TIDMIBPO
RNS Number : 2778G
iEnergizer Limited
14 November 2022
A non material typographical change has been made to the
'Unaudited Interim Result for the Six Months Ended 30 September
2022' announcement released on 14 November 2022 at 07:00am under
RNS No 1945G .
The changes are identified with an asterisk (*).
The full amended text is shown below:
Financial Highlights: Highly profitable revenue growth and
sustained margin improvements, achieved through securing new
customer contracts and deepening existing customer relationships
along with continued and careful cost management, which is further
supported by the *strengthening US$ against the INR.
14(th) November 2022
iEnergizer Limited
("iEnergizer", the "Company" or the "Group")
REPLACEMENT: UNAUDITED INTERIM RESULTS FOR THE SIX MONTHSED 30
SEPTEMBER 2022
iEnergizer, the technology services and media solutions leader
for the digital age, reports another record set of interim results
for the six months ended 30 September 2022. The Board declares an
increased interim dividend of 11.07p per ordinary share, reflecting
the increase in earnings and confidence in the growth strategy and
outlook for the Full Year.
Financial Highlights: Highly profitable revenue growth and
sustained margin improvements, achieved through securing new
customer contracts and deepening existing customer relationships
along with continued and careful cost management, which is further
supported by the strengthening US$ against the INR.
-- Revenue up 24.0% to $152.0m (H1 2022: $122.6m), Service Revenue up 23.0%
-- EBITDA up by $10.0m to $54.4m (H1 2022: $44.4m), resulting in EBITDA margin of 36.0%
-- Operating profit increased to $48.8m (H1 2022: $42.0m),
resulting in operating profit margin of 32.0%
-- Profit before tax increased to $44.3m (H1 2022: $37.9m)
-- Profit after tax increased to $41.2m (H1 2022: $34.3m)
-- Gross Debt of $138.4m (31 March 2022: $139.7m)
-- Declared Interim dividend of 11.07p per ordinary share ($24.0m) (H1 2022: 8.12p)
Operational Highlights : Continued focus on higher margin work
and success in business growth from new and existing customers,
innovating to deliver deeper and broader propositions to service
evolving customer needs through technology-led solutions
-- Business Process Outsource ("BPO"):
o Strong revenue growth in H1 2023 of 30.6% to $109.0m (H1 2022:
$83.5m) with an impressive EBITDA margin of 39% or $42.9m (H1 2022:
$33.7m), which was attributable to growth in business across
different verticals, particularly from International BPO
customers.
o Focused on the new fast growth technology areas of content
moderation and data tagging for Artificial Intelligence ("AI") /
Machine Learning ("ML") applications, which are emerging as
significant growth opportunities. The Group plans to invest in
promoting its new-age technology-driven digital customer experience
("CX") service offerings.
o Robust outsourcing demand amidst inflationary pressures and
BPO's outsized exposure to fast-growing markets of Media &
Entertainment, BFSI and telecommunications, resulted in steady and
strong revenue growth during H1 2023.
o Continued to add new customers and maintained growth in
recurring revenue streams from long-term customer relationships
across all verticals, focussing on faster growth, higher margin
verticals, upselling additional more complex services and deploying
technology to drive productivity.
-- Content Division:
o Achieved service revenue growth of 6.2% to $40.2m in H1 2023
(H1 2022: $37.8m), as business from key clients, specifically from
Financial Reporting and Compliance services, increased. EBITDA
margins maintained at around 28% at $11.5m (H1 2022: $10.7m) owing
to cost effectiveness and efficiencies delivered through
technology.
o Content Services' US based sales team continues to focus on
cross-selling and securing business leads from new and existing
customers for fast growth technology services, including:
-- Digital Training and Education.
-- SAAS services for propositions including Technology Tools such as SciPris and PXE5.
-- Providing immersive content for learners (specifically middle
to high school), partnering with EdTech groups with select revenue
share models.
-- New business initiatives:
o iEnergizer is well positioned to take advantage of industry
tailwinds in highly profitable verticals, due to: the scalability
& breadth of its BPO services; increasing adoption of
fast-growing technology; the end-to-end proposition of Content
Services; and iEnergizer's highly trained workforce.
o Content Moderation is witnessing high growth on the back of
rising digital adoption. Rapid growth in online-first schools is
driving demand for digital content. Education and corporate sectors
are increasing Learning & Development spend. Major corporate
businesses have identified the cost and time savings of replacing
classroom training with virtual training.
o Development of regulatory training services, targeting the
Group's existing customer base to promote compliance and e-Learning
capabilities, focussed on the American Disability Act and Web
Content Accessibility Guidelines.
o The US based sales team continues to focus on selling
additional services, specifically in data tagging for AI/ML
applications, Content Moderation and Web Content Accessibility
Guidelines, to capture new market place opportunities, while
working on its strategic priorities: to enhance and grow key
accounts; to identify and win new business through new customers;
as well as to target existing accounts; and to cross-sell and
generate leads for new product launches.
-- Cost management :
o Continues to manage increased proportion of division-specific
higher margin international work, particularly in non-voice-based
processes including: entertainment gaming support; BFSI; content
technology; and E-Learning.
o Achieved cost savings through effective use of resources and
productivity improvements, even as more employees moved to work
from office, on a routine basis during H1 2023.
-- Interim Dividend:
o In-line with its progressive dividend policy, the Company is
pleased to announce an interim dividend of 11.07p with the dividend
record date of 25 November 2022. This interim dividend reflects the
Board's confidence in the Group's business plan and growth
prospects.
o The Company's ordinary shares are expected to go ex-dividend
on 24 November 2022 and the interim dividend is expected to be paid
on 21 December 2022.
-- Outlook:
o The Board is delighted with the Group's strategic progress
during H1 and the delivery of further organic momentum and margin
improvements. While we recognise the macro uncertainty, we are
optimistic for the remainder of FY23, in particular due to ongoing
inflationary pressures which continues to drive multinationals to
focus not only on cost reduction but also revenue retention.
