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Company Information

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ZOMATO LTD.

01 March 2024 | 01:34

Industry >> E-Commerce/E-Retail

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ISIN No INE758T01015 BSE Code / NSE Code 543320 / ZOMATO Book Value (Rs.) 18.85 Face Value 1.00
Bookclosure 52Week High 169 EPS 0.00 P/E 0.00
Market Cap. 147069.89 Cr. 52Week Low 49 P/BV / Div Yield (%) 8.85 / 0.00 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2023-03 

Summary of significant accounting policies

a) Use of estimates

The preparation of the consolidated financial
statements in conformity with the 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 recognised 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.

In particular, information about the significant areas
of estimation, uncertainty and critical judgements
in applying accounting policies that have the most
significant effect on the amounts recognised in the
consolidated financial statements are disclosed in
note no 2.4.

b) Business combination and goodwill

Business combinations are accounted for using the
acquisition method or pooling of interest method.

Acquisition Method

The cost of an acquisition is measured as the
aggregate of the consideration transferred measured
at acquisition date fair value and the amount of any
non-controlling interests in the acquiree. For each
business combination, the Group 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.

At the acquisition date, the identifiable assets
acquired and the liabilities assumed are recognised
at their acquisition date fair values. 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. However, the
following assets and liabilities acquired in a business
combination are measured at the basis indicated
below:

i) Deferred tax assets or liabilities, and the
assets or liabilities related to employee benefit
arrangements are recognised and measured in
accordance with Ind AS 12, Income Tax and Ind
AS 19, Employee Benefits respectively.

ii) Liabilities or equity instruments related to share
based payment arrangements of the acquiree
or share - based payments arrangements of
the Group entered into to replace share-based
payment arrangements of the acquiree are
measured in accordance with Ind AS 102, Share-
based Payments at the acquisition date.

iii) Assets (or disposal groups) that are classified as
held for sale in accordance with Ind AS 105, Non¬
current Assets Held for Sale and Discontinued
Operations are measured in accordance with that
standard.

iv) Reacquired rights are measured at a value
determined on the basis of the remaining
contractual term of the related contract. Such
valuation does not consider potential renewal of
the reacquired right.

When the Group 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. This
includes the separation of embedded derivatives in
host contracts by the acquiree.

Pooling of interest method

Ind AS 103, Business Combinations, prescribes
significantly different accounting for business

combinations which are not under common control
and those under common control.

Business combinations involving entities or
businesses under common control shall be accounted
for using the pooling of interest method.

The pooling of interest method is considered to
involve the following:

i) The assets and liabilities of the combining entities
are reflected at their carrying amounts.

ii) No adjustments are made to reflect fair values or
recognize any new assets or liabilities. The only
adjustments that are made are to harmonies
accounting policies.

iii) The financial information in respect of prior years
should be restated as if the business combination
had occurred from the beginning of the preceding
year in the consolidated financial statements,
irrespective of the actual date of the business
combination.

iv) The identity of the reserves has been preserved
and appear in the financial information of the
transferee in the same form in which they
appeared in the financial information of the
transferor.

v) The difference, if any, between the consideration
and the amount of share capital of the acquired
entity is transferred to capital reserve.

If the business combination is achieved in stages, any
previously held equity interest is re-measured at its
acquisition date fair value and any resulting gain or
loss is recognised in consolidated statement of profit
and loss or OCI, as appropriate.

Any contingent consideration to be transferred by the
acquirer is recognised at fair value at the acquisition
date. Contingent consideration classified as an asset
or liability that is a financial instrument and within

the scope of Ind AS 109, Financial Instruments, is
measured at fair value with changes in fair value
recognised in the consolidated statement of profit
and loss. If the contingent consideration is not within
the scope of Ind AS 109, it is measured in accordance
with the appropriate Ind AS and shall be recognised
in the consolidated financial statements. Contingent
consideration that is classified as equity is not
re-measured at subsequent reporting dates and
subsequently its settlement is accounted for within
equity.

