2. SUMMARY OF MATERIAL ACCOUNTING
POLICY INFORMATION

2.1 Basis oF preparation

The standalone financial statements have been
prepared to comply in all material aspects with the
Indian Accounting Standard ('Ind AS') notified under
the Companies (Indian Accounting Standards) Rules,
2015 (as amended from time to time) and presentation
requirements of Division II of Schedule III to the
Companies Act, 2013 (Ind AS compliant Schedule III).
The standalone financial statements comply with Ind
AS notified by Ministry of Company Affairs (MCA).

These standalone financial statements are approved
for issue by the Board of Directors on May 30, 2025.

The accounting policies, as set out in the following

paragraphs of this note, have been consistently applied,
by the Company, to all the years presented in the said
standalone financial statements.

These standalone financial statements have been
prepared and presented on the going concern basis
and at historical cost, except for the following assets
and liabilities, which have been measured as indicated
below:

• certain financial assets and financial liabilities that
are measured at fair value (refer accounting policy
regarding financial instruments); and

• employees' defined benefit plan and compensated
absences are measured as per actuarial valuation.

The preparation of the said standalone financial

statements requires the use of certain critical
accounting estimates and judgements. It also requires
the management to exercise judgement in the process
of applying the Company's accounting policies. The areas
where estimates are significant to the standalone
financial statements, or areas involving a higher degree
of judgement or complexity, are disclosed in Note 2.19.

All the amounts included in the standalone financial

statements are reported in millions of Indian Rupees
and are rounded to the nearest millions, except per

share data and unless stated otherwise.

2.2 Fair value measurement

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market for the asset or liability.
The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured using
the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their economic best interest.

A fair value measurement of a non-financial asset takes
into account a market participant's ability to generate
economic benefits by using the asset in its highest and

best use or by selling it to another market participant
that would use the asset in its highest and best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,

maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the standalone financial statements are
categorised within the fair value hierarchy, described
as follows, based on the lowest level input that is

significant to the fair value measurement as a whole:

• Level 1 —• Quoted (unadjusted) market prices in

active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable

For assets and liabilities that are recognised in the
standalone financial statements on a recurring basis,
the Company determines whether transfers have
occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at
the end of each reporting year.

At each reporting date, the Company analyses the
movements in the values of assets and liabilities which

are required to be remeasured or re-assessed as per the
Company's accounting policies.

For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the

basis of the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as

explained above.

2.2a Investment in subsidiaries:

A subsidiary is an entity that is controlled by another
entity.

The Company's investments in its subsidiaries are
carried at cost, less any impairment in the value of
investment.

Impairment of investments

The Company reviews its carrying value of investments
carried at cost annually, when there is indication for
impairment. If the recoverable amount is less than its
carrying amount, the impairment loss is recorded in the

standalone statement of profit and loss.

When an impairment loss subsequently reverses, the
carrying amount of the investment is increased to the
revised estimate of its recoverable amount, so that the

increased carrying amount does not exceed the cost
of the investment. A reversal of an impairment loss is

recognised immediately in standalone statement of
profit or loss.

2.3 Current versus non-current classification

The Company presents assets and liabilities in
the standalone balance sheet based on current /

non-current classification.

An asset is classified as current when it satisfies any of
the following criteria:

• it is expected to be realised in, or is intended for
sale or consumption in, the company's normal
operating cycle,

• it is held primarily for the purpose of being traded,

• it is expected to be realised within twelve months
after the reporting date, or

• it is cash or cash equivalent unless it is restricted

from being exchanged or used to settle a liability
for at least twelve months after the reporting

date.

All other assets are classified as non- current.

A liability is classified as current when it satisfies any of
the following criteria:

• it is expected to be settled in Company's normal

operating cycle,

• it is held primarily for the purpose of trading,

• it is due to be settled within twelve months after
the reporting date, or

• there is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting date.

ALL other Liabilities are classified as non- current.

Deferred tax assets and Liabilities are classified as
non-current assets and liabilities.

The operating cycle is the time between the acquisition

of assets for processing and their realisation in cash and
cash equivalents. The Company has identified twelve
months as its operating cycle.

2.4 Property, plant and equipment ('PPE')

An item is recognised as an asset, if and only if, it is
probabLe that the future economic benefits associated
with the item will flow to the Company and its cost
can be measured reliably. PPE is stated at cost, net of
accumulated depreciation and accumulated impairment
losses, if any.

