Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information | |
Entity Registrant Name | Yatra Online, Inc. |
Document Type | 20-F |
Document Period End Date | Mar. 31, 2019 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Central Index Key | 0001516899 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Ordinary shares | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 40,062,828 |
Ordinary shares, Class A non-voting shares | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 2,392,168 |
Ordinary shares, Class F | |
Document and Entity Information | |
Entity Common Stock, Shares Outstanding | 3,159,375 |
Consolidated statement of profi
Consolidated statement of profit or loss and other comprehensive loss ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($)$ / shares | Mar. 31, 2019INR (₨)₨ / shares | Mar. 31, 2018INR (₨)₨ / shares | Mar. 31, 2017INR (₨)₨ / shares | |
Revenue | ||||
Rendering of services | $ 121,748 | ₨ 8,420,104 | ₨ 11,746,416 | ₨ 9,036,286 |
Other revenue | 13,570 | 938,476 | 502,097 | 320,527 |
Total revenue | 135,318 | 9,358,580 | 12,248,513 | 9,356,813 |
Other income | 3,814 | 263,785 | 90,001 | 25,282 |
Service cost | 61,926 | 4,282,803 | 4,930,757 | 4,179,486 |
Personnel expenses | 36,874 | 2,550,214 | 2,902,840 | 2,115,308 |
Marketing and sales promotion expenses | 11,712 | 809,996 | 4,153,920 | 2,457,242 |
Other operating expenses | 57,487 | 3,975,805 | 3,285,530 | 2,217,887 |
Depreciation and amortization | 8,412 | 581,746 | 425,600 | 275,587 |
Results from operations | (37,279) | (2,578,199) | (3,360,133) | (1,863,415) |
Share of loss of joint venture | (185) | (12,772) | (10,559) | (9,441) |
Finance income | 597 | 41,310 | 91,912 | 139,158 |
Finance costs | (3,807) | (263,290) | (153,056) | (149,863) |
Listing and related expense | (4,242,526) | |||
Change in fair value of warrants - gain/ (loss) | 24,106 | 1,667,193 | (563,253) | 230,111 |
Loss before taxes | (16,568) | (1,145,758) | (3,995,089) | (5,895,976) |
Tax expense | (692) | (47,837) | (56,887) | (40,987) |
Loss for the year | (17,260) | (1,193,595) | (4,051,976) | (5,936,963) |
Items not to be reclassified to profit or loss in subsequent years (net of taxes) | ||||
Remeasurement loss on defined benefit plan | (80) | (5,526) | (4,860) | (8,140) |
Items that are or may be reclassified subsequently to profit or loss (net of taxes) | ||||
Foreign currency translation differences gain/ (loss) | (70) | (4,834) | (9,879) | 44,997 |
Other comprehensive income / (loss) for the year, net of tax | (150) | (10,360) | (14,739) | 36,857 |
Total comprehensive loss for the year, net of tax | (17,410) | (1,203,955) | (4,066,715) | (5,900,106) |
Loss attributable to : | ||||
Owners of the Parent Company | (16,604) | (1,148,203) | (3,993,140) | (5,901,483) |
Non-controlling interest | (656) | (45,392) | (58,836) | (35,480) |
Total comprehensive loss attributable to : | ||||
Owners of the Parent Company | (16,753) | (1,158,484) | (4,007,784) | (5,864,482) |
Non-controlling interest | $ (657) | ₨ (45,471) | ₨ (58,931) | ₨ (35,624) |
Loss per share | ||||
Basic | (per share) | $ (0.38) | ₨ (26.37) | ₨ (116.41) | ₨ (237.89) |
Diluted | (per share) | $ (0.39) | ₨ (26.95) | ₨ (116.41) | ₨ (237.89) |
Consolidated statement of finan
Consolidated statement of financial position ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Non-current assets | |||
Property, plant and equipment | $ 2,247 | ₨ 155,434 | ₨ 241,694 |
Intangible assets and goodwill | 32,338 | 2,236,481 | 2,225,263 |
Prepayments and other assets | 114 | 7,866 | 11,238 |
Other financial assets | 443 | 30,631 | 62,259 |
Term deposits | 340 | 23,548 | 6,187 |
Other non financial assets | 3,686 | 254,914 | 116,939 |
Deferred tax asset | 1,781 | 123,169 | 102,649 |
Total non-current assets | 40,949 | 2,832,043 | 2,766,229 |
Current assets | |||
Inventories | 55 | 3,807 | 23,175 |
Trade receivables and other receivables | 71,158 | 4,921,270 | 3,976,751 |
Prepayments and other assets | 13,012 | 899,908 | 977,822 |
Income tax recoverable | 7,166 | 495,583 | 321,893 |
Other financial assets | 3,358 | 232,287 | 79,887 |
Term deposits | 14,546 | 1,005,985 | 1,005,957 |
Cash and cash equivalents | 31,247 | 2,161,014 | 2,465,073 |
Total current assets | 140,542 | 9,719,854 | 8,850,558 |
Total assets | 181,491 | 12,551,897 | 11,616,787 |
Equity | |||
Share capital | 10 | 713 | 638 |
Share premium | 273,050 | 18,884,105 | 14,962,615 |
Treasury Shares | (162) | (11,219) | (30,084) |
Accumulated deficit | (249,514) | (17,256,409) | (16,002,266) |
Other capital reserve | 10,642 | 735,988 | 832,964 |
Foreign currency translation reserve | 94 | 6,571 | 11,215 |
Total equity attributable to equity holders of the Company | 34,120 | 2,359,749 | (224,918) |
Total non-controlling Interest | 281 | 19,421 | (361) |
Total equity | 34,401 | 2,379,170 | (225,279) |
Non-current liabilities | |||
Borrowings | 356 | 24,587 | 359,969 |
Trade and other payables | 45 | 3,097 | |
Deferred tax liability | 615 | 42,503 | 44,460 |
Employee benefits | 1,183 | 81,849 | 73,322 |
Deferred revenue | 1,394 | 96,392 | 599,612 |
Other financial liabilities | 1 | 94 | 84 |
Other non-financial liability | 33 | 2,303 | 5,815 |
Total non-current liabilities | 3,627 | 250,825 | 1,083,262 |
Current liabilities | |||
Borrowings | 16,654 | 1,151,818 | 491,860 |
Trade and other payables | 76,127 | 5,264,949 | 5,049,630 |
Employee benefits | 1,405 | 97,156 | 81,311 |
Deferred revenue | 8,377 | 579,319 | 871,098 |
Income taxes payable | 59 | 4,080 | 2,755 |
Other financial liabilities | 25,393 | 1,756,203 | 3,016,203 |
Other current liabilities | 15,448 | 1,068,377 | 1,245,947 |
Total current liabilities | 143,463 | 9,921,902 | 10,758,804 |
Total liabilities | 147,090 | 10,172,727 | 11,842,066 |
Total equity and liabilities | $ 181,491 | ₨ 12,551,897 | ₨ 11,616,787 |
Consolidated statement of chang
Consolidated statement of changes in equity ₨ in Thousands, $ in Thousands | Ordinary sharesShare capitalINR (₨) | Ordinary sharesShare premiumINR (₨) | Preference sharesShare capitalINR (₨) | Preference sharesShare premiumINR (₨) | Treasury sharesINR (₨) | Accumulated deficitINR (₨) | Other capital reservesINR (₨) | Foreign currency translation reserveINR (₨) | TotalINR (₨) | Non-controlling InterestINR (₨) | USD ($) | INR (₨) | |
Balance at beginning of the year at Mar. 31, 2016 | ₨ 27 | ₨ 121,203 | ₨ 196 | ₨ 6,179,568 | ₨ (6,023,690) | ₨ 174,820 | ₨ (22,652) | ₨ 429,472 | ₨ 11,586 | ₨ 441,058 | |||
Loss for the year | (5,901,483) | (5,901,483) | (35,480) | (5,936,963) | |||||||||
Other comprehensive loss | |||||||||||||
Foreign currency translation differences | 44,997 | 44,997 | 44,997 | ||||||||||
Remeasurement loss on defined benefit plan | (7,996) | (7,996) | (144) | (8,140) | |||||||||
Other comprehensive income / (loss) for the year, net of tax | (7,996) | 44,997 | 37,001 | (144) | 36,857 | ||||||||
Total comprehensive loss for the year, net of tax | (5,909,479) | 44,997 | (5,864,482) | (35,624) | (5,900,106) | ||||||||
Share-based payments | 8,614 | 578,318 | 586,932 | 586,932 | |||||||||
Exercise of options | 1 | 24,502 | ₨ 7,230 | (19,690) | (74) | 11,969 | 11,969 | ||||||
Issue of treasury shares | 1 | 50,381 | (50,382) | ||||||||||
Purchase of own shares | (11,219) | (11,219) | (11,219) | ||||||||||
Issue of share capital | 18 | 1,670,878 | 1,670,896 | 1,670,896 | |||||||||
Capital transaction involving the issuance of shares pursuant to business combination (Refer to note 43) | 48 | 6,474,085 | 6,474,133 | 6,474,133 | |||||||||
Preference shares converted into ordinary shares | 538 | 6,179,226 | (196) | (6,179,568) | |||||||||
Transaction cost (Refer to note 43) | (81,339) | (81,339) | (81,339) | ||||||||||
Contingent dividend | (2,755) | (2,755) | (2,755) | ||||||||||
Change in non-controlling interest | [1] | (76,120) | (76,120) | 76,120 | |||||||||
Total contribution by owners | 606 | 14,317,733 | ₨ (196) | ₨ (6,179,568) | (54,371) | (70,261) | 558,628 | (74) | 8,572,497 | 76,120 | 8,648,617 | ||
Balance at end of the year at Mar. 31, 2017 | 633 | 14,438,936 | (54,371) | (12,003,430) | 733,448 | 22,271 | 3,137,487 | 52,082 | 3,189,569 | ||||
Loss for the year | (3,993,140) | (3,993,140) | (58,836) | (4,051,976) | |||||||||
Other comprehensive loss | |||||||||||||
Foreign currency translation differences | (9,879) | (9,879) | (9,879) | ||||||||||
Remeasurement loss on defined benefit plan | (4,765) | (4,765) | (95) | (4,860) | |||||||||
Other comprehensive income / (loss) for the year, net of tax | (4,765) | (9,879) | (14,644) | (95) | (14,739) | ||||||||
Total comprehensive loss for the year, net of tax | (3,997,905) | (9,879) | (4,007,784) | (58,931) | (4,066,715) | ||||||||
Share-based payments | 2,802 | 727,118 | 729,920 | 729,920 | |||||||||
Transaction with equity shareholders | (112,406) | (112,406) | (112,406) | ||||||||||
Exercise of options | 5 | 636,085 | 24,287 | (650,860) | (1,177) | 8,340 | 8,340 | ||||||
Issuance of warrants | 23,258 | 23,258 | 23,258 | ||||||||||
Contingent dividend | 2,755 | 2,755 | 2,755 | ||||||||||
Change in non-controlling interest | [2] | (6,488) | (6,488) | 6,488 | |||||||||
Total contribution by owners | 5 | 523,679 | 24,287 | (931) | 99,516 | (1,177) | 645,379 | 6,488 | 651,867 | ||||
Balance at end of the year at Mar. 31, 2018 | 638 | 14,962,615 | (30,084) | (16,002,266) | 832,964 | 11,215 | (224,918) | (361) | (225,279) | ||||
Effect of adoption of new accounting standards (Refer to Note 2.2) | (38,110) | (38,110) | (38,110) | ||||||||||
Balance at April 1, 2018 (as restated) | 638 | 14,962,615 | (30,084) | (16,040,376) | 832,964 | 11,215 | (263,028) | (361) | (263,389) | ||||
Loss for the year | (1,148,203) | (1,148,203) | (45,392) | $ (17,260) | (1,193,595) | ||||||||
Other comprehensive loss | |||||||||||||
Foreign currency translation differences | (4,834) | (4,834) | (70) | (4,834) | |||||||||
Remeasurement loss on defined benefit plan | (5,447) | (5,447) | (79) | (80) | (5,526) | ||||||||
Other comprehensive income / (loss) for the year, net of tax | (5,447) | (4,834) | (10,281) | (79) | (150) | (10,360) | |||||||
Total comprehensive loss for the year, net of tax | (1,153,650) | (4,834) | (1,158,484) | (45,471) | (17,410) | (1,203,955) | |||||||
Share-based payments | 650 | 2,870 | 279,363 | 282,883 | 282,883 | ||||||||
Exercise of options | 4 | 357,981 | 18,215 | (376,339) | 190 | 51 | 51 | ||||||
Issue of share capital | 71 | 3,667,843 | 3,667,914 | 3,667,914 | |||||||||
Transaction cost (Refer to note 43) | (104,334) | (104,334) | (104,334) | ||||||||||
Change in non-controlling interest | [3] | (65,253) | (65,253) | 65,253 | |||||||||
Total contribution by owners | 75 | 3,921,490 | 18,865 | (62,383) | (96,976) | 190 | 3,781,261 | 65,253 | 3,846,514 | ||||
Balance at end of the year at Mar. 31, 2019 | ₨ 713 | ₨ 18,884,105 | ₨ (11,219) | ₨ (17,256,409) | ₨ 735,988 | ₨ 6,571 | ₨ 2,359,749 | ₨ 19,421 | $ 34,401 | ₨ 2,379,170 | |||
[1] | * Change in non controlling interest represents shares of a subsidiary issued to the Parent Company; the percentage holding of the Parent is 98.20% as of March 31, 2017 (97.85%— March 31, 2016) | ||||||||||||
[2] | * Change in non controlling interest represents shares of a subsidiary issued to the Parent Company. The percentage holding of the parent is 98.22% as of March 31, 2018 (98.20% as of March 31, 2017) (refer to Note 6) | ||||||||||||
[3] | * Change in non-controlling interest represents shares of a subsidiary issued to the Parent Company. The percentage holding of the parent is 98.53% as of March 31, 2019 (98.22% as of March 31, 2018), (refer to Note 6). |
Consolidated statement of cha_2
Consolidated statement of changes in equity (parenthetical) | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated statement of changes in equity | ||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | 98.20% | 97.85% |
Consolidated statement of cash
Consolidated statement of cash flows ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Cash flows from operating activities: | ||||
Loss before taxes | $ (16,568) | ₨ (1,145,758) | ₨ (3,995,089) | ₨ (5,895,976) |
Adjustments to reconcile loss before tax to net cash flows: | ||||
Depreciation and amortization | 8,412 | 581,746 | 425,600 | 275,587 |
Listing and related expenses | 4,069,760 | |||
Contingent dividend | (292) | 292 | ||
Change in fair value of contingent consideration | 7,017 | 485,282 | 294,344 | |
Finance income | (571) | (39,486) | (83,041) | (134,097) |
Finance costs | 2,135 | 147,705 | 125,342 | 119,331 |
Unrealized foreign exchange loss/(gain) | (230) | (15,866) | (4,392) | 4,205 |
Loss/(gain) on disposal of property, plant and equipment | (73) | (5,050) | (1,370) | (622) |
Change in fair value of warrants | (24,106) | (1,667,193) | 563,253 | (230,111) |
Excess provision written back | (460) | (31,832) | (42,614) | (43,790) |
Advances/provision written off | 149 | 10,299 | 11,703 | 12,047 |
Trade and other receivables provision / written-off | 4,405 | 304,663 | 119,388 | 80,193 |
Share of loss of a joint venture | 185 | 12,772 | 10,559 | 9,441 |
Share-based payment expense | 4,090 | 282,883 | 729,920 | 586,932 |
Working capital changes: | ||||
Increase in trade and other receivables | (19,035) | (1,316,454) | (824,920) | (889,875) |
Decrease/ (increase) in inventories | 291 | 20,142 | (4,006) | (3,086) |
Increase/ (decrease) in trade and other payables | (13,315) | (920,858) | 1,898,796 | 508,345 |
Direct taxes paid (net of refunds) | (3,544) | (245,129) | (105,122) | (58,396) |
Net cash used in operating activities | (51,218) | (3,542,134) | (881,941) | (1,589,820) |
Cash flows from investing activities: | ||||
Acquisition of business (net of cash acquired) | (3,665) | (253,448) | (353,457) | |
Investment in joint venture | 0 | 0 | (3,000) | |
Purchase of property, plant and equipment | (437) | (30,157) | (223,215) | (65,055) |
Proceeds from sale of property, plant and equipment | 153 | 10,553 | 2,297 | 2,975 |
Purchase/development of intangible assets | (5,699) | (394,147) | (353,061) | (408,643) |
Investment in term deposits | (38,091) | (2,634,374) | (5,262,906) | (10,292,660) |
Proceeds from term deposits | 38,184 | 2,640,748 | 7,404,456 | 8,374,026 |
Interest received | 152 | 10,500 | 6,945 | 11,829 |
Net cash from/(used in) investing activities | (9,403) | (650,325) | 1,221,059 | (2,380,528) |
Cash flows from financing activities: | ||||
Issuance of shares pursuant to Business Combination (net of transaction cost) | 3,970,168 | |||
Purchase of own shares | (11,219) | |||
Proceeds from issue of share capital (net of cost of issuance of shares) | 51,527 | 3,563,630 | 5,801 | 1,675,773 |
Transaction with equity shareholders | (112,406) | |||
Proceeds of borrowings | 1,400,239 | |||
Repayment of borrowings | (7,264) | (502,362) | (595,734) | (436,210) |
Repayment of vehicle loan | (352) | (24,312) | (17,804) | (15,480) |
Interest paid on term loan | (1,045) | (72,281) | (61,906) | (29,969) |
Interest paid on vehicle loan | (70) | (4,830) | (4,092) | (3,308) |
Interest paid on bank overdraft | (799) | (55,265) | (36,916) | (14,143) |
Net cash from financing activities | 41,997 | 2,904,580 | 577,182 | 5,135,612 |
Net increase/ (decrease) in cash and cash equivalents | (18,624) | (1,287,879) | 916,300 | 1,165,264 |
Effect of exchange differences on cash and cash equivalents | 2,697 | 186,477 | 16,144 | (22,299) |
Cash and cash equivalents at the beginning of the year | 35,643 | 2,465,073 | 1,532,629 | 389,664 |
Closing cash and cash equivalents at the end of the year | $ 19,716 | ₨ 1,363,671 | ₨ 2,465,073 | ₨ 1,532,629 |
Consolidated statement of cas_2
Consolidated statement of cash flows (parenthetical) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) |
Components of cash and cash equivalents: | ||||
Cash on hand | $ 41 | ₨ 2,859 | ₨ 2,511 | ₨ 1,105 |
Balances with banks | ||||
On current account | 25,395 | 1,756,322 | 2,218,400 | 1,230,028 |
On deposit accounts | 11,098 | |||
Cash in transit | 166 | 11,498 | 23,902 | 30,371 |
Credit card collection in hand | 5,645 | 390,335 | 209,162 | 271,125 |
Total cash and cash equivalents | 31,247 | 2,161,014 | 2,465,073 | 1,532,629 |
Bank overdrafts | (11,531) | (797,343) | ||
Total cash and cash equivalents | $ 19,716 | ₨ 1,363,671 | ₨ 2,465,073 | ₨ 1,532,629 |
Corporate information
Corporate information | 12 Months Ended |
Mar. 31, 2019 | |
Corporate information | |
Corporate information | 1. Corporate information Yatra Online, Inc. (the “Parent Company”) together with its subsidiaries (collectively, “the Company” 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 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. Information on the Group structure is provided in Note 6. On July 13, 2016, the Parent Company entered into a business combination agreement with NASDAQ listed Terrapin 3 Acquisition Corporation (“Terrapin” or “TRTL”). Terrapin was a special purpose acquisition company formed for the purpose of effecting a merger, acquisition, or similar business combination. Terrapin raised INR 14,111,708 (USD 212,750) in its IPO in July, 2014. Subsequently TRTL was restructured by formation of TRTL parent and TRTL subsidiary (collectively referred to as TRTL). On December 16, 2016, the business combination was completed pursuant to the terms of the Amended and Restated Business Combination Agreement, dated as of September 28, 2016 and consequently, TRTL parent merged with and into the Parent Company. Refer to Note 43 . |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2019 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation The consolidated financial statements for March 31, 2019 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, 2018 (Refer Note 2.2). The consolidated financial statements of the Group for the year ended March 31, 2019 were authorized for issuance by the Parent’s board of directors on July 30, 2019. 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. Certain reclassifications have been made in the consolidated financial statements of prior periods to conform to the classification used in the current period. The impact of such reclassifications on the consolidated financial statements is not material. 2.2 New standards, interpretations and amendments adopted by the Group IFRS 9 Financial Instruments In July 2014, IASB issued the final version of IFRS 9 “ Financial Instruments ” which reflects all phases of the financial instruments project and replaces IAS 39 “ Financial Instruments ”: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. The Company adopted this new standard effective April 1, 2018 by applying the relief from restating comparative information. The adoption has no impact on our consolidated financial statements. a) Classification and measurement There are no changes in classification and measurement for the Group’s financial liabilities. The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets as at April 1, 2018. Total carrying Value Total fair Value IAS 39 Category IFRS 9 Category INR INR Cash and cash equivalents Loans and receivables Financial assets at amortized cost 2,465,073 2,465,073 Term Deposits Loans and receivables Financial assets at amortized cost 1,012,144 1,012,144 Trade receivables Loans and receivables Financial assets at amortized cost 3,976,751 3,976,751 Other financial assets Loans and receivables Financial assets at amortized cost 150,075 150,075 Total carrying value 7,604,043 7,604,043 b) Impairment IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39. Impact of the new impairment model For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9’s impairment requirements at April 1, 2018 does not have a material impact on the financial statements. IFRS 15 Revenue from Contracts with Customers Effective April 1, 2018, the Company adopted the new revenue recognition standard, IFRS 15. The Company adopted the new standard by using the cumulative effect method (modified retrospective approach) and accordingly, the comparative information has not been restated. Results for reporting periods beginning after April 1, 2018 are presented under the new guidance, while prior period amounts continue to be reported under the accounting standards in effect for those periods. This standard resulted in no material impact within the consolidated statement of profit or loss and other comprehensive loss for the financial year ending March 31, 2019, except for certain marketing and sales promotion expenses to a reduction in revenue of INR 3,571,451. The cost for upfront cash incentives and select loyalty programs as incurred for customer inducement and acquisition for promoting transactions across various booking platforms were previously recorded as marketing and sales promotion costs and are now being recorded as a reduction of revenue. Upon adoption, the group recognized the cumulative effect as a reduction to the opening balance of retained eanings amounting to INR 38,110 comprised of changes in accounting for marketing revenue amounting to INR 21,598 as well as other adjustments of INR 16,512. The cumulative effects of the revenue accounting changes made to our consolidated balance sheet as of April 1, 2018 were as follows: Current assets As at March 31, 2018 Adjustments Balance at April 1, 2018 Trade and other receivables 3,976,751 18,742 3,995,493 Prepayments and other assets 977,822 160 977,982 Current liabilities Trade and other payables 5,049,630 2,919 5,052,549 Other current liabilities 1,245,947 54,094 1,300,041 Equity Accumulated deficit (16,002,266) (38,110) (16,040,376) IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration In December 2016, IASB issued IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The Company adopted IFRIC 22 effective April 1, 2018. The adoption has no material impact on the consolidated financial statements. 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. 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, 2019, March 31, 2018 and March 31, 2017, except for transactions where there is a significant difference in the exchange rate, 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. 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, 2019, the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2019 and consolidated statement of cash flows for year ended March 31, 2019 were converted into USD at the exchange rate of 69.16 INR per USD, which is based on the noon buying rate as at March 31, 2019, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of IFRS. 2.5 Summary of significant accounting policies Joint ventures 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. 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 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. Business combinations which do not fall under the scope as defined under IFRS 3, are accounted in accordance with relevant IFRS as issued by the IASB and other relevant pronouncements. 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 and/or traveler. 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. Incentives from airlines are recognized when the performance thresholds under the incentive schemes are achieved or are probable to be achieved at the end of periods. 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. Both the performance obligations are 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. Revenue from packages are accounted for on a gross basis as the Group is determined to be the primary obligor in the arrangement, that is the risks and responsibilities are taken by the Group including the responsibility for delivery of services. Cost of delivering such services includes cost of hotels, airlines and package services and is disclosed as service cost. Other Services Revenue from other sources, primarily comprising advertising revenue, revenue from sale of rail and bus tickets and fees for facilitating website access to travel insurance companies are being recognized as the services are being performed. Revenue from the sale of rail and bus tickets is recognized as an agent on a net commission earned basis. Revenue is recognized net of allowances for cancellations, refunds during the period and taxes. Revenue is allocated between the loyalty program and the other components of the sale. The amount allocated to the loyalty programme is deferred, and is recognized as revenue when the Group fulfills its obligations to supply the products/services under the terms of the program. The Group receives 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 which is recognized 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. The Group incurs certain marketing and sales promotion expenses which get reduced from revenue. This includes the cost for upfront cash incentives and select loyalty programs as incurred for customer inducement and acquisition for promoting transactions across various booking platforms. Contract balances Contract assets A contract asset is the right to consideration in exchange for services transferred to the customer. If the Group performs by transferring services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. 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. 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 with effect from April 1, 2018 after the adoption of IFRS-15. Finance income and costs Finance income comprises interest income on term deposits and net gain on change in fair value of derivatives. 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 comprise interest expense on borrowings, unwinding of the discount on provisions, and impairment losses recognized on financial assets. 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 liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses, 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 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 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 and other comprehensive loss is recognized, in correlation to the underlying transaction either in other comprehensive income or directly in equity. 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 Alternative Tax (‘MAT’) expense under the provisions of the Indian Income-tax Act, 1961 is recognized as an asset in the statement of financial position when it is probable that future economic benefit associated with it in the form of adjustment of future income tax liability, will flow to the Company and the asset can be measured reliably. MAT credit entitlement is set off to the extent allowed in the year in which the Company becomes liable to pay income taxes at the enacted tax rates. MAT credit entitlement is reviewed on every period end and is written down to reflect the amount that is reasonably certain to be set off in future years against the future income tax liability. MAT credit entitlement is included as part of deferred tax asset. 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: Computer and peripherals 3 years Furniture and fixtures 5 years Office equipment 5 years Vehicles Term of loan/lease or useful life (5 - 7 years as applicable) whichever is shorter. Leasehold improvements are amortized over the lower of primary lease period or economic useful life. 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 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. 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. During the period of development, the asset is tested for impairment annually. Intangible assets are amortized as below: Agent / Supplier relationships 2.5 - 10 years Non-compete agreements 3.5 - 6.5 years Trademarks 10 - 20 years Intellectual property rights 3 years Computer software and websites 3 to 10 years or license period, whichever is shorter Customer relationships 4 to 15 years Leases Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership by the Group is classified as a finance lease. Finance leases are capitalized at the commencement of the lease at the inception date at fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement of profit or loss and other comprehensive loss. A leased asset is depreciated over the shorter of the estimated useful life of the asset or the lease term. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss and other comprehensive loss on a straight-line basis over the lease term. 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. 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. 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. 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 |
Standards and interpretations i
Standards and interpretations issued but not effective | 12 Months Ended |
Mar. 31, 2019 | |
Standards and interpretations issued but not effective | |
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. IFRS 16 Leases In January 2016, IASB issued standard, IFRS 16- Leases. IFRS 16 replaces IAS 17 “Leases” and related interpretations viz. IFRIC 4 “Determining whether an Arrangement contains a Lease;” SIC-15, “Operating Leases—Incentives;” and SIC-27, “Evaluating the Substance of Transactions Involving the Legal Form of a Lease.” The previous accounting model for leases required lessees and lessors to classify their leases as either finance leases or operating leases and account for those two types of leases differently. IFRS 16 introduces a single lease accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. Early application is permitted for entities that apply IFRS 15 at or before the date of initial application of IFRS 16. A lessee shall apply IFRS 16 either retrospectively to each prior reporting period presented or record a cumulative effect of initial application of IFRS 16 as an adjustment to opening balance of equity at the date of initial application. We intend to adopt the “Modified Retrospective Approach” on the date of initial application (April 1, 2019) and make a cumulative adjustment to retained earnings. Accordingly, comparatives for the fiscal 2019 will not be retrospectively adjusted. We expect that adoption of this standard will have a material effect on our consolidated financial statements. The most significant effects of this new standard on us relate to the recognition of new right of use (“ROU”) assets and lease liabilities on our financial position for various real estate operating leases. The adoption of IFRS 16 is expected to have a favorable impact on operating profit in fiscal 2020, since a portion of the costs that were previously classified as rental expenses will be classified as interest expense and thus recorded outside operating profit and an unfavorable impact on profit after tax due to interest accruing at a higher rate in earlier years and decreasing over the lease term, while depreciation is recorded on a straight-line basis. The new standard also has an impact on how lease payments are presented in the cash flow statement resulting in an increase in cash flows from operating activities and a decline in cash flows from financing activities. The adoption of this standard will result in the recognition of ROU assets and lease liabilities for operating leases. The adoption of this standard is expected to result in the recognition of ROU assets and lease liabilities for operating leases of approximately INR 170,568 and INR 205,474, respectively, as of April 1, 2019. IFRIC Interpretation 23 Uncertainty over Income Tax Treatments In June 2017, IASB issued IFRIC Interpretation 23 Uncertainty over Income Tax Treatments which is to be applied while performing the determination of taxable profit (or loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. According to IFRIC 23, companies need to determine the probability of the relevant tax authority accepting each tax treatment, or group of tax treatments, that the companies have used or plan to use in their income tax filing which has to be considered to compute the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The effective date for adoption of IFRIC 23 is annual periods beginning on or after January 1, 2019, though early adoption is permitted. The Group is currently evaluating the effect of IFRIC 23 on its consolidated financial statements. Amendment to IAS19 – plan amendment, curtailment or settlement: On February 7, 2018, the IASB issued amendments to the guidance in IAS 19, ‘Employee Benefits’, in connection with accounting for plan amendments, curtailments and settlements. The amendments require an entity: • to use updated assumptions to determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement; and • to recognize in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognized because of the impact of the asset ceiling. Effective date for application of this amendment is annual period beginning on or after January 1, 2019, although early application is permitted. The Group is currently evaluating the effect of any impact on account of this amendment. Definition of a Business - Amendments to IFRS 3 The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. Since the amendments apply prospectively to transactions or other events that occur on or after the date of first application, most entities will likely not be affected by these amendments on transition. However, entities considering the acquisition of a set of activities and assets after first applying the amendments should update their accounting policies in a timely manner. The amendments could also be relevant in other areas of IFRS (e.g., they may be relevant where a parent loses control of a subsidiary and has early adopted Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2020, though early adoption is permitted. The Group is currently evaluating the effect of this amendment on the consolidated financial statements. |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Mar. 31, 2019 | |
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. 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: Determination of functional currency Each entity in the Group determines its own functional currency (the currency of the primary economic environment in which the entity operates) and items included in the financial statements of each entity are measured using that functional currency. IAS 21, The Effects of Changes in Foreign Exchange Rates prescribes the factors to be considered for the purpose of determination of functional currency. However, in respect of parent company and certain intermediary foreign operations of the Group, the determination of functional currency might not be very obvious due to mixed indicators like the source of financing, the functional currency of the shareholders, the currency in which the borrowings have been raised and the extent of autonomy enjoyed by the foreign operation. In such cases management uses its judgment to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. 4.2 Significant accounting estimates and assumptions 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 An impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount. Recoverable amount is the higher of its fair value less costs to sell and its value in use. The value in use calculation is based on a discounted cash flow model. In calculating the value in use, certain assumptions are required to be made in respect of highly uncertain matters, including management’s expectations of growth in EBITDA (Earnings before interest, taxes depreciation and amortization), long term growth rates; and the selection of discount rates to reflect risks involved. Also, judgment is involved in determining the CGU and grouping of CGUs for goodwill allocation and impairment testing. The Group prepares and internally approves formal five year plans, as applicable, for its businesses and uses these as the basis for its impairment reviews. Since the value in use exceeds the carrying amount of CGU, the fair value less costs to sell is not determined. 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 advances 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 will calibrate 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 amount allocated to the loyalty program is deferred, and is recognized as revenue when the Group fulfills its obligations to supply the services under the terms of the program or when it is no longer probable that the points under the program will be redeemed. 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 increase, 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. |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2019 | |
Segment information | |
