Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2024
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2024
22 Other Income
(in Rupees million)
Year ended March 31, 2024
Year ended March 31, 2023
(in Rupees million)
Particulars
Year ended March 31, 2024
Year ended March 31, 2023
Facility management expenses
41 94 45 30
38
Particulars Interest on : -
Rent, rates and taxes (Refer note a below)
169
Insurance
45 56
bank deposits
20 10 12 50
4 8
Subcontracting expense
- -
Loan to directors (Refer note 29) unwinding of security deposits given
Fair value loss on derivative and forward contracts
-
152
11
Provision for doubtful advances
9 1
10
Fair value gain on derivative forward contracts Fair valuation gain of financial instruments Gain on redemption/sale of financial instruments
-
Bad debts
-
122 163
69 96
Allowances for expected credit loss Membership and subscription charges
34 57
44 64
Foreign exchange loss / (gain), net
65 14
306
Corporate social responsibility (Refer note 40)
7
6
Miscellaneous income Total other income
89
Miscellaneous expenses Total other expenses
122
95
456
583
2,896 3,346 a. During the previous year ended March 31, 2023 the Company and all the Directors of the Company has received show cause notice as to why prosecution proceedings under the Income tax Act 1961 (Act) should not be initiated against them for delay in deposit of tax deducted at source ('TDS') of C 405 million during FY 2019-20 (albeit the deposit of TDS was made with due interest for the delay without any intimation from the tax authorities). Detailed justification was provided against the said SCN to establish a reasonable cause for the delay in deposit of TDS. However, without acceptance/ admission of guilt of offence under the provisions of the Act and to avoid litigation, the Company in its capacity and on behalf of all directors, on December 7, 2022 has filed an application for compounding of offence before the tax department. The total amount of C 85 million is the estimated compounding fee for the Company and Directors, computed basis compounding guidelines under the Income-tax Act, 1961 which is disclosed under Rent, rates and taxes for C 5 million in the current year (March 31, 2023 C 80 Million).
23 Employee Benefits Expenses Salaries, wages and bonus *
16,398
15,261
Contribution to provident funds (Refer note 28)
229 189 554
182 148 494
Gratuity (Refer note 28) Staff welfare expense
Total employee benefits expense 16,085 *During the year ended March 31, 2024, the Group received government grants amounting to C 76 million (March 31, 2023: C Nil million) from government of United Kingdom on compliance of several employment-related conditions and accordingly, accounted as a credit to employee benefits expense. 24 Finance Costs Interest on : - borrowings 361 358 - lease liabilities (Refer note 30) 41 45 - others 43 30 Other borrowing cost* 0 20 Total finance costs 445 453 17,370
26.1Exceptional items
Impairment in value of assets (Refer note 6 and 6.1)
-
171
Remeasurement of retained interest in associate (Refer note 37)
55
-
Gain on loss of control of subsidiary (Refer note 37)
-
(5,410) (5,239)
Total exceptional items
55
27 Revenue from Contracts with Customers The Group disaggregates revenue from contracts with customers by nature of services. Revenue disaggregation by nature of services is as follows:
*Amount less than C 1 million
25 Depreciation and Amortisation Expense Depreciation on property, plant and equipment (Refer note 3)
262 249 321 832
256 246 279 781
Analytical services Subscriptions income
21,721
19,691
Depreciation on right of use assets (Refer note 4) Amortisation on intangible assets (Refer note 6) Total depreciation and amortisation expense
242
163
Total 19,854 The billing schedules agreed with customers include periodic performance-based payments and / or milestone based progress payments. Invoices are payable within contractually agreed credit period. 21,963 While disclosing the aggregate amount of transaction price yet to be recognised as revenue towards unsatisfied (or partially satisfied) performance obligations, along with the broad time range for the expected time to recognise those revenues, the Group has applied the practical expedient in Ind AS 115. Accordingly, the Group has not disclosed the aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations which pertain to contracts where revenue recognized corresponds to the value transferred to customer typically involving time and material, outcome based and event based contracts. The Group has applied practical expedient as per paragraph 121 of Ind AS 115 and does not disclose information about remaining performance obligations that have original expected duration of one year or less.
26 Other Expenses
(in Rupees million)
Year ended March 31, 2024
Year ended March 31, 2023
Particulars
Outsourced manpower cost Legal and professional fees Software maintenance charges Travelling and conveyance
600 463 435 346 323
598 560 432 327 269 169 234
Communication charges Recruitment expenses
33
Contract Balances Contract assets
Advertising and publicity expense
193
896
555
Repairs and maintenance - Computers and others
63
78
226
227
Fractal Analytics Limited | Annual Report 2023-24
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