Yatra(YTRA) - 2025 Q4 - Annual Report

Independent Auditor's Report The independent auditor's report provides an unmodified opinion on the special purpose financial statements for March 31, 2024 Opinion The auditor issued an unmodified opinion, stating the special purpose financial statements present a true and fair view for March 31, 2024 - The financial statements provide a true and fair view of the Company's affairs as of March 31, 2024, and its results of operations and cash flows for the year then ended, in accordance with IFRS[3] Basis for Opinion The audit was conducted under Standards on Auditing (SAs) of the Companies Act, 2013, ensuring independence and ethical compliance - Audit conducted in accordance with Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013[4] - Auditors maintained independence in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India[4] Emphasis of matter - Basis of Preparation and Restriction on Use and Distribution These special purpose financial statements are for Yatra Online Limited's SEC filing post-acquisition, restricting their use to this specific purpose - The Company became a subsidiary of Yatra Online Limited on September 11, 2024, and these special purpose financial statements are prepared to assist Yatra in filing Form 6-K with the U.S. Securities and Exchange Commission (SEC)[5] - The report is intended solely for the Company and Yatra for SEC filing purposes and should not be distributed to or used by any other person or for any other purpose[5] Other Matter Financial information for 2024, 2023, and April 1, 2022, is based on previously audited Ind AS statements, adjusted for IFRS transition regrouping - Financial information for March 31, 2024, March 31, 2023, and April 1, 2022, is based on previously issued statutory financial statements prepared in accordance with Indian Accounting Standards (Ind AS)[6] - These financial statements have been adjusted for regrouping of certain line items on transition to IFRS, as described in Notes 41, 41A, 42, and 42A[6] Responsibilities of Management and Those Charged with Governance for the Special Purpose Financial Information The Board of Directors is responsible for preparing IFRS-compliant special purpose financial statements, ensuring a true and fair view and internal controls - The Board of Directors is responsible for the preparation and presentation of special purpose financial statements in accordance with IFRS[7] - Responsibilities include designing, implementing, and maintaining internal controls relevant to financial statement preparation, assessing going concern ability, and overseeing the financial reporting process[7][8][9] Auditors' Responsibilities for the Audit of the Special Purpose Financial Statements Auditors aim for reasonable assurance that financial statements are free from material misstatement, exercising professional judgment and skepticism - Auditors aim to obtain reasonable assurance that financial statements are free from material misstatement and to issue an auditor's report[10] - Key responsibilities include identifying and assessing risks of material misstatement, designing and performing audit procedures, obtaining sufficient audit evidence, and evaluating the appropriateness of accounting policies and estimates[13] - Auditors also assess the appropriateness of management's use of the going concern basis of accounting and communicate significant audit findings to those charged with governance[11][13] Financial Statements This section presents the company's special purpose financial statements, including the Statement of Financial Position, Profit or Loss, Cash Flows, and Changes in Equity Special Purpose Statement of Financial Position Total assets increased by approximately 29.2% to INR 12,81,199 thousand, driven by current assets, with total equity up 77% Key Financial Position Data (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :----------------------- | :------------------- | :------------------- | :----------- | :------- | | Assets | | | | | | Total non-current assets | 39,074 | 37,681 | (1,393) | -3.57% | | Total current assets | 9,52,265 | 12,43,518 | 2,91,253 | 30.59% | | Total assets | 9,91,339 | 12,81,199 | 2,89,860 | 29.24% | | Equity | | | | | | Total equity | 1,06,306 | 1,88,181 | 81,875 | 77.02% | | Liabilities | | | | | | Total non-current liabilities | 74,952 | 2,77,478 | 2,02,526 | 270.21% | | Total current liabilities | 8,10,081 | 8,15,540 | 5,459 | 0.67% | | Total liabilities | 8,85,033 | 10,93,018 | 2,07,985 | 23.50% | - Accumulated deficit significantly reduced from (88,456) INR in 2023 to (6,581) INR in 2024, contributing to the increase in total equity[14] - Trade and other receivables increased by 19.38% from INR 7,67,124 thousand to INR 9,15,783 thousand[14] Special Purpose Statement of Profit or Loss and Other Comprehensive Loss Profitability significantly improved in 2024, with revenue up 17.4% and profit for the year increasing by 91.6% Key Profit or Loss Data (INR thousands) | Metric | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Revenue - Rendering of services | 21,48,941 | 25,22,464 | 3,73,523 | 17.38% | | Other income | 3,049 | 5,143 | 2,094 | 68.68% | | Service cost | 17,53,871 | 20,32,584 | 2,78,713 | 15.89% | | Personnel expenses | 1,32,737 | 1,95,511 | 62,774 | 47.30% | | Marketing and sales promotion expenses | 5,344 | 8,330 | 2,986 | 55.88% | | Other operating expenses | 1,43,348 | 1,08,675 | (34,673) | -24.19% | | Depreciation and amortization | 2,872 | 3,559 | 687 | 23.92% | | Results from operations | 1,13,818 | 1,78,948 | 65,130 | 57.22% | | Finance income | 2,159 | 3,333 | 1,174 | 54.38% | | Finance cost | 49,845 | 69,300 | 19,455 | 39.03% | | Profit before taxes | 66,132 | 1,12,981 | 46,849 | 70.84% | | Tax expense | (22,651) | (29,660) | (7,009) | 30.94% | | Profit for the year | 43,481 | 83,321 | 39,840 | 91.62% | - Basic and Diluted Earnings Per Share (EPS) increased from INR 9.08 to INR 17.40, reflecting the improved profitability[15] Special Purpose Statement of Cash Flows Operating activities shifted to a net cash inflow of INR 17,552 thousand in 2024, with overall cash and cash equivalents increasing Key Cash Flow Data (INR thousands) | Cash Flow Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :-------------------------------- | :------------------- | :------------------- | :----------- | | Net cash (used in)/ from operating activities | (1,64,879) | 17,552 | 1,82,431 | | Net cash (used in)/ from investing activities | (7,184) | 11,556 | 18,740 | | Net cash from/ (used in) financing activities | 1,66,494 | (23,746) | (1,90,240) | | Net (decrease)/increase in cash and cash equivalents | (5,569) | 5,362 | 10,931 | | Closing cash and cash equivalents | 1,484 | 6,846 | 5,362 | - Operating cash flows improved significantly, primarily due to a decrease in the increase of trade and other receivables and an increase in trade and other payables[16] - Financing activities shifted from a net inflow of INR 1,66,494 thousand in 2023 to a net outflow of INR (23,746) thousand in 2024, mainly due to higher repayment of borrowings[16] Special Purpose Statement of Changes in Equity Total equity increased substantially from INR 1,06,306 thousand in 2023 to INR 1,88,181 thousand in 2024, driven by profit for the period Key Equity Changes (INR thousands) | Metric | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :-------------------------------- | :------------------- | :------------------- | :----------- | | Balance as at April 1, 2022 | 63,776 | 1,06,306 | 42,530 | | Profit for the period | 43,481 | 83,321 | 39,840 | | Remeasurement loss on defined benefit plan | (951) | (1,446) | (495) | | Total comprehensive income | 42,530 | 81,875 | 39,345 | | Balance as at March 31 | 1,06,306 | 1,88,181 | 81,875 | - Accumulated deficit decreased significantly from (88,456) INR at March 31, 2023, to (6,581) INR at March 31, 2024, indicating improved retained earnings[17] Notes to the Special Purpose Financial Statements These notes provide detailed explanations and breakdowns of the figures presented in the special purpose financial statements 1 Overview Globe All India Services Limited, an Indian unlisted public company, operates in corporate travel, with special purpose financial statements prepared for SEC filing post-acquisition - The Company is an Unlisted Public Limited company domiciled in India, engaged in the corporate travel business since 1994[19] - Special purpose financial statements for the year ended March 31, 2024, were approved on July 30, 2025, and prepared in accordance with IFRS for filing Form 6-K with the SEC, following the acquisition by Yatra Online Limited on September 11, 2024[20][32] - The financial statements are prepared on a going concern basis and under the historical cost convention on the accrual basis[34] 1A New Accounting Standards and Interpretations Issued Effective from April 1, 2023 The company adopted new accounting standards effective April 1, 2023, primarily impacting disclosures without affecting financial recognition - The Company adopted amendments to IAS 1 (Disclosure of Accounting Policies) effective April 1, 2023, which impacted accounting policy disclosures but not recognition, measurement, or presentation of financial statement items[22][23] - Amendments to IAS 8 (Definition of Accounting Estimates) and IAS 12 (Deferred Tax related to Assets and Liabilities arising from a Single Transaction, and International Tax Reform—Pillar Two Model Rules) had no impact on these financial statements[25][27][31] 1B Basis of Preparation These special purpose financial statements are the first prepared under IFRS, transitioning from Indian Accounting Standards - The Company transitioned from Indian Accounting Standards (IND AS) to International Financial Reporting Standards (IFRS) for these special purpose financial statements, which are the first prepared under IFRS[33] - The financial statements are presented in Indian Rupees (INR), the Company's functional and reporting currency[37] 2 Significant