2.2 Summary of material accounting policies

i. Use of estimates

The preparation of standalone financial statements
in conformity with principles of Ind AS requires the
management to make judgements, estimates and
assumptions that effect the reported amounts of
revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities, at the end of the
reporting year. Although these estimates are based on
the 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 years.

The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the year in which the
estimate is revised, if the revision affects only that
year, or in the year of the revision and future years
if the revision affects both current and future years.

Information about the significant areas of estimation,
uncertainty and critical judgements in applying
accounting policies that have the most significant
effect on the amounts recognized in the standalone
financial statements are disclosed in note no 2.3.

ii. Business combinations and goodwill

Business combinations are accounted as follows:

Business combinations (other than common control
business combinations) - Acquisition Method

The cost of an acquisition in a business combination
is measured at fair value, which is calculated as the
sum of the acquisition date fair values of the assets
transferred by the Company, liabilities incurred by
the Company to the former owners of the acquiree
and the equity interest issued by the Company in
exchange of control of the acquiree.

At the acquisition date, the identifiable assets
acquired, and the liabilities assumed are recognized
at their acquisition date fair values (except certain
assets and liabilities which are required to be
measured as per the applicable standard). For this
purpose, the liabilities assumed include contingent
liabilities representing present obligation and they are
measured at their acquisition fair values irrespective
of the fact that outflow of resources embodying
economic benefits is not probable.

For each business combination, the Company elects
whether to measure the non-controlling interests
in the acquiree at fair value or at the proportionate
share of the acquiree's identifiable net assets.

Acquisition-related costs are expensed as incurred,
except for the costs of issuing debt or equity securities
that are recognized in accordance with Ind AS 32 and
Ind AS 109.

When the Company acquires a business, it assesses
the financial assets and liabilities assumed for
appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions as at the
acquisition date.

iii. Current versus non-current classification

The Company presents assets and liabilities in
the balance sheet based on current/ non-current
classification. An asset is treated as current when it
is:

• Expected to be realized or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months
after the reporting year, or

• Cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for
at least twelve months after the reporting year.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating
cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after
the reporting year, or

• There is no right at the end of the reporting period
to defer settlement of the liability for at least
twelve months after the reporting period.

All other liabilities are classified as non-current.

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

The operating cycle is the time between the acquisition
of assets for processing and their realization in cash
and cash equivalents. The Company has identified
twelve months as its operating cycle.

iv. Foreign currencies

The Company's standalone financial statements
are presented in Indian rupees ("INR"), which is the
Company's functional currency.

The financial statements of each of the foreign
operations ('branches') are measured using the
currency of the primary economic environment,
in which the branches forming part of Company,
operates ("functional currency"). The functional
currency is normally the currency in which the foreign
branches primarily generate and spend cash.

Transactions and balances

Transactions in foreign currencies are initially
recorded at their respective functional currencies
using the spot rates at the date when the transaction
first qualifies for recognition. However, for practical
reasons, the Company uses an average rate if the
average approximates the actual rate at the date of
the transaction.

Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency
spot rates of exchange at the reporting date.

Exchange differences arising on settlement or
translation of monetary items are recognized in
statement of profit and loss.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial
transactions.

Foreign Operations (branches)

On consolidation, the assets and liabilities of foreign
operations are translated into Indian rupees at the
rate of exchange prevailing at the reporting date
and their statement of profit and loss are translated
at exchange rates prevailing at the dates of the
transactions. For practical reasons, the Company
uses an average rate to translate income and
expense items. The exchange differences arising

on translation for consolidation are recognized in
other comprehensive income ("OCI"). On disposal of
a foreign operation, the component of OCI relating to
that foreign operation is reclassified in statement of
profit and loss.

v. Fair value measurement

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

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

• In the absence of a principal market, in the most
advantageous market for the asset or liability.

The principal or the most advantageous market must
be accessible by the Company.

