Table of Contents

Page

Corporate Data

3

Corporate Governance Report

4 – 12

Commentary of the Directors

13

Certificate from the Secretary

14

Independent Auditors’ Report

15 – 20

Consolidated Statement of Financial Position

21

Consolidated Statement of Profit or Loss and Other Comprehensive Income

22

Consolidated Statement of Changes in Equity

23– 25

Consolidated Statement of Cash Flows

26

Notes to the Consolidated Financial Statements

27 – 92

S. No.

Name of Director

Date of Appointment

Date of Resignation

1

Deep Kalra

October 9, 2001

-

2

Aditya Tim Guleri

April 03, 2007

-

3

Rajesh Magow

November 06, 2012

-

4

James Jianzhang Liang

January 27, 2016

-

5

Paul Laurence Halpin

April 30, 2018

-

6

Jane Jie Sun

August 30, 2019

-

7

Cindy Xiaofan Wang

August 30, 2019

-

8

Xing Xiong

August 30, 2019

-

9

Xiangrong Li

September 6, 2019

-

10

Hyder Aboobakar

August 20, 2020

-

S. No.

Name of Subsidiary

Date of Incorporation

Place of Incorporation

1.

MakeMyTrip (India) Private Limited

April 13, 2000

India

2.

MakeMyTrip Inc.

April 30, 2000

United States of America

3.

Ibibo Group Holdings (Singapore) Pte. Ltd.

November 30, 2012

Singapore

4.

ibibo Group Private Limited

March 23, 2012

India

5.

Bitla Software Private Limited

June 29, 2007

India

1.

Deep Kalra is our founder, group chairman and chief mentor and was appointed to our board of directors on October 9, 2001. Mr. Kalra’s responsibilities as our group executive chairman from February 11, 2020 to March 31, 2022 included executing our business strategy and managing the overall performance and growth of our company. Effective April 1, 2022, Mr. Kalra transitioned to his new role as group chairman and chief mentor and will devote his time to providing mentorship to our leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion. Mr. Kalra has over 30 years of work experience in e-commerce, sales, marketing, corporate banking, financial analysis and senior management roles. Prior to founding our company in April 2000, Mr. Kalra worked with GE Capital India, a subsidiary of the General Electric Company, where he was vice president, business development. Prior to that, he also worked with AMF Bowling Inc. and ABN AMRO Bank NV. Mr. Kalra is the co-chair of National Committee on Tourism and Hospitality at Confederation of Indian Industry. He is a founding member of IndiaTech.Org, an industry body representing the interests of Indian digital companies and is a co-founder of Ashoka University, a liberal arts college in Sonipat, near New Delhi and serves on their board and governing council. Mr. Kalra is a founding member of ‘I am Gurgaon’— an NGO focused on improving the quality of life in Gurugram and also serves on the board of the Gurugram Metropolitan Development Authority. Mr. Kalra holds a Bachelor’s degree in Economics from St. Stephen’s College, Delhi University, India, and a Master’s degree in Business Administration from the Indian Institute of Management, Ahmedabad, India.

2.

Rajesh Magow is our co-founder and group chief executive officer and was appointed to our board of directors on November 6, 2012. Mr. Magow has also previously held the positions of chief financial officer and chief operating officer at our company. Mr. Magow has over 29 years of experience in the information technology and internet industries. After having been a part of our senior management team in 2001 for a few months, Mr. Magow worked as a part of senior management at Tecnovate eSolutions Private Limited, a wholly-owned subsidiary of eBookers.com (a United Kingdom-based online travel company that was listed on the Nasdaq Stock Market until it was acquired by the Cendant group in February 2005) from 2001 to June 2006.

2.

Rajesh Magow (Continued)

3.

