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Financial Instruments | 12 Months Ended
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Mar. 31, 2021
Disclosure Of Financial Instruments [Abstract] |
Financial Instruments |
3 5) | FINANCIAL INSTRUMENTS
Credit Risk Exposure to Credit Risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
Trade and other receivables |  |  | 56,065 |  |  |  | 27,331 |
Receivable from related party |  |  | — |  |  |  | 55 |
Term deposits |  |  | 38,030 |  |  |  | 154,868 |
Cash and cash equivalents (except cash in hand) |  |  | 129,791 |  |  |  | 295,001 |
Total |  |  | 223,886 |  |  |  | 477,255 |
The cash and cash equivalents and term deposits are mainly held with banks, which are rated A+, A, AA-, BB+, BBB-, based on rating agency Fitch ratings. The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
India |  |  | 48,758 |  |  |  | 23,571 |
Thailand |  |  | 3,901 |  |  |  | 1,324 |
Malaysia |  |  | 318 |  |  |  | 157 |
Singapore |  |  | 562 |  |  |  | 188 |
Others |  |  | 2,526 |  |  |  | 2,091 |
Total |  |  | 56,065 |  |  |  | 27,331 |
The maximum exposure to credit risk for trade and other receivables and term deposits at the reporting date by type of counterparty was:
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
Airlines |  |  | 16,564 |  |  |  | 6,239 |
Retail customers |  |  | 3,145 |  |  |  | 117 |
Corporate customers |  |  | 26,625 |  |  |  | 10,757 |
Deposit with hotels and others |  |  | 8,152 |  |  |  | 5,900 |
Term deposits with bank |  |  | 38,030 |  |  |  | 154,868 |
Others |  |  | 1,579 |  |  |  | 4,318 |
Total |  |  | 94,095 |  |  |  | 182,199 |
Impairment Losses The Group uses a provision matrix to compute the expected credit loss allowance for trade and other receivables. The provision matrix takes into account available external and internal credit risk factors such as credit default and the Group's historical experience for customers. The age of trade and other receivables, term deposits, and security deposits at the reporting date was:
|  | As at March 31 |
|  | 2020 |  |  | 2021 |
Particulars |  | Gross |  |  | Impairment |  |  | Gross |  |  | Impairment |
Not past due |  |  | 58,418 |  |  |  | — |  |  |  | 166,805 |  |  |  | — |
Past due 0-30 days |  |  | 14,834 |  |  |  | — |  |  |  | 7,600 |  |  |  | — |
Past due 30-120 days |  |  | 13,531 |  |  |  | — |  |  |  | 4,704 |  |  |  | — |
More than 120 days |  |  | 10,205 |  |  |  | 2,893 |  |  |  | 5,571 |  |  |  | 2,481 |
Total |  |  | 96,988 |  |  |  | 2,893 |  |  |  | 184,680 |  |  |  | 2,481 |
The movement in the allowance for impairment in respect of trade and other receivables during the year was as follows:
|  | For the year ended March 31 |
Particulars |  | 2020 |  |  | 2021 |
Balance at the beginning of the year |  |  | 1,851 |  |  |  | 2,893 |
Allowance for impairment |  |  | 1,563 |  |  |  | 358 |
Amounts written off against the allowance |  |  | (346 | ) |  |  | (908 | )
Effects of movement in exchange rate |  |  | (175 | ) |  |  | 138 |
Balance at the end of the year |  |  | 2,893 |  |  |  | 2,481 |
Allowance for impairment mainly represents amounts due from airlines and retail customers. Based on historical experience, the Group believes that no impairment allowance is necessary, apart from above, in respect of trade and other receivables. Liquidity risk The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements: As at March 31, 2020
Non-derivative financial liabilities (including hybrid financial liabilities) |  | Carrying amount |  |  | Contractual cash flows* |  |  | 6 months or less |  |  | 6 -12 months |  |  | 1 -2 years |  |  | 2 -5 years |  |  | More than 5 years |
Lease liabilities |  |  | 24,553 |  |  |  | (35,539 | ) |  |  | (3,236 | ) |  |  | (2,779 | ) |  |  | (4,978 | ) |  |  | (12,463 | ) |  |  | (12,083 | )
