Table of Contents

Page

Corporate Data

3

Corporate Governance Report

4 – 10

Commentary of the Directors

11

Certificate from the Secretary

12

Independent Auditors’ Report

13 – 19

Consolidated Statement of Financial Position

20

Consolidated Statement of Profit or Loss and Other Comprehensive Income

21

Consolidated Statement of Changes in Equity

22– 24

Consolidated Statement of Cash Flows

25

Notes to the Consolidated Financial Statements

26 – 95

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

Gyaneshwarnath Gowrea

February 11, 2009

August 20, 2020

4

Rajesh Magow

November 06, 2012

-

5

James Jianzhang Liang

January 27, 2016

-

6

Paul Laurence Halpin

April 30, 2018

-

7

Jane Jie Sun

August 30, 2019

-

8

Cindy Xiaofan Wang

August 30, 2019

-

9

Xing Xiong

August 30, 2019

-

10

Xiangrong Li

September 6, 2019

-

11

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 executive chairman and was appointed to our board of directors on October 9, 2001. Mr. Kalra’s responsibilities as group chief executive chairman include executing our business strategy and managing the overall performance and growth of our company. Mr. Kalra has over 29 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 Gurgaon and also serves on the board of the Gurgaon 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 28 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. Before leaving Tecnovate eSolutions, he was the acting chief executive officer of that company. Mr. Magow was part of the senior management team that set up eBookers’ call center and back office operations in India and was a board member of Tecnovate from January 2001 to June 2006. Prior to Tecnovate, he also worked with Aptech Limited and Voltas Limited. Mr. Magow rejoined our company in 2006. He also served on the board of Flipkart Limited as an independent director from March 2011 to May 2015 and again from June 2017 to February 2021. Mr. Magow is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.

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, Applitools, Astronomer, Balto, Commerce Fabric, Enable, LeadGenius, Phenom People, Radius, Sedai, Speedscale 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 an observer on the board of directors of Huazhu Group Limited (NASDAQ:HTHT, SEHK: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, PRC 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. Hyder is a Director – Business Development at IQ EQ Corporate Services (Mauritius) Limited, or IQ-EQ. Prior to joining IQ-EQ, Mr. Hyder served as an investment manager at DSP Blackrock Investment Managers (Mauritius) Ltd where he was responsible for managing two India focused funds. Mr. Hyder 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. Hyder 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, 11324, 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 (HKSE:7080). 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, PRC 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, PRC 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 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. He also served as a non-executive director on the Government of Mauritius’ Board of Investment between 2005 to 2010. 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 companies within the Multichoice International Holdings group. 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 and a Member of the Mauritius Institute of Professional Accountants. 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, 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. He joined Trip.com as Senior R&D Director in April 2013 and became the vice president of Technology. and the chief executive officer of the Flight Ticket Group of Trip.com. Prior to working at Trip.com, Mr. Xiong held several management positions in the research and development teams of Microsoft and Expedia. Mr. Xiong has over 21 years of technology and management experience in the travel industries. 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, PRC 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.

(in ‘USD 000’)

For the year ended March 31

Particulars

2020

2021

Total income

512,592

167,112

Total expenses

(942,002

)

(234,795

)

Finance income

3,362

12,100

Finance costs

(21,433

)

(4,798

)

Share of loss of equity -accounted investees

(65

)

(168

)

Income tax benefit

29

4,507

Loss for the year

(447,517

)

(56,042

)

•

correctly record and explain the transactions of the group;

•

disclose with reasonable accuracy at any time the financial position of the group; 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.

Legal proceedings and provision for litigation

Refer to note 3(k) Provisions and contingent liabilities and note 32 Provisions

Key audit matter

How the matter was addressed in our audit

As at 31 March 2021, the Group carries an amount of USD 30.8 million as a provision in relation to ongoing litigation with respect to a legal dispute against the Group.