The initial cost of PPE comprises purchase price

(including non-refundable duties and taxes but
excluding any trade discounts and rebates), borrowing
costs if capitalization criteria are met and directly
attributable cost of bringing the asset to its working
condition for the intended use.

Subsequent costs are included in the asset's
carrying amount or recognised as separate assets, as
appropriate, only when it is probable that the future
economic benefits associated with expenditure will
flow to the Company and the cost of the item can be
measured reliably. All other repairs and maintenance
are charged to standalone statement of profit and loss
at the time of incurrence.

An item of property, plant and equipment and any
significant part initially recognised is derecognised
upon disposal or when no future economic benefits are

expected from its use or disposal.

Gains or losses arising from de-recognition of PPE are

measured as the difference between the net disposal
proceeds and the carrying amount of the asset and are

recognized in the standalone statement of profit and
loss when the asset is derecognized.

Depreciation on property, plant and equipment is
calculated on a straight-line basis using the rates
arrived at based on the useful lives estimated by the
management which are in line with the useful lives
prescribed in Schedule II of the Companies Act, 2013.

Freehold land has an unlimited useful life and hence, is
not depreciated.

The useful lives, residual values and depreciation
method of PPE are reviewed, and adjusted
appropriately, at-least as at each reporting date so as
to ensure that the method and period of depreciation
are consistent with the expected pattern of economic
benefits from these assets. The effects of any change
in the estimated useful lives, residual values and / or
depreciation method are accounted prospectively,
and accordingly the depreciation is calculated over the
PPE's remaining revised useful life.

2.5 Intangible assets

Identifiable intangible assets are recognised when the
Company controls the asset, it is probable that future
economic benefits attributed to the asset will flow to
the Company and the cost of the asset can be measured
reliably.

Intangible assets are measured on initial recognition
at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortisation and
accumulated impairment losses, if any.

Intangible assets with finite life are amortised on a
straight-line basis over the estimated useful economic

life and assessed for impairment whenever there
is an indication that the intangible asset may be
impaired. The Company amortises software over the
best estimate of its useful life which is three years.
Website maintenance costs are charged to expense as
incurred.

The amortisation period and the amortisation method
are reviewed at least at each financial year end. If the
expected useful life of the asset is significantly different
from previous estimates, the amortisation period is
changed prospectively. If there has been a significant
change in the expected pattern of economic benefits
from the asset, the amortisation method is changed
to reflect the changed pattern. Such changes are
accounted for in accordance with Ind AS 8 - Accounting
Policies, Changes in Accounting Estimates and Errors.

An intangible asset is derecognised upon disposal (i.e.,
at the date the recipient obtains control) or when no

future economic benefits are expected from its use or
disposal. Any gain or loss arising upon derecognition

of the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the
asset) is included in the standalone statement of profit
and loss when the asset is derecognised.

2.6 Investment property

An investment in land or buildings, which is held by the

Company for capital appreciation or to earn rentals or
both, is classified as investment property.

Investment properties are measured initially at cost,
including transaction costs. The cost comprises purchase
price, borrowing costs if capitalization criteria are met
and directly attributable cost of bringing the investment
property to its working condition for the intended use.
Subsequent to initial recognition, investment properties
are stated at cost less accumulated depreciation and
accumulated impairment loss, if any.

Depreciation on building component of investment

property is calculated on a straight-line basis over the

period of 60 years, which is in line with the useful life
prescribed in Schedule II to the Companies Act, 2013.

Depreciation on leasehold land component of
investment property is calculated on a straight-line
basis over the period of lease, which is in line with the
useful life prescribed in Schedule II to the Companies

Act, 2013.

Investment properties are derecognised either
when they have been disposed of or when they are

permanently withdrawn from use and no future
economic benefit is expected from their disposal.
The difference between the net disposal proceeds and
the carrying amount of the asset is recognised in profit
or loss in the year of derecognition.

2.7 Impairment of non-financial assets

The Company assesses, at each reporting date, whether
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment
testing for an asset is required, the Company estimates
the asset's recoverable amount. An asset's recoverable
amount is the higher of an asset's or cash-generating
unit's (CGU) fair value less costs of disposal and its value
in use. The recoverable amount is determined for an
individual asset, unless the asset does not generate
cash inflows that are largely independent of those from
other assets or groups of assets. When the carrying
amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written
down to its recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs
of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an
appropriate valuation model is used.

