A trade receivable is a right to consideration that is unconditional and receivable over passage of time. Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.

The trade receivables primarily consist of amounts receivable from airlines, hotels, corporates and retail customers pertaining to the transaction value.

The Company, pursuant to an arrangement with bank, discounted certain of its trade receivables on a recourse basis. The receivables discounted were mutually agreed upon with the bank after considering the creditworthiness and contractual terms with the customer. The duration of discounting are generally on terms of 45 to 90 days. The company collects the contractual cash flows from its trade receivable and passes them on to its bank. In case of default by customers, the company will be solely liable to repay to bank. The Company has not transferred substantially all the risks and rewards of ownership of such receivables discounted to the bank, and accordingly, the same were not derecognized in the balance sheet. The amount payable to the bank is disclosed as a financial liability. As on March 31, 2024, the amount of trade receivables discounted to banks amounts to ' 2,645 (March 31, 2023: ' 4,991) and financial liability pursuant to factoring arrangement amounts to ' 2,645 (March 31, 2023: ' 4,991) (Refer to note 15 for details).

No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Not any trade or other receivable are due from firms or private companies respectively in which any directors is a partner, a director or a member.

The Company's exposure to credit and currency risk is disclosed in Note 31.

b. Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ' 1 per share. Each holder of equity shares is entitled to cast one vote per share. The Company has not paid any dividend during the year ended March 31, 2024 and March 31, 2023.

In the event of liquidation of the Company, subject to provisions of the Articles of Association of the Company and of the Companies Act, 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

including ten equity shares of ' 1/- each held by Dhruv Shringi and one equity share held by Manish Amin, on behalf and as nominees of THCL Travel Holding Cyprus Limited as on March 31, 2023.

As per records of the Company including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

There are no bonus shares issued and no shares bought back during five years immediately preceding the reporting date.

"Bank Overdraft

The Company has an overdraft facility of ' 10 from the Federal bank This facility is fully secured against, pari passu charges on the entire other current assets and all movable fixed assets of the Company. The entire amount of bank overdraft facility was undrawn as at March 31, 2024.”

Factoring¹

The Company has facility of ' 3,000 from Axis bank. The facility is fully secured against exclusive charge on specific receivables discounted by Axis bank, pari passu charges on the entire other current assets and all movable fixed assets of the Company, both present and future and cash margin in the form of fixed deposits for 20% of the facility As on March 31, 2024, the Group has utilised ' 259 out of the above facility The Company has a facility of ' 2,000 from Federal bank. The facility is fully secured against exclusive charge on specific receivables discounted by Federal Bank, pari passu charges on the entire other current assets and all movable fixed assets of the Company both present and future and cash margin in the form of fixed deposits for 20% of the facility As on March 31, 2024, the Company has utilised ' 1,183 out of the above facility The Company has a facility of ' 2,500 from IDFC bank. The facility is fully secured against exclusive charge on specific receivables discounted by IDFC Bank, pari passu charges on the entire other current assets and all movable fixed assets of the Company, both present and future and cash margin in the form of fixed deposits for 20% of the facility As on March 31, 2024, the Company has utilised ' 1,203 out of the above facility."

*Refer to note 11 for detail of discounted receivables.

Vehicle loan

This includes the vehicles taken on loan by the Company Refer to Note 5.

The Company has used the borrowings from banks and financial institutions for general corporate purposes for which such term loan was taken. Non Convertible Debentures

Non Convertible Debentures from Blacksoil Capital Pvt. Ltd. & Black Soil India Credit fund ("Blacksoil")

During the financial year ending March 31, 2023, Yatra Online Limited had issued 600 unlisted, secured, redeemable, and non-convertible debentures (NCDs) of a nominal value of ' 5,00,000 each, issued and allotted by the Company on a private placement basis to Blacksoil aggregating to ' 3,000. These NCDs shall be redeemed with Interest @ 14.25% p.a. during a period of thirty months from the date of allotment (December 20, 2022). The first repayment of principal shall commence on August 31, 2023 and interest payment started from December 31, 2022. Post 12 months from the allotment date, till the time amount payable to Blacksoil is atleast ' 200, Yatra Online Limited shall have the right (but not the obligation) to redeem any or all of the NCDs by paying all outstanding amounts. Any prepayment will attract premium of 2% on the amount being redeemed/prepaid. These NCDs have been secured against the first pari-passu charge over the movable fixed assets and current assets (both present and future).