Overall, new customer contract wins, reoccurring and repeat nature
of busines s and improved margins give the Board confidence in the
future outlook for the Company and underpin the expectations for
FY23.
o Looking further ahead, with iEnergizer's solid foundations;
its proven strength in operational execution and healthy balance
sheet; our differentiated offerings, successful new sales
initiatives, and substantial opportunities for further growth
identified, we expect a continued strong momentum across the
Group.
Marc Vassanelli, Chairman of iEnergizer, commented:
" We are delighted to report another strong performance by
iEnergizer, with highly profitable growth in revenue and profit
margins, which exceeded our expectations for H1 2023. This has been
driven by ongoing innovations that ensure iEnergizer continues to
offer a market-leading proposition that enables our dedicated
colleagues to deepen existing customer relationships and attract
new customers for our service lines, combined with active cost
management.
"Reflecting the Group's strong balance sheet and the cash
generative nature of the business, we are pleased to announce an
interim dividend of 11.07p, in continuation with our approach since
H1 2020.
"With iEnergizer's solid foundations; its proven strength in
operational execution and healthy balance sheet; our differentiated
offerings, successful new sales initiatives, and substantial
opportunities for further growth identified, we expect a continued
strong momentum across the Group."
-Ends-
iEnergizer Ltd. +44 (0)1481 242233
Chris de Putron
Mark De La Rue
FTI Consulting - Communications Adviser +44 (0)20 3727 1000
Alex Beagley
Eleanor Purdon
Strand Hanson - Nominated Adviser +44 (0)20 7409 3494
James Dance
James Bellman
Arden Partners - Joint Broker +44 (0)20 7614 5900
James Reed-Daunter
John Llewellyn-Lloyd
Canaccord Genuity Limited - Joint Broker +44 (0)20 7523 8000
Max Hartley, Thomas Diehl, Gerel Bastin
(Corporate Finance)
Alex Aylen (Equity Sales)
iEnergizer Limited and its subsidiaries
Unaudited Condensed Consolidated Interim Financial
Statements
Prepared in accordance with International Financial Reporting
Standards (IFRS)
Six months ended 30 September 2022 and 2021
Unaudited Condensed Consolidated Statements of Financial Position
(All amounts in United States Dollars, unless otherwise
stated)
Notes As at As at
30 September 31 March
2022 2022
Unaudited Audited
------------------------------- ------ --------------------------- -----------------------
ASSETS
Non-current
Goodwill 5 102,238,817 102,246,868
Other intangible assets 6 13,010,136 13,074,401
Property, plant and equipment 7 14,242,452 10,123,815
Right-of-use assets 10 19,013,667 16,140,370
Long- term financial asset 5,924,288 4,971,036
Non-current tax assets 910,933 420,895
Deferred tax asset 3,234,307 3,313,563
Other non current assets 361,209 163,187
Non-current assets 158,935,809 150,454,135
--------------------------- -----------------------
Current
Trade and other receivables 38,915,134 40,835,944
Short- term financial assets 8 20,718,443 20,609,380
Cash and cash equivalents 46,760,342 56,326,421
Other current assets 8,199,287 5,705,929
Current assets 114,593,206 123,477,674
--------------------------- -----------------------
Total assets 273,529,015 273,931,809
=========================== =======================
EQUITY AND LIABILITIES
Equity
Share capital 3,776,175 3,776,175
Share compensation reserve 63,986 63,986
Additional paid in capital 15,451,809 15,451,809
Merger reserve (1,049,386) (1,049,386)
Other components of equity (24,277,305) (17,615,642)
Retained earnings 67,275,068 57,941,804
Total equity attributable to equity
holders of the parent 61,240,347 58,568,746
--------------------------- -----------------------
Notes As at As at
30 September 31 March 2022
2022
Unaudited Audited
------ ------------- --------------
Liabilities
Non-current
Borrowings 128,404,225 129,895,411
Lease liabilities 15,611,470 13,697,079
Employee benefit obligations 5,456,632 5,092,678
Deferred tax liability 7,680,463 8,079,436
Non-current liabilities 157,152,790 156,764,604
--------------------------- ----------------------
Current
Trade and other payables 14,263,992 17,841,935
Employee benefit obligations 1,535,790 1,272,362
Current tax liabilities 40,807 844,679
Borrowings 10,013,434 9,763,047
Lease liabilities 4,232,887 3,026,616
Other current liabilities 25,048,968 25,849,820
Current liabilities 55,135,878 58,598,459
--------------------------- ----------------------
Total equity and liabilities 273,529,015 273,931,809
=========================== ======================
(The accompanying notes are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Income Statements
(All amounts in United States Dollars, unless otherwise
stated)
Notes For the six For the six
months ended months ended
30 September 30 September
2022 2021
Unaudited Unaudited
-------------------------------- ------ ---------------------------------- --------------
Income from operations
Revenue from services 149,181,696 121,284,962
Other operating income 2,845,012 1,271,458
152,026,708 122,556,420
---------------------------------- --------------
Cost and expenses
Outsourced service cost 14,043,456 19,831,122
Employee benefits expense 71,028,302 48,194,012
Depreciation and amortisation 5,048,873 3,011,227
Other expenses 13,106,665 9,482,318
103,227,296 80,518,679
---------------------------------- --------------
Operating profit 48,799,412 42,037,741
Finance income 498,874 453,702
Finance cost (5,015,600) (4,555,815)
Profit before tax 44,282,686 37,935,628
---------------------------------- --------------
Income tax expense 3,130,663 3,612,806
Profit for the year attributable to
equity holders of the parent 41,152,023 34,322,822
================================== ==============
Earnings per share 9
Basic 0.22 0.18
Diluted 0.22 0.18
Par value of each share in GBP 0.01 0.01
Unaudited Condensed Consolidated Statements of Other
Comprehensive Income
(All amounts in United States Dollars, unless otherwise
stated)
For the six For the six
months ended months ended
30 September 30 September
2022 2021
Unaudited Unaudited
