1. We have audited the accompanying standalone
financial statements of Easy Trip Planners Limited ('the
Company'), which comprise the Standalone Balance
Sheet as at 31 March 2025, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including material accounting policy
information and other explanatory information.
2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ('the Act') in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
('Ind AS') specified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31 March 2025, and its profit (including other
comprehensive income), its cash flows and the changes
in equity for the year ended on that date.
BASIS FOR OPINION
3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards
are further described in the Auditor's Responsibilities
for the Audit of the Standalone Financial Statements
section of our report. We are independent of the
Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India
('ICAI') together with the ethical requirements that
are relevant to our audit of the standalone financial
statements under the provisions of the Act and the
rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
4. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements of
the current period. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
5. We have determined the matter described below to be the key audit matter to be communicated in our report.
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Key audit matters
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How our audit addressed the key audit matters
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1. Recoverability oF investments in and loans given to subsidiaries
Refer note 2.2a and 2.8 of material accounting policy information and note 6, note 7 and note 53 of the standalone
financial statements of the Company for the year ended 31 March 2025
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As at 31 March 2025, the Company has investments
in and loans recoverable from various subsidiary
companies aggregating to 7 944.52 million and
7 944.98 million, respectively. The investments
are carried at cost less impairment, if any, while
the loans are carried at amortised cost less
impairment, if any.
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Our audit procedures to test recoverability of investments
in and loans given to subsidiaries included, but were not
limited to the following:
a) Obtained an understanding of the management's
process for impairment testing and expected credit
loss determination, including for identification of
impairment indicators and significant increase in
credit risk relating to loans. Evaluated the design
and implementation, and tested the operating
effectiveness of the internal financial controls relating
to such recoverability assessment of loans and
investments;
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Key audit matters
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How our audit addressed the key audit matters
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The management annually reviews whether
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b)
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Evaluated the appropriateness of accounting policies
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any impairment indicators exists in the carrying
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adopted by the management in respect of impairment
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value of investments in accordance with the
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testing and expect credit loss determination in
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requirements of Ind AS 36, Impairment of Assets
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accordance with Ind AS 36 and Ind AS 109.
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('Ind AS 36'), and whether there is any significant
increase in credit risk since initial recognition
with respect to loans outstanding in accordance
with the requirements of Ind AS 109, Financial
Instruments ('Ind AS 109').
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c)
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Assessed the professional competence and objectivity
of the external valuation expert engaged by the
management for performing the required valuations
to estimate the recoverable value of the material
investment in subsidiary companies where impairment
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Some of the subsidiaries of the Company have
incurred losses in recent years including in
the current year, and the carrying values of
such investments exceed the net worth of the
respective subsidiaries. Considering the existence
of aforesaid impairment indicator, the Company
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d)
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indicators exists;
Involved auditor's valuation experts to test
appropriateness of valuation methodology
and assumptions used in the valuations by the
management's expert;
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has assessed the recoverable amounts of the
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e)
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Traced the future cash flow projections to approved
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material investments by carrying out separate
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business plans of the subsidiary companies and
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valuations using discounted cash flow method
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evaluated the reasonableness of the inputs used in the
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with the help of external valuation experts.
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projections by comparing past projections with actual
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Such determination requires management to
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results to determine historical accuracy of projections,
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make significant estimates, judgements and
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and by considering our understanding of the business
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assumptions relating to forecast of future
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and market conditions, as relevant;
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revenue, operating margins, growth rate and
selection of the discount rates to determine
the recoverable value to be considered for
impairment testing of the carrying value of
above-mentioned balances.
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f)
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Evaluated sensitivity analysis performed by the
management and further performed independent
sensitivity analysis on these key assumptions to
determine estimation uncertainty involved and impact
on conclusions drawn; and
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Considering the materiality of the amounts,
significant judgements and estimates involved,
and the significant auditor attention required to
test such accounting estimate by management,
we have identified this as a key audit matter for
current year audit.