Goodwill is initially measured at cost, being the excess
of the aggregate of the consideration transferred
and the amount recognised for non-controlling
interests, and any previous interest held, over the net
identifiable assets acquired and liabilities assumed. If
the fair value of the net assets acquired is in excess of
the aggregate consideration transferred, the Group
re-assesses whether it has correctly identified all of
the assets acquired and all of the liabilities assumed
and reviews the procedures used to measure the
amounts to be recognised at the acquisition date.
If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised
in OCI and accumulated in equity as capital reserve.
However, if there is no clear evidence of bargain
purchase, the entity recognises the gain directly in
equity as capital reserve, without routing the same
through OCI.

After initial recognition, goodwill is measured at cost
less any accumulated impairment losses. For the
purpose of impairment testing, goodwill acquired in
a business combination is, from the acquisition date,
allocated to each of the Group's cash-generating units
that are expected to benefit from the combination,
irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.

A cash generating unit to which goodwill has been
allocated is tested for impairment annually, or more
frequently when there is an indication that the unit

may be impaired. For the business which are similar
in nature for the purpose of impairment testing of
goodwill, the group considers such businesses as one
cash generating unit.

I f the recoverable amount of the cash generating
unit is less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount
of any goodwill allocated to the unit and then to the
other assets of the unit pro rata based on the carrying
amount of each asset in the unit.

For the purpose of impairment testing of goodwill,
the group considers business forecast of similar
businesses together.

Any impairment loss for goodwill is recognised
in the consolidated statement of profit and loss.
An impairment loss recognised for goodwill is not
reversed in subsequent years. Where goodwill has
been allocated to a cash-generating unit and part
of the operation within that unit is disposed of, the
goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill
disposed in these circumstances is measured based
on the relative values of the disposed operation and
the portion of the cash-generating unit retained.

If the initial accounting for a business combination is
incomplete by the end of the reporting year in which
the combination occurs, the Group reports provisional
amounts for the items for which the accounting is
incomplete.

Those provisional amounts are adjusted through
goodwill during the measurement year, or additional
assets or liabilities are recognised, to reflect new
information obtained about facts and circumstances
that existed at the acquisition date that, if known,
would have affected the amounts recognized at that
date. These adjustments are called as measurement
year adjustments. The measurement year does not
exceed one year from the acquisition date.

Investment in associates and joint ventures
Associate

An associate is an entity over which the Group has
significant influence. Significant influence is the
power to participate in the financial and operating
policy decisions of the investee but is not control or
joint control over those policies.

Joint Venture

A joint venture is a type of joint arrangement whereby
the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint
control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions
about the relevant activities require unanimous
consent of the parties sharing control.

The considerations made in determining whether
significant influence or joint control are similar
to those necessary to determine control over the
subsidiaries.

The Group's investments in its associates or joint
venture are accounted for using the equity method.
Under the equity method, the investment in a joint
venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise
changes in the Group's share of net assets of the
associates or joint venture since the acquisition date.
Goodwill relating to the associate or joint venture is
included in the carrying amount of the investment and
is not tested for impairment individually.

The consolidated statement of profit and loss reflects
the Group's share of the results of operations of
the associate or joint venture. Any change in OCI of
those investees is presented as part of the Group's
OCI. In addition, when there has been a change
recognised directly in the equity of the joint venture,
the Group recognises its share of any changes, when
applicable, in the consolidated statement of changes
in equity. Unrealised gains and losses resulting from
transactions between the Group and associate,

or joint venture are eliminated to the extent of the
interest in the associate or joint venture.

If an entity's share of losses of an associate or joint
venture equals or exceeds its interest in the associate
or joint venture (which includes any long term
interest that, in substance, form part of the Group's
net investment in the associate or joint venture),
the entity discontinues recognising its share of
further losses. Additional losses are recognised only
to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf
of the associate or joint venture. If the associate or
joint venture subsequently reports profits, the entity
resumes recognising its share of those profits only
after its share of the profits equals the share of losses
not recognised.