The primary procedures we performed to address this key    audit matter included the following:

Legal proceedings and provision for litigation

Refer to note 3(k) Provisions and contingent liabilities and note 32 Provisions

Key audit matter

How the matter was addressed in our audit

The Group records a provision for the anticipated settlement costs of legal disputes against the Group where it is considered to be probable that a liability exists and a reliable estimate can be made of the likely outcome, while the Group discloses a contingent liability where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, unless the probability of outflow of economic benefits is remote.

We identified the assessment of the provision related to an ongoing legal dispute against the Group as a key audit matter. The Group’s evaluation of the potential outcomes of the legal dispute, including potential settlements and appeals, involves significant judgement. This required a high degree of auditor judgement and effort in performing audit procedures and evaluating the Group’s assessment of the likely outcome associated with the ongoing legal dispute.

•      Evaluated the design and implementation and tested the operating effectiveness of certain key controls relating to the Group’s evaluation of the legal dispute, including controls over evaluating the potential outcomes of the legal dispute and determining whether the amount of loss can be reliably estimated.

•      Evaluated the Group’s assessment regarding the potential outcomes of the legal dispute and the adequacy of the provision recognised by performing the following procedures:

•      Inquired with those charged with governance as to their assessment of the potential outcome of the legal dispute.

•      Inspected relevant documents pertaining to the case facts of the legal dispute, which includes correspondence with the tribunal/court and the legal opinion obtained from external experts.

•      Corroborating management’s assessment of the potential outcome of the legal dispute to the independent letter of audit inquiry obtained from external legal counsel.

Evaluation of reallocation and impairment of goodwill

Refer to note 3(f)(i) Intangible assets and goodwill, note 3(i) (ii) Impairment and note 19 Intangible assets and goodwill

Key audit matter

How the matter was addressed in our audit

The total goodwill balance as at 31 March 2021 is USD 619.9 million. On January 31, 2021, the Group completed the integration of the air ticketing business of MakeMyTrip India Private Limited (MMT) and Ibibo Group Private Limited (GO), and of the hotels and packages businesses of MMT and GO, pursuant to the Group drawing significant synergies and benefits from the integrated businesses. Accordingly, the Group changed the composition of its cash-generating units (CGUs) given that management monitors operations and makes decisions for the combined air ticketing business (MMT and GO) and for the combined hotels and packages business (MMT and GO).

The goodwill which was initially allocated to the ibibo Group - Goibibo CGU (at the time of acquisition of the ibibo Group) has thus been reallocated to the newly established CGUs using a relative fair value approach and has been reassessed for impairment at the level of the air ticketing and hotels and packages CGUs. As a consequence of the goodwill reallocation, the allocation of goodwill to the CGUs as at 31 March 2021 is: air ticketing USD 248.7 million, hotels and packages USD 225.0 million, ibibo Group - redBus USD 136.8 million and other CGUs USD 9.4 million.

The primary procedures we performed to address this key audit matter included the following:

•      Evaluated the design and implementation and tested the operating effectiveness of certain key controls relating to the Group’s goodwill impairment assessment process, including controls over the change in composition of CGUs and its consequential impact on the reallocation of goodwill to those CGUs, the estimated revenue growth, the EBITDA margin, the terminal value growth rate and the discount rate.

•      Evaluated the appropriateness of the basis for change in the composition of CGUs by assessing the level at which independent cash inflows are generated and the integration of the businesses in areas such as supply agreements, technology, and the changes to the internal reporting and monitoring structures.

•      Compared the Group’s historical forecast revenue growth and EBITDA margin with the actual results over the same period to assess the Group’s ability to forecast accurately, thereby also assessing the appropriateness of the Group’s estimated revenue growth and EBITDA margin through comparison of the projections to the underlying approved business strategies and growth plans.

Evaluation of reallocation and impairment of goodwil

Refer to note 3(f)(i) Intangible assets and goodwill, note 3(i) (ii) Impairment and note 19 Intangible assets and goodwill

Key audit matter

How the matter was addressed in our audit

Goodwill is tested annually for impairment, and an impairment loss is recognised if the carrying amount of the goodwill exceeds its recoverable amount. The recoverable amount is determined as the value-in-use of the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets (“cash-generating unit” or “CGU”) to which the goodwill has been allocated, using a discounted cash flow method based on the expected cashflows of the CGU.

