|WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018|
General and Administrative Expenses
The following table sets forth the composition of our general and administrative expenses for the periods indicated:
The increase in general and administrative expenses was primarily due to an increase in employee costs as a result of higher salaries on account of a higher headcount, wage inflation and higher share-based compensation, and an increase in other cost as a result of higher travel cost, higher miscellaneous cost and higher legal and professional cost. Further, the appreciation of the Indian rupee and South African rand against the US dollar by an average of 3.9% and 7.8%, respectively, for fiscal 2018, as compared to the respective average exchange rates for fiscal 2017, resulted in an increase of approximately $2.2 million in general and administrative expenses. Our general and administrative expenses also increased as a result of acquisitions during the fourth quarter of fiscal 2017.
Foreign Exchange Loss / (Gains), Net
The following table sets forth our foreign exchange loss / (gains), net for the periods indicated:
The foreign exchange gains were higher primarily due to higher gains of $8.5 million from our US dollar denominated hedges as a result of an appreciation of the pound sterling against the US dollar and our rupee denominated hedges as a result of a appreciation of the Pound Sterling against the Indian rupee, partially offset by a higher foreign currency revaluation loss of $8.0 million arising from a loss of $4.1 million for the year ended March 31, 2018 as against a gain of $3.9 million for the year ended March 31, 2017.
Impairment of Goodwill
We performed an impairment review of the goodwill associated with the companies we had acquired for our auto claims business and recorded an impairment charge of $21.7 million to our results of operations for fiscal 2017. There is no impairment charge recognized in fiscal 2018.