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g)
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Assessed the appropriateness and adequacy
of disclosures made in the standalone financial
statements in accordance with the applicable
accounting standards.
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2. Revenue recognition From air passage (Refer note 2.9 of material accounting policy information and note 23 of
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the standalone financial statements of the Company for the year ended 31 March 2025)
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The Company has derived its revenue mainly from
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Our audit procedures in relation to revenue recognition
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agency commission and incentives based on sale
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included, but were not limited to the following:
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of airline tickets amounting to ? 2,953.42 million
during the year ended 31 March 2025.
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a)
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Obtained an understanding of the systems, processes
and controls implemented by the Company for
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Revenue from the sale of airline tickets is
recognised at a point in time, as an agent, on a net
commission basis and revenue from incentives
and service fees is recognised on accrual basis net
of discounts given to the customers. Further, the
Company records allowances for cancellations
basis historical experience which is reversed
and recognised as income once the claim period
expired.
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b)
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recording revenue from air passage. Evaluated the
design and implementation and tested the operating
effectiveness of key controls over revenue recognition.
Obtained an understanding of the Company's
accounting policy for revenue recognition as per Ind
AS 115.
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Key audit matters
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How our audit addressed the key audit matters
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The Company earns incentives from airlines if
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c)
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Traced the travel details, on a sample basis, for which
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the specific targets are achieved based on the
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income is recognised to the statements provided by
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agreements / incentive schemes. The Company
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the airlines and payments received from the payment
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has treated such incentives as variable
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gateway reports to test occurrence of revenue
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consideration in accordance with Ind AS 115,
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recognised.
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Revenue from Contracts with Customers ('Ind AS
115') and recognise as revenue over a period of
time when the performance obligations under
the incentive schemes / agreements are achieved/
expected to be achieved during the year.
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d)
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Tested the relevant system generated reports used for
revenue recognition for ensuring the completeness
and accuracy of the reports such as reconciliation with
the external party confirmations, reconciliation of
sales with the collections.
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The management has implemented various
manual controls for testing of system generated
data from operational IT systems, including
reconciliations with confirmations received from
airlines pertaining to underlying travel related
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e)
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On a sample basis, tested the amount of incentives
accrued at the year-end based on terms agreed with
various airlines using the travel / flown data received
and confirmed from such airlines.
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data, to ensure revenue is recorded in the correct
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f)
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Tested the amount of advertisement income, other
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period with correct amount.
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variable consideration such as cancellation income
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Revenue recognition is a key performance
indicator and there is a presumed risk of fraud
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and deposit incentives on sample basis from the
agreements entered with the customers.
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of revenue being overstated in accordance
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g)
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Assessed the appropriateness and adequacy of
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with Standards on Auditing as revenue is one
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disclosures in the standalone financial statements in
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of the Company's key performance indicators.
Further, due to the dependence of the
management on manual controls described above
and management estimates involved in recording
of incentives and other variable considerations
which are dependent on estimation of likelihood
of achievement of sale/ flown targets, requires
significant auditor's efforts. Accordingly, we have
identified revenue recognition from air passage
as a key audit matter.
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accordance with the applicable accounting standards.
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INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S
REPORT THEREON
6. The Company's Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but
does not include the standalone financial statements
and our auditor's report thereon. The Annual Report is
expected to be made available to us after the date of
this auditor's report.
Our opinion on the standalone financial statements
does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance.
RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR THE
STANDALONE FINANCIAL STATEMENTS
7. The accompanying standalone financial statements have
been approved by the Company's Board of Directors.
The Company's Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.
8. In preparing the standalone financial statements,
the Board of Directors is responsible for assessing
the Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.
9. The Board of Directors is also responsible for overseeing
the Company's financial reporting process.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS
10. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Standards on
Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.
