Notes to Accounts of Easy Trip Planners Ltd.

Mar 31, 2025

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).

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

Mar 31, 2024

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 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 financial statements.

2.17 Cash and cash equivalents

subject to an insignificant risk of changes in value) and funds in transit. However, for the purpose of the

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 38.

2.19 Critical accounting judgements, estimates and assumptions

The estimates used in the preparation of the said financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events), that the Company believes to be reasonable under the existing circumstances. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates - even if the assumptions underlying such estimates were reasonable when made, if these results differ from historical experience or other assumptions do not turn out to be substantially accurate. The changes in estimates are recognized in the financial statements in the year in which they become known.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting

date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. Actual results could differ from these estimates.

a. Allowance for uncollectible trade receivables and advances

Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated

irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Additionally, a large number of minor receivables is grouped into homogeneous groups and assessed for impairment collectively. Individual trade receivables are written off when management deems them not to be collectible are provided in note 11 and 42.

b. Defined benefit plans

The costs of post-retirement benefit obligation under the Gratuity plan are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increase, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. For details, refer to note 33.

c. Contingencies

Where it is not probable that an outflow of economic benefits will be required, or the amount

cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the

probability of outflow of economic benefits

is remote. Contingent liabilities are disclosed

on the basis of judgment of the management/ independent experts. These are reviewed at each balance sheet date and are adjusted to reflect the current management estimate.

2.20 Recent pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

Note:

** The Board of Director in its meeting held on October 10 2022, recommended sub division of the equity shares of face value of '' 2/- (Rupees Two) each into equity shares of face value of ''. 1/- (Rupees One) each. The Company had fixed November 22, 2022, as record date for the purpose of sub-division of equity shares. Subsequently, the Company has issued bonus shares of 1,303,740,000 fully paid-up Equity shares of '' 1/- (Rupees one) each as fully paid-up Equity Shares in proportion of 3 (Three) new fully paid-up Equity Shares of '' 1/- (Rupees one) for every 1 (One) existing fully paid-up Equity Shares of '' 1/- (Rupees One) each to the eligible shareholders of the Company whose names appear in the Registers of Members or in the Register of Beneficial Owner maintained by the depositories on the record date, i.e., November 22, 2022.

(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 31,2023 : '' 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. The Company has paid Interim Dividend of '' 0.10/- (par value '' 1/- each) per equity share during the year ended March 31, 2024 (March 31, 2023 Nil).

(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.

32 EMPLOYEE BENEFITS

A. Defined Contribution Plans

The Company makes contributions towards provident fund and superannuation fund 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 '' 13.11 Mn

(March 31, 2023: '' 12.58 Mn).

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 '' 2 Mn. 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 bonds as at the date of actuarial valuation. Actuarial gains and losses (net of tax) are recognised immediately in the Other Comprehensive Income (OCI).

(a) The Company has ongoing legal cases against the Company on account of various matters including recovery of moneys advanced in the course of business, infringement of trademarks and seeking damages thereof. The cumulative amounts claimed against the Company in these cases is '' 40.00 Mn ; details of which are mentioned below:

(i) Air Worth Travel & Tours Private Limited; one of the ticketing partner with the Company, has filed claim of '' 574.62 Mn against the Company on grounds of claiming wrongful refunds on flown tickets, failed to

make payment of cancellation charges, lower ticket charges for higher class tickets, excess refunds claimed. On February 26, 2024 The Delhi High Court has dismissed the petition of Air Worth Travel & Tours Private

Limited. The management based on legal assessment and as represented by lawyers believes that the case is dismissed and accordingly does not believes that any liability may occur on this account.

(ii) One97 Communications Limited had filed a case against the Company for non-payment of cancellation refunds of '' 53.06 Mn for the year till May 2017 which have been paid by One97 Communication Limited to its customers on behalf of the Company. On March 01, 2024, the Company has enterd into settlement agreement with One97 Communication Limited in Delhi High Court Mediation and Conciliation Centre to settle all it''s

outstanding amounts and claims, as per which the Company has paid '' 68 Mn in full and final settlement.

(iii) MakeMyTrip has filed a claim of '' 40.00 Mn 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. The matter is pending before the Hon''ble High Court of Delhi.

The Company based on assessment of its legal counsel believes that any chances of liability devolving upon the Company upon final conclusion of the cases mentioned above in Court of Law, is not probable and hence has not provided for any amounts in the financial statements towards any adverse outcome of these cases.