Aditya Tim Guleri was appointed to our board of directors on April 3, 2007 as a nominee of Sierra Ventures VIII-A, L.P., Sierra Ventures VIII-B, L.P. and Sierra Ventures Associates VIII, LLC, or the Sierra Ventures entities. He has remained on our board following the lapse of Sierra Ventures entities’ right of nomination upon the completion of our initial public offering in August 2010. Mr. Guleri is the Managing Director of Sierra Ventures. Mr. Guleri’s investment focus is primarily information technology software companies. Additionally, Mr. Guleri has helped execute Sierra’s India strategy and investments. As a venture capitalist, Mr. Guleri has helped to complete strategic exits from numerous companies including several public companies. Mr. Guleri currently serves on the board of directors of AgentIQ, Appcues, Astronomer, Balto, Commerce Fabric, Phenom People, Radius, Sedai, Speedscale, Calyptia and SupportLogic. Prior to Sierra, Mr. Guleri founded and served as chief executive officer of Octane Software from 1996 to 2000. He successfully led Octane’s merger with Epiphany (NASDAQ: EPNY) in 2000. Before Octane, Mr. Guleri was vice president of field operations at Scopus Technology. Mr. Guleri holds a Master of Science degree in Engineering and Operating Research from Virginia Polytechnic Institute and State University; and a Bachelor of Science degree in Electrical Engineering from Punjab Engineering College, Chandigarh, India. The business address of Mr. Guleri is 1400 Fashion Island Boulevard, Suite 1010, San Mateo, CA 94404, United States.

4.

Cindy Xiaofan Wang was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Ms. Wang has served as the chief financial officer of Trip.com since November 2013 and executive vice president since May 2016. Prior to that, she was a vice president of Trip.com from January 2008. Ms. Wang joined Trip.com in 2001 and has held a number of managerial positions at Trip.com. In 2017, Ms. Wang won the Best CFO Award by Institutional Investor in the 2017 All-Asia Executive Team Rankings and China Best CFO Leadership Award by SNAI/ACCA/Korn Ferry. Previously, Ms. Wang worked with PricewaterhouseCoopers Zhong Tian CPAs Limited Company. She is also an observer on the board of directors of Huazhu Group Limited (NASDAQ:HTHT, HKEX:1179). Ms. Wang received a Master of Business Administration from Massachusetts Institute of Technology and obtained her Bachelor’s degree from Shanghai Jiao Tong University. Ms. Wang is a Certified Public Accountant (CPA). The business address of Ms. Wang is Building 16, SKY SOHO, No. 968 Jinzhong Road, Shanghai, People’s Republic of China 200335.

5.

Hyder Aboobakar was appointed to our board of directors on August 20, 2020 and is one of our resident directors in Mauritius. Mr. Aboobakar is a Director – Business Development at IQ EQ Corporate Services (Mauritius) Limited, or IQ-EQ. Prior to joining IQ-EQ, Mr. Aboobakar served as an investment manager at DSP Blackrock Investment Managers (Mauritius) Ltd where he was responsible for managing two India focused funds. Mr. Aboobakar has also previously worked as a business development manager at Cim Global Business (Mauritius) Ltd, as an investment manager at TVF Capital Management Ltd and as a trader and team leader of risk management at Superfund Asset Management Ltd. Mr. Aboobakar is a Chartered Financial Analyst and holds a Bachelor of Science (Honors) degree in Economics and Finance from the University of Mauritius. He is also a certified Financial Risk Manager by the Global Association of Risk Professionals. The business address of Mr. Aboobakar is c/o IQ EQ Corporate Services (Mauritius) Limited, 33 Edith Cavell Street, Port Louis, Mauritius.

6.

James Jianzhang Liang was appointed to our board of directors on January 27, 2016, as a nominee of Trip.com. He is one of the co-founders of Trip.com and is currently serving as the executive chairman of Trip.com’s board of directors. Prior to founding Trip.com, Mr. Liang held a number of technical and managerial positions with Oracle Corporation from 1991 to 1999 in the United States and China, including the head of the ERP consulting division of Oracle China from 1997 to 1999. Mr. Liang currently serves as Co-Chairman of Tongcheng-eLong Holdings Limited (HKEX:0780). Mr. Liang received his Ph.D. degree from Stanford University and his Master’s and Bachelor’s degrees from Georgia Institute of Technology. He also attended an undergraduate program at Fudan University. The business address of Mr. Liang is Building 16, SKY SOHO, No. 968 Jinzhong Road, Shanghai, People’s Republic of China 200335.