During the financial year ending March 31, 2024, Company has exercised the right to redeem in full 600 unlisted, secured, redeemable, and non-convertible debentures (NCDs) of a nominal value of ' 5,00,000 each, issued and allotted by the Company on a private placement basis to Blacksoil aggregating to ' 3,000. The right has been exercised on January 31, 2024 and the amount outstanding on the date of redemption was ' 2.318.

During the financial year ending March 31, 2024, the Company had issued 400 unlisted, secured, redeemable, and non-convertible debentures (NCDs) of a nominal value of ' 5,00,000 each, issued and allotted by the Company on a private placement basis to Blacksoil aggregating to ' 2,000. These NCDs shall be redeemed with Interest @ 14.25% p.a. during a period of thirty months from the date of allotment (August 18, 2023). The first repayment of principal shall commence on April 30, 2024 and interest payment started from August 31, 2023. Post 12 months from the allotment date, till the time amount payable to Blacksoil is atleast ' 200, the Company shall have the right (but not the obligation) to redeem any or all of the NCDs by paying all outstanding amounts. Any prepayment will attract premium of 2% on the amount being redeemed/prepaid. These NCDs have been secured against the first pari-passu charge over the movable fixed assets and current assets (both present and future).

There are no defaults as on reporting date in repayment of principal and interest.

Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are generally in agreement with the books of accounts of respective entity of the Company except below mentioned material discrepancies.

The Company was not required to submit quarterly statements to banks from August 11, 2021 to July 1, 2022.

Note 1 : During the year ended March 31, 2023, in respect of incentive receivable from GDS providers, the management has determined that it is highly probable that the Company will comply the prescribed conditions and a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved and accordingly, the Company has recognised revenue amounting to ' 1,860^{1 2} as contract assets, proportionately for actual airline tickets sold over the total number of airline tickets to be sold over the term of the agreement with corresponding recognition of contract assets, since the receipt of consideration is conditional on achieving ticket segment thresholds as specified. The Company has met remaining conditions during the year ended March 31, 2024 and recognised the balance variable constraint amount.

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

**' 989 being revenue recognised from performance obligations performed in financial year ended March 31, 2022 but not recognised due to the variable constraint in that period.

Advertising revenue primarily comprises of advertising revenue and fees for facilitating website access to a travel insurance companies.

21.2 Contract balances

Contract assets

A contract asset is the right to consideration in exchange for services transferred to the customer and right to consideration is conditional on something other than the passage of time. Contract assets primarily relate to the Company's rights to consideration from travel suppliers in exchange for services that the Company has transferred to the traveler when that right is conditional on the Company's future performance. The contract assets are transferred to receivables when the rights to consideration become unconditional. This usually occurs when the Company issues an invoice to the travel suppliers once they confirm of achievement of targets. The Company expects to meet pending conditions in one year and realise most of the contract asset amount.

Contract liabilities

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

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

As at April 1, 2023, ' 3,961 (April 1, 2022: ' 3,137) of advance consideration received from customers for travel bookings was reported within contract liabilities, ' 3,357 (March 31, 2023: ' 2,205) of which was applied to revenue during the year ending March 31, 2024 and ' 37 (March 31, 2023: ' 51 ) was refunded to customers during the year ended March 31, 2024. As at March 31, 2024, the balance, including amounts further received, was ' 4,050 ( March 31, 2023: ' 3,961).

No information is disclosed about remaining performance obligations at March 31, 2024 and March 2023 that have an original expected duration of one year or less, as allowed by Ind AS 115.

Code on social security, 2020

The Code on Social Security, 2020 (‘Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary assessment, the company believes the impact of the change will not be significant.

30. Fair value measurement

Set out below is a comparison by class of the carrying amounts and fair value of the Company's financial instruments that are carried in the standalone financial statements.