The aggregate of the Group's share of profit and loss
of an associate and a joint venture is shown on the
face of the consolidated statement of profit and loss.

The financial statements of the associate or joint
venture are prepared for the same reporting year as
the Group. When necessary, adjustments are made
to bring the accounting policies in line with those of
the Group.

After application of the equity method, the Group
determines whether it is necessary to recognise an
impairment loss on its investment in its associate
or joint venture. At each reporting date, the Group
determines whether there is objective evidence
that the investment in the associate or joint
venture is impaired. If there is such evidence, the
Group calculates the amount of impairment as the
difference between the recoverable amount of the
associate or joint venture and its carrying value,
and then recognises the loss as 'Share of profit of
an associate or joint venture' in the consolidated
statement of profit and loss.

Upon loss of significant influence over associate
or joint control over the joint venture, the Group

measures and recognises any retained investment
at its fair value. Any difference between the carrying
amount of the associate or joint venture upon loss
of significant influence or joint control and the fair
value of the retained investment and proceeds from
disposal is recognised in the consolidated statement
of profit and loss.

c) Current versus non- current classification

The Group presents assets and liabilities in the
consolidated statement of assets and liabilities based
on current/ non-current classification. An asset is
treated as current when it is:

i) Expected to be realised or intended to be sold or
consumed in normal operating cycle;

ii) Held primarily for the purpose of trading;

iii) It is expected to be realised within twelve months
after the reporting year; or

i v) 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:

i ) i t is expected to be settled in normal operating
cycle;

ii) Held primarily for the purpose of trading;

iii) It is due to be settled within twelve months after
the reporting year; or

iv) There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting year.

The Group classifies all other liabilities 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 realisation in cash
and cash equivalents. The group has identified twelve
months as its operating cycle.

d) Foreign currencies

The Group's consolidated financial statements
are presented in INR, which is also the Parent
Company's functional currency. For each entity,
the Group determines the functional currency and
items included in the statements of each entity are
measured using that functional currency. Functional
currency is the currency of the primary economic
environment in which the entities forming part of
Group operates and is normally the currency in which
the entities forming part of Group primarily generates
and expends cash. The Group uses the direct method
of Consolidation and on disposal of foreign operations
the Gain or Loss that is reclassified to consolidated
statement of profit or loss reflect the amount that
arises from using this method.

Transactions and balances

Transactions in foreign currencies are initially
recorded by the Group's entities at their respective
functional currency spot rates at the date the
transaction first qualifies for recognition. However,
for practical reasons, the Group uses an average rate
if the average approximates the exchange rates 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 recognised in
consolidated statement of profit and loss with the
exception of the following:

i) In the consolidated financial statements that
include the foreign operation and the reporting
entity (e.g., consolidated financial statements
when the foreign operation is a subsidiary), such

exchange differences are recognised initially in
OCI. These exchange differences are reclassified
from equity to profit and loss on disposal of the
net investment.

ii) Tax charges and credits attributable to exchange
differences on those monetary items are also
recorded in OCI.

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.

Group Companies

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 consolidated financial statements of profit and
loss are translated at exchange rates prevailing at
the dates of the transactions. For practical reasons,
the group uses an average rate to translate income
and expense items, if the average rate approximates
the exchange rates at the dates of the transactions.
The exchange differences arising on translation for
consolidation are recognised in OCI. On disposal of a
foreign operation, the component of OCI relating to
that particular foreign operation is recognised in the
consolidated statement of profit and loss.

Any goodwill arising in the acquisition/ business
combination of a foreign operation on or after April 1,
2015 and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the
acquisition are treated as assets and liabilities of the
foreign operation and translated at the spot rate of
exchange at the reporting date.

e) Fair value measurement

The Group measures financial instruments
such as derivatives at fair value at each balance
sheet date.

