2021FY Annual Report

Annual Report 2020-21
Healthy Base, Steady Pace.

Contents
Corporate Statutory Financial
Overview Reports Statements
01
Facts at a Glance 02
25
Board’s Report 25
45
Standalone Financial
Statements
45
Know us Better 03 Management Discussion & 40

Analysis Consolidated Financial 134
Building a Healthy Base, 08 Statements
Setting a Steady Pace
Chairman’s Message 10
Healthy Base of 12
Global & Own Brands
Steady Pace of Innovation 13
Healthy Base of Brand Presence 14
Steady Pace in 17
Enhancing Connect
Overcoming Hurdles 18
Pg Pg
on the Track 03 08
Striding Ahead with a 19
Steady Pace Know us Better Building a Healthy Base,
Setting a Steady Pace
Steady Focus on Shaping a 20
Sustainable Future
Awards & Recognition 21
Board of Directors 22
Corporate Information 24
Pg Pg
10 12
Chairman’s Healthy Base of
To view this report online & to
know more about us,
Message Global & Own Brands
please visit: dil-rjcorp.com
Forward-looking statements
This report may contain some statements on the Company’s business or financials which may be
construed as forward-looking based on the management’s plans and assumptions. The actual results may
be materially different from these forward-looking statements, although we believe we have been cautious.
The most successful men, in the end,
are those whose success is the result
of steady accretion.
– Alexander Graham Bell
A wild, no holds barred

sprint at the end of Healthy Base,
the race burns energy
at a humungous rate,
Steady Pace.
depleting the athlete Our strategy for the
quicker than it swallows continuous race.
up the winning margin.
In racing terms, this
is called the finishing
burst.
Our race is continuous

- it is one that we
persevere with
lengthening strides.
To us, what matters is
the steady pace that
builds on our already
existing base.
02 Annual Report 2020-21
Facts at a Glance
3 24 9,000+
Core Brands viz. years of long-standing employees across
KFC, Pizza Hut and relationship with Yum verticals
Costa Coffee
692 155 54%

stores across cities in India where of the core brand
India, Nepal and we are present stores are in top 10
Nigeria cities of India
`11,348 Mn `2,269 Mn 20%

Revenue from EBITDA in FY21 EBITDA Margin
Operations in FY21 in FY21
Note: all figures are as of March 31, 2021, unless mentioned otherwise.
Reference to “Yum” or “Yum India” means Yum Restaurants (India) Private Limited.
Devyani International Limited 01 Corporate
Overview 25 Statutory
Reports 45 Financial
Statements 03
Know Us Better
Devyani International
Limited (DIL) is a
multi-dimensional
comprehensive quick
service restaurant (QSR)
player in India.
We are the largest
franchisee of Yum
Brands in India and
among the largest
operators of chain
QSRs in India, on a
non-exclusive basis.
In addition, we are a
franchisee for the
Costa Coffee brand and
stores in India. Along
with partnering some
of the best brands in
the world, we also
have in-house brands.
With well recognized
brand portfolio and the
depth of our expertise
in the QSR segment, our Our Proud Heritage
business has all the Our penchant for sustainable value creation
ingredients for finds its roots in our Promoter company. Our
building on corporate promoter, RJ Corp Ltd. is a diversified
conglomerate that is focused on F&B sectors.
our success. Driven by a daring vision, a pioneering spirit
and an outstanding team of people, RJ Corp
continues to scale new heights of success.
Know Us Better
Mission
Vision To be people-centric,
To be the most preferred customer-focused & Purpose
restaurant company process-driven striving for Spreading happiness
for people and excellence day in and day and joy on all
customers alike. out with a beat year ago & occasions.
turnaround mentality.
Values
Ownership
Encouraging demonstration of
a proactive approach, care and
concern for utilization of all available
resources, recurring personal
initiatives and information sharing.
Customer First
Delighting - not only satisfying - both
internal and external customers,
walking an extra mile to meet
customer’s expectations; by being
passionate about maniacal service
delivery and recognizing and fulfilling
the interests of all stakeholders.
Profitability
Enhancing resource efficiency and
effectiveness.
Growth
Continuous focus towards visible
action for overall development,
leveraging opportunities to enhance
‘canvas’ operations.
Statements 05
Off the starting block in 1997 implementation of digital measures sector, and he has been instrumental
to increase efficiency in operations. in our Company's growth. Our Whole-
We began our relationship with
Raw materials for our operations time Director and Chief Executive
Yum in 1997, when we commenced
are sourced from vendors that are Officer, Virag Joshi, has been a key
operations of our first Pizza Hut store
pre-approved and meet international strategist in expanding Pizza Hut,
in Jaipur. We have subsequently
safety and quality standards. Our KFC and Costa Coffee stores.
continued to expand our operations
stores are routinely audited and
with both KFC and Pizza Hut
accredited to ensure compliance with Crossing milestones while
franchises. In FY05, we also became
global standards. For example, our
a franchisee of the Costa Coffee keeping a steady pace
KFC and Pizza Hut stores are certified
brand in India. Over the years, we have Today, 24 years after we set off the
by Yum as part of their restaurant
built a healthy restaurant network starting block, we have traversed a
operations compliance check. Our
for KFC, Pizza Hut and Costa Coffee, great distance. As of March 31, 2021,
service and diverse menu including
also referred to as our Core Brands, we operate 297 Pizza Hut stores and
various value offerings across the
in India. Maintaining a steady pace 264 KFC stores across India. We also
Core Brands has led to significant
in portfolio expansion, in FY11 we operate a chain of 44 Costa Coffee
brand recall for these brands.
launched our own brand Vaango – stores. Cumulatively, we have 655
a QSR restaurant chain delivering stores across all brands in India and
Motivated by visionary
authentic South Indian food. are present in 26 states and 3 union
leadership
We are a passionate and committed territories across 155 cities as of
Setting the pace with our team of professionals with a strong March 31, 2021. Our defined store
value proposition intent to achieve our vision and stay expansion and development process
Our value proposition to customers is ahead in the race. Our advancement is focused on high potential locations
predicated on the quality of products draws on the experience of our senior across towns and cities, airports,
we offer, the brand recall of the Core management and promoters. Our high street locations, malls, food
Brands we operate, our sustained individual promoter, Ravi Kant Jaipuria, courts, hospitals, business hubs
focus on customer satisfaction and has significant experience in the F&B and transit areas.
Know Us Better
our key strengths
Portfolio of highly Multi-dimensional Presence across key

recognized global brands comprehensive QSR player consumption markets with
catering to a range of Expertise and control in all areas a cluster-based approach
customer preferences of operations, including safety 304 stores of our Core Brands
Our Core Brands, namely, KFC, & quality, customer experience, located in five major metros in
Pizza Hut and Costa Coffee, digital adoption and delivery India*
are highly recognized global services, while ensuring a
transparent and open work culture Stores situated in locations with
QSR brands significant footfalls
Brands catering to diverse cuisine Optimizing and managing supply
segments and available across chain and associated costs
multiple formats of dine-in, through cluster-based expansion
takeaway and delivery
Product offerings across various
price points
Cross brand synergies with Disciplined financial Distinguished Board

operating leverage approach with focus on and experienced senior
Centralized sourcing, warehousing cash flows and returns management team
and distribution of raw materials RoI analysis undertaken prior to Board comprising of individuals
for particular regions and across opening a store to determine its from various fields and having
our Core Brands Business financial feasibility diverse experience
facilitates cost efficiencies
Well-qualified management team
Multiple brands in specific with significant experience in all
locations enables competitive aspects of our business
store lease rentals
*as of March 31, 2021

Statements 07
With leading international QSR brands along with

promising homegrown brands in our portfolio, we are
catering to diverse cuisine requirements. Our growing
restaurant network enables us to make our delicious
food and beverages accessible to customers across the
length and breadth of the country. These strengths,
together with our technical, marketing and operational
ability, have enabled us to establish ourselves as a
comprehensive player in India’s QSR industry.
Building a Healthy Base,

Setting a steady pace
• Opened the first KFC
outlet in Nigeria
• Opened the first KFC
and Pizza Hut outlets
Yum India issued a in Nepal
Signed a development letter of intent for • Devyani Food Street
agreement for opening opening KFC outlets Private Limited (DFSPL)
Pizza Hut outlets in in Kolkata formed in a joint venture
North India with Delhi International
Airport Limited
2002 2005 2011

fiscal Year
& Stage of
progress 1997 2004 2010
Signed a development
agreement for
Acquired Speciality opening Costa Coffee
Restaurants Private Limited Launched own brand for
outlets in India South Indian QSR - Vaango
Statements 09
• First Pizza Hut Delivery

opened in Nepal
• Acquired 60% stake in Delhi
Select Service Hospitality
Private Limited Acquired the balance 40%
stake in DFSPL
• ICICI Venture invested
₹ 991.41 million Acquired 9 KFC
in the company outlets in FY20
2015 2019 2021
2012 2016 2020

• Acquired Pizza Hut
delivery outlets from
Yum India in Western
and Southern India Acquired 13 KFC
outlets in FY19 Acquired 51 KFC
• Dunearn invested
outlets in FY21
₹ 4 billion to acquire
~16% stake in Yum India acquired
the company 4.76% stake in DIL -
other than DIL, Yum! Brands,
Inc. has a minor equity stake
only in one other franchisee
located in Brazil (1)
(1) Source: Yum Brands Inc. 2020

Annual Report.
Chairman’s Message
Dear Shareholders,
We are pleased to present to you our
Company's Annual Report for the fiscal
year 2021.
Devyani International -
An Overview
Before presenting an overview of our
We have strengthened our relationship with performance in FY21, I would like
to give you a brief introduction of
Yum, following the acquisition of its stores and our Company and business model.
the strategic equity investment. We acquired Devyani International Limited is the
largest franchisee of Yum Brands in
60 KFC stores from Yum India, out of which 9 India, on a non-exclusive basis and is
stores were acquired in FY20 and the balance among the largest operators of chain
QSR restaurants in India. We are also
51 stores in FY21. a franchisee for Costa Coffee in India.
Our business is broadly classified into
three verticals – Core Brands Business
that include stores of KFC, Pizza Hut
and Costa Coffee operated in India,
International Business that includes
stores operated outside India primarily
comprising KFC and Pizza Hut stores
operated in Nepal and Nigeria and
Other Business that includes other
operations in the F&B industry,
including stores of our own brands
such as Vaango and Food Street.
We began our relationship with
Yum in 1997, when we commenced
operations of our first Pizza Hut store
in Jaipur. Our close association with
Yum together with our technical,
marketing and operational expertise
has enabled us to establish ourselves
as a comprehensive player in the
QSR industry in India. We collaborate
with Yum across various aspects of
our operations for KFC and Pizza Hut
for the franchisor’s brand protection
and management, including product
innovation and development, brand
strategy and technology initiatives.
We also work closely with Yum on
advertising, promotion and marketing
activities. For Costa Coffee, we retain
flexibility over our operations with
respect to similar parameters and are
supported by Costa in determining
our menu, ingredients, suppliers
and distributors.
Statements 11
Fiscal 2021 Overview addition, we have also renegotiated From a demand standpoint, while
lease rentals for most of the stores we have been able to ramp-up our
The fiscal year 2021 began amidst a new store openings, the macro-
and moved majority of the store rentals
challenging operating environment environment has softened on account
to revenue sharing basis. These long-
with the spread of the COVID-19 of the second wave of COVID-19. We
term sustainable initiatives enabled
pandemic in early March 2020. are monitoring the situation closely
us to reduce the losses from ` 1,214
Nationwide lockdowns and localized and are undertaking all precautionary
million in FY20 to ` 630 million in FY21.
containment measures across measures to mitigate business risks
different states and regions in the first Key Developments and ensure safety of all our
half of the fiscal year disrupted our stakeholders. With the phased
We are excited to share that we have
operations. One of our key focus areas implementation of the vaccination
strengthened our relationship with
during this unprecedented period was rollout in India, economic and business
Yum, following the acquisition of
ensuring the safety of our consumers, activities are projected to resume
its stores and the strategic equity
employees, business partners, and normalcy sooner than later. We will be
investment. We acquired 60 KFC
mitigating business risks to the best undertaking several steps in reinforcing
possible extent. We introduced several stores from Yum India, out of which 9 our competitive advantages, while
initiatives in order to ensure safety of stores were acquired in FY20 and the simultaneously adding substantial
all our customers, such as contactless balance 51 stores in FY21. In addition, value to our resilient business model.
delivery and takeaway services, Yum India invested in the Company
to acquire a minority stake. We have I am also pleased to share that in May
greater initiatives towards anti-viral 2021, our Company has filed a draft
and hygiene cleanliness at stores, and consistently invested to grow the Yum
red herring prospectus with market
frequent sanitization and temperature brands - KFC and Pizza Hut in India
regulator - SEBI to launch an initial
checks. In order to counter the effects for over two decades. Our partnership
public offer. We are excited about
of COVID-19 on our business, we with Yum is based on our track record
the prospect of listing ourselves as a
adopted various measures including to build the brands by expanding
public entity on the Indian stock
re-developing our menus to focus on geographic presence and running exchanges, which will help expand our
delivery and takeaway options. operations not only in India, but also shareholder base.
in international markets of Nepal and
As the country moved to the un- Nigeria. This transaction is a testimony On behalf of the Board, I would like to
lock phase in the latter half of the to the partnership we have built over thank all our stakeholders including
fiscal year, we saw a healthy uptick the years and of the future potential of shareholders, bankers and creditors
in demand. The decline in number of for their continued support. I would
our business.
COVID-19 infections in India, easing of also like to express our gratitude to all
restrictions, and gradual recovery of During FY21, across Core Brands, we our employees for their diligent efforts
the economy led to improved footfalls have added 101 stores (net) in India, in accomplishing our objectives and
in the last quarter of FY21. taking the total restaurant count to achieving our vision.
Against this macro-economic 605. While the total new stores added I would like to express my sincere
backdrop, revenues from operations during FY21 were 162, including 51 gratitude to all the members of our
stood ` 11,348 million in FY21 acquired from Yum India, we had to Board for their continued insights and
compared to ` 15,164 mn in FY20. On close 61 stores primarily due to store invaluable guidance as we explore
the profitability front, we undertook relocations and other commercial new opportunities and move ahead
sustainable cost-optimization reasons, including closure of under- with confidence.
measures across our business model, performing stores.
To conclude, I would like to take this
which resulted in improved EBITDA opportunity to thank every one of you
margins at 20% for FY21 as compared
Message to Stakeholders
for being a part of our Company's
to ~17% for FY20. With a sharp In the backdrop of a challenging macro- prosperous journey over these years.
focus towards rationalizing unviable environment, we have reported a We are also honored to be associated
businesses and cutting non-essential resilient performance in the fiscal year with you as we embark on a path of
costs, during the year, our Company 2021. It is encouraging how our teams long-term growth and value creation.
has surrendered three loss-making and employees traversed through
Warm regards,
food courts at airports and divested several operating hurdles during the
the loss-making TWG tea business in year to ensure continuity in business Ravi Jaipuria
India as well as in UK subsidiary. In operations with minimal disturbances. Chairman
Healthy Base of
GLOBAL & OWN Brands
Our powerful brand portfolio, encompassing international and indigenous brands
catering to diverse cuisines, infuses our strides with abundant energy.
KFC Pizza Hut
DIL is the franchise partner of Yum for KFC in India and DIL is the franchise partner of Yum for Pizza Hut in India.
sole franchise partner for KFC in Nepal and Nigeria, through Pizza Hut, the largest restaurant chain in the world,
its subsidiaries. KFC, a global chicken restaurant brand, specializes in the sale of ready-to-eat pizzas. Pizza Hut
has over 25,000 restaurants in over 140 countries as of operates in the delivery, carry-out and casual dining
December 31, 2020. segments around the world with 17,639 restaurants, as of
December 31, 2020.
Costa Coffee Vaango Food Street

DIL is also the franchisee for the Vaango is our home-grown brand We also operate multiple food courts
Costa Coffee in India. Costa Coffee is offering authentic vegetarian South under the brand name Food Street.
a global coffee shop chain with over Indian food in a modern and
3,400 coffee shops in 31 countries. contemporary ambience.
Statements 13
Steady Pace of Innovation

We strive to deliver a memorable brand experience with innovation across
products, services and ambience.
Our KFC stores have an extensive We provide both delivery and dine-in dining-in capacities, and small-store
menu featuring fried chicken buckets options for KFC customers. formats to cater to delivery/take-
and allied chicken products, grilled away orders.
Pizza Hut’s constant menu
chicken, burgers, rice bowls, and
innovations and affordable pizza Our Costa Coffee stores have an
beverages. KFC’s core offerings of
offerings make it a strong competitor extensive menu featuring coffee,
fried chicken products with select
in the Indian QSR industry, driving sandwiches, wraps, Indian snacks,
herbs and spices are a unique offering
consumption of pizza as a regular desserts, and other beverages. We
in the Indian QSR industry, as there
meal rather than an occasional/ currently operate two formats of
is no other recognized international
celebratory meal opportunity. In Costa Coffee stores, namely, our full
chain of restaurants that has
addition to the original pan pizza retail stores at high-street locations
successfully been able to introduce
offering, our Pizza Hut stores have
fried chicken products in India. Being and malls, and branded kiosks at
an extensive menu featuring pizzas,
among the first international chains airports, hospitals and food courts
pasta, beverages and desserts.
that entered the Indian QSR industry at highways. Our multi-business
in 1996, the KFC brand is associated We mainly operate two formats formats enable us to cater to
with its vibrant, contemporary store of our Pizza Hut stores, namely, different stages of a customer’s
designs, and signature menu items. a larger format with full service lifecycle/preferences.
Healthy Base of Brand Presence

Our focus on consolidating our presence in key metro cities while also foraying into
smaller towns has enabled us to take our brands closer to customers pan India.
In India, DIL operates 600+ stores customers who seek to enjoy global at existing cities, 101 stores (net) were
across Core Brands, namely KFC, Pizza cuisines. By augmenting our presence opened for our Core Brands in FY21
Hut and Costa Coffee. These brands in these markets, we are enhancing including 51 KFC stores acquired
have established a strong foothold in the accessibility of the core brands to during the year. Our healthy presence
key metro cities to address the demand these aspirational customers. has created a strong platform for
in these high-potential markets. At leveraging the appeal of our brands and
the same time, there is significant Consistent with our strategy to steadily augmenting revenues.
untapped opportunity in Tier II and expand presence across new cities and
III cities due to its growing base of simultaneously broaden accessibility
600+
stores across core brands, namely KFC, Pizza Hut and Costa Coffee.
Core Brands Presence
Gurgaon, Faridabad,
Noida and Ghaziabad
Agra
Lucknow
DIL DIL DIL
Brand KFC Pizza Hut Costa Coffee

FY21 FY20 FY21 FY20 FY21 FY20
No. of Stores 264 172 297 269 44 63
No. of Cities 97 76 100 82 17 18
Map not to scale. For illustrative purposes only.
Statements 15
Cluster-based Expansion
We have adopted cluster-based expansion to drive greater brand penetration. With this expansion approach, we have been
able to address demand in high-potential domestic markets. As of March 31, 2021, 76.69% of the stores in our Core Brands
Business, i.e. 464 stores were located across 40 key cities in India while 50.25% of the stores in our Core Brands Business,
i.e. 304 stores were present across five regions in India, i.e. Bengaluru, Kolkata, Hyderabad, Mumbai and Delhi NCR
(comprising Faridabad, Ghaziabad, Gurgaon, Delhi and Noida). Cluster-based expansion also helps in better economies of
scale in sourcing, logistics and promotional activities.
Store Presence across India
5 13
Ghaziabad
62 2 34
Delhi 29 Noida
4
39 7
54
62 2
Gurgaon
27
109 Lucknow
25 2
11 3
14
12
Jaipur 1
1
4 9 62 2
8
3
11 45
18 30 Kolkata
Mumbai 37
24
5
33
Hyderabad
103 North Region
80 West Region
Bengaluru
East Region
25 South Region
Map not to scale.
Top 10 cities
For illustrative purposes only.
Cluster-based Spread Region-wise Presence
Other Cities South 31%

46%
North 42%
Top 10 Cities
54%
West 8%
East 19%
Both the above charts are for Core Brands in India and data is as of March 31, 2021.
Healthy Base of Brand Presence

Cross Brand Synergies leading to Operational leverage
Economies
of scale
Logistics Sourcing Overhead Real Estate/

Centralized Centralized Common corporate Anchor tenant
warehousing; sourcing from an overhead across Multiple brands in
Common vehicle optimal number of brands specific locations
for delivery of raw vendors results in helps in negotiation
materials across cost efficiencies of competitive
brands lease rentals
Statements 17
Steady Pace in Enhancing Connect

We have actively adopted
tech-enabled enhancements
to provide our customers
with a personalized and
enriched dining experience
and to increase our
operational efficiency.
The digital ordering and
payment technologies
we have adopted for the
brands we operate has
allowed us to optimize
staffing at our stores and
reduce associated costs
for ordering and cash
management.
Overcoming Hurdles on the Track

Covid-19 was something that no one had expected. It shuttered the entire
country and its citizens at homes for an extended interval of time. There was
disruption at every point of business - logistics, supply chains, workers,
and sales - each of these presented unique challenges.
Strong Emergence Post Covid-19
 D
ivestment of early stage TWG tea business & rationalization of non-performing airport/stores
 R
entals reorientation (terms renegotiation like revenue sharing instead of fix rental etc.)
 Menu re-engineering
 S
tore format rationalization (smaller formats leading to quick turnaround and faster store development at lower cost)
 B
enefits from integration of KFC acquired stores from Yum – cash neutral transaction
Focus to Improve Unit Level Profitability
Revenue Expansion Cost Efficiency

Store expansion – both organically Optimization of supply chain with
and inorganically focus on and benefits of cost, quality
and quantity for sourcing
Delivery – Investment in technology;
Delivery-focused stores; Engagement Rent – Smaller store format
with delivery aggregators to expand faster
Menu – Innovative product offerings; Employee Cost – Optimization of staff;
Re-developing menus to focus on Flexible work arrangements
delivery and takeaways
Rationalization of
Drive order frequency and underperforming assets
order ticket size
Store expansion with focus on bringing cost-efficiencies at each level to result in higher profitability
Statements 19
Striding Ahead with a Steady Pace

Like a runner in a race that is still in its middle miles, there is time to recover lost
ground and make up for the lost time.
Our Key Performance Parameters*

Revenue from operations EBITDA (` Million) and PAT
(` Million) EBITDA margin (%) (` Million)
EBITDA
EBITDA Margin
10,475
11,106
13,566
15,164
11,348
-1,799
-1,214
16.8% 2,555
2,269
-664
-630
370
930
719
311
20.0%
8.4%
5.3%
3.5%
FY17
FY18
FY19
FY20
FY21
FY17
FY18
FY19
FY20
FY21
FY17
FY18
FY19
FY20
FY21
Net Worth (` Million)
-2,282
1,055
669
363
719
FY17
FY18
FY19
FY20
FY21
*FY20 onwards financials are as per Ind-AS 116 and

FY17 financials are as per comparative restated numbers
included in FY18 financials (first time Ind AS adoption).
Steady Focus on Shaping

a Sustainable Future
At DIL, we seek to consistently do the right thing, rather than treating these
as a “must also do” activity. We bring genuine enthusiasm in employing the
specially-abled as well as in women’s empowerment.
Some of our initiatives include:
Employing the Empowering

Specially-abled Women
DIL has consistently employed We ensure diversity and inclusion in our
specially-abled people across our operations and operate stores that are
restaurants, with a view to mainstream managed only by women and our riders
their lives and offer them sustainable and delivery personnel include women
livelihoods. One of our restaurants riders. Our diversity driven measures have
is entirely managed by a team of
led us to be awarded as one of “India’s 100
specially-abled employees.
Best Workplaces for Women 2020” by the
Great Place to Work Institute, India.
Statements 21
Awards & Recognition

Brand Vaango was recognized Pizza Hut and KFC were recognized
2015 as a “Promising Brand” by the 2019 among the “Most Trusted Brands” in Food
Economic Times. Services category in Brand Equity Survey
conducted by The Economic Times.
Our Company was certified as a Our Company was recognized as one of

2018 “Great Workplace” by the Great Place 2020 “India’s 100 Best Workplaces for Women
to Work Institute, India. 2020” by the Great Place to Work Institute,
India.
Costa Coffee (T3 International Departure
Pier) was awarded the Certificate of
Excellence for “Outlet of the Year- F&B
(International)” by Delhi International
Airport Limited at the IGIA Awards 2018.
Grid Bar (T3 Domestic Departure Food
Court) was awarded the Certificate of
Excellence for “Outlet of the Year- F&B
(Domestic)” by Delhi International Airport
Limited at the IGIA Awards 2018.
Board of Directors
Ravi Kant Jaipuria Varun Jaipuria Raj Pal Gandhi

Non-Executive Director Non-Executive Director Non-Executive Director
He is a promoter of our Company and He attended Millfield School, Somerset, He holds a bachelor’s degree in commerce
has over three decades of experience in England and degree course in (honours course) from the University of
conceptualizing, executing, developing international business from the Regent’s Delhi and was admitted as an associate
and expanding food, beverages and University, London. He has 12 years of of the Institute of Chartered Accountant
dairy business in South Asia and experience in the soft drinks industry of India in 1981. He has over 28 years
and has also completed a program for
Africa. He has completed his higher of experience with one of our group
leadership development at the Harvard
secondary education from Delhi Public Business School. companies (Varun Beverages Limited)
School Mathura Road, New Delhi. He and has been instrumental in strategizing
has an established reputation as an our diversification, expansion, mergers
entrepreneur and a business leader and acquisitions, capex funding and
and has received PepsiCo’s award institutional relationship. He also has
for International Bottler of the Year, experience in the field of finance and
awarded in 1997. He was also awarded accounts. Prior to this, he has worked
the ‘Distinguished Entrepreneurship with Electronic Trade and Technology
Award’ at the PHD Annual Awards for Development Corporation Limited and
Excellence 2018. Uptron Powertronics Limited.
Virag Joshi Manish Dawar

Whole-time Director (President & CEO) Whole-time Director & CFO
He holds a diploma course in hotel He holds a bachelor’s degree in

management and catering from the commerce with honors from the
State Institute of Hotel Management and Panjab University, Chandigarh and is a
Catering, Lucknow, Uttar Pradesh. He Chartered Accountant and a member of
has been a key strategist in expansion of the Institute of Company Secretaries of
Pizza Hut, KFC, Costa Coffee outlets from India. He has wide experience in various
a small base of five restaurants in 2002 industry domains and across various
to 600 plus outlets in last 19 years. He geographies in the world. He has worked
has been earlier associated with Indian in various corporate setups including
Hotels Company Limited, Domino’s Reebok India, Reckitt Benckiser, Vedanta,
Pizza India Limited, Milkfood Limited, DEN Networks Limited, and Vodafone
and Priya Village Roadshow Limited. India Limited.
Statements 23
Dr. Ravi Gupta Rashmi Dhariwal Dr. Naresh Trehan

Independent Director Independent Director Independent Director
He holds a bachelor’s degree in She holds a bachelor’s degree in He holds a bachelor’s degree in medicine
commerce and a master’s degree in arts from the University of Delhi and and surgery from the University of
commerce from the University of Delhi. attorney-at-law from the Calcutta High Lucknow and has been certified as a
He also holds a bachelor’s degree in law Court. She is also a trustee of a registered thoracic and cardiac surgeon by the
from the University of Delhi, a diploma charitable trust called Prayatn. American Board of Thoracic Surgery.
in labour law from the Indian Law He attended the residency training
Institute, a master’s degree in business program of the New York University
administration from the Faculty of Medical Center at Bellevue Hospital,
Management Studies, University of University Hospital and Manhattan V.A.
Delhi and a doctorate in philosophy for Hospital, New York from July 1, 1971 to
his thesis on ‘Country Risk Analysis in June 30, 1975 and is an honorary fellow
Investment Financing Decision Making’ at the Royal Australasian College of
from the University of Delhi. He was Surgeons. He has received the Padma
employed as an Associate Professor in Bhushan Award in 2001, presented by
the commerce department of Shri Ram the Government of India.
College of Commerce, University of Delhi.
Pradeep Khushalchand Sardana Girish Kumar Ahuja

Independent Director Independent Director
He holds a bachelor’s degree in He holds a Ph.D. from the University of

mechanical engineering from the Indian Delhi for his thesis on Financial Sector
Institute of Technology, Delhi. He has 19 Reforms: Capital Market Efficiency and
years of industry experience and was Portfolio Investment completed in 2006.
previously associated with PepsiCo. He is a qualified and practicing chartered
accountant for the past 45 years and
a member of the Institute of Chartered
Accountants of India. He was a lecturer
at the Shri Ram College of Commerce,
University of Delhi. He was a member of a
committee on direct tax matters constituted
by the Government of India and part-time
non-official director on the central board of
directors of State Bank of India.
Corporate Information
Board of Directors Registered Office
Mr. Ravi Kant Jaipuria F-2/7, Okhla Industrial Area,
Phase-I
Mr. Varun Jaipuria
New Delhi - 110 020
Mr. Raj Pal Gandhi
Mr. Virag Joshi Corporate Office
Plot No. 18, Sector-35,
Mr. Manish Dawar
Gurugram - 122 004,
Dr. Ravi Gupta Haryana
Ms. Rashmi Dhariwal
Bankers
Dr. Girish Kumar Ahuja
Axis Bank Limited
Dr. Naresh Trehan
HDFC Bank Limited
Mr. Pradeep Khushalchand Sardana
RBL Bank Limited
Chief Financial Officer Induslnd Bank Limited

Mr. Manish Dawar Yes Bank Limited
ICICI Bank Limited
Company Secretary
Mr. Anil Dwivedi
Joint Auditors
a) Walker Chandiok & Co LLP,
Chartered Accountants,
Gurugram
b) APAS & Co. LLP

Chartered Accountants,
New Delhi
Statements 25
Board’s Report
Dear Members,
Your Directors have pleasure in presenting the 30th (Thirtieth) Board Report on the business and operations of your Company
along with the Audited Financial Statements, for the Financial Year (“FY”) ended March 31, 2021.
Financial Results
The financial performance of your Company for the Financial Year ended March 31, 2021 is summarized below:
(` in Million)
Standalone Consolidated
Particulars Year Ended Year Ended Year Ended Year Ended
31-Mar-21 31-Mar-20 31-Mar-21 31-Mar-20
Sales & other Income 10,473.30 12,511.05 11,988.95 15,350.41
Profit before Interest, Depreciation, 1,989.13 2,019.95 2,269.28 2,554.84
Impairment & Tax
Less: Interest 1,265.41 1,186.87 1,528.03 1,584.37
Less: Depreciation & Impairment 2,367.19 1,769.80 2,774.58 2,271.91
Loss before exceptional items and tax (1,157.81) (703.8) (1,392.76) (1,114.89)
Less: Exceptional item (expense)/income (457.53) - (568.84) 345.78
Profit/ (Loss) before Tax (700.28) (703.8) (823.92) (769.11)
Less: Income tax expenses - - (10.68) 18.41
Add: Profit/(Loss)from discontinued operation 47.23 (646.94) 183.37 (426.66)
Add/Less: Other Comprehensive income (11.92) 1.51 (52.20) (142.58)
Total comprehensive income for the year (664.97) (1,349.23) (577.67) (1,071.60)
(net of tax)
Total comprehensive income for the year
attributable to:
Owners of the Company (664.97) (1,349.23) (542.47) (1,109.75)
Non-controlling interests - - (35.20) 38.15
Consolidated Financial Statements DIL is also a franchisee for Costa Coffee in India. Along with
these three well recognized global brands, the Company also
The Consolidated Financial Statements of your Company
has in-house brands such as Vaango and Food Street in its
for the Financial Year ended March 31, 2021, are prepared in
portfolio. As of March 31, 2021, the Company operated in
compliance with the applicable provisions of the Companies
total 655 stores across 155 cities in India. The Company also
Act, 2013 (“the Act”), Indian Accounting Standards (“Ind
has operations in Nepal and Nigeria through a network of 37
AS”) which shall also be provided to the Members in their stores as of March 31, 2021.
forthcoming Annual General Meeting (“AGM”).
Our operations in Fiscal 2021 were severely impacted by
To comply with the provisions of Section 129(3) of the COVID-19 and consequent lockdowns and restrictions
Act read with Rule 5 of the Companies (Accounts) Rules, imposed in India. Dine-in operations at many of our stores
2014, a statement containing the salient features of the were suspended or restricted, on account of government
Financial Statement of subsidiary/ associate/ joint venture restrictions imposed during Fiscal 2021, in particular during
Companies, in prescribed format (Form AOC – 1) is attached the six months ended September 30, 2020, which resulted
as Annexure - 1 to the Board’s Report. in decline in sales. In line with our motto of “Healthy Base,
Steady Pace”, we have redoubled our efforts to ensure a
State of Company’s Affairs safe & hygienic environment at our stores. We have also
Your Company is among the largest operators of QSR chain taken concrete steps to emerge out of the challenging year
in India and is the largest franchisee of Yum Brands (Pizza stronger by optimizing our cost structures and improving
Hut and KFC) in India on a non-exclusive basis. In addition, productivity levels.
Despite the ongoing COVID-19 pandemic, the Company has Dividend

continued to expand its store network and we added 168 stores
(including 51 KFC stores acquired from Yum Restaurants Your Directors have not recommended any dividend on
(India) Private Limited) and closed unviable stores resulting in equity shares for the year under review.
net additions of 82 stores. We aim to continue the momentum
in store openings in Financial Year 2021-22 as well. Share Capital
As on March 31, 2021, the Authorised Share Capital of the
The Management is continuously monitoring the evolving Company was ` 1,25,00,00,000 (Rupees One Hundred Twenty
situation of COVID-19 and its impact on the Company’s Five Crores) divided into 1,25,00,00,000 (One Hundred Twenty
performance. We are a firm believer in the long term
Five Crores) Equity Shares of ` 1 each and it was increased
prospects of the QSR sector in India and believe that our
to ` 500,00,00,000/- (Rupees Five Hundred Crores) divided
culture of strong execution and our committed employees
into 500,00,00,000 (Five Hundred Crores) Equity Shares
will see us emerge stronger from the current crisis.
of ` 1/- (Rupee One) each by passing a special resolution
Deposits by the Shareholders of the Company in Extra-ordinary
Your Company has not accepted any deposits during the year General Meeting held on May 04, 2021. Further the Issued,
under review, falling within the ambit of Section 73 of the Act Subscribed and Paid-up Share Capital of the Company is
and the Companies (Acceptance of Deposits) Rules, 2014. ` 1,15,36,34,990 /- (Rupees One Hundred Fifteen Crores
Thirty Six Lakh Thirty Four Thousand and Nine Hundred
Transfer to General Reserve Ninety only).
During the year under review, the Company has not
transferred any amount to General Reserve. During the year under review, your Company has allotted the
following Equity Shares of ` 10/- each consequent to private
Change in the Nature of Business, If any placement cum preferential basis and exercise of Employee
During the year under review, there was no change in the Stock Options and accordingly the Paid-up Share Capital of
nature of the business of the Company. the Company stood increased:
Sl. Date of Allotment(s) No of shares Particulars

No.
1 April 30, 2020 20,77,178 Equity Shares allotted to Yum Restaurants (India) Private Limited on
private placement cum preferential basis
2 July 03, 2020 12,92,466 Equity Shares allotted to Yum Restaurants (India) Private Limited on
3 October 22, 2020 19,38,689 Equity Shares allotted to Yum Restaurants (India) Private Limited on
4 March 19, 2021 22,00,000 Equity Shares allotted to RJ Corp Limited (Promoter and Holding
Company) on private placement cum preferential basis
5 March 22, 2021 1,07,000 Equity Shares allotted to few group company employees on private
placement cum preferential basis
6 March 22, 2021 15,57,500 Equity Shares allotted pursuant to ESOP exercise
7 March 24, 2021 24,000 Equity Shares allotted pursuant to ESOP exercise
Further, with effect from March 25, 2021, your Company has 2021, approved the proposed Initial Public Offering of Equity
sub-divided its Equity Share Capital, which has resulted in Shares of face value of ` 1 each (the “Equity Shares”) of
sub-division of the face value per share from ` 10/- to ` the Company comprising of a fresh issue of Equity Shares
1/- per share, the number of equity shares in Share Capital aggregating up to ` 4,000 million (“Fresh Issue”) and an offer
stands multiplied by 10. for sale of up to 125,333,330 Equity Shares comprising of
up to 65,333,330 Equity Shares by Dunearn Investments
During the year under review, your Company has not issued (Mauritius) Pte. Ltd. (“Dunearn”) and up to 60,000,000 Equity
shares with differential voting rights nor granted sweat Shares by RJ Corp Limited (“RJ Corp” together with Dunearn,
equity shares. the “Selling Shareholders”) (“Offer for Sale”, and together
with the Fresh Issue, the “Offer”).
Initial Public Offer
The Board of Directors of your Company at its meetings Further, the Board of Directors and IPO Committee at
held on February 17, 2021 and subsequently on May 13, their meetings held on May 13, 2021 and May 14, 2021
Statements 27
respectively have approved the draft red herring prospectus SEBI (Share Based Employee Benefits) Regulations, 2014,
of the Company dated May 14, 2021 (“DRHP”) and filed with as amended, read with the SEBI Circular no. CIR/CFD/
the Securities and Exchange Board of India, BSE Limited POLICY CELL/2/2015 dated June 16, 2015 (“SEBI SBEB
and the National Stock Exchange of India Limited on May Regulations”) and other necessary amendments including
15, 2021. Your Company is awaiting confirmation from the vesting conditions.
Securities and Exchange Board of India on the proposed
Initial Public Offering of Equity Shares of the Company.
Further, the Board of Directors in their meeting held on March
Disclosure Under Employee Stock Options Schemes 17, 2021 adopted a new Employees Stock Option Scheme
called “Employees Stock Option Scheme 2021” (“ESOP
Your Company initially had two Employees Stock Option
2021”) in conformity with the Companies Act, 2013 read
Plans viz. Employees Stock Option Scheme 2011 (“ESOP
2011”) and Employees Stock Option Scheme 2018 (“ESOP with the Companies (Share Capital and Debentures) Rules,
2018”). ESOP 2011 was approved by the Board of Directors 2014 (hereinafter ‘Act’) and the SEBI (Share Based Employee
at their meetings held on September 20, 2011 & December Benefits) Regulations, 2014, as amended, read with the
20, 2011 and further by the Shareholders on December, 20, SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated June
2011. The Company has a total of 3,60,000# outstanding 16, 2015 (“SEBI SBEB Regulations”) and other applicable
stock options under ESOP 2011. Further, ESOP 2018 was laws. The Scheme was also approved by Shareholders of
approved by the Board of Directors in their meeting held the Company in their meeting held on March 17, 2021 and
on April 6, 2018 and by the Shareholders on September 21, was effective from the date of Shareholders approval. Your
2018. The Company has a total of 10,20,000# outstanding Company has issued a total of 72,00,000# stock options
stock options under ESOP 2018. under ESOP 2021.
During the year under review, ESOP 2011 and ESOP 2018 #
All the above numbers are after considering sub-division of equity
was amended subsequently by the Board of Directors
shares from face value of ` 10/- each to ` 1/- each effective March 25,
and Shareholders at their respective meetings held on
2021 (as approved by the Board of Directors and Shareholders of the
March 17, 2021. The resolution provides the alignment
Company in their respective meetings held on March 17, 2021), unless
of ESOP 2011 and ESOP 2018 in compliance with the
otherwise mentioned.
In terms of Rule 12 (9) of Companies (Share Capital and Debentures) Rules, 2014, the prescribed details of Employees Stock
Options Schemes are as under :
Particulars Employees Stock Employees Stock Employees Stock

Option Scheme 2011 Option Scheme 2018 Option Scheme 2021
Number of Options# Number of Options# Number of Options#
Options granted during FY 2020-21 - - 72,00,000
Options vested during FY 2020-21 1,61,75,000 - -
Options exercised during FY 2020-21 1,58,15,000 - -
Total number of shares arising out of exercise of 1,58,15,000 - -
options during FY 2020-21
Options forfeited/lapsed/cancelled during 24,20,000 2,40,000 -
FY 2020-21
The exercise price# (In `) 11.17 30.612 43.328
Variations of terms of options during FY 2020-21 As mentioned As mentioned NA
above para above para
Money realized by exercise of options during 17,66,53,550 Nil Nil
FY 2020-21 (In `)
Total number of options in force# 3,60,000 10,20,000 72,00,000
#
All the above numbers are after considering sub-division of equity shares from face value of ` 10/- each to ` 1/- each effective March 25, 2021
(as approved by the Board of Directors and Shareholders of the Company in their respective meetings held on March 17, 2021), unless otherwise
mentioned.
Employee wise details of options granted during FY 2020-21:

Particulars Employees Employees Employees Stock Option
Stock Option Stock Option Scheme 2021
Scheme 2011 Scheme 2018
Number of Number of Number of Options#
Options Options
(a) Key Managerial Personnel* Nil Nil • Manish Dawar –
36,00,000 Stock Options
• Anil Dwivedi – 40,000
Stock Options
(b) Any other employee who received a grant of options Nil Nil • Venu Madhav – 10,00,000
amounting to 5% or more of the options granted during Stock Options
FY 2020-21. • Rajat Luthra – 5,00,000
Stock Options
(c) Identified employees who were granted options, Nil Nil -
during FY 2020-21 equal to or exceeding 1% of the
issued capital (excluding outstanding warrants and
conversions) of the Company
#
ll the above numbers are after considering sub-division of equity shares from face value of ` 10/- each to ` 1/- each effective March 25, 2021
A
(as approved by the Board of Directors and Shareholders of the Company in their respective meetings held on March 17, 2021), unless otherwise
mentioned.
*Key Managerial Personnel as defined by the Companies Act, 2013.
Related Party Transactions 3. Devyani International Nepal Private Limited;
To comply with the provisions of Section 188 of the Act 4. RV Enterprizes Pte. Ltd.; (Material Subsidiary); and
and Rules made thereunder, your Company took necessary 5. evyani International (Nigeria) Limited (a subsidiary of
D
approval of the Audit, Risk Management and Ethics RV Enterprizes Pte. Ltd.).
Committee before entering into related party transactions.
All contracts / arrangements / transactions entered into by During the year under review, your Company has sold/
the Company during the Financial Year 2020-21 with related transferred the entire shareholding held in Devyani
parties, as defined under the Act were in the ordinary course International (UK) Private Limited to Arctic International Pvt.
of business and on arm’s length basis. Ltd, Mauritius and accordingly, Devyani International (UK)
Private Limited ceased to be subsidiary of the Company.
During the year under review, your Company had not
Further, your Company has also sold/transferred the entire
entered into any contract/ arrangement/ transaction with
shareholding held in The Minor Food Group (India) Private
related parties which could be considered material in
Limited to MFG International Holding (Singapore) Pte. Ltd.
accordance with the Policy of the Company for Related Party
and accordingly, The Minor Food Group (India) Private
Transactions, hence no detail is required to be provided in
Limited ceased to be Joint Venture of the Company.
Form AOC-2 (Form for disclosure of particulars of material
contracts/arrangements entered into by the company with
As on March 31, 2021, your Company does not have any
related parties) prescribed under Clause (h) of Subsection
Associates/Joint Venture as defined under the provisions of
(3) of Section 134 of the Act and Rule 8(2) of the Companies
the Act.
(Accounts) Rules, 2014.
Particulars of Loans, Guarantees Or Investments Directors and Key Managerial Personnel

Directors
Details of Loans, Guarantees or Investments covered under
the provisions of Section 186 of the Act are given in the During the year under review, Mr. Sanjeev Arora resigned
Notes to the Standalone Financial Statements. from the position of Director and Chief Financial Officer of
the Company w.e.f. February 15, 2021 and Mr. Manish Dawar
Subsidiaries, Associates and Joint Ventures (DIN: 00319476) was appointed in his place as a Whole-time
Director and Chief Financial Officer of the Company at Board
Your Company has following subsidiaries as on March 31, 2021:
meeting held on February 17, 2021, whose appointment was
1. Devyani Food Street Private Limited; regularised at the Extra-ordinary General Meeting of the
2. Devyani Airport Services (Mumbai) Private Limited; Company held on March 17, 2021.
Statements 29
To comply with the provisions of Section 152 of the Act and Further, pursuant to the provisions of Section 203 of the
in terms of the Articles of Association of the Company, Mr. Companies Act, 2013, Mr. Virag Joshi, Whole-time Director,
Ravi Kant Jaipuria (DIN: 00003668), Non-Executive Director Mr. Manish Dawar, Whole-time Director & Chief Financial
and Mr. Virag Joshi (DIN: 01821240), Whole-time Director of Officer and Mr. Anil Dwivedi, Company Secretary are holding
the Company, are liable to retire by rotation at the ensuing the position(s) of Key Managerial Personnel of the Company.
Annual General Meeting (“AGM”) and being eligible, seeks
re-appointment. Your Board of Directors recommend their Board Evaluation
re-appointment. The Board has in place a mechanism for evaluating its
performance as well as that of its Committees and individual
Further, pursuant to the provisions of Section 149, 152, Directors, including the Chairman of the Board.
161 and other applicable provisions of the Companies Act,
2013 read with its related rules and in terms of Articles of To comply with the provisions of Section 134(3)(p) of the Act
Association of the Company, Dr. Girish Kumar Ahuja (DIN: and rules made thereunder, the Board has carried out the
00446339), Mr. Pradeep Khushalchand Sardana (DIN: annual performance evaluation of the Directors individually
00682961) and Dr. Naresh Trehan (DIN: 00012148) were including the Independent Directors (wherein the concerned
also appointed as an Additional Director(s) (in the capacity Director being evaluated did not participate), Board as
of “Non-Executive Independent Director”) at Board meeting a whole and the following Committees of the Board of
held on April 21, 2021, whom appointments were regularised Directors, for the Financial Year ended March 31, 2021:
at the Extra-ordinary General Meeting of the Company held
i) Audit, Risk Management and Ethics Committee;
on May 04, 2021. Further, in the opinion of the Board, all
the independent directors possess adequate experience ii) Nomination and Remuneration Committee;
required to best serve the interest of the Company.
iii) Investment and Borrowing Committee; and
All Independent Directors of the Company have declared and iv) Share Allotment Committee.
confirmed that they meet with the criteria of Independence, as
prescribed under Section 149 (6) of the Companies Act, 2013. Board and Committee Meetings
The Board of Directors is the apex body constituted
Brief resume and other details of the Director(s) being by shareholders for overseeing the Company’s overall
appointed/re-appointed at the ensuing AGM as stipulated functioning. The Board provides and evaluates the
under Secretarial Standard-2 issued by the Institute of Company’s strategic direction, management policies and
Company Secretaries of India, is separately disclosed in the their effectiveness, and ensures that shareholders’ long-
Notice of the ensuing AGM. term interests are being served.
Resignations At the end of the year under review, the Board had 6 (six)
Ms. Devyani Jaipuria resigned from the position of Director of Committees, namely Audit Committee, Nomination and
the Company w.e.f. April 26, 2021, due to personal reasons. Remuneration Committee, Investment and Borrowing
Committee, Corporate Social responsibility Committee,
Mr. Vishesh Shrivastav has resigned from the position of Share Allotment Committee and IPO Committee.
Nominee Director of the Company w.e.f. May 04, 2021, as
Dunearn Investments (Mauritius) Pte. Ltd., the investor of Further, the Board of Directors at their meeting held on April
the Company has withdrawn the nomination of Mr. Vishesh 21, 2021, constituted Stakeholders Relationship Committee
Shrivastav, as its Nominee from the Board of the Company and changed the nomenclature of the “Audit Committee” to
vide letter dated May 04, 2021. “Audit, Risk Management and Ethics Committee”.
Key Managerial Personnel Board Meetings

During the year under review, Mr. Sanjeev Arora resigned from The Board meets at regular intervals to discuss and decide
the post of Chief Financial Officer w.e.f. February 15, 2021 on Company / business policies and strategies apart from
and Mr. Manish Dawar was appointed as a Chief Financial other regular business matters. The Board/Committee
Officer of the Company (designated as the Key Managerial Meetings are pre-scheduled and a tentative calendar of the
Personnel) w.e.f. February 17, 2021. Board and Committee Meetings circulated to all Directors
and invitees well in advance to facilitate them to plan their
Mr. Manish Dawar (DIN: 00319476) was also appointed as schedule and to ensure meaningful participation in the
the Whole-time Director (designated as Key Managerial meetings. The Board is updated on the discussions held at
Personnel) of the Company with effect from February 17, the Committee meetings and the recommendations made by
2021 for a period of 3 (three) years. various Committees.
The agenda is generally circulated a week prior to the date 5 (Five) Board Meetings were held during the Financial
of the meeting and includes detailed notes on items to be Year 2020-21 on April 30, 2020, September 09, 2020,
discussed at the meeting to enable the Directors to take an
December 21, 2020, February 17, 2021 and March 17,
informed decision. However, in case of urgency, the agenda
is circulated on shorter notice as per the provisions of the 2021. The gap between two Board meetings was within
Secretarial Standards on Meetings of the Board of Directors. the limit prescribed under Section 173(1) of the Act.
However in terms of the relaxation provided by Ministry of
Board meets at least once in a quarter to review inter-alia
Corporate Affairs vide its General Circular 11/2020 dated
the performance of the Company. Additional meetings are
held on a need basis. March, 24, 2020, the gap between the two Board meetings
i.e. meetings held on April 30, 2020 and September 09,
The Company also provides facility to the Directors to attend
meetings of the Board and its Committees through Video/ 2020, exceeds the maximum gap as prescribed under
Tele Conferencing mode. Section 173(1) of the Act.
Attendance of Directors at Board Meetings during the Financial Year 2020-21:

Name of Director/ Date of April 30, September 09, December 21, February 17, March 17,
Meeting 2020 2020 2020 2021 2021
Mr. Ravi Kant Jaipuria No Yes Yes Yes Yes
Mr. Varun Jaipuria No Yes Yes No Yes
Ms. Devyani Jaipuria* No No Yes Yes No
Mr. Raj Pal Gandhi Yes Yes Yes Yes Yes
Mr. Virag Joshi Yes Yes Yes Yes Yes
Mr. Vishesh Shrivastav** Yes Yes Yes Yes Yes
Mr. Sanjeev Arora*** Yes Yes Yes N.A. N.A.
Ms. Rashmi Dhariwal No Yes Yes Yes Yes
Dr. Ravi Gupta No Yes Yes Yes Yes
Mr. Manish Dawar**** N.A. N.A. N.A. Yes Yes
Dr. Girish Kumar Ahuja***** - - - - -
Dr. Naresh Trehan****** - - - - -
Mr. Pradeep Khushalchand - - - - -
Sardana*******
*Ms. Devyani Jaipuria was resigned w.e.f. April 26, 2021;
**Mr. Vishesh Shrivastav was resigned w.e.f. May 04, 2021;
***Mr. Sanjeev Arora was resigned w.e.f. February 15, 2021;
****Mr. Manish Dawar was appointed w.e.f. February 17, 2021;
*****Dr. Girish Kumar Ahuja was appointed w.e.f. April 21, 2021;
******Dr. Naresh Trehan was appointed w.e.f. April 21, 2021; and
*******Mr. Pradeep Khushalchand Sardana was appointed w.e.f. April 21, 2021.
Committees of the Board Procedure at Committee Meetings

The Board Committees play a vital role in strengthening the The Company’s guidelines related to Board meetings are
Corporate Governance practices and focus effectively on applicable to Committee meetings as far as practicable.
the issues and ensure expedient resolution of the diverse Minutes of proceedings of Committee were placed before
matters. The Board Committees are set up under formal next Board meetings for noting.
approval of the Board to carry out clearly defined roles which
i) Audit, Risk Management and Ethics Committee
are considered to be performed by members of the Board as
he Composition and terms of reference of the Audit,
T
a part of good governance practice. The Board supervises
Risk Management and Ethics Committee satisfies the
the execution of its responsibilities by the Committees and is
requirement of Section 177 of the Act read with Companies
responsible for their action. The minutes of the proceedings
(Meetings of Board and its Powers) Rules, 2014.
of the meetings of all Committees are placed before the
Board for review. The Board Committees can request special urther, the Board of Directors at their meeting held on
F
invitees to join the meeting, as appropriate. April 21, 2021, changed the nomenclature of the “Audit
Statements 31
Committee” to “Audit, Risk Management and Ethics Name of Member/ September December February
Committee”. Date of Meeting 09, 2020 21, 2020 17, 2021
Composition of the Committee during the Financial Mr. Raj Pal Yes Yes Yes
Year 2020-21 was as follows: Gandhi**
Dr. Girish Kumar - - -
S. Name Category Designation Ahuja***
No. *Dr. Ravi Gupta was appointed as Chairperson of the Committee w.e.f.
1. Dr. Ravi Gupta* Independent Chairperson April 21, 2021; and
Director **Mr. Raj Pal Gandhi was ceased to be Member of the Committee
w.e.f. April 21, 2021; and
2. Ms. Rashmi Dhariwal Independent Member
Director ***Dr. Girish Kumar Ahuja was appointed as the Member of the
Committee w.e.f. April 21, 2021.
3. Mr. Raj Pal Gandhi** Director Member
4. Dr. Girish Kumar Independent Member
ii) Nomination and Remuneration Committee
Ahuja*** Director he Composition and terms of reference of the
T
Nomination and Remuneration Committee satisfies the
*Dr. Ravi Gupta was appointed as Chairperson of the Committee w.e.f.
requirements of Sections 178 of the Act.
April 21, 2021;
**Mr. Raj Pal Gandhi was ceased to be Member of the Committee Composition of the Committee during the Financial
w.e.f. April 21, 2021; and Year 2020-21 was as follows:
***Dr. Girish Kumar Ahuja was appointed as the Member of the S. Name Category Designation
Committee w.e.f. April 21, 2021.
No.
1. Ms. Rashmi Dhariwal* Independent Chairperson
The Audit, Risk Management and Ethics Committee invites
Director
such executives, as it considers appropriate, representatives
2. Mr. Ravi Kant Jaipuria Director Member
of Statutory Auditors and representatives of Internal
3. Dr. Ravi Gupta Independent Member
Auditors to attend the meeting.
Director
Meetings 4. Mr. Vishesh Director Member
Shrivastav**
The Audit, Risk Management and Ethics Committee met 3
(three) times during the financial year 2020-21 on September *Ms. Rashmi Dhariwal was appointed as Chairperson of the Committee
w.e.f. April 21, 2021; and
09, 2020, December 21, 2020 and February 17, 2021.
**Mr. Vishesh Shrivastav was ceased to be Member of the Committee
The attendance of members at the meetings held during the w.e.f. May 04, 2021.
financial year 2020-21 were as follows:
Meetings
Name of Member/ September December February
Date of Meeting 09, 2020 21, 2020 17, 2021 The Nomination and Remuneration Committee met 5 (five)
times during the financial year 2020-21 on September 09,
Dr. Ravi Gupta* Yes Yes Yes 2020, December 21, 2020, February 17, 2021, March 17,
Ms. Rashmi Dhariwal Yes Yes Yes 2021(first) and March 17, 2021(second).
The attendance of members at the meetings held during the financial year 2020-21 were as follows:
Name of Member/ Date of September 09, December 21, February 17, March 17, 2021 March 17, 2021
Meeting 2020 2020 2021 (1st) (2nd)
Ms. Rashmi Dhariwal* Yes Yes Yes Yes Yes
Mr. Ravi Kant Jaipuria Yes Yes No No Yes
Dr. Ravi Gupta Yes Yes Yes Yes Yes
Mr. Vishesh Shrivastav** Yes Yes Yes Yes Yes
*Ms. Rashmi Dhariwal was appointed as Chairperson of the Committee w.e.f. April 21, 2021; and
**Mr. Vishesh Shrivastav was ceased to be Member of the Committee w.e.f. May 04, 2021.
iii) Investment and Borrowing Committee requirement of the Companies Act, 2013. The Board of
Directors of the Company have delegated the authority
The Composition and terms of reference of the to the Investment and Borrowing Committee to take
Investment and Borrowing Committee satisfies the decisions related to loan, investments, borrowings etc.
Composition of the Committee during the Financial **Mr. Manish Dawar was appointed as the Member of the Committee
Year 2020-21 was as follows: w.e.f. February 17, 2021; and
Sl. Name Category Designation ***Ms. Rashmi Dhariwal was appointed as the Member of the
No. Committee w.e.f. April 21, 2021.
1. Mr. Raj Pal Gandhi Director Chairperson
2. Mr. Virag Joshi Director Member Meetings
3. Mr. Sanjeev Arora* Director Member The Investment and Borrowing Committee met 8 (eight)
4. Mr. Manish Dawar** Director Member
5. Ms. Rashmi Dhariwal*** Independent Member times during the financial year 2020-21 on May 20, 2020,
Director June 27, 2020, June 30, 2020, July 30, 2020, October
*Mr. Sanjeev Arora was ceased to be Member of the Committee w.e.f. 16, 2020, December 14, 2020, December 21, 2020 and
February 15, 2021; March 02, 2021.
Name of Member/ Date May 20, June 27, June 30, July 30, October 16, December December March 02,
of Meeting 2020 2020 2020 2020 2020 14, 2020 21, 2020 2021
Mr. Raj Pal Gandhi Yes Yes Yes Yes Yes Yes Yes Yes
Mr. Virag Joshi No No No No Yes No Yes Yes
Mr. Sanjeev Arora* Yes Yes Yes Yes Yes Yes Yes N.A.
Mr. Manish Dawar** N.A. N.A. N.A. N.A. N.A. N.A. N.A. Yes
Ms. Rashmi N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Dhariwal***
*Mr. Sanjeev Arora was ceased to be Member of the Committee w.e.f. February 15, 2021;
**Mr. Manish Dawar was appointed as the Member of the Committee w.e.f. February 17, 2021; and
***Ms. Rashmi Dhariwal was appointed as the Member of the Committee w.e.f. April 21, 2021.
iv) Corporate Social Responsibility Committee Meetings

he Composition and terms of reference of the
T No Corporate Social Responsibility Committee Meeting was
Corporate Social Responsibility Committee satisfies held during the year ended March 31, 2021.
the requirements of Sections 135 of the Act read with
its related rules. v) Share Allotment Committee
he Composition and terms of reference of the Share
T
Composition of the Committee during the Financial Allotment Committee satisfies the requirement of the
Year 2020-21 was as follows: Companies Act, 2013. The Board of Directors of the
S. Name Category Designation Company have delegated the authority to the Share
No. Allotment Committee to take decisions on behalf of
1. Mr. Vishesh Shrivastav* Director Member the Board.
2. Mr. Raj Pal Gandhi** Director Member
3. Ms. Rashmi Dhariwal*** Independent Member Composition of the Committee during the Financial
Director Year 2020-21 was as follows:
4. Mr. Virag Joshi Director Member
S. Name Category Designation
5. Dr. Naresh Trehan**** Independent Chairperson
No.
Director
1. Mr. Raj Pal Gandhi Director Chairperson
6. Mr. Varun Jaipuria***** Director Member
2. Mr. Virag Joshi Director Member
*Mr. Vishesh Shrivastav was ceased to be Member of the Committee 3. Mr. Sanjeev Arora* Director Member
w.e.f. April 21, 2021; 4. Mr. Manish Dawar** Director Member
**Mr. Raj Pal Gandhi was ceased to be Member of the Committee 5. Ms. Rashmi Dhariwal*** Independent Member
w.e.f. April 21, 2021; Director
***Ms. Rashmi Dhariwal was ceased to be Member of the Committee *Mr. Sanjeev Arora was ceased to be Member of the Committee w.e.f.
w.e.f. April 21, 2021; February 15, 2021;
****Dr. Naresh Trehan was appointed as Chairperson of the Committee **Mr. Manish Dawar was appointed as the Member of the Committee
w.e.f. April 21, 2021; and w.e.f. February 17, 2021; and
*****Mr. Varun Jaipuria was appointed as the Member of the ***Ms. Rashmi Dhariwal was appointed as the Member of the
Committee w.e.f. April 21, 2021. Committee w.e.f. April 21, 2021.
Statements 33
Meetings
The Share Allotment Committee met 6 (six) times during the financial year 2020-21 on April 30, 2020, July 03, 2020, October
22, 2020, March 19, 2021, March 22, 2021 and March 24, 2021.
Name of Member/ Date of April 30, July 03, October 22, March 19, March 22, March 24,
Meeting 2020 2020 2020 2021 2021 2021
Mr. Raj Pal Gandhi Yes Yes Yes Yes Yes Yes
Mr. Virag Joshi Yes Yes Yes Yes Yes No
Mr. Sanjeev Arora* Yes Yes Yes NA NA NA
Mr. Manish Dawar** NA NA NA Yes No Yes
Ms. Rashmi Dhariwal*** NA NA NA NA NA NA
*Mr. Sanjeev Arora was ceased to be Member of the Committee w.e.f. February 15, 2021;
**Mr. Manish Dawar was appointed as the Member of the Committee w.e.f. February 17, 2021; and
***Ms. Rashmi Dhariwal was appointed as the Member of the Committee w.e.f. April 21, 2021.
vi) IPO Committee vii) Stakeholders Relationship Committee