(b) The Company had an outstanding service tax demand of '' 30.62 Mn for the financial years 2012-13 to 2016-17 pertaining to incorrect availment of Cenvat credit on input services in cases where it has taken abatement and exemptions for provision of output services. The Company in March 2019 has paid '' 15.31 Mn under section 127 of Finance (No. 2) Act, 2019 read with rule 9 of the Sabka Vishwas (Legacy Scheme, 2019) as full and final settlement against such demand. As per the scheme, such payments would not be construed as admission of liability for any subsequent years if assessed under the GST regime. Further, 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 financial statements which if computed for years subsequent to FY 2016-17 shall be '' 94.49 Mn (March 31, 2023: '' 94.49 Mn).

(i) '' 120.00 Mn (March 31, 2023: '' 120.00 Mn): The Company has given joint bank guarantees to Travel Agents

Federation of India (''TAFI'') in respect of air travel business.

(ii) '' 140.00 Mn (March 31, 2023: '' 20.00 Mn): The Company has given bank guarantees to International Air Transport Association(''IATA'') in respect of air travel business.

(iii) '' 80.87 Mn (March 31, 2023: '' 80.87 Mn): 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.

(iv) '' Nil (March 31, 2023: '' 105.27 Mn): The Company has issued a SBLC (Standby letter of credit) to ICICI bank

towards issuance of overdraft facility to its wholly owned subsidiary Easemytrip UK Limited against fixed deposits. On October 11, 2023, ICICI bank has invoked the SBLC and utilised the FD proceeds towards

repayment of loans to ICICI UK, and such non-fund based financial commitment is changed to financial commitment by way of loan.

(v) '' 25.5 Mn (March 31, 2023: '' 25.5 Mn): The Company has given Bank guarantee to National Stock Exchange of India Ltd. (NSE) in accordance with the conditions precedent for NSE to function as the ''Designated stock

exchange'' for the Initial public offer of the Company.

(vi) '' 62.54 Mn (March 31,2023: '' Nil): The Company has given bank guarantees to ean.com LP (Expedia) in respect of extended credit period for booking of Hotel Accommodation.

(vii) '' 9.59 Mn (March 31, 2023: '' Nil): The Company has given bank guarantees to Agoda Company PTE LTD in respect of extended credit period for booking of Hotel Accommodation.

(viii) '' 15.75 Mn (March 31, 2023: '' Nil): The Company has given bank guarantees to Head of Chancery, Embassy of India, Abu dhabi for Outsourcing of Consular-Passport-Visa (CPV) - OCI - Attestation services in respect of submission of bid.

(d) 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 has received demand orders amounting to '' 356.98 Mn 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 has received appellant orders under section 250 of Income Tax Act 1961 for the financial year 2011-12 to 2016-17; wherein the demand raised in

the earlier notices have been dropped. During the year ended March 31, 2024, the IT Authority have filed an appeal to Income Tax Appellate Tribunal (ITAT) against the order passed by CIT for ''. 257.59 Mn and the same is pending for disposal. The Company on the basis of its internal assessment and expert opinion believes that the likelihood of these demands sustained is not probable hence not accrued any amount towards these demands in the financial statement.

(e) There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28^th February, 2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The Company will update its provision, on receiving further clarity on the subject.

(B) Capital commitment

There are no capital commitment as at March 31, 2024 and March 31, 2023.

Other Commitment

At March 31, 2024 the Company had commitments of '' Nil (March 31, 2023: '' 687.50) related to the long term

advertisement contract.

Terms and conditions of transactions with related parties

The sale and purchase from related parties are made on terms equivalent to those that prevailing arm''s length transaction. Outstanding balances at the year end are unsecured and interest free (other than loans) and settlement occurs in cash. For the year ended March 31, 2024, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2023 :Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. There have been no guarantees provided or received for any related party receivables or payables except financial guarantee of '' 80.87 Mn (March 31, 2023: '' 186.14 Mn) given on behalf of Easemytrip UK Ltd for working capital demand loan taken from ICICI Bank UK PLC. There were no commitments given to related parties.

36 INTERIM DIVIDEND

The Board of Directors (in the meeting held on December 11, 2023) declared an interim dividend of '' 0.10/- (par value

'' 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 year ended March 31, 2023, the Company has not declared or paid any dividends).

37 SEGMENT INFORMATION

Business segments

For management purposes the Company is organized into Lines of Business (LOBs) based on its products and services

and has following reportable segments 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 whole time director(s) monitor the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.

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

1 Air Ticketing: Through an internet and mobile based platform and call-centres the Company provides the facility to book and service international and domestic air tickets to ultimate consumer through B2C (Business To Consumer)

and B2B2C (Business to Business to Consumer) channel. Both these channels share similar characteristics as they are engaged in facilitation of air tickets. Management believes that it is appropriate to aggregate these two channels as one reporting segment due to similarities in the nature of business.

