2.15 Provisions
A provision is recognized when the Company has
a present obligation as a result of past event, it is
probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation and a reliable estimate can be made of the
amount of the obligation. If the effect of the time value
of money is material, provisions are measured at the
present value of management's best estimate of the
expenditure required to settle the present obligation at
the end of the reporting period. The discount rate used
to determine the present value is a pre-tax rate that
reflects the risks specific to the liability. The increase in
the provision due to the passage of time is recognized
as a finance cost.
Where the Company expects some or all of a provision
to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a
separate asset but only when the reimbursement is
virtually certain. The expense relating to any provision
is presented in the standalone statement of profit and
loss net of any reimbursement.
2.16 Contingent liabilities
A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not, require an outflow
of resources. When there is a possible obligation or a
present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or
disclosure is made. The Company does not recognize
a contingent liability but discloses its existence in the
standalone financial statements.
2.17 Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in
hand and short-term deposits with an original maturity
of three months or less (that are readily convertible
to known amounts of cash and cash equivalents and
subject to an insignificant risk of changes in value)
and funds in transit. However, for the purpose of the
standalone statement of cash flows, in addition to
above items, any bank overdrafts / cash credits that
are integral part of the Company's cash management,
are also included as a component of cash and cash
equivalents.
The cash flow has been prepared under the "Indirect
Method" as set out in Indian Accounting Standard (Ind
AS) 7 - statement of cash flows.
2.18 Segment reporting policies
Operating segments are reported in a manner
consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM). Only those
business activities are identified as operating segment
for which the operating results are regularly reviewed
by the CODM to make decisions about resource
allocation and performance measurement. For details,
refer to note 35.
2.19 Critical accounting estimates and judgements
The preparation of standalone financial statements in
conformity with Ind AS requires management to make
judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and
liabilities and disclosure of contingent liabilities at the
end of the reporting period. Although these estimates
are based upon management's best knowledge of
current events and actions, uncertainty about these
assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying
amounts of assets or liabilities in future periods.
Changes in estimates are reflected in the standalone
financial statements in the period in which changes
are made and if material, their effects are disclosed
in the notes to the standalone financial statements.
Revisions of estimates are recognised on a prospective
basis.
Information about keyjudgments in applying accounting
policies that have the most significant effect on the
standalone financial statements are as follows: -
Note 2.12 - judgment required to determine probability
of recognition of deferred tax assets;
Note 2.16 - judgment is required to ascertain whether
it is probable or not that an outflow of resources
embodying economic benefits will be required to settle
the taxation disputes and legal claim
Note 2.7 - identification of impairment indicators
Information about key areas of estimation /uncertainty
in applying accounting policies that have the most
significant effect on the standalone financial statements
are as follows: -
Note 2.11 and 31 - measurement of defined benefit
obligations: key actuarial assumptions;
Note 2.4, 2.5 and 2.6 - useful life and residual values
of property, plant and equipment, fair valuation of
investment properties and useful life of intangible
assets;
Note 2.2 and 37 - fair value measurement of financial
instruments;
Note 2.7 and 4 - impairment assessment of investment
property - key assumptions underlying recoverable
amount;
Note 2.8 - impairment assessment of financial assets;
Note 2.8 and 2.9 - allowance for uncollectible trade
receivables.
There are no assumptions and estimation uncertainties
that have a significant risk of resulting in a material
adjustment within the next financial year except for as
disclosed in these standalone financial statements.
2.20 Recent pronouncements
Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under the Companies (Indian Accounting Standards)
Rules as issued from time to time. During the year ended
31 March 2025, MCA has notified Ind AS 117 - Insurance
Contracts and amendments to Ind As 116 - Leases,
relating to sale and lease back transactions, applicable
from 1 April 2024. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that these amendments do not have any
impact on the standalone financial statements.
On 7 May 2025, MCA notifies the amendments to
Ind AS 21 - Effects of Changes in Foreign Exchange
Rates. These amendments aim to provide clearer
guidance on assessing currency exchangeability and
estimating exchange rates when currencies are not
readily exchangeable. The amendments are effective
for annual periods beginning on or after April 1, 2025.