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:

i) In the principal market for the asset or liability; or

ii) 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 Group.

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.

A 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 Group uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the consolidated financial
statements are categorised within the fair value
hierarchy, described as follows, based on the
lowest level input that is significant to the fair value
measurement as a whole:

i) Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities.

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

iii) 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 recognised in the
consolidated financial statements on a recurring
basis, the Group determines whether transfers have
occurred between levels in the hierarchy by re¬
assessing categorisation (based on the lowest level
input that is significant to the fair value measurement
as a whole) at the end of each reporting year.

External valuers are involved for valuation of
significant assets and liabilities. Involvement of
external valuers is decided on the basis of nature
of transaction and complexity involved. Selection
criteria include market knowledge, reputation,
independence and whether professional standards
are maintained.

At each reporting date, the finance team analyses
the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed
as per the Group's accounting policies. For this
analysis, the team verifies the major inputs applied
in the latest valuation by agreeing the information
in the valuation computation to contracts and
other relevant documents. A change in fair value of
assets and liabilities is also compared with relevant
external sources to determine whether the change
is reasonable.

For the purpose of fair value disclosures, the Group
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.

This note summarises accounting policy for fair value.
Other fair value related disclosures are given in the
relevant notes.

f) Property, plant and equipment

Property, plant and equipment are stated at cost,
less accumulated depreciation and accumulated
impairment loss, if any.

Such cost includes the cost of replacing part of
the plant and equipment. When significant parts of
plant and equipment are required to be replaced at
intervals, the Group depreciates them separately
based on their specific useful lives. Likewise, when a
major inspection is performed, its cost is recognised
in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are
satisfied. All other repair and maintenance costs are
recognised in consolidated statement of profit and
loss as incurred.

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

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

Improvements to leasehold buildings not owned by the
Group are amortized over the lease year or estimated
useful life of such improvements, 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 appropriate.

Depreciation on the assets purchased during the
year is provided on pro-rata basis from the date of
purchase of the assets. Individual assets costing
less than INR 5,000 are fully depreciated in the year
of purchase.

An item of property, plant and equipment and any
significant part initially recognised is derecognised
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 consolidated statement of profit and loss when
the asset is derecognised.

g) Goodwill and intangible assets

Goodwill represents the cost of acquired business as
established at the date of acquisition of the business
in excess of the acquirer's interest in the net fair value
of the identifiable assets, liabilities and contingent
liabilities less accumulated impairment losses, if any.
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 any accumulated amortisation and
accumulated impairment losses. Internally generated
intangibles, excluding capitalised development costs,
are not capitalised and the related expenditure is
reflected in consolidated 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.

Intangible assets (other than those acquired in
business combination) with finite lives are amortised
on a straight-line basis over the estimated useful
economic 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 amortisation year and
the amortisation 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 amortisation year or
method, as appropriate, and are treated as changes in
accounting estimates. The amortisation expense on
intangible assets with finite lives is recognised in the
consolidated statement of profit and loss unless such
expenditure forms part of carrying value of another
asset.

An intangible asset is derecognised 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 recognised
in the consolidated statement of profit and loss when
the asset is derecognised.

Intangible assets acquired in business combination,
include brand, consumer contracts and relationship,
technology platform, content review, trademarks

h) Leases

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

Group as a lessee

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

i) Right of use assets

The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and accumulated impairment losses,
and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the
amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before

the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets. The
company has lease contracts for office premises
having a lease term ranging from 1 to 9 years.