7.

Jane Jie Sun was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Ms. Sun has served as the chief executive officer of Trip.com, as well as a member of the board of directors of Trip.com, from November 2016. Prior to that, she was a co-president of Trip.com from March 2015, chief operating officer since May 2012, and chief financial officer from 2005 to 2012. Prior to joining Trip.com, Ms. Sun worked as the head of the SEC and External Reporting Division of Applied Materials, Inc. from 1997. Prior to that, she worked with KPMG LLP as an audit manager in Silicon Valley, California for five years. Ms. Sun is a member of the American Institute of Certified Public Accountants and a State of California Certified Public Accountant. Ms. Sun received her Bachelor’s degree from the business school of the University of Florida with high honors. She also obtained her LLM degree from Peking University Law School. The business address of Ms. Sun is Building 16, SKY SOHO, No. 968 Jinzhong Road, Shanghai, People’s Republic of China 200335.

8.

Paul Laurence Halpin was appointed to our board of directors on April 30, 2018 as a nominee of MIH Internet. He has remained on our board following the completion of the Naspers-Trip.com Transaction as a nominee of Trip.com. Mr. Halpin has seventeen years’ experience as non-executive director and chairperson of audit and risk committees of listed companies. His experience includes in-depth board-level involvement in corporate strategy, financial reporting, investment oversight, merger and acquisition transactions and risk oversight. He has a combination of international experience and perspective from a career in Europe and Africa, as a business services entrepreneur, and previously, as a partner in a professional services firm. Mr. Halpin held various leadership positions in the financial services industry at PwC Dublin, London and Johannesburg during his 25-year career from 1979 until 2004. Between 2004 to 2011, having relocated to Mauritius in 2004, Mr. Halpin established and sold a number of international healthcare and insurance outsourcing businesses in Mauritius. Mr. Halpin is an independent non-executive director on the boards of Gamma Civic Ltd, Kolos Cement Ltd and Lottotech Ltd., which are listed on the Stock Exchange of Mauritius. He also serves as an independent non-executive director of other unlisted companies, including Gamma Construction Ltd, Citicc (Africa) Holdings Ltd, and several private companies. His previously held roles include Lloyd’s general representative for Mauritius. Mr. Halpin holds a Bachelor of Commerce degree from University College Dublin. He is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants in Ireland. He is a Fellow of the Mauritius Institute of Directors, a Member of the Mauritius Institute of Professional Accountants and a Member of the Institute of Directors (London). The business address of Mr. Halpin is Unit 8, East Rock, Coastal Road, Roches Noires, Mauritius.

9.

Xiangrong Li was appointed to our board of directors on September 6, 2019. Ms. Li has served as the deputy general manager and financial controller of Beijing Tourist Hotel (Group) Co. Ltd., a company listed on the Shanghai Stock Exchange since September 2016. Ms. Li was employed with Unilever in various positions from 1993 to 2010, including serving as the financial controller for the greater China region from 2007 to 2010. Ms. Li served as the chief financial officer of Hengdeli Holdings Ltd, a company listed on the Stock Exchange of Hong Kong, from 2010 to August 2014. Ms. Li served as the chief financial officer of Homeinns Hotel Group (previously listed on NASDAQ with stock ticker HMIN, merged with Beijing Tourist Hotel (Group) Co. Ltd in 2016) from August 2014 to September 2016. Ms. Li obtained her Bachelor’s degree in International Accounting jointly awarded by the Shanghai University of Finance and Economics and Shanghai International Studies Institute (now known as Shanghai International Studies University) in July 1993. She obtained a Master’s degree in Executive Management Business Administration from China Europe International Business School in September 2008 and is now a senior member of The Association of Chartered Certified Accountants and a member of The Chinese Institute of Certified Public Accountants. The business address of Ms. Li is 124, Caobao Road, Shanghai, People’s Republic of China.