2 Hotels Packages: The Company provides holiday packages and hotel reservations through call-centers and branch offices. The hotel reservations form integral part of the holiday packages and accordingly management believes that it is appropriate to aggregate these services 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. The other services do not made 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.

Discount rate used in determining fair value

The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental borrowing rate of borrower which in case of financial liabilities is average market cost of borrowings of the Company and in case of financial asset is the average market rate of similar credit rated instrument. The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The fair values of the Company''s advances are determined by using discount rate that reflects the incremental borrowing rate as at the end of the reporting year.

40 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: This level of hierarchy includes items measured using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instruments nor based on available market data.

Specific valuation techniques used to value financial instruments is discounted cash flow analysis.

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities:

41 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.

(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.

(iii) Financial Guarantees

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 2.10. The maximum amount 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 Mn. 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.

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.

(a) Foreign currency risk:

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.

47 The Company is yet to file Annual Performance Report to Authorised Dealer in respect of EaseMyT rip Middleeast DMCC

and EaseMyTrip SG Pte. Ltd. for the financial year 2019-20, 2020-21, 2021-22 and 2022-23.

48 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.

49 During the current year, the Company has 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 '' 178.50 Mn.

ii) Dook Travels Private Limited (DTPL) vide SPA dated August 02, 2023, for a consideration of '' 163.20 Mn.

iii) Guideline Travels Holidays India Private Limited (''GTHIPL'') vide SPA dated August 02, 2023 for a consideration of

'' 306.00 Mn

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 @ '' 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.

50 During the current year, the Company via Shareholder''s cum Share Subscription agreement ("SSSA") has acquired 55% controlling interest in Glegoo Innovations Private Limited for a consideration of '' 30 Mn comprising of 275,000 equity

shares of '' 10 each. As at March 31, 2024; shares have been subscribed and partly paid up to the extent of 14.87 Mn.

51 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 has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled in respect of sales records and for certain changes made using privileged access rights.

Further no instance of audit trail feature being tampered with was noted in respect of accounting software where the audit trail has been enabled.

52 The Company has maintained proper books of accounts as required by law except that the company does not have server located in India for the daily back up. The Company is in the process of setting up the server in India in order to be

in compliance with companies rule 3(5) of the companies act 2013.

53 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.

As per our report of even date

For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of

Chartered Accountants Easy Trip Planners Limited

ICAI firm registration number: 101049W/E300004

per Nikhil Aggarwal Nishant Pitti Rikant Pittie

Partner Director Director

Membership No.: 504274 DIN: 02172265 DIN: 03136369

Place: New Delhi Place: New Delhi

Date: May 24, 2024 Date: May 24, 2024

Ashish Kumar Bansal Priyanka Tiwari

Chief Financial Officer Company Secretary

Membership No: A50412

Place: Gurugram Place: New Delhi Place: New Delhi

Date: May 24, 2024 Date: May 24, 2024 Date: May 24, 2024

Mar 31, 2023

The Company has only one class of equity shares having a par value of '' 1 per share (March 31, 2022 : '' 2 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. The Company has paid Interim Dividend of '' NIL (March 31, 2022: '' 325.94) during the year ended March 31, 2023.

1 The Company offsets tax assets and 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 tax authority. In addition, the Company has an intention to settle on a net basis, to realise the deferred tax assets and settle the deferred tax liabilities simultaneously.

2 In assessing the realizability of deferred tax assets, management considers whether it is probable, that some portion, or all, of the deferred tax assets will not be realised. The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable incomes over the periods in which the deferred tax assets are deductible, management believes that it is probable that the Company will be able to realise the benefits of those deductible differences in future.

3 The Company has elected to exercise the option permitted under section 115BAA of the Income - tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019. Accordingly, during

the year ended March 31, 2023, the Company has recognised the provision for income tax and remeasured its deferred tax assets basis the rate prescribed thereby and the related impact is recognised. The impact of change in tax rate on deferred tax assets is disclosed above.

(i) Trade receivables are non-interest bearing and are generally on terms of 0 to 30 days. In March 31, 2023, '' 9.67 (March 31, 2022: '' 0.84) was recognised as Impairment allowance of trade receivables.

(ii) Contract liabilities consists of deferred revenue of '' 640.52 (March 31, 2022: '' 122.26) which is advance received

towards productivity incentive, incentive on advance payment to supplier and advertisement income which will be recognised as revenue on the basis of active and confirmed segment bookings for productivity incentive, utilisation

of advance payment for incentive on advance payment to supplier and Completion of obligation for Advertisement Income.