During the year under review, your Company has constituted our Company has constituted a Stakeholders
Y
Relationship Committee of the Board of Directors
an IPO Committee of the Board of Directors on February 17,
on April 21, 2021. The Composition and terms of
2021. The Composition and terms of reference of the IPO
reference of the Stakeholders Relationship Committee
Committee satisfies the requirement of the applicable laws satisfies the requirement of the Section 178 of the
on the Company. The Board of Directors of the Company Act and Regulation 20 of SEBI (Listing Obligations
have delegated the authority to the IPO Committee to take and Disclosure Requirements) Regulations, 2015. The
decisions on behalf of the Board. Board of Directors of the Company have delegated the
authority to the Stakeholders Relationship Committee
Composition of the Committee during the Financial
to take decisions on behalf of the Board.
Year 2020-21 was as follows:
S. Name Category Designation Composition of the Stakeholders Relationship
No.
Committee was as follows:
1. Mr. Raj Pal Gandhi* Director Chairperson
2. Mr. Vishesh Director Member S. Name Category Designation
Shrivastav** No.
3. Mr. Manish Dawar Director Member 1. Mr. Ravi Gupta Independent Chairperson
4. Mr. Virag Joshi*** Director Member Director
2. Mr. Raj Pal Gandhi Director Member
*Mr. Raj Pal Gandhi was appointed as Chairperson of the Committee
3. Ms. Rashmi Dhariwal Independent Member
w.e.f. May 13, 2021;
Director
**Mr. Vishesh Shrivastav was ceased to be Member of the Committee 4. Mr. Manish Dawar Director Member
w.e.f. May 04, 2021; and
***Mr. Virag Joshi was appointed as the Member of the Committee Remuneration Policy
w.e.f. May 13, 2021.
The policy of the Company on appointment and remuneration
Meetings of Directors, Key Managerial Personnel and Senior
Management including criteria for determining qualifications,
The IPO Committee met 1 (one) time during the financial
positive attributes, independence of a director and other
year 2020-21 on March 17, 2021.
matters provided under Section 178 of the Act was adopted
The attendance of members at the meeting held by the Board on the recommendation of Nomination and
during the financial year 2020-21 were as follows: Remuneration Committee of the Company. The Nomination
Name of Member/ Date of Meeting March 17, 2021 and Remuneration Policy of your Company is uploaded on the
Mr. Raj Pal Gandhi* Yes website of the Company at http://dil-rjcorp.com/policies.html.
Mr. Vishesh Shrivastav** Yes
Mr. Manish Dawar Yes Statutory Auditors and the Auditors’ Report
Mr. Virag Joshi*** NA
Members of the Company in their 26th AGM held on August
*Mr. Raj Pal Gandhi was appointed as Chairperson of the Committee 10, 2017 appointed M/s. APAS & Co., Chartered Accountants
w.e.f. May 13, 2021;
(Firm Registration Number 000340C) as Joint Statutory
**Mr. Vishesh Shrivastav was ceased to be Member of the Committee
w.e.f. May 04, 2021; and
Auditors of the Company to hold office for a period of up
***Mr. Virag Joshi was appointed as the Member of the Committee to 5 (five) years i.e. till the conclusion of 31st AGM of the
w.e.f. May 13, 2021. Company to be held in the Year 2022.
Further, Members in their 29th AGM held on September 24, Corporate Social Responsibility
2020 appointed M/s. Walker Chandiok & Co. LLP, Chartered
In terms of Section 135 of the Act, every company having net
Accountants (Firm Registration Number 001076N/N500013)
worth of rupees five hundred crore or more, or turnover of
as Joint Statutory Auditors of the Company to hold office for
rupees one thousand crore or more or a net profit of rupees
a period of up to 5 (Five) years i.e. till the conclusion of 34th
five crore or more during immediately preceding financial
AGM of the Company to be held in the Year 2025.
year, shall constitute a Corporate Social Responsibility
Committee of the Board consisting of three or more
The Auditors’ remarks are self-explanatory and therefore do
directors, out of which at least one Director shall be an
not require any further clarification/ explanation from the
Independent Director. Accordingly, the Board of Directors
Board of Directors. The Statutory Auditors have not reported
in their meeting held on January 18, 2019 have constituted
any frauds under Section 143 (12) of the Act.
a Corporate Social Responsibility Committee consisting of
Mr. Raj Pal Gandhi, Mr. Virag Joshi, Ms. Rashmi Dhariwal
COST AUDIT and Mr. Vishesh Shrivastav. Further, the Board of Directors
In terms of Section 148 of the Act and the Companies (Cost in their meeting held on April 21, 2021 have re-constituted a
Records and Audit) Rules, 2014 and any amendment thereto, Corporate Social Responsibility Committee consisting of Dr.
Cost Audit is not applicable to the Company. Naresh Trehan, Mr. Varun Jaipuria and Mr. Virag Joshi.
INTERNAL AUDITORS During the financial year 2020-21, the Company had Net
Loss of ` 664.97 million and accordingly the Company was
Pursuant to the provisions of Section 138 of the Companies
not required to incur any expenditure on CSR during the year.
Act, 2013 read with the Companies (Accounts) Rules, 2014,
The CSR Policy is uploaded on the website of the Company
the Board of Directors at their Meeting held on September
at http://dil-rjcorp.com/policies.html.
09, 2020 appointed M/s O. P. Bagla & Co., LLP, Chartered
Accountants as Internal Auditors of the Company for the Directors’ Responsibility Statement
Financial Year 2020-21 to perform such functions as
Pursuant to Section 134(3)(c) read with Section 134(5) of
prescribed under Section 138 of the Companies Act, 2013
the Act, the Directors state that:
and rules made there under.
(i) t hat in the preparation of the annual accounts for the
SECRETARIAL AUDITORS Financial Year ended March 31, 2021, the applicable
The Board of Directors on the recommendations of the Audit accounting standards have been followed along with
Committee, has appointed M/s. Sanjay Grover & Associates, proper explanation relating to material departures;
Company Secretaries to conduct the Secretarial Audit of (ii) t hat the Directors have selected such accounting
your Company. The Secretarial Audit Report for the Financial policies and applied them consistently and made
Year 2020-21 is attached to this report as Annexure - 2. The judgments and estimates that are reasonable and
audit report of Secretarial Auditor is self-explanatory and prudent so as to give a true and fair view of the state
therefore do not require any further clarification/ explanation of affairs of your Company as at March 31, 2021 and of
from the Board of Directors. the Loss of the Company for the period ended on that
date;
Risk Management (iii) p
roper and sufficient care has been taken for the
Your Company has a Risk Management Policy which maintenance of adequate accounting records in
identifies and evaluates business risks and opportunities. accordance with the provisions of Act for safeguarding
The Company recognize that these risks needs to be the assets of your Company and for preventing and
managed and mitigated to protect the interest of the detecting fraud and other irregularities;
stakeholders and to achieve business objectives. The risk
management framework is aimed at effectively mitigating (iv) t hat the annual accounts have been prepared on a
the Company’s various business and operational risks, going concern basis;
through strategic actions. The Audit, Risk Management (v) p
roper internal financial controls laid down by the
and Ethics Committee of the Board of Directors inter-alia Directors were followed by the Company and that
monitors and reviews the risk management plan and such such internal financial controls are adequate and were
other functions as assigned from time to time. operating effectively; and
Internal Financial Controls (vi) p

roper systems to ensure compliance with the
provisions of all applicable laws were in place and that
Your Company has in place adequate Internal Financial
such systems were adequate and operating effectively.
Controls. The report on Internal Financial Controls issued by
M/s. Walker Chandiok & Co. LLP, Chartered Accountants and
M/s. APAS & Co., Chartered Accountants, the Joint Statutory
Conservation of Energy, Technology Absorption
Auditors of the Company is annexed to the Audit Report and Foreign Exchange Earnings and Outgo
on the Financial Statements of the Company and does not The details of conservation of energy, technology absorption,
contain any reportable weakness of the Company. foreign exchange earnings and outgo are as follows:
Statements 35
a) Conservation of energy
(i) the steps taken or impact on conservation of Replaced inefficient Motors from our several locations and
energy installing LED’s at several locations to save the energy.
(ii) the steps taken by the Company for utilizing • uring the financial year 2018 the Company installed
D
alternate sources of energy Solar Plant in various food courts locations like Yamuna
Express Way - both side, Mathura, Head Office, Behror which
continue to conserve energy. The Company has saved ` 3.39
million during the current year and cumulative savings till
March 31, 2021 amounted to ` 14.16 million.
• D
uring the financials year 2019-20, the Company spent
` 0.14 million on Installation of Variable Frequency Drive
in Behror Food Court to exhaust Fresh air and to control the
Electric motor by varying the frequency and voltage of its
power supply. With this expenditure the Company has saved
around 51% units through exhaust and fresh air running
motor resulting into annual average savings of about
` 0.20 million.
(iii) the capital investment on energy conservation There was no fresh capital investment in Conservation of energy
equipment’s in the Financial year 2020-21.
b) Technology absorption
(i) the efforts made towards technology absorption -
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution -
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the
financial year)-
(a) the details of technology imported -
(b) the year of import; -
(c) whether the technology been fully absorbed -
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof -
(iv) the expenditure incurred on Research and Development -
c) Foreign exchange earnings and Outgo Vigil Mechanism / Whistle Blower Policy
he Foreign Exchange earned in terms of actual inflows
T Pursuant to the provisions of Section 177 of the Act and
during the year and the Foreign Exchange outgo during Regulation 22 of SEBI (Listing Obligations and Disclosure
the year in terms of actual outflows: Requirements) Regulations, 2015, the Company has adopted
Foreign Exchange Earnings and Outgo a Vigil Mechanism / Whistle Blower Policy to provide a
(` in Million) platform to the Directors and Employees of the Company
Year Ended Year Ended to raise concerns regarding any irregularity, misconduct or
Particulars unethical matters / dealings within the Company. The same
31-Mar-21 31-Mar-20
Earnings in foreign currency 71.56 106.44 is detailed in the Corporate Governance Report which forms
(Including Interest income part of this report. The Vigil Mechanism Policy is uploaded
received from Loan given to on the website of the Company at http://dil-rjcorp.com/
subsidiaries) policies.html.
Outgo in foreign currency:
Value of Imports (CIF) Extract of the Annual Return
Capital Goods - - Annual Return of the Company for the Financial Year 2020-21 is
Stores, Spares, Raw Material & 9.05 27.53 uploaded on the website of the Company at www.dil-rjcorp.com
Trading goods
Expenditure in foreign currency Particulars of Employees
Travelling & Others - 5.02 The information pursuant to the provisions of Section 197
Royalty & Other Fee 20.44 37.80 of the Companies Act, 2013 read with Rule 5(2) & (3) of the
Interest 15.36 20.26 Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 with respect to the employees of General

the Company will be provided upon request and is available
Your Directors confirm that no disclosure or reporting is
for inspection by the members at the Corporate Office of
required in respect of the following items as there was no
the Company during business hours on working days of
transaction on these items during the year under review:-
the Company upto the date of the ensuing Annual General
Meeting. If any member is interested in obtaining a copy 1. I ssue of equity shares with differential voting rights as
thereof, such member may write to the Company Secretary to dividend, voting or otherwise.
at [email protected].
2. he Whole-time Director of the Company does not
T
receive any remuneration or commission from any of
Human Resources
its subsidiaries.
Employees are our vital and most valuable assets. We have
created a favorable work environment that encourages 3. o significant or material orders were passed by the
N
innovation. We have also set up a scalable recruitment and Regulators or Courts or Tribunals which impact the
human resources management process which enables us going concern status and Company’s operations in
to attract and retain high caliber employees. Our employee future.
partnership ethos reflects the Company’s longstanding
4. Issue of Sweat Equity Shares.
business principles and drives the Company’s overall
performance with the prime focus to identify, assess, groom 5. xcept as disclosed in this Report, there are no
E
and build leadership potential for future. material changes and commitments, affecting the
financial position of the Company which have occurred
Corporate Governance Report between the end of the financial year of the Company
The Company is committed to uphold the highest standards to which the financial statements relate and the date
of corporate governance and believes that the business of the report.
relationship can be strengthened through corporate fairness,
transparency and accountability. Your Company complies Acknowledgements
with all the mandatory provisions of applicable Listing Your Company’s organizational culture upholds
Regulations. professionalism, integrity and continuous improvement
across all functions, as well as efficient utilization of the
Compliance with Secretarial Standards Issued Company’s resources for sustainable and profitable growth.
by the Institute of Company Secretaries of India.
The Company is in regular compliance of the applicable Your Directors wish to place on record their appreciation
provisions of Secretarial Standards issued by the Institute for the sincere services rendered by employees of the
of Company Secretaries of India. Company at all levels. Your Directors also wish to place on
record their appreciation for the valuable co-operation and
Sexual Harassment of Women at Work Place support received from the various Government Authorities,
(Prevention, Prohibition and Redressal) Act, the Banks / Financial Institutions and other stakeholders
2013. such as, members, customers and suppliers, among others.
Your Directors also commend the continuing commitment
To comply with the provisions of Section 134 of the Act and
and dedication of the employees at all levels, which has
Rules made thereunder, your Company has complied with
been critical for the Company’s success. Your Directors look
the provisions relating to constitution of Internal Complaints
forward to their continued support in future.
Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013. Company is conducting training programs from time For and on behalf of the Board of
to time to educate its employees so that the provisions of Devyani International Limited
above-mentioned Act are complied in true spirit.
Virag Joshi Manish Dawar

During the year under review, no complaint was filed
Whole-time Whole-time
under the Sexual Harassment of Women at Workplace
Director (President Director & Chief
(Prevention, Prohibition and Redressal) Act, 2013 and
Place: Gurugram & CEO) Financial Officer
no complaint was pending at the beginning and end of
Date: July 14, 2021 DIN No.: 01821240 DIN No.: 00319476
Financial Year 2020-21.
Statements 37
ANNEXURE - 1
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts
(` in Million)
S. Particulars Details Details Details Details Details
No.
1 Name of the subsidiary Devyani Food Devyani Devyani RV Devyani International
Street Private Airport International Enterprizes (Nigeria) Limited –
Limited Services Nepal Private Pte. Ltd. Step down subsidiary
(Mumbai) Limited (Subsidiary of RV
Pvt. Ltd. Enterprizes Pte. Ltd.)
2 The date since when subsidiary 14.04.2010 01.05.2013 02.07.2008 31.01.2011 31.01.2011
was acquired
3 Reporting period for the From From From From From 01.04.2020 to
subsidiary concerned, if 01.04.2020 to 01.04.2020 to 01.04.2020 to 01.04.2020 to 31.03.2021
different from the holding 31.03.2021 31.03.2021 31.03.2021 31.03.2021
company’s reporting period
4 Reporting currency INR (`) INR (`) INR (`) INR (`) INR (`)
5 Share capital 89.09 60.00 26.77 922.69 127.96
6 Other equity (280.86) (837.86) 13.49 180.27 (1,988.64)
7 Total assets 480.00 661.17 445.88 1,443.90 719.78
8 Total Liabilities 480.00 661.17 445.88 1,443.90 719.78
9 Investments - - - 184.05 -
10 Revenue from operations and 274.86 192.97 242.20 147.05 936.09
other income
11 Profit(Loss) before tax (86.24) (105.61) 14.09 134.80 (75.82)
12 Tax expense (22.95) - 5.06 7.20
12 Provision for taxation
13 Other Comprehensive Income 0.41 (0.18) 0.26 (23.51) 146.35
13 Total comprehensive loss for (62.89) (105.79) 9.29 111.29 63.33
the year
14 Proposed Dividend - - - - -
15 % of shareholding 100% 51% 100% 87% *68.51%
*The figure represents 87% of the total shareholding of RV Enterprizes Pte. Ltd. i.e. 68.51% in Devyani International (Nigeria) Ltd.
Notes:
1. Names of subsidiaries which are yet to commence operations: Nil
2. Names of subsidiaries which have been liquidated or sold during the year: Devyani International (UK) Private Limited
(Sold during the year)
Part “B”: Associates and Joint Ventures - NIL

Notes:
1. Names of associates or joint ventures which are yet to commence operations: Nil.
2. ames of associates or joint ventures which have been liquidated or sold during the year: The Minor Food Group (India)
N
Private Limited (Sold during the year).
For and on behalf of the Board of
Devyani International Limited
Raj Pal Gandhi Virag Joshi

Director Whole-time Director (President & CEO)
DIN No.: 00003649 DIN No.: 01821240
Manish Dawar Anil Dwivedi

Place: Gurugram Whole-time Director & Chief Financial Officer Company Secretary
Date: April 21, 2021 DIN No.: 00319476
ANNEXURE - 2
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, f) he Secretarial Audit report is neither an assurance as

T
The Members, to the future viability of the company nor of the efficacy
Devyani International Limited or effectiveness with which the management has
(CIN: U15135DL1991PLC046758) conducted the affairs of the Company.
F-2/7 Okhla Industrial Area Phase-I,
New Delhi-110020 g) he auditor adhered to best professional standards
T
and practices as could be possible while carrying out
We have conducted the secretarial audit of the compliance
audit during the lock-down conditions due to Covid-19.
of applicable statutory provisions and the adherence to
The Company made due efforts to make available the
good corporate practices by Devyani International Limited
relevant records and documents which were verified
(hereinafter called “the Company”) which is an unlisted
through online means to conduct and complete the
company. Secretarial Audit was conducted in a manner that
audit in the aforesaid lock-down conditions.
provided us a reasonable basis for evaluating the corporate
conducts/statutory compliances and expressing our opinion
thereon. Based on our verification of the Company’s books, papers,
minute books, forms and returns filed and other records
We report that maintained by the Company and also the information
provided by the Company, its officers, agents and authorized
a) aintenance of secretarial records is the responsibility
M
representatives during the conduct of Secretarial Audit, we
of the management of the Company. Our responsibility
hereby report that in our opinion, the company has, during
is to express an opinion on these secretarial records
based on our audit. the audit period covering the financial year ended on 31st
March, 2021 (“Audit Period”) complied with the statutory
b) e have followed the audit practices and processes
W provisions listed hereunder and also that the Company
as were appropriate to obtain reasonable assurance has proper Board processes and compliance mechanism
about the correctness of the contents of the secretarial in place to the extent, in the manner and subject to the
records. The verification was done on test basis to reporting made hereinafter:
ensure that correct facts are reflected in secretarial
records. We believe that the processes and practices, We have examined the books, papers, minute books, forms
we followed provide a reasonable basis for our opinion. and returns filed and other records maintained by the
company for the financial year ended on 31st March, 2021
c) e have not verified the correctness and
W according to the provisions of:
appropriateness of the financial statements of the
Company. (i) he Companies Act, 2013 (the Act) and the rules made
T
thereunder;
d) herever required, we have obtained the Management
W
representation about the compliances of laws, rules
and regulations and happening of events etc. (ii) T
he Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder;
e) he compliance of the provisions of the Corporate
T
and other applicable laws, rules, regulations, (iii) F
oreign Exchange Management Act, 1999 and the
standards is the responsibility of the management. rules and regulations made there under to the extent of
Our examination was limited to the verification of Foreign Direct Investment, Overseas Direct Investment
procedures on test basis. and External Commercial Borrowings, where applicable;
Statements 39
We have also examined compliance of the Secretarial We further report that there are systems and processes in
Standard on Meetings of the Board of Directors (SS-1) and the company commensurate with the size and operations
Secretarial Standard on General Meetings (SS-2) issued by of the company to monitor and ensure compliance with
the Institute of Company Secretaries of India, compliance applicable laws, rules, regulations and guidelines.
of which need to be further strengthened. Further, the
Company was generally regular in filing of Forms with the We further report that
Registrar of Companies. The Members of the Company at their extraordinary general
meeting held on 17th March, 2021, have passed the following
During the period under review, the Company has complied Special Resolutions:
with the provisions of the Act, Rules, Regulations and
Guidelines, to the extent applicable, as mentioned above. i. nhance the limits to borrow funds pursuant to the
e
provisions of Section 180(1)(c) of the Companies Act,
2013, from ` 1,000 crores to ` 2,500 crores;
(iv) T
he Company is engaged in the business of developing,
managing and operating quick services restaurants
ii. nhance the limits for creation of mortgage / charge
e
for brands – Pizza Hut, KFC, Costa and Vangoo. As
etc. pursuant to the provision of section 180(1)(a) of
informed by the Management, Food Safety & Standards
the Companies Act, 2013 from ` 1,000 Crores to ` 2,500
Act, 2006 and Rules made thereunder are specifically
Crores;
applicable to the company.
iii. t ransfer of shares of Devyani International (UK) Pvt.
We have checked the compliance management system of Ltd, a wholly owned subsidiary company to Arctic
the Company to obtain reasonable assurance about the International Pvt. Ltd, Mauritius, a 100% subsidiary of
adequacy of systems in place to ensure compliance of RJ Corp Limited, pursuant to the provisions of section
specifically applicable laws and this verification was done 180(1)(a) and 188 of the Companies Act 2013;
on test basis. We believe that the audit evidence which we
have obtained is sufficient and appropriate to provide a iv. t ransfer of company’s TWG India Business to RJ Corp
basis for our audit opinion. In our opinion and to the best Limited, holding company, pursuant to the provisions
of our information and according to explanations given to of Section 180(1)(a) of the companies Act, 2013;
us, we believe that the compliance management system
of the Company seems adequate to ensure compliance of v. t o create, issue, offer and allot such number of Equity
laws specifically applicable to the Company, which can be Shares aggregating to ` 5,000 million (‘’the fresh
issue) and an offer for sale of such number of Equity
further strengthened.
Shares (“Offer for Sale”) as tendered by certain existing
We further report that the Board of Directors of the Company shareholders of the Company in the Offer;
is duly constituted with proper balance of Executive Directors,
vi. t o create, offer, issue and allot at an appropriate time, in
Non-Executive Directors and Independent Directors. The
one or more tranches in aggregate 23,10,000 (Twenty-
changes in the composition of the Board of Directors
Three Lakh and Ten Thousand) Equity Shares at a price
that took place during the audit period were carried out in
of ` 433.28 per share [having a face value of ` 10 and
compliance with the provisions of the Act.
a premium of ` 423.28/- per share] for cash to RJ Corp
Limited, the holding company and few group company
Adequate notices were given to all directors to schedule the employees for a total consideration of approx.
Board Meetings. Agenda and detailed notes on agenda were ` 1,00,08,76,800/- on private placement/preferential
sent at least seven days in advance except in case(s) where basis to the proposed subscribers.
meeting was convened at a shorter notice in accordance
with the provisions of the Act. A system exists for seeking For Sanjay Grover & Associates
and obtaining further information and clarifications on Companies Secretaries
the agenda items before the meeting for meaningful Firm Registration No.: P2001DE052900
participation at the meeting.
Vijay K. Singhal
Board decisions were carried out with unanimous consent Partner
and therefore, no dissenting views were required to be Place: New Delhi ACS No.: A21089, CP No.: 10385
captured and recorded as part of the minutes. Date: April 21, 2021 UDIN: A021089C000151450
Management Discussion & Analysis

Economic Overview ordering through food delivery apps, as consumers turned to
online platforms to avoid spreading or being infected by the
Over the last few years, India has evolved as one of the
virus in public places. While delivery and other convenience-
world’s fastest growing major economies. However, the
based ordering channels will continue to gain traction, as the
outbreak of the COVID-19 pandemic in March 2020 along pandemic retreats and social-distancing norms are eased,
with the subsequent actions to contain the spread of the dine-in transactions are also expected to return.
virus, such as stringent lockdown measures and restrictions
Source: Global Data - India – The Future of Foodservice to 2025
on logistics across States severely disrupted economic
activities. The restrictions in the first half of 2020 dampened
Key Drivers for Growth & Opportunity
economic activity and the sharp rise in unemployment
The Indian food services industry in India is evolving rapidly
exacerbated the decline in household consumption. While
and has immense potential. The interplay of various drivers
India’s real GDP contracted by 8.7% in FY20 on the back of
is influencing its growth, as explained below:
a COVID-19 induced economic crisis, with phased unlocking
the Indian economy recorded growth in the six months
Favorable Demographic Profile
ended March 31, 2021.
Rising disposable incomes, busier lifestyle and higher
The services sector is considered the key growth engine of percentage of young and working professionals expected to
the Indian economy. Key segments of this sector include drive a multi-fold growth in the industry
hotels and restaurants; transport, financing, insurance, real
estate and business services. Services output registered
Increased Urbanization and Nuclearization of Families
a sharp decline in 2020, due to the major services sub- Urbanization and nuclearization of the family is transforming
sectors such as tourism, travel, restaurants, and others, spending habits and food consumption preferences towards
having faced a complete halt during the lockdown period of higher instances of eating out and home delivery
March-May 2020. However, with phased unlocking, there
has been a gradual uptick in the service industry especially Evolving Food Preferences
in the third and fourth quarter of FY21. Growing awareness of western culture and an increase in
Source: Global Data - India – The Future of Foodservice to 2025 travel and tourism across the globe has resulted in growing
preference for a blend of international and fusion cuisines
Industry Overview & Outlook
Increasing footprints of Food Aggregators
The Indian food services industry, a key contributor to the
economy with its vibrantly growing market, generated a The convenience of app-based ordering and delivery at the
total revenue of ` 8,36,661 crore in CY20. The quick services doorstep are expected to continue to drive growth in the
restaurants (“QSR”) channel made the largest contribution Indian food services market
to the industry, with a revenue share of 34.1% amounting to
Internet and Mobile Penetration
` 2,85,479 crore The QSR channel is expected to grow at a
compounded annual growth rate (“CAGR”) of 12.4% between Cheap internet access, affordable smartphones and social
CY20 and CY25, more than double the 5.5% revenue CAGR media platforms are aiding the growth of the industry
witnessed from CY15 to CY20. Rapid urbanization, rising
number of commercial spaces for consumers to have a Business Overview
quick bite amid their work or shopping schedules, and value Company Snapshot
pricing have played an important role in the growth of QSRs. Devyani International Limited (“DIL” or the “Company”) is
Further, busier lifestyles have encouraged the shift from among the largest operators of QSR chain in India and is
home-cooked food to outside food among working couples, the largest franchisee of Yum Brands (Pizza Hut and KFC)
making QSR channels more relevant. in India on a non-exclusive basis. In addition, DIL is also a
franchisee for Costa Coffee in India. Along with partnering
The COVID-19 pandemic brought significant changes in some of the largest and most-recognized global brands,
the operations of QSRs. Contactless dining and takeaways the Company also has in-house brands such as Vaango
were adopted by leading QSR players. Other changes and Food Street in its portfolio. As of March 31, 2021, the
include usage of a QR code to access the menu online. The Company operated 655 stores across 155 cities in India. The
pandemic has also accelerated the growth of online food Company also has operations in Nepal and Nigeria.
Statements 41
DIL’s business is broadly classified into three verticals that first Pizza Hut store in Jaipur. It subsequently expanded its
include “Core Brands Business”, which comprises stores operations with both KFC and Pizza Hut franchises and as of
of KFC, Pizza Hut and Costa Coffee operated in India (KFC, March 31, 2021, operated 264 KFC stores and 297 Pizza Hut
Pizza Hut and Costa Coffee referred to as “Core Brands”); stores across the country. In addition, DIL operated 44 Costa
“International Business”, which comprises stores of KFC, Coffee stores, as of March 31, 2021. DIL has been consistently
Pizza Hut and other brands operated in Nepal and Nigeria;
expanding its store network over the years. Stores in its Core
and “Other Business”, which comprises certain other
Brands Business grew at a CAGR of 13.58% from 469 stores as
operations in the F&B industry, including stores of own
of March 31, 2019 to 605 stores as of March 31, 2021. Despite
brands such as Vaango and Food Street.
the ongoing COVID-19 pandemic, the Company has continued
The Company began its long-standing relationship with to expand its store network and in the six months ended March
Yum India in 1997, when it commenced operations of its 31, 2021, it opened 109 stores in its Core Brands Business.
Key Brands and Verticals

India International
Vertical QSR QSR Coffee QSR QSR
Vaango, Food Street KFC Pizza Hut

Brands KFC Pizza Hut Costa Coffee
& Other Brands Nepal & Nigeria Nepal
Stores* 264 297 44 50 37
*Number of stores as of March 31, 2021
DIL’s Growing Domestic Footprint
Total Stores in India KFC Stores in India

533
575
655
134
172
264
FY19
FY20
FY21
FY19
FY20
FY21
Pizza Hut Stores in India Costa Coffee Stores in India

268
269
297
67
63
44
FY19
FY20
FY21
FY19
FY20
FY21
DIL’s Core Brands’ Growth in India -

Further, in FY21, Yum India invested in the
Company to acquire a minority stake.
KFC
• COVID-19 impact:
Year Stores Cities Revenue (1) - Following the onset of COVID-19, the Company
FY19 134 57 4,641 increased its focus on safety by introduction
of contactless delivery and takeaway, ensuring
FY20 172 76 6,091 greater cleanliness of its stores, and additional
FY21 264 97 6,443 safety measures such as frequent sanitization
and temperature checks. Among the measures
DIL is the franchise partner of Yum for KFC in India and an adopted to counter the effects of COVID-19
exclusive franchise partner for KFC in Nepal and Nigeria, include re-developing menus to focus on delivery
through its subsidiaries. KFC, a global chicken restaurant and takeaway options, introducing measures to
brand, has over 25,000 restaurants in over 140 countries as reduce fixed and variable costs and seeking rental
of December 31, 2020. waivers from store landlords and lessors.
Pizza Hut - The spread of the COVID-19 pandemic and the

subsequent lockdowns had a severe negative
Year Stores Cities Revenue (1) impact on the business in the early part of the
financial year; however, with phased unlocking of
FY19 268 83 4,233 the economy, there was a steady recovery specially
FY20 269 82 4,174 in the 3rd and 4th quarter of FY21.
FY21 297 100 2,879

• Closure of loss-making business:
- The Company continued its efforts to rationalize
DIL is the franchise partner of Yum for Pizza Hut in India. Pizza
its business and cut loss-making operations
Hut, the largest restaurant chain in the world, specializes in
for driving improved profitability and financial
the sale of ready-to-eat pizzas. Pizza Hut operates in the
performance. With this focus, the Company
delivery, carry-out and casual dining segments around the
rationalized three loss-making food courts at
world with 17,639 restaurants, as of December 31, 2020.
airports and divested the early stage TWG tea
business in India as well as in UK subsidiary.
Costa Coffee
• Network expansion
Year Stores Cities Revenue (1)
- During FY21, across Core Brands in India, the
FY19 67 16 902 Company increased its total number of stores to
FY20 63 18 820 605 as of March 31, 2021 from 504 as of March
31, 2020. While the total new stores opened during
FY21 44 17 214
FY21 were 162 including 51 acquired from Yum
India, the Company closed 61 stores primarily
DIL is also the franchisee for the Costa Coffee in India. Costa
due to termination or non-renewal of leases,
Coffee is a global coffee shop chain with over 3,400 coffee
store relocations and other commercial reasons,
shops in 31 countries. including closure of under-performing stores.
Notes: (1) ` Million for India Business
Business Strengths
Key developments during the year Portfolio of highly recognized global brands
• cquisition of Yum India stores and investment
A
• IL’s Core Brands, namely, KFC, Pizza Hut and Costa
D
by Yum in the Company:
Coffee, are highly recognized global QSR brands.
- In FY21, the Company further consolidated its
industry position by acquiring the remaining • rands catering to diverse cuisine segments and
B
51 stores out of the total 60 stores from Yum available across multiple formats of dine-in, takeaway
Restaurants (India) Private Limited (“Yum India”) and delivery.
in terms of the Business Transfer Agreement
dated December 11, 2019. • Product offerings across various price points.
Statements 43
Multi-dimensional comprehensive QSR player • n the profitability front, the Company was able to
O
recover from the negative impact in first quarter of
• Close association with Yum together with technical,
FY21 to close the year at ` 2,269 million of EBITDA with
marketing and operational expertise has enabled the
an EBITDA margin of 20.00% as compared to EBITDA
Company to establish itself as a comprehensive player
margin of 16.85% in FY20. Further, through the various
in the QSR industry in India.
cost optimization measures undertaken, the Company
was able to reduce the losses from ` 1,214 million in
Presence across key consumption markets with a
FY20 to ` 630 million in FY21.
cluster-based approach
• 55 stores across all brands in 26 states and three union
6 (` in Million)
territories across 155 cities in India, as of March 31, 2021. Particulars FY21 FY20 YoY Growth
Revenue 11,348 15,164 -25%
• trong presence in key metro cities with 304 stores of
S
Gross Profit 7,902 10,560 -25%
Core Brands present in the five major metro cities.
EBITDA 2,269 2,555 -11%
Depreciation 2,295 2,233 3%
Cross brand synergies with operating leverage
Finance Cost 1,528 1,584 -4%
• DIL has been able to leverage substantial operating
PAT -630 -1,214 48%
synergies across the brands it operates.
Corporate Social Responsibility and Special
• ost efficiencies at each level is one of the most
C
Initiatives
important aspects that distinguishes DIL from its
Competitor. The Company has constituted a corporate and social
responsibility (“CSR”) committee of its Board of Directors
Disciplined financial approach with focus on cash and has adopted and implemented a CSR policy on March
flows and returns 17, 2021, under which it is permitted to carry out activities
concerning eradication of hunger and poverty and promoting
• BITDA margins were 16.85% and 20.00%, for FY20 and
E
education, employment, training and rural development
FY21 respectively.
projects. One of the recent initiatives includes the ‘Add
• As part of commitment towards cost containment, the Hope’ project, for which the Company collects monetary
Company undertakes a ROI analysis prior to opening a contributions at its KFC stores and donate the sums
store to determine the financial feasibility of the store. received to organizations involved in eradication of hunger.
DIL, over the years, has also been committed to creating a
Experienced Management Team fair, inclusive and diverse workplace for its employees as it
• r. Ravi Kant Jaipuria, Company’s Promoter, has
M believes they are its most valuable assets. To this end, the
over three decades of experience in conceptualizing, Company has invested in stores that are managed by a team
executing, developing, and expanding food, beverages of specially-abled individuals. These special people receive
and dairy business in South Asia and Africa. the same compenzation and career growth opportunities as
others in the organization. The Company supports them in
• ompany’s Board comprises individuals from various
C acquiring necessary skills to perform better in their existing
fields of finance and business with varied and diverse roles and in developing them for future roles.
experience.
Human Resources
Financial Overview As of March 31, 2021, DIL employed 9,356 employees, of
• he COVID-19 outbreak, as well as the measures of
T which 8,833 employees were in India, and 523 were outside
nationwide lockdown and localized containment across India. All employees are trained based on Yum’s certification
different states and regions to curb the spread of infection, requirements, by instructors engaged by the Company,
have had a substantial impact on the Company’s to help ensure that its operations strictly comply with the
operations. Dine-in operations at Company’s stores were franchise agreements and required manuals and operating
suspended or restricted, which resulted in a decrease in procedures. The training comprises on-job-evaluation, web-
sale of Company’s products, on account of government based training modules, and other mandatory courses on
restrictions imposed during FY21, in particular during fire safety and general functions. To ensure compliance, an
the six months ended September 30, 2020. In FY21, the unannounced training audit is conducted internally as well.
revenue from operations declined by 25% to ` 11,348 Different training modules are applied for each designation
million compared to ` 15,164 million in FY20. Steady such as shift manager, assistance restaurant manager,
business recovery was witnessed in the third and fourth and restaurant general manager. A distinct and more
quarter with the opening of the economy in a phase-wise specialized training is required for area managers based on
manner. an application developed by Yum.
None of Company’s employees are represented by a labor Continue to improve unit-level performance – The
union or covered by a collective wage bargaining agreement. Company’s endeavor will be to manage unit economics
The Company also has part-time employees who are primarily and achieve economies of scale. The growth of stores will
engaged to manage the peak-hour volumes. In addition, the provide operating leverage as fixed overheads costs will
Company enters into contract with third-party manpower get apportioned across larger number of stores, which
and services firms for the supply of contract labor for certain will improve its EBITDA margins. In parallel, the Company
services at its stores such as security services. The number of has been able to rationalize certain stores that were loss-
contract laborers varies from time to time based on the nature making to improve overall store level profitability. This
and extent of work contracted to independent contractors. strategy of store rationalization will also help improve
margins, going forward.
Awards & Recognitions
• I n 2020, DIL was recognized as one of “India’s 100 Best
Focus on delivery channel for Core Brands – The Company
Workplaces for Women 2020” by the Great Place to
intends to continue creating synergies between stores of
Work Institute, India.
Core Brands and delivery services by taking advantage
• In 2019, Pizza Hut and KFC were recognized among of its extensive store network, to improve efficiency and
the “Most Trusted Brands” in Food Services category in increase margins. To facilitate this strategy, the Company
Brand Equity Survey conducted by The Economic Times. intends to open additional stores for Pizza Hut and KFC
• I n 2018, Costa Coffee (T3 International Departure Pier) that will largely be focused on delivery. In addition, the
was awarded the Certificate of Excellence for “Outlet Company also intends to engage further with delivery
of the Year- F&B (International)” by Delhi International aggregators to take advantage of the growing online
Airport Limited at the IGIA Awards 2018. delivery market.
Outlook & Strategy Invest in technology and focus on digital capabilities –

With phased implementation of the vaccination program The Company plans to increase investment in end-to-
in India, the economy is expected to return to normalcy end digitalization, automation, artificial intelligence and
sooner than later, which will boost the Company’s growth machine learning, to connect online traffic with its offline
and profitability. The Company’s strategy is to continue assets effectively.
expanding its store network across the Core Brands with
a focus on unit-level performance, expand its delivery Risk Management, Audit and Internal Control
business for Core Brands, and invest in technology to build
The Company has control systems in place that match
its digital capability.
the scale of its sector and the complexity of the market
Strategically expand store network of Core Brands in India- it works in. The Company has constituted an Audit, Risk
Going forward, the Company’s focus will remain on increasing Management and Ethics Committee for undertaking
its sales across Core Brands Business by opening additional comprehensive system of internal audits and periodic
stores as there are significant opportunities to expand assessments and has appointed Walker Chandiok & Co.
footprint in India. Efforts will be directed towards increasing LLP, Chartered Accountants & M/s APAS & Co., Chartered
geographic coverage in both existing and new cities to Accountants, the Joint Statutory Auditors of the Company
capitalize on the growing market opportunity for QSRs. to report on the financial controls of the Company.
Statements 45
Independent Auditor’s Report

To the Members of Devyani International Limited the uncertainties relating to the effect of COVID-19
pandemic outbreak and the management’s evaluation
Report on the Audit of the Standalone Financial of the impact on the standalone financial statements
Statements of the Company as at the balance sheet date. The
Opinion extent of the impact of these uncertainties on the
Company’s operations is significantly dependent on
1. We have audited the accompanying standalone
future developments.
financial statements of Devyani International Limited
(‘the Company’), which comprise the Balance Sheet Our opinion is not modified in respect of this matter.
as at 31 March 2021, the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Information other than the Financial Statements and
Flow Statement and the Statement of Changes in Auditor’s Report thereon
Equity for the year then ended, and a summary of the 5. The Company’s Board of Directors is responsible for
significant accounting policies and other explanatory the other information. The other information comprises
information. the information included in the Annual Report, but does
not include the standalone financial statements and
2. In our opinion and to the best of our information and our auditor’s report thereon.
according to the explanations given to us, the aforesaid
standalone financial statements give the information Our opinion on the standalone financial statements
required by the Companies Act, 2013 (‘Act’) in the manner does not cover the other information and we do not
so required and give a true and fair view in conformity express any form of assurance conclusion thereon.
with the accounting principles generally accepted in In connection with our audit of the standalone financial
India including Indian Accounting Standards (‘Ind AS’) statements, our responsibility is to read the other
specified under section 133 of the Act, of the state of information and, in doing so, consider whether the
affairs of the Company as at 31 March 2021, and its other information is materially inconsistent with the
loss (including other comprehensive income), its cash standalone financial statements or our knowledge
flows and the changes in equity for the year ended on obtained in the audit or otherwise appears to be
that date. materially misstated.
Basis for Opinion The Annual Report is not made available to us at the
date of this auditor’s report. We have nothing to report
3. We conducted our audit in accordance with the
in this regard.
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards Responsibilities of Management and Those Charged
are further described in the Auditor’s Responsibilities with Governance for the Standalone Financial
for the Audit of the Financial Statements section of Statements
our report. We are independent of the Company in 6. The accompanying standalone financial statements
accordance with the Code of Ethics issued by the have been approved by the Company’s Board of
Institute of Chartered Accountants of India (‘ICAI’) Directors. The Company’s Board of Directors is
together with the ethical requirements that are relevant responsible for the matters stated in section 134(5)
to our audit of the financial statements under the of the Act with respect to the preparation of these
provisions of the Act and the rules thereunder, and standalone financial statements that give a true and
we have fulfilled our other ethical responsibilities in fair view of the financial position, financial performance
accordance with these requirements and the Code including other comprehensive income, changes in
of Ethics. We believe that the audit evidence we have equity and cash flows of the Company in accordance
obtained is sufficient and appropriate to provide a with the accounting principles generally accepted in
basis for our qualified opinion. India, including the Ind AS specified under section 133 of
the Act. This responsibility also includes maintenance
Emphasis of Matter of adequate accounting records in accordance with the
4. We draw attention to Note 55 of the accompanying provisions of the Act for safeguarding of the assets of
standalone financial statements, which describes the Company and for preventing and detecting frauds
and other irregularities; selection and application of • Obtain an understanding of internal control relevant
appropriate accounting policies; making judgments and to the audit in order to design audit procedures
estimates that are reasonable and prudent; and design, that are appropriate in the circumstances. Under
implementation and maintenance of adequate internal section 143(3)(i) of the Act, we are also responsible
financial controls, that were operating effectively for expressing our opinion on whether the Company
for ensuring the accuracy and completeness of the has adequate internal financial controls with
accounting records, relevant to the preparation and reference to financial statements in place and the
presentation of the financial statements that give a true operating effectiveness of such controls;
and fair view and are free from material misstatement,
Evaluate the appropriateness of accounting
•
whether due to fraud or error.
policies used and the reasonableness of
accounting estimates and related disclosures
7. In preparing the financial statements, management
made by management;
is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, • Conclude on the appropriateness of management’s
matters related to going concern and using the going use of the going concern basis of accounting and,
concern basis of accounting unless management based on the audit evidence obtained, whether a
either intends to liquidate the Company or to cease material uncertainty exists related to events or
operations, or has no realistic alternative but to do so. conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
8.
Those Board of Directors is also responsible for If we conclude that a material uncertainty exists,
overseeing the Company’s financial reporting process. we are required to draw attention in our auditor’s
report to the related disclosures in the financial
Auditor’s Responsibilities for the Audit of the statements or, if such disclosures are inadequate,
Financial Statements to modify our opinion. Our conclusions are based
9.
Our objectives are to obtain reasonable assurance on the audit evidence obtained up to the date of
about whether the financial statements as a whole our auditor’s report. However, future events or
are free from material misstatement, whether due conditions may cause the Company to cease to
to fraud or error, and to issue an auditor’s report that continue as a going concern;
includes our opinion. Reasonable assurance is a • Evaluate the overall presentation, structure and
high level of assurance, but is not a guarantee that content of the financial statements, including the
an audit conducted in accordance with Standards on disclosures, and whether the financial statements
Auditing will always detect a material misstatement represent the underlying transactions and events
when it exists. Misstatements can arise from fraud or in a manner that achieves fair presentation;
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to 11. We communicate with those charged with governance
influence the economic decisions of users taken on the regarding, among other matters, the planned scope
basis of these financial statements. and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
10. As part of an audit in accordance with Standards on that we identify during our audit.
Auditing, we exercise professional judgment and
maintain professional skepticism throughout the audit. Report on Other Legal and Regulatory
We also: Requirements
Identify and assess the risks of material
• 12. As required by section 197(16) of the Act, based on our
misstatement of the financial statements, whether audit, we report that the Company has paid remuneration
due to fraud or error, design and perform audit to its directors during the year in accordance with the
procedures responsive to those risks, and obtain provisions of and limits laid down under section 197
audit evidence that is sufficient and appropriate read with Schedule V to the Act.
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from 13. As required by the Companies (Auditor’s Report) Order,
fraud is higher than for one resulting from error, 2016 (‘the Order’) issued by the Central Government of
as fraud may involve collusion, forgery, intentional India in terms of section 143(11) of the Act, we give in
omissions, misrepresentations, or the override of the Annexure A a statement on the matters specified in
internal control; paragraphs 3 and 4 of the Order.
Statements 47
14. Further to our comments in Annexure A, as required by the Company for the year ended on that date and
section 143(3) of the Act, based on our audit, we report, our report dated 21 April 2021 as per Annexure B
to the extent applicable, that: expressed unmodified opinion; and
a) we have sought and obtained all the information g) with respect to the other matters to be included in
and explanations which to the best of our the Auditor’s Report in accordance with rule 11 of
knowledge and belief were necessary for the the Companies (Audit and Auditors) Rules, 2014
purpose of our audit of the accompanying (as amended), in our opinion and to the best of
standalone financial statements; our information and according to the explanations
given to us:
b) in our opinion, proper books of account as required
by law have been kept by the Company so far as it i. the Company, as detailed in note 39 to
appears from our examination of those books; the standalone financial statements, has
disclosed the impact of pending litigations
c) the standalone financial statements dealt with
on its financial position as at 31 March 2021;
by this report are in agreement with the books of
account; ii. the Company did not have any long-term
contracts including derivative contracts for
d) in our opinion, the aforesaid standalone financial which there were any material foreseeable
statements comply with Ind AS specified under losses as at 31 March 2021;
section 133 of the Act;
iii. there were no amounts which were required
e) on the basis of the written representations to be transferred to the Investor Education
received from the directors and taken on record and Protection Fund by the Company during
by the Board of Directors, none of the directors the year ended 31 March 2021; and
is disqualified as on 31 March 2021 from being
iv. the disclosure requirements relating to
appointed as a director in terms of section 164(2)
holdings as well as dealings in specified bank
of the Act;
notes were applicable for the period from 8
f) we have also audited the internal financial controls November 2016 to 30 December 2016, which
with reference to financial statements of the are not relevant to these standalone financial
Company as on 31 March 2021 in conjunction with statements. Hence, reporting under this
our audit of the standalone financial statements of clause is not applicable.
For Walker Chandiok & Co LLP For APAS & Co.

Chartered Accountants Chartered Accountants
Firm’s Registration No.: 001076N/N500013 Firm Registration No.: 000340C
Nitin Toshniwal Sumit Kathuria

Partner Partner
Membership No.: 507568 Membership No.: 520078
UDIN: 21507568AAAABL3044 UDIN: 21520078AAAADD4837
Place: Faridabad Place: Gurugram

Date: 21 April 2021 Date: 21 April 2021
Annexure A
Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial
statements of the Company and taking into consideration the information and explanations given to us and the books of
account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we
report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation
of fixed assets.
(b) The Company has a regular program of physical verification of its fixed assets under which such assets are verified
in a phased manner over a period of two years, which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. In accordance with this program, certain fixed assets in nature of property,
plant and equipment, right of use, investment properties and intangible assets were verified during the year and no
material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties (which are included under the head ‘Property, plant and equipment’)
are held in the name of the Company.
(ii) In our opinion, the management has conducted physical verification of inventory at reasonable intervals during the year
and no material discrepancies between physical inventory and book records were noticed on physical verification.
(iii) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the
Act; and with respect to the same:
(a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the Company’s
interest;
(b) the schedule of repayment of principal and payment of interest has been stipulated and the repayment/receipts of
the principal amount and the interest are regular;
(c) there is no amount which is overdue for more than 90 days in respect of loans granted to such companies.
(iv) In our opinion, the Company has complied with the provisions of Section 186 in respect of loans and investments .
Further, in our opinion, the Company has not entered into any transaction covered under Section 185 and Section 186
of the Act in respect of guarantees and security.
(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order
are not applicable.
vi) The Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Act,
in respect of Company’s products/ services. Accordingly, the provisions of clause 3(vi) of the Order are not applicable.
(vii) (a) Undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales-tax, service
tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have
generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few
cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of
more than six months from the date they became payable.
(b) The dues outstanding in respect of income-tax, sales-tax, service-tax, duty of customs, duty of excise and value
added tax on account of any dispute, are as follows:
Statements 49
Statement of Disputed Dues

Name of the Nature of Amount Amount paid Period to which the Forum where dispute is
statute dues (` Million) under Protest amount relates pending
(` Million)
Rajasthan Value Value 9.62 0.73 Financial Year (‘F.Y.’) Hon’ble Rajasthan High
Added Tax Added Tax 2009-10, F.Y. 2010- Court & Rajasthan Tax Board
11 and F.Y. 2011-12
Telangana Value Value 0.70 - January 2013 - High Court of Judicature at
Added Tax Added Tax September 2014 Hyderabad for the State of
Telangana and the state of
Andhra Pradesh
Gujarat Value Value 1.84 0.11 F.Y. 2014-15 Dy. Commissioner Appeals
Added Tax Added Tax F.Y. 2015-16 (First Appellate Authority)
Gujarat Value Value 0.94 0.06 F.Y. 2016-17 Dy. Commissioner Appeals
Added Tax Added Tax F.Y. 2017-18 (First Appellate Authority)
Service Tax Service 6.36 1.11 F.Y. 2007-08 to F.Y. Excise and Service Tax
(Finance Act 1994) Tax 2012-13 Appellate Tribunal
Income Tax Act, Income 0.28 - Assessment Year Commissioner of Income
1961 Tax (‘A.Y.’) 2011-12 Tax (Appeals)
(viii) The Company has not defaulted in repayment of loans or borrowings to any financial institution or a bank. The Company
did not have outstanding debentures and loan from government during the year.
(ix) In our opinion, the Company has applied the term loans for the purposes for which these were raised. The Company did
not raise moneys by way of initial public offer/ further public offer (including debt instruments).
(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period
covered by our audit.
(xi) Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals
mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.
(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of clause 3(xii) of the Order are not
applicable.
(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where
applicable, and the requisite details have been disclosed in the standalone financial statements etc., as required by the
applicable Ind AS.
(xiv) During the year, the Company has made private placement of equity shares. In respect of the same, in our opinion, the
Company has complied with the requirement of Section 42 of the Act and the Rules framed thereunder. Further, in our
opinion, the amounts so raised have been used for the purposes for which the funds were raised. Further, during the
year, the Company has not made any preferential allotment of shares or private placement of fully or partly convertible
debentures.
(xv) In our opinion, the Company has not entered into any non-cash transactions with the directors or persons connected
with them covered under Section 192 of the Act.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.


Partner Partner

Annexure B
Independent Auditor’s Report on the internal about whether adequate internal financial controls with
financial controls with reference to the reference to financial statements were established and
standalone financial statements under Clause maintained and if such controls operated effectively in
(i) of Sub-section 3 of Section 143 of the all material respects.
Companies Act, 2013 (‘the Act’)
4. Our audit involves performing procedures to obtain
1. In conjunction with our audit of the standalone
audit evidence about the adequacy of the internal
financial statements of Devyani International Limited
financial controls with reference to financial statements
(‘the Company’) as at and for the year ended 31 March
and their operating effectiveness. Our audit of internal
2021, we have audited the internal financial controls
financial controls with reference to financial statements
with reference to standalone financial statements of
includes obtaining an understanding of such internal
the Company as at that date.
financial controls, assessing the risk that a material
weakness exists, and testing and evaluating the design
Responsibilities of Management and Those
and operating effectiveness of internal control based
Charged with Governance for Internal Financial
on the assessed risk. The procedures selected depend
Controls
on the auditor’s judgement, including the assessment
2. The Company’s Board of Directors is responsible for of the risks of material misstatement of the financial
establishing and maintaining internal financial controls statements, whether due to fraud or error.
based on the internal financial controls with reference
to financial statements criteria established by the 5. We believe that the audit evidence we have obtained
Company considering the essential components of is sufficient and appropriate to provide a basis for
internal control stated in the Guidance Note on Audit our audit opinion on the Company’s internal financial
of Internal Financial Controls over Financial Reporting controls with reference to standalone financial
(‘Guidance Note’) issued by the Institute of Chartered statements.
Accountants of India (‘ICAI’). These responsibilities
include the design, implementation and maintenance Meaning of Internal Financial Controls with
of adequate internal financial controls that were Reference to Financial Statements
operating effectively for ensuring the orderly and 6. A company’s internal financial controls with reference
efficient conduct of the Company’s business, including to financial statements is a process designed to
adherence to the Company’s policies, the safeguarding provide reasonable assurance regarding the reliability
of its assets, the prevention and detection of frauds of financial reporting and the preparation of financial
and errors, the accuracy and completeness of the statements for external purposes in accordance with
accounting records, and the timely preparation of generally accepted accounting principles. A company’s
reliable financial information, as required under the Act. internal financial controls with reference to financial
statements include those policies and procedures
Auditor’s Responsibility for the Audit of the that (1) pertain to the maintenance of records that,
Internal Financial Controls with Reference to in reasonable detail, accurately and fairly reflect the
Financial Statements transactions and dispositions of the assets of the
3. Our responsibility is to express an opinion on the company; (2) provide reasonable assurance that
Company’s internal financial controls with reference to transactions are recorded as necessary to permit
financial statements based on our audit. We conducted preparation of financial statements in accordance
our audit in accordance with the Standards on Auditing with generally accepted accounting principles, and
issued by the ICAI prescribed under Section 143(10) that receipts and expenditures of the company are
of the Act, to the extent applicable to an audit of being made only in accordance with authorisations of
internal financial controls with reference to financial management and directors of the company; and (3)
statements, and the Guidance Note issued by the ICAI. provide reasonable assurance regarding prevention or
Those Standards and the Guidance Note require that timely detection of unauthorised acquisition, use, or
we comply with ethical requirements and plan and disposition of the company’s assets that could have a
perform the audit to obtain reasonable assurance material effect on the financial statements.
Statements 51
Inherent Limitations of Internal Financial or that the degree of compliance with the policies or
Controls with Reference to Financial Statements procedures may deteriorate.
7. Because of the inherent limitations of internal financial
controls with reference to financial statements, including Opinion
the possibility of collusion or improper management 8. In our opinion, the Company has, in all material respects,
override of controls, material misstatements due to adequate internal financial controls with reference to
error or fraud may occur and not be detected. Also, standalone financial statements and such controls were
projections of any evaluation of the internal financial operating effectively as at 31 March 2021, based on the
controls with reference to financial statements to future internal financial controls with reference to financial
periods are subject to the risk that the internal financial statements criteria established by the Company
controls with reference to financial statements may considering the essential components of internal control
become inadequate because of changes in conditions, stated in the Guidance Note issued by ICAI.


Partner Partner

Standalone Balance Sheet

as at 31 March 2021
(` in millions, except for share data and if otherwise stated)
As at As at
Particulars Note
31 March 2021 31 March 2020 *
Assets
Non-current assets
Property, plant and equipment 3A 3,858.48 3,842.83
Capital work-in-progress 3B 72.39 62.97
Right-of-use assets 3C 5,446.99 6,416.05
Investment properties 3D 455.89 413.99
Goodwill 4 504.57 84.46
Other intangible assets 5 1,821.90 536.79
Investments in joint venture 6A - -
Financial assets
(i) Investments 6B & 6C 876.17 984.57
(ii) Loans 7 977.17 1,416.05
(iii) Other financial assets 8 153.30 164.12
Income tax assets (net) 33 72.22 70.63
Other non-current assets 9 149.85 35.76
Total non-current assets 14,388.93 14,028.21
Current assets
Inventories 10 535.37 513.33
Financial assets
(i) Trade receivables 11 387.05 328.23
(ii) Cash and cash equivalents 12 281.85 23.10
(iii) Bank balances other than cash and cash equivalents 13 2.88 25.39
(iv) Loans 7 106.69 93.27
(v) Other financial assets 8 108.13 36.72
Other current assets 9 163.32 141.37
Total current assets 1,585.29 1,161.41
Total assets 15,974.22 15,189.62
Equity and liabilities
Equity
Equity share capital 14 1,153.63 1,061.67
Other equity 15 1,837.41 (904.73)
Total equity 2,991.04 156.93
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 17 3,055.42 2,794.92
(ii) Lease liabilities 16 6,441.41 7,551.81
(iii) Other financial liabilities 19 56.88 59.22
Provisions 20 150.23 96.70
Other non-current liabilities 21 9.67 10.31
Total non-current liabilities 9,713.62 10,512.96
Current liabilities
(i) Borrowings 18 136.03 777.09
(ii) Lease liabilities 16 621.66 856.95
(iii) Trade payables 22
(a) total outstanding dues of micro and small enterprises 148.11 18.56
(b) total outstanding dues of creditors other than micro and small 1,124.15 1,221.37
enterprises
(iv) Other financial liabilities 19 1,000.50 1,472.69
Other current liabilities 21 162.01 134.15
Provisions 20 77.10 38.91
Total current liabilities 3,269.56 4,519.72
Total equity and liabilities 15,974.22 15,189.62
* Adjusted in accordance with Ind AS 8 - 'Accounting policies, Changes in Accounting Estimates and Errors (refer note 58)
The accompanying notes form an integral part of these standalone financial statements.
As per our report of even date attached
For Walker Chandiok & Co LLP For APAS & Co. For and on behalf of the Board of Directors of
Chartered Accountants Chartered Accountants Devyani International Limited
Firm's Registration No.: 001076N/N500013 Firm's Registration No.: 000340C
Nitin Toshniwal Sumit Kathuria Virag Joshi Raj P. Gandhi

Partner Partner CEO and Whole-time Director Director
Membership No.: 507568 Membership No.: 520078 DIN: 01821240 DIN: 00003649

CFO and Director Company Secretary
DIN: 00319476 Membership No.: 18893
Place: Faridabad Place: Gurugram Place: Gurugram
Date: 21 April 2021 Date: 21 April 2021 Date: 21 April 2021
Statements 53
Standalone Statement of Profit and Loss

for the year ended 31 March 2021
For the year ended For the year ended
Particulars Note
31 March 2021 31 March 2020 *
Income
Revenue from operations 23 9,987.64 12,278.13
Other income 24 485.66 232.92
Total income 10,473.30 12,511.05
Expenses
Cost of materials consumed 25 2,950.70 3,631.87
Purchases of stock-in-trade 26 59.67 116.78
Employee benefits expense 27 1,356.44 1,861.94
Finance costs 28 1,265.41 1,186.87
Depreciation and amortisation expense 29 1,914.68 1,745.81
Impairment of non-financial assets 30 452.51 23.99
Net (gain)/loss on investment carried at fair value through profit or loss (2.91) (1.73)
Other expenses 31 3,634.60 4,649.32
Total expenses 11,631.11 13,214.84
Loss before exceptional items and tax (1,157.81) (703.80)
Exceptional items 32 (457.53) -
Loss before tax (700.28) (703.80)
Tax expense 33
Current tax - -
Deferred tax expense/(credit) - -
Total tax expense - -
Loss from continuing operations (A) (700.28) (703.80)
Profit/(Loss) from discontinued operations before tax 56 47.23 (646.94)
Tax expense of discontinued operations - -
Profit/(Loss) from discontinued operations after tax (B) 47.23 (646.94)
Loss for the year (A+B) (653.05) (1,350.74)
Other comprehensive income
Items that will not to be reclassified to profit or loss
Remeasurements of defined benefit plans (11.92) 1.51
Other comprehensive income / (loss) for the year (11.92) 1.51
Total comprehensive loss for the year (664.97) (1,349.23)
Loss per equity share from continuing operations 34
Basic (`) (0.64) (0.66)
Diluted (`) (0.64) (0.66)
Earnings/(Loss) per equity share from discontinued operations 34
Basic (`) 0.04 (0.61)
Diluted (`) 0.04 (0.61)

Firm’s Registration No.: 001076N/N500013 Firm’s Registration No.: 000340C


Standalone Cash Flow Statement


Particulars
31 March 2021 31 March 2020
A. Cash flows from operating activities
Profits/(Loss) before tax from :
Continuing operations (700.28) (703.80)
Discontinued operations 47.23 (646.94)
Adjustments for:
Depreciation and amortisation expenses 1,932.74 1,785.62
Impairment loss of non-financial assets 502.38 23.99
Liabilities no longer required written back (25.30) (28.77)
Loss on disposal of property, plant and equipment 82.69 60.91
Loss allowances 10.28 25.68
Provision for impairment loss in value of loans to subsidiary - 307.70
Unrealised foreign exchange (gain)/loss (8.52) (24.78)
Derivatives at fair value through profit and loss (6.75) 8.62
Finance costs 1,269.34 1,194.00
Employee stock option scheme expense/(reversal) 22.64 (10.30)
Interest income (125.20) (127.09)
Guarantee commission (0.23) (0.91)
Net loss/ (gain) on investments carried at fair value through profit or loss (2.91) (1.73)
Provision for impairment loss in the value of investments 111.31 350.82
Gain on modification of leases (52.71) (18.84)
Gain on net investment in finance lease - (18.76)
Gain on termination of leases (585.89) (19.88)
Rent concession [refer note 36 A (ii)] (813.68) -
Dividend income (1.25) (1.25)
Operating profit before working capital changes 1,655.91 2,154.29
Adjustments for changes in:
- trade receivables (58.82) 76.97
- inventories 5.07 (151.82)
- loans, other financial assets, and other assets (20.90) (101.06)
- trade payables, other financial liabilities and other liabilities 1.20 436.91
Cash generated from operating activities 1,582.47 2,415.30
Income tax (paid)/refund (net) (1.59) (5.05)
Net cash generated from operating activities 1,580.88 2,410.25
B. Cash flows from investing activities
Payment for acquisition of stores under business combination (2,300.00) -
Payment for property, plant and equipment and other intangible assets (1,251.14) (871.35)
other than above
Proceeds from sale of property, plant and equipment 12.94 7.27
Proceeds/(deposits) from bank (net) 22.51 (0.12)
Interest received 40.56 16.96
Proceeds from transfer of business 10.00 -
Proceeds from sale of investments 3.60 -
Loans given (269.45) (934.99)
Dividend received 1.25 1.25
Repayment of loans received 706.70 621.67
Net cash used in investing activities (3,023.04) (1,159.32)
Statements 55
Standalone Cash Flow Statement


Particulars
31 March 2021 31 March 2020
C. Cash flows from financing activities
Proceeds from issue of equity share capital 3,476.43 -
Proceeds from long term borrowings 2,355.86 800.00
Repayment of long term borrowings (2,294.43) (615.88)
Proceeds from cash credit facilities from banks (net) (641.05) 290.56
Payment of lease liabilities- principal - (683.34)
Payment of lease liabilities- interest (725.60) (790.68)
Interest paid (470.30) (395.20)
Net cash generated from/(used in) financing activities 1,700.91 (1,394.55)
Net increase/(decrease) in cash and cash equivalents during the year 258.75 (143.63)
(A+B+C)
Effect of exchange rate changes on cash and cash equivalent held in - (0.01)
foreign currency
D. Cash and cash equivalents at the beginning of the year 23.10 166.74
E. Cash and cash equivalents as at the end of the year (refer note 12) 281.85 23.10
Notes:
1. The Standalone Cash Flow Statement has been prepared in accordance with 'Indirect method' as set out in the Ind AS
- 7 on 'Statement of Cash Flows', as notified under Section 133 of the Companies Act, 2013, read with the relevant rules
thereunder.
2. Significant non cash transactions;
- acquisition of right-of-use assets and investment properties (refer note 36 and 37).
- the Company converted the loan given to Devyani International UK Private limited to Equity Investment during the
year (refer note 6B).


