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( INR mm)
Debt Portion of FCCB
Loan Funds
Debt / Loan Funds(%)
Non-Hedged Reserve
Reserves and Surplus
Net Investment Hedge / Reserves and Surplus(%)
Foreign earnings FOBs
Expense in Foreign Currency
Revenue in Foreign Currency
Total Revenue
Earning FOBs / Revenue(%)
Expense / Revenue(%)
Revenue in Foreign Currency / Revenue(%)
Forward & Derivative Contracts / Options
Exposure to foreign currency risk
Currencies used for hedging
Strategies to hedge foreign currency risk
Comments
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2011-12
5,854
25,664
22.8 %
11,372
13,103
86.8 %
6,326
-
24,351
25,772
24.5 %
-
94.5 %
2010-11
4,382
20,098
21.8 %
11,802
12,230
96.5 %
4,552
-
16,377
17,611
25.8 %
-
93.0 %
- USD- 92- Sell- INR( F)
- EUR- 0.6- Buy- AUD( F)
- USD- 67- Sell- INR( D)
- Debt availed in foreign currency
- Net investments in subsidiaries and joint ventures that are in foreign currencies
- Exposure arising from transactions relating to p u r ch a s e s, r e ve n u e s, e x p e n s e s i n f o r e i g n currencies
USD, AUD, EUR, CHF, ZAR, CAD, GBP, BRL, JPY, SGD
- Foreign currency forward contracts
- Derivative contracts in the nature of foreign currency swaps, currency options, forward contracts
Strides ' derives over 90 % of its revenue in foreign currency, exposing it to fluctuations in currency movements
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2011-12
-
11,266
-
7,074
39,234
18.0 %
-
20,834
47,074
55,879
-
37.3 %
84.2 %
2010-11
-
11,827
-
6,183
32,254
19.2 %
-
17,616
42,087
52,690
-
33.4 %
79.9 %
- GBP- 279- Buy- INR( F)
- GBP- 12- Buy- INR( O)
- USD- 840- Sell- INR( F)
- USD- 87- Sell- INR( O)
- Significant revenue coming from overseas constituting nearly 80 % of the total revenues
- Exposure to foreign currency translations( which account for nearly 25 % of the entire interest expense)
USD, GBP
- Forward Contracts and Currency Option Contracts
Company had forward contracts worth INR 6,993 million as of March 2012 to ensure it is protected against currency movements
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2011-12
27,828
214,188
13.0 %
INR 416,633
INR 420,497
99.1 %
-
INR 9,672
INR 18,156
INR 339,335
-
2.9 %
5.4 %
2010-11
24,391
246,481
9.9 %
390,858
344,270
113.5 %
-
9,561
22,606
293,964
-
3.3 %
7.7 %
- USD- 527- Buy- INR( F)
- USD- 20- Sell- INR( F)
- USD- 1,207- Buy- INR( E)
- USD – 335- Sell- INR( D)
- FCCB ' s taken with a conversion price of INR 730.5188
- Monetary assets and liabilities denominated in foreign currency
- Exchange rate differences arising on reporting of longterm foreign currency monetary
USD, EUR, GBP
- Forward Contracts and Currency Option Contracts
- Derivative contracts including interest rate swaps
Increase in other expenses is primarily due to foreign exchange losses which needs to be hedged in key markets including Middle East, South Africa, Europe, China, Korea, SE Asia, SAARC countries
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