We identified the reallocation of the goodwill related to the former ibibo Group - Go ibibo CGU to the newly established CGUs and the subsequent evaluation of the impairment thereof in relation to the air ticketing and hotels and packages CGUs as a key audit matter. A high degree of auditor judgement was required in evaluating the Group’s change in the composition of the CGUs structure and the reallocation of goodwill, and the Group’s significant assumptions, including the estimated revenue growth, the EBITDA margin, the terminal value growth rate and the discount rate used to calculate the value-in-use.

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

•      In addition, we involved valuation professionals with specialised 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;  

•      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 CGUs operate.

•

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

2020

2021

Assets

Property, plant and equipment

18

35,997

22,159

Intangible assets and goodwill

19

721,990

720,907

Trade and other receivables, net

21

2,658

2,154

Investment in equity-accounted investees

8

5,363

5,262

Other investments

9

3,683

5,508

Term deposits

23

207

25,043

Non-current tax assets

34,160

26,710

Other non-current assets

25

131

88

Total non-current assets

804,189

807,831

Inventories

36

40

Current tax assets

4,447

2

Trade and other receivables, net

21

53,407

25,177

Term deposits

23

37,823

129,825

Other current assets

24

53,428

51,069

Cash and cash equivalents

22

129,881

295,066

Total current assets

279,022

501,179

Total assets

1,083,211

1,309,010

Equity

Share capital

26

52

53

Share premium

26

1,985,555

2,021,197

Other components of equity

26

20,227

69,604

Accumulated deficit

(1,147,597

)

(1,203,334

)

Total equity attributable to owners of the Company

858,237

887,520

Non-controlling interests

4,055

3,667

Total equity

862,292

891,187

Liabilities

Loans and borrowings

28

21,613

201,616

Employee benefits

33

6,335

7,479

Contract liabilities

10

1,548

453

Deferred tax liabilities, net

20

1,777

3,864

Other non-current liabilities

30

9,775

10,217

Total non-current liabilities

41,048

223,629

Loans and borrowings

28

3,971

2,339

Trade and other payables

31

70,747

53,581

Contract liabilities

10

33,364

33,723

Other current liabilities

29

40,989

73,751

Provisions

32

30,800

30,800

Total current liabilities

179,871

194,194

Total liabilities

220,919

417,823

Total equity and liabilities

1,083,211

1,309,010

/s/ Rajesh Magow

/s/Hyder Aboobakar

Director

Director

Note

For the year ended March 31

2019

2020

2021

Revenue

Air ticketing

166,714

174,361

57,013

Hotels and packages

237,524

235,814

67,976

Bus ticketing

53,745

65,009

24,895

Other revenue

11

28,028

36,345

13,556

Total revenue

486,011

511,529

163,440

Other income

12

220

1,063

3,672

Service cost

Procurement cost of hotels and packages services

160,824

141,404

19,146

Other cost of providing services

12,588

12,916

3,162

Personnel expenses

13

113,567

129,836

105,661

Marketing and sales promotion expenses

192,080

166,603

22,741

Other operating expenses

14

133,295

185,401

51,075

Depreciation and amortization

15

26,817

33,682

33,010

Impairment of goodwill

19

—

272,160

—

Result from operating activities

(152,940

)

(429,410

)

(67,683

)

Finance income

16

6,459

3,362

12,100

Finance costs

16

11,329

21,433

4,798

Net finance income (costs)

(4,870

)

(18,071

)

7,302

Impairment in respect of an equity-accounted investee

8

(9,926

)

—

—

Share of loss of equity-accounted investees

8

(887

)

(65

)

(168

)

Loss before tax

(168,623

)

(447,546

)

(60,549

)

Income tax benefit

17

740

29

4,507

Loss for the year

(167,883

)