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

The fair value measurement of a non-financial asset
takes into account a market participant's ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data is available to measure fair value,
maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the standalone financial
statements are categorized within the fair value

hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
measurement as a whole:

• Level 1: quoted (unadjusted) market prices in
active markets for identical assets or liabilities.

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

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

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

For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of
the asset or liability and the level of the fair value
hierarchy as explained above.

vi. Property, plant and equipment

Property, plant and equipment ("PPE") are stated at
cost, less accumulated depreciation and accumulated
impairment loss, if any. Such cost includes the
expenditure directly attributable to bringing the
asset to the location and condition necessary for it
to be capable of operating in the manner intended by
management.

Subsequent costs on a PPE are included in the asset's
carrying amount only when it is probable that future
economic benefits associated with the item will

flow to the Company and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognized when replaced. Rest of the subsequent
costs are charged to the statement of profit and loss
in the reporting period in which they are incurred.

Capital work in progress is stated at cost, net of
accumulated impairment loss, if any.

Depreciation on property plant and equipment is
provided on a straight-line method based on the
estimated useful life of the asset, which is as follows:

Leasehold improvements are amortized over the
lease term or estimated useful life of such assets,
whichever is lower.

The management has estimated the useful lives and
residual values of all property, plant and equipment
and adopted useful lives based on management's
technical assessment of their respective economic
useful lives. The residual values, useful lives and
methods of depreciation of property, plant and
equipment are reviewed at each financial year end
and adjusted prospectively (if any).

Depreciation on the assets purchased during the
year is provided on pro-rata basis from the date of
purchase of the assets.

An item of property, plant and equipment and any
significant part initially recognized is derecognized
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or loss
arising on derecognition of the asset (calculated as
the difference between the net disposal proceeds
and the carrying amount of the asset) is included in
the statement of profit and loss when the asset is
derecognized.

vii. Goodwill and other intangible assets

Goodwill represents the excess of the aggregate of
the cost of acquired business, amount recognized
for non-controlling interests, and the fair value of any
previous interest held in the acquiree over the net fair
value of the identifiable assets acquired and liabilities
assumed. Goodwill is tested for impairment annually
or when events or circumstances indicate that the
implied fair value of goodwill is less than the carrying
amount.

Intangible assets acquired separately are measured
on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair
value at the date of acquisition.

Following initial recognition, intangible assets are
carried at cost less accumulated amortization and
accumulated impairment losses, if any. Internally
generated intangibles, excluding capitalized
development costs, are not capitalized and the
related expenditure is reflected in the statement of
profit and loss in the year in which the expenditure
is incurred.

The useful lives of intangible assets are assessed as
either finite or indefinite.

Software and websites (other than those acquired in
business combination) with finite lives are amortized
on a straight-line basis over the estimated useful
life being 1-3 years. All intangible assets (other than

goodwill) are assessed for impairment whenever
there is an indication that the intangible asset may be
impaired. The useful life and the amortization method
for an intangible asset with a finite useful life are
reviewed at least at the end of each reporting year.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and
are treated as changes in accounting estimates. The
amortization expense on intangible assets with finite
lives is recognized in the statement of profit and loss
unless such expenditure forms part of carrying value
of another asset.

Intangible assets acquired in business combination,
include technology platform and trademarks which
are amortized on a straight-line basis over their
estimated useful life which is as follows:

The amortization period and method are reviewed
at least at each financial year end. If the expected
useful life of the asset is significantly different
from previous estimates, the amortization period is
changed accordingly.

An intangible asset is derecognized upon disposal
(i.e., at the date the recipient obtains control) or
when no future economic benefits are expected from
its use or disposal. Any gains or losses arising from
derecognition of an intangible asset are measured as
the difference between the net disposal proceeds and
the carrying amount of the asset and are recognized
in the statement of profit and loss when the asset is
derecognized.

viii. Leases

The Company assesses at contract inception whether
a contract is, or contains, a lease i.e., whether the
contract conveys the right to control the use of an
identified asset for a period of time in exchange for
consideration.