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 reportable segments as mentioned below. The LOBs offer different products and services, and are managed separately because the nature of products and methods used to distribute the services are different. For each of these LOBs, Chief Executive Officer (CEO) reviews internal management reports. Accordingly, the Chief Executive Officer (CEO) is construed to be the Chief Operating Decision Maker (CODM). Segment revenue less service cost from each LOB’s are reported and reviewed by the CODM on a monthly basis. 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. All these channels share similar characteristics as they are engaged in facilitation of booking of air tickets. Management believes that it is appropriate to aggregate these channels as one reporting segment due to the similarities in the nature of business. 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, management believes that it is appropriate to aggregate these services as one reportable segment due to similarities in the nature of services. 3. Other operations primarily include the advertisement income from hosting advertisements on our internet web-sites, income from sale of coupons and vouchers, income from sale of rail and bus tickets 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. Information about Reportable Segments: Air Ticketing Hotels and Packages Others Total March 31 March 31 March 31 March 31 Particulars 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Segment revenue 3,656,976 5,012,931 5,708,152 5,326,414 6,628,236 6,162,926 373,423 607,346 1,058,953 9,356,813 12,248,513 12,930,031 Service cost — — — (4,179,486) (4,930,757) (4,282,803) — — — (4,179,486) (4,930,757) (4,282,803) Segment results 3,656,976 5,012,931 5,708,152 1,146,928 1,697,479 1,880,123 373,423 607,346 1,058,953 5,177,327 7,317,756 8,647,228 Other income 25,282 90,001 263,785 Unallocated expenses (6,790,437) (10,342,290) (10,907,467) Operating loss (before depreciation and amortization) (1,587,828) (2,934,533) (1,996,454) Finance cost (149,863) (153,056) (263,290) Depreciation and amortization (275,587) (425,600) (581,746) Finance income 139,158 91,912 41,310 Share of loss of joint venture (9,441) (10,559) (12,772) Change in fair value of warrants- gain/(loss) 230,111 (563,253) 1,667,193 Listing and related expense (refer note 44) (4,242,526) — — Loss before taxes (5,895,976) (3,995,089) (1,145,758) Tax expense (40,987) (56,887) (47,837) Loss for the year (5,936,963) (4,051,976) (1,193,595) Reconciliation of information on Reportable Segments to IFRS measures: Air Ticketing Hotels and Packages Others Total March 31 March 31 March 31 March 31 Particulars 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Segment revenue 3,656,976 5,012,931 5,708,152 5,326,414 6,628,236 6,162,926 373,423 607,346 1,058,953 9,356,813 12,248,513 12,930,031 Less: customer inducement and acquisition costs** — — (2,258,887) — — (1,248,506) — — (64,058) — — (3,571,451) Revenue 3,656,976 5,012,931 3,449,265 5,326,414 6,628,236 4,914,420 373,423 607,346 994,895 9,356,813 12,248,513 9,358,580 Unallocated expenses (6,790,437) (10,342,290) (10,907,467) Less: customer inducement and acquisition costs** — — 3,571,451 Unallocated expenses (6,790,437) (10,342,290) (7,336,016) Notes: **For purposes of reporting to the CODM, certain promotion expenses including upfront cash incentives, loyalty programs costs for customer inducement and acquisition costs for promoting transactions across various booking platforms, which are reported as a reduction of revenue, are added back to the respective segment revenue lines and marketing and sales promotion expenses. For reporting in accordance with IFRS, such expenses are recorded as a reduction from the respective revenue lines. Therefore, the reclassification excludes these expenses from the respective segment revenue lines and adds them to the marketing and sales promotion expenses (included under Unallocated expenses). 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. 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 Non Current Assets* March 31, March 31, 2018 2019 India 2,454,884 2,385,110 Others 12,073 6,805 Total 2,466,957 2,391,915 * 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. |
Group information
Group information | 12 Months Ended |
Mar. 31, 2019 | |
Group information | |
Group information | 6. Group information The consolidated financial statements of the Group includes: Information about group subsidiaries % Equity interest Country of March 31, March 31, Name Principal activities incorporation 2018 2019 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 Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra Corporate Hotel Solutions P. Ltd. Travel & Travel related services India 98.22 ** 98.53 *** TSI Yatra Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra TG Stays Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra Hotel Solutions Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Air Travel Bureau Private Limited (formerly known as Air Travel Bureau Limited) Travel & Travel related services India 98.22 **/***** 98.53 ***/***** Travel.Co.In Limited (TCIL) Travel & Travel related services India — 98.53 ***/****** ** Remaining shares of 1.78% are held by the minority shareholder as at March 31, 2018. *** Remaining shares of 1.47% are held by the minority shareholder as at March 31, 2019. Includes the impact of the shares which are pending allotment as on March 31, 2019 to THCL Travel Holding Cyprus Limited in Yatra Online Private Limited. **** Includes 31.74% Class F shares owned by Terrapin 3’s founder stockholders having no voting right. Terrapin 3’s founder stockholders also own Class F shares in the Company having no economic value and have an exchange right to acquire ordinary shares of the Company. ***** During the financial year ended March 31, 2018, the company had acquired 51% shareholding in ATB on August 4, 2017, with the obligation to acquire the remaining 49% shareholding pursuant to the terms of Share Purchase Agreement (SPA). Refer to Note 43. ******During the financial year ended March 31, 2019, the company had acquired 100% shareholding in Travel.Co.In Limited on February 8, 2019. Refer to Note 43. Joint Venture The group has a 50% interest in Adventure and Nature Network Pvt. Ltd. (March 31, 2018: 50%). For more detail, refer to Note 14. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Mar. 31, 2019 | |
Fair value measurement | |
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. Carrying value Fair value As at March 31, As at March 31, As at March 31, As at March 31, 2018 2019 2018 2019 Financial assets Assets carried at amortized cost Trade and other receivables 3,976,751 4,921,270 3,976,751 4,921,270 Cash and cash equivalents 2,465,073 2,161,014 2,465,073 2,161,014 Term deposits 1,012,144 1,029,533 1,012,144 1,029,533 Other financial assets 150,075 265,915 150,075 265,915 Total 7,604,043 8,377,732 7,604,043 8,377,732 Financial liabilities Liabilities carried at fair value Share warrants 1,914,604 383,793 1,914,604 383,793 Liability for acquisition of business 904,727 1,190,009 904,727 1,190,009 Total 2,819,331 1,573,802 2,819,331 1,573,802 Liabilities carried at amortized cost Trade and other payables 5,049,630 5,268,046 5,049,630 5,268,046 Borrowings 859,476 1,179,560 859,476 1,179,560 Other liabilities 537,023 542,054 537,023 542,054 Total 6,446,129 6,989,660 6,446,129 6,989,660 Fair value hierarchy · Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). · Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). March 31, 2018 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits — 1,012,144 — 1,012,144 Other financial assets — 150,075 — 150,075 Total assets — 1,162,219 — 1,162,219 Liabilities carried at fair value Warrants 1,914,520 — 84 1,914,604 Liability for business acquisition 904,727 904,727 Liabilities carried at amortized cost Borrowings — 859,476 — 859,476 Total Liabilities 1,914,520 859,476 904,811 3,678,807 March 31, 2019 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits — 1,029,533 — 1,029,533 Other financial assets — 265,915 — 265,915 Total assets — 1,295,448 — 1,295,448 Liabilities carried at fair value Warrants 383,699 — 94 383,793 Liability for business acquisition — — 1,190,009 1,190,009 Liabilities carried at amortized cost Borrowings — 1,179,560 — 1,179,560 Total Liabilities 383,699 1,179,560 1,190,103 2,753,362 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, 2018 and March 31, 2019 as well as the significant unobservable inputs used. Inter-relationship between significant unobservable Significant inputs and fair value Type Valuation technique unobservable inputs 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: 2.16 years (PY: 2.66 years) 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 — — Liability for business acquisition (refer to Note 43) Methodology as per the terms of share purchase agreement Adjusted earning of acquired entity — 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 — Below is reconciliation of fair value measurements categorized within level 1 & level 3 of the fair value hierarchy Effects of Effects of Business Charge movements Advance Charge movements acquisition to in foreign Paid towards to in foreign April 1, (refer to profit Charged exchange March 31, Final profit exchange March 31, 2017 Note 43) or loss to equity rates 2018 Payment or loss rates 2019 Macquarie Corporate Holdings Pty Limited - Ordinary Warrants 2,229 — (2,137) — (8) 84 — 5 5 94 Quoted Warrants 1,335,188 — 565,390 — 13,942 1,914,520 — (1,667,198) 136,377 383,699 Contingent dividend 2,913 — (279) (2,755) 121 — — — — — Liability for business acquisition (refer to Note 43) — 610,383 294,344 — — 904,727 (200,000) 485,282 — 1,190,009 Total 1,340,330 610,383 857,318 (2,755) 14,055 2,819,331 (200,000) (1,181,911) 136,382 1,573,801 |
Rendering of services
Rendering of services | 12 Months Ended |
Mar. 31, 2019 | |
Rendering of services | |
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 March 31, 2017 2018 2019 Air Ticketing 3,656,976 5,012,931 3,449,265 Hotels and Packages 5,326,414 6,628,236 4,914,420 Other Services 52,896 105,249 56,419 9,036,286 11,746,416 8,420,104 8.2 Contract balances Contract assets Contract assets primarily relate to the Group’s rights to consideration from travel suppliers 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. April 1, March 31, 2018 2019 Contract Assets 17,279 22,584 Changes in contract assets are as follows: March 31, 2019 Balance at the beginning of the year 17,279 Revenue recognised during the year 22,584 Invoices raised during the year (17,279) Balance at the end of the year 22,584 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 was earlier classified as "advance from customers", and consideration allocated to customer loyalty programs and advance received from Global Distribution System ("GDS") provider for bookings of airline tickets in future which is deferred, and which was earlier classified as deferred revenue April 1, March 31, 2018 2019 Advance from customer (refer to Note 38) 894,487 702,444 Deferred revenue (refer to Note 35) 1,470,710 675,711 Total Contract liabilities 2,365,197 1,378,155 As at April 1, 2018, INR 894,487 of advance consideration received from customers for travel bookings was reported within contract liabilities, INR 842,715 of which was applied to revenue and INR 5,624 was refunded to customers during the year ended March 31, 2019. As at March 31, 2019, the related balance was INR 702,444. No information is provided about remaining performance obligations at March 31, 2019 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, 2019 | |
Other revenue | |
Other revenue | 9 Other revenue March 31, 2017 2018 2019 Marketing revenue 320,527 502,097 938,476 Total 320,527 502,097 938,476 Primarily comprising advertising revenue and fees for facilitating website access to travel insurance providers. |
Other income
Other income | 12 Months Ended |
Mar. 31, 2019 | |
Other income | |
Other income | 10 Other income March 31, 2017 2018 2019 Excess provision written back 20,716 15,441 22,063 Government grant — 69,573 233,180 Gain on sale of property, plant and equipment (net) 622 1,369 5,050 Miscellaneous income 3,944 3,618 3,492 Total 25,282 90,001 263,785 Government grant represents the Company’s entitlement to receive duty credit scrips 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 scrips 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. Excess provision written back represent trade payables, that through the expiry of time, the Group has no further legal obligation to vendors. |
Personnel expenses
Personnel expenses | 12 Months Ended |
Mar. 31, 2019 | |
Personnel expenses | |
Personnel Expenses | 11 Personnel expenses March 31, 2017 2018 2019 Salaries, wages and other short term employee benefits 1,392,666 1,981,076 2,076,918 Contributions to defined contribution plans 77,822 104,958 105,863 Expenses related to defined benefit plans 14,716 26,589 24,575 Share based compensation costs 586,932 729,920 282,883 Employee welfare expenses 43,172 60,297 59,975 Total 2,115,308 2,902,840 2,550,214 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Mar. 31, 2019 | |
Other operating expenses | |
Other operating expenses | 12 Other operating expenses March 31, 2017 2018 2019 Commission 746,959 894,504 936,557 Communication 213,034 283,091 331,520 Legal and professional fees 203,449 308,625 336,183 Outsourcing fees 33,888 40,242 126,753 Payment gateway and other charges 535,058 743,018 985,488 Advances provision/ written-off (refer to Note 21) 12,047 9,165 10,299 Trade and other receivables written-off (refer to Note 26) 80,193 125,193 304,663 Duties and taxes 12,963 95,413 (29,595) Rent 148,738 178,650 193,348 Repairs and maintenance 80,418 91,154 91,282 Travelling and conveyance 112,216 138,242 119,108 Insurance 12,067 39,117 42,791 Remeasurement of contingent consideration (refer to Note 43) — 294,344 485,282 Corporate social responsibility (CSR) expense — 10,245 1,564 Miscellaneous expenses 26,857 34,527 40,562 Total 2,217,887 3,285,530 3,975,805 |
Depreciation and amortization
Depreciation and amortization | 12 Months Ended |
Mar. 31, 2019 | |
Depreciation and amortization | |
Depreciation and amortization | 13 Depreciation and amortization March 31, 2017 2018 2019 Depreciation 64,894 104,550 123,781 Amortization 210,693 321,050 457,965 Total 275,587 425,600 581,746 |
Investment in joint venture
Investment in joint venture | 12 Months Ended |
Mar. 31, 2019 | |
Investment in joint venture | |
Investment in joint venture | 14. Investment in joint venture The Group entered into an agreement 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. Group contributed during the financial year ended March 31, 2019: Nil (March 31, 2018: Nil and March 31, 2017: INR 3,000) 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 in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below: Summarized statement of financial position of ANN: March 31, 2018 2019 Current assets, including cash and cash equivalents INR 5,779 (March 31, 2018: INR 4,614) 6,686 8,573 Non-current assets 314 168 Current liabilities (41,973) (69,327) Non-current liabilities (227) (156) Equity (35,200) (60,742) Group’s carrying amount of the investment (17,600) (30,371) Transferred to other liabilities (refer to Note 38) 17,600 30,371 Net carrying amount of investment — — Summarized statement of profit or loss of ANN: March 31, 2017 2018 2019 Revenue 5,491 12,181 14,110 Administrative expenses, including depreciation INR 146 (March 31, 2018: INR 173 and March 31, 2017: INR 3,401) (24,359) (33,215) (37,817) Finance cost (13) (84) (1,836) Loss before tax (18,881) (21,118) (25,543) Income tax expense — — — Loss for the year (18,881) (21,118) (25,543) Group’s share of loss for the year (9,441) (10,559) (12,772) The joint venture had no other contingent liabilities or capital commitments as at March 31, 2019 and March 31, 2018. ANN can’t distribute its profits without the consent from the two venture partners. |
Finance income
Finance income | 12 Months Ended |
Mar. 31, 2019 | |
Finance income | |
Finance income | 15 Finance income March 31, 2017 2018 2019 Interest income on : – Bank deposits 125,697 74,197 30,801 – Others 5,061 8,870 1,824 Unwinding of discount on other financial assets 8,400 8,845 8,685 Total 139,158 91,912 41,310 |
Finance cost
Finance cost | 12 Months Ended |
Mar. 31, 2019 | |
Finance cost | |
Finance cost | 16 Finance cost March 31, 2017 2018 2019 Bank charges 16,007 22,334 29,891 Foreign exchange loss (net) 14,525 8,154 85,694 Interest on borrowings 77,421 122,568 145,976 Unwinding of discount on other financial liability 41,910 — 1,729 Total 149,863 153,056 263,290 |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2019 | |
Income taxes | |
Income taxes | 17. Income taxes Loss for the year before income taxes are as follows: March 31, 2017 2018 2019 Domestic (4,711,481) (1,481,129) 1,448,943 Foreign operations (1,184,495) (2,513,960) (2,594,700) Total (5,895,976) (3,995,089) (1,145,758) The major components of income tax expense for the years ended 31 March, 2017, 2018 and 2019 are: March 31, 2017 2018 2019 Current Period 30,822 74,583 75,347 Current income tax expenses 30,822 74,583 75,347 Origination and reversal of temporary differences 10,165 (17,696) (10,865) Current year losses for which deferred tax is recognised — — (16,645) Deferred tax expense /(benefit) 10,165 (17,696) (27,510) Total income tax expenses as reported in statement of profit or loss 40,987 56,887 47,837 Reconciliation of tax expense and accounting profit multiplied by tax rate of each jurisdiction in which the Group operates. March 31, 2017 2018 2019 Loss for the year (5,936,963) (4,051,976) (1,193,595) Income tax expense 40,987 56,887 47,837 Loss before income taxes (5,895,976) (3,995,089) (1,145,758) Expected tax expense at statutory income tax rate (344,626) (769,353) (630,998) Non deductible expenses (316) 107,496 (32,884) Utilization of previously unrecognised tax losses (12,766) (5,342) (10,463) Current year losses for which no deferred tax asset was recognized 338,682 887,997 638,730 Change in unrecognised temporary differences 61,132 (177,244) 82,109 Effect of change in tax rate (4,120) 12,507 1,949 Others 3,001 826 (604) 40,987 56,887 47,837 The domicile of the Parent Company is Cayman Islands. The Group’s two major tax jurisdictions are India and Singapore with tax rates ranging between 26% to 31.20% (March 31, 2018: 25.75% to 34.61%) in India and 17% (March 31, 2018: 17%) in Singapore, that have been applied to profit or loss of the respective jurisdiction for determination of expected tax expense. |
Loss per share
Loss per share | 12 Months Ended |
Mar. 31, 2019 | |
Loss per share | |
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 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 impact of the dilutive potential ordinary shares is anti-dilutive for the year presented. The following reflects the income and share data used in the basic loss per share computations: March 31, 2017 2018 2019 Loss attributable to ordinary shareholders – Basic (5,901,483) (3,993,140) (1,148,203) Weighted average number of ordinary shares outstanding used in computing basic loss per share 24,807,122 34,301,152 43,543,991 Basic loss per share (237.89) (116.41) (26.37) The following reflects the income and share data used in the diluted loss per share computations: March 31, 2017 2018 2019 Loss attributable to ordinary shareholders - Basic (5,901,483) (3,993,140) (1,148,203) Add: Loss attributable to non-controlling interest — — (45,392) Loss attributable to ordinary shareholders - Dilutive (5,901,483) (3,993,140) (1,193,595) Weighted average number of ordinary shares outstanding used in computing diluted loss per share 24,807,122 34,301,152 44,286,393 Diluted loss per share (237.89) (116.41) (26.95) Refer to Note 29 for the detail movement in share capital during the financial year. 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 reverse 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. Consequently, the basic and diluted earnings per share for all periods presented are adjusted retrospectively. Loss attributable to shareholders is allocated equally for each class of share. At March 31, 2019, 137,785 ordinary shares (March 31, 2018: 993,737 and March 31, 2017: 555,941), issuable against employee share options and restricted share, Nil ordinary shares (March 31, 2018: 742,402 and March 31, 2017: 742,402) issuable against conversion right with subsidiary’s equity shares and 34 ordinary shares (March 31, 2018: 746 and March 31, 2017: 791), issuable against equity instruments, 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. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2019 | |
Property, plant and equipment | |
Property, plant and equipment | 19. Property, plant and equipment Computer Furniture Leasehold and and Office Improvements Peripherals Fixtures Vehicles Equipment Total Gross block At March 31, 2017 44,460 256,706 11,720 105,063 29,409 447,358 Acquisitions through business combinations (refer to Note 43) 30,149 7,238 4,817 5,919 7,890 56,013 Additions — 106,805 678 34,698 5,890 148,071 Disposals/adjustment (9,645) (3,198) (41) (10,270) (812) (23,966) Effects of movements in foreign exchange rates 137 692 38 2,531 45 3,443 At March 31, 2018 65,101 368,243 17,212 137,941 42,422 630,919 Acquisitions through business combinations (refer to Note 43) — 260 — — — 260 Additions 1,744 20,702 1,123 15,400 3,544 42,513 Disposals/adjustment (9,985) (3,148) (2,070) (15,202) (1,654) (32,059) Effects of movements in foreign exchange rates 56 (26) 16 1,034 20 1,100 At March 31, 2019 56,916 386,031 16,281 139,173 44,332 642,733 Depreciation At March 31, 2017 37,124 189,374 9,482 49,736 19,996 305,712 Charge for the year 11,447 63,351 1,519 22,221 6,012 104,550 Disposals/adjustment (9,645) (3,055) (41) (9,396) (752) (22,889) Effects of movements in foreign exchange rates 117 56 21 1,639 19 1,852 At March 31, 2018 39,043 249,726 10,981 64,200 25,275 389,225 Charge for the year 19,407 66,373 2,078 28,849 7,074 123,781 Disposals/adjustment (9,985) (3,225) (1,855) (10,536) (939) (26,540) Effects of movements in foreign exchange rates 66 57 9 690 11 833 At March 31, 2019 48,531 312,931 11,213 83,203 31,421 487,299 Net block At March 31, 2018 26,058 118,517 6,231 73,741 17,147 241,694 At March 31, 2019 8,385 73,100 5,068 55,970 12,911 155,434 The Group has taken bank guarantee facility against which property, plant and equipment of a subsidiary of the Group amounting to INR 65,290 (March 31, 2018: INR 105,669) are pledged. The carrying value of Vehicles held under finance leases have a gross book value INR 38,256 (March 31, 2018: INR 37,222), depreciation charge for the year INR 5,242 (March 31, 2018: INR 5,319), accumulated depreciation INR 31,962 (March 31, 2018: INR 26,037), net book value INR 6,294 (March 31, 2018: INR 11,186). Leased assets are pledged as security for the related finance lease. The carrying value of vehicles held under vehicle loan have a gross book value of INR 88,735 (March 31, 2018: INR 92,515), depreciation charge for the year of INR 19,913 (March 31, 2018: INR 15,276), accumulated depreciation of INR 39,668 (March 31, 2018: INR 31,651), net book value of INR 49,067 (March 31, 2018: INR 60,899). Vehicles are pledged as security against the related vehicle loan. In the statement of cash flows, proceeds from vehicle loan of INR 12,294 (March 31, 2018: INR 25,406 and March 31, 2017: INR 18,312) has been adjusted against purchase of property, plant and equipment |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Mar. 31, 2019 | |
Intangible assets and goodwill. | |
Intangible assets and goodwill | 20. Intangible assets and goodwill Computer Intangible software and Intellectual Agent / Supplier/ Customer Non compete under Websites property rights relationship relationship agreement Trademarks Goodwill development Total Gross block At March 31, 2017 1,085,246 56,020 222,169 — 3,200 271,329 653,666 166,627 2,458,257 Acquisitions through business combinations (refer to Note 43) 898 — — 134,682 16,861 — 307,520 — 459,961 Additions 532,290 — — — — — — 475,119 1,007,409 Disposals/adjustment — — — — — — — (529,618) (529,618) Effects of movements in foreign exchange rates (462) 278 — — — — — — (184) At March 31, 2018 1,617,972 56,298 222,169 134,682 20,061 271,329 961,186 112,128 3,395,825 Acquisitions through business combinations (refer to Note 43) 683 — — 5,654 2,110 — 53,913 — 62,360 Additions 433,075 — — — — — — 399,270 832,345 Disposals/adjustment — — — — — — — (425,542) (425,542) Effects of movements in foreign exchange rates 67 2,911 — — — — — — 2,978 At March 31, 2019 2,051,797 59,209 222,169 140,336 22,171 271,329 1,015,099 85,856 3,867,966 At March 31, 2017 596,207 49,768 132,410 — 3,200 67,569 — — 849,154 Charge for the year 279,564 1,401 17,097 5,986 3,066 13,936 — — 321,050 Disposals — — — — — — — — — Effects of movements in foreign exchange rates 79 277 — — — 2 — — 358 At March 31, 2018 875,850 51,446 149,507 5,986 6,266 81,507 — — 1,170,562 Charge for the year 411,648 1,400 17,097 9,214 4,669 13,937 — — 457,965 Disposals — — — — — — — — — Effects of movements in foreign exchange rates 46 2,911 — — — — — — 2,958 At March 31, 2019 1,287,544 55,757 166,604 15,200 10,935 95,444 — — 1,631,485 Net block At March 31, 2018 742,122 4,852 72,662 — 13,795 189,822 961,186 112,128 2,225,263 At March 31, 2019 764,253 3,452 55,565 125,135 11,237 175,885 1,015,099 85,856 2,236,481 The Group has taken bank guarantee facility against which Computer software and Websites & intellectual property rights of a subsidiary of the Group amounting to INR 673,445 (March 31, 2018: INR 667,882) are pledged. The Company has written off fully depreciated assets from the books of accounts having gross value Nil (March 2018: INR Nil). 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: March 31, 2018 2019 TSI Yatra Private Limited 103,670 103,670 Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited 549,996 549,996 Air Travel Bureau Private Limited (formerly known as Air Travel Bureau Limited) (refer to Note 43) 307,520 307,520 Travel.Co.In Limited (refer to Note 43) — 53,913 Total 961,186 1,015,099 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 next year’s 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: March 31, 2018 2019 Discount rate 18% 18% Terminal Value growth rate 5% 5% EBITDA margin over next 5 years 10.7% - 56.4% 8.7% - 46.7% The above discount rate is based on the Weighted Average Cost of Capital (WACC) of a comparable market participant, which is adjusted for specific risks. These estimates are likely to differ from future actual results of operations and cash flows. Sensitivity change in assumptions Based on the above, no impairment was identified as of March 31, 2019 and March 31, 2018 as the recoverable value of the CGUs exceeded the carrying value. An analysis of the calculation’s sensitivity to a change in the key parameters (revenue growth, discount rate and long-term growth rate) based on reasonably probable assumptions, did not identify any probable scenarios where the CGUs recoverable amount would fall below their carrying amount. |
Prepayments and other assets
Prepayments and other assets | 12 Months Ended |
Mar. 31, 2019 | |
Prepayments and other assets | |
Prepayments and other assets | 21 Prepayments and other assets March 31, 2018 2019 Current Advance to vendors (net of allowance) 854,942 746,513 Advance to joint venture (refer to note 42) 7,759 30,385 Balance with statutory authorities 36,222 47,865 Prepaid expenses 70,971 72,148 Due from employees 7,928 2,997 Total 977,822 899,908 Non-current Prepaid expenses 3,403 1,527 Defined benefit plan asset (refer to Note 34) 7,835 6,339 11,238 7,866 Advances to vendor primarily consist of amounts paid to airline and hotels for future bookings. The movement in the allowance for doubtful advances: March 31, 2018 2019 Balance at the beginning of the year 12,047 9,630 Provisions accrued during the year 9,165 10,299 Amount written off during the year (11,582) (3,695) Balance at the end of the year 9,630 16,234 |
Other financial assets, Non-cur
Other financial assets, Non-current | 12 Months Ended |
Mar. 31, 2019 | |
Other financial assets, Non-current | |
Other financial assets, Non-current | 22 Other financial assets, Non-current March 31, 2018 2019 Security deposits 61,848 30,356 Interest accrued on term deposits 411 275 Total 62,259 30,631 Security deposit represents fair value of amount paid to landlord for the leased premises. As on March 31, 2019, remaining tenure for security deposits ranges from 1 to 9 years. In the statement of cash flows, interest reinvested on term deposits INR 1,097 (March 31, 2018: 251) has been adjusted against interest received under investing activities. |
Term deposits
Term deposits | 12 Months Ended |
Mar. 31, 2019 | |
Term deposits | |
Term deposits | 23 Term deposits March 31, 2018 2019 Fixed deposits with banks 1,012,144 1,029,533 Total 1,012,144 1,029,533 Non-current 6,187 23,548 Current 1,005,957 1,005,985 Total 1,012,144 1,029,533 Term deposits as on March 31, 2019, include INR 1,010,328 (March 31, 2018: INR 831,660) pledged with banks against bank guarantees and credit card facility (Refer to Note 32). Tenure for term deposits range from 1 years to 3 years. |
Other non financial assets
Other non financial assets | 12 Months Ended |
Mar. 31, 2019 | |
Other non financial assets | |
Other non financial assets | 24 Other non financial assets Fair value adjustment - financial assets 13,168 30,697 Restricted asset 103,771 224,217 Total 116,939 254,914 Non-current 116,939 254,914 Total 116,939 254,914 Fair value adjustment—financial assets represents unamortised portion of the difference between the fair value of the financial assets (security deposit) on initial recognition and the amount paid. Restricted asset include INR 189,267 (March 31, 2018: 69,063) in respect of mandatory pre-deposit required for service tax and income tax appeal proceedings in India, INR 8,468 (March 31, 2018: 8,468) in respect of refund claim application with the service tax authorities, INR 25,000 (March 31, 2018: INR 25,000) paid in relation to an investigation initiated by Directorate General of Central Excise Intelligence (DGCEI) for certain service tax matters in India and INR 1,483 (March 31, 2018 Nil) in respect of amount paid under protest to Goods and Services Tax (GST) department. The service tax and GST amount has been paid under protest and the Group strongly believes that it is not probable the demand will materialize. |
Deferred Tax
Deferred Tax | 12 Months Ended |
Mar. 31, 2019 | |
Deferred Tax | |
Deferred Tax | 25. Deferred Tax Unrecognised Deferred Tax Assets Deferred tax assets have not been recognized in respect of the following items: March 31, Particulars 2018 2019 Deductible temporary differences 178,275 243,932 Tax loss carry forward and unabsorbed depreciation 1,929,178 3,249,820 Total 2,107,453 3,493,752 In the Group, there are few subsidiaries for which no deferred tax assets have been recognised on deductible temporary differences of INR 743,384 (March, 2018: 573,762) and tax losses of INR 9,376,379 (March, 2018: 6,159,435) and unabsorbed depreciation of INR 1,262,313 (March 31, 2018: 1,759,363), 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 2027 and unabsorbed depreciation is available indefinitely for offsetting against future taxable profits. Recognised Deferred Tax Assets and Liabilities Deferred tax assets are attributable to the following – March 31, 2018 2019 Property, plant and equipment & intangible assets 18,438 22,136 Trade and other receivables 36,990 55,649 Rent Equalisation reserve 1,021 680 Employee benefits 12,614 16,260 Minimum alternate tax recoverable 5,027 1,754 Unutilised business losses — 16,645 Provision for expenses 26,642 7,349 Deferred tax asset 100,732 120,473 OCI gratuity 1,917 2,696 Total deferred tax asset (A) 102,649 123,169 Deferred tax liablities are attributable to the following - Property, plant and equipment & intangible assets (44,460) (42,503) Total deferred tax liability (B) (44,460) (42,503) Net deferred tax asset (A - B) 58,189 80,666 Balance Acquired Recognised as on through Recognised in other Unused/ Balance March 31, business in profit comprehensive utilized as on March, 31 Particulars 2018 combination or loss income tax credit 2019 Provision for gratuity (1,581) — 1,868 — — 287 Provision for long term compensated absences 5,952 — 2,412 — — 8,364 Rent equalization reserve 1,021 — (341) — — 680 Provision for doubtful debts 36,990 — 18,659 — — 55,649 Bonus payable 8,243 — (633) — — 7,609 Fixed assets - WDV (26,022) (2,422) 8,077 — — (20,367) Expenses disallowed u/s 40(a)(ia) & 43B 26,642 — (19,293) — — 7,349 Minimum alternate tax 5,027 — — — (3,274) 1,754 Tax loss carry forwards — — 16,645 — — 16,645 OCI-Gratuity 1,917 — — 779 — 2,696 Deferred tax assets 58,189 (2,422) 27,394 779 (3,274) 80,666 Pursuant to the section 115JB of Indian Income Tax Act, Group’s subsidiaries in India have calculated their tax liability for current income taxes after considering Minimum Alternate Tax (MAT). The excess tax paid under MAT provisions being over and above regular tax liability can be carried forward and set off against future tax liabilities computed under regular tax provisions. Accordingly, a deferred income tax asset of INR 1,101 (March 31, 2018: INR 5,027) has been recognized on the balance sheet as on March 31, 2019, which can be carried forward for a period of fifteen years from the year of recognition. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other receivables | |
Trade and other receivables | 26 Trade and other receivables March 31, 2018 2019 Trade receivables (net of allowance) 3,888,181 4,830,072 Receivable from other related parties (refer to note 42) 56,979 4,280 Refund and other receivable (net of allowance) 14,312 64,334 3,959,472 4,898,686 Contract Assets (refer to note 8) 17,279 22,584 17,279 22,584 Total 3,976,751 4,921,270 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. Revenue for time and material contracts are recognised as related service are performed. The trade receivables primarily consist of amounts receivable from airline’s, hotels, corporate’s and retail customers pertaining to the transaction value. The management does not consider there to be significant concentration of credit risk relating to trade, refund and other receivables. Refer to note 40. The movement in the allowance for expected credit loss and amounts impaired in respect of trade, refund & other receivables during the year was as follows: March 31, 2018 2019 Balance at the beginning of the year 121,839 194,302 Provisions accrued during the year 125,193 304,663 Amount written off during the year (53,996) (12,964) Effect of movement in exchange rate 1,266 253 Balance at the end of the year 194,302 486,254 |
Other financial assets, current
Other financial assets, current | 12 Months Ended |
Mar. 31, 2019 | |
Other financial assets, current | |
Other financial assets, current | 27 Other financial assets, current March 31, 2018 2019 Interest accrued on term deposits 6,883 2,404 Interest accrued on advances to related parties (refer to note 42) 70 1,642 Security deposits 40,814 71,406 Others (includes Government Grant) 32,120 156,835 Total 79,887 232,287 Security deposit represents fair value of amount paid to landlord for the leased premises. As on March 31, 2019, remaining tenure for security deposits ranges from 1 to 9 years. In the statement of cash flows, interest reinvested in term deposits INR 22,242 (March 31, 2018: 98,472) has been adjusted against interest received under investing activities. The movement in the Government Grant during the year was as follows: March 31, 2018 2019 At 1 April — 32,120 Recorded in statement of profit or loss 69,588 233,180 Received during the year (37,468) (108,465) Balance at the end of the year 32,120 156,835 There are no unfulfilled conditions or contingencies attached to these grants. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2019 | |
Cash and cash equivalents | |
Cash and cash equivalents | 28 Cash and cash equivalents March 31, 2018 2019 Cash on hand 2,511 2,859 Credit card collection in hand 209,162 390,335 Balances with bank 2,229,498 1,756,322 Cash in transit 23,902 11,498 Total 2,465,073 2,161,014 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, 2019, the Group had available INR 3,108 (March 31, 2018: INR 710,450) of undrawn borrowing facilities. |
Equity share capital and share
Equity share capital and share premium | 12 Months Ended |
Mar. 31, 2019 | |
Equity share capital and share premium | |