10.

Xing Xiong was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Mr. Xiong is currently chief operating officer of Trip.com Group. He joined Trip.com Group as Senior R&D Director in 2013 and became the vice president of Technology. He was appointed as the chief executive officer of the Trip.com Group Air Ticketing in 2014. In 2015, he became the Trip.com Senior Vice President, and in 2016 he was made the Trip.com Group Executive Vice President. Currently, Mr. Xiong is in charge of air ticketing, accommodation, corporate travel, technology, international business, and other areas within the group. Prior to joining Trip.com Group, Mr. Xiong held several management positions in the research and development teams of Microsoft and Expedia. Mr. Xiong has over 20 years of technology and management experience. He holds a Bachelor’s degree in Computer Science from Peking University and a Master’s degree in Computer Science from Northeastern University in Boston, Massachusetts, United States. The business address of Mr. Xiong is Building 16, SKY SOHO, No. 968 Jinzhong Road, Shanghai, People’s Republic of China 200335.

•

selecting our independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors;

•

annually reviewing the independence of our independent auditors;

•

reviewing and approving all related party transactions on an ongoing basis;

•

reviewing and discussing the annual audited financial statements with management and our independent auditors;

•

such other matters that are specifically delegated to our audit committee by our board of directors from time to time;

•

meeting separately and periodically with management and our independent auditors; and

•

reporting regularly to our full board of directors.

•

reviewing the compensation plans, policies and programs adopted by the management;

•

reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer, evaluating the performance of our chief executive officer in light of those goals and objectives, and setting the compensation level of our chief executive officer based on this evaluation; and

•

reviewing and approving or making recommendations to the board regarding any compensation plans, equity-based plans and similar arrangements.

•

convening shareholders’ annual meetings and reporting its work to shareholders at such meetings;

•

authorizing dividends and distributions;

•

appointing officers and determining the term of office of officers;

•

exercising the borrowing powers of our company and mortgaging the property of our company, provided that shareholders’ approval shall be required if any transaction is a major transaction for our company under section 130 of the Mauritius Companies Act; and

•

approving the issuance and transfer of shares of our company, including the recording of such shares in our share register.

Particulars

For the year ended March 31

2021

2022

Total income

167,112

307,412

Total expenses

(234,795)

(337,778)

Finance income

12,100

9,984

Finance costs

(4,798)

(26,326)

Share of profit (loss) of equity -accounted investees

(168)

34

Income tax benefit

4,507

                         1,107

Loss for the year

(56,042)

(45,567)

•

correctly record and explain the transactions of the Company;

•

disclose with reasonable accuracy at any time the financial position of the Company; and

•

would enable them to ensure that the consolidated financial statements are in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act.

Evaluation of impairment of goodwill

Refer to notes 3 (h) (ii) and 19

Key audit matter

How the matter was addressed in our audit

The goodwill balance as at March 31, 2022 was USD 601,151 thousands, of which USD 591,977 thousands relates to air ticketing, hotels and packages and ibibo Group - redBus Cash Generating Units (CGUs).

The Group performs an impairment test of goodwill on an annual basis at the level of the CGUs or more frequently if the Group becomes aware of events or changes in circumstances that would indicate that the carrying value of goodwill may not be recoverable. The recoverable amount of the CGUs is determined on the basis of their value-in-use using a discounted cash flow method, based on the expected cash flows of the CGUs.

We identified the evaluation of goodwill impairment related to the air ticketing, hotels and packages and ibibo Group - redBus CGUs as a key audit matter. A high degree of subjective auditor judgment was required in evaluating the Group's significant assumptions, including the estimated adjusted margin growth rate, EBITDA margin, terminal value growth rate and discount rate used to calculate the value-in-use.