Company as a lessee

The Company applies a single recognition and
measurement approach for all leases, except for
short-term leases and leases of low-value assets. The
Company recognizes lease liabilities to make lease
payments and right-of-use assets representing the
right to use the underlying assets.

Right-of-use assets

The Company recognizes right-of-use ("ROU") assets
at the commencement date of the lease (i.e., the date
the underlying asset is available for use). The cost of
ROU assets include the amount of lease liabilities
recognized, initial direct costs incurred, and lease
payments made at or before the commencement date
less any lease incentives received. The ROU assets are
subsequently measured at cost, less any accumulated
depreciation and accumulated impairment losses, if
any, and adjusted for any remeasurement of lease
liabilities. ROU assets are depreciated on a straight¬
line basis over the shorter of the lease term or the
estimated useful lives of the assets. The Company
has lease contracts for office premises having a lease
term ranging from 1-10 years.

If ownership of the leased asset transfers to
the Company at the end of the lease term or the
cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset.

The right-of-use assets are also subject to
impairment. Refer to the accounting policies in
section (xvi) Impairment of non-financial assets.

Lease liabilities

At the commencement date of the lease, the Company
recognizes lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
(including in substance fixed payments) less any lease
incentives receivable, variable lease payments that
depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase
option reasonably certain to be exercised by the
Company and payments of penalties for terminating
the lease, if the lease term reflects the Company
exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate
are recognized as expenses (unless they are incurred
to produce inventories) in the year in which the event
or condition that triggers the payment occurs.

In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at
the lease commencement date because the interest
rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, change in
the lease term, change in the lease payments (e.g.,
changes to future payments resulting from a change
in an index or rate used to determine such lease
payments) or change in the assessment of an option
to purchase the underlying asset.

Short term leases and leases of low-value assets

The Company has elected not to recognize ROU
assets and lease liabilities for short term leases that
have a lease term of twelve months or less and leases
of low value assets. The Company recognizes lease
payments associated with these leases as an expense
on a straight-line basis over the lease term.

ix. Revenue recognition

The Company generates revenue mainly by providing
e-commerce platform services to restaurant
partners and users. It is also engaged in business of
advertisement services, subscriptions services, and
other ancillary services.

Revenue towards satisfaction of a performance
obligation is measured at the amount of transaction
price (net of variable consideration) allocated towards
that performance obligation. The transaction price
of goods sold and services rendered is net of any
taxes collected from customers, which is remitted
to government authorities and variable consideration
on account of various discounts and rebates offered
by the Company. The transaction price is an amount
of consideration to which the entity expects to
be entitled in exchange for transferring promised
goods or services. Consideration includes goods or
services contributed by the customer, as non-cash
consideration, over which Company has control.

Where performance obligation is satisfied over time,
the Company recognizes revenue over the contract
period. Where performance obligation is satisfied
at a point in time, the Company recognizes revenue
when customer obtains control of promised goods
and services in the contract.

Following are the revenue recognition principles:

Food delivery transactions

The Company operates an e-commerce platform
connecting the users, restaurant partners and
the delivery partners. The Company has separate
contractual arrangement with the users, restaurant
partners and the delivery partners respectively
which specify and creates enforceable rights and
obligations of each of the parties.

Identification of customer

The Company considers a party to be a customer if
a) it provides services to the party and b) receives
consideration from the party.

• Based on the contractual arrangement, the
restaurant partners are considered as customers.

• The users are considered customer only in case
the Company charges service fee from the users.

• For the services provided by the Company to
the restaurant partners, the Company does not
consider user as a customer of these restaurant
partners (i.e. customer of the customer), as the
Company is not providing the services of/ on
behalf of Restaurant partners.

Goods or services provided by restaurant partners
and commission income:

The Company considers itself as a principal in an
arrangement only when it controls the goods or
service provided. The Company has concluded that
it does not control the goods or services provided by
the restaurant partners.

The Company recognizes the commission revenues
earned from restaurant partners on a point in time
basis.

User incentives

The Company provides various types of incentives to
the users to promote the transactions on its platform.