The Company is currently assessing the probable
impact of these amendments on its standalone financial
statements
Fair value of quoted equity shares have been estimated by reference to quoted bid prices in active markets at the
reporting date and are categorised within Level 1 of the fair value hierarchy.
Fair value of unquoted equity shares have been determined by a registered valuer based on Price of Recent Investment
(PORI) methodology using the fair value rate at which the latest investment in the investee has occurred. The valuation
processes and fair value changes are reviewed by the management annually.
During the year ended March 31, 2025, the Company has recorded a fair valuation gain of ?108.12 million in other
comprehensive income (March 31, 2024 : Nil) on account of fair valuation of investments measured through other
comprehensive income.
(c) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of ? 1/- per share (March 31, 2024 : ? 1/- each).
The Company declares and pays dividend in Indian rupees. Each holder of equity share is entitled to one vote per
share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the
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. During current year, the Company has not declared or paid
dividend (March 2024 Interim Dividend of ? 0.10/- (par value ? 1/- each) per equity share).
(d) Weighted average number of shares is the number of equity shares outstanding at the beginning of the year adjusted by
the number of equity shares issued during year, multiplied by the time weighting factor. The time weighting factor is the
number of days for which the specific shares are outstanding as a proportion of total number of days during the year.
(e) The earnings per share for all comparitive period has been adjusted for the bonus issue of the equity share capital (refer
note 13(b)).
31 EMPLOYEE BENEFITS
A. Defined contribution plans
The Company makes contributions towards provident fund and employee's state insurance which are defined
contribution plans for qualifying employees. The contributions are made to the registered provident fund administered
by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual
nor any constructive obligation. The expense recognised during the year towards defined contribution plan is f 14.23
million (March 31, 2024: f 13.11 million).
B. Defined Benefit Plans
Gratuity:
The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employees who have completed
five years of service are entitled to specific benefit. The level of benefit provided depends on the member's length of
service and salary retirement age. The employee is entitled to a benefit equivalent to 15 days salary last drawn for each
completed year of service with part thereof in excess of six months subject to maximum limit of f 2 million. The same is
payable on termination of service or retirement or death whichever is earlier.
The present value of the obligation under such defined benefit plan is determined based on an actuarial valuation as
at the reporting date using the projected unit credit method, which recognises each year of service as giving rise to
additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligations are measured at the present value of the estimated future cash flows. The discount rate used for
determining the present value of the obligation under defined benefit plans is based on the market yields on Government
Sensitivities due to mortality & withdrawals are not material & hence impact of change due to these not calculated.
The average duration of the defined benefit plan obligation at the end of the reporting year is 17.47 years (March 31,
2024: 17.51 years).
These assumptions were developed by management with the assistance of independent actuarial appraisers.
Discount factors are determined close to each year end by reference to government bonds of relevant economic
markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are
based on management's historical experience.
(a) MakeMyTrip has filed a claim of ? 40.00 million for Permanent Injunction Restraining Infringement of Trademarks,
Copyrights, Passing Off, Dilution of Goodwill, Unfair Competition, Rendition of Accounts of Profits/Damages,
Delivery Up etc. for use of similar name. During the current year, the Company has entered into a Settlement
Agreement dated March 20, 2025 with MakeMyTrip wherein the parties mutually and collectively agreed to
amicably resolve and settle all issues, disputes and claims on a good faith basis and have agreed that the Settlement
Agreement shall not be construed as an admission of any liability whatsoever. Subsequently, as per the terms of
the Settlement Agreement, both the companies have withdrawn their respective cases pending before the Hon'ble
High Court of Delhi.
(b) The Company has issued a SBLC (Standby letter of credit) to ICICI bank towards issuance of working capital loan to
its wholly owned subsidiary Easemytrip UK Limited against fixed deposits. The bank can invoke the SBLC in full in
case of default of repayments of loan and/or interest by Easemytrip UK Limited. The closing balance of SBLC issued
is 80.87 million (March 31, 2024: f 80.87 million).