We performed the following procedures to address this key audit matter:

•     We evaluated the design and implementation, and tested the operating effectiveness of certain internal controls related to the Group's goodwill impairment assessment process, including controls over the determination of estimated adjusted margin growth rate, EBITDA margin, terminal value growth rate and discount rate.

•     We compared the Group’s historical forecasted adjusted margin growth rate and the EBITDA margin with the actual results over the same period to assess the Group's ability to forecast accurately.

•     We further evaluated the Group’s estimated adjusted margin growth rate and the EBITDA margin by comparing the projections to the underlying approved business strategies and growth plans.

•     We performed sensitivity analyses over the estimated adjusted margin growth rate, EBITDA margin, terminal value growth rate and discount rate to assess the impact of changes in these metrics on the recoverable amount.

Evaluation of impairment of goodwill

Refer to notes 3 (h) (ii) and 19

Key audit matter

How the matter was addressed in our audit

•     We have evaluated the adequacy of the financial statement disclosures, including disclosures of key assumptions, judgements and sensitivities.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

•     Evaluating the appropriateness of the discount rate used in the Group’s discounted cash flow model by comparing it against a discount rate range that was independently developed using publicly available data for comparable entities; and

•     Evaluating the appropriateness of the terminal value growth rate used in the Group’s discounted cash flow model by comparing it against the long-term expected growth rate and inflation rate of the economy in which the CGU operates.

•

Identify and assess the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

•

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the Consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the group to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Consolidated financial statements, including the disclosures, and whether the Consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

KPMG

Chirsto Smith

Ebène, Mauritius

Licensed by FRC

As at March 31

Note

2021

2022

Assets

Property, plant and equipment

18

22,159

19,313

Intangible assets and goodwill

19

720,907

685,658

Trade and other receivables, net

21

2,154

3,713

Investment in equity-accounted investees

8

5,262

3,558

Other investments

9

5,508

4,031

Term deposits

23

25,043

6

Non-current tax assets

26,710

14,965

Other non-current assets

25

88

135

Total non-current assets

807,831

731,379

Inventories

40

11

Current tax assets

2

—

Trade and other receivables, net

21

25,177

35,910

Term deposits

23

129,825

264,179

Other current assets

24

51,069

77,982

Cash and cash equivalents

22

295,066

213,283

Total current assets

501,179

591,365

Total assets

1,309,010

1,322,744

Equity

Share capital

26

53

53

Share premium

26

2,021,197

2,034,663

Other components of equity

26

69,604

73,574

Accumulated deficit

(1,203,334

)

(1,214,156

)

Total equity attributable to owners of the Company

887,520

894,134

Non-controlling interests

3,667

2,341

Total equity

891,187

896,475

Liabilities

Loans and borrowings

28

201,616

213,808

Employee benefits

33

7,479

9,086

Contract liabilities

10

453

27

Deferred tax liabilities, net

20

3,864

2,596

Other non-current liabilities

30

10,217

9,536

Total non-current liabilities

223,629

235,053

Loans and borrowings

28

2,339

2,776

Trade and other payables

31

53,581

62,827

Contract liabilities

10

33,723

53,211

Other current liabilities

29

73,751

72,402

Provisions

32

30,800

—

Total current liabilities

194,194

191,216

Total liabilities

417,823

426,269

Total equity and liabilities

1,309,010

1,322,744

/s/ Rajesh Magow

/s/ Paul Laurence Halpin

 Rajesh Magow       

 Director

  Paul Laurence Halpin       

  Director

For the year ended March 31

Note

2020

2021

2022

Revenue

Air ticketing

174,361

57,013

88,712

Hotels and packages

235,814

67,976

157,267

Bus ticketing

65,009

24,895

39,896

Other revenue

11

36,345

13,556

18,047

Total revenue

511,529

163,440

303,922

Other income

12

1,063

3,672

3,490

Service cost

Procurement cost of hotels and packages services

141,404

19,146

54,760

Other cost of providing services

12,916

3,162

3,990

Personnel expenses

13

129,836

105,661

116,924

Marketing and sales promotion expenses

166,603

22,741

51,033

Other operating expenses

14

185,401

51,075

81,575

Depreciation, amortization and impairment

15

33,682

33,010

29,496

Impairment of goodwill

272,160

—

—

Result from operating activities

(429,410

)