The Company bases its impairment calculation on
detailed budgets and forecast calculations, which are
prepared separately for each of the Company's CGUs to
which the individual assets are allocated.

Impairment losses of continuing operations are
recognised in the standalone statement of profit and
loss.

For assets an assessment is made at each reporting
date to determine whether there is an indication that
previously recognised impairment losses no longer

exist or have decreased. If such indication exists, the
Company estimates the asset's or CGU's recoverable
amount. A previously recognised impairment loss
is reversed only if there has been a change in the
assumptions used to determine the asset's recoverable
amount since the last impairment loss was recognised.
The reversal is limited so that the carrying amount of
the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been
determined, net of depreciation, had no impairment
loss been recognised for the asset in prior years.
Such reversal is recognised in the statement of profit
and loss.

2.8 Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

(i) Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition,
as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI),

and fair value through profit or loss.

The classification of financial assets at initial
recognition depends on the financial asset's
contractual cash flow characteristics and the
Company's business model for managing them.
With the exception of trade receivables that do
not contain a significant financing component or
for which the Company has applied the practical
expedient, the Company initially measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or
loss, transaction costs. Trade receivables that do

not contain a significant financing component or
for which the Company has applied the practical
expedient are measured at the transaction
price determined under Ind AS 115 "Revenue
from Contracts with Customers". Refer to the
accounting policies in section (f) Revenue from
contracts with customers.

In order for a financial asset to be classified and
measured at amortised cost or fair value through
OCI, it needs to give rise to cash flows that are
'solely payments of principal and interest (SPPI)' on

the principal amount outstanding. This assessment
is referred to as the SPPI test and is performed
at an instrument level. Financial assets with cash
flows that are not SPPI are classified and measured
at fair value through profit or loss, irrespective of
the business model.

The Company's business model for managing
financial assets refers to how it manages its financial
assets in order to generate cash flows. The business
model determines whether cash flows will result
from collecting contractual cash flows, selling the
financial assets, or both. Financial assets classified
and measured at amortised cost are held within a
business model with the objective to hold financial
assets in order to collect contractual cash flows
while financial assets classified and measured at
fair value through OCI are held within a business
model with the objective of both holding to collect
contractual cash flows and selling.

Subsequent measurement

For purposes of subsequent measurement,

financial assets are classified in three categories:

• Financial assets at amortised cost (debt
instruments)

• Financial assets designated at fair
value through OCI with no recycling
of cumulative gains and losses upon
derecognition (equity instruments)

• Financial assets at fair value through profit or
loss

Financial assets at amortised cost (debt
instruments)

A 'financial asset' is measured at the amortised
cost if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for collecting

contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets
are subsequently measured at amortised cost
using the effective interest rate (EIR) method.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the
profit or loss. The losses arising from impairment
are recognised in the profit or loss. The Company's
financial assets at amortised cost includes trade
receivables, and loan to an associate and loan to a
director included under other non-current financial
assets. For more information on receivables, refer
to Note 10.

Financial assets designated at fair value through
OCI (equity instruments)

Upon initial recognition, the Company can elect to
classify irrevocably its equity investments as equity
instruments designated at fair value through OCI
when they meet the definition of equity under
Ind AS 32 Financial Instruments: Presentation
and are not held for trading. The classification is
determined on an instrument-by-instrument basis.
Equity instruments which are held for trading
and contingent consideration recognised by
an acquirer in a business combination to which
Ind AS103 "Business Combinations" applies are
classified as at FVTPL.

Gains and losses on these financial assets are never
recycled to profit or loss. Dividends are recognised

as other income in the standalone statement of
profit and loss when the right of payment has
been established, except when the Company
benefits from such proceeds as a recovery of part
of the cost of the financial asset, in which case,
such gains are recorded in OCI. Equity instruments
designated at fair value through OCI are not
subject to impairment assessment.

The Company elected to classify irrevocably its
non-listed equity investments under this category.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss
are carried in the standalone balance sheet at fair
value with net changes in fair value recognised in
the standalone statement of profit and loss.

This category includes derivative instruments and

equity investments which the Company had not
irrevocably elected to classify at fair value through
OCI. Dividends on listed equity investments are

recognised in the standalone statement of profit
and loss when the right of payment has been
established.