accounting judgments, estimates and assumptions Management applies significant judgments and estimates in areas like employee benefits, income tax, fair value, and revenue recognition - Significant judgments are applied in employee benefits (defined benefit plans, compensated absences), income tax provisions, fair value measurements, provisions and contingent liabilities, and revenue recognition (variable consideration)[39][46][47][48][49] - Estimates are crucial for assessing lease terms and discount rates for leases, determining useful lives of property, plant and equipment and intangible assets, and evaluating the recoverability of advances and receivables[51][52][53] 3 Material Accounting Policies Key accounting policies cover property, plant and equipment, intangible assets, financial instruments, income taxes, and revenue recognition - Property, plant and equipment are stated at acquisition cost, net of accumulated depreciation, and depreciated on a straight-line basis over estimated useful lives (e.g., Office Building 60 years, Computer 3-6 years)[54][56] - Intangible assets are reported at cost less accumulated amortization, amortized using the straight-line method over estimated useful lives (e.g., Computer Software 5 years, Online Portal Website Development 2-5 years)[58][59] - Revenue from rendering of services is recognized based on IFRS 15, distinguishing between agent (commission-based for airline tickets, hotel bookings, rail/bus tickets, insurance) and principal (gross basis for holiday packages) roles[89][90][92][93] 4 Standards and interpretations issued but not effective New accounting standards, including IFRS 18 and IFRS 9/7 amendments, are being assessed for potential future impact - Amendments to IAS 1 (classification of liabilities), IFRS 16 (Lease Liability in a Sale and Leaseback), IAS 7 and IFRS 7 (Supplier Finance Arrangements), and IAS 21 (Foreign Exchange Rates) are not expected to have a material impact on the financial statements[102][108][111][113] - IFRS 18, 'Presentation and Disclosure in Financial Statements,' effective January 1, 2027, introduces new requirements for profit or loss presentation, management-defined performance measures, and information aggregation/disaggregation. The Company is currently assessing its impact[104][109] - Amendments to IFRS 9 and IFRS 7, effective January 1, 2026, clarify classification and measurement of financial instruments, including ESG-linked features and non-recourse assets. The Company is currently assessing their impact[105][106] 5 Segment information The Company operates in three segments: Air Ticketing, Hotels and Packages, and Other Services, with Hotels and Packages generating the highest revenue - The Company has three reportable segments: Air Ticketing, Hotels and Packages, and MICE & Other Services[114][115][116] Segment Revenue and Gross Margin (INR thousands) | Segment | Revenue (2023) | Revenue (2024) | % Change (Revenue) | Gross Margin (2023) | Gross Margin (2024) | % Change (Gross Margin) | | :------------------ | :------------- | :------------- | :----------------- | :------------------ | :------------------ | :---------------------- | | Air Ticketing | 1,89,362 | 2,50,546 | 32.31% | 1,89,362 | 2,50,546 | 32.31% | | Hotels and Packages | 15,45,399 | 22,08,504 | 42.91% | 1,40,420 | 1,77,049 | 26.09% | | MICE & Other Services | 4,14,180 | 63,414 | -84.66% | 65,288 | 62,285 | -4.60% | | Total | 21,48,941 | 25,22,464 | 17.38% | 3,95,070 | 4,89,880 | 23.99% | - Ultratech Cement Limited accounted for over 10% of the Company's revenues in both 2023 (INR 3,76,312 thousand) and 2024 (INR 6,31,633 thousand)[121] 6 Fair value measurement Fair values of most financial instruments approximate their carrying amounts due to short-term maturities, with most falling under Level 2 of the fair value hierarchy - Fair values of most financial instruments (trade receivables, cash, term deposits, payables, borrowings, other liabilities) approximate their carrying amounts due to short-term maturities[123] Fair Value of Financial Instruments (INR thousands) | Category | March 31, 2023 (Carrying Value) | March 31, 2024 (Carrying Value) | March 31, 2023 (Fair Value) | March 31, 2024 (Fair Value) | | :-------------------------- | :------------------------------ | :------------------------------ | :-------------------------- | :-------------------------- | | Financial Assets | | | | | | Trade and other receivables | 7,67,124 | 9,15,783 | 7,67,124 | 9,15,783 | | Cash and cash equivalents | 1,484 | 6,846 | 1,484 | 6,846 | | Term deposits | 12,472 | 221 | 12,472 | 221 | | Other financial assets | 7,008 | 6,791 | 7,008 | 6,791 | | Total Assets | 7,88,088 | 9,29,641 | 7,88,088 | 9,29,641 | | Financial Liabilities | | | | | | Trade and other payables | 2,69,706 | 3,95,360 | 2,69,706 | 3,95,360 | | Borrowings | 4,98,948 | 5,44,783 | 4,98,948 | 5,44,783 | | Lease Liabilities | 278 | - | 278 | - | | Other liabilities | 18,444 | 21,926 | 18,444 | 21,926 | | Total Liabilities | 7,87,376 | 9,62,069 | 