Cover
Cover | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --03-31 |
Entity File Number | 001-37968 |
Entity Registrant Name | YATRA ONLINE, INC. |
Entity Central Index Key | 0001516899 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Gulf Adiba, Plot No. 272 |
Entity Address, Address Line Two | 4th Floor, Udyog Vihar, Phase-II |
Entity Address, Address Line Three | Sector-20, Gurugram |
Entity Address, City or Town | Haryana |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 122008 |
Title of 12(b) Security | Ordinary Shares, par value $0.0001 per share |
Trading Symbol | YTRA |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1712 |
Auditor Name | Ernst & Young Associates LLP |
Auditor Location | Gurugram, India |
Ordinary shares [member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 59,400,888 |
Ordinary shares class A [member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,392,168 |
Ordinary shares class F [member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,854,871 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Gulf Adiba, Plot No. 272 |
Entity Address, Address Line Two | 4th Floor, Udyog Vihar, Phase-II |
Entity Address, Address Line Three | Sector-20, Gurugram |
Entity Address, City or Town | Haryana |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 122008 |
City Area Code | 91 124 |
Local Phone Number | 4591700 |
Contact Personnel Name | Dhruv Shringi |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Loss ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2021 INR (₨) ₨ / shares shares | ||||
Revenue | |||||||
Rendering of services | $ 41,435 | ₨ 3,405,548 | ₨ 1,817,392 | ₨ 1,097,862 | |||
Other revenue | 5,131 | 421,717 | [1] | 171,984 | [1] | 173,406 | [1] |
Total revenue | 46,566 | 3,827,265 | 1,989,376 | 1,271,268 | |||
Other income | 1,856 | 152,520 | 158,648 | 132,045 | |||
Service cost | 8,141 | 669,098 | 159,284 | 22,276 | |||
Personnel expenses | 13,973 | 1,148,434 | 1,021,881 | 778,915 | |||
Marketing and sales promotion expenses | 4,094 | 336,472 | 124,147 | 79,584 | |||
Other operating expenses | 18,919 | 1,554,963 | 893,313 | 978,315 | |||
Depreciation and amortization | 2,314 | 190,152 | 308,153 | 749,480 | |||
Impairment of goodwill | 264,909 | ||||||
Impairment of loan to joint venture | 12 | 1,000 | 72,719 | ||||
Results from operations | 969 | 79,666 | (431,473) | (1,470,166) | |||
Share of loss of joint venture | 41,616 | (3,962) | |||||
Finance income | 352 | 28,944 | 47,816 | 81,604 | |||
Finance cost | (3,971) | (326,399) | (100,453) | (117,252) | |||
Listing and related expenses | (287) | (23,591) | (55,818) | ||||
Change in fair value of warrants gain | 32,756 | 378,994 | |||||
Loss before taxes | (2,937) | (241,380) | (465,556) | (1,130,782) | |||
Tax expense | (569) | (46,788) | (16,906) | (64,096) | |||
Loss for the period | (3,506) | (288,168) | [2] | (482,462) | [2] | (1,194,878) | [2] |
Items not to be reclassified to profit or loss in subsequent periods (net of taxes) | |||||||
Remeasurement (loss)/gain on defined benefit plan | (129) | (10,713) | (247) | 2,224 | |||
Items that are or may be reclassified subsequently to profit or loss (net of taxes) | |||||||
Foreign currency translation differences loss | 16 | 1,245 | (5,640) | (4,552) | |||
Other comprehensive loss for the period, net of tax | (113) | (9,468) | (5,887) | (2,328) | |||
Total comprehensive loss for the period, net of tax | (3,619) | (297,636) | (488,349) | (1,197,206) | |||
Loss attributable to: | |||||||
Owners of the Parent Company | (3,519) | (289,243) | (477,850) | (1,177,343) | |||
Non-controlling interest | 13 | 1,075 | (4,612) | (17,535) | |||
Total comprehensive loss attributable to: | |||||||
Owners of the Parent Company | (3,633) | (298,563) | (483,733) | (1,179,701) | |||
Non-controlling interest | 11 | 927 | (4,616) | (17,505) | |||
Total comprehensive loss for the period | $ (3,622) | ₨ (297,636) | ₨ (488,349) | ₨ (1,197,206) | |||
Loss per share | |||||||
Basic | (per share) | $ (0.06) | ₨ (4.59) | ₨ (7.66) | ₨ (20.38) | |||
Diluted | (per share) | $ (0.06) | ₨ (4.59) | ₨ (7.66) | ₨ (20.42) | |||
Weighted average number of shares | |||||||
Basic | 62,991,006 | 62,991,006 | 62,352,494 | 57,771,701 | |||
Diluted | 62,991,006 | 62,991,006 | 62,352,494 | 58,514,103 | |||
[1]Other revenue primarily comprises the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements.[2]Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries). |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Non-current assets | |||
Property, plant and equipment | $ 558 | ₨ 45,843 | ₨ 21,997 |
Right-of-use assets | 2,443 | 200,760 | 229,710 |
Intangible assets and goodwill | 9,478 | 778,963 | 752,260 |
Prepayments and other assets | 14 | 1,177 | 922 |
Other financial assets | 607 | 49,864 | 48,320 |
Term deposits | 75 | 6,158 | |
Other non-financial assets | 2,379 | 195,491 | 216,231 |
Deferred tax assets | 135 | 11,086 | 9,996 |
Total non-current assets | 15,689 | 1,289,342 | 1,279,436 |
Current assets | |||
Inventories | 1 | 76 | 235 |
Trade and other receivables | 37,246 | 3,061,210 | 1,934,713 |
Prepayments and other assets | 11,582 | 951,924 | 607,731 |
Income tax recoverable | 3,756 | 308,716 | 205,557 |
Other current financial assets | 839 | 68,997 | 68,356 |
Term deposits | 7,072 | 581,217 | 568,264 |
Cash and cash equivalents | 6,127 | 503,601 | 800,282 |
Total current assets | 66,623 | 5,475,741 | 4,185,138 |
Total assets | 82,312 | 6,765,083 | 5,464,574 |
Equity | |||
Share capital | 10 | 850 | 842 |
Share premium | 248,069 | 20,388,799 | 20,286,474 |
Treasury shares | (137) | (11,219) | (11,219) |
Other capital reserve | 3,141 | 281,394 | 263,531 |
Accumulated deficit | (242,096) | (19,921,095) | (19,617,091) |
Foreign currency translation reserve | (378) | (31,034) | (32,279) |
Total equity attributable to equity holders of the Company | 8,609 | 707,695 | 890,258 |
Total non-controlling interest | 141 | 11,624 | 1,983 |
Total equity | 8,750 | 719,319 | 892,241 |
Non-current liabilities | |||
Borrowings | 235 | 19,274 | 4,204 |
Trade and other payables | 42,605 | ||
Deferred tax liabilities | 87 | 7,150 | 11,513 |
Employee benefits | 496 | 40,747 | 34,108 |
Deferred revenue | 64,965 | ||
Lease liabilities | 2,475 | 203,393 | 230,668 |
Total non-current liabilities | 3,293 | 270,564 | 388,063 |
Current liabilities | |||
Borrowings | 28,390 | 2,333,378 | 354,376 |
Trade and other payables | 26,480 | 2,176,353 | 2,394,712 |
Employee benefits | 682 | 56,020 | 68,845 |
Deferred revenue | 556 | 45,721 | 183,212 |
Income taxes payable | 388 | 31,850 | 4,052 |
Lease liabilities | 582 | 47,835 | 38,991 |
Other financial liabilities | 5,074 | 417,014 | 429,457 |
Other current liabilities | 8,117 | 667,029 | 710,625 |
Total current liabilities | 70,269 | 5,775,200 | 4,184,270 |
Total liabilities | 73,562 | 6,045,764 | 4,572,333 |
Total equity and liabilities | $ 82,312 | ₨ 6,765,083 | ₨ 5,464,574 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity ₨ in Thousands, $ in Thousands | Ordinary shares [member] Issued capital [member] INR (₨) | Ordinary shares [member] Share premium [member] INR (₨) | Treasury shares [member] INR (₨) | Retained earnings [member] INR (₨) | Capital reserve [member] INR (₨) | Reserve of change in value of foreign currency basis spreads [member] INR (₨) | Equity attributable to owners of parent [member] INR (₨) | Non-controlling interests [member] INR (₨) | USD ($) | INR (₨) | ||
Balance at Mar. 31, 2020 | ₨ 714 | ₨ 18,889,154 | ₨ (11,219) | ₨ (18,053,916) | ₨ 689,295 | ₨ (22,087) | ₨ 1,491,941 | ₨ 19,033 | ₨ 1,510,974 | |||
IfrsStatementLineItems [Line Items] | ||||||||||||
Loss for the period | (1,177,343) | (1,177,343) | (17,535) | (1,194,878) | [1] | |||||||
Other comprehensive loss | ||||||||||||
Foreign currency translation differences loss | (4,552) | (4,552) | (4,552) | |||||||||
Remeasurement loss on defined benefit plan | 2,194 | 2,194 | 30 | 2,224 | ||||||||
Other comprehensive loss for the period, net of tax | 2,194 | (4,552) | (2,358) | 30 | (2,328) | |||||||
Total comprehensive loss for the period, net of tax | (1,175,149) | (4,552) | (1,179,701) | (17,505) | (1,197,206) | |||||||
Transactions with owners, recorded directly in equity contributions by owners | ||||||||||||
Share based payments | 65,468 | 11,632 | 77,100 | 77,100 | ||||||||
Exercise of options | 15 | 578,803 | (578,818) | |||||||||
Issuance of shares | 109 | 796,077 | 796,186 | 796,186 | ||||||||
Cost of issuance of shares | (23,979) | (23,979) | (23,979) | |||||||||
Change in non-controlling interest | [2] | (3,719) | (3,719) | 3,719 | ||||||||
Total contribution by owners | 124 | 1,350,901 | 61,749 | (567,186) | 845,588 | 3,719 | 849,307 | |||||
Change in non-controlling interest | [2] | (3,719) | (3,719) | 3,719 | ||||||||
Total other comprehensive loss | 2,194 | (4,552) | (2,358) | 30 | (2,328) | |||||||
Total comprehensive loss | (1,175,149) | (4,552) | (1,179,701) | (17,505) | (1,197,206) | |||||||
Total contribution by owners | 124 | 1,350,901 | 61,749 | (567,186) | 845,588 | 3,719 | 849,307 | |||||
Balance at Mar. 31, 2021 | 838 | 20,240,055 | (11,219) | (19,167,316) | 122,109 | (26,639) | 1,157,828 | 5,247 | 1,163,075 | |||
IfrsStatementLineItems [Line Items] | ||||||||||||
Loss for the period | (477,850) | (477,850) | (4,612) | (482,462) | [1] | |||||||
Other comprehensive loss | ||||||||||||
Foreign currency translation differences loss | (5,640) | (5,640) | (5,640) | |||||||||
Remeasurement loss on defined benefit plan | (243) | (243) | (4) | (247) | ||||||||
Other comprehensive loss for the period, net of tax | (243) | (5,640) | (5,883) | (4) | (5,887) | |||||||
Total comprehensive loss for the period, net of tax | (478,093) | (5,640) | (483,733) | (4,616) | (488,349) | |||||||
Transactions with owners, recorded directly in equity contributions by owners | ||||||||||||
Share based payments | 21,712 | 187,845 | 209,557 | 209,557 | ||||||||
Exercise of options | 4 | 46,419 | (46,423) | |||||||||
Change in non-controlling interest | [3] | (977) | (977) | 977 | ||||||||
Total contribution by owners | 4 | 46,419 | 28,318 | 141,422 | 216,163 | 1,352 | 217,515 | |||||
Change in non-controlling interest | [3] | (977) | (977) | 977 | ||||||||
Transaction with non-controlling interest | [4] | 7,583 | 7,583 | 375 | 7,958 | |||||||
Total other comprehensive loss | (243) | (5,640) | (5,883) | (4) | (5,887) | |||||||
Total comprehensive loss | (478,093) | (5,640) | (483,733) | (4,616) | (488,349) | |||||||
Total contribution by owners | 4 | 46,419 | 28,318 | 141,422 | 216,163 | 1,352 | 217,515 | |||||
Balance at Mar. 31, 2022 | 842 | 20,286,474 | (11,219) | (19,617,091) | 263,531 | (32,279) | 890,258 | 1,983 | 892,241 | |||
IfrsStatementLineItems [Line Items] | ||||||||||||
Loss for the period | (289,243) | (289,243) | 1,075 | $ (3,506) | (288,168) | [1] | ||||||
Other comprehensive loss | ||||||||||||
Foreign currency translation differences loss | 1,245 | 1,245 | 16 | 1,245 | ||||||||
Remeasurement loss on defined benefit plan | (10,565) | (10,565) | (148) | (129) | (10,713) | |||||||
Other comprehensive loss for the period, net of tax | (10,565) | 1,245 | (9,320) | (148) | (113) | (9,468) | ||||||
Total comprehensive loss for the period, net of tax | (299,808) | 1,245 | (298,563) | 927 | (3,619) | (297,636) | ||||||
Transactions with owners, recorded directly in equity contributions by owners | ||||||||||||
Share based payments | 4,518 | 147,536 | 152,054 | 152,054 | ||||||||
Exercise of options | 8 | 129,665 | (129,673) | |||||||||
Change in non-controlling interest | [5] | (8,714) | (8,714) | 8,714 | ||||||||
Total contribution by owners | 8 | 102,325 | (4,196) | 17,863 | 116,000 | 8,714 | 124,714 | |||||
Change in non-controlling interest | [5] | (8,714) | (8,714) | 8,714 | ||||||||
Total other comprehensive loss | (10,565) | 1,245 | (9,320) | (148) | (113) | (9,468) | ||||||
Total comprehensive loss | (299,808) | 1,245 | (298,563) | 927 | (3,619) | (297,636) | ||||||
Vested PSUs net settled for employee’s tax obligation (Refer note 30.2) | (27,340) | (27,340) | (27,340) | |||||||||
Total contribution by owners | 8 | 102,325 | (4,196) | 17,863 | 116,000 | 8,714 | 124,714 | |||||
Balance at Mar. 31, 2023 | ₨ 850 | ₨ 20,388,799 | ₨ (11,219) | ₨ (19,921,095) | ₨ 281,394 | ₨ (31,034) | ₨ 707,695 | ₨ 11,624 | $ 8,750 | ₨ 719,319 | ||
[1]Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries).[2]Change in non-controlling interest represents impact of additional shares of a subsidiary issued to the Parent Company, where the non-controlling shareholder has not made equal subscription. The percentage holding of the parent is 98.63 98.56 98.63 98.64 7,958 98.64 98.55 98.55 98.59 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proportion of ownership interest in subsidiary | 98.63% | ||
Converting note payable | ₨ 7,958 | ||
Minimum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proportion of ownership interest in subsidiary | 98.55% | 98.64% | |
Maximum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proportion of ownership interest in subsidiary | 98.59% | ||
Minimum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proportion of ownership interest in subsidiary | 98.63% | ||
Maximum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proportion of ownership interest in subsidiary | 98.64% | 98.55% |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Cash flows from operating activities: | ||||
Loss before tax | $ (2,937) | ₨ (241,381) | ₨ (465,556) | ₨ (1,130,782) |
Adjustments to reconcile loss before tax to net cash flows: | ||||
Depreciation and amortization | 2,314 | 190,152 | 308,153 | 749,480 |
Interest income | (259) | (21,289) | (33,345) | (49,017) |
Interest costs | 2,740 | 225,200 | 94,907 | 95,232 |
Impairment of goodwill | 264,909 | |||
Unrealized foreign exchange loss/(gain) | (472) | (38,764) | (7,471) | 5,799 |
Gain on disposal of property, plant and equipment | (46) | (3,800) | (1,931) | (2,480) |
Change in fair value of warrants - gains | (32,756) | (378,994) | ||
Provisions (net) | (269) | (22,079) | (129,026) | 39,740 |
Gain on termination/ rent concession of leases | (22) | (1,786) | (36,176) | (33,238) |
Unwinding of deferred consideration | (507) | (41,655) | (41,655) | |
Share of loss/ (gain) of a joint venture | (41,616) | 3,962 | ||
Share-based payment expense | 1,850 | 152,054 | 209,557 | 77,100 |
Impairment of loan to joint venture | 12 | 1,000 | 72,719 | |
Working capital changes: | ||||
Decrease/ (increase) in trade and other receivables | (19,387) | (1,593,456) | (1,115,395) | 1,685,634 |
Decrease in inventories | 2 | 173 | 1,271 | 1,073 |
Increase/ (decrease) in trade and other payables | (5,342) | (439,095) | 217,701 | (402,932) |
Settlement of contingent consideration | (389,617) | |||
Direct taxes (paid)/ refunds | (1,553) | (127,620) | 28,416 | 229,574 |
Net cash used in operating activities | (23,876) | (1,962,346) | (972,203) | 765,443 |
Cash flows from investing activities: | ||||
Acquisition of business (net of cash acquired) | (410,383) | |||
Purchase of property, plant and equipment | (241) | (19,786) | (8,927) | (1,089) |
Proceeds from sale of property, plant and equipment | 118 | 9,715 | 2,175 | 5,782 |
Purchase/development of intangible assets | (1,635) | (134,406) | (90,469) | (77,881) |
Investment in term deposits | (6,421) | (527,740) | (635,807) | (69,580) |
Proceeds from term deposits | 6,316 | 519,121 | 625,505 | 285,492 |
Interest received | 87 | 7,144 | 20,987 | 37,294 |
Net cash from/(used in) investing activities | (1,776) | (145,952) | (86,536) | (230,365) |
Cash flows from financing activities: | ||||
Proceeds from issue of share capital (net of cost of issuance of shares) | 772,207 | |||
Payment of principal portion of lease liabilities | (333) | (27,340) | ||
Payment of principal portion of lease liabilities | (509) | (41,873) | (36,486) | (9,623) |
Payment of principal portion of lease liabilities | (438) | (35,992) | (43,871) | (72,033) |
Proceeds from factoring | 46,551 | 3,825,988 | 553,128 | 189,052 |
Repayment of factoring proceeds | (37,568) | (3,087,688) | (325,852) | (316,831) |
Proceeds of borrowings | 15,239 | 1,252,501 | ||
Repayment of borrowings | (392) | (32,250) | (7,482) | |
Repayment of borrowings | (86) | (7,042) | (4,913) | |
Interest paid on borrowings | (1,150) | (94,491) | (6,742) | (320,007) |
Net cash from financing activities | 21,314 | 1,751,813 | 135,264 | 535,283 |
Net increase/ (decrease) in cash and cash equivalents | (4,337) | (356,485) | (923,475) | 1,070,361 |
Effect of exchange differences on cash and cash equivalents | 728 | 59,804 | 12,168 | (5,001) |
Cash and cash equivalents at the beginning of the year | 9,737 | 800,282 | 1,711,589 | 646,229 |
Closing cash and cash equivalents at the end of the year | 6,128 | 503,601 | 800,282 | 1,711,589 |
Components of cash and cash equivalents: | ||||
Cash on hand | 2 | 125 | 255 | 472 |
On current account | 3,514 | 288,779 | 446,162 | 876,916 |
Fixed deposits with banks | 91 | 7,462 | 186,028 | 758,008 |
Credit card collection in hand | 2,521 | 207,235 | 167,837 | 76,193 |
Total cash and cash equivalents | $ 6,128 | ₨ 503,601 | ₨ 800,282 | ₨ 1,711,589 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | ||||
Cash flow net, financing activities | ₨ 1,951,509 | ₨ 222,362 | ₨ (135,261) | |
Investing activities, financing activities | [1] | 23,737 | 5,161 | |
Other changes, financing activities | [2] | 18,827 | ||
Long-term borrowings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Opening balance, financing activities | 7,181 | 6,931 | 14,413 | |
Cash flow net, financing activities | 410,136 | (4,913) | (7,482) | |
Investing activities, financing activities | [1] | 23,737 | 5,161 | |
Other changes, financing activities | [2] | |||
Ending balance, financing activities | 441,054 | 7,181 | 6,931 | |
Short-term borrowings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Opening balance, financing activities | 351,399 | 124,124 | 251,903 | |
Cash flow net, financing activities | 1,541,373 | 227,275 | (127,779) | |
Investing activities, financing activities | [1] | |||
Other changes, financing activities | [2] | 18,827 | ||
Ending balance, financing activities | 1,911,599 | 351,399 | 124,124 | |
Liabilities From Financing Activities [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Opening balance, financing activities | 358,580 | 131,055 | 266,316 | |
Ending balance, financing activities | ₨ 2,352,653 | ₨ 358,580 | ₨ 131,055 | |
[1]In the statement of cash flows, proceeds from vehicle loan of INR 23,737 (March 31, 2022: 5,161 and March 31, 2021: INR Nil) has been adjusted against purchase of property, plant and equipment, i.e., these are non cash transactions from Group’s perspective.[2]includes adjustment for ancillary borrowing cost, unrealised / realised foreign exchange gain / loss. |
Corporate information
Corporate information | 12 Months Ended |
Mar. 31, 2023 | |
Corporate Information | |
Corporate information | 1. Corporate information Yatra Online, Inc. (the “Parent Company”) together with its subsidiaries (collectively, “the Company”, “We” or the “Group”) and equity accounted investee is primarily engaged in the business of selling travel products and solutions in India and Singapore. The Group offers its customers the entire range of travel services including ticketing, tours and packages and reservations for hotels. The Parent Company is a public limited company incorporated and domiciled and incorporated in Cayman Islands; the registered office is located at Maples Corporate Services Limited, PO Box-309, Ugland House, Grand Cayman, KYI-1104 Cayman Islands. The Company’s ordinary shares representing equity shares are listed on the NASDAQ Stock Exchange. Information on the Group structure is provided in Note 6. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies | |
Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The consolidated financial statements for March 31, 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Accounting policies have been consistently applied by the Group for all the periods presented in these financial statements, except in relation to the new standards adopted on April 1, 2022 (Refer Note 2.2). The consolidated financial statements of the Company for the year ended March 31, 2023 were authorized for issuance by the Parent Company’s board of directors on August 14, 2023. The consolidated financial statements are prepared on historical cost basis, except for financial instruments classified as fair value through profit or loss and other comprehensive income/ loss. All amounts have been rounded to the nearest thousand, unless otherwise indicated. 2.2 New standards, interpretations and amendments adopted by the Group The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after April 1, 2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Amendment to IAS 37, On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the “cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. These amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IAS 16, On May 14, 2020 the IASB issued amendment to IAS 16 Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) which amends the standard to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2022, although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. Reference to the Conceptual Framework Amendments to IFRS 3, On May 28, 2020, the International Accounting Standards Board (IASB) issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989 (Framework), with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 (the Conceptual Framework) without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. This amendment is applicable for annual period beginning on or after January 1, 2022 although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no contingent assets, liabilities or contingent liabilities within the scope of these amendments that arose during the period. IFRS 9 “Financial Instruments”: Fees in the ‘10 per cent’ test for derecognition of financial liabilities ● ● An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. ● An entity applies the amendment for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted. The amendment is applicable on the Group for annual reporting period beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group’s financial instruments during the period. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as disclosed in Note 6. A subsidiary is an entity controlled by the Group. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Subsidiaries are fully consolidated from the date on which the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies and accounting period in line with those used by the Group. All intra-group transactions, balances, income and expenses and cash flows are eliminated on consolidation. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the business combination and the Non-controlling interests’ share of changes in equity since that date. Profit or loss and each component of other comprehensive income/ loss (OCI) are attributed to the equity holders of the parent of the Group and to the Non-controlling interests, even if this results in the Non-controlling interests having a deficit balance. A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction. 2.4 Foreign currencies The Group’s presentation currency is Indian national rupee (INR). The Parent Company’s functional currency is United States dollar (USD). The Company’s operations are conducted through the subsidiaries and equity accounted investee where the local currency is the functional currency and the financial statements of such entities are translated from their respective functional currencies into INR. Group companies On consolidation, the assets and liabilities of foreign operations are translated into presentation currency at the rate of exchange prevailing at the reporting date and their statement of profit or loss and other comprehensive loss are translated at average exchange rates prevailing during the year ended March 31, 2023, March 31, 2022 and March 31, 2021, except for transactions where there is a significant difference in the average exchange rate and exchange rate on the date of transaction, in which cases, the transactions are reported using rate of that date. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in the statement of profit or loss and other comprehensive loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transactions first qualify for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in the statement of profit or loss and other comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively). Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Convenience translation The consolidated financial statements are stated in thousands of INR. However, solely for the convenience of the readers, the consolidated statement of financial position as at March 31, 2022, the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2023 and consolidated statement of cash flows for year ended March 31, 2023 were converted into USD at the exchange rate of 82.19 2.5 Summary of significant accounting policies Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: ● Expected to be realised or intended to be sold or consumed in the normal operating cycle ● Held primarily for the purpose of trading ● Expected to be realised within twelve months after the reporting period Or ● Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: ● It is expected to be settled in the normal operating cycle ● It is held primarily for the purpose of trading ● It is due to be settled within twelve months after the reporting period Or ● There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group’s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in the joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. The statement of profit or loss and other comprehensive loss reflects the Group’s share of the results of operations of the joint venture. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The financial statements of the joint venture are prepared for the same reporting period as that of the Group. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as ‘Share of loss of a joint venture’ in the statement of profit or loss and other comprehensive loss. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. At each reporting date, Group true-up its obligation to contribute towards the share of cumulative loss of the Joint venture, and reversal, if any, arising is recognised as the gain under ‘Share of loss of a joint venture’ in the statement of profit or loss and other comprehensive loss. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition-related costs are expensed as incurred in statement of profit or loss and other comprehensive loss. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for Non-controlling Interest over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the statement of profit or loss and other comprehensive loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s Cash Generating Units (CGUs) (refer to Note 20) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Revenue recognition We generate our revenue from contracts with customers. We recognize revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. When we act as an agent in the transaction under IFRS 15, we recognize revenue only for our commission on the arrangement. The Group has concluded that it is acting as agent in case of sale of airline tickets, hotel bookings, sale of rail and bus tickets as the supplier is primarily responsible for providing the underlying travel services and the Group does not control the service provided by the supplier to the traveler and as principal in case of sale of holiday packages since the group controls the services before such services are transferred to the traveler. The Group provides travel products and services to leisure customers (B2C—Business to Consumer), corporate travelers (B2E—Business to Enterprise) and B2B2C (Business to Business to Consumer) travel agents in India and abroad. The revenue from rendering these services is recognized in the statement of profit or loss and other comprehensive loss once the services are rendered. This is generally the case 1) on issuance of ticket in case of sale of airline tickets 2) on date of hotel booking and 3) on the date of completion of outbound and inbound tours and packages. The application of our revenue recognition policies and a description of our principal activities, organized by segment, from which we generate our revenue, are presented below. Air Ticketing We receive commissions or service fees from the travel supplier/bank and/or travelling customer. Revenue from the sale of airline tickets is recognized as an agent on a net commission earned basis. Revenue from service fee is recognized on earned basis. Both the performance obligations are satisfied on issuance of airline ticket to the traveler. We record a allowance for cancellations at the time of the transaction based on historical experience and restrict revenue recognition only to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Incentives related to airlines are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. We receive upfront fee from Global Distribution System (“GDS”) providers for facilitating the booking of airline tickets on its website or other distribution channels to travel agents for using their system. The upfront fees is recognised as revenue for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement, in both cases using such GDS platforms, and the balance amount is recognized as deferred revenue under contract liabilities. We earn incentives from airlines if specific targets are achieved over a period of time. Such incentives are treated as variable consideration and the Group estimates the amount of consideration to which it will be entitled in exchange for services at the contract inception date and at each reporting date using either the most likely amount method or the expected value method, depending on which method the Group expects to better predict the amount of consideration to which it will be entitled. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Group includes estimated variable consideration in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The disclosures of significant estimates and assumptions relating to the estimation of variable consideration are provided in Note 8. Hotels and Packages Revenue from hotel reservation is recognized as an agent on a net commission earned basis. Revenue from service fee from customer is recognized on earned basis. The performance obligation is satisfied on the date of hotel booking. We record an allowance for cancellations at the time of booking on this revenue based on historical experience and restrict revenue recognition only to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Revenue from packages are accounted for on a gross basis as the Group controls the services before such services are transferred to the traveler and is determined to be the primary obligor in the arrangement. The Group recognises revenue from such packages on the date of completion of outbound and inbound tours and packages. . Cost of delivering such services includes cost of hotels, airlines and package services and is disclosed as service cost. Other Services Revenue from other services primarily comprises of revenue from sale of rail and bus tickets and revenue from freight forwarding services. Revenue from the sale of rail and bus tickets is recognized as an agent on a net commission earned basis on the date of booking of ticket, net of allowance for cancellations at the time of the transaction based on historical experience. Revenue related to freight forwarding services is recognized at the time of departure of the cargo at the origin in case of exports and in case of Imports, revenue is recognized on the basis of arrival dates. We act as an agent; accordingly, we recognize revenue only for our commission on the arrangement. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Others Revenue from other, primarily comprising advertising revenue and fees for facilitating website access to travel insurance companies are being recognized as the services are being performed as per the terms of the agreements with respective suppliers. Revenue is recognized net of allowances for cancellations, refunds during the period and taxes. The Group provides loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group’s services. This allocation is based on the relative stand-alone selling prices. The amount allocated to the loyalty program is deferred, and is recognised as revenue when the Group fulfils its obligations to supply the products/services under the terms of the program. The Group incurs certain marketing and sales promotion expenses which get reduced from revenue. This includes the cost for upfront cash incentives to the end users and loyalty programs as incurred for customer inducement and acquisition for promoting transactions across various booking platforms. Contract balances Contract assets A contract asset is recognised for the right to consideration in exchange for services transferred to the customer if receipt of such consideration is conditional on completion of further activities/ services, i.e., the Group does not have an unconditional right to receive consideration. Trade receivables A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities A contract liability is the obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions have been complied with or will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group has assessed and determined to present grants as other income in the statement of profit or loss and other comprehensive loss. Marketing and sales promotion expenses Marketing and sales promotion expenses primarily comprise of online, television, radio and print media advertisement costs as well as event driven promotion cost for the Group’s products and services. Such costs are the amounts paid to or accrued towards advertising agencies or direct service providers for advertising on websites, television, print formats, search engine marketing and any other media. Advertising and business promotion costs are recognized when incurred. Additionally, the Group also incurs customer inducement and acquisition costs for acquiring customers and promoting transactions across various booking platforms such as upfront cash incentives, which when incurred are recorded as a reduction from revenue. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Finance income and costs Finance income comprises interest income on term deposits. Interest income is recognized as it accrues in the statement of profit or loss and other comprehensive loss, using the effective interest rate method (EIR). Finance cost comprises interest expense on borrowings, interest expense on lease liability and unwinding of other financial liabilities. Interest expense is recognized in the statement of profit or loss and other comprehensive loss using EIR. Taxes Current tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Group operates and generate taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss and other comprehensive loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: ● When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss ● In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax liabilities are recognised for all taxable temporary differences, except: ● When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss ● In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside consolidated statement of profit or loss are recognized outside profit or loss. Deferred tax items are recognized, in correlation to the underlying transaction either in other comprehensive income/loss or directly in equity. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority. Minimum Alternative Tax Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the concerned company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company recognizes MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The company reviews the “MAT credit entitlement” asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period. Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized in the statement of profit or loss and other comprehensive loss as incurred. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or |
Standards and interpretations i
Standards and interpretations issued but not effective | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Standards and interpretations issued but not effective | 3. Standards and interpretations issued but not effective The new standards, interpretations and amendments to Standards that are issued to the extent relevant to the Group, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these Standards, if applicable, when they become effective. Amendments to IAS 1, On February 12, 2021, the IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements which requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. These amendments are applicable on Group for annual reporting periods beginning on April 1, 2023. The Group is in the process of evaluating the impact of the amendment. Amendments to IAS 8, On February 12, 2021 the IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which introduced a definition of ‘accounting estimates’ and included amendments to IAS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates and the correction of errors. Also, the IASB clarified how entities use measurement techniques and inputs to develop accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2023. The Group is in the process of evaluating the impact of the amendment. Amendments to IAS 12, On May 7, 2021, the IASB amended IAS 12 to provide a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. The amendments clarify that Companies are required to recognise deferred tax on transactions such as leases and decommissioning obligations. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2023. The Group is in the process of evaluating the impact of the amendment. Amendments to IAS 1, In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify; ● what is meant by a right to defer settlement; ● that a right to defer must exist at the end of the reporting period; ● that classification is unaffected by the likelihood that an entity will exercise its deferral right ● that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification; and ● Disclosures The amendment also clarified that if an entity’s right to defer settlement of a liability is subject to the entity complying with the required covenants only at a date subsequent to the reporting period (“future covenants”), the entity has a right to defer settlement of the liability even if it does not comply with those covenants at the end of the reporting period. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Amendments to IFRS 16, Lease Liability in a Sale and Leaseback –Amendments to IFRS 16 In September 2022, the IASB issued Amendments to IFRS 16, “Leases”, adding requirements on explaining the subsequent measurement of sale and leaseback transaction. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. These amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Amendments to IAS 12 “Income Taxes” International Tax Reform - Pillar Two Model Rules In May 2023, the IASB issued “International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12)”, which amended IAS 12, “Income Taxes” to include affects arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the Organization for Economic Co-operation and Development (“OECD”). The amendments give companies temporary relief from accounting for tax impacts arising from the OECD international tax reform. The amendments introduced: (a) a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes; and (b) targeted disclosure requirements for affected entities. Companies can benefit from the temporary exception immediately but are required to provide the disclosures for annual reporting periods beginning on or after January 1, 2023. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. Amendments to IAS 7 “Statement of Cash Flows and IFRS 7 Financial Instruments” - In May 2023 the IASB issued Supplier Finance Arrangements (‘the 2023 Amendments’), which amended IAS 7 to require an entity to provide additional disclosures about its supplier finance arrangements. The disclosure requirements in the amendments enhance the current requirements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial statements. |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Judgments Estimates And Assumptions | |
Significant accounting judgments, estimates and assumptions | 4. Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities in future periods. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) 4.1 Significant judgments in applying the Group’s accounting policies In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Determining the lease term of contracts with renewal and termination options – Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). 4.2 Significant accounting estimates and assumptions The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Actual results could differ from these estimates. a) Impairment reviews Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is higher of value in use and fair value less cost to sell. The Group first determines value in use to calculate recoverable amount. If value in use calculation indicates impairment, then fair value less cost to sell is also determined. The value in use calculation is based on a DCF model. The cash flows are derived from the budget approved by the management for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. After budget period, cash flow is determined based on extrapolation. The value in use is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) The key assumptions used to determine the recoverable amount for the CGUs, including sensitivity analysis, are disclosed and further explained in Note 20. The Group tests goodwill for impairment annually on March 31 and whenever there are indicators of impairment. b) Measurement of Expected Credit Loss (ECL) for uncollectible trade receivables and contract assets The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision matrix is initially based on the Group’s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. Also refer to Note 26 and 27. c) Loyalty programs Customers are entitled to loyalty points on certain transactions that can be redeemed for future qualifying transactions. The Group estimates revenue allocation between the loyalty program and the other components of the sale with assumptions about the expected redemption rates. The Group considers the likelihood that the customer will redeem the points. The Group updates its estimates of the points that will be redeemed on a quarterly basis and any adjustments to the contract liability balance are charged against revenue. Also refer to Note 35. d) Taxes Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, future tax planning strategies and recent business performances and developments. The Group has not recognized deferred tax asset on unused tax losses and temporary differences in most of the subsidiaries of the Group. Also refer to Note 25. e) Defined benefit plans The costs of post retirement benefit obligation under the Gratuity plan are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Also refer to Note 34 for assumptions and sensitivities. f) Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using observable inputs (such as market interest rates) when available. g) Useful life of Intangible assets The useful lives of the Group’s intangible assets are determined by management at the time the asset is acquired based on historical experience, after considering market conditions, industry practice, technological developments, obsolescence and other factors. The useful life is reviewed by management periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. h) Recognition of variable consideration incentives pertaining to air ticketing The Company receives incentives from Global Distribution System (“GDS”) providers for achieving minimum performance thresholds of ticket segments sales over the term of the agreement. The Company does not have a right to payment until the ticket segment thresholds as agreed are met. The variable considerations (i.e. incentives) to be included in the transaction price is estimated at inception and adjusted at the end of each reporting period as additional information becomes available only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. the Company’s ability to achieve sales targets set by the GDS providers Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2023 | |