Secured bank loans |  |  | 1,031 |  |  |  | (1,188 | ) |  |  | (207 | ) |  |  | (205 | ) |  |  | (371 | ) |  |  | (405 | ) |  |  | — |
Trade and other payables |  |  | 70,747 |  |  |  | (70,747 | ) |  |  | (70,747 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other liabilities (related to business combination) |  |  | 14,921 |  |  |  | (16,710 | ) |  |  | (5,570 | ) |  |  | — |  |  |  | (5,570 | ) |  |  | (5,570 | ) |  |  | — |
Refund due to customers |  |  | 22,558 |  |  |  | (22,558 | ) |  |  | (22,558 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 133,810 |  |  |  | (146,742 | ) |  |  | (102,318 | ) |  |  | (2,984 | ) |  |  | (10,919 | ) |  |  | (18,438 | ) |  |  | (12,083 | )
Notes: * | Represents undiscounted cash flows of interest and principal
As at March 31, 2021
Non-derivative financial liabilities (including hybrid financial liabilities) |  | Carrying amount |  |  | Contractual cash flows* |  |  | 6 months or less |  |  | 6 -12 months |  |  | 1 -2 years |  |  | 2 -5 years |  |  | More than 5 years |
Convertible notes |  |  | 187,574 |  |  |  | (230,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (230,000 | ) |  |  | — |
Lease liabilities |  |  | 15,646 |  |  |  | (21,956 | ) |  |  | (1,745 | ) |  |  | (1,798 | ) |  |  | (3,636 | ) |  |  | (8,318 | ) |  |  | (6,459 | )
Secured bank loans |  |  | 735 |  |  |  | (824 | ) |  |  | (186 | ) |  |  | (174 | ) |  |  | (258 | ) |  |  | (206 | ) |  |  | — |
Trade and other payables |  |  | 53,581 |  |  |  | (53,581 | ) |  |  | (53,581 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other liabilities (related to business combination) |  |  | 14,875 |  |  |  | (17,055 | ) |  |  | (5,685 | ) |  |  | — |  |  |  | (5,685 | ) |  |  | (5,685 | ) |  |  | — |
Refund due to customers |  |  | 49,527 |  |  |  | (49,527 | ) |  |  | (49,527 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 321,938 |  |  |  | (372,943 | ) |  |  | (110,724 | ) |  |  | (1,972 | ) |  |  | (9,579 | ) |  |  | (244,209 | ) |  |  | (6,459 | )
Notes: * | Represents undiscounted cash flows of interest and principal
The balanced view of liquidity and financial indebtedness (excluding lease liabilities) is stated in the table below:
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
Cash and cash equivalents |  |  | 129,881 |  |  |  | 295,066 |
Term deposits |  |  | 38,030 |  |  |  | 154,868 |
Loans and borrowings |  |  | (1,031 | ) |  |  | (188,309 | )
Net cash position |  |  | 166,880 |  |  |  | 261,625 |
Currency Risk Exposure to Currency Risk The Group is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales and purchase of services are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies are primarily the INR and USD. The currencies in which these transactions are primarily denominated are INR and USD. The Group’s exposure to foreign currency risk was based on the following amounts as at the reporting dates (in equivalent USD): Between USD and INR
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
Trade and other receivables |  |  | 1,403 |  |  |  | 956 |
Trade and other payables |  |  | (168,676 | ) |  |  | (210,884 | )
Cash and cash equivalents |  |  | 605 |  |  |  | 136 |
Net exposure |  |  | (166,668 | ) |  |  | (209,792 | )
The following significant exchange rates applied during the year:
|  | Average exchange rate per unit |  |  | Reporting date rate per unit |
|  | Financial Year |  |  | As at March 31 |
USD |  | 2019-20 |  | 2020-21 |  |  | 2020 |  | 2021 |
INR 1 |  | 0.0141 |  |  | 0.0135 |  |  | 0.0134 |  |  | 0.0136 |
Sensitivity Analysis Any change in the exchange rate of USD against currencies other than INR is not expected to have significant impact on the Group’s profit or loss. Accordingly, a 10% appreciation of the USD as indicated below, against the INR would have increased loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables remain constant.