(iii) Contract liabilities also consists of advance from customers of '' 168.89 (March 31, 2022: '' 147.35) which refers

to advance received from B2B customers (travel agents) and corporate customers, unutilised wallets and gift vouchers for issue of tickets and hotel packages. The Company acts as an agent in such cases, hence, only a part of this advance i.e. Commission and Fee income from such advance will be transferred to revenue.

*The Company has allotted 10,86,45,000 fully paid up equity shares of face value '' 2 each during the year ended March 31, 2022 pursuant to a bonus issue approved by the shareholders. Consequent to this bonus issue, the number of ordinary shares outstanding is increased by number of shares issued as bonus shares in current year and comparative year presented as if the event had occurred at the beginning of the earliest year presented.

**The Board of Director in its meeting held on October 10, 2022, recommended sub division of the equity shares of face value of ''2/-(Rupees Two) each into equity shares of face value of '' 1 (Rupees One) each. The Company had fixed November 22, 2022, as record date for the purpose of sub-division of equity shares. Subsequently, the Company has issued bonus shares of 1,303,740,000 fully paid-up Equity shares of '' 1 (Rupees one) each as fully paid-up Equity Shares in proportion of 3 (Three) new fully paid-up Equity Shares of '' 1 (Rupees one) for every 1 (One) existing fully paid-up Equity Shares of '' 1/- (Rupees One) each to the eligible shareholders of the Company whose names appear in the Registers of Members or in the Register of Beneficial Owner maintained by the depositories on the record date, i.e., November 22, 2022. Consequent to this sub division and bonus issue, the earnings per share has also been adjusted for all the previous periods presented, in accordance with Ind AS 33, Earnings per share.

(c) 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.

33. EMPLOYEE BENEFITSA. Defined Contribution Plans

The Company makes contributions towards provident fund and superannuation fund 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 '' 12.58 (March

31, 2022: '' 7.62).

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 '' 2. 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 bonds as at the date of actuarial valuation. Actuarial gains and losses (net of tax) are recognised immediately in the Other Comprehensive Income (OCI).

The following tables summarise the components of net benefit expense recognised in the statement of profits or losses and amounts recognised in the balance sheet for the respective plans:

34. COMMITMENTS AND CONTINGENCIES (A) Contingent liabilities
Particulars	As at	As at
	March 31, 2023	March 31, 2022
Claims against the Company not acknowledged as debts
- Litigation & claims (refer note (a) below)	667.68	667.68
- Service tax demand (refer note (b) below)	94.49	94.49
- Guarantees (refer note (c) below)	351.64	340.77
- Income tax demand (refer note (d) below)	356.98	356.98
Total	1,470.79	1,459.92

(i) Air Worth Travel & Tours Private Limited; one of the ticketing partner with the Company, has filed claim of '' 574.62 against the Company on grounds of claiming wrongful refunds on flown tickets, failed to make

payment of cancellation charges, lower ticket charges for higher class tickets, excess refunds claimed. This case against the Company is pending for acceptance by the Honourable High Court of Delhi.

Further, the Company had also filed a case against Air Worth amounting to '' 92.50 in 2015 on account of advances given to them for ticketing business and is pending for hearings.

(ii) Paytm, e-commerce platform provider; managed by One97 Communications Limited has filed a case against the company for non-payment of cancellation refunds of '' 53.06 for the year till May 2017 which have been paid by Paytm to its customers on behalf of EMT. The matter is pending in Arbitration Proceedings.

(iii) MakeMyTrip has filed a claim of '' 40 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. The matter is pending before the Hon''ble High Court of Delhi.

(b) The Company had an outstanding service tax demand of '' 30.62 for the financial years 2012-13 to 2016-17 pertaining to incorrect availment of Cenvat credit on input services in cases where it has taken abatement and exemptions for provision of output services. The Company in March 2019 has paid '' 15.31 under section 127 of Finance (No. 2) Act, 2019 read with rule 9 of the Sabka Vishwas (Legacy Scheme, 2019) as full and final settlement against such demand. As per the scheme, such payments would not be construed as admission of liability for any subsequent years if assessed under the GST regime. Further, 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 financial statements which if computed for years subsequent to FY 2016-17 shall be '' 94.49 (March 31, 2022: '' 94.49).

India (''TAFI'') in respect of air travel business.

(ii) '' 20 (March 31, 2022: '' 20): ''The Company has given bank guarantees to International Air Transport Association(''IATA'') in respect of air travel business.

(iii) '' 80.87 (March 31, 2022: '' 70): 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.