In case where the Company has considered the user
as a customer, the incentives paid to user are netted
off in revenue against the amount charged from the
user. In cases where the Company does not consider
the user as a customer, the incentives paid to user are
recorded as expense.

Platform services and transactions

The Company provides platform services to its users
and earns revenue in the form of platform fee. This
platform fee is recognized at a point in time when the
services are rendered, i.e., when an order is placed
and/or facilitated through the platform.

Advertisement revenue

Advertisement revenue is derived principally from the
sale of online/ offline advertisements which is usually
run over a contracted period of time. The revenue from
advertisements is thus recognized over this contract
period as the performance obligation is met over the
contract period. There are some contracts where in
addition to the contract period, the Company assures
certain clicks/impressions (which are generated each
time viewers on our platform clicks/views through the
advertiser's advertisement on the platform) to the
advertisers. In these cases, the revenue is recognized
when both the conditions of time period and number
of clicks/impressions assured are met.

Subscription revenue

Revenues from subscription contracts are recognized
over the subscription period on systematic basis in
accordance with terms of agreement entered into
with customer.

Sign-up revenue

The Company receives a sign-up amount from its
restaurant partners and delivery partners. These
are recognized on receipt or over a period of time in
accordance with terms of agreement entered into
with such relevant partner.

Delivery facilitation services

The Company is a technology platform provider
enabling delivery partners to provide their delivery
services to the restaurant partners/users and may
charge a fee for providing the platform services to
Delivery Partners which is recognized as revenue on
a point in time basis. The Company has no control

over the delivery services provided by the delivery
partners.

Interest

Interest income is recognized using the effective
interest rate (EIR) method. Interest income is included
under the head "other income" in the statement of
profit and loss.

Contract balances:

Contract assets

The Company recognizes a contract asset when there
exists a right to receive consideration in exchange for
goods or services already transferred to the customer
which is conditional on something other than passage
of time (e.g. the Company's future performance
obligation).

Trade receivables

A receivable represents the Company's right to an
amount of consideration that is unconditional (i.e.,
only the passage of time is required before payment
of the consideration is due).

Contract liabilities

The Company recognizes a contract liability for an
obligation to transfer goods or services to a customer
for which the Company has received consideration (or
the amount is due) from the customer.

x. Retirement and other employee benefits
Defined contribution plans

Retirement benefit in the form of provident fund and
social security is a defined contribution scheme.
The Company has no obligation, other than the
contribution payable to the provident fund/social
security. The Company recognizes contribution
payable to the provident fund scheme/ social security
scheme as an expense, when an employee renders
the related service. If the contribution payable to
the scheme for service received before the balance
sheet date exceeds the contribution already paid,
the deficit payable to the scheme is recognized as
a liability after deducting the contribution already

paid. If the contribution already paid exceeds the
contribution due for services received before the
balance sheet date, then excess is recognized as an
asset (representing a reduction in future payment or
a cash refund).

In case of other foreign branches, contributions
are made as per the respective country laws and
regulations. The same is charged to statement of
profit and loss on accrual basis. There is no obligation
beyond the Company's contribution.

Defined benefit plans (Gratuity)

The Company operates a defined benefit gratuity plan
in India and United Arab Emirates.

The cost of providing benefits under the defined
benefit plan is determined using the projected unit
credit method.

The obligation so determined is invested in an
appropriate investment product of an Insurance
Company and is recognized as having 'reimbursement
right' as per Ind AS 19. The reimbursement right is
treated as a separate asset measured at fair value
and is not offset against the related defined benefit
obligation. This investment will earn interest and the
corresponding interest expense on defined benefit
liability will be decreased with this interest amount.
The amount recoverable from the investment product
would be utilized for payment of the defined benefits
payable.

Remeasurements, comprising of actuarial gains and
losses, excluding amounts included in net interest
on the defined benefit liability and reimbursement
right, are recognized immediately in the balance
sheet with a corresponding debit or credit to OCI
in the year in which they occur. They are then
accumulated in a separate reserve, Remeasurements

are not reclassified to statement of profit and loss in
subsequent years.