Segment information | 5. Segment information For management purposes, the Group is organized into lines of business (LOBs) based on its products and services and has three reportable segments as mentioned below. The LOBs offer different products and services, and are managed separately because the nature of products and/ or methods used to distribute the services are different. For each of these LOBs, the Chief Executive Officer (CEO) reviews internal management reports for making decisions related to performance evaluation and resource allocation. Thus, the CEO is construed to be the Chief Operating Decision Maker (CODM). The CODM uses Adjusted Margin, a non IFRS measure, to assess segment profitability and in deciding how to allocate resources and in assessing performance. The Adjusted Margin is arrived at by (i) adding back customer inducement costs including customers incentives, customer acquisition cost and loyalty program costs, which are recorded as a reduction of revenue, and (ii) reducing service costs, from the ‘Revenue as per IFRS - Rendering of services.’ The following summary describes the operations in each of the Group’s reportable segments: 1. Air Ticketing: Through internet, mobile based platform and call-centers, the Group provides the facility to book and service international and domestic air tickets to ultimate customers through B2C (Business to Consumer), Business to Enterprise (B2E) and B2B2C (Business to Business to Consumer) channels. 2. Hotels and Packages: Through an internet and mobile based platform and call-centers, the group provides holiday packages and hotel reservations. For internal reporting purpose, the revenue related to Airline Ticketing issued as a component of group developed holiday package is assigned to Hotel and Package segment and is recorded on a gross basis. The hotel reservations form integral part of the holiday packages and, accordingly, is treated as one reportable segment due to similarities in the nature of services. 3. Other services primarily include the income from sale of rail and bus tickets and income from freight forwarding services. The Other services do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements. However, management has considered this as the reportable segment and disclosed it separately, since the management believes that information about the segment would be useful to users of the consolidated financial statements. During the year ended March 31, 2023, the management has made certain changes in the presentation of segment information, among other matters, to align with recent changes in the internal management reports. These changes include (a) presentation of Revenue as per IFRS from rendering of services as starting point in the segment information instead of ‘Segment revenue’ (where segment revenue was arrived at after adding back customer inducement and acquisition cost to Revenue as per IFRS), (b) change in manner of presenting non-reportable segments, (c) consequential changes in presentation of reconciliation, and (d) change in nomenclature of segment profitability measure from ‘segment result’ to ‘Adjusted Margin.’ The management has also made corresponding changes in the segment information for the years ended March 31, 2022 and March 31, 2021. Apart from the revisions in the presentations and nomenclatures used, there is no change in the profitability measure that is used by the CODM for making decisions. Information about Reportable Segments: Summary of information about reportable segments 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Reportable segments Air Ticketing Hotels and Packages Other Services Total Particulars Mar-31 Mar-31 Mar-31 Mar-31 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Revenue as per IFRS - Rendering of services * 893,039 1,150,474 1,779,972 173,397 520,740 1,471,270 31,426 146,178 154,305 1,097,862 1,817,392 3,405,547 Customer inducement and acquisition costs 594,426 1,060,600 2,555,320 199,409 237,695 263,756 15,752 15,326 23,380 809,587 1,313,621 2,842,456 Service cost - - - (22,276 ) (159,284 ) (669,099 ) - - - (22,276 ) (159,284 ) (669,099 ) Adjusted Margin 1,487,465 2,211,074 4,335,292 350,530 599,151 1,065,927 47,178 161,504 177,685 1,885,173 2,971,729 5,578,904 Other revenue # 173,406 171,984 421,717 Other income 132,045 158,648 152,520 Customer inducement and acquisition costs (recorded as a reduction of revenue) (809,587 ) (1,313,621 ) (2,842,455 ) Personnel expenses (778,915 ) (1,021,881 ) (1,148,434 ) Marketing and sales promotion expenses (79,584 ) (124,147 ) (336,472 ) Other operating expenses (978,315 ) (893,313 ) (1,554,963 ) Depreciation and amortization (749,480 ) (308,153 ) (190,152 ) Impairment of goodwill (264,909 ) - - Impairment of loan to joint venture - (72,719 ) (1,000 ) Share of loss of joint venture (3,962 ) 41,616 - Finance income 81,604 47,816 28,944 Finance cost (117,252 ) (100,453 ) (326,399 ) Listing and related expenses - (55,818 ) (23,591 ) Change in fair value of warrants gain 378,994 32,756 - Loss before taxes (1,130,782 ) (465,556 ) (241,380 ) Tax expense (64,096 ) (16,906 ) (46,788 ) Loss for the period (1,194,878 ) (482,462 ) (288,168 ) * There were no inter-segment revenue during the year ended March 31, 2023, March 31, 2022 and March 31, 2021. This amount constitutes ‘revenue from external customer’ only. # Other revenue primarily comprises the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements. Assets and liabilities are not identified to any reportable segments, since the Group uses them interchangeably across segments and, consequently, the Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities. Reconciliation of Reportable Segments Revenue to the Group’s Total Revenue: Particulars Total March 31 2021 2022 2023 Revenue as per IFRS - Rendering of services 10,97,862 18,17,392 34,05,547 Other revenue 1,73,406 1,71,984 4,21,717 Total Revenue 12,71,268 19,89,376 38,27,264 Geographical Information: Given that Company’s products and services are available on a technology platform to customers globally, consequently, the necessary information to track accurate geographical location of customers is not available. Non-current assets are disclosed based on respective physical location of the assets. Summary of non-current assets by physical location Non Current Assets* March 31, 2022 March 31, 2023 India 1,003,868 1,025,568 Others 98 - Total 1,003,966 1,025,568 * Non-current assets presented above represent property, plant and equipment, right-of-use assets and intangible assets and goodwill. Major Customers: Considering the nature of business, customers normally include individuals and business enterprises. Further, none of the corporate and other customers account for more than 10% or more of the Group’s revenues in any of the three year’s presented. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Group information
Group information | 12 Months Ended |
Mar. 31, 2023 | |
Group information | 6. Group information The consolidated financial statements of the Group includes: Information about group subsidiaries Schedule of interest in subsidiaries % Equity interest Name Principal activities Country of incorporation March 31, 2022 March 31, 2023 THCL Travel Holding Cyprus Limited Investment Company Cyprus 100 100 Yatra USA Corp Investment Company USA 100 ** 100 ** Yatra USA, LLC Travel & Travel related services USA 100 100 Asia Consolidated DMC Pte. Ltd. Travel & Travel related services Singapore 100 100 Middle East Travel Management Company Private Limited Travel & Travel related services India 100 100 Yatra Online Limited (formerly known as Yatra Online Private Limited) Travel & Travel related services India 98.55 * 98.59 * Yatra Corporate Hotel Solutions P. Ltd. Travel & Travel related services India 98.55 # 98.59 # TSI Yatra Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra TG Stays Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra Hotel Solutions Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) Travel & Travel related services India 98.55 # 98.59 # Travel.Co.In Private Limited (formerly known as Travel.Co.In Limited (TCIL)) Travel & Travel related services India 98.55 # 98.59 # Yatra Online Freight Services Private Limited Freight forwarding services India 98.55 # 98.59 # Yatra Middle East L.L.C-FZ Computer programming, consultancy and related activities United Arab Emirates - 98.59 #/*** * Remaining shares of 1.41 1.45 # Remaining shares of 1.41 1.45 ** Includes 18.63 20.93 15,000 206,223 *** On February 9, 2023, Yatra Middle East L.L.C.-FZ was incorporated in Dubai, United Arab Emirates with principal activities of Computer programming, consultancy and related activities. Yatra Online, Inc. (the “Company”), through its subsidiary, Yatra Online Limited (formerly known as Yatra Online Private Limited) holds all of the outstanding shares of Yatra Middle East L.L.C.-FZ. Joint Venture The group has a 50% interest in Adventure and Nature Network Pvt. Ltd. (March 31, 2022: 50% ). For more detail, refer to Note 14. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Fair value measurement
Fair value measurement | 12 Months Ended |
Mar. 31, 2023 | |
Fair value measurement | 7. Fair value measurement Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments that are carried in the financial statements. Fair values The management assessed that the fair values of trade receivables, cash and cash equivalent, term deposits, trade payables, borrowings and other liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments. Summary of comparison by class of carrying amount and fair value of the group's financial instruments Carrying value Fair value As at March 31, As at March 31, As at March 31, As at March 31, 2022 2023 2022 2023 Financial assets Assets carried at amortized cost Trade and other receivables 1,934,713 3,061,209 1,934,713 3,061,209 Cash and cash equivalents 800,282 503,601 800,282 503,601 Term deposits 568,264 587,375 568,264 587,375 Other financial assets 120,385 122,312 120,385 122,312 Total 3,423,644 4,274,497 3,423,644 4,274,497 Financial liabilities Liabilities carried at fair value Share warrants* - - - - Total - - - - Liabilities carried at amortized cost Trade and other payables 2,437,317 2,176,353 2,437,317 2,176,353 Borrowings 358,580 2,396,494 358,580 2,396,494 Other liabilities 566,901 514,562 566,901 514,562 Total 3,362,798 5,087,409 3,362,798 5,087,409 * The fair value of these warrant are INR Nil, refer to Note 36. Fair value hierarchy The table below analysis financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: ● 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 asset or liability that are not based on observable market data (unobservable inputs). Schedule of financial instruments by fair value hierarchy March 31, 2022 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits - 568,264 - 568,264 Other financial assets - 120,385 - 120,385 Total assets - 688,649 - 688,649 Liabilities carried at fair value Warrants** - - - - Liabilities carried at amortized cost Borrowings - 358,550 - 358,580 Other liabilities - 308,702 - 308,702 Total Liabilities - 667,282 - 667,282 March 31, 2023 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits - 587,375 - 587,375 Other financial assets - 122,312 - 122,312 Total assets - 709,687 - 709,687 Liabilities carried at fair value Warrants** - - - - Liabilities carried at amortized cost Borrowings - 2,396,493 - 2,396,493 Other liabilities - 353,155 - 353,155 Total Liabilities - 2,749,648 - 2,749,648 ** The fair value of these warrant are INR Nil, refer to Note 36. There were no transfers between Level 1, Level 2 and Level 3 during the year. Valuation Techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring fair values at March 31, 2022 and March 31, 2023 as well as the significant unobservable inputs used. Schedule of valuation techniques and significant unobservable inputs Type Valuation technique Significant unobservable inputs Inter-relationship between significant unobservable inputs and fair value measurement A. Financial Instruments measured at fair value: Warrants Black- Scholes model: The valuation model considers the share price on measurement date, expected term of the instrument, risk free rate (based on government bonds), expected volatility and expected dividend rate. Expected term : 0.16 years (PY: 0.66 years) 4.72 % (PY 1.11 %) The estimated fair value would increase (decrease) if : • the expected term were higher (lower) • the risk free rate were higher (lower) Quoted Warrants Fair market value - - B. Financial Instruments for which fair value is disclosed: Borrowings Discounted cash flows Prevailing interest rate in market, future payouts. - Term deposits Discounted cash flows Prevailing interest rate to discount future cash flows - Other financial assets Discounted cash flows Prevailing interest rate to discount future cash flows - Other liabilities Discounted cash flows Prevailing interest rate to discount future cash flows - Below is reconciliation of fair value measurements categorized within level 1 & level 3 of the fair value hierarchy Schedule of reconciliation of fair value measurements categorized within level 1 and level 3 of the fair value hierarchy April 1, 2021 Charge to profit or loss Effects of movements in foreign exchange rates March 31, 2022 Charge to profit or loss Effects of movements in foreign exchange rates March 31, 2023 Macquarie Corporate Holdings Pty Limited - Ordinary Warrants ( refer note 36) 436 (444 ) 8 - - - - Quoted Warrants* 31,955 (32,312 ) 357 - - - - Total 32,391 (32,756 ) 365 - - - - * On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants (the “Warrants”) to purchase an aggregate of 17,337,500 Ordinary Shares expired. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Rendering of services
Rendering of services | 12 Months Ended |
Mar. 31, 2023 | |
Rendering of services | 8 Rendering of services 8.1 Disaggregation of revenue In the following tables, revenue is disaggregated by product type Revenue by Product types Schedule of revenue by product type and customer type 2021 2022 2023 March 31, 2021 2022 2023 Air Ticketing (Refer note 1 below) 893,039 1,150,474 1,779,972 Hotels and Packages 173,397 520,740 1,471,270 Other Services 31,426 146,178 154,306 Rendering of services 1,097,862 1,817,392 3,405,548 Note 1: During the current year, in respect of incentive receivable from GDS providers, the management has determined that it is highly probable that the Group will comply the prescribed conditions and a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved and accordingly, the Group has recognised revenue amounting to INR 185,991 ** (March 31, 2022: INR Nil ), proportionately for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement with corresponding recognition of contract assets, since the receipt of consideration is conditional on achieving ticket segment thresholds as specified. The Group expects to meet remaining conditions by March 31, 2024 and realizing the variable constraint amount. The Group has applied the most likely amount method to estimate the variable consideration as it involves binary outcome. **INR 98,863 represents revenue recognised from performance obligations satisfied in previous periods. 8.2 Contract balances Contract assets Contract assets primarily relate to the Group’s rights to consideration from travel suppliers (including GDS providers) in exchange for services that the Company has transferred to the traveler when that right is conditional on the Company’s future performance. The contract assets are transferred to receivables when the rights to consideration become unconditional. This usually occurs when the Group issues an invoice to the travel suppliers once they confirm of achievement of targets. The Group expects to meet pending conditions in one year and realise most of the contract asset amount. Summary of contract assets March 31, 2022 2023 Contract Assets 11 190,598 Changes in contract assets are as follows: Changes in contract assets 2022 2023 March 31, 2022 2023 Balance at the beginning of the year 626 11 Revenue recognised during the year # 11 190,598 Billed during the year (626 ) (11 ) Balance at the end of the year 11 190,598 # Refer to para 8.1 – Note 1 above for details about contract assets for the year ended March 31, 2023 Contract liabilities A contract liability is the obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Contract liabilities primarily relate to the consideration received from customers for travel bookings in advance of the Group’s performance obligations which is classified as “advance from customers”, and consideration allocated to customer loyalty programs and advance received from GDS provider for bookings of airline tickets in future which is deferred, and which is classified as “deferred revenue”. Summary of contract liabilities March 31, 2022 2023 Advance from customer (refer to Note 37) 531,526 525,638 Deferred revenue (refer to Note 35) 248,177 45,721 Total Contract liabilities 779,703 571,359 As at March 31, 2022, INR 531,526 (March 31, 2021: INR 537,002 ) of advance consideration received from customers for travel bookings was reported within contract liabilities, INR 190,418 (March 31, 2022: INR 238,110 ) of which was applied to revenue and INR 5,366 (March 31, 2022: INR 12,914 ) was refunded to customers during the year ended March 31, 2023. As at March 31, 2023, the related balance was INR 525,638 (March 31, 2022: INR 531,526 ). No information is provided about remaining performance obligations at March 31, 2023 and March 31, 2022 that have an original expected duration of one year or less, as allowed by IFRS 15. |
Other revenue
Other revenue | 12 Months Ended |
Mar. 31, 2023 | |
Other Revenue | |
Other revenue | 9 Other revenue Schedule of other revenue 2021 2022 2023 March 31, 2021 2022 2023 Marketing revenue 173,406 171,984 421,717 Total 173,406 171,984 421,717 Primarily comprising advertising revenue and fees for facilitating website access to travel insurance providers. |
Other income
Other income | 12 Months Ended |
Mar. 31, 2023 | |
Other income | 10 Other income Schedule of other income 2021 2022 2023 March 31, 2021 2022 2023 Liability no longer required to be paid 87,925 119,708 140,693 Government grant 7,883 - - Gain on termination/rent concession of leases 33,238 35,847 1,811 Gain on sale of property, plant and equipment (net) 2,480 1,931 3,800 Miscellaneous income 519 1,162 6,216 Total 132,045 158,648 152,520 Government grant includes the Company’s entitlement to receive duty credit scripts as grant under Service Exports from India Scheme (SEIS) from the Government of India on achievement of certain conditions as notified under the scheme. Such scripts can be utilized against the payment of custom duty at the time of import of goods or services to India. Refer to note 27 for more details. Liability no longer required to be paid represent trade payables, that through the expiry of time, the Group has no further legal obligation to vendors. Gain on termination/ rent concession of leases income include Nil (March 31, 2022: INR 8,485 and March 31, 2021: INR 22,036 ) gain on account of rent concession occurring as a direct consequence of the Covid-19 pandemic. |
Personnel expenses
Personnel expenses | 12 Months Ended |
Mar. 31, 2023 | |
Personnel Expenses | |
Personnel expenses | 11 Personnel expenses Schedule of personnel expenses 2021 2022 2023 March 31, 2021 2022 2023 Salaries, wages and other short term employee benefits 635,667 741,639 907,523 Contributions to defined contribution plans 30,301 37,880 47,321 Expenses related to defined benefit plans (refer to Note 34) 14,345 13,878 11,321 Share based compensation costs 77,100 209,557 152,054 Employee welfare expenses 21,502 18,927 30,215 Total 778,915 1,021,881 1,148,434 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Mar. 31, 2023 | |
Other operating expenses | 12 Other operating expenses Schedule of other operating expenses 2021 2022 2023 March 31, 2021 2022 2023 Commission 31,558 113,947 315,137 Communication 119,844 135,004 164,637 Legal and professional fees 309,027 179,353 301,252 Outsourcing fees 21,336 20,304 28,764 Payment gateway and other charges 151,556 256,353 397,590 Advances provision (refer to Note 21) 15,106 5,326 38,860 Trade and other receivables provision (refer to Note 26) 178,342 26,412 115,006 Security deposit and other assets provision (refer to Note 27) 6,743 - 741 Duties and taxes 16,343 12,178 14,632 Rent 9,418 2,330 1,832 Repairs and maintenance 32,169 31,813 44,387 Travelling and conveyance 3,641 12,705 32,126 Insurance 59,428 76,371 76,170 Corporate social responsibility (CSR) expense 2,620 1,950 - Miscellaneous expenses 21,184 19,267 23,829 Total 978,315 893,313 1,554,963 |
Depreciation and amortization
Depreciation and amortization | 12 Months Ended |
Mar. 31, 2023 | |
Depreciation and amortization | 13 Depreciation and amortization Schedule of depreciation and amortization 2021 2022 2023 March 31, 2021 2022 2023 Depreciation 33,893 14,752 14,307 Amortization 627,651 230,758 119,196 Depreciation on right of use assets 87,936 62,643 56,649 Total 749,480 308,153 190,152 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Investment in joint venture
Investment in joint venture | 12 Months Ended |
Mar. 31, 2023 | |
Investment in joint venture | 14. Investment in joint venture The Group entered into an agreement with with Snow Leopard Pvt. Ltd (SLA) on September 28, 2012 to set up a Joint venture company Adventure and Nature Network Private Limited (ANN) to do business in adventure travel, having its principal place of business in India. The Group contributed during the financial year ended March 31, 2023: Nil (March 31, 2022: Nil and March 31, 2021: Nil ) to maintain its 50 % stake in the joint venture company. Both Group and SLA have equal right in management of ANN requiring unanimous decision in board meetings and shareholder’s meetings. Investment in joint venture is accounted for using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures Summarized statement of financial position of ANN: Summarized financial position and profit or loss of ANN 2022 2023 March 31, 2022 2023 Current Assets Cash and cash equivalents 664 592 Other current financial assets 1,548 1,289 Non-current liabilities Employee benefits (117 ) (157 ) Current liabilities Borrowings (57,700 ) (58,700 ) Trade and other payables (4,073 ) (10,625 ) Employee benefits (364 ) (297 ) Other non-financial liability (34,758 ) (34,508 ) Equity (94,800 ) (102,406 ) Group’s carrying amount of the investment ( 50 %) (47,400 ) (51,203 ) True-up of carrying value to group share loss * 47,400 51,203 Net carrying amount of investment - - * Upto March 31, 2023, the Group had advanced INR 57,200 (March 31, 2022: 56,200 ) to the joint venture. The Group has the right to set off the outstanding loan amount given by it to the joint venture against its obligation to contribute toward losses of the joint venture. As at March 31, 2023, the loan outstanding, including interest thereon, amounts to INR 73,719 (March 31, 2022: INR 72,719 ). The Group, based on its assessment of the expected credit loss under IFRS 9 has recorded impairment of INR 1,000 (March 31, 2022: INR 72,719 and March 31, 2021: INR Nil ) in the statement of profit and loss for impairment of loan to joint venture. The Group’s share of cumulative loss of the Joint venture in excess of the carrying value of the investment till March 31, 2023 is INR 51,203 (March 31, 2022: INR 47,400 ) is lower than the loan outstanding including interest thereon to the joint venture of INR 73,719 (March 31, 2022: INR 72,719 ) which is fully impaired. Post impairment of loan under IFRS 9, considering the right to set off the loan with its obligation, the Group has trued-up its obligation to contribute towards the losses of the joint venture as at Mar 31, 2023, resulting in cumulative reversal of INR 51,201 (March 31, 2022: 47,400 ) and net reversal of INR 3,803 (March 31, 2022: INR 47,400 ) for the year ended March 31, 2023. Share of loss of joint venture of INR Nil (March 31, 2022: 41,616 3,803 (March 31, 2022: INR 47,400 ) and Group’s share of loss of INR 3,803 (March 31, 2022: INR 5,784 ). Summarized statement of profit or loss of ANN: 2021 2022 2023 March 31, 2021 2022 2023 Revenue 13,649 4,999 7,554 Other operating expenses, including depreciation INR Nil (March 31, 2022: INR 86 and March 31, 2021: INR 1,663 ) (12,245 ) (7,656 ) (5,931 ) Finance cost (9,328 ) (8,911 ) (9,230 ) Loss before tax (7,924 ) (11,568 ) (7,607 ) Income tax expense - - - Loss for the year (7,924 ) (11,568 ) (7,607 ) Group’s share of loss for the year ** (3,962 ) (5,784 ) (3,803 ) The joint venture had contingent liabilities as at March 31, 2023: INR 4,321 (March 31, 2022: INR 4,458 ). The joint venture had no capital commitments as at March 31, 2023 and as at March 31, 2022. ANN can’t distribute its profits without the consent from the two venture partners. ** Both Group and SLA have an obligation to contribute equally towards the losses of the joint venture, in excess of their respective investments. Accordingly, the Group has recognised its share of such losses for determining the Group’s cumulative obligation to contribute towards the losses. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Finance income
Finance income | 12 Months Ended |
Mar. 31, 2023 | |
Finance income | 15. Finance income Schedule of finance income 2021 2022 2023 March 31, 2021 2022 2023 Interest income on : - Bank deposits recognised at amortised cost 46,236 25,804 14,354 - Others * 32,529 10,365 3,521 Foreign exchange gain (net) 58 8,346 7,655 Unwinding of other financial assets 2,781 3,301 3,414 Total 81,604 47,816 28,944 * Interest income on others include interest income on loan given to joint venture of INR Nil (March 31, 2022: INR 4,240 and March 31, 2021: INR 7,206 ). |
Finance cost
Finance cost | 12 Months Ended |
Mar. 31, 2023 | |
Finance cost | 16. Finance cost Schedule of finance cost 2021 2022 2023 March 31, 2021 2022 2023 Bank charges 10,436 5,546 78,091 Foreign exchange loss (net) 11,584 - - Interest on borrowings recognised at amortised cost 18,909 6,946 129,888 Interest on lease liabilities 72,033 43,871 35,992 Unwinding of other financial liabilities 4,290 44,090 51,878 Others - - 30,550 Total 117,252 100,453 326,399 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income taxes | 17. Income taxes A) (Loss)/Profit for the year before income taxes are as follows: Schedule of loss before income taxes March 31, 2021 2022 2023 Domestic 64,737 (145,363 ) (353,088 ) Foreign operations (1,195,519 ) (320,193 ) 111,708 Total (1,130,782 ) (465,556 ) (241,380 ) B) The major components of income tax expense for the years ended 31 March, 2021, 2022 and 2023 are: Summary of components of income tax expense 2021 2022 2023 March 31, 2021 2022 2023 Current Period 8,680 14,478 52,046 Current income tax expenses 8,680 14,478 52,046 Origination and reversal of temporary differences 55,416 2,428 (5,258 ) Deferred tax (benefit)/ expense 55,416 2,428 (5,258 ) Total income tax expenses as reported in statement of profit or loss 64,096 16,906 46,788 C) Reconciliation of tax expense and accounting profit multiplied by tax rate of each jurisdiction in which the Group operates Reconciliation of tax expense and accounting profit multiplied by tax rate 2021 2022 2023 March 31, 2021 2022 2023 Loss for the year * (1,194,878 ) (482,462 ) (288,168 ) Income tax expense/(reversal) 64,096 16,906 46,788 Loss before income taxes (1,130,782 ) (465,556 ) (241,380 ) Expected tax expense at statutory income tax rate (193,762 ) (105,537 ) 32,760 Non-deductible expenses 2,307 17,024 19,074 Utilization of previously unrecognised tax losses (1,181 ) (13,134 ) (42,671 ) Current year losses for which no deferred tax asset was recognized 159,102 174,746 36,761 Reversal of deferred tax assets recognised in earlier years 77,636 - - Change in unrecognised temporary differences 17,297 (58,979 ) 209 Effect of change in tax rate (1,908 ) Others 2,697 2,786 2,563 Total income tax expense 64,096 16,906 46,788 * Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries). The domicile of the Parent Company is Cayman Islands, wherein the applicable tax rate is Nil (March 31, 2022: Nil). The Group’s two major tax jurisdictions are India and Singapore with tax rates ranging between 25.17 % to 26.00 % (March 31, 2022: 25.17 % to 31.20 % and March 31, 2021: 25.17 % to 31.20 %) in India and 17 % (March 31, 2022: 17 % and March 31, 2021: 17 %) in Singapore, that have been applied to profit or loss of the respective jurisdiction for determination of expected tax expense. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Loss per share
Loss per share | 12 Months Ended |
Mar. 31, 2023 | |
Loss per share | 18. Loss per share Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders (after adjusting for loss attributable to convertible Swap shares of non-controlling interest) by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following reflects the income and share data used in the basic loss per share computations: Summary of income and share data used in the basic and diluted loss per share computations 2021 2022 2023 March 31, 2021 2022 2023 Loss attributable to ordinary shareholders - Basic (1,177,343 ) (477,850 ) (289,242 ) Weighted average number of ordinary shares outstanding used in computing basic loss per share 57,771,701 62,352,494 62,991,006 Basic loss per share (20.38 ) (7.66 ) (4.59 ) The following reflects the income and share data used in the diluted loss per share computations: 2021 2022 2023 March 31, 2021 2022 2023 Loss attributable to ordinary shareholders-Basic (1,177,343 ) (477,850 ) (289,242 ) Add: Loss attributable to non-controlling interest (17,535 ) - - Loss attributable to ordinary shareholders-Dilutive (1,194,878 ) (477,850 ) (289,242 ) Weighted average number of ordinary shares outstanding used in computing diluted loss per share 58,514,103 62,352,494 62,991,006 Diluted loss per share (20.42 ) (7.66 ) (4.59 ) Refer to Note 29 for the detailed movement in share capital during the financial year. Loss attributable to shareholders is allocated equally for each class of share. At March 31, 2023, 701,582 ordinary shares (March 31, 2022: 2,025,975 and March 31, 2021: 709,585 ), issuable against employee share options and restricted share, Nil ordinary shares (March 31, 2022: Nil and March 31, 2021: Nil ) issuable against conversion right with subsidiary’s equity shares (refer to note 29), were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. The Company also excludes options with exercise prices that are greater than the average market price from the calculation of diluted EPS because their effect would be anti-dilutive. For calculation of diluted EPS, since the exercise price of share warrants is greater than fair market value, these are assumed to be out of money and considered not to be exercisable as on balance sheet date. These potential ordinary shares are not considered for calculation of dilutive impact of earning per share because their effect would be anti-dilutive. The Performance Stock Units (PSU)s are treated as contingently issuable shares because their issue is contingent upon satisfying specified conditions (i.e., agreed market price) in addition to the passage of time. The number of contingently issuable shares to be included in the diluted EPS calculation is based on the number of shares that would be issuable if the end of the period were the end of the contingency period. The contingently issuable shares are not included in the diluted EPS calculation since no shares would be issued if the market price as at March 31, 2022 and March 31, 2023 were the market price at the end of the contingency period. Hence, these units are also anti-dilutive. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment | 19. Property, plant and equipment Reconciliation of changes in property, plant and equipment Leasehold Improvements Computer and Peripherals Furniture and Fixtures Vehicles Office Equipment Total Gross block At April 1, 2021 201 338,463 2,284 60,160 28,785 429,893 Additions - 5,713 - 7,013 41 12,767 Disposals/adjustment - (17,987 ) (120 ) (12,736 ) (1,822 ) (32,665 ) Charge for the year 2,264 Effects of movements in foreign exchange rates 6 18 18 - 15 57 At March 31, 2022 207 326,207 2,182 54,437 27,019 410,052 Additions - 6,982 345 36,482 376 44,185 Disposals/adjustment - (14,868 ) (99 ) (19,324 ) (2,249 ) (36,540 ) Effects of movements in foreign exchange rates 21 - 52 - 66 139 At March 31, 2023 228 318,321 2,480 71,595 25,212 417,836 Depreciation At April 1, 2021 76 332,569 1,905 46,915 24,083 405,548 Charge for the year 76 5,688 136 6,588 2,264 14,752 Disposals/adjustment - (17,987 ) (120 ) (12,370 ) (1,822 ) (32,299 ) Effects of movements in foreign exchange rates 4 18 18 - 14 54 At March 31, 2022 156 320,288 1,939 41,133 24,539 388,055 Charge for the year 52 3,828 168 8,761 1,500 14,309 Disposals/adjustment - (14,868 ) (99 ) (13,382 ) (2,157 ) (30,506 ) Effects of movements in foreign exchange rates 19 - 52 - 65 136 At March 31, 2023 227 309,248 2,060 36,512 23,947 371,994 Net block At March 31, 2022 51 5,919 243 13,304 2,480 21,997 At March 31, 2023 1 9,072 421 35,083 1,265 45,843 The carrying value of vehicles held under vehicle loan have a gross book value of INR 35,483 (March 31, 2022: INR 27,518 ), depreciation charge for the year of INR 4,981 (March 31, 2022: INR 4,630 ), accumulated depreciation of INR 5,184 (March 31, 2022: INR 14,224 ), net book value of INR 30,299 (March 31, 2022: INR 13,294 ). Vehicles are pledged as security against the related vehicle loan. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets And Goodwill | |
Intangible assets and goodwill | 20. Intangible assets and goodwill Schedule of reconciliation of changes in intangible assets and goodwill, including gross, amortization, and net amounts Computer software and Websites Intellectual property rights Agent / Supplier/ relationship Customer relationship Non compete agreement Trademarks Goodwill Intangible under development Total Gross block At March 31, 2021 2,366,930 59,209 222,169 140,336 22,171 271,329 1,015,099 17,078 4,114,321 Additions 72,655 - - - - - - 92,089 164,744 Disposals/adjustment (110 ) - - - - - - (71,763 ) (71,873 ) Charge for the year - Impairment of goodwill - Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2022 2,439,475 59,209 222,169 140,336 22,171 271,329 1,015,099 37,404 4,207,192 Additions 140,032 - - - - - - 145,760 285,791 Disposals/adjustment (3,791 ) - - - - - - (139,892 ) (143,667 ) Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2023 2,575,716 59,209 222,169 140,336 22,171 271,329 1,015,099 43,272 4,349,316 Amortization and Impairment At March 31, 2021 2,090,383 58,448 200,798 95,441 20,977 271,329 486,908 - 3,224,284 Charge for the year 203,499 761 17,097 8,979 422 - - - 230,758 Disposals (110 ) - - - - - - - (110 ) Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2022 2,293,772 59,209 217,895 104,420 21,399 271,329 486,908 - 3,454,932 Charge for the year 105,521 - 4,274 8,979 422 - - 119,196 Disposals (3,791 ) - - - - - - - (3,791 ) Impairment of goodwill - - - - - - - - - Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2023 2,395,502 59,209 222,169 113,399 21,821 271,329 486,908 - 3,570,337 Net block At March 31, 2022 145,703 - 4,274 35,916 772 - 528,191 37,404 752,260 At March 31, 2023 180,214 - (0 ) 26,937 350 - 528,191 43,272 778,963 Impairment reviews Goodwill acquired through business combinations having indefinite lives are allocated to the CGUs. For the purpose of impairment testing, goodwill is allocated to a CGU representing the lowest level within the Group at which goodwill is monitored for internal management purposes and which is not higher than the Group’s operating segment. Carrying amount of goodwill has been allocated to the respective acquired subsidiaries level as follows: Schedule of carrying amount of goodwill March 31, 2022 2023 TSI Yatra Private Limited 103,670 103,670 Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited 219,163 219,163 Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) 205,358 205,358 Total 528,191 528,191 The recoverable amount of all CGUs was based on its value in use and was determined by discounting the future cash flows to be generated from the continuing use of the CGU. These calculations use cash flow projections over a period of five years, based on financial budgets approved by management, with extrapolation for the remaining period, and an average of the range of assumptions as mentioned below. The key assumptions used in value in use calculations: Summary of key assumptions used in calculations of value in use for CGUs March 31, 2022 2023 Pre-Tax Discount rate 23.67 %- 24.65 % 27.20 %- 30.18 % Terminal Value growth rate 5.0 % 5.0 % EBITDA margin over next 5 years ( March 31, 2022 : 5 years) 7.5 %- 25 % 20.1 %- 28.7 % Management has determined the values assigned to each of the above key assumptions as follows: Discount Rate: The discount rate represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). Terminal Value growth rate: This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports. EBITDA margin: EBITDA margin was based on expectations of future outcomes taking into account past experience, adjusted for anticipated revenue growth. Revenue growth was projected taking into account the average growth levels experienced in past, industry report and the estimated adjusted margin growth for future. The estimation of value in use reflects assumptions that are subject to various risks and uncertainties, including key assumptions regarding EBITDA margin, terminal value growth rate, and discount rate. It requires significant judgments and estimates, and actual results could be materially different than the judgments and estimates used to estimate value in use. Sensitivity change in assumptions The calculation of value in use for Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited” “Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited)” and TSI Yatra Private Limited is most sensitive to EBITDA margin, discount rate and long-term growth rate assumptions. For the year ended March 31, 2023 and March 31, 2022, an analysis of the calculation’s sensitivity to a change in the key parameters (EBITDA margin, discount rate and long-term growth rate) based on reasonably probable assumptions in TSI Yatra Private Limited, Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited” and “Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited)”, did not identify any probable scenarios where the CGUs recoverable amount would fall below their carrying amount. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Prepayments and other assets
Prepayments and other assets | 12 Months Ended |
Mar. 31, 2023 | |
Prepayments and other assets | 21 Prepayments and other assets Schedule of current and non-current prepayments and other assets 2022 2023 March 31, Current 2022 2023 Advance to vendors (net of allowance) 451,217 804,201 Balance with statutory authorities 39,906 41,973 Prepaid expenses 112,899 102,299 Due from employees 3,709 3,451 Total 607,731 951,924 Non-current Prepaid expenses 922 1,177 Total 922 1,177 Advances to vendor primarily consist of amounts paid to airline and hotels for future bookings. The movement in the allowance for doubtful advances: Schedule of changes in allowance for doubtful advances March 31, 2022 2023 Balance at the beginning of the year 19,941 22,967 Provisions accrued during the year 5,326 38,860 Amount written off during the year (2,300 ) (2,215 ) Balance at the end of the year 22,967 59,612 |
Other financial assets, Non-cur
Other financial assets, Non-current | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Assets Non-current | |
Other financial assets, Non-current | 22 Other financial assets, Non-current Schedule of other financial assets, Non-current March 31, 2022 2023 Security deposits 48,320 49,864 Total 48,320 49,864 Security deposit represents fair value at initial recognition of amount paid to landlord for the leased premises. Subsequently, such amounts are measured at amortised cost. As on March 31, 2023, remaining tenure for security deposits ranges from 1 to 5.5 years. |
Term deposits
Term deposits | 12 Months Ended |
Mar. 31, 2023 | |
Term Deposits | |
Term deposits | 23 Term deposits Schedule of term deposits 2022 2023 March 31, 2022 2023 Fixed deposits with banks 568,264 587,375 Total 568,264 587,375 Non-current - 6,158 Current 568,264 581,217 Total 568,264 587,375 Term deposits as on March 31, 2023, include INR 550,053 (March 31, 2022: INR 486,134 ) pledged with banks against bank guarantees and credit card facility (Refer to Note 32). Term deposits are made for varying periods of between 6 months and 3 years. |
Other non financial assets
Other non financial assets | 12 Months Ended |
Mar. 31, 2023 | |
Other Non Financial Assets | |
Other non financial assets | 24 Other non financial assets Schedule of other non financial assets 2022 2023 March 31, 2022 2023 Restricted asset 216,231 195,491 Total 216,231 195,491 Non-current 216,231 195,491 Total 216,231 195,491 Restricted asset include INR 194,409 (March 31, 2022: 189,267 ) in respect of mandatory pre-deposit required for service tax and income tax appeal proceedings in India, INR 1,081 (March 31, 2022: 1,081 ) in respect of refund claim application with the service tax authorities, INR NIL (March 31, 2022: INR 25,000 ) that was paid as pre-deposit in relation to an investigation initiated by Directorate General of Central Excise Intelligence (DGCEI) for certain service tax matters in India and INR Nil (March 31, 2022: 883 ) in respect of amount paid under protest to Goods and Services Tax (GST) department. The service tax & Income Tax amount has been paid under protest and the Group believes that it is not probable the demand will materialize. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Deferred Tax