(c) A search under section 132 of the Income-tax Act, 1961 was carried out at the premises of the Company by the
Income Tax authorities during the financial year 2017-18. On March 27, 2019 the Company received demand orders
amounting to ? 356.98 million for financial years 2011-12 to 2016-17 pertaining to disallowances of certain expenses
and addition of sales. During the year ended March 31, 2023, the Company received appellant orders under section
250 of Income-tax Act 1961, wherein the demand raised in the earlier notices were dropped. During the year ended
March 31, 2024, the Income tax (IT) Authority have filed an appeal to Income Tax Appellate Tribunal (ITAT) against
the order passed by CIT for ? 257.59 million. During the current year ended March 31, 2025, the ITAT vide its
order dated March 12, 2025 has dismissed the appeal of the IT authorities and decided the matter in favor of the
Company.
Further there was a demand of ? 22.80 million which has been provided in the books by the Company in respect of
other income tax cases.
(d) The Company has received show cause notice issued by GST authorities (Form GST DRC - 01) under section 73 of the
CGST Act, 2017 for FY 2020-21 dated November 25, 2024 claiming that the Company has under declared the GST
liability amounting to ? 31.70 million. On February 24, 2025, the GST authorities have issued a demand notice (Form
GST DRC - 07) of ? 31.70 million pertaining to incorrect declaration of tax on outward supplies and incorrect Input
Tax Credit (ITC) claimed. The Company based on internal assessment and expert opinion believes chances of any
liability devolving on this matter is not probable and hence, have not provided for any amounts in the standalone
financial statements.
(B) Capital and other commitments
There are no capital or other commitments and any long-term contracts including derivative contracts as at March 31,
2025 and March 31, 2024.
(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company during the year.
(ii) Key managerial personnel (KMP)
1. Prashant Pitti, Whole Time Director (till December 10, 2023) and Managing Director (w.e.f December 11, 2023)
2. Nishant Pitti, Chief Executive Officer (till December 31, 2024), Chairman and Whole Time Director
3. Rikant Pittie, Chief Executive Officer (w.e.f. January 01, 2025) and Whole Time Director
4. Satya Prakash, Independent Director
5. Usha Mehra, Women Independent Director
6. Vinod Kumar Tripathi, Independent Director
7. Ashish Kumar Bansal, Chief Financial Officer
8. Priyanka Tiwari, Group Company Secretary
(iii) Enterprises owned or significantly influenced by key managerial personnel or their relatives with
whom there were transactions during the year
1. Bhoomika Fabricators Private Limited
(iv) Relative of key managerial personnel (KMP) with whom there were transactions during the year
1. Kiran Tripathi (relative of Vinod Kumar Tripathi)
2. Vikas Bansal (relative of Prashant Pitti)
* The Company has incorporated following subsidiaries, 1.Easy Trip Planners Do Brasil Ltda 2. Easy Trip Planners Limited - Saudi Arabia.
The Subsidiaries are in process of post incorporation formality and the shares at the year end are still pending to be allotted due to
regulatory requirements. Accordingly no effect is given in these standalone financial statements.
The amounts disclosed in the table are the amounts recognised as an expense during the reporting year related to key
management personnel.
The remuneration to the key management personnel does not include the provision made for gratuity & leave benefit,
as they are determined on an actuarial basis for the Company as a whole.
Terms and conditions of transactions with related parties
The transactions with related parties are made on terms equivalent to those that prevailing arm's length transaction.
(e) Refer note 32 for disclosures regarding bank guarantees given on behalf of subsidiaries.
35 SEGMENT REPORTING
Business segments
For management purposes, the Company is organized into Lines of Business (LOBs) based on its products and services and
has three reportable segments (Air Ticketing, Hotels Packages and Other Services) based on the nature of the products
the risks and returns the organisation structure and the internal financial reporting systems. The segment results are
regularly reviewed and performance is assessed by its Chief Operating Decision Maker (CODM), i.e., whole-time director.