7,87,376 | 9,62,069 | - Most financial instruments for which fair value is disclosed are classified under Level 2 of the fair value hierarchy, utilizing discounted cash flow valuation techniques with observable inputs like prevailing interest rates[127][129] 7 Rendering of services Revenue from rendering of services increased by 17.38% to INR 25,22,464 thousand in 2024, driven by growth in 'Tours, Cargo and other services' and 'Commission & Incentives' Revenue by Product Type (INR thousands) | Product Type | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------ | :------------------- | :------------------- | :----------- | :------- | | Tours, Cargo and other services | 19,25,212 | 22,21,167 | 2,95,955 | 15.37% | | Commission & Incentives | 2,23,729 | 3,01,297 | 77,568 | 34.67% | | Total Revenue | 21,48,941 | 25,22,464 | 3,73,523 | 17.38% | Contract Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------- | :------------------- | :------------------- | :----------- | :------- | | Advances from Customers | 64,020 | 85,495 | 21,475 | 33.54% | 8 Other income Other income increased by 68.68% to INR 5,143 thousand in 2024, primarily due to a rise in miscellaneous income and a gain on asset sales Other Income (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------------------ | :------------------- | :------------------- | :----------- | :------- | | Gain on sale of property, plant and equipment (net) | - | 89 | 89 | N/A | | Miscellaneous income | 3,049 | 5,054 | 2,005 | 65.76% | | Total | 3,049 | 5,143 | 2,094 | 68.68% | 9 Personnel expenses Personnel expenses increased by 47.30% to INR 1,95,511 thousand in 2024, mainly driven by higher salaries, wages, and other short-term employee benefits Personnel Expenses (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Salaries, wages and other short term employee benefits | 1,14,135 | 1,68,107 | 53,972 | 47.29% | | Contributions to defined contribution plans | 6,967 | 9,373 | 2,406 | 34.53% | | Expenses related to defined benefit plans | 1,594 | 2,488 | 894 | 56.09% | | Employee welfare expenses | 10,041 | 15,543 | 5,502 | 54.80% | | Total | 1,32,737 | 1,95,511 | 62,774 | 47.30% | 10 Other operating expenses Other operating expenses decreased by 24.19% to INR 1,08,675 thousand in 2024, primarily due to a significant reduction in 'Sundry Balances Written Off (Net)' Other Operating Expenses (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------- | :------------------- | :------------------- | :----------- | :------- | | Commission | 23,535 | 28,926 | 5,391 | 22.91% | | Communication | 3,924 | 5,021 | 1,097 | 27.96% | | Legal and professional fees | 6,245 | 12,191 | 5,946 | 95.21% | | Sundry Balances Written Off (Net) | 70,382 | 10 | (70,372) | -99.99% | | Duties and taxes | 2,929 | 2,636 | (293) | -10.00% | | Rent | 8,529 | 11,324 | 2,795 | 32.77% | | Repairs and maintenance | 8,253 | 8,727 | 474 | 5.74% | | Travelling and conveyance | 5,875 | 7,108 | 1,233 | 20.99% | | Insurance | 2,191 | 4,682 | 2,491 | 113.69% | | Miscellaneous expenses | 11,485 | 28,050 | 16,565 | 144.23% | | Total | 1,43,348 | 1,08,675 | (34,673) | -24.19% | 11 Depreciation and amortization Total depreciation and amortization expenses increased by 23.92% to INR 3,559 thousand in 2024, primarily due to higher depreciation and amortization charges Depreciation and Amortization (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------------ | :------------------- | :------------------- | :----------- | :------- | | Depreciation | 2,304 | 2,669 | 365 | 15.84% | | Amortization | 303 | 647 | 344 | 113.53% | | Depreciation on right of use assets | 265 | 243 | (22) | -8.30% | | Total | 2,872 | 3,559 | 687 | 23.92% | 12 Finance income Finance income increased significantly by 54.38% to INR 3,333 thousand in 2024, primarily driven by new 'Other' finance income Finance Income (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------------------ | :------------------- | :------------------- | :----------- | :------- | | Interest income on bank deposits | 2,159 | 776 | (1,383) | -64.06% | | Others | - | 2,557 | 2,557 | N/A | | Total | 2,159 | 3,333 | 1,174 | 54.38% | 13 Finance cost Finance costs increased by 39.03% to INR 69,300 thousand in 2024, driven by higher bank charges, interest on borrowings, and 'Other' finance costs Finance Cost (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Bank charges | 4,667 | 8,315 | 3,648 | 78.17% | | Interest on borrowings recognised at amortised cost | 40,780 | 47,322 | 6,542 | 16.04% | | Interest on lease liabilities | 39 | 13 | (26) | -66.67% | | Others | 4,359 | 13,650 | 9,291 | 213.16% | | Total | 49,845 | 69,300 | 19,455 | 39.03% | 14 Income taxes Total income tax expense increased by 30.94% to INR 29,660 thousand in 2024, primarily due to current year tax and deferred tax expense Income Tax Expense (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Current income tax expenses | - | 24,910 | 24,910 | N/A | | Deferred tax (benefit)/ expense | 22,651 | 4,750 | (17,901) | -79.03% | | Total