Equity share capital and share premium | 29. Equity share capital and share premium Authorized shares March 31, 2018 2019 Numbers of Numbers of Shares Shares Ordinary shares of INR 0.006 ($ 0.0001) each 500,000,000 500,000,000 Ordinary share Class A of INR 0.006 ($ 0.0001) each 10,000,000 10,000,000 Ordinary share Class F of INR 0.006 ($ 0.0001) each 3,159,375 3,159,375 Preference shares of INR 0.006 ($ .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 company during the financial ending March 31, 2019. A reconciliation of the shares outstanding at the beginning and end of the period is presented below: Ordinary shares Numbers Share Share of Shares Capital Premium Balance as at April 1, 2017 33,828,856 633 14,438,936 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 818,954 5 636,085 Transaction with equity shareholders* (112,406) Balance as at March 31, 2018 34,647,810 638 14,962,615 Balance as at April 1, 2018 34,647,810 638 14,962,615 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 635,455 4 357,981 Issue of ordinary shares in follow-on public offering, net of issuance costs** 10,350,000 71 3,563,509 Balance as at March 31, 2019 45,633,265 713 18,884,105 * Transaction with equity shareholders represent tax deposited on behalf of restricted stock holders. ** On June 26, 2018, the Company completed a follow-on public offering in which the Company offered and sold an aggregate of 10,350,000 ordinary shares, including 1,350,000 ordinary shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a public offering price of INR 375.71 (USD 5.50) per share. The aggregate price of the offering amount registered and sold was INR 3,888,547 (USD 56,925) of which we received net proceeds of INR 3,563,580 (USD 52,168). The Company incurred expenses of INR 324,967 (USD 4,757) including the underwriters' commission expense amounting INR 220,633 (USD 3,190), for the issuance of the shares which has been adjusted against the share premium. The amount in USD is converted at transaction date exchange rate of 68.31 INR per USD. Terms/ rights attached to Ordinary Shares The 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 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 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 shall have no other rights. In the event of liquidation of the Company, the holders of Ordinary and Class A ordinary shares are entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. Class F shareholders are entitled to participate in surplus assets of the Company in the case of winding up. Shares reserved for issuance against equity instruments The Company reserved 1,844 shares (March 31, 2018 - 1,844, March 31, 2017‑ 1,844) for issuance at exercise price of INR 374.85 ($ 5.42) per share. These shares are considered as equity instrument and are recorded at fair value at the date of transaction under IAS 32. Shares reserved for issue under options For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the Company, refer to Note 30. Shares reserved for issue under warrant arrangement/agreement Pursuant to listing of Parent Company, Network18 Media and Investment Limited (Network 18) (formerly known as Capital 18 Fincap Private Limited) and Pandara Trust Scheme I (Pandara Trust), shareholders of Yatra Online Private Limited, are entitled to swap their shares into 569,781 (March 31, 2018: 569,781) and 172,635 (March 31, 2018: 172,635) Ordinary Shares of the Parent Company respectively. As on March 31, 2019, Network 18 and Pandara Trust have not exercised their right to swap to ordinary shares of the Parent Company. For details of shares reserved for issuance under the warrant agreement with Innoven, a non banking finance company, and Macquarie Corporate Holdings Pty Limited refer to Note 32. Treasury shares Numbers of Shares Amount Balance as at April 1, 2017 63,771 54,371 Issue of shares — — Vesting of options (35,871) (24,287) Balance as at March 31, 2018 27,900 30,084 Balance as at April 1, 2018 27,900 30,084 Share based payment expense — (650) Vesting of options (26,901) (18,215) Balance as at March 31, 2019 999 11,219 During the year ended March 31, 2017, Company has bought back 17,893 shares for INR 627.01 (USD 9.35) per share. |
Other capital reserve
Other capital reserve | 12 Months Ended |
Mar. 31, 2019 | |
Other capital reserve | |
Other capital reserve | 30. Other capital reserve Share-based Equity Other capital reserves payments Instruments Warrant Total March 31, 2017 733,107 341 — 733,448 Share-based payments expense during the year 734,512 — — 734,512 Issuance of warrants (refer to Note 32) — — 23,258 23,258 Exercised during the year (650,860) — — (650,860) Forfeited during the year (4,592) — — (4,592) Expired during the year (2,802) — — (2,802) March 31, 2018 809,365 341 23,258 832,964 Share-based payments expense during the year 295,680 — — 295,680 Exercised during the year (376,339) — — (376,339) Forfeited during the year (13,447) — — (13,447) Expired during the year (2,870) — — (2,870) March 31, 2019 712,389 341 23,258 735,988 30.1 Equity instruments The Parent Company reserved 1,844 shares for the issuance at exercise price of INR 69.16 ($ 1). 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 Company had reserved an aggregate of 1,316,765 ordinary shares as at March 31, 2019 (1,316,765 ordinary shares as at March 31, 2018) 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 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 652,580 ordinary shares have been granted and are outstanding as at March 31, 2019 (March 31, 2018: 657,130 ordinary shares). The share-based payment awards have the following vesting period under the same plan:- 1) 60 months, the first tranche vests after two years, while the remaining awards vest in equal installments on quarterly basis over the remainder of the vesting period. 2) 12 equal installments over 12 months. 3) 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 Company estimates the expected term of stock grants equivalent to their vesting period. The 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 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 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: March 31, 2018 2019 Weighted Weighted average average EP EP per No. of shares* per share No. of shares* share Number of options outstanding at the beginning of the year 698,965 279.43 657,130 287.05 Granted during the year — — — — Forfeited during the year 6,913 289.04 1,785 348.84 Expired during the year — — 2,581 270.10 Exercised during the year 34,922 167.39 184 300.11 Number of options outstanding at the end of the year 657,130 287.05 652,580 304.92 Vested 656,454 287.06 652,580 304.92 * On December 16, 2016, the Parent Company effectuated a reverse 5.4242194‑for-one share split of its ordinary shares as well as a reverse 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. The weighted average remaining contractual life for the share options outstanding as at March 31, 2019 was 3.63 years (March 31, 2018: 4.61 years). The range of exercise prices for options outstanding at the end of the year was INR 270.10 to INR 375.14 (March 31, 2018: 254.28 to INR 353.17). During the year ended March 31, 2019, share based payment expense for these options was recognized under personnel expenses (refer to Note 11) amounted to INR 24 (March 31, 2018: INR 432 and March 31, 2017: INR 9,183). Company did not grant any options during the fiscal year ended March 31, 2019 and March 31, 2018. Restricted Stock Unit Plan On December 16, 2016, the Company approved a share incentive plan in connection with the business combination transaction (Refer to Note 43). The Company granted 2,000,000 restricted share, under the plan to eligible employees. Each RSU represents the right to receive one ordinary share. Out of 2,000,000 RSU’s, 74,458 shares have been issued as part of treasury shares (Refer to Note 29). The terms and conditions for 2,000,000 RSU’s: 1) RSUs have daily graded vesting over a two year period. 2) RSUs have a two year repurchase right in favor of the Company such that the Company will be able to acquire any unvested shares for a nominal amount, in case of termination of the services of the employee prior to vesting 3) RSU’s grantee shall have the option of settling the tax obligation by selling the equivalent shares to the Company or by net settlement method as per IFRS 2 “Share-based payment” During the previous year, the Company had modified the vesting condition and 1,925,542 RSUs would vest in installments with one-fourth of the shares of RSUs vested on June 30, 2017 and three-quarters of RSUs vesting in six equal quarterly anniversaries following June 30, 2017 with the last quarter vesting on December 15, 2018. March 31, 2018 2019 No. of shares No. of shares Number of RSU’s outstanding at the beginning of the year 1,684,024 719,575 Granted during the year — — Forfeited during the year 3,606 372 Expired during the year 724 738 Vested during the year 960,119 718,465 Number of RSU’s outstanding at the end of the year 719,575 — Vested and not exercised — 643,147 The weighted average remaining contractual life for RSU’s outstanding as at March 31, 2019 was Nil years (March 31, 2018: 0.38). The range of exercise prices for RSU’s outstanding at the end of the year is Nil (March 31, 2018: Nil). During the year ended March 31, 2019, share based compensation cost for these RSU’s is recognized under personnel expenses amounting to INR 103,110 (March 31, 2018: 633,172 and March 31, 2017: 577,749). Refer to Note 11. 2016 Stock Option and Incentive Plan (the “2016 Plan”) On December 13, 2016, the Company’s board of directors approved the 2016 Plan and on December 15, 2016, the Company shareholders approved the 2016 Plan. The 2016 Plan enables the 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 Company has reserved for issuance 7,667,393 authorized but unissued ordinary shares under the 2016 Plan as on March 31, 2019, 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, 2018, the Company pursuant to the “2016 Plan”, granted options to purchase 29,269 (March 31, 2018: 337,749) ordinary shares and 312,629 (March 31, 2018: 337,749) are outstanding as at March 31, 2019. The share-based payment awards have the following vesting period under the same plan:- 1) 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 1/16 th of the total number of stock options and with the last such vesting on November 1, 2021 2) 140,000 share options will vest over a period of two years in equal monthly installments commencing from first vesting on March 1, 2018 equivalent to 1/24 th of the total number of stock options, with the last such vesting on February 1, 2020 3) 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 1/16 th of the total number of stock options, with the last such vesting on June 1, 2022 4) 7,500 share options will vest over a period of one year in equal monthly installments commencing from first vesting on January 1, 2019 equivalent to 1/12 th of the total number of stock options, with the last such vesting on December 1, 2019 The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: March 31, 2018 March 31, 2019 Weighted Weighted average average EP EP per No. of shares per share No. of shares share Number of options outstanding at the beginning of the year — — 337,749 591.99 Granted during the year 337,749 591.99 29,269 406.10 Forfeited during the year — 54,389 668.82 Number of options outstanding at the end of the year 337,749 591.99 312,629 601.01 Vested 18,550 606.26 127,705 590.06 The weighted average remaining contractual life for the share options outstanding as at March 31, 2019 was 4.94 years (March 31, 2018: 6.09). The range of exercise prices for options outstanding at the end of the year was INR 380.38 to INR 691.60 (March 31, 2018: INR 508.51 to INR 651.10). During the year ended March 31, 2019, share based payment expense for these options was recognized under personnel expenses (refer to Note 11) amounted to INR 19,891 (March 31, 2018: 7,748 and March 31, 2017: Nil). Refer to Note 11. The following tables list the inputs to the model used for the years then ended March 31, 2018 March 31, 2019 Weighted average Fair value of ordinary share at the measurement date (USD) 7.09 5.67 Risk—free interest rate (%) 2.31% - 2.42% 2.76% - 2.80% Expected volatility (%) 36.10% - 36.55% 38.63% - 40.64% Expected life of share options 2.52 - 4.95 2.27 - 4.98 Dividend Yield Model used Black-Scholes Valuation Black-Scholes Valuation 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. 2016 Stock Option and Incentive Plan (the “2016 Plan”) The Company pursuant to the “2016 Plan” had approved a grant of 603,792 Restricted Stock Units (“RSUs”) and 280,886 are outstanding as at March 31, 2019 (March 31, 2018: 547,390). The restricted stock unit awards have the following vesting period:- 1) For 87,879 RSUs granted, vesting of these RSAs would commence from May 31, 2017 with first vesting equivalent to 1/8 th of the Balance RSAs for each of the employees and 1/8 th getting vested at the end of each subsequent quarters until February 28, 2019. 2) For 4300 RSUs were fully vested on the grant date. 3) For 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. 4) For 20,000 RSUs granted, these RSUs would vest over a period of time with first such vesting commencing from February 1,2018 equivalent to 1/10 th of the RSUs and rest of the RSUs vesting subsequently, in equal lots of 1/12 th of such RSUs, at the end of every quarter commencing from February 1, 2018, with the last one twelfth vesting on February 1, 2021. 5) For 479,336 RSUs granted, these RSUs would vest over a period of one year in equal quarterly installments with first such vesting commencing from April 1, 2018 equivalent to 1/4th of these RSUs and with the last vesting effectuating on January 1, 2019. 6) For 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 until April 1, 2021. March 31, 2018 March 31, 2019 No. of shares No. of shares Number of RSU’s outstanding at the beginning of the year — 547,390 Granted during the year 603,792 — Forfeited during the year 6,535 13,124 Expired during the year 283 3,645 Vested during the year 49,584 249,735 Number of RSU’s outstanding at the end of the year 547,390 280,886 Vested and not exercised — 263,115 The weighted average remaining contractual life for RSU’s outstanding as at March 31, 2019 was 1.03 years (March 31, 2018: 0.45). The range of exercise prices for RSU’s outstanding at the end of the year is Nil (March 31, 2018: Nil). During the year ended March 31, 2019, share based compensation cost for these RSU’s is recognized under personnel expenses amounting to INR 159,857 (March 31, 2018: 88,829 and March 31, 2017: Nil). Refer to Note 11 The following tables list the inputs to the model used for the years then ended: March 31, 2018 Weighted average Fair value of ordinary share at the measurement date (USD) 6.68 Risk—free interest rate (%) 2% - 2.5% Expected volatility (%) 35% - 37% Expected life of RSU's 0 - 4 Years Dividend Yield Model used Black-Scholes Valuation The expected life of RSU’s options has been taken as the vesting period. The expected volatility reflects the assumption based on historical volatility on the share prices of similar entities over a period. |
Components of Other Comprehensi
Components of Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2019 | |
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. March 31, 2017 2018 2019 Actuarial loss on defined benefit plan: Actuarial loss on obligation (refer to Note 34) (8,873) (5,047) (5,776) Income tax expense 733 187 250 Total (8,140) (4,860) (5,526) Foreign currency translation: Foreign currency translation differences 44,997 (9,879) (4,834) Income tax expense — — — Balance at the end of period 44,997 (9,879) (4,834) |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings. | |
Borrowings | 32. Borrowings March 31, Term 2018 2019 Current Finance lease liabilities Less than 1 year 4,920 3,071 Vehicle loan Less than 1 year 14,310 15,653 Secured loan from banks/NBFC's** Less than 1 year 472,630 335,751 Bank overdraft On demand — 797,343 Total 491,860 1,151,818 Non-Current Finance lease liabilities More than 1 year 3,992 1,032 Vehicle loan More than 1 year 31,813 23,555 Secured loan from banks/NBFC's** More than 1 year 324,164 — Total 359,969 24,587 Carrying amount Currency Interest Rate Year of Maturity March 31, 2018 2019 Secured bank loans/NBFC's** INR 14.75% 2019-2020 400,116 161,120 Bank overdraft INR Floating rate* On demand — 797,343 Vehicle loan INR 8 - 10% 2017-2022 46,123 39,208 Finance lease liabilities SGD 2.99% to 3.18% 2019-2021 8,912 4,103 Secured bank loans USD 9.0% 2019-2020 396,678 174,631 851,829 1,176,405 * 6M MCLR + spread ** Non-Banking Financial Company Bank overdrafts The overdraft facility of INR 800,000 is taken from ICICI bank by the Group. The facility is secured by the fixed deposits and first pari passu charge by way of hypothecation of all fixed assets and current assets, both existing and future, including intellectual property and intellectual property rights. The overdraft facility of INR 450 is taken from the Canara bank by the Group. The facility is secured by the fixed deposits. Secured loan - InnoVen capital During the financial year ending March 31, 2018, the Company had taken a loan amounting to INR 1,034,448 (USD 7.8 million and INR 495 million) that carries an interest of 9% per annum on loan taken outside India and an interest of 14.75% on loan taken in India. The Group received the amount in two tranches of INR 665,800 (USD 5 million and INR 320 million) and INR 368,648 (USD 2.8 million and INR 175 million). The loan is repayable in 26 and 23 monthly installments of INR 13,300 (USD 0.2 million) and INR 8,419 (USD 0.12 million) respectively each along with interest for the loan taken outside India. For the borrowing in India the loan is repayable in 26 and 23 monthly installments of INR 12,308 and INR 7,609 respectively each along with interest. Pursuant to the loan, the Company has also issued 154,000 warrants to Innoven for them to be subscribed to equivalent number of shares at an exercise price of $12 per share up to September 2022 (refer Warrants section below). The loan is secured by pledge of all existing and future, current and non-current assets, including any intellectual property and intellectual property rights of the group and by the pledge of shares held by Yatra India in ATB. As on July 4, 2019, the pledge on these shares has been released against a fixed deposit of INR 50 million. Warrants – Macquarie In conjunction with various financing transactions, the Company issued warrants (except quoted warrants) to purchase the Company's ordinay 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. Warrants – Innoven During the previous year, 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. 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: Number of Expiration shares Date of issue Exercise price date Macquarie Corporate Holdings Pty Limited - Ordinary shares* 46,458 24-Jul-15 INR 1860.40 ($26.90) 24-Jul-23 Innoven Capital - Ordinary shares 154,000 12-Sep-17 INR 829.92 ($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 reverse 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. Refer to Note 7 (considered derivative instruments) and Note 30 (considered equity), for movement in warrants during the year. Vehicle loan This includes the vehicles taken on loan by the company. Refer to Note 19. Finance lease liabilities Finance lease liabilities include the vehicles taken on finance lease by the company. Refer to Note 19. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other payables | |
Trade and other payables | 33 Trade and other payables March 31, 2018 2019 Trade payables 3,977,674 4,124,409 Accrued expenses 381,880 275,515 Related parties (refer to Note 42) 16,767 15,517 Refund and other payables* 673,309 852,605 Total 5,049,630 5,268,046 Current 5,049,630 5,264,949 Non-current — 3,097 Total 5,049,630 5,268,046 Non-current portion pertains to the expenditure incurred towards advertisements made as per the advertisements contract entered with BCCL (refer note 39). * During the year ending March 31, 2019, the Company has reassessed its estimates of likely future refund of certain customer transactions and the above liability has been adjusted accordingly. |
Employment benefit plan
Employment benefit plan | 12 Months Ended |
Mar. 31, 2019 | |
Employment benefit plan | |
Employment benefit plan | 34. Employment benefit plan March 31, 2018 2019 Defined benefit plan 87,009 106,718 Liability for compensated absences 67,624 72,287 Total liability 154,633 179,005 Defined benefit plan asset (refer to note 21) 7,835 6,339 Total asset 7,835 6,339 Net Unfunded liability 79,174 100,379 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 March 31, 2018 2019 Present value of obligation at beginning of year 70,951 115,708 Acquired through business combination 22,589 — Interest cost 4,715 6,977 Current service cost 14,633 20,166 Past service cost 8,683 — Actuarial loss on obligation –economic assumptions (1,792) 489 –demographic assumptions 6,139 4,506 Benefits paid (10,210) (20,216) Present value of obligation at closing of year 115,708 127,630 Movement in plan assets March 31, 2018 2019 Fair value of plan assets at beginning of the year 8,517 36,534 Acquired through business combination 27,578 — Employer contributions 1,612 2,270 Benefits paid (2,014) (4,752) Divestiture — (8,588) Earning on assets 1,442 2,568 Actuarial loss on plan assets (601) (781) Fair value of plan assets at end of the year 36,534 27,251 Unfunded liability March 31, 2018 2019 Current 13,687 24,869 Non-current 65,487 75,510 Unfunded liability recognized in statement of financial position 79,174 100,379 Unfunded liability recognized in statement of financial position 79,174 100,379 Funded asset 7,835 6,339 Prepayment and other assets - Non-Current 7,835 6,339 Components of cost recognized in profit or loss March 31, 2017 2018 2019 Current service cost 11,824 14,633 20,166 Past service cost — 8,683 — Net interest cost 2,892 3,273 4,409 14,716 26,589 24,575 Amount recognized in other comprehensive income March 31, 2017 2018 2019 Actuarial loss on obligation* 8,873 5,047 5,776 * 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: March 31, 2018 2019 Discount rate 6.80 - 7.10% 6.75 - 6.90% Future salary increase 5 - 11% 5 - 11% Average expected future working life (years) 2.33 - 3.7 2.34 - 3.93 Retirement age (years) 58 58 Mortality table IALM* (2006-08) Ultimate Withdrawal rate (%) Ages Upto 30 years 40 - 70% 40 - 70% From 31 to 44 years 30 - 35% 30 - 35% Above 44 years 3 - 5% 3 - 5% * Indian Assured Lives Mortality (2006‑08) Ultimate represents published mortality table used for mortality assumption. 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: March 31, 2018 2019 a) Impact of the change in discount rate a) Impact due to increase of 0.50 % (2,696) (3,406) b) Impact due to decrease of 0.50 % 2,844 2,736 b) Impact of the change in salary increase a) Impact due to increase of 0.50 % 2,251 1,967 b) Impact due to decrease of 0.50 % (2,188) (2,763) 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: March 31, 2018 2019 Year 1 27,738 29,827 Year 2 18,805 21,429 Year 3 15,187 15,107 Year 4 11,567 12,725 Year 5 9,851 11,986 Year 6-10 35,676 38,393 Total expected payments 118,824 129,467 |
Deferred revenue
Deferred revenue | 12 Months Ended |
Mar. 31, 2019 | |
Deferred revenue | |
Deferred revenue | 35 Deferred revenue March 31, 2018 2019 Global Distribution System providers 1,365,932 652,895 Loyalty program 104,778 22,816 Total deferred revenue 1,470,710 675,711 Non-current 599,612 96,392 Current 871,098 579,319 Total 1,470,710 675,711 "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. March 31, 2018 2019 As at April 1 998,265 1,470,710 Deferred during the year 1,098,695 — Recorded in statement of profit or loss (626,250) (794,999) As at March 31 1,470,710 675,711 |
Other financial liabilities
Other financial liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Other financial liabilities | |
Other financial liabilities | 36 Other financial liabilities March 31, 2018 2019 Non-current Share warrants (refer to Note 32) 84 94 84 94 Current Due to employees 196,956 182,495 Share warrants 1,914,520 383,699 Liability for the acquisition of business (refer to Note 43) 904,727 1,190,009 Total 3,016,203 1,756,203 |
Other non financial liability,
Other non financial liability, non-current | 12 Months Ended |
Mar. 31, 2019 | |
Other non financial liability, non-current | |
Other non financial liability, non-current | 37 Other non financial liability, non-current March 31, 2018 2019 Lease rent equalization 5,815 2,303 Total 5,815 2,303 |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Other current liabilities | |
Other current liabilities | 38 Other current liabilities March 31, 2018 2019 Advance from customers 702,444 Statutory liabilities 266,159 Other liabilities 93,402 Lease rent equalization 3,217 Interest accrued on term loan 3,155 Total 1,068,377 |
Commitment and contingencies
Commitment and contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Commitment and contingencies | |
Commitment and contingencies | 39. Commitment and contingencies a) Capital and other commitments: · Contractual commitments for capital expenditure pending execution were INR 1,859 as at March 31, 2019 (INR 7,745 as at March 31, 2018). Contractual commitments for capital expenditure are relating to acquisition of vehicle, furniture and fixture, computer software and websites, computer hardware. · Contractual commitments for revenue expenditure* pending execution were INR 106,206 as at March 31, 2019 (INR 40,683 as at March 31, 2018). Contractual commitments for revenue expenditure are relating to advertisement services. * Includes Advertisement and Debenture agreement with BCCL The Company has entered into a debenture subscription agreement with Bennett, Coleman & Company Limited. BCCL agreed to subscribe to 1 non-convertible debenture for an aggregate consideration of subscription amount of INR 195,000 and the Company agrees to issue and allot the same to BCCL on a private placement basis. Non convertible debentures (NCD) allotted to BCCL shall be redeemed at the redemption amount of INR 214,500 being the sum of NCD Subscription Amount and the NCD Interest. The Company also entered into an advertisement agreement with BCCL wherein the Company has paid a deposit of INR 195,000 along with the advertisement commitment amounting INR 300,000 to BCCL. This deposit will be utilised towards payments to be made in relation to advertisements released in properties owned and managed by BCCL. b) Contingent liabilities i) Claims not recognised as liability were INR 86,508 as at March 31, 2019 (INR 65,175 as at March 31, 2018). These represents claim made by the customers due to service related issues, which are contested by the Company and are pending in various consumer redressal forums in India. This also includes INR 1,000 as at March 31, 2019 (INR 1,000 as at March 31, 2018) towards claim for copyright infringement. The management does not expect these claims to succeed and, accordingly, no provision has been recognised in the financial statements. ii) INR 251,324 as at March 31, 2019 (INR 254,246 as at March 31, 2018), 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 not probable that the demand will materialise and therefore no provision has been recognised. iii) INR 96,608 as at March 31, 2019 (INR 108,540 as at March 31, 2018), 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) Operating 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. These leases have various extension options and escalation clause. As per the agreements maximum obligation on long term non-cancellable leases are as follows: The future minimum lease payment obligation as lessee as under: March 31, 2018 2019 Within one year 118,351 104,289 After one year but not more than five years 155,220 337,665 More than five years 11,153 317,092 Total 284,724 759,046 During the year ended March 31, 2019, INR 193,348 was recognized as rent expense under other operating expenses in statement of profit and loss in respect of operating leases (March 31, 2018: INR 178,650 and March 31, 2017: INR 148,738). As on March 31, 2019, remaining tenure for operating leases range from 1 to 9 years. d) Finance lease commitment—Group as lessee The Group has finance leases for vehicles. The Group's obligations under finance leases are secured by the lessor's title to the leased assets. Future minimum lease payments under finance leases together with the present value of the net minimum lease payments are, as follows: March 31, 2018 2019 Within one year 5,819 3,534 After one year but not more than five years 4,481 1,071 Total 10,300 4,605 Less: amount representing finance charges 1,387 502 Present value of minimum lease payments 8,913 4,103 |
Financial risk management, obje
Financial risk management, objective and policies | 12 Months Ended |
Mar. 31, 2019 | |
Financial risk management, objective and policies | |
Financial risk management, objective and policies | 40. Financial instruments 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. 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 carrying amount of the financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: March 31, 2018 2019 Trade and other receivables 3,976,751 4,921,270 Term deposits and other financial assets 1,272,970 1,295,448 Total 5,249,721 6,216,718 The age of Trade and other receivables at the reporting date was: March 31, 2018 2019 0 - 30 days 2,906,073 3,569,845 31 - 90 days 568,903 929,721 91 - 180 days 281,749 177,769 More than 180 days 220,026 243,935 Total 3,976,751 4,921,270 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, except for as disclosed in Note 26, 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, 2018 and 2019. As at March 31, 2018 Carrying Contractual Within More than Amount Cash Flows * 1 year 1 - 5 Years 5 years Vehicle loan 46,123 52,991 17,624 35,367 — Finance lease liabilities 8,913 10,300 5,819 4,481 — Trade and other payables 5,049,630 5,049,630 5,049,630 — — Term loan 796,794 882,490 554,189 328,301 — Other Current liabilities 1,390,068 1,390,068 1,390,068 — — Total 7,291,528 7,385,479 7,017,330 368,149 — As at March 31, 2019 Carrying Contractual Within More than Amount Cash Flows * 1 year 1 - 5 Years 5 years Vehicle loan 39,208 44,061 18,420 25,641 — Finance lease liabilities 4,103 4,605 3,534 1,071 — Trade and other payables 5,268,046 5,268,046 5,264,949 3,097 — Term loan 335,752 372,613 372,613 — — Bank overdraft 797,343 797,343 797,343 — — Other Current liabilities 1,664,215 1,664,215 1,664,215 — — Total 8,108,667 8,150,883 8,121,074 29,809 — * 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 and GBP against currencies other than INR is not expected to have significant impact on the Group’s profit or loss. Accordingly, a 5% appreciation/weakening of the USD, Euro and GBP currency as indicated below, against the INR would have increased/decreased loss 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. March 31, 2018 2019 5% strengthening/weakening of USD against INR 7,561 10,256 5% strengthening/weakening of Euro against INR 2,319 2,245 5% strengthening/weakening of GBP against INR 1,971 930 |
Capital management
Capital management | 12 Months Ended |
Mar. 31, 2019 | |
Capital management | |
Capital management | 41. 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 shareholders’ 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 could permit the bank to immediately call interest-bearing loans and borrowings. During the financial year March 31, 2019, the Company had raised additional capital through follow-on public offering (refer to Note 29). During the financial year March 31, 2018, the company had taken a loan from Innoven Capital (refer to Note 32). 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, 2018 and March 31, 2019. The Group monitors capital using a debt equity ratio, which is debt divided by total equity. March 31, 2018 2019 Interest bearing loans and borrowings (Note 32) 851,829 1,176,405 Less: cash and cash equivalents (Note 28) (2,465,073) (2,161,014) Net debt (1,613,244) (984,609) Share warrants (Note 36) 1,914,604 383,793 Equity (224,918) 2,359,749 Total Equity 1,689,686 2,743,542 Gearing ratio (Net debt / total equity + net debt) % % |
Related party disclosures
Related party disclosures | 12 Months Ended |
Mar. 31, 2019 | |
Related party disclosures | |
Related party disclosures | 42. 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 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. Alok Vaish Chief Financial Officer Mr. Murlidhara Lakshmikantha Kadaba Non-executive Director Mr. Sanjay Arora Non-executive Director Mr. Sean Agarwal (w.e.f. March 1, 2018) Non-executive Director Mr. Sudhir Kumar Sethi Non-executive Director Mr. Promod Haque (resigned on October 13, 2017) Non-executive Director Mr. Amit Bapna (resigned on December 12, 2017) Non-executive Director Ms. Neelam Dhawan (apppointed from Jan 1, 2019) Non-executive Director Entities having significant influence E‑18 Limited IDG Ventures India Advisors Private Limited Reliance Capital Limited (till December 12, 2017) Group Companies of entities having significant influence Terrapin Partners, LLC E‑18 Limited Reliance Retail Limited Reliance Industries Limited Reliance Capital Limited (till December 12, 2017) Reliance Infrastructure Limited Reliance ADA Group Private Limited Reliance Power Reliance Communications Limited Reliance General Insurance Company Limited Reliance Defence Limited Reliance Defence Systems Private Limited Reliance Nippon Life Insurance Co Limited Reliance Nippon Life Asset Management Limited Reliance Home Finance Limited Reliance Commercial Finance Limited Reliance Infocomm Limited Reliance Defence Systems & Tech Limited Reliance Cement Company Private Limited Other entities where the company considers their to be a significant influence due to significant transaction with investor Macquarie Capital (USA) Inc. Joint Venture Company Adventure and Nature Network Private Limited During the year, the Group entered into the following transactions, in the ordinary course of business on an arm’s length basis, with related parties: March 31, 2017 2018 2019 Significant Influence Rendering of services 22,041 6,910 — Group Companies of entities having significant influence Rendering of services 88,932 169,342 405 Advertisement expense 15,154 5,247 — Interest expense 220 4,428 1,716 Communication expense 12,971 11,491 489 Legal and professional fees — 5,497 — Insurance expense 8 6 — Other entities where the company considers their to be a significant Legal and professional fees 101,353 — — Joint venture company Rendering of services — — — Recovery of expenses — 103 196 Loan given — 7,500 22,500 Interest income — 78 1,824 March 31, 2018 2019 Significant Influence Trade payable 1,092 — Trade receivable 3,504 — Group Companies of entities having significant influence Trade payable 15,675 15,517 Trade receivable 53,475 4,280 Joint venture company Prepayment and Other asset 7,759 30,385 Other current financial assets 70 1,642 The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm's length transactions. 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 March 31, 2017 2018 2019 Short-term employee benefits 28,760 47,369 50,830 Contributions to defined contribution plans 22 22 22 Profit linked bonus 27,187 8,790 7,271 Directors Sitting fee's 2,762 9,947 8,587 Share based payment 353,271 447,848 179,884 Total compensation paid to key management personnel 412,002 513,976 246,593 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. During the financial year ending March 31, 2019, the Company had bought back Nil (March 31, 2018: Nil and March 31, 2017: 7,982) number of shares from key management personnel The amount disclosed in the table are the amounts recognized as an expense during the reporting period related to key management personnel. Directors' Loan and Advances Repayment/ settlement Year ended Interest income Advances given of advances Receivable March 31, 2019 — 342 342 — March 31, 2018 — 337 337 — |
Business Combination
Business Combination | 12 Months Ended |
Mar. 31, 2019 | |
Business Combination | |