Derecognition

A financial asset (or, where applicable, a part
of a financial asset or part of a group of similar
financial assets) is primarily derecognised (i.e.
removed from the Company's standalone balance
sheet) when:

• The rights to receive cash flows from the
asset have expired, or

• The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a 'pass-through'
arrangement and either

(a) the Company has transferred
substantially all the risks and rewards of
the asset, or

(b) the Company has neither transferred
nor retained substantially all the risks
and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights to
receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates
if and to what extent it has retained the risks
and rewards of ownership. When it has neither
transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred
control of the asset, the Company continues to
recognise the transferred asset to the extent of
the Company's continuing involvement. In that
case, the Company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects
the rights and obligations that the Company has
retained.

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured
at the lower of the original carrying amount of the
asset and the maximum amount of consideration
that the Company could be required to repay.

Impairment of financial assets

Further disclosures relating to impairment of
financial assets are also provided in the following
notes:

• Disclosures for significant assumptions - see

Note 2.19

• Trade receivables and contract assets - see
Note 10

The Company recognises an allowance for expected
credit losses (ECLs) for all debt instruments not
held at fair value through profit or loss. ECLs are
based on the difference between the contractual
cash flows due in accordance with the contract
and all the cash flows that the Company expects
to receive, discounted at an approximation of
the original effective interest rate. The expected
cash flows will include cash flows from the sale of

collateral held or other credit enhancements that
are integral to the contractual terms.

ECLs are recognised in two stages.
For credit exposures for which there has not been
a significant increase in credit risk since initial
recognition, ECLs are provided for credit losses
that result from default events that are possible
within the next 12 months (a 12 month ECL).
For those credit exposures for which there has
been a significant increase in credit risk since initial
recognition, a loss allowance is required for credit
losses expected over the remaining life of the
exposure, irrespective of the timing of the default
(a lifetime ECL).

For trade receivables and contract assets,
the Company applies a simplified approach in
calculating ECLs. Therefore, the Company does
not track changes in credit risk, but instead
recognises a loss allowance based on lifetime
ECLs at each reporting date. The Company has
established a provision matrix that is based on
its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors
and the economic environment.

The Company considers a financial asset in default
when contractual payments are 90 days past due.
However, in certain cases, the Company may also
consider a financial asset to be in default when
internal or external information indicates that the
Company is unlikely to receive the outstanding
contractual amounts in full before taking into
account any credit enhancements held by the
Company. A financial asset is written off when
there is no reasonable expectation of recovering
the contractual cash flows.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the standalone
balance sheet if there is a currently enforceable
legal right to offset the recognised amounts
and there is an intention to settle on a net basis,
to realise the assets and settle the liabilities
simultaneously.

Financial guarantee contracts

A financial guarantee contract is a contract that
requires the issuer to make specified payments to
reimburse the holder for a loss it incurs because
a specified debtor fails to make payments when
due in accordance with the terms of a debt
instrument. Financial guarantee contracts issued
by the Company are initially measured at their
fair values and, if not designated as at FVTPL, are
subsequently measured at the higher of:

• The amount of loss allowance determined in
accordance with impairment requirements of
Ind AS 109; and

• The amount initially recognised less, when
appropriate, the cumulative amount of
income recognised in accordance with the

principles of Ind AS 115.

ii) Financial liabilities

All financial liabilities are recognized initially at fair
value. The Company's financial liabilities include
borrowings, trade payables and other payables.

After initial recognition, financial liabilities are
subsequently measured either at amortised cost
using the effective interest rate (EIR) method, or

at fair value through profit or loss.

Gains and losses are recognized in the statement of
profit and loss when the liabilities are derecognized
as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
statement of profit and loss.

Derecognition

A financial liability is derecognized when the
obligation under the liability is discharged
or cancelled or expires. The gain or loss on
derecognition is recognised in the statement of

profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at

amortised cost using the EIR method. Gains and
losses are recognised in profit or loss when the
liabilities are derecognised as well as through
the EIR amortisation process. Amortised cost is
calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is
included as finance costs in the statement of profit
and loss.

2.9 Revenue recognition

Revenue from contracts with customers is recognised
when control of the goods or services are transferred

to the customer at an amount that reflects the
consideration to which the Company expects to be

entitled in exchange for those goods or services.

Revenue is recognised to the extent that it is probable

that economic benefits will flow to the Company
and revenue can be reliably measured. The Company
considers whether there are other promises in the
contract that are separate performance obligations
to which a portion of the transaction price needs to
be allocated. In determining the transaction price for
revenue, the Company considers the effects of variable
consideration, the existence of significant financing
components, noncash consideration and consideration
payable to the customer (if any) excluding taxes
and duty.

