Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2024

Disclosure of detailed information about financial instruments [abstract]

Summary of Maximum Exposure to Credit Risk

The carrying amount of financial assets and contract assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

	As at March 31
Particulars	2023		2024
Contract assets		—		253
Trade and other receivables		75,026		99,646
Receivable from related party		49		24
Term deposits		202,674		280,688
Cash and cash equivalents (except cash in hand)		283,938		326,907
Total		561,687		707,518

The cash and cash equivalents and term deposits are mainly held with banks, which are rated A+, AAA, AA-, A-, BBB-, BB+ and BB- 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 contract assets and trade and other receivables at the reporting date, categorised by type of counterparty was:

	As at March 31
Particulars	2023		2024
Airlines		18,617		28,549
Retail customers		1,301		1,856
Corporate customers		35,079		48,465
Deposit with hotels and others		8,260		9,804
Others		11,769		11,225
Total		75,026		99,899

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

The age of contract assets and trade and other receivables at the reporting date was:

	As at March 31
	2023				2024
Particulars	Gross		Impairment		Gross		Impairment
Not past due		39,796		—		55,815		—
Past due 0-30 days		18,417		—		25,361		—
Past due 30-120 days		12,446		—		14,606		—
More than 120 days		6,981		2,614		7,316		3,199
Total		77,640		2,614		103,098		3,199

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

The movement in the allowance for impairment in respect of contract assets and trade and other receivables during the year was as follows:

	For the year ended March 31
Particulars	2023			2024
Balance at the beginning of the year		2,812			2,614
Allowance for impairment		349			837
Reversal of allowance for impairment		(165	)		—
Amounts written off against the allowance		(195	)		(201	)
Effects of movement in exchange rate		(187	)		(51	)
Balance at the end of the year		2,614			3,199

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, 2023

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		216,118		230,000		—		230,000		—		—		—
Lease liabilities		16,379		21,549		2,342		2,046		4,272		11,124		1,765
Secured bank loans		2,667		3,077		485		462		850		1,279		1
Trade and other payables		89,780		89,780		89,780		—		—		—		—
Other liabilities (related to business combinations)		9,368		10,479		5,071		—		—		5,408		—
Other liabilities (related to Hotel Travel Group)		4,320		4,320		4,320		—		—		—		—
Refund due to customers		34,025		34,025		34,025		—		—		—		—
Total		372,657		393,230		136,023		232,508		5,122		17,811		1,766

Notes: * Represents undiscounted cash flows of interest and principal

As at March 31, 2024

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		16,658		20,689		2,790		2,601		5,345		9,953		—
Secured bank loans		3,726		4,325		710		682		1,230		1,703	^
Trade and other payables		118,548		118,548		118,548		—		—		—		—
Other liabilities (related to business combinations)		12,438		12,438		—		—		—		12,438		—
Refund due to customers		45,870		45,870		45,870		—		—		—		—
Total		398,480		431,870		167,918		3,283		236,575		24,094		—

Notes: ^ less than 1

* 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	2023			2024
Cash and cash equivalents		284,018			327,065
Term deposits		202,674			280,688
Loans and borrowings		(218,785	)		(204,966	)
Net cash position		267,907			402,787

Summary of Currency Risk

Between USD and INR

	As at March 31
Particulars	2023			2024
Trade and other receivables		3,411			2,629
Trade and other payables		(212,192	)		(218,083	)
Cash and cash equivalents	*				5
Net exposure		(208,781	)		(215,449	)

* less than 1

Between AED and INR

	As at March 31
Particulars	2023			2024
Trade and other receivables		35,336			41,381
Trade and other payables		(664	)		(1,923	)
Cash and cash equivalents		14			38
Net exposure		34,686			39,496

Between INR and AED

	As at March 31
Particulars	2023		2024
Trade and other receivables		83,572		82,449
Net exposure		83,572		82,449

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
	2022-23		2023-24		2023		2024
INR to USD		0.0125		0.0121		0.0122		0.0120
INR to AED		0.0458		0.0444		0.0447		0.0441
AED to INR		21.8559		22.5401		22.3716		22.6913