Business Combination | 43. Business Combination Travel.Co.In Limited ("TCIL") On February 8, 2019, the “Company’s”, subsidiary, Yatra Online Private Limited (“Yatra India”) acquired all of the outstanding shares of Travel.Co.In Limited ("TCIL") pursuant to a Share Purchase Agreement by and among Yatra India, TCIL and the sellers party thereto (the “Share Purchase Agreement”). Pursuant to the terms of the Share Purchase Agreement, the Company has acquired all the outstanding shares of TCIL in exchange for an upfront payment of INR 58,276. This acquisition has further strengthened the Company's position in the large and growing corporate travel market in southern India region along with adding over 100 corporate clients to its existing client base. This acquisition allowed in delivering best-in-class experiences to an even wider set of corporate clients, through the Company web and mobile app platforms and enhancing its reach to cross-sell its entire product suite, including hotels, to this customer base. The operations of TCIL have been consolidated in the financial statements of the Group from February 1, 2019. TCIL contributed net revenue of INR 7,231 and loss of INR 1,549 to the Group’s result. Acquisition-related costs The Group incurred acquisition related costs of INR 6,142 relating to external legal fees and due diligence cost. These amounts have been included in other operating expenses in the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2019. Purchase consideration Purchase consideration has been fair valued at INR 58,276. The purchase price of INR 58,276 as on the date of acquisition had been allocated to the acquired assets and liabilities as follows: Net working capital (including cash) (1,240) Tangible assets 260 Customer base and relationships 5,654 Non compete agreements 2,110 Goodwill 53,913 Deferred tax liability (2,421) Total purchase consideration 58,276 Analysis of cash flows on acquisition: Net cash acquired with the subsidiary 4,828 Cash paid (58,276) Net cash flow on acquisition (53,448) The table below shows the values and lives of intangibles recognised on acquisition:- Life (years) Customer base and relationships 4 5,654 Non compete agreements 5 2,110 Total Intangibles 7,764 Gross carrying amount Goodwill At April 1, 2018 961,186 Acquisition of a subsidiary - Travel.Co.In Limited ("TCIL") 53,913 At March 31, 2019 1,015,099 The goodwill recognised is primarily attributed to the expected synergies and other benefits from combining the assets and activities of TCIL with those of the Group. The goodwill is not deductible for income tax purposes. Air Travel Bureau Private Limited (“ATB”) (formerly known as Air Travel Bureau Limited) On July 20, 2017, Yatra India agreed to acquire all of the outstanding shares of Air Travel Bureau Limited (“ATB”) pursuant to a Share Purchase Agreement by and among Yatra India, ATB 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 ATB 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 ATB 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. This acquisition significantly strengthens the Company's position in the large and growing corporate travel market in India. As a combined entity, Yatra became the largest corporate travel services platform in India by Gross Bookings. Through this acquisition, the Company had delivered best-in-class experiences to an even wider set of corporate clients and their employees, through the Company web and mobile app platforms and enhancing its reach to cross-sell its entire product suite, including hotels, to this customer base. The operations of ATB have been consolidated in the financial statements of the Group from July 31, 2017. ATB contributed net revenue of INR 560,968 and profit of INR 7,586 to the Group’s result for the year ended March 31, 2018. Acquisition-related costs The Group incurred acquisition related costs of INR 5,943 relating to external legal fees and due diligence cost. These amounts have been included in other operating expenses in the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2018. Purchase consideration Purchase consideration had been fair valued at INR 1,120,510 as at July 31, 2017 out of which INR 509,999 had been paid and balance had been shown under other current financial liabilities. The purchase price of INR 1,120,510 as on the date of acquisition had been allocated to the acquired assets and liabilities as follows: Net working capital (including cash) 1,245,235 Tangible assets 71,016 Long term liabilities (695,088) Customer base and relationships 134,681 Non compete agreements 16,861 Goodwill 400,254 Deferred tax liability (52,449) Total purchase consideration 1,120,510 The net assets recognized on July 31, 2017, were based on the provisional assessment of the Performance Linked Bonus (“PLB”), trade payables and trade receivables. Based on the revised assessment of the PLB income, trade payables and trade receivables, there was an increase in the net assets of INR 92,734 and there was also a corresponding decrease of goodwill of INR 92,734, resulting in INR 307,520 of total goodwill arising on the acquisition. After taking the impact of the above adjustment on the date of the acquisition, the fair value of the trade receivables was INR 1,425,036. The gross amount of trade receivables was INR 1,442,300. The difference between the fair value and the gross amount is the result of an adjustment for counterparty credit risk. At March 31, 2018, INR 18,141 of the trade receivables has been impaired. Gross carrying amount Goodwill At April 1, 2017 653,666 Acquisition of a subsidiary – Air Travel Bureau Limited (“ATB”) 307,520 At March 31, 2018 961,186 Analysis of cash flows on acquisition: Net cash acquired with the subsidiary 156,543 Cash paid (510,000) Net cash flow on acquisition (353,457) The table below shows the values and lives of intangibles recognised on acquisition: ‑ Life (years) Customer base and relationships 15 134,682 Non compete agreements 3.5 16,861 Total Intangibles 151,543 The goodwill recognised is primarily attributed to the expected synergies and other benefits from combining the assets and activities of ATB with those of the Group. The goodwill is not deductible for income tax purposes. Contingent consideration 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, the fair value of the contingent consideration was estimated to be INR 1,120,510. During the year ended March 31, 2019, it was estimated that the performance condition will be achieved due to change in business conditions and better cash flow management. The fair value of the contingent consideration determined during the year ended March 31, 2019 reflects this development, amongst other factors and a remeasurement charge has been recognised through profit or loss. A reconciliation of fair value measurement of the contingent consideration liability is provided below: As at July 31, 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 * During the financial year March 31, 2019, the Company had paid INR 200,000 as an advance against the Second closing. Till date, the Second Closing has not occurred, as Yatra India and the Sellers have not yet agreed on the computation for the Final Payment. On June 4, 2019, the Economic Offences Wing of the Delhi Police (the “EOW”) registered a First Information Report to initiate an investigation of a criminal complaint (the “Complaint”) previously filed with the EOW by Mr. Sunil Narain (the “Complainant”), one of the Sellers. The Complaint alleged, among other things, cheating and criminal breach of trust in connection with Yatra India’s performance of its obligations under the Share Purchase Agreement, which Yatra India has denied in its initial response to the Complaint. The Complaint was originally filed against (i) Yatra India, (ii) certain officers and directors of our subsidiaries, including Yatra India, and (iii) a partner in Yatra India’s external auditing firm (the “Respondents”, and together with the Complainant, the “Parties”). As relief, the Complainant requested that appropriate action be taken in response to the alleged criminal acts, including, among other things, the registration of a First Information Report. Separately, on May 30, 2019, Yatra India filed a petition with the High Court of Delhi seeking, among other things, interim relief against the Complainant. Based on the petition, on May 31, 2019, the High Court of Delhi issued an order granting certain interim relief to Yatra India referring the matter to arbitration and also appointing an arbitrator. The arbitration proceedings in the matter have commenced accordingly. Terrapin 3 Acquisition Corporation On July 13, 2016, the Parent Company entered into a business combination agreement with NASDAQ listed Terrapin 3 Acquisition Corporation (“Terrapin” or “TRTL”). Terrapin was a special purpose acquisition company formed for the purpose of effecting a merger, acquisition, or similar business combination. Terrapin raised INR 14,111,708 in its IPO in July 2014. Subsequently TRTL was restructured by formation of TRTL parent and TRTL subsidiary (collectively referred to as TRTL). On December 16, 2016, the business combination was completed pursuant to the terms of the Amended and Restated Business Combination Agreement, dated as of September 28, 2016 and, consequently, TRTL’s parent merged with and into the Parent Company. Pursuant to the business combination agreement, holders of shares of TRTL's Class A common stock received ordinary shares of the Parent Company in exchange for their shares of TRTL's Class A common stock on a one-for-one basis; holders of shares of TRTL's Class F common stock received one Class F share of the Parent Company, which has no economic right but only a voting right similar to ordinary shares, for each share of TRTL’s Class F common stock: and each of TRTL's outstanding warrants ceased to represent a right to acquire shares of TRTL's Class A common stock and instead represent the right to acquire the same number of ordinary shares of the Parent Company, at the same exercise price and on the same terms as in effect immediately prior to the closing of the business combination. For accounting purposes, the Parent Company is deemed to be the accounting acquirer in the Business Combination and, consequently, the Business Combination is treated as a capital transaction involving the issuance of Parent Company shares. The transaction was been consummated by the issuance of 6.794 million ordinary shares of Yatra Online, Inc. to holders of TRTL Class A common stock in exchange for their shares of TRTL Class A common stock on a one-for-one basis, the assumption of 34.675 million warrants issued to TRTL warrant holders and the issuance of 3.159 million Class F shares of Yatra Online, Inc. to TRTL Class F stockholders. Terrapin 3's net assets of INR 2,404,373 were combined with the Company and the issuance of ordinary shares of the Parent Company was recorded at the fair value of INR 6,474,133 with the resulting difference amounting to INR 4,069,760, representing the expense reflected as listing and related expenses in statement of profit or loss. The net assets of INR 2,404,373 acquired on December 16, 2016 includes: Amount Cash and cash equivalent 4,051,557 Current assets 8,285 Accounts payable (23,797) Warrants (1,631,672) Subsequent to consummation of business combination; i) during December 2016, the Parent Company raised additional capital of INR 1,663,544 on private placement basis and certain warrant holders exercised their right resulting into additional share capital of INR 7,352. ii) during December 2016, the Parent Company granted 2,000,000 restricted stock units (RSUs) to certain employees. Each unit of RSU entitles the holder to purchase one share of the Company, subject to requirement of vesting conditions. These RSUs had been issued subject to a two year repurchase right in favor of the Company such that the Company was be able to acquire any unvested shares for a nominal amount. The cost of RSUs determined by the fair value at the date of grant was amortized on a monthly graded basis over the total vesting period. For details, refer note 30. iii) during December 2016, the Parent Company declared contingent dividend of INR 2,368,275 to its shareholders, certain employees, warrant holders and swap shareholders. Such contingent dividend was payable only upon the achievement by the Company of defined net revenue and earnings before interest, tax, depreciation and amortization (EBITDA) metrics in calendar year 2017 and during the period from January 1, 2018 through June 30, 2018. As at March 31, 2019 the fair value of contingent dividend attributable to shareholders, amounting to Nil (March 31, 2018: Nil) has been adjusted with equity and Nil (March 31, 2018: Nil) attributable to employees and warrant holders, has been recorded in statement of profit or loss and other comprehensive loss. iv) the Parent Company incurred transaction costs amounting to INR 253,813 in March 31, 2017. An amount of INR 172,474 has been charged to statement of profit or loss and other comprehensive loss and INR 81,339 in statement of changes in equity under equity share premium. |
Listing and related expenses
Listing and related expenses | 12 Months Ended |
Mar. 31, 2019 | |
Listing and related expenses | |
Listing and related expenses | 44. Listing and related expenses Listing and related expenses items include: · Listing expense amounting to Nil (March 31, 2018: Nil and March 31, 2017: 4,069,760). Also refer to Note 43. · Transaction costs for consummation of business combination amounting to Nil (March 31, 2018: Nil and March 31, 2017: INR 172,474 ). · Contingent dividend (basis reassessment of fair valuation) amounting to Nil (March 31, 2018: Nil and March 31, 2017: INR 292) towards contingent dividend payable to holders of certain share options and share warrants. |
Subsequent event
Subsequent event | 12 Months Ended |
Mar. 31, 2019 | |
Subsequent event | |
Subsequent event | 45. Subsequent event Ebix Merger Agreement On July 16, 2019, the Company entered into a Merger Agreement (the "Merger Agreement") with Ebix, Inc., a Delaware corporation ("Ebix"), and EbixCash Travels Inc., a Cayman Islands exempted company limited by shares and a direct, wholly-owned subsidiary of Ebix ("Merger Sub"). Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company, the separate existence of Merger Sub will cease and we will continue as the surviving company and as a direct, wholly-owned subsidiary of Ebix (the "Merger"). The Merger is intended to qualify as a tax-free reorganization within the meaning of Section 368(a)(1) of the US Internal Revenue Code of 1986, as amended. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the "Effective Time"): · All of the issued and outstanding Ordinary Shares, Class A Shares and Yatra USA Class F Shares (each as defined in the Merger Agreement), will be cancelled and converted into the right to receive 0.005 (the "Exchange Ratio") of a share of Ebix's Series Y Convertible Preferred Stock, par value $0.10 per share (the "Ebix Preferred Stock"); · Each Class F Share (as defined in the Merger Agreement) that is issued and outstanding will be cancelled and converted into the right to receive 0.00000005 of a share of Ebix Preferred Stock; · Each Yatra India Share (as defined in the Merger Agreement) that is issued and outstanding will be cancelled and converted into the right to receive a specified number of shares of Ebix Preferred Stock, as set forth in the Merger Agreement; · Each option to purchase Ordinary Shares, whether vested or unvested, will be canceled and converted as of immediately prior to the Effective Time into the right to receive in respect of each Net Option Share (as defined in the Merger Agreement), if any, subject to such option, the merger consideration that would be received for one Ordinary Share; · Each of our restricted stock units, whether vested or unvested, will be cancelled and converted as of immediately prior to the Effective Time into the right to receive the merger consideration due an Ordinary Share; and · Each warrant to purchase Ordinary Shares ("Yatra Warrant"), to the extent not cancelled in as per the Merger Agreement, will be assumed by Ebix and become, as of the Effective Time, an option to purchase, on the same terms and conditions (including applicable vesting, exercise and expiration provisions) as applied to each such Yatra Warrant immediately prior to the Effective Time, shares of Ebix Preferred Stock (such option, an "Assumed Warrant"), except that (A) the number of shares of Ebix Preferred Stock, subject to such Assumed Warrant will be equal to the product of (x) the number of Ordinary Shares that were subject to such Yatra Warrant immediately prior to the Effective Time, multiplied by (y) the Exchange Ratio, and (B) the per-share exercise price will be equal to the quotient of (1) the exercise price per Ordinary Share at which such Yatra Warrant was exercisable immediately prior to the Effective Time, divided by (2) the Exchange Ratio. Each share of Ebix Preferred Stock is convertible, at the option of the holder, into 20 shares of common stock of Ebix. Our board of directors and the respective boards of directors of Merger Sub and Ebix have each approved the Merger Agreement, the Merger and the Plan of Merger. Our board of directors has also resolved to recommend that our shareholders adopt the Merger Agreement and the Plan of Merger. In addition, the board of directors of Ebix has approved the issuance of Ebix Preferred Stock in connection with the Merger. Air Travel Bureau Limited (“ATB”) - Business Combination On June 4, 2019, the Economic Offences Wing of the Delhi Police (the ‘‘EOW’’) registered a First Information Report to initiate an investigation of a criminal complaint (the ‘‘Complaint’’) previously filed with the EOW by Mr. Sunil Narain (the ‘‘Complainant’’), one of the Sellers. The Complaint alleged, among other things, cheating and criminal breach of trust in connection with Yatra India’s performance of its obligations under the Share Purchase Agreement, which Yatra India has denied in its initial response to the Complaint. The Complaint was originally filed against (i) Yatra India, (ii) certain officers and directors of our subsidiaries, including Yatra India, and (iii) a partner in Yatra India’s external auditing firm (the ‘‘Respondents’’, and together with the Complainant, the ‘‘Parties’’). As relief, the Complainant requested that appropriate action be taken in response to the alleged criminal acts, including, among other things, the registration of a First Information Report. Separately, on May 30, 2019, Yatra India filed a petition with the High Court of Delhi seeking, among other things, interim relief against the Complainant. Based on the petition, on May 31, 2019, the High Court of Delhi issued an order granting certain interim relief to Yatra India referring the matter to arbitration and also appointing an arbitrator. The arbitration proceedings in the matter have commenced accordingly. Refer to Note 43. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Significant accounting policies | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements for March 31, 2019 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, 2018 (Refer Note 2.2). The consolidated financial statements of the Group for the year ended March 31, 2019 were authorized for issuance by the Parent’s board of directors on July 30, 2019. 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. Certain reclassifications have been made in the consolidated financial statements of prior periods to conform to the classification used in the current period. The impact of such reclassifications on the consolidated financial statements is not material. |
New standards, interpretations and amendments adopted by the Group | 2.2 New standards, interpretations and amendments adopted by the Group IFRS 9 Financial Instruments In July 2014, IASB issued the final version of IFRS 9 “ Financial Instruments ” which reflects all phases of the financial instruments project and replaces IAS 39 “ Financial Instruments ”: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. The Company adopted this new standard effective April 1, 2018 by applying the relief from restating comparative information. The adoption has no impact on our consolidated financial statements. a) Classification and measurement There are no changes in classification and measurement for the Group’s financial liabilities. The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets as at April 1, 2018. Total carrying Value Total fair Value IAS 39 Category IFRS 9 Category INR INR Cash and cash equivalents Loans and receivables Financial assets at amortized cost 2,465,073 2,465,073 Term Deposits Loans and receivables Financial assets at amortized cost 1,012,144 1,012,144 Trade receivables Loans and receivables Financial assets at amortized cost 3,976,751 3,976,751 Other financial assets Loans and receivables Financial assets at amortized cost 150,075 150,075 Total carrying value 7,604,043 7,604,043 b) Impairment IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at amortized cost, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39. Impact of the new impairment model For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9’s impairment requirements at April 1, 2018 does not have a material impact on the financial statements. IFRS 15 Revenue from Contracts with Customers Effective April 1, 2018, the Company adopted the new revenue recognition standard, IFRS 15. The Company adopted the new standard by using the cumulative effect method (modified retrospective approach) and accordingly, the comparative information has not been restated. Results for reporting periods beginning after April 1, 2018 are presented under the new guidance, while prior period amounts continue to be reported under the accounting standards in effect for those periods. This standard resulted in no material impact within the consolidated statement of profit or loss and other comprehensive loss for the financial year ending March 31, 2019, except for certain marketing and sales promotion expenses to a reduction in revenue of INR 3,571,451. The cost for upfront cash incentives and select loyalty programs as incurred for customer inducement and acquisition for promoting transactions across various booking platforms were previously recorded as marketing and sales promotion costs and are now being recorded as a reduction of revenue. Upon adoption, the group recognized the cumulative effect as a reduction to the opening balance of retained eanings amounting to INR 38,110 comprised of changes in accounting for marketing revenue amounting to INR 21,598 as well as other adjustments of INR 16,512. The cumulative effects of the revenue accounting changes made to our consolidated balance sheet as of April 1, 2018 were as follows: Current assets As at March 31, 2018 Adjustments Balance at April 1, 2018 Trade and other receivables 3,976,751 18,742 3,995,493 Prepayments and other assets 977,822 160 977,982 Current liabilities Trade and other payables 5,049,630 2,919 5,052,549 Other current liabilities 1,245,947 54,094 1,300,041 Equity Accumulated deficit (16,002,266) (38,110) (16,040,376) IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration In December 2016, IASB issued IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The Company adopted IFRIC 22 effective April 1, 2018. The adoption has no material impact on the consolidated financial statements. |
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. 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, 2019, March 31, 2018 and March 31, 2017, except for transactions where there is a significant difference in the exchange rate, 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. 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, 2019, the consolidated statement of profit or loss and other comprehensive loss for the year ended March 31, 2019 and consolidated statement of cash flows for year ended March 31, 2019 were converted into USD at the exchange rate of 69.16 INR per USD, which is based on the noon buying rate as at March 31, 2019, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of IFRS. |
Joint ventures | Joint ventures 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. |
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 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. Business combinations which do not fall under the scope as defined under IFRS 3, are accounted in accordance with relevant IFRS as issued by the IASB and other relevant pronouncements. |
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 and/or traveler. 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. Incentives from airlines are recognized when the performance thresholds under the incentive schemes are achieved or are probable to be achieved at the end of periods. 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. Both the performance obligations are 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. Revenue from packages are accounted for on a gross basis as the Group is determined to be the primary obligor in the arrangement, that is the risks and responsibilities are taken by the Group including the responsibility for delivery of services. Cost of delivering such services includes cost of hotels, airlines and package services and is disclosed as service cost. Other Services Revenue from other sources, primarily comprising advertising revenue, revenue from sale of rail and bus tickets and fees for facilitating website access to travel insurance companies are being recognized as the services are being performed. Revenue from the sale of rail and bus tickets is recognized as an agent on a net commission earned basis. Revenue is recognized net of allowances for cancellations, refunds during the period and taxes. Revenue is allocated between the loyalty program and the other components of the sale. The amount allocated to the loyalty programme is deferred, and is recognized as revenue when the Group fulfills its obligations to supply the products/services under the terms of the program. The Group receives 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 which is recognized 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. The Group incurs certain marketing and sales promotion expenses which get reduced from revenue. This includes the cost for upfront cash incentives and select 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 the right to consideration in exchange for services transferred to the customer. If the Group performs by transferring services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. 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. 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 with effect from April 1, 2018 after the adoption of IFRS-15. |
Finance income and costs | Finance income and costs Finance income comprises interest income on term deposits and net gain on change in fair value of derivatives. 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 comprise interest expense on borrowings, unwinding of the discount on provisions, and impairment losses recognized on financial assets. 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 liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses, 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 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 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 and other comprehensive loss is recognized, in correlation to the underlying transaction either in other comprehensive income or directly in equity. 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 Alternative Tax (‘MAT’) expense under the provisions of the Indian Income-tax Act, 1961 is recognized as an asset in the statement of financial position when it is probable that future economic benefit associated with it in the form of adjustment of future income tax liability, will flow to the Company and the asset can be measured reliably. MAT credit entitlement is set off to the extent allowed in the year in which the Company becomes liable to pay income taxes at the enacted tax rates. MAT credit entitlement is reviewed on every period end and is written down to reflect the amount that is reasonably certain to be set off in future years against the future income tax liability. MAT credit entitlement is included as part of deferred tax asset. |
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: Computer and peripherals 3 years Furniture and fixtures 5 years Office equipment 5 years Vehicles Term of loan/lease or useful life (5 - 7 years as applicable) whichever is shorter. Leasehold improvements are amortized over the lower of primary lease period or economic useful life. |
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 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. 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. During the period of development, the asset is tested for impairment annually. Intangible assets are amortized as below: Agent / Supplier relationships 2.5 - 10 years Non-compete agreements 3.5 - 6.5 years Trademarks 10 - 20 years Intellectual property rights 3 years Computer software and websites 3 to 10 years or license period, whichever is shorter Customer relationships 4 to 15 years |
Leases | Leases Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership by the Group is classified as a finance lease. Finance leases are capitalized at the commencement of the lease at the inception date at fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement of profit or loss and other comprehensive loss. A leased asset is depreciated over the shorter of the estimated useful life of the asset or the lease term. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss and other comprehensive loss on a straight-line basis over the lease term. |
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. 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. 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. 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 (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 under "IAS 32 Financial Instruments: Presentation" and are not held for trading. The classification is determined on an instrument-by-instrument basis. 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 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. Notwithstanding the criteria for debt instruments to be classified at amortized 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. Impairment of financial assets The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. 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. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. 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 32. 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. |
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. Share options exercised during the reporting period are satisfied with treasury shares. |
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. |
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 or when annual impairment testing for an asset is required. 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. 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. Other impairment losses are only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had previously been recognized. |
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. 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. 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 (RSU's) | 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. Diluted EPS is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the year including convertible preference shares, 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. |
Listing and related expenses | Listing and related expenses Listing and related expenses refer to items of expense within the statement of profit or loss and other comprehensive loss which have been incurred in order to acquire listing status as well as raise additional capital through the issuance of shares of its capital stock, which are non-recurring and are of such size, similar nature or incidence that their separate disclosure is considered necessary to explain the performance of the Group, further details of which are given in Note 44. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Significant accounting policies | |
Schedule of balace sheet impact as a result of adoption of IFRS 9 | The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets as at April 1, 2018. Total carrying Value Total fair Value IAS 39 Category IFRS 9 Category INR INR Cash and cash equivalents Loans and receivables Financial assets at amortized cost 2,465,073 2,465,073 Term Deposits Loans and receivables Financial assets at amortized cost 1,012,144 1,012,144 Trade receivables Loans and receivables Financial assets at amortized cost 3,976,751 3,976,751 Other financial assets Loans and receivables Financial assets at amortized cost 150,075 150,075 Total carrying value 7,604,043 7,604,043 |
Schedule of cumulative effects of the revenue accounting changes made to consolidated balance sheet | The cumulative effects of the revenue accounting changes made to our consolidated balance sheet as of April 1, 2018 were as follows: Current assets As at March 31, 2018 Adjustments Balance at April 1, 2018 Trade and other receivables 3,976,751 18,742 3,995,493 Prepayments and other assets 977,822 160 977,982 Current liabilities Trade and other payables 5,049,630 2,919 5,052,549 Other current liabilities 1,245,947 54,094 1,300,041 Equity Accumulated deficit (16,002,266) (38,110) (16,040,376) |
Schedule of useful lives of property, plant and equipment | Computer and peripherals 3 years Furniture and fixtures 5 years Office equipment 5 years Vehicles Term of loan/lease or useful life (5 - 7 years as applicable) whichever is shorter. |
Schedule of useful lives of intangible assets | Agent / Supplier relationships 2.5 - 10 years Non-compete agreements 3.5 - 6.5 years Trademarks 10 - 20 years Intellectual property rights 3 years Computer software and websites 3 to 10 years or license period, whichever is shorter Customer relationships 4 to 15 years |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Segment information | |
Summary of information about reportable segments | Information about Reportable Segments: Air Ticketing Hotels and Packages Others Total March 31 March 31 March 31 March 31 Particulars 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Segment revenue 3,656,976 5,012,931 5,708,152 5,326,414 6,628,236 6,162,926 373,423 607,346 1,058,953 9,356,813 12,248,513 12,930,031 Service cost — — — (4,179,486) (4,930,757) (4,282,803) — — — (4,179,486) (4,930,757) (4,282,803) Segment results 3,656,976 5,012,931 5,708,152 1,146,928 1,697,479 1,880,123 373,423 607,346 1,058,953 5,177,327 7,317,756 8,647,228 Other income 25,282 90,001 263,785 Unallocated expenses (6,790,437) (10,342,290) (10,907,467) Operating loss (before depreciation and amortization) (1,587,828) (2,934,533) (1,996,454) Finance cost (149,863) (153,056) (263,290) Depreciation and amortization (275,587) (425,600) (581,746) Finance income 139,158 91,912 41,310 Share of loss of joint venture (9,441) (10,559) (12,772) Change in fair value of warrants- gain/(loss) 230,111 (563,253) 1,667,193 Listing and related expense (refer note 44) (4,242,526) — — Loss before taxes (5,895,976) (3,995,089) (1,145,758) Tax expense (40,987) (56,887) (47,837) Loss for the year (5,936,963) (4,051,976) (1,193,595) Reconciliation of information on Reportable Segments to IFRS measures: Air Ticketing Hotels and Packages Others Total March 31 March 31 March 31 March 31 Particulars 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Segment revenue 3,656,976 5,012,931 5,708,152 5,326,414 6,628,236 6,162,926 373,423 607,346 1,058,953 9,356,813 12,248,513 12,930,031 Less: customer inducement and acquisition costs** — — (2,258,887) — — (1,248,506) — — (64,058) — — (3,571,451) Revenue 3,656,976 5,012,931 3,449,265 5,326,414 6,628,236 4,914,420 373,423 607,346 994,895 9,356,813 12,248,513 9,358,580 Unallocated expenses (6,790,437) (10,342,290) (10,907,467) Less: customer inducement and acquisition costs** — — 3,571,451 Unallocated expenses (6,790,437) (10,342,290) (7,336,016) Notes: **For purposes of reporting to the CODM, certain promotion expenses including upfront cash incentives, loyalty programs costs for customer inducement and acquisition costs for promoting transactions across various booking platforms, which are reported as a reduction of revenue, are added back to the respective segment revenue lines and marketing and sales promotion expenses. For reporting in accordance with IFRS, such expenses are recorded as a reduction from the respective revenue lines. Therefore, the reclassification excludes these expenses from the respective segment revenue lines and adds them to the marketing and sales promotion expenses (included under Unallocated expenses). |
Summary of non-current assets by physical location | Non Current Assets* March 31, March 31, 2018 2019 India 2,454,884 2,385,110 Others 12,073 6,805 Total 2,466,957 2,391,915 * |
Group information (Tables)
Group information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Group information | |
Schedule of interest in subsidiaries | % Equity interest Country of March 31, March 31, Name Principal activities incorporation 2018 2019 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 Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra Corporate Hotel Solutions P. Ltd. Travel & Travel related services India 98.22 ** 98.53 *** TSI Yatra Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra TG Stays Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Yatra Hotel Solutions Private Limited Travel & Travel related services India 98.22 ** 98.53 *** Air Travel Bureau Private Limited (formerly known as Air Travel Bureau Limited) Travel & Travel related services India 98.22 **/***** 98.53 ***/***** Travel.Co.In Limited (TCIL) Travel & Travel related services India — 98.53 ***/****** ** Remaining shares of 1.78% are held by the minority shareholder as at March 31, 2018. *** Remaining shares of 1.47% are held by the minority shareholder as at March 31, 2019. Includes the impact of the shares which are pending allotment as on March 31, 2019 to THCL Travel Holding Cyprus Limited in Yatra Online Private Limited. **** Includes 31.74% Class F shares owned by Terrapin 3’s founder stockholders having no voting right. Terrapin 3’s founder stockholders also own Class F shares in the Company having no economic value and have an exchange right to acquire ordinary shares of the Company. ***** During the financial year ended March 31, 2018, the company had acquired 51% shareholding in ATB on August 4, 2017, with the obligation to acquire the remaining 49% shareholding pursuant to the terms of Share Purchase Agreement (SPA). Refer to Note 43. ******During the financial year ended March 31, 2019, the company had acquired 100% shareholding in Travel.Co.In Limited on February 8, 2019. Refer to Note 43. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair value measurement | |
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, 2018 2019 2018 2019 Financial assets Assets carried at amortized cost Trade and other receivables 3,976,751 4,921,270 3,976,751 4,921,270 Cash and cash equivalents 2,465,073 2,161,014 2,465,073 2,161,014 Term deposits 1,012,144 1,029,533 1,012,144 1,029,533 Other financial assets 150,075 265,915 150,075 265,915 Total 7,604,043 8,377,732 7,604,043 8,377,732 Financial liabilities Liabilities carried at fair value Share warrants 1,914,604 383,793 1,914,604 383,793 Liability for acquisition of business 904,727 1,190,009 904,727 1,190,009 Total 2,819,331 1,573,802 2,819,331 1,573,802 Liabilities carried at amortized cost Trade and other payables 5,049,630 5,268,046 5,049,630 5,268,046 Borrowings 859,476 1,179,560 859,476 1,179,560 Other liabilities 537,023 542,054 537,023 542,054 Total 6,446,129 6,989,660 6,446,129 6,989,660 |
Schedule of financial instruments by fair value hierarchy | March 31, 2018 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits — 1,012,144 — 1,012,144 Other financial assets — 150,075 — 150,075 Total assets — 1,162,219 — 1,162,219 Liabilities carried at fair value Warrants 1,914,520 — 84 1,914,604 Liability for business acquisition 904,727 904,727 Liabilities carried at amortized cost Borrowings — 859,476 — 859,476 Total Liabilities 1,914,520 859,476 904,811 3,678,807 March 31, 2019 Level 1 Level 2 Level 3 Total Assets for which fair value is disclosed Term deposits — 1,029,533 — 1,029,533 Other financial assets — 265,915 — 265,915 Total assets — 1,295,448 — 1,295,448 Liabilities carried at fair value Warrants 383,699 — 94 383,793 Liability for business acquisition — — 1,190,009 1,190,009 Liabilities carried at amortized cost Borrowings — 1,179,560 — 1,179,560 Total Liabilities 383,699 1,179,560 1,190,103 2,753,362 |