Standalone Statement of Changes in Equity

A. Equity share capital
As at 31 March 2021 As at 31 March 2020
Note
Number of shares Amount Number of shares Amount
Balance at the beginning of the year 10,61,66,666 1,061.67 10,61,66,666 1,061.67
Issue of equity share capital 14 91,96,833 91.97 - -
11,53,63,499
Balance at the end of the year 1,153,634,990* 1,153.63 10,61,66,666 1,061.67
*Refer note 14
B. Other equity
Reserves and surplus
Employee Other
Securities stock options General Retained comprehensive Total
premium outstanding reserve earnings income*
account
Balance as at 1 April 2019 4,632.61 113.41 5.47 (3,105.76) - 1,645.73
Changes in accounting policy (on account - - - (1,189.04) - (1,189.04)
of adoption of Ind AS 116, leases)
Loss for the year - - - (1,350.74) - (1,350.74)
Other comprehensive loss for the year - - - - 1.51 1.51
Total comprehensive loss for the year - - - (1,350.74) 1.51 (1,349.23)
Transferred to retained earnings - - - 1.51 (1.51) -
Employee stock options scheme expense - (10.30) - - - (10.30)
reversal
Employee stock option recoverable ^ - (1.89) - - - (1.89)
Balance as at 31 March 2020 4,632.61 101.22 5.47 (5,644.03) - (904.73)
Balance as at 1 April 2020 4,632.61 101.22 5.47 (5,644.03) - (904.73)
Loss for the year - - - (653.05) - (653.05)
Other comprehensive income for the year - - - - (11.92) (11.92)
Total comprehensive loss for the year - - - (653.05) (11.92) (664.97)
Transferred to retained earnings - - - (11.92) 11.92 -
Securities premium received during the 3,384.47 - 3,384.47
year
Employee stock options scheme expense/ - 21.99 - - - 21.99
(reversal)
Transferred to securities premium on 109.46 (109.46) - - - -
exercise of stock options
Employee stock option scheme expense - 0.65 - - - 0.65
recoverable ^
Balance as at 31 March 2021 8,126.54 14.40 5.47 (6,309.00) - 1,837.41
*Other comprehensive income/(loss) represents remeasurement of defined benefit plans (net of tax).
^Employee stock option expenses recoverable from wholly owned subsidiary of the Company in relation to employees in that company.


Statements 57
Notes forming part of the standalone Financial Statements

for the year ended 31 March, 2021
1. Company information/overview or liabilities in future periods. Changes in estimates are

Devyani International Limited (the ‘Company’) is a reflected in the standalone financial statements in the
public limited company domiciled in India and its period in which changes are made and if material, their
corporate office is at Plot No. 18, Sector 35, Gurugram effects are disclosed in the notes to the standalone
- 122001. The Company was incorporated on 13 financial statements.
December 1991 as a private limited company in India. Information about significant areas of estimation /
Subsequently, the Company changed its legal status uncertainty and judgments in applying accounting
from a private company to a public company on 7 policies that have the most significant effect on the
June 2000. The Company is primarily engaged in the standalone financial statements are as follows: -
business of developing, managing and operating quick
• measurement of defined benefit obligations: key
service restaurants and food courts for brands such as
actuarial assumptions;
Pizza Hut, KFC, Costa Coffee, Vaango, etc., and retail
stores of TWG Tea.. • measurement of useful life and residual values
of property, plant and equipment, fair valuation of
Basis of preparation investment properties and useful life of intangible
a. Statement of compliance assets;
The standalone financial statements comply with Indian • judgment required to determine probability of
Accounting Standards (“Ind AS”) as prescribed under recognition of deferred tax assets;
Section 133 of the Companies Act, 2013 (the “Act”), • fair value measurement of financial instruments;
relevant provisions of the Act and other accounting
principles generally accepted in India. The standalone • impairment assessment of non-financial assets -
financial statements are prepared on accrual and going key assumptions underlying recoverable amount;
concern basis. The Board of Directors can permit • impairment assessment of financial assets;
revision to the standalone financial statements after
• measurement of share based payments;
obtaining necessary approvals or at the instance of
regulatory authorities as per provisions of the Act. • measurement of financial guarantee contracts,
provisions and contingent liabilities;
The financial statements for the year ended 31 March
2021 were authorized and approved for issue by the • judgment required to ascertain lease classification,
Board of Directors on 21 April 2021 lease term, incremental borrowing rate, lease and
non-lease component and impairment of ROU;
b. Basis of measurement • judgment is required to ascertain whether it is
The standalone financial statements have been probable or not that an outflow of resources
prepared on a historical cost basis except for certain embodying economic benefits will be required to
financial assets and financial liabilities that are settle the taxation disputes and legal claim;
measured at fair value or amortized cost, defined • measurement of consideration and assets
benefit obligations and share based payments. acquired as part of business combination;
c. Critical accounting estimates and judgments • cash flow projections and liquidity assessment
with respect to Covid-19.
The preparation of financial statements in conformity
with Ind AS requires management to make judgments, There are no assumptions and estimation uncertainties
estimates and assumptions that affect the reported that have a significant risk of resulting in a material
amounts of revenues, expenses, assets and liabilities adjustment within the next financial year except for as
and disclosure of contingent liabilities at the end of the disclosed in these financial statements.
reporting period. Although these estimates are based
upon management’s best knowledge of current events d. Fair value measurement
and actions, uncertainty about these assumptions and Fair value is the price that would be received to sell
estimates could result in the outcomes requiring a an asset or paid to transfer a liability in an orderly
material adjustment to the carrying amounts of assets transaction between market participants at the

measurement date. The fair value measurement is The cost of an item of property, plant and equipment
based on the presumption that the transaction to sell comprises: (a) its purchase price, including import
the asset or transfer the liability takes place either: duties and non-refundable purchase taxes, after
• In the principal market for the asset or liability, or deducting trade discounts and rebates; b) any costs
• In the absence of a principal market, in the most directly attributable to bringing the asset to the
advantageous market for the asset or liability location and condition necessary for it to be capable of
operating in the manner intended by management.
The principal or the most advantageous market must
be accessible to / by the Company. The cost of a self-constructed item of property, plant
All assets and liabilities for which fair value is measured and equipment comprises the cost of materials and
or disclosed in the standalone financial statements direct labour, any other cost directly attributable to
are categorized within fair value hierarchy, described bringing the item to working condition for its intended
as follows, based on the lowest level of input that is use.
significant to the fair value measurement as a whole.
The cost of improvements to leasehold premises,
• Level 1 — Quoted (unadjusted) prices in active
if recognition criteria are met, are capitalised and
markets for identical assets or liabilities
disclosed separately under leasehold improvement.
• Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value An item of property, plant and equipment and any
measurement is directly or indirectly observable significant part initially recognised is derecognised
• Level 3 — Valuation techniques for which the upon disposal or when no future economic benefits
lowest level input that is significant to the fair are expected from its use or disposal. Any gain or
value measurement is unobservable loss arising on derecognition of property, plant and
equipment (calculated as the difference between the net
For assets and liabilities that are recognized in the disposal proceeds and the carrying amount of property,
standalone financial statements on a recurring basis,
plant and equipment) is included in the Statement of
the Company determines whether transfers have
profit and loss when such asset is derecognised.
occurred between levels in the hierarchy by reassessing
categorization (based on the lowest level input that is
Subsequent cost
significant to the fair value measurement as a whole) at
the end of each reporting period. Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as
For the purpose of fair value disclosures, the Company
appropriate, only when it is probable that the future
has determined classes of assets and liabilities on the
economic benefits associated with expenditure will
basis of the nature, characteristics and risks of the
flow to the Company and the cost of the item can
asset or liability and the level of the fair value hierarchy
be measured reliably. All other subsequent cost are
as explained above.
charged to the Statement of profit and loss at the time
Fair value of financial instruments measured at fair of incurrence.
value through profit and loss and amortised cost.
Depreciation
2. Significant accounting policies
Depreciation on PPE is provided on the straight-line
The accounting policies set out below have been method computed on the basis of useful life prescribed
applied consistently to the periods presented in these in Schedule II to the Companies Act, 2013 (‘Schedule
standalone financial statements.
II’) on a pro-rata basis from the date the asset is ready
a. Property, plant and equipment to put to use. Considering the applicability of Schedule
Recognition and measurement II as mentioned above, in respect of certain class of
assets- the Company has assessed the useful lives (as
Items of property, plant and equipment are measured at
cost, less accumulated depreciation and accumulated mentioned in the table below) lower than as prescribed
impairment losses. in Schedule II, based on the technical assessment.
Statements 59

Asset Category Useful life estimated by the management Useful life as per Schedule
based on technical assessment (years) II (years)
Building 30 60
Plant and equipment 12 15
Electrical Fitting 10 10
Office equipment 10 5
Computers 4- 6 3-6
Furniture and fixtures 6 10
Vehicles 5 6
Utensil and Kitchen Equipment 4-10 15
Freehold land is not depreciated. Subsequent measurement

Leasehold improvements are depreciated on a straight (depreciation and useful lives)
line basis over the period of the initial lease term or Investment properties are subsequently measured at
10 years, whichever is lower. Any refurbishment of cost less accumulated depreciation and accumulated
structure is depreciated over a period of 5 years. impairment losses, if any. Depreciation on investment
Depreciation is calculated on a pro rata basis for assets properties is provided on the straight-line method over
purchased/sold during the year. the lease period of the right-of-use assets.
The residual values, useful lives and methods of Though, the Company measures investment properties
depreciation of property plant and equipment are using cost based measurement, the fair value of
reviewed by management at each reporting date and investment property is disclosed in the notes. Fair
adjusted prospectively, as appropriate. values are determined based on an annual evaluation
performed by an accredited external independent valuer
Capital work-in-progress applying a valuation model acceptable internationally.
Cost of property, plant and equipment not ready for use
as at the reporting date are disclosed as capital work- De-recognition
in-progress. Investment properties are de-recognized either
when they have been disposed of or when they are
Investment properties permanently withdrawn from use and no future
(Recognition and initial measurement)
economic benefit is expected from their disposal. The
Investment properties are properties held to earn difference between the net disposal proceeds, if any,
rentals or for capital appreciation, or both. Investment and the carrying amount of the asset is recognized in
properties are measured initially at their cost of the Statement of profit and loss in the period of de-
acquisition, including transaction costs. Subsequent recognition.
costs are included in the asset’s carrying amount or
recognized as a separate asset, as appropriate, only b. Business combination and intangible assets
when it is probable that future economic benefits
Business combination and goodwill
associated with the asset will flow to the Company. All
other repair and maintenance costs are recognized in The Company accounts for the business combinations
Statement of profit and loss as incurred. using the acquisition method when control is transferred
to the Company. The consideration transferred in the
Properties held under leases are classified as
investment properties when it is held to earn rentals acquisition is generally measured at fair value as at
or for capital appreciation or for both, rather than for the date the control is acquired (‘acquisition date’), as
sale in the ordinary course of business or for use in are the net identifiable assets (tangible and intangible
production or administrative functions. In case of assets) acquired and any non-controlling interest in
subleases, where the Company is immediate lessor, the acquired business. Transaction costs are expensed
the right of use arising out of related sub leases is as incurred, except to the extent related to the issue of
assessed for classification as investment property. debt or equity securities.

Goodwill is initially measured at cost, being the excess subsequent expenditure on intangible assets
of the aggregate of the consideration transferred over is recognized in Statement of profit and loss, as
the net identifiable assets acquired and liabilities incurred.
assumed (. If the fair value of the net assets acquired
ii. Amortisation
is in excess of the aggregate consideration transferred,
the Company re-assesses whether it has correctly Amortisation is calculated to write off the cost
identified all of the assets acquired and all of the of intangible assets over their estimated useful
liabilities assumed and reviews the procedures used lives as stated below using straight-line method.
to measure the amounts to be recognized at the Amortisation is calculated on a pro-rata basis
for assets purchased /disposed during the year.
acquisition date. If the reassessment still results in
Amortisation has been charged based on the
an excess of the fair value of net assets acquired over
following useful lives:
the aggregate consideration transferred, then the gain
is recognized in Other Comprehensive Income (‘OCI’) Asset description Useful life (in years)
and accumulated in equity as capital reserve. However, License fee 10
if there is no clear evidence of bargain purchase, the
Franchisee rights 10
entity recognises the gain directly in equity as capital
Computer software 6
reserve, without routing the same through OCI.
Amortisation method, useful lives and residual
Any goodwill that arises is tested for impairment at
values are reviewed at each reporting date and
least on an annual basis, based on a number of factors,
adjusted prospectively, if appropriate.
including operating results, business plans and future
cash flows.
c. Inventories
The consideration transferred does not include Inventories consist of raw materials which are of
amounts related to the settlement of pre-existing a perishable nature and traded goods. Inventories
relationships with the acquirer. Such amounts are for traded goods are valued at lower of cost and
generally recognized in the Statement of profit and net realizable value (‘NRV’). Raw materials are
loss. not written down below cost except in cases
where material prices have declined and it is
Other intangible assets estimated that the cost of the finished goods will
Intangible assets that are acquired are recognised exceed their NRV. Cost of inventories has been
only if it is probable that the expected future economic determined using weighted average cost method
benefits that are attributable to the asset will flow to and comprise all costs of purchase after deducting
the Company and the cost of assets can be measured nonrefundable rebates and discounts and all other
reliably. The intangible assets are recorded at cost costs incurred in bringing the inventories to their
of acquisition including incidental costs related to present location and condition. Provision is made
acquisition and installation and are carried at cost less for items which are not likely to be consumed and
accumulated amortisation and impairment losses, if other anticipated losses wherever considered
any. necessary. The comparison of cost and NRV is
made on at item group level basis at each reporting
Gain or losses arising from derecognition of an
date.
intangible asset are measured as the difference
between the net disposal proceeds and the carrying d. Leases
amount of the intangible asset and are recognised
The Company as a lessee
in the Statement of profit and loss when the asset is
derecognised. The Company enters into an arrangement for
lease of buildings and office equipments. Such
i. Subsequent cost arrangements are generally for a fixed period
Subsequent costs is capitalized only when it but may have extension or termination options.
increases the future economic benefits embodied In accordance with Ind AS 116 – Leases, at
in the specific asset to which it relates. All the inception of the contract, the Company assesses
Statements 61

whether a contract is, or contains a lease. A lease accumulated impairment losses (unless such
is defined as ‘a contract, or part of a contract, that right of use assets fulfills the requirements of Ind
conveys the right to control the use an asset (the AS 40 - Investment Property and is accounted
underlying asset) for a period of time in exchange for as there under), if any and adjusted for any
for consideration’. re-measurement of the lease liability. The right-
of-use assets is depreciated using the straight-
To assess whether a contract conveys the right to
line method from the commencement date over
control the use of an identified asset, the Company
the shorter of lease term or useful life of right-
assesses whether:
of-use asset. Right-of-use assets are tested for
• The contract involves the use of an identified impairment whenever there is any indication that
asset – this may be specified explicitly or their carrying amounts may not be recoverable.
implicitly, and should be physically distinct or Impairment loss, if any, is recognised in the
represent substantially all of the capacity of a Statement of profit and loss.
physically distinct asset. If the supplier has a
The lease liability is initially measured at the
substantive substitution right, then the asset
present value of the lease payments that are not
is not identified;
paid at the commencement date, discounted
•
The Company has the right to obtain using the interest rate implicit in the lease or,
substantially all of the economic benefits if that rate cannot be readily determined, the
from use of the asset throughout the period Company’s incremental borrowing rate. Generally,
of use; and the Company uses its incremental borrowing rate
as the discount rate.
The Company assesses whether it has the right
to direct ‘how and for what purpose’ the asset is Lease payments included in the measurement of
used throughout the period of use. At inception the lease liability comprise the following:
or on reassessment of a contract that contains • Fixed payments, including in-substance fixed
a lease component, the Company allocates payments;
the consideration in the contract to each lease
• Variable lease payments that depend on an
component on the basis of their relative stand-
index or a rate, initially measured using the
alone prices. However, for the leases of land and
index or rate as at the commencement date;
buildings in which it is a lessee, the Company has
elected not to separate non-lease components and • Amounts expected to be payable under a
account for the lease and non-lease components residual value guarantee; and
as a single lease component. • The exercise price under a purchase option
that the Company is reasonably certain
Measurement and recognition of leases as a to exercise, lease payments in an optional
lessee renewal period if the Company is reasonably
The Company recognizes a right-of-use asset certain to exercise an extension option, and
and a lease liability at the lease commencement penalties for early termination of a lease
date. The right-of-use asset is initially measured unless the Company is reasonably certain
at cost, which comprises the initial amount of the not to terminate early.
lease liability adjusted for any lease payments
The lease liability is measured at amortized
made at or before the commencement date, plus
cost using the effective interest method. It is
any initial direct costs incurred and an estimate
remeasured when there is a change in future
of costs to dismantle and remove the underlying
lease payments arising from a change in an index
asset or to restore the underlying asset or the site
or rate, if there is a change in the Company’s
on which it is located, less any lease incentives
estimate of the amount expected to be payable
received.
under a residual value guarantee, or if the
The right-of-use assets is subsequently measured Company changes its assessment of whether it
at cost less any accumulated depreciation, will exercise a purchase, extension or termination

option. When the lease liability is remeasured in different from Ind AS 116 - Leases. However,
this way, a corresponding adjustment is made to when the Company was an intermediate lessor
the carrying amount of the right-of-use asset, or the sub-leases were classified with reference to
is recorded in Statement of profit and loss if the the underlying asset.
carrying amount of the right-of-use asset has
been reduced to zero, as the case may be.
The Company recognizes lease payments
received under operating leases as income on a
The Company presents right-of-use assets that straight-line basis over the lease term. In case
do not meet the definition of investment property of a finance lease, finance income is recognised
and lease liabilities as a separate line item in the over the lease term based on a pattern reflecting
standalone financial statements of the Company. a constant periodic rate of return on the lessor’s
The Company has elected not to apply the net investment in the lease. When the Company is
requirements of Ind AS 116 - Leases to short-term an intermediate lessor it accounts for its interests
leases of all assets that have a lease term of 12 in the head lease and the sub-lease separately. It
months or less and leases for which the underlying assesses the lease classification of a sub-lease
asset is of low value. The lease payments with reference to the right-of-use asset arising
associated with these leases are recognized as from the head lease, not with reference to the
an expense on a straight-line basis over the lease underlying asset. If a head lease is a short term
term. lease to which the Company applies the exemption
described above, then it classifies the sub-lease
The Company as a lessor as an operating lease.
When the Company acts as a lessor, it determines
at lease inception whether each lease is a finance e. Borrowing costs
lease or an operating lease. To classify each lease, Borrowing costs attributable to the acquisition or
the Company makes an overall assessment of construction of a qualifying asset are capitalised
whether the lease transfers substantially all of the as part of the cost of the asset. A qualifying
risks and rewards incidental to ownership of the asset is one that necessarily takes substantial
underlying asset. If this is the case, then the lease period of time to get ready for intended use. Other
is a finance lease; if not, then it is an operating borrowing costs are recognised as an expense in
lease. As part of this assessment, the Company the period in which they are incurred. Borrowing
considers certain indicators such as whether the cost includes exchange differences to the extent
lease is for the major part of the economic life of regarded as an adjustment to the borrowing costs,
the asset. if any.
When the Company is an intermediate lessor, it
accounts for its interests in the head lease and f. Impairment of non-financial assets
the sub-lease separately. It assesses the lease At each reporting date, the Company reviews
classification of a sub-lease with reference to the the carrying amounts of its non-financial assets
right-of-use asset arising from the head lease, not to determine whether there is any indication of
with reference to the underlying asset. If a head impairment. If any such indication of impairment
lease is a short-term lease to which the Company exists, then the asset’s recoverable amount is
applies the exemption described above, then it estimated. For impairment testing, assets are
classifies the sub-lease as an operating lease. grouped together into the smallest group of assets
that generates cash inflows from continuing use
The Company recognizes lease payments received
that are largely independent of the cash inflows
under operating leases as income on a straight-
of other assets or cash generating units (‘CGU’).
line basis over the lease term as part of ‘other
income’. Goodwill arising from a business combination
is allocated to CGU or groups of CGUs that are
The accounting policies applicable to the Company expected to benefit from the synergies of the
as a lessor in the comparative period were not combination.
Statements 63

The recoverable amount of an asset or CGU is economic benefits will be required, or the amount
the greater of its value in use and its fair value cannot be estimated reliably, the obligation is
less costs to sell. Value in use is based on the disclosed as a contingent liability, unless the
estimated future cash flows, discounted to their probability of outflow of economic benefits is
present value using a discount rate that reflects remote.
current market assessments of the time value of
money and the risks specific to the asset or CGU. h. Employee benefits
An impairment loss is recognised if the carrying
Short term employee benefits
amount of an asset or CGU exceeds its estimated
Employee benefit liabilities such as salaries, wages
recoverable amount.
and bonus, etc. that are expected to be settled
Impairment losses are recognised in the Statement wholly within twelve months after the end of the
of profit and loss. They are allocated first to reduce reporting period in which the employees render
the carrying amount of any goodwill allocated to the related service are recognised in respect of
the CGU and then to reduce the carrying amounts employee’s services up to the end of the reporting
of the other assets in the CGU on a pro-rata basis. period and are measured at an undiscounted
An impairment loss in respect of goodwill is not amount expected to be paid when the liabilities
reversed. For other assets, an impairment loss are settled.
is reversed only if there has been a change in
the estimates used to determine the recoverable Post-employment benefit plans
amount. Such a reversal is made only to the Defined Contribution Plans
extent that the asset’s carrying amount does not
The Company pays provident fund contributions
exceed the carrying amount that would have been
to the appropriate government authorities. The
determined, net of depreciation or amortisation, if
Company has no further payment obligations
no impairment loss had been recognised.
once the contributions have been paid. The
contributions are accounted for as defined
g. Provisions and contingent Liabilities
contribution plans and the contributions are
Provisions recognised as employee benefits expense when
Provisions are recognised when the Company they are due.
has a present legal or constructive obligation
as a result of a past events, it is probable that Defined benefit plans
an outflow of resources embodying economic
The Company has an obligation towards gratuity,
benefits will be required to settle the obligation
a defined benefit retirement plan covering eligible
and a reliable estimate can be made of the amount
employees. The plan provides for a lump sum
of the obligation. If the effect of the time value of
payment to vested employees at retirement,
money is material, provisions are discounted using
death while in employment or on termination of
a current pre-tax rate that reflects current market
employment, of an amount based on the respective
assessments of the time value of money and the
employee’s salary and the tenure of employment.
risks specific to the liability. When discounting
Vesting occurs upon completion of five years of
is used, the increase in the provision due to the
service.
passage of time is recognised as a finance cost.
Gratuity liability is partially funded by the Company
Contingent liabilities through annual contribution to DIL Employees
Contingent liabilities are possible obligations Gratuity Trust (the ‘Trust’) against ascertained
that arise from past events and whose existence gratuity liability. The Trustees administer
will only be confirmed by the occurrence or non- contributions made to the Trust and contributions
occurrence of one or more uncertain future events are invested in a scheme with the Life Insurance
not wholly within the control of the Company. Corporation of India as permitted by the laws of
Where it is not probable that an outflow of India.

The liability recognised in the Balance Sheet in i. Share based payments

respect of defined benefit gratuity plan is the
present value of the defined benefit obligation The grant-date fair value of equity-settled share-
at the end of the reporting period. The defined based payment arrangements granted to eligible
benefit obligation is calculated by actuary using employees of the Company and its subsidiaries
the projected unit credit method. under the Employee Stock Option Scheme (‘ESOS’)
is recognised as an employee stock option scheme
The present value of the defined benefit obligation expense in the Statement of profit and loss, in
is determined by discounting the estimated future relation to options granted to employees of the
cash outflows by reference to market yields at the Company (over the vesting period of the awards)
end of the reporting period on government bonds and in relation to options granted to employees of
that have terms approximating to the terms of the subsidiaries, the amount is disclosed under other
related obligation.
financial assets (as receivables from subsidiaries),
The net interest cost is calculated by applying the with a corresponding increase in other equity.
discount rate to the net balance of the defined
The amount recognised as an expense /recoverable
benefit obligation. This cost and other costs are
included in employee benefits expense in the from subsidiaries is adjusted to reflect the number
Statement of profit and loss. of awards for which the related service and non-
market performance conditions are expected to be
Remeasurements of the net defined benefit liability, met, such that the amount ultimately recognised
which comprise actuarial gains and losses, the is based on the number of awards that meet the
return on plan assets (excluding interest) and related service and non-market performance
the effect of the asset ceiling (if any, excluding conditions at the vesting date. The increase in
interest), are recognised in other comprehensive equity recognised in connection with a share
income and transferred to retained earnings. based payment transaction is presented in the
“Employee stock options outstanding account”,
Changes in the present value of the defined
as separate component in other equity. For share-
benefit obligation resulting from settlement
based payment awards with market conditions,
or curtailments are recognised immediately in
the grant-date fair value of the share-based
Statement of profit and loss as past service cost.
payment is measured to reflect such conditions
The Company’s net obligation in respect of and there is no true-up for differences between
defined benefit plans is calculated by estimating expected and actual outcomes. At the end of each
the amount of future benefit that employees have period, the Company revises its estimates of the
earned in the current and prior periods, discounting number of options that are expected to be vested
that amount and deducting the fair value of any based on the non-market performance conditions
plan assets. at the vesting date.
If vesting periods or other vesting conditions

Other long term employee benefits
apply, the expense is allocated over the vesting
Compensated absences
period, based on the best available estimate of the
The Company’s net obligation in respect of number of share options expected to vest. Upon
compensated absences is the amount of benefit to exercise of share options, the proceeds received,
be settled in future, that employees have earned in net of any directly attributable transaction costs,
return for their service in the current and previous are allocated to share capital up to the nominal (or
years. The benefit is discounted to determine par) value of the shares issued with any excess
its present value. The obligation is measured being recorded as share premium.
on the basis of an actuarial valuation using the
projected unit credit method. Remeasurements The dilutive effect of outstanding options is
are recognised in Statement of profit and loss in reflected as additional share dilution in the
the period in which they arise. computation of diluted earnings per share.
Statements 65

j. Income taxes Deferred tax is measured at the tax rates that are
Income tax expense comprises of current tax and expected to apply to the period when the asset is
deferred tax. It is recognised in the Statement of realised or liability is settled, based on the laws
profit and loss except to the extent that it relates to that have been enacted or substantively enacted
items recognised in other comprehensive income by the reporting date.
or directly in equity. The measurement of deferred tax reflects the tax
consequences that would follow from the manner
Current tax in which the Company expects, at the reporting
Current tax comprises the expected tax payable date, to recover or settle the carrying amount of
or receivable on the taxable income or loss for its assets and liabilities.
the year and any adjustment to the tax payable
Minimum Alternative Tax (‘MAT’) credit entitlement
or receivable in respect of previous years. The
under the provisions of the Income-tax Act, 1961
amount of current tax reflects the best estimate
is recognised as a deferred tax asset when it is
of the tax amount expected to be paid or received
probable that future economic benefit associated
after considering the uncertainty, if any relating
with it in the form of adjustment of future income
to income taxes. It is measured using tax rates
tax liability, will flow to the Company and the asset
enacted for the relevant reporting period.
can be measured reliably. MAT credit entitlement
Current tax assets and current tax liabilities are is set off to the extent allowed in the year in which
offset only if there is a legally enforceable right to the Company becomes liable to pay income taxes
set off the recognised amounts, and it is intended at the enacted tax rates. MAT credit entitlement is
to realise the asset and settle the liability on a net reviewed at each reporting date and is recognised
basis. to the extent that is probable that future taxable
profits will be available against which they can be
Deferred tax used. MAT credit entitlement has been presented
Deferred tax is recognised in respect of temporary as deferred tax asset in Balance Sheet. Significant
differences between the carrying amounts of management judgment is required to determine
assets and liabilities for financial reporting the probability of recognition of MAT credit
purposes and the corresponding amounts used entitlement.
for taxation purposes. Deferred tax assets and deferred tax liabilities are
offset only if there is a legally enforceable right to
Deferred tax liabilities are recognised for all
offset current tax liabilities and assets levied by
taxable temporary differences. Deferred tax assets
the same tax authorities.
are recognised to the extent that it is probable
that future taxable profits will be available against k. Foreign currency transactions and
which they can be used. The existence of unused translations
tax losses is strong evidence that future taxable
Monetary and non-monetary transactions in
profit may not be available. Therefore, in case of a
foreign currencies are initially recorded in the
history of recent losses, the Company recognises
functional currency of the Company at the
a deferred tax asset only to the extent that it has
exchange rates at the date of the transactions.
sufficient taxable temporary differences or there is
convincing other evidence that sufficient taxable Monetary foreign currency assets and liabilities
profit will be available against which such deferred remaining unsettled on reporting date are
tax asset can be realised. Deferred tax assets - translated at the rates of exchange prevailing
unrecognised or recognised, are reviewed at each on reporting date. Gains / (losses) arising on
reporting date and are recognised / reduced to account of realization / settlement of foreign
the extent that it is probable / no longer probable exchange transactions and on translation of
respectively that the related tax benefit will be monetary foreign currency assets and liabilities
realised. are recognised in the Statement of profit and loss.

l. Revenue recognition Scrap sale

Under Ind AS 115 - Revenue from Contracts Sale of scrap is recognised upon transfer of control
with Customers, revenue is recognised upon of products to the customers which coincides with
transfer of control of promised goods or services their delivery to customer.
to customers. Revenue is measured at the fair
value of the consideration received or receivable, Interest income
excluding discounts, incentives, performance Interest income on financial assets (including
bonuses, price concessions, amounts collected deposits with banks) is recognised using the
on behalf of third parties, or other similar items, if effective interest rate method.
any, as specified in the contract with the customer.
Dividend income
Revenue is recorded provided the recovery of
consideration is probable and determinable. Dividend income is recognised when the

Company’s right to receive the payment has been
Sale of products established.
Revenue from the sale of products is recognised Guarantee commission
at a point in time, upon transfer of control of
Guarantee commission is recognised using the
products to the customers which coincides
effective interest rate method.
with their delivery and is measured at fair value
of consideration received/receivable, net of
m. Financial instruments
discounts, amount collected on behalf of third
parties and applicable taxes. A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
Revenue from outdoor catering services is
liability or equity instrument of another entity.
recognised on completion of the respective
services agreed to be provided, the consideration Financial assets
is reliably determinable and no significant
i. Recognition and initial measurement
uncertainty exists regarding the collection. The
amount recognised as revenue is net of applicable Trade receivables and debt instruments are
taxes. initially recognised when they are originated.
All other financial assets are initially
Service income and management fees recognised when the Company becomes

Revenue from marketing support services, a party to the contractual provisions of the
management fee and auxiliary and business instrument. All financial assets are initially
support services are in terms of agreements measured at fair value plus, for an item not
with the customers and are recognised on the at fair value through Statement of profit and
basis of satisfaction of performance obligation loss, transaction costs that are attributable
over the duration of the contract from the date to its acquisition or use.
the contracts are effective or signed provided ii. Classification and subsequent
the consideration is reliably determinable and measurement
no significant uncertainty exists regarding the
Classification
collection. The amount recognised as revenue is
net of applicable taxes. For the purpose of initial recognition, the
Company classifies its financial assets in
Rental income following categories:
Revenue from rentals is recognised on straight-
• Financial assets measured at amortised
line basis over the period of the contract provided
cost;
the consideration is reliably determinable and
no significant uncertainty exists regarding the • Financial Asset Measured at fair value
collection. The amount recognised as revenue is through other comprehensive income
net of applicable taxes. (‘FVTOCI’); or
Statements 67

• Financial asset measured at fair value Financial assets at FVTPL

through Statement of profit and loss These assets are subsequently measured
(‘FVTPL’). at fair value. Net gains and losses, including
Financial assets are not reclassified any interest income, are recognised in the
Statement of profit and loss.
subsequent to their initial recognition, except
if and in the period the Company changes
iii. Derecognition
its business model for managing financial
assets. The Company derecognises a financial asset
when the contractual rights to the cash flows
A financial asset being ‘debt instrument’ is from the financial asset expire, or it transfers
measured at the amortised cost if both of the the rights to receive the contractual cash
following conditions are met: flows in a transaction in which substantially
• The financial asset is held within a all of the risks and rewards of ownership of
the financial asset are transferred or in which
business model whose objective is to
the Company neither transfers nor retains
hold assets for collecting contractual
substantially all of the risks and rewards
cash flows
of ownership and it does not retain control
• The contractual terms of the financial of the financial asset. Any gain or loss on
asset give rise on specified dates to derecognition is recognised in the Statement
cash flows that are Solely Payments of profit and loss.
of Principal and Interest (‘SPPI’) on the
principal amount outstanding. iv. Impairment of financial assets (Other than at
fair value)
A financial asset being ‘debt instrument’
The Company recognises loss allowances
is measured at the FVTOCI if both of the
using the Expected Credit Loss (‘ECL’) model
following criteria are met:
for the financial assets which are not fair
• The asset is held within the business valued through Statement of profit and loss.
model, whose objective is achieved both Loss allowance for trade receivables with no
by collecting contractual cash flows and significant financing component is measured
selling the financial assets, and at an amount equal to lifetime ECL. For
all other financial assets, expected credit
• The contractual terms of the financial losses are measured at an amount equal to
asset give rise on specified dates to the 12-month ECL, unless there has been a
cash flows that are SPPI on the principal significant increase in credit risk from initial
amount outstanding. recognition, in which case those financial
A financial asset being equity instrument is assets are measured at lifetime ECL. The
measured at FVTPL. changes (incremental or reversal) in loss
allowance computed using ECL model, are
All financial assets not classified as recognised as an impairment gain or loss in
measured at amortised cost or FVTOCI as the Statement of profit and loss.
described above are measured at FVTPL.
v. Write-off
Subsequent measurement
The gross carrying amount of a financial
Financial assets at amortised cost
asset is written off (either partially or in
These assets are subsequently measured at full) to the extent that there is no realistic
amortised cost using the effective interest prospect of recovery. This is generally the
method. The amortised cost is reduced by case when the Company determines that
impairment losses, if any. Interest income the counterparty does not have assets or
and impairment are recognised in the sources of income that could generate
Statement of profit and loss. sufficient cash flows to repay the amounts

subject to write-off. However, financial assets liability extinguished and the new financial
that are written off could still be subject to liability with modified terms is recognised in
enforcement activities in order to comply the Statement of profit and loss.
with the Company’s procedures for recovery
of amounts due. IV. Offsetting of financial instruments
Financial assets and financial liabilities are
Financial liabilities offset and the net amount presented in the
I. Recognition and initial measurement Balance Sheet when, and only when, the
Company currently has a legally enforceable
All financial liabilities are initially recognised
right to set off the amounts and it intends
when the Company becomes a party to the
either to settle them on a net basis or to
contractual provisions of the instrument.
realise the assets and settle the liabilities
All financial liabilities are initially measured
simultaneously.
at fair value minus, for an item not at fair
value through Statement of profit and loss, V. Derivative financial instruments
transaction costs that are attributable to the
The Company holds derivative financial
liability.
instruments to hedge its interest rate
II. Classification and subsequent risk exposures. Such derivative financial
measurement instruments are initially recognised at fair
Financial liabilities are classified as measured value. Subsequent to initial recognition,
at amortized cost or FVTPL. derivatives are measured at fair value, and
changes therein are recognised in Statement
A financial liability is classified as FVTPL if of profit and loss. Derivatives are carried
it is classified as held-for-trading, or it is a as financial assets when the fair value is
derivative or it is designated as such on initial positive and as financial liabilities when the
recognition. Financial liabilities at FVTPL are fair value is negative.
measured at fair value and net gains and
losses, including any interest expense, are n. Earnings per share
recognised in the Statement of profit and The Company presents basic and diluted earnings
loss. per share (‘EPS’) data for its equity shares. Basic
EPS is calculated by dividing the Statement of
Financial liabilities other than classified
profit and loss attributable to equity shareholders
as FVTPL, are subsequently measured at
of the Company by the weighted average number of
amortised cost using the effective interest
equity shares outstanding during the year. Diluted
method. Interest expense are recognised in
EPS is determined by adjusting Statement of profit
Statement of profit and loss. Any gain or loss
and loss attributable to equity shareholders and
on derecognition is also recognised in the
the weighted average number of equity shares
Statement of profit and loss. outstanding, for the effects of all dilutive potential
equity shares, which comprise share options
III.
Derecognition granted to employees.
The Company derecognises a financial
The number of equity shares and potentially
liability when its contractual obligations are
dilutive equity shares are adjusted retrospectively
discharged or cancelled, or expire.
for all periods presented for any share splits
The Company also derecognises a financial and bonus shares issues including for changes
liability when its terms are modified and the effected prior to the approval of the financial
cash flows under the modified terms are statements by the Board of Directors.
substantially different. In this case, a new
financial liability based on modified terms o. Current and non-current classification
is recognised at fair value. The difference All assets and liabilities are classified into current
between the carrying amount of the financial and non-current.
Statements 69

Assets the acquisition of assets for processing and

An asset is classified as current when it satisfies their realisation in cash and cash equivalents,
any of the following criteria: the Company has ascertained its operating cycle
being a period of 12 months for the purpose of
• It is expected to be realised in, or is intended
classification of assets and liabilities as current
for sale or consumption in, the Company’s
normal operating cycle; and non- current.
• It is held primarily for the purpose of being Current assets include the current portion of
traded; non-current financial assets. All other assets are
• It is expected to be realised within 12 months classified as non-current.
after the reporting date; or
p. Investment in subsidiaries and joint ventures
• It is cash or cash equivalent unless it is
restricted from being exchanged or used to Investment in equity shares of subsidiaries
settle a liability for at least 12 months after and joint ventures (under Ind AS 27 – Separate
the reporting period. Financial Statements) are carried at cost, less any
impairment in the value of investment.
Current assets include the current portion of
non-current financial assets. All other assets are Investment in preference shares of subsidiaries
classified as non-current. are carried at FVTPL, except where the preference
shares meet the definition of equity shares as per
Liabilities Ind AS 32 – ‘Financial Instruments: Presentation’
A liability is classified as current when it satisfies from the issuer’s perspective (i.e., subsidiary),
any of the following criteria: which are carried at cost, less any impairment in
• it is expected to be settled in the Company’s the value of investment.
normal operating cycle;
q. Financial guarantee contracts
• It is held primarily for the purpose of being
Financial guarantee contracts issued by the
traded;
Company are recognised initially as a liability at
• it is due to be settled within 12 months after fair value, adjusted for transaction costs that
the reporting period; or are directly attributable to the issuance of the
guarantee.
• The Company does not have an unconditional
right to defer settlement of the liability for at Subsequently, the liability is measured at the
least 12 months after the reporting period. higher of the amount of loss allowance determined
Terms of a liability that could, at the option as per impairment requirements of Ind AS 109 –
of the counterparty, result in its settlement by Financial Instruments and the amount recognised
the issue of equity instruments do not affect less cumulative amortisation.
its classification.
r. Cash and cash equivalents
Current liabilities include the current portion of
Cash and cash equivalents comprises cash
non-current financial liabilities. All other liabilities
at banks and on hand, cheques on hand and
are classified as non-current.
short-term deposits with an original maturity
Deferred tax assets and liabilities are classified as of three months or less, which are subject to an
non-current assets and liabilities. insignificant risk of changes in value.
Operating cycle s. Segment reporting

The operating cycle is the time between the As the Company business activity primarily
acquisition of assets for processing and their falls within a single business and geographical
realisation in cash or cash equivalents. Based on segment and the Chief Operating Decision
the nature of operations and the time between Maker monitors the operating results of its

business units not separately for the purpose of nearest millions up to two decimal places, unless
making decisions about resource allocation and otherwise stated. Consequent to rounding off, the
performance assessment. Segment performance numbers presented throughout the document may
is evaluated based on profit or loss and is not add up precisely to the totals and percentages
measured consistently with profit or loss in the may not precisely reflect the absolute amounts.
standalone financial statements, thus there are
no additional disclosures to be provided under Ind w. Discontinued operations
AS 108 –“Segment Reporting”. The management
A discontinued operation is a component of the
considers that the various goods and services
entity that has been disposed of or is classified
provided by the Company constitutes single
as held for sale and that represents a separate
business segment, since the risk and rewards
major line of business or geographical area of
from these services are not different from one
operations, is part of a single coordinated plan
another. The analysis of geographical segments is
to dispose of such a line of business or area of
based on geographical location of the customers. operations, or is a subsidiary acquired exclusively
with a view to resale. Statement of profit and loss
t. Exceptional items from discontinued operations comprise the post-
Exceptional items are transactions which due to tax Statement of profit and loss of discontinued
their size or incidence are separately disclosed operations and the post-tax gain or loss resulting
to enable a full understanding of the company from the measurement and disposal of assets
financial performance. classified as held for sale. Any Statement of profit
and loss arising from the sale or re-measurement
u. Cash flow statement of discontinued operations is presented as part
of a single line item, Statement of profit and loss
Cash flows are reported using indirect method,
from discontinued operations separately in the
whereby profit before tax is adjusted for the
effects transactions of a non-cash nature and
any deferrals or accruals of past or future cash
receipts or payments. The cash flows from regular x. Share issue expense
revenue generating, financing and investing Share issue expenses are adjusted against the
activities of the Company are segregated. Cash Securities Premium Account as permissible
and cash equivalents in the cash flow comprise under Section 52 of the Companies Act, 2013, to
cash at bank, cash/cheques in hand and short- the extent any balance is available for utilisation
term investments with an original maturity of in the Securities Premium Account. Share issue
three months or less. expenses in excess of the balance in the Securities
Premium Account is expensed in the Statement of
v. Functional and presentation currency profit and loss.
The management has determined the currency
of the primary economic environment in which y. Recent accounting pronouncements
the Company operates, i.e., the functional The Ministry of Corporate Affairs (“MCA”) notifies
currency, to be Indian Rupees (`). The financial new standard or amendments to the existing
statements are presented in Indian Rupees, which standards. There is no such notification which
is the Company’s functional and presentation would have been applicable to the Company from
currency. All amounts have been rounded to the 01 April 2021.
3A Property, plant and equipment

Particulars Freehold Buildings Leasehold Plant and Furniture Electrical Office Computers Utensil and Vehicles Total
Land improvements equipment and fittings equipments kitchen
fixtures equipments
Gross Block
As at 31 March 2019 103.91 431.93 1,567.99 2,186.65 152.01 98.40 144.37 258.87 227.07 66.47 5,237.67
Acquisitions through business - - 44.67 24.03 1.79 - 0.01 1.72 3.85 0.25 76.32
combinations (refer note 48)
Additions other than above - - 223.42 265.31 20.08 7.69 21.02 131.96 55.42 5.46 730.36
Disposals - - 34.46 65.99 6.40 2.94 2.70 15.16 14.72 9.00 151.37
As at 31 March 2020 103.91 431.93 1,801.62 2,410.00 167.48 103.15 162.70 377.39 271.62 63.18 5,892.98
Acquisitions through business - - 216.80 98.96 10.83 - 0.03 8.51 23.23 2.34 360.70
combinations (refer note 48)
Additions other than above - 23.39 252.07 376.81 24.13 5.71 23.17 80.78 53.50 10.05 849.61
Disposals - - 466.26 252.42 41.47 29.73 30.48 87.23 106.59 36.35 1,050.53
01
As at 31 March 2021 103.91 455.32 1,804.23 2,633.35 160.97 79.13 155.42 379.45 241.76 39.22 6,052.76
Accumulated depreciation
As at 31 March 2019 - 28.27 338.36 540.56 57.47 29.57 23.76 104.78 67.32 42.83 1,232.92
Depreciation - 12.93 243.86 208.59 26.21 10.48 15.26 52.14 39.32 10.04 618.83
Overview
Corporate
Disposals - - 7.67 25.00 3.75 1.49 0.76 9.64 7.61 8.40 64.32
As at 31 March 2020 - 41.20 574.55 724.15 79.93 38.56 38.26 147.28 99.03 44.47 1,787.43
Depreciation - 14.16 202.78 288.53 29.17 8.93 16.23 62.58 36.47 6.69 665.53
Disposals - - 191.41 139.70 31.16 17.28 14.42 72.55 59.89 32.77 559.18
As at 31 March 2021 - 55.36 585.92 872.98 77.94 30.21 40.07 137.31 75.61 18.39 1,893.78
25
Accumulated impairment
As at 31 March 2019 - 42.27 98.88 155.33 10.00 4.99 5.75 11.07 8.46 3.67 340.42
Impairment loss (refer note 45) - - 39.35 68.26 2.43 2.57 3.05 3.17 2.56 0.13 121.52
Reports
Statutory
Impairment (reversal) (refer note 45) - (18.10) (51.71) (81.77) (3.52) (2.92) (3.28) (6.69) (4.61) (0.74) (173.34)
Disposals - - 12.70 10.00 0.73 0.63 0.26 1.16 0.17 0.23 25.88
As at 31 March 2020 - 24.17 73.82 131.82 8.18 4.01 5.26 6.39 6.24 2.83 262.72
Impairment loss (refer note 45) - 1.90 216.39 164.01 8.07 9.90 19.56 10.81 45.95 2.46 479.05
Impairment (reversal) (refer note 45) - - (16.69) (29.69) (1.07) (1.07) (0.58) (1.99) (0.41) (0.01) (51.50)
45
Disposals - - 247.12 62.79 6.94 7.73 10.43 7.78 43.56 3.44 389.77
As at 31 March 2021 - 26.07 26.40 203.35 8.24 5.11 13.81 7.43 8.22 1.84 300.50
Net carrying amount
As at 31 March 2020 103.91 366.56 1,153.25 1,554.03 79.37 60.58 119.18 223.72 166.35 15.88 3,842.83
Financial
As at 31 March 2021 103.91 373.89 1,191.91 1,557.02 74.79 43.81 101.54 234.71 157.93 18.99 3,858.48
Statements
Note:
i) For details regarding charge on property, plant and equipment- refer note 17.
ii) For details regarding capitalisation of expenses incurred during construction period- refer note 44.
iii) For details regarding contractual commitments for the acquisition of property, plant and equipment- refer note 39.
71

3B Capital work-in-progress
As at As at
Particulars
31 March 2021 31 March 2020
At the beginning of the year 62.97 45.40
Additions 848.98 742.47
Transfers to property, plant and equipment 839.56 724.90
At the end of the year 72.39 62.97
3C Right-of-use assets (refer note 36)

i. Amounts recognised in balance sheet
The balance sheet shows the following amounts relating to leases:
As at As at
Particulars
31 March 2021 31 March 2020
Right-of-use assets
Leasehold property 5,928.58 7,556.98
Accumulated amortisation (362.64) (1,059.36)
Accumulated impairment (refer note 45) (118.95) (81.57)
Net carrying amount 5,446.99 6,416.05
3D Investment properties (refer note 37)

Leasehold
Owned Investment
Particulars Investment Total
Properties
Properties
Gross carrying amount
As at 1 April 2019 - - -
Recognition on transition to Ind AS 116, Leases 470.66 - 470.66
Additions 5.90 - 5.90
Disposals (9.07) - (9.07)
As at 31 March 2020 467.49 - 467.49
Additions 11.96 169.63 181.59
Disposals (122.73) - (122.73)
As at 31 March 2021 356.72 169.63 526.35
As at 1 April 2019 - - -
Depreciation 52.73 - 52.73
As at 31 March 2020 52.73 - 52.73
Depreciation 46.74 1.41 48.15
Disposals (31.19) - (31.19)
As at 31 March 2021 68.28 1.41 69.69
As at 1 April 2019 - - -
Impairment loss 0.77 - 0.77
As at 31 March 2020 0.77 - 0.77
Impairment loss - - -
As at 31 March 2021 0.77 - 0.77
Net carrying amount
As at 31 March 2020 413.99 - 413.99
As at 31 March 2021 287.67 168.22 455.89
Statements 73

4 Goodwill
Particulars Amount
As at 1 April 2019 9.49
Acquisitions through business combinations (refer note 48) 74.97
As at 31 March 2020 84.46
Acquisitions through business combinations (refer note 48) 420.11
As at 31 March 2021 504.57
As at 1 April 2019 -
Impairment loss -
As at 31 March 2020 -
Impairment loss -
As at 31 March 2021 -
Net carrying amount
As at 31 March 2020 84.46
As at 31 March 2021 504.57
5 Other intangible assets

Franchisee Computer
Particulars License fees Total
rights softwares
As at 1 April 2019 - 402.22 91.17 493.39
Acquisitions through business combinations 143.61 33.91 - 177.52
(refer note 48)
Additions other than above - 84.64 8.81 93.45
Disposals - 13.23 1.00 14.23
As at 31 March 2020 143.61 507.54 98.98 750.13
Acquisitions through business combinations 916.22 198.79 - 1,115.01
(refer note 48)
Disposals - 51.35 1.29 52.64
As at 31 March 2021 1,059.83 997.80 100.50 2,158.13
Accumulated amortisation
As at 1 April 2019 - 82.29 55.46 137.75
Amortisation - 43.63 11.07 54.70
Disposals - 3.12 0.50 3.62
As at 31 March 2020 - 122.80 66.03 188.83
Amortisation 48.46 74.14 11.42 134.02
Disposals - 19.91 0.69 20.60
As at 31 March 2021 48.46 177.03 76.76 302.25
As at 1 April 2019 - 26.81 7.84 34.65
Impairment loss (refer note 45) - 10.78 - 10.78
Impairment (reversal) (refer note 45) - (17.31) - (17.31)
Disposals - 3.43 0.18 3.61
As at 31 March 2020 - 16.85 7.66 24.51
Impairment loss (refer note 45) - 41.17 0.35 41.52
Disposals - 27.37 0.61 27.98
As at 31 March 2021 - 26.58 7.40 33.98
Net carrying amount
As at 31 March 2020 143.61 367.89 25.29 536.79
As at 31 March 2021 1,011.37 794.19 16.34 1,821.90

6A Investments in joint venture

As at As at
Particulars
31 March 2021 31 March 2020
The Minor Food Group (India) Private Limited, a Joint Venture. Principal
place of business - India. #
Nil (previous year: 7,223,144) equity shares of ` 10/- each, fully paid up - 72.32
Provision for impairment loss in the value of investment (refer note 53) - (72.32)
- -
6B Investments in subsidiaries
As at As at
Particulars
31 March 2021 31 March 2020
Investment in unquoted equity shares (valued at cost)
Devyani International (Nepal) Private Limited, a wholly owned
subsidiary. Principal place of business - Nepal.
427,966 (previous year: 427,966) equity shares of NPR 100/- each, fully 26.77 26.77
paid up
Devyani Food Street Private Limited, a wholly owned subsidiary.
Principal place of business - India.
8,908,900 (previous year: 8,908,900) equity shares of ` 10/- each, fully 175.92 175.92
paid up
Provision for impairment loss in the value of above investment (84.97) -
(refer note 51)
RV Enterprizes Pte. Limited, Singapore, a subsidiary. Principal place of
business - Singapore
2,415,579 (previous year: 2,415,579) equity shares of SGD 1 each, fully 108.93 108.93
paid up. The Company’s shareholding in the above is 87% (refer note 43)
Devyani International (UK) Private Limited, a wholly owned subsidiary.
Principal place of business - United Kingdom***
Nil (previous year: 4,050,000) equity shares of GBP 1 each, fully paid up - 350.82
Provision for impairment loss in the value of above investment - (350.82)
(refer note 32 read with note 52)
Devyani Airport Services (Mumbai) Private Limited, a subsidiary.
Principal place of business - India.
3,060,000 (previous year: 3,060,000) equity shares of ` 10/- each, fully 84.84 84.84
paid up. The Company’s shareholding in the above is 51%
Provision for impairment loss in the value of above investment (84.84) (84.84)
(refer note 50)
226.65 311.62
Investment in unquoted preference shares
Valued at cost
Investments in subsidiaries
RV Enterprizes Pte. Limited, Singapore, a subsidiary
10,953,525 (previous year: 10,953,525) 1% redeemable preference shares 612.02 612.02
of USD 1/- each, fully paid up (refer note 43)**
612.02 612.02
Statements 75

As at As at
Particulars
31 March 2021 31 March 2020
Other investments in subsidiaries
- Guarantee given on behalf of Devyani Food Street Private Limited* 26.33 26.33
Provision for impairment loss in the value of above investment (26.33) -
(refer note 51)
- Loan given to Devyani International (Nepal) Private Limited^ 3.89 3.89
- Guarantee given on behalf of Devyani International (Nepal) Private 11.53 11.53
Limited^^
15.42 41.75
Aggregate value of unquoted investments in subsidiaries and joint 854.09 965.39
venture
Aggregate provision for impairment in value of investments in 196.14 507.98
subsidiaries and joint venture
The Company does not have any quoted investments during the current
and previous year.
Provision for impairment loss in value of investments in subsidiaries
and joint venture
Opening provision as at the beginning of the year 507.98 157.16
Add: Provision created during the year 111.31 350.82
Less: Provision reversed/actualised during the year (423.15) -
Closing provision as at 31 March 2021 196.14 507.98
*The Company has given financial guarantee to Yes Bank Limited on behalf of Devyani Food Street Private Limited, a wholly owned
subsidiary, for the loan availed by the wholly owned subsidiary. Such financial guarantee has been fair valued and recorded as an
additional investment in the wholly owned subsidiary per generally accepted accounting principles in India.
**The preference shares are redeemable at the option of the subsidiary RV Enterprizes Pte. Limited, Singapore, hence the same are
valued at cost considering the investment evidencing a residual interest and in equity nature.
*** The Company has transferred the entire stake during the current year.
^The Company has given loan to Devyani International (Nepal) Private Limited, a wholly owned subsidiary, at interest rate which is
lower than the market rate of interest. Such loan has been fair valued and recorded as additional investment in the wholly owned
subsidiary per generally accepted accounting principles in India.
# The Company has divested the entire investment during the current year. Refer Note 53
^^The Company has given financial guarantee to Everest Bank Limited on behalf of Devyani International (Nepal) Private Limited, a
wholly owned subsidiary, for the loan availed by the wholly owned subsidiary. Such financial guarantee has been fair valued and
recorded as an additional investment in the wholly owned subsidiary.

6C Investments
As at As at
Particulars
31 March 2021 31 March 2020
Investment in unquoted preference shares
(Valued at fair value through profit or loss)
Investments in subsidiaries
Devyani Airport Services (Mumbai) Private Limited, a subsidiary#
32,631,344 (previous year: 32,631,344) 8% redeemable, non cumulative and - -
non convertible preference share of ` 10/- each, fully paid up
Devyani International (Nepal) Private Limited, a wholly owned subsidiary
400,000 (previous year: 400,000) 5% redeemable, non cumulative and non 22.08 19.18
convertible preference shares of NPR 100/- each, fully paid up
22.08 19.18
Aggregate value of unquoted investments 22.08 19.18
Note: Information about the Company’s exposure to credit and market risks, and fair value measurements, is included in note
35.
#S
uch investments have been fair valued and a fair valuation loss through profit and loss has been recorded as at 31 March 2021 `
Nil (previous year: ` Nil).
7 Loans
Particulars Non-current Current
As at As at 31 As at As at 31
31 March 2021 March 2020 31 March 2021 March 2020
Security deposits 357.29 374.40 108.23 75.23
(considered good, unsecured)
Less: loss allowance - - (1.54) (1.04)
357.29 374.40 106.69 74.19
Loans to related parties [considered good, 619.88 493.49 - 19.08
unsecured (refer note 38)]*
Loans to related parties which have - 855.86 - -
significant increase in credit risk
(refer note 38)*
Less: loss allowance (refer note 32) - (307.70) - -
619.88 1,041.65 - 19.08
977.17 1,416.05 106.69 93.27
*includes interest accrued on loans to related parties.
Statements 77

As at As at
Particulars (also refer note 49)
31 March 2021* 31 March 2020 *
Unsecured loan of ` 176.40 (previous year ` 175) to Devyani Airport 177.10 185.33
Services (Mumbai) Private Limited
(a) The unsecured loan is repayable in 20 quarterly instalments after
completion of 1 year from date of final disbursement. The quarterly
instalments will be due on the last day of each quarter.
(b) Interest rate is equal to 12% per annum (payable on yearly basis)
(c) The loan is to be utilised for operational activities carried out by the
borrower.
Unsecured loan of ` Nil (previous year ` 774.66) to Devyani International - 855.86
(UK) Private Limited
(a) The unsecured loan is repayable with interest on the completion of
the term of the loan on 31 December 2023.
(b) Interest rate is equal to LIBOR plus 2.5% per annum (previous year:
LIBOR plus 2.5% per annum) payable at the maturity of the loan term.
(c) The loan will be utilised for meeting the working capital requirements
of the borrower.
(d) The loan is of ` 189.04 is converted to equity share capital and
remaining amount is repaid during the year.
Unsecured loan of ` 292.94 (previous year ` 276.69) to RV Enterprizes 328.82 327.24
Pte. Limited
(a) The unsecured loan is repayable in one or more tranches before 31
December 2025.
(b) Interest rate is equal to LIBOR plus 3.00% per annum payable at the
maturity of the loan term.
(c) The loan will be utilised for meeting the working capital requirements
of the borrower.
Unsecured loan of ` 111.50 (previous year ` Nil) to Devyani Food Streets 113.96 -
Private limited Limited
(a) This term loan is repayable in 12 quarterly installments after the end
of morotorium period of three year from the date of disbursement.
(b) Interest rate is equal to 10% per annum (payable on yearly basis)
(c) The loan is to be utilised for operational activities carried out by the
borrower.