----------------------------------------- ---------------------------------- --------------------------------
Profit after tax for the year 41,152,023 34,322,822
Other comprehensive income
Items that will be reclassified subsequently to the
consolidated income statement
Exchange differences on translating
foreign operations (6,661,663) (907,517)
Net other comprehensive income/(loss)
that will be reclassified subsequently
to consolidated income statement (6,661,663) (907,517)
---------------------------------- --------------------------------
Items that will not be reclassified subsequently to
income statement
Remeasurement of the net defined - -
benefit liability
Income tax relating to items that will - -
not be reclassified
Net other comprehensive income that - -
will not be reclassified subsequently
to consolidated income statement
---------------------------------- --------------------------------
Other comprehensive income/(loss)
for the year (6,661,663) (907,517)
Total comprehensive income attributable
to equity holders 34,490,360 33,415,305
---------------------------------- --------------------------------
(The accompanying notes are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Changes in
Equity
(All amounts in United States Dollars, unless otherwise
stated)
Share Additional Share Merger Other components Retained Total
capital paid in compensation reserve of earnings equity
capital reserve equity
----------------------------
Foreign Net
currency defined
translation benefit
reserve liability
--------------- ---------- ----------- -------------- ------------ -------------- ------------ -------------- -------------
Balance as at
1
April 2021 3,776,175 15,451,809 63,986 (1,049,386) (15,866,598) 729,662 26,482,815 29,588,463
--------------- ---------- ----------- -------------- ------------ -------------- ------------ -------------- -------------
Dividends - - - - - - (43,078,726) (43,078,726)
Transaction
with
owners - - - - - - (43,078,726) (43,078,726)
Profit for the
year - - - - - - 74,537,715 74,537,715
Other
comprehensive
income - - - - (2,289,842) (188,864) - (2,478,706)
Total
comprehensive
income for
the period - - - - (2,289,842) (188,864) 74,537,715 72,059,009
Balance as at
31
March 2022 3,776,175 15,451,809 63,986 (1,049,386) (18,156,440) 540,798 57,941,804 58,568,746
--------------- ---------- ----------- -------------- ------------ -------------- ------------ -------------- -------------
(The accompanying notes are an integral part of the Unaudited
Condensed Consolidated Interim Financial Statements)
Share Additional Share Merger Other components Retained Total
capital Paid in compensation reserve of equity earnings equity
Capital reserve
------------------------------------------
Foreign Net defined
currency benefit
translation liability
reserve
--------------- ------------- -------------- ----------------- -------------- ------------------ --------------------------------------- --------------
Balance as at
01 April
2022 3,776,175 15,451,809 63,986 (1,049,386) (18,156,440) 540,798 57,941,804 58,568,746
--------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- --------------- --------------
Dividends - - - - - - (31,818,761) (31,818,761)
Transaction
with owners - - - - - - (31,818,761) (31,818,761)
Profit for the
year - - - - - - 41,152,023 41,152,023
Other
comprehensive
loss - - - - (6,661,663) - - (6,661,663)
Total
comprehensive
income for
the period - - - - (6,661,663) - 41,152,023 34,490,361
--------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- --------------- --------------
Balance as at
30 September
2022 3,776,175 15,451,809 63,986 (1,049,386) (24,818,103) 540,798 67,275,068 61,240,346
--------------- ------------- -------------- ----------------- -------------- ------------------ ---------------------- --------------- --------------
(The accompanying notes are an integral part of the Unaudited
Condensed Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in United States Dollars, unless otherwise
stated)
For the period For the six
ended months ended
30 September 30 September
2022 2021
(A) Cash flow from operating activities
Profit before tax 44,282,686 37,935,627
Adjustments
Depreciation and amortisation 5,048,873 3,011,227
Loss/(Profit) on disposal of property,
plant and equipment (11,223) (8,258)
Trade receivables written-off/provision
for doubtful debts 303,289 602,061
Sundry balances written back - (235)
Unrealised Foreign exchange loss/(gain) 519,790 (1,040,091)
Finance income (498,874) (453,702)
Finance cost 3,898,654 3,868,829
Interest cost on lease liability 856,131 412,167
Other borrowing cost at amortised cost 260,815 274,819
---------------------------- --------------------------------
54,660,141 44,602,444
Changes in operating assets and liabilities
(Increase)/ Decrease in trade and other
receivables 2,968,884 (3,941,087)
(Increase)/ Decrease in other assets
(current) (4,342,387) (4,326,912)
Increase / (Decrease) Non-current liabilities,
trade payables & other current liabilities (9,444,194) 11,624,169
(Decrease)/ Increase in employee benefit
obligations 1,353,139 293,709
---------------------------- --------------------------------
Cash generated from operations 45,195,583 48,252,323
Income taxes paid (4,744,291) (3,201,599)
---------------------------- --------------------------------
Net cash generated from operating activities 40,451,292 45,050,724
---------------------------- --------------------------------
(B) Cash flow for investing activities
Payments for purchase of property plant
and equipment (7,602,159) (997,864)
Investment in fixed deposit (Net) (1,165,664) (3,989,362)
Proceeds from disposal of property,
plant & equipment 14,387 260,853
Payments for purchase of other intangible
assets (7,407,647) (441,725)
Interest received 508,579 494,126
Net cash used in investing activities (15,652,504) (4,673,972)
---------------------------- --------------------------------
For the period For the six
ended months ended
30 September 30 September
2022 2021
(C ) Cash flow from financing activities
Interest paid (3,898,654) (3,868,829)
Dividends paid to equity holders of
the parent (31,818,761) (22,274,007)