The Company assesses its revenue arrangement against
specific criteria in order to determine if it is acting as
principal or agent. The Company has concluded that it
is acting as agent in case of sale of airline tickets and
hotel packages as the supplier is primarily responsible
for providing the underlying travel services and the
Company does not control the service provided by the
supplier to the traveller.

Income From services

A. Air passage

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 customers, as the Company

does not assume any performance obligation
post the confirmation of the issuance of an airline
ticket to the customer. Further, the Company

records allowance for cancellations basis historical
experience which is reversed and recognised as
income once the claim period expired.

The Company earns incentives from airlines if
the specific targets are achieved based on the
agreements / incentive schemes. The Company has
treated such incentives as variable consideration
in accordance with Ind AS 115, 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.

The Company has measured the revenue in respect
of its performance obligation of a contract at its
standalone selling price. The price that is regularly
charged for an item when sold separately is the

best evidence of its standalone selling price.

The specific recognition criteria described below is

also considered before revenue is recognised.

Variable consideration

If the consideration in a contract includes a variable
amount, the Company estimates the amount
of consideration to which it will be entitled in
exchange for transferring the goods or services
to the customer. The variable consideration is
estimated at contract inception and constrained
until it is highly probable that a significant revenue
reversal in the amount of cumulative revenue
recognised will not occur when the associated
uncertainty with the variable consideration is
subsequently resolved.

The Company recognizes incentives from airlines

when incentives are expected to be achieved
as per the threshold specified in the contract.

To estimate the variable consideration, the
Company applies the expected value method for
contracts. The selected method that best predicts
amount of variable consideration is primarily driven
by the amount of volume thresholds contained in
the contract. The Company uses historical data
for forecasting future cancellations to come
up with expected cancellation percentages.
These percentages are applied to determine the
expected value of the variable consideration.

B. Hotels Packages

Income from hotel reservation is recognized as
an agent on a net basis. Revenue is recognised at
the time of issuance of hotel voucher including for

non-refundable transactions as the Company does
not assume any performance obligation post the

confirmation of the issuance of hotel voucher to
the customer.

Packages assembled by individual travellers
through packaging functionality on our websites
generally includes a merchant hotel component
and some combinations of an air, car or destination
services component. The individual package
components are accounted for as separate
performance obligations and recognised in
accordance with our revenue recognition policies
stated above. In few cases of corporate packages
managed by the Company on an end to end
basis, the Company acts as a principal and takes
full responsibility of delivering the services, the
revenues are recognised on a gross basis and cost
of services against these packages is recognised as
service costs.

Contract balances
Contract assets

A contract asset is the right to consideration
in exchange for goods or services transferred
to the customer. If the Company performs by
transferring goods or services to a customer
before the customer pays consideration or before
payment is due, a contract asset is recognised for
the earned consideration that is conditional.

Trade Receivables

A receivable represents the Company's right to

an amount of consideration that is unconditional
(i.e., only the passage of time is required before
payment of the consideration is due). Refer to

accounting policies of financial assets in section
(2.10) Financial instruments.

Contract liabilities

A contract liability is the obligation to transfer
goods or services to a customer for which the
Company has received consideration (or an amount
of consideration is due) from the customer. If a
customer pays consideration before the Company
transfers goods or services to the customer, a
contract liability is recognised when the payment is
made, or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when
the Company performs under the contract.

The Company receives upfront advance from
Global Distribution System ("GDS") provider for
facilitating the booking of airline tickets on its
software which is recognised as deferred revenue

at the time of receipt. A pre-agreed incentive
is given to the Company by the GDS provider in

periodic intervals for each eligible and confirmed
'segment' which is recognised as revenue and
adjusted against amount recognised as deferred
revenue. A Segment means a booking for the

travel of one passenger over one leg of a journey
on a direct flight operated by a single aircraft
under a single flight number.

Non- cash consideration

Ind AS 115 requires that the fair value of such
non-cash consideration, received or expected to
be received by the customer, is included in the
transaction price. The Company measures the
non-cash consideration at fair value. If Company
cannot reasonably estimate the fair value of the
non-cash consideration, the Company measures
the consideration indirectly by reference to the
standalone selling price of the goods or services
promised to the customer in exchange for the
consideration.