Sensitivity Analysis of Exchange Rate

	For the year ended March 31
Particulars	2023			2024
	Profit or loss
10% strengthening of USD against INR		(20,878	)		(21,545	)
10% strengthening of AED against INR		3,469			3,950
10% strengthening of INR against AED		8,357			8,245

Summary of Fair Values of Financial Assets and Liabilities, together with 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, 2023				As at March 31, 2024
	Note	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets measured at fair value
Other investments - equity securities (FVOCI)	9		452		452		452		452
Other investments - equity securities (FVTPL)	9		591		591		591		591
Other investments - other securities (FVTPL)	9		149		149		242		242
			1,192		1,192		1,285		1,285
Financial assets not measured at fair value (amortised cost)
Trade and other receivables	21		75,026		75,026		99,646		99,646
Term deposits	23		202,674		202,674		280,688		280,688
Cash and cash equivalents	22		284,018		284,018		327,065		327,065
Receivable from related party	24		49		49		24		24
Other investments - other securities	9		76		76		76		76
			561,843		561,843		707,499		707,499
Financial liabilities measured at fair value
Other liabilities (related to business combination)	29,30		9,368		9,368		12,438		12,438
			9,368		9,368		12,438		12,438
Financial liabilities not measured at fair value (amortised cost)
Secured bank loans	28		2,667		2,667		3,726		3,726
Trade and other payables	31		89,780		89,780		118,548		118,548
Refund due to customers	29		34,025		34,025		45,870		45,870
Other liabilities (related to Hotel Travel Group)	29		4,320		4,320		—		—
Convertible notes	28		216,118		212,189		201,240		197,698
			346,910		342,981		369,384		365,842

Summary of Financial Instruments Carried at Fair Value

	As at March 31, 2023
Particulars	Level 1		Level 2		Level 3		Total
Other investments - equity securities (FVOCI)		—		—		452		452
Other investments - equity securities (FVTPL)		—		—		591		591
Other investments - other securities (FVTPL)		149		—		—		149
Total		149		—		1,043		1,192
Other liabilities (related to business combinations)		—		—		9,368		9,368
Total		—		—		9,368		9,368

	As at March 31, 2024
Particulars	Level 1		Level 2		Level 3		Total
Other investments - equity securities (FVOCI)		—		—		452		452
Other investments - equity securities (FVTPL)		—		—		591		591
Other investments - other securities (FVTPL)		242		—		—		242
Total		242		—		1,043		1,285
Other liabilities (related to business combinations)		—		—		12,438		12,438
Total		—		—		12,438		12,438

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

The following tables shows a reconciliation from the opening balances to the closing balances for fair value measurement in Level 3 of the fair value hierarchy:

	As at March 31, 2023
Particulars	Other liabilities (related to business combinations)			Other investments (equity securities-FVOCI)		Other investments (equity securities - FVTPL)
Opening balances		10,075			452		3,412
Acquired in business combinations (refer note 7 (c))		4,411			—		—
Total gains and losses recognized in:
—profit or loss		673			—		(2,821	)
—other comprehensive income (loss)
-net change in fair value		(858	)		—		—
-effect of movements in foreign exchange rates		102			—		—
Payment during the period (refer note 7 (a))		(5,035	)		—		—
Closing balances		9,368			452		591

	As at March 31, 2024
Particulars	Derivative			Other liabilities (related to business combinations)			Other investments (equity securities-FVOCI)		Other investments (equity securities - FVTPL)
Opening balances		—			9,368			452		591
Acquired in investment in equity accounted investee		5,084			—			—		—
Acquired in business combinations (refer note 7 (d))		—			7,311			—		—
Total gains and losses recognized in:
—profit or loss		115			215			—		—
—other comprehensive income (loss)
-effect of movements in foreign exchange rates		—			(207	)		—		—
—equity		—			3,178			—		—
Payment during the period (refer note 7 (a))		—			(7,427	)		—		—
Derecognition on discontinuation of equity accounted investment (refer note 7 (d))		(5,199	)		—			—		—
Closing balances		—			12,438			452		591