Fair values

The management assessed that the fair values of trade receivables, cash and cash equivalent, term deposits, current security deposits, trade payables, current borrowings and other liabilities approximates their carrying amounts largely due to the short-term maturities of these instruments.

Note: The remuneration to the key managerial personnel does not include the provisions made for gratuity and leave benefits, as they are determined on an actuarial basis for the Company as a whole.

29. Capital management

For the purpose of the Company's capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder's value.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to its interest-bearing loans and borrowings that form part of its capital structure requirements. Breaches in the financial covenants could permit the bank to immediately call interest-bearing loans and borrowings.

During the Financial year ended March 31, 2024, the Company had raised additional capital through intial public offer (IPO) and during the financial year March 31,2023 the Company had raised additional capital from holding company (refer to Note 14). During the financial year March 31, 2024, the Company had taken a factoring facility from several banks (refer to Note 15).

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended March 31, 2024 and March 31, 2023.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

31. Financial risk management, objective and policies

The Company's activities are exposed to variety of financial risk; credit risk, liquidity risk and foreign currency risk. The Company's senior management oversees the management of these risks. The Company's senior management ensures that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Company reviews and agrees on policies for managing each of these risks which are summarized below :

a) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables), including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Term deposits and bank balances

Balances with banks are managed by the Company's management in accordance with the approved policy Investments of surplus funds are made only with approved counterparties. Counterparty credit limits are reviewed by the management on an annual basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

Security deposits

The Company gives deposits to landlords for leased premised. The deposits are interest-free and the Company does not envisage any credit risk on account of the above security deposits.

Loans

The Company has given loans to joint venture. Credit quality of a joint venture is assessed based on management assessment of the expected credit loss under Ind AS 109.

b) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the entity aims to maintain flexibility in funding by keeping committed credit lines available.

The Company manages liquidity by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and financial liabilities.

The following tables set forth the Company's financial liabilities based on expected and undiscounted amounts as at March 31, 2024 and March 31, 2023

Trade receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment.

Based on the past performance and current expectations, the Company believes that the cash and cash equivalents and cash generated from operations will satisfy the working capital needs, funding of operational losses, capital expenditure, commitments and other liquidity requirements associated with its existing operations through at least the next 12 months. In addition, there are no transactions, arrangements and other relationships with any other person that are reasonably likely to materially affect or the availability of the requirement of capital resources.

c) Foreign currency risk

Foreign currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the Company's operating, investing and financing activities.

The following tables demonstrate the sensitivity to a reasonably possible change in exchange rates. Any change in the exchange rate of USD, GBP and SGD against currencies other than ' is not expected to have significant impact on the Company’s profit or loss. Accordingly, a 5% appreciation of the USD, GBP and SGD currency as indicated below, against the ' would have decreased loss by the amount shown below; this analysis is based on foreign currency exchange rate variances that the Company considered to be reasonably possible at the end of reporting period. The analysis assumes that all other variables remain constant.

32. Commitment and contingencies

a) Capital and other commitments:

Contractual commitments for capital expenditure pending execution were as at March 31, 2024'108 (as at March 31, 2023 NIL). Contractual commitments for capital expenditure are relating to acquisition of computer software and websites, office equipment, furniture and fixtures.

Contractual commitments for revenue expenditure* pending were at March 31, 2024: NIL (March 31, 2023: ' 1,084). Contractual commitments for revenue expenditure are relating to advertisement services.

There are no charges, due beyond the statutory period, which are yet to be registered with Registrar of Companies. includes Advertisement and Debenture agreement with BCCL

*These represents claim made by the customers due to service related issues, which are contested by the Company and are pending in various District Consumer Redressal Forums in India. The management does not expect these claims to succeed and, accordingly, no provision has been recognised in the standalone financial statements.

c) Lease commitment - Company as lessee

As lessee, the Company's obligation arising from non cancellable lease are mainly related to lease agreement for real estate.

There were no short term non-cancellable lease contract outstanding as at March 31, 2024 and March 31, 2023. During the period ended March 31, 2024, ' 22 (March 31, 2023: ' 10) was recognized as rent expense under other expenses in the consolidated statement of profit or loss in respect of short term leases (refer note 40).