(iv) '' 105.27 (March 31, 2022: '' 105.27): The Company has issued a SBLC (Standby letter of credit) to ICICI bank

towards issuance of overdraft facility 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.

(v) '' 25.5 (March 31, 2022: '' 25.5): The Company has given Bank guarantee to National Stock Exchange of India

Ltd. (NSE) in accordance with the conditions precedent for NSE to function as the ''Designated stock exchange'' for the Initial public offer of the Company.

(d) 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 has received demand orders amounting to '' 356.98 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 has received appellant orders under section 250 of Income Tax Act 1961 for the financial year 2011-12 to 2016-17; wherein the demand raised

in the earlier notices have been dropped. The Company on the basis of its internal assessment and expert opinion believes that the likelihood of these demands sustained is not probable hence not accrued any amount towards these demands in the financial statement.

(e) There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28 th February,

2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The Company will update its provision, on receiving further clarity on the subject.

(B) Capital commitment

There are no capital commitment as at March 31, 2023 and March 31, 2022.

Other Commitment

At March 31, 2023 the Company had commitments of '' 687.50 (March 31, 2022: '' Nil) related to the long term

advertisement contract.

35. LEASESCompany as a lessee

The Company''s obligations under its leases are secured by the lessor''s title to the leased assets. The Company has also lease contracts for office premise having terms of 12 months or less. The Company applies the ''short-term lease'' recognition exemptions for these leases.

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 sale and purchase from related parties are made on terms equivalent to those that prevailing arm''s length transaction. Outstanding balances at the year end are unsecured and interest free (other than loans) and settlement occurs in cash. For the year ended March 31,2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2022 :Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. There have been no guarantees provided or received for any related party receivables or payables except financial guarantee of '' 175.27 (March 31, 2022: '' 175.27) given on behalf of Easemytrip UK Ltd for working capital demand loan and overdraft facility taken from ICICI Bank UK PLC. There were no commitments given to related parties.

37. INTERIM DIVIDEND

During the year ended March 31, 2023, the Company has not declared or paid any dividends.

(March 31, 2022: The Board of Directors in the meeting held on November 11,2021 declared an interim dividend of '' 1

per equity share having a par value of '' 2 each. The record date for payment of the interim dividend was November 22, 2021 and the same was paid on December 09, 2021).

38. SEGMENT INFORMATIONBusiness segments

For management purposes the Company is organized into Lines of Business (LOBs) based on its products and services

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

2 Hotels Packages: The Company provides holiday packages and hotel reservations through call centers and branch offices. The hotel reservations form integral part of the holiday packages and accordingly management believes that it is appropriate to aggregate these services as one reportable segment due to similarities in the nature of services.

3 Other operations primarily include the advertisement income from hosting advertisement on its internet websites income from sale of rail and bus tickets and income from facilitating website access to a travel insurance companies. The operations do not meet any of the quantitative thresholds to be a reportable segment for any of the years presented in these financial statements.

Adjustments:

1. Finance cost other income and depreciation and amortisation are not allocated to individual segments as they are managed at Company level.

2. Current tax and deferred tax assets and liabilities are not allocated to individual segments as they are managed at Company level.

Entity wise disclosures

Revenue of '' 693.04 is derived from two external customer arising from Air Passage segment for the year ended March 31,2023 (March 31, 2022''259.68 from one external customers) accounted for more than 10% of the total revenue.

The revenue information above is based on the locations of the customers.

39. CAPITAL MANAGEMENT

For the purpose of Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing borrowings, trade and other payables, less cash and cash equivalents.

Management has assessed that loans, trade receivables, cash and cash equivalents, other bank balances, trade payables approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the mutual funds are based on price quotations at the reporting date.

Discount rate used in determining fair value

The following methods and assumptions were used to estimate the fair values:

The fair values of the Company''s advances are determined by using discount rate that reflects the incremental borrowing rate as at the end of the reporting year.

41. FAIR VALUE HIERARCHY

AH 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.

Specific valuation techniques used to value financial instruments is discounted cash flow analysis.

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities:

42. 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.

(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.

(iii) Financial Guarantees

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 2.10. The maximum amount 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 '' 175.27 Mn. 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.

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.

(a) Foreign currency risk:

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss, where any transaction references more than one currency or where assets/LiabiLities are denominated in a currency other than the functional currency of the 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.

Inventory turnover ratio, trade receivable turnover ratio and trade payable turnover ratio are not applicable considering the operation and business nature of Company.

Since there are only six instance where the changes are more than 25% i.e Current ratio, Debt Service Coverage ratio, Net Capital Turnover ratio, Net Profit ratio, Return on Investment on Mutual funds (realised) and Return on Investment

on Mutual funds (unrealised), hence the explanations is given only for said ratios.