(67,683

)

(30,366

)

Finance income

16

3,362

12,100

9,984

Finance costs

16

21,433

4,798

26,326

Net finance income (costs)

(18,071

)

7,302

(16,342

)

Share of profit (loss) of equity-accounted investees

8

(65

)

(168

)

34

Loss before tax

(447,546

)

(60,549

)

(46,674

)

Income tax benefit

17

29

4,507

1,107

Loss for the year

(447,517

)

(56,042

)

(45,567

)

Other comprehensive income (loss)

Items that will not be reclassified subsequently to

   profit or loss:

Remeasurement of defined benefit liability, net of tax

(346

)

(199

)

(426

)

Equity instruments at fair value through other comprehensive

income (FVOCI) - net change in fair value, net of tax

(1,979

)

1,825

33,543

(2,325

)

1,626

33,117

Items that are or may be reclassified subsequently to

   profit or loss:

Foreign currency translation differences on foreign operations, net of tax

(73,252

)

13,497

(18,943

)

(73,252

)

13,497

(18,943

)

Other comprehensive income (loss) for the year, net of tax

(75,577

)

15,123

14,174

Total comprehensive loss for the year

(523,094

)

(40,919

)

(31,393

)

Profit (loss) attributable to:

Owners of the Company

(447,781

)

(55,639

)

(45,405

)

Non-controlling interests

264

(403

)

(162

)

Loss for the year

(447,517

)

(56,042

)

(45,567

)

Total comprehensive loss attributable to:

Owners of the Company

(523,048

)

(40,531

)

(31,216

)

Non-controlling interests

(46

)

(388

)

(177

)

Total comprehensive loss for the year

(523,094

)

(40,919

)

(31,393

)

Loss per share (in USD)

Basic

27

(4.26

)

(0.52

)

(0.42

)

Diluted

27

(4.26

)

(0.52

)

(0.42

)

Attributable to owners of the Company

Other components of equity

Share Capital

(refer note 26)

Share Premium

(refer note 26)

Fair Value

Reserves

Share Based

Payment

Reserve

Foreign

Currency

Translation

Reserve

Accumulated

Deficit

Total

Non-

Controlling

Interests

Total Equity

Balance as at April 1, 2019

52

1,977,318

634

102,427

(41,202

)

(682,054

)

1,357,175

193

1,357,368

Total comprehensive income (loss) for the year

Profit (loss) for the year

—

—

—

—

—

(447,781

)

(447,781

)

264

(447,517

)

Other comprehensive income (loss)

Foreign currency translation differences

—

—

—

—

(72,964

)

—

(72,964

)

(288

)

(73,252

)

Equity instruments at FVOCI - net change in fair

   value

—

—

(1,979

)

—

—

—

(1,979

)

—

(1,979

)

Remeasurement of defined benefit liability

—

—

—

—

—

(324

)

(324

)

(22

)

(346

)

Total other comprehensive income (loss)

—

—

(1,979

)

—

(72,964

)

(324

)

(75,267

)

(310

)

(75,577

)

Total comprehensive income (loss) for the year

—

—

(1,979

)

—

(72,964

)

(448,105

)

(523,048

)

(46

)

(523,094

)

Transactions with owners, recorded directly

   in equity

Contributions by owners

Share-based payment

—

—

—

41,648

—

—

41,648

—

41,648

Issue of ordinary shares on exercise of share

   based awards

—

8,237

—

(8,237

)