33. Segment information

For management purposes, the Company is organized into lines of business (LOBs) based on its products and services and has three reportable segments as mentioned below. The LOBs offer different products and services, and are managed separately because the nature of products and/ or methods used to distribute the services are different. For each of these LOBs, the Chief Executive Officer (CEO) reviews internal management reports for making decisions related to performance evaluation and resource allocation. Thus, the CEO is construed to be the Chief Operating Decision Maker (CODM). The CODM uses Adjusted Margin, a non IND AS measure, to assess segment profitability and in deciding how to allocate resources and in assessing performance. The Adjusted Margin is arrived at by (i) adding back customer inducement costs including customers incentives, customer acquisition cost and loyalty program costs, which are recorded as a reduction of revenue, and (ii) reducing service costs, from the ‘Revenue as per IND AS - Rendering of services.’

The following summary describes the operations in each of the Company’s reportable segments:

1. Air Ticketing: Through internet, mobile based platform and call-centers, the Company provides the facility to book and service international and domestic air tickets to ultimate customers through B2C (Business to Consumer), Business to Enterprise (B2E) and B2B2C (Business to Business to Consumer) channels.

2. Hotels and Packages: Through an internet and mobile based platform and call-centers, the Company provides holiday packages and hotel reservations. For internal reporting purpose, the revenue related to Airline T icketing issued as a component of Company developed holiday package is assigned to Hotel and Package segment and is recorded on a gross basis. The hotel reservations form integral part of the holiday packages and, accordingly, is treated as one reportable segment due to similarities in the nature of services.

3. Other services primarily include the income from sale of rail and bus tickets and income from freight forwarding services. The Other services do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these financial statements. However, management has considered this as the reportable segment and disclosed it separately, since the management believes that information about the segment would be useful to users of the financial statements.

During the year ended March 31, 2023, the management has made certain changes in the presentation of segment information, among other matters, to align with recent changes in the internal management reports. These changes include (a) presentation of Revenue as per Ind AS from rendering of services as starting point in the segment information instead of ‘Segment revenue’ (where segment revenue was arrived at after adding back customer inducement and acquisition cost to Revenue as per Ind AS), (b) change in manner of presenting non-reportable segments, (c) consequential changes in presentation of reconciliation, and (d) change in nomenclature of segment profitability measure from ‘segment result’ to ‘Adjusted Margin.’ The management has also made corresponding changes in the segment information for the years ended March 31, 2022 and March 31, 2021. Apart from the revisions in the presentations and nomenclatures used, there is no change in the profitability measure that is used by the CODM for making decisions.

** Service tax demand includes:

- ' 504 (March 31, 2023: ' 504) represents service tax demand for the period April 2008 to March 2011. The Company has filed appeals before CESTAT, Chandigarh and ' 39 (March 31, 2023: ' 39) represents dispute on service tax refund which is pending before “The Commissioner Appeals, Central Excise & GST, Gurugram, Haryana”. The management believes that the likelihood of the case/appeals going in favor of the Company is probable and, accordingly, has not considered any provision against these demands in the standalone financial statements.

' 18,652 (March 31, 2023: ' 18,652) represents service tax demand for the period April 2010 to June 2017. The Company has filed appeals before CESTAT, Chandigarh. The management believes that the likelihood of the case/appeals going in favor of the Company is probable and, accordingly, has not considered any provision against this demand in the standalone financial statements.

Restricted Stock Unit Plan (RSU))/ Performance Stock Unit Plan (PSU)

During the year ended March 31, 2021, Ultimate Holding Company pursuant to the 2016 Plan had approved a grant of: 687,857 RSUs, out of these 6,14,160 RSUs granted to employee of the company, vesting of these RSUs would commence from July 1, 2020 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on June 30, 2024.

During the year ended March 31, 2021, Ultimate Holding Company pursuant to the 2016 Plan had approved a grant of: 16,09,934 PSUs, out of these 15,37,684 PSUs granted to employee of the company, vesting of these PSUs is linked to the performance of the Ultimate Holding company's share price and the trigger price points range from $1.80 to $10.00.