Schedule of valuation techniques and significant unobservable inputs | The following tables show the valuation techniques used in measuring fair values at March 31, 2018 and March 31, 2019 as well as the significant unobservable inputs used. Inter-relationship between significant unobservable Significant inputs and fair value Type Valuation technique unobservable inputs 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: 2.16 years (PY: 2.66 years) 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 — — Liability for business acquisition (refer to Note 43) Methodology as per the terms of share purchase agreement Adjusted earning of acquired entity — 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 — |
Schedule of reconciliation of fair value measurements categorized within Level 1 and Level 3 of the fair value hierarchy | Effects of Effects of Business Charge movements Advance Charge movements acquisition to in foreign Paid towards to in foreign April 1, (refer to profit Charged exchange March 31, Final profit exchange March 31, 2017 Note 43) or loss to equity rates 2018 Payment or loss rates 2019 Macquarie Corporate Holdings Pty Limited - Ordinary Warrants 2,229 — (2,137) — (8) 84 — 5 5 94 Quoted Warrants 1,335,188 — 565,390 — 13,942 1,914,520 — (1,667,198) 136,377 383,699 Contingent dividend 2,913 — (279) (2,755) 121 — — — — — Liability for business acquisition (refer to Note 43) — 610,383 294,344 — — 904,727 (200,000) 485,282 — 1,190,009 Total 1,340,330 610,383 857,318 (2,755) 14,055 2,819,331 (200,000) (1,181,911) 136,382 1,573,801 |
Rendering of services (Tables)
Rendering of services (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Rendering of services | |
Schedule of revenue by product type and customer type | March 31, 2017 2018 2019 Air Ticketing 3,656,976 5,012,931 3,449,265 Hotels and Packages 5,326,414 6,628,236 4,914,420 Other Services 52,896 105,249 56,419 9,036,286 11,746,416 8,420,104 |
Changes in contract assets | April 1, March 31, 2018 2019 Contract Assets 17,279 22,584 Changes in contract assets are as follows: March 31, 2019 Balance at the beginning of the year 17,279 Revenue recognised during the year 22,584 Invoices raised during the year (17,279) Balance at the end of the year 22,584 |
Summary of contract liabilities | April 1, March 31, 2018 2019 Advance from customer (refer to Note 38) 894,487 702,444 Deferred revenue (refer to Note 35) 1,470,710 675,711 Total Contract liabilities 2,365,197 1,378,155 |
Other revenue (Tables)
Other revenue (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other revenue | |
Schedule of other revenue | March 31, 2017 2018 2019 Marketing revenue 320,527 502,097 938,476 Total 320,527 502,097 938,476 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other income | |
Schedule of other income | March 31, 2017 2018 2019 Excess provision written back 20,716 15,441 22,063 Government grant — 69,573 233,180 Gain on sale of property, plant and equipment (net) 622 1,369 5,050 Miscellaneous income 3,944 3,618 3,492 Total 25,282 90,001 263,785 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Personnel expenses | |
Schedule of personnel expenses | March 31, 2017 2018 2019 Salaries, wages and other short term employee benefits 1,392,666 1,981,076 2,076,918 Contributions to defined contribution plans 77,822 104,958 105,863 Expenses related to defined benefit plans 14,716 26,589 24,575 Share based compensation costs 586,932 729,920 282,883 Employee welfare expenses 43,172 60,297 59,975 Total 2,115,308 2,902,840 2,550,214 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other operating expenses | |
Schedule of other operating expenses | March 31, 2017 2018 2019 Commission 746,959 894,504 936,557 Communication 213,034 283,091 331,520 Legal and professional fees 203,449 308,625 336,183 Outsourcing fees 33,888 40,242 126,753 Payment gateway and other charges 535,058 743,018 985,488 Advances provision/ written-off (refer to Note 21) 12,047 9,165 10,299 Trade and other receivables written-off (refer to Note 26) 80,193 125,193 304,663 Duties and taxes 12,963 95,413 (29,595) Rent 148,738 178,650 193,348 Repairs and maintenance 80,418 91,154 91,282 Travelling and conveyance 112,216 138,242 119,108 Insurance 12,067 39,117 42,791 Remeasurement of contingent consideration (refer to Note 43) — 294,344 485,282 Corporate social responsibility (CSR) expense — 10,245 1,564 Miscellaneous expenses 26,857 34,527 40,562 Total 2,217,887 3,285,530 3,975,805 |
Depreciation and amortization (
Depreciation and amortization (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Depreciation and amortization | |
Schedule of depreciation and amortization | March 31, 2017 2018 2019 Depreciation 64,894 104,550 123,781 Amortization 210,693 321,050 457,965 Total 275,587 425,600 581,746 |
Investment in joint venture (Ta
Investment in joint venture (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Investment in joint venture | |
Summarized financial position and profit or loss of ANN | Summarized statement of financial position of ANN: March 31, 2018 2019 Current assets, including cash and cash equivalents INR 5,779 (March 31, 2018: INR 4,614) 6,686 8,573 Non-current assets 314 168 Current liabilities (41,973) (69,327) Non-current liabilities (227) (156) Equity (35,200) (60,742) Group’s carrying amount of the investment (17,600) (30,371) Transferred to other liabilities (refer to Note 38) 17,600 30,371 Net carrying amount of investment — — Summarized statement of profit or loss of ANN: March 31, 2017 2018 2019 Revenue 5,491 12,181 14,110 Administrative expenses, including depreciation INR 146 (March 31, 2018: INR 173 and March 31, 2017: INR 3,401) (24,359) (33,215) (37,817) Finance cost (13) (84) (1,836) Loss before tax (18,881) (21,118) (25,543) Income tax expense — — — Loss for the year (18,881) (21,118) (25,543) Group’s share of loss for the year (9,441) (10,559) (12,772) |
Finance income (Tables)
Finance income (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Finance income | |
Schedule of finance income | March 31, 2017 2018 2019 Interest income on : – Bank deposits 125,697 74,197 30,801 – Others 5,061 8,870 1,824 Unwinding of discount on other financial assets 8,400 8,845 8,685 Total 139,158 91,912 41,310 |
Finance cost (Tables)
Finance cost (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Finance cost | |
Schedule of finance cost | March 31, 2017 2018 2019 Bank charges 16,007 22,334 29,891 Foreign exchange loss (net) 14,525 8,154 85,694 Interest on borrowings 77,421 122,568 145,976 Unwinding of discount on other financial liability 41,910 — 1,729 Total 149,863 153,056 263,290 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income taxes | |
Schedule of loss before income taxes | March 31, 2017 2018 2019 Domestic (4,711,481) (1,481,129) 1,448,943 Foreign operations (1,184,495) (2,513,960) (2,594,700) Total (5,895,976) (3,995,089) (1,145,758) |
Summary of components of income tax expense | March 31, 2017 2018 2019 Current Period 30,822 74,583 75,347 Current income tax expenses 30,822 74,583 75,347 Origination and reversal of temporary differences 10,165 (17,696) (10,865) Current year losses for which deferred tax is recognised — — (16,645) Deferred tax expense /(benefit) 10,165 (17,696) (27,510) Total income tax expenses as reported in statement of profit or loss 40,987 56,887 47,837 |
Reconciliation of tax expense and accounting profit multiplied by tax rate | March 31, 2017 2018 2019 Loss for the year (5,936,963) (4,051,976) (1,193,595) Income tax expense 40,987 56,887 47,837 Loss before income taxes (5,895,976) (3,995,089) (1,145,758) Expected tax expense at statutory income tax rate (344,626) (769,353) (630,998) Non deductible expenses (316) 107,496 (32,884) Utilization of previously unrecognised tax losses (12,766) (5,342) (10,463) Current year losses for which no deferred tax asset was recognized 338,682 887,997 638,730 Change in unrecognised temporary differences 61,132 (177,244) 82,109 Effect of change in tax rate (4,120) 12,507 1,949 Others 3,001 826 (604) 40,987 56,887 47,837 |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Loss per share | |
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: March 31, 2017 2018 2019 Loss attributable to ordinary shareholders – Basic (5,901,483) (3,993,140) (1,148,203) Weighted average number of ordinary shares outstanding used in computing basic loss per share 24,807,122 34,301,152 43,543,991 Basic loss per share (237.89) (116.41) (26.37) The following reflects the income and share data used in the diluted loss per share computations: March 31, 2017 2018 2019 Loss attributable to ordinary shareholders - Basic (5,901,483) (3,993,140) (1,148,203) Add: Loss attributable to non-controlling interest — — (45,392) Loss attributable to ordinary shareholders - Dilutive (5,901,483) (3,993,140) (1,193,595) Weighted average number of ordinary shares outstanding used in computing diluted loss per share 24,807,122 34,301,152 44,286,393 Diluted loss per share (237.89) (116.41) (26.95) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, plant and equipment | |
Reconciliation of changes in property, plant and equipment | Computer Furniture Leasehold and and Office Improvements Peripherals Fixtures Vehicles Equipment Total Gross block At March 31, 2017 44,460 256,706 11,720 105,063 29,409 447,358 Acquisitions through business combinations (refer to Note 43) 30,149 7,238 4,817 5,919 7,890 56,013 Additions — 106,805 678 34,698 5,890 148,071 Disposals/adjustment (9,645) (3,198) (41) (10,270) (812) (23,966) Effects of movements in foreign exchange rates 137 692 38 2,531 45 3,443 At March 31, 2018 65,101 368,243 17,212 137,941 42,422 630,919 Acquisitions through business combinations (refer to Note 43) — 260 — — — 260 Additions 1,744 20,702 1,123 15,400 3,544 42,513 Disposals/adjustment (9,985) (3,148) (2,070) (15,202) (1,654) (32,059) Effects of movements in foreign exchange rates 56 (26) 16 1,034 20 1,100 At March 31, 2019 56,916 386,031 16,281 139,173 44,332 642,733 Depreciation At March 31, 2017 37,124 189,374 9,482 49,736 19,996 305,712 Charge for the year 11,447 63,351 1,519 22,221 6,012 104,550 Disposals/adjustment (9,645) (3,055) (41) (9,396) (752) (22,889) Effects of movements in foreign exchange rates 117 56 21 1,639 19 1,852 At March 31, 2018 39,043 249,726 10,981 64,200 25,275 389,225 Charge for the year 19,407 66,373 2,078 28,849 7,074 123,781 Disposals/adjustment (9,985) (3,225) (1,855) (10,536) (939) (26,540) Effects of movements in foreign exchange rates 66 57 9 690 11 833 At March 31, 2019 48,531 312,931 11,213 83,203 31,421 487,299 Net block At March 31, 2018 26,058 118,517 6,231 73,741 17,147 241,694 At March 31, 2019 8,385 73,100 5,068 55,970 12,911 155,434 |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Intangible assets and goodwill. | |
Reconciliation of changes in intangible assets and goodwill, including gross, amortization, and net amounts | Computer Intangible software and Intellectual Agent / Supplier/ Customer Non compete under Websites property rights relationship relationship agreement Trademarks Goodwill development Total Gross block At March 31, 2017 1,085,246 56,020 222,169 — 3,200 271,329 653,666 166,627 2,458,257 Acquisitions through business combinations (refer to Note 43) 898 — — 134,682 16,861 — 307,520 — 459,961 Additions 532,290 — — — — — — 475,119 1,007,409 Disposals/adjustment — — — — — — — (529,618) (529,618) Effects of movements in foreign exchange rates (462) 278 — — — — — — (184) At March 31, 2018 1,617,972 56,298 222,169 134,682 20,061 271,329 961,186 112,128 3,395,825 Acquisitions through business combinations (refer to Note 43) 683 — — 5,654 2,110 — 53,913 — 62,360 Additions 433,075 — — — — — — 399,270 832,345 Disposals/adjustment — — — — — — — (425,542) (425,542) Effects of movements in foreign exchange rates 67 2,911 — — — — — — 2,978 At March 31, 2019 2,051,797 59,209 222,169 140,336 22,171 271,329 1,015,099 85,856 3,867,966 At March 31, 2017 596,207 49,768 132,410 — 3,200 67,569 — — 849,154 Charge for the year 279,564 1,401 17,097 5,986 3,066 13,936 — — 321,050 Disposals — — — — — — — — — Effects of movements in foreign exchange rates 79 277 — — — 2 — — 358 At March 31, 2018 875,850 51,446 149,507 5,986 6,266 81,507 — — 1,170,562 Charge for the year 411,648 1,400 17,097 9,214 4,669 13,937 — — 457,965 Disposals — — — — — — — — — Effects of movements in foreign exchange rates 46 2,911 — — — — — — 2,958 At March 31, 2019 1,287,544 55,757 166,604 15,200 10,935 95,444 — — 1,631,485 Net block At March 31, 2018 742,122 4,852 72,662 — 13,795 189,822 961,186 112,128 2,225,263 At March 31, 2019 764,253 3,452 55,565 125,135 11,237 175,885 1,015,099 85,856 2,236,481 |
Schedule of carrying amount of goodwill | March 31, 2018 2019 TSI Yatra Private Limited 103,670 103,670 Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited 549,996 549,996 Air Travel Bureau Private Limited (formerly known as Air Travel Bureau Limited) (refer to Note 43) 307,520 307,520 Travel.Co.In Limited (refer to Note 43) — 53,913 Total 961,186 1,015,099 |
Summary of key assumptions used in calculations of value in use for CGUs | March 31, 2018 2019 Discount rate 18% 18% Terminal Value growth rate 5% 5% EBITDA margin over next 5 years 10.7% - 56.4% 8.7% - 46.7% |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Prepayments and other assets | |
Schedule of current and non-current prepayments and other assets | March 31, 2018 2019 Current Advance to vendors (net of allowance) 854,942 746,513 Advance to joint venture (refer to note 42) 7,759 30,385 Balance with statutory authorities 36,222 47,865 Prepaid expenses 70,971 72,148 Due from employees 7,928 2,997 Total 977,822 899,908 Non-current Prepaid expenses 3,403 1,527 Defined benefit plan asset (refer to Note 34) 7,835 6,339 11,238 7,866 |
Schedule of changes in allowance for doubtful advances | March 31, 2018 2019 Balance at the beginning of the year 12,047 9,630 Provisions accrued during the year 9,165 10,299 Amount written off during the year (11,582) (3,695) Balance at the end of the year 9,630 16,234 |
Other financial assets, Non-c_2
Other financial assets, Non-current (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other financial assets, Non-current | |
Schedule of other financial assets, Non-current | March 31, 2018 2019 Security deposits 61,848 30,356 Interest accrued on term deposits 411 275 Total 62,259 30,631 |
Term deposits (Tables)
Term deposits (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Term deposits | |
Schedule of term deposits | March 31, 2018 2019 Fixed deposits with banks 1,012,144 1,029,533 Total 1,012,144 1,029,533 Non-current 6,187 23,548 Current 1,005,957 1,005,985 Total 1,012,144 1,029,533 |
Other non financial assets (Tab
Other non financial assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other non financial assets | |
Schedule of other non financial assets | Fair value adjustment - financial assets 13,168 30,697 Restricted asset 103,771 224,217 Total 116,939 254,914 Non-current 116,939 254,914 Total 116,939 254,914 |
Deferred Tax (Tables)
Deferred Tax (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Deferred Tax | |
Schedule of unrecognized deferred tax assets | March 31, Particulars 2018 2019 Deductible temporary differences 178,275 243,932 Tax loss carry forward and unabsorbed depreciation 1,929,178 3,249,820 Total 2,107,453 3,493,752 |
Schedule of recognized deferred tax assets | March 31, 2018 2019 Property, plant and equipment & intangible assets 18,438 22,136 Trade and other receivables 36,990 55,649 Rent Equalisation reserve 1,021 680 Employee benefits 12,614 16,260 Minimum alternate tax recoverable 5,027 1,754 Unutilised business losses — 16,645 Provision for expenses 26,642 7,349 Deferred tax asset 100,732 120,473 OCI gratuity 1,917 2,696 Total deferred tax asset (A) 102,649 123,169 Deferred tax liablities are attributable to the following - Property, plant and equipment & intangible assets (44,460) (42,503) Total deferred tax liability (B) (44,460) (42,503) Net deferred tax asset (A - B) 58,189 80,666 |
Schedule of changes in deferred tax assets | Balance Acquired Recognised as on through Recognised in other Unused/ Balance March 31, business in profit comprehensive utilized as on March, 31 Particulars 2018 combination or loss income tax credit 2019 Provision for gratuity (1,581) — 1,868 — — 287 Provision for long term compensated absences 5,952 — 2,412 — — 8,364 Rent equalization reserve 1,021 — (341) — — 680 Provision for doubtful debts 36,990 — 18,659 — — 55,649 Bonus payable 8,243 — (633) — — 7,609 Fixed assets - WDV (26,022) (2,422) 8,077 — — (20,367) Expenses disallowed u/s 40(a)(ia) & 43B 26,642 — (19,293) — — 7,349 Minimum alternate tax 5,027 — — — (3,274) 1,754 Tax loss carry forwards — — 16,645 — — 16,645 OCI-Gratuity 1,917 — — 779 — 2,696 Deferred tax assets 58,189 (2,422) 27,394 779 (3,274) 80,666 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other receivables | |
Schedule of trade and other receivables | March 31, 2018 2019 Trade receivables (net of allowance) 3,888,181 4,830,072 Receivable from other related parties (refer to note 42) 56,979 4,280 Refund and other receivable (net of allowance) 14,312 64,334 3,959,472 4,898,686 Contract Assets (refer to note 8) 17,279 22,584 17,279 22,584 Total 3,976,751 4,921,270 |
Schedule of changes in allowance for expected credit loss | March 31, 2018 2019 Balance at the beginning of the year 121,839 194,302 Provisions accrued during the year 125,193 304,663 Amount written off during the year (53,996) (12,964) Effect of movement in exchange rate 1,266 253 Balance at the end of the year 194,302 486,254 |
Other financial assets, curre_2
Other financial assets, current (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other financial assets, current | |
Schedule of other financial assets, current | March 31, 2018 2019 Interest accrued on term deposits 6,883 2,404 Interest accrued on advances to related parties (refer to note 42) 70 1,642 Security deposits 40,814 71,406 Others (includes Government Grant) 32,120 156,835 Total 79,887 232,287 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | March 31, 2018 2019 Cash on hand 2,511 2,859 Credit card collection in hand 209,162 390,335 Balances with bank 2,229,498 1,756,322 Cash in transit 23,902 11,498 Total 2,465,073 2,161,014 |
Equity share capital and shar_2
Equity share capital and share premium (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Equity share capital and share premium | |
Schedule of authorized shares | March 31, 2018 2019 Numbers of Numbers of Shares Shares Ordinary shares of INR 0.006 ($ 0.0001) each 500,000,000 500,000,000 Ordinary share Class A of INR 0.006 ($ 0.0001) each 10,000,000 10,000,000 Ordinary share Class F of INR 0.006 ($ 0.0001) each 3,159,375 3,159,375 Preference shares of INR 0.006 ($ .0001) each 10,000,000 10,000,000 523,159,375 523,159,375 |
Schedule of changes in treasury shares | Treasury shares Numbers of Shares Amount Balance as at April 1, 2017 63,771 54,371 Issue of shares — — Vesting of options (35,871) (24,287) Balance as at March 31, 2018 27,900 30,084 Balance as at April 1, 2018 27,900 30,084 Share based payment expense — (650) Vesting of options (26,901) (18,215) Balance as at March 31, 2019 999 11,219 |
Ordinary shares | |
Equity share capital and share premium | |
Schedule of changes in share capital and share premium | Numbers Share Share of Shares Capital Premium Balance as at April 1, 2017 33,828,856 633 14,438,936 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 818,954 5 636,085 Transaction with equity shareholders* (112,406) Balance as at March 31, 2018 34,647,810 638 14,962,615 Balance as at April 1, 2018 34,647,810 638 14,962,615 Exercise of option (Restricted stock units and share-based payments) (refer to Note 30) 635,455 4 357,981 Issue of ordinary shares in follow-on public offering, net of issuance costs** 10,350,000 71 3,563,509 Balance as at March 31, 2019 45,633,265 713 18,884,105 * Transaction with equity shareholders represent tax deposited on behalf of restricted stock holders. ** On June 26, 2018, the Company completed a follow-on public offering in which the Company offered and sold an aggregate of 10,350,000 ordinary shares, including 1,350,000 ordinary shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares, at a public offering price of INR 375.71 (USD 5.50) per share. The aggregate price of the offering amount registered and sold was INR 3,888,547 (USD 56,925) of which we received net proceeds of INR 3,563,580 (USD 52,168). The Company incurred expenses of INR 324,967 (USD 4,757) including the underwriters' commission expense amounting INR 220,633 (USD 3,190), for the issuance of the shares which has been adjusted against the share premium. The amount in USD is converted at transaction date exchange rate of 68.31 INR per USD. |
Other capital reserve (Tables)
Other capital reserve (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other capital reserve | |
Schedule of changes in other capital reserves | Share-based Equity Other capital reserves payments Instruments Warrant Total March 31, 2017 733,107 341 — 733,448 Share-based payments expense during the year 734,512 — — 734,512 Issuance of warrants (refer to Note 32) — — 23,258 23,258 Exercised during the year (650,860) — — (650,860) Forfeited during the year (4,592) — — (4,592) Expired during the year (2,802) — — (2,802) March 31, 2018 809,365 341 23,258 832,964 Share-based payments expense during the year 295,680 — — 295,680 Exercised during the year (376,339) — — (376,339) Forfeited during the year (13,447) — — (13,447) Expired during the year (2,870) — — (2,870) March 31, 2019 712,389 341 23,258 735,988 |
2006 Share Plan and 2006 India Share Plan | |
Other capital reserve | |
Summary of changes in share options outstanding | March 31, 2018 2019 Weighted Weighted average average EP EP per No. of shares* per share No. of shares* share Number of options outstanding at the beginning of the year 698,965 279.43 657,130 287.05 Granted during the year — — — — Forfeited during the year 6,913 289.04 1,785 348.84 Expired during the year — — 2,581 270.10 Exercised during the year 34,922 167.39 184 300.11 Number of options outstanding at the end of the year 657,130 287.05 652,580 304.92 Vested 656,454 287.06 652,580 304.92 * On December 16, 2016, the Parent Company effectuated a reverse 5.4242194‑for-one share split of its ordinary shares as well as a reverse 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. |
Summary of changes in RSUs outstanding | March 31, 2018 2019 No. of shares No. of shares Number of RSU’s outstanding at the beginning of the year 1,684,024 719,575 Granted during the year — — Forfeited during the year 3,606 372 Expired during the year 724 738 Vested during the year 960,119 718,465 Number of RSU’s outstanding at the end of the year 719,575 — Vested and not exercised — 643,147 |
2016 Stock Option and Incentive Plan | |
Other capital reserve | |
Summary of changes in share options outstanding | March 31, 2018 March 31, 2019 Weighted Weighted average average EP EP per No. of shares per share No. of shares share Number of options outstanding at the beginning of the year — — 337,749 591.99 Granted during the year 337,749 591.99 29,269 406.10 Forfeited during the year — 54,389 668.82 Number of options outstanding at the end of the year 337,749 591.99 312,629 601.01 Vested 18,550 606.26 127,705 590.06 |
Summary of inputs used to calculate fair value of options | March 31, 2018 March 31, 2019 Weighted average Fair value of ordinary share at the measurement date (USD) 7.09 5.67 Risk—free interest rate (%) 2.31% - 2.42% 2.76% - 2.80% Expected volatility (%) 36.10% - 36.55% 38.63% - 40.64% Expected life of share options 2.52 - 4.95 2.27 - 4.98 Dividend Yield Model used Black-Scholes Valuation Black-Scholes Valuation |
Summary of changes in RSUs outstanding | March 31, 2018 March 31, 2019 No. of shares No. of shares Number of RSU’s outstanding at the beginning of the year — 547,390 Granted during the year 603,792 — Forfeited during the year 6,535 13,124 Expired during the year 283 3,645 Vested during the year 49,584 249,735 Number of RSU’s outstanding at the end of the year 547,390 280,886 Vested and not exercised — 263,115 |
Summary of inputs used to calculate fair value of RSUs | March 31, 2018 Weighted average Fair value of ordinary share at the measurement date (USD) 6.68 Risk—free interest rate (%) 2% - 2.5% Expected volatility (%) 35% - 37% Expected life of RSU's 0 - 4 Years Dividend Yield Model used Black-Scholes Valuation |
Components of Other Comprehen_2
Components of Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Components of Other Comprehensive Loss | |
Schedule of changes in accumulated other comprehensive loss | March 31, 2017 2018 2019 Actuarial loss on defined benefit plan: Actuarial loss on obligation (refer to Note 34) (8,873) (5,047) (5,776) Income tax expense 733 187 250 Total (8,140) (4,860) (5,526) Foreign currency translation: Foreign currency translation differences 44,997 (9,879) (4,834) Income tax expense — — — Balance at the end of period 44,997 (9,879) (4,834) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings. | |
Schedule of borrowings by type, current and non-current | March 31, Term 2018 2019 Current Finance lease liabilities Less than 1 year 4,920 3,071 Vehicle loan Less than 1 year 14,310 15,653 Secured loan from banks/NBFC's** Less than 1 year 472,630 335,751 Bank overdraft On demand — 797,343 Total 491,860 1,151,818 Non-Current Finance lease liabilities More than 1 year 3,992 1,032 Vehicle loan More than 1 year 31,813 23,555 Secured loan from banks/NBFC's** More than 1 year 324,164 — Total 359,969 24,587 Carrying amount Currency Interest Rate Year of Maturity March 31, 2018 2019 Secured bank loans/NBFC's** INR 14.75% 2019-2020 400,116 161,120 Bank overdraft INR Floating rate* On demand — 797,343 Vehicle loan INR 8 - 10% 2017-2022 46,123 39,208 Finance lease liabilities SGD 2.99% to 3.18% 2019-2021 8,912 4,103 Secured bank loans USD 9.0% 2019-2020 396,678 174,631 851,829 1,176,405 * 6M MCLR + spread ** Non-Banking Financial Company |
Schedule of warrants issued | Number of Expiration shares Date of issue Exercise price date Macquarie Corporate Holdings Pty Limited - Ordinary shares* 46,458 24-Jul-15 INR 1860.40 ($26.90) 24-Jul-23 Innoven Capital - Ordinary shares 154,000 12-Sep-17 INR 829.92 ($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 reverse 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. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other payables | |
Schedule of trade and other payables | March 31, 2018 2019 Trade payables 3,977,674 4,124,409 Accrued expenses 381,880 275,515 Related parties (refer to Note 42) 16,767 15,517 Refund and other payables* 673,309 852,605 Total 5,049,630 5,268,046 Current 5,049,630 5,264,949 Non-current — 3,097 Total 5,049,630 5,268,046 |
Employee benefit plan (Tables)
Employee benefit plan (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Employment benefit plan | |
Schedule of employee benefits liability | March 31, 2018 2019 Defined benefit plan 87,009 106,718 Liability for compensated absences 67,624 72,287 Total liability 154,633 179,005 Defined benefit plan asset (refer to note 21) 7,835 6,339 Total asset 7,835 6,339 Net Unfunded liability 79,174 100,379 |
Summary of changes in present value of obligation and fair value of plan assets | Movement in obligation March 31, 2018 2019 Present value of obligation at beginning of year 70,951 115,708 Acquired through business combination 22,589 — Interest cost 4,715 6,977 Current service cost 14,633 20,166 Past service cost 8,683 — Actuarial loss on obligation –economic assumptions (1,792) 489 –demographic assumptions 6,139 4,506 Benefits paid (10,210) (20,216) Present value of obligation at closing of year 115,708 127,630 Movement in plan assets March 31, 2018 2019 Fair value of plan assets at beginning of the year 8,517 36,534 Acquired through business combination 27,578 — Employer contributions 1,612 2,270 Benefits paid (2,014) (4,752) Divestiture — (8,588) Earning on assets 1,442 2,568 Actuarial loss on plan assets (601) (781) Fair value of plan assets at end of the year 36,534 27,251 |
Schedule of unfunded liability | March 31, 2018 2019 Current 13,687 24,869 Non-current 65,487 75,510 Unfunded liability recognized in statement of financial position 79,174 100,379 Unfunded liability recognized in statement of financial position 79,174 100,379 Funded asset 7,835 6,339 Prepayment and other assets - Non-Current 7,835 6,339 |
Schedule of components of cost recognized in profit or loss | March 31, 2017 2018 2019 Current service cost 11,824 14,633 20,166 Past service cost — 8,683 — Net interest cost 2,892 3,273 4,409 14,716 26,589 24,575 |
Summary of amounts for actuarial loss on obligation recognized in other comprehensive income | March 31, 2017 2018 2019 Actuarial loss on obligation* 8,873 5,047 5,776 * Refer to Note 31 for the movement during the year. |
Schedule of actuarial assumptions used for estimating defined benefit obligations | March 31, 2018 2019 Discount rate 6.80 - 7.10% 6.75 - 6.90% Future salary increase 5 - 11% 5 - 11% Average expected future working life (years) 2.33 - 3.7 2.34 - 3.93 Retirement age (years) 58 58 Mortality table IALM* (2006-08) Ultimate Withdrawal rate (%) Ages Upto 30 years 40 - 70% 40 - 70% From 31 to 44 years 30 - 35% 30 - 35% Above 44 years 3 - 5% 3 - 5% * Indian Assured Lives Mortality (2006‑08) Ultimate represents published mortality table used for mortality assumption. |
Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation | March 31, 2018 2019 a) Impact of the change in discount rate a) Impact due to increase of 0.50 % (2,696) (3,406) b) Impact due to decrease of 0.50 % 2,844 2,736 b) Impact of the change in salary increase a) Impact due to increase of 0.50 % 2,251 1,967 b) Impact due to decrease of 0.50 % (2,188) (2,763) |
Schedule of expected contributions to the defined benefit plan in future years | March 31, 2018 2019 Year 1 27,738 29,827 Year 2 18,805 21,429 Year 3 15,187 15,107 Year 4 11,567 12,725 Year 5 9,851 11,986 Year 6-10 35,676 38,393 Total expected payments 118,824 129,467 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Deferred revenue | |
Schedule of deferred revenue, by type | March 31, 2018 2019 Global Distribution System providers 1,365,932 652,895 Loyalty program 104,778 22,816 Total deferred revenue 1,470,710 675,711 Non-current 599,612 96,392 Current 871,098 579,319 Total 1,470,710 675,711 |
Summary of changes in deferred revenue | March 31, 2018 2019 As at April 1 998,265 1,470,710 Deferred during the year 1,098,695 — Recorded in statement of profit or loss (626,250) (794,999) As at March 31 1,470,710 675,711 |
Other financial liabilities (Ta
Other financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other financial liabilities | |
Schedule of other financial liabilities | March 31, 2018 2019 Non-current Share warrants (refer to Note 32) 84 94 84 94 Current Due to employees 196,956 182,495 Share warrants 1,914,520 383,699 Liability for the acquisition of business (refer to Note 43) 904,727 1,190,009 Total 3,016,203 1,756,203 |
Other non financial liability_2
Other non financial liability, non-current (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other non financial liability, non-current | |
Schedule of other non-current non-financial liabilities | March 31, 2018 2019 Lease rent equalization 5,815 2,303 Total 5,815 2,303 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other current liabilities | |
Schedule of other current liabilities | March 31, 2018 2019 Advance from customers 702,444 Statutory liabilities 266,159 Other liabilities 93,402 Lease rent equalization 3,217 Interest accrued on term loan 3,155 Total 1,068,377 |
Commitment and contingencies (T
Commitment and contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitment and contingencies | |
Schedule of future minimum operating lease payment obligation | March 31, 2018 2019 Within one year 118,351 104,289 After one year but not more than five years 155,220 337,665 More than five years 11,153 317,092 Total 284,724 759,046 |
Schedule of future minimum finance lease payment obligation | March 31, 2018 2019 Within one year 5,819 3,534 After one year but not more than five years 4,481 1,071 Total 10,300 4,605 Less: amount representing finance charges 1,387 502 Present value of minimum lease payments 8,913 4,103 |
Financial risk management, ob_2
Financial risk management, objective and policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Financial risk management, objective and policies | |
Schedule of credit risk exposure by type | March 31, 2018 2019 Trade and other receivables 3,976,751 4,921,270 Term deposits and other financial assets 1,272,970 1,295,448 Total 5,249,721 6,216,718 |
Schedule of trade and other receivables, by maturity | March 31, 2018 2019 0 - 30 days 2,906,073 3,569,845 31 - 90 days 568,903 929,721 91 - 180 days 281,749 177,769 More than 180 days 220,026 243,935 Total 3,976,751 4,921,270 |
Schedule of financial liabilities by type | As at March 31, 2018 Carrying Contractual Within More than Amount Cash Flows * 1 year 1 - 5 Years 5 years Vehicle loan 46,123 52,991 17,624 35,367 — Finance lease liabilities 8,913 10,300 5,819 4,481 — Trade and other payables 5,049,630 5,049,630 5,049,630 — — Term loan 796,794 882,490 554,189 328,301 — Other Current liabilities 1,390,068 1,390,068 1,390,068 — — Total 7,291,528 7,385,479 7,017,330 368,149 — As at March 31, 2019 Carrying Contractual Within More than Amount Cash Flows * 1 year 1 - 5 Years 5 years Vehicle loan 39,208 44,061 18,420 25,641 — Finance lease liabilities 4,103 4,605 3,534 1,071 — Trade and other payables 5,268,046 5,268,046 5,264,949 3,097 — Term loan 335,752 372,613 372,613 — — Bank overdraft 797,343 797,343 797,343 — — Other Current liabilities 1,664,215 1,664,215 1,664,215 — — Total 8,108,667 8,150,883 8,121,074 29,809 — * Represents Undiscounted cash flows of interest and principal |
Summary of foreign currency sensitivity | March 31, 2018 2019 5% strengthening/weakening of USD against INR 7,561 10,256 5% strengthening/weakening of Euro against INR 2,319 2,245 5% strengthening/weakening of GBP against INR 1,971 930 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Capital management | |
Summary of debt ratio information | March 31, 2018 2019 Interest bearing loans and borrowings (Note 32) 851,829 1,176,405 Less: cash and cash equivalents (Note 28) (2,465,073) (2,161,014) Net debt (1,613,244) (984,609) Share warrants (Note 36) 1,914,604 383,793 Equity (224,918) 2,359,749 Total Equity 1,689,686 2,743,542 Gearing ratio (Net debt / total equity + net debt) % % |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Related party disclosures | |
Summary of arm's length transactions with related parties | March 31, 2017 2018 2019 Significant Influence Rendering of services 22,041 6,910 — Group Companies of entities having significant influence Rendering of services 88,932 169,342 405 Advertisement expense 15,154 5,247 — Interest expense 220 4,428 1,716 Communication expense 12,971 11,491 489 Legal and professional fees — 5,497 — Insurance expense 8 6 — Other entities where the company considers their to be a significant Legal and professional fees 101,353 — — Joint venture company Rendering of services — — — Recovery of expenses — 103 196 Loan given — 7,500 22,500 Interest income — 78 1,824 March 31, 2018 2019 Significant Influence Trade payable 1,092 — Trade receivable 3,504 — Group Companies of entities having significant influence Trade payable 15,675 15,517 Trade receivable 53,475 4,280 Joint venture company Prepayment and Other asset 7,759 30,385 Other current financial assets 70 1,642 |
Schedule of key management compensation | March 31, 2017 2018 2019 Short-term employee benefits 28,760 47,369 50,830 Contributions to defined contribution plans 22 22 22 Profit linked bonus 27,187 8,790 7,271 Directors Sitting fee's 2,762 9,947 8,587 Share based payment 353,271 447,848 179,884 Total compensation paid to key management personnel 412,002 513,976 246,593 |
Schedule of Directors' loan and advances | Repayment/ settlement Year ended Interest income Advances given of advances Receivable March 31, 2019 — 342 342 — March 31, 2018 — 337 337 — |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
TCIL | |
Business Combination | |
Schedule of purchase price allocation | The purchase price of INR 58,276 as on the date of acquisition had been allocated to the acquired assets and liabilities as follows: Net working capital (including cash) (1,240) Tangible assets 260 Customer base and relationships 5,654 Non compete agreements 2,110 Goodwill 53,913 Deferred tax liability (2,421) Total purchase consideration 58,276 Analysis of cash flows on acquisition: Net cash acquired with the subsidiary 4,828 Cash paid (58,276) Net cash flow on acquisition (53,448) |
Schedule of intangible assets recognized in a business combination | Life (years) Customer base and relationships 4 5,654 Non compete agreements 5 2,110 Total Intangibles 7,764 |
