Derivative Financial Instruments

12 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

12 DERIVATIVE FINANCIAL INSTRUMENTS

The following table provides information of fair values of derivative financial instruments:

	Asset				Liability
	Noncurrent*		Current*		Noncurrent*		Current*
As of March 31, 2019
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	436	$	132	$	21	$	136
Total	$	436	$	132	$	21	$	136
As of March 31, 2018
Designated as hedging instruments under Cash Flow Hedges
Foreign exchange forward contracts	$	46	$	194	$	17	$	127
Total	$	46	$	194	$	17	$	127

* The noncurrent and current portions of derivative assets are included in ‘Other assets’ and ‘Prepaid expenses and other current assets’, respectively, and of derivative liabilities are included in ‘Other liabilities’ and ‘Accrued expenses and other liabilities’, respectively in the Consolidated and Combined Balance Sheet.

Cash Flow Hedges and Other derivatives

The Group uses foreign currency forward contracts and par forward contracts to hedge the risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions. The Group designates certain of these hedging instruments as cash flow hedges. The use of hedging instruments is governed by the policies which are approved by Board of Directors of the Group.

Derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships are classified in financial instruments at fair value through profit or loss.

The aggregate contracted USD notional amounts of the Group’s foreign exchange forward contracts (sell) outstanding as of March 31, 2019 amounted to $31,100 and as of March 31, 2018 amounted to $18,250.

The aggregate contracted GBP notional amounts of the Group’s foreign exchange forward contracts (sell) outstanding as of March 31, 2019 amounted to GBP 0 and as of March 31, 2018 amounted to GBP 1,155.

The outstanding forward contracts as of March 31, 2019 mature between 1 to 37 months. As of March 31, 2019, the Group estimates that $291, net of tax, of the net gains/(losses) related to derivatives designated as cash flow hedges recorded in accumulated other comprehensive income (loss) is expected to be reclassified into earnings within the next 12 months.

The related cash flow impacts of all of the Group’s derivative activities are reflected as cash flows from operating activities.

The following table provides information of the amounts of pre-tax gains/(losses) recognized in and reclassified from accumulated other comprehensive income (“AOCI”)

	Amount of Gain/(Loss) recognized in AOCI (effective portion)		Amount of Gain/(Loss) reclassified from AOCI to Statement of Operations (Revenue)
For the year ended March 31, 2019
Foreign exchange forward contracts	$	1,005	$	(691	)
Total	$	1,005	$	(691	)
For the year ended March 31, 2018
Foreign exchange forward contracts	$	294	$	(287	)
Total	$	294	$	(287	)
For the year ended March 31, 2017
Foreign exchange forward contracts	$	167	$	(254	)
Total	$	167	$	(254	)