|  | For the year ended March 31 |
Particulars |  | 2020 |  |  | 2021 |
10% strengthening of USD against INR |  |  | (15,152 | ) |  |  | (19,072 | )
A 10% depreciation of the USD against INR, would have had the equal but opposite effect on the above currency to the amounts shown above, on the basis that all other variables remain constant. Interest Rate Risk Profile At the reporting date the interest rate profile of the Group’s fixed rate interest-bearing financial instruments was as follows:
|  | As at March 31 |
Particulars |  | 2020 |  |  | 2021 |
Fixed rate instruments |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Term deposits |  |  | 38,030 |  |  |  | 154,868 |
Receivable from related party |  |  | — |  |  |  | 55 |
Financial liabilities |  |  |  |  |  |  |  |
Secured bank loans |  |  | (1,031 | ) |  |  | (735 | )
|  |  | 36,999 |  |  |  | 154,188 |
Fair Value Sensitivity Analysis The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss. The Group does not have any variable rate interest bearing financial instruments. Fair Values Fair Values versus Carrying Amounts The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:
|  | As at March 31, 2020 |  |  | As at March 31, 2021 |
|  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments - equity securities (FVOCI) |  |  | 3,584 |  |  |  | 3,584 |  |  |  | 5,409 |  |  |  | 5,409 |
|  |  | 3,584 |  |  |  | 3,584 |  |  |  | 5,409 |  |  |  | 5,409 |
Financial assets not measured at fair value (Amortised cost) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments - other securities |  |  | 99 |  |  |  | 99 |  |  |  | 99 |  |  |  | 99 |
|  |  | 99 |  |  |  | 99 |  |  |  | 99 |  |  |  | 99 |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities (related to business combination) |  |  | 14,921 |  |  |  | 14,921 |  |  |  | 14,875 |  |  |  | 14,875 |
|  |  | 14,921 |  |  |  | 14,921 |  |  |  | 14,875 |  |  |  | 14,875 |
Financial liabilities not measured at fair value (Other financial liabilities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans |  |  | 1,031 |  |  |  | 1,031 |  |  |  | 735 |  |  |  | 735 |
Convertible notes |  |  | - |  |  |  | - |  |  |  | 187,574 |  |  |  | 187,574 |
|  |  | 1,031 |  |  |  | 1,031 |  |  |  | 188,309 |  |  |  | 188,309 |
The fair value measurements of financial assets and liabilities reported above have been categorized as Level 3 fair values based on the inputs to the valuation techniques used. Fair value of trade and other receivables, term deposits, cash and cash equivalents, receivable from related party, trade and other payables, and refund due to customers is reasonably approximates to its carrying amount. Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
| • | Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
| • | Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
| • | Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
|  | As at March 31, 2021 |
Particulars |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Other investments (equity securities-FVOCI) |  |  | — |  |  |  | — |  |  |  | 5,409 |  |  |  | 5,409 |
Total Assets |  |  | — |  |  |  | — |  |  |  | 5,409 |  |  |  | 5,409 |
Other liabilities (related to business combination) |  |  | — |  |  |  | — |  |  |  | 14,875 |  |  |  | 14,875 |
Total Liabilities |  |  | — |  |  |  | — |  |  |  | 14,875 |  |  |  | 14,875 |
|  | As at March 31, 2020 |
Particulars |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Other investments (equity securities-FVOCI) |  |  | — |  |  |  | — |  |  |  | 3,584 |  |  |  | 3,584 |
Total Assets |  |  | — |  |  |  | — |  |  |  | 3,584 |  |  |  | 3,584 |
Other liabilities (related to business combination) |  |  | — |  |  |  | — |  |  |  | 14,921 |  |  |  | 14,921 |
Total Liabilities |  |  | — |  |  |  | — |  |  |  | 14,921 |  |  |  | 14,921 |
The following tables shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level 3 of the fair value hierarchy:
|  | As at March 31, 2021 |  |
Particulars |  | Other liabilities (related to business combination) |  |  | Other investments (equity securities-FVOCI) |  |
Opening balances |  |  | 14,921 |  |  |  | 3,584 |  |
Total gains and losses recognized in: |  |  |  |  |  |  |  |  |
—profit or loss |  |  | (350 | ) |  |  | — |  |
—other comprehensive income |  |  |  |  |  |  |  |  |
-net change in fair value |  |  | — |  |  |  | 1,825 |  |
-effect of movements in foreign exchange rates |  |  | 304 |  |  |  | — |  |
Closing balances |  |  | 14,875 |  |  |  | 5,409 |  |
|  | As at March 31, 2020 |
Particulars |  | Other liabilities (related to business combination) |  |  | Other investments (equity securities-FVOCI) |  |  | Right to receive equity stake in a travel entity |
Opening balances |  |  | — |  |  |  | 5,563 |  |  |  | 411 |
Acquired through business combination (refer note 7) |  |  | 14,550 |  |  |  | — |  |  |  | — |
Total gains and losses recognized in: |  |  |  |  |  |  |  |  |  |  |  |
—profit or loss |  |  | 1,421 |  |  |  | — |  |  |  | 30 |
—other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