Deferred Tax | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Tax | 25. Deferred Tax Unrecognised Deferred Tax Assets Deferred tax assets have not been recognized in respect of the following items : Schedule of unrecognized deferred tax assets As at March 31, Particulars 2022 2023 Deductible temporary differences 364,322 320,667 Tax loss carry forward and unabsorbed depreciation 3,065,233 2,584,488 Total 3,429,555 2,905,155 In the Group, there are few subsidiaries for which no deferred tax assets have been recognised on deductible temporary differences of INR 1,240,552 (March 31, 2022: 1,218,983 ) and tax losses of INR 7,613,049 (March 31, 2022: 7,836,815 ) and unabsorbed depreciation of INR 2,335,601 (March 31, 2022: 2,344,538 ), as it is not probable that taxable profit will be available in near future against which these can be utilized. Tax losses are available as an offset against future taxable profit expiring at various dates through 2031 and unabsorbed depreciation is available indefinitely for offsetting against future taxable profits. Recognised Deferred Tax Assets and Liabilities Schedule of recognized deferred tax assets For the Year Ended March 31, 2022 2023 Deferred tax assets are attributable to the following - Property, plant and equipment, intangible assets, and ROU assets 3,596 3,248 Trade and other receivables 2,281 4,046 Employee benefits 3,009 2,118 Unutilised business losses 42 294 Provision for expenses 25 142 Deferred tax asset 8,953 9,848 OCI gratuity 1,043 1,238 Total deferred tax asset (A) 9,996 11,086 Deferred tax liabilities are attributable to the following - Property, plant and equipment, intangible assets, and ROU assets (11,513 ) (7,150 ) Total deferred tax liability (B) (11,513 ) (7,150 ) Net deferred tax asset/(liability) (A-B) (1,517 ) 3,936 Schedule of changes in deferred tax assets Particulars Balance as on March, 31 2021 Recognised in profit or loss Recognised in other comprehensive income Balance as on March, 31 2022 Property, plant and equipment, intangible assets, and ROU assets (8,778 ) 816 - (7,917 ) Trade and other receivables 4,656 (2,375 ) - 2,281 Employee benefit 2,531 478 - 3,009 Provision for expenses 1,459 (1,434 ) - 25 OCI gratuity 1,117 - (74 ) 1,043 Loss available for offsetting against future taxable income - 42 - 42 Deferred tax assets 985 (2,428 ) (74 ) (1,517 ) Particulars Balance as on March, 31 2022 Recognised in profit or loss Recognised in other comprehensive income Balance as on March, 31 2023 Property, plant and equipment, intangible assets, and ROU assets (7,917 ) 4,016 - (3,902 ) Trade and other receivables 2,281 1,765 - 4,046 Employee benefit 3,009 (891 ) - 2,118 Provision for expenses 25 117 - 142 OCI gratuity 1,043 - 195 1,238 Loss available for offsetting against future taxable income 42 252 - 294 Deferred tax assets (1,517 ) 5,258 195 3,936 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2023 | |
Trade and other receivables | 26 Trade and other receivables Schedule of trade and other receivables March 31, 2022 2023 Trade receivables (net of allowance) 1,897,590 2,817,604 Receivables from joint venture (net of allowance) (refer to note 41) - 530 Refund and other receivable (net of allowance) 37,112 52,478 Total 1,934,702 2,870,612 Contract Assets (refer to note 8) 11 190,598 11 190,598 Total 1,934,713 3,061,210 A trade receivable is a right to consideration that is unconditional upon passage of time. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. The trade receivables primarily consist of amounts receivable from airline’s, hotels, corporate’s and retail customers pertaining to the transaction value. The Group, pursuant to an arrangement with bank, discounted certain of its trade receivables on a recourse basis. The receivables discounted were mutually agreed upon with the bank after considering the creditworthiness and contractual terms with the customer. The duration of discounting are generally on terms of 45 to 90 days 1,210,777 390,443 1,089,699 351,399 The Group’s exposure to credit and currency risk is disclosed in Note 39. |
Other financial assets, current
Other financial assets, current | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Assets Current | |
Other financial assets, current | 27 Other financial assets, current Schedule of other financial assets, current March 31, 2022 2023 Interest accrued on term deposits 962 1,668 Security deposits (net of allowance) 12,800 12,735 Loans to joint venture (net of allowance) ( refer to note 41) - - Others (includes Government Grant) 54,594 54,594 Total 68,356 68,997 Security deposit represents amount paid to landlord for the leased premises. As on March 31, 2023, remaining tenure for security deposits ranges from 1 month to 5.5 years. In the statement of cash flows, interest reinvested in term deposits INR 10,025 (March 31, 2022: 5,547 ) has been adjusted against interest received under investing activities, i.e., treated as non-cash transactions. The movement in the allowance for doubtful other financial assets: Schedule of movement in allowance for doubtful security deposits 2022 2023 March 31, 2022 2023 Balance at the beginning of the year 5,414 78,133 Provisions accrued during the year * 72,719 1,741 Amount written off during the year - (1,578 ) Provision moved from allowance for doubtful trade and other receivables (refer note 26) - 429 Balance at the end of the year 78,133 78,725 * includes amount of INR 1,000 (March 31, 2022: INR 72,719 ) provision for impairment on loans to joint venture (refer note 14) The movement in the Government Grant during the year was as follows: Schedule of movement in government grant 2022 2023 March 31, 2022 2023 At 1 April 98,046 54,594 Recorded/ (trued- up) in statement of profit or loss (14,631 ) - Received during the year (28,821 ) - Effect of movement in exchange rate - - At 31 March 54,594 54,594 There are no unfulfilled conditions or contingencies attached to these grants. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and cash equivalents | 28 Cash and cash equivalents Schedule of cash and cash equivalents 2022 2023 March 31, 2022 2023 Cash on hand 255 125 Credit card collection in hand 167,837 207,235 Balances with bank 632,190 296,241 Total 800,282 503,601 Credit card collection in hand represents the amount of collection from credit cards swiped by the customers which is outstanding as at the year end and credited to Group’s bank accounts subsequent to the year end. At March 31, 2023, the Group had available INR 308,901 (March 31, 2022: INR 99,051 ) of undrawn borrowing facilities. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Equity share capital and share
Equity share capital and share premium | 12 Months Ended |
Mar. 31, 2023 | |
Equity share capital and share premium | 29. Equity share capital and share premium Schedule of authorized shares March 31, Authorized shares 2022 2023 Numbers of Shares Numbers of Shares Ordinary shares of INR 0.008 ($ 0.0001) each 500,000,000 500,000,000 Ordinary shares of INR 0.008 ($ 0.0001 ) each 500,000,000 500,000,000 Ordinary share Class A of INR 0.008 ($ 0.0001 ) each 10,000,000 10,000,000 Ordinary share Class F of INR 0.008 ($ 0.0001 ) each 3,159,375 3,159,375 Preference shares of INR 0.008 ($ .0001 ) each 10,000,000 10,000,000 523,159,375 523,159,375 There is no change in the authorized share capital of the Parent Company during the financial ending March 31, 2023 and March 31, 2022. A reconciliation of the shares outstanding at the beginning and end of the period is presented below: Schedule of changes in share capital and share premium Ordinary shares Numbers of Shares Share Capital Share Premium Balance as at April 1, 2021 62,126,623 838 20,240,055 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 459,213 4 46,419 Balance as at March 31, 2022 62,585,836 842 20,286,474 Balance as at April 1, 2022 62,585,836 842 20,286,474 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 1,062,091 8 102,325 Balance as at March 31, 2023 63,647,927 850 20,388,799 The Company has following classes of shares outstanding as follows: Schedule of Classes of Shares Outstanding Number of shares as at Class of shares Nominal value March 31, 2023 March 31, 2022 Ordinary shares* $ 0.0001 59,400,888 58,132,574 Ordinary shares class A $ 0.0001 2,392,168 2,392,168 Ordinary shares class F* $ 0.0001 1,854,871 2,061,094 * For movement in Ordinary shares class F to Ordinary shares, refer to note 6. Terms/ rights attached to Ordinary Shares The Parent Company has three class of ordinary shares outstanding, which entitles the holders with the following rights: Ordinary shares A holder of an ordinary share has one vote for each share of ordinary share held and entitled to receive dividends when declared by the board of directors. Ordinary shares Class A Class A shares have identical rights to the Parent Company ordinary shares, except the right to receive notice of, attend or vote as a member at any general meeting of shareholders, but may vote at a separate Class A shareholders’ meeting convened in accordance with the Parent Company Articles of Association. Ordinary shares Class F Class F shares shall have the right to receive notice of, attend at and vote as a member at any general meeting of shareholders, but are not entitled to receive dividends. Each of Class F shares issued and outstanding are convertible into 1.00001 In the event of liquidation of the Parent Company, the holders of Ordinary, Class A ordinary shares and Class F ordinary shares are entitled to receive remaining assets of the Parent Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. Shares reserved for issuance against equity instruments The Parent Company reserved 1,844 shares (March 31, 2022 - 1,844 , March 31, 2021- 1,844 ) for issuance at exercise price of INR 445.81 ($ 5.42 ). These shares are considered as equity instrument and are recorded at fair value at the date of transaction under IAS 32, refer to Note 30.1. Shares reserved for issue under options For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the Parent Company, refer to Note 30.2. Shares reserved for issue under warrant arrangement/agreement Yatra Online, Inc. (the Parent Company) and Yatra Online Limited (Yatra India), entered into share subscription cum shareholders’ agreement dated May 7, 2014, and share subscription cum shareholders’ agreement dated April 29, 2015 (together referred to as SHA), with IL&FS Trust Company Limited, Now, Vistra ITCL(India) Limited (in its capacity as a trustee for Pandara Trust –Scheme I(“Pandara Trust”)) and Capital18 Fincap Private Limited, now Network18 Media and Investments Limited(“Capital18”/”NW18”), (collectively the “Investors”). The NW18 and Pandara Trust (Shareholders of Yatra India) holds 109,348 109,348 43,136 43,136 Pursuant to SHA, the NW18 and Pandara Trust, were entitled to swap their Equity Shares having in Yatra India into 569,768 (March 31, 2022: 569,768) and 172,634 (March 31, 2022: 172,634) Ordinary Shares of the Parent Entity, respectively. These options are exercisable at sole discretion of non-controlling interest. These options, till the date of conversion, do not grant present access to ownership interest to the Group. Accordingly, in respect of these options, non-controlling interest is continued to be recognised. Pursuant to the Waiver and Termination Agreement dated March 23, 2022 (“SHA Amendment Agreement”), the Shareholders of Yatra India, have inter alia agreed to waive their swap rights contained under the SHA. Further, the parties to SHA Amendment Agreement have agreed, that said Amendment Agreement shall ipso facto terminate, without any further acts of the parties and without any liabilities or obligations whatsoever, upon the earlier of the following dates: On Termination of SHA Amendment Agreement, Shareholders of Yatra India entitlement to their swap right as per SHA will be restored. For details of shares reserved for issuance under the warrant agreement with Macquarie Corporate Holding Pty Limited, refer to Note 36. Schedule of changes in treasury shares Treasury shares Numbers of Shares Amount Balance as at April 1, 2021 999 11,219 Exercise of options - - Balance as at March 31, 2022 999 11,219 Balance as at April 1, 2022 999 11,219 Exercise of options - - Balance as at March 31, 2023 999 11,219 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Other capital reserve
Other capital reserve | 12 Months Ended |
Mar. 31, 2023 | |
Other capital reserve | 30. Other capital reserve Schedule of changes in other capital reserves Share-based Equity Instruments Reserve on expiry of warrant Warrant Total (Refer note 30.1) (Refer note 36) (Refer note 36) March 31, 2021 98,510 341 - 23,258 122,109 Share-based payments expense during the year 209,557 - - - 209,557 Exercised during the year (46,423 ) - - - (46,423 ) Forfeited during the year (440 ) - - - (440 ) Expired during the year (21,272 ) - - - (21,272 ) March 31, 2022 239,932 341 - 23,258 263,531 Share-based payments expense during the year 152,054 - - - 152,054 Exercised during the year (129,673 ) - - - (129,673 ) Forfeited during the year (4,518 ) - - - (4,518 ) Expired during the year - - 23,258 (23,258 ) - March 31, 2023 257,795 341 23,258 - 281,394 30.1 Equity instruments The Parent Company reserved 1,844 shares for the issuance at exercise price of INR 445.81 ($ 5.42 ). These shares are considered as equity instrument and are recorded at fair value at the date of transaction under IAS 32. 30.2 Share based payments 2006 Share Plan and 2006 India Share Plan The Parent Company has reserved an aggregate of 1,316,765 ordinary shares as at March 31, 2023 ( 1,316,765 ordinary shares as at March 31, 2022) for issuance to officers, directors and employees of the Company pursuant to its 2006 Share Plan and 2006 India Share Plan, both of which have been adopted by the board of directors (and the board of directors of Yatra India, in relation to the 2006 India Share Plan) and approved by the Parent Company shareholders (and the shareholders of Yatra India, in relation to the 2006 India Share Plan) (collectively, the “Plan”). Out of such reserved shares, options to purchase 203,855 ordinary shares have been granted and are outstanding as at March 31, 2023 (March 31, 2022: 204,224 ordinary shares). The share-based payment awards have the following vesting period under the same plan:- 50 % vest over 16 equal quarterly installments starting Dec 1, 2013; 25 % vest if the “2015 Milestones” are met and then in eight quarters starting July 1, 2015; 25 % vest if the “2016 Milestones” are met and then in four quarters starting July 1, 2016. The Parent Company has used the volatility of stocks of comparative companies with estimated life of options similar to its grants. The risk-free interest rate that is used in the option valuation model is based on U.S. treasury zero coupon bonds with a remaining term similar to the expected term of the options. The Parent Company does not anticipate paying any cash dividends in the foreseeable future and therefore has used an expected dividend yield of zero in the option valuation model. The Parent Company is required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. All stock-based payment awards are amortized on a graded-vesting basis over the requisite service periods of the awards, which are generally the vesting periods. The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: Summary of changes in share options outstanding March 31, 2022 2023 No. of shares Weighted average EP per share* No. of shares Weighted average EP per share Number of options outstanding at the beginning of the year 219,986 318.33 204,224 329.33 Granted during the year - - - - Forfeited during the year - - - - Expired during the year 15,762 351.37 369 356.65 Exercised during the year - - - - Number of options outstanding at the end of the year 204,224 329.33 203,855 356.65 Vested/exercisable 204,224 329.23 203,855 356.65 * The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 The weighted average remaining contractual life for the share options outstanding as at March 31, 2023 was 1.33 years (March 31, 2022: 2.33 years). The range of exercise prices for options outstanding at the end of the year was USD 4.34 4.34 5.42 356.65 329.23 411.54 During the year ended March 31, 2023, share based payment expense for these options was recognized under personnel expenses (refer to Note 11) amounted to INR Nil (March 31, 2022: INR Nil and March 31, 2021: INR Nil). The Parent Company did not grant any options under this plan during the fiscal year ended March 31, 2023 and March 31, 2022. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) 2016 Stock Option and Incentive Plan (the “2016 Plan”) On December 13, 2016, the Parent Company’s board of directors approved the 2016 Plan and on December 15, 2016, the Parent Company shareholders approved the 2016 Plan. The 2016 Plan enables the Parent Company to make equity based awards to its officers, employees, non-employee directors and consultants. The 2016 Plan provides for the grant of incentive share options, non-qualified share options, share appreciation rights, restricted share awards, restricted share units, unrestricted share awards, cash-based awards, performance share awards and dividend equivalent rights. The Parent Company has reserved for issuance 7,671,517 authorized but unissued ordinary shares under the 2016 Plan as on March 31, 2023, which shares are subject to an annual increase on January 1 of each year equal to three percent of the number of shares issued and outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the administrator of the 2016 Plan. The 2016 Plan limits the number or value of shares that may be granted to any participant in any one calendar year, among other limits. During the year ended March 31, 2023, the Parent Company pursuant to the “2016 Plan”, options to purchase Nil (March 31, 2022: Nil ) ordinary shares have been granted and 271,370 (March 31, 2022: 407,323 ) are outstanding as at March 31, 2023. The share-based payment awards have the following vesting period under the same plan:- 197,749 share options will vest over a period of four years in equal quarterly installments, with first such vesting on February 1, 2018 equivalent to 1/16th of the total number of stock options and with the last such vesting on November 1, 2021 21,769 share options will vest over a period of one year and four months in equal monthly installments commencing from first vesting on September 1, 2018 equivalent to 1/16th of the total number of stock options, with the last such vesting on June 1, 2022 3) 466,100 share options will vest over a period of four years in equal quarterly installments, with first such vesting on January 1, 2021 equivalent to 1/16th of the total number of stock options and with the last such vesting on October 01, 2024 The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: Summary of changes in share options outstanding March 31, 2022 March 31, 2023 No. of shares Weighted average EP per share* No. of shares Weighted average EP per share Number of options outstanding at the beginning of the year 681,227 293.23 407,323 246.66 Granted during the year - - - - Forfeited during the year 115,257 154.20 54,545 164.38 Expired during the year 158,647 560.80 81,408 362,67 Number of options outstanding at the end of the year 407,323 246.66 271,370 259.07 Vested/exercisable 191,988 352.82 175,918 311.02 * The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 The weighted average remaining contractual life for the share options outstanding as at March 31, 2023 was 5.30 years (March 31, 2022: 6.18 ). The range of exercise prices for options outstanding at the end of the year was USD 2.00 10.00 2.00 10.00 164.38 821.90 151.74 758.70 During the year ended March 31, 2023, share based payment expense for these options was recognized under personnel expenses (refer to Note 11) amounted to INR 1,568 (March 31, 2022: 11,192 and March 31, 2021: 10,987 ). The expected life of share options has been taken as mid point between first and last available exercise date. The expected volatility reflects the assumption based on historical volatility on the share prices of similar entities over a period. The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Restricted Stock Unit Plan (RSU) and Performance Stock Units (PSU) “2016 Plan” The Parent Company pursuant to the “2016 Plan” had approved a grant of 1,981,685 RSUs and PSU’s (March 31, 2022: 2,093,188 ) and 3,619,769 are outstanding as at March 31, 2023 (March 31, 2022: 2,762,509 ). The stock units have the following vesting period:- The stock units have the following vesting period:- 7,277 RSUs granted, these RSUs would vest over a period of four years in equal quarterly installments, vesting period of which will commence from July 01, 2017 with first such vesting on September 30, 2017 equivalent to one-sixteenth of these RSAs and with the last vesting to be done on or before June 30, 2021. 5,000 RSUs granted, vesting of these RSAs would commence from April 1, 2018 with first vesting equivalent to 1/4th of the Balance RSAs for the employee and 1/16th getting vested at the end of each subsequent quarters till April 1, 2021 687,857 RSUs granted, vesting of these RSUs would commence from July 1, 2020 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on June 30, 2024. 1,609,934 PSUs granted, vesting of these PSUs is linked to the performance of the Yatra share price and the trigger price points range from $ 1.80 to$ 10.00 . 692,000 RSUs granted, vesting of these RSUs would commence from June 4, 2021 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on March 1, 2025. Out of these 29,793 RSUs have been considered vested on grant date. 1,280,154 PSUs granted, vesting of these PSUs is linked to the performance of the Yatra share price and the trigger price points range from $ 2.50 to $ 4.00 . 67,877 RSUs granted to directors on quarterly basis in lieu of compensation for the financial year ended March 31, 2023. During the Financial Year 2022, 121,034 RSUs granted to directors in lieu of compensation. 649,500 RSUs granted, vesting of these RSUs would commence from May 19, 2022 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on March 1, 2026. 1,248,185 PSUs granted, vesting of these PSUs is linked to the performance of the Yatra share price and the trigger price points range from $ 2.50 to $ 4.00 . 84,000 RSUs granted, vesting of these RSUs would commence from September 22, 2022 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on September 1, 2026. Summary of changes in RSUs outstanding March 31, 2022 March 31, 2023 No. of shares No. of shares Number of RSU/PSU’s outstanding at the beginning of the year 1,222,271 2,762,509 Granted during the year 2,093,188 2,049,562 Forfeited during the year - - Expired during the year 93,737 - Vested/exercised during the year 459,213 1,062,081 Vested PSUs net settled for employee’s tax obligation * - 130,190 Number of RSU/PSU’s outstanding at the end of the year 2,762,509 3,619,800 Vested/exercisable and not exercised - - * As per applicable Tax laws applicable in India, the Company is obliged to withhold an amount for an employee’s tax obligation associated with a share-based payment and transfer that amount in cash, to the tax authority on the employee’s behalf. Accordingly, during the year ended March 31, 2023, the Group settled the transaction on a net basis by withholding the number of vested PSUs with a fair value equal to the monetary value of the employee’s tax obligation of INR 27,340 27,340 The weighted average remaining contractual life for RSU’s/PSU’s outstanding as at March 31, 2023 was 1.82 years (March 31, 2022: 2.24 ). The range of exercise prices for RSU’s/PSU’s outstanding at the end of the year is Nil (March 31, 2022: Nil). During the year ended March 31, 2023, share based compensation cost for these RSU’s/PSU’s is recognized under personnel expenses amounting to INR 138,196 (March 31, 2022: 198,366 and March 31, 2021: 66,113 ). Refer to Note 11 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) The following tables list the inputs to the model used for the years then ended Summary of Inputs for Model Used March 31, 2022 March 31, 2023 PSU’s RSU’s PSU’s RSU’s Weighted average Fair value of ordinary share at the measurement date (USD) 2.12 2.12 0.36 - 0.81 1.45 - 2.70 Risk-free interest rate (%) 0.61 % 0.61 % 2.80 % 2.80 % Expected volatility (%) 56.27 % 56.27 % 45.00 % 45.00 % Expected life 4 years 4 years 4 years 4 years Dividend Yield 0 % 0 % 0 % 0 % Model used Monte Carlo Simulation Black-Scholes Valuation Monte Carlo Simulation Black-Scholes Valuation The expected life of RSU’s and PSU’s options has been taken as the vesting period. The expected volatility reflects the assumption based on median of historical volatility on the share prices of the similar entities over a period. |
Components of Other Comprehensi
Components of Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2023 | |
Components Of Other Comprehensive Loss | |
Components of Other Comprehensive Loss | 31. Components of Other Comprehensive Loss The following table summarizes the changes in the accumulated balance for each component of accumulated other comprehensive loss attributable to the Company. Schedule of changes in accumulated other comprehensive loss 2021 2022 2023 March 31, 2021 2022 2023 Actuarial (loss)/ gain on defined benefit plan: Actuarial (loss)/ gain on obligation 2,009 (321 ) (10,508 ) Income tax expense 215 74 (205 ) Total 2,224 (247 ) (10,713 ) Foreign currency translation: Foreign currency translation differences (4,552 ) (5,640 ) 1,245 Balance at the end of period (4,552 ) (5,640 ) 1,245 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings | 32. Borrowings Schedule of borrowings by type and classification March 31, Term 2022 2023 Current Secured Vehicle loan Less than 1 year 2,977 4,601 Non Convertible Debentures 2 2.5 - 417,178 Factoring Less than 1 year 351,399 1,089,699 Unsecured Unsecured loan from MAK Capital Fund, LP # 1 Year - 821,900 Total 354,376 2,333,378 Non-Current Vehicle loan More than 1 year 4,204 19,274 Total 4,204 19,274 # Breach in Covenants- Refer to Note 40 Carrying amount Currency Interest Rate Year of Maturity March 31, 2022 2023 Non Convertible Debentures INR 14 % to 14.25 % 2024 - 2025 - 417,178 Vehicle loan INR 7.25 % to 11.25 % 2025 - 2028 7,181 23,875 Factoring INR Floating rate * On demand 351,399 1,089,699 Unsecured loan from MAK Capital Fund, LP USD 11.0 % 2023 - 821,900 358,580 2,352,652 * 3M MCLR + 0.20% to 1.35% spread Bank overdrafts 2,000 from the Federal bank. This facility is fully secured against pari passu charges on the entire other current assets and all movable fixed assets of “Yatra Online Limited” and “Yatra for Business Private Limited”. The entire amount bank overdraft facility is undrawn as at March 31, 2023. 450 from the Canara bank, which is closed during the current year. The entire amount bank overdraft facility was undrawn as at March 31, 2022. The facility was secured by the fixed deposits. Factoring* 300,000 (March 31, 2022: INR 450,000 ) is taken from ICICI bank by the Group. The facility is fully secured against the fixed deposits. As on March 31, 2023, the Group has utilised INR Nil (March 31, 2022: INR 351,399 ) out of the said facility for factoring. As on March 31, 2023, the Group has utilised INR 93,400 (March 31, 2022: INR Nil ) out of the above facility for issuance of bank guarantees for “International Air Transport Association” During the current year, the Group has taken a facility of INR 550,000 from Axis bank. The facility is fully secured against exclusive charge on the specific receivables discounted by Axis bank, pari passu charges on the entire other current assets and all movable fixed assets of “Yatra Online Limited” and “Yatra for Business Private Limited”, both present and future and cash margin in the form of fixed deposits for 20% of the facility. As on March 31, 2023, the Group has utilised INR 549,416 out of the above facility. During the current year, the Group has taken a facility of INR 400,000 from Federal bank. The facility is fully secured against exclusive charge on the specific receivables discounted by Federal Bank, pari passu charges on the entire other current assets and all movable fixed assets of “Yatra Online Limited” and “Yatra for Business Private Limited”, both present and future and cash margin in the form of fixed deposits for 20% of the facility. As on March 31, 2023, the Group has utilised INR 396,049 out of the above facility. During the current year, the Group has taken a facility of INR 500,000 from IDFC bank. The facility is fully secured against exclusive charge on the specific receivables discounted by IDFC Bank, pari passu charges on the entire other current assets and all movable fixed assets of “Yatra Online Limited” and “Yatra for Business Private Limited”, both present and future and cash margin in the form of fixed deposits for 20% of the facility. As on March 31, 2023, the Group has utilised INR 144,233 out of the above facility for factoring. *Refer to Note 26 for details of discounted receivables. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Unsecured loan from MAK Capital Fund, LP (Shareholder of the Parent Company) During the financial year ending March 31, 2023, the Parent Company had issued a promissory note for an aggregate principal amount of USD 10 11 October 5, 2023 Upon maturity and in case of default, MAK Capital Fund, LP, at its option, may convert the Note into ordinary share, or series A convertible preference shares of the Parent Company in lieu of a cash payment for any loan amount (including accrued interest) outstanding as at maturity plus default interest of 3 22.5 1.29 1.00 The conversion option available to MAK Capital Fund, LP, on maturity in case of default is treated as derivative and are accounted a FVTPL. Considering unlikely default scenario, the fair value of these embedded derivative is not material. Refer to note 45(i) for subsequent event. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Non Convertible Debentures from Blacksoil Capital Pvt. Ltd. & Black Soil India Credit fund (“Blacksoil”) During the financial year ending March 31, 2023, Yatra Online Limited had issued 300 500,000 300,000 14.25 Non Convertible Debentures from NP1 Capital trust During the financial year ending March 31, 2023, Yatra Online Freight Private Limited (“Yatra Freight”) has issued 1,500 100,000 150,000 14 1,200 The NCDs have been secured against the first pari-passu charge over the current assets (both present and future) and exclusive first charge on Intangible Assets (both present and future) of Yatra Freight and a corporate guarantee from Yatra Online Limited. Vehicle loan This includes the vehicles taken on loan by the company. Refer to Note 19. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Mar. 31, 2023 | |
Trade And Other Payables | |
Trade and other payables | 33 Trade and other payables Schedule of trade and other payables 2022 2023 March 31, 2022 2023 Trade payables 1,306,204 1,116,599 Accrued expenses 295,067 316,187 Refund and other payables 836,046 743,567 Total 2,437,317 2,176,353 Current 2,394,712 2,176,353 Non-current 42,605 - Total 2,437,317 2,176,353 Non-current portion pertains to the expenditure incurred towards advertisements made as per the advertisements contract entered with BCCL (refer note 38). For explanations on the Group’s liquidity risk management processes, refer to Note 39. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Employment benefit plan
Employment benefit plan | 12 Months Ended |
Mar. 31, 2023 | |
Employment benefit plan | 34. Employment benefit plan Schedule of employee benefits liability 2022 2023 March 31, 2022 2023 Defined benefit obligation 69,729 71,277 Liability for compensated absences 33,224 25,487 Total liability 102,953 96,766 Net Unfunded liability 69,729 71,277 The Group’s gratuity scheme for its employees in India, is a defined benefit plan. Gratuity is paid as a lump sum amount to employees at retirement or termination of employment at an amount based on the respective employee’s eligible salary and the years of employment with the Group. The benefit plan is partially funded. The following table sets out the disclosure in respect of the defined benefit plan. Movement in obligation Summary of changes in present value of obligation and fair value of plan assets March 31, 2022 2023 Present value of obligation at beginning of year 82,330 79,594 Interest cost 3,889 3,239 Current service cost 10,639 8,619 Past service cost - - Remeasurement (gain)/loss on obligation -economic assumptions - (3,694 ) -demographic assumptions (719 ) (149 ) -experience assumptions 1,103 14,439 Benefits paid (17,648 ) (22,551 ) Present value of obligation at closing of year 79,594 79,497 Movement in plan assets* March 31, 2022 2023 Fair value of plan assets at beginning of the year 11,943 9,865 Employer contributions - - Benefits paid (2,791 ) (2,273 ) Earning on assets 651 538 Remeasurement (gain)/loss on plan assets 62 88 Fair value of plan assets at end of the year 9,865 8,218 * plan assets represents investment made by the Company in LIC funds Unfunded liability Schedule of unfunded liability 2022 2023 March 31, 2022 2023 Current 35,621 40,744 Non-current 34,108 30,533 Unfunded liability recognized in statement of financial position 69,729 71,277 Components of cost recognized in profit or loss Schedule of components of cost recognized in profit or loss 2021 2022 2023 March 31, 2021 2022 2023 Current service cost 10,806 10,639 8,619 Net interest cost 3,539 3,239 2,702 Components of cost recognized in profit or loss 14,345 13,878 11,321 Amount recognised in other comprehensive income Summary of amounts for actuarial loss on obligation recognized in other comprehensive income March 31, 2021 2022 2023 Remeasurement loss/ (gain) on obligation * (2,009 ) 321 10,508 * Refer to Note 31 for the movement during the year. The principal actuarial assumptions used for estimating the group’s defined benefit obligations are set out below: Schedule of actuarial assumptions used for estimating defined benefit obligations March 31, 2022 2023 Discount rate 5.45 % 7.10 % Future salary increase 5.00 % 5.00 % Average expected future working life (years) 1.56 - 5.85 1.78 - 5.45 Retirement age (years) 58 58 Mortality table IALM* (2012-14) Ultimate Withdrawal rate (%) Ages Upto 30 years 22 % - 26 % 31 % From 31 to 44 years 57 % - 65 % 61 % Above 44 years 9 % - 21 % 8 % * Indian Assured Lives Mortality (2012-14) Ultimate represents published mortality table used for mortality assumption. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation March 31, 2022 2023 a) Impact of the change in discount rate a) Impact due to increase of 0.50 % 920 1,032 b) Impact due to decrease of 0.50 % (952 ) (1,069 ) b) Impact of the change in salary increase a) Impact due to increase of 0.50 % (1,018 ) (1,083 ) b) Impact due to decrease of 0.50 % 1,105 1,059 The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. These analysis are based on a change in a significant assumption, keeping all other assumptions constant and may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. The following payments are expected contributions to the defined benefit plan in future years: Schedule of expected contributions to the defined benefit plan in future years March 31, 2022 2023 Year 1 40,306 38,753 Year 2 15,206 13,545 Year 3 7,370 6,942 Year 4 4,080 5,042 Year 5 3,495 4,867 Year 6-10 13,351 18,198 Total expected payments 83,808 87,347 CODE ON SOCIAL SECURITY, 2020 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Revenue | |
Deferred Revenue | 35 Deferred Revenue Schedule of deferred revenue, by type March 31, 2022 2023 Global Distribution System provider 244,101 38,417 Loyalty program 4,076 7,304 Total 248,177 45,721 Non-current 64,965 - Current 183,212 45,721 Total 248,177 45,721 “Global Distribution System providers” represents the amount received upfront by the group as a part of commercial arrangement with the Global Distribution System (“GDS”) providers for facilitating the booking of airline tickets on our websites or other distribution channels. The same is recognized as revenue for actual airline tickets sold over the total number of airline tickets to be sold as per the term of the agreement, in both cases sold on such GDS platforms, and the balance amount is recognized as deferred revenue. Summary of changes in deferred revenue March 31, 2022 2023 At April 1 387,049 248,177 Deferred during the year - - Recorded in statement of profit or loss (138,872 ) (202,456 ) Transferred to other financial liability (deposits) - - At March 31 248,177 45,721 |
Other financial liabilities
Other financial liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Liabilities | |
Other financial liabilities | 36 Other financial liabilities Schedule of other financial liabilities 2022 2023 March 31, 2022 2023 Current Due to employees 120,756 63,860 Share warrants# (refer to note 7) - - Deposits* * 308,701 353,154 Total 429,457 417,014 * Deposit received from the Global Distribution System provider (GDS), which is repayable at the end of the contract and interest free nature was initially recognised at fair value. The difference between the deposit received and fair value initially recognised is treated as deferred consideration under Note 37. Deposits are subsequently measured at amortised cost and unwinding is recognised under finance cost. The deferred consideration recognised is amortised over the tenure of deposit on straight line basis and amortisation is recognised as revenue. #Warrants—Macquarie (considered derivative instruments) In conjunction with various financing transactions, the Company issued warrants (except quoted warrants) to purchase the Company’s common stock and preference shares. These warrants are classified to be derivative instruments and as such, are recorded at fair value through profit and loss account. The Company estimates the fair values of the warrants at each reporting period using a Black-Scholes option-pricing model. The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrants or until such time that the warrants are no longer determined to be derivative instruments. The fair value of Macquarie Warrant outstanding as at March 31, 2023 is INR Nil Nil Warrants—Innoven (considered equity) During the financial year ending March 31, 2018, the Company had further allotted warrants against the loan facility, the fair values of the warrants was taken using a Black-Scholes option-pricing model as on the date of the allotment. These warrants are classified to be equity instruments and accounted for on the same basis. On September 12, 2022, these outstanding warrants were lapsed unexercised. Consequently, the amount originally credited to equity remains within equity. (Refer to Note 30). Warrants give the holder the right to purchase ordinary shares from the Company at a specific price within a certain time frame. The details of the warrants issued is as follows: Schedule of Detailed information of Warrants issued Number of shares Date of issue Exercise price Expiration date Macquarie Corporate Holdings Pty Limited - Ordinary shares* 46,458 24-Jul-15 INR 2,040.90 ($ 26.90 ) 24-Jul-23 ** Innoven Capital - Ordinary shares 154,000 12-Sep-17 INR 910.44 12 ) 12-Sep-22 * On December 16, 2016, the Parent Company converted its preference shares into ordinary shares and effectuated a reverse 5.4242194-for-one share split of its ordinary shares as well as a 5.4242194-for-one adjustment with respect to the number of ordinary shares underlying its share options and a corresponding adjustment to the exercise prices of such options . ** Subsequent to balance sheet date, on July 24, 2023, these outstanding warrants lapsed unexercised. Refer to Note 7 (considered derivative instruments) and Note 30 (considered equity), for movement in warrants during the year. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other current liabilities | 37 Other current liabilities Schedule of other current liabilities 2022 2023 March 31, 2022 2023 Advance from customers 531,526 525,638 Statutory liabilities 79,368 41,239 Other liabilities 58,075 56,310 Deferred Consideration 41,656 - Interest accrued on term loan - 43,842 Total 710,625 667,029 Advances from customers primarily consist of amounts for future bookings of Airline tickets, Hotel bookings, Packages and freight forwarding services. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Commitment and contingencies
Commitment and contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitment And Contingencies | |
Commitment and contingencies | 38. Commitment and contingencies a) Capital and other commitments: ● Contractual commitments for revenue expenditure* pending execution were INR 108,450 as at March 31, 2023 (INR 106,920 as at March 31, 2022). Contractual commitments for revenue expenditure are relating to advertisement services. *Includes Advertisement and Debenture agreement with BCCL ● Contractual commitments for capital expenditure pending execution were INR Nil as at March 31, 2023 (INR 1,450 as at March 31, 2022). Contractual commitments for capital expenditure are relating to acquisition of computer software and websites, office equipment, furniture and fixtures. b) Contingent liabilities i) Claims not recognised as liability were INR 85,672 as at March 31, 2023 (INR 87,106 as at March 31, 2022). These represents claim made by the customers due to service related issues, which are contested by the Company and are pending in various district consumer redressal forums in India. The management does not expect these claims to succeed and, accordingly, no provision has been recognised in the financial statements. ii) INR 315,525 as at March 31, 2023 (INR 310,095 as at March 31, 2022), represents show cause cum demand notices raised by Service Tax authorities over subsidiaries in India. Based on the Group’s evaluation, it believes that is is not probable that the demand will materialise and therefore no provision has been recognised. iii) INR 1,268 as at March 31, 2023 (INR 1,268 as at March 31, 2022), represents show cause cum demand notices raised by Income Tax authorities over subsidiaries in India. Based on the Group’s evaluation, it believes that it is not probable that the demand will materialise and, therefore, no provision has been recognised. c) Lease commitment -Group as lessee As lessee, the Group’s obligation arising from non-cancellable leases are mainly related to lease arrangements for real estate. There were no short term non-cancellable lease contract outstanding as at March 31, 2022 and March 31, 2023. During the year ended March 31, 2023, INR 1,832 was recognized as rent expense under other operating expenses in statement of profit and loss in respect of short term leases (March 31, 2022: INR 2,330 and March 31, 2021: INR 9,418 ). Refer to Note 43 for leases Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Financial risk management, obje
Financial risk management, objective and policies | 12 Months Ended |
Mar. 31, 2023 | |