8 Other financial assets

Unsecured, considered good
Bank deposits (due for maturity after 12 0.87 0.30 - -
months from the reporting date)^ #
Lease rental receivables 56.27 21.59 11.73 1.04
Finance lease receivables 96.16 142.23 10.03 11.19
Other receivables* - - 86.37 24.49
153.30 164.12 108.13 36.72
Other receivables (credit impaired) - - 2.96 2.96
153.30 164.12 108.13 36.72
^Bank deposits include ` 0.87 (previous year: ` 0.30) as deposits with banks under lien. These deposits are used for issuing letter of
credit/ standby letter of credit/ bank guarantees.
# Includes interest accrued but not due on bank deposits amounting to ` 0.01 (previous year: ` 0.08).
* Includes receivables from related party ` 2.53 (previous year: ` 1.92). "refer note 38".
9 Other assets
Capital advances 136.98 25.15 - -
Other advances:
- Prepaid expenses 7.14 - 26.65 31.51
- Prepaid rent# 5.73 9.70 1.39 1.89
- Balance with statutory/government - 0.91 72.21 57.14
authorities
- Advances to employees - - 19.11 16.86
- Unamortised share issue expenses* - - 5.88 -
- Advance to suppliers - - 44.36 34.74
149.85 35.76 163.32 141.37
* The Company has incurred expenses of ` 5.88 during the year ended March 31, 2021 towards proposed Initial Public Offering of its
equity shares. The Company expects to recover proportionate amount from the selling shareholders and the balance amount would
be charged-off to securities premium account in accordance with Section 52 of the Companies Act, 2013 upon the shares being
issued.
Statements 79

10 Inventories
Particulars As at As at
31 March 2021 31 March 2020
(Valued at lower of cost and net realisable value)
Raw materials including packaging materials 535.37 458.02
[including goods-in-transit of ` Nil (previous year: ` Nil]
Stock-in-trade - 55.31
535.37 513.33
11 Trade receivables
31 March 2021 31 March 2020
Trade receivables
- Considered good- unsecured 387.05 328.23
- Credit impaired 28.08 23.81
415.13 352.04
Less: loss allowance (28.08) (23.81)
387.05 328.23
Sub notes:
Trade receivables includes receivables from related parties, refer note 38.
The carrying amount of trade receivables approximates their fair value, is included in note 35.
The Company's exposure to credit and currency risks, and impairment allowances related to trade receivables is
disclosed in note 35.
Details of trade receivables due by directors or other officers of the Company or any of them either severally or jointly
with any other person or amounts due by firms or private companies respectively in which any director is a partner or a
director or a member are as follows:
31 March 2021 31 March 2020
Modern Montessori International (India) Private Limited - 0.34
- 0.34
12 Cash and cash equivalents

31 March 2021 31 March 2020
Balances with banks :
- On current accounts 241.13 18.04
Cash on hand 31.23 4.31
Cash in transit 9.49 0.75
281.85 23.10

13 Bank balances other than cash and cash equivalents

31 March 2021 31 March 2020
Other bank balances*
- On deposit account^ 2.88 25.39
2.88 25.39
*Bank deposits include ` 2.81 (previous year: ` 25.39) being bank deposits placed as security under lien with various parties.
^ Includes interest accrued but not due on bank deposits amounting to ` 0.01 (previous year: ` 0.01)
14 Equity share capital

31 March 2021 31 March 2020
Authorised
125,000,000 equity shares of ` 10/- each * - 1,250.00
1,250,000,000 equity shares of ` 1/- each * 1,250.00 -
1,250.00 1,250.00
Issued, subscribed and fully paid -up
1,153.63 1,061.67
*The face value of equity shares of the Company has been split from ` 10 to ` 1 per share with effect from 25 March 2021
a) Reconciliation of the equity shares outstanding at the beginning and at the end of the year:
Particulars As at 31 March 2021 As at 31 March 2020
No. of shares Amount No. of shares Amount
Equity shares issued, subscribed and fully
paid up
At the beginning of the year 106,166,666 1,061.67 106,166,666 1,061.67
Issued during the year 9,196,833 91.96 - -
115,363,499 1,153.63 106,166,666 1,061.67
Equity shares of ` 1 each as at 31 March
2021 pursuant to share
split with effect from 25 March 2021 1,153,634,990 1,153.63 - -
b) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity share having a par value of ` 1/- per share (pursuant to the share split from
` 10 to ` 1 per share with effect from 25 March 2021) . Each holder of the equity share is entitled to one vote per share
and is entitled to dividend declared, if any. The paid up equity shares of the Company rank pari-passu in all respects,
including dividend. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of the equity shares will
be entitled to remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will
be in proportion to the number of equity shares held by the shareholder.
During the current year, Yum Restaurants India Private Limited (“YRIPL”) has been allotted 5,308,333 (pre-split of
shares) equity shares of ` 10/- each of the Company. Further, Dunearn Investments (Mauritius) Pte Limited ("Dunearn"),
and YRIPL, both the investors in the Company, enjoy certain exit rights as defined in their respective Shareholder's
Statements 81

Agreements executed with the Company, including buyback of equity shares by the Company, equity swap in another
listed entity of the Promoters (‘RJ Corp Limited’), purchase by the Promoters or sale to third party, in either of the
manner - as the case may be, in an eventuality of DIL not able to complete an IPO by a specified date.
c) Shares reserved for issue under options and contracts

For terms and other details of shares reserved for issue and options excercised during the year under Employee Stock
Option Scheme ("ESOS") of the Company- refer note 42.
d) Shares held by holding/ultimate holding company and/or their subsidiaries/associates

No. of shares % holding No. of shares % holding
-RJ Corp Limited, India, holding and ultimate
holding company
Equity shares of ` 10/- each fully paid-up - - 81,108,607 76.40
Equity shares of ` 1/- each fully paid-up 804,821,970 69.76 - -
804,821,970 69.76 81,108,607 76.40
e) Particulars of shareholders holding more than 5% shares in the Company

- RJ Corp Limited, India, holding
company
Equity shares of ` 10/- each - - 8,11,08,607 76.40
Equity shares of ` 1/- each * 80,48,21,970 69.76 - -
- Dunearn Investments (Mauritius) Pte
Limited
- Mr. Varun Jaipuria
Equity shares of ` 10/- each - - 70,04,726 6.60
* Equity shares of ` 1 each as at 31 March 2021 pursuant to share split with effect from 25 March 2021
f)
For the period of five years immediately preceding the date of the Standalone Balance Sheet, there was no share
allotment made for consideration other than cash. Further, no bonus shares have been issued and there has been no
buy back of shares during the period of five years immediately preceding 31 March 2021 and 31 March 2020.

15 Other equity (refer Standalone Statement of Changes in Equity)

a) Reserves and Surplus
31 March 2021 31 March 2020
Securities premium 8,126.54 4,632.61
General reserve 5.47 5.47
Retained earnings (6,309.00) (5,644.03)
Employee stock options outstanding account (refer note 42) 14.40 101.22
1,837.41 (904.73)
a) Securities premium is used to record the premium on issue of shares. It will be utilised in accordance with the
provisions of the Companies Act, 2013.
b) General reserve are free reserves of the Company which are kept aside out of the Company's profit to meet the
future requirements as and when they arise. The Company had, in the previous years, transferred a portion of profit
after tax to general reserve pursuant to the provisions of the erstwhile Companies Act, 1956.
c) Retained earnings are the accumulated losses earned by the Company till date, as adjusted for distribution to
owners.
d) Employee stock option outstanding account is used to record the impact of employee stock option schemes. Refer
note 42 for further details of these plans.
b) Other comprehensive income

Other comprehensive income pertains to remeasurement gains/ (losses) on defined benefit plans.
16 Lease liabilities (refer note 36)

Lease liabilities # 6,441.41 7,551.81 621.66 856.95
6,441.41 7,551.81 621.66 856.95
# Secured to the extent of security deposit of ` 757.20 (previous year ` 718.18)
17 Borrowings
Term loans (secured) from banks
Indian rupee term loans 2,923.83 2,578.76 447.12 686.19
Foreign currency term loans (in USD) 131.59 216.16 105.04 107.33
3,055.42 2,794.92 552.16 793.52
The information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in note
35.
*Current portion of long-term borrowings includes interest accrued of ` 0.76 (previous year: ` 6.62) and same has been included in
'Other current financial liabilities'. Refer note 19.
Statements 83

Changes in liabilities arising from financing activities

Particulars For the year ended For the year ended
31 March 2021 31 March 2020
Opening balance of loans and lease liabilities
Indian rupee term loans 3,264.95 2,980.97
Foreign currency term loans 323.49 394.62
Cash credit facilities from banks 777.09 486.53
Lease liabilities 8,408.76 -
Cash flows
Proceeds from cash credit facilities from banks (net) (641.05) 290.56
Finance cost paid (470.30) (395.21)
Payment of lease liabilities- principal # - (683.34)
Payment of lease liabilities- interest (725.60) (790.68)
Non-cash changes
Finance cost expense 1,269.34 1,194.00
Foreign currency exchange fluctuations (8.52) 20.61
Lease liabilities recognised - 7,405.01
Additions/remeasurement/(termination) of lease liabilities (0.62) 1,687.10
Gain on rent concession (813.68) -
Gain on modification of leases (52.71) -
Gain on termination of leases (585.89) -
Closing balance of secured loans
Lease liabilities 7,063.07 8,408.76
#Nil on account of adjustment for rent concessions
17 Borrowings
SI. Bank Description 31 March 2021 Terms of repayment
No Non- Current Repayment schedule Remaining No. of Instalments Interest Interest
current maturity instalments frequency Terms rates
period outstanding range
(months) (p.a.)
1 Axis Bank ` Term loan - 59.80 - 1 instalments during 9 1 Quarterly 3M MCLR 7.30%
Limited -1 FY 2021-22 - ` 60 each
2 Yes Bank ` Term loan - - Prepaid on 30th December 2020 - - Annualy - -
Limited -2
3 RBL Bank ` Term loan - - Prepaid on 19th March 2021 - - Quarterly - -
Limited -3


(months) (p.a.)
4 RBL Bank ` Term loan 836.25 55.90 - 3 instalments during 57 48 Monthly 3M Mibor 6.00%
Limited - 10 FY 2021-22 - ` 18.58 each
- 12 instalments during
FY 2022-23 - ` 18.58 each
FY 2023-24 - ` 18.58 each
FY 2024-25 - ` 18.58 each
FY 2025-26 - ` 18.58 each
5 Yes Bank USD Term 70.68 56.47 - 4 instalments during 27 9 Quarterly IRS to Fixed 5.25%
Limited loan - 1 FY 2021-22- USD 0.19 million Rate from
each Libor+Spread
FY 2022-23- USD 0.19 million
each
Loan instalments are deferred by
3 months as Company opted for
RBI Loan moratorium scheme.
6 Yes Bank USD Term 60.91 48.58 - 4 instalments during 27 9 Quarterly IRS to Fixed 5.50%
Limited loan - 2 FY 2021-22- USD 0.17 million Rate from
each Libor+Spread
each
7 IndusInd ` Term loan 550.00 0.11 - 1 instalment during 43 8 Quarterly 1 year 7.50%
Bank -4 FY 2022-23- ` 62.5 T- bill
Limted - 3 instalments during
FY 2023-24- ` 62.5 each
- 1 instalment during
FY 2023-24- ` 75
FY 2024-25- ` 75 each
Further prepayment of ` 87.50
made in July-20.
8 IDFC First ` Term loan - - Prepaid on 26th March 2021 - - Quarterly - -
Bank -5
Limted
Statements 85


(months) (p.a.)
9 IndusInd ` Term loan 650.00 0.13 - 1 instalments during 61 14 Quarterly 1 year 7.50%
Bank -6 FY 2022-23- ` 40 each T- bill
FY 2023-24- ` 40 each
FY 2024-25- ` 40
FY 2024-25- ` 50 each
FY 2025-26- ` 50 each
FY 2026-227- ` 60
10 SBM Bank ` Term loan - 198.87 - ` 200 of loan is paid on 19 1 1 Quarterly 12M MCLR 9.30%
Limited -7 March 2021
- remaining 50% of loan to be
paid in 1 instalments on 1st
April 2021 - ` 200
11 Axis Bank ` Term loan 440.19 98.99 - 3 instalments during 51 16 Quarterly 3M MCLR 7.30%
Limited -8 FY 2021-22 - ` 34.375 each
FY 2022-23 - ` 34.375 each
FY 2023-24 - ` 34.375 each
FY 2024-25 - ` 34.375 each
FY 2025-26 - ` 34.375 each
12 IndusInd ` Term loan 447.40 33.31 - 3 instalments during 74 24 Quarterly 1 year 7.50%
Bank -9 FY 2021-22 - ` 12.50 each T- bill
FY 2022-23 - ` 12.50 each
FY 2023-24 - ` 12.50
FY 2023-24 - ` 18.75 each
FY 2024-25 - ` 18.75 each
FY 2025-26 - ` 18.75
FY 2025-26 - ` 31.25 each
FY 2026-27 - ` 31.25 each
FY 2027-28 - ` 31.25

Description Terms of security

1 to 3 & 5 to 12 First pari passu charge by way of hypothecation of the Company's entire moveable property, plant and
equipment both present and future.
1 to 3 & 5 to 12 Pari passu first charge by way of equitable mortgage on the immovable property, plant and equipment
of the Company's industrial land at Plot No. 18, Sector-35, Industrial estate, Gurugram-122004.
1 to 2 and 4 to 12 Second pari passu charge by way of hypothecation on the entire current assets of the Company both
present and future.
4 Second Pari Passu Charge by way of hypothecation of the Company's entire moveable property, plant
and equipment both present and future. and equitable mortgage on the immovable property, plant and
equipment of the Company's industrial.
10 to 12 Personal guarantee of director (Mr. Ravi Kant Jaipuria)
11 Corporate guarantee of RJ Corp Limited
12 Personal guarantee of director (Mr. Ravi Kant Jaipuria) and Ravi Kant Jaipuria and sons (HUF)
4 100% Guaranteed by National Credit Guarantee Trustee Company Limited (NCGTC)

No Non- Current Repayment schedule Remaining No. of Instalments Interest
current maturity period instalments frequency rates range
(months) outstanding (p.a.)
1 Axis Bank ` Term loan 179.80 243.38 - 4 instalments during FY 2020-21 - 21 7 Quarterly 10.05%
Limited -1 ` 60 each
- 3 instalments during FY 2021-22 -
` 60 each
2 Yes Bank ` Term loan 120.00 61.59 - 1 instalment during FY 2020-21 - ` 36 3 Annualy 10.40%
Limited -2 60
- 1 instalment during FY 2021-22 - `
60
- 1 instalment during FY 2022-23 - `
60
3 RBL Bank ` Term loan 373.96 135.64 - 4 instalments during FY 2020-21 - 43 15 Quarterly 9.10%
Limited -5 ` 34.09 each
` 34.09 each
` 34.09 each
` 34.09 each
4 Yes Bank USD Term 116.15 57.74 - 4 instalments during FY 2020-21- 36 12 Quarterly 5.25%
Limited loan - 1 USD 0.19 million each
- 4 instalments during FY 2021-22-
USD 0.19 million each
Statements 87


6 IndusInd ` Term loan 825.00 125.21 - 2 instalments during FY 2020-21- 52 18 Quarterly 8.85%
Bank -6 ` 25 each -9.93%
Limted - 2 instalments during FY 2020-21-
` 37.5 each
` 37.5 each
` 50 each
` 50 each
` 62.5 each
` 62.5 each
` 75 each
` 75 each
7 IDFC First ` Term loan 300.00 100.11 - 4 instalments during FY 2020-21- 48 16 Quarterly 10.15%
Bank -7 ` 25 each
` 25 each
` 25 each
` 25 each
8 IndusInd ` Term loan 780.00 20.26 - 2 instalments during FY 2020-21- 73 23 Quarterly 9.70%
Bank -8 ` 10 each -9.72%
` 10 each
- 1 instalment during FY 2022-23-
` 10
` 40 each
` 40 each
` 40
` 50 each
` 50 each
` 60


1 to 8 First pari passu charge by way of hypothecation of the Company's entire moveable property, plant and
1 to 8 Pari passu first charge by way of equitable mortgage on the immovable property, plant and equipment
1 to 2 & 4 to 8 Second pari passu charge by way of hypothecation on the entire current assets of the Company both
present and future.
18 Current borrowings
31 March 2021 31 March 2020
Loans repayable on demand from banks
Cash credit facilities from banks (secured) 136.03 777.09
136.03 777.09
Details for current borrowings:

Terms of loan As at As at
31 March 2021 31 March 2020
The credit facility taken from HDFC Bank carries interest rate of HDFC
Bank , currently 7.75 % p.a. (previous year: 9.15 % p.a), (interest payable on
monthly rests).
The credit facility is secured by:
- First pari passu charge on entire current assets of the company with
IDBI Bank.
- Second pari passu charge on all property, plant and equipment of the 136.03 496.55
Company.
The credit facility taken from ICICI Bank carries variable interest rate, - 255.82
currenty 8.40% p.a (previous year: 9.75%). The facility is secured by: -First
pari passu charge on Current Assets of the Company - Subservient charge
over movable fixed assets of the of Company.
The credit facility taken from IndusInd Bank carries variable interest rate,
currently 9.35% p.a (previous year.9.95%). The facility is secured by:
- First pari passu charge on Current Assets of the Company.
- Subservient charge over movable fixed assets of the of Company. - 24.72
19 Other financial liabilities

Current portion of long-term borrowings - - 552.16 793.52
(refer note 17)
Security deposits payable 41.70 36.38 8.59 13.75
Financial guarantee liability 7.95 8.86 0.91 0.91
Derivatives (interest rate swap) 7.23 13.98 - -
Employee related payables - - 97.12 213.62
Capital creditors - - 340.82 445.18
Other payables - - 0.90 5.71
56.88 59.22 1,000.50 1,472.69
Statements 89

20 Provisions
Provision for employee benefits
Gratuity (refer note 40) 96.33 62.24 50.11 23.34
Compensated absences 53.90 34.46 26.99 15.57
150.23 96.70 77.10 38.91
21 Other liabilities
Deferred income 9.67 10.31 4.93 3.30
Statutory dues:
Goods and services tax payable - - 74.22 34.10
Tax deducted at source payable - - 31.46 42.31
Other statutory dues - - 20.28 22.62
Advances from customers* - - 31.12 31.82
9.67 10.31 162.01 134.15
*Contract balances
The following table provides information about contractual liability (advance from customers) from contract with
customers:
Contract liabilities (advances from customers against sale of goods) As at As at

31 March 2021 31 March 2020
Opening balance 31.82 28.75
Revenue recognized that was included in the contract liability balance at (31.82) (28.75)
the beginning of the year
Closing balance 31.12 31.82
22 Trade payables
31 March 2021 31 March 2020
Micro enterprises and small enterprises (refer note below) 148.11 18.56
Other than micro enterprises and small enterprises* 1,124.15 1,221.37
1,272.26 1,239.93
* Includes payable to related parties. Refer note 38.
The Company’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in note
35.

Dues to micro and small enterprises

31 March 2021 31 March 2020
The amounts remaining unpaid to micro and small suppliers as at the end
of the year:
- Principal 144.72 18.02
- Interest 3.39 0.54
The amounts of the payments made to micro and small suppliers beyond 223.03 10.61
the appointed day during each accounting year.
The amount of interest due and payable for the period of delay in making 2.85 0.21
payment (which have been paid but beyond the appointed date during the
year) but without adding the interest specified under MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of each 2.85 0.26
accounting year.
The amount of further interest remaining due and payable even in the 0.54 0.28
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under the MSMED Act, 2006.
23 Revenue from operations

31 March 2021 31 March 2020
Sale of products
Finished goods 9,768.21 11,767.59
Traded goods 67.49 133.41
Other operating revenues
Marketing and other services 9.23 75.71
Rental and maintenance income 133.24 220.82
Management fee 8.31 74.34
Scrap sales 1.16 6.25
9,987.64 12,278.13
24 Other income
31 March 2021 31 March 2020
Interest income under effective interest method from:
- bank deposits 1.06 1.75
- loan to subsidiaries 35.94 27.35
- others 3.56 10.45
Interest income from financial assets at amortized cost 84.64 63.19
Dividend income 1.25 1.25
Liabilities no longer required written back 25.30 28.77
Net gain on foreign currency transactions and translations 39.61 39.66
Gain on modification of lease liabilities 52.71 16.49
Gain on termination of leases - 19.88
Rent concession [refer note 36 A (ii)] 233.93 -
Gain on net investment in finance lease - 18.76
Derivatives at fair value through profit and loss 6.75 -
Others 0.91 5.37
485.66 232.92
Statements 91

25 Cost of materials consumed

31 March 2021 31 March 2020
Raw material including packing material consumed
Inventories at the beginning of the year 458.02 313.88
Add: Purchases during the year 3,028.05 3,776.01
Less: Inventories at the end of the year (535.37) (458.02)
2,950.70 3,631.87
26 Purchases of stock-in-trade
31 March 2021 31 March 2020
Purchases of stock-in-trade 59.67 116.78
59.67 116.78
27 Employee benefit expense

31 March 2021 31 March 2020
Salaries, wages and bonus # 1,204.74 1,660.14
Contribution to provident and other funds 81.79 129.59
Gratuity (refer note 40) 25.21 19.01
Staff welfare expenses 44.70 53.21
1,356.44 1,861.94
# The amount includes "Employee stock option scheme expenses/(reversal)" for ` 21.21 (Previous year: ` (10.30)). Refer note 42.
28 Finance costs
31 March 2021 31 March 2020
Interest expenses 1,255.52 1,167.54
Net loss on foreign currency transactions and translation to the extent - 15.30
regarded as borrowing cost
Other borrowing costs 9.89 4.03
1,265.41 1,186.87
29 Depreciation and amortisation expense

31 March 2021 31 March 2020
Depreciation on property, plant and equipment (refer note 3A) 665.52 602.86
Depreciation on right-of-use assets (refer note 3C) 1,066.99 1,035.52
Depreciation on investment properties (refer note 3D) 48.15 52.73
Amortisation of other intangible assets (refer note 5) 134.02 54.70
1,914.68 1,745.81

30 Impairment of non-financial assets

31 March 2021 31 March 2020
(Reversal)/impairment on property, plant and equipment (refer note 3A) 377.68 (51.82)
Impairment on right-of-use assets (refer note 3C) 37.38 81.57
Impairment on investment properties (refer note 3D) - 0.77
(Reversal)/impairment of other intangible assets (refer note 5) 37.45 (6.53)
452.51 23.99
31 Other expenses
31 March 2021 31 March 2020
Power and fuel 576.41 808.79
Rent [refer note 36 A (ii)] - 659.19
Repairs and maintenance
- Plant and equipment 114.93 148.71
- Buildings 254.14 323.48
- Others 50.40 43.34
Rates and taxes 40.79 33.75
Travelling and conveyance 39.90 87.09
Legal and professional 30.29 47.78
Auditor's remuneration (refer note below) 8.08 7.69
Water 27.33 33.48
Insurance 14.57 6.98
Printing and stationery 8.80 12.14
Communication 54.33 86.80
Directors' sitting fee 2.79 1.73
Security and service 38.03 88.55
Bank charges 12.28 15.45
Advertisement and sales promotion 559.36 678.67
Commission and brokerage 814.84 500.66
Royalty and continuing fees 686.56 732.44
Freight including delivery charges 166.12 196.97
Loss on sale of property, plant and equipment (net) 82.69 58.32
Loss allowance 10.28 25.68
Net loss on foreign currency transactions and translations - 0.09
Derivatives at fair value through profit and loss - 8.62
General office and other miscellaneous 41.67 42.90
3,634.60 4,649.32
Note - Auditor's remuneration

31 March 2021 31 March 2020
As auditor
Statutory audit* 7.08 7.08
Tax matters 0.67 0.31
Others matters 0.05 -
Outlays 0.28 0.30
8.08 7.69
*Inclusive of applicable taxes
Statements 93

32 Exceptional items
31 March 2021 31 March 2020
Provision for impairment loss in value of investments in subsidiary 111.31 -
(refer note 6B and 51 )
Gain on termination of leases * (568.84) -
(457.53) -
*The gain on termination of leases comprises on account of termination of leases with Airport Authority of India in respect of airports
like Trichi, Lucknow, Raipur and Srinagar amounting to ` 491.16 and the balance amount in respect of termination of leases of other
loss making stores.
33. Income and deferred taxes

31 March 2021 31 March 2020
The tax expense comprises of :
Current tax - -
Deferred tax - -
- -
Reconciliation of tax expense and the accounting profit multiplied by
India's tax rate:
Loss before tax (653.05) (1,350.74)
Tax using the Company's domestic tax rate: 31.20% (previous year: 31.20%) 203.75 421.43
Effect of change in income tax rate [refer note (ii) below] - (392.65)
Difference in applicable tax rates and tax rates used to measure deferred (39.39) (81.48)
taxes
Difference in income tax rates @ (14.42) (15.22)
Others 6.09 (2.46)
Unrecognised deferred tax asset on deductible temporary differences (156.03) 70.38
[refer note (iv) below]
- -
@ Represents the difference in income tax rates of long term capital gains/losses and items taxed at normal rates.

31 March 2021 31 March 2020
Income tax assets (net)
Advance taxes (net of provision of tax ` Nil) (previous year: ` Nil) 72.22 70.63
72.22 70.63
Deferred taxes (net)
The balance comprises temporary differences attributable to:
Tax effect of items constituting deferred tax assets:
Unused tax losses and depreciation 824.88 513.46
Expenses allowed on payment/actual basis 85.74 135.59
Employee stock option outstanding account 3.62 25.32
Derivative instruments 1.82 3.52
Provision for impairment of investments 101.29 193.99
Lease liabilities (net of right of use assets) 292.00 397.33
Property, plant and equipment exceeds its tax base 331.80 219.73
Financial instruments measured at amortised cost 26.66 16.16
Deferred tax assets 1,667.81 1,505.10
Deferred tax assets (restricted to deferred tax liabilities) 7.96 1.28
Tax effect of items constituting deferred tax liabilities
Financial instruments measured at amortised cost (7.96) (1.28)
Deferred tax liabilities (7.96) (1.28)
Net deferred tax assets/(liabilities) - -
Notes:
(i) Movement in deferred tax assets/(liabilities) for the year ended 31 March 2021
As at On adoption Credited/(charged) As at
31 March 2020 of Ind AS 116 Profit or Loss OCI 31 March 2021
Tax effect of items constituting
deferred tax assets:
Unabsorbed depreciation 513.46 - 311.42 - 824.88
Expenses allowed on payment/actual 135.59 - (46.85) (3.00) 85.74
basis
Employee stock option outstanding 25.32 - (21.70) - 3.62
account
Derivative instruments 3.52 - (1.70) - 1.82
Provision for impairment of 193.99 - (92.70) - 101.29
investments
Lease liabilities (net of right-of-use 397.33 - (105.33) - 292.00
assets)
Property, plant and equipment 219.73 - 112.07 - 331.80
exceeds its tax base
Financial instruments measured at 16.16 - 10.50 - 26.66
amortised cost
Deferred tax assets 1,505.10 - 165.71 (3.00) 1,667.81
deferred tax liabilities
Financial instruments measured at (1.28) - (6.68) - (7.96)
amortised cost
Deferred tax liabilities (1.28) - (6.68) - (7.96)
Statements 95

Movement in deferred tax assets/(liabilities) for the year ended 31 March 2020
Unabsorbed depreciation 576.68 - (63.22) - 513.46
Expenses allowed on payment/actual 69.76 - 66.21 (0.38) 135.59
basis
account
Derivative instruments 1.87 - 1.65 - 3.52
Provision for impairment of 112.46 - 81.53 - 193.99
investments
Lease liabilities - 415.50 (18.17) - 397.33
(net of right of use assets)
Property, plant and equipment 345.70 - (125.97) - 219.73
Financial instruments measured at 16.40 - (0.24) - 16.16
amortised cost
Deferred tax assets 1,161.62 415.50 (71.64) (0.38) 1,505.10
Financial instruments measured at (2.92) - 1.64 - (1.28)
amortised cost
Deferred tax liabilities (2.92) - 1.64 - (1.28)
(ii) The Company has measured its deferred tax assets and liabilities based on the income tax rates that are expected
to apply to the period when such assets/liabilities are expected to be realized/settled. As per section 115BBA of the
Income-tax Act 1961, as introduced by the Taxation Laws (Amendment) Ordinance, 2019 (Ordinance), the Company has
option to opt for a lower tax rate of 25.168%, as against current enacted tax rate of 31.20% ). However, the Company has
not yet opted for such reduced income tax rate and expects to do so in the year in which the C133Company has profits.
Further, Company also expects that the reversal of deferred tax will also happen at that point of time only and at reduced
rate. Hence, deferred tax has been measured at 25.168% in the above reconciliation of tax expense.
(iii) As at 31 March 2021 and 31 March 2020, the Company has significant unabsorbed depreciation and other temporary
differences. Therefore, in absence of convincing evidences that sufficient taxable profits will be available against which
such deferred tax asset shall be utilised, the Company has only recognised deferred tax asset to the extent of deferred
tax liabilities as at respective reporting dates.

(iv) The unused tax benefits for which no deferred tax assets is recognised, are as follows:
31 March 2021 31 March 2020
Unabsorbed depreciation (never expire)
Gross amount 2,667.48 2,040.13
Unrecognised tax impacts 671.35 513.46
Unused tax losses (expiry AY 2029-2030)
Gross amount 659.02 -
Unrecognised tax impacts 153.53 -
Other deductible temporary differences (never expire)
Gross amount 3,317.60 3,935.00
Unrecognised tax impacts 834.97 990.36
34. Earnings/(Loss) per share (EPS/LPS)

31 March 2021 31 March 2020^
Loss from continuing operations attributable to equity shareholders for (700.28) (703.80)
calculation of basic and diluted LPS
Profit/(Loss) from discontinuing operations attributable to equity 47.23 (646.94)
shareholders for calculation of basic and diluted EPS/(LPS)
Weighted average number of equity shares for the calculation of basic LPS# 1,100,217,249 1,061,666,660
Effect of dilutive potential equity shares
– Employee stock options * - -
Weighted average number of equity shares for calculation of diluted LPS 1,100,217,249 1,061,666,660
Profit/(Loss) per share from continuing operations (`) (basic and diluted) (0.64) (0.66)
Profit/(Loss) per share from discontinuing operation operations (`) (basic 0.04 (0.61)
and diluted)
Nominal value per shares (`)# 1.00 1.00
* In respect of continuing/discontinued operations, the outstanding potential equity shares had an anti-dilutive effect on EPS, hence
there was no dilution of EPS in current and previous year.
# Equity shares of ` 1 each as at 31 March 2021 pursuant to share split with effect from 25 March 2021
^ The basic and diluted loss per share for the year ended 31 March 20 is restated to take the effect of share split.
Statements 97

35. Fair value measurement and financial instruments

a. Financial instruments – by category and fair values hierarchy
The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
(i) As on 31 March 2021
Particulars Carrying value Fair value measurement using
Note Mandatory Fair value Amortised Total Level 1 Level 2 Level 3
at FVTPL through other cost
comprehensive
income ('FVOCI')
Financial assets
Non - current
(i) Investments 6C 22.08 - - 22.08 - - 22.08
(ii) Loans 7 - - 977.17 977.17 - - 977.17
(iii) Other financial assets* 8 - - 153.30 153.30 - - -
Current**
(i) Trade receivables* 11 - - 387.05 387.05 - - -
(ii) Cash and cash equivalents* 12 - - 281.85 281.85 - - -
(iii) Bank balances other than cash 13 - - 2.88 2.88 - - -
and cash equivalents, above *
(iv) Loans 7 - - 106.69 106.69 - - 106.69
(v) Other financial assets* 8 - - 108.13 108.13 - - -
Total 22.08 - 2,017.07 2,039.15
Non - current
(i) Lease Liabilities 16 - - 6,441.41 6,441.41 - - 6,441.41
(ii Borrowings# 17 - - 3,055.42 3,055.42 - - 3,055.42
(iii) Other financial liabilities 19 - - 49.65 49.65 -
(other than derivatives below)
(iv) Derivatives (interest rate swap) 7.23 - - 7.23 - 7.23 -
Current
(i) Lease Liabilities 16 - - 621.66 621.66 - - 621.66
(ii) Borrowings# 18 - - 136.03 136.03 - - 136.03
(iii) Trade payables* 22 - - 1,272.26 1,272.26 - - -
(iv) Other financial liabilities 19 - - 1,000.50 1,000.50 - - -
Total 7.23 - 13,049.12 13,056.36

(ii) As on 31 March 2020

comprehensive
income ('FVOCI')
Financial assets
Non - current
(i) Investments 6C 19.18 - - 19.18 - - 19.18
(ii) Loans 7 - - 1,416.05 1,416.05 - - 1,416.05
(iii) Other financial assets* 8 - - 164.12 164.12 - - -
Current**
(iv) Loans 7 - - 93.27 93.27 - - 93.27
Total 19.18 - 2,086.88 2,106.06
Non - current
(i) Lease Liabilities 16 - - 7,551.81 7,551.81 - - 7,551.81
(ii) Borrowings# 17 - - 2,794.92 2,794.92 - - 2,794.92
(iii) Other financial liabilities 19 - - 45.24 45.24 - - -
Current
(i) Lease Liabilities 16 - - 856.95 856.95 - - 856.95
(ii) Borrowings# 18 - - 777.09 777.09 - - 777.09
Total 13.98 - 14,738.63 14,752.61
** For details regarding charge on such current financial assets - refer note 17.
# The Company’s borrowings and lease liabilties have fair values that approximate to their carrying amounts as they are based on
the net present value of the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and
remaining maturities.
* The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, other
current financial assets, trade payables, employee related payables, capital creditors approximates the fair values, due to their
short-term nature. The other non-current financial assets represents bank deposits (due for maturity after twelve months from the
reporting date) and interest accrued but not due on bank deposits, the carrying value of which approximates the fair values as on the
reporting date.
Other notes:
The fair values for loans and lease liabilities were calculated based on discounted cash flows using a current lending
rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs
including counterparty credit risk.
The fair values for security deposits payable and financial guarantee liability were calculated based on discounted cash
flows using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion
of unobservable inputs.
Statements 99

The investment in equity shares of subsidiaries are measured at cost. Refer note 6B for further details.
There has been no transfer between level 1, level 2 and level 3 for the years ended 31 March 2021 and 31 March
2020.
Valuation techniques used to determine fair values:
Specific valuation techniques used to value financial instruments include:
- Fair value of derivatives using dealer quotes for similar instruments (on marked to market value as on balance
sheet date of such derivative transaction).
- Fair value of non-derivative financial instruments using present value techniques, which is based on discounting
expected cash flows using a risk-adjusted discount rate.
The finance department of the Company includes a team that performs the valuations of financial assets and liabilities
required for financial reporting purposes, including level 3 fair values. This team performs valuation either internally or
externally through valuers and reports directly to the senior management. Discussions on valuation and results are held
between the senior management and valuation team on annual basis.
Significant inputs
Significant unobservable input used in Level 3 fair values of investments measured at FVTPL is discount rate which is
weighted average cost of borrowing of the Company plus spread of corporate guarantee commission which is 9.56%
(previous year: ` 8.36%) and estimated cash flows of respective companies in which investment in preference shares is
made.
Significant inputs used in Level 2 fair value of derivatives measured at FVTPL is marked to market value as on balance
sheet date of such derivative transaction.
Reconciliation of Level 3 recurring fair value measurement is as follows:
The following table provides the details as to changes in value of financial instruments categorised within level 3 of the
fair value hierarchy: ]
31 March 2021 31 March 2020
Investments in preference shares
Balance at the beginning of the year 19.18 17.45
Additions during the year Nil Nil
Disposals during the year Nil Nil
Unrealised Gain/(Loss) recognised in profit or loss* 2.90 1.73
Balance at the end of the year 22.08 19.18
* Unrealised gains/(losses) recognised in profit or loss under "Net loss/ (gain) on investment carried at fair value through profit or loss
Sensitivity analysis of significant unobservable inputs

The carrying values of investments measured through at fair value through profit and loss are not material. Hence the
management believes, changes in significant observable inputs will not have a material impact of financial position of
the Company.
b. Financial risk management

The Company has exposure to the following risks arising from financial instruments:
Credit risk;
Liquidity risk;
Market Risk - Interest Rate; and
Market Risk - Foreign Currency

Risk Management Framework

The Board of Directors of the Company is responsible for reviewing the risk management policies and ensuring its
effectiveness.
The Company's risk management policies are established to identify and analyse the risks faced by the Company to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies are
reviewed regularly to reflect changes in the market conditions and the Company's activities.
The Board of Directors oversees how management monitors compliance with Company's risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to the risk faced by the
Company.
i. Credit risk
The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the
balance sheet
31 March 2021 31 March 2020
(i) Loans (Including Security Deposits) 1,083.86 1,509.32
(ii) Investments 876.17 19.18
(iii) Guarantee given on behalf of subsidiaries 18.95 41.75
(iii) Trade receivables 387.05 328.23
(iv) Cash and cash equivalents 281.85 23.10
(v) Bank balances other than cash and cash equivalents, above 2.88 25.39
(vi) Other financial assets ( current and non-current ) 261.43 200.84
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations.
Credit risk on cash and cash equivalents and bank deposits (shown under bank balances other than cash and
cash equivalents, above) and other financial assets is limited as the Company generally invests in deposits with
banks with high credit ratings assigned by domestic credit rating agencies. The loans primarily represents security
deposits given to lessors for premises taken on lease and loans given to subsidiaries. Such deposits will be
returned to the Company on vacation of the premises or termination of the agreement whichever is earlier. Loan to
subsidiaries will be repaid as per the terms of the agreement and there has been no default in repayment of such
loans by subsidiaries.
The exposure to the credit risk at the reporting date is primarily from loan to subsidiaries, security deposit receivables
and investment in subsidiaries. The Investment and Borrowing Committee monitors the investment in subsidiaries
and loans granted to subsidiaries and it evaluates if any impairment is required. As at year end, Investment and
Borrowing Committee based on the internal and external valuation and after assessing the performance of the
subsidiaries, is of the view that no impairment is required other than investments in Devyani Food Street Private
Limited , RV enterprise Pte Ltd and Devyani Airport Services (Mumbai) Private Limited.
Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located
in India and Nepal. Trade receivables also includes receivables from credit card companies and online aggregator
platforms, which are generally realisable on fortnightly basis. The Company does monitor the economic environment
in which it operates. The Company manages its credit risk through credit approvals, establishing credit limits and
continuously monitoring credit worthiness of customers to which the Company grants credit terms in the normal
course of business.
The Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a
provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes
Statements 101

into account available internal credit risk factors such as the Company's historical experience for customers.
Based on the business environment in which the Company operates, management considers that the trade
receivables are in default (credit impaired) if the payments are more than 90 days past due however, the Company
based upon past trends determines an impairment allowance for loss on receivables (other than receivables from
related parties) outstanding for more than 180 days past due. For receivables from related parties, impairment
allowance is made on receivables outstanding for more than 365 days past due. Majority of trade receivables are
from domestic customers, which are fragmented and are not concentrated to individual customers. The historical
loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the
ability of the customers to settle the receivables.
The Company's exposure to credit risk for trade receivables is as follows:
For trade receivables other than receivables from related parties
Particulars Gross Carrying Amount
As at As at
31 March 2021 31 March 2020
Not due 125.68 92.24
1-90 days past due* 7.74 22.81
91 to 180 days past due* 2.49 2.45
More than 180 days past due # 6.48 7.45
142.39 124.95
For trade receivables from related parties

As at As at
31 March 2021 31 March 2020
Not due 50.05 115.62
1-90 days past due* 129.59 74.13
91 to 180 days past due* 1.59 8.45
More than 180 days past due # 63.44 5.08
244.67 203.28
* The Company believes that the unimpaired amounts that are past due for less than 180 days in case of receivables from other
than related parties and 365 days in case of receivables from related parties are still collectible in full, based on historical
payment behavior, and subsequently collections.
# The Company based upon past trends determines an impairment allowance for doubtful receivables (other than receivables
from related parties) outstanding for more than 365 days past due.
Changes in the loss allowance in respect of trade receivables For the year ended For the year ended
31 March 2021 31 March 2020
Bad debts written off - -
Impairment allowances for doubtful receivables # 4.27 20.91
(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or other financial assets. The Company's approach to manage
liquidity is to have sufficient liquidity to meet it's liabilities when they are due, under both normal and stressed
circumstances, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company believes that its liquidity position, including total cash and cash equivalents and bank deposits
maturing within a year (including bank deposits under lien and excluding interest accrued but not due) of ` 284.73
(previous year: ` 48.49), anticipated future internally generated funds from operations, its fully available, revolving
undrawn credit facility of ` 713.97 (previous year: ` 73.10) and certain other current assets (financial and non
financial) of ` 1,137.24 (previous year: ` 971.55) will enable it to meet its future known obligations due in next year,
in the ordinary course of business.
In the year ended 31 March 2021, the Company has earned a cash inflow from operating activities of ` 1,580.88
(previous year: ` 2,410.25). Further, the Company generated an Earnings before Tax, depreciation and amortisation,
impairment and fair valuation gains/losses of ` 1,206.48 (previous year: ` 1,064.27). Based on the projections,
the Company expects to earn cash inflow from operating activities, which can be used to settle its liabilities in
the near future. However, if a liquidity needs were to arise, the Company believes it has access to financial and
operational support from RJ Corp Limited, which should enable it to meet its ongoing capital, operating, and other
liquidity requirements. The Company will continue to consider various borrowing options to maximize liquidity and
supplement cash requirements as necessary.
The Company's liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Company’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual
cash flow amounts are gross and undiscounted.
As at 31 March 2021 Contractual cash flows

Carrying Within 1 1 to 5 More than Total
amount year years 5 years
Non-derivative financial liabilities
Long term borrowings including current portion 3,607.58 791.72 3,302.45 223.10 4,317.27
Lease liabilities 7,063.07 1,295.70 4,859.10 5,900.96 12,055.75
Trade payables 1,272.26 1,272.26 - - 1,272.26
Security deposits payable 50.29 8.05 55.54 0.60 64.19
Short term borrowings 136.03 136.03 - - 136.03
Capital creditors 340.82 340.82 - - 340.82
12,470.05 3,844.58 8,217.09 6,124.66 18,186.32
Derivative financial liabilities
Interest rate swap 7.23 - 7.23 - 7.23
7.23 - 7.23 - 7.23
Statements 103


Long term borrowings including current portion 3,588.44 1,086.82 3,022.90 273.14 4,382.86
Trade payables 1,239.93 1,239.93 - - 1,239.93
Financial guarantee liability 9.78 - - 9.78 9.78
14,519.30 6,041.01 9,704.21 4,471.54 20,216.77
Interest rate swap 13.98 - - 13.98 13.98
13.98 - - 13.98 13.98
(iii) Market risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk namely: currency risk and interest rate risk. The objective
of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the return.
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily
to the Company’s borrowings with floating interest rates.
A. Exposure to interest rate risk
The exposure of the Company's borrowing to interest rate changes as reported to the management at the end
of the reporting period are as follows:
Fixed- rate instruments As at As at

31 March 2021 31 March 2020
Indian rupee term loan 892.00 -
Impact of interest rate swaps 236.63 323.49
1,128.63 323.49
Variable - rate instruments
Indian rupee term loan 2,478.95 3,264.95
Short term borrowings 136.03 777.09
Foreign currency term loan 236.63 323.49
Impact of interest rate swaps (236.63) (323.49)
2,614.98 4,042.04

Interest rate sensitivity analysis

The following table illustrates the sensitivity of profit or loss and other equity to a reasonably possible change
in interest rates of +/- 1%. All other variables are held constant.
Change in interest rate on loans from Financial institutions Increase by 1% Decrease by 1%

(Variable - rate instruments)
Increase / (decrease) in profit or loss and other equity for the for (26.15) 26.15
the year ended 31 March 2021
Increase / (decrease) in profit or loss and other equity for the for (40.42) 40.42
the year ended 31 March 2020
The Company is exposed to interest rate risk on account of variable rate borrowings. The Company's risk
management policy is to mitigate its interest rate exposure in accordance with the exposure limits advised
from time to time. The Company has used interest rate swaps to mitigate its interest rate risk arising from
certain transactions, these are recognised as derivatives.
Derivative Financial Instruments:

The Company uses derivative instruments as part of its management of exposure to fluctuations in interest
rates. The Company does not acquire or issue derivative financial instruments for trading or speculative
purposes. The Company does not enter into complex derivative transactions to manage treasury risks.
Treasury derivative contracts are normally in the nature of swap contracts and these are subject to the
Company’s guidelines and policies. Derivative financial instruments are recognized as assets or liabilities
on the balance sheet and measured at fair value, generally based on valuations obtained from banks. The
accounting for changes in the fair value of a derivative instrument depends on the intended use of the
derivative and the resulting designation.
The fair values of all derivatives are separately recorded in the balance sheet within other financial assets/
liabilities, as applicable. The use of derivatives can give rise to credit and market risk. The Company tries to
control credit risk as far as possible by only entering into contracts with reputable banks. The use of derivative
instruments are subject to limits, authorities and regular monitoring by appropriate levels of management.
The limits, authorities and monitoring systems are periodically reviewed by management and the Board.
The market risk on derivatives is mitigated by changes in the valuation of the underlying assets, liabilities or
transactions, as derivatives are used only for risk management purposes.
Non qualifying hedges

The Company enters into derivative contracts which are not designated as hedges for accounting purposes,
but provide an economic hedge of a particular transaction risk or a risk component of a transaction. Hedging
instruments include as on date include "Interest Rate Swaps" being entered by the Company with bankers to
hedge floating interest foreign currency loan and interest payments as due related thereto. Fair value changes
on such derivative instruments are recognized in the Statement of Profit and Loss.
B. Currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign
currency exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange
rate fluctuations between the functional currency and other currencies from the Company's operating,
investing and financing activities. The Investment and Borrowing Committee evaluates foreign exchange
rate exposure arising from foreign currency transactions on periodic basis and follows appropriate risk
management policies.
Statements 105

Exposure to Foreign currency risk

The summary of quantitative data about the Company's exposure to currency risk, as expressed in Indian
Rupees, as at 31 March 2021 and 31 March 2020 are as below:
Particulars Currency As at 31 March 2021 As at 31 March 2020

Amount Amount Amount Amount
(in foreign (in `) (in foreign (in `)
currency) currency)
Financial assets
Other receivables GBP - - 0.01 1.30
Loans to related parties GBP - - 9.20 855.86
USD 4.49 328.82 4.34 327.25
Total financial assets 328.82 1,184.41
Trade payables GBP 0.07 6.70 0.17 15.50
Foreign currency loans USD 3.23 236.63 4.31 324.87
from banks
Total financial liabilities 243.33 340.37
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupees against below currencies as at the
year end would have affected the measurement of financial instruments denominated in foreign currency and
affected profit or loss and other equity by the amounts shown below. This analysis is performed on foreign
currency denominated monetary financial assets and financial liabilities outstanding as at the year end. This
analysis assumes that all other variables, in particular interest rates, remain constant.
Particulars Profit/ (Loss) for the year ended Profit/ (Loss) for the year ended
31 March 2021 31 March 2020
Gain/(loss) Gain/(loss) Gain/(loss) Gain/(loss)
on Appreciation on Depreciation on Appreciation on Depreciation
5% depreciation / appreciation in
Indian Rupees against following
foreign currencies:
USD (4.61) 4.61 (0.12) 0.12
GBP 0.34 (0.34) (42.08) 42.08
Particulars Other equity Other equity

foreign currencies:
USD (4.61) 4.61 (0.12) 0.12
GBP 0.34 (0.34) (42.08) 42.08
USD: United States Dollar, GBP: Great British Pound.


C. Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities
in the same geographical region, or have economic features that would cause their ability to meet contractual
obligations to be similarly affected by changes in economic, political or other conditions. Concentrations
indicate the relative sensitivity of the Company’s performance to developments affecting a particular industry.
Based upon the Company’s evaluation, there is no excessive risk concentration.
c. Offsetting financial assets and financial liabilities:
The following table represents recignised financial instruments that are subject to enforceable master
netting arrangements and similar agreements but not set off as at 31 March 2021 and 31 March
2020.
Variable - rate instruments As at As at

31 March 2021 31 March 2020
Amounts subject to master netting arrangements
Non current borrowings 552.16 793.52
Current borrowings 3,055.42 2,794.92
3,607.58 3,588.44
Financial instruments collateral
Trade receivables 387.05 328.23
Cash and cash equivalents 281.85 23.10
Other balances with banks 2.88 25.39
Loans 1,083.86 1,509.32
Other financial assets 261.43 200.84
2,017.07 2,086.88
Net amount * 1,590.51 1,501.56
* Net amount shows the impact on the Company's standalone balance sheet, if all rights were exercised.
36. Leases
A. Leases where the Company is a lessee
The Company leases several assets including buildings for food outlets and warehouse. Lease payments are
generally fixed or are linked to revenue with minimum guarantee and lease term ranges 1-30 years.
The Company has limited number of leases where rentals are linked to annual changes in an index (either RPI or
CPI).
i. Lease liabilities
Lease liability included in balance sheet As at As at
31 March 2021 31 March 2020
Current 621.66 856.95
Non current 6,441.41 7,551.81
Note: Refer note 35 for maturity analysis of lease liabilities.
Statements 107

ii. Amounts recognised in the standalone statement of profit or loss

Note For the year ended For the year ended
31 March 2021 31 March 2020
Depreciation on right-of-use assets 29 1,066.99 1,059.36
Impairment of right-of-use assets 30 37.38 81.57
Interest on lease liabilities 28 832.80 790.68
(included in interest expenses)
Expenses relating to short-term leases 31 13.16 59.12
Rent concession 24 (233.93) -
Expense relating to variable lease payments not 31 238.21 599.88
included in the measurement of the lease liability *
Net impact on statement of profit and loss 1,954.61 2,590.61
During the year ended 31 March 2021, consequential to COVID-19 pandemic, the Company has negotiated
several rent concessions with the landlords. Further, in view of recent amendments by the Companies (Indian
Accounting Standards) Amendment Rules, 2020, the Company has elected to apply the practical expedient of
not assessing the rent concessions as a lease modification, as per MCA notification dated 24th July 2020 on
Ind AS 116 for rent concessions received on account of COVID-19 pandemic. Accordingly, per requirements
of MCA notification, out of total rent concessions confirmed till 31 March 2021 of ` 801.12 for continuing
operations, ` 567.19 has been reduced from rent expenses (to the extent available) and balance of ` 233.93
million is reported under Other Income for the year ended 31 March 2021. Rent concessions for leases in
respect of discontinued operations amounted to ` 12.16. Total rent concessions amounts to ` 813.28
iii. Amounts recognised in the standalone cash flow statement

Lease liability included in balance sheet For the year ended For the year ended
31 March 2021 31 March 2020
Payment of lease liabilities- principal - 683.34
Payment of lease liabilities- interest 725.60 790.68
Total cash outflows 725.60 1,474.02
vi.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets
are recognised on a straight-line basis as an expense in Statement of profit and loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of
office furniture.
B. Leases where the Company is a lessor

The Company has sub-leased out some of its leased properties primarily in various food courts. All leases are
classified as operating leases from a lessor perspective with the exception of certain sub-leases, which the
Company has classified as finance subleases.

i. Finance lease (sub leases classified as finance leases)

During the year ended 31 March 2021 and 31 March 2020, the Company has sub-leased a portion of multiple
leased properties that have been presented as part of a right-of-use assets.

31 March 2021 31 March 2020
Gain on net investment in finance lease 24 - 18.76
Finance income on net investment in finance leases 23 12.58 12.47
Income relating to variable lease payments not 23 3.33 1.77
included in the net investment in finance leases
Finance lease receivables 8 106.19 153.42
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease
payments to be received after the reporting date. Under Ind AS 17, the Company did not have any finance
leases as a lessor (being sub leases classified as finance leases).
The maturity analysis of lease receivables, including the undiscounted lease payments to be received are as
follows:
Amounts receivable under finance leases:
As at As at
31 March 2021 31 March 2020
Less than one year 20.79 25.97
One to five years 82.98 115.44
More than five years 58.47 90.95
Total undiscounted lease payments receivable 162.24 232.36
Less: Unearned finance income (56.05) (78.94)
Net investment in the lease 106.19 153.42
ii. The incremental borrowings rate range between 9.25% - 11.55%.

The management of the Company estimates the loss allowance on finance lease receivables at the end of the
reporting period at an amount equal to lifetime expected credit loss under simplified approach. None of the
finance lease receivables at the end of the reporting period is past due, and taking into account the historical
default experience and the future prospects of the industries in which the lessees operate, together with the
value of collateral held over these finance lease receivables (see note 19), the management of the Company
consider that no finance lease receivable is impaired.
The Company entered into finance leasing arrangements as a lessor for certain leased properties under
sub leasing arrangements. The term of finance leases entered into is ranging from 3.16 - 18.01 years. The
Company is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are
denominated in `. Residual value risk on such right of use assets under lease is not significant.
ii. Operating lease (sub leases classified as operating leases)

Operating leases, in which the Company is the lessor, relate to leased properties by the Company with lease
terms of between 1 to 9 years.
The unguaranteed residual values do not represent a significant risk for the Company, as they relate to leased
properties of lessor under sub leasing contracts which are located in a location with active market for lessees.
The Company did not identify any indications that this situation will change.
Statements 109

The following table presents the amounts included in profit or loss.

31 March 2021 31 March 2020
Lease income on operating leases 23 68.30 144.00
Therein lease income relating to variable lease 64.94 9.25
payments that do not depend on an index or rate
Amounts receivable under operating leases:

As at As at
31 March 2021 31 March 2020
306.09 412.88
37. Other disclosures in relation to investment properties:

i. Information regarding income and expenditure of investment properties
31 March 2021 31 March 2020
Rental income derived from investment properties 69.82 210.65
Direct operating expenses (including repairs and maintenance) 30.10 70.22
generating rental income
Direct operating expenses (including repairs and maintenance) that 5.23 11.86
did not generate rental income
Profit arising from investment properties before interest, 34.49 128.57
depreciation and indirect expenses
Less: finance cost (43.26) (50.35)
Less: depreciation (48.15) (52.73)
Less: impairment - (0.77)
Profit arising from investment properties before indirect expenses (56.92) 24.72
ii. Minimum lease payments receivable under operating leases of investment properties are as
follows:
31 March 2021 31 March 2020
iii. Fair value

As at As at
31 March 2021 31 March 2020
Leasehold Investment Properties* 306.85 654.64
Owned Investment Properties# 170.63 -
Estimation of fair value

* The Company’s leasehold investment properties consist of right-of-use assets in leased food courts, which has been
determined based on the nature, characteristics of leases of each property.

The fair value of investment property has been determined by external, independent property valuer, having appropriate
recognised professional qualification and recent experience in the location and category of the property being valued. The
Company obtained independent valuation for its investment properties and fair value measurement has been categorized as
level 3 inputs. The fair value has been arrived using discounted cash flow projections based on reliable estimates of future cash
flows considering growth in rental income of 5% p.a. and discount rate of 10.81%.
# The fair value of owned investment property has been determined by external, independent property valuer, having appropriate
level 3 inputs. The fair value has been arrived using market prevailing rates applicable to same location.
38. Related party disclosures

(I) List of related parties and nature of relationship where control exists:
(a) Parent and Ultimate Controlling Party:
RJ Corp Limited
(b) Wholly owned subsidiaries:

Devyani International (Nepal) Private Limited
Devyani Food Street Private Limited
Devyani International (UK) Private Limited (till 16 Februrary 2021)
(c) Subsidiaries:
RV Enterprizes Pte. Limited
Devyani Airport Services (Mumbai) Private Limited
Devyani International (Nigeria) Limited (a subsidiary of R V Enterprizes Pte. Limited)
(d)
Joint Venture
The Minor Food Group (India) Private Limited (till 25 March 21)
(II) List of related parties and nature of relationship with whom transactions have taken place during
the current / previous year:
RJ Corp Limited

(c) Subsidiaries:
(d)
Joint Venture
Statements 111

(e) Key management personnel #:

Mr. Ravi Kant Jaipuria - Director
Mr. Raj. P. Gandhi - Director
Mr. Virag Joshi- Chief Executive Officer and Whole Time Director
Mr. Sanjeev Arora- Chief Financial Officer and Director (with effect from 18 January 2019 to 15 Februrary 2021)
Mr. Manish Dawar- Chief Financial Officer and Director (with effect from 17 Februrary 2021)
Mrs. Rashmi Dhariwal- Independent Director
Dr. Ravi Gupta - Independent Director
Mr. Anil Dwivedi - Company Secretary (from 7 February 2020 )
(f) Other related parties - Entities which are joint ventures or subsidiaries or where control/significant
influence exists of parties as given in (I) and (II) above :
Ravi Kant Jaipuria & Sons (HUF)
S V S India Private Limited
Devyani Food Industries Limited
Alisha Retail Private Limited
Lineage Healthcare Limited
Modern Montessori International (India) Private Limited
Varun Beverages Limited
Champa Devi Jaipuria Charitable Trust
Mala Jaipuria Foundation
DIL Employee Gratuity Trust
Arctic International Private Limited
Parkview City Limited
(g) Relative of Key management personnel

Mrs. Dhara Jaipuria (wife of Mr. Ravi Kant Jaipuria - Dierctor)
# As per section 203 of the Companies Act, 2013, definition of Key Managerial Personnel includes Chief Executive Officer (CEO),
Chief Financial Officer (CFO) and Company Secretary.