45. OTHER STATUTORY INFORMATION

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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 or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

v) 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:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

vi) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such

as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

vii) The Company has not been declared willful defaulter by any bank or financial Institution or other lender.

viii) The Company does not have any Scheme of Arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Act.

ix) The Company has complied with the the number of layers prescribed under of Section 2(87) of the Act read with the Companies (Restriction on number of Layers) Rules, 2017

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

2013:

46. Sections 92-92F of Income Tax Act, 1961 prescribe Transfer Pricing regulations for computing the taxable income

transactions are at arm''s length, and hence the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.

47. As at year end, the Company had balances recoverable of '' 1,265.1 from Go Airlines (India) Limited ("Go Air") towards advances given for purchase of tickets and accrued commission income. After considering recoveries and adjustments in the normal course of business subsequent to year end, the recoverable balance stands at '' 695.4 as on date. On May 10, 2023, the National Company Law Tribunal, Delhi Bench (''NCLT'') admitted Go Air''s application for voluntary insolvency proceedings under the Insolvency and Bankruptcy Code 2016, and NCLT has also appointed an Insolvency Resolution Professional (IRP) to revive the airline and manage its operations. As at date, the sale of tickets has been suspended and flights are yet to resume for Go Air. As part of the claims process, on May 19, 2023, the Company has filed a claim with the IRP for recovery of outstanding balances. Pending outcome of the insolvency proceedings, the management is unable to comment upon the recoverability of such amount. The statutory auditors have issued a qualified opinion on this matter.

48. On January 24, 2023, the company entered into a Shareholder''s cum Share Subscription agreement ("SSSA") to acquire 55% shares and control in Glegoo Innovations Private Limited for a consideration of '' 30. Share transfer along with the others conditions of SSSA is in the process of implementation and the consideration is yet to be discharged. Accordingly

no effect has been given in these financial statements.

49. 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.

50. Previous year figures have been regrouped/ reclassified to bring it in conformity with presentation required by Schedule III of the Act.

Mar 31, 2022

a) The Company has furnished a financial guarantee on behalf of Easemytrip UK Limited for working capital demand loan and overdraft facility taken from ICICI Bank UK PLC. Such financial guarantee has been fair valued at the time of initial recognition and recorded as deemed investment in the subsidiary.

b) The Company is yet to file Annual Performance Report to Authorised Dealer in respect of Easemytrip Middleeast

DMCC, Singapore Arrivals Pte Limited and Easemytrip UK Ltd for the financial year 2019-20 and 2020-21.

(c) Terms/Rights attached to equity shares

The Company has only one class of equity shares having a par value of '' 2 per share (March 31, 2021 : '' 2/- each). The company declared and paid interim 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. The Company has paid Interim Dividend of '' 325.94 during the year ended March 31, 2022.

2. I n assessing the realizability of deferred tax assets, management considers whether it is probable, that some portion, or all, of the deferred tax assets will not be realised. The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable incomes over the periods in which the deferred tax assets are deductible, management believes that it is probable that the Company will be able to realise the benefits of those deductible differences in future.

3. The Company has elected to exercise the option permitted under section 115BAA of the Income - tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019. Accordingly, during

the year ended March 31,2022, the Company has recognised the provision for income tax and remeasured its deferred tax assets basis the rate prescribed thereby and the related impact is recognised. The impact of change in tax rate on deferred tax assets is disclosed above.

(i) Trade receivables are non-interest bearing and are generally on terms of 0 to 30 days. In March 31, 2022, '' 0.84 (March 31, 2021: '' 8) was recognised as Impairment allowance of trade receivables.

(ii) Contract liabilities consists of deferred revenue of '' 122.26 (March 31, 2021: '' 344.55) which is advance received towards productivity incentive which will be recognised as revenue on the basis of active and confirmed segment

bookings.

(iii) Contract liabilities also consists of advance from customers of '' 147.35 (March 31, 2021: '' 235.49) which refers to advance received from B2B customers (travel agents) and corporate customers for issue of tickets and hotel packages. The Company acts as an agent in such cases, hence, only a part of this advance i.e. Commission income from such advance will be transferred to revenue. There are no significant movements in these balances throughout the years presented.

32 Earnings Per Share (EPS)

(a) Basic and diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year

(b) The following reflects the profit and share capital data used in the basic and diluted EPS computations:

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.

33 Employee Benefits

A. Defined Contribution Plans

The Company makes contributions towards provident fund and supperannuation fund which are defined contribution plans for qualifying employees. The contributions are made to the registered provident fund administered by the

31, 2021: '' 4.95).