(447,517

)

(56,042

)

Other comprehensive income (loss)

Items that will not be reclassified subsequently to profit or loss:

Remeasurement of defined benefit liability, net of tax

(585

)

(346

)

(199

)

Equity instruments at FVOCI - net change in fair value, net of tax

(508

)

(1,979

)

1,825

(1,093

)

(2,325

)

1,626

Items that are or may be reclassified subsequently to profit or loss:

Foreign currency translation differences on foreign operations, net of tax

(72,919

)

(73,252

)

13,497

(72,919

)

(73,252

)

13,497

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

(74,012

)

(75,577

)

15,123

Total comprehensive loss for the year

(241,895

)

(523,094

)

(40,919

)

Profit (loss) attributable to:

Owners of the Company

(167,759

)

(447,781

)

(55,639

)

Non-controlling interests

(124

)

264

(403

)

Loss for the year

(167,883

)

(447,517

)

(56,042

)

Total comprehensive loss attributable to:

Owners of the Company

(241,759

)

(523,048

)

(40,531

)

Non-controlling interests

(136

)

(46

)

(388

)

Total comprehensive loss for the year

(241,895

)

(523,094

)

(40,919

)

Loss per share (in USD)

Basic

27

(1.61

)

(4.26

)

(0.52

)

Diluted

27

(1.61

)

(4.26

)

(0.52

)

Attributable to owners of the Company

Other components of equity

Share

Share

Share

Foreign

Capital

Premium

Fair

Based

Currency

Non-

(refer

(refer note

Value

Payment

Translation

Accumulated

Controlling

Total

note 26)

26)

Reserves

Reserve

Reserve

Deficit

Total

Interests

Equity

Balance as at March 31, 2018

52

1,960,691

3,232

78,804

31,705

(515,850

)

1,558,634

298

1,558,932

Adjustment on initial application of IFRS 9 (net of tax)

—

—

(2,090

)

—

—

2,090

—

—

—

Adjusted balance as at April 1, 2018

52

1,960,691

1,142

78,804

31,705

(513,760

)

1,558,634

298

1,558,932

Total comprehensive income (loss) for the year

Loss for the year

—

—

—

—

—

(167,759

)

(167,759

)

(124

)

(167,883

)

Other comprehensive income (loss)

Foreign currency translation differences

—

—

—

—

(72,907

)

—

(72,907

)

(12

)

(72,919

)

Equity instruments at FVOCI - net change in fair value

—

—

(508

)

—

—

—

(508

)

—

(508

)

Remeasurement of defined benefit liability

—

—

—

—

—

(585

)

(585

)

—

(585

)

Total other comprehensive income (loss)

—

—

(508

)

—

(72,907

)

(585

)

(74,000

)

(12

)

(74,012

)

Total comprehensive income (loss) for the year

—

—

(508

)

—

(72,907

)

(168,344

)

(241,759

)

(136

)

(241,895

)

Transactions with owners, recorded directly in equity

Contributions by owners

Share-based payment

—

—

—

40,002

—

—

40,002

31

40,033

Issue of ordinary shares on exercise of share based awards

—

16,627

—

(16,329

)

—

—

298

—

298

Transfer to accumulated deficit on expiry of share based awards

—

—

—

(50

)

—

50

—

—

—

Total contributions by owners

—

16,627

—

23,623

—

50

40,300

31

40,331

Balance as at March 31, 2019

52

1,977,318

634

102,427

(41,202

)

(682,054

)

1,357,175

193

1,357,368

Attributable to owners of the Company

Other components of equity

Share

Share

Share

Foreign

Capital

Premium

Fair

Based

Currency

Non-

(refer

(refer note

Value

Payment

Translation

Accumulated

Controlling

Total

note 26)

26)

Reserves

Reserve

Reserve

Deficit

Total

Interests

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

—

—

—

—

—

(14,550

)

(14,550

)

—

(14,550

)

(refer note 7 (b)

Acquisition of non-controlling interest (refer note 40)

—

—