During the year ended March 31, 2022, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 692,000 RSUs, out of these 6,07,250 RSUs granted to employee of the company, vesting of these RSUs would commence from September 4, 2021 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on March 1, 2025. Out of these 29,793 RSUs have been considered vested on grant date.

During the year ended March 31, 2022, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 1,280,154 PSUs, out of these 1,207,904 PSUs granted to employee of the company, vesting of these PSUs is linked to the performance of the share price of ultimate holding company and the trigger price points range from $2.50 to $4.00.

During the year ended March 31, 2023, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 649,500 RSUs, out of these 6,15,500 RSUs granted to employee of the company, vesting of these RSUs would commence from May 19, 2022 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on March 1, 2026.

During the year ended March 31, 2023, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 1,248,185 PSUs, out of these 1,219,413 PSUs granted to employee of the company, vesting of these PSUs is linked to the performance of the share price of ultimate holding company and the trigger price points range from $2.50 to $4.00.

During the year ended March 31, 2023, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 84,000 RSUs, out of these 84,000 RSUs granted to employee of the company, vesting of these RSUs would commence from September 22, 2022 with first vesting equivalent to equal monthly installments over a period of four years, with last such vesting on September 1, 2026.

During the period ended March 31, 2024, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 475,876 RSUs, out of these 450,563 RSUs granted to employee of the company, vesting of these RSUs would commence from April 1, 2023 with first vesting equivalent to equal monthly installments over a period of three years, with last such vesting on March 31, 2026.

During the period ended March 31, 2024, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 167,873 RSUs, out of these 167,873 RSUs granted to employee of the company, these RSUs would fully vested on September 1, 2023.

During the period ended March 31, 2024, Ultimate Holding Company pursuant to the ”2016 Plan” had approved a grant of: 1,248,184 PSUs, out of these 1,219,412 PSUs granted to employee of the company, vesting of these PSUs is linked to the performance of the share price of ultimate holding company and the trigger price points range from $2.75 to $4.25.

No deferred tax assets have been recognized on deductible temporary differences of ' 7,876 (March 31, 2023: ' 8,807) and tax losses of ' 53,841 (March 31, 2023: ' 82,453), as it is not probable that taxable profit will be available in near future against which these can be utilized. Out of these tax losses, unabsorbed depreciation of ' 22,911 (March 31, 2023: ' 22,487) is available indefinitely for offsetting against future taxable profit and tax losses are available as an offset against future taxable profit expiring at various dates through 2032.

39. Share based payments

The Ultimate Holding Company, Yatra Online, Inc., has granted stock options to certain employees of the Company under stock option plan. The expense recognised for employee services received during the year is shown in the following table:

The weighted average remaining contractual life for RSU's outstanding as at March 31, 2024 was 1.27 years (March 31, 2023: 1.82).

The range of exercise prices for RSU's/PSU's outstanding at the end of the year is Nil (March 31, 2023: Nil).

During the year ended March 31, 2024, share based compensation cost for these RSU's/PSU's is recognized under personnel expenses amounting to ' 2,072 (March 31, 2023: 1,265). Refer to Note 23.

The expected life of RSU's and PSU's opitons has been taken as the vesting period.

The expected volatility reflects the assumption based on median of historical volatility on the share price of the similar entities over a period.

2016 Stock Option and Incentive Plan (the "2016 Plan”)

During the year ended March 31, 2018, the ultimate holding company pursuant to the ”2016 Plan", granted 197,749 options to purchase ordinary shares of the ultimate holding company. Out of 197,749 options, 165,174 options were granted to the employees of the Company. These share options will vest over a period of four years in equal quarterly installments, with first such vesting on February 1, 2018 equivalent to one-sixteenth of the total number of stock options and with the last such vesting on November 1, 2021.

During the year ended March 31, 2021, the ultimate holding company pursuant to the "2016 Plan", granted 4,66,100 options to purchase ordinary shares of the ultimate holding company. Out of 4,66,100 options, 3,16,063 options were granted to the employees of the Company These share options will vest over a period of four years in equal quarterly installments, with first such vesting on January 1, 2021 equivalent to 1/16^th of the total number of stock options and with the last such vesting on October 01, 2024.