Financial risk management, objective and policies | 39. Financial risk management, objective and policies The Group’s activities are exposed to variety of financial risk: credit risk, liquidity risk and foreign currency risk. The Group’s senior management oversees the management of these risks. The Group’s senior management ensures that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. The Group reviews and agrees on policies for managing each of these risks which are summarized below: a) Credit risk Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Schedule of credit risk exposure by type 2022 2023 March 31, 2022 2023 Trade and other receivables 1,934,713 3,061,209 Other financial assets 684,940 706,236 Cash and cash equivalents (except cash in hand) 800,027 503,476 Total 3,419,680 4,270,921 Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. The age of Trade and other receivables at the reporting date was: Schedule of trade and other receivables, excluding impairment March 31, 2022 Impairment 2023 Impairment 0 - 30 days 1,512,534 - 1,565,505 - 31 - 90 days 304,480 - 1,047,928 - 91 - 180 days 97,579 - 247,967 16,771 More than 180 days 314,445 2,94,325 653,429 435,275 Total 2,229,038 294,325 3,514,829 452,046 The movement in the allowance for expected credit loss and amounts impaired in respect of trade, refund & other receivables and contract assets during the year was as follows: Schedule of trade, refund & other receivables and contract assets March 31, 2022 2023 Balance at the beginning of the year 6,87,511 2,94,325 Provisions accrued during the year* 26,412 1,58,092 Amount written off during the year (4,21,693 ) - Provision moved to allowance for doubtful other financial assets (refer note 27) - (429 ) Effect of movement in exchange rate 2,095 58 Balance at the end of the year 2,94,325 4,52,046 * includes amount of INR Nil (March 31, 2022: INR 3,837 Allowances for doubtful debts mainly represent amounts due from airlines, hotels and customers. Based on historical experience, the Group believes that no impairment allowance is necessary, apart from above, in respect of trade receivables. b) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the consolidated entity aims to maintain flexibility in funding by keeping committed credit lines available. The Group manages liquidity by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and financial liabilities. The following tables set forth Company’s financial liabilities based on expected and undiscounted amounts as at March 31, 2022 and 2023. Schedule of financial liabilities by type As at March 31, 2022 Carrying Amount Contractual Cash Flows * Within 1 year 1 -5 Years More than 5 years Vehicle loan 7,180 7,988 3,426 4,562 - Lease liabilities 269,659 398,659 74,457 239,584 84,618 Trade and other payables 2,437,317 2,437,317 2,394,712 42,605 - Factoring 351,399 351,399 351,399 - - Other Current liabilities 512,877 512,877 512,877 - - Total 3,578,432 3,708,240 3,336,871 286,751 84,618 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) As at March 31, 2023 Carrying Amount Contractual Cash Flows * Within 1 year 1 -5 Years More than 5 years Vehicle loan 23,875 29,287 6,894 22,393 - Lease liabilities 251,228 349,377 79,832 240,906 28,639 Trade and other payables 2,176,353 2,176,353 2,176,353 - - Factoring 1,089,699 1,089,699 1,089,699 - - Non Convertible Debenture 417,178 417,178 417,178 - - Unsecured loan 821,900 912,309 912,309 - - Other Current liabilities 490,103 490,103 490,103 - - Total 5,270,336 5,464,306 5,172,368 263,299 28,639 * Represents Undiscounted cash flows of interest and principal Based on the past performance and current expectations, the Group believes that the cash and cash equivalent and cash generated from operations will satisfy the working capital needs, funding of operational losses, capital expenditure, commitments and other liquidity requirements associated with its existing operations through at least the next 12 months. In addition, there are no transactions, arrangements and other relationships with any other person that are reasonably likely to materially affect or the availability of the requirement of capital resources. c) Foreign currency risk Foreign currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of the changes in foreign exchange rates. The Group operates through subsidiaries in India, Singapore and United States. The functional currency of these subsidiaries is the local currency in the respective countries and accordingly there are no related significant foreign currency exposures. The Company currently does not have any hedging agreements or similar arrangements with any counter-party to cover its exposure to any fluctuations in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating transactions which are denominated in currency other than subsidiary’s functional currency (foreign currency denominated receivables and payables). Foreign currency sensitivity The following tables demonstrate the sensitivity to a reasonably possible change in exchange rates. Any change in the exchange rate of USD, Euro, GBP and SGD against currencies other than INR is not expected to have significant impact on the Group’s profit or loss. Accordingly, a 5% appreciation/depreciation of the USD, Euro, GBP and SGD currency as indicated below, against the INR would have decreased/increased the loss/gain by the amount shown below; this analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of reporting period. The analysis assumes that all other variables remain constant. Summary of foreign currency sensitivity March 31, 2022 2023 5 % strengthening/weakening of USD against INR 1,339 3,957 5 % strengthening/weakening of Euro against INR 1,157 1,670 5 % strengthening/weakening of GBP against INR 932 997 5 % strengthening/weakening of SGD against INR 121 -194 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Capital management
Capital management | 12 Months Ended |
Mar. 31, 2023 | |
Capital management | 40. Capital management For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder’s value. In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to its interest-bearing loans and borrowings that form part of its capital structure requirements. Breaches in the financial covenants would permit the bank to immediately call interest-bearing loans and borrowings. There was a breach of compliance with some of the debt covenants of the certain financing arrangement with the bank. Company’s subsidiaries’ factoring debt facility contains certain financial covenants relating to unencumbered cash and cash equivalents to be equal to 12 months trailing cash burn, positive net worth and total operating liabilities should not exceed twice tangible net worth. At March 31, 2023 there was a non-compliance in relation to one of the debt covenants, i.e. “total operating liabilities should not exceed twice tangible net worth”. By virtue of cross default provisions in other debt facilities which includes Non Convertible Debentures from Blacksoil and NP1 Capital, Unsecured loan from Mak Capital Fund, LP, Factoring facilities from IDFC First bank and Federal Bank availed by the Company and its subsidiaries, these facilities became payable on demand Refer to note 32. The Company’s subsidiaries secured a waiver from the lender in this respect subsequent to March 31, 2023 on May 17, 2023. Since the waivers in relation to the non-compliance of the debt covenants were received subsequent to end of reporting period, the debt facilities amounting to INR 219.1 The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended March 31, 2022 and March 31, 2023. Summary of debt ratio information 2022 2023 March 31, 2022 2023 Borrowings (Note 32) 358,580 2,352,652 Less :cash and cash equivalents (Note 28) (800,282 ) (503,601 ) Net debt (441,702 ) 1,849,051 Share warrants (Note 36) - - Equity 890,258 707,699 Total Equity 890,258 707,699 Gearing ratio (Net debt / total equity + net debt) ( 98.47 )% 72.32 % Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Related party disclosures
Related party disclosures | 12 Months Ended |
Mar. 31, 2023 | |
Related party disclosures | 41. Related party disclosures For the purpose of the consolidated financial statements, parties are considered to be related to the group, if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Related parties and nature of related party relationship: Nature of relationship Name of related party Key Management Personnel Mr. Dhruv Shringi Co-founder, CEO and Director Mr. Anuj Kumar Sethi (appointed from October 18, 2019 till November 15, 2022) Principal Accounting Officer Mr. Rohan Mittal (appointed from September 08, 2022) Chief Financial Officer Mr. Murlidhara Laxmikantha Kadaba Non-executive Director Mr. Sanjay Arora (resigned from the Board effective April 30, 2021) Non-executive Director Mr. Sean Agarwal (resigned from the Board effective January 18, 2022) Non-executive Director Mr. Sudhir Kumar Sethi (resigned from the Board effective June 30, 2020) Non-executive Director Ms. Neelam Dhawan Non-executive Director Mr. Roshan Mendis (appointed from January 17, 2022) Non-executive Director Mr. Stephen Schifrin (appointed from May 1, 2021) Non-executive Director Mr. Michael Kaufman (appointed from July 17, 2022) Non-executive Director Entities having significant influence E-18 Limited (till March 31, 2021) IDG Ventures India Advisors Private Limited (till March 31, 2021) MAK Capital Fund, LP Group Companies of entities having significant influence Terrapin Partners, LLC E-18 Limited (till March 31, 2021) Reliance Retail Limited Reliance Industries Limited Reliance Jio Infocomm Limited Reliance Payment Solutions Limited Joint Venture Company Adventure and Nature Network Private Limited During the year, the Group entered into the following transactions and balances, in the ordinary course of business on an arm’s length basis, with related parties: Summary of arm’s length transactions with related parties March 31, Transactions during the year 2021 2022 2023 Group Companies of entities having significant influence Communication expense 649 - - Entities having significant influence Loan taken - - 821,900 Interest cost - - 42,838 Bank charges - - 47,765 Joint venture company Rendering of services (21 ) - - Recovery of expenses 741 824 102 Loan given 19,500 2,500 1,000 Interest income 7,206 4,240 - Commission expense (1 ) - - Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) March 31, Balances as at (net of allowances) 2022 2023 Joint venture company Trade receivable */** ** - 530 Other financial assets** ** - - Entities having significant influence Unsecured loan from third party investor (refer to note 32) - 821,900 Interest accrued - 43,842 * Trade receivables includes advance given against the future bookings amounting INR 530 Nil Nil 3,837 530 Nil ** Provision for impairment on loans to joint venture is INR 1,000 72,719 73,719 72,719 Outstanding balances at the year-end are unsecured and interest free. There have been no guarantees provided or received for any related party receivables or payables. Compensation of key management personnel of the Group Schedule of key management compensation 2021 2022 2023 March 31, 2021 2022 2023 Short-term employee benefits 27,462 35,019 44,749 Contributions to defined contribution plans 259 340 618 Profit linked bonus 16,130 - 6,765 Directors Sitting fee’s 10,846 10,516 14,345 Share based payment 53,330 157,715 114,632 Total compensation paid to key management personnel 108,027 203,590 181,109 Provision for gratuity and compensated absences has not been considered, since the provisions are based on actuarial valuations for the Group’s entities as a whole. The amount disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Business Combination
Business Combination | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination | 42. Business Combination Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) On July 20, 2017, Yatra India agreed to acquire all of the outstanding shares of Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) (“Yatra for Business”) pursuant to a Share Purchase Agreement by and among Yatra India, Yatra for Business and the sellers party thereto (the “Share Purchase Agreement”). Pursuant to the terms of the Share Purchase Agreement, we: (a) acquired a majority of the outstanding shares of Yatra for Business on August 4, 2017 in exchange for a payment of approximately INR 510 million and (b) agreed to acquire the balance of the outstanding shares of Yatra for Business in exchange for a final payment (the “Final Payment”) to be made at a second closing (the “Second Closing). To date the Second Closing has not occurred, as Yatra India and the Sellers have not yet agreed on the computation for the Final Payment. The Group had accounted for the transaction under IFRS 3, “Business Combinations”. As part of the share purchase agreement with the previous owner of ATB, a contingent consideration is to be paid based on certain performance conditions of the acquired business. As at the acquisition date, purchase consideration had been fair valued at INR 1,120,510 509,999 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) A reconciliation of fair value measurement of the contingent consideration liability is provided below: Schedule of reconciliation of fair value measurement of the contingent consideration liability As at April 1, 2017 - Liability arising on business combination 610,383 Unrealised fair value changes recognised in profit or loss 294,344 As at March 31, 2018 904,727 Unrealised fair value changes recognised in profit or loss 485,282 Advance paid 200,000 As at March 31, 2019 1,190,009 Unrealised fair value changes recognised in profit or loss (390,009 ) As at March 31, 2020 800,000 Final payment* (800,000 ) As at March 31, 2021 - * Contingent consideration paid of INR 800,000 Schedule of Statement of Cash Flows Investing activities: 610,383 200,000 410,383 Operating Activities: 389,617 Total 800,000 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases | 43. Leases The Group has lease contracts for various items of buildings and other equipment used in its operations. Leases of buildings generally have lease terms between 2 and 9 years, while other equipment generally have lease terms of 3 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. There are several lease contracts that include extension and termination options and variable lease payments. The Group also has certain leases of buildings with lease terms of 12 months or less. The Group applies the ‘short term leases’ recognition exemptions for these leases. Set out below are the carrying amounts of right-of-use assets recognized and the movement during the period; Summary of the movements in the carrying value of right of use assets Buildings Others Total Balance as of April 1, 2021 441,871 7,969 449,840 Additions - - - Deletions# (157,509 ) - ( 157,509 ) Depreciation (Refer note 13) (54,674 ) (7,969 ) (62,643 ) Effects of movements in foreign exchange rates 22 - 22 Balance as of March 31, 2022 229,710 - 229,710 Additions 21,626 11,773 33,399 Deletions (5,705 ) - ( 5,705 ) Depreciation (Refer note 13) (55,743 ) (906 ) ( 56,649 ) Effects of movements in foreign exchange rates 5 - 5 Balance as of March 31, 2023 189,893 10,867 200,760 The following are the amounts recognised in profit or loss: Schedule of amounts recognised in profit or loss 2022 2023 March 31, 2022 2023 Depreciation expense of right-of-use asset (Refer note 13) 62,643 56,649 Interest expense on lease liabilities (Refer note 16) 43,871 35,992 Expense relating to short-term leases (Refer note 12) 2,330 1,832 Total amount recognised in profit or loss 108,844 94,473 The following is the break-up of current and non-current lease liabilities as of March 31, 2022 and March 31, 2023: Schedule of lease liabilities by classification 2022 2023 March 31, 2022 2023 Current lease liabilities 38,991 47,835 Non-current lease liabilities 230,668 203,393 Total 269,659 251,228 The following is the movement in lease liabilities during the year ended March 31, 2022 and March 31, 2023: Schedule of carrying amounts of lease liabilities and the movements during the period 2022 2023 March 31, 2022 2023 Balance as of April 1 502,968 269,659 Additions - 33,395 Finance cost accrued during the period (Refer note 16) 43,871 35,992 Deletions# (174,505 ) (9,956 ) Payment of lease liabilities * (94,213 ) (77,864 ) Gain on modification of leases/rent concession (Refer note 10) (8,485 ) - Effects of movements in foreign exchange rates 23 2 Balance as of March 31 269,659 251,228 * During the year ended March 31, 2023, payment of lease liabilities has been adjusted with security deposit of INR Nil (March 31, 2022: 13,798) due to termination of some lease contracts. # During the year ended March 31, 2022, the Company has rationalized the space of its office premises in Gurugram, Haryana. On June 8, 2021, the Company has entered into a Memorandum of understanding to surrender part of its office space. Out of the total space of 83,988 square feet, the Company has surrendered 36,229 square feet. As a result of the same, the ROU and lease liability would be decreased by INR 136,738 and by INR 156,778 respectively. The table below provides details regarding the contractual maturities of lease liabilities as of March 31, 2022 and March 31, 2023 on an undiscounted basis: Schedule of contractual maturities of lease liabilities March 31, 2022 2023 Less than one year 74,457 79,832 One to five years 239,584 240,906 More than five years 84,618 28,639 Total 398,659 349,377 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Listing and related expenses
Listing and related expenses | 12 Months Ended |
Mar. 31, 2023 | |
Listing And Related Expenses | |
Listing and related expenses | 44. Listing and related expenses One of our subsidiary, Yatra India is contemplating an initial public offering (the “Indian IPO”) of its equity shares (“Equity Shares”) in India and has filed a Draft Red Herring Prospectus on March 24, 2022 with the Securities and Exchange Board of India (“SEBI”). The Indian IPO will involve issuance of new equity shares of the subsidiary to the public. The non-controlling interest percentage holding is expected to increase, however the Group is expected to continue controlling the subsidiary even after Indian IPO. Yatra Online Limited has incurred costs in connection with the Indian IPO. Yatra India has received the final observation letter dated November 17, 2022 from the SEBI in connection with the DRHP. The proposed Indian IPO can open for subscription within 12 months. The timing and completion, and investor interest relating to, of the Indian IPO is subject to various risks and uncertainties. Incremental costs directly attributable to a probable future equity transaction related to Indian IPO that otherwise would have been avoided are treated as transaction costs and are recognised as a prepayment and other assets. These costs recognised as a prepayment and other assets will be recognised in equity when the equity transaction is recognised, or recognised in profit or loss if the issue is no longer expected to be completed. The remaining costs incurred are recognised in profit or loss under head listing and related expenses. Total cumulative expense incurred till March 31, 2023 is INR 108,956 85,809 29,546 29,919 23,591 55,818 |
Subsequent event
Subsequent event | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent event | 45. Subsequent event (i) Partial Prepayment of the Loan and amendment to Material Agreement On June 29, 2023, the Company has made a partial pre-payment of USD 1.6 million (INR 131.5 10.0 million principal amount outstanding under the promissory note issued to MAK Capital Fund, LP. Consequently, the principal amount outstanding under the Promissory Note has been reduced to USD 8.4 million, as on June 29, 2023. The Company and MAK Capital Fund, LP (“MAK”), an affiliate of Michael Kaufman, a member of our Board of Directors, entered into the First Amendment (the “First Amendment”) dated June 28, 2023 (the Effective Date) to the Note Purchase Agreement dated October 5, 2022, by and between the Company and MAK (“Note Purchase Agreement”) to increase the amount of indebtedness, the Company and the Subsidiaries (as defined in the Note Purchase Agreement) can incur without MAK’s consent, from USD 15,000 to USD 18,000 (subject to certain exclusions as provided in the Note Purchase Agreement as amended via the First Amendment). (ii) Yatra India has signed a non-binding term sheet with Blacksoil Capital Private Limited (including its affiliates) for an amount equal to INR 200 million against issuance of secured Non-convertible Debentures of the face value of INR 0.50 million for each Debenture, for a period of 30 months from the date of disbursement. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements for March 31, 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Accounting policies have been consistently applied by the Group for all the periods presented in these financial statements, except in relation to the new standards adopted on April 1, 2022 (Refer Note 2.2). The consolidated financial statements of the Company for the year ended March 31, 2023 were authorized for issuance by the Parent Company’s board of directors on August 14, 2023. The consolidated financial statements are prepared on historical cost basis, except for financial instruments classified as fair value through profit or loss and other comprehensive income/ loss. All amounts have been rounded to the nearest thousand, unless otherwise indicated. |
New standards, interpretations and amendments adopted by the Group | 2.2 New standards, interpretations and amendments adopted by the Group The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after April 1, 2022. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Amendment to IAS 37, On May 14, 2020, the IASB issued “Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)”, amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. The amendment specifies that the “cost of fulfilling” a contract comprises the “costs that relate directly to the contract”. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. These amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IAS 16, On May 14, 2020 the IASB issued amendment to IAS 16 Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) which amends the standard to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2022, although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented. Reference to the Conceptual Framework Amendments to IFRS 3, On May 28, 2020, the International Accounting Standards Board (IASB) issued Amendments to IFRS 3 Business Combinations - Reference to the Conceptual Framework. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989 (Framework), with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 (the Conceptual Framework) without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. This amendment is applicable for annual period beginning on or after January 1, 2022 although early adoption is permitted. These amendments are applicable on the Group for annual reporting periods beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no contingent assets, liabilities or contingent liabilities within the scope of these amendments that arose during the period. IFRS 9 “Financial Instruments”: Fees in the ‘10 per cent’ test for derecognition of financial liabilities ● ● An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. ● An entity applies the amendment for annual reporting periods beginning on or after January 1, 2022. Earlier application is permitted. The amendment is applicable on the Group for annual reporting period beginning on April 1, 2022. These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group’s financial instruments during the period. |
Basis of consolidation | 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as disclosed in Note 6. A subsidiary is an entity controlled by the Group. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns. Subsidiaries are fully consolidated from the date on which the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies and accounting period in line with those used by the Group. All intra-group transactions, balances, income and expenses and cash flows are eliminated on consolidation. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the business combination and the Non-controlling interests’ share of changes in equity since that date. Profit or loss and each component of other comprehensive income/ loss (OCI) are attributed to the equity holders of the parent of the Group and to the Non-controlling interests, even if this results in the Non-controlling interests having a deficit balance. A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction. |
Foreign currencies | 2.4 Foreign currencies The Group’s presentation currency is Indian national rupee (INR). The Parent Company’s functional currency is United States dollar (USD). The Company’s operations are conducted through the subsidiaries and equity accounted investee where the local currency is the functional currency and the financial statements of such entities are translated from their respective functional currencies into INR. Group companies On consolidation, the assets and liabilities of foreign operations are translated into presentation currency at the rate of exchange prevailing at the reporting date and their statement of profit or loss and other comprehensive loss are translated at average exchange rates prevailing during the year ended March 31, 2023, March 31, 2022 and March 31, 2021, except for transactions where there is a significant difference in the average exchange rate and exchange rate on the date of transaction, in which cases, the transactions are reported using rate of that date. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in the statement of profit or loss and other comprehensive loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transactions first qualify for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in the statement of profit or loss and other comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively). Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Convenience translation The consolidated financial statements are stated in thousands of INR. However, solely for the convenience of the readers, the consolidated statement of financial position as at March 31, 2022, the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2023 and consolidated statement of cash flows for year ended March 31, 2023 were converted into USD at the exchange rate of 82.19 2.5 Summary of significant accounting policies |
Current versus non-current classification | Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: ● Expected to be realised or intended to be sold or consumed in the normal operating cycle ● Held primarily for the purpose of trading ● Expected to be realised within twelve months after the reporting period Or ● Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: ● It is expected to be settled in the normal operating cycle ● It is held primarily for the purpose of trading ● It is due to be settled within twelve months after the reporting period Or ● There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
Joint ventures | Joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group’s investment in its joint venture is accounted for using the equity method. Under the equity method, the investment in the joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the joint venture since the acquisition date. The statement of profit or loss and other comprehensive loss reflects the Group’s share of the results of operations of the joint venture. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The financial statements of the joint venture are prepared for the same reporting period as that of the Group. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as ‘Share of loss of a joint venture’ in the statement of profit or loss and other comprehensive loss. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. At each reporting date, Group true-up its obligation to contribute towards the share of cumulative loss of the Joint venture, and reversal, if any, arising is recognised as the gain under ‘Share of loss of a joint venture’ in the statement of profit or loss and other comprehensive loss. |
Business combinations and goodwill | Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition-related costs are expensed as incurred in statement of profit or loss and other comprehensive loss. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for Non-controlling Interest over the fair value of the identifiable net assets acquired and liabilities assumed. If the fair value of the identifiable net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the statement of profit or loss and other comprehensive loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s Cash Generating Units (CGUs) (refer to Note 20) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Revenue recognition | Revenue recognition We generate our revenue from contracts with customers. We recognize revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. When we act as an agent in the transaction under IFRS 15, we recognize revenue only for our commission on the arrangement. The Group has concluded that it is acting as agent in case of sale of airline tickets, hotel bookings, sale of rail and bus tickets as the supplier is primarily responsible for providing the underlying travel services and the Group does not control the service provided by the supplier to the traveler and as principal in case of sale of holiday packages since the group controls the services before such services are transferred to the traveler. The Group provides travel products and services to leisure customers (B2C—Business to Consumer), corporate travelers (B2E—Business to Enterprise) and B2B2C (Business to Business to Consumer) travel agents in India and abroad. The revenue from rendering these services is recognized in the statement of profit or loss and other comprehensive loss once the services are rendered. This is generally the case 1) on issuance of ticket in case of sale of airline tickets 2) on date of hotel booking and 3) on the date of completion of outbound and inbound tours and packages. The application of our revenue recognition policies and a description of our principal activities, organized by segment, from which we generate our revenue, are presented below. Air Ticketing We receive commissions or service fees from the travel supplier/bank and/or travelling customer. Revenue from the sale of airline tickets is recognized as an agent on a net commission earned basis. Revenue from service fee is recognized on earned basis. Both the performance obligations are satisfied on issuance of airline ticket to the traveler. We record a allowance for cancellations at the time of the transaction based on historical experience and restrict revenue recognition only to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Incentives related to airlines are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. We receive upfront fee from Global Distribution System (“GDS”) providers for facilitating the booking of airline tickets on its website or other distribution channels to travel agents for using their system. The upfront fees is recognised as revenue for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement, in both cases using such GDS platforms, and the balance amount is recognized as deferred revenue under contract liabilities. We earn incentives from airlines if specific targets are achieved over a period of time. Such incentives are treated as variable consideration and the Group estimates the amount of consideration to which it will be entitled in exchange for services at the contract inception date and at each reporting date using either the most likely amount method or the expected value method, depending on which method the Group expects to better predict the amount of consideration to which it will be entitled. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Group includes estimated variable consideration in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The disclosures of significant estimates and assumptions relating to the estimation of variable consideration are provided in Note 8. Hotels and Packages Revenue from hotel reservation is recognized as an agent on a net commission earned basis. Revenue from service fee from customer is recognized on earned basis. The performance obligation is satisfied on the date of hotel booking. We record an allowance for cancellations at the time of booking on this revenue based on historical experience and restrict revenue recognition only to the extent that it is highly probable that a significant reversal of revenue will not occur in future periods. Revenue from packages are accounted for on a gross basis as the Group controls the services before such services are transferred to the traveler and is determined to be the primary obligor in the arrangement. The Group recognises revenue from such packages on the date of completion of outbound and inbound tours and packages. . Cost of delivering such services includes cost of hotels, airlines and package services and is disclosed as service cost. Other Services Revenue from other services primarily comprises of revenue from sale of rail and bus tickets and revenue from freight forwarding services. Revenue from the sale of rail and bus tickets is recognized as an agent on a net commission earned basis on the date of booking of ticket, net of allowance for cancellations at the time of the transaction based on historical experience. Revenue related to freight forwarding services is recognized at the time of departure of the cargo at the origin in case of exports and in case of Imports, revenue is recognized on the basis of arrival dates. We act as an agent; accordingly, we recognize revenue only for our commission on the arrangement. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Others Revenue from other, primarily comprising advertising revenue and fees for facilitating website access to travel insurance companies are being recognized as the services are being performed as per the terms of the agreements with respective suppliers. Revenue is recognized net of allowances for cancellations, refunds during the period and taxes. The Group provides loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group’s services. This allocation is based on the relative stand-alone selling prices. The amount allocated to the loyalty program is deferred, and is recognised as revenue when the Group fulfils its obligations to supply the products/services under the terms of the program. The Group incurs certain marketing and sales promotion expenses which get reduced from revenue. This includes the cost for upfront cash incentives to the end users and loyalty programs as incurred for customer inducement and acquisition for promoting transactions across various booking platforms. |
Contract balances | Contract balances Contract assets A contract asset is recognised for the right to consideration in exchange for services transferred to the customer if receipt of such consideration is conditional on completion of further activities/ services, i.e., the Group does not have an unconditional right to receive consideration. Trade receivables A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities A contract liability is the obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers services to the customer, a contract liability is recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. |
Government grants | Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions have been complied with or will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. The Group has assessed and determined to present grants as other income in the statement of profit or loss and other comprehensive loss. |
Marketing and sales promotion expenses | Marketing and sales promotion expenses Marketing and sales promotion expenses primarily comprise of online, television, radio and print media advertisement costs as well as event driven promotion cost for the Group’s products and services. Such costs are the amounts paid to or accrued towards advertising agencies or direct service providers for advertising on websites, television, print formats, search engine marketing and any other media. Advertising and business promotion costs are recognized when incurred. Additionally, the Group also incurs customer inducement and acquisition costs for acquiring customers and promoting transactions across various booking platforms such as upfront cash incentives, which when incurred are recorded as a reduction from revenue. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Finance income and costs | Finance income and costs Finance income comprises interest income on term deposits. Interest income is recognized as it accrues in the statement of profit or loss and other comprehensive loss, using the effective interest rate method (EIR). Finance cost comprises interest expense on borrowings, interest expense on lease liability and unwinding of other financial liabilities. Interest expense is recognized in the statement of profit or loss and other comprehensive loss using EIR. |
Taxes | Taxes Current tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Group operates and generate taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss and other comprehensive loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: ● When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss ● In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax liabilities are recognised for all taxable temporary differences, except: ● When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss ● In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside consolidated statement of profit or loss are recognized outside profit or loss. Deferred tax items are recognized, in correlation to the underlying transaction either in other comprehensive income/loss or directly in equity. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority. Minimum Alternative Tax Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the concerned company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company recognizes MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The company reviews the “MAT credit entitlement” asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. All repair and maintenance costs are recognized in the statement of profit or loss and other comprehensive loss as incurred. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other comprehensive loss when the asset is derecognized. Depreciation is calculated on straight line basis using the rates arrived at based on the estimated useful lives of the assets as follows: Schedule of useful lives of property, plant and equipment Computer and peripherals 3 Furniture and fixtures 5 Office equipment 5 Vehicles 3 7 Leasehold improvements are amortized over the lower of primary lease period or economic useful life. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. |
Intangible assets | Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any. Technology related development costs incurred by the Group are measured at cost less accumulated amortization and accumulated impairment losses. Cost includes expenses incurred during the application development stage. The costs related to planning and post implementation phases of development are expensed as incurred. Internally generated intangibles, excluding capitalized development costs, are not capitalized. Instead, the related expenditure is recognized in the statement of profit or loss and other comprehensive loss in the period in which the expenditure is incurred. Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: ● The technical feasibility of completing the intangible asset so that the asset will be available for use or sale ● Its intention to complete and its ability and intention to use or sell the asset ● How the asset will generate future economic benefits ● The availability of resources to complete the asset ● The ability to measure reliably the expenditure during development Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit in the statement of profit or loss and other comprehensive loss. Goodwill is initially recognized at cost and is subsequently measured at cost less any accumulated impairment losses. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss recognized in the statement of profit or loss and other comprehensive loss on disposal. Intangible assets with finite life are amortized over the useful economic life on straight line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset is reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets is recognized in the statement of profit or loss and other comprehensive loss. Intangible assets are amortized as below: Schedule of useful lives of intangible assets Agent / Supplier relationships 2.5 10 Non-compete agreements 3.5 6.5 Trademarks 10 Intellectual property rights 3 Computer software and websites 3 10 Customer relationships 4 10 |
Leases | Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: ● Buildings 3 9 ● Others 3 5 If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Refer to Note 43 for disclosures on leases. |
Financial instruments | Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, at fair value through other comprehensive income (OCI), and fair value through profit or loss. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: ● Financial assets at amortized cost (debt instruments) ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ● Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) The Group measures financial assets at amortized cost if both of the following conditions are met: ● The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired The Group’s financial assets at amortized cost includes trade receivables, term deposits, security deposits and employee loans. For more information on receivables, refer to Note 26. Financial assets at fair value through OCI (debt instruments) The Group measures debt instruments at fair value through OCI if both of the following conditions are met: ● The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling, and, ● The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity for the issuer under “ IAS 32 Financial Instruments: Presentation Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets (debt instruments) with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: ● The rights to receive cash flows from the asset have expired Or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass- through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets The Group recognized an allowance for expected credit losses (ECLs) for all instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, interest-bearing borrowings including bank overdrafts and share warrants. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include share warrants for which gain or loss is routed through profit or loss. For more details on share warrants, refer to Note 36. Loans and borrowing After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR amortization is included as finance costs in the statement of profit or loss and other comprehensive loss. This category applies to interest-bearing borrowings, trade and other payables. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Fair value measurement The Group measures financial instruments, at fair value such as warrants etc. at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability Or ● In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: ● 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 asset or liability that are not based on observable market data (unobservable inputs). For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair-value related disclosures for financial instruments that are measured at fair value or where fair values are disclosed, are summarised in the note no 7. |
Treasury shares | Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in the share premium. |
Cash and cash equivalents | Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash at banks, payment gateways and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s cash management. |
Inventories | Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on FIFO (First in First out) basis and net realizable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale. Inventories include tickets for amusement parks and attractions. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) |
