The Group has three reportable segments, as described below, which are the Group’s Lines of Business (LoBs). The LoBs offer different products and services, and are managed separately because the nature of products and services, and methods used to distribute the services are different. For each of these LoBs, the Group’s executive officers comprising of Group Chief Executive Officer and Group Chief Financial Officer review internal management reports and are construed to be the Chief Operating Decision Maker (CODM). LoBs assets, liabilities and expenses (other than service cost) are reviewed on an entity-wide basis by the CODM, and hence are not allocated to these LoBs. Adjusted Margin from each LoB is reported and reviewed by the CODM on a monthly basis.

The following summary describes the operations in each of the Group’s reportable segments:

1. Air ticketing: Primarily through internet based platforms, provides the facility to book domestic and international air tickets.

2. Hotels and packages: Through internet based platforms, call-centers and franchise stores, provides holiday packages and hotel reservations. The revenue related to airline tickets and other services issued as a component of Company developed tours and packages has been assigned to the hotels and packages segment and is recorded on a gross basis.

3. Bus ticketing: Primarily through internet based platforms, provides the facility to book domestic and international bus tickets.

Other operations of the Group primarily include income from facilitating access to its internet based platforms to travel insurance companies and other agents, advertisement income from hosting advertisements on its internet websites, fees for technical services from vendors, brand alliance fees, income from sale of rail tickets, car bookings, arranging foreign currency and other travel related ancillary services. These aforesaid operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements.

Information about reportable segments:


	Reportable segments
	Air ticketing						Hotels and packages						Bus ticketing						All other segments						Total
	For the year ended March 31
Particulars	2023		2024		2025		2023		2024		2025		2023		2024		2025		2023		2024		2025		2023			2024			2025
Consolidated revenue		147,793		201,246		241,529		337,686		435,542		520,411		74,873		92,693		119,361		32,684		53,043		97,035		593,036			782,524			978,336
Add: Customer inducement costs recorded as a reduction of revenue*		135,338		116,423		131,563		90,487		123,695		155,616		8,025		9,432		11,606		1,902		440		2,789		235,752			249,990			301,574
Less: Service cost		3,078		—		—		168,387		210,357		246,550		5,596		—		—		506		4,732		27,798		177,567			215,089			274,348
Adjusted Margin		280,053		317,669		373,092		259,786		348,880		429,477		77,302		102,125		130,967		34,080		48,751		72,026		651,221			817,425			1,005,562
Other income																										2,798			770			317
Personnel expenses																										(131,968	)		(147,587	)		(160,065	)
Marketing and sales promotion expenses																										(101,601	)		(123,304	)		(165,324	)
Customer inducement costs recorded as a reduction of revenue*																										(235,752	)		(249,990	)		(301,574	)
Other operating expenses																										(133,698	)		(204,833	)		(231,905	)
Depreciation, amortization and impairment																										(27,396	)		(27,267	)		(27,122	)
Finance income																										10,974			24,365			28,256
Finance costs																										(46,732	)		3,307			(32,191	)
Share of profit (loss) of equity-accounted investees																										10			52			(64	)
Profit (loss) before tax																										(12,144	)		92,938			115,890

* For purposes of reporting to the CODM, the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which are reported as a reduction of revenue and reducing service cost.

Assets and liabilities are used interchangeably between segments and these have not been allocated to the reportable segments.

In presenting the geographical information, revenue is based on the geographical location of customers and assets are based on the geographical location of the assets.


	Revenue						Non-Current Assets*
	For the year ended March 31						As at March 31
Particulars	2023		2024		2025		2024		2025
India		564,284		739,652		922,616		656,154		636,989
United States		195		324		444		221		143
South East Asia		11,201		14,210		16,753		4,325		4,683
Europe		1,337		3,374		3,359		—		—
Others		16,019		24,964		35,164		737		879
Total		593,036		782,524		978,336		661,437		642,694

* Non-current assets presented above represent property, plant and equipment, intangible assets and goodwill, non-current tax assets and other non-current assets (excluding financial assets).

Considering the nature of business, customers normally include individuals. Further, none of the corporate and other customers account for more than 10% or more of the Group’s revenues.