Schedule of goodwill recognized in a business combination | Gross carrying amount Goodwill At April 1, 2018 961,186 Acquisition of a subsidiary - Travel.Co.In Limited ("TCIL") 53,913 At March 31, 2019 1,015,099 |
Air Travel Bureau Limited | |
Business Combination | |
Schedule of purchase price allocation | Net working capital (including cash) 1,245,235 Tangible assets 71,016 Long term liabilities (695,088) Customer base and relationships 134,681 Non compete agreements 16,861 Goodwill 400,254 Deferred tax liability (52,449) Total purchase consideration 1,120,510 |
Schedule of gross carrying amount | Goodwill At April 1, 2017 653,666 Acquisition of a subsidiary – Air Travel Bureau Limited (“ATB”) 307,520 At March 31, 2018 961,186 |
Analysis of cash flows on acquisition | Net cash acquired with the subsidiary 156,543 Cash paid (510,000) Net cash flow on acquisition (353,457) |
Schedule of intangible assets recognized in a business combination | Life (years) Customer base and relationships 15 134,682 Non compete agreements 3.5 16,861 Total Intangibles 151,543 |
Reconciliation of fair value measurement of the contingent consideration liability | As at July 31, 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 |
TRTL | |
Business Combination | |
Schedule of net assets acquired | Amount Cash and cash equivalent 4,051,557 Current assets 8,285 Accounts payable (23,797) Warrants (1,631,672) |
Corporate information (Details)
Corporate information (Details) - 1 months ended Jul. 31, 2014 ₨ in Thousands, $ in Thousands | USD ($) | INR (₨) |
Business combinations | TRTL | ||
Corporate information | ||
Proceeds from IPO | $ 212,750 | ₨ 14,111,708 |
Significant accounting polici_4
Significant accounting policies - Financial Instruments (Details) - Financial assets carried at amortized cost - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Measurement categories | |||
Financial assets | ₨ 8,377,732 | ₨ 7,604,043 | ₨ 7,604,043 |
Financial assets, at fair value | 8,377,732 | 7,604,043 | 7,604,043 |
Cash and cash equivalents | |||
Measurement categories | |||
Financial assets | 2,161,014 | 2,465,073 | 2,465,073 |
Financial assets, at fair value | 2,161,014 | 2,465,073 | 2,465,073 |
Term deposits | |||
Measurement categories | |||
Financial assets | 1,029,533 | 1,012,144 | 1,012,144 |
Financial assets, at fair value | 1,029,533 | 1,012,144 | 1,012,144 |
Trade and other receivables | |||
Measurement categories | |||
Financial assets | 4,921,270 | 3,976,751 | 3,976,751 |
Financial assets, at fair value | 4,921,270 | 3,976,751 | 3,976,751 |
Other financial assets | |||
Measurement categories | |||
Financial assets | 265,915 | 150,075 | 150,075 |
Financial assets, at fair value | ₨ 265,915 | ₨ 150,075 | ₨ 150,075 |
Significant accounting polici_5
Significant accounting policies - Revenue from Contracts with Customers (Details) ₨ in Thousands, $ in Thousands | Apr. 01, 2018INR (₨) | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Current assets | ||||
Trade and other receivables | $ 71,158 | ₨ 4,921,270 | ₨ 3,976,751 | |
Prepayments and other assets | 13,012 | 899,908 | 977,822 | |
Current liabilities | ||||
Trade and other payables | 76,127 | 5,264,949 | 5,049,630 | |
Other current liabilities | 15,448 | 1,068,377 | 1,245,947 | |
Equity | ||||
Accumulated deficit | $ (249,514) | ₨ (17,256,409) | (16,002,266) | |
Previously stated | ||||
Current assets | ||||
Trade and other receivables | 3,976,751 | |||
Prepayments and other assets | 977,822 | |||
Current liabilities | ||||
Trade and other payables | 5,049,630 | |||
Other current liabilities | 1,245,947 | |||
Equity | ||||
Accumulated deficit | (16,002,266) | |||
Adjustments | ||||
Revenue | ||||
Reduction in revenue due to changes in marketing expenses and sales promotion expenses | ₨ 3,571,451 | |||
Reduction in revenue due to changes in marketing revenue and other adjustments | 38,110 | |||
Current assets | ||||
Trade and other receivables | 18,742 | |||
Prepayments and other assets | 160 | |||
Current liabilities | ||||
Trade and other payables | 2,919 | |||
Other current liabilities | 54,094 | |||
Equity | ||||
Accumulated deficit | ₨ (38,110) | |||
Adjustments | Marketing revenue | ||||
Revenue | ||||
Reduction in revenue due to changes in marketing revenue and other adjustments | 21,598 | |||
Adjustments | Other | ||||
Revenue | ||||
Reduction in revenue due to changes in marketing revenue and other adjustments | 16,512 | |||
Restated | ||||
Current assets | ||||
Trade and other receivables | 3,995,493 | |||
Prepayments and other assets | 977,982 | |||
Current liabilities | ||||
Trade and other payables | 5,052,549 | |||
Other current liabilities | 1,300,041 | |||
Equity | ||||
Accumulated deficit | ₨ (16,040,376) |
Significant accounting polici_6
Significant accounting policies - Foreign currencies (Details) - ₨ / $ | Mar. 31, 2019 | Jun. 26, 2018 |
Significant accounting policies | ||
Foreign exchange rate as of the end of the reporting period | 69.16 | 68.31 |
Significant accounting polici_7
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Computer and peripherals | |
Property, plant and equipment | |
Useful life of property, plant and equipment | 3 years |
Furniture and fixtures | |
Property, plant and equipment | |
Useful life of property, plant and equipment | 5 years |
Office equipment | |
Property, plant and equipment | |
Useful life of property, plant and equipment | 5 years |
Vehicles | |
Property, plant and equipment | |
Useful life of property, plant and equipment | 5 years |
Vehicles | Maximum | |
Property, plant and equipment | |
Useful life of property, plant and equipment | 7 years |
Leasehold improvements | |
Property, plant and equipment | |
Amortization | Leasehold improvements are amortized over the lower of primary lease period or economic useful life. |
Significant accounting polici_8
Significant accounting policies - Intangible assets (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Agent / Supplier relationships | Minimum | |
Intangible assets | |
Useful life of intangible assets | 2 years 6 months |
Agent / Supplier relationships | Maximum | |
Intangible assets | |
Useful life of intangible assets | 10 years |
Non compete agreements | Minimum | |
Intangible assets | |
Useful life of intangible assets | 3 years 6 months |
Non compete agreements | Maximum | |
Intangible assets | |
Useful life of intangible assets | 6 years 6 months |
Trademarks | Minimum | |
Intangible assets | |
Useful life of intangible assets | 10 years |
Trademarks | Maximum | |
Intangible assets | |
Useful life of intangible assets | 20 years |
Intellectual property rights | |
Intangible assets | |
Useful life of intangible assets | 3 years |
Computer software and websites | Minimum | |
Intangible assets | |
Useful life of intangible assets | 3 years |
Computer software and websites | Maximum | |
Intangible assets | |
Useful life of intangible assets | 10 years |
Customer relationships | Minimum | |
Intangible assets | |
Useful life of intangible assets | 4 years |
Customer relationships | Maximum | |
Intangible assets | |
Useful life of intangible assets | 15 years |
Standards and interpretations_2
Standards and interpretations issued but not effective (Details) - IFRS 16 - Leases ₨ in Thousands | Apr. 01, 2019INR (₨) |
IFRS 16 Leases | |
Right-of-use assets | ₨ 170,568 |
Lease liabilities | ₨ 205,474 |
Significant accounting judgme_2
Significant accounting judgments, estimates and assumptions (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Significant accounting judgments, estimates and assumptions | |
Business plan term used as basis for impairment reviews | 5 years |
Segment information - Reportabl
Segment information - Reportable Segments (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($)segment | Mar. 31, 2019INR (₨)segment | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Segment Information | ||||
Segment revenue | $ 135,318 | ₨ 9,358,580 | ₨ 12,248,513 | ₨ 9,356,813 |
Cost of sales | 61,926 | 4,282,803 | 4,930,757 | 4,179,486 |
Other income | 3,814 | 263,785 | 90,001 | 25,282 |
Finance costs | (3,807) | (263,290) | (153,056) | (149,863) |
Depreciation and amortisation expense | (8,412) | (581,746) | (425,600) | (275,587) |
Finance income | 597 | 41,310 | 91,912 | 139,158 |
Share of loss of joint venture | (185) | (12,772) | (10,559) | (9,441) |
Change in fair value of warrants - gain/ (loss) | 24,106 | 1,667,193 | (563,253) | 230,111 |
Listing and related expense | (4,242,526) | |||
Loss before taxes | (16,568) | (1,145,758) | (3,995,089) | (5,895,976) |
Tax expense | (692) | (47,837) | (56,887) | (40,987) |
Loss for the year | $ (17,260) | (1,193,595) | (4,051,976) | (5,936,963) |
Reportable Segments | ||||
Segment Information | ||||
Segment revenue | 12,930,031 | 12,248,513 | 9,356,813 | |
Cost of sales | (4,282,803) | (4,930,757) | (4,179,486) | |
Segment results | 8,647,228 | 7,317,756 | 5,177,327 | |
Other income | 263,785 | 90,001 | 25,282 | |
Unallocated expenses | (10,907,467) | (10,342,290) | (6,790,437) | |
Operating loss (before depreciation and amortization) | (1,996,454) | (2,934,533) | (1,587,828) | |
Finance costs | (263,290) | (153,056) | (149,863) | |
Depreciation and amortisation expense | (581,746) | (425,600) | (275,587) | |
Finance income | 41,310 | 91,912 | 139,158 | |
Share of loss of joint venture | (12,772) | (10,559) | (9,441) | |
Change in fair value of warrants - gain/ (loss) | 1,667,193 | (563,253) | 230,111 | |
Listing and related expense | (4,242,526) | |||
Loss before taxes | (1,145,758) | (3,995,089) | (5,895,976) | |
Tax expense | (47,837) | (56,887) | (40,987) | |
Loss for the year | (1,193,595) | (4,051,976) | (5,936,963) | |
Less: Customer Promotional Expenses | (3,571,451) | |||
Revenue | ₨ 9,358,580 | 12,248,513 | 9,356,813 | |
Air Ticketing | ||||
Segment Information | ||||
Number of reportable segments | segment | 1 | 1 | ||
Segment revenue | ₨ 5,708,152 | 5,012,931 | 3,656,976 | |
Segment results | 5,708,152 | 5,012,931 | 3,656,976 | |
Less: Customer Promotional Expenses | (2,258,887) | |||
Revenue | ₨ 3,449,265 | 5,012,931 | 3,656,976 | |
Hotels and Packages | ||||
Segment Information | ||||
Number of reportable segments | segment | 1 | 1 | ||
Segment revenue | ₨ 6,162,926 | 6,628,236 | 5,326,414 | |
Cost of sales | (4,282,803) | (4,930,757) | (4,179,486) | |
Segment results | 1,880,123 | 1,697,479 | 1,146,928 | |
Less: Customer Promotional Expenses | (1,248,506) | |||
Revenue | 4,914,420 | 6,628,236 | 5,326,414 | |
Others | ||||
Segment Information | ||||
Segment revenue | 1,058,953 | 607,346 | 373,423 | |
Segment results | 1,058,953 | 607,346 | 373,423 | |
Less: Customer Promotional Expenses | (64,058) | |||
Revenue | ₨ 994,895 | ₨ 607,346 | ₨ 373,423 |
Segment information - Geographi
Segment information - Geographical Information (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Geographical information of non-current assets | ||
Non-current assets | ₨ 2,391,915 | ₨ 2,466,957 |
India | ||
Geographical information of non-current assets | ||
Non-current assets | 2,385,110 | 2,454,884 |
Others | ||
Geographical information of non-current assets | ||
Non-current assets | ₨ 6,805 | ₨ 12,073 |
Group information (Details)
Group information (Details) | Aug. 04, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | 98.20% | 97.85% | |
Minority shareholders interest (as a percent) | 1.47% | 1.78% | |||
Adventure and Nature Network Pvt. Ltd | |||||
Joint Venture | |||||
Equity interest in joint venture (as a percent) | 50.00% | 50.00% | |||
THCL Travel Holding Cyprus Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 100.00% | 100.00% | |||
Yatra USA Corp | Terrapin 3's founder stockholders | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 100.00% | 100.00% | |||
Yatra USA Corp | Terrapin 3's founder stockholders | Class F Shares | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 31.74% | ||||
Voting right (as a percent) | 0.00% | ||||
Yatra USA, LLC | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 100.00% | 100.00% | |||
Asia Consolidated DMC Pte. Ltd | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 100.00% | 100.00% | |||
Middle East Travel Management Company Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 100.00% | 100.00% | |||
Yatra Online Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
Yatra Corporate Hotel Solutions Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
TSI Yatra Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
Yatra TG Stays Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
Yatra Hotel Solutions Private Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
Air Travel Bureau Limited | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | 98.22% | |||
Percentage of acquired shareholding | 51.00% | ||||
Remaining obligation to acquire shareholding (as a percent) | 49.00% | ||||
TCIL | |||||
Information about group subsidiaries | |||||
Equity interest in subsidiary (as a percent) | 98.53% | ||||
Remaining obligation to acquire shareholding (as a percent) | 100.00% |
Fair value measurement - Fair v
Fair value measurement - Fair values (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Financial liabilities carried at fair value | |||
Fair value measurement | |||
Financial liabilities | ₨ 1,573,802 | ₨ 2,819,331 | |
Financial liabilities, at fair value | 1,573,802 | 2,819,331 | |
Financial liabilities carried at fair value | Warrants | |||
Fair value measurement | |||
Financial liabilities | 383,793 | 1,914,604 | |
Financial liabilities, at fair value | 383,793 | 1,914,604 | |
Financial liabilities carried at fair value | Liability for acquisition of business | |||
Fair value measurement | |||
Financial liabilities | 1,190,009 | 904,727 | |
Financial liabilities, at fair value | 1,190,009 | 904,727 | |
Financial liabilities carried at amortized cost | |||
Fair value measurement | |||
Financial liabilities | 6,989,660 | 6,446,129 | |
Financial liabilities, at fair value | 6,989,660 | 6,446,129 | |
Financial liabilities carried at amortized cost | Trade and other payables | |||
Fair value measurement | |||
Financial liabilities | 5,268,046 | 5,049,630 | |
Financial liabilities, at fair value | 5,268,046 | 5,049,630 | |
Financial liabilities carried at amortized cost | Borrowings | |||
Fair value measurement | |||
Financial liabilities | 1,179,560 | 859,476 | |
Financial liabilities, at fair value | 1,179,560 | 859,476 | |
Financial liabilities carried at amortized cost | Other liabilities | |||
Fair value measurement | |||
Financial liabilities | 542,054 | 537,023 | |
Financial liabilities, at fair value | 542,054 | 537,023 | |
Financial assets carried at amortized cost | |||
Fair value measurement | |||
Financial assets | 8,377,732 | ₨ 7,604,043 | 7,604,043 |
Financial assets, at fair value | 8,377,732 | 7,604,043 | 7,604,043 |
Financial assets carried at amortized cost | Trade and other receivables | |||
Fair value measurement | |||
Financial assets | 4,921,270 | 3,976,751 | 3,976,751 |
Financial assets, at fair value | 4,921,270 | 3,976,751 | 3,976,751 |
Financial assets carried at amortized cost | Cash and cash equivalents | |||
Fair value measurement | |||
Financial assets | 2,161,014 | 2,465,073 | 2,465,073 |
Financial assets, at fair value | 2,161,014 | 2,465,073 | 2,465,073 |
Financial assets carried at amortized cost | Term deposits | |||
Fair value measurement | |||
Financial assets | 1,029,533 | 1,012,144 | 1,012,144 |
Financial assets, at fair value | 1,029,533 | 1,012,144 | 1,012,144 |
Financial assets carried at amortized cost | Other financial assets | |||
Fair value measurement | |||
Financial assets | 265,915 | 150,075 | 150,075 |
Financial assets, at fair value | 265,915 | ₨ 150,075 | 150,075 |
Fair value | |||
Fair value measurement | |||
Financial liabilities, at fair value | 2,753,362 | 3,678,807 | |
Fair value | Financial liabilities carried at fair value | Liability for acquisition of business | |||
Fair value measurement | |||
Financial liabilities, at fair value | 904,727 | ||
Level 1 | |||
Fair value measurement | |||
Financial liabilities, at fair value | 383,699 | 1,914,520 | |
Level 2 | |||
Fair value measurement | |||
Financial liabilities, at fair value | 1,179,560 | 859,476 | |
Level 3 | |||
Fair value measurement | |||
Financial liabilities, at fair value | ₨ 1,190,103 | 904,811 | |
Level 3 | Financial liabilities carried at fair value | Liability for acquisition of business | |||
Fair value measurement | |||
Financial liabilities, at fair value | ₨ 904,727 |
Fair value measurement - Fair_2
Fair value measurement - Fair value hierarchy (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair value measurement | ||
Assets transfer out of Level 1 into Level 2 | ₨ 0 | ₨ 0 |
Assets transfer out of Level 2 into Level 1 | 0 | 0 |
Liabilities transfer out of Level 1 into Level 2 | 0 | 0 |
Liabilities transfer out of Level 2 into Level 1 | 0 | 0 |
Assets transfers into Level 3 fair value measurements | 0 | 0 |
Assets transfers out of Level 3 fair value measurements | 0 | 0 |
Liabilities transfers into Level 3 fair value measurements | 0 | 0 |
Liabilities transfers out of Level 3 fair value measurements | 0 | 0 |
Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,573,802 | 2,819,331 |
Financial liabilities carried at amortized cost | ||
Fair value measurement | ||
Financial liabilities, at fair value | 6,989,660 | 6,446,129 |
Fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 2,753,362 | 3,678,807 |
Fair value | Warrants | Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 383,793 | 1,914,604 |
Fair value | Liability for acquisition of business | Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,190,009 | |
Fair value | Borrowings | Financial liabilities carried at amortized cost | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,179,560 | 859,476 |
Fair value | Assets for which fair value is disclosed | ||
Fair value measurement | ||
Financial assets, at fair value | 1,295,448 | 1,162,219 |
Fair value | Assets for which fair value is disclosed | Term deposits | ||
Fair value measurement | ||
Financial assets, at fair value | 1,029,533 | 1,012,144 |
Fair value | Assets for which fair value is disclosed | Other financial assets | ||
Fair value measurement | ||
Financial assets, at fair value | 265,915 | 150,075 |
Level 1 | ||
Fair value measurement | ||
Financial liabilities, at fair value | 383,699 | 1,914,520 |
Level 1 | Warrants | Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 383,699 | 1,914,520 |
Level 2 | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,179,560 | 859,476 |
Level 2 | Borrowings | Financial liabilities carried at amortized cost | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,179,560 | 859,476 |
Level 2 | Assets for which fair value is disclosed | ||
Fair value measurement | ||
Financial assets, at fair value | 1,295,448 | 1,162,219 |
Level 2 | Assets for which fair value is disclosed | Term deposits | ||
Fair value measurement | ||
Financial assets, at fair value | 1,029,533 | 1,012,144 |
Level 2 | Assets for which fair value is disclosed | Other financial assets | ||
Fair value measurement | ||
Financial assets, at fair value | 265,915 | 150,075 |
Level 3 | ||
Fair value measurement | ||
Financial liabilities, at fair value | 1,190,103 | 904,811 |
Level 3 | Warrants | Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | 94 | ₨ 84 |
Level 3 | Liability for acquisition of business | Financial liabilities carried at fair value | ||
Fair value measurement | ||
Financial liabilities, at fair value | ₨ 1,190,009 |
Fair value measurement - Valuat
Fair value measurement - Valuation techniques and significant unobservable inputs (Details) - Financial liabilities carried at fair value - Level 3 - Warrants - Black- Scholes model | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair value measurement | ||
Expected term | 2 years 1 month 28 days | 2 years 7 months 28 days |
Risk free rate (as a percent) | 2.24% | 2.26% |
Fair value measurement - Reconc
Fair value measurement - Reconciliation of fair value measurements (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | |
Fair value measurement | |||
Beginning Balance | ₨ 11,842,066 | ||
Ending Balance | $ 147,090 | 10,172,727 | ₨ 11,842,066 |
Level 1 and 3 | |||
Fair value measurement | |||
Beginning Balance | 2,819,331 | 1,340,330 | |
Business acquisition | 610,383 | ||
Charge to profit or loss | (1,181,911) | 857,318 | |
Advance paid towards final payment | (200,000) | ||
Charged to equity | (2,755) | ||
Effects of movements in foreign exchange rates | 136,382 | 14,055 | |
Ending Balance | 1,573,801 | 2,819,331 | |
Ordinary Warrants | Level 1 and 3 | Macquarie Corporate Holdings Pty Limited | |||
Fair value measurement | |||
Beginning Balance | 84 | 2,229 | |
Charge to profit or loss | 5 | (2,137) | |
Effects of movements in foreign exchange rates | 5 | (8) | |
Ending Balance | 94 | 84 | |
Quoted Warrants | Level 1 and 3 | |||
Fair value measurement | |||
Beginning Balance | 1,914,520 | 1,335,188 | |
Charge to profit or loss | (1,667,198) | 565,390 | |
Effects of movements in foreign exchange rates | 136,377 | 13,942 | |
Ending Balance | 383,699 | 1,914,520 | |
Contingent dividend | Level 1 and 3 | |||
Fair value measurement | |||
Beginning Balance | 2,913 | ||
Charge to profit or loss | (279) | ||
Charged to equity | (2,755) | ||
Effects of movements in foreign exchange rates | 121 | ||
Liability for acquisition of business | Level 1 and 3 | |||
Fair value measurement | |||
Beginning Balance | 904,727 | 0 | |
Business acquisition | 610,383 | ||
Charge to profit or loss | 485,282 | 294,344 | |
Advance paid towards final payment | (200,000) | ||
Ending Balance | ₨ 1,190,009 | ₨ 904,727 |
Rendering of services - Disaggr
Rendering of services - Disaggregation of revenue (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Rendering of services | |||
Rendering of services | |||
Revenue | ₨ 8,420,104 | ₨ 11,746,416 | ₨ 9,036,286 |
Air Ticketing | |||
Rendering of services | |||
Revenue | 3,449,265 | 5,012,931 | 3,656,976 |
Hotels and Packages | |||
Rendering of services | |||
Revenue | 4,914,420 | 6,628,236 | 5,326,414 |
Other Services | |||
Rendering of services | |||
Revenue | ₨ 56,419 | ₨ 105,249 | ₨ 52,896 |
Rendering of services - Contrac
Rendering of services - Contract assets (Details) ₨ in Thousands | 12 Months Ended |
Mar. 31, 2019INR (₨) | |
Rendering of services | |
Balance at the beginning of the year | ₨ 17,279 |
Revenue recognised during the year | 22,584 |
Invoices raised during the year | (17,279) |
Balance at the end of the year | ₨ 22,584 |
Rendering of services - Contr_2
Rendering of services - Contract liabilities (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Deferred revenue | ||
Contract liabilities | ₨ 1,378,155 | ₨ 2,365,197 |
Advances received from customers during the period | 894,487 | |
Applied to revenue | 842,715 | |
Refunded to customers | 5,624 | |
Advance from customer | ||
Deferred revenue | ||
Contract liabilities | 702,444 | 894,487 |
Deferred revenue | ||
Deferred revenue | ||
Contract liabilities | ₨ 675,711 | ₨ 1,470,710 |
Other revenue (Details)
Other revenue (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Other revenue | |||
Other revenue | |||
Revenue from contracts with customers | ₨ 938,476 | ₨ 502,097 | ₨ 320,527 |
Marketing revenue | |||
Other revenue | |||
Revenue from contracts with customers | ₨ 938,476 | ₨ 502,097 | ₨ 320,527 |
Other income (Details)
Other income (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Other income | ||||
Excess provision written back | ₨ 22,063 | ₨ 15,441 | ₨ 20,716 | |
Government grant | 233,180 | 69,573 | ||
Gain on sale of property, plant and equipment (net) | 5,050 | 1,369 | 622 | |
Miscellaneous income | 3,492 | 3,618 | 3,944 | |
Total | $ 3,814 | ₨ 263,785 | ₨ 90,001 | ₨ 25,282 |
Personnel expenses (Details)
Personnel expenses (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Personnel expenses | ||||
Salaries, wages and other short term employee benefits | ₨ 2,076,918 | ₨ 1,981,076 | ₨ 1,392,666 | |
Contributions to defined contribution plans | 105,863 | 104,958 | 77,822 | |
Expenses related to defined benefit plans | 24,575 | 26,589 | 14,716 | |
Share based compensation costs | 282,883 | 729,920 | 586,932 | |
Employee welfare expenses | 59,975 | 60,297 | 43,172 | |
Total | $ 36,874 | ₨ 2,550,214 | ₨ 2,902,840 | ₨ 2,115,308 |
Other operating expenses (Detai
Other operating expenses (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Other operating expenses | ||||
Commission | ₨ 936,557 | ₨ 894,504 | ₨ 746,959 | |
Communication | 331,520 | 283,091 | 213,034 | |
Legal and professional fees | 336,183 | 308,625 | 203,449 | |
Loss on disposal of property, plant and equipment (net) | 5,050 | 1,369 | 622 | |
Outsourcing fees | 126,753 | 40,242 | 33,888 | |
Payment gateway and other charges | 985,488 | 743,018 | 535,058 | |
Advances provision/ written-off | 10,299 | 9,165 | 12,047 | |
Trade and other receivables provision / written-off | 304,663 | 125,193 | 80,193 | |
Duties and taxes | (29,595) | 95,413 | 12,963 | |
Rent | 193,348 | 178,650 | 148,738 | |
Repairs and maintenance | 91,282 | 91,154 | 80,418 | |
Travelling and conveyance | 119,108 | 138,242 | 112,216 | |
Insurance | 42,791 | 39,117 | 12,067 | |
Remeasurement of contingent consideration | $ 7,017 | 485,282 | 294,344 | |
Corporate social responsibility (CSR) expense | 1,564 | 10,245 | ||
Miscellaneous expenses | 40,562 | 34,527 | 26,857 | |
Total | $ 57,487 | ₨ 3,975,805 | ₨ 3,285,530 | ₨ 2,217,887 |
Depreciation and amortization_2
Depreciation and amortization (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Depreciation and amortization | ||||
Depreciation | ₨ 123,781 | ₨ 104,550 | ₨ 64,894 | |
Amortization | 457,965 | 321,050 | 210,693 | |
Total | $ 8,412 | ₨ 581,746 | ₨ 425,600 | ₨ 275,587 |
Investment in joint venture (De
Investment in joint venture (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | Mar. 31, 2019INR (₨) | Mar. 31, 2018USD ($) | Mar. 31, 2018INR (₨) | Mar. 31, 2016INR (₨) | |
Investment in joint venture | ||||||||
Investment in joint venture by Group | ₨ 0 | ₨ 0 | ₨ 3,000 | |||||
Summarized statement of financial position | ||||||||
Current assets, including cash and cash equivalents INR 5,779 (March 31, 2018: INR 4,614) | $ 140,542 | ₨ 9,719,854 | ₨ 8,850,558 | |||||
Non-current assets | 40,949 | 2,832,043 | 2,766,229 | |||||
Current liabilities | (143,463) | (9,921,902) | (10,758,804) | |||||
Non-current liabilities | (3,627) | (250,825) | (1,083,262) | |||||
Equity | (34,401) | (3,189,569) | (2,379,170) | 225,279 | ₨ (441,058) | |||
Cash and cash equivalents | 19,716 | 1,532,629 | 1,363,671 | $ 35,643 | 2,465,073 | ₨ 389,664 | ||
Summarized statement of profit or loss | ||||||||
Revenue | 135,318 | 9,358,580 | 12,248,513 | 9,356,813 | ||||
Finance cost | (3,807) | (263,290) | (153,056) | (149,863) | ||||
Loss before taxes | (16,568) | (1,145,758) | (3,995,089) | (5,895,976) | ||||
Income tax expense | (692) | (47,837) | (56,887) | (40,987) | ||||
Loss for the year | (17,260) | (1,193,595) | (4,051,976) | (5,936,963) | ||||
Group's share of loss for the year | $ (185) | (12,772) | (10,559) | (9,441) | ||||
Depreciation | ₨ 123,781 | ₨ 104,550 | 64,894 | |||||
Adventure and Nature Network Pvt. Ltd | ||||||||
Investment in joint venture | ||||||||
Equity interest in joint venture (as a percent) | 50.00% | 50.00% | 50.00% | |||||
Summarized statement of financial position | ||||||||
Current assets, including cash and cash equivalents INR 5,779 (March 31, 2018: INR 4,614) | 8,573 | 6,686 | ||||||
Non-current assets | 168 | 314 | ||||||
Current liabilities | (69,327) | (41,973) | ||||||
Non-current liabilities | (156) | (227) | ||||||
Equity | (60,742) | (35,200) | ||||||
Group's carrying amount of the investment | (30,371) | (17,600) | ||||||
Transferred to other current liabilities | 30,371 | 17,600 | ||||||
Net carrying amount of investment | 0 | 0 | ||||||
Cash and cash equivalents | ₨ 5,779 | ₨ 4,614 | ||||||
Summarized statement of profit or loss | ||||||||
Revenue | ₨ 14,110 | ₨ 12,181 | 5,491 | |||||
Administrative expenses, including depreciation INR 146 (March 31, 2018: INR 173 and March 31, 2017: INR 3,401) | (37,817) | (33,215) | (24,359) | |||||
Finance cost | (1,836) | (84) | (13) | |||||
Loss before taxes | (25,543) | (21,118) | (18,881) | |||||
Loss for the year | (25,543) | (21,118) | (18,881) | |||||
Group's share of loss for the year | (12,772) | (10,559) | (9,441) | |||||
Depreciation | ₨ 146 | ₨ 173 | ₨ 3,401 |
Finance income (Details)
Finance income (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Interest income on : | ||||
Bank deposits | ₨ 30,801 | ₨ 74,197 | ₨ 125,697 | |
Others | 1,824 | 8,870 | 5,061 | |
Unwinding of discount on other financial assets | 8,685 | 8,845 | 8,400 | |
Total | $ 597 | ₨ 41,310 | ₨ 91,912 | ₨ 139,158 |
Finance cost (Details)
Finance cost (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Finance cost | ||||
Bank charges | ₨ 29,891 | ₨ 22,334 | ₨ 16,007 | |
Foreign exchange loss (net) | 85,694 | 8,154 | 14,525 | |
Interest on borrowings | 145,976 | 122,568 | 77,421 | |
Unwinding of discount on other financial liability | 1,729 | 41,910 | ||
Total | $ 3,807 | ₨ 263,290 | ₨ 153,056 | ₨ 149,863 |
Income taxes - Loss before inco
Income taxes - Loss before income taxes (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Income taxes | ||||
Loss before income taxes | $ (16,568) | ₨ (1,145,758) | ₨ (3,995,089) | ₨ (5,895,976) |
Domestic | ||||
Income taxes | ||||
Loss before income taxes | 1,448,943 | (1,481,129) | (4,711,481) | |
Foreign operations | ||||
Income taxes | ||||
Loss before income taxes | ₨ (2,594,700) | ₨ (2,513,960) | ₨ (1,184,495) |
Income taxes - Components of in
Income taxes - Components of income tax expense (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Major components of income tax expense | ||||
Current period | ₨ 75,347 | ₨ 74,583 | ₨ 30,822 | |
Current income tax expenses | 75,347 | 74,583 | 30,822 | |
Origination and reversal of temporary differences | (10,865) | (17,696) | 10,165 | |
Current year losses for which deferred tax is recognised | (16,645) | |||
Deferred tax expense /(benefit) | (27,510) | (17,696) | 10,165 | |
Total income tax expense | $ 692 | ₨ 47,837 | ₨ 56,887 | ₨ 40,987 |
Income taxes - Reconciliation (
Income taxes - Reconciliation (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Income taxes | ||||
Loss for the year | $ (17,260) | ₨ (1,193,595) | ₨ (4,051,976) | ₨ (5,936,963) |
Income tax expense | 692 | 47,837 | 56,887 | 40,987 |
Loss before income taxes | (1,145,758) | (3,995,089) | (5,895,976) | |
Expected tax expense at statutory income tax rate | (630,998) | (769,353) | (344,626) | |
Non deductible expenses | (32,884) | 107,496 | (316) | |
Utilization of previously unrecognised tax losses | (10,463) | (5,342) | (12,766) | |
Current year losses for which no deferred tax asset was recognized | 638,730 | 887,997 | 338,682 | |
Change in unrecognised temporary differences | 82,109 | (177,244) | 61,132 | |
Effect of change in tax rate | 1,949 | 12,507 | (4,120) | |
Others | (604) | 826 | 3,001 | |
Total income tax expense | $ 692 | ₨ 47,837 | ₨ 56,887 | ₨ 40,987 |
India | Minimum | ||||
Income taxes | ||||
Tax rate | 26.00% | 26.00% | 25.75% | |
India | Maximum | ||||
Income taxes | ||||
Tax rate | 31.20% | 31.20% | 34.61% | |
Singapore | ||||
Income taxes | ||||
Tax rate | 17.00% | 17.00% | 17.00% |
Loss per share (Details)
Loss per share (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | Dec. 16, 2016 | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019INR (₨)₨ / sharesshares | Mar. 31, 2018INR (₨)₨ / sharesshares | Mar. 31, 2017INR (₨)₨ / sharesshares |
Loss per share | |||||
Loss attributable to ordinary shareholders - Basic | ₨ | ₨ (1,148,203) | ₨ (3,993,140) | ₨ (5,901,483) | ||
Weighted average number of ordinary shares outstanding used in computing basic loss per share | 43,543,991 | 43,543,991 | 34,301,152 | 24,807,122 | |
Basic loss per share | (per share) | $ (0.38) | ₨ (26.37) | ₨ (116.41) | ₨ (237.89) | |
Add: Loss attributable to non-controlling interest | $ (656) | ₨ (45,392) | ₨ (58,836) | ₨ (35,480) | |
Loss attributable to ordinary shareholders - Dilutive | ₨ | ₨ (1,193,595) | ₨ (3,993,140) | ₨ (5,901,483) | ||
Weighted average number of ordinary shares outstanding used in computing diluted loss per share | 44,286,393 | 44,286,393 | 34,301,152 | 24,807,122 | |
Diluted loss per share | (per share) | $ (0.39) | ₨ (26.95) | ₨ (116.41) | ₨ (237.89) | |
Ordinary shares | |||||
Loss per share | |||||
Reverse stock split, conversion ratio | 5.4242194 | ||||
Ordinary shares | Options and Restricted stock units | |||||
Loss per share | |||||
Antidilutive securities excluded from diluted weighted average number of ordinary shares calculation | 137,785 | 137,785 | 993,737 | 555,941 | |
Ordinary shares | Conversion rights | |||||
Loss per share | |||||
Antidilutive securities excluded from diluted weighted average number of ordinary shares calculation | 0 | 0 | 742,402 | 742,402 | |
Ordinary shares | Equity instruments | |||||
Loss per share | |||||
Antidilutive securities excluded from diluted weighted average number of ordinary shares calculation | 34 | 34 | 746 | 791 | |
Ordinary shares | Options | |||||
Loss per share | |||||
Reverse stock split, conversion ratio | 5.4242194 |
Property, plant and equipment_2
Property, plant and equipment (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Property, plant and equipment | ||||
Beginning of the year | ₨ 241,694 | |||
End of the year | $ 2,247 | 155,434 | ₨ 241,694 | |
Property, plant and equipment pledged as security | 65,290 | 105,669 | ||
Depreciation charge | 123,781 | 104,550 | ₨ 64,894 | |
Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 630,919 | 447,358 | ||
Acquisitions through business combinations (refer to Note 43) | 260 | 56,013 | ||
Additions | 42,513 | 148,071 | ||
Disposals/adjustment | 32,059 | 23,966 | ||
Effects of movements in foreign exchange rates | 1,100 | 3,443 | ||
End of the year | 642,733 | 630,919 | 447,358 | |
Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 389,225 | 305,712 | ||
Charge for the year | 123,781 | 104,550 | ||
Disposals/adjustment | (26,540) | (22,889) | ||
Effects of movements in foreign exchange rates | 833 | 1,852 | ||
End of the year | 487,299 | 389,225 | 305,712 | |
Leasehold improvements | ||||
Property, plant and equipment | ||||
Beginning of the year | 26,058 | |||
End of the year | 8,385 | 26,058 | ||
Leasehold improvements | Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 65,101 | 44,460 | ||
Acquisitions through business combinations (refer to Note 43) | 30,149 | |||
Additions | 1,744 | |||
Disposals/adjustment | 9,985 | 9,645 | ||
Effects of movements in foreign exchange rates | 56 | 137 | ||
End of the year | 56,916 | 65,101 | 44,460 | |
Leasehold improvements | Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 39,043 | 37,124 | ||
Charge for the year | 19,407 | 11,447 | ||
Disposals/adjustment | (9,985) | (9,645) | ||
Effects of movements in foreign exchange rates | 66 | 117 | ||
End of the year | 48,531 | 39,043 | 37,124 | |
Computer and peripherals | ||||
Property, plant and equipment | ||||
Beginning of the year | 118,517 | |||
End of the year | 73,100 | 118,517 | ||
Computer and peripherals | Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 368,243 | 256,706 | ||
Acquisitions through business combinations (refer to Note 43) | 260 | 7,238 | ||
Additions | 20,702 | 106,805 | ||
Disposals/adjustment | 3,148 | 3,198 | ||
Effects of movements in foreign exchange rates | (26) | 692 | ||
End of the year | 386,031 | 368,243 | 256,706 | |
Computer and peripherals | Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 249,726 | 189,374 | ||
Charge for the year | 66,373 | 63,351 | ||
Disposals/adjustment | (3,225) | (3,055) | ||
Effects of movements in foreign exchange rates | 57 | 56 | ||
End of the year | 312,931 | 249,726 | 189,374 | |
Furniture and fixtures | ||||
Property, plant and equipment | ||||
Beginning of the year | 6,231 | |||
End of the year | 5,068 | 6,231 | ||
Furniture and fixtures | Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 17,212 | 11,720 | ||
Acquisitions through business combinations (refer to Note 43) | 4,817 | |||
Additions | 1,123 | 678 | ||
Disposals/adjustment | 2,070 | 41 | ||
Effects of movements in foreign exchange rates | 16 | 38 | ||
End of the year | 16,281 | 17,212 | 11,720 | |
Furniture and fixtures | Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 10,981 | 9,482 | ||
Charge for the year | 2,078 | 1,519 | ||
Disposals/adjustment | (1,855) | (41) | ||
Effects of movements in foreign exchange rates | 9 | 21 | ||
End of the year | 11,213 | 10,981 | 9,482 | |
Vehicles | ||||
Property, plant and equipment | ||||
Beginning of the year | 73,741 | |||
End of the year | 55,970 | 73,741 | ||
Proceeds from vehicle loan | 12,294 | 25,406 | 18,312 | |
Vehicles | Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 137,941 | 105,063 | ||
Acquisitions through business combinations (refer to Note 43) | 5,919 | |||
Additions | 15,400 | 34,698 | ||
Disposals/adjustment | 15,202 | 10,270 | ||
Effects of movements in foreign exchange rates | 1,034 | 2,531 | ||
End of the year | 139,173 | 137,941 | 105,063 | |
Vehicles | Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 64,200 | 49,736 | ||
Charge for the year | 28,849 | 22,221 | ||
Disposals/adjustment | (10,536) | (9,396) | ||
Effects of movements in foreign exchange rates | 690 | 1,639 | ||
End of the year | 83,203 | 64,200 | 49,736 | |
