GRAB A GRUB SERVICES LIMITED

FINANCIAL STATEMENTS

2022-23

(formerly known as Grab A Grub Services Private Limited)

Grab A Grub Services Limited | 2

INDEPENDENT AUDITOR’S REPORT

To The Members of Grab A Grub Services Limited

(formerly known as Grab A Grub Services Private Limited)

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Grab A Grub Services Limited

(“the Company”), which comprise the Balance Sheet as at March 31, 2023, and the

Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow

Statement and the Statement of Changes in Equity for the year then ended, and a

summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given

to us, the aforesaid financial statements give the information required by the Companies

Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity

with the Indian Accounting Standards prescribed under section 133 of the Act read with

the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and

other accounting principles generally accepted in India, of the state of affairs of the

Company as at March 31, 2023, and its loss, total comprehensive loss, its cash flows and

the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on

Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those

Standards are further described in the Auditor’s Responsibility for the Audit of the

Financial Statements section of our report. We are independent of the Company in

accordance with the Code of Ethics issued by the Institute of Chartered Accountants of

India (ICAI) together with the ethical requirements that are relevant to our audit of the

financial statements under the provisions of the Act and the Rules made thereunder, and

we have fulfilled our other ethical responsibilities in accordance with these requirements

and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is

sufficient and appropriate to provide a basis for our audit opinion on the financial

statements.

Information Other than the Financial Statements and Auditor’s Report Thereon

 The Company’s Board of Directors is responsible for the other information. The other

information comprises the information included in the Board’s report, but does not

include the financial statements and our auditor’s report thereon.

 Our opinion on the financial statements does not cover the other information and we

do not express any form of assurance conclusion thereon.

 In connection with our audit of the financial statements, our responsibility is to read

the other information and, in doing so, consider whether the other information is

materially inconsistent with the financial statements, or our knowledge obtained

during the course of our audit or otherwise appears to be materially misstated.

 If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Grab A Grub Services Limited | 3

Responsibilities of Management and Those Charged with Governance for the

Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5)

of the Act with respect to the preparation of these financial statements that give a true and

fair view of the financial position, financial performance including other comprehensive

income, cash flows and changes in equity of the Company in accordance with the Ind AS

and other accounting principles generally accepted in India. This responsibility also includes

maintenance of adequate accounting records in accordance with the provisions of the Act

for safeguarding the assets of the Company and for preventing and detecting frauds and

other irregularities; selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and prudent; and design,

implementation and maintenance of adequate internal financial controls, that were

operating effectively for ensuring the accuracy and completeness of the accounting

records, relevant to the preparation and presentation of the financial statements that give

a true and fair view and are free from material misstatement, whether due to fraud or

error.

In preparing the financial statements, management is responsible for assessing the

Company’s ability to continue as a going concern, disclosing, as applicable, matters related

to going concern and using the going concern basis of accounting unless the Board of

Directors either intends to liquidate the Company or to cease operations, or has no realistic

alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the Company’s

financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements

as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable assurance is a high level

of assurance, but is not a guarantee that an audit conducted in accordance with SAs will

always detect a material misstatement when it exists. Misstatements can arise from fraud

or error and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on the basis

of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements,

whether due to fraud or error, design and perform audit procedures responsive to those

risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for

our opinion. The risk of not detecting a material misstatement resulting from fraud is

higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances. Under section

143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the

Company has adequate internal financial controls with reference to financial

statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the management.