income tax expenses | 22,651 | 29,660 | 7,009 | 30.94% | - Profit before income taxes increased by 70.84% from INR 66,132 thousand in 2023 to INR 1,12,981 thousand in 2024[138] - The applicable statutory tax rate in India for 2024 was 25.17% (2023: 27.82%)[138] 15 Earning per share Basic and diluted earnings per share (EPS) significantly increased by 91.63% to INR 17.40 in 2024, reflecting substantial profit growth Earnings Per Share (INR) | Metric | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Profit attributable to ordinary shareholders | 43,481 | 83,321 | 39,840 | 91.62% | | Weighted average number of ordinary shares outstanding | 47,87,650 | 47,87,650 | 0 | 0.00% | | Basic earning per share | 9.08 | 17.40 | 8.32 | 91.63% | | Diluted earning per share | 9.08 | 17.40 | 8.32 | 91.63% | - The Company did not have any potentially dilutive securities in any of the years presented, resulting in identical basic and diluted EPS[140] 16 Property, plant and equipment The net block of property, plant and equipment slightly increased by 0.8% to INR 25,991 thousand in 2024, driven by additions in computers Property, Plant and Equipment Net Block (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------- | :------------------- | :------------------- | :----------- | :------- | | Net block | 25,787 | 25,991 | 204 | 0.79% | - Gross block additions in 2024 totaled INR 2,885 thousand, with computers accounting for INR 2,250 thousand[142] - Depreciation charge for the year was INR 2,669 thousand in 2024, an increase from INR 2,304 thousand in 2023[142] 17 Right-of-use Assets Right-of-use assets decreased from INR 243 thousand in 2023 to zero in 2024, as the depreciation charge fully offset the remaining balance Right-of-Use Assets (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :-------------------------- | :------------------- | :------------------- | :----------- | | Right of use assets recognised | 508 | 243 | (265) | | Depreciation on above | 265 | 243 | (22) | | Net Right-of-Use Assets | 243 | - | (243) | 18 Intangible assets Net block of intangible assets increased by 20.86% to INR 2,879 thousand in 2024, driven by additions in computer software Intangible Assets Net Block (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------- | :------------------- | :------------------- | :----------- | :------- | | Net block | 2,382 | 2,879 | 497 | 20.86% | - Gross block additions in 2024 totaled INR 1,144 thousand, entirely from computer software[144] - Amortization charge for the year was INR 647 thousand in 2024, an increase from INR 303 thousand in 2023[144] 19 Prepayments and other assets Current prepayments and other assets significantly increased by 117.33% to INR 2,97,527 thousand in 2024, primarily due to higher advances to vendors and airlines Prepayments and Other Assets (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------ | :------------------- | :------------------- | :----------- | :------- | | Current | | | | | | Advance to vendors | 92,703 | 2,04,684 | 1,11,981 | 120.79% | | Advance to airlines | 24,801 | 65,339 | 40,538 | 163.45% | | Balance with statutory authorities | 6,173 | 16,628 | 10,455 | 169.36% | | Prepaid expenses | 5,136 | 6,004 | 868 | 16.90% | | Due from employees | 8,087 | 4,872 | (3,215) | -39.76% | | Total Current | 1,36,900 | 2,97,527 | 1,60,627 | 117.33% | | Non-current | | | | | | Prepaid expenses | 314 | 2,945 | 2,631 | 837.90% | | Total Non-current | 314 | 2,945 | 2,631 | 837.90% | 20 Other financial assets, Non-current Non-current other financial assets decreased by 6.04% to INR 3,374 thousand in 2024, due to reduced security deposits partially offset by new 'Other' assets Other Financial Assets, Non-current (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------- | :------------------- | :------------------- | :----------- | :------- | | Security deposits | 3,591 | 2,928 | (663) | -18.46% | | Others | - | 446 | 446 | N/A | | Total | 3,591 | 3,374 | (217) | -6.04% | 21 Deferred Tax Net deferred tax assets decreased by 63.12% to INR 2,492 thousand in 2024, primarily due to derecognition of unutilized business losses Recognized Deferred Tax Assets and Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Deferred tax assets attributable to: | | | | | | Employee benefits | 1,860 | 4,166 | 2,306 | 123.98% | | Unutilise business losses | 6,039 | - | (6,039) | -100.00% | | Total deferred tax asset (A) | 7,899 | 4,166 | (3,733) | -47.26% | | Deferred tax liabilities attributable to: | | | | | | Property, plant and equipment, intangible assets, and ROU assets | (1,142) | (1,674) | (532) | 46.58% | | Total deferred tax liability (B) | (1,142) | (1,674) | (532) | 46.58% | | Net deferred tax asset (A-B) | 6,757 | 2,492 | (4,265) | -63.12% | - Deferred tax assets were not recognized for deductible temporary differences of INR 6,757 thousand in 2023 and INR 2,492 thousand in 2024[148] 22 Inventories Inventories, consisting solely of finished goods, decreased from INR 62 thousand in 2023 to zero in 2024, indicating