—

—

—

—

—

Transfer to accumulated deficit on expiry of

   share based awards

—

—

—

(100

)

—

290

190

(190

)

—

Total contributions by owners

—

8,237

—

33,311

—

290

41,838

(190

)

41,648

Changes in ownership interests in subsidiaries

   that do not result in a loss of control

Financial liability for acquisition of non-

   controlling interest (refer note 7 (b))

—

—

—

—

—

(14,550

)

(14,550

)

—

(14,550

)

Acquisition of non-controlling interest (refer note 40)

—

—

—

—

—

(3,178

)

(3,178

)

—

(3,178

)

Acquisition of subsidiary with non-controlling

   interest

—

—

—

—

—

—

—

4,098

4,098

Total changes in ownership interest in subsidiaries

—

—

—

—

—

(17,728

)

(17,728

)

4,098

(13,630

)

Total transactions with owners

—

8,237

—

33,311

—

(17,438

)

24,110

3,908

28,018

Balance as at March 31, 2020

52

1,985,555

(1,345

)

135,738

(114,166

)

(1,147,597

)

858,237

4,055

862,292

Attributable to owners of the Company

Other components of equity

Share Capital

(refer note 26)

Share Premium

(refer note 26)

Equity

Component of

Convertible

Notes

Fair Value

Reserves

Share Based

Payment Reserve

Foreign

Currency

Translation

Reserve

Accumulated

Deficit

Total

Non-

Controlling

Interests

Total Equity

Balance as at April 1, 2020

52

1,985,555

—

(1,345

)

135,738

(114,166

)

(1,147,597

)

858,237

4,055

862,292

Total comprehensive income (loss) for the year

Loss for the year

—

—

—

—

—

—

(55,639

)

(55,639

)

(403

)

(56,042

)

Other comprehensive income (loss)

Foreign currency translation differences

—

—

—

—

—

13,500

—

13,500

(3

)

13,497

Equity instruments at FVOCI - net change in

   fair value

—

—

—

1,825

—

—

—

1,825

—

1,825

Remeasurement of defined benefit liability

—

—

—

—

—

—

(217

)

(217

)

18

(199

)

Total other comprehensive income (loss)

—

—

—

1,825

—

13,500

(217

)

15,108

15

15,123

Total comprehensive income (loss) for the year

—

—

—

1,825

—

13,500

(55,856

)

(40,531

)

(388

)

(40,919

)

Transactions with owners, recorded directly

   in equity

Contributions by owners

Share-based payment

—

—

—

—

38,399

—

—

38,399

—

38,399

Issue of ordinary shares on exercise of

   share based awards

1

35,642

—

—

(35,350

)

—

—

293

—

293

Transfer to accumulated deficit on expiry of

   share based awards

—

—

—

—

(119

)

—

119

—

—

—

Issue of convertible notes (net of tax and issue

   expenses) (refer note 17 and 28)

—

—

31,122

—

—

—

—

31,122

—

31,122

Total contributions by owners

1

35,642

31,122

—

2,930

—

119

69,814

—

69,814

Balance as at March 31, 2021

53

2,021,197

31,122

480

138,668

(100,666

)

(1,203,334

)

887,520

3,667

891,187

See accompanying notes to consolidated financial statements

Attributable to owners of the Company

Other components of equity

Share Capital

(refer note 26)

Share Premium

(refer note 26)

Equity

Component of

Convertible

Notes

Fair Value

Reserves

Share Based

Payment Reserve

Foreign

Currency

Translation

Reserve

Accumulated

Deficit

Total

Non-

Controlling

Interests

Total Equity

Balance as at April 1, 2021

53

2,021,197

31,122

480

138,668

(100,666

)

(1,203,334

)

887,520

3,667

891,187

Total comprehensive income (loss) for the year

Loss for the year

—

—

—

—

—

—

(45,405

)

(45,405

)

(162

)

(45,567

)

Other comprehensive income (loss)