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Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2021

Disclosure Of Financial Instruments [Abstract]

Summary of Maximum 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

Summary of Age of Trade and Other Receivables, Term Deposits and Security Deposits

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

Summary of Movement in Allowance for Doubtful Debts in Respect of Trade and Other Receivables

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

Summary of Contractual Maturities of Financial Liabilities, Including Estimated Interest Payments and Excluding Impact of Netting Agreements

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

Summary of Currency Risk

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 of Exchange Rate

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

)

Summary of Fixed Rate Interest-Bearing Financial instruments

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

Summary of Fair Values of Financial Assets and Liabilities

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

Summary of Financial Instruments Carried at Fair Value

	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

Summary of Reconciliation Fair Value Measurements in Level 3 of Fair Value Hierarchy

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			—

Summary of Financial Instruments Measured at Fair Value

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).

Summary of Financial Instruments Not Measured at Fair Value

Financial Instruments not measured at fair value:

Type		Valuation technique		Significant unobservable inputs
Other financial assets and liabilities*		Discounted cash flows		Not applicable

Summary of Sensitivity Analysis for Other Investments

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

Summary of 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	)