full utilization or disposal Inventories (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :--------------- | :------------------- | :------------------- | :----------- | :------- | | Finished Goods | 62 | - | (62) | -100.00% | | Total | 62 | - | (62) | -100.00% | 23 Trade and other receivables Trade and other receivables increased by 19.38% to INR 9,15,783 thousand in 2024, primarily driven by higher trade receivables Trade and Other Receivables (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Trade receivables (net of allowance) | 7,53,189 | 9,10,687 | 1,57,498 | 20.91% | | Receivable from related parties | 13,935 | 5,096 | (8,839) | -63.43% | | Total | 7,67,124 | 9,15,783 | 1,48,659 | 19.38% | - Trade receivables are non-interest bearing and generally have terms of 30 to 90 days[151] 24 Other financial assets, current Current other financial assets remained constant at INR 3,417 thousand in both 2023 and 2024, consisting entirely of security deposits Other Financial Assets, Current (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------- | :------------------- | :------------------- | :----------- | :------- | | Security deposits | 3,417 | 3,417 | 0 | 0.00% | | Total | 3,417 | 3,417 | 0 | 0.00% | 25 Term deposits Term deposits significantly decreased by 98.23% to INR 221 thousand in 2024, indicating a substantial reduction in fixed deposits with banks Term Deposits (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------- | :------------------- | :------------------- | :----------- | :------- | | Fixed deposits with banks | 12,472 | 221 | (12,251) | -98.23% | | Total | 12,472 | 221 | (12,251) | -98.23% | - All term deposits have a tenure of less than one year and are classified as current[154] 26 Cash and cash equivalents Cash and cash equivalents increased significantly by 361.32% to INR 6,846 thousand in 2024, driven by a substantial rise in balances with banks Cash and Cash Equivalents (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :--------------- | :------------------- | :------------------- | :----------- | :------- | | Cash on hand | 1,069 | 599 | (470) | -43.97% | | Balances with bank | 415 | 6,247 | 5,832 | 1405.30% | | Total | 1,484 | 6,846 | 5,362 | 361.32% | 27 Equity share capital and share premium The Company's authorized, issued, and share capital remained constant at INR 47,877 thousand for both 2023 and 2024, with share premium also unchanged Equity Share Capital and Share Premium (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------- | :------------------- | :------------------- | :----------- | :------- | | Share Capital | 47,877 | 47,877 | 0 | 0.00% | | Share Premium | 1,46,885 | 1,46,885 | 0 | 0.00% | - The Company has one class of equity shares with a par value of ₹10 per share, each eligible for one vote[158] 28 Components of Other Comprehensive Loss Total actuarial loss on defined benefit plan, recognized in other comprehensive loss, increased by 52.05% to INR (1,446) thousand in 2024 Components of Other Comprehensive Loss (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------------------ | :------------------- | :------------------- | :----------- | :------- | | Actuarial (loss)/ gain on obligation | (1,317) | (1,932) | (615) | 46.70% | | Income tax expense | 366 | 486 | 120 | 32.79% | | Total | (951) | (1,446) | (495) | 52.05% | 29 Borrowings Total borrowings increased by 9.19% to INR 5,44,783 thousand in 2024, driven by a substantial rise in non-current borrowings Borrowings (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Current Borrowings | | | | | | Cash Credit | 1,00,941 | 153 | (1,00,788) | -99.85% | | Working Capital Demand / Short Term Loans | 3,31,360 | 2,40,170 | (91,190) | -27.52% | | From Related Parties (Unsecured) | - | 41,603 | 41,603 | N/A | | Total Current | 4,32,301 | 2,81,926 | (1,50,375) | -34.79% | | Non-Current Borrowings | | | | | | Working Capital Term Loan / GECL | 66,647 | 2,62,857 | 1,96,210 | 294.42% | | Total Non-Current | 66,647 | 2,62,857 | 1,96,210 | 294.42% | | Total Borrowings | 4,98,948 | 5,44,783 | 45,835 | 9.19% | - Cash Credit and Working Capital Demand Loans/Short Term Loans/GECL from banks are secured by a first pari-passu charge on current assets and a corporate guarantee from Riddhi Portfolio Private Limited[162] - Collateral security includes an equitable mortgage of freehold property at 8, Ho-Chi-Minh Sarani, Kolkata[163] 30 Lease Liabilities Lease liabilities decreased from INR 278 thousand in 2023 to zero in 2024, indicating the settlement or expiration of existing lease obligations Lease Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :--------------- | :------------------- | :------------------- | :----------- | | Current | 278 | - | (278) | | Non-current | - | - | 0 | | Total | 278 | - | (278) | 31 Employment benefit plan Total employment benefit liabilities increased by 75.74% in 2024, driven by higher defined benefit obligations and compensated absences Employment