HCL Technologies Limited and
Subsidiaries
Unaudited Condensed Consolidated Financial Statements
For The Three and Nine Month Periods Ended December 31, 2021 and 2020
With Independent Auditors' Review Report
HCL Technologies Limited and Subsidiaries | |
Table of Contents | |
Page | |
Independent Auditors' Review Report ................................................................................................. | 1 |
Unaudited Condensed Consolidated Financial Statements | |
Condensed Consolidated Balance Sheets ............................................................................................... | 2 |
Condensed Consolidated Statements of Income...................................................................................... | 4 |
Condensed Consolidated Statements of Comprehensive Income............................................................. | 5 |
Condensed Consolidated Statements of Equity........................................................................................ | 6 |
Condensed Consolidated Statements of Cash Flows ............................................................................... | 8 |
Notes to Condensed Consolidated Financial Statements ....................................................................... | 10 |
KPMG Assurance and Con1ultlng
Bulldlng No.10, 8th Floor, Tower-C
DLF Cyber City, Phase II
Gurugram - 122 002, (India)
Services
LLP
Telephone:
Fax:
Internet:
+91 | 124 307 4000 |
+91 | 124 254 9101 |
www.kpmg.com/in |
Independent Auditors'Review Report | ||||||||
The Board of Directors | ||||||||
HCL Technologies Limited: | ||||||||
Report on the Financial Statements | ||||||||
We have reviewed the condensed consolidated | financial statements of HCL Technologies | Limited | ||||||
and its subsidiaries (the 'Company'}, which comprise the condensed consolidated balance sheet as | ||||||||
of December 31, 2021, the related condensed | consolidated statements of income and comprehensive | |||||||
income for the three and nine month periods ended December 31, 2021 and 2020, the related | ||||||||
condensed consolidated statements | of equity and cash flows for the nine-month periods ended | |||||||
December 31 , 2021 and 2020, and | the related | notes (collectively | referred to as the condensed | |||||
consolidated financial information). | ||||||||
Management's Responsibility | ||||||||
The Company's management is responsible | for the preparation and fair presentation of the condensed | |||||||
consolidated financial information in accordance | with U.S. generally accepted accounting principles; | |||||||
and maintenance of internal control sufficient | ||||||||
this responsibility includes the design , implementation, | ||||||||
to provide a reasonable basis for the preparation and fair presentation of interim financial information | ||||||||
in accordance with U.S. generally accepted accounting | principles. | |||||||
Auditors' Responsibility | ||||||||
Our responsibility is to conduct our reviews in accordance with auditing standards generally accepted | ||||||||
in the United States of America applicable | to reviews of interim financial information. | A review of | ||||||
interim financial information consists principally of applying analytical procedures and making inquiries | ||||||||
of persons responsible for financial and accounting matters. It is substantially less in scope than an | ||||||||
audit conducted in accordance with auditing standards generally accepted in the United States of | ||||||||
America, the objective of which is the expression of an opinion regarding the financial information. | ||||||||
Accordingly, we do not express such an opinion. | ||||||||
Conclusion |
Based on our reviews, we are not condensed consolidated financial U.S. generally accepted accounting
aware of any material modifications that | ||
information referred | to | above for it to |
principles. |
should be made to the be in accordance with
Report on
Condensed
Balance Sheet as
of
March 31, 2021
We have previously audited, in accordance | with auditing standards generally accepted in the United | ||
States of America , the consolidated balance sheet as of March 31 , 2021, and the related consolidated | |||
statements of income, comprehensive income, equity, and cash flows for the year then ended (not | |||
presented herein); and we expressed an unmodified audit opinion on those audited consolidated | |||
financial statements in our report dated April 23, 2021 . In our opinion, the accompanying | condensed | ||
consolidated balance sheet of HCL Technologies Limited and its subsidiaries as of March 31, 2021 is | |||
consistent, in all material respects, with the audited consolidated financial statements | from which it | ||
has been derived. |
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LLP (a UrTUtld Uablhty P1rtnt,-hipwith LLP Reg1strat1on No M T- 0367), w,fh affocl l,om July 23, 2020
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1
HCL Technologies Limited and Subsidiaries
Condensed Consolidated Balance Sheets
Amount in thousands, except share and per share data
As of | ||||
March 31, 2021 | December 31, 2021 | |||
(Audited) | (Unaudited) | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $890,959 | $976,417 | ||
Term deposits with banks | 323,073 | 159,126 | ||
Deposit with corporations | 662,085 | 548,512 | ||
Investment securities, available for sale | 926,406 | 967,597 | ||
Accounts receivable, net | 1,868,553 | 2,126,458 | ||
Unbilled receivable | 528,123 | 577,276 | ||
Inventories | 12,793 | 16,206 | ||
Other current assets | 675,948 | 710,305 | ||
Total current assets | 5,887,940 | 6,081,897 | ||
Deferred income taxes, net | 326,277 | 320,175 | ||
Term deposits with banks | - | 1,338 | ||
Deposit with corporations | - | 13,452 | ||
Investments in affiliates | 6,356 | 7,584 | ||
Other investments | 5,745 | 5,839 | ||
Property and equipment, net | 854,053 | 780,874 | ||
Operating lease right-of-use assets | 327,123 | 297,540 | ||
Intangible assets, net | 1,616,785 | 1,359,677 | ||
Goodwill | 2,370,031 | 2,339,574 | ||
Other assets | 600,236 | 611,063 | ||
Total assets (a) | $11,994,546 | $11,819,013 | ||
See accompanying notes to the condensed consolidated interim financial statements.