(III) Transactions with related parties during the year ended 31 March 2021 and 31 March 2020
31 March 2021 31 March 2020
(i) Sale of products (Finished goods)
Devyani Food Street Private Limited 16.25 22.04
Devyani Airport Services (Mumbai) Private Limited 1.07 -
Champa Devi Jaipuria Charitable Trust 0.88 50.39
RJ Corp Limited - 0.17
Alisha Retail Private Limited - 0.02
Devyani Food Industries Limited 34.11 46.61
Varun Beverages Limited 1.41 3.48
Mala Jaipuria Foundation 0.30 1.89
(ii) Sale of products (Traded goods)
Devyani International (Nepal) Private Limited 15.61 28.65
Devyani Airport Services (Mumbai) Private Limited 7.95 8.70
Varun Beverages Limited - 6.61
Lineage Healthcare Limited 0.03 -
(iii) Marketing and other services
Lineage Healthcare Limited 0.02 0.06
(iv) Management fee
Devyani Food Street Private Limited - 52.47
(v) Sale of property, plant and equipment (PPE)
Varun Beverages Limited 0.12 -
Devyani Food Industries Limited 0.68 -
(vi) Purchase of raw materials and other items
Devyani Food Street Private Limited 3.13 -
(vii) Purchase of PPE and intangible assets `
(viii) Loans given
Devyani International (UK) Private Limited 26.20 209.99
Parkview City Limited - 550.00
(ix) Loans repaid
Devyani International (UK) Private Limited 759.71 -
Devyani International (Nepal) Private Limited - 6.67
Statements 113


31 March 2021 31 March 2020
(xi) Payment to gratuity trust
DIL Employee Gratuity Trust 5.00 5.00
(xii) Expenses incurred by other company on behalf of the
Company
RJ Corp Limited 0.37 0.86
(xiii) Expenses incurred/(collection) on behalf of other company
Diagno Labs Private Limited 0.04 -
RJ Corp Limited (2.29) -
(xiv) Rent expense
S V S India Private Limited 0.06 0.06
Alisha Retail Private Limited 0.03 -
(xv) Dividend income
(xvi) Guarantee commission income
Devyani International (UK) Private Limited - 1.28
(xvii) Royalty and continuing fee recovered
(xviii) Repair and maintenance - others
(xix) Interest income
Devyani International (Nepal) Private Limited - 0.23
Devyani International (UK) Private Limited 17.61 24.35
RV Enterprizes Pte. Limited 10.91 15.64
(xx) Conversion of loan to equity share capital
(xxi) Acquisition of Immovable property
RJ Corp Limited* 180.00 -
*The Company aquired food court at Mohali, Punjab.
(xxii) Purchase consideration for transfer of business
RJ Corp Limited** 10.00 -
**The Company transferred TWG India Business during the year.
(xxiii) Sale of Investment
Arctic International Private Limited*** 3.60 -
***The Company transferred the equity investment in Devyani
international UK private limited for the consideration of 50,000 USD.


31 March 2021 31 March 2020
(xxiv) Compensation to key managerial personnel
Short-term employment benefits
Mr. Virag Joshi 20.59 25.13
Mr. Sanjeev Arora 4.65 6.18
Mr. Manish Dawar 7.14 -
Mr. Anil Dwivedi 2.49 0.72
Post-employment benefits
Share based payments
Mr. Raj. P. Gandhi 10.27 (0.43)
Mr. Virag Joshi 12.57 (1.05)
(xxv) Compensation to relative of key managerial personnel
Mrs. Dhara Jaipuria 10.03 12.00
The above remuneration to Key managerial personnel does
not include contribution to gratuity fund and compensated
absences, as this contribution is a lump sum amount for all
relevant employees based on actuarial valuation.
(xxvi) Director's sitting fee*
Dr. Ravi Gupta 1.20 0.90
Mrs. Rashmi Dhariwal 1.20 0.60
*Excludes applicable taxes.
(xxvii) Employee stock option scheme expenses/(reversal)
Devyani Food Street Private Limited (0.65) (1.89)
(xxviii) Impairment of equity investment in subsidiaries
(xxix) Impairment/(reversal) of loans to subsidiary
Devyani International (UK) Private Limited (307.70) 307.70
(xxx) Net loss/ (gain) on investment carried at fair value through
profit or loss
Devyani International (Nepal) Private Limited 2.91 (1.73)
(xxxi) Equity shares alloted (including securities premium)
Mr. Virag Joshi 111.70 -
Mr. Raj. P. Gandhi 33.51 -
(xxxii) Loss on sale of investment
Statements 115

(IV) Balances as at 31 March 2021 and 31 March 2020

As at As at
31 March 2021 31 March 2020
(i) Trade payables
Devyani Food Industries Limited - 0.29
(ii) Employee related payables
Mr. Virag Joshi - 2.20
Mr. Sanjeev Arora - 0.55
Mrs. Dhara Jaipuria - 1.00
Mr. Anil Dwivedi - 0.24
(iii) Employee stock options outstanding account #
Mr. Raj. P. Gandhi - 26.68
# The above denotes value of certain employee stock options granted to
key managerial personnel pending vesting/exercise.
(iv) Trade receivables
(v) Other financial assets - Other receivables
RJ Corp Limited 7.46 -
(vi) Loans and advances*
Devyani International (Nepal) Private Limited - -
RV Enterprizes Pte. Limited 328.82 327.24
Devyani International (UK) Private Limited** - 548.16
* Includes interest accrued on loans to related parties amounting to `
39.04 (previous year: ` 78.87)
**The balance is net of provision for impairment created during
the year ` Nil (previous year ` 307.70)
(vii) Guarantees given by the Company on behalf of other party
Devyani Food Street Private Limited## - 100.00
Devyani International (Nepal) Private Limited^ 18.95 25.58
Devyani International (UK) Private Limited@@ - 126.66

As at As at
31 March 2021 31 March 2020
(viii) Guarantees/security given by the other party on behalf of the
subsidiaries
Ravi Kant Jaipuria^ ^ 1,218.75 -
Ravi Kant Jaipuria and sons (HUF)# # 480.70 -
RJ Corp Limited* * 539.18 -
## The Company has given guarantee to Yes Bank Limited with a limit of ` Nil (previous year: ` 100.00) in respect of borrowings
of Devyani Food Street Private Limited.
@@ The Company has given guarantee to Axis Bank Limited with a limit of GBP Nil (previous year: GBP 1.36 million) in respect
of rent payable to landlord for lease of Devyani International (UK) Private Limited. Further, the Company has provided a letter
of support for financial and operational assistance to Devyani International (UK) Pvt. Ltd for ongoing operations for atleast 12
months.
^ The Company has given guarantee to Everest Bank Limited with a limit of NPR. 30.34 million (previous year: NPR 40.96 million)
in respect of borrowings of Devyani International Nepal Private Limited.
The Company has provided a letter of support for financial and operational assistance to Devyani Food Street Private Limited
,Devyani Airport Services (Mumbai) Private Limited , RV Enterprizes and Devyani International Nigeria Limited for ongoing
operations for atleast 12 months.
^ ^ Mr. Ravi Kant Jaipuria has given a personal gaurantee to IndusInd Bank Limited, SBM Bank Limited & Axis Bank Limited in
respect of term loan outstanding on 31 March 2021 of ` 1,218.75 taken by the Company.
# #' 'Ravi Kant Jaipuria and sons (HUF) has given a personal gaurantee to IndusInd Bank Limited in respect of term loan
outstanding on 31 March 2021 of ` 480.70 taken by the Company.
** RJ Corp Limited has given a corporate gaurantee to Axis Bank Limited in respect of term loan outstanding on 31 March 2021
of ` 539.18 taken by the Company.
(V) Terms and Conditions

All transactions with related parties are made on the terms equivalent to those that prevail in arm's length
transactions and within the ordinary course of business. Outstanding balances at respective year ends are
unsecured and settlement occurs in cash.
39. Contingent liabilities, commitments and other claims

(to the extent not provided for)
Contingent liabilities and other claims:
(a) Claims against the Company not acknowledged as debts-:
31 March 2021 31 March 2020
(i) Claims made by direct and indirect tax authorities:
(i) Goods and service tax - 0.31
(ii) Value added tax 13.10 13.23
(iii) Service tax 6.36 6.36
(iv) Income tax 0.28 0.28
19.74 20.18
(ii) Others 30.44 24.40
(miscellaneous claims in relation to Company's operations)#
Statements 117

(b) Guarantees
31 March 2021 31 March 2020
Guarantee given to Axis Bank Limited in respect of rent payable to - 126.66
landlord for a lease of Devyani International (UK) Private Limited,
wholly owned subsidiary of the Company.During the current year the
given guarantee has been surrendered and cancelled.
Guarantee given to Everest Bank Limited in respect of loan taken by 18.95 25.58
Devyani International (Nepal) Private Limited, wholly owned subsidiary
of the Company
Guarantee given to Yes Bank Limited in respect of loan taken by - 100.00
Devyani Food Street Private Limited, wholly owned subsidiary of the
Company
The Company has provided a letter of support for financial and operational assistance to Devyani Food Street
Private Limited, Devyani Airport Services (Mumbai) Private Limited , RV Enterprizes and Devyani International
Nigeria Limited for ongoing operations for atleast 12 months.
(c) Others
31 March 2021 31 March 2020
Commitments:
Estimated amount of contracts remaining to be executed on capital 494.40 2,079.19
account and not provided for [(net of advances of ` 136.98 (previous
year: ` 25.15)]
# The Company is party to various legal proceedings in the normal course of business and does not expect the outcome of these
proceedings to have any adverse effect on its financial position and hence no provision has been recorded against these legal
proceedings at this stage. Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the
timings of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgements/decisions pending with
various forums/authorities. Accordingly, the above mentioned contingent liabilities are disclosed at undiscounted amount.
40. Employee benefits

A. Defined contribution plans
An amount of ` 64.71 (previous year: ` 96.33) has been recognised as an expense in respect of the Company’s
contribution to the Employees' Provident Fund deposited with the relevant authorities and has been charged to the
Standalone Statement of Profit and Loss.
B. Defined benefit plans

The Company operates a gratuity plan wherein every employee is entitled to the benefit. Gratuity is payable to all
eligible employees (who have completed 5 years or more of service) of the Company on retirement, separation,
death or permanent disablement, in terms of the provisions of the Payments of Gratuity Act, 1972. Gratuity liability
is partially funded by the Company through annual contribution to DIL Employees Gratuity Trust (the 'Trust')
against ascertained gratuity liability. Trustees administer contributions made to the Trust and contributions are
invested in a scheme with the Life Insurance Corporation of India as permitted by law of India.
The funding requirements of the plan are based on the gratuity fund's actuarial measurement framework set out
in the funding policies of the plan. The funding of the plan is based on a separate actuarial valuation for funding
purpose for which assumptions may differ from the assumptions set out in (iii) below. Employees do not contribute
to the plan.

The Company has defined that, in accordance with the terms and conditions of the aforesaid plan and in accordance
with statutory requirements ( including minimum funding requirements) of the plan of relevant jurisdiction, the
present value of refund or reduction in future contributions is not lower than the balance of the total fair value of
the plan assets less than total present value of obligations.
The following table sets out the status of the gratuity plan as required under Ind AS 19 - 'Employee Benefits'
i. Changes in present value of defined benefit obligation:
31 March 2021 31 March 2020
Present value of obligation as at beginning of the year 99.60 94.00
Acquisition adjustment 30.36 3.00
Interest cost 5.02 6.13
Current service cost 20.89 14.31
Benefits paid (20.98) (16.41)
Actuarial (Gain)/loss recognised in other comprehensive income
-changes in demographic assumption - (0.05)
-changes in financial assumption 0.84 (1.34)
-experience adjustment 10.95 (0.04)
Present value of obligation as at end of the year 146.68 99.60
ii. Reconciliation of the present value of plan assets :

31 March 2021 31 March 2020
Return on plan assets recognised in total other comprehensive 0.62 1.63
income
Fund charges (0.05) (0.12)
Contribution paid into the plan 5.00 5.00
Net defined benefit liability/ (asset) 146.44 85.58
iii.
Actuarial Assumptions
A. Economic assumptions
The principal assumptions are the discount rate and salary growth rate. The discount rate is generally
based upon the market yields available on Government bonds at the accounting date with a term that
matches that of the liabilities and the salary growth rate takes into account inflation, seniority, promotion
and other relevant factors on long term basis. Valuation assumptions are as follows:
Particulars 31 March 2021 31 March 2020

Discounting rate 4.81% 5.04%
Future salary increase 6.00% 6.00%
Statements 119

B. Demographic assumptions
i) Retirement age (years) 58 58
ii) Mortality table IALM (2012 - 14) IALM (2012 - 14)
iii) Ages Withdrawal Withdrawal
rate per annum (%) rate per annum (%)
Up to 30 years (Store employees/Back office employees) 50/43 50/43
From 31 to 44 years 37/25 37/25
(Store employees/Back office employees)
Above 44 years (Store employees/Back office employees) 30/21 30/21
Assumption regarding future mortality have been based on published statistics and mortality tables
iv. (a) Expense recognised in the standalone statement of profit or loss:
31 March 2021 31 March 2020
Employee benefit expenses:
(a) Current service cost 20.89 14.31
(b) Interest cost 5.02 6.13
(c) Interest income on plan assets (0.71) (1.43)
25.20 19.01
(b) Remeasurements recognised in other comprehensive income

31 March 2021 31 March 2020
Actuarial gain/(loss) on defined benefit obligation (11.79) 1.43
Actuarial gain/(loss) on plan assets (0.13) 0.08
(11.92) 1.51
Expense recognised in the standalone statement of profit 37.12 17.50
and loss
v. Reconciliation of statement of expense in the standalone statement of profit and loss

31 March 2021 31 March 2020
Present value of obligation as at the end of the year 146.68 99.60
Present value of obligation as at the beginning of the year (99.60) (94.00)
Benefits paid 20.98 16.41
Actual return on plan assets 0.62 (1.51)
Acquisition adjustment (30.36) (3.00)
Expense recognised in the standalone statement of profit and loss 38.32 17.50
vi. Change in fair value of plan assets:

31 March 2021 31 March 2020
Opening fair value of plan assets 14.02 21.91
Actual return on plan assets 0.62 1.63
Contribution by employer 5.00 5.00
Fair value of plan assets as at year end 0.24 14.02
The Company expects to contribute ` 10.00 (previous year ` 18.01) to gratuity in the next year.

vii. The expected maturity analysis of undiscounted defined benefit liability is as follows
Particulars Less than Between one Between two Over
a year to two years to five years five years
31 March 2021 50.35 36.21 52.44 27.72
31 March 2020 27.17 23.55 26.95 21.93
viii. Bifurcation of closing net liability at the end of year

31 March 2021 31 March 2020
Current liability (amount due within one year) 50.11 23.34
Non-current liability (amount due over one year) 96.33 62.24
146.44 85.58
ix. Sensitivity analysis

A quantitative sensitivity analysis for significant assumptions is as shown below:
Impact of the change in discount rate on defined benefit obligation
31 March 2021 31 March 2020
a) Impact due to increase of 1% (3.59) (2.70)
b) Impact due to decrease of 1% 3.83 2.89
Impact of the change in salary on defined benefit obligation

31 March 2021 31 March 2020
a) Impact due to increase of 1% 3.74 2.89
b) Impact due to decrease of 1% (3.59) (2.70)
The sensitivity analysis is based on a change in above assumption while holding all other assumptions
constant. The changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions, the same method ( present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has
been applied when calculating the provision for defined benefit plan recognised in the Standalone Balance
Sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to
the previous years.
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it
provides an approximation of the sensitivity of the assumptions shown.
Risk exposure:
The defined benefit plan is exposed to a number of risks, the most significant of which are detailed below:
Change in discount rates: A decrease is discount yield will increase plan liabilities
Mortality table: The gratuity plan obligations are to provide benefits for the life of the member, so increase in life

expectancy will result in an increase in plan liabilities.
Statements 121

C. Compensated absences
iv. (a) Expense recognised in the standalone statement of profit or loss:
31 March 2021 31 March 2020
(c) Net actuarial (gain) / loss recognized in the period 19.75 (26.71)
44.64 (5.38)
D. Code of Social Security

The Code on Social Security, 2020 (‘Code’) relating to employee benefits received Presidential assent in September
2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into
effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will
record any related impact in the period the Code becomes effective.
41. Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker ("CODM") of the Company. The CODM is considered to be the Board of Directors who make strategic
decisions and is responsible for allocating resources and assessing the financial performance of the operating
segments.
As the Company’s business activity primarily falls within a single business and geographical segment, i.e., food
and beverages, and in India, thus there are no additional disclosures to be provided under Ind AS 108 – “Operating
Segments'. The CODM considers that the various goods and services provided by the Company constitutes single
business segment.
Information about geographical area - Income
31 March 2021 31 March 2020
a. Food and beverage segment
(i) Domestic 9,971.57 12,227.61
(ii) International 16.07 50.52
b. Other income (refer note 24) 485.66 232.92
Total 10,473.30 12,511.05
No single external customer amounts to 10% or more of the Company's revenue.

Revenue from food and beverage segment is directly attributed to domestic and international operations. Other income
is not allocated as the underlying assets/ liabilities/income are used interchangeably. Non-current assets other than
financial instruments and income tax assets (net)/deferred tax asset (net) primarily comprises property, plant and
equipment which are located in India.
42. Share based payments

a. Description of share based payment arrangements
i. Share Options Schemes (equity settled)
ESOS - 2011
On 20 September 2011 and 20 December 2011, the Board of Directors approved the Employees Stock Option
Scheme 2011 ("ESOS 2011"), which was approved by the shareholders on 20 December 2011 and subsequently

on 18 May 2012 for increasing the ceiling limit to 49,00,000 Options ("Ceiling Limit") with condition at any
given point of time no Grantee shall be granted Options during any one year, equal to or exceeding 1% of the
issued capital of the Company except with the specific approval of the members accorded in a general body
meeting. As per ESOS 2011, holders of vested Options are entitled to purchase one equity share for every
Option at an exercise price of ` 111.70. ESOS 2011 was formulated with the objective to enable the Company
to grant Options for equity shares of the Company to certain eligible employees, officers and directors of the
Company and its subsidiaries, to purchase shares from the Company at a pre-determined price. A resolution
was passed in the meeting of the Board of Directors held on 6 May 2014 wherein certain additional Options
were granted at the same terms and conditions as mentioned in ESOS 2011.
Further, ESOS 2011 was amended subsequently and was approved by the shareholders on 17 March 2021.
The resolution provides the delinking of vesting schedule of the Options from filing of the RHP by the Company
and for aligning the Scheme in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014,
as amended, read with the SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated 16 June 2015 (“SEBI SBEB
Regulations”) and accordingly all Options under ESOS 2011 were vested immediately on the day of passing
the said resolution and the exercise window for ESOS 2011 was opened by the Nomination and Remuneration
Committee on 17 March 2021. The Company received the exercise letters from the Options holders and
allotted 15,81,500 equity shares pursuant to exercise of Options.
ESOS - 2018
On 6 April 2018, the Board of Directors approved the Employees Stock Option Scheme 2018 ("ESOS 2018"),
which was approved by the shareholders on 21 September 2018. ESOS 2018 has been formulated with the
same objective as ESOS 2011. ESOS 2018 provides that Options so granted, shall not represent more than
5% of the fully diluted share capital of the Company at any given point of time ("Ceiling Limit") and no Grantee
shall be granted Options during any one year, equal to or exceeding 1% of the issued capital of the Company
except with the specific approval of the members accorded in a general body meeting. As per ESOS 2018
Grant letters, holders of vested Options are entitled to purchase one equity share for every Option at an
exercise price of ` 306.12.
Further ESOS 2018 was subsequently amended and approved by the shareholders on 17 March 2021
for linking the vesting of options to listing date of shares of the Company and to align the Scheme with
compliance requirement of SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, read with
the SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated 16 June 2015 (“SEBI SBEB Regulations”). Under
the ESOS 2018, no vesting shall occur until date of listing of shares on recognized Stock Exchanges by the
Company in respect of proposed offer.
ESOS - 2021
On 17 March 2021, the Board of Directors approved the Employees Stock Option Scheme 2021 ("ESOS 2021")
in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, read with the
SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015 (“SEBI SBEB Regulations”), which was
approved by the shareholders on 17 March 2021. ESOS 2021 was formulated with the same objective of ESOS
2011 and ESOS 2018.
ESOS 2021 provides that Options so granted, shall not represent more than 5% of the fully diluted share
capital of the Company at any given point of time ("Ceiling Limit") and no Grantee shall be granted Options
during any one year, equal to or exceeding 1% of the issued capital of the Company except with the specific
approval of the members accorded in a general body meeting by way of a special resolution. As per ESOS
2021 Grant letters, holders of vested Options are entitled to purchase one equity share for every Option at an
Statements 123

The Options were granted on the dates as mentioned in the table below:
S. Grant Date Number Exercise Vesting Condition Vesting period Contractual period
No of Options Price (`)
granted
1 19 May 2012 20,88,200 111.70 Graded vesting over 30 June 2022* 0 years to 5 years
4 years or after the (Previous year: 2.75
filling of RHP by years to 7.75 years)
the Company for
the purpose of IPO,
whichever is later.
the Company for
the purpose of IPO,
whichever is later.
3 21 September 2018 5,06,000 306.12 Graded vesting over # and @ 0.25 years to 5.76
4 years or after the years (2.25 years to
filling of RHP by 7.76 years)
the Company for
the purpose of IPO,
whichever is later.
4 17 March 2021 7,20,000 433.28 Graded vesting over 17 March 2022 1 year to 9 years
4 years being first to 17 March
vesting due on 17 2025
March 2022
* As mentioned above, ESOS - 2011 was amended and approved in shareholders meeting dated 17 February 2021. Accordingly,
all Options under ESOS 2011 were vested immediately on the day of passing the said resolution.
# As mentioned above, ESOS - 2018 was amended and approved in shareholders meeting dated 17 February 2021 for linking the
vesting of options to listing date of shares of the Company.
@ 379,500 options on 30 June 2021 and 126,500 options on 1 January 2022 (379,500 options on 30 June 2022 and 126,500
options on 1 January 2023)
Note - Exercise period in every scheme is maximum five years from the date of vesting of shares.
b. Measurement of fair values

The fair values are measured based on the Black-Scholes-Merton model. The fair value of the options and inputs
used in the measurement of the grant date fair values of the equity -settled share based payments are as follows:
Particulars Options granted on Options granted on Options granted on Options granted on
17 March 2021 21 September 2018 31 May 2014 19 May 2012
Fair value per Option at 183.51 - 239.33 105.28 - 133.03 123.17 56.35 - 57.28
grant date (in `)
Share price at grant 432.98 268.99 151.07 93.21
date (in `)
Exercise price (in `) 433.28 306.12 111.70 111.70
Expected volatility 45.60% - 50.50% 35.27% - 35.77% 64.20% 43.03%
Expected life (in years) 3.50 - 6.50 4.75 - 6.75 8.59 8.38 - 8.63
Expected dividends 0.00% 0.00% 0.00% 0.00%
Risk-free interest rate 5.39% - 6.31% 8.06% - 8.11% 9.19% 8.50% - 8.51%

The risk free interest rates are determined based on current yield to maturity of 10 years Government Bonds with
similar residual maturity equal to expected life of the Options. Expected volatility calculation is based on historical
daily closing stock prices of competitors using standard deviation of daily change in stock price. The minimum
life of the stock option is the minimum period before which the options cannot be exercised and the maximum life
is the period after which options cannot be exercised. The expected life has been considered based on average of
maximum life and minimum life and may not necessarily be indicative of exercise patterns that may occur.
c. Effect of employee stock option schemes on the standalone statement of profit and loss
31 March 2021 31 March 2020
Employee stock option scheme (reversal)/expense* 21.21 (10.30)
21.21 (10.30)
*included in Salaries, wages and bonus (refer note 28 )
d. Reconciliation of outstanding share options

The number and weighted-average exercise prices of share options under the share option schemes are as follows:

Number of Weighted average Number of Weighted average
options exercise price (`) options exercise price (`)
Number of Options granted, exercised
and forfeited
Options outstanding as at the 1,985,500 124.04 2,365,500 153.29
beginning of the year
Add: Options granted during the year 720,000 433.28 - -
Less: Options exercised during the year 1,581,500 111.70 - -
Less: Options forfeited/ lapsed during 266,000 306.12 380,000 306.12
the year
858,000 349.83 1,985,500 124.04
Options outstanding as at the end of 8,580,000 - - -
the year *
Options exercisable at the end of the - - - -
year
* Pursuant to share split with effect from 25 March 2021 the number options outstanding 858,000 is changed to 8,580,000 as a
result of share split.

31 March 2021 31 March 2020
Weighted average remaining life of options outstanding at the end of 7.62 7.30
year (in years)
43. Assessment of investment in and loans to Subsidiary Company

The Company holds 87% (previous year: 87%) of equity share capital and 76% (previous year: 76%) preference share
capital of RV Enterprizes Pte. Limited (hereinafter referred to as “RVE”). The carrying value of investment as at the
yearend is ` 720.95 (previous year: ` 720.95). The carrying value of the loan to RVE, including interest accrued thereon is
` 328.82 (previous year: ` 327.24). RVE is a special purpose vehicle, which has invested majority of the funds in Devyani
International (Nigeria) Limited (a step down subsidiary) through investment in equity shares and grant of loans of USD
2.92 million (previous year: USD 2.92 million) and USD 17.13 million (previous year: USD 16.96 million), respectively.
Statements 125

During the current and previous years, the step down subsidiary has incurred losses. As at 31 March 2021, RVE has not
impaired the loan amounting to USD 17.13 million outstanding as at 31 March 2021 (31 March 2020: USD 16.96 million)
and the recoverability of the loan and investment has not been qualified by the auditor of RVE, moreover impairment
of equity investment done in previous years has also been reversed during the year. Further, no impairment loss of
property, plant and equipment has been recorded in the books of the step down subsidiary. The management of the
Company, based on cash flow projections of the step down subsidiary, further expansion plans and expected cash
inflows has concluded that there is no need to recognise any impairment loss on the investment made in and loan given
(including interest accrued thereon) to RVE amounting to ` 720.95 (previous year: ` 720.95) and ` 328.82 (previous year:
327.24), respectively.
44. Capitalisation of expenditure incurred during construction period

The Company has commenced operations of certain quick service restaurants (stores) during the year ended 31
March 2021 and 31 March 2020. Certain directly attributable costs are incurred on commissioning of the quick service
restaurants up to the date of commercial operations. This cost has been apportioned to certain property, plant and
equipment on reasonable basis. Details of such costs capitalised is as under :-

31 March 2021 31 March 2020
Employee benefits expense 20.60 25.65
Other expenses 35.99 27.59
56.59 53.24
45. Impairment of non-financial assets

In accordance with Ind AS 36 "Impairment of Assets", the Company has identified individual quick service restaurants
(stores) as a separate cash generating unit (CGU) for the purpose of impairment review. Management periodically
assesses whether there is an indication that an asset may be impaired using a benchmark of two-year’s history of
operating losses or marginal profits for a store. In view of higher operating costs or decline in projected sales growth,
certain stores have been impaired in the current and previous years. Based on the results of impairment testing for
these stores in the current year, the property, plant and equipment, right-of-use assets, investment properties and other
intangible assets, carrying value of these stores aggregating ` 541.11(net of opening provision for impairment of `
96.11) (previous year: ` 360.80 net of opening impairment provision of ` 68.86) have been reduced to the recoverable
amount aggregating to ` 14.80 (previous year: ` 75.25) by way of impairment charge of ` 526.20 (previous year `:
216.70). Recoverable amount is value in use of these stores computed based upon projected cash flows from operations
with sales growth of Nil-5% (previous year: 5%-20%) and salary growth rate of 6% (previous year: 6%), over balance lease
term , discounted at rate of 12.17 % p.a. (previous year: 12.11% p.a.). Carrying value of a store includes property, plant
and equipment, intangible assets used at a store, right-of-use assets, investment properties and allocated corporate
assets. Further carrying value and recoverable value of each store is calculated net of lease liabilities.
Moreover, the impairment reversal of ` 73.69 (previous year: `192.71) is primarily on account of stores where the actual
sales growth rate has exceeded the projected sales growth rate, hence the recoverable amount aggregating to ` 277.72
(previous year: ` 337.33) has exceeded the written down value of these stores aggregating ` 204.03 (after considering
impairment charge recorded in previous years amounting to ` 183.21) (previous year: ` 190.06 after considering
impairment charge recorded in preceeding previous year amounting to ` 258.59).
Goodwill amounting to ` 504.57 (previous year: ` 84.46) is allocated across multiple stores acquired under business
combination. The goodwill allocated over the stores acquired under business combination agreement, is tested for
impairment wherein the recoverable amount is calculated based on the same key assumptions as mentioned above.
No impairment loss has been recorded on the aforesaid goodwill during the year.

The key assumptions have been determined based on management's calculations after considering, past experiences
and other available internal information and are consistent with external sources of information to the extent applicable.
For goodwill impairment assessment, management believes that any reasonably possible change in the key assumptions
would not cause the carrying amount to exceed the recoverable amount of the said stores.
Management has identified that a reasonably possible change in the three key assumptions could cause a change in
amount of impairment loss/ (reversal). The following table shows the amount by which the impairment loss/(reversal)
would increase/ (decrease) on change in these assumptions by 1%. All other factors remaining constant.
Impairment loss For the year ended For the year ended
31 March 2021 31 March 2020
Impairment charge for non financial assets 526.20 216.70
Impairment reversal for non financial assets (73.69) (192.71)
Net impairment charge 452.51 23.99
Sensitivity analysis For the year ended For the year ended
31 March 2021 31 March 2020
Discount Rate
(Increase by 1%) 2.15 8.97
(Decrease by 1%) (1.93) (8.42)
Sales Growth Rate
(Increase by 1%) (9.25) (30.37)
(Decrease by 1%) 11.96 29.19
Salary Growth Rate
(Increase by 1%) 1.97 3.84
(Decrease by 1%) (1.81) (3.87)
46. Transfer pricing

The Company has established a comprehensive system of maintenance of information and documents that are required
by the transfer pricing legislation under Section 92-92F of the Income tax Act, 1961. Since the law requires existence
of such information and documentation to be contemporaneous in nature, the Company is in the process of updating
the documentation for the international transactions entered into with the associated enterprises during the financial
year and expects such records to be in existence latest by due date as required under the law. The management is of
the opinion that its transactions with the associated enterprises are at arm’s length so that the aforesaid legislation
will not have any impact on the standalone financial statements, particularly on the amount of tax expense and that of
provision for taxation.
47. Capital management

The Company’s objective for capital management is to maximize shareholder’s value, safeguard business continuity
and support the growth of the Company. The Company determines the capital requirement based on annual operating
plan and other strategic investment plans. The Company aims to manage its capital efficiently so as to safeguard
its ability to continue as a going concern and to optimize returns to all its shareholders. The Company’s funding
requirements are met through equity infusions, internal accruals and a combination of both long-term and short-term
borrowings. The Company raises long term loans mostly for its expansion requirements and based on the working
capital requirement utilise the working capital facilities. The Company monitors capital on the basis of consolidated
total debt to consolidated total equity on a periodic basis.
Statements 127

48. Business Combination

During the previous year, the Company executed a Business Transfer Arrangement dated 11 December 2019 ('BTA')
with Yum Restaurants (India) Private Limited ("Yum") for acquiring 61 KFC stores (60 stores as amended) in multiple
tranches. Till 31 March 2020, the Company had acquired 9 KFC stores on 01 March 2020 from Yum on a slump sale
basis for an estimated purchase consideration of ` 339.34 and the remaining 51 stores were acquired during the year
ended 31 March 2021 for a purchase consideration of ` 1,960.66, an aggregate consideration of ` 2,300. Yum is the
franchiser of KFC, Pizza Hut, Taco Bell brand and the Company has acquired KFC stores from Yum in order to expand
its operations in Karnataka, Andhra Pradesh and Telangana.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities as at the date of acquisition were:

31 March 2021 31 March 2020
(Restated)
refer note 58
Assets
Property, plant and equipment (refer note 3A) 360.70 76.32
License Fee (refer note 5) 198.79 33.91
Franchisee Rights (refer note 5) 916.22 143.61
Inventories 27.11 4.67
Other assets 69.05 8.86
1,571.87 267.37
Liabilities 31.32 3.00
31.32 3.00
Total identifiable net assets (at fair value) 1,540.55 264.37
Purchase consideration to be transferred/transferred in cash 1,960.66 339.34
Goodwill (refer note 4) 420.11 74.97
The goodwill is attributable to the operational synergies and expansion on market share.
Transaction costs of ` 0.42 (previous year: ` 0.20) have been expensed and is included in "Other expenses" in the
Standalone Statement of Profit and Loss and are part of the operating cash flows in the Standalone Cash Flow
Statement.
From the date of acquisition, acquired stores under business combination contributed ` 1,479.64 (previous year:
` 26.54) of revenue and profit of ` 223.21 (previous year loss of: ` 0.62) to profit/(loss) before tax from continuing
operations of the Group. If the combination had taken place at the beginning of an acquisition year, the Group revenue
from continuing operations would have been ` 1,754.45(previous year: ` 537.02) and since the details on profit after tax
is not available at individual store level separately, such information has not been disclosed.

49. Disclosure pursuant to Section 186(4) of the Companies Act, 2013 (also refer note 7):
Nature of the transaction As at As at
(loans given/investments made/ guarantees given) 31 March 2021 31 March 2020
(A) Loans and advances *
RV Enterprizes Pte. Limited (refer note 43) 328.82 327.24
Devyani International (UK) Private Limited (refer note 52)” till 16 - 855.86
February 2021”
Parkview City Limited^ - -
(B) Investments#
Investments in equity shares##
Devyani Airport Services (Mumbai) Private Limited (refer note 51) 84.84 84.84
Devyani International (UK) Private Limited (refer note 52)" till 16 - 350.82
February 2021"
The Minor Food Group (India) Private Limited (refer note 53) - 72.32
(till 25 March 21)
Investments in preference shares##
Corporate guarantee ^^
Devyani International (UK) Private Limited" till 16 February 2021" - 126.66
* refer note 7 for particulars of the loans and advances given.
# refer note 6A and 6B for full particulars of the investments made.
## the above investments are shown at cost per financial reporting requirements.
^ during the previous year the Company has given loan of ` 550.00 to the party and full repayment of the loan has also been received
including interest accrued thereon
^^ refer note 38 for full particulars of the corporate guarantees given.
Note: The Company has provided a letter of support for financial and operational assistance to Devyani Food Street

Private Limited ,Devyani Airport Services (Mumbai) Private Limited , RV Enterprizes and Devyani International Nigeria
Limited for ongoing operations for atleast 12 months.
50. Investment in Devyani Airport Services (Mumbai) Private Limited, a subsidiary

As at 31 March 2021, the Company has investment in equity shares of Devyani Airport Services (Mumbai) Private
Limited (a subsidiary company) amounting to ` 84.84, accounted for under Ind AS 27. In accordance with Ind AS 36
“Impairment of Assets", such investment is considered as a separate cash generating unit (CGU) for the purpose of
impairment review. Management periodically assesses whether there is an indication that such investment may be
impaired. For investment, where impairment indicators exists, management compares the carrying amount of such
investment with its recoverable amount. Recoverable amount is value in use of the investment computed based upon
discounted cash flow projections.
Statements 129

During earlier years, the investment in equity shares of Devyani Airport Services (Mumbai) Private Limited were
considered for impairment assessment. Based on such assessment, recoverable amount was lower than the carrying
amount for such investment and this resulted in impairment loss in the value of investment of ` 84.84 and such loss
amount was disclosed under “Provision for impairment loss in value of investments in subsidiary” in the Standalone
Statement of Profit and Loss.
As at 31 March 2021. the Company has reassessed whether there is an indication for impairment and based on its
assessment, management has concluded that the said impairment need not be reversed.
51. Investment in Devyani Food Street Private Limited, a subsidiary

As at 31 March 2021, the Company has investment in equity shares of Devyani Food Street Private Limited (a subsidiary
company) amounting to ` 175.92, and additional deemed equity of ` 26.33 accounted for under Ind AS 27. In accordance
with Ind AS 36 “Impairment of Assets", such investment is considered as a separate cash generating unit (CGU) for the
purpose of impairment review. Management periodically assesses whether there is an indication that such investment
may be impaired. For investment, where impairment indicators exists, management compares the carrying amount of
such investment with its recoverable amount. Recoverable amount is value in use of the investment computed based
upon discounted cash flow projections.
As at 31 March 2021, for long term interests in the subsidiary, the Company has considered it appropriate to undertake
the impairment assessment based on certain indicators, with reference to the latest business plan which includes a 4
years (approximately) cash flow forecast. The key assumptions used for computation of value in use has been taken at
50% of pre pandemic sales level up to 31 March 2023 and thereafter growth rate of 8% p.a. and discount rate of 19.00%
p.a. Based on management’s impairment assessment, recoverable amount is lower than the carrying amount for such
investment and this resulted in provision for impairment loss in the value of investment for ` 111.31 as at 31 March
2021. Such provision amount has been disclosed under “Exceptional items” in the Standalone Statement of Profit and
Loss (refer note 32).
52. Investment in Devyani International (UK) Private Limited, a subsidiary

As at 31 March 2020, the Company has investment in equity shares of Devyani International (UK) Private Limited
(a subsidiary company) amounting to ` 350.82, accounted as per requirements of Ind AS 27, Separate Financial
Statements, at cost. Apart from above, the Company has granted loans to the subsidiary whose balance as at 31
March 2020: ` 855.86 including interest accrued thereon. In accordance with Ind AS 36 “Impairment of Assets", such
investment is considered as a separate cash generating unit (CGU) for the purpose of impairment review. Management
periodically assesses whether there is an indication that such investment may be impaired. For investment, where
impairment indicators exists, management compares the carrying amount of such investment with its recoverable
amount. Recoverable amount is value in use of the investment computed based upon discounted cash flow projections.
As at 31 March 2020, for long term interests in the subsidiary, the Company has considered it appropriate to undertake
the impairment assessment based on certain indicators, with reference to the latest business plan which includes a 5
years (approximately) cash flow forecast. The key assumptions used for computation of value in use are the sales growth
rate of 15%-20% p.a. and discount rate of 10.80% p.a. Based on management’s impairment assessment, recoverable
amount is lower than the carrying amount for such investment and this resulted in provision for impairment loss in the
value of investment for ` 350.82 as at 31 March 2020 and for loans granted including interest accrued thereon, ` 307.70
as at 31 March 2020. Such provision amount has been disclosed under “discontinued operations” in the Standalone
Statement of Profit and Loss (refer note 56 (b)).
During the year, out of the total loan amount of ` 948.75 given by the Company to Devyani International (UK) Private
Limited, ` 189.05 has been converted into equity investment and the remaining amount of ` 759.70 along with
interest has been recovered in full. On account of such recovery of loan, Company reversed impairment provision of
` 307.70 on loan created during the previous year. On 17 February 21, based on an independent valuation report, the
Company transferred the entire equity investment to Arctic International Private Limited (a fellow subsidiary) for a total

consideration of ` 3.60 and incurred a loss of ` 185.45 on sale of investment. Hence a total gain of ` 122.25 (on account
of reversal of impairment provision and loss on transfer of investment) is recognised under “discontinued operations”
in the Standalone Statement of Profit or Loss for the year. (refer note 56).
53. Investment in The Minor Food Group (India) Private Limited, a joint venture
The Minor Food Group (India) Private Limited ( MFGIPL) is a joint arrangement in which the Company had joint control
and a 30% ownership interest. Minor is engaged in the business of developing, managing and operating ice cream
parlours for Swensen's brands in Bengaluru, India. Minor is not publicly listed and accordingly, no quoted market price
is available for the investment.
Based on contractual arrangement between MFG International Holding (Singapore) Pte. Ltd and the Company, the
Company had classified its interests in Minor as a joint venture. During the previous year, the carrying value of the
investment in Minor was Nil and therefore, not material to the Company.
During the current year, the Company has transferred the entire investment in equity shares to MGF International
Holding (Singapore) Pte Limited at ` 73 (absolute) with effect from 26 March 21 and therefrom, it ceases to be the joint
venture of the Company.
54. Disclosures about the Company's ability to continue as a going concern.

The Company has incurred losses (total comprehensive loss) of ` 664.97 in current year (previous year: ` 1,349.23) and
has accumulated losses of ` 6309.00 as at 31 March 2021 (previous year: ` 5,644.03), Further, the Company’s current
liabilities exceed its current assets as at 31 March 2021 by ` 1,684.27 (previous year: ` 3,358.31).
Based on financial projections, revised and detailed business strategies , the Company expects growth in its operations
and improved operating performance in coming years and also, expects to earn enhanced cash inflows from its
operating activities. The Company believes such anticipated internally generated funds from operations in future and
its available revolving undrawn credit facilities as at 31 March 2021 and certain other current assets (financial and
non-financial) as on date, will enable it to meet its future known obligations due in next year, in the ordinary course of
business. Based on the projections, the Company expects to earn cash inflow from operating activities, which can be
used to settle liabilities due in the near future.
In view of the same, the management of the Company is of the view of generating sufficient cash flows in the future to
meet the Company's financial obligations. Therefore, these standalone financial statements have been prepared on a
going concern basis.
55. Estimation of uncertainties relating to the global health pandemic from Coronavirus (Covid 19)
The global spread of Covid 19 impacted businesses across all sectors and geographies. As a result, operations of
most restaurants and commissaries were affected temporarily in compliance with lockdown announced by Central
Government of India and other directives/orders issued by other relevant authorities which resulted in lower sales as
compared to previous periods.
The management of the Company has considered all internal and external sources of information, including economic
forecasts and estimates from market sources as at the date of the approval of these standalone financial statements in
determining its liquidity position for next one year, carrying value of assets comprising property, plant and equipment,
right of use assets, inventories, receivables and other current assets as at the balance sheet date.
On the basis of evaluation and current indicators of future economic conditions, the Company has concluded that
no material adjustments are required in the standalone financial statements other than those already recognised as
of the reporting date. Given the uncertainties associated with nature, condition and duration of Covid 19, the impact
assessment on the Company's standalone financial statements will be continuously made and provided for as required.
Statements 131

56. Discontinued operation

a)
The Company has business of tea trading in the brand name of TWG which has operations in India through two
stores, in the Company ('TWG India') and in UK [through its subsidiary - Devyani International (UK) Private Limited
('DIL UK or TWG UK')]. During the current year, the Company has sold TWG India business by way of slump sale to
RJ Corp Limited (the holding company) on 1 March 2021. Further, the Company has also sold its entire shareholding
in DIL UK to Arctic International Private Limited (Mauritius) (a fellow subsidiary company) on 17 February 2021.
Accordingly, both TWG India and TWG UK have been reported as discontinued operation during the current year
up to 28 February 2021 and 16 February 2021, respectively. Financial information relating to the discontinued
operation for the period to the date of disposal are set out as below:-
(i) Financial performance and cash flow information
TWG India (A) For the For the

period ended period ended
28 February 2021 31 March 2020
Revenue from operations 22.44 85.82
Other income 12.26 2.35
Total income 34.70 88.17
Purchase of stock-in-trade - 35.54
Changes in inventories of stock-in-trade 55.31 (7.68)
Finance costs 3.93 7.13
Depreciation and amortisation expense 18.06 39.81
Impairment of non-financial assets 49.87 -
Total expenses 144.38 102.23
Loss before tax (109.68) (14.07)
Gain on transfer of business operations 17.05 -
Loss from discontinued operation (92.63) (14.07)
TWG UK (B) For the For the

Total expenses - -
Profit before exceptional items and tax 17.61 25.63
Exceptional items gain/ (loss) 307.70 (658.51)
Profit/(Loss) from discontinued operation 325.31 (632.89)
Loss on sale of investment (185.45) -
Profit/(Loss) from discontinued operation 139.86 (632.89)
Total Profit/(Loss) from discontinued operation (A) + (B) 47.23 (646.95)

Cash Flow Statement for discontinued Operations For the For the
28 Feburary 2021* 31 March 2020
Net cash inflow/(outflow) from;
Operating activities (93.03) 66.67
Investing activities 754.72 (184.36)
Financing activities - -
Net cash flow from/(used in) discontinued operations 661.69 (117.69)
* Up to 16 February 2021 in case of TWG UK
(ii) Details of the sale of discontinued Operations

TWG India TWG UK
Date of Transfer 1 March 2021 17 Feburary 2021
Consideration received in cash 10.00 3.60
Carrying amount of net assets transferred (7.05) 189.05
Gain/ (Loss) on sale of discontinued Operations 17.05 (185.45)
(iii) The carrying amounts of assets and liabilities as at the date of transfer were:
TWG India TWG UK
Assets
Property, plant and equipment 0.70 -
Right of use 30.67 -
Investments - 189.05
Loans (Unsecured)- net of Impairment - -
Inventories 0.46 -
Other current assets 16.74 -
Total assets (A) 48.57 189.05
Liabilities
Lease liabilities 47.72 -
Other current liabilities 7.90 -
Total liabilities (B) 55.62 -
Net assets (A-B) (7.05) 189.05
57. Initial Public Offering (IPO)

The Board of Directors (Board) of the Company in their board meeting dated 17 February 2021 has approved raising
of capital for the Company through an Initial Public Offering (IPO). As part of its proposed IPO, the Company plans
to file Draft Red Hearing Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) in coming period.
Apart from the Company, existing shareholders also proposes to sell the stake in the Company. Prepayments in
relation to the proposed IPO included under "Other current assets" include expenses of ` 5.88 million incurred by
the Company towards IPO of the equity shares held by shareholders as well as the Company. Portion of these
expenses are recoverable from shareholders in proportionate to shares that will be offered to the public in the
proposed IPO.

Statements 133

58. Restatement of previously reported financial information

The Company, in order to comply with Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’, has
restated its previously issued financial information.The details in respect of which are as follows:-
In respect of acquisition of 9 KFC stores on 1 March 2020 (as explained in detail in Note 42), the management of the
Company did not assign any value to the franchisee rights while doing the Purchase Price Allocation (PPA) under
business combination during the previous year and hence, the difference between the purchase price of these 9 KFC
stores and the underlying assets and liabilities was recorded as Goodwill. Post completion of acquisition of all KFC
stores during the current year, the management of the Company has carried out the revised PPA for 9 stores and
correspondingly, assigned the fair value to the franchisee rights as well. The management has adjusted the same
retrospectively by restating the financial statements as at and for the previous year (in accordance with Ind AS 8) by
recognizing fair value of the franchisee rights of ` 143.61 and therefore reducing the previously recognised goodwill of
` 218.58 to ` 74.97. Accordingly, corresponding disclosure for business combination under Ind AS 103 have also been
appropriately restated.
Due to the aforesaid restatement in the amounts for the comparative periods, there is no change in net cash flow from
operating activities, investing activities and financing activities. Further the impact of such restatement on total equity
as at 31 March 2020, the statement of profit and loss and earnings per share for the year then ended was not material,
hence not considered for restatement by the management of the Company.
59. The amounts of previous reported period have been regrouped/reclassified wherever considered necessary in order to
comply with financial reporting requirements.



Independent Auditor’s Report

To the Members of Devyani International Limited Emphasis of Matter
4. We draw attention to Note 53 of the accompanying
Report on the Audit of the Consolidated consolidated financial statements, which describes
Financial Statements the uncertainties relating to the effect of COVID-19
Opinion pandemic outbreak and the management’s evaluation
1. We have audited the accompanying consolidated of the impact on the consolidated financial statements
financial statements of Devyani International Limited of the Group as at the balance sheet date. The extent
(‘the Holding Company’) and its subsidiaries (the of the impact of these uncertainties on the Group’s
Holding Company and its subsidiaries together referred operations is significantly dependent on future
to as ‘the Group’) and its joint venture, as listed in developments.
Annexure I, which comprise the Consolidated Balance The above matter has also been reported as emphasis
Sheet as at 31 March 2021, the Consolidated Statement of matter in the audit reports issued by one of the joint
of Profit and Loss (including Other Comprehensive auditors on the separate financial statements of two
Income), the Consolidated Cash Flow Statement and subsidiaries of the Group. Our opinion is not modified
the Consolidated Statement of Changes in Equity for in respect of this matter.
the year then ended, and a summary of the significant
accounting policies and other explanatory information. Information other than the Consolidated Financial
Statements and Auditor’s Report thereon
2. In our opinion and to the best of our information and
according to the explanations given to us and based 5. The Holding Company’s Board of Directors are
on the consideration of the one of the joint auditors, responsible for the other information. The other
APAS & Co. and other auditors on separate financial information comprises the information included in the
statements of the subsidiaries and joint ventures, Annual Report, but does not include the consolidated
the aforesaid consolidated financial statements give financial statements and our auditor’s report thereon.
the information required by the Companies Act, 2013 Our opinion on the consolidated financial statements
(‘Act’) in the manner so required and give a true and does not cover the other information and we do not
fair view in conformity with the accounting principles express any form of assurance conclusion thereon.
generally accepted in India including Indian Accounting
Standards (‘Ind AS’) specified under section 133 of the In connection with our audit of the consolidated
Act, of the consolidated state of affairs of the Group financial statements, our responsibility is to read the
and its joint ventures, as at 31 March 2021, and their other information and, in doing so, consider whether
consolidated loss (including other comprehensive the other information is materially inconsistent with the
income), consolidated cash flows and the consolidated consolidated financial statements or our knowledge
changes in equity for the year ended on that date. obtained in the audit or otherwise appears to be
materially misstated.
Basis for Opinion The Annual Report is not made available to us at the
3. We conducted our audit in accordance with the date of this auditor’s report. We have nothing to report
Standards on Auditing specified under section 143(10) in this regard.
of the Act. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Responsibilities of Management and Those Charged
Audit of the Consolidated Financial Statements section with Governance for the Consolidated Financial
of our report. We are independent of the Company in Statements
accordance with the Code of Ethics issued by the Institute 6. The accompanying consolidated financial statements
of Chartered Accountants of India (‘ICAI’) together with have been approved by the Holding Company’s Board
the ethical requirements that are relevant to our audit of Directors. The Holding Company’s Board of Directors
of the financial statements under the provisions of the is responsible for the matters stated in section 134(5)
Act and the rules thereunder, and we have fulfilled our of the Act with respect to the preparation of these
other ethical responsibilities in accordance with these consolidated financial statements that give a true
requirements and the Code of Ethics. We believe that the and fair view of the consolidated financial position,
audit evidence we have obtained and the audit evidence consolidated financial performance including other
obtained by the other auditors in terms of their reports comprehensive income, consolidated changes in equity
referred to in paragraph 12 and 13 of the Other Matters and consolidated cash flows of the Group including
section below, is sufficient and appropriate to provide a its joint venture in accordance with the accounting
basis for our opinion. principles generally accepted in India, including the Ind
Statements 135
AS specified under section 133 of the Act. The Holding Identify and assess the risks of material
•
Company’s Board of Directors is also responsible misstatement of the financial statements, whether
for ensuring accuracy of records including financial due to fraud or error, design and perform audit
information considered necessary for the preparation procedures responsive to those risks, and obtain
of consolidated Ind AS financial statements. Further, in audit evidence that is sufficient and appropriate
terms of the provisions of the Act, the respective Board to provide a basis for our opinion. The risk of not
of Directors /management of the companies included in detecting a material misstatement resulting from
the Group and its joint venture company covered under fraud is higher than for one resulting from error,
the Act are responsible for maintenance of adequate as fraud may involve collusion, forgery, intentional
accounting records in accordance with the provisions of omissions, misrepresentations, or the override of
the Act for safeguarding the assets and for preventing internal control;
and detecting frauds and other irregularities; selection • Obtain an understanding of internal control relevant
and application of appropriate accounting policies; to the audit in order to design audit procedures
making judgments and estimates that are reasonable that are appropriate in the circumstances. Under
and prudent; and design, implementation and section 143(3)(i) of the Act, we are also responsible
maintenance of adequate internal financial controls, that for expressing our opinion on whether the Holding
were operating effectively for ensuring the accuracy and Company has adequate internal financial controls
completeness of the accounting records, relevant to the with reference to financial statements in place and
preparation and presentation of the financial statements the operating effectiveness of such controls;
that give a true and fair view and are free from material
misstatement, whether due to fraud or error. These Evaluate the appropriateness of accounting
•
policies used and the reasonableness of
financial statements have been used for the purpose of
accounting estimates and related disclosures
preparation of the consolidated financial statements by
made by management;
the Directors of the Holding Company, as aforesaid.
• Conclude on the appropriateness of management’s
7. In preparing the consolidated financial statements, the use of the going concern basis of accounting and,
respective Board of Directors of the companies included based on the audit evidence obtained, whether
in the Group and of its joint venture are responsible for a material uncertainty exists related to events
assessing the ability of the Group and of its joint venture or conditions that may cast significant doubt on
to continue as a going concern, disclosing, as applicable, the ability of the Group and its joint venture to
matters related to going concern and using the going continue as a going concern. If we conclude that
concern basis of accounting unless the Board of Directors a material uncertainty exists, we are required
either intend to liquidate the Group or to cease operations, to draw attention in our auditor’s report to the
or has no realistic alternative but to do so. related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our
8. Those Board of Directors are also responsible for opinion. Our conclusions are based on the audit
overseeing the financial reporting process of the evidence obtained up to the date of our auditor’s
companies included in the Group and of its joint venture. report. However, future events or conditions may
cause the Group and its joint venture to cease to
Auditor’s Responsibilities for the Audit of the continue as a going concern; and
Financial Statements • Evaluate the overall presentation, structure and
9. Our objectives are to obtain reasonable assurance content of the financial statements, including the
about whether the financial statements as a whole disclosures, and whether the financial statements
are free from material misstatement, whether due represent the underlying transactions and events
to fraud or error, and to issue an auditor’s report in a manner that achieves fair presentation.
that includes our opinion. Reasonable assurance is • Obtain sufficient appropriate audit evidence
a high level of assurance but is not a guarantee that regarding the financial information of the entities
an audit conducted in accordance with Standards on within the Group, and its joint venture, to express
Auditing will always detect a material misstatement an opinion on the financial statements. We are
when it exists. Misstatements can arise from fraud or responsible for the direction, supervision and
error and are considered material if, individually or in performance of the audit of financial statements of
the aggregate, they could reasonably be expected to such entities included in the financial statements,
influence the economic decisions of users taken on the of which we are the independent auditors. For the
basis of these financial statements. other entities included in the financial statements,
which have been audited by APAS & Co. and
10. As part of an audit in accordance with Standards on the other auditors, such other auditors remain
Auditing, we exercise professional judgment and responsible for the direction, supervision and
maintain professional skepticism throughout the audit. performance of the audits carried out by them. We
We also: remain solely responsible for our audit opinion.
11. We communicate with those charged with governance March 2021, as considered in the consolidated financial
regarding, among other matters, the planned scope statements, in respect of one joint venture, whose
and timing of the audit and significant audit findings, financial statements has not been audited by us. The
including any significant deficiencies in internal control financial statements of aforesaid company is unaudited
that we identify during our audit. and has been furnished to us by the management and
our opinion on the consolidated financial statements,
Other Matters in so far as it relates to the amounts and disclosures
12. We did not audit the financial statements of six included in respect of the aforesaid joint ventures,
subsidiaries, whose financial statements reflect and our report in terms of sub-section (3) of Section
total assets of ` 3,750.72 million and net assets of 143 of the Act in so far as it relates to the aforesaid
` (1,687.08) million as at 31 March 2021, total revenues joint venture, are based solely on such unaudited
of ` 1,979.50 million and net cash inflows amounting financial statements. In our opinion and according to
to ` 10.59 million for the year ended on that date, as the information and explanations given to us by the
considered in the consolidated financial statements. management, the financial statements of aforesaid
Out of above, financial statements of two subsidiaries, company is not material to the Group.
whose financial statements reflect total assets of
` 1,141.17 million and net assets of ` (969.63) million Our opinion above on the consolidated financial
as at 31 March 2021, total revenues of ` 467.83 million statements, and our report on other legal and regulatory
and net cash inflows amounting to ` 5.29 million for requirements below, are not modified in respect of
the year ended on that date, as considered in the the above matter with respect to our reliance on the
consolidated financial statements have been audited financial statements/financial information certified by
by APAS & Co. These financial statements of six the management.
subsidiaries have been audited by APAS & Co. and other
auditors whose reports have been furnished to us by Report on Other Legal and Regulatory
the management and our opinion on the consolidated Requirements
financial statements, in so far as it relates to the 14. As required by section 197(16) of the Act, based on
amounts and disclosures included in respect of these our audit and on the consideration of the reports
subsidiaries and our report in terms of sub-section (3) of the APAS & Co. and other auditors, referred to in
of Section 143 of the Act, in so far as it relates to the paragraph 12, on separate financial statements of
aforesaid subsidiaries, are based solely on the reports the subsidiaries, we report that the Holding Company
of the APAS & Co. and other auditors. and two subsidiary companies covered under the Act
paid remuneration to their respective directors during
Further, of these six subsidiaries, four subsidiaries the year in accordance with the provisions of and
are located outside India whose financial statements limits laid down under section 197 read with Schedule
have been prepared in accordance with accounting
V to the Act. Further, we report that the provisions of
principles generally accepted in their respective
section 197 read with Schedule V to the Act are not
countries and which have been audited by other
applicable to four subsidiary companies and one joint
auditors under generally accepted auditing standards
venture company covered under the Act, since none of
applicable in their respective countries. The Holding
such companies is a public company as defined under
Company’s management has converted the financial
section 2(71) of the Act.
statements of such subsidiaries located outside
India from accounting principles generally accepted 15. As required by Section 143 (3) of the Act, based on our
in their respective countries to accounting principles audit and on the consideration of the reports of APAS &
generally accepted in India. APAS & Co. have Co. and other auditors on separate financial statements
audited these conversion adjustments made by the of the subsidiaries and joint venture, we report, to the
Holding Company’s management. Our opinion on extent applicable, that:
the consolidated financial statements, in so far as it a) we have sought and obtained all the information
relates to the balances and affairs of such subsidiaries and explanations which to the best of our
located outside India, are based on the report of other knowledge and belief were necessary for the
auditors and the conversion adjustments prepared by purpose of our audit of the aforesaid consolidated
the management of the Holding Company and audited financial statements;
by APAS & Co.
b) in our opinion, proper books of account as required
Our opinion above on the consolidated financial statements, by law relating to preparation of the aforesaid
and our report on other legal and regulatory requirements consolidated financial statements have been kept
below, are not modified in respect of the above matters so far as it appears from our examination of those
with respect to our reliance on the work done by and the books and the reports of APAS & Co. and other
reports of the APAS & Co. and other auditors. auditors;
13. The consolidated financial statements also include c) the consolidated financial statements dealt with
the Group’s share of net loss (including other by this report are in agreement with the relevant
comprehensive loss) of ` Nil for the year ended 31 books of account maintained for the purpose
Statements 137
of preparation of the consolidated financial (as amended), in our opinion and to the best of
statements; our information and according to the explanations
d) in our opinion, the aforesaid consolidated financial given to us and based on the consideration of the
statements comply with Ind AS specified under report of the other auditors on separate financial
section 133 of the Act; statements as also the other financial information
of the subsidiaries and joint venture:
e) the matters described in paragraph 4 of the
Emphasis of Matter, in our opinion, may have an i. the consolidated financial statements
adverse effect on the functioning of the Group; disclose the impact of pending litigations
on the consolidated financial position of
f) on the basis of the written representations received
the Group as detailed in Note 39 to the
from the directors of the Holding Company and
consolidated financial statements;
taken on record by the Board of Directors of the
Holding Company and the reports of the statutory ii. the Group did not have any long-term
auditors of its subsidiary companies and joint contracts including derivative contracts for
venture company covered under the Act, none which there were any material foreseeable
of the directors of the Group companies and its losses as at 31 March 2021;
joint venture company covered under the Act, iii. there were no amounts which were required
are disqualified as on 31 March 2021 from being to be transferred to the Investor Education
appointed as a director in terms of Section 164(2) and Protection Fund by the Holding
of the Act. Company, and its subsidiary companies and
g) with respect to the adequacy of the internal financial joint venture company covered under the Act,
controls with reference to financial statements of during the year ended 31 March 2021; and
the Holding Company, its subsidiary companies iv.
the disclosure requirements relating to
and joint venture company covered under the Act, holdings as well as dealings in specified
and the operating effectiveness of such controls, bank notes were applicable for the period
refer to our separate report in ‘Annexure A’; and from 8 November 2016 to 30 December 2016,
h) with respect to the other matters to be included in which are not relevant to these consolidated
the Auditor’s Report in accordance with rule 11 of financial statements. Hence, reporting under
the Companies (Audit and Auditors) Rules, 2014 this clause is not applicable.