LOB wise profits before taxes finance costs other income depreciation and amortisation are reviewed by CODM on
monthly basis. The CODM's monitor the operating results of its business units separately for the purpose of making
decisions about resource allocation and performance assessment.
The Company is presenting detailed segment reporting in the consolidated financial statements.
Management has assessed that loans, trade receivables, cash and cash equivalents, other bank balances, other financial
assets, trade payables, other financial liabilities, borrowings approximate their carrying amounts largely due to the
short-term maturities of these instruments. The fair values of the quoted equity shares are based on price quotations at
the reporting date.
38 FAIR VALUE HIERARCHY
ALL financial instruments for which fair value is recognised or disclosed 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: This level of hierarchy includes financial assets that are measured by reference to quoted (unadjusted) prices in
active markets for identical assets or liabilities.
Level 2: This level of hierarchy includes financial assets that are measured using inputs, other than quoted prices included
within level 1, that are observable for such items, directly or indirectly.
Level 3: unobservable inputs for the asset or liability
The following table provides the fair value measurement hierarchy of the Company's assets and liabilities:
39 FINANCIAL RISK MANAGEMENT OBJECTIVES 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.
Trade receivable & other financial assets:-
The Company exposure to credit risk is influenced mainly by the individual characteristics of each customer and if a
customer fails to meet its contractual obligations. The demographics of the customer, including the default risk of
the industry and country in which the customer operates, also has an influence on credit risk assessment.
The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables.
The provision matrix takes into account available internal credit risk factors such as the Company's historical
experience for customers. Based on the business environment in which the Company operates, management
considers that the trade receivables are in default (credit impaired) if the payments are more than 180 days past
due (other than receivables from related parties). Majority of trade receivables are from domestic customers, which
are fragmented and are not concentrated to individual customers.
(i) Trade receivables are typically unsecured. Credit risk is managed by the Company through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business.
The ageing analysis of trade receivables as of the reporting date is as follows:
The Company is exposed to credit risk in relation to financial guarantee given to bank. The Company's
maximum exposure in this respect is the maximum amount the Company could have to pay if the guarantee
is called on. Financial guarantees are accounted as explained in note 2.8. The maximum amount the Company
could be forced to settle under the arrangement for the full guaranteed amount if that amount is claimed
by the counterparty to the guarantee is ? 337.90 million. Based on expectations at the end of the reporting
year, the Company considers that it is more likely than not that such an amount will not be payable under the
arrangement.
(b) Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum
levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position
and deploys a robust cash management system. It maintains adequate sources of financing including loans from
banks at an optimised cost.
(c) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include trade
payables in foreign currency.
The fluctuation in foreign currency exchange rates may have potential impact on the standalone statement
of profit or loss, where any transaction references more than one currency or where assets/LiabUities are
denominated in a currency other than the functional currency of the standalone Company. The Company
undertakes transactions denominated in foreign currencies and thus it is exposed to exchange rate fluctuations.
The Company has a treasury team which evaluates the impact of foreign exchange rate fluctuations by
assessing its exposure to exchange rate risks and advises the management of any material adverse effect on
the Company.
Exposure to Foreign currency risk
The summary of quantitative data about the Company exposure to currency risk, as expressed in Indian
Rupees, as at March 31, 2025 and March 31, 2024 are as below:
(ii) Interest rate risk
There is no borrowings as at March 31, 2025 (March 31, 2024: f 0.61 million)
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's exposure to the risk of changes in market interest rates
relates primarily to the Company's borrowings with floating interest rates.
(iii) Price risk
The Company is exposed to price risk in respect of its investment in equity securities and classified in the
standalone balance sheet as FVTOCI.
The investments in quoted equity securities and unquoted equity securities are considered long-term, strategic
investments. In accordance with the Company's policies, no specific hedging activities are undertaken in
relation to these investments. The investments are continuously monitored and voting rights arising from
these equity instruments are utilised in the Company's favour.
42 OTHER STATUTORY INFORMATION
i) The Company do not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules
made thereunder.
ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
iii) The Company has not traded or invested in crypto currency or virtual currency during the respective financial years
iv) The Company has not advanced any fund to intermediaries for further advancing to other person on behalf of
ultimate beneficiaries for the year ended March 31, 2025 other than below:
44 On July 08, 2023, the Company entered into a General Sales Agreement (GSA) with SpiceJet Airline to sell, promote, and
market passenger tickets and other products and services to passengers in India effective August 01, 2023, which has
been terminated in January 31, 2025. Hence, the revenue has been recorded till January 31, 2025.
45 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring
companies, which uses accounting software for maintaining its books of account, shall use only such accounting software
which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in
the books of account along with the date when such changes were made and ensuring that the audit trail cannot be
disabled. The new requirement is applicable with effect from the financial year beginning on 1 April 2023.
The Company uses certain accounting software for maintaining its books of account which have the feature of recording
audit trail (edit log) facility at the application level and the same have been operated throughout the year for all relevant
transactions recorded in the accounting software. The Company has not enabled the feature of recording audit trail (edit
log) at the database level for the accounting software used for maintaining revenue records and accounting software
used for maintaining accounting records to log any direct data changes. Further, there is no instance of audit trail feature
being tampered with in respect of the accounting software where such feature is enabled. Furthermore, audit trail has
been preserved by the Company as per the statutory requirements of record retention.
46 The Company in its board meeting held on November 15, 2024 had proposed equity investments of 49% in Planet
Education Australia Pty Ltd amounting to ? 392.00 million and 50% in Jeewani Hospitality Private Limited amounting
to ? 1,000.00 million. The Company further in its board meeting held on September 17, 2024 had proposed equity
investments of 30% in Rollins International Private Limited amounting to ? 600.00 million and 49% in Pflege Home
Healthcare Center LLC amounting to ? 298.03 million.
The Company on October 11, 2024 and December 06, 2024 entered into a Share Subscription Agreement (SSA) with
Rollins International Private Limited and Jeewani Hospitality Private Limited respectively. Further, the Company on
December 06, 2024 entered into a Share Purchase Agreement (SPA) with Planet Education Australia Pty Ltd and Pflege
Home Healthcare Center LLC.
As at March 31, 2025, the Company is in the process of meeting the closing obligations along with the transfer of shares
under SSA and SPA. Accordingly, the impact of the above investments has not been given effect in these standalone
financial statements.
47 SUBSEQUENT EVENTS
a) In respect of the proposed equity investments as mentioned in note 49 aove, the Company on April 12, 2025 has
alloted 12,57,02,797 equity shares @ ? 18.22/- per share including a premium of ? 17.22/- for each equity share,
ranking pari-passu with the existing equity shares of the Company on preferential basis against non cash / equity
swap consideration.
b) The Directorate of Enforcement, Ministry of Finance ('the department'), conducted a search at one of the Company's
premises and at the residence of Nishant Pitti, co-founder of the Company, on April 16, 2025. The Panchnamas'
drawn by the department post the search states that no incriminating documents or digital records were found
and no items were seized other than cash of f 0.70 Mn from the residence of the co-founder of the Company.
As on the date of issuance of these standalone financial statements, the Company has not received any further
communication from the department. The management after considering all available records and facts known to
it and based on the available information as at the date of the approval of the standalone financial statements, has
not identified any adjustments, disclosure or any other impact on these standalone financial statements on account
of this matter.
48 The Company is in process of submission of Form FC to Authorised Dealer Bank (AD Bank) in respect of its investment
in EaseMyTrip Middleeast DMCC and EaseMyTrip SG Pte. Ltd. under relevant provisions of the Foreign Exchange
Management Act, 1999 (42 of 1999). Accordingly, the Company is yet to file Annual Performance Report (APR) to AD
Bank in respect of these entities as follows:
EaseMyTrip Middleeast DMCC - for the year ended 31 December 2019, period from 01 January 2020 to 31 March 2021,
years ended 31 March 2022, 31 March 2023 and 31 March 2024.