Income From other sources

I ncome from other sources, primarily comprising
advertising revenue, income from sale of rail
and bus tickets and fees for facilitating website
access to travel insurance companies are being

recognized when performance obligation being
sale of ticket and sale of insurance in case of
advertisement income is satisfied. Income from
the sale of rail and bus tickets is recognized as
an agent on a net commission earned basis, as
the Company does not assume any performance
obligation post the confirmation of the issuance of
the ticket to the customer.

Revenue from business support services provided
by the Company to its subsidiaries which includes
managerial, customer support, technology

related, financial and accounting, human resource
management, legal services etc are recognised on
completion of service.

Interest income

For all debt instruments measured at amortised
cost, interest income is recorded using the
effective interest rate (EIR). EIR is the rate that

exactly discounts the estimated future cash
payments or receipts over the expected life of the
financial instrument or a shorter period, where
appropriate, to the gross carrying amount of the
financial asset or to the amortised cost of a financial
liability. When calculating the effective interest
rate, the Company estimates the expected cash
flows by considering all the contractual terms of
the financial instrument but does not consider the
expected credit losses. Interest income is included
in other income in the statement of profit and loss.

Claims written back

Claims/ amounts due to customer represent
customer's rights to refund against cancelled
and unutilised tickets, recorded under the head

'Other current financial liabilities.' The Company
recognises such amount as income under the head
Revenue from operations when the Company is
legally released from its obligation to make refund
to the customer after considering, among other

matters, user agreement defining the company
policy to provide refund, airline/ hotel policy which

may require the Company to make refund as well
as the applicable government policies, legal and
regulatory requirements.

2.10 Foreign currency transactions

The standalone financial statements are presented in
Indian Rupees which is the functional and presentational
currency of the Company.

Transactions in foreign currencies are initially
recorded in the relevant functional currency at
the rates prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign

currencies are translated into the functional currency at
the closing exchange rate prevailing as at the reporting
date with the resulting foreign exchange differences,

on subsequent restatement / settlement, recognized
in the standalone statement of profit and loss within
other expenses / other income.

2.11 Employee benefits (Retirement & Other
Employee benefits)

Retirement benefit in the form of provident fund is a

defined contribution scheme and the Company has
no obligation, other than the contribution payable
to the provident fund. The Company recognizes
contribution payable to the provident fund scheme as

an expenditure, when an employee renders the related
service. If the contribution payable to the scheme for

service received before the balance sheet date exceeds
the contribution already paid, the deficit payable to the
scheme is recognized as a liability after deducting the
contribution already paid.

If the contribution already paid exceeds the contribution
due for services received before the balance sheet

date, then excess is recognized as an asset to the extent
that the pre-payment will lead to a reduction in future
payment or a cash refund.

The Company operates defined benefit plan for
its employees, viz., gratuity. The costs of providing

benefits under the plan are determined on the basis of
actuarial valuation at each year-end. Actuarial valuation

is carried out for using the projected unit credit method.

In accordance with the local laws and regulations, all the
employees in India are entitled for the Gratuity plan.
The said plan requires a lump-sum payment to eligible
employees (meeting the required vesting service
condition) at retirement or termination of employment,
based on a pre-defined formula. The obligation towards
the said benefits is recognised in the standalone balance
sheet, at the present value of the defined benefit
obligations less the fair value of plan assets (being the
funded portion). The present value of the said obligation
is determined by discounting the estimated future cash
outflows, using interest rates of government bonds.
The interest income / (expense) are calculated by
applying the above-mentioned discount rate to the plan
assets and defined benefit obligations liability. The net
interest income / (expense) on the net defined benefit
liability is recognised in the statement of profit and
loss. However, the related re-measurements of the net
defined benefit liability are recognised directly in the
other comprehensive income in the year in which they
arise. The said re-measurements comprise of actuarial
gains and losses (arising from experience adjustments
and changes in actuarial assumptions), the return on
plan assets (excluding interest). Re-measurements are
not re-classified to the standalone statement of profit
and loss in any of the subsequent years.

Past service costs are recognised in profit or loss on the
earlier of:

- the date of the plan amendment or curtailment,
and

- the date that the Company recognises related
restructuring costs

Net interest is calculated by applying the discount

rate to the net defined benefit liability or asset.
The Company recognises the following changes in the

net defined benefit obligation as an expense in the
standalone statement of profit and loss:

- Service costs comprising current service costs,

past-service costs, gains and losses on curtailments
and non-routine settlements; and

- Net interest expense or income

Accumulated leave, which is expected to be utilized
within the next 12 months, is treated as short-term
employee benefit. The Company measures the expected

cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement

that has accumulated at the reporting date.