Impairment of non-financial assets | Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested at least annually or when there are indicators that an asset may be impaired, for impairment. Assets that are subject to depreciation and amortization are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Such circumstances include, though are not limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic environment. Impairment test for goodwill is performed at the level of each CGU or groups of CGUs expected to benefit from acquisition-related synergies and represent the lowest level within the entity at which the goodwill is monitored for internal management purposes and which is not higher than the Group’s operating segment. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The recoverable amount of an asset is the greater of its fair value less costs to sell and value in use. To calculate value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market rates and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Fair value less costs to sell is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, less the costs of disposal. Impairment losses, if any, are recognized in the statement of profit or loss and other comprehensive loss as a component of depreciation and amortization expense. An impairment loss in respect of goodwill is not reversed. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss. |
Provisions and contingencies | Provisions and contingencies Provisions are recognized when the Group has a present obligation (legal or constructive), as a result of a past event, that is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented in the statement of profit or loss and other comprehensive loss. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Contingent liabilities are recognized at their fair value only, if they were assumed as part of a business combination. Contingent assets are not recognized. However, when the realization of income is virtually certain, then the related asset is no longer a contingent asset, and is recognized as an asset. Information on contingent liabilities is disclosed in the notes to the consolidated financial statements, unless the possibility of an outflow of resources embodying economic benefits is remote. |
Employment benefit plan | Employment benefit plan The Group’s post-employment benefits include defined benefits plan and defined contribution plans. The Group also provides other benefits in the form of deferred compensation and compensated absences. Under the defined benefit retirement plan, the Group provides obligation in the form of Gratuity under the Payment of Gratuity Act 1972 (India). Under the plan, a lump sum payment is made to eligible employees at retirement or termination of employment based on respective employee’s salary and years of service with the Group. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognized as an asset or liability in the statement of financial position. Scheme liabilities are calculated using the projected unit credit method and applying the principal actuarial assumptions as at the date of statement of financial position. Plan assets are assets that are qualifying insurance policies. All expenses excluding remeasurements of the net defined benefit liability (asset), in respect of defined benefit plans are recognized in the statement of profit or loss and other comprehensive loss as incurred. Remeasurement, comprising actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest on the net defined benefit liability (asset)), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI (Other comprehensive income) in the period in which they occurred. The remeasurements are not re-classified to profit or loss in subsequent years. The Group’s contribution to defined contribution plans are recognized in statement of profit or loss and other comprehensive loss as and when the services are rendered by employees. The Group has no further obligations under these plans beyond its periodic contributions. The employees of the Group are entitled to compensated absences. The employees can carry forward up to the specified portion of the unutilized accumulated compensated absences and utilize it in future periods or receive cash at retirement or termination of employment. The Group records an obligation for compensated absences in the period in which the employee renders the services that increases this entitlement. The Group measures the expected cost of compensated absences as the additional amount that the Group expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting period. The Group recognizes accumulated compensated absences based on actuarial valuation. Non-accumulating compensated absences are recognized in the period in which the absences occur. Any actuarial gains or losses are recognized in the statement of profit or loss and other comprehensive loss in the period in which they arise. |
Share-based payments / Restricted stock units (RSUs) | Share-based payments / Restricted stock units (RSUs) Employees (including senior executives) of the Group receive part of their remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The cost of equity-settled transactions is determined at the fair value at the date when the grant is made using Black-Scholes valuation model, further details of which are given in Note 30. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss and other comprehensive loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest because service conditions have not been met. |
Earnings (loss) per share | Earnings (loss) per share The Group’s Earnings (Loss) per Share (‘EPS’) is determined based on the net profit/(loss) attributable to the shareholders’ of the parent company. Basic EPS is computed using the weighted average number of shares outstanding during the year. Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) Diluted EPS is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the year including, share options and warrants (using the treasury stock method for options and warrants), except where the result would be anti-dilutive. If the number of ordinary or potential ordinary shares outstanding increase as a result of a capitalization, bonus issue or share split, or decrease as a result of a reverse share split, the calculation of basic and diluted earnings per share for all periods presented is adjusted respectively, further details of which are given in Note 18. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies | |
Schedule of useful lives of property, plant and equipment | Depreciation is calculated on straight line basis using the rates arrived at based on the estimated useful lives of the assets as follows: Schedule of useful lives of property, plant and equipment Computer and peripherals 3 Furniture and fixtures 5 Office equipment 5 Vehicles 3 7 |
Schedule of useful lives of intangible assets | Intangible assets are amortized as below: Schedule of useful lives of intangible assets Agent / Supplier relationships 2.5 10 Non-compete agreements 3.5 6.5 Trademarks 10 Intellectual property rights 3 Computer software and websites 3 10 Customer relationships 4 10 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of information about reportable segments | Information about Reportable Segments: Summary of information about reportable segments 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Reportable segments Air Ticketing Hotels and Packages Other Services Total Particulars Mar-31 Mar-31 Mar-31 Mar-31 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Revenue as per IFRS - Rendering of services * 893,039 1,150,474 1,779,972 173,397 520,740 1,471,270 31,426 146,178 154,305 1,097,862 1,817,392 3,405,547 Customer inducement and acquisition costs 594,426 1,060,600 2,555,320 199,409 237,695 263,756 15,752 15,326 23,380 809,587 1,313,621 2,842,456 Service cost - - - (22,276 ) (159,284 ) (669,099 ) - - - (22,276 ) (159,284 ) (669,099 ) Adjusted Margin 1,487,465 2,211,074 4,335,292 350,530 599,151 1,065,927 47,178 161,504 177,685 1,885,173 2,971,729 5,578,904 Other revenue # 173,406 171,984 421,717 Other income 132,045 158,648 152,520 Customer inducement and acquisition costs (recorded as a reduction of revenue) (809,587 ) (1,313,621 ) (2,842,455 ) Personnel expenses (778,915 ) (1,021,881 ) (1,148,434 ) Marketing and sales promotion expenses (79,584 ) (124,147 ) (336,472 ) Other operating expenses (978,315 ) (893,313 ) (1,554,963 ) Depreciation and amortization (749,480 ) (308,153 ) (190,152 ) Impairment of goodwill (264,909 ) - - Impairment of loan to joint venture - (72,719 ) (1,000 ) Share of loss of joint venture (3,962 ) 41,616 - Finance income 81,604 47,816 28,944 Finance cost (117,252 ) (100,453 ) (326,399 ) Listing and related expenses - (55,818 ) (23,591 ) Change in fair value of warrants gain 378,994 32,756 - Loss before taxes (1,130,782 ) (465,556 ) (241,380 ) Tax expense (64,096 ) (16,906 ) (46,788 ) Loss for the period (1,194,878 ) (482,462 ) (288,168 ) * There were no inter-segment revenue during the year ended March 31, 2023, March 31, 2022 and March 31, 2021. This amount constitutes ‘revenue from external customer’ only. # Other revenue primarily comprises the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements. |
Summary of non-current assets by physical location | Reconciliation of Reportable Segments Revenue to the Group’s Total Revenue: Particulars Total March 31 2021 2022 2023 Revenue as per IFRS - Rendering of services 10,97,862 18,17,392 34,05,547 Other revenue 1,73,406 1,71,984 4,21,717 Total Revenue 12,71,268 19,89,376 38,27,264 Geographical Information: Given that Company’s products and services are available on a technology platform to customers globally, consequently, the necessary information to track accurate geographical location of customers is not available. Non-current assets are disclosed based on respective physical location of the assets. Summary of non-current assets by physical location Non Current Assets* March 31, 2022 March 31, 2023 India 1,003,868 1,025,568 Others 98 - Total 1,003,966 1,025,568 * Non-current assets presented above represent property, plant and equipment, right-of-use assets and intangible assets and goodwill. |
Summary of non-current assets by physical location | Non-current assets are disclosed based on respective physical location of the assets. Summary of non-current assets by physical location Non Current Assets* March 31, 2022 March 31, 2023 India 1,003,868 1,025,568 Others 98 - Total 1,003,966 1,025,568 * Non-current assets presented above represent property, plant and equipment, right-of-use assets and intangible assets and goodwill. |
Group information (Tables)
Group information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of interest in subsidiaries | Information about group subsidiaries Schedule of interest in subsidiaries % Equity interest Name Principal activities Country of incorporation March 31, 2022 March 31, 2023 THCL Travel Holding Cyprus Limited Investment Company Cyprus 100 100 Yatra USA Corp Investment Company USA 100 ** 100 ** Yatra USA, LLC Travel & Travel related services USA 100 100 Asia Consolidated DMC Pte. Ltd. Travel & Travel related services Singapore 100 100 Middle East Travel Management Company Private Limited Travel & Travel related services India 100 100 Yatra Online Limited (formerly known as Yatra Online Private Limited) Travel & Travel related services India 98.55 * 98.59 * Yatra Corporate Hotel Solutions P. Ltd. Travel & Travel related services India 98.55 # 98.59 # TSI Yatra Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra TG Stays Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra Hotel Solutions Private Limited Travel & Travel related services India 98.55 # 98.59 # Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) Travel & Travel related services India 98.55 # 98.59 # Travel.Co.In Private Limited (formerly known as Travel.Co.In Limited (TCIL)) Travel & Travel related services India 98.55 # 98.59 # Yatra Online Freight Services Private Limited Freight forwarding services India 98.55 # 98.59 # Yatra Middle East L.L.C-FZ Computer programming, consultancy and related activities United Arab Emirates - 98.59 #/*** * Remaining shares of 1.41 1.45 # Remaining shares of 1.41 1.45 ** Includes 18.63 20.93 15,000 206,223 *** On February 9, 2023, Yatra Middle East L.L.C.-FZ was incorporated in Dubai, United Arab Emirates with principal activities of Computer programming, consultancy and related activities. Yatra Online, Inc. (the “Company”), through its subsidiary, Yatra Online Limited (formerly known as Yatra Online Private Limited) holds all of the outstanding shares of Yatra Middle East L.L.C.-FZ. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of comparison by class of carrying amount and fair value of the group's financial instruments | Summary of comparison by class of carrying amount and fair value of the group's financial instruments Carrying value Fair value As at March 31, As at March 31, As at March 31, As at March 31, 2022 2023 2022 2023 Financial assets Assets carried at amortized cost Trade and other receivables 1,934,713 3,061,209 1,934,713 3,061,209 Cash and cash equivalents 800,282 503,601 800,282 503,601 Term deposits 568,264 587,375 568,264 587,375 Other financial assets 120,385 122,312 120,385 122,312 Total 3,423,644 4,274,497 3,423,644 4,274,497 Financial liabilities Liabilities carried at fair value Share warrants* - - - - Total - - - - Liabilities carried at amortized cost Trade and other payables 2,437,317 2,176,353 2,437,317 2,176,353 Borrowings 358,580 2,396,494 358,580 2,396,494 Other liabilities 566,901 514,562 566,901 514,562 Total 3,362,798 5,087,409 3,362,798 5,087,409 |
Schedule of financial instruments by fair value hierarchy | Schedule of financial instruments by fair value hierarchy March 31, 2022 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits - 568,264 - 568,264 Other financial assets - 120,385 - 120,385 Total assets - 688,649 - 688,649 Liabilities carried at fair value Warrants** - - - - Liabilities carried at amortized cost Borrowings - 358,550 - 358,580 Other liabilities - 308,702 - 308,702 Total Liabilities - 667,282 - 667,282 March 31, 2023 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits - 587,375 - 587,375 Other financial assets - 122,312 - 122,312 Total assets - 709,687 - 709,687 Liabilities carried at fair value Warrants** - - - - Liabilities carried at amortized cost Borrowings - 2,396,493 - 2,396,493 Other liabilities - 353,155 - 353,155 Total Liabilities - 2,749,648 - 2,749,648 |
Schedule of valuation techniques and significant unobservable inputs | The following tables show the valuation techniques used in measuring fair values at March 31, 2022 and March 31, 2023 as well as the significant unobservable inputs used. Schedule of valuation techniques and significant unobservable inputs Type Valuation technique Significant unobservable inputs Inter-relationship between significant unobservable inputs and fair value measurement A. Financial Instruments measured at fair value: Warrants Black- Scholes model: The valuation model considers the share price on measurement date, expected term of the instrument, risk free rate (based on government bonds), expected volatility and expected dividend rate. Expected term : 0.16 years (PY: 0.66 years) 4.72 % (PY 1.11 %) The estimated fair value would increase (decrease) if : • the expected term were higher (lower) • the risk free rate were higher (lower) Quoted Warrants Fair market value - - B. Financial Instruments for which fair value is disclosed: Borrowings Discounted cash flows Prevailing interest rate in market, future payouts. - Term deposits Discounted cash flows Prevailing interest rate to discount future cash flows - Other financial assets Discounted cash flows Prevailing interest rate to discount future cash flows - Other liabilities Discounted cash flows Prevailing interest rate to discount future cash flows - |
Schedule of reconciliation of fair value measurements categorized within level 1 and level 3 of the fair value hierarchy | Below is reconciliation of fair value measurements categorized within level 1 & level 3 of the fair value hierarchy Schedule of reconciliation of fair value measurements categorized within level 1 and level 3 of the fair value hierarchy April 1, 2021 Charge to profit or loss Effects of movements in foreign exchange rates March 31, 2022 Charge to profit or loss Effects of movements in foreign exchange rates March 31, 2023 Macquarie Corporate Holdings Pty Limited - Ordinary Warrants ( refer note 36) 436 (444 ) 8 - - - - Quoted Warrants* 31,955 (32,312 ) 357 - - - - Total 32,391 (32,756 ) 365 - - - - * On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants (the “Warrants”) to purchase an aggregate of 17,337,500 Ordinary Shares expired. |
Rendering of services (Tables)
Rendering of services (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of contract assets | Revenue by Product types Schedule of revenue by product type and customer type 2021 2022 2023 March 31, 2021 2022 2023 Air Ticketing (Refer note 1 below) 893,039 1,150,474 1,779,972 Hotels and Packages 173,397 520,740 1,471,270 Other Services 31,426 146,178 154,306 Rendering of services 1,097,862 1,817,392 3,405,548 Note 1: During the current year, in respect of incentive receivable from GDS providers, the management has determined that it is highly probable that the Group will comply the prescribed conditions and a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved and accordingly, the Group has recognised revenue amounting to INR 185,991 ** (March 31, 2022: INR Nil ), proportionately for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement with corresponding recognition of contract assets, since the receipt of consideration is conditional on achieving ticket segment thresholds as specified. The Group expects to meet remaining conditions by March 31, 2024 and realizing the variable constraint amount. The Group has applied the most likely amount method to estimate the variable consideration as it involves binary outcome. **INR 98,863 represents revenue recognised from performance obligations satisfied in previous periods. 8.2 Contract balances Contract assets Contract assets primarily relate to the Group’s rights to consideration from travel suppliers (including GDS providers) in exchange for services that the Company has transferred to the traveler when that right is conditional on the Company’s future performance. The contract assets are transferred to receivables when the rights to consideration become unconditional. This usually occurs when the Group issues an invoice to the travel suppliers once they confirm of achievement of targets. The Group expects to meet pending conditions in one year and realise most of the contract asset amount. Summary of contract assets March 31, 2022 2023 Contract Assets 11 190,598 |
Summary of contract assets | Summary of contract assets March 31, 2022 2023 Contract Assets 11 190,598 |
Changes in contract assets | Changes in contract assets are as follows: Changes in contract assets 2022 2023 March 31, 2022 2023 Balance at the beginning of the year 626 11 Revenue recognised during the year # 11 190,598 Billed during the year (626 ) (11 ) Balance at the end of the year 11 190,598 # Refer to para 8.1 – Note 1 above for details about contract assets for the year ended March 31, 2023 |
Summary of contract liabilities | Summary of contract liabilities March 31, 2022 2023 Advance from customer (refer to Note 37) 531,526 525,638 Deferred revenue (refer to Note 35) 248,177 45,721 Total Contract liabilities 779,703 571,359 |
Other revenue (Tables)
Other revenue (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Revenue | |
Schedule of other revenue | Schedule of other revenue 2021 2022 2023 March 31, 2021 2022 2023 Marketing revenue 173,406 171,984 421,717 Total 173,406 171,984 421,717 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of other income | Schedule of other income 2021 2022 2023 March 31, 2021 2022 2023 Liability no longer required to be paid 87,925 119,708 140,693 Government grant 7,883 - - Gain on termination/rent concession of leases 33,238 35,847 1,811 Gain on sale of property, plant and equipment (net) 2,480 1,931 3,800 Miscellaneous income 519 1,162 6,216 Total 132,045 158,648 152,520 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Personnel Expenses | |
Schedule of personnel expenses | Schedule of personnel expenses 2021 2022 2023 March 31, 2021 2022 2023 Salaries, wages and other short term employee benefits 635,667 741,639 907,523 Contributions to defined contribution plans 30,301 37,880 47,321 Expenses related to defined benefit plans (refer to Note 34) 14,345 13,878 11,321 Share based compensation costs 77,100 209,557 152,054 Employee welfare expenses 21,502 18,927 30,215 Total 778,915 1,021,881 1,148,434 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of other operating expenses | Schedule of other operating expenses 2021 2022 2023 March 31, 2021 2022 2023 Commission 31,558 113,947 315,137 Communication 119,844 135,004 164,637 Legal and professional fees 309,027 179,353 301,252 Outsourcing fees 21,336 20,304 28,764 Payment gateway and other charges 151,556 256,353 397,590 Advances provision (refer to Note 21) 15,106 5,326 38,860 Trade and other receivables provision (refer to Note 26) 178,342 26,412 115,006 Security deposit and other assets provision (refer to Note 27) 6,743 - 741 Duties and taxes 16,343 12,178 14,632 Rent 9,418 2,330 1,832 Repairs and maintenance 32,169 31,813 44,387 Travelling and conveyance 3,641 12,705 32,126 Insurance 59,428 76,371 76,170 Corporate social responsibility (CSR) expense 2,620 1,950 - Miscellaneous expenses 21,184 19,267 23,829 Total 978,315 893,313 1,554,963 |
Depreciation and amortization (
Depreciation and amortization (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of depreciation and amortization | Schedule of depreciation and amortization 2021 2022 2023 March 31, 2021 2022 2023 Depreciation 33,893 14,752 14,307 Amortization 627,651 230,758 119,196 Depreciation on right of use assets 87,936 62,643 56,649 Total 749,480 308,153 190,152 |
Investment in joint venture (Ta
Investment in joint venture (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summarized financial position and profit or loss of ANN | Summarized statement of financial position of ANN: Summarized financial position and profit or loss of ANN 2022 2023 March 31, 2022 2023 Current Assets Cash and cash equivalents 664 592 Other current financial assets 1,548 1,289 Non-current liabilities Employee benefits (117 ) (157 ) Current liabilities Borrowings (57,700 ) (58,700 ) Trade and other payables (4,073 ) (10,625 ) Employee benefits (364 ) (297 ) Other non-financial liability (34,758 ) (34,508 ) Equity (94,800 ) (102,406 ) Group’s carrying amount of the investment ( 50 %) (47,400 ) (51,203 ) True-up of carrying value to group share loss * 47,400 51,203 Net carrying amount of investment - - * Upto March 31, 2023, the Group had advanced INR 57,200 (March 31, 2022: 56,200 ) to the joint venture. The Group has the right to set off the outstanding loan amount given by it to the joint venture against its obligation to contribute toward losses of the joint venture. As at March 31, 2023, the loan outstanding, including interest thereon, amounts to INR 73,719 (March 31, 2022: INR 72,719 ). The Group, based on its assessment of the expected credit loss under IFRS 9 has recorded impairment of INR 1,000 (March 31, 2022: INR 72,719 and March 31, 2021: INR Nil ) in the statement of profit and loss for impairment of loan to joint venture. Summarized statement of profit or loss of ANN: 2021 2022 2023 March 31, 2021 2022 2023 Revenue 13,649 4,999 7,554 Other operating expenses, including depreciation INR Nil (March 31, 2022: INR 86 and March 31, 2021: INR 1,663 ) (12,245 ) (7,656 ) (5,931 ) Finance cost (9,328 ) (8,911 ) (9,230 ) Loss before tax (7,924 ) (11,568 ) (7,607 ) Income tax expense - - - Loss for the year (7,924 ) (11,568 ) (7,607 ) Group’s share of loss for the year ** (3,962 ) (5,784 ) (3,803 ) ** Both Group and SLA have an obligation to contribute equally towards the losses of the joint venture, in excess of their respective investments. Accordingly, the Group has recognised its share of such losses for determining the Group’s cumulative obligation to contribute towards the losses. |
Finance income (Tables)
Finance income (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of finance income | Schedule of finance income 2021 2022 2023 March 31, 2021 2022 2023 Interest income on : - Bank deposits recognised at amortised cost 46,236 25,804 14,354 - Others * 32,529 10,365 3,521 Foreign exchange gain (net) 58 8,346 7,655 Unwinding of other financial assets 2,781 3,301 3,414 Total 81,604 47,816 28,944 * Interest income on others include interest income on loan given to joint venture of INR Nil (March 31, 2022: INR 4,240 and March 31, 2021: INR 7,206 ). |
Finance cost (Tables)
Finance cost (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of finance cost | Schedule of finance cost 2021 2022 2023 March 31, 2021 2022 2023 Bank charges 10,436 5,546 78,091 Foreign exchange loss (net) 11,584 - - Interest on borrowings recognised at amortised cost 18,909 6,946 129,888 Interest on lease liabilities 72,033 43,871 35,992 Unwinding of other financial liabilities 4,290 44,090 51,878 Others - - 30,550 Total 117,252 100,453 326,399 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of loss before income taxes | A) (Loss)/Profit for the year before income taxes are as follows: Schedule of loss before income taxes March 31, 2021 2022 2023 Domestic 64,737 (145,363 ) (353,088 ) Foreign operations (1,195,519 ) (320,193 ) 111,708 Total (1,130,782 ) (465,556 ) (241,380 ) |
Summary of components of income tax expense | B) The major components of income tax expense for the years ended 31 March, 2021, 2022 and 2023 are: Summary of components of income tax expense 2021 2022 2023 March 31, 2021 2022 2023 Current Period 8,680 14,478 52,046 Current income tax expenses 8,680 14,478 52,046 Origination and reversal of temporary differences 55,416 2,428 (5,258 ) Deferred tax (benefit)/ expense 55,416 2,428 (5,258 ) Total income tax expenses as reported in statement of profit or loss 64,096 16,906 46,788 |
Reconciliation of tax expense and accounting profit multiplied by tax rate | C) Reconciliation of tax expense and accounting profit multiplied by tax rate of each jurisdiction in which the Group operates Reconciliation of tax expense and accounting profit multiplied by tax rate 2021 2022 2023 March 31, 2021 2022 2023 Loss for the year * (1,194,878 ) (482,462 ) (288,168 ) Income tax expense/(reversal) 64,096 16,906 46,788 Loss before income taxes (1,130,782 ) (465,556 ) (241,380 ) Expected tax expense at statutory income tax rate (193,762 ) (105,537 ) 32,760 Non-deductible expenses 2,307 17,024 19,074 Utilization of previously unrecognised tax losses (1,181 ) (13,134 ) (42,671 ) Current year losses for which no deferred tax asset was recognized 159,102 174,746 36,761 Reversal of deferred tax assets recognised in earlier years 77,636 - - Change in unrecognised temporary differences 17,297 (58,979 ) 209 Effect of change in tax rate (1,908 ) Others 2,697 2,786 2,563 Total income tax expense 64,096 16,906 46,788 * Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries). |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of income and share data used in the basic and diluted loss per share computations | The following reflects the income and share data used in the basic loss per share computations: Summary of income and share data used in the basic and diluted loss per share computations 2021 2022 2023 March 31, 2021 2022 2023 Loss attributable to ordinary shareholders - Basic (1,177,343 ) (477,850 ) (289,242 ) Weighted average number of ordinary shares outstanding used in computing basic loss per share 57,771,701 62,352,494 62,991,006 Basic loss per share (20.38 ) (7.66 ) (4.59 ) The following reflects the income and share data used in the diluted loss per share computations: 2021 2022 2023 March 31, 2021 2022 2023 Loss attributable to ordinary shareholders-Basic (1,177,343 ) (477,850 ) (289,242 ) Add: Loss attributable to non-controlling interest (17,535 ) - - Loss attributable to ordinary shareholders-Dilutive (1,194,878 ) (477,850 ) (289,242 ) Weighted average number of ordinary shares outstanding used in computing diluted loss per share 58,514,103 62,352,494 62,991,006 Diluted loss per share (20.42 ) (7.66 ) (4.59 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Reconciliation of changes in property, plant and equipment | Reconciliation of changes in property, plant and equipment Leasehold Improvements Computer and Peripherals Furniture and Fixtures Vehicles Office Equipment Total Gross block At April 1, 2021 201 338,463 2,284 60,160 28,785 429,893 Additions - 5,713 - 7,013 41 12,767 Disposals/adjustment - (17,987 ) (120 ) (12,736 ) (1,822 ) (32,665 ) Charge for the year 2,264 Effects of movements in foreign exchange rates 6 18 18 - 15 57 At March 31, 2022 207 326,207 2,182 54,437 27,019 410,052 Additions - 6,982 345 36,482 376 44,185 Disposals/adjustment - (14,868 ) (99 ) (19,324 ) (2,249 ) (36,540 ) Effects of movements in foreign exchange rates 21 - 52 - 66 139 At March 31, 2023 228 318,321 2,480 71,595 25,212 417,836 Depreciation At April 1, 2021 76 332,569 1,905 46,915 24,083 405,548 Charge for the year 76 5,688 136 6,588 2,264 14,752 Disposals/adjustment - (17,987 ) (120 ) (12,370 ) (1,822 ) (32,299 ) Effects of movements in foreign exchange rates 4 18 18 - 14 54 At March 31, 2022 156 320,288 1,939 41,133 24,539 388,055 Charge for the year 52 3,828 168 8,761 1,500 14,309 Disposals/adjustment - (14,868 ) (99 ) (13,382 ) (2,157 ) (30,506 ) Effects of movements in foreign exchange rates 19 - 52 - 65 136 At March 31, 2023 227 309,248 2,060 36,512 23,947 371,994 Net block At March 31, 2022 51 5,919 243 13,304 2,480 21,997 At March 31, 2023 1 9,072 421 35,083 1,265 45,843 |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets And Goodwill | |
Schedule of reconciliation of changes in intangible assets and goodwill, including gross, amortization, and net amounts | Schedule of reconciliation of changes in intangible assets and goodwill, including gross, amortization, and net amounts Computer software and Websites Intellectual property rights Agent / Supplier/ relationship Customer relationship Non compete agreement Trademarks Goodwill Intangible under development Total Gross block At March 31, 2021 2,366,930 59,209 222,169 140,336 22,171 271,329 1,015,099 17,078 4,114,321 Additions 72,655 - - - - - - 92,089 164,744 Disposals/adjustment (110 ) - - - - - - (71,763 ) (71,873 ) Charge for the year - Impairment of goodwill - Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2022 2,439,475 59,209 222,169 140,336 22,171 271,329 1,015,099 37,404 4,207,192 Additions 140,032 - - - - - - 145,760 285,791 Disposals/adjustment (3,791 ) - - - - - - (139,892 ) (143,667 ) Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2023 2,575,716 59,209 222,169 140,336 22,171 271,329 1,015,099 43,272 4,349,316 Amortization and Impairment At March 31, 2021 2,090,383 58,448 200,798 95,441 20,977 271,329 486,908 - 3,224,284 Charge for the year 203,499 761 17,097 8,979 422 - - - 230,758 Disposals (110 ) - - - - - - - (110 ) Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2022 2,293,772 59,209 217,895 104,420 21,399 271,329 486,908 - 3,454,932 Charge for the year 105,521 - 4,274 8,979 422 - - 119,196 Disposals (3,791 ) - - - - - - - (3,791 ) Impairment of goodwill - - - - - - - - - Effects of movements in foreign exchange rates - - - - - - - - - At March 31, 2023 2,395,502 59,209 222,169 113,399 21,821 271,329 486,908 - 3,570,337 Net block At March 31, 2022 145,703 - 4,274 35,916 772 - 528,191 37,404 752,260 At March 31, 2023 180,214 - (0 ) 26,937 350 - 528,191 43,272 778,963 |
Schedule of carrying amount of goodwill | Schedule of carrying amount of goodwill March 31, 2022 2023 TSI Yatra Private Limited 103,670 103,670 Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited 219,163 219,163 Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited) 205,358 205,358 Total 528,191 528,191 |
Summary of key assumptions used in calculations of value in use for CGUs | The key assumptions used in value in use calculations: Summary of key assumptions used in calculations of value in use for CGUs March 31, 2022 2023 Pre-Tax Discount rate 23.67 %- 24.65 % 27.20 %- 30.18 % Terminal Value growth rate 5.0 % 5.0 % EBITDA margin over next 5 years ( March 31, 2022 : 5 years) 7.5 %- 25 % 20.1 %- 28.7 % |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of current and non-current prepayments and other assets | Schedule of current and non-current prepayments and other assets 2022 2023 March 31, Current 2022 2023 Advance to vendors (net of allowance) 451,217 804,201 Balance with statutory authorities 39,906 41,973 Prepaid expenses 112,899 102,299 Due from employees 3,709 3,451 Total 607,731 951,924 Non-current Prepaid expenses 922 1,177 Total 922 1,177 |
Schedule of changes in allowance for doubtful advances | The movement in the allowance for doubtful advances: Schedule of changes in allowance for doubtful advances March 31, 2022 2023 Balance at the beginning of the year 19,941 22,967 Provisions accrued during the year 5,326 38,860 Amount written off during the year (2,300 ) (2,215 ) Balance at the end of the year 22,967 59,612 |
Other financial assets, Non-c_2
Other financial assets, Non-current (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Assets Non-current | |
Schedule of other financial assets, Non-current | Schedule of other financial assets, Non-current March 31, 2022 2023 Security deposits 48,320 49,864 Total 48,320 49,864 |
Term deposits (Tables)
Term deposits (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Term Deposits | |
Schedule of term deposits | Schedule of term deposits 2022 2023 March 31, 2022 2023 Fixed deposits with banks 568,264 587,375 Total 568,264 587,375 Non-current - 6,158 Current 568,264 581,217 Total 568,264 587,375 |
Other non financial assets (Tab
Other non financial assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Non Financial Assets | |
Schedule of other non financial assets | Schedule of other non financial assets 2022 2023 March 31, 2022 2023 Restricted asset 216,231 195,491 Total 216,231 195,491 Non-current 216,231 195,491 Total 216,231 195,491 |
Deferred Tax (Tables)
Deferred Tax (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of unrecognized deferred tax assets | Deferred tax assets have not been recognized in respect of the following items : Schedule of unrecognized deferred tax assets As at March 31, Particulars 2022 2023 Deductible temporary differences 364,322 320,667 Tax loss carry forward and unabsorbed depreciation 3,065,233 2,584,488 Total 3,429,555 2,905,155 |
Schedule of recognized deferred tax assets | Schedule of recognized deferred tax assets For the Year Ended March 31, 2022 2023 Deferred tax assets are attributable to the following - Property, plant and equipment, intangible assets, and ROU assets 3,596 3,248 Trade and other receivables 2,281 4,046 Employee benefits 3,009 2,118 Unutilised business losses 42 294 Provision for expenses 25 142 Deferred tax asset 8,953 9,848 OCI gratuity 1,043 1,238 Total deferred tax asset (A) 9,996 11,086 Deferred tax liabilities are attributable to the following - Property, plant and equipment, intangible assets, and ROU assets (11,513 ) (7,150 ) Total deferred tax liability (B) (11,513 ) (7,150 ) Net deferred tax asset/(liability) (A-B) (1,517 ) 3,936 |
Schedule of changes in deferred tax assets | Schedule of changes in deferred tax assets Particulars Balance as on March, 31 2021 Recognised in profit or loss Recognised in other comprehensive income Balance as on March, 31 2022 Property, plant and equipment, intangible assets, and ROU assets (8,778 ) 816 - (7,917 ) Trade and other receivables 4,656 (2,375 ) - 2,281 Employee benefit 2,531 478 - 3,009 Provision for expenses 1,459 (1,434 ) - 25 OCI gratuity 1,117 - (74 ) 1,043 Loss available for offsetting against future taxable income - 42 - 42 Deferred tax assets 985 (2,428 ) (74 ) (1,517 ) Particulars Balance as on March, 31 2022 Recognised in profit or loss Recognised in other comprehensive income Balance as on March, 31 2023 Property, plant and equipment, intangible assets, and ROU assets (7,917 ) 4,016 - (3,902 ) Trade and other receivables 2,281 1,765 - 4,046 Employee benefit 3,009 (891 ) - 2,118 Provision for expenses 25 117 - 142 OCI gratuity 1,043 - 195 1,238 Loss available for offsetting against future taxable income 42 252 - 294 Deferred tax assets (1,517 ) 5,258 195 3,936 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of trade and other receivables | Schedule of trade and other receivables March 31, 2022 2023 Trade receivables (net of allowance) 1,897,590 2,817,604 Receivables from joint venture (net of allowance) (refer to note 41) - 530 Refund and other receivable (net of allowance) 37,112 52,478 Total 1,934,702 2,870,612 Contract Assets (refer to note 8) 11 190,598 11 190,598 Total 1,934,713 3,061,210 |
Other financial assets, curre_2
Other financial assets, current (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Assets Current | |
Schedule of other financial assets, current | Schedule of other financial assets, current March 31, 2022 2023 Interest accrued on term deposits 962 1,668 Security deposits (net of allowance) 12,800 12,735 Loans to joint venture (net of allowance) ( refer to note 41) - - Others (includes Government Grant) 54,594 54,594 Total 68,356 68,997 |
Schedule of movement in allowance for doubtful security deposits | The movement in the allowance for doubtful other financial assets: Schedule of movement in allowance for doubtful security deposits 2022 2023 March 31, 2022 2023 Balance at the beginning of the year 5,414 78,133 Provisions accrued during the year * 72,719 1,741 Amount written off during the year - (1,578 ) Provision moved from allowance for doubtful trade and other receivables (refer note 26) - 429 Balance at the end of the year 78,133 78,725 * includes amount of INR 1,000 (March 31, 2022: INR 72,719 ) provision for impairment on loans to joint venture (refer note 14) |
Schedule of movement in government grant | The movement in the Government Grant during the year was as follows: Schedule of movement in government grant 2022 2023 March 31, 2022 2023 At 1 April 98,046 54,594 Recorded/ (trued- up) in statement of profit or loss (14,631 ) - Received during the year (28,821 ) - Effect of movement in exchange rate - - At 31 March 54,594 54,594 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 2022 2023 March 31, 2022 2023 Cash on hand 255 125 Credit card collection in hand 167,837 207,235 Balances with bank 632,190 296,241 Total 800,282 503,601 |
Equity share capital and shar_2
Equity share capital and share premium (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of authorized shares | Schedule of authorized shares March 31, Authorized shares 2022 2023 Numbers of Shares Numbers of Shares Ordinary shares of INR 0.008 ($ 0.0001) each 500,000,000 500,000,000 Ordinary shares of INR 0.008 ($ 0.0001 ) each 500,000,000 500,000,000 Ordinary share Class A of INR 0.008 ($ 0.0001 ) each 10,000,000 10,000,000 Ordinary share Class F of INR 0.008 ($ 0.0001 ) each 3,159,375 3,159,375 Preference shares of INR 0.008 ($ .0001 ) each 10,000,000 10,000,000 523,159,375 523,159,375 |
Schedule of changes in share capital and share premium | Schedule of changes in share capital and share premium Ordinary shares Numbers of Shares Share Capital Share Premium Balance as at April 1, 2021 62,126,623 838 20,240,055 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 459,213 4 46,419 Balance as at March 31, 2022 62,585,836 842 20,286,474 Balance as at April 1, 2022 62,585,836 842 20,286,474 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 1,062,091 8 102,325 Balance as at March 31, 2023 63,647,927 850 20,388,799 |
Schedule of Classes of Shares Outstanding | Schedule of Classes of Shares Outstanding Number of shares as at Class of shares Nominal value March 31, 2023 March 31, 2022 Ordinary shares* $ 0.0001 59,400,888 58,132,574 Ordinary shares class A $ 0.0001 2,392,168 2,392,168 Ordinary shares class F* $ 0.0001 1,854,871 2,061,094 * For movement in Ordinary shares class F to Ordinary shares, refer to note 6. |
Schedule of changes in treasury shares | For details of shares reserved for issuance under the warrant agreement with Macquarie Corporate Holding Pty Limited, refer to Note 36. Schedule of changes in treasury shares Treasury shares Numbers of Shares Amount Balance as at April 1, 2021 999 11,219 Exercise of options - - Balance as at March 31, 2022 999 11,219 Balance as at April 1, 2022 999 11,219 Exercise of options - - Balance as at March 31, 2023 999 11,219 |
Other capital reserve (Tables)
Other capital reserve (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |
Schedule of changes in other capital reserves | Schedule of changes in other capital reserves Share-based Equity Instruments Reserve on expiry of warrant Warrant Total (Refer note 30.1) (Refer note 36) (Refer note 36) March 31, 2021 98,510 341 - 23,258 122,109 Share-based payments expense during the year 209,557 - - - 209,557 Exercised during the year (46,423 ) - - - (46,423 ) Forfeited during the year (440 ) - - - (440 ) Expired during the year (21,272 ) - - - (21,272 ) March 31, 2022 239,932 341 - 23,258 263,531 Share-based payments expense during the year 152,054 - - - 152,054 Exercised during the year (129,673 ) - - - (129,673 ) Forfeited during the year (4,518 ) - - - (4,518 ) Expired during the year - - 23,258 (23,258 ) - March 31, 2023 257,795 341 23,258 - 281,394 |
Share plan 2006 and india share plan 2006 [member] | |
IfrsStatementLineItems [Line Items] | |
Summary of Inputs for Model Used | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: Summary of changes in share options outstanding March 31, 2022 2023 No. of shares Weighted average EP per share* No. of shares Weighted average EP per share Number of options outstanding at the beginning of the year 219,986 318.33 204,224 329.33 Granted during the year - - - - Forfeited during the year - - - - Expired during the year 15,762 351.37 369 356.65 Exercised during the year - - - - Number of options outstanding at the end of the year 204,224 329.33 203,855 356.65 Vested/exercisable 204,224 329.23 203,855 356.65 * The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 |
Stock Option 2016 And Incentive Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Summary of Inputs for Model Used | The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: Summary of changes in share options outstanding March 31, 2022 March 31, 2023 No. of shares Weighted average EP per share* No. of shares Weighted average EP per share Number of options outstanding at the beginning of the year 681,227 293.23 407,323 246.66 Granted during the year - - - - Forfeited during the year 115,257 154.20 54,545 164.38 Expired during the year 158,647 560.80 81,408 362,67 Number of options outstanding at the end of the year 407,323 246.66 271,370 259.07 Vested/exercisable 191,988 352.82 175,918 311.02 * The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 |
Restricted stock unit and performance stock units 2016 plan [member] | |
IfrsStatementLineItems [Line Items] | |
Summary of Inputs for Model Used | The following tables list the inputs to the model used for the years then ended Summary of Inputs for Model Used March 31, 2022 March 31, 2023 PSU’s RSU’s PSU’s RSU’s Weighted average Fair value of ordinary share at the measurement date (USD) 2.12 2.12 0.36 - 0.81 1.45 - 2.70 Risk-free interest rate (%) 0.61 % 0.61 % 2.80 % 2.80 % Expected volatility (%) 56.27 % 56.27 % 45.00 % 45.00 % Expected life 4 years 4 years 4 years 4 years Dividend Yield 0 % 0 % 0 % 0 % Model used Monte Carlo Simulation Black-Scholes Valuation Monte Carlo Simulation Black-Scholes Valuation |