2
HCL Technologies Limited and Subsidiaries
Condensed Consolidated Balance Sheets
Amount in thousands, except share and per share data
As of | |||
March 31, 2021 | December 31, 2021 | ||
(Audited) | (Unaudited) | ||
LIABILITIES, REDEEMABLE NON-CONTROLLING | |||
INTERESTS AND EQUITY | |||
Current liabilities | |||
Current portion of finance lease liabilities | $24,746 | $14,029 | |
Current portion of operating lease liabilities | 69,737 | 81,016 | |
Accounts payable | 320,017 | 377,464 | |
Short term borrowings | 61 | - | |
Current portion of long term debt | 10,798 | 4,449 | |
Accrued employee costs | 582,151 | 550,596 | |
Contract liabilities | 421,064 | 388,840 | |
Income taxes payable | 175,952 | 185,631 | |
Other current liabilities | 767,349 | 746,050 | |
Total current liabilities | 2,371,875 | 2,348,075 | |
Long term debt | 523,564 | 521,639 | |
Deferred income taxes, net | 20,144 | 15,494 | |
Operating lease liabilities, net of current portion | 240,304 | 189,506 | |
Finance lease liabilities, net of current portion | 19,954 | 16,183 | |
Accrued employee costs | 187,437 | 198,441 | |
Contract liabilities | 70,479 | 85,547 | |
Other liabilities | 68,880 | 57,748 | |
Total liabilities (a) | $3,502,637 | $3,432,633 | |
Commitments and contingencies (Note 21) | |||
Redeemable non-controlling interests | 79,985 | - | |
HCL Technologies Limited Shareholders' Equity | |||
Equity shares, ` 2 par value, authorized 3,017,000,000 | |||
shares as of March 31, 2021, and December 31, 2021, | |||
respectively. | |||
Issued and outstanding 2,713,665,096 shares as of March | 93,788 | 93,788 | |
31, 2021, and December 31, 2021, respectively | |||
Additional paid-in capital | 412,327 | 413,544 | |
Treasury Stock, at cost: Nil and 5,500,000 shares as of | - | (94,747) | |
March 31, 2021, and December 31, 2021, respectively. | |||
Retained earnings | 8,974,914 | 9,117,654 | |
Accumulated other comprehensive loss | (1,078,358) | (1,155,322) |
HCL Technologies Limited Shareholders' Equity
Non-controlling interest
Total equity
Total liabilities, redeemable non-controlling interests, and equity
8,402,671
9,253
8,411,924
$11,994,546
8,374,917
11,463
8,386,380
$11,819,013
- Consolidated assets at March 31, 2021 and December 31, 2021 include assets of certain variable interest entities (VIEs') that can only be used to settle the liabilities of those VIEs'. Consolidated liabilities at March 31, 2021 and December 31, 2021, include liabilities of certain VIEs' for which the VIEs' creditors do not have recourse to HCL Technologies Limited and Subsidiaries (See Note 8).
See accompanying notes to the condensed consolidated interim financial statements.
3
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HCL Technologies Limited published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 13:11:21 UTC.