-net change in fair value |  |  | — |  |  |  | (1,979 | ) |  |  | — |
-effect of movements in foreign exchange rates |  |  | (1,050 | ) |  |  | — |  |  |  | — |
Settlement by issuance of shares (refer note 24) |  |  | — |  |  |  | — |  |  |  | (441 | )
Closing balances |  |  | 14,921 |  |  |  | 3,584 |  |  |  | — |
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 Level 3 fair values as at March 31, 2021 and March 31, 2020, as well as the significant unobservable inputs used. Financial Instruments measured at fair value:
Type |  | Valuation technique |  | Significant unobservable inputs |  | Inter- relationship between significant unobservable inputs and fair value measurement
Other investments - equity securities |  | Discounted cash flows: The valuation model considers the present value of expected free cash flows, discounted using a risk adjusted discount rate. |  | Forecast annual revenue growth rate : 4% - 25% (March 31, 2020: (47%) - 50%) Forecast EBITDA margin: (3%) - 25% (March 31, 2020: (13%) - 26%) Risk adjusted discount rate: 17.0% (March 31, 2020: 17.0%) |  | The estimated fair value would increase (decrease) if : - the annual revenue growth rate were higher (lower) - the EBITDA margin were higher (lower) - the risk adjusted discount rate was lower (higher)
Other liabilities (related to business combination) |  | Discounted cash flows: The valuation model considers the present value of the expected future payments, discounted using a risk-adjusted discount rate. |  | Expected cash flows: USD 17,054 (March 31, 2020: USD 16,710) Risk-adjusted discount rate: 10.20% (March 31, 2020: 10.20%) |  | The estimated fair value would increase (decrease) if: – the expected cash flows were higher (lower); – the risk-adjusted discount rate were lower (higher).
Financial Instruments not measured at fair value:
Type |  | Valuation technique |  | Significant unobservable inputs
Other financial assets and liabilities* |  | Discounted cash flows |  | Not applicable
Notes: * | Other financial assets include trade and other receivables, term deposits, cash and cash equivalents, receivable from related party and other investments-other securities. Other financial liabilities include secured bank loans, trade and other payables, refund due to customers, convertible notes and lease liabilities.
Sensitivity Analysis Other investments – equity securities For the fair values of other investments-equity securities, reasonably possible changes of 100 basis points at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
|  | For the year ended March 31, 2020 |  |  | For the year ended March 31, 2021 |
|  | Other Comprehensive Income |  |  | Other Comprehensive Income |
|  | Increase |  |  |  |  | Decrease |  |  | Increase |  |  |  |  | Decrease |
Annual revenue growth rate |  |  | 314 |  |  |  |  |  | (312 | ) |  |  | 424 |  |  |  |  |  | (414 | )
EBITDA Margin |  |  | 145 |  |  |  |  |  | (145 | ) |  |  | 265 |  |  |  |  |  | (265 | )
Risk adjusted discount rate |  |  | (280 | ) |  |  |  |  | 330 |  |  |  | (419 | ) |  |  |  |  | 492 |
Other liabilities (related to business combination) For the fair values of other liabilities related to business combination, reasonably possible changes of 100 basis points at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects:
|  | For the year ended March 31, 2020 |  |  | For the year ended March 31, 2021 |
|  | Profit or loss |  |  | Profit or loss |
|  | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |
Risk adjusted discount rate |  |  | 144 |  |  |  | (149 | ) |  |  | 179 |  |  |  | (185 | )
Impact of COVID-19 pandemic Financial assets carried at fair value as at March 31, 2021 is USD 5,409 (March 31, 2020: USD 3,584), which is measured using level 3 inputs. This financial asset represents investment made in equity shares of companies engaged in travel business, which is fair valued based on discounted cash flow method after considering the uncertainties arising out of COVID-19 pandemic. Financial assets of USD 450,088 as at March 31, 2021(March 31, 2020: USD 168,010), carried at amortised cost is in the form of cash and cash equivalents, term deposits with bank, other investments - other securities and receivable from related party where the Group has assessed the counterparty credit risk. Trade and other receivables of USD 27,331 as at March 31, 2021 (March 31, 2020: USD 56,065), forms a significant part of the financial assets carried at amortised cost which is valued considering provision for allowance using expected credit loss method. In addition to the historical pattern of credit loss, management have considered the likelihood of increased credit risk and consequential default considering emerging situations due to the COVID-19 pandemic. This assessment is not based on any mathematical model but an assessment considering the nature of counterparty, impact immediately seen in the demand outlook of these counterparties and the financial strength of the counterparties in respect of whom amounts are receivable.

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