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Annexure I
List of entities included in the consolidated financial statements.
1) Devyani International Limited, Holding Company
Wholly owned Subsidiaries
2) Devyani Food Street Private Limited
3) Devyani International (Nepal) Private Limited
4) Devyani International (UK) Private Limited (till 16 February 2021)
Subsidiaries
5) Devyani Airport Services (Mumbai) Private Limited
6) RV Enterprizes Pte. Limited
7) Devyani International (Nigeria) Limited (subsidiary of RV Enterprizes Pte. Limited)
Joint Venture
8) The Minor Food Group (India) Private Limited (till 25 March 2021)
Annexure A
Independent Auditor’s Report on the internal Guidance Note issued by the ICAI. Those Standards and
financial controls with reference to financial the Guidance Note require that we comply with ethical
statements under Clause (i) of Sub-section 3 of requirements and plan and perform the audit to obtain
Section 143 of the Companies Act, 2013 (‘the reasonable assurance about whether adequate internal
Act’) financial controls with reference to financial statements
1. In conjunction with our audit of the consolidated were established and maintained and if such controls
financial statements of Devyani International Limited operated effectively in all material respects.
(‘the Holding Company’) and its subsidiaries (the
Holding Company and its subsidiaries together referred 4. Our audit involves performing procedures to obtain
to as ‘the Group’) and its joint venture as at and for audit evidence about the adequacy of the internal
the year ended 31 March 2021, we have audited the financial controls with reference to financial statements
internal financial controls with reference to financial and their operating effectiveness. Our audit of internal
statements of the Holding Company, its subsidiary financial controls with reference to financial statements
companies and its joint venture company, which are includes obtaining an understanding of such internal
companies covered under the Act, as at that date. financial controls, assessing the risk that a material
weakness exists, and testing and evaluating the design
Responsibilities of Management and Those and operating effectiveness of internal control based
Charged with Governance for Internal Financial on the assessed risk. The procedures selected depend
Controls on the auditor’s judgement, including the assessment
2. The respective Board of Directors of the Holding of the risks of material misstatement of the financial
Company, its subsidiary companies and its joint venture statements, whether due to fraud or error.
company, which are companies covered under the
Act, are responsible for establishing and maintaining 5. We believe that the audit evidence we have obtained
internal financial controls based on the internal financial and the audit evidence obtained by APAS & Co. and
controls with reference to financial statements criteria other auditors in terms of their reports referred to in
established by the Company considering the essential the Other Matter(s) paragraph below, is sufficient and
components of internal control stated in Guidance appropriate to provide a basis for our audit opinion on
Note on Internal Financial Controls over Financial the internal financial controls with reference to financial
Reporting (“the Guidance Note”) issued by the Institute statements of the Holding Company, its subsidiary
of Chartered Accountants of India (“the ICAI). These companies and joint venture company as aforesaid.
responsibilities include the design, implementation and
maintenance of adequate internal financial controls Meaning of Internal Financial Controls with
that were operating effectively for ensuring the orderly Reference to Financial Statements
and efficient conduct of the Company’s business, 6. A company’s internal financial controls with reference
including adherence to the Company’s policies, the to financial statements is a process designed to
safeguarding of its assets, the prevention and detection provide reasonable assurance regarding the reliability
of frauds and errors, the accuracy and completeness of of financial reporting and the preparation of financial
the accounting records, and the timely preparation of statements for external purposes in accordance with
reliable financial information, as required under the Act. generally accepted accounting principles. A company’s
internal financial controls with reference to financial
Auditor’s Responsibility for the Audit of the statements include those policies and procedures
Internal Financial Controls with Reference to that (1) pertain to the maintenance of records that,
Financial Statements in reasonable detail, accurately and fairly reflect the
3. Our responsibility is to express an opinion on the transactions and dispositions of the assets of the
internal financial controls with reference to financial company; (2) provide reasonable assurance that
statements of the Holding Company, its subsidiary transactions are recorded as necessary to permit
companies and joint venture company, as aforesaid, preparation of financial statements in accordance
based on our audit. We conducted our audit in with generally accepted accounting principles, and
accordance with the Standards on Auditing issued by that receipts and expenditures of the company are
the ICAI prescribed under Section 143(10) of the Act, being made only in accordance with authorisations of
to the extent applicable to an audit of internal financial management and directors of the company; and (3)
controls with reference to financial statements, and the provide reasonable assurance regarding prevention or
Statements 139
timely detection of unauthorised acquisition, use, or that date, as considered in the consolidated financial
disposition of the company’s assets that could have a statements. The internal financial controls with
material effect on the financial statements. reference to financial statements in so far as it relates
to such subsidiary companies have been audited by
Inherent Limitations of Internal Financial APAS & Co., whose reports have been furnished to us
Controls with Reference to Financial Statements by the management and our report on the adequacy
7. Because of the inherent limitations of internal financial and operating effectiveness of the internal financial
controls with reference to financial statements, including controls with reference to financial statements for the
the possibility of collusion or improper management Holding Company and its subsidiary companies, as
override of controls, material misstatements due to aforesaid, under Section 143(3)(i) of the Act in so far as
error or fraud may occur and not be detected. Also, it relates to such subsidiary companies is based solely
projections of any evaluation of the internal financial on the reports of the auditors of such companies. Our
controls with reference to financial statements to future opinion is not modified in respect of this matter with
periods are subject to the risk that the internal financial respect to our reliance on the work done by and on the
controls with reference to financial statements may reports of the APAS & Co.
become inadequate because of changes in conditions,
or that the degree of compliance with the policies or 10. We did not audit the internal financial controls with
procedures may deteriorate. reference to financial statements in so far as it relates
to one joint venture company, which is companies
Opinion covered under the Act, in respect of which, the Group’s
8. In our opinion and based on the consideration of the share of net loss (including other comprehensive loss)
reports of APAS & Co. and other auditors on internal of ` Nil for the year ended 31 March 2021, has been
financial controls with reference to financial statements considered in the consolidated financial statements.
of the subsidiary companies and joint venture company, The internal financial controls with reference to financial
the Holding Company, its subsidiary companies and statements of this joint venture company which is
joint venture company, which are companies covered company covered under the Act, is unaudited and our
under the Act, have in all material respects, adequate opinion under Section 143(3)(i) of the Act insofar as it
internal financial controls with reference to financial relates to the aforesaid joint venture company, which
statements and such controls were operating effectively is company covered under the Act, is solely based
as at 31 March 2021, based on the internal financial on the corresponding internal financial controls with
controls with reference to financial statements criteria reference to financial statements report certified by
established by the Company considering the essential the management of such company. In our opinion
components of internal control stated in the Guidance and according to the information and explanations
Note issued by the ICAI. given to us by the management, financial statements
of aforesaid company is not material to the Group. Our
Other Matters report on adequacy and operating effectiveness of the
9. We did not jointly audit the internal financial controls internal financial controls with reference to financial
with reference to financial statements in so far as statements of the Group does not include the internal
it relates to two subsidiary companies, which are financial controls with reference to financial statements
companies covered under the Act, whose financial assessment in respect of the aforesaid company. Our
statements reflect total assets of ` 1,141.17 million and opinion is not modified in respect of the above matter
net assets of ` (969.63) million as at 31 March 2021, with respect to our reliance on the internal financial
total revenues of ` 467.83 million and net cash inflows controls with reference to financial statements report
amounting to ` 5.29 million for the year ended on certified by the management.


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Consolidated Balance Sheet

as at 31 March 2021
As at As at
Particulars Note
31 March 2021 31 March 2020 *
Assets
Non-current assets
Property, plant and equipment 3A 4,306.74 4,786.54
Capital work-in-progress 3B 142.75 135.27
Right-of-use assets 3D 6,660.20 10,350.83
Investment properties 3C 455.89 413.99
Goodwill 4 644.45 224.34
Other intangible assets 5 1,855.19 577.42
Investments accounted for using equity method 6 - -
Financial assets
(i) Loans 7 435.36 491.60
(ii) Other financial assets 8 167.38 182.27
Deferred tax assets (net) 33 95.78 75.49
Income tax assets (net) 33 80.46 94.95
Other non-current assets 9 194.56 71.22
Total non-current assets 15,038.76 17,403.92
Current assets
Inventories 10 621.97 720.87
Financial assets
(i) Trade receivables 11 168.80 172.99
(ii) Cash and cash equivalents 12 399.62 132.26
(iii) Bank balances other than cash and cash equivalents 13 5.71 28.06
(iv) Loans 7 141.57 128.13
(v) Other financial assets 8 106.06 36.38
Other current assets 9 201.58 213.15
Total current assets 1,645.31 1,431.84
Total assets 16,684.07 18,835.76
Equity and liabilities
Equity
Equity share capital 14 1,153.63 1,061.67
Other equity 15 (15.90) (2,952.68)
Equity attributable to owners of the Group 1,137.73 (1,891.01)
Non-controlling interests 48 (419.15) (391.14)
Total equity 718.58 (2,282.15)
Liabilities
Non-current liabilities
(i) Borrowings 17 3,593.65 3,402.17
(ii) Lease liabilities 16 7,936.96 11,759.04
(iii) Other financial liabilities 19 49.30 52.82
Provisions 20 169.15 115.73
Other non-current liabilities 21 9.74 10.49
Total non-current liabilities 11,758.80 15,340.25
Current liabilities
(i) Borrowings 18 211.10 904.56
(ii) Lease liabilities 16 787.38 1,122.83
(iii) Trade payables 22
(a) total outstanding dues of micro and small enterprises 150.53 20.91
(b) total outstanding dues of creditors other than micro and small 1,468.47 1,610.98
enterprises
(iv) Other financial liabilities 19 1,305.94 1,896.91
Other current liabilities 21 193.48 170.44
Provisions 20 82.94 44.15
Current tax liabilities (net) 33 6.85 6.88
Total current liabilities 4,206.69 5,777.66
Total equity and liabilities 16,684.07 18,835.76
* Adjusted in accordance with Ind AS 8 - ‘Accounting policies, Changes in Accounting Estimates and Errors (refer note 56)
The accompanying notes form an integral part of these consolidated financial statements.


Statements 141
Consolidated Statement of Profit and Loss

Particulars Note
31 March 2021 31 March 2020 *
Income
Revenue from operations 23 11,348.38 15,163.86
Other income 24 640.57 186.55
Total income 11,988.95 15,350.41
Expenses
Cost of materials consumed 25 3,386.93 4,487.18
Purchases of stock-in-trade 26 59.67 116.78
Employee benefits expense 27 1,543.32 2,254.85
Finance costs 28 1,528.03 1,584.37
Depreciation and amortisation expense 29 2,294.53 2,233.14
Impairment of non-financial assets 30 480.05 38.77
Other expenses 31 4,089.18 5,750.21
Total expenses 13,381.71 16,465.30
Loss before exceptional items and tax (1,392.76) (1,114.89)
Exceptional items 32 (568.84) (345.78)
Loss before tax (823.92) (769.11)
Tax expense 33
Current tax 9.75 13.48
Deferred tax expense/(credit) (20.43) 4.93
Total tax expense (10.68) 18.41
Loss from continuing operations after tax (A) (813.24) (787.52)
Profit/(Loss) from discontinued operation before tax 183.37 (426.66)
Tax expense of discontinued operations - -
Profit/(Loss) from discontinued operation after tax (B) 183.37 (426.66)
Loss for the year (A+B) (629.87) (1,214.18)
Other comprehensive income
Items that will not to be reclassified to profit or loss
Remeasurements of defined benefit plans (12.94) 3.73
Income tax relating to above mentioned item (0.14) (0.34)
(13.08) 3.39
Items that will be reclassified to profit or loss
Exchange difference in translating financial statements of foreign operations 124.14 156.95
Exchange differences on translation of discontinued operations (58.86) (17.76)
Other comprehensive income for the year 52.20 142.58
Total comprehensive income for the year (577.67) (1,071.60)
Loss attributable to:
Owners of the Company (552.08) (1,216.73)
Non controlling interest 48 (77.79) 2.55
Loss for the year (629.87) (1,214.18)
Other comprehensive income attributable to:
Owners of the Company 9.61 106.98
Non controlling interest 48 42.59 35.60
Other comprehensive income for the year 52.20 142.58
Total comprehensive income for the year attributable to:
Owners of the Company (542.47) (1,109.75)
Non controlling interest 48 (35.20) 38.15
Total comprehensive loss for the year (577.67) (1,071.60)
Loss per equity share from continuing operations 34
Basic (`) (0.67) (0.74)
Diluted (`) (0.67) (0.74)
Earnings/(Loss) per equity share from discontinued operations 34
Basic (`) 0.17 (0.40)
Diluted (`) 0.17 (0.40)


Consolidated Cash Flow Statement


Particulars
31 March 2021 31 March 2020
A. Cash flows from operating activities
Profit/(loss) before tax
Continuing operations (823.92) (769.11)
Discontinued operations 183.37 (426.66)
Adjustments for:
Depreciation and amortisation expense 2,356.94 2,467.04
Impairment loss of non-financial assets 529.90 38.77
Liabilities no longer required written back (43.09) (28.97)
Loss on disposal of property plant and equipment 87.38 187.67
Bad debts and advances written off - 0.13
Unrealised foreign exchange (gain)/loss (19.63) 108.09
Finance costs 1,621.75 1,687.91
Derivatives at fair value through profit and loss (6.75) 8.62
Employee stock option scheme expenses/(reversal) 22.62 (12.18)
Interest income (103.95) (93.47)
Gain on net investment in finance lease - (18.76)
Gain on termination of leases (611.39) (365.66)
Gain on modification of leases (52.71) (18.84)
Rent concession [refer note 36 A (iii)] (1,158.89) -
Operating profit before working capital changes 1,993.99 2,791.62
Adjustments for changes in:
- trade receivables 4.19 29.31
- inventories 126.01 (171.45)
- loans, other financial assets, and other assets 163.94 (67.64)
- trade payables, other financial liabilities and other liabilities 102.60 433.13
Cash generated from operating activities 2,390.73 3,014.97
Income tax refund/(paid) (net) 4.85 (7.81)
Net cash generated from operating activities 2,395.58 3,007.16
B. Cash flows from investing activities
Payment for acquisition of stores under business combination (2,300.00) -
Payment for property, plant and equipment and other intangible assets (1,373.37) (999.09)
other than above
Proceeds from sale of property plant and equipment 43.94 10.95
Deposits made with banks - (22.96)
Proceeds from maturity of deposits 22.35 21.10
Interest received 7.52 15.71
Proceeds from transfer of business 13.60 -
Net cash used in investing activities (3,585.96) (974.29)
Statements 143
Consolidated Cash Flow Statement


Particulars
31 March 2021 31 March 2020
C. Cash flows from financing activities
Proceeds from issue of equity share capital 3,476.43 -
(Repayment of)/proceeds from cash credit facilities from banks (net) (693.46) 227.63
Payment of lease liabilities- principal - (1,043.52)
Payment of lease liabilities- interest (825.69) (1,123.90)
Interest paid (492.24) (435.17)
Net cash generated from/(used in) financing activities 1,419.82 (2,226.15)
D. Effect of foreign currency fluctuation arising out of consolidation 37.93 59.81
Net decrease in cash and cash equivalents during the year (A+B+C+D) 267.37 (133.47)
Effect of exchange rate changes on cash and cash equivalent held in - 0.01
foreign currency
E. Cash and cash equivalents at the beginning of the year 132.26 265.72
E. Cash and cash equivalents as at the end of the year (refer note 12) 399.62 132.26
Notes:
1. The Consolidated Cash Flow Statement has been prepared in accordance with ‘Indirect method’ as set out in the Ind
AS - 7 on ‘Statement of Cash Flows’, as notified under Section 133 of the Companies Act, 2013, read with the relevant
rules thereunder.
2. Significant non cash transactions: Acquisition of right-of-use assets and investment properties (refer note 36 and 37).



144
Consolidated Statement of Changes in Equity

A. Equity share capital
Note
Number of shares Amount Number of shares Amount
Balance at the beginning of the year 14 10,61,66,666 1,061.67 10,61,66,666 1,061.67
Changes in equity share capital 91,96,833 91.96 - -
Balance at the end of the year 11,53,63,499 1,153.63 10,61,66,666 1,061.67
Balance at the end of the year * 1,15,36,34,990 1,153.63 10,61,66,666 1,061.67
B. Other equity
Attributable to owners of the Company
Items of Other comprehensive
Reserves and surplus Attributable
income Total
to Non
Employee Exchange Other item attributable
Note controlling Total
stock difference of of other to owners of
Securities General Retained interest
options translation comprehensive the Holding
premium reserve earnings (NCI)
outstanding of foreign income Company
account operations (net of tax)
Balance as at 01 April 2019 4,632.61 113.42 5.47 (5,516.10) 521.41 - (243.19) (455.13) (698.32)
Changes in accounting policy - - - (1,506.81) - - (1,506.81) (54.91) (1,561.72)
(on account of adoption of Ind AS 116, Leases)
Profit/(loss) for the year - - - (1,216.71) - - (1,216.71) 2.55 (1,214.16)
Other comprehensive loss for the year 15 - - - - 103.59 3.39 106.98 35.60 142.58
Total comprehensive loss for the year - - - (2,723.54) 103.59 3.39 (2,616.56) (16.76) (2,633.32)
Transferred to retained earnings - - - 3.39 - (3.39) - - -
Employee stock options scheme expenses/(reversal) 42 - (12.18) - - - - (12.18) - (12.18)
Transactions with NCI 48 - - - (80.75) - - (80.75) 80.75 -
Balance as at 31 March 2020 4,632.61 101.24 5.47 (8,317.00) 625.00 - (2,952.68) (391.14) (3,343.82)
Annual Report 2020-21
Consolidated Statement of Changes in Equity
B. Other equity
Attributable to owners of the Company
Items of Other comprehensive
Reserves and surplus Attributable
income Total
to Non
Employee Exchange Other item attributable
Note controlling Total
stock difference of of other to owners of
Securities General Retained interest
options translation comprehensive the Holding

premium reserve earnings (NCI)
outstanding of foreign income Company
account operations (net of tax)
Balance as at 01 April 2020 4,632.61 101.24 5.47 (8,317.00) 625.00 - (2,952.68) (391.14) (3,343.82)
Profit/(loss) for the year - - - (552.08) - - (552.08) (77.79) (629.87)
Other comprehensive income for the year 15 - - - - 22.69 (13.08) 9.61 42.59 52.20
01
Reclassified on account of disposal of foreign 64.67 64.67 - 64.67

operations
Total comprehensive income/(loss) for the year - - - (552.08) 87.36 (13.08) (477.80) (35.20) (513.00)
Overview
Corporate
Securities premium received during the year 3,384.47 - - - - - 3,384.47 - 3,384.47

Transferred to retained earnings - - - (13.08) - 13.08 - - -
Employee stock options scheme expenses/(reversal) 42 - 22.62 - - - - 22.62 - 22.62
Transferred to securities premium on exercise of 109.46 (109.46) - - - - - - -
25
stock options
Transactions with NCI 48 - - - 7.49 - - 7.49 7.19 14.68
Balance as at 31 March 2021 8,126.54 14.40 5.47 (8,874.67) 712.36 - (15.90) (419.15) (435.05)
Reports
Statutory
45

Financial
Statements

145
Notes forming part of the Consolidated Financial Statements

1. Company information/overview estimates and assumptions that affect the reported

Devyani International Limited (the ‘Company’ or amounts of revenues, expenses, assets and liabilities
‘the Holding Company’) is a public limited company and disclosure of contingent liabilities at the end of the
domiciled in India, having its registered office at F-2/7, reporting period. Although these estimates are based
Okhla Industrial Area, Phase-I, New Delhi - 110020. upon management’s best knowledge of current events
The Company was incorporated on 13 December 1991 and actions, uncertainty about these assumptions and
as a private limited company in India. Subsequently, estimates could result in the outcomes requiring a
the Company changed its legal status from a private material adjustment to the carrying amounts of assets
company to a public company on 7 June 2000. These or liabilities in future periods. Changes in estimates are
consolidated financial statements comprise the reflected in the consolidated financial statements in the
financial statements of the Company, its subsidiaries period in which changes are made and if material, their
(collectively referred to as the ‘Group’) and its joint effects are disclosed in the notes to the consolidated
venture. financial statements.
The Group is primarily engaged in the business of Information about significant areas of estimation /
developing, managing and operating quick service uncertainty and judgements in applying accounting
restaurants and food courts for brands such as Pizza policies that have the most significant effect on the
Hut, KFC, Costa Coffee, Vaango etc. and retail stores of consolidated financial statements are as follows: -
TWG Tea. • measurement of defined benefit obligations: key
For details regarding subsidiaries and joint venture of actuarial assumptions;
the Group, refer note 38. • measurement of useful life and residual values
of property, plant and equipment, fair valuation of
2.1 Basis of preparation investment properties and useful life of intangible
(a) Statement of compliance assets;
The consolidated financial statements comply with • judgment required to determine probability of
Indian Accounting Standards (“Ind AS”) as prescribed recognition of deferred tax assets;
under Section 133 of the Companies Act, 2013 (the “Act”),
relevant provisions of the Act and other accounting • fair value measurement of financial instruments;
principles generally accepted in India. The consolidated
• impairment assessment of non-financial assets
financial statements are prepared on accrual and going
key assumptions underlying recoverable amount;
concern basis. The Board of Directors can permit
revision to the consolidated financial statements after • impairment assessment of financial assets;
obtaining necessary approvals or at the instance of
• measurement of share based payments;
regulatory authorities as per provisions of the Act.
measurement of financial guarantee contracts,
The consolidated financial statements for the year provisions and contingent liabilities;
ended 31 March 2021 were authorized and approved
• judgment required to ascertain lease classification,
for issue by the Board of Directors on 21 April 2021
lease term, incremental borrowing rate, lease and
(b) Basis of measurement non-lease component, and impairment of ROU;
The consolidated financial statements have been • judgment is required to ascertain whether it is
prepared on a historical cost basis except for certain probable or not that an outflow of resources
financial assets and financial liabilities that are embodying economic benefits will be required to
measured at fair value or amortized cost, defined settle the taxation disputes and legal claim;
benefit obligations and share based payments.
• measurement of consideration and assets
acquired as part of business combination;
(c) Critical accounting estimates and judgements
The preparation of financial statements in conformity • cash flow projections and liquidity assessment
with Ind AS requires management to make judgements, with respect to Covid-19.
Statements 147

There are no assumptions and estimation uncertainties (e) Basis of consolidation

that have a significant risk of resulting in a material The consolidated financial statements include
adjustment within the next financial year except for as the financial statements of the Company and its
disclosed in these financial statements. subsidiaries together with the share of the total
comprehensive income of joint venture.
(d) Fair value measurement
Subsidiaries
Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly Subsidiaries are entities controlled by the Company.
transaction between market participants at the The Company controls an entity when it is exposed to,
measurement date. The fair value measurement is or has rights to, variable returns from its involvement
based on the presumption that the transaction to sell with the entity and has the ability to affect those returns
the asset or transfer the liability takes place either: through its power over the entity. Power is demonstrated
through existing rights that give the ability to direct
• In the principal market for the asset or liability, or relevant activities, those which significantly affect
• In the absence of a principal market, in the most the entity’s returns. The financial statements of
advantageous market for the asset or liability subsidiaries are included in the consolidated financial
statements from the date on which control commences
The principal or the most advantageous market must until the date on which control ceases.
be accessible to / by the Group.
The standalone financial statements of the Company
All assets and liabilities for which fair value is measured and financial statements of the subsidiaries are
or disclosed in the consolidated financial statements consolidated on a line-by-line basis by adding together
are categorized within fair value hierarchy, described the book values of like items of assets, liabilities,
as follows, based on the lowest level of input that is incomes and expenses, after eliminating intra-group
significant to the fair value measurement as a whole. balances, intra-group transactions and any unrealised
• Level 1 — Quoted (unadjusted) prices in active incomes and expenses arising from intra-group
markets for identical assets or liabilities transactions. These consolidated financial statements
are prepared by applying uniform accounting policies
• Level 2 — Valuation techniques for which the in use at the Group. Non-controlling interest (“NCI”)
lowest level input that is significant to the fair value which represents part of consolidated net Statement
measurement is directly or indirectly observable of profit and loss and net assets of subsidiary that
are not, directly or indirectly, owned or controlled
• Level 3 — Valuation techniques for which the
by the Company, are excluded and presented in the
lowest level input that is significant to the fair
consolidated Balance Sheet separately within Equity.
value measurement is unobservable
The excess of cost to the Group of its investment in
For assets and liabilities that are recognized in the
subsidiaries, on the acquisition dates over and above
consolidated financial statements on a recurring basis,
the Group’s share of equity in the subsidiaries, is
the Group determines whether transfers have occurred
recognised as ‘Goodwill on Consolidation’ being an
between levels in the hierarchy by reassessing
asset in the consolidated financial statements. The
categorization (based on the lowest level input that is
said Goodwill is not amortised, however, it is tested
significant to the fair value measurement as a whole) at
for impairment at each Balance Sheet date and the
the end of each reporting period.
impairment loss, if any, is provided for .
For the purpose of fair value disclosures, the Group
When the Group loses control over a subsidiary,
has determined classes of assets and liabilities on
it derecognises the assets and liabilities of the
the basis of the nature, characteristics and risks of the
subsidiary, and any related NCI and other components
asset or liability and the level of the fair value hierarchy
of equity. Any interest retained in the former subsidiary
as explained above.
is measured at fair value at the date the control is
Fair value of financial instruments measured at fair lost. Any resulting gain or loss is recognised in the
value through profit and loss and amortised cost. consolidated Statement of profit and loss.

The equity accounted investee way as unrealised gains, but only to the extent there is
The Group’s interest in equity accounted investee no evidence of impairment.
comprise interest in joint venture. After application of the equity method, the Group
A joint venture is a joint arrangement whereby the determines whether it is necessary to recognise an
parties that have joint control of the arrangement have impairment loss on its equity accounted investee. At
rights to the net assets of the joint arrangement. each reporting date, the Group determines whether
there is objective evidence that the equity accounted
Interest in joint venture is accounted for by using the
investee is impaired. If there is such evidence, the Group
equity method. They are initially recognised at cost
calculates the amount of impairment as the difference
which includes transaction costs. Subsequent to initial
recognition, the consolidated financial statements between the recoverable amount of the equity accounted
include the Group’s share of profit or loss and other investee and its carrying value, and then recognises the
comprehensive income of joint venture until the date loss in the consolidated Profit or Loss.
on which joint control ceases. In case, Group’s share of losses of equity accounted
Unrealised gains arising from transactions with investee equals or exceeds the interest in equity
equity accounted investee are eliminated against the accounted investee (carrying value of investment),
investment to the extent of Group’s interest in the the Group discontinues recognising its share of future
investee. Unrealised losses are eliminated in the same losses.
The Group and its joint venture considered in these consolidated financial statements are as follows:
i) Subsidiaries
% voting power % voting power
Country of
Name of the company held as at held as at
incorporation
31 March 2021 31 March 2020
Devyani International (Nepal) Private Limited Nepal 100% 100%
Devyani Food Street Private Limited India 100% 100%
Devyani International (UK) Private Limited United Kingdom - 100%
(till 16th February 2021)
RV Enterprizes Pte. Limited Singapore 87% 87%
Devyani International (Nigeria) Limited Nigeria 78.75% 78.75%
(subsidiary of RV Enterprizes Pte. Limited)
Devyani Airport Services (Mumbai) Private Limited India 51% 51%
ii) Equity accounted investee

Country of % voting power % voting power
Name of the company incorporation held as at held as at
31 March 2021 31 March 2020
The Minor Food Group (India) Private Limited India - 30%
(till 25th March 2021)
The financial statements of the above entities (Subsidiaries and Equity accounted investee) are drawn upto the same
accounting period as that of the Group.
Statements 149

2.2 Significant accounting policies charged to consolidated Statement of profit and loss at
The accounting policies set out below have been the time of incurrence.
applied consistently to the periods presented in these Depreciation
consolidated financial statements.
Depreciation on PPE is provided on the straight-line
(a) Property, plant and equipment method computed on the basis of useful life prescribed
Recognition and measurement in Schedule II to the Companies Act, 2013 (‘Schedule
II’) on a pro-rata basis from the date the asset is ready
Items of property, plant and equipment are measured at
to put to use. Considering the applicability of Schedule
cost, less accumulated depreciation and accumulated
II as mentioned above, in respect of certain class of
impairment losses.
assets- the Group has assessed the useful lives (as
The cost of an item of property, plant and equipment mentioned in the table below) lower than as prescribed
comprises: (a) its purchase price, including import in Schedule II, based on the technical assessment.
duties and non-refundable purchase taxes, after
deducting trade discounts and rebates; (b) any costs Asset Category Useful life Useful
directly attributable to bringing the asset to the estimated by the life as per
location and condition necessary for it to be capable of management Schedule II
operating in the manner intended by management. based on technical (years)
assessment
Expenditure which are directly attributable to (years)
commissioning of quick service restaurants are Building 30 60
capitalised. Other expenditure incurred during the
Plant and 12 15
commissioning phase, which is not directly attributable,
equipment
is charged off to consolidated Profit and Loss.
Electrical Fitting 10 10
The cost of a self-constructed item of property, plant Office equipment 10 5
and equipment comprises the cost of materials and Computers 4- 6 3-6
direct labour, any other cost directly attributable to
Furniture and 6 10
bringing the item to working condition for its intended
fixtures
use.
Vehicles 5 6
The cost of improvements to leasehold premises, Utensil and 4-10 15
if recognition criteria are met, are capitalised and Kitchen Equipment
disclosed separately under leasehold improvement.
An item of property, plant and equipment and any Freehold land is not depreciated.
significant part initially recognised is derecognised Leasehold improvements are depreciated on a straight
upon disposal or when no future economic benefits line basis over the period of the initial lease term or
are expected from its use or disposal. Any gain or loss 10 years, whichever is lower. Any refurbishment of
arising on derecognition of the asset (calculated as structure is depreciated over a period of 5 years.
the difference between the net disposal proceeds and
Depreciation is calculated on a pro rata basis for assets
the carrying amount of the asset) is included in the
purchased/sold during the year.
consolidated Statement of profit and loss when such
asset is derecognised. The residual values, useful lives and methods of
depreciation of property plant and equipment are
Subsequent cost reviewed by management at each reporting date and
Subsequent costs are included in the asset’s carrying adjusted prospectively, as appropriate.
amount or recognised as a separate asset, as
appropriate, only when it is probable that the future Capital work-in-progress
economic benefits associated with expenditure will Cost of property, plant and equipment not ready for use
flow to the Group and the cost of the item can be as at the reporting date are disclosed as capital work-
measured reliably. All other subsequent cost are in-progress.

Investment properties (b) Business combination and intangible assets

(Recognition and initial measurement) Business combination and goodwill
Investment properties are properties held to earn The Group accounts for the business combinations
rentals or for capital appreciation, or both. Investment using the acquisition method when control is
properties are measured initially at their cost of transferred to the respective company of the Group.
acquisition, including transaction costs. Subsequent The consideration transferred in the acquisition is
costs are included in the asset’s carrying amount or generally measured at fair value as at the date the
recognized as a separate asset, as appropriate, only control is acquired (‘acquisition date’), as are the
when it is probable that future economic benefits net identifiable assets (tangible and other intangible
associated with the asset will flow to the Group. All assets) acquired and any non-controlling interest in
other repair and maintenance costs are recognized in the acquired business. Transaction costs are expensed
Statement of profit and loss as incurred as incurred, except to the extent related to the issue of
debt or equity securities.
Properties held under leases are classified as
investment properties when it is held to earn rentals or Goodwill is initially measured at cost, being the excess
for capital appreciation or for both, rather than for sale in of the aggregate of the consideration transferred over
the ordinary course of business or for use in production the net identifiable assets acquired and liabilities
or administrative functions. In case of subleases, where assumed. If the fair value of the net assets acquired is in
the Group is immediate lessor, the right of use arising excess of the aggregate consideration transferred, the
out of related sub leases is assessed for classification Group re-assesses whether it has correctly identified
as investment property. all of the assets acquired and all of the liabilities
assumed and reviews the procedures used to measure
Subsequent measurement the amounts to be recognized at the acquisition date.
(depreciation and useful lives) If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate
Investment properties are subsequently measured at
consideration transferred, then the gain is recognized in
cost less accumulated depreciation and accumulated
Other Comprehensive Income (‘OCI’) and accumulated
impairment losses, if any. Depreciation on investment
in equity as capital reserve. However, if there is no clear
properties is provided on the straight-line method over
evidence of bargain purchase, the entity recognises
the lease period of the right-of-use assets.
the gain directly in equity as capital reserve, without
Though, the Group measures investment properties routing the same through OCI.
using cost based measurement, the fair value of
Any goodwill that arises is not amortised but is tested
investment property is disclosed in the notes. Fair
for impairment at least on an annual basis, based
values are determined based on an annual evaluation
on a number of factors, including operating results,
performed by an accredited external independent valuer
business plans and future cash flows.
applying a valuation model acceptable internationally.
The consideration transferred does not include
De-recognition amounts related to the settlement of pre-existing
Investment properties are de-recognized either relationships with the acquirer. Such amounts are
when they have been disposed of or when they are generally recognised in the consolidated Statement of
permanently withdrawn from use and no future profit and loss.
economic benefit is expected from their disposal. The
difference between the net disposal proceeds, if any, Other intangible assets
and the carrying amount of the asset is recognized in Intangible assets that are acquired are recognised
the Statement of profit and loss in the period of de- only if it is probable that the expected future economic
recognition. benefits that are attributable to the asset will flow to
Statements 151

the Group and the cost of assets can be measured rebates and discounts and all other costs incurred in
reliably. The other intangible assets are recorded at bringing the inventories to their present location and
cost of acquisition including incidental costs related condition. Provision is made for items which are not
to acquisition and installation and are carried at cost likely to be consumed and other anticipated losses
less accumulated amortisation and impairment losses, wherever considered necessary. The comparison of
if any. cost and NRV for traded goods is made on at item
group level basis at each reporting date.
Gain or losses arising from derecognition of other
intangible assets are measured as the difference
(d) Leases
between the net disposal proceeds and the carrying
amount of the other intangible assets and are The Group as a lessee
recognised in the consolidated Statement of profit and The Group enters into an arrangement for lease of
loss when the asset is derecognised. buildings and office equipments. Such arrangements
are generally for a fixed period but may have extension
i. Subsequent cost
or termination options. In accordance with Ind AS
Subsequent cost is capitalised only when it 116 – Leases, at inception of the contract, the Group
increases the future economic benefits embodied assesses whether a contract is, or contains a lease.
in the specific asset to which it relates. All the A lease is defined as ‘a contract, or part of a contract,
subsequent expenditure on other intangible that conveys the right to control the use an asset (the
assets is recognised in consolidated Statement of underlying asset) for a period of time in exchange for
profit and loss, as incurred. consideration’.
ii. Amortisation To assess whether a contract conveys the right
to control the use of an identified asset, the Group
Amortisation is calculated to write off the cost of
assesses whether:
other intangible assets over their estimated useful
lives as stated below using straight-line method. • The contract involves the use of an identified asset
Amortisation is calculated on a pro-rata basis for – this may be specified explicitly or implicitly,
assets purchased /disposed during the year. and should be physically distinct or represent
substantially all of the capacity of a physically
Amortisation has been charged based on the
distinct asset. If the supplier has a substantive
following useful lives:
substitution right, then the asset is not identified;
Asset description Useful life of asset
(in years) • The Group has the right to obtain substantially
License fee 10 all of the economic benefits from use of the asset
throughout the period of use; and
Franchisee rights 10
Computer software 6 • The Group assessese whether it has the right to
direct ‘how and for what purpose’ the asset is used
Amortisation method, useful lives and residual
throughout the period of use. At inception or on
values are reviewed at each reporting date and
reassessment of a contract that contains a lease
adjusted prospectively, if appropriate.
component, the Group allocates the consideration
in the contract to each lease component on the
(c) Inventories
basis of their relative stand-alone prices. However,
Inventories consist of raw materials which are of a for the leases of land and buildings in which it is
perishable nature and traded goods. Inventories are a lessee, the Group has elected not to separate
valued at lower of cost and net realisable value (‘NRV’). non-lease components and account for the lease
Raw materials are not written down below cost except and non-lease components as a single lease
in cases where material prices have declined and it is component.
estimated that the cost of the finished goods will exceed
their NRV. Cost of inventories has been determined Measurement and recognition of leases as a lessee
using weighted average cost method and comprise The Group recognises a right-of-use asset and a lease
all costs of purchase after deducting non-refundable liability at the lease commencement date. The right-of-

use asset is initially measured at cost, which comprises there is a change in future lease payments arising from
the initial amount of the lease liability adjusted for any a change in an index or rate, if there is a change in the
lease payments made at or before the commencement Group’s estimate of the amount expected to be payable
date, plus any initial direct costs incurred and an estimate under a residual value guarantee, or if the Group changes
of costs to dismantle and remove the underlying asset its assessment of whether it will exercise a purchase,
or to restore the underlying asset or the site on which it extension or termination option. When the lease liability
is located, less any lease incentives received. is remeasured in this way, a corresponding adjustment
is made to the carrying amount of the right-of-use
The right-of-use assets is subsequently measured at
asset, or is recorded in Statement of profit and loss if
cost less any accumulated depreciation, accumulated
the carrying amount of the right-of-use asset has been
impairment losses (unless such right of use assets
reduced to zero, as the case may be.
fulfills the requirements of Ind AS 40 - Investment
Property and is accounted for as there under), if any The Group presents right-of-use assets that do not
and adjusted for any re-measurement of the lease meet the definition of investment property on the face
liability. The right-of-use assets is depreciated using of balance sheet below ‘property, plant and equipment’
the straight-line method from the commencement and lease liabilities under ‘financial liabilities’ in the
date over the shorter of lease term or useful life of balance sheet.
right-of-use asset. Right-of-use assets are tested for
The Group has elected not to apply the requirements of
impairment whenever there is any indication that their
Ind AS 116-Leases to short-term leases of all assets
carrying amounts may not be recoverable. Impairment
that have a lease term of 12 months or less and leases
loss, if any, is recognised in the Statement of profit and
for which the underlying asset is of low value. The lease
loss.
payments associated with these leases are recognized
The lease liability is initially measured at the present as an expense on a straight-line basis over the lease
value of the lease payments that are not paid at the term.
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily The Group as a lessor
determined, the Group’s incremental borrowing rate. When the Group acts as a lessor, it determines at lease
Generally, the Group uses its incremental borrowing inception whether each lease is a finance lease or
rate as the discount rate. an operating lease. To classify each lease, the Group
Lease payments included in the measurement of the makes an overall assessment of whether the lease
lease liability comprise the following: transfers substantially all of the risks and rewards
incidental to ownership of the underlying asset. If this
• fixed payments, including in-substance fixed is the case, then the lease is a finance lease; if not, then
payments; it is an operating lease. As part of this assessment, the
• variable lease payments that depend on an index Group considers certain indicators such as whether the
or a rate, initially measured using the index or rate lease is for the major part of the economic life of the
as at the commencement date; asset.
• amounts expected to be payable under a residual When the Group is an intermediate lessor, it accounts
value guarantee; and for its interests in the head lease and the sub-lease
separately. It assesses the lease classification of a
• the exercise price under a purchase option that sub-lease with reference to the right-of-use asset
the Group is reasonably certain to exercise, lease arising from the head lease, not with reference to the
payments in an optional renewal period if the Group underlying asset. If a head lease is a short-term lease
is reasonably certain to exercise an extension to which the Group applies the exemption described
option, and penalties for early termination of a above, then it classifies the sub-lease as an operating
lease unless the Group is reasonably certain not lease.
to terminate early.
The Group recognises lease payments received under
The lease liability is measured at amortised cost using operating leases as income on a straight-line basis
the effective interest method. It is remeasured when over the lease term as part of ‘other income’.
Statements 153

The accounting policies applicable to the Group as cash inflows of other assets or cash generating units
a lessor in the comparative period were not different (‘CGU’). Goodwill arising from a business combination
from Ind AS 116. However, when the Group was an is allocated to a CGU or groups of CGU that are expected
intermediate lessor the sub-leases were classified with to benefit from the synergies of the combination.
reference to the underlying asset.
The recoverable amount of an asset or CGU is the
The Group recognises lease payments received under greater of its value in use and its fair value less costs
operating leases as income on a straight-line basis to sell. Value in use is based on the estimated future
over the lease term. In case of a finance lease, finance cash flows, discounted to their present value using a
income is recognised over the lease term based on a discount rate that reflects current market assessments
pattern reflecting a constant periodic rate of return on of the time value of money and the risks specific to
the lessor’s net investment in the lease. When the Group the asset or CGU. An impairment loss is recognised
is an intermediate lessor it accounts for its interests in if the carrying amount of an asset or CGU exceeds its
the head lease and the sub-lease separately. It assesses estimated recoverable amount.
the lease classification of a sub-lease with reference to
the right-of-use asset arising from the head lease, not Impairment losses are recognised in the consolidated
with reference to the underlying asset. If a head lease Statement of profit and loss. They are allocated first to
is a short term lease to which the Group applies the reduce the carrying amount of any goodwill allocated
exemption described above, then it classifies the sub- to the CGU and then to reduce the carrying amounts of
lease as an operating lease. the other assets in the CGU on a pro-rata basis.
An impairment loss in respect of goodwill is not

Lease payments
reversed. For other assets, an impairment loss is
Lease payments in respect of assets taken on operating reversed only if there has been a change in the
lease are charged to the consolidated Statement of estimates used to determine the recoverable amount.
profit and loss on a straight-line basis over the period Such a reversal is made only to the extent that the
of the lease unless the payments are structured to asset’s carrying amount does not exceed the carrying
increase in line with the expected general inflation to amount that would have been determined, net of
compensate the lessor’s expected inflationary cost depreciation or amortisation, if no impairment loss had
increases. been recognised.
(e) Borrowing costs (g) Provisions and contingent liabilities and assets
Borrowing costs attributable to the acquisition or Provisions
construction of a qualifying asset are capitalised
Provisions are recognised when the Group has a
as part of the cost of the asset. A qualifying asset is
present legal or constructive obligation as a result of a
one that necessarily takes substantial period of time
past events, it is probable that an outflow of resources
to get ready for intended use. Other borrowing costs
embodying economic benefits will be required to settle
are recognised as an expense in the period in which
the obligation and a reliable estimate can be made of
they are incurred. Borrowing cost includes exchange
the amount of the obligation.
differences to the extent regarded as an adjustment to
the borrowing costs, if any. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
(f) Impairment - non-financial assets that reflects current market assessments of the time
At each reporting date, the Group reviews the carrying value of money and the risks specific to the liability.
amounts of its non-financial assets to determine When discounting is used, the increase in the provision
whether there is any indication of impairment. If any due to the passage of time is recognised as a finance
such indication of impairment exists, then the asset’s cost.
recoverable amount is estimated. For impairment
testing, assets are grouped together into the smallest Contingent liabilities
group of assets that generates cash inflows from Contingent liabilities are possible obligations that
continuing use that are largely independent of the arise from past events and whose existence will only

be confirmed by the occurrence or non-occurrence of the end of the reporting period. The defined benefit
one or more uncertain future events not wholly within obligation is calculated by actuary using the projected
the control of the Group. Where it is not probable that unit credit method.
an outflow of economic benefits will be required, or the
The present value of the defined benefit obligation is
amount cannot be estimated reliably, the obligation is
determined by discounting the estimated future cash
disclosed as a contingent liability, unless the probability
outflows by reference to market yields at the end of the
of outflow of economic benefits is remote.
reporting period on government bonds that have terms
approximating to the terms of the related obligation.
(h) Employee benefits
Short-term employee benefits The net interest cost is calculated by applying the
discount rate to the net balance of the defined benefit
Employee benefit liabilities such as salaries, wages and
obligation. This cost and other costs are included
bonus, etc. that are expected to be settled wholly within
in employee benefits expense in the consolidated
twelve months after the end of the reporting period in
which the employees render the related service are
recognised in respect of employee’s services up to the Remeasurements of the net defined benefit liability,
end of the reporting period and are measured at an which comprise actuarial gains and losses, the return
undiscounted amount expected to be paid when the on plan assets (excluding interest) and the effect of the
liabilities are settled. asset ceiling (if any, excluding interest), are recognised
in other comprehensive income and transferred to
Post-employment benefit plans retained earnings.
Defined contribution plans Changes in the present value of the defined benefit
A defined contribution plan is a post-employment obligation resulting from settlement or curtailments
benefit plan under which the Group pays fixed are recognised immediately in consolidated Statement
contributions into a separate entity and will have no of profit and loss as past service cost.
legal or constructive obligation to pay further amounts.
The Group’s net obligation in respect of defined benefit
Payments to defined contribution plans are recognised
plans is calculated by estimating the amount of future
as an expense when employees have rendered service
benefit that employees have earned in the current and
entitling them to the contributions.
prior periods, discounting that amount and deducting
Defined benefit plans the fair value of any plan assets.
The Group has an obligation towards gratuity, a defined
Other long-term employee benefits
benefit retirement plan covering eligible employees.
The plan provides for a lump sum payment to vested Compensated absences
employees at retirement, death while in employment The Group’s net obligation in respect of compensated
or on termination of employment, of an amount based absences is the amount of benefit to be settled in
on the respective employee’s salary and the tenure of future, that employees have earned in return for their
employment. Vesting occurs upon completion of five service in the current and previous years. The benefit
years of service. is discounted to determine its present value. The
obligation is measured on the basis of an actuarial
Gratuity liability is partially funded by the Group through
valuation using the projected unit credit method.
annual contribution to DIL Employees Gratuity Trust
Remeasurements are recognised in consolidated
(the ‘Trust’) against ascertained gratuity liability. The
Statement of profit and loss in the period in which they
Trustees administer contributions made to the Trust
arise.
and contributions are invested in a scheme with the
Life Insurance Corporation of India as permitted by the (i) Share based payments
laws of India. The grant-date fair value of equity-settled share-based
The liability recognised in the consolidated Balance payment arrangements granted to eligible employees
Sheet in respect of defined benefit gratuity plan is of the Group under the Employee Stock Option Scheme
the present value of the defined benefit obligation at (‘ESOS’) is recognised as employee stock option
Statements 155

scheme expenses in the consolidated Statement if any relating to income taxes. It is measured using tax
of profit and loss, in relation to options granted to rates enacted for the relevant reporting period.
employees of the Group (over the vesting period of the
Current tax assets and current tax liabilities are offset
awards), with a corresponding increase in other equity.
only if there is a legally enforceable right to set off the
The amount recognised as an expense to reflect the
recognised amounts, and it is intended to realise the
number of awards for which the related service and
asset and settle the liability on a net basis.
non-market performance conditions are expected to
be met, such that the amount ultimately recognised is
Deferred tax
based on the number of awards that meet the related
service and non-market performance conditions at Deferred tax is recognised in respect of temporary
the vesting date. The increase in equity recognised in differences between the carrying amounts of assets
connection with a share based payment transaction is and liabilities for financial reporting purposes and the
presented in the “Employee stock options outstanding corresponding amounts used for taxation purposes.
account”, as separate component in other equity. For Deferred tax liabilities are recognised for all taxable
share-based payment awards with market conditions, temporary differences. Deferred tax assets are
the grant-date fair value of the share-based payment recognised to the extent that it is probable that future
is measured to reflect such conditions and there is no taxable profits will be available against which they can
true-up for differences between expected and actual be used. The existence of unused tax losses is strong
outcomes. At the end of each period, the Group revises evidence that future taxable profit may not be available.
its estimates of the number of options that are expected Therefore, in case of a history of recent losses, the Group
to be vested based on the non-market performance recognises a deferred tax asset only to the extent that it
conditions at the vesting date. has sufficient taxable temporary differences or there is
If vesting periods or other vesting conditions apply, convincing other evidence that sufficient taxable profit
the expense is allocated over the vesting period, based will be available against which such deferred tax asset
on the best available estimate of the number of share can be realised. Deferred tax assets - unrecognised or
options expected to vest. Upon exercise of share recognised, are reviewed at each reporting date and are
options, the proceeds received, net of any directly recognised / reduced to the extent that it is probable
attributable transaction costs, are allocated to share / no longer probable respectively that the related tax
capital up to the nominal (or par) value of the shares benefit will be realised.
issued with any excess being recorded as share Deferred tax is measured at the tax rates that are
premium. expected to apply to the period when the asset is
The dilutive effect of outstanding options is reflected as realised or liability is settled, based on the laws that
additional share dilution in the computation of diluted have been enacted or substantively enacted by the
earnings per share. reporting date.
The measurement of deferred tax reflects the tax

(j) Income taxes
consequences that would follow from the manner
Income tax expense comprises of current tax and in which the Group expects, at the reporting date, to
deferred tax. It is recognised in the consolidated profit recover or settle the carrying amount of its assets and
or loss except to the extent that it relates to items liabilities.
recognised in other comprehensive income or directly
in equity. Minimum Alternative Tax (‘MAT’) credit entitlement
under the provisions of the Indian Income-tax Act,
Current tax 1961 is recognised as a deferred tax asset when it is
Current tax comprises the expected tax payable or probable that future economic benefit associated with
receivable on the taxable income or loss for the year it in the form of adjustment of future income tax liability,
and any adjustment to the tax payable or receivable in will flow to the Group and the asset can be measured
respect of previous years. The amount of current tax reliably. MAT credit entitlement is set off to the extent
reflects the best estimate of the tax amount expected allowed in the year in which the Group becomes liable
to be paid or received after considering the uncertainty, to pay income taxes at the enacted tax rates. MAT credit

entitlement is reviewed at each reporting date and is equity and attributed to non-controlling interests as
recognised to the extent that is probable that future applicable.
taxable profits will be available against which they can
be used. MAT credit entitlement has been presented (l) Revenue recognition
as deferred tax asset in consolidated Balance Sheet. Under Ind AS 115 - Revenue from Contracts with
Significant management judgment is required to Customers, revenue is recognised upon transfer of
determine the probability of recognition of MAT credit control of promised goods or services to customers.
entitlement. Revenue is measured at the fair value of the
Deferred tax assets and deferred tax liabilities are consideration received or receivable, excluding
offset only if there is a legally enforceable right to offset discounts, incentives, performance bonuses, price
current tax liabilities and assets levied by the same tax concessions, amounts collected on behalf of third
authorities. parties, or other similar items, if any, as specified in
the contract with the customer. Revenue is recorded
(k) Foreign currency transactions and translations provided the recovery of consideration is probable and
determinable.
Monetary and non-monetary transactions in foreign
currencies are initially recorded in the functional
Sale of products
currency of the Group at the exchange rates at the date
of the transactions. Revenue from the sale of manufactured and traded
goods products is recognised upon transfer of control
Monetary foreign currency assets and liabilities of products to the customers which coincides with
remaining unsettled on reporting date are translated their delivery to customer and is measured at fair value
at the rates of exchange prevailing on reporting date. of consideration received/receivable, net of discounts,
Gains/(losses) arising on account of realisation/ amount collected on behalf of third parties and
settlement of foreign exchange transactions and on applicable taxes.
translation of monetary foreign currency assets and
liabilities are recognised in the consolidated Statement Revenue from outdoor catering services is recognised
of profit and loss. at a point in time, on completion of the respective
services agreed to be provided, the consideration is
Foreign exchange gains / (losses) arising on translation reliably determinable and no significant uncertainty
of foreign currency monetary loans are presented in the exists regarding the collection. The amount recognised
consolidated Statement of profit and loss on net basis. as revenue is net of applicable taxes.
However, foreign exchange differences arising from
foreign currency monetary loans to the extent regarded Service income and management fee
as an adjustment to borrowing costs are presented in
Revenue from marketing support services, management
the consolidated Statement of profit and loss, within
fee and auxiliary and business support services are
finance costs.
in terms of agreements with the customers and are
recognised on the basis of satisfaction of performance
Foreign operations
obligation over the duration of the contract from the
The assets and liabilities of foreign operations date the contracts are effective or signed provided the
including goodwill and fair value adjustments arising consideration is reliably determinable and no significant
on acquisition, are translated into Indian rupees (`), uncertainty exists regarding the collection. The amount
the functional currency of the Group at the exchange recognised as revenue is net of applicable taxes.
rate at the reporting date. The income and expenses
of foreign operations are translated to Indian rupees Rental income
(`) at exchange rates at the date of transactions or
Revenue from rentals is recognised over the period
an average rate if the average rate approximates the
of the contract provided the consideration is reliably
actual rate at the date of transaction.
determinable and no significant uncertainty exists
Foreign currency translation differences are recognised regarding the collection. The amount recognised as
in other comprehensive income and accumulated in revenue is net of applicable taxes.
Statements 157

Scrap sale • The contractual terms of the financial asset give

Sale of scrap is recognised upon transfer of control of rise on specified dates to cash flows that are
products to the customers which coincides with their Solely Payments of Principal and Interest (SPPI)
delivery to customer. on the principal amount outstanding.
A financial asset being ‘debt instrument’ is measured at
Interest income the FVTOCI if both of the following criteria are met:
Interest income on financial assets (including deposits The asset is held within the business model,
•
with banks) is recognised using the effective interest whose objective is achieved both by collecting
rate method. contractual cash flows and selling the financial
assets, and
(m) Financial instruments
• The contractual terms of the financial asset give
A financial instrument is any contract that gives rise to
rise on specified dates to cash flows that are SPPI
a financial asset of one entity and a financial liability or
on the principal amount outstanding.
equity instrument of another entity.
A financial asset being equity instrument is measured
Financial assets at FVTPL.
Recognition and initial measurement All financial assets not classified as measured at
Trade receivables and debt instruments are initially amortised cost or FVTOCI as described above are
recognised when they are originated. All other financial measured at FVTPL.
assets are initially recognised when the Group becomes
a party to the contractual provisions of the instrument. Subsequent measurement
All financial assets are initially measured at fair value Financial assets at amortised cost
plus, for an item not at fair value through consolidated
These assets are subsequently measured at amortised
Statement of profit and loss, transaction costs that are
cost using the effective interest method. The amortised
attributable to its acquisition or use.
cost is reduced by impairment losses, if any. Interest
Classification income and impairment are recognised in the
consolidated Statement of profit and loss.
For the purpose of initial recognition, the Group
classifies its financial assets in following categories:
Financial assets at FVTPL
• Financial assets measured at amortised cost; These assets are subsequently measured at fair value.
• Financial assets measured at fair value through Net gains and losses, including any interest income, are
other comprehensive income (FVTOCI); and recognised in the consolidated Statement of profit and
loss.
• Financial assets measured at fair value through
profit and loss (FVTPL) Derecognition
Financial assets are not reclassified subsequent to The Group derecognises a financial asset when the
their initial recognition, except if and in the period contractual rights to the cash flows from the financial
the Group changes its business model for managing asset expire, or it transfers the rights to receive the
financial assets. contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership
A financial asset being ‘debt instrument’ is measured
of the financial asset are transferred or in which the
at the amortised cost if both of the following conditions
Group neither transfers nor retains substantially all
are met:
of the risks and rewards of ownership and it does not
• The financial asset is held within a business model retain control of the financial asset. Any gain or loss
whose objective is to hold assets for collecting on derecognition is recognised in the consolidated
contractual cash flows, and Statement of profit and loss.

Impairment of financial assets (other than at fair value) Financial liabilities other than classified as FVTPL,
The Group recognises loss allowances using the are subsequently measured at amortised cost using
Expected Credit Loss (ECL) model for the financial the effective interest method. Interest expense
assets which are not fair valued through profit and loss. are recognised in consolidated Statement of profit
Loss allowance for trade receivables with no significant and loss. Any gain or loss on derecognition is also
financing component is measured at an amount equal recognised in the consolidated Statement of profit and
to lifetime ECL. For all other financial assets, expected loss.
credit losses are measured at an amount equal to the
12-month ECL, unless there has been a significant Compound financial instruments
increase in credit risk from initial recognition, in which Compound financial instruments are bifurcated into
case those financial assets are measured at lifetime liability and equity components based on the terms of
ECL. The changes (incremental or reversal) in loss the contract.
allowance computed using ECL model, are recognised
The liability component of compound financial
as an impairment gain or loss in the consolidated
instruments is initially recognised at the fair value of a
similar liability that does not have an equity conversion
option. The equity component is initially recognised at
Write-off
the difference between the fair value of the compound
The gross carrying amount of a financial asset is written
financial instrument as a whole and the fair value
off (either partially or in full) to the extent that there is
of the liability component. Any directly attributable
no realistic prospect of recovery. This is generally the
transaction costs are allocated to the liability and
case when the Group determines that the counterparty
equity components in proportion to their initial carrying
does not have assets or sources of income that could
amounts.
generate sufficient cash flows to repay the amounts
subject to write-off. However, financial assets that Subsequent to the initial recognition, the liability
are written off could still be subject to enforcement component of the compound financial instrument is
activities in order to comply with the Group’s procedures measured at amortised cost using the effective interest
for recovery of amounts due. method. The equity component of the compound
financial instrument is not measured subsequently.
Interest on liability component is recognised in
Recognition and initial measurement
consolidated Statement of profit and loss. On
All financial liabilities are initially recognised when the conversion, the liability component is reclassified to
Group becomes a party to the contractual provisions equity and no gain or loss is recognised.
of the instrument. All financial liabilities are initially
measured at fair value minus, for an item not at fair Derecognition
value through profit and loss, transaction costs that are The Group derecognises a financial liability when its
attributable to the liability. contractual obligations are discharged or cancelled, or
expired.
Classification and subsequent measurement
The Group also derecognises a financial liability when
Financial liabilities are classified as measured at
its terms are modified and the cash flows under the
amortised cost or FVTPL.
modified terms are substantially different. In this case,
A financial liability is classified as FVTPL if it is classified a new financial liability based on modified terms is
as held-for-trading, or it is a derivative or it is designated recognised at fair value. The difference between the
as such on initial recognition. Financial liabilities at carrying amount of the financial liability extinguished
FVTPL are measured at fair value and net gains and and the new financial liability with modified terms is
losses, including any interest expense, are recognised in recognised in the consolidated Statement of profit and
the consolidated Statement of profit and loss. loss.
Statements 159

Offsetting of financial instruments • it is expected to be realised within 12 months after

the reporting date; or
Financial assets and financial liabilities are offset, and
the net amount presented in the consolidated Balance • it is cash or cash equivalent unless it is restricted
Sheet when, and only when, the Group currently has a from being exchanged or used to settle a liability
legally enforceable right to set off the amounts and it for at least 12 months after the reporting period.
intends either to settle them on a net basis or to realise Current assets include the current portion of non-
the assets and settle the liabilities simultaneously. current financial assets. All other assets are classified
as non-current.
Derivative financial instruments
The Group holds derivative financial instruments to Liabilities
hedge its interest rate risk exposures. Such derivative A liability is classified as current when it satisfies any of
financial instruments are initially recognised at fair the following criteria:
value. Subsequent to initial recognition, derivatives
• it is expected to be settled in the Group’s normal
are measured at fair value, and changes therein are
operating cycle;
recognised in consolidated Statement of profit and
loss. • it is held primarily for the purpose of being traded;
• it is due to be settled within 12 months after the
(n) Earnings per share reporting period; or
The Group presents basic and diluted earnings per • the Group does not have an unconditional right
share (EPS) data for its equity shares. Basic EPS is to defer settlement of the liability for at least 12
calculated by dividing the consolidated Statement of months after the reporting period. Terms of a
profit and loss attributable to equity shareholders of the liability that could, at the option of the counterparty,
Group by the weighted average number of equity shares result in its settlement by the issue of equity
outstanding during the year. Diluted EPS is determined instruments do not affect its classification.
by adjusting consolidated Statement of profit and loss
Current liabilities include the current portion of non-
attributable to equity shareholders and the weighted
current financial liabilities. All other liabilities are
average number of equity shares outstanding, for the
classified as non-current.
effects of all dilutive potential equity shares, which
comprise share options granted to employees. Deferred tax assets and liabilities are classified as non-
current assets and liabilities.
The number of equity shares and potentially dilutive
equity shares are adjusted retrospectively for all periods
Operating cycle
presented for any share splits and bonus shares issues
including for changes effected prior to the approval of The operating cycle is the time between the acquisition
the financial statements by the Board of Directors. of assets for processing and their realisation in cash
or cash equivalents. Based on the nature of operations
(o) Current and non-current classification and the time between the acquisition of assets for
processing and their realisation in cash and cash
All assets and liabilities are classified into current and
equivalents, the Group has ascertained its operating
non-current.
cycle being a period of 12 months for the purpose of
Assets classification of assets and liabilities as current and
An asset is classified as current when it satisfies any of non- current.
the following criteria:
(p) Cash and cash equivalents
• it is expected to be realised in, or is intended
Cash and cash equivalents comprises of cash at banks
for sale or consumption in, the Group’s normal
and on hand, cheques on hand and short-term deposits
operating cycle;
with an original maturity of three months or less, which
• it is held primarily for the purpose of being traded; are subject to an insignificant risk of changes in value.

