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Intangible assets and goodwill

12 Months Ended

Mar. 31, 2023

20. Intangible assets and goodwill

	Computer software and Websites			Intellectual property rights		Agent / Supplier/ relationship			Customer relationship		Non compete agreement		Trademarks		Goodwill		Intangible under development			Total
Gross block
At March 31, 2021		2,366,930			59,209		222,169			140,336		22,171		271,329		1,015,099		17,078			4,114,321
Additions		72,655			-		-			-		-		-		-		92,089			164,744
Disposals/adjustment		(110	)		-		-			-		-		-		-		(71,763	)		(71,873	)
Charge for the year																		-
Impairment of goodwill																		-
Effects of movements in foreign exchange rates		-			-		-			-		-		-		-		-			-
At March 31, 2022		2,439,475			59,209		222,169			140,336		22,171		271,329		1,015,099		37,404			4,207,192
Additions		140,032			-		-			-		-		-		-		145,760			285,791
Disposals/adjustment		(3,791	)		-		-			-		-		-		-		(139,892	)		(143,667	)
Effects of movements in foreign exchange rates		-			-		-			-		-		-		-		-			-
At March 31, 2023		2,575,716			59,209		222,169			140,336		22,171		271,329		1,015,099		43,272			4,349,316

Amortization and Impairment
At March 31, 2021		2,090,383			58,448		200,798			95,441		20,977		271,329		486,908		-			3,224,284
Charge for the year		203,499			761		17,097			8,979		422		-		-		-			230,758
Disposals		(110	)		-		-			-		-		-		-		-			(110	)
Effects of movements in foreign exchange rates		-			-		-			-		-		-		-		-			-
At March 31, 2022		2,293,772			59,209		217,895			104,420		21,399		271,329		486,908		-			3,454,932
Charge for the year		105,521			-		4,274			8,979		422		-		-					119,196
Disposals		(3,791	)		-		-			-		-		-		-		-			(3,791	)
Impairment of goodwill		-			-		-			-		-		-		-		-			-
Effects of movements in foreign exchange rates		-			-		-			-		-		-		-		-			-
At March 31, 2023		2,395,502			59,209		222,169			113,399		21,821		271,329		486,908		-			3,570,337

Net block
At March 31, 2022		145,703			-		4,274			35,916		772		-		528,191		37,404			752,260
At March 31, 2023		180,214			-		(0	)		26,937		350		-		528,191		43,272			778,963

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:

Schedule of carrying amount of goodwill

	March 31,
	2022		2023
TSI Yatra Private Limited		103,670		103,670
Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited		219,163		219,163
Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited)		205,358		205,358
Total		528,191		528,191

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 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,
	2022			2023
Pre-Tax Discount rate		23.67%-24.65	%		27.20%-30.18	%
Terminal Value growth rate		5.0	%		5.0	%
EBITDA margin over next 5 years ( March 31, 2022 : 5 years)		7.5%-25	%		20.1%-28.7	%

Management has determined the values assigned to each of the above key assumptions as follows:

Discount Rate: The discount rate represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).

Terminal Value growth rate: This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in industry reports.

EBITDA margin: EBITDA margin was based on expectations of future outcomes taking into account past experience, adjusted for anticipated revenue growth. Revenue growth was projected taking into account the average growth levels experienced in past, industry report and the estimated adjusted margin growth for future.

The estimation of value in use reflects assumptions that are subject to various risks and uncertainties, including key assumptions regarding EBITDA margin, terminal value growth rate, and discount rate. It requires significant judgments and estimates, and actual results could be materially different than the judgments and estimates used to estimate value in use.

Sensitivity change in assumptions

The calculation of value in use for Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited” “Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited)” and TSI Yatra Private Limited is most sensitive to EBITDA margin, discount rate and long-term growth rate assumptions.

For the year ended March 31, 2023 and March 31, 2022, an analysis of the calculation’s sensitivity to a change in the key parameters (EBITDA margin, discount rate and long-term growth rate) based on reasonably probable assumptions in TSI Yatra Private Limited, Yatra TG Stays Private Limited & Yatra Hotel Solutions Private Limited” and “Yatra for Business Private Limited (formerly known as Air Travel Bureau Private Limited)”, did not identify any probable scenarios where the CGUs recoverable amount would fall below their carrying amount.

Yatra Online, Inc.

Notes to the consolidated financial statements

(Amount in INR thousands, except per share data and number of shares)