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 (FVTPL)	Market comparison technique: The valuation model is based on market multiple derived from quoted prices of companies comparable to the investee.	Net revenue multiple: 3.7 - 4.8 (March 31, 2023: 3.7 - 4.8)	The estimated fair value would increase (decrease) if: – the net revenue multiple was higher (lower)
Other liabilities (related to business combinations) - Q2T	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: March 31, 2023: USD 5,071 Risk-adjusted discount rate: March 31, 2023: 10.2%	The estimated fair value would increase (decrease) if: – the expected cash flows were higher (lower); – the risk-adjusted discount rate was lower (higher)
Other liabilities (related to business combinations) - Simplotel	Monte Carlo Simulation (MCS): The valuation model incorporates assumptions as to volatility, risk free interest rate, discount rate, revenue and earnings before interest, tax, depreciation and amortisation (EBITDA).	Volatility: 23.8% - 53.5% (March 31, 2023: 25.3% -58.5%) Risk free interest rate: 7.13% (March 31, 2023: 7.25%) Discount rate: 22.0% (March 31, 2023: 19.7%) Revenue for 12 months ended September 30, 2025 - USD 4,907 (March 31, 2023: USD 5,442) EBITDA (loss) for 12 months ended September 30, 2025 - USD (265) (March 31, 2023: USD (48))	The estimated fair value would increase (decrease) if: – the volatility was higher (lower) – the risk free interest rate was lower (higher) – the discount rate was lower (higher) – the revenue was higher (lower) – the EBITDA was higher (lower)
Other liabilities (related to business combinations) - Savaari	Monte Carlo Simulation (MCS): The valuation model incorporates assumptions as to volatility, risk free interest rate, discount rate, net revenue, servicing margin, profit before tax and financial parameters.	Volatility: 31.2% - 45.0% Risk free interest rate: 7.17% Discount rate: 17.0%-20.8% Net revenue - USD 6,361 - USD 9,674 Servicing margin - USD 1,790 - USD 2,648 Profit before tax - USD 1.037 - USD 2,434 Financial parameters - USD 4,883 - USD 7,064	The estimated fair value would increase (decrease) if: – the volatility was lower (higher) – the risk free interest rate was lower (higher) – the discount rate was lower (higher) – the net revenue was higher (lower) – the servicing margin was higher (lower) – the profit before tax was higher (lower) – the financial parameters were higher (lower)

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

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, other liabilities (related to Hotel Travel Group) and lease liabilities.

Summary of Sensitivity Analysis for Other Investments

For the fair values of other investments - equity securities (FVTPL), reasonably possible changes of 100 basis points at the reporting date to the significant unobservable input, holding other inputs constant, would have the following effects:

	For the year ended March 31, 2023					For the year ended March 31, 2024
	Profit or loss					Profit or loss
	Increase		Decrease			Increase		Decrease
Net revenue multiple		4		(4	)		4		(4	)

Summary of Other Liabilities Related to Business Combination

For the fair values of other liabilities (related to business combinations), 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, 2023
	Profit or loss
	Increase			Decrease
Risk adjusted discount rate		(17	)		18

For the fair values of other liabilities (related to business combinations), reasonably possible changes in significant unobservable inputs at the reporting date, holding other inputs constant, would have the following effects:

	For the year ended March 31, 2023						For the year ended March 31, 2024
	Equity						Equity
	Increase			Decrease			Increase			Decrease
Volatility (1% Movement)		20			(22	)		10			(10	)
Risk free interest rate (1% Movement)		(17	)		16			(8	)		8
Discount rate (0.5% Movement)		(39	)		40			(26	)		26
Revenue for 12 months ended September 30, 2025 (1% Movement)		38			(38	)		42			(42	)

For fair values of other liabilities (related to business combinations), reasonably possible changes in significant unobservable inputs at the reporting date, holding other inputs constant, would have the following effects:

	For the year ended March 31, 2024
	Equity
	Increase			Decrease
Volatility (1% Movement)		(17	)		16
Risk free interest rate (1% Movement)		(120	)		123
Discount rate (0.5% Movement)		(12	)		(43	)
Net revenue (1% Movement)		26			(26	)
Servicing margin (1% Movement)		15			(15	)
Profit before tax (1% Movement)		10			(10	)
Financial parameters (0.25% Movement)		197			(124	)