(q) Segment reporting of a non-cash nature and any deferrals or accruals of

As the Group’s business activity primarily falls within past or future cash receipts or payments. The cash
a single business and the geographical segments flows from regular revenue generating, financing
considered are “within India” and “outside India” and and investing activities of the Group are segregated.
the Chief Operating Decision Maker monitors the Cash and cash equivalents in the cash flow comprise
operating results of its business units not separately cash at bank, cash/cheques in hand and short-term
for the purpose of making decisions about resource investments with an original maturity of three months
allocation and performance assessment. Segment or less.
performance is evaluated based on profit or loss and
(u) Discontinued operations
is measured consistently with profit or loss in the
consolidated financial statements, accordingly the A discontinued operation is a component of the entity
relevant disclosures has been provided under Ind that has been disposed of or is classified as held for
AS 108 –“Segment Reporting”. The management sale and that represents a separate major line of
considers that the various goods and services provided business or geographical area of operations, is part
by the Group constitutes single business segment, of a single coordinated plan to dispose of such a line
since the risk and rewards from these services are not of business or area of operations, or is a subsidiary
different from one another.The analysis of geographical acquired exclusively with a view to resale. rofit or loss
segments is based on geographical location of the from discontinued operations comprise the post-tax
customers. profit or loss of discontinued operations and the post-
tax gain or loss resulting from the measurement and
(r) Functional and presentation currency
disposal of assets classified as held for sale. Any profit
The management has determined the currency of the or loss arising from the sale or re-measurement of
primary economic environment in which the Group discontinued operations is presented as part of a single
operates, i.e., the functional currency, to be Indian line item, profit or loss from discontinued operations
Rupees (`). The financial statements are presented separately in the statement of profit and loss.
in Indian Rupees, which is the Group’s functional and
presentation currency. All amounts have been rounded (v) Share issue expense
to the nearest millions up to two decimal places, unless
Share issue expenses are adjusted against the
otherwise stated. Consequent to rounding off, the
numbers presented throughout the document may not Securities Premium Account as permissible under
add up precisely to the totals and percentages may not Section 52 of the Companies Act, 2013, to the extent
precisely reflect the absolute amounts. any balance is available for utilisation in the Securities
Premium Account. Share issue expenses in excess
(s) Exceptional items of the balance in the Securities Premium Account is
Exceptional items are transactions which due to their expensed in the Statement of profit and loss.
size or incidence are separately disclosed to enable a
full understanding of the Group’s financial performance. (w) Recent accounting pronouncements
The Ministry of Corporate Affairs (“MCA”) notifies new
(t) Cash flow statement standard or amendments to the existing standards.
Cash flows are reported using indirect method, whereby There is no such notification which would have been
profit before tax is adjusted for the effects transactions applicable to the Group from 01 April 2021.
3A Property, plant and equipment
Particulars Freehold Buildings Leasehold Plant and Furniture Electrical Office Computers Utensil and Vehicles Total
Land improvements equipment and fixtures fittings equipments kitchen
equipments
As at 31 March 2019 103.91 431.93 2,311.22 2,973.73 523.65 133.01 174.17 274.85 236.31 67.35 7,230.13
Acquisitions through business combination - - 44.67 24.03 1.79 - 0.01 1.72 3.85 0.25 76.32
(refer note 50)
Additions other than above - - 268.41 297.16 55.15 9.06 23.17 133.79 55.48 6.95 849.17
Disposals - - 198.75 171.84 91.35 2.94 2.70 17.93 17.47 9.00 511.98
Exchange differences on translation - - 26.50 25.35 10.95 0.14 0.46 (0.03) - (0.09) 63.28
of foreign operations
As at 31 March 2020 103.91 431.93 2,452.05 3,148.43 500.19 139.27 195.11 392.40 278.17 65.46 7,706.92
Acquisitions through business combination - - 216.80 98.96 10.83 - 0.03 8.51 23.23 2.34 360.70
(refer note 50)
Additions other than above - 23.39 275.43 415.77 42.66 6.13 26.49 80.95 54.21 13.47 938.50
Disposals - - 603.92 590.78 171.74 39.79 32.05 87.69 106.68 36.35 1,669.00
Exchange differences on translation - - (28.02) (19.36) (12.41) - (0.70) - - (0.23) (60.72)
01
As at 31 March 2021 103.91 455.32 2,312.34 3,053.02 369.53 105.61 188.88 394.17 248.93 44.69 7,276.40
As at 31 March 2019 - 28.27 644.25 731.60 186.76 41.80 37.68 115.18 71.78 43.67 1,900.99
Overview
Depreciation - 12.93 321.74 316.55 90.13 18.38 19.85 55.75 39.95 10.41 885.69
Corporate
Disposals - - 62.15 52.33 32.91 1.49 0.76 12.37 9.88 8.40 180.29
Exchange differences on translation - - 11.79 5.92 4.50 0.04 0.45 0.02 - (0.07) 22.65
As at 31 March 2020 - 41.20 915.63 1,001.74 248.48 58.73 57.22 158.58 101.85 45.61 2,629.04
Depreciation - 14.16 260.55 365.88 65.03 11.70 22.37 63.68 37.02 7.69 848.08
25
Disposals - - 253.20 241.84 98.90 26.33 15.47 73.00 59.33 32.77 800.84
Exchange differences on translation - - (17.57) (11.22) (6.58) - (0.54) - - (0.07) (35.98)
Reports
As at 31 March 2021 - 55.36 905.41 1,114.56 208.03 44.10 63.58 149.26 79.54 20.46 2,640.30
Statutory
As at 31 March 2019 - 42.27 204.41 185.29 22.26 4.99 5.74 11.18 8.84 3.67 488.65
Impairment loss (refer note 42) - - 40.04 68.71 2.43 2.58 3.06 3.17 2.87 0.13 122.99
Impairment (reversal) (refer note 42) - (18.10) (51.71) (81.77) (3.52) (2.92) (3.27) (6.69) (4.61) (0.74) (173.33)
Disposals - - 103.20 30.11 10.73 0.63 0.26 1.26 0.55 0.23 146.97
As at 31 March 2020 - 24.17 89.54 142.12 10.44 4.02 5.27 6.40 6.55 2.83 291.34
45
Impairment loss (refer note 42) 22.65 1.90 216.39 165.23 10.70 10.91 19.56 10.82 45.95 2.46 506.57
Impairment (reversal) (refer note 42) - - (16.69) (29.69) (1.07) (1.07) (0.58) (1.99) (0.41) (0.01) (51.50)
Disposals 22.65 - 246.97 63.90 9.57 8.74 10.43 7.78 43.56 3.44 417.05
As at 31 March 2021 - 26.07 42.27 213.76 10.50 5.12 13.82 7.45 8.53 1.84 329.36
Financial
Net carrying amount

Statements
As at 31 March 2020 103.91 366.56 1,446.88 2,004.57 241.27 76.52 132.62 227.42 169.77 17.02 4,786.54
As at 31 March 2021 103.91 373.89 1,364.66 1,724.70 151.00 56.39 111.48 237.46 160.86 22.39 4,306.74
Note:
i) For details regarding charge on property, plant and equipment- refer note 17.
ii) For details regarding capitalisation of expenses incurred during construction period- refer note 41.
161
iii) For details regarding contractual commitments for the acquisition of property, plant and equipment- refer note 39.

3B Capital work-in-progress
Particulars Amount
As at 1 April 2019 115.18
Additions 862.31
Transfers to property, plant and equipment (842.22)
As at 31 March 2020 135.27
Additions 909.12
Transfers to property, plant and equipment (901.64)
As at 31 March 2021 142.75
3C Investment properties (refer note 37)

Leasehold
Owned Investment
Particulars Investment Total
Properties
Properties
As at 1 April 2019 - - -
Recognition on transition to Ind AS 116, Leases 470.66 - 470.66
Additions 5.90 - 5.90
Disposals (9.07) - (9.07)
As at 31 March 2020 467.49 - 467.49
Additions 11.96 169.63 181.59
Disposals (122.73) - (122.73)
As at 31 March 2021 356.72 169.63 526.35
As at 1 April 2019 - - -
Depreciation 52.73 - 52.73
As at 31 March 2020 52.73 - 52.73
Depreciation 46.74 1.41 48.15
Disposals (31.19) - (31.19)
As at 31 March 2021 68.28 1.41 69.69
As at 1 April 2019 - - -
Impairment loss (refer note 42) 0.77 - 0.77
As at 31 March 2020 0.77 - 0.77
Impairment loss (refer note 42) - - -
Impairment (reversal) (refer note 42) - - -
Disposals - - -
As at 31 March 2021 0.77 - 0.77
Net carrying amount as at 31 March 2020 413.99 - 413.99
Net carrying amount as at 31 March 2021 287.67 168.22 455.89
3D Right-of-use assets (refer note 36)

Amounts recognised in balance sheet
The balance sheet shows the following amounts relating to leases:
As at As at
Particulars
31 March 2021 31 March 2020
Right-of-use assets
Leasehold property 7,204.70 11,510.25
Accumulated amortisation (424.26) (1,076.56)
Accumulated impairment (refer note 42) (120.24) (82.86)
Net carrying amount 6,660.20 10,350.83
Statements 163

4 Goodwill
Particulars Goodwill on Goodwill on business Amount
consolidation combination
As at 1 April 2019 206.17 9.49 215.66
Acquisitions through business combination (refer note 50) - 74.97 74.97
As at 31 March 2020 206.17 84.46 290.63
Acquisitions through business combination (refer note 50) - 420.11 420.11
As at 31 March 2021 206.17 504.57 710.74
As at 1 April 2019 54.33 - 54.33
Impairment loss (refer note 42) 11.96 - 11.96
As at 31 March 2020 66.29 - 66.29
Impairment loss (refer note 42) - - -
As at 31 March 2021 66.29 - 66.29
Net carrying amount
As at 31 March 2020 139.88 84.46 224.34
As at 31 March 2021 139.88 504.57 644.45
Impairment testing for goodwill

Goodwill on consolidation
The Group tests goodwill on consolidation for impairment annually. For the purposes of impairment testing, goodwill on
consolidation is allocated to respective subsidiary entity “CGU” within the Group.
The carrying amount of goodwill is attributable to the following CGU / group of CGUs:
As at As at
Particulars
31 March 2021 31 March 2020
Devyani Airport Services (Mumbai) Private Limited - -
RV Enterprizes Pte. Limited - -
Total 139.88 139.88
For CGU’s containing goodwill, management conducts impairment assessment and compares the carrying amount
of such CGU with its recoverable amount. Recoverable amount is value in use of the CGU computed based upon
discounted cash flow projections. The key assumptions used for computation of value in use are the sales growth rate
and discount rate as specified below. The key assumptions have been determined based on management’s calculations
after considering, past experiences and other available internal information and are consistent with external sources of
information to the extent applicable.
As at As at
Key assumptions
31 March 2021 31 March 2020
Discount rate 19.00% - 21.00% 12.11% - 29.90%
Average sales growth rate 32 -36% Nil - 20%.
Discount rate is the weighted average cost of capital of the respective subsidiary (CGU).

The Group, for CGU, has considered it appropriate to undertake the impairment assessment with reference to the
latest business plan which includes a 5 years (approximately) cash flow forecast and applicable terminal growth rate.
Terminal growth is used to extrapolate the cash flows beyond the projected period.
During the year ended 31 March 2020, based on management’s impairment assessment in respect of RV Enterprizes
Pte. Limited, recoverable amount was expected to be lower than the carrying amount for such CGU due to higher
operating costs and this resulted in provision for impairment loss of goodwill of ` 11.96 during then year ended and
the provision for impairment loss has been disclosed under “Impairment on non-financial assets” in the Restated
Consolidated Statement of Profit and loss.
Goodwill on business combination

In accordance with Ind AS 36 “Impairment of Assets”, the Group has identified individual quick service restaurants
(stores) as a separate cash generating unit (CGU) for the purpose of impairment review.
Goodwill amounting to ` 504.57 (previous year ` 74.97) is allocated across multiple stores acquired under business
combination during the current year. The entire goodwill allocated over the stores acquired under business combination
agreement, is tested for impairment wherein the recoverable amount is compared with the carrying amount of these
stores.
The key assumptions have been determined based on management’s calculations after considering, past experiences
and other available internal information and are consistent with external sources of information to the extent applicable
(also refer note 42).
For goodwill impairment assessment management believes that any reasonably possible change in the key assumptions
Statements 165

5 Other intangible assets

Franchisee Computer
Particulars License fees Total
rights softwares
As at 1 April 2019 - 479.54 95.86 575.40
Acquisitions through business combination 143.61 33.91 - 177.52
(refer note 50)
Disposals - 44.59 1.74 46.33
Exchange differences on translation of foreign - 2.22 - 2.22
operations
As at 31 March 2020 143.61 563.88 109.59 817.08
Acquisitions through business combination 916.22 198.79 - 1,115.01
(refer note 50)
Disposals - 51.36 8.97 60.33
Exchange differences on translation of foreign - (2.04) - (2.04)
operations
As at 31 March 2021 1,059.83 1,052.58 105.76 2,218.17
Accumulated amortisation
As at 1 April 2019 - 110.16 57.28 167.44
Amortisation - 52.97 12.84 65.81
Disposals - 19.19 1.20 20.39
Exchange differences on translation of foreign - 1.21 - 1.21
operations
As at 31 March 2020 - 145.15 68.92 214.07
Amortisation 48.46 80.34 14.54 143.34
Disposals - 19.91 8.37 28.28
Exchange differences on translation of foreign - (1.21) - (1.21)
operations
As at 31 March 2021 48.46 204.37 75.09 327.92
As at 1 April 2019 - 36.23 7.88 44.11
Impairment loss (refer note 42) - 10.83 - 10.83
Disposals - 11.82 0.22 12.04
As at 31 March 2020 - 17.93 7.66 25.59
Impairment loss (refer note 42) - 41.17 0.35 41.52
Disposals - 27.37 0.61 27.98
As at 31 March 2021 - 27.66 7.40 35.06
Net carrying amount
As at 31 March 2020 143.61 400.80 33.01 577.42
As at 31 March 2021 1,011.37 820.55 23.27 1,855.19
Note: There are no internally generated/ developed intangible assets.

6. Investments accounted for using equity method

As at As at
Particulars
31 March 2021 31 March 2020
Interest in joint venture
Investment in unquoted equity shares
(accounted using equity method per Ind AS 28,
Investments in Associates and Joint Ventures)
Nil (previous year: 7,223,144) equity shares of The Minor Food Group - 25.00
(India) Private Limited of ` 10/- each, fully paid up (refer note 47)
Provision for impairment loss in the value of investments - (25.00)
Aggregate value of unquoted non-current investment - -
Aggregate provision for impairment in value of investments - 25.00
The Company does not have any quoted investments during the current and previous years.
7 Loans
Security deposits 435.36 491.60 143.11 129.17
(considered good, unsecured)
435.36 491.60 141.57 128.13
8 Other financial assets

Unsecured, considered good
Bank deposits ^ # 14.95 18.45 0.07 0.36
Lease rental receivables 56.27 21.59 11.73 1.04
Finance lease receivables 96.16 142.23 10.03 11.19
Other receivables - - 84.23 23.79
167.38 182.27 106.06 36.38
Other receivables (credit impaired) - - 2.96 2.96
167.38 182.27 106.06 36.38
^Bank deposits include ` 14.95 (previous year : ` 16.24) as deposits with banks under lien. These deposits are used for issuing letter
of credit/standby letter of credit/ bank guarantees.
# Includes interest accrued but not due on bank deposits amounting to ` 0.01 (previous year: ` 2.21)
Statements 167

9 Other assets
Capital advances 147.42 25.20 - -
Prepaid expenses 15.13 8.92 33.01 52.32
Prepaid rent 5.73 9.68 1.59 1.89
Balance with statutory/government 26.13 26.96 72.21 69.67
authorities
Advances to employees - - 25.07 19.48
Share issue expenses (refer note 55) - - 5.88 -
Advance to suppliers 0.15 0.46 70.10 70.56
194.56 71.22 201.58 213.15
10 Inventories
31 March 2021 31 March 2020
(Valued at the lower of cost and net realisable value)
Raw materials including packaging materials 621.97 539.41
Stock-in-trade - 181.46
621.97 720.87
11 Trade receivables
31 March 2021 31 March 2020
Trade receivables
- Considered good- unsecured 168.80 172.99
- Credit impaired 34.00 28.66
202.80 201.65
Less: loss allowance (34.00) (28.66)
168.80 172.99
Sub notes:
Trade receivables includes receivables from related parties. Refer note 38.
The carrying amount of trade receivables approximates their fair values, is included in note 35.
The Group’s exposure to credit and currency risks, and impairment allowances related to trade receivables is disclosed
in note 35.
12 Cash and cash equivalents
31 March 2021 31 March 2020
Balance with banks :
- On current accounts 351.16 125.04
Cash in hand 38.97 6.47
Cash in transit 9.49 0.75
399.62 132.26

13 Bank balances other than cash and cash equivalents

31 March 2021 31 March 2020
Other bank balances*
- On deposit accounts^ 5.71 28.06
5.71 28.06
*Bank deposits ` 5.71 (previous year: ` 28.06) as deposits with banks under lien. These deposits are used for issuing letter of credit/
standby letter of credit/bank guarantees.
^ Includes interest accrued but not due on bank deposits amounting to ` 0.01 (previous year: ` 0.01)
14 Equity share capital

31 March 2021 31 March 2020
Authorised capital
1,250.00 1,250.00
Issued, subscribed and fully paid -up
1,153.63 1,061.67
a) Reconciliation of the equity shares outstanding at the beginning and at the end of the year:
No. of shares Amount No. of shares Amount
Equity shares issued, subscribed and paid
up
At the beginning of the year 106,166,666 1,061.67 106,166,666 1,061.67
Issued during the year 9,196,833 91.96 - -
At the end of the year 115,363,499 1,153.63 106,166,666 1,061.67
Equity shares of ` 1/-each as at 31 March 1,153,634,990 1,153.63 - -
2021 pursuant to share split with effect
from 25 March 2021
b) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity share having a par value of ` 1/- per share (pursuant to the share split
from ` 10/- to ` 1/- per share with effect from 25 March 2021) . Each holder of the equity share is entitled to one vote
per share and is entitled to dividend declared, if any. The paid up equity shares of the Company rank pari-passu in all
respects, including dividend. In the event of liquidation of the Company, the holders of the equity shares will be entitled
to remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in
proportion to the number of equity shares held by the shareholder.
During the current year, Yum Restaurants India Private Limited (“YRIPL”) has been allotted 5,308,333 (pre-split of
shares) equity shares of ` 10/- each of the Company. Further, Dunearn Investments (Mauritius) Pte Limited (“Dunearn”),
and YRIPL, both the investors in the Company, enjoy certain exit rights as defined in their respective Shareholder’s
Agreements executed with the Company, including buyback of equity shares by the Company, equity swap in another
listed entity of the Promoters (‘RJ Corp Limited’), purchase by the Promoters or sale to third party, in either of the
manner - as the case may be, in an eventuality of DIL not able to complete an IPO by a specified date.
Statements 169

c) Shares reserved for issue under options and contracts

For terms and other details of shares reserved for issue and options exercised during the year under Employee Stock
Option Scheme (“ESOS”) of the Company- refer note 40.
d) Shares held by holding/ultimate holding company and/or their subsidiaries/associates

-RJ Corp Limited, India, holding and ultimate
holding company
Equity shares of ` 10/- each fully paid-up - - 81,108,607 76.40
Equity shares of ` 1/- each fully paid-up * 804,821,970 69.76 - -
804,821,970 69.76 81,108,607 76.40
e) Particulars of shareholders holding more than 5% shares in the Company

- RJ Corp Limited, India, holding
company
- Dunearn Investments (Mauritius) Pte
Limited
- Mr. Varun Jaipuria
Equity shares of ` 10/- each - - 70,04,726 6.60
*The face value of equity shares of the Company has been split from ` 10/- to ` 1/- per share with effect from 25 March 2021
f)
For the period of five years immediately preceding the date of the Consolidated Balance Sheet, there was no share
allotment made for consideration other than cash. Further, no bonus shares have been issued and there has been no
buy back of shares during the period of five years immediately preceding 31 March 2021 and 31 March 2020.
15 Other equity (refer Consolidated Statement of Changes in Equity)

a) Reserves and Surplus
31 March 2021 31 March 2020
Securities premium 8,126.54 4,632.61
General reserve 5.47 5.47
Retained earnings (8,874.67) (8,317.00)
Employee stock options outstanding account (refer note 40) 14.40 101.24
Exchange difference of translation of foreign operations 712.36 625
Total (15.90) (2,952.68)
i.) Securities premium is used to record the premium on issue of shares. It will be utilised in accordance with the
provisions of the Companies Act, 2013.

ii.) General reserve are free reserves of the Group which are kept aside out of the Company’s profit to meet the future
requirements as and when they arise. The Group had, in the previous years, transferred a portion of profit after tax
to general reserve pursuant to the provisions of the erstwhile Companies Act, 1956.
iii.) Retained earnings are the accumulated losses earned by the Company till date, as adjusted for distribution to
owners.
iv.) Employee stock option outstanding account is used to record the impact of employee stock option schemes. Refer
note 40 for further details of these plans.
b) Other comprehensive income

i.) Other comprehensive income pertains to remeasurement gains/ (losses) on defined benefit plans
ii.) Exchange differences on translation of foreign operations are foreign currency translation differences which are
recognised in other comprehensive income.
16 Lease liabilities (refer note 36)

Lease liabilities (unsecured)# 7,936.96 11,759.04 787.38 1,122.83
7,936.96 11,759.04 787.38 1,122.83
# Secured to the extent of security deposit of ` 911.58 (previous year ` 919.29)
17 Borrowings
Term loans (secured) from banks:
Indian rupee term loans 2,923.83 2,653.76 447.12 712.09
Foreign currency term loans 143.90 235.11 111.68 113.96
Unsecured term loans from others:
Redeemable, non-cumulative, non- 77.23 47.91 24.18 59.68
convertible preference shares
Bodies corporate (refer note 38) 448.69 465.39 245.54 248.47
3,593.65 3,402.17 828.52 1,134.20
Less. Current portion of long-term - - 828.52 1,134.20
borrowings disclosed under other financial
liabilities
3,593.65 3,402.17 - -
Statements 171

Changes in liabilities arising from financing activities

31 March 2021 31 March 2020
Opening balance of loans:
Indian rupee term loan 3,365.85 3,107.08
Term Loan- Unsecured 713.86 563.83
Redeemable, non-cumulative, non-convertible preference shares 107.59 104.30
(unsecured)
Lease liabilities 12,881.87 -
Cash flows
(Repayments)/proceeds of cash credit and overdraft facilities from (693.46) 227.63
banks (net)
Finance cost paid (492.24) (435.17)
Payment of lease liabilities- principal # - (1,043.52)
Payment of lease liabilities- interest (825.69) (1,123.90)
Non-cash changes
Foreign currency exchange fluctuations due to reinstatement (9.24) 52.99
Foreign currency exchange fluctuations due to reinstatement (19.63) -
(Unsecured loan)
Exchange difference of translation of foreign operations (9.80) 0.52
Changes in loans received at amortisation cost (3.79) (59.68)
Finance cost expense 1,577.59 1,687.91
Lease liabilities recognised on adoption of Ind AS 116 - 12,317.18
Gain on modification of leases (52.71) -
Gain on termination of leases (611.39) -
Rent concession (1,158.89) -
Additions/remeasurement of lease liabilities (2,620.73) 1,608.20
Closing balance of secured loans
Indian rupee term loans (secured) 3,370.95 3,365.85
Foreign currency term loans (secured) 255.58 349.07
Term loans from others (unsecured) 694.23 713.86
(unsecured)
Lease liabilities (unsecured) 8,724.34 12,881.87
The information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in Note 35.
*Current portion of long term borrowings includes interest accrued of ` 0.88 (previous year: ` 7.52). The same has been included in
‘Other current financial liabilities’. Refer note 19.
#Nil on account of adjustment for rent concessions

17 Borrowings
31 March 2021 Terms of repayment
SI. Remaining No. of Interest
Bank Description Non- Instalments
No Current Repayment schedule maturity period instalments rates range
current frequency
1 Axis Bank ` Term loan - 1 - 59.80 - 1 instalments during FY 2021-22 - 9 1 Quarterly 7.30%
Limited ` 60 each
2 Yes Bank ` Term loan - 2 - - The loan is fully repaid on 30th - - Annualy -
Limited December 2020
3 Ratnakar ` Term loan - 3 - - The loan is fully repaid on 19th - - Quarterly -
Bank March 2021
Limited
4 Ratnakar ` Term loan 836.25 55.90 - 3 instalments during FY 2021-22 - 57 48 Monthly 6.00%
Bank - 10 ` 18.58 each
Limited - 12 instalments during FY 2022-23
- ` 18.58 each
- 12 instalments during FY 2023-24
- ` 18.58 each
- 12 instalments during FY 2024-25
- ` 18.58 each
` 18.58 each"
USD 0.19 million
Loan instalments are deferred by 3
months as Company opted for RBI
Loan moratorium scheme.
USD 0.17 million
Loan moratorium scheme."
Statements 173


current frequency
7 IndusInd ` Term loan - 4 550.00 0.11 - 1 instalment during FY 2022-23- ` 43 8 Quarterly 7.50%
Bank 62.5
Limited - 3 instalments during FY 2023-24-
` 62.5 each
- 1 instalment during FY 2023-24- `
75
` 75 each
Loan moratorium scheme. Further
prepayment of ` 87.50 made in
July-20.
8 IDFC First ` Term loan - 5 - - The loan is fully repaid on 26th - - Quarterly -
Bank Limted March 2021
9 IndusInd ` Term loan - 6 650.00 0.13 - 1 instalments during FY 2022-23- 61 14 Quarterly 7.50%
Bank ` 40 each
Limited - 4 instalments during FY 2023-24-
` 40 each
` 40
` 50 each
` 50 each
` 60
10 SBM Bank ` Term loan - 7 - 198.87 - ` 200 of loan is paid on 19 March 1 1 Quarterly 9.30%
Limited 2021
- remaining 50% of loan to be paid
in 1 instalments on 1st April 2021
- ` 200
11 Axis Bank ` Term loan - 8 440.19 98.99 - 3 instalments during FY 2021-22 - 51 16 Quarterly 7.30%
Limited ` 34.375 each
` 34.375 each
` 34.375 each
` 34.375 each
- 1 instalment during FY 2025-26 -
` 34.375 each"


current frequency
12 IndusInd ` Term loan - 9 447.39 33.31 - 3 instalments during FY 2021-22 - 74 24 Quarterly 7.50%
Bank ` 12.50 each
Limited - 4 instalments during FY 2022-23 -
` 12.50 each
` 12.50
` 18.75 each
` 18.75 each
` 18.75
` 31.25 each
` 31.25 each
` 31.25
13 High Street ` Term Loan 0.95 The term loan is repayable in 1 3 1 Quarterly 12.00%
Food quarterly instalment as below
Services mentioned :
Private - 1 instalment during 2021-22-
Limited ` 0.39
Period of maturity from the balance
sheet date is 3 months.
14 High Street Prefrence 77.23 24.18 2.25 million redeemable preference - - - 8.00%
Food Share shares were issued during the year
Services 2017-2018 as fully paid with a par
Private value of ` 10/-. The redeemable
Limited preference shares are mandatorily
redeemable at par and the Group
is obliged to pay holders of these
shares dividends at the rate of 8
% of the par amount per annum,
subject to availability of distributable
profits. The terms of redemption of
preference shares (which were due
for redemption) has been extended
for further period of five years in the
current year.
15 Yes Bank ` Term Loan - - The term loan is fully repaid in the - - Quarterly 0.00%
Limited month of December 2020
Statements 175


current frequency
16 Everest NPR Term 6.26 3.93 The term loan is repayable in 11 33 11 Quarterly 8.52%
Bank Loan 1 quarterly instalments as below
Limited mentioned :
- 4 instalments during 2021-22-
` 0.984 each
` 0.984 each
` 0.984 each
- 1 instalment during 2023-24-of
` 0.35 each
Bank Loan 2 quarterly instalments as below
Limited mentioned :
`0.674 each
- 4-installments during 2022-23-
`0.674 each
`0.674 each
`0.664 each
sheet date is 33 months."
18 Chellarams NGN 1.63 1.09 The term loan rescheduled in 27 5 Quarterly 5.00%
Plc Unsecured TL financial year 2020-21 and repayable
in 5 semi-annual instalments as
below mentioned :
` 0.54 each
` 0.54 each
- 1 instalment during 2023-24-
` 0.54 each


current frequency
19 Chellarams NGN 6.00 4.80 The term loan rescheduled in 27 5
below mentioned :
` 2.16 each
` 2.16 each
` 2.16
below mentioned :
` 2.72 each
` 2.72 each
` 2.72
in 12 quarterly instalments as below
mentioned :
` 1.50 each
` 1.50 each
` 1.50 each
Statements 177


current frequency
22 Chellarams USD 104.19 52.06 The term loan rescheduled in 36 12 Quarterly 5.00%
mentioned :
` 13.02 each
` 13.02 each
` 13.02 each
mentioned :
` 11.06 each
` 11.06 each
` 11.06 each
mentioned :
` 5.21 each
` 5.21 each
` 5.21 each
mentioned :
` 5.21 each
` 5.21 each
` 5.21 each


current frequency
mentioned :
` 7.81 each
` 7.81 each
` 7.81 each
in 10 quarterly instalments as
below mentioned is repayable in
10 quarterly instalments as below
mentioned :
` 11.15 each
` 11.15 each
` 11.15 each
mentioned :
` 2.42 each
` 2.42 each
` 2.42 each
Statements 179


1 to 3 & 5 to 12 First Pari passu charge by way of hypothecation of the Company's entire moveable property, plant
and equipment both present and future.
1 to 3 & 5 to 12 First Pari passu charge by way of equitable mortgage on the immovable property, plant and equipment
present and future.
4 Second Pari Passu Charge by way of hypothecation of the Company's entire moveable property,
plant and equipment both present and future. and equitable mortgage on the immovable property,
plant and equipment of the Company's industrial land at Plot No. 18, Sector-35, Industrial estate,
Gurugram-122004.
4 100% Guaranteed by National Credit Guarantee Trustee Company Limited (NCGTC)
10 to 12 & 16 to 17 Personal guarantee of Mr. Ravi Kant Jaipuria
11 Corporate guarantee of RJ Corp Limited
12 Personal guarantee Ravi Kant Jaipuria and sons (HUF)
16 & 17 Primary security: First pari passu charge on the entire moveable fixed and current assets of the
Company and the loan is secured by the corporate guarantee of Devyani International Limited and
personal guarantee of the directors
17 Borrowings
1 Axis Bank ` Term loan - 1 179.92 243.26 The term loan is repayable in 7 21 7 Quarterly 10.05%
Limited quarterly instalments as below
mentioned :
- 4 instalments during Financial
Year 2020-21 - `. 60 each
Year 2021-22 - `. 60 each
2 Yes Bank ` Term loan - 2 120.00 61.59 The term loan is repayable in 3 annual 36 3 Annualy 10.40%
Limited instalments as below mentioned :
- 1 instalment during Financial Year
2020-21 - `. 60
2021-22 - `. 60
2022-23 - `. 60


3 Ratnakar ` Term loan - 3 374.08 135.52 The term loan is repayable in 15 43 15 Quarterly 9.10%
Bank - 2 quarterly instalments as below
mentioned :
Year 2020-21 - `. 34.09 each
Year 2021-22 - `. 34.09 each
Year 2022-23 - `. 34.09 each
Year 2023-24 - `. 34.09 each
4 Yes Bank USD Term 116.02 57.86 The term loan is repayable in 12 36 12 Quarterly 5.25%
Limited loan - 1 quarterly instalments as below
mentioned :
Year 2020-21- USD 0.19 million
each
each
each
5 Yes Bank USD Term 99.90 49.71 The term loan is repayable in 12 36 12 Quarterly 5.50%
Limited loan - 2 quarterly instalments as below
mentioned :
each
each
each
Statements 181


6 IndusInd ` Term loan 825.00 125.21 The term loan is repayable in 18 52 18 Quarterly 9.90%
Bank quarterly instalments as below
Limited mentioned :
2020-21- `. 25 each
Year 2020-21- `. 37.5 each
2021-22- `. 37.5 each
Year 2021-22- `. 50 each
2022-23- `. 50 each
Year 2022-23- `. 62.5 each
2023-24- `. 62.5 each
Year 2023-24- `. 75 each
2024-25- `. 75 each
7 IDFC First ` Term loan - 5 300.00 100.11 The term loan is repayable in 16 48 16 Quarterly 10.15%
Limted mentioned :
Year 2020-21- `. 25 each
Year 2021-22- `. 25 each
Year 2022-23- `. 25 each
Year 2023-24- `. 25 each


8 IndusInd ` Term loan 780.00 20.26 The term is loan repayable in 23 73 23 Quarterly 9.72%
Limited mentioned :
2020-21- `. 10 each
2021-22- `. 10 each
2022-23- `. 10
2022-23- `. 40 each
2023-24- `. 40 each
2024-25- `. 40
2024-25- `. 50 each
2025-26- `. 50 each
2025-26- `. 60
9 High Street ` Term Loan - 0.39 The term loan is repayable in 1 3 1 Quarterly 12.00%
Food quarterly instalment as below
Services mentioned :
Private - 1 instalment during 2020-21-
Limited ` 0.39
10 High Street Prefrence 47.91 59.68 2.25 million redeemable preference - - - 8.00%
Food Share shares were issued during the year
Services 2017-2018 as fully paid with a par
Private value of ` 10/-. The redeemable
Limited preference shares are mandatorily
redeemable at par and the Group is
obliged to pay holders of these shares
dividends at the rate of 8 % of the
par amount per annum, subject to
availability of distributable profits.
The preference shares are redeemable
at the end of fifth year from the date
of issue and maturity period has been
extended by another term of five years
for certain number of preference
shares.
Statements 183


11 Yes Bank ` Term Loan 75.01 25.91 The term loan is repayable in 16 equal 48.00 16.00 Quarterly 10.00%
Limited quarterly instalments as mentioned
below.
` 6.25 each
` 6.25 each
` 6.25 each
` 6.25 each
sheet date is 48 months "
Bank Loan quarterly instalments as below
Limited mentioned :
`0.984 each
`0.984 each
`0.984 each
`0.984 each
- 1-installments during 2023-24-of
`0.35 each
Bank Loan quarterly instalments as below
Limited mentioned :
`0.674 each
`0.674 each
`0.674 each
`0.674 each
`0.664 each


14 Chellarams NGN 4.41 2.94 The term loan rescheduled in financial 30 5 Quarterly 5.00%
Plc Unsecured TL year 2019-20 and repayable in 5
semi-annual instalments as below
mentioned :
`1.47 each
`1.47 each
`1.47 each
semi-annual instalments as below
mentioned :
` 4.39 each
` 4.39 each
` 4.40
quarterly instalments as below
mentioned :
` 1.62 each
` 1.62 each
` 1.62 each
17 Chellarams USD 111.33 48.86 The term loan rescheduled in financial 36 12 Quarterly 5.00%
mentioned :
` 13.35 each
` 13.35 each
` 13.34 each
Statements 185


mentioned :
` 11.35 each
` 11.35 each
` 11.35 each
` 11.30 each
mentioned :
` 5.34 each
` 5.34 each
` 5.34 each
mentioned :
` 5.34 each
` 5.34 each
` 5.34 each
` 5.32


mentioned :
` 8.01 each
` 8.01 each
` 8.01 each
` 7.99
mentioned is repayable in 10 quarterly
instalments as below mentioned :
` 12.46 each
` 12.46 each
` 12.44 each
mentioned :
` 1.63 each
` 1.63 each
` 1.63 each
` 1.65
Statements 187


1 to 8 First pari passu charge by way of hypothecation of the Company's entire moveable property, plant and
1 to 8 Pari passu first charge by way of equitable mortgage on the immovable property, plant and equipment of
the Company's industrial land at Plot No. 18, Sector-35, Industrial estate, Gurugram-122004.
present and future.
12 & 13 Primary security: First pari passu charge on the entire moveable fixed and current assets of the Company
and the loan is secured by the corporate guarantee of Devyani International Limited and personal
guarantee of the directors
11 First Pari Passu Charge over entire Movable Fixed assets and Current Assets (both present and future),
Unconditional and Irrevocable Corporate Guarantee of Devyani International Limited & Non Disposable
Undertaking (NDU) from Devyani International for its shareholding in Devyani Food Street Private Limited.
12 & 13 Primary security: First pari passu charge on the entire moveable fixed and current assets of the Company
and the loan is secured by the corporate guarantee of Devyani International Limited and personal
guarantee of Mr Ravi Kant Jaipuria
18 Current borrowings
31 March 2021 31 March 2020
Loans repayable on demand from banks
211.10 904.56
Details for current borrowings:

Terms of loan As at As at
31 March 2021 31 March 2020
The credit facility taken from Standard Chartered Bank carries interest rate 75.06 127.47
of 18% p.a. (Previous year 18% p.a.) The facility is secured by:
- Charge on all the assets of Devyani International (Nigeria) Limited
- Corporate Guarantee from Chellarams Plc
- Corporate Guarantee from RV Enterprises Pte Ltd
The credit facility taken from ICICI Bank Limited carries variable interest - 255.82
rate, curranty 9.75% p.a. (previous year: 9.75%). The facility is secured
by: first pari passu charge on current assets of the Holding Company,
subservient charge over movable property, plant and equipment of the of
Holding Company.
The credit facility taken from HDFC Bank carries interest rate of HDFC 136.04 496.55
Bank , currently 7.75 % p.a. (previous year: 9.15 % p.a), (interest payable on
monthly rests).
- First pari passu charge on entire current assets of the company with
IDBI Bank.
- Second pari passu charge on all property, plant and equipment of the
Company.
The credit facility taken from IndusInd Bank Limited carries variable interest - 24.72
rate, currently 9.95% p.a. (previous year: 9.95%). The facility is secured
by: first pari passu charge on current assets of the Holding Company,
subservient charge over movable property, plant and equipment of the of
Holding Company.

19 Other financial liabilities

Current portion of long-term borrowings - - 828.52 1,134.20
(refer note 17)
Security deposits payable 42.07 38.84 13.62 20.79
Derivatives (interest rate swap) 7.23 13.98 - -
Employee related payables - - 110.29 258.54
Capital creditors - - 341.26 467.69
Other payables - - 12.25 15.69
49.30 52.82 1,305.94 1,896.91
20 Provisions
Provision for employee benefits
Gratuity (refer note 45) 110.66 76.26 54.63 27.25
Compensated absences 58.49 39.47 28.31 16.90
169.15 115.73 82.94 44.15
21 Other liabilities
Deferred income 9.74 10.49 5.05 3.62
Advances from customers* - - 31.72 32.40
Statutory dues payable
Goods and service tax/ value added tax - - 85.80 42.67
payables
Tax deducted at source payable - - 36.88 49.28
Other statutory dues payable - - 33.09 42.47
Other payable - - 0.94 -
9.74 10.49 193.48 170.44
*Contract balances
The following table provides information about contractual liability (advance from customers) from contract with
customers:

31 March 2021 31 March 2020
Opening balance 32.40 31.19
Revenue recognized that was included in the contract liability balance at (32.40) (31.19)
the beginning of the year
Closing balance 31.72 32.40
Statements 189

22 Trade payables
31 March 2021 31 March 2020
Micro enterprises and small enterprises (refer note below) 150.53 20.91
Other than micro enterprises and small enterprises* 1,468.47 1,610.98
1,619.00 1,631.89
* Includes payable to related parties. Refer note 38.
The Group’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in note 35.
Dues to micro and small enterprises
31 March 2021 31 March 2020
The amounts remaining unpaid to micro and small suppliers as at the end
of the year
- Principal 146.53 20.37
- Interest 4.00 0.54
The amount of interest paid by the buyer as per the Micro, Small and - -
Medium Enterprises Development Act, 2006 (MSMED Act, 2006)
The amounts of the payments made to micro and small suppliers beyond 231.32 21.65
the appointed day during each accounting year.
The amount of interest due and payable for the period of delay in making 3.16 0.39
payment (which have been paid but beyond the appointed date during the
year) but without adding the interest specified under MSMED Act, 2006.
The amount of interest accrued and remaining unpaid at the end of each 3.46 0.55
accounting year.
The amount of further interest remaining due and payable even in the 0.89 0.58
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under the MSMED Act, 2006.

23 Revenue from operations

31 March 2021 31 March 2020
Sale of products
Finished goods 11,152.67 14,785.81
Traded goods 41.27 44.59
Other operating revenues
Marketing and other services 20.04 105.78
Rental and maintenance income 133.24 221.43
Scrap sales 1.16 6.25
11,348.38 15,163.86
24 Other income
31 March 2021 31 March 2020
Interest income under effective interest method from:
- bank deposits 2.76 4.55
- others 4.76 11.16
Interest income from financial assets at amortized cost 96.43 77.14
Liabilities no longer required written back 43.09 28.97
Gain on modification of leases 52.71 16.49
Gain on termination of leases - 19.88
Rent concession [refer note 36 A (iii)] 431.17 -
Gain on net investment in finance lease - 18.76
Derivatives at fair value through profit and loss 6.75 -
Others 2.90 9.60
640.57 186.55
25 Cost of materials consumed

31 March 2021 31 March 2020
Raw material and packing material consumed
Inventories at the beginning of the year 539.41 396.78
Add: Purchases during the year 3,469.49 4,629.81
Less: Inventories at the end of the year 621.97 539.41
3,386.93 4,487.18
26 Purchases of stock-in-trade
31 March 2021 31 March 2020
Purchases of stock-in-trade 59.67 116.78
59.67 116.78
Statements 191

27 Employee benefit expense

31 March 2021 31 March 2020
Salaries, wages and bonus # 1,369.79 2,007.58
Contribution to provident and other funds 86.44 147.54
Gratuity (refer note 45) 28.78 25.09
Staff welfare expenses 58.31 74.64
1,543.32 2,254.85
# The amount includes “Employee stock option scheme expenses/(reversal)” for ` 22.83 (Previous year: ` (12.18)). Refer note 40.
28 Finance costs
31 March 2021 31 March 2020
Interest expenses 1,483.87 1,456.29
Net loss on foreign currency transactions and translation to the extent 33.27 127.37
regarded as borrowing cost
Others borrowing costs 10.89 0.71
1,528.03 1,584.37
29 Depreciation and amortisation expense

31 March 2021 31 March 2020
Depreciation on property, plant and equipment (refer note 3A) 803.73 805.84
Depreciation on right-of-use asset (refer note 3D) 1,299.31 1,308.76
Depreciation on investment properties (refer note 3C) 48.15 52.73
Amortisation of other intangible assets (refer note 5) 143.34 65.81
2,294.53 2,233.14
30 Impairment of non-financial assets

31 March 2021 31 March 2020
Impairment/(reversal) on property, plant and equipment (refer note 3A) 405.22 (50.34)
Impairment on right-of-use assets (refer note 3D) 37.38 82.86
Impairment on investment properties (refer note 3C) - 0.77
Impairment/(reversal) of goodwill (refer note 4) - 11.96
Impairment/(reversal) of other intangible assets (refer note 5) 37.45 (6.48)
480.05 38.77

31 Other expenses
31 March 2021 31 March 2020
Power and fuel 651.36 959.34
Rent [refer note 36 A (iii)] - 800.24
Repairs and maintenance
- Plant and equipment 118.85 162.67
- Buildings 281.53 383.79
- Others 87.58 84.17
Rates and taxes 70.30 87.90
Travelling and conveyance 45.56 98.96
Legal and professional 38.85 60.78
Auditor's remuneration (refer note below) 10.17 9.55
Water 29.63 41.21
Insurance 20.19 13.29
Printing and stationery 11.01 15.34
Communication 60.05 100.29
Directors' sitting fee 2.79 1.73
Security and service 49.92 126.65
Bank charges 17.84 25.09
Advertisement and sales promotion 661.79 824.42
Commission and brokerage 819.38 517.28
Royalty and continuing fees 724.99 840.39
Freight including delivery charges 183.68 207.66
Loss on sale of property, plant and equipment (net) 87.38 82.12
Bad debts and advances written off - 0.13
Net loss on foreign currency transactions and translations 36.31 193.70
Derivatives at fair value through profit and loss - 8.62
General office and other miscellaneous 67.66 77.85
4,089.18 5,750.21
Note - Auditor's remuneration
31 March 2021 31 March 2020
As auditor
Statutory audit* 9.17 7.91
Tax matters 0.67 0.31
Others matters 0.05 1.01
Outlays 0.28 0.32
10.17 9.55
*Inclusive of applicable taxes
32 Exceptional items
31 March 2021 31 March 2020
Gain on termination of lease * (568.84) (345.78)
(568.84) (345.78)
*The Group has recorded gain on termination of leases for the current year comprises on account of termination of leases with Airport
Authority of India in respect of airports namely Trichi, Lucknow, Raipur and Srinagar amounting to ` 491.16 and the balance amount in
respect of termination of leases of other loss making stores.
During the previous year, the Group has booked a gain of ` 345.78 on account of termination of lease with Mumbai International Airport
Limited.
Statements 193

33. Income and deferred taxes

31 March 2021 31 March 2020
The tax expense comprises of :
Current tax 9.75 13.48
Deferred tax (credit)/expense (20.43) 4.93
(10.68) 18.41
Income tax recognised in other comprehensive income
Income tax relating to remeasurement of defined benefit plans (0.14) (0.34)
Income tax relating to exchange difference in translating financial - -
statements of foreign operations
(0.14) (0.33)
Reconciliation of tax expense and the accounting profit multiplied by
India’s tax rate:
Loss before tax (640.55) (1,195.77)
Tax using the Company's domestic tax rate [31.20% (previous year: 31.20%)] 199.85 373.08
Effect of :
Difference in tax rate of various entities (24.46) (15.10)
Expenses not deductible under tax laws 70.32 88.98
Difference in applicable tax rates and tax rates used to measure deferred (39.39) (81.48)
taxes [refer note (ii) below]
Effect of change in income tax rates [refer note (ii) below] - (400.14)
Difference in tax rates @ (14.42) (15.22)
Impact of gain on loss of control (non-taxable) (162.80) -
Others 42.54 101.65
Unrecognised deferred tax asset on deductible temporary differences (60.96) (70.18)
[refer note (iv) below]
(10.68) 18.41
@ Represents the difference in income tax rates of long term capital gains/losses and items taxed at normal rates.
31 March 2021 31 March 2020
Non Current
Income tax assets and liabilities
Advance tax (net of provision of tax) 80.46 94.95
80.46 94.95
Current
Income tax liability (net of provision of advance tax) 6.85 6.88
6.85 6.88
Non Current
Deferred taxes (net)
The balance comprises temporary differences attributable to:
Tax effect of items constituting deferred tax assets:
Unused tax losses and depreciation 1,246.18 1,101.72
Expenses allowed on payment/actual basis 93.95 143.55
Employee stock option outstanding account 4.52 25.80
Derivative instruments 1.82 3.52
Lease liabilities (net of right of use assets) 407.41 531.61
Property, plant and equipment exceeds its tax base 333.22 205.13
Financial instruments measured at amortised cost 71.38 66.28
Deferred tax assets 2,158.48 2,077.61
Deferred tax asset [refer note (iv) below] 97.06 77.15
Tax effect of items constituting deferred tax liabilities
Financial instruments measured at amortised cost (1.28) (1.66)
Deferred tax liabilities (1.28) (1.66)
Net deferred tax assets/(liabilities) [refer note (iv) below] 95.78 75.49

Notes:
(i) Movement in deferred tax assets/(liabilities) for the year ended 31 March 2021
Unused tax losses and depreciation 1,101.72 - 144.46 - 1,246.18
Expenses allowed on payment/actual 143.55 - (49.46) (0.14) 93.95
basis
account
Derivative instruments 3.52 - (1.70) - 1.82
Lease liabilities 531.61 - (124.20) - 407.41
(net of right of use assets)
Property, plant and equipment 205.13 - 128.09 - 333.22
amortised cost and others
Total deferred tax assets 2,077.61 - 81.01 (0.14) 2,158.48
amortised cost
Total deferred tax liabilities (1.66) - 0.38 - (1.28)
Movement in deferred tax assets/(liabilities) for the year ended 31 March 2020
Unused tax losses and depreciation 1,228.20 - (126.48) - 1,101.72
Expenses allowed on payment/actual 76.04 - 67.85 (0.34) 143.55
basis
account
Derivative instruments 1.87 - 1.65 - 3.52
Lease liabilities (net of right of use - 417.08 114.53 - 531.61
assets)
Property, plant and equipment 368.73 - (163.60) - 205.13
amortised cost and others
Total deferred tax assets 1,733.03 417.08 (72.16) (0.34) 2,077.61
amortised cost-liability
Total deferred tax liabilities (139.07) - 137.41 - (1.66)
Statements 195

(ii) The Group has measured its deferred tax assets and liabilities based on the income tax rates that are expected to apply
to the period when such assets/liabilities are expected to be realized/settled. As per section 115BBA of the Income-
tax Act 1961 (the ‘Act’), as introduced by the Taxation Laws (Amendment) Ordinance, 2019 (Ordinance), the certain
companies of the Group incorporated in India and covered under the Act has an option to opt for a lower tax rate of
25.168%, as against current applicable tax rate of 31.20% ). However, the Company has not yet opted for such reduced
income tax rate and expects to do so in the year in which the Company has profits while other companies covered under
the Act has opted for such reduced tax rates. Further, the Company also expects that the reversal of deferred tax will
also happen at that point of time only and at reduced rate. Hence, deferred tax has been calculated at 25.168% in the
above reconciliation of tax expense.
(iii) Tax losses and tax credits for which no deferred tax asset was recognised expire as follows:
Gross Unrecognised Gross Unrecognised
amount tax effects amount tax effects
Unabsorbed depreciation
Never expire 4,134.73 1,040.63 4,170.77 1,049.70
Unused tax losses (expiry asessment year wise)
2026-27 73.21 19.04 73.21 19.04
2027-28 131.06 32.98 131.06 32.98
2029-30 659.02 153.53 - -
Other deductible temporary differences 3,619.76 911.02 3,870.91 974.23
(never expire)
(iv)
The Group recognised deferred tax assets ` 95.78 ( previous year: ` 75.49 ) which belongs to Devyani International
(Nepal) India Private Limited and Devyani Food Street Private Limited having convincing evidence that sufficient taxable
profit will be available against which such deferred tax asset can be realised. As at 31 March 2021 and as at 31 March
2020, the Group has significant unabsorbed depreciation and carry forward losses. Therefore, in absence of convincing
evidences that sufficient taxable profits will be available against which such deferred tax asset shall be utilised, the
Group has recognised deferred tax asset to the extent of deferred tax liabilities as at respective reporting dates for
companies other than mentioned above.
34. Earnings/(Loss) per share (EPS/LPS)
31 March 2021 31 March 2020^
Loss from continuing operations attributable to equity shareholders for (735.45) (790.07)
calculation of basic and diluted LPS
Profit/(Loss) from discontinued operations attributable to equity 183.37 (426.66)
shareholders for calculation of basic and diluted EPS/(LPS)
Weighted average number of equity shares for the calculation of basic LPS# 1,100,217,249 1,061,666,660
Effect of dilutive potential equity shares*
– Employee stock options - -
Weighted average number of equity shares for calculation of diluted LPS 1,100,217,249 1,061,666,660
Profit/(Loss) per share from continuing operations (`) (0.67) (0.74)
(basic and diluted)
Profit/(Loss) per share from discontinued operation operations (`) (basic 0.17 (0.40)
and diluted)
Nominal value per shares (`)# 1.00 1.00
* In respect of continuing/discontinued operations, the outstanding potential equity shares had an anti-dilutive effect on EPS, hence
there was no dilution of EPS in current and previous year.
# Equity shares of ` 1 each as at 31 March 2021 pursuant to share split with effect from 25 March 2021
^ The basic and diluted loss per share for the year ended 31 March 20 is restated to take the effect of share split.

35. Fair value measurement and financial instruments

a. Financial instruments – by category and fair values hierarchy
The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
(i) As on 31 March 2021
comprehensive
income ('FVOCI')
Financial assets
Non current
(i) Loans 7 - - 435.36 435.36 - - 435.36
(ii) Other financial assets* 8 - - 167.38 167.38 - - -
Current
(iii) Bank balances other than cash and 13 - - 5.71 5.71 - - -
cash equivalents, above *
(iv) Loans 7 - - 141.57 141.57 - - 141.57
Total - - 1,424.50 1,424.50
Non current
(i) Lease liabilities# 16 - - 7,936.96 7,936.96 - - 7,936.96
(ii) Borrowings# 17 - - 3,593.65 3,593.65 - - 3,593.65
Current**
(i) Lease liabilities# 16 - - 787.38 787.38 - - 787.38
(ii) Borrowings# 18 - - 211.10 211.10 - - 211.10
Total 7.23 - 15,496.10 15,503.33
Statements 197

(ii) As on 31 March 2020

comprehensive
income ('FVOCI')
Financial assets
Non current
(i) Loans 7 - - 491.60 491.60 - - 491.60
(ii) Other financial assets* 8 - - 182.27 182.27 - - -
Current**
(iv) Loans 7 - - 128.13 128.13 - - 128.13
Total - - 1,171.69 1,171.69
Non current
(i) Lease liabilities# - - 11,759.04 11,759.04 11,759.04
(ii) Borrowings# 16 - - 3,402.17 3,402.17 - - 3,402.17
Current
(i) Lease liabilities# - 1,122.83 1,122.83 1,122.83
(ii) Borrowings# 17 - - 904.56 904.56 - - 904.56
Total 13.98 - 20,756.24 20,770.22
** For details regarding charge on such current financial assets - refer note 16.
# The Group’s borrowings and lease liabilities have fair values that approximate to their carrying amounts as they are based on the net
present value of the anticipated future cash flows using rates currently available for debt on similar terms, credit risk and remaining
maturities.
* The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents ,other
current financial assets, trade payables, capital creditors and certain other current financial liabilities approximates the fair values,
due to their short-term nature. The other non-current financial assets represents bank deposits (due for maturity after twelve months
from the reporting date) and interest accrued but not due on bank deposits, the carrying value of which approximates the fair values
as on the reporting date.
Other notes:
The fair values for loan were calculated based on discounted cash flows using a current lending rate. They are classified
as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit
risk.
The fair values for security deposits payable were calculated based on discounted cash flows using a current lending
rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs.
There has been no transfer between level 1, level 2 and level 3 for the years ended 31 March 2021 and 31 March 2020.

Valuation techniques used to determine fair values:

Specific valuation techniques used to value financial instruments include:
- Fair value of derivatives using dealer quotes for similar instruments (on marked to market value as on balance
sheet date of such derivative transaction).
- Fair value of non-derivative financial instruments using present value techniques, which is based on discounting
expected cash flows using a risk-adjusted discount rate.
The finance department of the respective company of the Group includes a team that performs the valuations of financial
assets and liabilities required for financial reporting purposes, including level 3 fair values. These teams perform
valuation either internally or externally through valuers and reports directly to the respective senior management.
Discussions on valuation and results are held between the senior management and valuation teams on annual basis.
Significant inputs
Significant inputs used in Level 2 fair value of derivatives measured at FVTPL is marked to market value as on balance
sheet date of such derivative transaction.
b. Financial risk management

The Company has exposure to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk;
• Market Risk - Foreign Currency;
• Market Risk - Interest Rate;
Risk Management Framework
The Board of Directors of the Company is responsible for reviewing the risk management policies and ensuring its
effectiveness.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group to set
appropriate risks limits and controls and to monitor risks and adherence to limits. Risk management policies are
reviewed regularly to reflect changes in the market conditions and the Group’s activities.
The Board of Directors of the Company oversee, how the management monitors compliance with Group’s risk
management policies and procedures and reviews the adequacy of the risk management framework in relation to the
risk faced by the Group.
i. Credit risk
The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the
Consolidated Balance Sheet
31 March 2021 31 March 2020
(i) Loans (including security deposits, current and non current) 576.93 619.73
(ii) Trade receivables 168.80 172.99
(ii) Cash and cash equivalents 399.62 132.26
(iv) Bank balances other than cash and cash equivalents, above 5.71 28.06
(v) Other financial assets (current and non-current) 273.44 218.65
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations.
Statements 199

Credit risk on cash and cash equivalents and bank deposits (shown under bank balances other than cash and cash
equivalents above) and other financial assets is limited as the Group generally invests in deposits with banks with
high credit ratings assigned by domestic credit rating agencies. The loans primarily represents security deposits
given to lessors for premises taken on lease. Such deposits will be returned to the Group on vacation of the
premises or termination of the agreement whichever is earlier.
The exposure to the credit risk at the reporting date is primarily from security deposit receivables and trade receivables.
Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in
India, Nigeria, United Kingdom and Nepal. Trade receivables also includes receivables from credit card companies
which are generally realisable on fortnightly basis. The Group does monitor the economic environment in which it
operates. The Group manages its credit risk through credit approvals, establishing credit limits and continuously
monitoring credit worthiness of customers to which the Group grants credit terms in the normal course of business.
The Group uses expected credit loss model to assess the impairment loss or gain. The Group uses a provision
matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into
account available internal credit risk factors such as the Group’s historical experience for customers. Based on
the business environment in which the Group operates, management considers that the trade receivables are in
default (credit impaired) if the payments are more than 90 days past due however the Group based upon past
trends determine an impairment allowance for loss on receivables (other than receivables from related parties)
outstanding for more than 180 days past due. For receivables from related parties impairment allowance is made
on receivables outstanding for more than 365 days past due. Majority of trade receivables are from domestic
customers, which are fragmented and are not concentrated to individual customers. The historical loss rates are
adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the
customers to settle the receivables.
The Group’s exposure to credit risk for trade receivables is as follows:
For trade receivables other than receivables from related parties
As at As at
31 March 2021 31 March 2020
Not due 135.57 93.44
1-90 days past due* 16.17 56.61
91 to 180 days past due* - 5.17
More than 180 days past due # - 9.86
151.74 165.08
For trade receivables from related parties

As at As at
31 March 2021 31 March 2020
Not due 15.92 6.60
1-90 days past due* 0.04 0.78
91 to 180 days past due* 0.36 0.53
181 to 365 days past due * 0.74 -
17.06 7.91
* The Group believes that the unimpaired amounts that are past due for less than 180 days in case of receivables from other than
related parties and 365 days in case of receivables from related parties are still collectible in full, based on historical payment
behavior, and subsequently collections.
# The Group based upon past trends determines an impairment allowance for doubtful receivables (other than receivables from
related parties) outstanding for more than 365 days past due.