EaseMyTrip SG Pte. Ltd. - for the period from 01 November 2018 to 31 March 2020 and years ended 31 March 2021, 31
March 2022, 31 March 2023 and 31 March 2024.
49 RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES
Ind AS 7 Statement of cash flows requires the entities to provide disclosures that enable users of standalone financial
statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash
flows and non-cash changes, via inclusion of a reconciliation between the opening and closing balances in the balance
sheet for liabilities arising from financing activities, to meet the disclosure requirements. This reconciliation does not
have any material impact on the standalone financial statements; accordingly, the reconciliation is not disclosed.
50 INTERIM DIVIDEND
During the previous year, the Board of Directors (in the meeting held on December 11, 2023) declared an interim
dividend of f 0.10/- (face value f 1/- each) per equity share. The record date for payment was December 19, 2023 and
the same was paid on January 09, 2024. During the current year, the Company has not declared or paid any dividends.
51 During the previous year, the Company had acquired 51% controlling interest in the following Companies which operate
as tour and travel operators:
i) Tripshope Travels Technologies Private Limited ('TTTPL') vide Share Purchase agreement ("SPA") dated August 02,
2023, for a consideration of f 178.50 Million.
ii) Dook Travels Private Limited (DTPL) vide SPA dated August 02, 2023, for a consideration of f 163.20 Million.
iii) Guideline Travels Holidays India Private Limited ('GTHIPL') vide SPA dated August 02, 2023 for a consideration of
f 306.00 Million.
The consideration for acquisition of share in these Companies has been discharged through issuance of 1,46,14,168 of
equity shares of the Company @ f 44.32 per share on preferential basis to the respective shareholders of above entities.
Further, the control and shares against the above acquisitions were transferred to the Company on September 27, 2023.
52 During the previous year, the Company via Shareholder's cum Share Subscription agreement ("SSSA") had acquired 55%
controlling interest in Glegoo Innovations Private Limited for a consideration of f 30.00 Million comprising of 2,75,000
equity shares of f 10 each. As at March 31, 2024; shares have been subscribed and partly paid up to the extent of f 14.87
Million.
During the current year, the shares have been fully paid up and accordingly, the investment as at March 31, 2025 is
f 30.00 Million (March 31, 2024 : f 14.87 Million).
53 IMPAIRMENT ASSESSMENT
The Company holds investments amounting to f 944.52 millions (March 31, 2024: f 914.92 millions) in its subsidiaries.
The value of the loans to its subsidiaries, including interest accrued thereon is f 973.62 millions (March 31, 2024:
f 423.02 millions). As at March 31, 2025, the management of the Company assessed the recoverability of the investments
and loans by carrying out a valuation of its subsidiaries business with the help of an external valuation expert using the
discounted cashflow method.
Key assumptions used in calculating the recoverable value of subsidiaries:
- discount rates ranging from 15% to 22%
- terminal growth rate ranging from 2% to 5%
Considering the recoverable value assessed basis the valuation performed, the management of the Company is of the
view that there is sufficient head room available and hence, no impairment is required to be recorded with respect to its
investments (including loans) to its subsidiaries. Further, there were no impairment indicators in the previous year ended
March 31, 2024.
54 The previous period / year figures have been regrouped / reclassified wherever necessary to conform to current year
presentation. The impact of such reclassification / regrouping are not material to the financials statements.
As per our report oF even date
For Walker Chandiok & Co LLP For and on behalF oF the Board oF Directors oF
Chartered Accountants Easy Trip Planners Limited
Firm's registration number: 001076N/N500013
Abhishek Lakhotia Prashant Pitti Rikant Pittie
Partner Managing Director CEO and Director
Membership No.: 502667 DIN: 02334082 DIN: 03136369
Place: Bangalore Place: New Delhi
Date: May 30, 2025 Date: May 30, 2025
Ashish Kumar Bansal Priyanka Tiwari
Chief Financial Officer Company Secretary
Membership No: A50412
Place: New Delhi Place: New Delhi Place: New Delhi
Date: May 30, 2025 Date: May 30, 2025 Date: May 30, 2025
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