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Rendering of services
 12 Months Ended
Mar. 31, 2023
Rendering of services

8 Rendering of services

 

8.1 Disaggregation of revenue

 

In the following tables, revenue is disaggregated by product type

 

Revenue by Product types

   2021   2022   2023 
   March 31, 
   2021   2022   2023 
Air Ticketing (Refer note 1 below)   893,039    1,150,474    1,779,972 
Hotels and Packages   173,397    520,740    1,471,270 
Other Services   31,426    146,178    154,306 
 Rendering of services   1,097,862    1,817,392    3,405,548 

 

Note 1: During the current year, in respect of incentive receivable from GDS providers, the management has determined that it is highly probable that the Group will comply the prescribed conditions and a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved and accordingly, the Group has recognised revenue amounting to INR 185,991** (March 31, 2022: INR Nil), proportionately for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement with corresponding recognition of contract assets, since the receipt of consideration is conditional on achieving ticket segment thresholds as specified. The Group expects to meet remaining conditions by March 31, 2024 and realizing the variable constraint amount.

 

The Group has applied the most likely amount method to estimate the variable consideration as it involves binary outcome.

 

**INR 98,863 represents revenue recognised from performance obligations satisfied in previous periods.

 

8.2 Contract balances

 

Contract assets

 

Contract assets primarily relate to the Group’s rights to consideration from travel suppliers (including GDS providers) in exchange for services that the Company has transferred to the traveler when that right is conditional on the Company’s future performance. The contract assets are transferred to receivables when the rights to consideration become unconditional. This usually occurs when the Group issues an invoice to the travel suppliers once they confirm of achievement of targets. The Group expects to meet pending conditions in one year and realise most of the contract asset amount.

 

   March 31, 
   2022   2023 
Contract Assets   11    190,598 

 

Changes in contract assets are as follows:

  

   2022   2023 
   March 31, 
   2022   2023 
Balance at the beginning of the year   626    11 
Revenue recognised during the year#   11    190,598 
Billed during the year   (626)   (11)
Balance at the end of the year   11    190,598 

 

#

Refer to para 8.1 – Note 1 above for details about contract assets for the year ended March 31, 2023

 

Contract liabilities

 

A contract liability is the obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

 

Contract liabilities primarily relate to the consideration received from customers for travel bookings in advance of the Group’s performance obligations which is classified as “advance from customers”, and consideration allocated to customer loyalty programs and advance received from GDS provider for bookings of airline tickets in future which is deferred, and which is classified as “deferred revenue”.

  

   March 31, 
   2022   2023 
Advance from customer (refer to Note 37)   531,526    525,638 
Deferred revenue (refer to Note 35)   248,177    45,721 
Total Contract liabilities   779,703    571,359 

 

As at March 31, 2022, INR 531,526 (March 31, 2021: INR 537,002) of advance consideration received from customers for travel bookings was reported within contract liabilities, INR 190,418 (March 31, 2022: INR 238,110) of which was applied to revenue and INR 5,366 (March 31, 2022: INR 12,914) was refunded to customers during the year ended March 31, 2023. As at March 31, 2023, the related balance was INR 525,638 (March 31, 2022: INR 531,526).

 

No information is provided about remaining performance obligations at March 31, 2023 and March 31, 2022 that have an original expected duration of one year or less, as allowed by IFRS 15.