11. As part of an audit in accordance with Standards on
Auditing, specified under section 143(10) of the Act
we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control;
• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our
opinion on whether the Company has adequate
internal financial controls with reference to
financial statements in place and the operating
effectiveness of such controls;
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management;
• Conclude on the appropriateness of Board of
Directors' use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company's ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required
to draw attention in our auditor's report to the
related disclosures in the standalone financial
statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of
our auditor's report. However, future events or
conditions may cause the Company to cease to
continue as a going concern; and
• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
12. We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.
13. We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.
14. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
OTHER MATTER
15. The standalone financial statements of the Company
for the year ended 31 March 2024 were audited by
the predecessor auditor, S.R. Batliboi & Associates LLP
, who have expressed an unmodified opinion on those
standalone financial statements vide their audit report
dated 24 May 2024.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
16. As required by section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.
17. As required by the Companies (Auditor's Report) Order,
2020 ('the Order') issued by the Central Government of
India in terms of section 143(11) of the Act, we give in
the Annexure A, a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent
applicable.
18. Further to our comments in Annexure A, as required by
section 143(3) of the Act based on our audit, we report,
to the extent applicable, that:
a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purpose of our audit of the accompanying
standalone financial statements;
b) Except for the matters stated in paragraph 18(f)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended)}, in our opinion, proper books of
account as required by law have been kept by the
Company so far as it appears from our examination
of those books.
c) The standalone financial statements dealt with
by this report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;
e) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2025 from being
appointed as a director in terms of section 164(2)
of the Act;
f) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 18(b) above on reporting
under section 143(3)(b) of the Act and paragraph
18(h)(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules, 2014
(as amended);
g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report i n Annexure B, wherein
we have expressed an unmodified opinion; and
h) With respect to the other matters to be included
in the Auditor's Report in accordance with rule 11
of the Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion and to the best of
our information and according to the explanations
given to us:
i. The Company, as detailed in note 32 to
the standalone financial statements, has
disclosed the impact of pending litigations on
its financial position as at 31 March 2025;
ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2025;
iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year ended 31 March 2025 (Refer note
32C);
iv. a. The management has represented that,
to the best of its knowledge and belief
other than as disclosed in note 42(iv) to
the standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or
in any person or entity, including foreign
entities ('the intermediaries'), with
the understanding, whether recorded
in writing or otherwise, that the
intermediary shall, whether, directly or
indirectly lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the
Company ('the Ultimate Beneficiaries')
or provide any guarantee, security or the
like on behalf the Ultimate Beneficiaries;
b. The management has represented that,
to the best of its knowledge and belief, as
disclosed in note 42(v) to the standalone
financial statements, no funds have
been received by the Company from
any person or entity, including foreign
entities ('the Funding Parties'), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
('Ultimate Beneficiaries') or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
c. Based on such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain any
material misstatement.
v. The Company has not declared or paid
any dividend during the year ended 31
March 2025.
vi. As stated in Note 45 to the standalone financial
statements and based on our examination
which included test checks, except for
matter mentioned below, the Company, in
respect of financial year commencing on 1
April 2024, has used an accounting software
for maintaining its books of account which
have a feature of recording audit trail
(edit log) facility and the same have been
operated throughout the year for all relevant
transactions recorded in the software.
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with other than
the consequential impact of the exception
given below. Furthermore, the audit trail has
been preserved by the Company as per the
statutory requirements for record retention.
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Nature oF exception noted
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Details oF exception
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Instances of accounting software for
maintaining books of account for which the
feature of recording audit trail (edit log) facility
was not operated throughout the year for all
relevant transactions recorded in the software
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The audit trail feature was not enabled at the
database level for accounting software to log any
direct data changes, used for maintenance of all
accounting records and revenue records by the
Company.
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For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Abhishek Lakhotia
Partner
Place: New Delhi Membership No.: 502667
Date: 30 May 2025 UDIN: 25502667BMUJKU4584
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