The Company recognizes the following changes in the
defined benefit obligation and reimbursement right
as an expense in the statement of profit and loss:

• Service costs comprising current service
costs, past-service costs, gains and losses on
curtailments and non- routine settlements; and

• Net interest expense

Other long term employee benefits (Compensated
Absences)

The liabilities for earned leaves which are not expected
to be settled wholly within 12 months after the end of
the period in which the employees render the related
service. These obligations are therefore measured as
the present value of expected future payments to be
made in respect of services provided by employees
up to the end of the reporting period by actuaries
using the projected unit credit method. The benefits
are discounted using the market yields at the end of
the reporting year that have terms approximating to
the terms of the related obligation. Remeasurements
as a result of experience adjustments and changes
in actuarial assumptions are recognized in the
statement of profit and loss.

xi. Taxes
Current tax

Current tax assets and liabilities are measured at the
amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted
or substantively enacted, at the reporting date in
the countries where the Company operates and
generates taxable income.

Current tax relating to items recognized outside
profit or loss is recognized outside profit or loss
(either in other comprehensive income or in equity).
Current tax items are recognized in correlation to
the underlying transaction either in OCI or directly
in equity. Management yearly evaluates positions
taken in the tax returns with respect to situations
in which applicable tax regulations are subject to
interpretation and establishes provisions where
appropriate.

Advance taxes and provisions for current taxes are
presented in the balance sheet after off-setting
advance tax paid and income tax provision arising in
the same tax jurisdiction and for the same period and
where the relevant tax paying units intends to settle
the asset and liability on a net basis.

Deferred taxes

Deferred tax is calculated on the temporary
differences between the tax bases of assets and
liabilities and their carrying amounts for financial
reporting purposes at the reporting date.

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

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

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

Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of unused

tax credits and any unused tax losses. Deferred tax
assets are recognized to the extent that it is probable
that taxable profit will be available against which the
deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses
can be utilised, except:

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

• In respect of deductible temporary differences
associated with investments in subsidiaries,
deferred tax assets are recognized only to the
extent that it is probable that the temporary
differences will reverse in the foreseeable future
and taxable profit will be available against which
the temporary differences can be utilized.

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

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

The Company has determined that the global
minimum top-up tax which it is required to pay under
Pillar Two legislation is an income tax in the scope
of Ind AS 12. The Company has applied a temporary

mandatory exemption from deferred tax accounting
for the impacts of the top-up tax and accounts for it
as a current tax when it is incurred.

Deferred tax relating to items recognized outside
profit or loss is recognized outside profit or loss
(either in other comprehensive income or in equity).
Deferred tax items are recognized in correlation to
the underlying transaction either in OCI or directly in
equity.

Deferred tax assets and deferred tax liabilities are
offset if a legally enforceable right exists to set off
current tax assets against current tax liabilities and
the deferred taxes relate to the same taxable entity
and the same taxation authority.

xii. Share based payment

Employees (including senior executives) of the
Company receive remuneration in the form of share-
based payments, whereby employees render services
as consideration for equity instruments (equity-
settled transactions).

The cost of equity-settled transactions is determined
by the fair value at the date when the grant is made
using an appropriate valuation model.

That cost is recognized, together with a corresponding
increase in share-based payment (SBP) reserves in
equity, over the period in which the performance and/
or service conditions are fulfilled in employee benefits
expense. The cumulative expense recognized for
equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the
vesting period has expired and the Company's best
estimate of the number of equity instruments that
will ultimately vest. The statement of profit and loss
expense or credit for a year represents the movement
in cumulative expense recognized as at the beginning
and end of that year and is recognized in employee
benefits expense.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part
of the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/or performance conditions.

No expense is recognized for awards that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or
service conditions are satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognized is the
expense had the terms had not been modified, if the
original terms of the award are met. An additional
expense is recognized for any modification that
increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to the
employee as measured at the date of modification.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

xiii. Earnings per share

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

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