Summary of changes in RSUs outstanding | Summary of changes in RSUs outstanding March 31, 2022 March 31, 2023 No. of shares No. of shares Number of RSU/PSU’s outstanding at the beginning of the year 1,222,271 2,762,509 Granted during the year 2,093,188 2,049,562 Forfeited during the year - - Expired during the year 93,737 - Vested/exercised during the year 459,213 1,062,081 Vested PSUs net settled for employee’s tax obligation * - 130,190 Number of RSU/PSU’s outstanding at the end of the year 2,762,509 3,619,800 Vested/exercisable and not exercised - - * As per applicable Tax laws applicable in India, the Company is obliged to withhold an amount for an employee’s tax obligation associated with a share-based payment and transfer that amount in cash, to the tax authority on the employee’s behalf. Accordingly, during the year ended March 31, 2023, the Group settled the transaction on a net basis by withholding the number of vested PSUs with a fair value equal to the monetary value of the employee’s tax obligation of INR 27,340 27,340 |
Components of Other Comprehen_2
Components of Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Components Of Other Comprehensive Loss | |
Schedule of changes in accumulated other comprehensive loss | The following table summarizes the changes in the accumulated balance for each component of accumulated other comprehensive loss attributable to the Company. Schedule of changes in accumulated other comprehensive loss 2021 2022 2023 March 31, 2021 2022 2023 Actuarial (loss)/ gain on defined benefit plan: Actuarial (loss)/ gain on obligation 2,009 (321 ) (10,508 ) Income tax expense 215 74 (205 ) Total 2,224 (247 ) (10,713 ) Foreign currency translation: Foreign currency translation differences (4,552 ) (5,640 ) 1,245 Balance at the end of period (4,552 ) (5,640 ) 1,245 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of borrowings by type and classification | Schedule of borrowings by type and classification March 31, Term 2022 2023 Current Secured Vehicle loan Less than 1 year 2,977 4,601 Non Convertible Debentures 2 2.5 - 417,178 Factoring Less than 1 year 351,399 1,089,699 Unsecured Unsecured loan from MAK Capital Fund, LP # 1 Year - 821,900 Total 354,376 2,333,378 Non-Current Vehicle loan More than 1 year 4,204 19,274 Total 4,204 19,274 # Breach in Covenants- Refer to Note 40 Carrying amount Currency Interest Rate Year of Maturity March 31, 2022 2023 Non Convertible Debentures INR 14 % to 14.25 % 2024 - 2025 - 417,178 Vehicle loan INR 7.25 % to 11.25 % 2025 - 2028 7,181 23,875 Factoring INR Floating rate * On demand 351,399 1,089,699 Unsecured loan from MAK Capital Fund, LP USD 11.0 % 2023 - 821,900 358,580 2,352,652 * 3M MCLR + 0.20% to 1.35% spread |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Trade And Other Payables | |
Schedule of trade and other payables | Schedule of trade and other payables 2022 2023 March 31, 2022 2023 Trade payables 1,306,204 1,116,599 Accrued expenses 295,067 316,187 Refund and other payables 836,046 743,567 Total 2,437,317 2,176,353 Current 2,394,712 2,176,353 Non-current 42,605 - Total 2,437,317 2,176,353 |
Employment benefit plan (Tables
Employment benefit plan (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of employee benefits liability | Schedule of employee benefits liability 2022 2023 March 31, 2022 2023 Defined benefit obligation 69,729 71,277 Liability for compensated absences 33,224 25,487 Total liability 102,953 96,766 Net Unfunded liability 69,729 71,277 |
Summary of changes in present value of obligation and fair value of plan assets | Movement in obligation Summary of changes in present value of obligation and fair value of plan assets March 31, 2022 2023 Present value of obligation at beginning of year 82,330 79,594 Interest cost 3,889 3,239 Current service cost 10,639 8,619 Past service cost - - Remeasurement (gain)/loss on obligation -economic assumptions - (3,694 ) -demographic assumptions (719 ) (149 ) -experience assumptions 1,103 14,439 Benefits paid (17,648 ) (22,551 ) Present value of obligation at closing of year 79,594 79,497 Movement in plan assets* March 31, 2022 2023 Fair value of plan assets at beginning of the year 11,943 9,865 Employer contributions - - Benefits paid (2,791 ) (2,273 ) Earning on assets 651 538 Remeasurement (gain)/loss on plan assets 62 88 Fair value of plan assets at end of the year 9,865 8,218 * plan assets represents investment made by the Company in LIC funds |
Schedule of unfunded liability | Schedule of unfunded liability 2022 2023 March 31, 2022 2023 Current 35,621 40,744 Non-current 34,108 30,533 Unfunded liability recognized in statement of financial position 69,729 71,277 |
Schedule of components of cost recognized in profit or loss | Schedule of components of cost recognized in profit or loss 2021 2022 2023 March 31, 2021 2022 2023 Current service cost 10,806 10,639 8,619 Net interest cost 3,539 3,239 2,702 Components of cost recognized in profit or loss 14,345 13,878 11,321 |
Summary of amounts for actuarial loss on obligation recognized in other comprehensive income | Summary of amounts for actuarial loss on obligation recognized in other comprehensive income March 31, 2021 2022 2023 Remeasurement loss/ (gain) on obligation * (2,009 ) 321 10,508 * Refer to Note 31 for the movement during the year. |
Schedule of actuarial assumptions used for estimating defined benefit obligations | Schedule of actuarial assumptions used for estimating defined benefit obligations March 31, 2022 2023 Discount rate 5.45 % 7.10 % Future salary increase 5.00 % 5.00 % Average expected future working life (years) 1.56 - 5.85 1.78 - 5.45 Retirement age (years) 58 58 Mortality table IALM* (2012-14) Ultimate Withdrawal rate (%) Ages Upto 30 years 22 % - 26 % 31 % From 31 to 44 years 57 % - 65 % 61 % Above 44 years 9 % - 21 % 8 % * Indian Assured Lives Mortality (2012-14) Ultimate represents published mortality table used for mortality assumption. |
Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation | Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation March 31, 2022 2023 a) Impact of the change in discount rate a) Impact due to increase of 0.50 % 920 1,032 b) Impact due to decrease of 0.50 % (952 ) (1,069 ) b) Impact of the change in salary increase a) Impact due to increase of 0.50 % (1,018 ) (1,083 ) b) Impact due to decrease of 0.50 % 1,105 1,059 |
Schedule of expected contributions to the defined benefit plan in future years | Schedule of expected contributions to the defined benefit plan in future years March 31, 2022 2023 Year 1 40,306 38,753 Year 2 15,206 13,545 Year 3 7,370 6,942 Year 4 4,080 5,042 Year 5 3,495 4,867 Year 6-10 13,351 18,198 Total expected payments 83,808 87,347 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Revenue | |
Schedule of deferred revenue, by type | Schedule of deferred revenue, by type March 31, 2022 2023 Global Distribution System provider 244,101 38,417 Loyalty program 4,076 7,304 Total 248,177 45,721 Non-current 64,965 - Current 183,212 45,721 Total 248,177 45,721 |
Summary of changes in deferred revenue | Summary of changes in deferred revenue March 31, 2022 2023 At April 1 387,049 248,177 Deferred during the year - - Recorded in statement of profit or loss (138,872 ) (202,456 ) Transferred to other financial liability (deposits) - - At March 31 248,177 45,721 |
Other financial liabilities (Ta
Other financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Financial Liabilities | |
Schedule of other financial liabilities | Schedule of other financial liabilities 2022 2023 March 31, 2022 2023 Current Due to employees 120,756 63,860 Share warrants# (refer to note 7) - - Deposits* * 308,701 353,154 Total 429,457 417,014 * Deposit received from the Global Distribution System provider (GDS), which is repayable at the end of the contract and interest free nature was initially recognised at fair value. The difference between the deposit received and fair value initially recognised is treated as deferred consideration under Note 37. Deposits are subsequently measured at amortised cost and unwinding is recognised under finance cost. The deferred consideration recognised is amortised over the tenure of deposit on straight line basis and amortisation is recognised as revenue. |
Schedule of Detailed information of Warrants issued | Schedule of Detailed information of Warrants issued Number of shares Date of issue Exercise price Expiration date Macquarie Corporate Holdings Pty Limited - Ordinary shares* 46,458 24-Jul-15 INR 2,040.90 ($ 26.90 ) 24-Jul-23 ** Innoven Capital - Ordinary shares 154,000 12-Sep-17 INR 910.44 12 ) 12-Sep-22 * On December 16, 2016, the Parent Company converted its preference shares into ordinary shares and effectuated a reverse 5.4242194-for-one share split of its ordinary shares as well as a 5.4242194-for-one adjustment with respect to the number of ordinary shares underlying its share options and a corresponding adjustment to the exercise prices of such options . ** Subsequent to balance sheet date, on July 24, 2023, these outstanding warrants lapsed unexercised. |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of other current liabilities | Schedule of other current liabilities 2022 2023 March 31, 2022 2023 Advance from customers 531,526 525,638 Statutory liabilities 79,368 41,239 Other liabilities 58,075 56,310 Deferred Consideration 41,656 - Interest accrued on term loan - 43,842 Total 710,625 667,029 |
Financial risk management, ob_2
Financial risk management, objective and policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Schedule of credit risk exposure by type | The carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Schedule of credit risk exposure by type 2022 2023 March 31, 2022 2023 Trade and other receivables 1,934,713 3,061,209 Other financial assets 684,940 706,236 Cash and cash equivalents (except cash in hand) 800,027 503,476 Total 3,419,680 4,270,921 |
Schedule of trade and other receivables, excluding impairment | Schedule of trade and other receivables, excluding impairment March 31, 2022 Impairment 2023 Impairment 0 - 30 days 1,512,534 - 1,565,505 - 31 - 90 days 304,480 - 1,047,928 - 91 - 180 days 97,579 - 247,967 16,771 More than 180 days 314,445 2,94,325 653,429 435,275 Total 2,229,038 294,325 3,514,829 452,046 |
Schedule of trade, refund & other receivables and contract assets | The movement in the allowance for expected credit loss and amounts impaired in respect of trade, refund & other receivables and contract assets during the year was as follows: Schedule of trade, refund & other receivables and contract assets March 31, 2022 2023 Balance at the beginning of the year 6,87,511 2,94,325 Provisions accrued during the year* 26,412 1,58,092 Amount written off during the year (4,21,693 ) - Provision moved to allowance for doubtful other financial assets (refer note 27) - (429 ) Effect of movement in exchange rate 2,095 58 Balance at the end of the year 2,94,325 4,52,046 * includes amount of INR Nil (March 31, 2022: INR 3,837 |
Schedule of financial liabilities by type | The following tables set forth Company’s financial liabilities based on expected and undiscounted amounts as at March 31, 2022 and 2023. Schedule of financial liabilities by type As at March 31, 2022 Carrying Amount Contractual Cash Flows * Within 1 year 1 -5 Years More than 5 years Vehicle loan 7,180 7,988 3,426 4,562 - Lease liabilities 269,659 398,659 74,457 239,584 84,618 Trade and other payables 2,437,317 2,437,317 2,394,712 42,605 - Factoring 351,399 351,399 351,399 - - Other Current liabilities 512,877 512,877 512,877 - - Total 3,578,432 3,708,240 3,336,871 286,751 84,618 Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) As at March 31, 2023 Carrying Amount Contractual Cash Flows * Within 1 year 1 -5 Years More than 5 years Vehicle loan 23,875 29,287 6,894 22,393 - Lease liabilities 251,228 349,377 79,832 240,906 28,639 Trade and other payables 2,176,353 2,176,353 2,176,353 - - Factoring 1,089,699 1,089,699 1,089,699 - - Non Convertible Debenture 417,178 417,178 417,178 - - Unsecured loan 821,900 912,309 912,309 - - Other Current liabilities 490,103 490,103 490,103 - - Total 5,270,336 5,464,306 5,172,368 263,299 28,639 * Represents Undiscounted cash flows of interest and principal |
Summary of foreign currency sensitivity | Summary of foreign currency sensitivity March 31, 2022 2023 5 % strengthening/weakening of USD against INR 1,339 3,957 5 % strengthening/weakening of Euro against INR 1,157 1,670 5 % strengthening/weakening of GBP against INR 932 997 5 % strengthening/weakening of SGD against INR 121 -194 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of debt ratio information | Summary of debt ratio information 2022 2023 March 31, 2022 2023 Borrowings (Note 32) 358,580 2,352,652 Less :cash and cash equivalents (Note 28) (800,282 ) (503,601 ) Net debt (441,702 ) 1,849,051 Share warrants (Note 36) - - Equity 890,258 707,699 Total Equity 890,258 707,699 Gearing ratio (Net debt / total equity + net debt) ( 98.47 )% 72.32 % |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of arm’s length transactions with related parties | During the year, the Group entered into the following transactions and balances, in the ordinary course of business on an arm’s length basis, with related parties: Summary of arm’s length transactions with related parties March 31, Transactions during the year 2021 2022 2023 Group Companies of entities having significant influence Communication expense 649 - - Entities having significant influence Loan taken - - 821,900 Interest cost - - 42,838 Bank charges - - 47,765 Joint venture company Rendering of services (21 ) - - Recovery of expenses 741 824 102 Loan given 19,500 2,500 1,000 Interest income 7,206 4,240 - Commission expense (1 ) - - Yatra Online, Inc. Notes to the consolidated financial statements (Amount in INR thousands, except per share data and number of shares) March 31, Balances as at (net of allowances) 2022 2023 Joint venture company Trade receivable */** ** - 530 Other financial assets** ** - - Entities having significant influence Unsecured loan from third party investor (refer to note 32) - 821,900 Interest accrued - 43,842 * Trade receivables includes advance given against the future bookings amounting INR 530 Nil Nil 3,837 530 Nil ** Provision for impairment on loans to joint venture is INR 1,000 72,719 73,719 72,719 |
Schedule of key management compensation | Schedule of key management compensation 2021 2022 2023 March 31, 2021 2022 2023 Short-term employee benefits 27,462 35,019 44,749 Contributions to defined contribution plans 259 340 618 Profit linked bonus 16,130 - 6,765 Directors Sitting fee’s 10,846 10,516 14,345 Share based payment 53,330 157,715 114,632 Total compensation paid to key management personnel 108,027 203,590 181,109 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |
Schedule of Statement of Cash Flows | Schedule of Statement of Cash Flows Investing activities: 610,383 200,000 410,383 Operating Activities: 389,617 Total 800,000 |
Air travel bureau limited [member] | |
IfrsStatementLineItems [Line Items] | |
Schedule of reconciliation of fair value measurement of the contingent consideration liability | A reconciliation of fair value measurement of the contingent consideration liability is provided below: Schedule of reconciliation of fair value measurement of the contingent consideration liability As at April 1, 2017 - Liability arising on business combination 610,383 Unrealised fair value changes recognised in profit or loss 294,344 As at March 31, 2018 904,727 Unrealised fair value changes recognised in profit or loss 485,282 Advance paid 200,000 As at March 31, 2019 1,190,009 Unrealised fair value changes recognised in profit or loss (390,009 ) As at March 31, 2020 800,000 Final payment* (800,000 ) As at March 31, 2021 - * Contingent consideration paid of INR 800,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of the movements in the carrying value of right of use assets | Summary of the movements in the carrying value of right of use assets Buildings Others Total Balance as of April 1, 2021 441,871 7,969 449,840 Additions - - - Deletions# (157,509 ) - ( 157,509 ) Depreciation (Refer note 13) (54,674 ) (7,969 ) (62,643 ) Effects of movements in foreign exchange rates 22 - 22 Balance as of March 31, 2022 229,710 - 229,710 Additions 21,626 11,773 33,399 Deletions (5,705 ) - ( 5,705 ) Depreciation (Refer note 13) (55,743 ) (906 ) ( 56,649 ) Effects of movements in foreign exchange rates 5 - 5 Balance as of March 31, 2023 189,893 10,867 200,760 |
Schedule of amounts recognised in profit or loss | The following are the amounts recognised in profit or loss: Schedule of amounts recognised in profit or loss 2022 2023 March 31, 2022 2023 Depreciation expense of right-of-use asset (Refer note 13) 62,643 56,649 Interest expense on lease liabilities (Refer note 16) 43,871 35,992 Expense relating to short-term leases (Refer note 12) 2,330 1,832 Total amount recognised in profit or loss 108,844 94,473 |
Schedule of lease liabilities by classification | The following is the break-up of current and non-current lease liabilities as of March 31, 2022 and March 31, 2023: Schedule of lease liabilities by classification 2022 2023 March 31, 2022 2023 Current lease liabilities 38,991 47,835 Non-current lease liabilities 230,668 203,393 Total 269,659 251,228 |
Schedule of carrying amounts of lease liabilities and the movements during the period | The following is the movement in lease liabilities during the year ended March 31, 2022 and March 31, 2023: Schedule of carrying amounts of lease liabilities and the movements during the period 2022 2023 March 31, 2022 2023 Balance as of April 1 502,968 269,659 Additions - 33,395 Finance cost accrued during the period (Refer note 16) 43,871 35,992 Deletions# (174,505 ) (9,956 ) Payment of lease liabilities * (94,213 ) (77,864 ) Gain on modification of leases/rent concession (Refer note 10) (8,485 ) - Effects of movements in foreign exchange rates 23 2 Balance as of March 31 269,659 251,228 * During the year ended March 31, 2023, payment of lease liabilities has been adjusted with security deposit of INR Nil (March 31, 2022: 13,798) due to termination of some lease contracts. |
Schedule of contractual maturities of lease liabilities | The table below provides details regarding the contractual maturities of lease liabilities as of March 31, 2022 and March 31, 2023 on an undiscounted basis: Schedule of contractual maturities of lease liabilities March 31, 2022 2023 Less than one year 74,457 79,832 One to five years 239,584 240,906 More than five years 84,618 28,639 Total 398,659 349,377 |
Schedule of useful lives of pro
Schedule of useful lives of property, plant and equipment (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Fixtures and fittings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Office equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Schedule of useful lives of int
Schedule of useful lives of intangible assets (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Agent / Supplier Relationships [Member] | Bottom of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 2 years 6 months |
Agent / Supplier Relationships [Member] | Top of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 10 years |
Noncompete Agreement [Member] | Bottom of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 3 years 6 months |
Noncompete Agreement [Member] | Top of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 6 years 6 months |
Brand names [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 10 years |
Copyrights, patents and other industrial property rights, service and operating rights [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 3 years |
Computer software [member] | Bottom of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 3 years |
Computer software [member] | Top of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 10 years |
Customer-related intangible assets [member] | Bottom of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 4 years |
Customer-related intangible assets [member] | Top of range [member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
[custom:IfrsFiniteLivedIntangibleAssetUsefulLife] | 10 years |
Significant accounting polici_4
Significant accounting policies (Details Narrative) | 12 Months Ended |
Mar. 31, 2023 ₨ / shares | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Closing foreign exchange rate | 82.19 |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
[custom:RightofuseAssetsEstimatedUsefulLife] | 3 years |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
[custom:RightofuseAssetsEstimatedUsefulLife] | 9 years |
Motor vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
[custom:RightofuseAssetsEstimatedUsefulLife] | 3 years |
Motor vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
[custom:RightofuseAssetsEstimatedUsefulLife] | 5 years |
Summary of information about re
Summary of information about reportable segments (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |||||
IfrsStatementLineItems [Line Items] | ||||||||
Customer inducement and acquisition costs | $ 41,435 | ₨ 3,405,548 | ₨ 1,817,392 | ₨ 1,097,862 | ||||
Service cost | 8,141 | 669,098 | 159,284 | 22,276 | ||||
Other revenue | 5,131 | 421,717 | [1] | 171,984 | [1] | 173,406 | [1] | |
Other income | 1,856 | 152,520 | 158,648 | 132,045 | ||||
Personnel expenses | 13,973 | 1,148,434 | 1,021,881 | 778,915 | ||||
Marketing and sales promotion expenses | 4,094 | 336,472 | 124,147 | 79,584 | ||||
Other operating expenses | (18,919) | (1,554,963) | (893,313) | (978,315) | ||||
Depreciation and amortization | 2,314 | 190,152 | 308,153 | 749,480 | ||||
Impairment of goodwill | 264,909 | |||||||
Impairment of loan to joint venture | 12 | 1,000 | 72,719 | |||||
Share of loss of joint venture | 41,616 | (3,962) | ||||||
Finance income | 352 | 28,944 | 47,816 | 81,604 | ||||
Finance cost | 3,971 | 326,399 | 100,453 | 117,252 | ||||
Change in fair value of warrants gain | 32,756 | 378,994 | ||||||
Loss before taxes | (2,937) | (241,380) | (465,556) | (1,130,782) | ||||
Tax expense | 569 | 46,788 | 16,906 | 64,096 | ||||
Loss for the period | $ (3,506) | (288,168) | [2] | (482,462) | [2] | (1,194,878) | [2] | |
Air ticketing [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Customer inducement and acquisition costs | [3] | 1,779,972 | 1,150,474 | 893,039 | ||||
Customer inducement and acquisition costs | 2,555,320 | 1,060,600 | 594,426 | |||||
Customer inducement and acquisition costs | (2,555,320) | (1,060,600) | (594,426) | |||||
Service cost | ||||||||
Segment results | 4,335,292 | 2,211,074 | 1,487,465 | |||||
Hotels and packages [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Customer inducement and acquisition costs | [3] | 1,471,270 | 520,740 | 173,397 | ||||
Customer inducement and acquisition costs | 263,756 | 237,695 | 199,409 | |||||
Customer inducement and acquisition costs | (263,756) | (237,695) | (199,409) | |||||
Service cost | (669,099) | (159,284) | (22,276) | |||||
Segment results | 1,065,927 | 599,151 | 350,530 | |||||
Other services [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Customer inducement and acquisition costs | [3] | 154,305 | 146,178 | 31,426 | ||||
Customer inducement and acquisition costs | 23,380 | 15,326 | 15,752 | |||||
Customer inducement and acquisition costs | (23,380) | (15,326) | (15,752) | |||||
Service cost | ||||||||
Segment results | 177,685 | 161,504 | 47,178 | |||||
Reportable segments [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Customer inducement and acquisition costs | [3] | 3,405,547 | 1,817,392 | 1,097,862 | ||||
Customer inducement and acquisition costs | (2,842,456) | (1,313,621) | (809,587) | |||||
Customer inducement and acquisition costs | 2,842,456 | 1,313,621 | 809,587 | |||||
Service cost | (669,099) | (159,284) | (22,276) | |||||
Segment results | 5,578,904 | 2,971,729 | 1,885,173 | |||||
Other income | 152,520 | 158,648 | 132,045 | |||||
Customer inducement and acquisition costs (recorded as a reduction of revenue) | (2,842,455) | (1,313,621) | (809,587) | |||||
Personnel expenses | (1,148,434) | (1,021,881) | (778,915) | |||||
Marketing and sales promotion expenses | (336,472) | (124,147) | (79,584) | |||||
Other operating expenses | (1,554,963) | (893,313) | (978,315) | |||||
Depreciation and amortization | (190,152) | (308,153) | (749,480) | |||||
Impairment of goodwill | (264,909) | |||||||
Impairment of loan to joint venture | (1,000) | (72,719) | ||||||
Share of loss of joint venture | 41,616 | (3,962) | ||||||
Finance income | 28,944 | 47,816 | 81,604 | |||||
Finance cost | (326,399) | (100,453) | (117,252) | |||||
Listing and related expenses | (23,591) | (55,818) | ||||||
Change in fair value of warrants gain | 32,756 | 378,994 | ||||||
Loss before taxes | (241,380) | (465,556) | (1,130,782) | |||||
Tax expense | (46,788) | (16,906) | (64,096) | |||||
Loss for the period | ₨ (288,168) | ₨ (482,462) | ₨ (1,194,878) | |||||
[1]Other revenue primarily comprises the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements.[2]Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries).[3]There were no inter-segment revenue during the year ended March 31, 2023, March 31, 2022 and March 31, 2021. This amount constitutes ‘revenue from external customer’ only. |
Summary of non-current assets b
Summary of non-current assets by physical location (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Non-current assets | [1] | ₨ 1,025,568 | ₨ 1,003,966 |
India [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Non-current assets | [1] | 1,025,568 | 1,003,868 |
Other geographical [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Non-current assets | [1] | ₨ 98 | |
[1]Non-current assets presented above represent property, plant and equipment, right-of-use assets and intangible assets and goodwill. |
Schedule of interest in subsidi
Schedule of interest in subsidiaries (Details) | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 98.63% | 98.56% | ||||
THCL travel holding cyprus limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Investment Company | |||||
Country of incorporation | Cyprus | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Yatra usa corp [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Investment Company | |||||
Country of incorporation | USA | |||||
Proportion of ownership interest in subsidiary | [1] | 100% | 100% | |||
Yatra usa llc [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | USA | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Asia consolidated dmc pte.ltd [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | Singapore | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Middle east travel management company private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||||
Yatra online private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [2] | 98.59% | 98.55% | |||
Yatra corporate hotel solutions private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
TSI yatra private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Yatra tg stays private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Yatra hotel solutions private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Air travel bureau limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Travel co in private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Travel & Travel related services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Yatra online freight services private limited [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Freight forwarding services | |||||
Country of incorporation | India | |||||
Proportion of ownership interest in subsidiary | [3] | 98.59% | 98.55% | |||
Yatra middle east [member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Description of nature of entity's operations and principal activities | Computer programming, consultancy and related activities | |||||
Country of incorporation | United Arab Emirates | |||||
Proportion of ownership interest in subsidiary | 98.59% | [4] | ||||
[1]Includes 18.63 20.93 15,000 206,223 1.41 1.45 1.41 1.45 On February 9, 2023, Yatra Middle East L.L.C.-FZ was incorporated in Dubai, United Arab Emirates with principal activities of Computer programming, consultancy and related activities. Yatra Online, Inc. (the “Company”), through its subsidiary, Yatra Online Limited (formerly known as Yatra Online Private Limited) holds all of the outstanding shares of Yatra Middle East L.L.C.-FZ. |
Schedule of Interest in Subsi_2
Schedule of Interest in Subsidiaries (Details) (Parenthetical) - shares shares in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests held by non-controlling interests | 1.41% | 1.45% |
Yatra usa corp [member] | ||
Disclosure of subsidiaries [line items] | ||
Number of Class F shares converted to ordinary shares | 206,223 | 15,000 |
Terrapin3s founder stockholders [member] | Class F shares [member] | Yatra usa corp [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interests held by non-controlling interests | 18.63% | 20.93% |
Group information (Details Narr
Group information (Details Narrative) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Adventure and nature network private limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in joint venture | 50% | 50% |
Summary of comparison by class
Summary of comparison by class of carrying amount and fair value of the group's financial instruments (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | ||
Financial liabilities, at fair value | ||
Financial liabilities at fair value through profit or loss, category [member] | Share warrant [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | ||
Financial liabilities, at fair value | ||
Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 5,087,409 | 3,362,798 |
Financial liabilities, at fair value | 5,087,409 | 3,362,798 |
Financial liabilities at amortised cost, category [member] | Trade and Other Payables [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 2,176,353 | 2,437,317 |
Financial liabilities, at fair value | 2,176,353 | 2,437,317 |
Financial liabilities at amortised cost, category [member] | Borrowings short term and long term [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 2,396,494 | 358,580 |
Financial liabilities, at fair value | 2,396,494 | 358,580 |
Financial liabilities at amortised cost, category [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities | 514,562 | 566,901 |
Financial liabilities, at fair value | 514,562 | 566,901 |
Financial assets at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 4,274,497 | 3,423,644 |
Financial assets, at fair value | 4,274,497 | 3,423,644 |
Financial assets at amortised cost, category [member] | Trade receivables [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 3,061,209 | 1,934,713 |
Financial assets, at fair value | 3,061,209 | 1,934,713 |
Financial assets at amortised cost, category [member] | Cash and cash equivalent [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 503,601 | 800,282 |
Financial assets, at fair value | 503,601 | 800,282 |
Financial assets at amortised cost, category [member] | Term deposits [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 587,375 | 568,264 |
Financial assets, at fair value | 587,375 | 568,264 |
Financial assets at amortised cost, category [member] | Other financial assets [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 122,312 | 120,385 |
Financial assets, at fair value | ₨ 122,312 | ₨ 120,385 |
Schedule of financial instrumen
Schedule of financial instruments by fair value hierarchy (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 5,087,409 | 3,362,798 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 2,749,648 | 667,282 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 2,749,648 | 667,282 |
Warrants [Member] | Level 1 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Warrants [Member] | Level 2 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Warrants [Member] | Level 3 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Warrants [Member] | At fair value [member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Borrowings short term and long term [member] | Level 1 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Borrowings short term and long term [member] | Level 2 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 2,396,493 | 358,550 |
Borrowings short term and long term [member] | Level 3 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Borrowings short term and long term [member] | At fair value [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 2,396,493 | 358,580 |
Other liabilities [member] | Level 1 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Other liabilities [member] | Level 2 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 353,155 | 308,702 |
Other liabilities [member] | Level 3 of fair value hierarchy [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | ||
Other liabilities [member] | At fair value [member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities, at fair value | 353,155 | 308,702 |
Assets for which fair value is disclosed [member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 709,687 | 688,649 |
Assets for which fair value is disclosed [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 709,687 | 688,649 |
Assets for which fair value is disclosed [member] | Term deposits [member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | Term deposits [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 587,375 | 568,264 |
Assets for which fair value is disclosed [member] | Term deposits [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | Term deposits [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 587,375 | 568,264 |
Assets for which fair value is disclosed [member] | Other financial assets [member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | Other financial assets [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | 122,312 | 120,385 |
Assets for which fair value is disclosed [member] | Other financial assets [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ||
Assets for which fair value is disclosed [member] | Other financial assets [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets, at fair value | ₨ 122,312 | ₨ 120,385 |
Fair value measurement (Details
Fair value measurement (Details Narrative) | 12 Months Ended |
Mar. 31, 2023 INR (₨) | |
Fair Value Measurement | |
Transfers out of Level 3 of fair value hierarchy, liabilities | ₨ 0 |
Schedule of valuation technique
Schedule of valuation techniques and significant unobservable inputs (Details) - Financial liabilities at fair value through profit or loss, category [member] - Warrant [member] - Level 3 of fair value hierarchy [member] - Option pricing model [member] | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of fair value measurement of assets [line items] | ||
Expected Term, Significant Unobservable Inputs, Liabilities | 1 month 28 days | 7 months 28 days |
Risk Free Rate, Significant Unobservable Inputs, Liabilities | 4.72% | 1.11% |
Schedule of reconciliation of f
Schedule of reconciliation of fair value measurements categorized within level 1 and level 3 of the fair value hierarchy (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | ||
Disclosure of fair value measurement of assets [line items] | ||||
Beginning Balance | ₨ 4,572,333 | |||
Ending Balance | $ 73,562 | 6,045,764 | ₨ 4,572,333 | |
Level 1 and 3 Of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Beginning Balance | 32,391 | |||
Charge to profit or loss | (32,756) | |||
Effects of movements in foreign exchange rates | 365 | |||
Ending Balance | ||||
Ordinary warrants [member] | Macquarie corporate holdings pty limited [member] | Level 1 and 3 Of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Beginning Balance | 436 | |||
Charge to profit or loss | (444) | |||
Effects of movements in foreign exchange rates | 8 | |||
Ending Balance | ||||
Quoted warrants [member] | Level 1 and 3 Of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Beginning Balance | [1] | 31,955 | ||
Charge to profit or loss | [1] | (32,312) | ||
Effects of movements in foreign exchange rates | [1] | 357 | ||
Ending Balance | [1] | |||
[1]On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants (the “Warrants”) to purchase an aggregate of |
Schedule of reconciliation of_2
Schedule of reconciliation of fair value measurements categorized within level 1 and level 3 of the fair value hierarchy (Details) (Parenthetical) | Dec. 15, 2021 shares |
[custom:NumberOfOrdinarySharesExpired] | 17,337,500 |
Summary of contract assets (Det
Summary of contract assets (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Rendering of services | $ 41,435 | ₨ 3,405,548 | ₨ 1,817,392 | ₨ 1,097,862 |
Contract Assets | 190,598 | 11 | 626 | |
Air ticketing services [member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Rendering of services | 1,779,972 | 1,150,474 | 893,039 | |
Hotels and packages services [member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Rendering of services | 1,471,270 | 520,740 | 173,397 | |
Other services [member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Rendering of services | ₨ 154,306 | ₨ 146,178 | ₨ 31,426 |
Changes in contract assets (Det
Changes in contract assets (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Balance at the beginning of the year | ₨ 11 | ₨ 626 | |
Revenue recognised during the year | [1] | 190,598 | 11 |
Billed during the year | (11) | (626) | |
Balance at the end of the year | ₨ 190,598 | ₨ 11 | |
[1] Refer to para 8.1 – Note 1 above for details about contract assets for the year ended March 31, 2023 |
Summary of contract liabilities
Summary of contract liabilities (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Contract liabilities | ₨ 571,359 | ₨ 779,703 |
Advances from customer [member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Contract liabilities | 525,638 | 531,526 |
Deferred revenue [member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Contract liabilities | ₨ 45,721 | ₨ 248,177 |
Rendering of services (Details
Rendering of services (Details Narrative) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Revenue from contracts with customers | $ 46,566 | ₨ 3,827,265,000 | ₨ 1,989,376,000 | ₨ 1,271,268,000 |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 98,863 | |||
Increase in Contract Liabilities Due to Advances Received From Customers | 531,526,000 | ₨ 537,002,000 | ||
Decrease in Contract Liabilities Due to Recognized in Revenue | 190,418,000 | 238,110,000 | ||
Decrease in Contract Liabilities Due to Refunded to Customers | 5,366,000 | 12,914,000 | ||
Air ticketing services [member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Revenue from contracts with customers | 185,991 | |||
Advances from customer [member] | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Increase in Contract Liabilities Due to Advances Received From Customers | ₨ 525,638,000 | ₨ 531,526,000 |
Schedule of other revenue (Deta
Schedule of other revenue (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Total | $ 5,131 | ₨ 421,717 | [1] | ₨ 171,984 | [1] | ₨ 173,406 | [1] |
Marketing revenue [member] | |||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||
Total | ₨ 421,717 | ₨ 171,984 | ₨ 173,406 | ||||
[1]Other revenue primarily comprises the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers and income from facilitating website access to travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements. |
Schedule of other income (Detai
Schedule of other income (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Liability no longer required to be paid | ₨ 140,693 | ₨ 119,708 | ₨ 87,925 | |
Government grant | 7,883 | |||
Gain on termination/rent concession of leases | 1,811 | 35,847 | 33,238 | |
Gain on sale of property, plant and equipment (net) | 3,800 | 1,931 | 2,480 | |
Miscellaneous income | 6,216 | 1,162 | 519 | |
Total | $ 1,856 | ₨ 152,520 | ₨ 158,648 | ₨ 132,045 |
Other income (Details Narrative
Other income (Details Narrative) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
[custom:GainOnTerminationAndRentConcessionOfLeases] | ₨ 1,811 | ₨ 35,847 | ₨ 33,238 |
Covid 19 [member] | |||
IfrsStatementLineItems [Line Items] | |||
[custom:GainOnTerminationAndRentConcessionOfLeases] | ₨ 8,485 | ₨ 22,036 |
Schedule of personnel expenses
Schedule of personnel expenses (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Personnel Expenses | ||||
Salaries, wages and other short term employee benefits | ₨ 907,523 | ₨ 741,639 | ₨ 635,667 | |
Contributions to defined contribution plans | 47,321 | 37,880 | 30,301 | |
Expenses related to defined benefit plans (refer to Note 34) | 11,321 | 13,878 | 14,345 | |
Share based compensation costs | 152,054 | 209,557 | 77,100 | |
Employee welfare expenses | 30,215 | 18,927 | 21,502 | |
Total | $ 13,973 | ₨ 1,148,434 | ₨ 1,021,881 | ₨ 778,915 |
Schedule of other operating exp
Schedule of other operating expenses (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Commission | ₨ 315,137 | ₨ 113,947 | ₨ 31,558 | |
Communication | 164,637 | 135,004 | 119,844 | |
Legal and professional fees | 301,252 | 179,353 | 309,027 | |
Outsourcing fees | 28,764 | 20,304 | 21,336 | |
Payment gateway and other charges | 397,590 | 256,353 | 151,556 | |
Advances provision (refer to Note 21) | 38,860 | 5,326 | 15,106 | |
Trade and other receivables provision (refer to Note 26) | 115,006 | 26,412 | 178,342 | |
Security deposit and other assets provision (refer to Note 27) | 741 | 6,743 | ||
Duties and taxes | 14,632 | 12,178 | 16,343 | |
Rent | 1,832 | 2,330 | 9,418 | |
Repairs and maintenance | 44,387 | 31,813 | 32,169 | |
Travelling and conveyance | 32,126 | 12,705 | 3,641 | |
Insurance | 76,170 | 76,371 | 59,428 | |
Corporate social responsibility (CSR) expense | 1,950 | 2,620 | ||
Miscellaneous expenses | 23,829 | 19,267 | 21,184 | |
Total | $ 18,919 | ₨ 1,554,963 | ₨ 893,313 | ₨ 978,315 |
Schedule of depreciation and am
Schedule of depreciation and amortization (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Depreciation | ₨ 14,307 | ₨ 14,752 | ₨ 33,893 | |
Amortization | 119,196 | 230,758 | 627,651 | |
Depreciation on right of use assets | 56,649 | 62,643 | 87,936 | |
Total | $ 2,314 | ₨ 190,152 | ₨ 308,153 | ₨ 749,480 |
Summarized financial position a
Summarized financial position and profit or loss of ANN (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2020 INR (₨) | |||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ 6,128 | ₨ 1,711,589 | ₨ 503,601 | $ 9,737 | ₨ 800,282 | ₨ 646,229 | ||||||
Other current financial assets | 839 | 68,997 | 68,356 | |||||||||
Non-current liabilities | ||||||||||||
Employee benefits | (496) | (40,747) | (34,108) | |||||||||
Current liabilities | ||||||||||||
Borrowings | (2,352,652) | (358,580) | ||||||||||
Trade and other payables | (2,176,353) | (2,437,317) | ||||||||||
Employee benefits | (682) | (56,020) | (68,845) | |||||||||
Equity | (8,750) | (1,163,075) | (719,319) | (892,241) | ₨ (1,510,974) | |||||||
Finance cost | (3,971) | ₨ (326,399) | ₨ (100,453) | (117,252) | ||||||||
Loss before taxes | (2,937) | (241,380) | (465,556) | (1,130,782) | ||||||||
Income tax expense | (569) | (46,788) | (16,906) | (64,096) | ||||||||
Loss for the year | (3,506) | (288,168) | [1] | (482,462) | [1] | (1,194,878) | [1] | |||||
Group’s share of loss for the year | 41,616 | (3,962) | ||||||||||
Adventure and nature network private limited [member] | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | 592 | 664 | ||||||||||
Other current financial assets | 1,289 | 1,548 | ||||||||||
Non-current liabilities | ||||||||||||
Employee benefits | (157) | (117) | ||||||||||
Current liabilities | ||||||||||||
Borrowings | (58,700) | (57,700) | ||||||||||
Trade and other payables | (10,625) | (4,073) | ||||||||||
Employee benefits | (297) | (364) | ||||||||||
Other non-financial liability | (34,508) | (34,758) | ||||||||||
Equity | (102,406) | (94,800) | ||||||||||
Group’s carrying amount of the investment (50%) | (51,203) | (47,400) | ||||||||||
True-up of carrying value to group share loss | [2] | 51,203 | 47,400 | |||||||||
