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Financial Instruments

12 Months Ended

Mar. 31, 2022

Disclosure Of Financial Instruments [Abstract]

35)	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	2021		2022
Trade and other receivables		27,331		39,623
Receivable from related party		55		53
Term deposits		154,868		264,185
Cash and cash equivalents (except cash in hand)		295,001		213,259
Total		477,255		517,120

The cash and cash equivalents and term deposits are mainly held with banks, which are rated AA+, A+, AAA, A, A-, AA-, BBB+ BB+, BBB-, based on rating agency Fitch ratings. The Group considers that its cash and cash equivalents and term deposits have low credit risk based on the external credit ratings of the counterparties.

The maximum exposure to credit risk for trade and other receivables at the reporting date by geographic region was:

	As at March 31
Particulars	2021		2022
India		23,571		34,185
Thailand		1,324		1,190
Malaysia		157		138
Singapore		188		370
Others		2,091		3,740
Total		27,331		39,623

The maximum exposure to credit risk for trade and other receivables at the reporting date by type of counterparty was:

	As at March 31
Particulars	2021		2022
Airlines		6,239		10,081
Retail customers		117		307
Corporate customers		10,757		14,905
Deposit with hotels and others		5,900		6,516
Others		4,318		7,814
Total		27,331		39,623

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 at the reporting date was:

	As at March 31
	2021				2022
Particulars	Gross		Impairment		Gross		Impairment
Not past due		11,937		—		19,827		—
Past due 0-30 days		7,600		—		11,407		—
Past due 30-120 days		4,704		—		5,564		—
More than 120 days		5,571		2,481		5,637		2,812
Total		29,812		2,481		42,435		2,812

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	2021			2022
Balance at the beginning of the year		2,893			2,481
Allowance for impairment		358			904
Amounts written off against the allowance		(908	)		(493	)
Effects of movement in exchange rate		138			(80	)
Balance at the end of the year		2,481			2,812

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 balanced view of liquidity and financial indebtedness (excluding lease liabilities) is stated in the table below:

	As at March 31
Particulars	2021			2022
Cash and cash equivalents		295,066			213,283
Term deposits		154,868			264,185
Loans and borrowings		(188,309	)		(202,632	)
Net cash position		261,625			274,836

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

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

As at March 31, 2022

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		201,240		(230,000	)		—			—			(230,000	)		—			—
Lease liabilities		13,952		(18,847	)		(1,953	)		(1,706	)		(3,058	)		(8,269	)		(3,861	)
Secured bank loans		1,392		(1,590	)		(278	)		(249	)		(444	)		(619	)		—
Trade and other payables		62,827		(62,827	)		(62,827	)		—			—			—			—
Other liabilities (related to business combination)		10,075		(11,025	)		(5,513	)		—			(5,512	)		—			—
Other liabilities (related to Hotel Travel Group)		13,000		(13,000	)		(4,360	)		(4,320	)		(4,320	)		—			—
Refund due to customers		35,970		(35,970	)		(35,970	)		—			—			—			—
Total		338,456		(373,259	)		(110,901	)		(6,275	)		(243,334	)		(8,888	)		(3,861	)

Notes: *

Represents undiscounted cash flows of interest and principal

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	2021			2022
Trade and other receivables		956			1,288
Trade and other payables		(210,884	)		(277,577	)
Cash and cash equivalents		136			—
Net exposure		(209,792	)		(276,289	)

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	2020-21	2021-22		2021	2022
INR 1	0.0135		0.0134	0.0136		0.0132

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

2021

2022

10% strengthening of USD against INR

(19,072

)

(25,117

)

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

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, hence there is no risk relating to change in interest rates.

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, 2021				As at March 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets measured at fair value
Other investments - equity securities (FVOCI)		5,409		5,409		452		452
Other investments - equity securities (FVTPL)		—		—		3,412		3,412
Other investments - other securities (FVTPL)		—		—		68		68
		5,409		5,409		3,932		3,932

Financial assets not measured at fair value (Amortised cost)
Trade and other receivables		27,331		27,331		39,623		39,623
Term deposits		154,868		154,868		264,185		264,185
Cash and cash equivalents		295,066		295,066		213,283		213,283
Receivable from related party		55		55		53		53
Other investments - other securities		99		99		99		99
		477,419		477,419		517,243		517,243

Financial liabilities measured at fair value
Other liabilities (related to business combination)		14,875		14,875		10,075		10,075
		14,875		14,875		10,075		10,075

Financial liabilities not measured at fair value (amortised cost)
Secured bank loans		735		735		1,392		1,392
Trade and other payable		53,581		53,581		62,827		62,827
Refund due to customers		49,527		49,527		35,970		35,970
Other liabilities (related to Hotel Travel Group)		—		—		13,000		13,000
Convertible notes		187,574		187,574		201,240		198,009
		291,417		291,417		314,429		311,198

The fair value measurements of financial assets and liabilities reported above have been categorized as Level 1 and 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, other liabilities (related to Hotel Travel Group), trade and other payables, and refund due to customers reasonably approximates to its carrying amount.

The fair value of convertible notes is determined using discounted cash flows. The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

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, 2022
Particulars	Level 1		Level 2		Level 3		Total
Other investments - equity securities (FVOCI)		—		—		452		452
Other investments - equity securities (FVTPL)		—		—		3,412		3,412
Other investments - other securities (FVTPL)		68		—		—		68
Total Assets		68		—		3,864		3,932

Other liabilities (related to business combination)		—		—		10,075		10,075
Total Liabilities		—		—		10,075		10,075

There were no transfers between Level 1, Level 2 and Level 3 during the year.

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, 2022
Particulars	Other liabilities (related to business combination)			Other investments (equity securities-FVOCI)			Other investments (equity securities - FVTPL)
Opening balances		14,875			5,409			—
Acquired during the year (refer note 9)		—			—			3,412
Total gains and losses recognized in:
- profit or loss		1,181			—			—
- other comprehensive income (loss)
-net change in fair value		—			33,543			—
-effect of movements in foreign exchange rates		(368	)		—			—
Payment during the period (refer note 7 (b))		(5,613	)		—			—
Proceeds from sale of investment (refer note 9)		—			(38,500	)		—
Closing balances		10,075			452			3,412

Valuation Techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 3 fair values as at March 31, 2022 and March 31, 2021, 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 (FVOCI)	March 31, 2021: 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 : March 31, 2021: 4% - 25% Forecast EBITDA margin: March 31, 2021: (3%) - 25% Risk adjusted discount rate: March 31, 2021: 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 investments - equity securities (FVTPL)	Price of recent transaction	Not applicable	Not applicable
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 11,025 (March 31, 2021: USD 17,054) Risk-adjusted discount rate: 10.2% (March 31, 2021: 10.2% )	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 (FVOCI)

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, 2021
	Other Comprehensive Income
	Increase			Decrease
Annual revenue growth rate		424			(414	)
EBITDA Margin		265			(265	)
Risk adjusted discount rate		(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, 2021					For the year ended March 31, 2022
	Profit or loss					Profit or loss
	Increase		Decrease			Increase		Decrease
Risk adjusted discount rate		179		(185	)		77		(79	)

Impact of COVID-19 pandemic

Financial assets of USD 477,620 as at March 31, 2022 (March 31, 2021: USD 450,088), 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 39,623 as at March 31, 2022 (March 31, 2021: USD 27,331), 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.