I f ownership of the leased asset transfers to the
Group 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 (s) Impairment of non-financial assets.

ii) Lease liabilities

At the commencement date of the lease, the Group
recognises 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
Group and payments of penalties for terminating the
lease, if the lease term reflects the Group exercising
the option to terminate. Variable lease payments that
do not depend on an index or a rate are recognised
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 Group 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, a change in

the lease term, a 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 a change in the assessment of an option
to purchase the underlying asset.

iii) Short term leases and lease of low value assets

The Group applies the short-term lease recognition
exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of
12 months or less from the commencement date and
do not contain a purchase option). It also applies the
lease of low-value assets recognition exemption to
leases of office equipment that are considered to be
low value. Lease payments on short-term leases and
leases of low-value assets are recognised as expense
on a straight-line basis over the lease term.

i) Inventories

Traded goods are valued at lower of cost and net
realisable value. Cost is determined on first in first
out basis. Inventory cost includes purchase price
and other directly attributable costs (such as taxes
other than those subsequently recovered from the
tax authorities), freight inward and other related
incidental expenses incurred in bringing the inventory
to its present condition and location.

Net realisable value is the estimated selling price in
the ordinary course of business less estimated cost
necessary to make the sale.

j) Revenue recognition

The Group generates revenue from online food delivery
transactions, online delivery of goods, warehousing
services, advertisements, subscriptions, sale of
traded goods and other platform 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 schemes offered
by the Group. 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 Group has control.

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

Revenue is recognized net of any taxes collected
from customers, which are remitted to governmental
authorities.

Revenue from Platform services and transactions

The Group operates as an internet portals connecting
the Users, Restaurant Partners/ third party
merchants and the Delivery Partners. The Group has
separate contractual arrangement with the User,
Restaurant Partners/ third party merchants and the
Delivery Partners respectively which specify the
rights and obligations of each parties. A user initiates
the transaction which requires acceptance from
the Restaurant partner/ third party merchants and
Delivery Partner. The acceptance of the transaction,
combined with the contractual agreement creates
enforceable rights and obligations for each parties.

Identification of customer

The Group considers a party to be a customer
if a) it is providing any services to the party and
b) is receiving any consideration from the party. Based
on the contractual arrangement, the Restaurant
Partners/third party merchants are considered as
customers.

In case of end user, the Group has entered in two type
of arrangement :

i) The users are considered customers in limited
circumstances when a specific service fee is
charged to the user; and

ii) The users are considered as customers where
Group, is responsible for delivery of goods to the
end users.

Principal vs Agent Consideration

The Group considers itself as a principal in an
arrangement when it controls the goods or service
provided.

For majority of its transactions, the Group has
concluded that it does not control the good or service
provided by the restaurant and accordingly the Group
presents the commission from its restaurant partner/
third party merchants as revenue.

In respect of transaction with delivery partners, the
Group has entered two type of arrangements:

i) Where, the Group has netted off the delivery
charges received from the users with the delivery
charges paid to the delivery partner and recorded
net delivery charges as expense.

ii) Where, the Group has concluded that it
control the delivery service provided by the
delivery partner, the Group recognized the
delivery fees received from the end user
as revenue.

Incentives

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

I n most of the cases Group is not responsible for
services to the user or does not receive consideration
from the user. In such cases, the Group does not
consider the user as a customer and hence the
incentives paid to users are recorded as expenses.
Further, the Group does not consider user as a
customer of the restaurant partner/ third party

merchants for the services provided by the Group, as
the Group is not providing the goods and services of
Restaurant partner/ third party merchants. In case
where Group has considered the users as a customer,
the incentives paid to users are netted off in revenue
against the amount charged from the users.

Revenue recognition

Revenue is recognised on completion of delivery or on
users visit to the restaurant. Revenue is recognized
net of any taxes collected from customers, which are
remitted to governmental authorities.

Revenue recognition for other revenue streams is as
follows:

Advertisement revenue

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

Subscription revenue

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

Sign-up revenue

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

Warehousing services

Revenue from rendering of warehousing services is
recognised when control over the services transfers
to the customer i.e., when the customer has the ability
to control the use of the transferred services provided
and generally derive their remaining benefits.