Benefit Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------- | :------------------- | :------------------- | :----------- | :------- | | Defined benefit obligation | 3,503 | 6,676 | 3,173 | 90.58% | | Liability for compensated absences | 4,967 | 8,209 | 3,242 | 65.27% | | Total liability | 8,470 | 14,885 | 6,415 | 75.74% | Movement in Defined Benefit Obligation (INR thousands) | Metric | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :-------------------------------- | :------------------- | :------------------- | :----------- | | Present value of obligation at beginning of year | 7,550 | 9,942 | 2,392 | | Interest cost | 551 | 746 | 195 | | Current service cost | 1,481 | 2,225 | 744 | | Actuarial loss on obligation | 1,317 | 1,947 | 630 | | Benefits paid | (957) | (1,247) | (290) | | Present value of obligation at closing of year | 9,942 | 13,613 | 3,693 | - The cost recognized in profit or loss for defined benefit plans increased from INR 1,549 thousand in 2023 to INR 2,722 thousand in 2024, a 75.73% increase[169] 32 Trade and other payables Trade and other payables increased by 46.51% to INR 3,95,360 thousand in 2024, primarily driven by a significant rise in trade payables Trade and Other Payables (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :--------------- | :------------------- | :------------------- | :----------- | :------- | | Trade payables | 2,60,698 | 3,92,905 | 1,32,207 | 50.71% | | Accrued expenses | 9,008 | 2,455 | (6,553) | -72.74% | | Total | 2,69,706 | 3,95,360 | 1,25,654 | 46.59% | - All trade and other payables are classified as current liabilities[175] 33 Contract liabilities Contract liabilities, representing advances from customers for future bookings, increased by 33.54% to INR 85,495 thousand in 2024 Contract Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------- | :------------------- | :------------------- | :----------- | :------- | | Advances from Customers | 64,020 | 85,495 | 21,475 | 33.54% | | Total | 64,020 | 85,495 | 21,475 | 33.54% | - Advances from customers primarily consist of amounts for future bookings of airline tickets, hotel bookings, packages, and freight forwarding services[175] 34 Other financial liabilities Current other financial liabilities, representing amounts due to employees, increased by 18.88% to INR 21,926 thousand in 2024 Other Financial Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :--------------- | :------------------- | :------------------- | :----------- | :------- | | Due to employees | 18,444 | 21,926 | 3,482 | 18.88% | | Total | 18,444 | 21,926 | 3,482 | 18.88% | 35 Other current liabilities Other current liabilities, consisting of statutory liabilities, increased by 21.46% to INR 30,569 thousand in 2024 Other Current Liabilities (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------- | :------------------- | :------------------- | :----------- | :------- | | Statutory liabilities | 25,167 | 30,569 | 5,402 | 21.46% | | Total | 25,167 | 30,569 | 5,402 | 21.46% | 36 Leases Lease-related expenses increased significantly in 2024, primarily due to higher short-term lease costs, while ROU assets were fully depreciated - Right-of-use assets for office buildings decreased from INR 243 thousand in 2023 to zero in 2024 due to depreciation[179] Amounts Recognized in Profit or Loss for Leases (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :------------------------------------ | :------------------- | :------------------- | :----------- | :------- | | Depreciation expense of right-of-use asset | 265 | 243 | (22) | -8.30% | | Interest expense on lease liabilities | 39 | 13 | (26) | -66.67% | | Expense relating to short-term leases | 953 | 2,818 | 1,865 | 195.70% | | Total | 1,257 | 3,074 | 1,817 | 144.55% | - The Company assesses extension options for property leases, which range from 11 to 33 months after the non-cancellable period, based on economic incentives[181] 37 Commitment and contingencies Lease commitments increased by 32.77% to INR 11,324 thousand in 2024, while contingent liabilities significantly rose to INR 1,71,593 thousand Lease Commitments (INR thousands) | Particulars | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :---------------------- | :------------------- | :------------------- | :----------- | :------- | | Not Later than one year | 8,529 | 11,324 | 2,795 | 32.77% | Contingent Liabilities (INR thousands) | Particulars | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :---------------------------------------- | :------------------- | :------------------- | :----------- | | GST demand notice (Delhi) | - | 126 | 126 | | GST demand notice (Malkajgiri, Hyderabad) | - | 1,319 | 1,319 | | GST demand notice (Hyderabad) | - | 483 | 483 | | GST demand notice (Chennai) | - | 3,618 | 3,618 | | Bank Guarantee (ICICI Bank Ltd.) | - | 46,000 | 46,000 | | Bank Guarantee (IndusInd Bank Ltd.) | - | 1,21,666 | 1,21,666 | | Total | - | 1,73,212 | 1,73,212 | 38 Financial risk management, objective and policies The Company manages credit, liquidity, and foreign currency risks through established