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 '' 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 bonds as at the date of actuarial valuation. Actuarial gains and losses (net of tax) are recognised immediately in the Other Comprehensive Income (OCI).

The following tables summarise the components of net benefit expense recognised in the statement of profits or losses and amounts recognised in the balance sheet for the respective plans:

The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting year. These analysis are based on a change in a significant assumption, keeping all other assumptions constant and may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another.

make payment of cancellation charges, lower ticket charges for higher class tickets, excess refunds claimed. This case against the Company is pending for acceptance by the Honourable High Court of Delhi. Further, the Company had also filed a case against Air Worth amounting to '' 92.50 in 2015 on account of advances given to them for ticketing business and is pending for hearings.

(ii) Paytm, the e-commerce platform provider; managed by One97 Communications Limited has filed a case against the Company for non-payment of cancellation refunds of '' 53.06 for the period till May 2017 which have been paid by Paytm to its customers on behalf of EMT, non-payment of performance linked bonus, etc. The matter is pending in Arbitration Proceedings.

India (''TAFI'') in respect of air travel business.

(ii) '' 20 (March 31, 2021: '' 20): The Company has given bank guarantees to International Air Transport Association(''IATA'') in respect of air travel business.

(iii) '' 70 (March 31, 2021: '' 70): The Company has issued a SBLC (Standby letter of credit) to ICICI bank towards issuance of working capital loan to its wholly owned subsidiary Easymytrip 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.

(iv) '' 105.27 (March 31, 2021: 105.27): The Company has issued a SBLC (Standby letter of credit) to ICICI bank

towards issuance of overdraft facility to its wholly owned subsidiary Easymytrip 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.

(v) '' 25.5 (March 31, 2021: '' 25.5): The Company has given Bank guarantee to National Stock Exchange of India Ltd. (NSE) in accordance with the conditions precedent for NSE to function as the ''Designated stock exchange'' for the Initial public offer of the Company.

(d) 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 has received demand orders amounting to '' 356.98 for financial years 2011-12 to 2016-17 pertaining to disallowances of certain expenses and addition of sales. The Company is contesting these demands at Appellate level. Subsequent to the year end, the Company has received appellant orders under section 250 of Income Tax Act 1961 for the financial year 2011-2012, 2012-13, 2013-14 and 2016-17; wherein the demand raised in the earlier notices have been dropped, the Company is yet to receive final order for the same. As at March 31, 2022; assessment orders pertaining to the financial year 2014-15 and 2015-16 are pending. The Company, on the basis of its internal assessment and expert opinion believes that the likelihood of these demands sustained is not probable hence not accrued any amount towards these demands in the financial statements.

(e) There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February

28, 2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The Company will update its provision, on receiving further clarity on the subject.

(B) Capital commitment

(a) At March 31, 2022 the Company had commitments of '' Nil (March 31, 2021: '' 0.56) relating to software implementation contract remaining to be executed and not provided for.

35 Leases

Company as a lessee

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 sale and purchase from related parties are made on terms equivalent to those that prevailing arm''s length transaction. Outstanding balances at the year end are unsecured and interest free (other than loans) and settlement occurs in cash. For the year ended March 31, 2022, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2021 : Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. There have been no guarantees provided or received for any related party receivables or payables except financial guarantee of '' 175.27 Mn (March 31, 2021: '' 175.27) given on behalf of Easemytrip UK Limited for working capital demand loan and overdraft facility taken from ICICI Bank UK PLC. There were no commitments given to related parties.

37 Interim Dividend and Bonus Issue

The Board of Directors (in the meeting held on November 11, 2021) declared an interim dividend of '' 1/- (March 31,

2021: '' 2/-) having par value of '' 2/- each per equity share. The record date for payment of Current year interim dividend was November 22, 2021 and the same was paid on December 9, 2021.

Further, the Company has issued bonus shares of 10,86,45,000 fully paid-up Equity shares of ? 2/- (Rupees Two) each as fully paid-up Equity Shares in proportion of 1 (One) new fully paid-up Equity Shares of ? 2/- (Rupees Two) for every 1 (One) existing fully paid-up Equity Shares of ? 2/- (Rupees Two) each to the eligible shareholders of the Company whose names appear in the Registers of Members or in the Register of Beneficial Owner maintained by the depositories on the

record date, i.e., March 02, 2022.

38 Segment Information Business segments

For management purposes the Company is organized into Lines of Business (LOBs) based on its products and services and has following reportable segments 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 whole time director(s) monitor the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.

