 million ** The gross value of investments in the above subsidiaries is as per the table below. The change in carrying value of investment of these subsidiaries is due to impact given on account of acquisition of business as explained in note 35.
Outstanding for following periods from due date of payment
Current but not due
More than 3 years
Less than 6 Months
6 months – 1 year 1-2 years 2-3 years
As at March 31, 2024
As at March 31, 2023
Particulars
Total
Particulars
Trade receivables (i) U ndisputed Trade receivables – considered good (ii) U ndisputed Trade receivables – credit impaired
Cuddle Artificial Intelligence Private Limited Final Mile Consultants Private Limited Neal Analytics Services Private Limited Total gross value of investments
168 474 300 942
165 474 300 939
1,220
3,913
163
8
1
-
5,305
-
-
-
-
-
12
12
Total net carrying value of investments 236 *** Subsequent to year end, Neal Analytics LLC has been merged to subsidiary Fractal Analytics Inc. vide board resolution dated April 04, 2024. 231 The Company has long-term investments in subsidiaries and associates which are measured at cost less impairment. The management assesses the performance of these entities including the future projections and relevant economic and market conditions in which they operate to identify if there is any indicator of impairment in the carrying value of the investments. During the years ended March 31, 2024 and 2023, the Company assessed the performance of its subsidiaries. The assessment was primarily based on future cash flow projections using a 3% to 5% (March 31, 2023 : 3% to 5%) terminal growth rate and discount rate of 18% to 30% (March 31, 2023 : 18% to 30%) which are specific to each entity based on its business plan. The future cash flows considered key assumptions such as revenue projections, margins, terminal growth rates, etc. Accordingly, the Company has determined that the recoverable amounts of the long term investments in its subsidiaries is less than their carrying amount and based on the assessment carried out, the Company has recognised provision for impairment of C 155 million (March 31, 2023 : C 155 million) in Theremin AI Solutions Private Limited, C 1 million (March 31, 2023 : C 93 million) in Eugenie Technologies Private Limited, C 16 million (March 31, 2023 : C 16 million) in Analytics Vidhya Educon Private Limited, C 119 million (March 31, 2023 : C 119 million) in Senseforth AI Research Pvt. Ltd, C 5 million (March 31, 2023 : C Nil million) in Fractal Alpha Private Limited.
1,220
3,913
163
8
1
12
5,317
Less: Allowance for expected credit loss
(17)
Trade receivables - Unbilled
1,223 6,523
Total
152
153
Fractal Analytics Limited | Annual Report 2023-24
Made with FlippingBook - PDF hosting