The weighted average remaining contractual life for the share options outstanding as at March 31, 2024 was 0.33 years (March 31, 2023: 2.33 years).

The range of exercise prices for options outstanding at the end of the year was ' 361.70 (March 31, 2022: ' 329.28 to ' 411.22) determined based on the exchange rate as at the end of the respective reporting period.During the year ended March 31, 2024, share based payment expense for these options was recognized under personnel expenses amounted to ' Nil (March 31, 2023: Nil ).

40 Lease

The Company has lease contracts for various items of buildings, other equipment used in its operations. Leases of buildings generally have lease terms between 2 and 9 years, while other equipment generally have lease terms of 3 years. The Company obligations under its leases are secured by the lessor's title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options and variable lease payments, which are further discussed below.

The Company also has certain leases of buildings with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition exemptions for these leases.

The weighted average remaining contractual life for the share options outstanding as at 4.31 years (March 31, 2023: 5.22 years)

The range of exercise prices for options outstanding at the end of the year was ' 166.68 to ' 833.40 (March 31, 2023: ' 164.38 to ' 821.90) determined based on the exchange rate as at the end of the respective reporting period..

During the year ended March 31, 2023, share based payment expense for these options was recognized under personnel expenses (refer to Note 23) amounted to ' 20.72.

The expected volatility reflects the assumption based on historical volatility on the share prices of similar Companies over a period.

43. Listing and related expenses

During the financial year ending March 31, 2024, the Company has completed its intial public offer (IPO) of 54,577,465 equity shares of face value of ' 1 each at a issue price of ' 142 per share, comprising fresh issue of 42,394,366 shares and offer for sale of 12,183,099 shares by selling shareholders. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on September 28, 2023.

The Company had incurred ' 4,157 as IPO related expenses and allocated such expenses between the Company ' 3,231 and selling shareholders ' 926. Such amount were allocated based on agreement between the Company and selling shareholders and in proportion to the total proceeds of the IPO. Out of Company's share of expenses of ' 3,231, ' 1,893 has been adjusted with securities preminum and cost incurred of ' 542 (March 31, 2023: ' 236) are recognised in profit or loss under head listing and related expenses.

Details of utilisation of net IPO Proceeds of ' 34 340 are as follows

Net IPO proceeds which were un-utilised as as at March 31, 2024 were temporarily invested in fixed deposits with scheduled commercial banks and in Public issue account.

44. Other statutory information

a) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

b) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall 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.

c) The Company has balance with the below-mentioned companies struck off under section 248 of Companies Act, 2013:

45. Audit Trail

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same was enabled during the period November 21, 2023, to March 31, 2024, for all relevant transactions recorded in the accounting software. The audit trail feature has not been tampered with for the period during which the audit trail was enabled.

The Company also uses sub systems for maintaining its books of account. For for one of the sub system, feature of audit trail (edit log) facility was enabled during the period December 1, 2023 to March 31, 2024, for all relevant transactions recorded in the subsystem. For remaining sub-systems, feature of audit trail (edit log) facility was enabled throughout the year, for all relevant transactions recorded in the sub-system. The audit trail feature has not been tampered with for the period during which the audit trail was enabled.

Also, audit trail feature is not enabled for certain changes made using privileged access rights in the underlying database

46. Previous year figures

Certain reclassifications have been made in the standalone financial statements of prior periods to confirm to the classification used in the current period. The impact of such reclassifications on the financial statements is not material.

1

Deposit received from the Global Distribution System provider (GDS), which is repayable at the end of the contract and interest free nature was initially recognised at fair value. The difference between the deposit received and fair value initially recognised is treated as deferred consideration under Note 20. Deposits are subsequently measured at amortised cost and unwinding of discount on other financial liability is recognised under finance cost. The deferred

2

consideration recognised is amortised over the tenure of deposit on straight line basis and amortisation is recognised as revenue.

3

GST tax demand includes: ' 103 (March 31, 2023: ' NIL), represents show cause cum demand notices raised by Service tax authorities and GST authorities. Based on the Company’s evaluation, it believes that it is not probable that the demand will materialize and therefore no provision has been recognized.