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

1. Air Passage: Through an internet and mobile based platform and call-centres the Company provides the facility to book and service international and domestic air tickets to ultimate consumer through B2C (Business To Consumer) and B2B2C (Business to Business to Consumer) channel. Both these channels share similar characteristics as they are engaged in facilitation of air tickets. Management believes that it is appropriate to aggregate these two channels as one reporting segment due to similarities in the nature of business.

2. Hotels Packages: The Company provides holiday packages and hotel reservations through call-

centers and branch offices. The hotel reservations form integral part of the holiday packages and accordingly management believes that it is appropriate to aggregate these services as one reportable segment due to similarities in the nature of services.

3. Other services primarily include income from sale of rail and bus tickets. The operations do not meet any of the

quantitative thresholds to be a reportable segment for any of the years presented in these financial statements.

Adjustments:

1. Finance cost other income and depreciation and amortization are not allocated to individual segments as they are managed at Company level.

2. Current tax and deferred tax assets and liabilities are not allocated to individual segments as they are managed at Company level.

Entity wide disclosures

Revenue of ? 259.68 is derived from one external customer arising from Air Passage segment for the year ended March 31, 2022 March 31, 2021 ? 158.74 from one external customers) individually accounted for more than 10% of the total revenue.

39 Capital Management

Discount rate used in determining fair value

The following methods and assumptions were used to estimate the fair values:

The fair values of the Company''s advances are determined by using discount rate that reflects the incremental borrowing rate as at the end of the reporting year.

41 Fair Value Hierarchy

Levell: 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.

Specific valuation techniques used to value financial instruments is discounted cash flow analysis.

The following table provides the fair value measurement hierarchy of the Company''s assets and liabilities:

42 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

(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.

(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.

(iii) Financial Guarantees

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 2.10. The maximum amount 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 '' 175.27 Mn. 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.

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.

(a) Foreign currency risk:

Inventory turnover ratio, trade receivable turnover ratio and trade payable turnover ratio are not applicable considering the operation and business nature of Company.

Since there are only four instance where the changes are more than 25% i.e. current ratio, Debt-Equity ratio, Debt Service Coverage ratio and Net Capital Turnover ratio, hence the explanations is given only for said ratios.

45 Other Statutory Information

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

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 or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

v) 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:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

vii) The Company has not been declared willful defaulter by any bank or financial Institution or other lender.

viii) The Company does not have any Scheme of Arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Act.

ix) The Company has complied with the the number of layers prescribed under of Section 2(87) of the Act read with the Companies (Restriction on number of Layers) Rules,2017

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

2013:

46 Sections 92-92F of Income Tax Act, 1961 prescribe Transfer Pricing regulations for computing the taxable income

and expenditure from ''international transactions'' between ''associated enterprises'' on an ''arm''s length'' basis. These regulations, inter alia, also require the maintenance of prescribed documents and information including furnishing a report from an Accountant within the due date of filing the return of income. The Company has undertaken necessary steps to comply with the Transfer Pricing regulations. The Management is of the opinion that the international transactions are at arm''s length, and hence the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.

47 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.

48 During the year ended March 31, 2022; the Company has re-classified income from unexercised rights which are non-refundable in nature from other income to revenue from operations since it provides more reliable and relevant information to the users of its financial statements as it is more aligned to practices adopted by its competitors. Accordingly, previous period numbers have also been regrouped to confirm to the current period presentation.

49 COVID-19 Pandemic

The outbreak of Coronavirus (COVID-19) pandemic including second wave has resulted in economic slowdown. Various restrictions on travel have been imposed across the globe which have led to huge amount of cancellations and limited new air travel, hotel packages, bus and train bookings. The Company has undertaken certain cost reduction initiatives, including implementing salary reductions and work from home policies, deferring non-critical capital expenditures and renegotiating the supplier payments and contracts. The Company expects to continue to adapt these policies and cost reduction initiatives as the situation evolves.

In preparation of these standalone financial Statements, the Company has considered the possible effects that may result from COVID-19 on the carrying amount of its assets. In developing the assumptions relating to the possible future

uncertainties in the global conditions because of COVID-19, the Company, as on date on approval of these standalone financial statements has taken into account both the current situation and the likely future developments and has considered internal and external sources of information to arrive at its assessment. The Company has performed sensitivity analysis on the assumptions used and based on current estimates expects the carrying amount of these assets will be recovered. The impact of COVID-19 on the Company''s standalone financial statements may differ from that estimated as at the date of approval of these standalone financial statements.

50 Previous year figures have been regrouped/reclassified wherever necessary, to conform to the current year''s

classification.

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