policies, with no significant credit loss expected and sufficient liquidity for the next 12 months - The Company is exposed to credit risk, liquidity risk, and foreign currency risk, with senior management overseeing risk management policies[186] Maximum Credit Exposure (INR thousands) | Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Trade and other receivables | 7,67,124 | 9,15,783 | 1,48,659 | 19.38% | | Other financial assets | 7,008 | 6,791 | (217) | -3.10% | | Cash and cash equivalents (except cash in hand) | 415 | 6,247 | 5,832 | 1405.30% | | Total | 7,74,547 | 9,28,821 | 1,54,274 | 19.92% | - The Company expects cash and cash equivalents and cash generated from operations to satisfy working capital, operational losses, capital expenditure, and other liquidity requirements for at least the next 12 months[192] 39 Capital management The Company aims to maintain a strong credit rating and healthy capital ratios, with the gearing ratio improving to 74.08% in 2024 - The primary objective of capital management is to maintain a strong credit rating and healthy capital ratios to support business and maximize shareholder value[195] - No breaches of financial covenants for interest-bearing loans and borrowings occurred in the current period[197] Capital Structure and Gearing Ratio (INR thousands) | Metric | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | % Change | | :-------------------------------- | :------------------- | :------------------- | :----------- | :------- | | Borrowings | 4,98,948 | 5,44,783 | 45,835 | 9.19% | | Less: Cash and cash equivalents | (1,484) | (6,846) | (5,362) | 361.32% | | Net debt | 4,97,464 | 5,37,937 | 40,473 | 8.14% | | Equity | 1,06,306 | 1,88,181 | 81,875 | 77.02% | | Total Equity | 1,06,306 | 1,88,181 | 81,875 | 77.02% | | Gearing ratio | 82.39% | 74.08% | -8.31% | -10.09% | 40 Related party disclosures The Company has related party relationships with Yatra Online Limited and Ramkrishna Forgings Limited, with significant loan and service transactions in 2024 - Yatra Online Limited became the parent company on September 11, 2024, while Ramkrishna Forgings Limited was the parent until September 10, 2024[201] Key Related Party Transactions (INR thousands) | Transaction Type | Related Party Category | March 31, 2023 (INR) | March 31, 2024 (INR) | Change (INR) | | :----------------------- | :--------------------- | :------------------- | :------------------- | :----------- | | Rendering of services | Entities with significant influence | 2,96,779 | 34,293 | (2,62,486) | | Rendering of services | Group Companies | - | 4,693 | 4,693 | | Loan Taken | Group Companies | 16,407 | 5,20,000 | 5,03,593 | | Loan Repaid | Group Companies | 1,59,407 | 4,86,000 | 3,26,593 | | Interest Expense | Group Companies | 2,239 | 10,474 | 8,235 | | Total compensation paid to key management personnel | KMP | 1,580 | 9,824 | 8,244 | Related Party Balances (INR thousands) | Balance Type | Related Party Category | March 31, 2024 (INR) | | :------------- | :--------------------- | :------------------- | | Trade receivable | - | 5,096 | | Other financial liabilities | - | 952 | | Unsecured loan | Entities with significant influence | 34,000 | | Interest accrued | Entities with significant influence | 7,603 | 41 Effect of IFRS Adoption on the Balance Sheet IFRS adoption primarily resulted in reclassifications on the Balance Sheet, with no changes to total asset or liability values - Total assets and total equity and liabilities remained unchanged upon IFRS adoption, indicating reclassifications rather than changes in overall values[209] - Share premium of INR 1,46,885 thousand was reclassified from accumulated deficit and disclosed separately[209] - Accrued expenses of INR 9,008 thousand (2023) and INR 2,455 thousand (2024) were reclassified from Other Financial Liabilities to Trade and Other Payables[210] 42 Effect of IFRS Adoption on the Statement of Profit or Loss and Other Comprehensive Loss IFRS adoption led to reclassifications in the Statement of Profit or Loss, but did not impact the reported Profit for the year or Total comprehensive income - Profit for the year and Total comprehensive income remained unchanged after IFRS adoption, indicating reclassifications rather than changes in profitability[211] - Revenue from rendering of services was adjusted by INR 6,291 thousand (2023) and INR 19,083 thousand (2024) to conform with IFRS[211][214] - Significant reclassifications include: Director remuneration from other expense to personnel expenses, Employee Mediclaim Insurance from personnel expense to other expense, business promotion and advertisement expenses from other expense to marketing and sales promotion expense, and bank charges from other expenses to finance cost[212] 43 Events after the reporting period No material adjusting events occurred after March 31, 2024, requiring recognition or adjustment in the financial statements - No material adjusting events occurred after March 31, 2024, requiring effect in the financial statements[213]