Changes in the loss allowance in respect of trade receivables For the year ended For the year ended
31 March 2021 31 March 2020
Bad debts written off - 0.13
Impairment allowances for doubtful receivables # 5.34 22.15
(ii) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or other financial assets. The Group’s approach to manage
liquidity is to have sufficient liquidity to meet it’s liabilities when they are due, under both normal and stressed
circumstances, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group believes that its liquidity position, including total cash and cash equivalent and bank deposits maturing
within a year (including bank deposits under lien and excluding interest accrued but not due) of ` 405.33 (previous
year: ` 160.32), anticipated future internally generated funds from operations and its fully available, revolving
undrawn credit facility of ` 713.97 (previous year: ` 73.10) and other current assets (financial and non-financial)
of ` 1,038.40 (previous year: ` 1,058.37) will enable it to meet its future known obligations due in next year in the
ordinary course of business. In the current year ended 31 March 2021, the Group has earned a cash inflow from
operating activities of ` 2,395.58 (previous year ` 3,007.16). Further, the Group generated Earnings before Tax,
depreciation and amortisation, impairment and fair valuation gains/losses of ` 1,381.82 (previous year: ` 1,157.02)
Based on financial projections, revised and detailed business strategies, the Group expects growth in its operations
and improved operating performance in coming years and also, expects to earn enhanced cash inflows from its
operating activities. The Group believes such anticipated internally generated funds from operations in future and
its available revolving undrawn credit facilities as at 31 March 2021 and certain other current assets (financial and
non-financial) as on date, will enable it to meet its future known obligations due in next year, in the ordinary course
of business. Based on the projections, the Group expects to earn cash inflow from operating activities, which can
be used to settle liabilities due in the future.
The Group’s liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Group’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual
cash flow amounts are gross and undiscounted.
Trade Payables 1,619.00 1,619.00 - - 1,619.00
Others 122.54 122.54 - - 122.54
15,496.10 5,579.77 9,352.14 6,352.02 21,283.93
Interest rate swap 7.23 - 7.23 7.23
7.23 - 7.23 - 7.23
Statements 201


Trade payables 1,631.89 1,631.89 - - 1,631.89
Others 274.23 274.23 - - 274.23
20,756.24 7,556.41 11,951.78 8,293.03 27,801.21
Interest rate swap 13.98 - - 13.98 13.98
13.98 - - 13.98 13.98
(iii) Market risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk namely: currency risk and interest rate risk. The objective
of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the return.
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes

in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to
the Group’s borrowings with floating interest rates.
A. Exposure to interest rate risk
The exposure of the Group’s borrowing to interest rate changes as reported to the management at the end of
the reporting period are as follows:
Fixed- rate instruments As at As at

31 March 2021 31 March 2020
Impact of interest rate swaps 236.63 323.49
1,032.27 1,144.94
Variable - rate instruments
Short term borrowings 211.10 904.56
Hedged foreign currency term loan (via interest rate swap) (236.63) (323.49)
3,601.00 4,295.99

Interest rate sensitivity analysis

The following table illustrates the sensitivity of consolidated profit or loss and other equity to a reasonably
possible change in interest rates of +/- 1%. All other variables are held constant.
Change in interest rate on loans from banks Increase by 1% Decrease by 1%

(Variable - rate instruments)
Increasse/(decrease) in consolidated profit or loss and other (36.01) 36.01
equity for the year ended 31 March 2021
Increasse/(decrease) in consolidated profit or loss and other (42.96) 42.96
equity for the year ended 31 March 2020
Derivative Financial Instruments:
The Group uses derivative instruments as part of its management of exposure to fluctuations in interest rates.
The Group does not acquire or issue derivative financial instruments for trading or speculative purposes.
The Group does not enter into complex derivative transactions to manage treasury risks. Treasury derivative
contracts are normally in the nature of swap contracts and these are subject to the Group’s guidelines and
policies. Derivative financial instruments are recognized as assets or liabilities on the balance sheet and
measured at fair value, generally based on valuations obtained from banks. The accounting for changes
in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting
designation.
The fair values of all derivatives are separately recorded in the balance sheet within other financial assets/
liabilities, as applicable. The use of derivatives can give rise to credit and market risk. The Group tries to
control credit risk as far as possible by only entering into contracts with reputable banks. The use of derivative
instruments are subject to limits, authorities and regular monitoring by appropriate levels of management.
The limits, authorities and monitoring systems are periodically reviewed by management and the Board.
The market risk on derivatives is mitigated by changes in the valuation of the underlying assets, liabilities or
transactions, as derivatives are used only for risk management purposes.
Non qualifying hedges
The Group enters into derivative contracts which are not designated as hedges for accounting purposes, but
provide an economic hedge of a particular transaction risk or a risk component of a transaction. Hedging
instruments include as on date include “Interest Rate Swaps” being entered by the Group with bankers to
hedge floating interest foreign currency loan and interest payments as due related thereto. Fair value changes
on such derivative instruments are recognized in the Statement of Profit and Loss.
B. Currency risk
Exposure of Foreign currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates.The Group is exposed to the effects of fluctuation in the prevailing foreign currency
exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange rate
fluctuations between the functional currency and other currencies from the Group’s operating, investing and
financing activities. The Investment and Borrowing Committee of the Company evaluates foreign exchange
rate exposure arising from foreign currency transactions on periodic basis and follows appropriate risk
management policies.
Statements 203

Exposure to Foreign currency risk

The summary of quantitative data about the Group’s exposure to currency risk, as expressed in Indian Rupees,
as at 31 March 2021 and 31 March 2020 are as below:
Particulars Currency As at 31 March 2021 As at 31 March 2020
Amount Amount Amount Amount
(in foreign (in `) (in foreign (in `)
currency) currency)
Financial assets
Other receivables GBP - - 0.01 1.30
Total financial assets - 1.30
Trade payables GBP 0.07 6.70 0.17 15.50
Trade payables USD - - 0.46 34.52
Foreign currency loans USD 3.23 236.63 4.31 323.49
from banks
Borrowings NPR 30.36 18.95 40.96 25.58
Borrowings USD 8.82 693.28 8.82 713.86
Total financial liabilities 955.56 1,112.95
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupees against below currencies as at 31
March 2021 (previous year ending as on 31 March 2020) would have affected the measurement of financial
instruments denominated in foreign currency and affected profit or loss and other equity by the amounts
shown below. This analysis is performed on foreign currency denominated monitory financial assets and
financial liabilities outstanding as at the year end. This analysis assumes that all other variables, in particular
interest rates, remain constant and ignores any impact of forecast sales and purchases.
Particulars Consolidated profit/ (loss) for the Consolidated profit/ (loss) for
year ended 31 March 2021 the year ended 31 March 2020
foreign currencies:
USD 46.50 (46.50) 53.59 (53.59)
NPR 0.95 (0.95) 1.28 (1.28)
GBP 0.34 (0.34) 0.71 (0.71)
Particulars Other equity Other equity

foreign currencies:
USD 46.50 (46.50) 53.59 (53.59)
NPR 0.95 (0.95) 1.28 (1.28)
GBP 0.34 (0.34) 0.71 (0.71)
USD: United States Dollar, GBP: Great British Pound, NPR: Nepali Ruppees

c. Offsetting financial assets and financial liabilities:

The following table represents recignised financial instruments that are subject to enforceable master netting
arrangements and similar agreements but not set off as at 31 March 2021 and 31 March 2020.
Variable - rate instruments As at As at

31 March 2021 31 March 2020
Amounts subject to master netting arrangements
Non current borrowings 3,067.73 2,888.87
Current borrowings 558.80 826.05
3,626.53 3,714.92
Financial instruments collateral
Trade receivables 167.53 166.57
Cash and cash equivalents 392.50 94.57
Bank balances other than cash and cash equivalents 2.87 25.44
Loans 141.57 85.73
Other financial assets 105.99 36.17
810.46 408.48
Net amount * 2,816.07 3,306.44
* Net amount shows the impact on the Group's balance sheet, if all rights were exercised.
36. Leases
A. Leases where the Group is a lessee
The Group leases several assets including buildings for food outlets and warehouse. Lease payments are generally
fixed or are linked to revenue with minimum guarantee and lease term ranges 1-45 years.
The Group has limited number of leases where rentals are linked to annual changes in an index (either RPI or
CPI).
ii. Lease liabilities
Lease liability included in balance sheet As at As at
31 March 2021 31 March 2020
Current 787.38 1,122.83
Non current 7,936.96 11,759.04
Note: Refer note 35 for maturity analysis of lease liabilities.
iii. Amounts recognised in the Consolidated statement of profit or loss

31 March 2021 31 March 2020
Depreciation on right-of-use assets 29 1,299.31 1,308.76
Impairment of right-of-use assets 30 37.38 82.86
Interest on lease liabilities 28 1,028.32 1,123.88
(included in interest expenses)
Expenses relating to short-term leases 31 13.16 59.12
Rent concession (431.17) -
Expense relating to variable lease payments not 31 244.94 752.53
included in the measurement of the lease liability
Net impact on statement of profit and loss 2,191.94 3,327.15
Statements 205

During the year ended 31 March 2021, consequential to COVID-19 pandemic, the Company has negotiated
several rent concessions with the landlords. Further, in view of recent amendments by the Companies (Indian
Accounting Standards) Amendment Rules, 2020, the Company has elected to apply the practical expedient of
not assessing the rent concessions as a lease modification, as per MCA notification dated 24th July 2020 on
Ind AS 116 for rent concessions received on account of COVID-19 pandemic. Accordingly, per requirements
of MCA notification, out of total rent concessions confirmed till 31 March 2021 of ` 1,057.26 for continuing
operations, ` 626.09 has been reduced from rent expenses (to the extent available) and balance of ` 431.17
is reported under Other Income for the year ended 31 March 2021. Rent concessions for leases in respect of
discontinued operations amounted to ` 101.63. Total rent concessions amounts to ` 1,158.89.
iv. Amounts recognised in the consolidated cash flow statement

Lease liability included in balance sheet For the year ended For the year ended
31 March 2021 31 March 2020
Payment of lease liabilities- principal - 1,043.52
Payment of lease liabilities- interest 825.69 1,123.90
Total cash outflows 825.69 2,167.42
v. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets
are recognised on a straight-line basis as an expense in Statement of profit and loss. Short-term leases are
leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of
office furniture.
B. Leases where the Group is a lessor

The Group has sub-leased out some of its leased properties primarily in various food courts. All leases are
classified as operating leases from a lessor perspective with the exception of certain sub-leases, which the Group
has classified as finance subleases.
i. Finance lease (sub leases classified as finance leases)
During the year ended 31 March 2021 and 31 March 2020, the Group has sub-leased a portion of multiple
leased properties that have been presented as part of a right-of-use assets.

31 March 2021 31 March 2020
Gain on net investment in finance lease 24 - 18.76
Finance income on net investment in finance leases 23 12.58 12.47
Income relating to variable lease payments not 23 3.33 1.77
included in the net investment in finance leases
Finance lease receivables 8 106.19 153.42
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease
payments to be received after the reporting date. Under Ind AS 17, the Group did not have any finance leases
as a lessor (being sub leases classified as finance leases).

The maturity analysis of lease receivables, including the undiscounted lease payments to be received are as
follows:
Amounts receivable under finance leases:
As at As at
31 March 2021 31 March 2020
Total undiscounted lease payments receivable 187.75 232.36
Less: Unearned finance income (81.56) (78.95)
Net investment in the lease 106.19 153.41
ii. The incremental borrowings rate range between 10.85% - 11.55%.

The management of the Group estimates the loss allowance on finance lease receivables at the end of the
reporting period at an amount equal to lifetime expected credit loss under simplified approach. None of the
finance lease receivables at the end of the reporting period is past due, and taking into account the historical
default experience and the future prospects of the industries in which the lessees operate, together with the
value of collateral held over these finance lease receivables (see note 19), the management of the Group
consider that no finance lease receivable is impaired.
The Group entered into finance leasing arrangements as a lessor for certain leased properties under sub
leasing arrangements. The average term of finance leases entered into is 9.04 years. The Group is not exposed
to foreign currency risk as a result of the lease arrangements, as all leases are denominated in `. Residual
value risk on such right of use assets under lease is not significant.
ii. Operating lease (sub leases classified as operating leases)

Operating leases, in which the Group is the lessor, relate to leased properties by the Group with lease terms of
between 1 to 9 years.
The unguaranteed residual values do not represent a significant risk for the Group, as they relate to leased
properties of lessor under sub leasing contracts which are located in a location with active market for lessees.
The Group did not identify any indications that this situation will change.
The following table presents the amounts included in profit or loss.
31 March 2021 31 March 2020
Lease income on operating leases 23 68.30 144.00
Therein lease income relating to variable lease 64.94 9.25
payments that do not depend on an index or rate
Amounts receivable under operating leases:

As at As at
31 March 2021 31 March 2020
306.09 412.88
Statements 207

37. Other disclosures in relation to investment properties:

i. Information regarding income and expenditure of investment properties
31 March 2021 31 March 2020
Rental income derived from investment properties 69.82 210.65
generating rental income
that did not generate rental income
Profit arising from investment properties before interest, 34.49 128.57
depreciation and indirect expenses
Less: finance costs (43.26) (50.35)
Less: depreciation (48.15) (52.73)
Less: impairment - (0.77)
Profit arising from investment properties before indirect expenses (56.92) 24.72
ii. Minimum lease payments receivable under operating leases of investment properties are as
follows:
31 March 2021 31 March 2020
iii. Fair value

As at As at
31 March 2021 31 March 2020
Leasehold Investment Properties* 306.85 654.64
Owned Investment Properties# 170.63 -
Estimation of fair value

* The Groups’s leasehold investment properties consist of right-of-use assets in leased food courts, which has been determined
based on the nature, characteristics of leases of each property.
The fair value of investment property has been determined by external, independent property valuer, having appropriate
level 3 inputs. The fair value has been arrived using discounted cash flow projections based on reliable estimates of future cash
flows considering growth in rental income of 5% p.a. and discount rate of 10.81%.
# The fair value of owned investment property has been determined by external, independent property valuer, having appropriate
Group obtained independent valuation for its investment properties and fair value measurement has been categorized as level
3 inputs. The fair value has been arrived using market prevailing rates applicable to same location.

38. Related party disclosures

(I) List of related parties and nature of relationship where control exists:
RJ Corp Limited

(c)
Subsidiaries:
Devyani International (Nigeria) Limited (a subsidiary of R V Enterprizes Pte. Limited)
(II) List of related parties and nature of relationship with whom transactions have taken place during
the current / previous year:
RJ Corp Limited
Joint Venture
(b)
(e) Key management personnel #:
Mr. Ravi Kant Jaipuria - Director
Mr. Raj. P. Gandhi- Director
Mr. Virag Joshi- Chief Executive Officer and Whole Time Director
Mr. Manish Dawar - Chief Financial Officer and Director (with effect from 17 February 2021)
Mr. Sanjeev Arora - Chief Financial Officer and Director (Upto 15 February 2021)
Mrs. Rashmi Dhariwal- Independent Director
Dr. Ravi Gupta - Independent Director
Mr. Anil Dwivedi - Company Secretary (from 7 February 2020)
Statements 209

(f) Other related parties - Entities which are joint ventures or subsidiaries or where control/significant
influence exists of parties as given in (I) and (II) above :
Ravi Kant Jaipuria & Sons (HUF)
S V S India Private Limited
Devyani Food Industries Limited
Alisha Retail Private Limited
Lineage Healthcare Limited
Modern Montessori International (India) Private Limited
Varun Beverages Limited
Champa Devi Jaipuria Charitable Trust
Mala Jaipuria Foundation
DIL Employee Gratuity Trust
Diagno Labs Private Limited
High Street Food Services Private Limited
Varun Beverage Nepal Private Limited
Parkview City Limited
Chellarams Plc
Arctic International Private Limited
(g) Relative of Key management personnel
Mrs. Dhara Jaipuria (wife of Mr. Ravi Kant Jaipuria - Director)
# As per section 203 of the Companies Act, 2013, definition of Key Managerial Personnel includes Chief Executive Officer (CEO),
Chief Financial Officer (CFO) and Company Secretary.
(III) Transactions with related parties during the year ended 31 March 2021 and 31 March 2020
31 March 2021 31 March 2020
(i) Sale of products (Finished goods)
Alisha Retail Private Limited - 0.02
(ii) Sale of products (Traded goods)
(iii) Marketing and other services


31 March 2021 31 March 2020
(iv) Sale of property, plant and equipment (PPE)
Varun Beverages Limited 0.12 -
(v) Purchase of raw materials
Varun Beverage Nepal Private Limited - 6.12
(vi) Purchase of PPE and intangible assets
(vii) Payment to gratuity trust
DIL Employee Gratuity Trust 5.00 5.00
(viii) Expenses incurred by other company on behalf of the Group
RJ Corp Limited 0.37 0.86
(ix) Expenses incurred/(collection) on behalf of other company
RJ Corp Limited (2.29) -
(x) Rent expense
S V S India Private Limited 0.08 0.08
Alisha Retail Private Limited 0.03 -
(xi) Sale of Investment
Arctic International Private Limited*** 3.60 -

***The Company trasnasfered the equity investment in Devyani -
international UK private limited for the consideradtion of 50,000 USD.
(xii) Interest income
(xiii) Acquisition of Immovable property
RJ Corp Limited* 180.00 -
*The Company aquired food court at Mohali, Punjab.
(xiv) Purchase consideration for transfer of business
RJ Corp Limited** 10.00 -
**The Company trasnasfered TWG India Business during the year.
(xv) Repair and maintenance - others
(xvi) Finance costs
High Street Food Services Private Limited 7.93 4.48
Arctic International Pvt Ltd 3.86 -
(xvii) Loan Taken
Arctic International Pvt Ltd 784.94 -
(xviii) Loan given
(xix) Loan recovered
Statements 211


31 March 2021 31 March 2020
(xx) Director's Sitting Fees*
Mr. Ravi Gupta 1.20 0.90
Mrs. Rashmi Dhariwal 1.20 0.60
*Excludes applicable taxes.
(xxi) Compensation to KMPs
Short-term employment benefits
Post employment benefits
Share based payments
Mr. Raj. P. Gandhi 10.27 (0.43)
Mr. Virag Joshi 12.57 (1.05)
(xxii) Compensation to relative of KMP
Dhara Jaipuria 10.03 12.00
The above remuneration to Key managerial personnel does
not include contribution to gratuity fund and compensated
absences, as this contribution is a lump sum amount for all
relevant employees based on actuarial valuation.
(xxiii) Equity shares alloted (including securities premium)
Mr. Virag Joshi 111.70 -
Mr. Raj. P. Gandhi 33.51 -
(IV) Balances as at 31 March 2021 and 31 March 2020

As at As at
31 March 2021 31 March 2020
(i) Trade payables
Varun Beverage Nepal Private Limited - 0.31
Chellarams Plc 9.23 8.87
Devyani Food Industries Limited - 0.29
(ii) Employee related payables
Mr. Sanjeev Arora - 0.55
Mrs. Dhara Jaipuria - 1.00
Mr. Anil Dwivedi - 0.24

As at As at
31 March 2021 31 March 2020
(iii) Employee stock options outstanding account#
Mr. Raj. P. Gandhi - 26.68
# The above denotes value of certain employee stock options granted to
key managerial personnel pending vesting/exercise.
(iv) Trade receivables
(v) Other receivables
RJ Corp Limited 7.46 -
(vi) Borrowings
Chellarams Plc 693.29 713.86
(vii) Redeemable, non-cumulative, non-convertible preference shares
(unsecured)
(viii) Guarantees/security given by the other party on behalf of the
subsidiaries
Ravi Kant Jaipuria @^^ 1,237.70 25.57
Ravi Kant Jaipuria and sons (HUF)# 480.70 -
RJ Corp Limited ** 539.18
@ Mr. Ravi Kant Jaipuria has given a personal gaurantee to Everest Bank Limited in respect of term loans of ` 18.95 (31 March
2020: ` 25.57) taken during the earlier years by Devyani International (Nepal) Private Limited.
^^ Mr. Ravi Kant Jaipuria has given a personal gaurantee to IndusInd Bank Limited, SBM Bank Limited and Axis Bank Limited in
respect of term loan outstanding on 31 March 2021 of ` 1,218.75 taken by the Group.
# ‘Ravi Kant Jaipuria and sons (HUF) has given a personal gaurantee to IndusInd Bank Limited in respect of term loan outstanding
on 31 March 2021 of ` 480.70 taken by the Group.
** RJ Corp Limited has given a corporate gaurantee to Axis Bank Limited in respect of term loan outstanding on 31 March 2021
of ` 539.18 taken by the Group.
The management of the Company confirms that all transactions with related parties are made on terms equivalent
to those that prevail in arm’s length transactions and within the ordinary course of business. Outstanding balances
at year end are unsecured and settlement occurs in cash.
Statements 213

39. Contingent liabilities, commitments and other claims

(to the extent not provided for)
Contingent liabilities and other claims:
(a) Claims against the Company not acknowledged as debts-:#
31 March 2021 31 March 2020
(i) Claims made by direct and indirect tax authorities:
- Goods and service tax - 0.31
- Value added tax 44.17 26.39
- Service tax 10.37 22.18
- Income tax 184.73 184.65
239.27 233.53
(ii) Others 30.44 24.40
(miscellaneous claims in relation to the Group’s operations)#
# The Group is party to various legal proceedings in the normal course of business and does not expect the outcome of these
proceedings to have any adverse effect on the consolidated financial statements and hence no provision has been recorded
against these legal proceedings at this stage. Pending resolution of the respective proceedings, it is not practicable for
the Group to estimate the timings of cash outflows, if any, in respect of the above as it is determinable only on receipt of
judgements/decisions pending with various forums/authorities. Accordingly, the above mentioned contingent liabilities are
disclosed at an undiscounted amount.
(b) Others
31 March 2021 31 March 2020
Commitments:
Estimated amount of contracts remaining to be executed on capital 494.40 2,079.19
account and not provided for [(net of advances of ` 136.98 (previous
year: ` 25.20)]
40. Share based payments

a. Description of share based payment arrangements
i. Share Options Schemes (equity settled)
ESOS - 2011
On 20 September 2011 and 20 December 2011, the Board of Directors approved the Employees Stock Option
Scheme 2011 (“ESOS 2011”), which was approved by the shareholders on 20 December 2011 and subsequently
on 18 May 2012 for increasing the ceiling limit to 49,00,000 Options (“Ceiling Limit”) with condition at any
given point of time no Grantee shall be granted Options during any one year, equal to or exceeding 1% of the
issued capital of the Company except with the specific approval of the members accorded in a general body
meeting. As per ESOS 2011, holders of vested Options are entitled to purchase one equity share for every
Option at an exercise price of ` 111.70. ESOS 2011 was formulated with the objective to enable the Company
to grant Options for equity shares of the Company to certain eligible employees, officers and directors of the
Company and its subsidiaries, to purchase shares from the Company at a pre-determined price. A resolution
was passed in the meeting of the Board of Directors held on 6 May 2014 wherein certain additional Options
were granted at the same terms and conditions as mentioned in ESOS 2011.
Further, ESOS 2011 was amended subsequently and was approved by the shareholders on 17 March 2021.
The resolution provides the delinking of vesting schedule of the Options from filing of the RHP by the Company
and for aligning the Scheme in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014,

as amended, read with the SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated 16 June 2015 (“SEBI SBEB
Regulations”) and accordingly all Options under ESOS 2011 were vested immediately on the day of passing
the said resolution and the exercise window for ESOS 2011 was opened by the Nomination and Remuneration
Committee on 17 March 2021. The Company received the exercise letters from the Options holders and
allotted 15,81,500 equity shares pursuant to exercise of Options.
ESOS - 2018
On 6 April 2018, the Board of Directors approved the Employees Stock Option Scheme 2018 (“ESOS 2018”),
which was approved by the shareholders on 21 September 2018. ESOS 2018 has been formulated with the
same objective as ESOS 2011. ESOS 2018 provides that Options so granted, shall not represent more than 5%
of the fully diluted share capital of the Company at any given point of time (“Ceiling Limit”) and no Grantee
shall be granted Options during any one year, equal to or exceeding 1% of the issued capital of the Company
except with the specific approval of the members accorded in a general body meeting. As per ESOS 2018
Grant letters, holders of vested Options are entitled to purchase one equity share for every Option at an
Further ESOS 2018 was subsequently amended and approved by the shareholders on 17 March 2021
for linking the vesting of options to listing date of shares of the Company and to align the Scheme with
compliance requirement of SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, read with
the SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated 16 June 2015 (“SEBI SBEB Regulations”). Under
the ESOS 2018, no vesting shall occur until date of listing of shares on recognized Stock Exchanges by the
Company in respect of proposed offer.
ESOS - 2021
On 17 March 2021, the Board of Directors approved the Employees Stock Option Scheme 2021 (“ESOS 2021”)
in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014, as amended, read with the
SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015 (“SEBI SBEB Regulations”), which was
approved by the shareholders on 17 March 2021. ESOS 2021 was formulated with the same objective of ESOS
2011 and ESOS 2018.
ESOS 2021 provides that Options so granted, shall not represent more than 5% of the fully diluted share
capital of the Company at any given point of time (“Ceiling Limit”) and no Grantee shall be granted Options
during any one year, equal to or exceeding 1% of the issued capital of the Company except with the specific
approval of the members accorded in a general body meeting by way of a special resolution. As per ESOS
2021 Grant letters, holders of vested Options are entitled to purchase one equity share for every Option at an
Statements 215

The Options were granted on the dates as mentioned in the table below:
S. Grant Date Number Exercise Vesting Condition Vesting period Contractual period
No of Options Price (`)
granted
the Company for
the purpose of IPO,
whichever is later.
the Company for
the purpose of IPO,
whichever is later.
3 21 September 2018 5,06,000 306.12 Graded vesting over # and @ 0.25 years to 5.76
4 years or after the years (2.25 years to
filling of RHP by 7.76 years)
the Company for
the purpose of IPO,
whichever is later.
4 17 March 2021 7,20,000 433.28 Graded vesting over 17 March 2022 1 year to 9 years
4 years being first to
vesting due on 17 17 March 2025
March 2022
* As mentioned above, ESOS - 2011 was amended and approved in shareholders meeting dated 17 February 2021. Accordingly,
all Options under ESOS 2011 were vested immediately on the day of passing the said resolution.
# As mentioned above, ESOS - 2018 was amended and approved in shareholders meeting dated 17 February 2021 for linking the
vesting of options to listing date of shares of the Company.
@ 379,500 options on 30 June 2021 and 126,500 options on 1 January 2022 (379,500 options on 30 June 2022 and 126,500
options on 1 January 2023)
Note - Exercise period in every scheme is maximum five years from the date of vesting of shares.
b. Measurement of fair values

The fair values are measured based on the Black-Scholes-Merton model. The fair value of the options and inputs
used in the measurement of the grant date fair values of the equity -settled share based payments are as follows:
Particulars Options granted on Options granted on Options granted on Options granted on
17 March 2021 21 September 2018 31 May 2014 19 May 2012
Fair value per Option at 183.51 - 239.33 105.28 - 133.03 123.17 56.35 - 57.28
grant date (in `)
Share price at grant 432.98 268.99 151.07 93.21
date (in `)
Exercise price (in `) 433.28 306.12 111.70 111.70
Expected volatility 45.60% - 50.50% 35.27% - 35.77% 64.20% 43.03%
Expected life (in years) 3.50 - 6.50 4.75 - 6.75 8.59 8.38 - 8.63
Expected dividends 0.00% 0.00% 0.00% 0.00%
Risk-free interest rate 5.39% - 6.31% 8.06% - 8.11% 9.19% 8.50% - 8.51%

The risk free interest rates are determined based on current yield to maturity of 10 years Government Bonds with
similar residual maturity equal to expected life of the Options. Expected volatility calculation is based on historical
daily closing stock prices of competitors using standard deviation of daily change in stock price. The minimum
life of the stock option is the minimum period before which the options cannot be exercised and the maximum life
is the period after which options cannot be exercised. The expected life has been considered based on average of
maximum life and minimum life and may not necessarily be indicative of exercise patterns that may occur.
c. Effect of employee stock option schemes on the consolidated statement of profit and loss
31 March 2021 31 March 2020
Employee stock option scheme (reversal)/expense* 22.62 (12.18)
22.62 (12.18)
*included in Salaries, wages and bonus (refer note 28 )
d. Reconciliation of outstanding share options

The number and weighted-average exercise prices of share options under the share option schemes are as follows:

Number of Weighted average Number of Weighted average
options exercise price (`) options exercise price (`)
Number of Options granted, exercised
and forfeited
Options outstanding as at the 19,85,500 124.04 23,65,500 153.29
beginning of the year
Add: Options granted during the year 7,20,000 433.28 - -
Less: Options exercised during the year 15,81,500 111.70 - -
Less: Options forfeited/ lapsed during 2,66,000 306.12 3,80,000 306.12
the year
8,58,000 349.83 19,85,500 124.04
Options outstanding as at the end of 85,80,000 - - -
the year *
Options exercisable at the end of the - - - -
year
* Pursuant to share split with effect from 25 March 2021 the number options outstanding 858,000 is changed to 8,580,000 as a
result of share split.

31 March 2021 31 March 2020
Weighted average remaining life of options outstanding at the end of 7.62 7.30
year (in years)
Statements 217

41. Capitalisation of expenditure incurred during construction period (refer Note 3B)
The Group has commenced operations of certain quick service restaurants (stores) during the year ended 31 March 2021
and 31 March 2020. Certain directly attributable costs are incurred on commissioning of the quick service restaurants
up to the date of commercial operations. This cost has been apportioned to certain property, plant and equipment on
reasonable basis. Details of such costs capitalised is as under :-

31 March 2021 31 March 2020
56.59 53.24
42. Impairment of non-financial assets

In accordance with Ind AS 36 “Impairment of Assets”, the Group has identified individual quick service restaurants
(stores) as a separate cash generating unit (CGU) for the purpose of impairment review. Management periodically
assesses whether there is an indication that an asset may be impaired using a benchmark of two-year’s history of
operating losses or marginal profits for a store. In view of higher operating costs or decline in projected sales growth,
certain stores have been impaired in the current and previous years. Based on the results of impairment testing for
these stores in the current year, the property, plant and equipment, right-of-use assets, investment properties and
other intangible assets, carrying value of these stores aggregating ` 568.65 (net of opening provision for impairment of
` 96.11) (previous year: ` 366.92 net of opening impairment of ` 68.86) have been reduced to the recoverable amount
aggregating to ` 14.80 (previous year: ` 17.54) by way of impairment charge of ` 553.74 (previous year: ` 219.52).
Recoverable amount is value in use of these stores computed based upon projected cash flows from operations with
sales growth of Nil-5% (previous year: 5%-20%) and salary growth rate of 6% (previous year: 6%), over balance lease
term , discounted at rate of 12.17 % p.a. (previous year: 12.11% p.a.). Carrying value of a store includes property, plant
and equipment, intangible assets used at a store, right-of-use assets, investment properties and allocated corporate
assets. Further carrying value and recoverable value of each store is calculated net of lease liabilities.
Moreover, the impairment reversal of ` 73.69 (previous year: ` 180.75) is primarily on account of stores where the actual
sales growth rate has exceeded the projected sales growth rate, hence the recoverable amount aggregating to ` 277.72
(previous year: ` 337.33) has exceeded the written down value of these stores aggregating ` 204.03 (after considering
impairment charge recorded in previous years amounting to ` 183.21)(previous year: ` 190.06 after considering
impairment charge recorded in preceding previous years ` 258.59).
Goodwill amounting to ` 504.57 (previous year: ` 84.46) is allocated across multiple stores acquired under business
combination. The goodwill allocated over the stores acquired under business combination agreement, is tested for
impairment wherein the recoverable amount is calculated based on the same key assumptions as mentioned above.
No impairment loss has been recorded on the aforesaid goodwill during the year.
The key assumptions have been determined based on management’s calculations after considering, past experiences
and other available internal information and are consistent with external sources of information to the extent applicable.
For goodwill impairment assessment, management believes that any reasonably possible change in the key assumptions
Management has identified that a reasonably possible change in the three key assumptions could cause a change in
amount of impairment loss/ (reversal). The following table shows the amount by which the impairment loss/(reversal)
would increase/ (decrease) on change in these assumptions by 1%. All other factors remaining constant.

Impairment loss For the year ended For the year ended
31 March 2021 31 March 2020
Impairment charge for non financial assets 553.74 219.52
Impairment reversal for non financial assets (73.69) (180.75)
Net impairment charge 480.05 38.77
Sensitivity analysis For the year ended For the year ended
31 March 2021 31 March 2020
Discount Rate
(Increase by 1%) 2.15 8.97
(Decrease by 1%) (1.93) (8.42)
Sales Growth Rate
(Increase by 1%) (9.25) (30.37)
(Decrease by 1%) 11.96 29.19
Salary Growth Rate
(Increase by 1%) 1.97 3.84
(Decrease by 1%) (1.81) (3.87)
43. Transfer pricing

The Company has established a comprehensive system of maintenance of information and documents that are required
by the transfer pricing legislation under Section 92-92F of the Income-tax Act, 1961. Since the law requires existence
of such information and documentation to be contemporaneous in nature, the Group is in the process of updating the
documentation for the international transactions entered into with the associated enterprises during the financial year
and expects such records to be in existence latest by due date as required under the law. The management is of the
opinion that its international transactions with the associated enterprises are at arm’s length so that the aforesaid
legislation will not have any impact on the consolidated financial statements, particularly on the amount of tax expense
and that of provision for taxation.
44. Capital management

The Group’s objective for capital management is to maximize shareholder’s value, safeguard business continuity and
support the growth of the Group. The Group determines the capital requirement based on annual operating plan and
other strategic investment plans. The Group aims to manage its capital efficiently so as to safeguard its ability to
continue as a going concern and to optimize returns to all its shareholders. The Group’s funding requirements are met
through equity infusions, internal accruals and a combination of both long-term and short-term borrowings. The Group
raises long term loans mostly for its expansion requirements and based on the working capital requirement utilise the
working capital facilities. The Group monitors capital on the basis of consolidated total debt to consolidated total equity
on a periodic basis.
40. Employee benefits

I. Defined contribution plans
An amount of ` 69.36 (previous year: ` 113.86) has been recognised as an expense in respect of the Group’s
contribution to the Employees’ Provident Fund and other fund deposited with the relevant authorities and has been
charged to the Consolidated Statement of Profit and Loss.
Statements 219

II. Defined benefit plans*

The Group operates a gratuity plan wherein every employee is entitled to the benefit. Gratuity is payable to all
eligible employees (who have completed 5 years or more of service) of the Company on retirement, separation,
death or permanent disablement, in terms of the provisions of the Payments of Gratuity Act, 1972. Gratuity liability
is partially funded by the Company through annual contribution to DIL Employees Gratuity Trust (the ‘Trust’)
against ascertained gratuity liability. Trustees administer contributions made to the Trust and contributions are
invested in a scheme with the Life Insurance Corporation of India as permitted by law of India
The funding requirements of the plan are based on the gratuity fund’s actuarial measurement framework set out
in the funding policies of the plan. The funding of the plan is based on a separate actuarial valuation for funding
purpose for which assumptions may differ from the assumptions set out in (iii) below. Employees do not contribute
to the plan.
The Company has defined that, in accordance with the terms and conditions of the aforesaid plan and in accordance
with statutory requirements (including minimum funding requirements) of the plan of relevant jurisdiction, the
present value of refund or reduction in future contributions is not lower than the balance of the total fair value of
the plan assets less than total present value of obligations.
*One of the subsidiary was operating gratuity plan till 16th July 2019 and w.e.f. 17th July 2019 it opted for
contribution to Social Security Fund (SFF) in lieu of gratuity. Accordingly, the subsidiary has provided and
accumulated the gratuity liability till 16th July 2019.
The following table sets out the status of the gratuity plan as required under Ind AS 19 - ‘Employee Benefits’
i. Changes in present value of defined benefit obligation:
31 March 2021 31 March 2020
Present value of obligation as at beginning of year 117.53 113.02
Acquisition adjustment 30.36 3.00
Interest cost 6.50 7.69
Current service cost 22.92 16.97
Actuarial (gain)/loss recognised in other comprehensive income - -
-changes in demographic assumption - (0.05)
-changes in financial assumption 0.84 (1.34)
-experience adjustment 12.03 (2.26)
Exchange differences on translation (0.47) 0.30
Present value of obligation as at end of year 165.71 117.53
ii. Reconciliation of the present value of plan assets :

31 March 2021 31 March 2020
Return on plan assets recognised in other comprehensive income 0.80 1.63
Fund Charges (0.05) (0.12)
Contribution paid into the plan 5.00 5.00
Net defined benefit liability/ ( asset ) 165.29 103.51

iii. Actuarial Assumptions

A. Economic assumptions
The principal assumptions are the discount rate and salary growth rate. The discount rate is generally
based upon the market yields available on Government bonds at the accounting date with a term that
matches that of the liabilities and the salary growth rate takes into account inflation, seniority, promotion
and other relevant factors on long term basis. Valuation assumptions are as follows:

Discounting rate 4% - 14% 5% - 14%
Future salary increase 6% - 11% 6% - 11%
B. Demographic assumptions
i) Retirement age (years) 58-60 58-60
ii) Ages Withdrawal Withdrawal
rate per annum (%) rate per annum (%)
Up to 30 years 50 50
From 31 to 44 years 37 37
Above 44 years 30 30
iii) Assumptions regarding future mortality are not based on actuarial advice in accordance with
published statistics and experience in each territory. These assumptions translate into an average
life expectancy in years for a retiring employee.
iv. (a) Information for funded plans with a defined benefit obligation:
31 March 2021 31 March 2020
Defined benefit obligations 147.89 116.02
Fair value of plan assets 0.42 14.02
147.47 102.00
(b) Information for non funded plans with a defined benefit obligation:
31 March 2021 31 March 2020
Defined benefit obligation 17.82 1.51
17.82 1.51
(c) Expense recognised in Consolidated Profit or Loss:

31 March 2021 31 March 2020
(c) Interest income on plan assets (0.71) (1.43)
28.78 25.09
Statements 221

(d) Remeasurements recognised in other comprehensive income

31 March 2021 31 March 2020
Actuarial gain/(loss) on defined benefit obligation 12.81 (3.65)
Actuarial gain/(loss) on plan assets 0.13 (0.08)
12.94 (3.73)
Expense recognised in the consolidated statement of profit 41.72 21.36
and loss
v. Reconciliation statement of expense in Consolidated Statement of Profit and Loss:

31 March 2021 31 March 2020
Present value of obligation as at the end of the year 165.71 117.53
Present value of obligation as at the beginning of the year (117.53) (113.02)
Benefits paid 24.00 21.56
Actual return on plan assets (0.75) (1.51)
Acquisition adjustment (30.36) (3.00)
Exchange differences on translation 0.65 (0.21)
Expenses recognised in the Consolidated Statement of Profit 41.72 21.35
and Loss
The Group expects to contribute ` 31.37 (previous year ` 30.32) to gratuity in the next year.
vi. Change in fair value of plan assets:

31 March 2021 31 March 2020
Opening fair value of plan assets 14.02 21.91
Actual return on plan assets 0.80 1.63
Contribution by employer 5.00 5.00
Fair value of plan assets as at year end 0.42 14.02
vii. The expected maturity analysis of undiscounted defined benefit liability is as follows
Particulars Less than Between one Between two Over
a year to two years to five years five years
31 March 2021 127.60 40.00 291.41 2,270.84
31 March 2020 31.37 25.27 36.32 24.57
viii. Bifurcation of closing net liability at the end of year

31 March 2021 31 March 2020
Current liability (amount due within one year) 54.63 27.25
Non-current liability (amount due over one year) 110.66 76.26
165.29 103.51

ix. Sensitivity analysis

A quantitative sensitivity analysis for significant assumptions is as shown below:
Impact of the change in discount rate on defined benefit obligation
31 March 2021 31 March 2020
a) Impact due to increase of 1% (2.79) (1.86)
b) Impact due to decrease of 1% 2.86 2.23
Impact of the change in salary on defined benefit obligation

31 March 2021 31 March 2020
a) Impact due to increase of 1% 2.75 2.23
b) Impact due to decrease of 1% (2.77) (1.86)
The sensitivity analysis is based on a change in above assumption while holding all other assumptions
constant. The changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions, the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting year)
has been applied when calculating the provision for defined benefit plan recognised in the Consolidated
Balance Sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to
the previous years.
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it
provides an approximation of the sensitivity of the assumptions shown.
Risk exposure:
The defined benefit plan is exposed to a number of risks, the most significant of which are detailed below:
Change in discount rates: A decrease is discount yield will increase plan liabilities

Mortality table: The gratuity plan obligations are to provide benefits for the life of the member, so increase in life
expectancy will result in an increase in plan liabilities.
III. Compensated absences

iv. (a) Expense recognised in the consolidated statement of profit or loss:
31 March 2021 31 March 2020
(c) Net actuarial (gain) / loss recognized in the period 20.23 (29.48)
50.07 (5.89)
IV. Code of Social Security

The Code on Social Security, 2020 (‘Code’) relating to employee benefits received Presidential assent in September
2020, applicable for Indian entities. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it
comes into effect and will record any related impact in the period the Code becomes effective.
Statements 223

46. Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision Maker (“CODM”) of the Group. The CODM is considered to be the Board of Directors who make strategic
decisions and is responsible for allocating resources and assessing the financial performance of the operating
segments.
The Group’s business activity falls within a single business i.e. Food and Beverages in terms of Ind AS 108 on Segment
Reporting. Information about secondary segment (Consolidated basis) The geographical segments considered are
“”within India”” and “”outside India””. The relevant disclosure are as follows:

31 March 2021 31 March 2020
a. Food and beverage segment #
(i) Within India 10,194.80 13,672.80
(ii) Outside India 1,153.58 1,491.06
b. Other income (refer note 24) @ 640.57 186.55
Total 11,988.95 15,350.41
31 March 2021 31 March 2020
Non-current assets ^
(i) Within India 13,342.89 15,178.15
(ii) Outside India 916.89 1,381.46
Total 14,259.78 16,559.61
No single external customer amounts to 10% or more of the Group’s revenue.

# Revenue from food and beverage segment is directly attributed to within India and outside India operations.
@ Other income is not allocated as the underlying assets/ liabilities/income are used interchangeably.
^N
on-current assets, other than financial instruments and income tax assets (net)/deferred tax asset (net), primarily comprises
property, plant and equipment.
47. Interest in joint venture

The Minor Food Group (India) Private Limited ( MFGIPL) is a joint arrangement in which the Group has joint control
and a 30% ownership interest. Minor is engaged in the business of developing, managing and operating ice cream
parlours for Swensen’s brands in Bengaluru, India. Minor is not publicly listed and accordingly, no quoted market price
is available for the investment.
Based on contractual arrangement between MFG International Holding (Singapore) Pte. Ltd and the Company, the Group
had classified its interests in Minor as a joint venture. During the previous year, the carrying value of the investment in
Minor was Nil and therefore, not material to the Group.
During the current year, the Group has transferred the entire investment in equity shares to MGF International Holding
(Singapore) Pte Limited at ` 73 (absolute) with effect from 26 March 2021 and therefrom, it ceases to be the joint
venture of the Group.

48. Non-controlling interests (NCI)

The following table summarises the financial information relating to each of the Group’s subsidiaries that has material
NCI, before any intra-group eliminations:
Particulars RV Enterprizes Devyani Airport Services

Pte. Limited * (Mumbai) Private Limited
31 March 2021 31 March 2020 31 March 2021 31 March 2020
NCI Percentage 13% 13% 49% 49%
Summary of balance sheet
Non-current assets 544.92 1,061.17 645.47 645.88
Current assets 175.31 103.69 15.69 57.14
Non-current liabilities (1,771.63) (1,799.81) (1,353.21) (1,236.84)
Current liabilities (654.10) (1,110.63) (85.81) (152.93)
Net assets (1,705.50) (1,745.58) (777.86) (686.75)
Accumulated NCI (86.83) (103.45) (332.32) (287.69)
Summary of statement of profit and loss
Total revenue 937.01 1,143.14 192.98 531.16
Profit/(loss) for the year (82.39) (329.44) (105.60) 208.10
Other comprehensive (loss(/income for the year 122.49 155.72 (0.18) 1.95
Total comprehensive (loss)/income for the year 40.10 (173.72) (105.78) 210.05
Profit/(loss) allocated to NCI (26.05) (99.42) (51.74) 101.97
Other comprehensive income allocated to NCI 42.68 34.64 (0.09) 0.96
Total comprehensive income allocated to NCI 16.63 (64.78) (51.83) 102.93
Summary of cash flow statement
Cash flows generated from/(used in) operating 249.35 259.30 82.09 112.49
activities
Cash flows used in investing activities (80.55) (87.12) 0.94 (5.66)
Cash flows generated from/(used in) financing (130.48) (179.65) (77.21) (112.27)
activities
Net increase/(decrease) in cash and cash 38.32 (7.47) 5.82 (5.44)
equivalents
* Post consolidation of Devyani International (Nigeria) Limited (Subsidiary of RV Enterprizes Pte. Limited)
Transactions with NCI (adjustments with in other equity)

31 March 2021 31 March 2020
Due to adoption of IndAS 116 - Leases - (54.91)
Distributions of non reciprocal capital contributions 7.19 80.75
7.19 25.84
Statements 225

49. Additional information required by Schedule III to the Act:

As at 31 March 2021
Name of the entity in the Net assets (Total assets - Share in profit/(loss) Share in other comprehensive Share in total comprehensive
group Total liabilities) income/(loss) income/(loss)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated other consolidated total
Net assets loss comprehensive comprehensive
income loss
Parent
Devyani International 416.24% 2,991.05 103.68% (653.05) -22.84% (11.92) 115.11% (664.97)
Limited (DIL)
Subsidiaries
(Parent’s share)
Subsidiaries Incorporated in India
Devyani Food Street -26.69% (191.77) 10.05% (63.30) 0.78% 0.41 10.89% (62.89)
Private Limited
Devyani Airport Services -108.25% (777.86) 16.77% (105.61) -0.34% (0.18) 18.31% (105.79)
(Mumbai) Private Limited
Subsidiaries Incorporated outside India
Devyani International 5.60% 40.26 -1.43% 9.03 0.50% 0.26 -1.61% 9.29
(Nepal) Private Limited
Devyani International (UK) 0.00% - 41.82% (263.43) -112.76% (58.86) 55.79% (322.29)
Private Limited
RV Enterprizes Pte. -191.09% (1,373.17) 8.94% (56.34) 152.89% 79.81 -4.06% 23.47
Limited
Non controlling interest
Devyani Airport Services -46.25% (332.32) 8.21% (51.74) -0.17% (0.09) 8.97% (51.83)
RV Enterprizes Pte. -12.08% (86.83) 4.14% (26.05) 81.76% 42.68 -2.88% 16.63
Limited
Inter group eliminations 62.52% 449.24 -92.18% 580.62 0.17% 0.09 -100.53% 580.71
As at 31 March 2021 100.00% 718.59 100.00% (629.87) 100.00% 52.20 100.00% (577.67)

As at 31 March 2020
Name of the entity in the Net assets (Total assets - Share in profit/(loss) Share in other comprehensive Share in total comprehensive
group Total liabilities) income/(loss) income/(loss)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated other consolidated total
Net assets loss comprehensive comprehensive
income loss
Parent
Devyani International -6.88% 156.94 111.25% (1,350.74) 1.06% 1.51 125.91% (1,349.23)
Limited (DIL)
Subsidiaries
(Parent’s share)
Devyani Food Street Private 5.65% (128.90) -1.75% 21.30 0.19% 0.27 -2.01% 21.57
Limited
Devyani Airport Services 30.09% (686.75) -8.74% 106.13 0.69% 0.99 -10.00% 107.12
Devyani International -1.41% 32.22 -0.36% 4.33 0.73% 1.04 -0.50% 5.37
(Nepal) Private Limited
Devyani International (UK) 19.70% (449.62) 36.10% (438.26) -12.46% (17.76) 42.56% (456.02)
Private Limited
RV Enterprizes Pte. Limited 71.96% (1,642.14) 18.94% (230.02) 84.92% 121.08 10.17% (108.94)
Non controlling interest
Devyani Airport Services 12.61% (287.69) -8.40% 101.97 0.67% 0.96 -9.61% 102.93
RV Enterprizes Pte. Limited 4.53% (103.45) 8.19% (99.42) 24.30% 34.64 6.05% (64.78)
Joint Venture (Investment accounted as per equity method)
The Minor Food Group 0.00% - 0.00% - 0.00% - 0.00% -
(India) Private Limited
Inter group eliminations -36.25% 827.24 -55.22% 670.53 -0.11% (0.15) -62.56% 670.38
At 31 March 2020 100.00% (2,282.15) 100.00% (1,214.18) 100.00% 142.58 100.00% (1,071.60)
50. Business Combination

During the previous year, the Group executed a Business Transfer Arrangement dated 11 December 2019 (‘BTA’)
with Yum Restaurants (India) Private Limited (“Yum”) for acquiring 61 KFC stores (60 stores as amended) in multiple
tranches. Till 31 March 2020, the Group had acquired 9 KFC stores on 01 March 2020 from Yum on a slump sale basis
for an estimated purchase consideration of ` 339.34 and the remaining 51 stores were acquired during the year ended
31 March 2021 for a purchase consideration of ` 1,960.66, an aggregate consideration of ` 2,300. Yum is the franchiser
of KFC, Pizza Hut, Taco Bell brand and the Group has acquired KFC stores from Yum in order to expand its operations
in Karnataka, Andhra Pradesh and Telangana.
Statements 227

Assets acquired and liabilities assumed

The fair values of the identifiable assets and liabilities as at the date of acquisition were:

31 March 2021 31 March 2020
(Restated)
refer note 56
Assets
Property, plant and equipment (refer note 3A) 360.70 76.32
License fee (refer note 5) 198.79 33.91
Franchisee rights (refer note 5) 916.22 143.61
Other assets 69.05 8.86
1,571.87 267.37
Liabilities 31.32 3.00
31.32 3.00
Total identifiable net assets (at fair value) 1,540.55 264.37
Purchase consideration to be transferred/transferred in cash 1,960.66 339.34
Goodwill (refer note 4) 420.11 74.97
* Previous year figures have been reclassified/ regrouped, wherever necessary to make them comparable.
The goodwill is attributable to the operational synergies and expansion on market share.
Transaction costs of ` 0.42 (previous year: ` 0.20) have been expensed and is included in “Other expenses” in the
consolidated Statement of Profit and Loss and are part of the operating cash flows in the consolidated Cash Flow
Statement.
From the date of acquisition, acquired stores under business combination contributed ` 1,479.64 (previous year:
` 26.54) of revenue and profit of ` 223.21 (previous year loss of: ` 0.62) to profit/(loss) before tax from continuing
operations of the Group. If the combination had taken place at the beginning of an acquisition year, the Group revenue
from continuing operations would have been ` 1,754.45 for (previous year: ` 537.02) and since the details on profit after
tax is not available at individual store level separately, such information has not been disclosed.
51. Disclosure pursuant to Section 186(4) of the Companies Act, 2013 (also refer note 7):
Nature of the transaction As at As at
(loans given/investments made/ guarantees given) 31 March 2021 31 March 2020
(A) Loans and advances *
Parkview City Limited^ - -
- -
^ during the previous year the Company has given loan of ` 550.00 to the party and full repayment of the loan has also been received
including interest accrued thereon
52. Disclosures about the Group's ability to continue as a going concern.

The Group has incurred losses of ` 629.87 in current year (previous year: ` 1,214.18) and has accumulated losses of `
8,874.67 as at 31 March 2021 (previous year: ` 8,317.00), which has significantly eroded the net worth of the Group as
at 31 March 2021. Further, the Group’s current liabilities exceed its current assets as at 31 March 2021 by ` 2,561.38
[previous year: ` 4,345.82].
Based on financial projections, revised and detailed business strategies , the Group expects growth in its operations and
improved operating performance in coming years and also, expects to earn enhanced cash inflows from its operating

activities. The Group believes such anticipated internally generated funds from operations in future and its available
revolving undrawn credit facilities as at 31 March 2021 and certain other current assets (financial and non-financial) as
on date, will enable it to meet its future known obligations due in next year, in the ordinary course of business. Based on
the projections, the Group expects to earn cash inflow from operating activities, which can be used to settle liabilities
due in the near future.
In view of the same, the management of the Group is of the view of generating sufficient cash flows in the future to meet
the Group’s financial obligations. Therefore, these consolidated financial statements have been prepared on a going
concern basis.
53. Estimation of uncertainties relating to the global health pandemic from Coronavirus (Covid 19)
The global spread of Covid 19 impacted businesses across all sectors and geographies. As a result, operations of
most restaurants and commissaries were affected temporarily in compliance with lockdown announced by the Central
Government of India and government of other countries, along with other directives/orders issued by other relevant
authorities which resulted in lower sales as compared to previous periods.
The management of the Group has considered all internal and external sources of information, including economic
forecasts and estimates from market sources as at the date of the approval of these consolidated financial statements
in determining its liquidity position for next one year, carrying value of assets comprising property, plant and equipment,
right of use assets, inventories, receivables and other current assets as at the balance sheet date.
On the basis of evaluation and current indicators of future economic conditions, the Group has concluded that no
material adjustments are required in the consolidated financial statements other than those already recognised as
of the reporting date. Given the uncertainties associated with nature, condition and duration of Covid 19, the impact
assessment on the Group’s financial statements will be continuously made and provided for as required.
54. Discontinued operation

a)
The Group has business of tea trading in the brand name of TWG which has operations in India through two stores,
in the Group (‘TWG India’) and in UK [through its subsidiary - Devyani International (UK) Private Limited (‘DIL UK or
TWG UK’)]. During the current year, the Group has sold TWG India business by way of slump sale to RJ Corp Limited
(the holding Group) on 1 March 2021. Further, the Group has also sold its entire shareholding in DIL UK to Arctic
International Private Limited (Mauritius) (a fellow subsidiary Group) on 17 February 2021.
Statements 229

Accordingly, both TWG India and TWG UK have been reported as discontinued operation during the current year
up to 28 February 2021 and 16 February 2021, respectively. Financial information relating to the discontinued
operation for the period to the date of disposal are set out as below:-
(i) Financial performance and cash flow information
TWG India (A) For the For the
Purchase of stock-in-trade - 35.54
Changes in inventories of stock-in-trade 55.31 (7.68)
Finance costs
3.93 7.13
Depreciation and amortisation expense
18.06 39.81
Impairment of non-financial assets 49.87 -
Loss before tax (109.68) (14.06)
Gain on transfer of business operations (refer to (ii) below) 17.05 -
TWG UK (B) For the For the

Expenses
Purchase of stock-in-trade 11.47 169.51
Changes in inventories of stock-in-trade 36.09 -21.13
Finance costs * 89.79 96.49
Depreciation and amortisation expense 172.47 194.11
Other comprehensive income from discontinued operation
Exchange differences to be reclassified to statement of profit and (58.86) (17.76)
loss
Total comprehensive income from discontinued operation (304.68) (430.39)
Gain on transfer of business operations (refer to (ii) below) 521.81 -
Net loss from discontinued operation 217.13 (430.39)
Total Profit/(Loss) from discontinued operation (A) + (B) 124.50 (444.45)
* Net of intra group elimination

Cash Flow Statement for discontinued Operations For the For the
28 Feburary 2021* 31 March 2020
Net cash inflow/(outflow) from;
Operating activities (70.7) 27.10
Investing activities 6.05 (0.70)
Financing activities 712.97 47.33
Effect of exchange rate change (13.15) (2.51)
Net cash flow from discontinued operations 635.80 71.22
*Up to 16 February 2021 in case of TWG UK
(ii) Details of the sale of discontinued Operations

TWG India TWG UK
Consideration received in cash 10.00 3.60
Carrying amount of net assets transferred (refer to (iii) below) (7.05) (582.88)
Exchange difference Gain/ (Loss) on translation of discontinued - 64.67
operation
Gain/ (Loss) on sale of discontinued Operations 17.05 521.81
(iii) The carrying amounts of assets and liabilities as at the date of transfer were:
TWG India TWG UK
Assets
Non Current Assets
Property, plant and equipment 0.70 309.56
Right of use 30.67 2,507.94
Loans - 9.77
Current Assets
Financial assets - 3.10
Other current assets 16.74 9.55
Total assets (A) 48.57 2,929.98
Liabilities
Non Current Liabilities
Lease liabilities 47.72 2,620.35
Borrowings - 784.93
Other financial liabilities - 4.05
Current Liabilities
Trade Payable - 47.80
Other financial liabilities - 55.72
Other current liabilities 7.90 0.01
Total liabilities (B) 55.62 3,512.86
Net assets (A-B) (7.05) (582.88)
Statements 231

55. Initial Public Offering (IPO)

The Board of Directors (Board) of the Company in their board meeting dated 17 February 2021 has approved raising of
capital for the Company through an Initial Public Offering (IPO). As part of its proposed IPO, the Company plans to file
Draft Red Hearing Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) in coming period. Apart from
the Company, existing shareholders also proposes to sell the stake in the Company. Prepayments in relation to the
proposed IPO included under “Other current assets” include expenses of ` 5.88 million incurred by the Company towards
IPO of the equity shares held by shareholders as well as the Company. Portion of these expenses are recoverable from
shareholders in proportionate to shares that will be offered to the public in the proposed IPO.
56. Restatement of previously reported financial information

The Group, in order to comply with Ind AS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’, has
restated its previously issued financial information. The details in respect of which are as follows:-
In respect of acquisition of 9 KFC stores on 1 March 2020 (as explained in detail in Note 42), the management of the
Group did not assign any value to the franchisee rights while doing the Purchase Price Allocation (PPA) under business
combination during the previous year and hence, the difference between the purchase price of these 9 KFC stores
and the underlying assets and liabilities was recorded as Goodwill. Post completion of acquisition of all KFC stores
during the current year, the management of the Group has carried out the revised PPA for 9 stores and correspondingly,
assigned the fair value to the franchisee rights as well. The management has adjusted the same retrospectively by
restating the financial statements as at and for the previous year (in accordance with Ind AS 8) by recognizing fair
value of the franchisee rights of ` 143.61 and therefore reducing the previously recognised goodwill of ` 218.58 to
` 74.97. Accordingly, corresponding disclosure for business combination under Ind AS 103 have also been appropriately
restated.
Due to the aforesaid restatement in the comparative amounts for the comparative periods, there is no change in net
cash flow from operating activities, investing activities and financing activities. Further the impact of such restatement
on total equity as at 31 March 2020, the statement of profit and loss and earnings per share for the year then ended
was not material, hence not considered by the management of the Group.
57. The amounts of previous reported period have been regrouped/reclassified wherever considered necessary in order to
comply with financial reporting requirements.



Notes
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Annual Report 2020-21

Healthy Base, Steady Pace.

Know us Better 03 Management Discussion & 40

A wild, no holds barred

Our race is continuous

692 155 54%

`11,348 Mn `2,269 Mn 20%

Portfolio of highly Multi-dimensional Presence across key

Cross brand synergies with Disciplined financial Distinguished Board

*as of March 31, 2021

With leading international QSR brands along with

Building a Healthy Base,

2002 2005 2011

• First Pizza Hut Delivery

2015 2019 2021

2012 2016 2020

(1) Source: Yum Brands Inc. 2020

Costa Coffee Vaango Food Street

Steady Pace of Innovation

Healthy Base of Brand Presence

Core Brands Presence

DIL DIL DIL

Brand KFC Pizza Hut Costa Coffee

Store Presence across India

Cluster-based Spread Region-wise Presence

Other Cities South 31%

Healthy Base of Brand Presence

Logistics Sourcing Overhead Real Estate/

Steady Pace in Enhancing Connect

Overcoming Hurdles on the Track

Focus to Improve Unit Level Profitability

Revenue Expansion Cost Efficiency

Striding Ahead with a Steady Pace

Our Key Performance Parameters*

*FY20 onwards financials are as per Ind-AS 116 and

Steady Focus on Shaping

Some of our initiatives include:

Employing the Empowering

Awards & Recognition

Our Company was certified as a Our Company was recognized as one of

Ravi Kant Jaipuria Varun Jaipuria Raj Pal Gandhi

Virag Joshi Manish Dawar

He holds a diploma course in hotel He holds a bachelor’s degree in

Dr. Ravi Gupta Rashmi Dhariwal Dr. Naresh Trehan

Pradeep Khushalchand Sardana Girish Kumar Ahuja

He holds a bachelor’s degree in He holds a Ph.D. from the University of

Chief Financial Officer Induslnd Bank Limited

b) APAS & Co. LLP

Despite the ongoing COVID-19 pandemic, the Company has Dividend

Sl. Date of Allotment(s) No of shares Particulars

Particulars Employees Stock Employees Stock Employees Stock

Employee wise details of options granted during FY 2020-21:

Related Party Transactions 3. Devyani International Nepal Private Limited;

Particulars of Loans, Guarantees Or Investments Directors and Key Managerial Personnel

Key Managerial Personnel Board Meetings

Attendance of Directors at Board Meetings during the Financial Year 2020-21:

Committees of the Board Procedure at Committee Meetings

iv) Corporate Social Responsibility Committee Meetings

vi) IPO Committee vii) Stakeholders Relationship Committee

Internal Financial Controls (vi) p

To, f) he Secretarial Audit report is neither an assurance as

DIL’s Core Brands’ Growth in India -

Pizza Hut - The spread of the COVID-19 pandemic and the

The liability recognised in the Balance Sheet in i. Share based payments

If vesting periods or other vesting conditions

• Financial asset measured at fair value Financial assets at FVTPL