Delivery services

The Group has entered in two types of arrangement:

i) Where Group is merely a technology platform
provider for delivery partners to provide their
delivery services to the Restaurant partners/third
party merchants/consumers and not providing
or taking responsibility of the said services,
the group has recorded net delivery charges as
expenses. For the service provided by the Group
to the delivery partners, the Group may charge a
platform fee from the delivery partners.

ii) Where Group is responsible for delivery of
goods to the end users, group has recognized
the delivery fees received from the end user as
revenue, as group considers itself as a principal
in arrangement with delivery partners.

Sale of traded goods

Revenue is recognized to depict the transfer of control
of promised goods to merchants upon the satisfaction
of performance obligation under the contract in an
amount that reflects the consideration to which the
entity expects to be entitled in exchange for those
goods. Consideration includes goods contributed by
the customer, as non-cash consideration, over which
Group has control.

The amount of consideration disclosed as revenue is
net of variable considerations like incentives or other
items offered to the customers.

Interest

I nterest income is recognized using the effective
interest method. Interest income is included under

the head "other income" in the consolidated statement
of profit and loss.

Contract balances

The Policy for Contract balances i.e. contract assets,
trade receivables and contract liabilities are as
follows:

i) Contract assets:

A contract asset is the right to receive consideration
in exchange for services already transferred to
the customer (which consist of unbilled revenue).
By transferring services to a customer before the
customer pays consideration or before payment is
due, a contract asset is recognised for the earned
consideration that is unconditional.

ii) Trade receivables:

A receivable represents the Group'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). Refer to accounting policies
of financial assets in financial instruments - initial
recognition and subsequent measurement.

iii) Contract liabilities:

A contract liability is the obligation to deliver
services to a customer for which the Group has
received consideration or part thereof (or an
amount of consideration is due) from the customer.
If a customer pays consideration before the Group
deliver services to the customer, a contract liability is
recognised when the payment is made or the payment
is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Group performs
under the contract.

k) Retirement and other employee benefits

Retirement benefit in the form of provident fund and
social security is a defined contribution scheme. The
group has no obligation, other than the contribution
payable to the provident fund/social security.
The group 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 to the
extent that the pre-payment will lead to, for example,
a reduction in future payment or a cash refund.

I n case of other foreign subsidiary companies and
foreign branches, contributions are made as per
the respective country laws and regulations. The
same is charged to consolidated statement of profit
and loss. There is no obligation beyond the Group's
contribution.

The group 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.

Remeasurements, comprising of actuarial gains and
losses, excluding amounts included in net interest
on the net defined benefit liability are recognised
immediately in the consolidated statement of assets
and liabilities with a corresponding debit or credit to
retained earnings through OCI in the year in which
they occur. Remeasurements are not reclassified
to consolidated statement of profit and loss in
subsequent years.

Past service costs are recognised in the consolidated
profit and loss on the earlier of:

i) The date of the plan amendment or curtailment;
and

ii) The date that the Group recognises related
restructuring costs.

Net interest is calculated by applying the discount
rate to the net defined benefit liability. The Group
recognises the following changes in the net defined
benefit obligation as an expense in the consolidated
statement of profit and loss:

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

ii) Net interest expense.

Compensated Absences

The liabilities for leaves which are not expected to
be settled wholly within 12 months after the end of
the year in which the employees render the related
service. They 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 year 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 recognised in other
comprehensive income/loss.

l) Taxes
Current income tax

Current income 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 Group operates and
generates taxable income.

Current income tax relating to items recognised
outside consolidated profit and loss is recognised

outside consolidated profit and loss (either in other
comprehensive income or in equity). Current tax
items are recognised 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 income
taxes are presented in the consolidated statement
of assets and liabilities after off-setting advance tax
paid and income tax provision arising in the same tax
jurisdiction and where the relevant tax paying units
intends to settle the asset and liability on a net basis.