Net carrying amount of investment | ||||||||||||
Revenue | 7,554 | 4,999 | 13,649 | |||||||||
Other operating expenses, including depreciation INR Nil (March 31, 2022: INR 86 and March 31, 2021: INR 1,663) | (5,931) | (7,656) | (12,245) | |||||||||
Finance cost | (9,230) | (8,911) | (9,328) | |||||||||
Loss before taxes | (7,607) | (11,568) | (7,924) | |||||||||
Income tax expense | ||||||||||||
Loss for the year | (7,607) | (11,568) | (7,924) | |||||||||
Group’s share of loss for the year | [3] | ₨ (3,803) | ₨ (5,784) | ₨ (3,962) | ||||||||
[1]Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries).[2]Upto March 31, 2023, the Group had advanced INR[3]Both Group and SLA have an obligation to contribute equally towards the losses of the joint venture, in excess of their respective investments. Accordingly, the Group has recognised its share of such losses for determining the Group’s cumulative obligation to contribute towards the losses. |
Summarized financial position_2
Summarized financial position and profit or loss of ANN (Details) (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Depreciation expense | ₨ 14,307 | ₨ 14,752 | ₨ 33,893 |
Adventure and nature network private limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Depreciation expense | ₨ 86 | ₨ 1,663 | |
Joint ventures [member] | |||
IfrsStatementLineItems [Line Items] | |||
Advanced loan amount | 57,200 | 56,200 | |
Loan outstanding impairment of interest | 73,719 | 72,719 | |
[custom:ExpectedCreditLoss-0] | 1,000 | ||
Receivables due from joint ventures | ₨ 73,719 | ₨ 72,719 |
Schedule of finance income (Det
Schedule of finance income (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Interest income on : | |||||
- Bank deposits recognised at amortised cost | ₨ 14,354 | ₨ 25,804 | ₨ 46,236 | ||
- Others | [1] | 3,521 | 10,365 | 32,529 | |
Foreign exchange gain (net) | 7,655 | 8,346 | 58 | ||
Unwinding of other financial assets | 3,414 | 3,301 | 2,781 | ||
Total | $ 352 | ₨ 28,944 | ₨ 47,816 | ₨ 81,604 | |
[1] Interest income on others include interest income on loan given to joint venture of INR Nil (March 31, 2022: INR 4,240 and March 31, 2021: INR 7,206 ). |
Schedule of finance income (D_2
Schedule of finance income (Details) (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income on loans and advances to customers | ₨ 4,240 | ₨ 7,206 |
Schedule of finance cost (Detai
Schedule of finance cost (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Bank charges | ₨ 78,091 | ₨ 5,546 | ₨ 10,436 | |
Foreign exchange loss (net) | 11,584 | |||
Interest on borrowings recognised at amortised cost | 129,888 | 6,946 | 18,909 | |
Interest on lease liabilities | 35,992 | 43,871 | 72,033 | |
Unwinding of other financial liabilities | 51,878 | 44,090 | 4,290 | |
Others | 30,550 | |||
Total | $ 3,971 | ₨ 326,399 | ₨ 100,453 | ₨ 117,252 |
Schedule of loss before income
Schedule of loss before income taxes (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Reserve Quantities [Line Items] | ||||
Loss before tax | $ (2,937) | ₨ (241,380) | ₨ (465,556) | ₨ (1,130,782) |
Country of domicile [member] | ||||
Reserve Quantities [Line Items] | ||||
Loss before tax | (353,088) | (145,363) | 64,737 | |
Foreign countries [member] | ||||
Reserve Quantities [Line Items] | ||||
Loss before tax | ₨ 111,708 | ₨ (320,193) | ₨ (1,195,519) |
Summary of components of income
Summary of components of income tax expense (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Current Period | ₨ 52,046 | ₨ 14,478 | ₨ 8,680 | |
Current income tax expenses | 52,046 | 14,478 | 8,680 | |
Origination and reversal of temporary differences | (5,258) | 2,428 | 55,416 | |
Deferred tax (benefit)/ expense | (5,258) | 2,428 | 55,416 | |
Total income tax expenses as reported in statement of profit or loss | $ 569 | ₨ 46,788 | ₨ 16,906 | ₨ 64,096 |
Reconciliation of tax expense a
Reconciliation of tax expense and accounting profit multiplied by tax rate (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||||
Loss for the year | $ (3,506) | ₨ (288,168) | [1] | ₨ (482,462) | [1] | ₨ (1,194,878) | [1] |
Total income tax expense | $ 569 | 46,788 | 16,906 | 64,096 | |||
Loss before income taxes | (241,380) | (465,556) | (1,130,782) | ||||
Expected tax expense at statutory income tax rate | 32,760 | (105,537) | (193,762) | ||||
Non-deductible expenses | 19,074 | 17,024 | 2,307 | ||||
Utilization of previously unrecognised tax losses | (42,671) | (13,134) | (1,181) | ||||
Current year losses for which no deferred tax asset was recognized | 36,761 | 174,746 | 159,102 | ||||
Reversal of deferred tax assets recognised in earlier years | 77,636 | ||||||
Change in unrecognised temporary differences | 209 | (58,979) | 17,297 | ||||
Effect of change in tax rate | (1,908) | ||||||
Others | ₨ 2,563 | ₨ 2,786 | ₨ 2,697 | ||||
[1]Refer to Note A above for breakup of loss before tax into domestic (Parent Company) and foreign operations (subsidiaries). |
Investment in joint venture (De
Investment in joint venture (Details Narrative) | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
IfrsStatementLineItems [Line Items] | |||||
Other cash payments to acquire interests in joint ventures, classified as investing activities | |||||
Share loss of joint venture | ₨ 41,616,000 | (3,962,000) | |||
Adventure and nature network private limited [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Proportion of ownership interest in joint venture | 50% | 50% | 50% | ||
Share loss of joint venture | [1] | ₨ (3,803,000) | ₨ (5,784,000) | ₨ (3,962,000) | |
Estimated financial effect of contingent liabilities | 4,321,000 | 4,458,000 | |||
Joint ventures [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | 51,203,000 | 47,400,000 | |||
Receivables due from joint ventures | 73,719,000 | 72,719,000 | |||
Reversal of impairment loss | 51,201,000 | 47,400,000 | |||
[custom:NetReversal] | 3,803,000 | 47,400,000 | |||
Reversal of impairment loss recognised in profit or loss | 3,803,000 | 47,400,000 | |||
Impairment loss recognised in other comprehensive income | ₨ 3,803,000 | ₨ 5,784,000 | |||
[1]Both Group and SLA have an obligation to contribute equally towards the losses of the joint venture, in excess of their respective investments. Accordingly, the Group has recognised its share of such losses for determining the Group’s cumulative obligation to contribute towards the losses. |
Summary of income and share dat
Summary of income and share data used in the basic and diluted loss per share computations (Details) ₨ / shares in Units, ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2021 INR (₨) ₨ / shares shares | |
Loss attributable to ordinary shareholders-Basic | ₨ (289,242) | ₨ (477,850) | ₨ (1,177,343) | |
Weighted average number of ordinary shares outstanding used in computing basic loss per share | shares | 62,991,006 | 62,352,494 | 57,771,701 | |
Basic loss per share | (per share) | $ (0.06) | ₨ (4.59) | ₨ (7.66) | ₨ (20.38) |
Add: Loss attributable to non-controlling interest | ₨ (17,535) | |||
Loss attributable to ordinary shareholders-Dilutive | ₨ (289,242) | ₨ (477,850) | ₨ (1,194,878) | |
Weighted average number of ordinary shares outstanding used in computing diluted loss per share | shares | 62,991,006 | 62,352,494 | 58,514,103 | |
Diluted loss per share | (per share) | $ (0.06) | ₨ (4.59) | ₨ (7.66) | ₨ (20.42) |
Income taxes (Details Narrative
Income taxes (Details Narrative) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
India [member] | Bottom of range [member] | |||
Reserve Quantities [Line Items] | |||
Applicable tax rate | 25.17% | 25.17% | 25.17% |
India [member] | Top of range [member] | |||
Reserve Quantities [Line Items] | |||
Applicable tax rate | 26% | 31.20% | 31.20% |
Singapore [Member] | |||
Reserve Quantities [Line Items] | |||
Applicable tax rate | 17% | 17% | 17% |
Reconciliation of changes in pr
Reconciliation of changes in property, plant and equipment (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | |
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | ₨ 21,997 | ||
End of the year | $ 558 | 45,843 | ₨ 21,997 |
Leasehold improvements [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 51 | ||
End of the year | 1 | 51 | |
Computer equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 5,919 | ||
End of the year | 9,072 | 5,919 | |
Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 243 | ||
End of the year | 421 | 243 | |
Vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 13,304 | ||
End of the year | 35,083 | 13,304 | |
Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 2,480 | ||
End of the year | 1,265 | 2,480 | |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 410,052 | 429,893 | |
Additions | 44,185 | 12,767 | |
Disposals/adjustment | (36,540) | (32,665) | |
Effects of movements in foreign exchange rates | 139 | 57 | |
End of the year | 417,836 | 410,052 | |
Gross carrying amount [member] | Leasehold improvements [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 207 | 201 | |
Additions | |||
Disposals/adjustment | |||
Effects of movements in foreign exchange rates | 21 | 6 | |
End of the year | 228 | 207 | |
Gross carrying amount [member] | Computer equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 326,207 | 338,463 | |
Additions | 6,982 | 5,713 | |
Disposals/adjustment | (14,868) | (17,987) | |
Effects of movements in foreign exchange rates | 18 | ||
End of the year | 318,321 | 326,207 | |
Gross carrying amount [member] | Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 2,182 | 2,284 | |
Additions | 345 | ||
Disposals/adjustment | (99) | (120) | |
Effects of movements in foreign exchange rates | 52 | 18 | |
End of the year | 2,480 | 2,182 | |
Gross carrying amount [member] | Vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 54,437 | 60,160 | |
Additions | 36,482 | 7,013 | |
Disposals/adjustment | (19,324) | (12,736) | |
Effects of movements in foreign exchange rates | |||
End of the year | 71,595 | 54,437 | |
Gross carrying amount [member] | Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 27,019 | 28,785 | |
Additions | 376 | 41 | |
Disposals/adjustment | (2,249) | (1,822) | |
Effects of movements in foreign exchange rates | 66 | 15 | |
End of the year | 25,212 | 27,019 | |
Depreciation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 388,055 | 405,548 | |
Disposals/adjustment | (30,506) | (32,299) | |
Charge for the year | 14,309 | 14,752 | |
Effects of movements in foreign exchange rates | 136 | 54 | |
End of the year | 371,994 | 388,055 | |
Depreciation [Member] | Leasehold improvements [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 156 | 76 | |
Disposals/adjustment | |||
Charge for the year | 52 | 76 | |
Effects of movements in foreign exchange rates | 19 | 4 | |
End of the year | 227 | 156 | |
Depreciation [Member] | Computer equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 320,288 | 332,569 | |
Disposals/adjustment | (14,868) | (17,987) | |
Charge for the year | 3,828 | 5,688 | |
Effects of movements in foreign exchange rates | 18 | ||
End of the year | 309,248 | 320,288 | |
Depreciation [Member] | Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 1,939 | 1,905 | |
Disposals/adjustment | (99) | (120) | |
Charge for the year | 168 | 136 | |
Effects of movements in foreign exchange rates | 52 | 18 | |
End of the year | 2,060 | 1,939 | |
Depreciation [Member] | Vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 41,133 | 46,915 | |
Disposals/adjustment | (13,382) | (12,370) | |
Charge for the year | 8,761 | 6,588 | |
Effects of movements in foreign exchange rates | |||
End of the year | 36,512 | 41,133 | |
Depreciation [Member] | Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning of the year | 24,539 | 24,083 | |
Disposals/adjustment | (2,157) | (1,822) | |
Charge for the year | 1,500 | 2,264 | |
Effects of movements in foreign exchange rates | 65 | 14 | |
End of the year | ₨ 23,947 | ₨ 24,539 |
Loss per share (Details Narrati
Loss per share (Details Narrative) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Ordinary shares [member] | Employee stock options and restricted stock units [member] | |||
IfrsStatementLineItems [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 701,582 | 2,025,975 | 709,585 |
Property, plant and equipment_2
Property, plant and equipment (Details Narrative) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Depreciation expense | ₨ 14,307 | ₨ 14,752 | ₨ 33,893 |
Vehicles held under vehicle loan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation expense | 4,981 | 4,630 | |
2016 stock option and incentive plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, pledged as security | 30,299 | 13,294 | |
Gross carrying amount [member] | Vehicles held under vehicle loan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation expense | 35,483 | 27,518 | |
Accumulated depreciation and amortisation [member] | |||
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, pledged as security | ₨ 5,184 | ₨ 14,224 |
Schedule of reconciliation of c
Schedule of reconciliation of changes in intangible assets and goodwill, including gross, amortization, and net amounts (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | ₨ 752,260 | |||
Impairment of goodwill | ₨ 264,909 | |||
Balance at end of year | $ 9,478 | 778,963 | 752,260 | |
Computer software [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 145,703 | |||
Balance at end of year | 180,214 | 145,703 | ||
Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | ||||
Balance at end of year | ||||
Agent / Supplier Relationships [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 4,274 | |||
Balance at end of year | 0 | 4,274 | ||
Customer-related intangible assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 35,916 | |||
Balance at end of year | 26,937 | 35,916 | ||
Noncompete Agreements [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 772 | |||
Balance at end of year | 350 | 772 | ||
Brand names [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | ||||
Balance at end of year | ||||
Goodwill [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 528,191 | |||
Balance at end of year | 528,191 | 528,191 | ||
Intangible assets under development [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 37,404 | |||
Balance at end of year | 43,272 | 37,404 | ||
Gross carrying amount [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 4,207,192 | 4,114,321 | ||
Additions | 285,791 | 164,744 | ||
Disposals | (143,667) | (71,873) | ||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 4,349,316 | 4,207,192 | 4,114,321 | |
Gross carrying amount [member] | Computer software [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 2,439,475 | 2,366,930 | ||
Additions | 140,032 | 72,655 | ||
Disposals | (3,791) | (110) | ||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 2,575,716 | 2,439,475 | 2,366,930 | |
Gross carrying amount [member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 59,209 | 59,209 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 59,209 | 59,209 | 59,209 | |
Gross carrying amount [member] | Agent / Supplier Relationships [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 222,169 | 222,169 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 222,169 | 222,169 | 222,169 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 140,336 | 140,336 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 140,336 | 140,336 | 140,336 | |
Gross carrying amount [member] | Noncompete Agreements [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 22,171 | 22,171 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 22,171 | 22,171 | 22,171 | |
Gross carrying amount [member] | Brand names [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 271,329 | 271,329 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 271,329 | 271,329 | 271,329 | |
Gross carrying amount [member] | Goodwill [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 1,015,099 | 1,015,099 | ||
Additions | ||||
Disposals | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 1,015,099 | 1,015,099 | 1,015,099 | |
Gross carrying amount [member] | Intangible assets under development [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 37,404 | 17,078 | ||
Additions | 145,760 | 92,089 | ||
Disposals | (139,892) | (71,763) | ||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 43,272 | 37,404 | 17,078 | |
Amortisation and Impairment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 3,454,932 | 3,224,284 | ||
Disposals | (3,791) | (110) | ||
Charge for the year | 119,196 | 230,758 | ||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 3,570,337 | 3,454,932 | 3,224,284 | |
Amortisation and Impairment [Member] | Computer software [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 2,293,772 | 2,090,383 | ||
Disposals | (3,791) | (110) | ||
Charge for the year | 105,521 | 203,499 | ||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 2,395,502 | 2,293,772 | 2,090,383 | |
Amortisation and Impairment [Member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 59,209 | 58,448 | ||
Disposals | ||||
Charge for the year | 761 | |||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 59,209 | 59,209 | 58,448 | |
Amortisation and Impairment [Member] | Agent / Supplier Relationships [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 217,895 | 200,798 | ||
Disposals | ||||
Charge for the year | 4,274 | 17,097 | ||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 222,169 | 217,895 | 200,798 | |
Amortisation and Impairment [Member] | Customer-related intangible assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 104,420 | 95,441 | ||
Disposals | ||||
Charge for the year | 8,979 | 8,979 | ||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 113,399 | 104,420 | 95,441 | |
Amortisation and Impairment [Member] | Noncompete Agreements [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 21,399 | 20,977 | ||
Disposals | ||||
Charge for the year | 422 | 422 | ||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 21,821 | 21,399 | 20,977 | |
Amortisation and Impairment [Member] | Brand names [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 271,329 | 271,329 | ||
Disposals | ||||
Charge for the year | ||||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 271,329 | 271,329 | 271,329 | |
Amortisation and Impairment [Member] | Goodwill [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | 486,908 | 486,908 | ||
Disposals | ||||
Charge for the year | ||||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year | 486,908 | 486,908 | 486,908 | |
Amortisation and Impairment [Member] | Intangible assets under development [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning of year | ||||
Disposals | ||||
Charge for the year | ||||
Impairment of goodwill | ||||
Effects of movements in foreign exchange rates | ||||
Balance at end of year |
Schedule of carrying amount of
Schedule of carrying amount of goodwill (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
TSI yatra private limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | ₨ 103,670 | ₨ 103,670 | |
Yatra tg stays private limited and yatra hotel solutions private limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | [1] | 219,163 | 219,163 |
Yatra for business private limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | 205,358 | 205,358 | |
Cash-generating units [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Goodwill | ₨ 528,191 | ₨ 528,191 | |
[1]includes amount of INR |
Summary of key assumptions used
Summary of key assumptions used in calculations of value in use for CGUs (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Terminal Value growth rate | 5% | 5% |
[custom:MarginTerm] | 5 years | |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
EBITDA Margin | 20.10% | 7.50% |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
EBITDA Margin | 28.70% | 25% |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-Tax Discount rate | 27.20% | 23.67% |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Pre-Tax Discount rate | 30.18% | 24.65% |
Schedule of current and non-cur
Schedule of current and non-current prepayments and other assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Current | |||
Advance to vendors (net of allowance) | ₨ 804,201 | ₨ 451,217 | |
Balance with statutory authorities | 41,973 | 39,906 | |
Prepaid expenses | 102,299 | 112,899 | |
Due from employees | 3,451 | 3,709 | |
Total | 951,924 | 607,731 | |
Non-current | |||
Prepaid expenses | 1,177 | 922 | |
Total | $ 14 | ₨ 1,177 | ₨ 922 |
Schedule of changes in allowanc
Schedule of changes in allowance for doubtful advances (Details) - Allowance for doubtful advances [member] - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the year | ₨ 22,967 | ₨ 19,941 |
Provisions accrued during the year | 38,860 | 5,326 |
Amount written off during the year | (2,215) | (2,300) |
Balance at the end of the year | ₨ 59,612 | ₨ 22,967 |
Schedule of other financial ass
Schedule of other financial assets, Non-current (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
IfrsStatementLineItems [Line Items] | |||
Total | $ 607 | ₨ 49,864 | ₨ 48,320 |
Security deposits [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | ₨ 49,864 | ₨ 48,320 |
Other financial assets, Non-c_3
Other financial assets, Non-current (Details Narrative) | 12 Months Ended |
Mar. 31, 2023 | |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Security Deposits, Non-Current, Remaining Contractual Term | 1 year |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Security Deposits, Non-Current, Remaining Contractual Term | 5 years 6 months |
Schedule of term deposits (Deta
Schedule of term deposits (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Term Deposits | |||
Fixed deposits with banks | ₨ 587,375 | ₨ 568,264 | |
Total | 587,375 | 568,264 | |
Non-current | $ 75 | 6,158 | |
Current | $ 7,072 | ₨ 581,217 | ₨ 568,264 |
Term deposits (Details Narrativ
Term deposits (Details Narrative) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | ₨ 550,053 | ₨ 486,134 |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Term Deposits, Maturity | 6 months | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Term Deposits, Maturity | 3 years |
Schedule of other non financial
Schedule of other non financial assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Other Non Financial Assets | |||
Restricted asset | ₨ 195,491 | ₨ 216,231 | |
Total | 195,491 | 216,231 | |
Non-current | $ 2,379 | ₨ 195,491 | ₨ 216,231 |
Other non financial assets (Det
Other non financial assets (Details Narrative) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other Non Financial Assets | ||
Mandatory Reserve Deposits With Tax Authorities | ₨ 194,409 | ₨ 189,267 |
Income Tax Examination, Refund Adjustment Claim With Taxing Authority, Non-Current | 1,081 | 1,081 |
Income Tax Examination, Liability Adjustment From Settlement with Taxing Authority | 25,000 | |
Tax paid Under Protest to Goods and Service Tax Department | ₨ 883 |
Schedule of unrecognized deferr
Schedule of unrecognized deferred tax assets (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | ₨ 2,905,155 | ₨ 3,429,555 |
Temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 320,667 | 364,322 |
Unabsorbed depreciation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | ₨ 2,584,488 | ₨ 3,065,233 |
Schedule of recognized deferred
Schedule of recognized deferred tax assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
IfrsStatementLineItems [Line Items] | ||||
Deferred Tax Assets Before Amounts Recognised In Other Comprehensive Income | ₨ 9,848 | ₨ 8,953 | ||
OCI gratuity | 1,238 | 1,043 | ||
Deferred tax assets | $ 135 | 11,086 | 9,996 | |
Deferred tax liabilities | $ (87) | (7,150) | (11,513) | |
Deferred tax liability (asset) | 3,936 | (1,517) | ₨ 985 | |
Property plant and equipment intangible assets and ROU assets [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred Tax Assets Before Amounts Recognised In Other Comprehensive Income | 3,248 | 3,596 | ||
Deferred tax liabilities | (7,150) | (11,513) | ||
Deferred tax liability (asset) | (3,902) | (7,917) | (8,778) | |
Trade and other receivables [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred Tax Assets Before Amounts Recognised In Other Comprehensive Income | 4,046 | 2,281 | ||
Deferred tax liability (asset) | 4,046 | 2,281 | 4,656 | |
Employee benefits [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred Tax Assets Before Amounts Recognised In Other Comprehensive Income | 2,118 | 3,009 | ||
Deferred tax liability (asset) | 2,118 | 3,009 | 2,531 | |
Provision for expenses [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Deferred Tax Assets Before Amounts Recognised In Other Comprehensive Income | 142 | 25 | ||
Deferred tax liability (asset) | ₨ 142 | ₨ 25 | ₨ 1,459 |
Schedule of changes in deferred
Schedule of changes in deferred tax assets (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | ₨ (1,517) | ₨ 985 |
Recognised in profit or loss | 5,258 | (2,428) |
Recognised in other comprehensive income | 195 | (74) |
Deferred tax assets, Ending balance | 3,936 | (1,517) |
Property plant and equipment intangible assets and ROU assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | (7,917) | (8,778) |
Recognised in profit or loss | 4,016 | 816 |
Recognised in other comprehensive income | ||
Deferred tax assets, Ending balance | (3,902) | (7,917) |
Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | 2,281 | 4,656 |
Recognised in profit or loss | 1,765 | (2,375) |
Recognised in other comprehensive income | ||
Deferred tax assets, Ending balance | 4,046 | 2,281 |
Employee benefits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | 3,009 | 2,531 |
Recognised in profit or loss | (891) | 478 |
Recognised in other comprehensive income | ||
Deferred tax assets, Ending balance | 2,118 | 3,009 |
Provision for expenses [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | 25 | 1,459 |
Recognised in profit or loss | 117 | (1,434) |
Recognised in other comprehensive income | ||
Deferred tax assets, Ending balance | 142 | 25 |
OCI gratuity [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | 1,043 | 1,117 |
Recognised in profit or loss | 0 | 0 |
Recognised in other comprehensive income | 195 | (74) |
Deferred tax assets, Ending balance | 1,238 | 1,043 |
Loss available for offsetting against future taxable income [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets, Beginning balance | 42 | |
Recognised in profit or loss | 252 | 42 |
Recognised in other comprehensive income | ||
Deferred tax assets, Ending balance | ₨ 294 | ₨ 42 |
Schedule of trade and other rec
Schedule of trade and other receivables (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Trade receivables (net of allowance) | ₨ 2,817,604 | ₨ 1,897,590 | ||
Receivables from joint venture | 530 | |||
Refund and other receivable (net of allowance) | 52,478 | 37,112 | ||
Total | 2,870,612 | 1,934,702 | ||
Contract Assets | 190,598 | 11 | ₨ 626 | |
Total | $ 37,246 | ₨ 3,061,210 | ₨ 1,934,713 |
Deferred Tax (Details Narrative
Deferred Tax (Details Narrative) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | ₨ 2,905,155 | ₨ 3,429,555 |
Temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | 320,667 | 364,322 |
Unabsorbed depreciation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | 2,584,488 | 3,065,233 |
Subsidiaries [Member] | Temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | 1,240,552 | 1,218,983 |
Subsidiaries [Member] | Unused tax losses [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | 7,613,049 | 7,836,815 |
Subsidiaries [Member] | Unabsorbed depreciation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognised Deferred Tax Assets | ₨ 2,335,601 | ₨ 2,344,538 |
Trade and other receivables (De
Trade and other receivables (Details Narrative) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
IfrsStatementLineItems [Line Items] | |||
Current borrowings and current portion of non-current borrowings | $ 28,390 | ₨ 2,333,378 | ₨ 354,376 |
Factoring [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade receivables | 1,210,777 | 390,443 | |
Current borrowings and current portion of non-current borrowings | ₨ 1,089,699 | ₨ 351,399 |
Schedule of other financial a_2
Schedule of other financial assets, current (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
IfrsStatementLineItems [Line Items] | |||
Other financial assets, current | $ 839 | ₨ 68,997 | ₨ 68,356 |
Interest accrued on term deposits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Other financial assets, current | 1,668 | 962 | |
Security deposits [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other financial assets, current | 12,735 | 12,800 | |
Loans to joint ventures [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other financial assets, current | |||
Other financial assets including government grant [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other financial assets, current | ₨ 54,594 | ₨ 54,594 |
Schedule of movement in allowan
Schedule of movement in allowance for doubtful security deposits (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Other Financial Assets Current | |||
Balance at the beginning of the year | ₨ 78,133 | ₨ 5,414 | |
Provisions accrued during the year | [1] | 1,741 | 72,719 |
Amount written off during the year | (1,578) | ||
Provision moved from allowance for doubtful trade and other receivables (refer note 26) | 429 | ||
Balance at the end of the year | ₨ 78,725 | ₨ 78,133 | |
[1]includes amount of INR |
Schedule of movement in allow_2
Schedule of movement in allowance for doubtful security deposits (Details) (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Financial Assets Current | ||
Provision of impairment loans | ₨ 1,000 | ₨ 72,719 |
Schedule of movement in governm
Schedule of movement in government grant (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Financial Assets Current | ||
At 1 April | ₨ 54,594 | ₨ 98,046 |
Recorded/ (trued- up) in statement of profit or loss | (14,631) | |
Received during the year | (28,821) | |
Effect of movement in exchange rate | ||
At 31 March | ₨ 54,594 | ₨ 54,594 |
Other financial assets, curre_3
Other financial assets, current (Details Narrative) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Interest reinvested in term deposits | ₨ 10,025 | ₨ 5,547 |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:SecurityDepositsRanges] | 1 year | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:SecurityDepositsRanges] | 5 years 6 months |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Cash on hand | $ 2 | ₨ 125 | ₨ 255 | ₨ 472 |
Credit card collection in hand | 2,521 | 207,235 | 167,837 | 76,193 |
Balances with bank | 296,241 | 632,190 | ||
Total | $ 6,128 | ₨ 503,601 | ₨ 800,282 | ₨ 1,711,589 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details Narrative) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Undrawn borrowing facilities | ₨ 308,901 | ₨ 99,051 |
Schedule of authorized shares (
Schedule of authorized shares (Details) - shares | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Number of shares authorized | 523,159,375 | 523,159,375 |
Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares class A [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares authorized | 10,000,000,000 | 10,000,000,000 |
Ordinary shares class F [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares authorized | 3,159,375,000 | 3,159,375,000 |
Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of shares authorized | 10,000,000,000 | 10,000,000,000 |
Schedule of authorized shares_2
Schedule of authorized shares (Details) (Parenthetical) - Mar. 31, 2023 | $ / shares | ₨ / shares | |
Ordinary shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Ordinary shares class F | (per share) | $ 0.0001 | [1] | ₨ 0.008 |
Ordinary shares class A [member] | |||
IfrsStatementLineItems [Line Items] | |||
Ordinary shares class F | (per share) | 0.0001 | 0.008 | |
Ordinary shares class F [member] | |||
IfrsStatementLineItems [Line Items] | |||
Ordinary shares class F | (per share) | 0.0001 | [1] | 0.008 |
Ordinary shares class F [member] | Convertible Instruments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Ordinary shares class F | 1.00001 | ||
Preference shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Ordinary shares class F | (per share) | $ 0.0001 | ₨ 0.008 | |
[1]For movement in Ordinary shares class F to Ordinary shares, refer to note 6. |
Schedule of changes in share ca
Schedule of changes in share capital and share premium (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 INR (₨) shares | Mar. 31, 2022 INR (₨) shares | |
Number of shares, outstanding, beginning balance | shares | 62,585,836 | 62,585,836 | 62,126,623 |
Share capital, outstanding, beginning balance | ₨ 842 | ₨ 838 | |
Share premium, outstanding, beginning balance | ₨ 20,286,474 | ₨ 20,240,055 | |
Number of shares, exercise of option (restricted stock units and share-based payments) | shares | 1,062,091 | 1,062,091 | 459,213 |
Share capital, exercise of option (restricted stock units and share-based payments) | ₨ 8 | ₨ 4 | |
Share premium, exercise of option (restricted stock units and share-based payments) | ₨ 102,325 | ₨ 46,419 | |
Number of shares, outstanding, ending balance | shares | 63,647,927 | 63,647,927 | 62,585,836 |
Share capital, outstanding, ending balance | ₨ 850 | ₨ 842 | |
Share premium, outstanding, ending balance | $ 248,069 | ₨ 20,388,799 | ₨ 20,286,474 |
Schedule of Classes of Shares O
Schedule of Classes of Shares Outstanding (Details) - shares | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Ordinary shares class F | 63,647,927 | 62,585,836 | 62,126,623 | |
Ordinary shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ordinary shares class F | [1] | 59,400,888 | 58,132,574 | |
Ordinary shares class A [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ordinary shares class F | 2,392,168 | 2,392,168 | ||
Ordinary shares class F [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Ordinary shares class F | [1] | 1,854,871 | 2,061,094 | |
[1]For movement in Ordinary shares class F to Ordinary shares, refer to note 6. |
Schedule of changes in treasury
Schedule of changes in treasury shares (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 INR (₨) shares | Mar. 31, 2022 INR (₨) shares | |
IfrsStatementLineItems [Line Items] | |||
Number of shares, outstanding, beginning balance | 62,585,836 | 62,585,836 | 62,126,623 |
Amount, balance at beginning of the year | ₨ | ₨ (892,241) | ₨ (1,163,075) | |
Number of shares, outstanding, ending balance | 63,647,927 | 63,647,927 | 62,585,836 |
Amount, balance at end of the year | $ (8,750) | ₨ (719,319) | ₨ (892,241) |
Treasury shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares, outstanding, beginning balance | 999 | 999 | 999 |
Amount, balance at beginning of the year | ₨ | ₨ 11,219 | ₨ 11,219 | |
Numbers of shares, exercise of options | |||
Amount, exercise of options | ₨ | |||
Number of shares, outstanding, ending balance | 999 | 999 | 999 |
Amount, balance at end of the year | ₨ | ₨ 11,219 | ₨ 11,219 |
Equity share capital and shar_3
Equity share capital and share premium (Details Narrative) | 12 Months Ended | |||
Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 ₨ / shares shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | |
Share based compensation equity instruments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares reserved for issue under options and contracts for sale of shares | 1,844 | 1,844 | 1,844 | 1,844 |
Exercise price, equity instruments | (per share) | $ 5.42 | ₨ 445.81 | ||
Ordinary shares [member] | Capital 18 fin cap private limited [member] | Warrants [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity shares | 109,348 | 109,348 | 109,348 | |
Ordinary shares [member] | Pandara trust scheme one [member] | Warrants [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Equity shares | 43,136 | 43,136 | 43,136 |
Schedule of changes in other ca
Schedule of changes in other capital reserves (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | |
IfrsStatementLineItems [Line Items] | |||
Balance | ₨ 892,241 | ₨ 1,163,075 | |
Balance | $ 8,750 | 719,319 | 892,241 |
Capital reserve [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 263,531 | 122,109 | |
Balance at beginning of the year | 152,054 | 209,557 | |
Balance at beginning of the year | (129,673) | (46,423) | |
Balance at beginning of the year | (4,518) | (440) | |
Balance at beginning of the year | (21,272) | ||
Balance | 281,394 | 263,531 | |
Capital reserve [member] | Reserve of share-based payments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 239,932 | 98,510 | |
Balance at beginning of the year | 152,054 | 209,557 | |
Balance at beginning of the year | (129,673) | (46,423) | |
Balance at beginning of the year | (4,518) | (440) | |
Balance at beginning of the year | (21,272) | ||
Balance | 257,795 | 239,932 | |
Capital reserve [member] | Reserve of gains and losses from investments in equity instruments [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 341 | 341 | |
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance | 341 | 341 | |
Capital reserve [member] | Reserve On Expiry Of Warrant [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | |||
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | 23,258 | ||
Balance | 23,258 | ||
Capital reserve [member] | Warrants [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance | 23,258 | 23,258 | |
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | |||
Balance at beginning of the year | (23,258) | ||
Balance | ₨ 23,258 |
Summary of changes in share opt
Summary of changes in share options outstanding (Details) | 12 Months Ended | ||||||
Mar. 31, 2023 shares $ / shares | Mar. 31, 2023 shares ₨ / shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2022 shares ₨ / shares | ||||
Share plan 2006 and india share plan 2006 [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of options outstanding at the beginning of the year | 204,224 | 204,224 | 219,986 | 219,986 | |||
Number of options outstanding at the beginning of the year | (per share) | $ 82.19 | ₨ 329.33 | [1] | ₨ 318.33 | [1] | ||
Granted during the year | |||||||
Granted during the year | ₨ / shares | [1] | ||||||
Forfeited during the year | |||||||
Forfeited during the year | ₨ / shares | [1] | ||||||
Expired during the year | 369 | 369 | 15,762 | 15,762 | |||
Expired during the year | ₨ / shares | ₨ 356.65 | ₨ 351.37 | [1] | ||||
Number of share options exercised in share-based payment arrangement | |||||||
Exercised during the year | ₨ / shares | [1] | ||||||
Number of options outstanding at the end of the year | 203,855 | 203,855 | 204,224 | 204,224 | |||
Number of options outstanding at the end of the year | (per share) | $ 82.19 | ₨ 356.65 | $ 82.19 | ₨ 329.33 | [1] | ||
Vested/exercisable | 203,855 | 203,855 | 204,224 | 204,224 | |||
Vested/exercisable | ₨ / shares | ₨ 356.65 | ₨ 329.23 | [1] | ||||
2016 stock option and incentive plan [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of options outstanding at the beginning of the year | 407,323 | 407,323 | 681,227 | 681,227 | |||
Number of options outstanding at the beginning of the year | ₨ / shares | [2] | ₨ 246.66 | ₨ 293.23 | ||||
Granted during the year | |||||||
Granted during the year | ₨ / shares | [2] | ||||||
Forfeited during the year | 54,545 | 54,545 | 115,257 | 115,257 | |||
Forfeited during the year | ₨ / shares | ₨ 164.38 | ₨ 154.20 | [2] | ||||
Expired during the year | 81,408 | 81,408 | 158,647 | 158,647 | |||
Expired during the year | ₨ / shares | ₨ 362.67 | ₨ 560.80 | [2] | ||||
Number of options outstanding at the end of the year | 271,370 | 271,370 | 407,323 | 407,323 | |||
Number of options outstanding at the end of the year | ₨ / shares | ₨ 259.07 | ₨ 246.66 | [2] | ||||
Vested/exercisable | 175,918 | 175,918 | 191,988 | 191,988 | |||
Vested/exercisable | ₨ / shares | ₨ 311.02 | ₨ 352.82 | [2] | ||||
[1]The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 82.19 82.19 |
Summary of changes in share o_2
Summary of changes in share options outstanding (Details) (Parenthetical) | Mar. 31, 2023 $ / shares | Mar. 31, 2023 ₨ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 ₨ / shares | [1] | Mar. 31, 2021 ₨ / shares | [1] |
Share plan 2006 and india share plan 2006 [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Exercise price | (per share) | $ 82.19 | ₨ 356.65 | $ 82.19 | ₨ 329.33 | ₨ 318.33 | ||
Stock Option 2016 And Incentive Plan [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Exercise price | $ 82.19 | $ 82.19 | |||||
[1]The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 |
Summary of changes in RSUs outs
Summary of changes in RSUs outstanding (Details) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) shares | Mar. 31, 2022 shares | ||
IfrsStatementLineItems [Line Items] | |||
Employee's tax obligation | ₨ | ₨ 27,340 | ||
Restricted stock unit plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of RSU's outstanding at the beginning of the year | 2,762,509 | 1,222,271 | |
Granted during the year | 2,049,562 | 2,093,188 | |
Forfeited during the year | |||
Expired during the year | 93,737 | ||
Vested during the year | 1,062,081 | 459,213 | |
Net settlement | [1] | 130,190 | |
Number of RSU's outstanding at the end of the year | 3,619,800 | 2,762,509 | |
Vested/exercisable and not exercised | |||
[1]As per applicable Tax laws applicable in India, the Company is obliged to withhold an amount for an employee’s tax obligation associated with a share-based payment and transfer that amount in cash, to the tax authority on the employee’s behalf. Accordingly, during the year ended March 31, 2023, the Group settled the transaction on a net basis by withholding the number of vested PSUs with a fair value equal to the monetary value of the employee’s tax obligation of INR 27,340 27,340 |
Summary of Inputs for Model Use
Summary of Inputs for Model Used (Details) | 12 Months Ended | |||
Mar. 31, 2023 $ / shares | Mar. 31, 2023 ₨ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 ₨ / shares | |
Performance stock unit plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | $ / shares | $ 2.12 | |||
Risk- free interest rate | 2.80% | 2.80% | 0.61% | 0.61% |
Expected volatility (%) | 45% | 45% | 56.27% | 56.27% |
Description of inputs to option pricing model, share options granted | 4 years | 4 years | 4 years | 4 years |
Dividend Yield | 0% | 0% | 0% | 0% |
Description of option pricing model, share options granted | Monte Carlo Simulation | Monte Carlo Simulation | Monte Carlo Simulation | Monte Carlo Simulation |
Performance stock unit plan [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | $ / shares | $ 0.36 | |||
Performance stock unit plan [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | $ / shares | $ 0.81 | |||
Restricted stock unit plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | ₨ / shares | ₨ 2.12 | |||
Risk- free interest rate | 2.80% | 2.80% | 0.61% | 0.61% |
Expected volatility (%) | 45% | 45% | 56.27% | 56.27% |
Description of inputs to option pricing model, share options granted | 4 years | 4 years | 4 years | 4 years |
Dividend Yield | 0% | 0% | 0% | 0% |
Description of option pricing model, share options granted | Black-Scholes Valuation | Black-Scholes Valuation | Black-Scholes Valuation | Black-Scholes Valuation |
Restricted stock unit plan [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | ₨ / shares | ₨ 1.45 | |||
Restricted stock unit plan [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Weighted average share price, share options granted | ₨ / shares | ₨ 2.70 |
Other capital reserve (Details
Other capital reserve (Details Narrative) | 12 Months Ended | |||||||||
