Integrated Filing — IndAS

General information about company
Scrip Code	532616
NSE Symbol	XCHANGING
MSEI Symbol	NOTLISTED
ISIN	INE692G01013
Name of company	XCHANGING SOLUTIONS LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	21-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	15-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Consolidated
Whether results are audited or unaudited for the quarter ended	Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	IT services
Start date and time of board meeting	21-May-2025   12:15:00
End date and time of board meeting	21-May-2025   15:34:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Unaudited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	507400000	1849000000
	Other income	36900000	170100000
	Total income	544300000	2019100000
2	Expenses
(a)	Cost of materials consumed	0	0
(b)	Purchases of stock-in-trade	0	0
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	0	0
(d)	Employee benefit expense	163800000	637900000
(e)	Finance costs	15000000	63600000
(f)	Depreciation, depletion and amortisation expense	200000	2900000
(f)	Other Expenses
1	Project work expenses	138200000	556900000
2	Other Expenses	31900000	123700000
	Total other expenses	170100000	680600000
	Total expenses	349100000	1385000000
3	Total profit before exceptional items and tax	195200000	634100000
4	Exceptional items	0	0
5	Total profit before tax	195200000	634100000
6	Tax expense
7	Current tax	49000000	127700000
8	Deferred tax	-300000	10600000
9	Total tax expenses	48700000	138300000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	146500000	495800000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	146500000	495800000
17	Other comprehensive income net of taxes	6400000	-2900000
18	Total Comprehensive Income for the period	152900000	492900000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	1114000000	1114000000
	Face value of equity share capital	10	10
27	Details of debt securities
22	Reserves excluding revaluation reserve		2472700000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	1.32	4.45
	Diluted earnings (loss) per share from continuing operations	1.32	4.45
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	1.32	4.45
	Diluted earnings (loss) per share from continuing and discontinued operations	1.32	4.45
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		1. The Statement has been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular dated July 5, 2016. n2. The above financial results of Xchanging Solutions Limited (the Company) and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”) have been reviewed and recommended by the Audit Committee to the Board, and approved by the Board of Directors at its meeting held on May 21, 2025. The Audit of financial results for the year ended March 31, 2025 and limited review of financial results for the quarter ended March 31, 2025 have been completed by Deloitte Haskins & Sells LLP, the statutory auditors of the Company and they have issued an unmodified report on the aforesaid results. n3. In accordance with Ind AS 108 - “Operating Segments” the Group has identified single operating segment viz., Information Technology (IT) services and accordingly the above results relate to this segment. n4. The figures for the current quarter and the quarter ended March 31, 2024 are the balancing figures between audited figures of the full financial year ended March 31, 2025 and March 31, 2024, respectively and published year to date figures upto the third quarter ended December 31, 2024 and December 31, 2023, respectively, which were subjected to limited review by the statutory auditors of the Company. The statutory auditors have performed a limited review on the results for the quarter ended March 31, 2025. n5. The Company had earlier given an unsecured loan of USD 38 Million during the Financial Year 2002 to 2008 to Xchanging Solutions USA Inc, wholly owned subsidiary of the Company which was fully provided as at March 31, 2023. On June 21, 2023 and December 22, 2023, the Company has received USD 23 Million (INR 18,315) and USD 15 Million (INR 12,650) respectively as repayment of this loan. As the inter-company loans which have been treated as net investment in foreign operations in the financial statements, are eliminated on consolidation, this doesn’t have any impact on consolidated results except the tax expense of INR 2,433 and INR 1,430 during the quarter ended June 30, 2023 and during the quarter ended December 31, 2023 respectively on account of exchange gain on repatriation and overseas withholding taxes which are included in the current tax expenses. n6. The Board of Directors of the Company has considered and recommended final dividend of INR 2 per equity share (face value of INR 10 each) amounting to INR 2,228 for the financial year ended March 31, 2025 at their meeting held on May 21, 2025. The recommended final dividend on equity shares is subject to approval of shareholders at the ensuing annual general meeting.

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	400000
	Capital work-in-progress	0
	Investment property	0
	Goodwill	1584100000
	Other intangible assets	0
	Intangible assets under development	0
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	0
	Trade receivables, non-current	0
	Loans, non-current	0
	Other non-current financial assets	0
	Total non-current financial assets	0
	Deferred tax assets (net)	0
	Other non-current assets	170200000
	Total non-current assets	1754700000
2	Current assets
	Inventories	0
	Current financial asset
	Current investments	0
	Trade receivables, current	122500000
	Cash and cash equivalents	2999400000
	Bank balance other than cash and cash equivalents	6600000
	Loans, current	0
	Other current financial assets	147800000
	Total current financial assets	3276300000
	Current tax assets (net)	0
	Other current assets	11400000
	Total current assets	3287700000
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	5042400000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	1114000000
	Other equity	2472700000
	Total equity attributable to owners of parent	3586700000
	Non controlling interest
	Total equity	3586700000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	641000000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	0
	Total non-current financial liabilities	641000000
	Provisions, non-current	11300000
	Deferred tax liabilities (net)	83900000
	Deferred government grants, Non-current	0
	Other non-current liabilities	0
	Total non-current liabilities	736200000
	Current liabilities
	Current financial liabilities
	Borrowings, current	213700000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	100000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	192700000
	Total Trade payable	192800000
	Other current financial liabilities	10100000
	Total current financial liabilities	416600000
	Other current liabilities	29500000
	Provisions, current	8100000
	Current tax liabilities (Net)	265300000
	Deferred government grants, Current	0
	Total current liabilities	719500000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	1455700000
	Total equity and liabilites	5042400000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Unaudited	Audited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Unaudited	Audited
D	Nature of report standalone or consolidated	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurements gains/ (losses) on defined benefit plans	4300000	5300000
	Total Amount of items that will not be reclassified to profit and loss	4300000	5300000
2	Income tax relating to items that will not be reclassified to profit or loss	1000000	1300000
3	Amount of items that will be reclassified to profit and loss
1	Exchange differences in translating the financial statements of foreign operations	4100000	-9200000
	Total Amount of items that will be reclassified to profit and loss	4100000	-9200000
4	Income tax relating to items that will be reclassified to profit or loss	1000000	-2300000
5	Total Other comprehensive income	6400000	-2900000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Unaudited
D	Nature of report standalone or consolidated			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			634100000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			63600000
	Adjustments for decrease (increase) in inventories			0
	Adjustments for decrease (increase) in trade receivables, current			-6000000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			25400000
	Adjustments for decrease (increase) in other non-current assets			19000000
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			3800000
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			9500000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			-8500000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			2900000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			-7000000
	Adjustments for provisions, non-current			-3000000
	Adjustments for other financial liabilities, current			-4900000
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			-500000
	Adjustments for dividend income			0
	Adjustments for interest income			150600000
	Adjustments for share-based payments			0
	Adjustments for fair value losses (gains)			0
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			-1000000
	Other adjustments for non-cash items			-200000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			-57500000
	Net cash flows from (used in) operations			576600000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			109100000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			467500000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			500000
	Purchase of property, plant and equipment			0
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			144100000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-3200000
	Net cash flows from (used in) investing activities	141400000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			0
	Repayments of borrowings			187900000
	Payments of lease liabilities			2500000
	Dividends paid			445600000
	Interest paid			64200000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			-700200000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			-91300000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			13800000
	Net increase (decrease) in cash and cash equivalents			-77500000
	Cash and cash equivalents cash flow statement at beginning of period			3076900000
	Cash and cash equivalents cash flow statement at end of period			2999400000