Vehicles held under finance lease | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | 6,294 | 11,186 | ||
Depreciation charge | 5,242 | 5,319 | ||
Vehicles held under finance lease | Gross | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | 38,256 | 37,222 | ||
Vehicles held under finance lease | Depreciation | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | (31,962) | (26,037) | ||
Vehicles held under vehicle loan | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | 49,067 | 60,899 | ||
Depreciation charge | 19,913 | 15,276 | ||
Vehicles held under vehicle loan | Gross | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | 88,735 | 92,515 | ||
Vehicles held under vehicle loan | Depreciation | ||||
Property, plant and equipment | ||||
Property, plant and equipment pledged as security | (39,668) | (31,651) | ||
Office equipment | ||||
Property, plant and equipment | ||||
Beginning of the year | 17,147 | |||
End of the year | 12,911 | 17,147 | ||
Office equipment | Gross | ||||
Property, plant and equipment | ||||
Beginning of the year | 42,422 | 29,409 | ||
Acquisitions through business combinations (refer to Note 43) | 7,890 | |||
Additions | 3,544 | 5,890 | ||
Disposals/adjustment | 1,654 | 812 | ||
Effects of movements in foreign exchange rates | 20 | 45 | ||
End of the year | 44,332 | 42,422 | 29,409 | |
Office equipment | Depreciation | ||||
Property, plant and equipment | ||||
Beginning of the year | 25,275 | 19,996 | ||
Charge for the year | 7,074 | 6,012 | ||
Disposals/adjustment | (939) | (752) | ||
Effects of movements in foreign exchange rates | 11 | 19 | ||
End of the year | ₨ 31,421 | ₨ 25,275 | ₨ 19,996 |
Intangible assets and goodwil_2
Intangible assets and goodwill - Summary (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | |
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | ₨ 2,225,263 | ||
Balance at end of year | $ 32,338 | 2,236,481 | ₨ 2,225,263 |
Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 3,395,825 | 2,458,257 | |
Acquisitions through business combinations | 62,360 | 459,961 | |
Additions | 832,345 | 1,007,409 | |
Disposals/adjustment | 425,542 | 529,618 | |
Effects of movements in foreign exchange rates | 2,978 | (184) | |
Balance at end of year | 3,867,966 | 3,395,825 | |
Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (1,170,562) | 849,154 | |
Charge for the year | 457,965 | 321,050 | |
Effects of movements in foreign exchange rates | 2,958 | 358 | |
Balance at end of year | (1,631,485) | (1,170,562) | |
Computer software and websites | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 742,122 | ||
Balance at end of year | 764,253 | 742,122 | |
Computer software and websites | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 1,617,972 | 1,085,246 | |
Acquisitions through business combinations | 683 | 898 | |
Additions | 433,075 | 532,290 | |
Effects of movements in foreign exchange rates | 67 | (462) | |
Balance at end of year | 2,051,797 | 1,617,972 | |
Computer software and websites | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (875,850) | 596,207 | |
Charge for the year | 411,648 | 279,564 | |
Effects of movements in foreign exchange rates | 46 | 79 | |
Balance at end of year | (1,287,544) | (875,850) | |
Intellectual property rights | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 4,852 | ||
Balance at end of year | 3,452 | 4,852 | |
Intellectual property rights | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 56,298 | 56,020 | |
Effects of movements in foreign exchange rates | 2,911 | 278 | |
Balance at end of year | 59,209 | 56,298 | |
Intellectual property rights | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (51,446) | 49,768 | |
Charge for the year | 1,400 | 1,401 | |
Effects of movements in foreign exchange rates | 2,911 | 277 | |
Balance at end of year | (55,757) | (51,446) | |
Agent / Supplier relationships | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 72,662 | ||
Balance at end of year | 55,565 | 72,662 | |
Agent / Supplier relationships | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 222,169 | 222,169 | |
Balance at end of year | 222,169 | 222,169 | |
Agent / Supplier relationships | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (149,507) | 132,410 | |
Charge for the year | 17,097 | 17,097 | |
Balance at end of year | (166,604) | (149,507) | |
Customer relationships | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at end of year | 125,135 | ||
Customer relationships | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 134,682 | ||
Acquisitions through business combinations | 5,654 | 134,682 | |
Balance at end of year | 140,336 | 134,682 | |
Customer relationships | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (5,986) | ||
Charge for the year | 9,214 | 5,986 | |
Balance at end of year | (15,200) | (5,986) | |
Non compete agreements | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 13,795 | ||
Balance at end of year | 11,237 | 13,795 | |
Non compete agreements | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 20,061 | 3,200 | |
Acquisitions through business combinations | 2,110 | 16,861 | |
Balance at end of year | 22,171 | 20,061 | |
Non compete agreements | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (6,266) | 3,200 | |
Charge for the year | 4,669 | 3,066 | |
Balance at end of year | (10,935) | (6,266) | |
Trademarks | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 189,822 | ||
Balance at end of year | 175,885 | 189,822 | |
Trademarks | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 271,329 | 271,329 | |
Balance at end of year | 271,329 | 271,329 | |
Trademarks | Amortization | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | (81,507) | 67,569 | |
Charge for the year | 13,937 | 13,936 | |
Effects of movements in foreign exchange rates | 2 | ||
Balance at end of year | (95,444) | (81,507) | |
Goodwill | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 961,186 | ||
Balance at end of year | 1,015,099 | 961,186 | |
Goodwill | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 961,186 | 653,666 | |
Acquisitions through business combinations | 53,913 | 307,520 | |
Balance at end of year | 1,015,099 | 961,186 | |
Intangible under development | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 112,128 | ||
Balance at end of year | 85,856 | 112,128 | |
Intangible under development | Gross | |||
Reconciliation of changes in intangible assets and goodwill | |||
Balance at beginning of year | 112,128 | 166,627 | |
Additions | 399,270 | 475,119 | |
Disposals/adjustment | 425,542 | 529,618 | |
Balance at end of year | 85,856 | 112,128 | |
Computer software, Websites, and Intellectual Property Rights | |||
Intangible Assets And Goodwill, Additional Disclosures | |||
Intangible assets pledged as security for liabilities | ₨ 673,445 | ₨ 667,882 |
Intangible assets and goodwil_3
Intangible assets and goodwill - Impairment reviews (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Intangible assets and goodwill | ||
Goodwill | ₨ 961,186 | |
Cash-generating units | ||
Intangible assets and goodwill | ||
Goodwill | ₨ 1,015,099 | ₨ 961,186 |
Cash flow projections period | 5 years | 5 years |
TSI Yatra Private Limited | ||
Intangible assets and goodwill | ||
Goodwill | ₨ 103,670 | ₨ 103,670 |
Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited | ||
Intangible assets and goodwill | ||
Goodwill | 549,996 | 549,996 |
Air Travel Bureau Limited | ||
Intangible assets and goodwill | ||
Goodwill | 307,520 | ₨ 307,520 |
TCIL | ||
Intangible assets and goodwill | ||
Goodwill | ₨ 53,913 |
Intangible assets and goodwil_4
Intangible assets and goodwill - Key assumptions and sensitivity analysis (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Key assumptions used in value in use calculations: | ||
Terminal Value growth rate | 5.00% | 5.00% |
Cash-generating units | ||
Key assumptions used in value in use calculations: | ||
Discount rate | 18.00% | 18.00% |
Cash flow projections period | 5 years | 5 years |
Impairment loss | ₨ 0 | ₨ 0 |
Cash-generating units | Minimum | ||
Key assumptions used in value in use calculations: | ||
EBITDA margin over next 5 years | 8.70% | 10.70% |
Cash-generating units | Maximum | ||
Key assumptions used in value in use calculations: | ||
EBITDA margin over next 5 years | 46.70% | 56.40% |
Prepayments and other assets -
Prepayments and other assets - Summary (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Current | |||
Advance to vendors (net of allowance) | ₨ 746,513 | ₨ 854,942 | |
Advance to joint venture | 30,385 | 7,759 | |
Balance with statutory authorities | 47,865 | 36,222 | |
Prepaid expenses | 72,148 | 70,971 | |
Due from employees | 2,997 | 7,928 | |
Total | $ 13,012 | 899,908 | 977,822 |
Non-current | |||
Prepaid expenses | 1,527 | 3,403 | |
Defined benefit plan asset | 6,339 | 7,835 | |
Total | $ 114 | ₨ 7,866 | ₨ 11,238 |
Prepayments and other assets _2
Prepayments and other assets - Allowance for Doubtful Advances (Details) - Allowance for doubtful advances - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Movement in the allowance for doubtful advances: | ||
Balance at the beginning of the year | ₨ 9,630 | ₨ 12,047 |
Provisions accrued during the year | 10,299 | 9,165 |
Amount written off during the year | (3,695) | (11,582) |
Balance at the end of the year | ₨ 16,234 | ₨ 9,630 |
Other financial assets, Non-c_3
Other financial assets, Non-current (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | |
Other financial assets, Non-current | ||||
Total | ₨ 62,259 | $ 443 | ₨ 30,631 | |
Interest reinvested on non-current term deposits | ₨ 1,097 | 251 | ||
Security deposits | ||||
Other financial assets, Non-current | ||||
Total | 61,848 | 30,356 | ||
Security deposits | Minimum | ||||
Other financial assets, Non-current | ||||
Tenure for security deposits | 1 year | |||
Security deposits | Maximum | ||||
Other financial assets, Non-current | ||||
Tenure for security deposits | 9 years | |||
Interest accrued on term deposits | ||||
Other financial assets, Non-current | ||||
Total | ₨ 411 | ₨ 275 |
Term deposits - By type (Detail
Term deposits - By type (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Term deposits | ||
Fixed deposits with banks | ₨ 1,029,533 | ₨ 1,012,144 |
Total | ₨ 1,029,533 | ₨ 1,012,144 |
Term deposits - Current and non
Term deposits - Current and non-current (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | |
Term deposits | |||
Non-current | $ 340 | ₨ 23,548 | ₨ 6,187 |
Current | $ 14,546 | 1,005,985 | 1,005,957 |
Total | 1,029,533 | 1,012,144 | |
Term deposits pledged with banks | ₨ 1,010,328 | ₨ 831,660 | |
Minimum | |||
Term deposits | |||
Maturity of term deposits | 1 day | ||
Maximum | |||
Term deposits | |||
Maturity of term deposits | 3 years |
Other non financial assets (Det
Other non financial assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Other non financial assets | |||
Fair value adjustment - financial assets | ₨ 30,697 | ₨ 13,168 | |
Restricted asset | 224,217 | 103,771 | |
Total | 254,914 | 116,939 | |
Non-current | $ 3,686 | 254,914 | 116,939 |
Mandatory pre-deposit for tax appeal proceedings | 189,267 | 69,063 | |
Refund claim application with service tax authorities | 8,468 | 8,468 | |
Tax payments related to investigations | 25,000 | 25,000 | |
Amount paid under protest to Goods and Services Tax | ₨ 1,483 | ₨ 0 |
Deferred Tax - Unrecognized def
Deferred Tax - Unrecognized deferred tax assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Deferred Tax | |||
Unrecognized Deferred Tax Assets | ₨ 3,493,752 | ₨ 2,107,453 | |
Deferred tax assets | $ 1,781 | 123,169 | 102,649 |
Deductible temporary differences | |||
Deferred Tax | |||
Unrecognized Deferred Tax Assets | 243,932 | 178,275 | |
Deductible temporary differences | Subsidiaries | |||
Deferred Tax | |||
Unrecognized Deferred Tax Assets | 743,384 | 573,762 | |
Tax loss carry forward and unabsorbed depreciation | |||
Deferred Tax | |||
Unrecognized Deferred Tax Assets | 3,249,820 | 1,929,178 | |
Unused tax losses | Subsidiaries | |||
Deferred Tax | |||
Unrecognized Deferred Tax Assets | 9,376,379 | 6,159,435 | |
Unabsorbed depreciation | Subsidiaries | |||
Deferred Tax | |||
Unrecognized Deferred Tax Assets | ₨ 1,262,313 | ₨ 1,759,363 |
Deferred tax - Recognized defer
Deferred tax - Recognized deferred tax assets (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Deferred Tax | |||
Deferred tax asset | ₨ 120,473 | ₨ 100,732 | |
OCI gratuity | 2,696 | 1,917 | |
Total deferred tax asset | $ 1,781 | 123,169 | 102,649 |
Total deferred tax liability | $ (615) | (42,503) | (44,460) |
Net deferred tax asset | 80,666 | 58,189 | |
Property, plant and equipment and intangible assets | |||
Deferred Tax | |||
Deferred tax asset | 22,136 | 18,438 | |
Total deferred tax liability | (42,503) | (44,460) | |
Net deferred tax asset | (20,367) | (26,022) | |
Trade and other receivables | |||
Deferred Tax | |||
Deferred tax asset | 55,649 | 36,990 | |
Rent Equalisation reserve | |||
Deferred Tax | |||
Deferred tax asset | 680 | 1,021 | |
Net deferred tax asset | 680 | 1,021 | |
Employee benefits | |||
Deferred Tax | |||
Deferred tax asset | 16,260 | 12,614 | |
Minimum alternate tax recoverable | |||
Deferred Tax | |||
Deferred tax asset | 1,754 | 5,027 | |
Net deferred tax asset | 1,754 | 5,027 | |
Unused tax losses | |||
Deferred Tax | |||
Deferred tax asset | 16,645 | ||
Net deferred tax asset | 16,645 | ||
Provision for expenses | |||
Deferred Tax | |||
Deferred tax asset | ₨ 7,349 | ₨ 26,642 |
Deferred tax - Movement in temp
Deferred tax - Movement in temporary differences (Details) ₨ in Thousands | 12 Months Ended |
Mar. 31, 2019INR (₨) | |
Movement in temporary differences | |
Balance at the beginning of the year | ₨ 58,189 |
Acquired through business combination | (2,422) |
Recognised in profit or loss | 27,394 |
Recognised in other comprehensive income | 779 |
Unused/utilized tax credit | (3,274) |
Balance at the end of the year | 80,666 |
Provision for Gratuity | |
Movement in temporary differences | |
Balance at the beginning of the year | (1,581) |
Recognised in profit or loss | 1,868 |
Balance at the end of the year | 287 |
Provision for Long Term Compensated Absences | |
Movement in temporary differences | |
Balance at the beginning of the year | 5,952 |
Recognised in profit or loss | 2,412 |
Balance at the end of the year | 8,364 |
Rent Equalisation reserve | |
Movement in temporary differences | |
Balance at the beginning of the year | 1,021 |
Recognised in profit or loss | (341) |
Balance at the end of the year | 680 |
Provision for doubtful debts | |
Movement in temporary differences | |
Balance at the beginning of the year | 36,990 |
Recognised in profit or loss | 18,659 |
Balance at the end of the year | 55,649 |
Bonus Payable | |
Movement in temporary differences | |
Balance at the beginning of the year | 8,243 |
Recognised in profit or loss | (633) |
Balance at the end of the year | 7,609 |
Property, plant and equipment and intangible assets | |
Movement in temporary differences | |
Balance at the beginning of the year | (26,022) |
Acquired through business combination | (2,422) |
Recognised in profit or loss | 8,077 |
Balance at the end of the year | (20,367) |
Expenses disallowed u/s 40(a)(ia) & 43B | |
Movement in temporary differences | |
Balance at the beginning of the year | 26,642 |
Recognised in profit or loss | (19,293) |
Balance at the end of the year | 7,349 |
Unused tax losses | |
Movement in temporary differences | |
Recognised in profit or loss | 16,645 |
Balance at the end of the year | 16,645 |
Minimum alternate tax recoverable | |
Movement in temporary differences | |
Balance at the beginning of the year | 5,027 |
Unused/utilized tax credit | (3,274) |
Balance at the end of the year | ₨ 1,754 |
Recognition period | 15 years |
OCI-Gratuity | |
Movement in temporary differences | |
Balance at the beginning of the year | ₨ 1,917 |
Recognised in other comprehensive income | 779 |
Balance at the end of the year | ₨ 2,696 |
Trade and other receivables - S
Trade and other receivables - Summary (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Apr. 01, 2018INR (₨) | Mar. 31, 2018INR (₨) |
Trade and other receivables | ||||
Trade receivables (net of allowance) | ₨ 4,830,072 | ₨ 3,888,181 | ||
Receivable from other related parties | 4,280 | 56,979 | ||
Refund and other receivable (net of allowance) | 64,334 | 14,312 | ||
Total | 4,898,686 | 3,959,472 | ||
Contract Assets | 22,584 | ₨ 17,279 | 17,279 | |
Total | $ 71,158 | ₨ 4,921,270 | ₨ 3,976,751 |
Trade and other receivables - A
Trade and other receivables - Allowances (Details) - Trade and other receivables - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Movement in the allowance for doubtful debts and amounts impaired in respect of trade, refund and other receivables | ||
Balance at the beginning of the year | ₨ 194,302 | ₨ 121,839 |
Provisions accrued during the year | 304,663 | 125,193 |
Amount written off during the year | (12,964) | (53,996) |
Effect of movement in exchange rate | 253 | 1,266 |
Balance at the end of the year | ₨ 486,254 | ₨ 194,302 |
Other financial assets, curre_3
Other financial assets, current (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | |
Other financial assets | ||||
Total | ₨ 79,887 | $ 3,358 | ₨ 232,287 | |
Interest reinvested on current term deposits | ₨ 22,242 | 98,472 | ||
Movement in the government grant | ||||
Balance at the beginning of the year | 32,120 | 0 | ||
Recorded in statement of profit or loss | 233,180 | 69,588 | ||
Received during the year | (108,465) | (37,468) | ||
Balance at the end of the year | ₨ 156,835 | 32,120 | ||
Interest accrued on term deposits | ||||
Other financial assets | ||||
Total | 6,883 | 2,404 | ||
Interest accrued on advances to related parties | ||||
Other financial assets | ||||
Total | 70 | 1,642 | ||
Security deposits | ||||
Other financial assets | ||||
Total | 40,814 | 71,406 | ||
Security deposits | Minimum | ||||
Other financial assets | ||||
Tenure for security deposits | 1 year | |||
Security deposits | Maximum | ||||
Other financial assets | ||||
Tenure for security deposits | 9 years | |||
Others (includes Government Grant) | ||||
Other financial assets | ||||
Total | ₨ 32,120 | ₨ 156,835 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) |
Cash and cash equivalents | ||||
Cash on hand | $ 41 | ₨ 2,859 | ₨ 2,511 | ₨ 1,105 |
Credit card collection in hand | 5,645 | 390,335 | 209,162 | 271,125 |
Balances with bank | 1,756,322 | 2,229,498 | ||
Cash in transit | 166 | 11,498 | 23,902 | 30,371 |
Total cash and cash equivalents | $ 31,247 | 2,161,014 | 2,465,073 | ₨ 1,532,629 |
Undrawn borrowing facilities | ₨ 3,108 | ₨ 710,450 |
Equity share capital and shar_3
Equity share capital and share premium - Authorized shares (Details) ₨ / shares in Units, ₨ in Thousands | 12 Months Ended | ||||
Mar. 31, 2019INR (₨) | Mar. 31, 2019$ / sharesshares | Mar. 31, 2019₨ / sharesshares | Mar. 31, 2018$ / sharesshares | Mar. 31, 2018₨ / sharesshares | |
Equity share capital and share premium | |||||
Number of shares authorized | 523,159,375 | 523,159,375 | 523,159,375 | 523,159,375 | |
Change in authorized share capital | ₨ | ₨ 0 | ||||
Ordinary shares | |||||
Equity share capital and share premium | |||||
Number of shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Par value | (per share) | $ 0.0001 | ₨ 0.006 | $ 0.0001 | ₨ 0.006 | |
Ordinary shares, Class A non-voting shares | |||||
Equity share capital and share premium | |||||
Number of shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Par value | (per share) | $ 0.0001 | ₨ 0.006 | $ 0.0001 | ₨ 0.006 | |
Ordinary shares, Class F | |||||
Equity share capital and share premium | |||||
Number of shares authorized | 3,159,375 | 3,159,375 | 3,159,375 | 3,159,375 | |
Par value | (per share) | $ 0.0001 | ₨ 0.006 | $ 0.0001 | ₨ 0.006 | |
Preference shares | |||||
Equity share capital and share premium | |||||
Number of shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Par value | (per share) | $ 0.0001 | ₨ 0.006 | $ 0.0001 | ₨ 0.006 |
Equity share capital and shar_4
Equity share capital and share premium - Ordinary shares (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | Jun. 26, 2018USD ($)₨ / $$ / sharesshares | Jun. 26, 2018INR (₨) | Mar. 31, 2019USD ($)₨ / $$ / sharesshares | Mar. 31, 2019INR (₨)shares | Mar. 31, 2018INR (₨)shares | Mar. 31, 2017INR (₨)shares | Mar. 31, 2019₨ / $₨ / sharesshares | Jun. 26, 2018₨ / $₨ / sharesshares | Mar. 31, 2018$ / shares | Mar. 31, 2018₨ / shares |
Share capital and share premium | ||||||||||
Balance at beginning of the year | ₨ (225,279) | ₨ 3,189,569 | ₨ 441,058 | |||||||
Exercise of options | 51 | 8,340 | 11,969 | |||||||
Transaction with equity shareholders | (112,406) | |||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | $ 51,527 | 3,563,630 | 5,801 | 1,675,773 | ||||||
Capital transaction involving the issuance of shares pursuant to business combination (Refer to note 43) | 6,474,133 | |||||||||
Balance at end of the year | $ 34,401 | 2,379,170 | ₨ (225,279) | 3,189,569 | ||||||
Aggregate price of the offering amount | $ 56,925 | ₨ 3,888,547 | ||||||||
Expenses incurred for issuance of shares | 4,757 | 324,967 | ₨ 104,334 | ₨ 81,339 | ||||||
Underwriters' commission expense | $ 3,190 | 220,633 | ||||||||
Foreign exchange rate as of the end of the reporting period | ₨ / $ | 68.31 | 69.16 | 69.16 | 68.31 | ||||||
Ordinary shares | ||||||||||
Number of shares | ||||||||||
Balance at beginning of the year | shares | 34,647,810 | 34,647,810 | 33,828,856 | |||||||
Exercise of option (Restricted stock units and share-based payments | shares | 635,455 | 635,455 | 818,954 | |||||||
Balance at end of the year | shares | 45,633,265 | 45,633,265 | 34,647,810 | 33,828,856 | ||||||
Share capital and share premium | ||||||||||
Par value | (per share) | $ 0.0001 | ₨ 0.006 | $ 0.0001 | ₨ 0.006 | ||||||
Votes per share held | one vote | one vote | ||||||||
Ordinary shares | Share capital | ||||||||||
Share capital and share premium | ||||||||||
Balance at beginning of the year | ₨ 638 | ₨ 633 | ₨ 27 | |||||||
Exercise of options | 4 | 5 | 1 | |||||||
Capital transaction involving the issuance of shares pursuant to business combination (Refer to note 43) | 48 | |||||||||
Preference shares converted into ordinary shares | 538 | |||||||||
Balance at end of the year | 713 | 638 | 633 | |||||||
Ordinary shares | Share premium | ||||||||||
Share capital and share premium | ||||||||||
Balance at beginning of the year | 14,962,615 | 14,438,936 | 121,203 | |||||||
Exercise of options | 357,981 | 636,085 | 24,502 | |||||||
Transaction with equity shareholders | (112,406) | |||||||||
Capital transaction involving the issuance of shares pursuant to business combination (Refer to note 43) | 6,474,085 | |||||||||
Preference shares converted into ordinary shares | 6,179,226 | |||||||||
Balance at end of the year | 18,884,105 | ₨ 14,962,615 | 14,438,936 | |||||||
Expenses incurred for issuance of shares | 104,334 | ₨ 81,339 | ||||||||
Follow on public offering | ||||||||||
Share capital and share premium | ||||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | $ 52,168 | ₨ 3,563,580 | ||||||||
Follow on public offering | Ordinary shares | ||||||||||
Number of shares | ||||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | shares | 10,350,000 | 10,350,000 | ||||||||
Follow on public offering | Ordinary shares | Share capital | ||||||||||
Share capital and share premium | ||||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | 71 | |||||||||
Follow on public offering | Ordinary shares | Share premium | ||||||||||
Share capital and share premium | ||||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | ₨ 3,563,509 | |||||||||
Underwriter | ||||||||||
Number of shares | ||||||||||
Issue of ordinary shares in follow-on public offering, net of issuance costs | shares | 1,350,000 | 1,350,000 | ||||||||
Share capital and share premium | ||||||||||
Par value | (per share) | $ 5.50 | ₨ 375.71 |
Equity share capital and shar_5
Equity share capital and share premium - Shares reserved for issuance (Details) | 12 Months Ended | |||
Mar. 31, 2019$ / sharesshares | Mar. 31, 2019₨ / sharesshares | Mar. 31, 2018shares | Mar. 31, 2017shares | |
Equity instruments | ||||
Equity share capital and share premium | ||||
Shares reserved for issuance | 1,844 | 1,844 | 1,844 | 1,844 |
Exercise price | (per share) | $ 5.42 | ₨ 374.85 | ||
Equity instruments | Parent Company | ||||
Equity share capital and share premium | ||||
Exercise price | (per share) | $ 1 | ₨ 69.16 | ||
Ordinary shares | Warrants | Capital 18 | ||||
Equity share capital and share premium | ||||
Warrants outstanding | 569,781 | 569,781 | 569,781 | |
Ordinary shares | Warrants | Pandara Trust | ||||
Equity share capital and share premium | ||||
Warrants outstanding | 172,635 | 172,635 | 172,635 |
Equity share capital and shar_6
Equity share capital and share premium - Treasury shares (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2019USD ($)shares | Mar. 31, 2019INR (₨)shares | Mar. 31, 2018INR (₨)shares | Mar. 31, 2017$ / shares | Mar. 31, 2017INR (₨)₨ / sharesshares | |
Amount | |||||
Balance at beginning of the year | ₨ 225,279 | ₨ (3,189,569) | ₨ (441,058) | ||
Own shares acquired | 11,219 | ||||
Vesting of options | (51) | (8,340) | (11,969) | ||
Balance at end of the year | $ (34,401) | ₨ (2,379,170) | ₨ 225,279 | ₨ (3,189,569) | |
Treasury shares | |||||
Number of shares | |||||
Balance at beginning of the year | shares | 27,900 | 27,900 | 63,771 | ||
Vesting of options | shares | (26,901) | (26,901) | (35,871) | ||
Balance at end of the year | shares | 999 | 999 | 27,900 | 63,771 | |
Amount | |||||
Balance at beginning of the year | ₨ 30,084 | ₨ 54,371 | |||
Issue of shares | ₨ 50,382 | ||||
Own shares acquired | 11,219 | ||||
Vesting of options | (18,215) | (24,287) | (7,230) | ||
Balance at end of the year | ₨ 11,219 | ₨ 30,084 | ₨ 54,371 | ||
Number of shares bought back | shares | 17,893 | ||||
Price per shares of shares repurchased during the year | (per share) | $ 9.35 | ₨ 627.01 |
Other capital reserve - Summary
Other capital reserve - Summary (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019INR (₨)₨ / sharesshares | Mar. 31, 2018INR (₨)shares | Mar. 31, 2017INR (₨)shares | |
Other capital reserve | ||||
Balance at beginning of the year | ₨ (225,279) | ₨ 3,189,569 | ₨ 441,058 | |
Issuance of warrants | 23,258 | |||
Exercised during the year | 51 | 8,340 | 11,969 | |
Balance at end of the year | $ 34,401 | ₨ 2,379,170 | ₨ (225,279) | ₨ 3,189,569 |
Equity instruments | ||||
Other capital reserve | ||||
Shares reserved for issuance | shares | 1,844 | 1,844 | 1,844 | 1,844 |
Exercise price | (per share) | $ 5.42 | ₨ 374.85 | ||
Other capital reserves | ||||
Other capital reserve | ||||
Balance at beginning of the year | ₨ 832,964 | ₨ 733,448 | ₨ 174,820 | |
Share-based payments expense during the year | 295,680 | 734,512 | ||
Issuance of warrants | 23,258 | |||
Exercised during the year | (376,339) | (650,860) | (19,690) | |
Forfeited during the year | (13,447) | (4,592) | ||
Expired during the year | (2,870) | (2,802) | ||
Balance at end of the year | 735,988 | 832,964 | 733,448 | |
Other capital reserves | Share based payments | ||||
Other capital reserve | ||||
Balance at beginning of the year | 809,365 | 733,107 | ||
Share-based payments expense during the year | 295,680 | 734,512 | ||
Exercised during the year | (376,339) | (650,860) | ||
Forfeited during the year | (13,447) | (4,592) | ||
Expired during the year | (2,870) | (2,802) | ||
Balance at end of the year | 712,389 | 809,365 | 733,107 | |
Other capital reserves | Equity instruments | ||||
Other capital reserve | ||||
Balance at beginning of the year | 341 | 341 | ||
Balance at end of the year | 341 | 341 | ₨ 341 | |
Other capital reserves | Warrants | ||||
Other capital reserve | ||||
Balance at beginning of the year | 23,258 | |||
Issuance of warrants | 23,258 | |||
Balance at end of the year | ₨ 23,258 | ₨ 23,258 |
Other capital reserve - Summa_2
Other capital reserve - Summary of 2006 Share Plan and 2006 India Share Plan (Details) - 2006 Share Plan and 2006 India Share Plan | 12 Months Ended | ||
Mar. 31, 2019Optionsinstallmentshares | Mar. 31, 2018Optionsshares | Mar. 31, 2017Options | |
Vesting Schedule 1 | |||
Share based payments | |||
Vesting period | 60 months | ||
Vesting Schedule 1, Tranche 1 | |||
Share based payments | |||
Vesting period | 2 years | ||
Vesting Schedule 2 | |||
Share based payments | |||
Number of equal monthly vesting installments | 12 | ||
Vesting period | 12 months | ||
Vesting Schedule 3, Tranche 1 | |||
Share based payments | |||
Percentage of shares to vest | 50.00% | ||
Number of equal quarterly vesting installments | 16 | ||
Vesting Schedule 3, Tranche 2 | |||
Share based payments | |||
Percentage of shares to vest | 25.00% | ||
Number of equal quarterly vesting installments | 8 | ||
Vesting Schedule 3, Tranche 3 | |||
Share based payments | |||
Percentage of shares to vest | 25.00% | ||
Number of equal quarterly vesting installments | 4 | ||
Options | |||
Share based payments | |||
Options outstanding | Options | 652,580 | 657,130 | 698,965 |
Ordinary shares | |||
Share based payments | |||
Shares reserved for issuance | shares | 1,316,765 | 1,316,765 | |
Ordinary shares | Options | |||
Share based payments | |||
Granted during the year | Options | 652,580 | ||
Options outstanding | Options | 652,580 | 657,130 |
Other capital reserve - Changes
Other capital reserve - Changes in 2006 Share Plan and 2006 India Share Plan (Details) | Dec. 16, 2016 | Mar. 31, 2019INR (₨)Options | Mar. 31, 2018INR (₨)Options | Mar. 31, 2017INR (₨)Options |
Ordinary shares | ||||
Weighted average exercise price of share options | ||||
Reverse stock split, conversion ratio | 5.4242194 | |||
Options | Ordinary shares | ||||
Weighted average exercise price of share options | ||||
Reverse stock split, conversion ratio | 5.4242194 | |||
2006 Share Plan and 2006 India Share Plan | Ordinary shares | ||||
Weighted average exercise price of share options | ||||
Weighted average remaining contractual life | 3 years 7 months 17 days | |||
2006 Share Plan and 2006 India Share Plan | Options | ||||
Number of shares | ||||
Number of options outstanding at the beginning of the year | Options | 657,130 | 698,965 | ||
Forfeited during the year | Options | 1,785 | 6,913 | ||
Expired during the year | Options | 2,581 | |||
Exercised during the year | Options | 184 | 34,922 | ||
Number of options outstanding at the end of the year | Options | 652,580 | 657,130 | 698,965 | |
Vested and not exercised | Options | 652,580 | 656,454 | ||
Weighted average exercise price of share options | ||||
Options outstanding at the beginning of the year | ₨ 287.05 | ₨ 279.43 | ||
Forfeited during the year | 348.84 | 289.04 | ||
Expired during the year | 270.10 | |||
Exercised during the year | 300.11 | 167.39 | ||
Options outstanding at the end of the year | 304.92 | 287.05 | ₨ 279.43 | |
Vested and not exercised | 304.92 | ₨ 287.06 | ||
Weighted average remaining contractual life | 4 years 7 months 10 days | |||
Share based compensation cost | 24,000 | ₨ 432,000 | ₨ 9,183,000 | |
2006 Share Plan and 2006 India Share Plan | Options | Minimum | ||||
Weighted average exercise price of share options | ||||
Options outstanding at the beginning of the year | 254.28 | |||
Options outstanding at the end of the year | 270.10 | 254.28 | ||
2006 Share Plan and 2006 India Share Plan | Options | Maximum | ||||
Weighted average exercise price of share options | ||||
Options outstanding at the beginning of the year | 353.17 | |||
Options outstanding at the end of the year | ₨ 375.14 | ₨ 353.17 | ||
2006 Share Plan and 2006 India Share Plan | Options | Ordinary shares | ||||
Number of shares | ||||
Number of options outstanding at the beginning of the year | Options | 657,130 | |||
Granted during the year | Options | 652,580 | |||
Number of options outstanding at the end of the year | Options | 652,580 | 657,130 |
Other capital reserve - Busines
Other capital reserve - Business Combination RSUs (Details) | Dec. 16, 2016shares | Dec. 31, 2016EquityInstruments | Mar. 31, 2019EquityInstruments | Mar. 31, 2018EquityInstrumentsinstallment |
Ordinary shares | ||||
Share based payments | ||||
Number of shares into which each RSU may be converted | shares | 1 | |||
Restricted Stock Unit Plan | RSUs | ||||
Share based payments | ||||
Repurchase period | 2 years | |||
Restricted Stock Unit Plan | Business combinations | Ordinary shares | ||||
Share based payments | ||||
Issue of treasury shares | shares | 74,458 | |||
Restricted Stock Unit Plan | Business combinations | RSUs | ||||
Share based payments | ||||
Vesting period | 2 years | |||
Repurchase period | 2 years | |||
Number of shares | ||||
Number of RSU's outstanding at the beginning of the year | 719,575 | 1,684,024 | ||
Granted during the year | 2,000,000 | |||
Forfeited during the year | 372 | 3,606 | ||
Expired during the year | 738 | 724 | ||
Vested during the year | 718,465 | 960,119 | ||
Number of RSU's outstanding at the end of the year | 719,575 | |||
Vested and not exercised | 643,147 | |||
Restricted Stock Unit Plan | Business combinations | RSUs | Modified Vesting | ||||
Number of shares | ||||
Number of RSU's outstanding at the beginning of the year | 1,925,542 | |||
Number of RSU's outstanding at the end of the year | 1,925,542 | |||
Restricted Stock Unit Plan | Business combinations | RSUs | Vesting schedule 1 | ||||
Number of shares | ||||
Percentage of shares to vest | 25.00% | |||
Restricted Stock Unit Plan | Business combinations | RSUs | Vesting schedule 2 | ||||
Number of shares | ||||
Percentage of shares to vest | 75.00% | |||
Number of equal quarterly vesting installments | installment | 6 |
Other capital reserve - Summa_3
Other capital reserve - Summary of 2016 Stock Option and Incentive Plan (Details) - 2016 Plan - Options - Options | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share based payments | |||
Granted during the year | 29,269 | 337,749 | |
Options outstanding | 312,629 | 337,749 | 0 |
Vesting Schedule 1 | |||
Share based payments | |||
Options outstanding | 197,749 | ||
Vesting period | 4 years | ||
Vesting On February 1, 2018 Member | |||
Share based payments | |||
Percentage of shares to vest | 6.25% | ||
Vesting Schedule 2 | |||
Share based payments | |||
Options outstanding | 140,000 | ||
Vesting period | 2 years | ||
Vesting On March 1, 2018 Member | |||
Share based payments | |||
Percentage of shares to vest | 4.167% | ||
Vesting Schedule 3 | |||
Share based payments | |||
Options outstanding | 21,769 | ||
Vesting period | 1 year 4 months | ||
Vesting Schedule On September 1, 2018 Member | |||
Share based payments | |||
Percentage of annual increase in shares reserved for issuance | 6.25% | ||
Vesting Schedule 4 | |||
Share based payments | |||
Options outstanding | 7,500 | ||
Vesting period | 1 year | ||
Vesting Schedule On January 31, 2019 Member | |||
Share based payments | |||
Percentage of shares to vest | 8.33% |
Other capital reserve - Chang_2
Other capital reserve - Changes in 2016 Stock Option and Incentive Plan (Details) - 2016 Plan - Options | 12 Months Ended | ||||
Mar. 31, 2019USD ($)Options | Mar. 31, 2019INR (₨)Options | Mar. 31, 2018USD ($)Options | Mar. 31, 2018INR (₨)Options | Mar. 31, 2017INR (₨)Options | |
Number of shares | |||||
Number of options outstanding at the beginning of the year | Options | 337,749 | 337,749 | 0 | 0 | |
Granted during the year | Options | 29,269 | 29,269 | 337,749 | 337,749 | |
Forfeited during the year | Options | 54,389 | 54,389 | |||
Number of options outstanding at the end of the year | Options | 312,629 | 312,629 | 337,749 | 337,749 | 0 |
Vested and not exercised | Options | 127,705 | 18,550 | |||
Weighted average exercise price of share options | |||||
Options outstanding at the beginning of the year | ₨ 591.99 | ||||
Granted during the year | 406.10 | ₨ 591.99 | |||
Forfeited during the year | 668.82 | ||||
Options outstanding at the end of the year | 601.01 | 591.99 | |||
Vested and not exercised | ₨ 590.06 | ₨ 606.26 | |||
Weighted average remaining contractual life | 4 years 11 months 9 days | 4 years 11 months 9 days | 6 years 1 month 2 days | 6 years 1 month 2 days | |
Share based compensation cost | ₨ 19,891,000 | ₨ 7,748,000 | ₨ 0 | ||
Valuation inputs | |||||
Weighted average Fair value of ordinary share at the measurement date | $ | $ 5.67 | $ 7.09 | |||
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% | |
Minimum | |||||
Weighted average exercise price of share options | |||||
Exercise price | ₨ 380.38 | ₨ 508.51 | |||
Valuation inputs | |||||
Risk-free interest rate | 2.76% | 2.76% | 2.31% | 2.31% | |
Expected volatility | 38.63% | 38.63% | 36.10% | 36.10% | |
Expected life of share options | 2 years 3 months 7 days | 2 years 3 months 7 days | 2 years 6 months 7 days | 2 years 6 months 7 days | |
Maximum | |||||
Weighted average exercise price of share options | |||||
Exercise price | ₨ 691.60 | ₨ 651.10 | |||
Valuation inputs | |||||
Risk-free interest rate | 2.80% | 2.80% | 2.42% | 2.42% | |
Expected volatility | 40.64% | 40.64% | 36.55% | 36.55% | |
Expected life of share options | 4 years 11 months 23 days | 4 years 11 months 23 days | 4 years 11 months 12 days | 4 years 11 months 12 days |
Other capital reserve - Summa_4
Other capital reserve - Summary of Restricted Stock Unit Plan (Details) - 2016 Plan (RSU) - RSUs | 12 Months Ended | ||
Mar. 31, 2019EquityInstrumentsshares | Mar. 31, 2018EquityInstruments | Mar. 31, 2017EquityInstruments | |