Mar. 31, 2023 INR (₨) shares | Mar. 31, 2022 INR (₨) shares | Mar. 31, 2021 INR (₨) shares ₨ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2023 INR (₨) shares ₨ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 INR (₨) shares ₨ / shares | Dec. 13, 2016 shares | |||
Share plan 2006 and india share plan 2006 [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 219,986 | 203,855 | 204,224 | |||||||
Weighted average remaining contractual life of outstanding share options | 1 year 3 months 29 days | 2 years 3 months 29 days | ||||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | ₨ 318.33 | [1] | $ 82.19 | ₨ 356.65 | $ 82.19 | ₨ 329.33 | [1] | |||
Number of share options granted in share-based payment arrangement | ||||||||||
Share plan 2006 and india share plan 2006 [member] | Employees stock options [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 203,855 | |||||||||
Share plan 2006 and india share plan 2006 [member] | Employees stock options [member] | Bottom of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | 4.34 | ₨ 356.65 | 4.34 | 329.23 | ||||||
Share plan 2006 and india share plan 2006 [member] | Employees stock options [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | 5.42 | 411.54 | ||||||||
Share plan 2006 and india share plan 2006 [member] | Employees stock options [member] | Share plan 2006 and india share plan 2006 [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Percentage Of Shares To Vest Upon Certain Criteria | 50% | |||||||||
Share plan 2006 and india share plan 2006 [member] | Employee Stock Option [Member] | 2015 milestones [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Percentage Of Shares To Vest Upon Certain Criteria | 25% | |||||||||
Share plan 2006 and india share plan 2006 [member] | Employee Stock Option [Member] | 2016 Milestones [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Percentage Of Shares To Vest Upon Certain Criteria | 25% | |||||||||
Stock option and incentive plan 2016 [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Weighted average remaining contractual life of outstanding share options | 5 years 3 months 18 days | 6 years 2 months 4 days | ||||||||
Stock option and incentive plan 2016 [member] | Employees stock options [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 7,671,517 | |||||||||
Expense from share-based payment transactions with employees | ₨ | ₨ 1,568,000 | ₨ 11,192,000 | ₨ 10,987,000 | |||||||
Stock option and incentive plan 2016 [member] | Employees stock options [member] | Bottom of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | 2 | 164.38 | 2 | 151.74 | ||||||
Stock option and incentive plan 2016 [member] | Employees stock options [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | (per share) | 10 | ₨ 821.90 | $ 10 | ₨ 758.70 | ||||||
Stock option and incentive plan 2016 [member] | Employees stock options [member] | Vesting schedule one [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 197,749 | |||||||||
Stock option and incentive plan 2016 [member] | Employees stock options [member] | Vesting schedule two [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 21,769 | |||||||||
Stock option and incentive plan 2016 [member] | Employee Stock Option [Member] | Vesting schedule three [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 466,100 | |||||||||
2016 stock option and incentive plan [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 681,227 | 271,370 | 407,323 | |||||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | ₨ / shares | ₨ 293.23 | [2] | ₨ 259.07 | ₨ 246.66 | [2] | |||||
Number of share options granted in share-based payment arrangement | ||||||||||
2016 stock option and incentive plan [member] | Employee Stock Option [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 271,370 | 407,323 | ||||||||
Restricted stock unit and performance stock units 2016 plan [member] | Restricted stock units rsus [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 1,981,685 | 2,093,188 | ||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 3,619,769 | 2,762,509 | ||||||||
Restricted stock unit 2016 plan [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Expense from share-based payment transactions with employees | ₨ | ₨ 138,196,000 | ₨ 198,366,000 | ₨ 66,113,000 | |||||||
Weighted average remaining contractual life | 1 year 9 months 25 days | 2 years 2 months 26 days | ||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule one [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 7,277 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule two [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 5,000 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule three [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 687,857 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule four [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 1,609,934 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule four [member] | Bottom of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 10 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule four [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 1.80 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule five [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 692,000 | |||||||||
Reserve of share-based payments | ₨ | ₨ 29,793 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule six [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 1,280,154 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule six [member] | Bottom of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 4 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule six [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 2.50 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule seven [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 67,877 | |||||||||
Reserve of share-based payments | ₨ | ₨ 121,034 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule eight [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 649,500 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule nine [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 1,248,185 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule nine [member] | Bottom of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 4 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting schedule nine [member] | Top of range [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
[custom:SharesPrice-0] | $ / shares | 2.50 | |||||||||
Restricted stock unit 2016 plan [member] | Restricted stock units rsus [member] | Vesting Schedule Ten [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 84,000 | |||||||||
Share based compensation equity instruments [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 1,844 | 1,844 | 1,844 | |||||||
[custom:SharesReservedForIssueUnderOptionsAndContractsForSaleOfSharesExercisePrice-0] | (per share) | $ 5.42 | ₨ 445.81 | ||||||||
Ordinary shares [member] | Share plan 2006 and india share plan 2006 [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 1,316,765 | 1,316,765 | ||||||||
Ordinary shares [member] | Share plan 2006 and india share plan 2006 [member] | Employees stock options [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of share options outstanding in share-based payment arrangement | 204,224 | |||||||||
[1]The weighted average exercise price per share is fixed in USD. The amount disclosed in INR are determined by multiplying exercise price per share in USD by exchange rate of INR 82.19 82.19 82.19 82.19 |
Schedule of changes in accumula
Schedule of changes in accumulated other comprehensive loss (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Actuarial (loss)/ gain on defined benefit plan: | |||||
Actuarial (loss)/ gain on obligation | [1] | ₨ (10,508) | ₨ (321) | ₨ 2,009 | |
Income tax expense | (205) | 74 | 215 | ||
Total | $ (129) | (10,713) | (247) | 2,224 | |
Foreign currency translation: | |||||
Foreign currency translation differences | 1,245 | (5,640) | (4,552) | ||
Balance at the end of period | ₨ 1,245 | ₨ (5,640) | ₨ (4,552) | ||
[1]Refer to Note 31 for the movement during the year. |
Schedule of borrowings by type
Schedule of borrowings by type and classification (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 INR (₨) | ||
IfrsStatementLineItems [Line Items] | ||||
Current Total | $ 28,390 | ₨ 354,376 | ₨ 2,333,378 | |
Non-Current Total | $ 235 | 4,204 | 19,274 | |
Borrowings, carrying amount | 358,580 | 2,352,652 | ||
Vehicle Loan [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings current term description | Less than 1 year | |||
Current Total | ₨ 2,977 | 4,601 | ||
Borrowings current term description | More than 1 year | |||
Non-Current Total | ₨ 4,204 | 19,274 | ||
Borrowings, carrying amount | 7,181 | ₨ 23,875 | ||
Vehicle Loan [Member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings, interest rate | 11.25% | 11.25% | ||
Borrowings, maturity | 2028 | |||
Vehicle Loan [Member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings, interest rate | 7.25% | 7.25% | ||
Borrowings, maturity | 2025 | |||
Non Convertible Debenture [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current Total | ₨ 417,178 | |||
Borrowings, carrying amount | ₨ 417,178 | |||
Non Convertible Debenture [Member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings current term | [1] | 2 years | ||
Borrowings, interest rate | 14.25% | 14.25% | ||
Borrowings, maturity | 2025 | |||
Non Convertible Debenture [Member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings current term | [1] | 2 years 6 months | ||
Borrowings, interest rate | 14% | 14% | ||
Borrowings, maturity | 2024 | |||
Factoring [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Borrowings current term description | Less than 1 year | |||
Current Total | 351,399 | ₨ 1,089,699 | ||
Borrowings, maturity | On demand | |||
Borrowings, carrying amount | 351,399 | 1,089,699 | ||
Borrowings, interest rate basis | [2] | Floating rate | ||
Unsecured Loan From Third Party Investor [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current Total | [1] | ₨ 821,900 | ||
Borrowings current term | [1] | 1 year | ||
Borrowings, interest rate | 11% | 11% | ||
Borrowings, maturity | 2023 | |||
Borrowings, carrying amount | ₨ 821,900 | |||
[1]Breach in Covenants- Refer to Note 40[2] 3M MCLR + 0.20% to 1.35% spread |
Borrowings (Details Narrative)
Borrowings (Details Narrative) ₨ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
IfrsStatementLineItems [Line Items] | ||||
Proceeds from current borrowings | $ 46,551 | ₨ 3,825,988,000 | ₨ 553,128,000 | ₨ 189,052,000 |
Borrowings | 2,352,652,000 | 358,580,000 | ||
Bank Overdrafts [Member] | Federal Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | ₨ 2,000,000 | |||
Bank Overdrafts [Member] | ICICI Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | 450,000 | |||
Factoring [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Maturity date | On demand | On demand | ||
Borrowings | ₨ 1,089,699,000 | 351,399,000 | ||
Factoring [Member] | Federal Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | 400,000 | |||
Proceeds from current borrowings | ₨ 396,049 | |||
[custom:PercentageOfFixedDeposits] | 20% | 20% | ||
Factoring [Member] | ICICI Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | ₨ 300,000 | 450,000 | ||
[custom:FacilityCost-0] | ₨ 351,399 | |||
Factoring [Member] | International Air Transport Association [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Proceeds from current borrowings | 93,400 | |||
Factoring [Member] | Axis Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | 550,000 | |||
Proceeds from current borrowings | ₨ 549,416 | |||
[custom:PercentageOfFixedDeposits] | 20% | 20% | ||
Factoring [Member] | IDFC Bank [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | ₨ 500,000 | |||
Proceeds from current borrowings | ₨ 144,233 | |||
[custom:PercentageOfFixedDeposits] | 20% | 20% | ||
Promissory Note [Member] | MAK Capital Fund [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Principal amount | ₨ 10,000,000 | |||
Interest rate | 11% | |||
Maturity date | October 5, 2023 | October 5, 2023 | ||
Conversion price | ₨ / shares | ₨ 1 | |||
Promissory Note [Member] | MAK Capital Fund [Member] | Ordinary Share [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Conversion price | ₨ / shares | ₨ 1.29 | |||
Promissory Note [Member] | MAK Capital Fund [Member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Interest rate | 3% | |||
Promissory Note [Member] | MAK Capital Fund [Member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Interest rate | 22.50% | |||
Non Convertible Debentures [Member] | Black soil Capital Private Ltd [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | ₨ 500,000 | |||
Debentures issued | shares | 300 | |||
Borrowings | ₨ 300,000 | |||
Interest rate | 14.25% | |||
Non Convertible Debentures [Member] | Yatra Online Freight Private Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Notional value | ₨ 100,000 | |||
Interest rate | 14% | |||
Debentures issued | shares | 1,500 | |||
Fund received | ₨ 150,000 | |||
Payments of borrowings | ₨ 1,200 |
Schedule of trade and other pay
Schedule of trade and other payables (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Trade And Other Payables | |||
Trade payables | ₨ 1,116,599 | ₨ 1,306,204 | |
Accrued expenses | 316,187 | 295,067 | |
Refund and other payables | 743,567 | 836,046 | |
Total | 2,176,353 | 2,437,317 | |
Current | $ 26,480 | 2,176,353 | 2,394,712 |
Non-current | ₨ 42,605 |
Schedule of employee benefits l
Schedule of employee benefits liability (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Defined benefit obligation | ₨ 71,277 | ₨ 69,729 |
Liability for compensated absences | 25,487 | 33,224 |
Total liability | 96,766 | 102,953 |
Net Unfunded liability | ₨ 71,277 | ₨ 69,729 |
Summary of changes in present v
Summary of changes in present value of obligation and fair value of plan assets (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Present value of defined benefit obligation [member] | |||
IfrsStatementLineItems [Line Items] | |||
Present value of obligation at beginning of year | ₨ 79,594 | ₨ 82,330 | |
Interest cost | 3,239 | 3,889 | |
Current service cost | 8,619 | 10,639 | |
Past service cost | |||
Remeasurement (gain)/loss on obligation - economic assumptions | (3,694) | ||
Remeasurement (gain)/loss on obligation - demographic assumptions | (149) | (719) | |
Remeasurement (gain)/loss on obligation - experience assumptions | 14,439 | 1,103 | |
Benefits paid | (22,551) | (17,648) | |
Present value of obligation at closing of year | 79,497 | 79,594 | |
Plan assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Present value of obligation at beginning of year | [1] | 9,865 | 11,943 |
Benefits paid | [1] | (2,273) | (2,791) |
Present value of obligation at closing of year | [1] | 8,218 | 9,865 |
Employer contributions | [1] | ||
Earning on assets | [1] | 538 | 651 |
Remeasurement (gain)/loss on obligation on plan assets | [1] | ₨ 88 | ₨ 62 |
[1]plan assets represents investment made by the Company in LIC funds |
Schedule of unfunded liability
Schedule of unfunded liability (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current | ₨ 40,744 | ₨ 35,621 |
Non-current | 30,533 | 34,108 |
Unfunded liability recognized in statement of financial position | ₨ 71,277 | ₨ 69,729 |
Schedule of components of cost
Schedule of components of cost recognized in profit or loss (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current service cost | ₨ 8,619 | ₨ 10,639 | ₨ 10,806 |
Net interest cost | 2,702 | 3,239 | 3,539 |
Components of cost recognized in profit or loss | ₨ 11,321 | ₨ 13,878 | ₨ 14,345 |
Summary of amounts for actuaria
Summary of amounts for actuarial loss on obligation recognized in other comprehensive income (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Remeasurement loss/ (gain) on obligation | [1] | ₨ 10,508 | ₨ 321 | ₨ (2,009) |
[1]Refer to Note 31 for the movement during the year. |
Schedule of actuarial assumptio
Schedule of actuarial assumptions used for estimating defined benefit obligations (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
IfrsStatementLineItems [Line Items] | |||
Actuarial assumption of discount rates | 7.10% | 5.45% | |
Actuarial assumption of expected rates of salary increases | 5% | 5% | |
Actuarial assumption of retirement age | 58 years | 58 years | |
[custom:ActuarialAssumptionOfMortality] | [1] | IALM* (2012-14) Ultimate | |
Upto 30 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 31% | ||
From 31 to 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 61% | ||
Above 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 8% | ||
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected Average Future Working Term, Defined Benefit Liability (Asset) | 1 year 9 months 10 days | 1 year 6 months 21 days | |
Bottom of range [member] | Upto 30 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 22% | ||
Bottom of range [member] | From 31 to 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 57% | ||
Bottom of range [member] | Above 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 9% | ||
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected Average Future Working Term, Defined Benefit Liability (Asset) | 5 years 5 months 12 days | 5 years 10 months 6 days | |
Top of range [member] | Upto 30 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 26% | ||
Top of range [member] | From 31 to 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 65% | ||
Top of range [member] | Above 44 Years [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Actuarial Assumptions of Withdrawal Rates | 21% | ||
[1]Indian Assured Lives Mortality (2012-14) Ultimate represents published mortality table used for mortality assumption. |
Summary of sensitivity analysis
Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation (Details) (Parenthetical) | Mar. 31, 2023 |
Actuarial assumption of discount rates [member] | |
IfrsStatementLineItems [Line Items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Actuarial assumption of expected rates of salary increases [member] | |
IfrsStatementLineItems [Line Items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Summary of sensitivity analys_2
Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Actuarial assumption of discount rates [member] | ||
IfrsStatementLineItems [Line Items] | ||
Impact on discount rate or salary due to increase in actuarial assumptions | ₨ 1,032 | ₨ 920 |
Impact on discount rate or salary due to decrease in actuarial assumptions | (1,069) | (952) |
Actuarial assumption of expected rates of salary increases [member] | ||
IfrsStatementLineItems [Line Items] | ||
Impact on discount rate or salary due to increase in actuarial assumptions | (1,083) | (1,018) |
Impact on discount rate or salary due to decrease in actuarial assumptions | ₨ 1,059 | ₨ 1,105 |
Schedule of expected contributi
Schedule of expected contributions to the defined benefit plan in future years (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total expected payments | ₨ 87,347 | ₨ 83,808 |
Year 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | 38,753 | 40,306 |
Year 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | 13,545 | 15,206 |
Year 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | 6,942 | 7,370 |
Year 4 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | 5,042 | 4,080 |
Year 5 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | 4,867 | 3,495 |
Year 6-10 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total expected payments | ₨ 18,198 | ₨ 13,351 |
Schedule of deferred revenue, b
Schedule of deferred revenue, by type (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
IfrsStatementLineItems [Line Items] | ||||
Total deferred revenue | ₨ 45,721 | ₨ 248,177 | ₨ 387,049 | |
Noncurrent | 64,965 | |||
Current | $ 556 | 45,721 | 183,212 | |
Global Distribution System Provider [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred revenue | 38,417 | 244,101 | ||
Loyalty Program [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total deferred revenue | ₨ 7,304 | ₨ 4,076 |
Summary of changes in deferred
Summary of changes in deferred revenue (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred Revenue | ||
Total deferred revenue | ₨ 248,177 | ₨ 387,049 |
Deferred during the year | ||
Recorded in statement of profit or loss | (202,456) | (138,872) |
Transferred to other financial liabilities (deposits) | ||
Deferred income at the closing of the year | ₨ 45,721 | ₨ 248,177 |
Schedule of other financial lia
Schedule of other financial liabilities (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | |
Other Financial Liabilities | ||||
Due to employees | ₨ 63,860 | ₨ 120,756 | ||
Share warrants# (refer to note 7) | ||||
Deposits* | [1] | 353,154 | 308,701 | |
Total | $ 5,074 | ₨ 417,014 | ₨ 429,457 | |
[1]Deposit received from the Global Distribution System provider (GDS), which is repayable at the end of the contract and interest free nature was initially recognised at fair value. The difference between the deposit received and fair value initially recognised is treated as deferred consideration under Note 37. Deposits are subsequently measured at amortised cost and unwinding is recognised under finance cost. The deferred consideration recognised is amortised over the tenure of deposit on straight line basis and amortisation is recognised as revenue. |
Schedule of Detailed informatio
Schedule of Detailed information of Warrants issued (Details) - 12 months ended Mar. 31, 2023 - Warrant reserve [member] shares in Thousands | $ / shares shares | ₨ / shares shares | |
Macquarie corporate holdings pty limited [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares | 46,458 | 46,458 | |
Date of issue | 24-Jul-15 | 24-Jul-15 | |
Exercise price | (per share) | $ 26.90 | ₨ 2,040.90 | |
Expiration date | [1] | 24-Jul-23 | 24-Jul-23 |
Innoven Capital [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares | 154,000 | 154,000 | |
Date of issue | 12-Sep-17 | 12-Sep-17 | |
Exercise price | (per share) | $ 12 | ₨ 910.44 | |
Expiration date | 12-Sep-22 | 12-Sep-22 | |
[1]Subsequent to balance sheet date, on July 24, 2023, these outstanding warrants lapsed unexercised. |
Schedule of Detailed informat_2
Schedule of Detailed information of Warrants issued (Details) (Parenthetical) | Dec. 16, 2016 |
Warrant reserve [member] | |
IfrsStatementLineItems [Line Items] | |
[custom:ReverseStockSplit] | 5.4242194-for-one share split of its ordinary shares as well as a 5.4242194-for-one adjustment with respect to the number of ordinary shares |
Other financial liabilities (De
Other financial liabilities (Details Narrative) - INR (₨) | Mar. 31, 2023 | Mar. 31, 2022 |
Macquarie Warrant [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value of warrant outstanding |
Schedule of other current liabi
Schedule of other current liabilities (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) |
Advance from customers | ₨ 525,638 | ₨ 531,526 | |
Statutory liabilities | 41,239 | 79,368 | |
Other liabilities | 56,310 | 58,075 | |
Deferred Consideration | 41,656 | ||
Interest accrued on term loan | 43,842 | ||
Total | $ 8,117 | ₨ 667,029 | ₨ 710,625 |
Commitment and contingencies (D
Commitment and contingencies (Details Narrative) - INR (₨) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Contractual commitments for advertisement services | ₨ 108,450,000 | ₨ 106,920,000 | |
[custom:ContractualCommitmentsforCapitalExpenditure-0] | 1,450,000 | ||
Operating lease | 0 | ||
Expense relating to variable lease payments not included in measurement of lease liabilities | 1,832,000 | 2,330,000 | ₨ 9,418,000 |
Service And Other Claims Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Claims not recognised as liabilities | 85,672,000 | 87,106,000 | |
Tax Contingent Liability Service Tax Authorities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
[custom:IfrsLossContingencyEstimateOfPossibleLoss-0] | 315,525,000 | 310,095,000 | |
Tax Contingent Liability Income Tax Authorities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
[custom:IfrsLossContingencyEstimateOfPossibleLoss-0] | ₨ 1,268,000 | ₨ 1,268,000 |
Schedule of credit risk exposur
Schedule of credit risk exposure by type (Details) - Credit risk [member] - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade and other receivables | ₨ 3,061,209 | ₨ 1,934,713 |
Other financial assets | 706,236 | 684,940 |
Cash and cash equivalents (except cash in hand) | 503,476 | 800,027 |
Total | ₨ 4,270,921 | ₨ 3,419,680 |
Schedule of trade and other r_2
Schedule of trade and other receivables, excluding impairment (Details) - Credit risk [member] - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Trade and other receivables excluding impairment | ₨ 3,514,829 | ₨ 2,229,038 | |
Trade and other receivables, impairment | 452,046 | 294,325 | ₨ 687,511 |
Not later than one month [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other receivables excluding impairment | 1,565,505 | 1,512,534 | |
Trade and other receivables, impairment | |||
Later than one month and not later than three months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other receivables excluding impairment | 1,047,928 | 304,480 | |
Trade and other receivables, impairment | |||
Later than three months and not later than six months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other receivables excluding impairment | 247,967 | 97,579 | |
Trade and other receivables, impairment | 16,771 | ||
Later than six months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other receivables excluding impairment | 653,429 | 314,445 | |
Trade and other receivables, impairment | ₨ 435,275 | ₨ 294,325 |
Schedule of trade, refund & oth
Schedule of trade, refund & other receivables and contract assets (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
IfrsStatementLineItems [Line Items] | |||
Provision moved to allowance for doubtful other financial assets | ₨ (429) | ||
Credit risk [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at the beginning of the year | 294,325 | 687,511 | |
Provisions accrued during the year | [1] | 158,092 | 26,412 |
Amount written off during the year | (421,693) | ||
Provision moved to allowance for doubtful other financial assets | (429) | ||
Effect of movement in exchange rate | 58 | 2,095 | |
Balance at the end of the year | ₨ 452,046 | ₨ 294,325 | |
[1]includes amount of INR Nil (March 31, 2022: INR 3,837 |
Schedule of trade, refund & o_2
Schedule of trade, refund & other receivables and contract assets (Details) (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Impairment of trade receivables | ₨ 3,837 |
Schedule of financial liabiliti
Schedule of financial liabilities by type (Details) - Liquidity risk [member] - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | ₨ 5,270,336 | ₨ 3,578,432 | |
Contractual Cash Flows | [1] | 5,464,306 | 3,708,240 |
Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 5,172,368 | 3,336,871 | |
Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 263,299 | 286,751 | |
Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 28,639 | 84,618 | |
Vehicle Loan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 23,875 | 7,180 | |
Contractual Cash Flows | [1] | 29,287 | 7,988 |
Vehicle Loan [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 6,894 | 3,426 | |
Vehicle Loan [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 22,393 | 4,562 | |
Vehicle Loan [Member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Lease liabilities [member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 251,228 | 269,659 | |
Contractual Cash Flows | [1] | 349,377 | 398,659 |
Lease liabilities [member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 79,832 | 74,457 | |
Lease liabilities [member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 240,906 | 239,584 | |
Lease liabilities [member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 28,639 | 84,618 | |
Trade and Other Payables [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 2,176,353 | 2,437,317 | |
Contractual Cash Flows | [1] | 2,176,353 | 2,437,317 |
Trade and Other Payables [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 2,176,353 | 2,394,712 | |
Trade and Other Payables [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 42,605 | ||
Trade and Other Payables [Member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Invoice Discounting [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 1,089,699 | 351,399 | |
Contractual Cash Flows | [1] | 1,089,699 | 351,399 |
Invoice Discounting [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 1,089,699 | 351,399 | |
Invoice Discounting [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Invoice Discounting [Member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Other Current Liabilities [member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 490,103 | 512,877 | |
Contractual Cash Flows | [1] | 490,103 | 512,877 |
Other Current Liabilities [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 490,103 | 512,877 | |
Other Current Liabilities [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Non Convertible Debenture [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 417,178 | ||
Contractual Cash Flows | [1] | 417,178 | |
Non Convertible Debenture [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 417,178 | ||
Non Convertible Debenture [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Non Convertible Debenture [Member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Unsecured Loan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Carrying Amount | 821,900 | ||
Contractual Cash Flows | [1] | 912,309 | |
Unsecured Loan [Member] | Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | 912,309 | ||
Unsecured Loan [Member] | Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
Unsecured Loan [Member] | Later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual Cash Flows | |||
[1]Represents Undiscounted cash flows of interest and principal |
Summary of foreign currency sen
Summary of foreign currency sensitivity (Details) (Parenthetical) - Currency risk [member] | Mar. 31, 2023 |
United States Of America Dollars Against India Rupees [Member] | |
IfrsStatementLineItems [Line Items] | |
Foreign Currency Sensitivity, Percentage of Reasonably Possible Change in Actuarial Assumption | 5% |
United Kingdom Pounds Against India Rupees [Member] | |
IfrsStatementLineItems [Line Items] | |
Foreign Currency Sensitivity, Percentage of Reasonably Possible Change in Actuarial Assumption | 5% |
Euro Member Countries Euro Against India Rupees [Member] | |
IfrsStatementLineItems [Line Items] | |
Foreign Currency Sensitivity, Percentage of Reasonably Possible Change in Actuarial Assumption | 5% |
Singapore Dollars Against India Rupees [Member] | |
IfrsStatementLineItems [Line Items] | |
Foreign Currency Sensitivity, Percentage of Reasonably Possible Change in Actuarial Assumption | 5% |
Summary of foreign currency s_2
Summary of foreign currency sensitivity (Details) - Currency risk [member] - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
United States Of America Dollars Against India Rupees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk exposure to currency fluctuations | ₨ 3,957 | ₨ 1,339 |
United Kingdom Pounds Against India Rupees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk exposure to currency fluctuations | 1,670 | 1,157 |
Euro Member Countries Euro Against India Rupees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk exposure to currency fluctuations | 997 | 932 |
Singapore Dollars Against India Rupees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Risk exposure to currency fluctuations | ₨ (194) | ₨ 121 |
Summary of debt ratio informati
Summary of debt ratio information (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2020 INR (₨) |
IfrsStatementLineItems [Line Items] | ||||||
Less :cash and cash equivalents (Note 28) | $ (6,128) | ₨ (503,601) | $ (9,737) | ₨ (800,282) | ₨ (1,711,589) | ₨ (646,229) |
Net debt | 219,100 | |||||
Equity | 8,609 | 707,695 | 890,258 | |||
Total equity | $ 8,750 | 719,319 | 892,241 | ₨ 1,163,075 | ₨ 1,510,974 | |
Debt Covenants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Borrowings (Note 32) | 2,352,652 | 358,580 | ||||
Less :cash and cash equivalents (Note 28) | (503,601) | (800,282) | ||||
Net debt | 1,849,051 | (441,702) | ||||
Share warrants (Note 36) | ||||||
Equity | 707,699 | 890,258 | ||||
Total equity | ₨ 707,699 | ₨ 890,258 | ||||
Gearing ratio (Net debt / total equity + net debt) | 72.32% | 72.32% | 98.47% | 98.47% |
Capital management (Details Nar
Capital management (Details Narrative) ₨ in Millions | Mar. 31, 2023 INR (₨) |
Debt facilities amounting | ₨ 219.1 |
Summary of arm_s length transac
Summary of arm’s length transactions with related parties (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Significant Influence Group Companies [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Communication expense | ₨ 649 | ||||
Unsecured loan from third party investor | 42,838 | ||||
Joint ventures where entity is venturer [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Rendering of services | (21) | ||||
Recovery of expenses | 102 | 824 | 741 | ||
Loan given | 1,000 | 2,500 | 19,500 | ||
Interest income | 4,240 | 7,206 | |||
Commission expense | ₨ (1) | ||||
Trade receivable | [2] | 530 | [1] | ||
Other financial assets | [1] | ||||
Unsecured loan from third party investor (refer to note 32) | [1],[2] | 821,900 | |||
Interest accrued | [1],[2] | ₨ 43,842 | |||
[1]Provision for impairment on loans to joint venture is INR 1,000 72,719 73,719 72,719 530 Nil Nil 3,837 530 Nil |
Summary of arm_s length trans_2
Summary of arm’s length transactions with related parties (Details) (Parenthetical) - INR (₨) ₨ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
IfrsStatementLineItems [Line Items] | ||||
Impairment of trade receivables | ₨ 3,837 | |||
Impairment of trade net allowance | 530 | |||
Joint ventures [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Receivable joint ventures | 73,719 | 72,719 | ||
Joint Venture One [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Gross loan commitments | 1,000 | 72,719 | ||
Joint ventures where entity is venturer [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade receivables | [2] | ₨ 530 | [1] | |
[1]Provision for impairment on loans to joint venture is INR 1,000 72,719 73,719 72,719 530 Nil Nil 3,837 530 Nil |
Schedule of key management comp
Schedule of key management compensation (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Short-term employee benefits | ₨ 44,749 | ₨ 35,019 | ₨ 27,462 |
Contributions to defined contribution plans | 618 | 340 | 259 |
Profit linked bonus | 6,765 | 16,130 | |
Directors Sitting fee’s | 14,345 | 10,516 | 10,846 |
Share based payment | 114,632 | 157,715 | 53,330 |
Total compensation paid to key management personnel | ₨ 181,109 | ₨ 203,590 | ₨ 108,027 |
Schedule of reconciliation of_3
Schedule of reconciliation of fair value measurement of the contingent consideration liability (Details) - Air travel bureau limited [member] - INR (₨) ₨ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
IfrsStatementLineItems [Line Items] | |||||
Contingent liabilities recognised in business combination at beginning of year | ₨ 800,000 | ₨ 1,190,009 | ₨ 904,727 | ||
Liability arising on business combination | 610,383 | ||||
Unrealized fair value changes recognized in profit or loss | (390,009) | 485,282 | 294,344 | ||
Advance Paid | 200,000 | ||||
Final payment | [1] | (800,000) | |||
Contingent liabilities recognised in business combination at end of year | ₨ 800,000 | ₨ 1,190,009 | ₨ 904,727 | ||
[1]Contingent consideration paid of INR 800,000 |
Schedule of reconciliation of_4
Schedule of reconciliation of fair value measurement of the contingent consideration liability (Details) (Parenthetical) ₨ in Thousands | Mar. 31, 2023 INR (₨) |
Contingent consideration | ₨ 800,000 |
Schedule of Statement of Cash F
Schedule of Statement of Cash Flows (Details) ₨ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2019 INR (₨) | |
IfrsStatementLineItems [Line Items] | ||||||
Investing activities: Representing cash payments up to the amount of INR 610,383 recognised for the acquisition–date fair value of the contingent consideration less payment contingent consideration of INR 200,000 during year ended March 31, 2019 | ₨ 410,383 | |||||
Operating Activities: Representing cash payment for contingent consideration in excess of the amount that was recorded on the acquisition date | ₨ (389,617) | |||||
Air travel bureau limited [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Investing activities: Representing cash payments up to the amount of INR 610,383 recognised for the acquisition–date fair value of the contingent consideration less payment contingent consideration of INR 200,000 during year ended March 31, 2019 | 410,383 | |||||
Representing cash payments | ₨ 610,383 | |||||
Payment contingent consideration | ₨ 200,000 | |||||
Operating Activities: Representing cash payment for contingent consideration in excess of the amount that was recorded on the acquisition date | 389,617 | |||||
Total | ₨ 800,000 |
Business Combination (Details N
Business Combination (Details Narrative) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Aug. 04, 2017 INR (₨) | Jul. 31, 2017 INR (₨) |
IfrsStatementLineItems [Line Items] | |||||
Other current financial liabilities | $ 5,074 | ₨ 417,014 | ₨ 429,457 | ||
Air travel bureau limited [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Consideration transferred, acquisition-date fair value | ₨ 1,120,510 | ||||
Other current financial liabilities | ₨ 509,999 | ||||
Air travel bureau limited [member] | Yatra online private limited [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Cash transferred | ₨ 510,000 |
Summary of the movements in the
Summary of the movements in the carrying value of right of use assets (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | |
IfrsStatementLineItems [Line Items] | |||
Balance as at the beginning of the year | ₨ 229,710 | ₨ 449,840 | |
Additions | 33,399 | ||
Deletions | 5,705 | 157,509 | |
Depreciation (Refer note 13) | 56,649 | (62,643) | |
Effects of movements in foreign exchange rates | 5 | 22 | |
Balance as at the end of the year | $ 2,443 | 200,760 | 229,710 |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance as at the beginning of the year | 229,710 | 441,871 | |
Additions | 21,626 | ||
Deletions | (5,705) | (157,509) | |
Depreciation (Refer note 13) | (55,743) | (54,674) | |
Effects of movements in foreign exchange rates | 5 | 22 | |
Balance as at the end of the year | 189,893 | 229,710 | |
Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance as at the beginning of the year | 7,969 | ||
Additions | 11,773 | ||
Deletions | |||
Depreciation (Refer note 13) | (906) | (7,969) | |
Effects of movements in foreign exchange rates | |||
Balance as at the end of the year | ₨ 10,867 |
Schedule of amounts recognised
Schedule of amounts recognised in profit or loss (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Depreciation expense of right-of-use asset (Refer note 13) | ₨ 56,649 | ||
Interest expense on lease liabilities (Refer note 16) | 35,992 | ||
Expense relating to short-term leases (Refer note 12) | 1,832 | ₨ 2,330 | ₨ 9,418 |
Total amount recognised in profit or loss | ₨ 94,473 | ||
Travel Co In Limited [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Depreciation expense of right-of-use asset (Refer note 13) | 62,643 | ||
Interest expense on lease liabilities (Refer note 16) | 43,871 | ||
Expense relating to short-term leases (Refer note 12) | 2,330 | ||
Total amount recognised in profit or loss | ₨ 108,844 |
Schedule of lease liabilities b
Schedule of lease liabilities by classification (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Current lease liabilities | $ 582 | ₨ 47,835 | ₨ 38,991 | |
Non-current lease liabilities | $ 2,475 | 203,393 | 230,668 | |
Total | ₨ 251,228 | ₨ 269,659 | ₨ 502,968 |
Schedule of carrying amounts of
Schedule of carrying amounts of lease liabilities and the movements during the period (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Balance as of April 1 | ₨ 269,659 | ₨ 502,968 | |
Additions | 33,395 | ||
Finance cost accrued during the period (Refer note 16) | 35,992 | 43,871 | |
Deletions# | (9,956) | (174,505) | |
Payment of lease liabilities | [1] | (77,864) | (94,213) |
Gain on modification of leases/rent concession (Refer note 10) | (8,485) | ||
Effects of movements in foreign exchange rates | 2 | 23 | |
Balance as of March 31 | ₨ 251,228 | ₨ 269,659 | |
[1]During the year ended March 31, 2023, payment of lease liabilities has been adjusted with security deposit of INR Nil (March 31, 2022: |
Schedule of carrying amounts _2
Schedule of carrying amounts of lease liabilities and the movements during the period (Details) (Parenthetical) ₨ in Thousands | Mar. 31, 2023 INR (₨) |
[custom:SecurityDeposits-0] | ₨ 13,798 |
Schedule of contractual maturit
Schedule of contractual maturities of lease liabilities (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total | ₨ 349,377 | ₨ 398,659 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 79,832 | 74,457 |
Later than one year and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 240,906 | 239,584 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | ₨ 28,639 | ₨ 84,618 |
Leases (Details Narrative)
Leases (Details Narrative) | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Jun. 08, 2021 ft² | Mar. 31, 2021 INR (₨) | |
IfrsStatementLineItems [Line Items] | ||||
[custom:AreaOfLandSpace-0] | ft² | 83,988 | |||
Area of land surrendered | ft² | 36,229 | |||
Lease liabilities | ₨ 251,228,000 | ₨ 269,659,000 | ₨ 502,968,000 | |
Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Lease liabilities | 136,738 | |||
Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Lease liabilities | ₨ 156,778 | |||
Buildings [member] | Bottom of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
IFRS Lessee, Operating Lease, Term of Contract | 2 years | |||
Buildings [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
IFRS Lessee, Operating Lease, Term of Contract | 9 years | |||
Motor Vehicles and Others [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
IFRS Lessee, Operating Lease, Term of Contract | 3 years |
Listing and related expenses (D
Listing and related expenses (Details Narrative) - INR (₨) ₨ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Listing And Related Expenses | ||
Prepayments of other assets | ₨ 108,956 | ₨ 85,809 |
Prepaid expense | 29,546 | 29,919 |
Remaining Prepayments of profit and loss | ₨ 23,591 | ₨ 55,818 |
Subsequent event (Details Narra
Subsequent event (Details Narrative) $ in Thousands | 12 Months Ended | |||||||
Jun. 29, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Jun. 29, 2023 USD ($) | Jun. 29, 2023 INR (₨) | Jun. 28, 2023 INR (₨) | |
IfrsStatementLineItems [Line Items] | ||||||||
Repayments of current borrowings | $ 37,568 | ₨ 3,087,688,000 | ₨ 325,852,000 | ₨ 316,831,000 | ||||
Nonadjusting Event [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Secured bank loans received | $ 1,600 | ₨ 131,500,000 | ||||||
Repayments of current borrowings | ₨ 10,000,000 | |||||||
[custom:SecuredBankLoansOutstanding] | ₨ 8,400,000 | |||||||
Notional amount | 500,000 | |||||||
Nonadjusting Event [Member] | Blacksoil Capital Private Limited [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Secured bank loans received | ₨ 200,000,000 | |||||||
Nonadjusting Event [Member] | Bottom of range [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Debt instruments issued | ₨ 15,000 | |||||||
Nonadjusting Event [Member] | Top of range [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Debt instruments issued | ₨ 18,000 |