Net Proceeds/(Repayments) from borrowings
and lease liability 762,916 (19,046,499)
Net cash used in financing activities (34,954,499) (45,189,336)
---------------------------- -------------------------------
Net increase/(decrease) in cash and
cash equivalents (10,155,710) (4,812,584)
Cash and cash equivalents at the beginning
of the year 56,326,421 51,378,899
Effect of exchange rate changes on
cash 589,632 96,326
Cash and cash equivalents at the end
of the year 46,760,342 46,662,641
---------------------------- -------------------------------
Cash and cash equivalents comprise
Cash in hand 9,037 7,740
Balances with banks in current account 34,251,305 42,917,962
Remittance in transit - 3,736,939
Short term investments (fixed deposits 12,500,000 -
with maturity less than 3 months)
46,760,342 46,662,641
---------------------------- -------------------------------
(This space has been intentionally left blank)
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING
ACTIVITIES
The changes in the Group's liabilities arising from financing
activities can be classified as follows:
Long-term borrowings Lease Liabilities Total
(including current
portion of long-term
borrowing)
----------------------------- ---------------------------- ---------------------- -----------------------
1 April 2021 162,117,051 5,191,699 167,308,750
Cash-flows:
Repayment (22,999,794) (3,709,859) (26,709,653)
Non-cash:
Additional lease liability - 14,549,957 14,549,957
Interest on lease liability - 1,187,286 1,187,286
Other borrowing cost at
amortized cost 541,201 - 541,201
Translation adjustment - (495,388) (495,388)
31 March 2022 139,658,458 16,723,695 156,382,153
----------------------------- ---------------------------- ---------------------- -----------------------
1 April 2022 139,658,458 16,723,695 156,382,153
----------------------------- ---------------------------- ---------------------- -----------------------
Cash-flows:
Net Repayment (1,501,615)* (4,090,152) (5,591,767)
Non-cash:
Additional lease liability - 6,354,683 6,354,683
Interest on lease liability - 856,131 856,131
Other borrowing cost at
amortized cost 260,815 - 260,815
30 September 2022 138,417,659 19,844,357 158,262,016
----------------------------- ---------------------------- ---------------------- -----------------------
* Includes borrowings for Computer Equipment worth US$
2,347,629
(The accompanying notes are an integral part of the Unaudited
Condensed Consolidated Interim Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial
Statements
(All amounts in United States Dollars, unless otherwise
stated)
1. INTRODUCTION
iEnergizer Limited (the 'Company' or 'iEnergizer ') was
incorporated in Guernsey on 12 May 2010.
iEnergizer Limited is a 'Company limited by shares' and is
domiciled in Guernsey. The registered office of the Company is
located at Mont Crevelt House, Bulwer Avenue, St. Sampson,
Guernsey, GY2 4 LH. iEnergizer was listed on the Alternative
Investment Market ('AIM') of London Stock Exchange on 14 September
2010.
iEnergizer through its subsidiaries iEnergizer Holdings Limited,
iEnergizer IT Services Private Limited, iEnergizer BPO Limited,
iEnergizer BPO Inc, iEnergizer Aptara Limited and Aptara Inc and
subsidiaries. (together the 'Group') is engaged in the business of
call centre operations, providing business process outsource (BPO)
and content delivery services, and back office services to their
customers, who are primarily based in the United States of America
and India, from its operating offices in Mauritius and India.
2. GENERAL INFORMATION AND STATEMENT OF COMPLIANCE WITH IFRS
These Unaudited Condensed Consolidated Interim Financial
Statements are for the six months ended 30 September 2022 and 2021.
They have been prepared in accordance with IAS 34 Interim Financial
Reporting as developed and published by the International
Accounting Standards Board ('IASB'), on a going concern basis. They
do not include all of the information required in annual financial
statements in accordance with IFRS, and should be read in
conjunction with the annual financial statements for the years
ended 31 March 2022 and 2021.
The Unaudited Condensed Consolidated Interim Financial
Statements have been prepared and presented in United States Dollar
(US$) which is the Company's functional currency.
These Unaudited Condensed Consolidated Interim Financial
Statements were approved by the Board on
11(th) November 2022.
The Group has applied the same accounting policies in preparing
these unaudited management financial information as adopted in the
most recent annual audited financial information of the Group.
3. SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's most
recent annual financial statements for the years ended 31 March
2022 and 2021.
4. SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION UNCERTAINTY
When preparing the Unaudited Condensed Consolidated Interim
Financial Statements, management undertakes a number of judgements,
estimates and assumptions about recognition and measurement of
assets, liabilities, income and expenses. The actual results may
differ from the judgements, estimates and assumptions made by
management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the
Unaudited Condensed Consolidated Interim Financial Statements,
including the key sources of estimation uncertainty were the same
as those applied in the Group's last audited financial statements
for the year ended 31 March 2022.
5. GOODWILL
The net carrying amount of goodwill can be analysed as
follows:
Particulars Amount
----------------------------- -----------------
Balance as at 1 April 2021 102,250,365
Impairment loss recognized -
Translation adjustment (3,497)
Balance as at 31 March 2022 102,246,868
----------------------------- -----------------
Particulars Amount
--------------------------------- ------------
Balance as at 01 April 2022 102,246,868
Translation adjustment (8,051)
Balance as at 30 September 2022 102,238,817
--------------------------------- ------------
(This space has been left blank intentionally)
6. OTHER INTANGIBLE ASSETS
The Intangible assets comprise of computer software, customer
contracts.