Deferred taxes

Deferred tax is provided using the liability method
on 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 recognised for all taxable
temporary differences, except:

i ) 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 and loss.

ii) In respect of taxable temporary differences
associated with investments in subsidiaries,
associates and interests in joint ventures, 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 recognised for all deductible
temporary differences, the carry forward of unused
tax credits and any unused tax losses. Deferred tax
assets are recognised 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:

i) 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 and loss.

i i) i n respect of deductible temporary differences
associated with investments in subsidiaries,
associates and interests in joint ventures,
deferred tax assets are recognised 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. Unrecognised deferred tax
assets are re-assessed at each reporting date and are
recognised 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.

Deferred tax relating to items recognised outside
consolidated statement of profit and loss is
recognised outside consolidated statement of profit
and loss (either in other comprehensive income
or in equity). Deferred tax items are recognised 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.

m) Share based payments

Employees (including senior executives) of the Group
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 recognised, together with a corresponding
increase in share-based payment (SBP) reserves in
equity, over the year in which the performance and /
or service conditions are fulfilled in employee benefits
expense. The cumulative expense recognised for
equity-settled transactions at each reporting date
until the vesting date reflects the extent to which
the vesting year has expired and the Group's best
estimate of the number of equity instruments that
will ultimately vest. The expense or credit in the
consolidated statement of profit and loss for a year
represents the movement in cumulative expense
recognised as at the beginning and end of that year
and is recognised 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 Group'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 recognised 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 recognised is the
expense had the terms had not been modified, if the
original terms of the award are met. An additional
expense is recognised 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.

For cancelled options, the payment made to the
employee shall be accounted for as a deduction
from equity, except to the extent that the payment
exceeds the fair value of the equity instruments of
the Company, measured at the cancellation date. Any
such excess from the fair value of equity instrument
shall be recognised as an expense.

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

n) Segment reporting

Operating segments are defined as components of
an enterprise for which discrete financial information
is available that is evaluated regularly by the chief
operating decision maker, in deciding how to allocate
resources and assessing performance. The Group's
chief operating decision maker (CODM) is the Chief
Executive Officer and Managing Director.

The Group has identified business segments as
reportable segments. The business segments
comprise:

i) India food ordering and delivery

ii) Hyperpure supplies (B2B business)

iii) Quick commerce business

iv) All other segments (residual)

India food ordering and delivery is the online platform
through which the Group facilitate food ordering and
delivery of the food items by connecting the end
users, restaurant partners and delivery personnel.

Hyperpure is our farm-to-fork supplies offering for
restaurants in India and sale of items to businesses
for onward sales.

Quick commerce business is the quick commerce
online platform facilitating quick delivery of goods and
other essentials by connecting the end users, delivery
personnel and sellers and providing delivery services.
Quick commerce also provides the warehousing
services to the sellers.

The Group has combined and disclosed balancing
number in all other segments which are not reportable.

Revenue and expenses directly attributable to
segments are reported under each reportable
segment. Expenses which are not directly identifiable
to any reporting segment have been allocated to
respective segments based on the number orders,
number of employees or gross market value as
reviewed by CODM.

o) Earnings per share

Basic earnings per share are calculated by dividing the
net profit and loss for the year attributable to equity
shareholders of the Parent Company (after deducting
preference dividends and attributable taxes) by
the weighted average number of equity shares,
compulsorily convertible cumulative preference

shares and compulsorily convertible preference
shares outstanding during the year.

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

p) Treasury shares

The group has created an Employee Benefit Trust
(EBT). The group uses EBT as a vehicle for distributing
shares to employees under the employee stock option
schemes. The group treats EBT as its extension and
shares held by EBT are treated as treasury shares.

Own equity instruments that are held by the trust
are recognised at cost and deducted from equity. No
gain or loss is recognised in consolidated statement
of profit and loss on the purchase, sale, issue or
cancellation of the Group's own equity instruments.
Any difference between the carrying amount and
the consideration, if reissued, is recognised in other
equity.