The Company treats accumulated leave expected to be
carried forward beyond twelve months, as long-term
employee benefit for measurement purposes.
Such long-term compensated absences are provided
for based on the actuarial valuation using the projected
unit credit method at the year-end. Actuarial gains
/ losses are immediately taken to the standalone
statement of profit and loss and are not deferred.

The Company presents the leave as a current liability
in the balance sheet, to the extent it does not have
an unconditional right to defer its settlement for 12

months after the reporting date.

2.12 Income taxes

The income tax expense comprises of current and
deferred income tax. Income tax is recognised in the

standalone statement of profit and loss, except to
the extent that it relates to items recognised in the
other comprehensive income or directly in equity, in
which case the related income tax is also recognised
accordingly.

a. Current tax

The current tax is calculated on the basis of
the tax rates, laws and regulations, which have
been enacted or substantively enacted as at the
reporting date. The payment made in excess /
(shortfall) of the Company's income tax obligation
for the year are recognised in the standalone
balance sheet as current income tax assets /
liabilities. Any interest, related to accrued liabilities
for potential tax assessments are not included
in income tax charge or (credit), but are rather
recognised within finance costs.

Management periodically evaluates positions
taken in the tax returns with respect to situations

in which applicable tax regulations are subject to

interpretation and considers whether it is probable
that a taxation authority will accept an uncertain
tax treatment. The Company shall reflect the effect
of uncertainty for each uncertain tax treatment by
using either most likely method or expected value
method, depending on which method predicts
better resolution of the treatment

Current income tax assets and liabilities are off-set
against each other and the resultant net amount is
presented in the balance sheet, if and only when,
(a) the Company currently has a legally enforceable
right to set-off the current income tax assets and
liabilities, and (b) when it relates to income tax
levied by the same taxation authority and where
there is an intention to settle the current income
tax balances on net basis.

b. Deferred tax

Deferred tax is recognised, using the liability

method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying values in the standalone financial
statements.

Deferred tax liabilities are recognised for all
taxable temporary differences, except:

• When the deferred tax liability arises from the
initial recognition of an asset or liability in a
transaction that is not a business combination
and, at the time of the transaction, affects
neither the accounting profit nor taxable
profit or loss and does not give rise to
equal taxable and deductible temporary
differences.

• In respect of taxable temporary differences
associated with investments in subsidiaries,
when the timing of the reversal of the
temporary differences can be controlled and
it is probable that the temporary differences
will not reverse in the foreseeable future.

Deferred tax relating to items recognised outside

profit or loss is recognised outside profit or
loss (either in other comprehensive income or

in equity). Deferred tax items are recognised in

correlation to the underlying transaction either in
OCI or directly in equity.

Deferred tax assets are recognised only to the
extent that it is probable that future taxable profit
will be available against which the temporary
differences can be utilised.

The carrying amount of deferred tax assets is
reviewed at each reporting date and reduced
to the extent that it is no longer probable that
sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed
at each reporting date and are recognised to the
extent that it has become probable that future
taxable profits will allow the deferred tax asset to
be recovered.

Deferred tax assets and liabilities are measured at
the tax rates that are expected to apply in the year
when the asset is realised or the liability is settled,
based on tax rates (and tax laws) that have been
enacted or substantively enacted at the reporting
date.

The Company offsets deferred tax assets and
deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the
same taxable entity or different taxable entities
which intend either to settle current tax liabilities
and assets on a net basis, or to realise the assets
and settle the liabilities simultaneously, in each
future period in which significant amounts of
deferred tax liabilities or assets are expected to be
settled or recovered.

2.13 Dividend distribution to equity holders

The Company recognises a liability to make dividend
distributions to equity holders when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate laws

in India, a distribution is authorised when it is approved
by the shareholders or board of directors in Board
meeting or Annual General Meeting as applicable.
A corresponding amount is recognised directly in
equity.

2.14 Earnings per share

Basic earnings per share are calculated by dividing
the profit or loss for the year attributable to equity
shareholders by the weighted average number of equity

shares outstanding during the year. The weighted
average number of equity shares outstanding during
the year is adjusted for events such as bonus issue,
bonus element in a rights issue, share split, and reverse
share split (consolidation of shares) that have changed
the number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number
of shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.