Particulars Customer Computer software Patent Trade mark Intangibles Total
contracts under
development
-------------- ---------------- ---------------------------- --------------- -------------------- ------------ --------------------
Cost
Balance as at
1 April 2021 24,105,769 4,969,336 100,000 12,000,000 132,490 41,307,595
Additions - 1,002,211 - - 306,487 1,308,698
Disposals - - - - (132,491) (132,491)
Translation
adjustment (3,911) (142,764) - - (6,486) (153,161)
Balance as at
31 March
2022 24,101,858 5,828,783 100,000 12,000,000 300,000 42,330,641
---------------- ---------------------------- --------------- -------------------- ------------ --------------------
Accumulated
amortisation
Balance as at
1 April 2021 24,105,769 4,496,109 - - - 28,601,878
Amortisation
for the year - 798,314 - - - 798,314
Disposals - - - - - -
Translation
adjustment (3,911) (140,041) - - - (143,952)
Balance as at
31 March
2022 24,101,858 5,154,382 - - - 29,256,240
---------------- ---------------------------- --------------- -------------------- ------------ --------------------
Impairment
Balance as at
1 April 2021 - - - - 132,490 132,490
Impairment - - - - - -
for the year
Disposals - - - - (132,490) (132,490)
Translation - - - - - -
and other
adjustment
Balance as at - - - - - -
31 March
2022
---------------- ---------------------------- --------------- -------------------- ------------ --------------------
Carrying
values as at
31
March 2022 - 674,401 100,000 12,000,000 300,000 13,074,401
-------------- ---------------- ---------------------------- --------------- -------------------- ------------ --------------------
Particulars Customer Computer Patent Trade mark Intangibles Total
contracts software under
development
------------------------- ------------------- ---------------- ------------- ------------------ ------------- ------------------
Cost
Balance as at 01 April
2022 24,101,858 5,828,783 100,000 12,000,000 300,000 42,330,641
------------------- ---------------- ------------- ------------------ ------------- ------------------
Additions - 798,084 - - (278,440) 519,644
Disposals - - - - - -
Translation adjustment (9,005) (395,295) - - (21,560) (425,860)
Balance as at 30
September 2022 24,092,853 6,231,572 100,000 12,000,000 - 42,424,425
------------------- ---------------- ------------- ------------------ ------------- ------------------
Accumulated amortisation
Balance as at 01 April
2022 24,101,858 5,154,382 - - 300,000 29,556,240
------------------- ---------------- ------------- ------------------ ------------- ------------------
Amortisation/impairment
for the
period - 530,378 - - - 530,378
Disposals - - - - - -
Translation and other
adjustment (9,005) (363,324) - - (300,000) (672,329)
Balance as at 30
September 2022 24,092,853 5,321,436 - - - 29,414,289
------------------- ---------------- ------------- ------------------ ------------- ------------------
Carrying values as at 30
September
2022 - 910,136 100,000 12,000,000 - 13,010,136
------------------------- ------------------- ---------------- ------------- ------------------ ------------- ------------------
7. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Particulars Computer Office Furniture Air Vehicle Leasehold Plant Capital Total
and data Equipment and conditioner improvements and work
equipment fixtures and machinery in
generator progress
---------------- ----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Cost
Balance as at 1
April
2021 12,105,915 1,148,075 1,414,469 950,473 404,305 4,826,064 2,416,267 214,307 23,479,875
----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Additions 3,266,111 157,151 278,515 1,247,713 - 2,268,521 114,887 - 7,332,898
Disposals
(Net)/transfer (97,133) (472) - - (5,961) - (41,489) (214,307) (359,362)
Translation
adjustment (381,044) (32,341) (39,396) (29,198) (12,239) (143,916) (66,062) - (704,196)
----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Balance as at
31 March
2022 14,893,849 1,272,413 1,653,588 2,168,988 386,105 6,950,669 2,423,603 - 29,749,215
----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Accumulated
depreciation
Balance as at 1
April
2021 8,588,637 879,485 1,139,616 469,188 94,194 3,646,017 2,054,297 - 16,871,434
Depreciation
for the
period 2,373,226 100,811 84,675 150,839 36,025 561,923 120,456 - 3,427,955
Disposals (Net) (95,470) (472) - - (5,460) - (33,030) - (134,432)
Translation
adjustment (288,020) (25,331) (32,271) (16,417) (3,381) (116,878) (57,259) - (539,557)
----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Balance as at
31 March
2022 10,578,373 954,493 1,192,020 603,610 121,378 4,091,062 2,084,464 - 19,625,400
----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Carrying values
as
at 31 March
2022 4,315,476 317,920 461,568 1,565,378 264,727 2,859,607 339,139 - 10,123,815
---------------- ----------- ---------- ----------- ------------ ----------------- ---------------------- ---------- ---------- -----------
Particulars Computer Office Furniture Air conditioner Vehicle Leasehold Plant Capital Total
and data Equipment and fixtures and generator improvements and machinery work in
equipment progress
-------------------- ----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
Cost
Balance as at 01
April
2022 14,893,849 1,272,413 1,653,588 2,168,988 386,105 6,950,669 2,423,603 - 29,749,215
----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
Additions 4,602,920 77,858 280,892 678,742 37,504 1,436,158 60,991 - 7,175,065
Disposals/transfer
(Net) (909,283) - - - - - (11,576) - (920,859)
Translation and
other
adjustment (1,141,139) (87,882) (115,042) (156,771) (28,875) (502,490) (157,374) - (2,189,572)
Balance as at 30
September
2022 17,446,347 1,262,389 1,819,438 2,690,959 394,734 7,884,337 2,315,644 - 33,813,848
----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
Accumulated
depreciation
Balance as at 01
April
2022 10,578,373 954,493 1,192,020 603,610 121,378 4,091,062 2,084,464 - 19,625,400
----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
Depreciation for
the
period 1,301,755 41,847 300,223 107,430 34,580 429,499 55,958 - 2,271,292
Disposals (Net) (908,909) - - - - - (8,786) - (917,695)
Translation and
other
adjustments (759,259) (63,470) (88,573) (47,401) (10,018) (303,660) (135,220) - (1,407,601)
Balance as at 30
September
2022 10,211,960 932,870 1,403,670 663,639 145,940 4,216,901 1,996,416 - 19,571,396
----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
Carrying values as
at 30 September
2022 7,234,387 329,519 415,768 2,027,320 248,794 3,667,436 319,228 - 14,242,452
-------------------- ----------------- ---------------- ------------- ------------------ ------------- ------------------ ------------------- ---------------- ----------------------
8. SHORT TERM FINANCIAL ASSETS
Particulars 30 September 31 March 2022
2022
---------------------------------------- --------------------- -----------------
Security deposits 14,713 265,921
Restricted cash 6,523,099 7,645,707
Short term investments (fixed deposits
with maturity less than 12 months) 14,048,810 12,327,421
Derivative financial instruments - 206,382
Due from officers and employees 71,315 93,738
Others 60,506 70,211
---------------------------------------- --------------------- -----------------
20,718,443 20,609,380
---------------------------------------- --------------------- -----------------
Short term investments comprise of investment through banks in
deposits denominated in various currency units bearing fixed rate
of interest.
9. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the
profits attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Calculation of basic and diluted profit per share for the period
ended 30 September 2022 is as follows:
Basic earnings per share
Particulars 30 September 30 September
2022 2021
---------------------------------------------- --------------------------- ---------------------------
Profit attributable to shareholders 41,152,023 34,322,822
Weighted average numbers shares outstanding 190,130,008 190,130,008
Basic earnings per share (US$) 0.22 0.18
---------------------------------------------- --------------------------- ---------------------------
Diluted earnings per share
Particulars 30 September 30 September
2022 2021
---------------------------------------------------- ------------------------- ---------------------------
Profit attributable
to shareholders 41,152,023 34,322,822
Weighted average numbers shares outstanding 190,130,008 190,130,008
Diluted earnings per
share (US$) 0.22 0.18
------------------------------------------------ ----------------------------- ---------------------------
(This space has been left blank intentionally)
10. LEASES
(a) Lease liabilities are presented in the statement of
financial position as follows:
Particulars 30 September 31 March 2022
2022 202020
------------- -------------------------- -------------------
Current 4,232,887 3,026,616
Non-current 15,611,470 13,697,079
------------- -------------------------- -------------------
19,844,357 16,723,695
------------- -------------------------- -------------------
(b) The following are amounts recognised in consolidated income
statement:
Particulars 30 September 31 March 2022
2022
------------------------------------------ --------------------------- --------------
Depre ciation expenses of right-of-use
Interest Expense on the Lease Liability 2,247,203 2,671,352
Interest expense on lease liability 856,131 273,405
Rent expenses* 2,308 11,202
Common area maintenance expenses 63,479 114,162
------------------------------------------ --------------------------- --------------
Total 3,169,121 3,070,121
------------------------------------------ --------------------------- --------------
*Rent expense in respect of Short Term Lease
(This space has been left blank intentionally)
(c) Right to use of assets as at 31 March 2022:
Particulars Computers Buildings Total
---------------------------------- ------------------ ----------------------- -----------
Gross block
Balance as at 1 April 2021 - 7,517,462 7,517,462
Additions during the year 2,903,363 11,646,594 14,549,957
Disposal - (326,888) (326,888)
Translation adjustment - (377,245) (377,245)
---------------------------------- ------------------ ----------------------- -----------
Gross block as at 31 March 2022 2,903,363 18,459,923 21,363,286
---------------------------------- ------------------ ----------------------- -----------
Accumulated depreciation
Balance as at 1 April 2021 - 2,797,791 2,797,791
Depreciation for the period 241,239 2,430,113 2,671,352
Disposal - (149,824) (149,824)
Translation adjustment (3,539) (92,864) (96,403)
---------------------------------- ------------------ ----------------------- -----------
Accumulated depreciation as at
31 March 2022 237,700 4,985,216 5,222,916
---------------------------------- ------------------ ----------------------- -----------
Net block as at 31 March 2022 2,665,663 13,474,707 16,140,370
---------------------------------- ------------------ ----------------------- -----------
Right-of-use of assets as at 30 September 2022:
Particulars Computers Buildings Total
-------------------------------- -------------------- -------------------- --------------
Gross block
Balance as at 1 April 2022 2,903,363 18,459,923 21,363,286
Additions during the year 2,008,029 4,346,654 6,354,683
Disposal - - -
Translation adjustment - (1,609,218) (1,609,218)
-------------------------------- -------------------- -------------------- --------------
Gross block as at 30 September
2022 4,911,392 21,197,359 26,108,751
-------------------------------- -------------------- -------------------- --------------
Accumulated depreciation
Balance as at 1 April 2022 237,700 4,985,216 5,222,916
Depreciation for the period 350,647 1,896,557 2,247,203
Disposal - - -
Translation adjustment - (375,035) (375,035)
-------------------------------- -------------------- -------------------- --------------
Accumulated depreciation as
at
30 September 2022 588,347 6,506,738 7,095,084
--------------------------------------- ------------- -------------------- ------------
Net block as at 30 September
2022 4,323,045 14,690,621 19,013,667
---------------------------------------- ------------ -------------------- --------------
(This space has been intentionally left blank)
(d) The table below describes the nature of the Group's leasing
activities by type of right-of-use asset
recognised in the consolidated statement of financial
position:
31 March 2022
Right-of-use Number Range of Average Number Number Number
asset of remaining remaining of leases of leases of leases
right-of-use term lease term with extension with options with
assets (in years) (in years) options to purchase termination
leased options
0.25 to 8.09
Buildings 17 years 2.68 years 10 - 14
-------------- --------------- --------------- ------------ --------------- -------------------- ---------------
4.42 to 4.92
Computers 3580 years 4.64 years - 6 -
-------------- --------------- --------------- ------------ --------------- -------------------- ---------------
30 September 2022
Right-of-use Number Range of Average Number Number Number
asset of remaining remaining of leases of leases of leases
right-of-use term lease term with extension with options with
assets (in years) (in years) options to purchase termination
leased options
0.58 to 7.59
Buildings 21 years 2.97 years 12 - 18
-------------- --------------- -------------- ------------ ---------------- -------------------- ---------------
3.92 to 4.58
Computers 3806 years 4.20 years - 7 -
-------------- --------------- -------------- ------------ ---------------- -------------------- ---------------
(e) Maturity of lease liabilities
The future lease payments at 31 March 2022 were as follows:
31 March 2022 Lease payments due
Within 1-2 2-3 3-4 4-5 After Total
1 year years years years years 5 years
---------- ---------- ---------- ---------- ---------- ---------- -----------
Lease payments 4,426,970 3,953,827 3,463,111 2,649,128 2,210,382 5,433,631 22,137,049
---------- ---------- ---------- ---------- ---------- ---------- -----------
Finance charges 1,400,354 1,143,997 898,013 700,905 533,179 736,906 5,413,354
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net present
values 3,026,616 2,809,830 2,565,098 1,948,223 1,677,203 4,696,725 16,723,695
---------- ---------- ---------- ---------- ---------- ---------- -----------
30 September Lease payments due
2022
-----------------------------------------------------------------------------------
Within 1-2 2-3 3-4 4-5 After Total
1 year years years years years 5 years
---------- ---------- ---------- ---------- ---------- ---------- -----------
Lease payments 5,883,794 5,404,334 4,208,165 3,682,600 1,924,738 4,208,724 25,312,355
---------- ---------- ---------- ---------- ---------- ---------- -----------
Finance charges 1,650,907 1,278,572 921,864 693,638 434,608 488,409 5,467,998
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net present
values 4,232,887 4,125,762 3,286,301 2,988,962 1,490,130 3,720,315 19,844,357
---------- ---------- ---------- ---------- ---------- ---------- -----------
(f) Total cash outflow for leases for the year ended 30
September 2022 was US$ 4,090,152 (31 March 2022 was US$
3,709,859)
11. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have
been summarised in the table below:
Nature of the relationship Related Party's Name
------------------------------ -------------------------------------------
I. Ultimate controlling Mr. Anil Aggarwal
party
II. Entities directly
or indirectly through EICR (Cyprus) Limited (Parent of
one or more intermediaries, iEnergizer Limited)
control, are controlled
by, or are under common
control with, the reported
enterprises
III. Key management personnel Mr. Anil Aggarwal (Ultimate Shareholder,
("KMP") and significant EICR Limited)
shareholders
Mr. Chris de Putron (Director, iEnergizer
Limited)
Mr. Mark De La Rue (Director, iEnergizer
Limited)
Mr. Marc Vassanelli (Director, iEnergizer
Limited)
Mr. Ashish Madan (Director, iEnergizer
Limited)
Disclosure of transactions between the Group and related parties
and the outstanding balances is as under:
Transactions with KMP and relative of KMP
Particulars 30 September 30 September
2022 2021
-------------------------------- ------------- -------------
Transactions during the period
ended
Short term employee benefits
Remuneration paid to directors
Chris de Putron 5,821 6,912
Mark De La Rue 5,821 6,912
Marc Vassanelli 20,747 20,736
Ashish Madan 51,793 -
Balances at the end of
Total remuneration payable 13,921 189,509
-------------------------------- ------------- -------------
12. SEGMENT REPORTING
Management currently identifies the Group's two service lines
business process outsource and content delivery as operating
segments on the basis of operations. These operating segments are
monitored and operating and strategic decisions are made on the
basis of operating segment results.
The Chief Operating Decision Maker ("CODM") evaluates the
Group's performance and allocates resources based on an analysis of
various performance indicators by reportable segments. The Group's
reportable segments are as follows:
1. Business Process Outsource
2. Content delivery
The measurement of each segment's revenues, expenses and assets
is consistent with the accounting policies that are used in
preparation of the Unaudited Condensed Consolidated Interim
Financial Statements . Segment information can be analysed as
follows for the reporting periods under review:
30 September 2022
Business Content delivery Total
Process Outsource
------------------------------------- --------------------- ----------------------- -------------------
Revenue from external customers 108,985,103 40,196,593 149,181,696
Other income (including realised
foreign exchange gain) 839,794 1,123,552 1,963,346
Segment revenue 109,824,897 41,320,145 151,145,042
------------------------------------- --------------------- ----------------------- -------------------
Cost of outsourced Services 7,799,083 6,244,373 14,043,456
Employee benefit expense 49,402,300 21,626,002 71,028,302
Other expenses 9,760,539 1,944,670 11,705,209
------------------------------------- --------------------- ----------------------- -------------------
Earning before interest,
tax, depreciation and amortisation 42,862,975 11,505,100 54,368,075
------------------------------------- --------------------- ----------------------- -------------------
Rent adjustment as per IFRS
16 2,102,860 676,214 2,779,074
--------------------- ----------------------- -------------------
Earning before interest,
tax, depreciation and amortisation
(before rent adjustment) 40,760,115 10,828,886 51,589,001
------------------------------------- --------------------- ----------------------- -------------------
Unrealized Foreign Exchange
gain/(loss) (1,218,165) 698,375 (519,790)
Depreciation and amortisation (3,675,976) (1,372,897) (5,048,873)
Rent adjustment as per IFRS
16 2,102,860 676,214 2,779,074
------------------------------------- --------------------- ----------------------- -------------------
Segment operating profit 37,968,834 10,830,578 48,799,412
Other Income/expense :
Finance income 261,591 237,283 498,874
Finance costs (3,315,468) (1,700,132) (5,015,600)
Profit before tax 34,914,957 9,367,729 44,282,685
------------------------------------- --------------------- ----------------------- -------------------
Income tax expense (1,428,328) (1,702,335) (3,130,663)
Profit after tax 33,486,629 7,665,394 41,152,022
------------------------------------- --------------------- ----------------------- -------------------
Segment assets 107,291,679 166,237,336 273,529,014
Segment liabilities 187,421,058 24,867,610 212,288,668
Capital expenditure 11,774,814 2,274,578 14,049,392*
------------------------------------- --------------------- ----------------------- -------------------
*Includes "Right of Use" Assets added and recorded worth
$6,354,683.