Share based payments | |||
Shares approved for issuance | shares | 603,792 | ||
RSU's outstanding | 280,886 | 547,390 | 0 |
Granted during the year | 603,792 | ||
Vesting Schedule 1 | |||
Share based payments | |||
Granted during the year | 87,879 | ||
Vesting Schedule 1, First Vesting | |||
Share based payments | |||
Percentage of shares to vest | 12.50% | ||
Vesting Schedule 1, Second Vesting | |||
Share based payments | |||
Quarterly vesting, percentage of shares | 12.50% | ||
Vesting Schedule 2, Fully Vested | |||
Share based payments | |||
Granted during the year | 4,300 | ||
Vesting Schedule 3 | |||
Share based payments | |||
Granted during the year | 7,277 | ||
Vesting period | 4 years | ||
Vesting Schedule 3, First Vesting | |||
Share based payments | |||
Percentage of shares to vest | 6.25% | ||
Vesting Schedule 4 | |||
Share based payments | |||
Granted during the year | 20,000 | ||
Vesting Schedule 4, First Vesting | |||
Share based payments | |||
Percentage of shares to vest | 10.00% | ||
Vesting Schedule 4, Second Vesting | |||
Share based payments | |||
Quarterly vesting, percentage of shares | 8.333% | ||
Vesting Schedule 5 | |||
Share based payments | |||
Granted during the year | 479,336 | ||
Vesting period | 1 year | ||
Vesting Schedule 5, First Vesting | |||
Share based payments | |||
Quarterly vesting, percentage of shares | 25.00% | ||
Vesting Schedule 6 | |||
Share based payments | |||
Granted during the year | 5,000 |
Other capital reserve - Chang_3
Other capital reserve - Changes in Restricted Stock Unit Plan (Details) | 12 Months Ended | ||||
Mar. 31, 2019INR (₨)EquityInstruments | Mar. 31, 2018INR (₨)EquityInstruments | Mar. 31, 2017INR (₨)EquityInstruments | Mar. 31, 2019USD ($)EquityInstruments | Mar. 31, 2019INR (₨)EquityInstruments | |
Minimum | |||||
Valuation inputs | |||||
Risk-free interest rate | 2.00% | ||||
Expected volatility | 35.00% | ||||
Expected life of RSUs | 0 years | ||||
Maximum | |||||
Valuation inputs | |||||
Risk-free interest rate | 2.50% | ||||
Expected volatility | 37.00% | ||||
Expected life of RSUs | 4 years | ||||
2016 Plan (RSU) | RSUs | |||||
Number of shares | |||||
Number of RSU's outstanding at the beginning of the year | 547,390 | 0 | |||
Granted during the year | 603,792 | ||||
Forfeited during the year | 13,124 | 6,535 | |||
Expired during the year | 3,645 | 283 | |||
Vested during the year | 249,735 | 49,584 | |||
Number of RSU's outstanding at the end of the year | 280,886 | 547,390 | 0 | ||
Vested and not exercised | 263,115 | 263,115 | |||
Weighted average remaining contractual life | 1 year 11 days | ||||
Exercise price | ₨ | ₨ 0 | ₨ 0 | |||
Share based compensation cost | ₨ | ₨ 159,857,000 | ₨ 88,829,000 | ₨ 0 | ||
Valuation inputs | |||||
Weighted average Fair value of ordinary share at the measurement date | $ | $ 6.68 | ||||
Expected life of RSUs | 5 months 12 days | ||||
Dividend Yield | 0.00% |
Components of Other Comprehen_3
Components of Other Comprehensive Loss (Details) ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | |
Actuarial loss on defined benefit plan: | ||||
Actuarial loss on obligation | ₨ (5,776) | ₨ (5,047) | ₨ (8,873) | |
Income tax expense | 250 | 187 | 733 | |
Total | $ (80) | (5,526) | (4,860) | (8,140) |
Foreign currency translation: | ||||
Foreign currency translation differences | (4,834) | (9,879) | 44,997 | |
Other comprehensive income, net of tax, exchange differences on translation | $ (70) | ₨ (4,834) | ₨ (9,879) | ₨ 44,997 |
Borrowings - Summary (Details)
Borrowings - Summary (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Borrowings | |||
Current borrowings | $ 16,654 | ₨ 1,151,818 | ₨ 491,860 |
Non-current borrowings | $ 356 | 24,587 | 359,969 |
Total borrowings | 1,176,405 | 851,829 | |
Finance lease liabilities | |||
Borrowings | |||
Current borrowings | 3,071 | 4,920 | |
Non-current borrowings | 1,032 | 3,992 | |
Finance lease liabilities | SGD | Fixed rate | |||
Borrowings | |||
Total borrowings | ₨ 4,103 | ₨ 8,912 | |
Finance lease liabilities | SGD | Fixed rate | Minimum | |||
Borrowings | |||
Interest rate (as a percent) | 2.99% | 2.99% | 2.99% |
Finance lease liabilities | SGD | Fixed rate | Maximum | |||
Borrowings | |||
Interest rate (as a percent) | 3.18% | 3.18% | 3.18% |
Bank overdraft | |||
Borrowings | |||
Current borrowings | ₨ 797,343 | ||
Total borrowings | 797,343 | ||
Vehicle loan | |||
Borrowings | |||
Current borrowings | 15,653 | ₨ 14,310 | |
Non-current borrowings | 23,555 | 31,813 | |
Vehicle loan | Fixed rate | |||
Borrowings | |||
Total borrowings | ₨ 39,208 | ₨ 46,123 | |
Vehicle loan | INR | Fixed rate | Minimum | |||
Borrowings | |||
Interest rate (as a percent) | 8.00% | 8.00% | 8.00% |
Vehicle loan | INR | Fixed rate | Maximum | |||
Borrowings | |||
Interest rate (as a percent) | 10.00% | 10.00% | 10.00% |
Secured loan from banks/NBFC's | |||
Borrowings | |||
Current borrowings | ₨ 335,751 | ₨ 472,630 | |
Non-current borrowings | 324,164 | ||
Secured loan from banks/NBFC's | INR | Fixed rate | |||
Borrowings | |||
Interest rate (as a percent) | 14.75% | 14.75% | |
Total borrowings | ₨ 161,120 | 400,116 | |
Secured bank loans | USD | Fixed rate | |||
Borrowings | |||
Interest rate (as a percent) | 9.00% | 9.00% | |
Total borrowings | ₨ 174,631 | ₨ 396,678 |
Borrowings - Bank overdrafts (D
Borrowings - Bank overdrafts (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2014 |
Borrowings | ||
Notional amount | ₨ 800,000 | |
ICICI bank | Bank overdraft | ||
Borrowings | ||
Notional amount | ₨ 800,000 | |
Canara bank | Bank overdraft | ||
Borrowings | ||
Notional amount | ₨ 450 |
Borrowings - Innoven Capital Se
Borrowings - Innoven Capital Secured Loan (Details) $ / shares in Units, ₨ in Thousands, $ in Thousands | Jan. 20, 2017INR (₨) | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018USD ($)trancheinstallment$ / sharesshares | Mar. 31, 2018INR (₨)trancheinstallment | Mar. 31, 2017INR (₨) | Jul. 04, 2019INR (₨) | Mar. 31, 2018INR (₨)shares | Mar. 31, 2014INR (₨) |
Borrowings | |||||||||
Term loan amount | ₨ 800,000 | ||||||||
Proceeds of borrowings | ₨ 1,400,239 | ||||||||
Early repayment of loan | ₨ 450 | $ 7,264 | ₨ 502,362 | ₨ 595,734 | ₨ 436,210 | ||||
Term Loan | Innoven capital | |||||||||
Borrowings | |||||||||
Fixed deposit | ₨ 50 | ||||||||
Term Loan | Innoven capital | Second Loan | |||||||||
Borrowings | |||||||||
Term loan amount | ₨ 1,034,448 | ||||||||
Number of tranches for loan amount receivable | tranche | 2 | 2 | |||||||
Warrants outstanding | shares | 154,000 | 154,000 | |||||||
Exercise price of share upon conversion warrant (in dollars per share) | $ / shares | $ 12 | ||||||||
Term Loan | Innoven capital | Second Loan | Foreign operations | |||||||||
Borrowings | |||||||||
Term loan amount | $ | $ 7,800 | ||||||||
Term Loan | Innoven capital | Second Loan | Domestic | |||||||||
Borrowings | |||||||||
Term loan amount | ₨ 495 | ||||||||
Term Loan | Innoven capital | Second Loan | Fixed rate | Foreign operations | |||||||||
Borrowings | |||||||||
Interest rate (as a percent) | 9.00% | 9.00% | |||||||
Term Loan | Innoven capital | Second Loan | Fixed rate | Domestic | |||||||||
Borrowings | |||||||||
Interest rate (as a percent) | 14.75% | 14.75% | |||||||
Term Loan - Tranche 1 | Innoven capital | Second Loan | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | ₨ 665,800 | ||||||||
Term Loan - Tranche 1 | Innoven capital | Second Loan | Foreign operations | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | $ | $ 5,000 | ||||||||
Monthly instalments | $ 200 | ₨ 13,300 | |||||||
Number of instalments | installment | 26 | 26 | |||||||
Term Loan - Tranche 1 | Innoven capital | Second Loan | Domestic | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | ₨ 320,000 | ||||||||
Monthly instalments | ₨ 12,308 | ||||||||
Number of instalments | installment | 26 | 26 | |||||||
Term Loan - Tranche 2 | Innoven capital | Second Loan | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | ₨ 368,648 | ||||||||
Term Loan - Tranche 2 | Innoven capital | Second Loan | Foreign operations | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | $ | $ 2,800 | ||||||||
Monthly instalments | $ 120 | ₨ 8,419 | |||||||
Number of instalments | installment | 23 | 23 | |||||||
Term Loan - Tranche 2 | Innoven capital | Second Loan | Domestic | |||||||||
Borrowings | |||||||||
Proceeds of borrowings | ₨ 175,000 | ||||||||
Monthly instalments | ₨ 7,609 | ||||||||
Number of instalments | installment | 23 | 23 |
Borrowings - Debentures and War
Borrowings - Debentures and Warrants (Details) - Ordinary shares | Dec. 16, 2016 | Sep. 12, 2017$ / sharesshares | Sep. 12, 2017₨ / sharesshares | Jul. 24, 2015$ / sharesshares | Jul. 24, 2015₨ / sharesshares |
Borrowings | |||||
Reverse stock split, conversion ratio | 5.4242194 | ||||
Macquarie Corporate Holdings Pty Limited | |||||
Borrowings | |||||
Number of shares | 46,458 | 46,458 | |||
Exercise price (per share) | (per share) | $ 26.90 | ₨ 1,860.40 | |||
Reverse stock split, conversion ratio | 5.4242194 | ||||
Innoven capital | |||||
Borrowings | |||||
Number of shares | 154,000 | 154,000 | |||
Exercise price (per share) | (per share) | $ 12 | ₨ 829.92 | |||
Options | |||||
Borrowings | |||||
Reverse stock split, conversion ratio | 5.4242194 | ||||
Options | Macquarie Corporate Holdings Pty Limited | |||||
Borrowings | |||||
Reverse stock split, conversion ratio | 5.4242194 |
Trade and other payables (Detai
Trade and other payables (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Trade and other payables | |||
Trade payables | ₨ 4,124,409 | ₨ 3,977,674 | |
Accrued expenses | 275,515 | 381,880 | |
Related parties | 15,517 | 16,767 | |
Refund and other payables | 852,605 | 673,309 | |
Total | 5,268,046 | 5,049,630 | |
Current | $ 76,127 | 5,264,949 | ₨ 5,049,630 |
Non-current | $ 45 | ₨ 3,097 |
Employment benefit plan - Summa
Employment benefit plan - Summary (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Employment benefit plan | ||
Defined benefit plan | ₨ 106,718 | ₨ 87,009 |
Liability for compensated absences | 72,287 | 67,624 |
Total liability | 179,005 | 154,633 |
Defined benefit plan asset | 6,339 | 7,835 |
Total asset | 6,339 | 7,835 |
Net unfunded liability | ₨ 100,379 | ₨ 79,174 |
Employment benefit plan - Defin
Employment benefit plan - Defined Benefit Plan (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unfunded liability | ||
Current | ₨ 24,869 | ₨ 13,687 |
Non-current | 75,510 | 65,487 |
Unfunded liability recognized in statement of financial position | 100,379 | 79,174 |
Funded asset | ||
Funded asset | 6,339 | 7,835 |
Prepayment and other assets - Non-Current | ||
Funded asset | ||
Funded asset | 6,339 | 7,835 |
Present value of obligation | ||
Present value of obligation and assets | ||
Beginning of the year | 115,708 | 70,951 |
Interest cost | 22,589 | |
Current service cost | 6,977 | 4,715 |
Past service cost | 8,683 | |
Actuarial loss on obligation - economic assumptions | 489 | (1,792) |
Actuarial loss on obligation - demographic assumptions | 4,506 | 6,139 |
Employer contributions | 20,166 | 14,633 |
Benefits paid | (20,216) | (10,210) |
End of the year | 127,630 | 115,708 |
Fair value of plan assets | ||
Present value of obligation and assets | ||
Beginning of the year | 36,534 | 8,517 |
Acquired through business combination | 27,578 | |
Employer contributions | 2,270 | 1,612 |
Benefits paid | (4,752) | (2,014) |
Divestiture | (8,588) | |
Earnings on assets | 2,568 | 1,442 |
Actuarial loss on plan assets | (781) | (601) |
End of the year | ₨ 27,251 | ₨ 36,534 |
Employment benefit plan - Compo
Employment benefit plan - Components of cost (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Components of cost recognized in profit or loss | |||
Current service cost | ₨ 20,166 | ₨ 14,633 | ₨ 11,824 |
Past service cost | 8,683 | ||
Net interest cost | 4,409 | 3,273 | 2,892 |
Total | 24,575 | 26,589 | 14,716 |
Amount recognized in other comprehensive income | |||
Actuarial loss on obligation | ₨ 5,776 | ₨ 5,047 | ₨ 8,873 |
Employment benefit plan - Assum
Employment benefit plan - Assumptions (Details) - Y | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee benefit plan | ||
Retirement age (years) | 58 | 58 |
Minimum | ||
Employee benefit plan | ||
Discount rate | 6.75% | 6.80% |
Future salary increase | 5.00% | 5.00% |
Average expected future working life (years) | 2 years 4 months 2 days | 2 years 3 months 29 days |
Maximum | ||
Employee benefit plan | ||
Discount rate | 6.90% | 7.10% |
Future salary increase | 11.00% | 11.00% |
Average expected future working life (years) | 3 years 11 months 5 days | 3 years 8 months 12 days |
Up to 30 years | Minimum | ||
Employee benefit plan | ||
Withdrawal rate | 40.00% | 40.00% |
Up to 30 years | Maximum | ||
Employee benefit plan | ||
Withdrawal rate | 70.00% | 70.00% |
From 31 to 44 years | Minimum | ||
Employee benefit plan | ||
Withdrawal rate | 30.00% | 30.00% |
From 31 to 44 years | Maximum | ||
Employee benefit plan | ||
Withdrawal rate | 35.00% | 35.00% |
Above 44 years | Minimum | ||
Employee benefit plan | ||
Withdrawal rate | 3.00% | 3.00% |
Above 44 years | Maximum | ||
Employee benefit plan | ||
Withdrawal rate | 5.00% | 5.00% |
Employment benefit plan - Sensi
Employment benefit plan - Sensitivity Analysis (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on discount rate or salary due to increase in actuarial assumptions | ₨ (3,406) | ₨ (2,696) |
Impact on discount rate or salary due to decrease in actuarial assumptions | ₨ 2,736 | ₨ 2,844 |
Percentage of increase in actuarial assumptions | 0.50% | 0.50% |
Percentage of decrease in actuarial assumptions | 0.50% | 0.50% |
Expected rates of salary increases | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on discount rate or salary due to increase in actuarial assumptions | ₨ 1,967 | ₨ 2,251 |
Impact on discount rate or salary due to decrease in actuarial assumptions | ₨ (2,763) | ₨ (2,188) |
Percentage of increase in actuarial assumptions | 0.50% | 0.50% |
Percentage of decrease in actuarial assumptions | 0.50% | 0.50% |
Employment benefit plan - Expec
Employment benefit plan - Expected Contributions (Details) - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of defined benefit plans [line items] | ||
Total expected payments | ₨ 129,467 | ₨ 118,824 |
Year 1 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 29,827 | 27,738 |
Year 2 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 21,429 | 18,805 |
Year 3 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 15,107 | 15,187 |
Year 4 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 12,725 | 11,567 |
Year 5 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | 11,986 | 9,851 |
Year 6-10 | ||
Disclosure of defined benefit plans [line items] | ||
Total expected payments | ₨ 38,393 | ₨ 35,676 |
Deferred revenue - Summary (Det
Deferred revenue - Summary (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) |
Rendering of services | ||||
Noncurrent | $ 1,394 | ₨ 96,392 | ₨ 599,612 | |
Current | $ 8,377 | 579,319 | 871,098 | |
Total deferred revenue | 675,711 | 1,470,710 | ₨ 998,265 | |
Global Distribution System providers | ||||
Rendering of services | ||||
Total deferred revenue | 652,895 | 1,365,932 | ||
Loyalty program | ||||
Rendering of services | ||||
Total deferred revenue | ₨ 22,816 | ₨ 104,778 |
Deferred revenue - Changes in d
Deferred revenue - Changes in deferred revenue (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in deferred revenue | ||
Deferred income at the beginning of the year | ₨ 1,470,710 | ₨ 998,265 |
Deferred during the year | 1,098,695 | |
Recorded in statement of profit or loss | (794,999) | (626,250) |
Deferred income at the end of the year | ₨ 675,711 | ₨ 1,470,710 |
Other financial liabilities (De
Other financial liabilities (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Non-current | |||
Share warrants | ₨ 94 | ₨ 84 | |
Total | $ 1 | 94 | 84 |
Current | |||
Due to employees | 182,495 | 196,956 | |
Share warrants | 383,699 | 1,914,520 | |
Liability for the acquisition of business | 1,190,009 | 904,727 | |
Total | $ 25,393 | ₨ 1,756,203 | ₨ 3,016,203 |
Other non financial liability_3
Other non financial liability, non-current (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Other non financial liability, non-current | |||
Lease rent equalization | ₨ 2,303 | ₨ 5,815 | |
Total | $ 33 | ₨ 2,303 | ₨ 5,815 |
Other current liabilities (Deta
Other current liabilities (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Other current liabilities | |||
Advance from customer | ₨ 702,444 | ₨ 894,487 | |
Statutory liabilities | 266,159 | 260,786 | |
Other liabilities | 93,402 | 80,700 | |
Lease rent equalization | 3,217 | 2,327 | |
Interest accrued on term loan | 3,155 | 7,647 | |
Total | $ 15,448 | ₨ 1,068,377 | ₨ 1,245,947 |
Commitment and contingencies -
Commitment and contingencies - Capital commitments and contingent liabilities (Details) ₨ in Thousands | Mar. 31, 2019INR (₨)item | Mar. 31, 2018INR (₨) |
Commitment and contingencies | ||
Contractual commitments for capital expenditures | ₨ 1,859 | ₨ 7,745 |
Contractual commitments for advertisement services | 106,206 | 40,683 |
Advertising deposits paid | 195,000 | |
Claims not recognised as liability | 86,508 | 65,175 |
Copyright infringement claims | 1,000 | 1,000 |
Service and other claims | ||
Commitment and contingencies | ||
Provision for contingent liabilities | 0 | 0 |
Demand notices from Service Tax authorities | ||
Commitment and contingencies | ||
Loss contingency, estimate of possible loss | 251,324 | 254,246 |
Provision for contingent liabilities | 0 | 0 |
Demand notices from Income Tax authorities | ||
Commitment and contingencies | ||
Loss contingency, estimate of possible loss | 96,608 | 108,540 |
Provision for contingent liabilities | ₨ 0 | ₨ 0 |
BCCL | ||
Commitment and contingencies | ||
Number of non-convertible debentures in a subscription agreement | item | 1 | |
Aggregate consideration | ₨ 195,000 | |
Redemption amount | 214,500 | |
Prepaid advertising expense | ₨ 300,000 |
Commitment and contingencies _2
Commitment and contingencies - Operating lease and Finance lease commitment (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitment and contingencies | ||
Total, operating leases | ₨ 759,046 | ₨ 284,724 |
Rent expense, operating leases | 193,348 | 178,650 |
Total, finance leases | 4,605 | 10,300 |
Less: amount representing finance charges | 502 | 1,387 |
Present value of minimum lease payments | ₨ 4,103 | 8,913 |
Minimum | ||
Commitment and contingencies | ||
Lease term | 1 year | |
Maximum | ||
Commitment and contingencies | ||
Lease term | 9 years | |
Year 1 | ||
Commitment and contingencies | ||
Total, operating leases | ₨ 104,289 | 118,351 |
Total, finance leases | 3,534 | 5,819 |
Years 2 - 5 | ||
Commitment and contingencies | ||
Total, operating leases | 337,665 | 155,220 |
Total, finance leases | 1,071 | 4,481 |
More than five years | ||
Commitment and contingencies | ||
Total, operating leases | ₨ 317,092 | ₨ 11,153 |
Financial risk management, ob_3
Financial risk management, objective and policies - Credit risk (Details) - Credit risk - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financial risk management, objective and policies | ||
Trade and other receivables | ₨ 4,921,270 | ₨ 3,976,751 |
Term deposits and other financial assets | 1,295,448 | 1,272,970 |
Total | 6,216,718 | 5,249,721 |
Trade and other receivables | 4,921,270 | 3,976,751 |
0 - 30 days | ||
Financial risk management, objective and policies | ||
Trade and other receivables | 3,569,845 | 2,906,073 |
31 - 90 days | ||
Financial risk management, objective and policies | ||
Trade and other receivables | 929,721 | 568,903 |
91 - 180 days | ||
Financial risk management, objective and policies | ||
Trade and other receivables | 177,769 | 281,749 |
More than 180 days | ||
Financial risk management, objective and policies | ||
Trade and other receivables | 243,935 | ₨ 220,026 |
Trade and other receivables | ||
Financial risk management, objective and policies | ||
Impairment allowance | ₨ 0 |
Financial risk management, ob_4
Financial risk management, objective and policies - Liquidity risk (Details) - Liquidity risk - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | ₨ 8,108,667 | ₨ 7,291,528 |
Undiscounted contractual cash flows | 8,150,883 | 7,385,479 |
Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 8,121,074 | 7,017,330 |
Years 2 - 5 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 29,809 | 368,149 |
Vehicle loan | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 39,208 | 46,123 |
Undiscounted contractual cash flows | 44,061 | 52,991 |
Vehicle loan | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 18,420 | 17,624 |
Vehicle loan | Years 2 - 5 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 25,641 | 35,367 |
Finance lease liabilities | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 4,103 | 8,913 |
Undiscounted contractual cash flows | 4,605 | 10,300 |
Finance lease liabilities | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 3,534 | 5,819 |
Finance lease liabilities | Years 2 - 5 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 1,071 | 4,481 |
Trade and other payables | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 5,268,046 | 5,049,630 |
Undiscounted contractual cash flows | 5,268,046 | 5,049,630 |
Trade and other payables | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 5,264,949 | 5,049,630 |
Trade and other payables | Years 2 - 5 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 3,097 | |
Term Loan | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 335,752 | 796,794 |
Undiscounted contractual cash flows | 372,613 | 882,490 |
Term Loan | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 372,613 | 554,189 |
Term Loan | Years 2 - 5 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 328,301 | |
Bank overdraft | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 797,343 | |
Undiscounted contractual cash flows | 797,343 | |
Bank overdraft | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | 797,343 | |
Other current liabilities | ||
Financial risk management, objective and policies | ||
Carrying amount of financial liabilities | 1,664,215 | 1,390,068 |
Undiscounted contractual cash flows | 1,664,215 | 1,390,068 |
Other current liabilities | Year 1 | ||
Financial risk management, objective and policies | ||
Undiscounted contractual cash flows | ₨ 1,664,215 | ₨ 1,390,068 |
Financial risk management, ob_5
Financial risk management, objective and policies - Foreign currency risk (Details) - Foreign currency risk - INR (₨) ₨ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
USD against INR | ||
Financial risk management, objective and policies | ||
Percentage of reasonably possible change in exchange rates | 5.00% | 5.00% |
Risk exposure to currency fluctuations | ₨ 10,256 | ₨ 7,561 |
Euro against INR | ||
Financial risk management, objective and policies | ||
Percentage of reasonably possible change in exchange rates | 5.00% | 5.00% |
Risk exposure to currency fluctuations | ₨ 2,245 | ₨ 2,319 |
GBP against INR | ||
Financial risk management, objective and policies | ||
Percentage of reasonably possible change in exchange rates | 5.00% | 5.00% |
Risk exposure to currency fluctuations | ₨ 930 | ₨ 1,971 |
Capital management (Details)
Capital management (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019INR (₨) | Mar. 31, 2018USD ($) | Mar. 31, 2018INR (₨) | Mar. 31, 2017INR (₨) | Mar. 31, 2016INR (₨) |
Capital management | ||||||
Less: cash and cash equivalents | $ (19,716) | ₨ (1,363,671) | $ (35,643) | ₨ (2,465,073) | ₨ (1,532,629) | ₨ (389,664) |
Equity | 34,120 | 2,359,749 | (224,918) | |||
Total equity | $ 34,401 | 2,379,170 | (225,279) | ₨ 3,189,569 | ₨ 441,058 | |
Debt Covenants | ||||||
Capital management | ||||||
Interest bearing loans and borrowings | 1,176,405 | 851,829 | ||||
Less: cash and cash equivalents | (2,161,014) | (2,465,073) | ||||
Net debt | (984,609) | (1,613,244) | ||||
Share warrants | 383,793 | 1,914,604 | ||||
Equity | 2,359,749 | (224,918) | ||||
Total equity | ₨ 2,743,542 | ₨ 1,689,686 | ||||
Gearing ratio | (55.98%) | (55.98%) | (2110.39%) | (2110.39%) |
Related party disclosures - Rel
Related party disclosures - Related Party Transactions (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Related party disclosures | |||
Trade payable | ₨ 15,517 | ₨ 16,767 | |
Significant Influence | |||
Related party disclosures | |||
Rendering of services | 6,910 | ₨ 22,041 | |
Trade payable | 1,092 | ||
Trade receivable | 3,504 | ||
Group Companies of entities having significant influence | |||
Related party disclosures | |||
Rendering of services | 405 | 169,342 | 88,932 |
Advertisement expense | 5,247 | 15,154 | |
Interest expense | 1,716 | 4,428 | 220 |
Communication expense | 489 | 11,491 | 12,971 |
Legal and professional fees | 5,497 | ||
Insurance expense | 6 | 8 | |
Trade payable | 15,517 | 15,675 | |
Trade receivable | 4,280 | 53,475 | |
Other entities where the company considers there to be a significant influence due to significant transaction with investor | |||
Related party disclosures | |||
Legal and professional fees | ₨ 101,353 | ||
Joint venture company | |||
Related party disclosures | |||
Recovery of expenses | 196 | 103 | |
Loan given | 22,500 | 7,500 | |
Interest income | 1,824 | 78 | |
Prepayment and other asset | 30,385 | 7,759 | |
Other current financial assets | ₨ 1,642 | ₨ 70 |
Related party disclosures - Key
Related party disclosures - Key management compensation (Details) - Key management personnel ₨ in Thousands, EquityInstruments in Thousands | 12 Months Ended | ||
Mar. 31, 2019INR (₨)EquityInstruments | Mar. 31, 2018INR (₨)EquityInstruments | Mar. 31, 2017INR (₨)EquityInstruments | |
Related party disclosures | |||
Short-term employee benefits | ₨ 50,830 | ₨ 47,369 | ₨ 28,760 |
Contributions to defined contribution plans | 22 | 22 | 22 |
Profit linked bonus | 7,271 | 8,790 | 27,187 |
Directors Sitting fee's | 8,587 | 9,947 | 2,762 |
Share based payment | 179,884 | 447,848 | 353,271 |
Total compensation paid to key management personnel | ₨ 246,593 | ₨ 513,976 | ₨ 412,002 |
Shares repurchased | EquityInstruments | 0 | 0 | 7,982 |
Related party disclosures - Dir
Related party disclosures - Directors' Loan and Advances (Details) - Director - INR (₨) ₨ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related party disclosures | ||
Advances given | ₨ 342 | ₨ 337 |
Repayment/settlement of advances | ₨ 342 | ₨ 337 |
Business Combination - Travel.C
Business Combination - Travel.Co.In Limited - Summary (Details) - TCIL ₨ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019INR (₨) | Mar. 31, 2018INR (₨) | Mar. 31, 2019USD ($) | Feb. 08, 2019INR (₨) | |
Business Combination | ||||
Revenue of acquiree since acquisition date | ₨ 7,231 | ₨ 1,549 | ||
Transaction costs | $ | $ 6,142 | |||
Yatra Online Private Limited | ||||
Business Combination | ||||
Upfront payment | ₨ 58,276 |
Business Combination - Travel_2
Business Combination - Travel.Co.In Limited - Purchase consideration (Details) ₨ in Thousands, $ in Thousands | Mar. 31, 2019INR (₨) | Feb. 08, 2019USD ($) | Feb. 08, 2019INR (₨) | Mar. 31, 2018INR (₨) |
Purchase price allocation: | ||||
Goodwill | ₨ | ₨ 961,186 | |||
TCIL | ||||
Business Combination | ||||
Fair value of purchase consideration at acquisition date | ₨ | ₨ 58,276 | |||
Purchase price allocation: | ||||
Net working capital (including cash) | $ (1,240) | |||
Tangible assets | 260 | |||
Customer base and relationships | 5,654 | |||
Non compete agreements | 2,110 | |||
Goodwill | ₨ 1,015,099 | 53,913 | ||
Deferred tax liability | (2,421) | |||
Total | $ 58,276 |
Business Combination - Travel_3
Business Combination - Travel.Co.In Limited - Cash Flows, Intangible Assets and Goodwill (Details) ₨ in Thousands, $ in Thousands | Feb. 08, 2019USD ($) | Mar. 31, 2019INR (₨) | Feb. 08, 2019INR (₨) |
Changes in goodwill | |||
Goodwill at beginning of year | ₨ 961,186 | ||
Goodwill at end of year | |||
TCIL | |||
Business Combination | |||
Net cash acquired with the subsidiary | $ | $ 4,828 | ||
Cash paid | $ | (58,276) | ||
Net cash flow on acquisition | $ | (53,448) | ||
Values and lives of intangibles recognised on acquisition: | |||
Total Intangibles | ₨ 7,764 | ||
Changes in goodwill | |||
Acquisition of a subsidiary | 53,913 | ||
Goodwill at end of year | $ 53,913 | ₨ 1,015,099 | |
TCIL | Customer relationships | |||
Values and lives of intangibles recognised on acquisition: | |||
Useful life of intangible assets | 4 years | ||
Total Intangibles | 5,654 | ||
TCIL | Non compete agreements | |||
Values and lives of intangibles recognised on acquisition: | |||
Useful life of intangible assets | 5 years | ||
Total Intangibles | ₨ 2,110 |
Business Combination - Air Trav
Business Combination - Air Travel Bureau Limited - Summary (Details) - Air Travel Bureau Limited ₨ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2018INR (₨) | Jul. 20, 2017INR (₨) | |
Business Combination | |||
Revenue of acquiree since acquisition date | $ | $ 560,968 | ||
Profit (loss) of acquiree since acquisition date | $ | $ 7,586 | ||
Transaction costs | ₨ | ₨ 5,943 | ||
Yatra Online Private Limited | |||
Business Combination | |||
Upfront payment | ₨ | ₨ 509,999 |
Business Combination - Air Tr_2
Business Combination - Air Travel Bureau Limited - Purchase consideration (Details) - INR (₨) ₨ in Thousands | 8 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2019 | Jul. 31, 2017 | Jul. 20, 2017 | |
Purchase price allocation: | ||||
Goodwill | ₨ 961,186 | |||
Air Travel Bureau Limited | ||||
Business Combination | ||||
Impaired trade receivables | ₨ 18,141 | |||
Air Travel Bureau Limited | Provisional assessment | ||||
Business Combination | ||||
Fair value of purchase consideration at acquisition date | ₨ 1,120,510 | |||
Purchase price allocation: | ||||
Net working capital (including cash) | 1,245,235 | |||
Tangible assets | 71,016 | |||
Long term liabilities | (695,088) | |||
Customer base and relationships | 134,681 | |||
Non compete agreements | 16,861 | |||
Goodwill | 400,254 | |||
Deferred tax liability | (52,449) | |||
Total | ₨ 1,120,510 | |||
Air Travel Bureau Limited | Revised assessment | ||||
Business Combination | ||||
Increase in net assets | 92,734 | |||
Decrease in goodwill | ₨ (92,734) | |||
Fair value of the trade receivables | 1,425,036 | |||
Gross amount of trade receivables | 1,442,300 | |||
Purchase price allocation: | ||||
Goodwill | ₨ 307,520 | |||
Air Travel Bureau Limited | Yatra Online Private Limited | ||||
Business Combination | ||||
Upfront payment | ₨ 509,999 |
Business Combination - Air Tr_3
Business Combination - Air Travel Bureau Limited - Cash Flows, Intangible Assets and Goodwill (Details) - INR (₨) ₨ in Thousands | Jul. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2018 |
Changes in goodwill | |||
Goodwill at beginning of year | |||
Goodwill at end of year | ₨ 961,186 | ₨ 961,186 | |
Air Travel Bureau Limited | |||
Business Combination | |||
Goodwill, Beginning Balance | 653,666 | ||
Acquisition of a subsidiary | 307,520 | ||
Goodwill, Ending Balance | 961,186 | ₨ 961,186 | |
Net cash acquired with the subsidiary | 156,543 | ||
Cash paid | (510,000) | ||
Net cash flow on acquisition | ₨ (353,457) | ||
Values and lives of intangibles recognised on acquisition: | |||
Total Intangibles | ₨ 151,543 | ||
Air Travel Bureau Limited | Customer relationships | |||
Values and lives of intangibles recognised on acquisition: | |||
Useful life of intangible assets | 15 years | ||
Total Intangibles | ₨ 134,682 | ||
Air Travel Bureau Limited | Non compete agreements | |||
Values and lives of intangibles recognised on acquisition: | |||
Useful life of intangible assets | 3 years 6 months | ||
Total Intangibles | ₨ 16,861 |
Business Combination - Air Tr_4
Business Combination - Air Travel Bureau Limited - Contingent Consideration (Details) - Air Travel Bureau Limited - INR (₨) ₨ in Thousands | 8 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2019 | Jul. 31, 2017 | |
Reconciliation of fair value measurement of the contingent consideration liability | |||
Contingent liabilities recognised in business combination at beginning of year | ₨ 0 | ₨ 904,727 | |
Liability arising on business combination | 610,383 | ||
Unrealized fair value changes recognized in profit or loss | 294,344 | 485,282 | |
Advance Paid | 200,000 | ||
Contingent liabilities recognised in business combination at end of year | ₨ 904,727 | ₨ 1,190,009 | |
Provisional assessment | |||
Business Combination | |||
Fair value of purchase consideration at acquisition date | ₨ 1,120,510 |
Business Combination - Terrapin
Business Combination - Terrapin 3 Acquisition Corporation (Details) ₨ in Thousands, shares in Thousands | Dec. 16, 2016INR (₨)shares | Mar. 31, 2017INR (₨) | Dec. 31, 2016INR (₨)EquityInstruments | Jul. 31, 2014INR (₨) | Mar. 31, 2019INR (₨) | Mar. 31, 2017INR (₨) | Mar. 31, 2018INR (₨) |
Business Combination | |||||||
Listing expenses | ₨ 4,242,526 | ||||||
Issue of share capital | ₨ 3,667,914 | 1,670,896 | |||||
Proceeds from exercise of warrants | ₨ 7,352 | ||||||
Restricted Stock Unit Plan | RSUs | |||||||
Business Combination | |||||||
Conversion ratio of restricted stock units | 1 | ||||||
Repurchase period | 2 years | ||||||
Private Placement | |||||||
Business Combination | |||||||
Issue of share capital | ₨ 1,663,544 | ||||||
Shareholders, certain employees, and holders of warrants and swaps | |||||||
Business Combination | |||||||
Contingent Dividend Declared | ₨ 2,368,275 | ||||||
Shareholders | |||||||
Business Combination | |||||||
Fair value of contingent dividend | 0 | ₨ 0 | |||||
Employees and warrant holders | |||||||
Business Combination | |||||||
Fair value of contingent dividend | ₨ 292 | ₨ 0 | 292 | ₨ 0 | |||
Business combinations | Restricted Stock Unit Plan | RSUs | |||||||
Business Combination | |||||||
Number of equity instruments granted | EquityInstruments | 2,000,000 | ||||||
Repurchase period | 2 years | ||||||
Business combinations | TRTL | |||||||
Business Combination | |||||||
Warrants outstanding | shares | 34,675 | ||||||
Total fair value of consideration transferred | ₨ 6,474,133 | ||||||
Listing expenses | 4,069,760 | ||||||
Total | 2,404,373 | ||||||
Cash and cash equivalent | 4,051,557 | ||||||
Current assets | 8,285 | ||||||
Accounts payable | (23,797) | ||||||
Warrants | ₨ (1,631,672) | ||||||
Transaction costs | 253,813 | ₨ 253,813 | |||||
Transaction costs recognized in profit or loss and other comprehensive loss | 172,474 | ||||||
Transaction costs recognized as reduction to equity share premium | ₨ 81,339 | ||||||
Business combinations | TRTL | IPO | |||||||
Business Combination | |||||||
Proceeds from issuing shares | ₨ 14,111,708 | ||||||
Business combinations | TRTL | Class A Common shares | |||||||
Business Combination | |||||||
Conversion ratio of shares issued in business combination | 1 | ||||||
Business combinations | TRTL | Class F Common shares | |||||||
Business Combination | |||||||
Conversion ratio of shares issued in business combination | 1 | ||||||
Business combinations | TRTL | Class A Ordinary shares | |||||||
Business Combination | |||||||
Number of shares issued | shares | 6,794 | ||||||
Business combinations | TRTL | Class F Ordinary shares | |||||||
Business Combination | |||||||
Number of shares issued | shares | 3,159 |
Listing and related expenses (D
Listing and related expenses (Details) - INR (₨) ₨ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Listing and related expenses | |||
Listing expenses | ₨ 4,069,760 | ||
Transaction costs recognized in profit or loss and other comprehensive loss | ₨ 0 | ₨ 0 | 172,474 |
Employees and warrant holders | |||
Listing and related expenses | |||
Fair value of contingent dividend | 0 | 0 | 292 |
Business combinations | TRTL | |||
Listing and related expenses | |||
Listing expenses | ₨ 0 | ₨ 0 | ₨ 4,069,760 |
Subsequent event (Details)
Subsequent event (Details) - Major business combination - Ebix Merger Agreement | Jul. 16, 2019$ / sharesshares |
Subsequent event | |
Number of common stock issuable under convertible Preferred Stock arrangement | shares | 20 |
Ordinary Shares, Class A Shares and Yatra USA Class F Shares converted to Ebix's Series Y Convertible Preferred Stock | |
Subsequent event | |
Exchange ratio | 0.005 |
Par value | $ / shares | $ 0.10 |
Class F Shares converted to Ebix Series Y Convertible Preferred Stock | |
Subsequent event | |
Exchange ratio | 0.00 |
Option to Purchase Ordinary Shares converted to Net Option Share | |
Subsequent event | |
Exchange ratio | 1 |
Uncategorized Items - ytra-2019
Label | Element | Value |
Reportable Segments [Member] | ||
Unallocated Expenses, Excluding Customer Promotional Expenses | ytra_UnallocatedExpensesExcludingCustomerPromotionalExpenses | ₨ 6,790,437,000 |
Unallocated Expenses, Excluding Customer Promotional Expenses | ytra_UnallocatedExpensesExcludingCustomerPromotionalExpenses | 10,342,290,000 |
Unallocated Expenses, Excluding Customer Promotional Expenses | ytra_UnallocatedExpensesExcludingCustomerPromotionalExpenses | 7,336,016,000 |
Unallocated Expenses, Including Customer Promotional Expenses | ytra_UnallocatedExpensesIncludingCustomerPromotionalExpenses | 6,790,437,000 |
Unallocated Expenses, Including Customer Promotional Expenses | ytra_UnallocatedExpensesIncludingCustomerPromotionalExpenses | 10,342,290,000 |
Unallocated Expenses, Including Customer Promotional Expenses | ytra_UnallocatedExpensesIncludingCustomerPromotionalExpenses | ₨ 10,907,467,000 |