30 September 2021
--------------------------------------------
Business Content delivery Total
Process Outsource
------------------------------------- --------------------- ----------------------- -------------------
Revenue from external customers 83,455,893 37,829,069 121,284,962
Other income (including realised
foreign exchange gain) 429,851 184,825 614,676
Segment revenue 83,885,744 38,013,894 121,899,638
------------------------------------- --------------------- ----------------------- -------------------
Cost of outsourced Services 15,079,693 4,751,429 19,831,122
Employee benefit expense 27,730,594 20,463,418 48,194,012
Other expenses 7,382,280 2,100,038 9,482,318
------------------------------------- --------------------- ----------------------- -------------------
Earning before interest,
tax, depreciation and amortisation 33,693,177 10,699,009 44,392,186
------------------------------------- --------------------- ----------------------- -------------------
Rent adjustment as per IFRS
16 740,113 623,451 1,363,564
--------------------- ----------------------- -------------------
Earning before interest,
tax, depreciation and amortisation
(before rent adjustment) 32,953,064 10,075,558 43,028,622
------------------------------------- --------------------- ----------------------- -------------------
Unrealized Foreign Exchange
gain/(loss) 183,355 473,427 656,782
Depreciation and amortisation (1,758,797) (1,252,430) (3,011,227)
Rent adjustment as per IFRS
16 740,113 623,451 1,363,564
------------------------------------- --------------------- ----------------------- -------------------
Segment operating profit 32,117,735 9,920,006 42,037,741
Other Income/expense :
Finance income 291,848 161,854 453,702
Finance costs (2,707,467) (1,848,348) (4,555,815)
Profit before tax 29,702,116 8,233,512 37,935,628
------------------------------------- --------------------- ----------------------- -------------------
Income tax expense (2,042,704) (1,570,102) (3,612,806)
Profit after tax 27,659,412 6,663,410 34,322,822
------------------------------------- --------------------- ----------------------- -------------------
Segment assets 86,219,900 168,836,340 255,056,240
Segment liabilities 180,567,985 33,758,495 214,326,480
Capital expenditure 9,218,733 1,329,033 10,547,766*
------------------------------------- --------------------- ----------------------- -------------------
*Includes "Right of Use" Assets added and recorded worth
$8,971,723.
Revenue from the following customer's amounts to more than 10%
of consolidated revenue during the period presented.
30 September 2022
Revenue from Segment Amount
-------------- ---------------------------- -----------
Customer 1 Business Process Outsource 32,021,458
-------------- ---------------------------- -----------
30 September 2021
Revenue from Segment Amount
-------------- ---------------------------- -----------
Customer 1 Business Process Outsource 23,630,750
-------------- ---------------------------- -----------
13. FINANCIAL ASSETS AND LIABILITIES
Fair value of carrying amounts of assets and liabilities
presented in the statement of financial position relates to the
following categories of assets and liabilities:
Financial assets 30 September 31 March
2022 2022
-------------------------------------------- --------------------------- ------------------
Non-current assets
Financial assets measured at amortized
cost
Security deposits 1,282,091 895,722
Restricted cash 1,921,417 2,007,253
Fixed deposits with banks 2,720,780 2,068,061
Current assets
Financial assets measured at amortized
cost
Trade and other receivables 38,915,134 40,835,944
Cash and cash equivalents 46,760,342 56,326,421
Restricted cash 6,523,099 7,645,707
Security deposits 14,713 265,921
Fixed deposits with banks 14,048,810 12,327,421
Due from officers and employees 71,315 93,738
Interest accrued on fixed deposit 60,506 70,211
Fair value through profit and
loss:
Derivative financial instruments - 206,382
112,318,207 122,742,781
-------------------------------------------- --------------------------- ------------------
Financial liabilities 30 September 31 March
2022 2022
------------------------------------------- ----------------------- -------------------
Non-current liabilities
Financial liabilities measured at
amortized cost:
Borrowings 128,404,225 129,895,411
Lease liabilities 15,611,470 13,697,079
Current liabilities
Financial liabilities measured
at amortized cost:
Trade and other payables 14,263,992 17,841,935
Borrowings 10,013,434 9,763,047
Lease liabilities 4,232,887 3,026,616
172,526,008 174,224,088
------------------------------------------------ ------------------ -------------------
These non-current financial assets and liabilities, current
financial assets and liabilities have been recorded at their
respective carrying amounts as the management considers the fair
values to be not materially different from their carrying amounts
recognised in the statement of financial positions as these are
expected to realise within one year from the reporting dates.
Derivative financial instruments, recorded at fair value through
profit and loss, are recorded at their respective fair values on
the reporting dates.
14. FAIR VALUE HIERARCHY
Level 1 - Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level
1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not
based on observable market data (unobservable inputs).
No financial assets/liabilities have been valued using level 1
and 3 fair value measurements.
The following table presents fair value hierarchy of assets and
liabilities measured at fair value on a recurring basis:
Fair value measurements
at reporting date
using
----------------------------- ----------- --------------------------
30 September 2022 Total Level 2
----------------------------- ----------- ------------------------
(Notional
Liabilities amount)
Derivative instruments
Forward contracts (currency
- US$/INR) 47,500,000 (1,882,900)
----------------------------- ----------- ------------------------
31 March 2022 Total Fair value measurements
at reporting date
using
----------------------------- --------------------- ---------------------------
Level 2
----------------------------- --------------------- ---------------------------
Liabilities (Notional amount)
Derivative instruments
Forward contracts (currency
- US$/INR) 61,700,000 183,383
----------------------------- --------------------- ---------------------------
15. COMMITMENT AND CONTINGENCIES
As at 30 September 2022 and 31 March 2022, the Group had a
capital commitment of US$ 1,889,372 and US$ 582,089 respectively
for acquisition of property, plant and equipment.
The contingent liability in respect of claims filed by erstwhile
employees against the group companies amounts to US$ 119,613 and
US$ 116,725 as on 30 September 2022 and 31 March 2022 respectively
and in respect of interest on VAT amounts to US$ 8,586 as on 30
September 2022 (US$ 9,251 as on 31 March 2022).
Guarantees: As at 30 September 2022 and 31 March 2022,
guarantees provided by banks on behalf of the group companies to
the revenue authorities and certain other agencies, amount to
approximately US$ 22,450 and US$ 36,280 respectively.
16. ESTIMATES
The preparation of interim financial statements require
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these Unaudited Condensed Consolidated Interim
Financial Statements, the significant judgments made by the
management in applying the Group's accounting policies and the key
sources of estimation uncertainty were the same as those that
applied to the consolidated financial statements as at and for the
years ended 31 March 2022 and 2021.
17. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the years ended 31 March 2022 and
2021.
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END
IR GPGBGGUPPUMC
(END) Dow Jones Newswires
November 14, 2022 02:22 ET (07:22 GMT)
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