Grab A Grub Services Limited | 4

• Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast significant doubt on the Company’s

ability to continue as a going concern. If we conclude that a material uncertainty exists,

we are required to draw attention in our auditor’s report to the related disclosures in

the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may cause the Company to

cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,

including the disclosures, and whether the financial statements represent the

underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually

or in aggregate, makes it probable that the economic decisions of a reasonably

knowledgeable user of the financial statements may be influenced. We consider

quantitative materiality and qualitative factors (i) in planning the scope of our audit work

and in evaluating the results of our work; and (ii) to evaluate the effect of any identified

misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters,

the planned scope and timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied

with relevant ethical requirements regarding independence, and to communicate with

them all relationships and other matters that may reasonably be thought to bear on our

independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the

best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the

Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other

Comprehensive Income, the Cash Flow Statement and Statement of Changes in

Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified

under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March

31, 2023 taken on record by the Board of Directors, none of the directors is

disqualified as on March 31, 2023 from being appointed as a director in terms of

Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to

financial statements of the Company and the operating effectiveness of such

controls, refer to our separate Report in “Annexure A”. Our report expresses an

unmodified opinion on the adequacy and operating effectiveness of the Company’s

Grab A Grub Services Limited | 5

internal financial controls with reference to financial statements.

g) With respect to the other matters to be included in the Auditor’s Report in

accordance with the requirements of section 197(16) of the Act, as amended, in

our opinion and to the best of our information and according to the explanations

given to us, the remuneration paid by the Company to its directors during the year

is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in

accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as

amended in our opinion and to the best of our information and according to the

explanations given to us:

i. The Company does not have any pending litigations which would impact its

financial position.

ii. The Company did not have any long-term contracts including derivative

contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and

belief, as disclosed in the note 33(10) to the financial statements no

funds have been advanced or loaned or invested (either from borrowed

funds or share premium or any other sources or kind of funds) by the

Company to or in any other person(s) or entity(ies), including foreign

entities (“Intermediaries”), with the understanding, whether recorded

in writing or otherwise, that the Intermediary shall, directly or indirectly

lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”)

or provide any guarantee, security or the like on behalf of the Ultimate

Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge

and belief, as disclosed in the note 33(11) to the financial statements,

no funds have been received by the Company from any person(s) or

entity(ies), including foreign entities (“Funding Parties”), with the

understanding, whether recorded in writing or otherwise, that the

Company shall, directly or indirectly, lend or invest in other persons or

entities identified in any manner whatsoever by or on behalf of the

Funding Party (“Ultimate Beneficiaries”) or provide any guarantee,

security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered

reasonable and appropriate in the circumstances, nothing has come to

our notice that has caused us to believe that the representations under

sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)

above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year and

has not proposed final dividend for the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for

maintaining books of account using accounting software which has a

feature of recording audit trail (edit log) facility is applicable to the

Company w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g)

of Companies (Audit and Auditors) Rules, 2014 is not applicable for the

financial year ended March 31, 2023.

Grab A Grub Services Limited | 6

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by

the Central Government in terms of Section 143(11) of the Act, we give in “Annexure

B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

Pallavi Sharma

(Partner)

(Membership No. 113861)

(UDIN-23113861BGXTSA3790)

Place: Mumbai

Date: April 19, 2023

Grab A Grub Services Limited | 7

Report on Internal Financial Controls with reference to financial statements

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory

Requirements’ section of our report of even date to the members of Grab A Grub

Services Limited on the financial statements of the Company for the year ended

March 31, 2023)

Report on the Internal Financial Controls with reference to financial statements

under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the

Act”)

We have audited the internal financial controls with reference to financial statements of

Grab A Grub Services Limited (“the Company”) as of March 31, 2023 in conjunction with

our audit of the Ind AS financial statements of the Company for the year ended on that

date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal

financial controls with reference to financial statements based on the internal control with

reference to financial statements criteria established by the Company considering the

essential components of internal control stated in the Guidance Note on Audit of Internal

Financial Controls Over Financial Reporting issued by the Institute of Chartered

Accountants of India. These responsibilities include the design, implementation and

maintenance of adequate internal financial controls that were operating effectively for

ensuring the orderly and efficient conduct of its business, including adherence to

company’s policies, the safeguarding of its assets, the prevention and detection of frauds

and errors, the accuracy and completeness of the accounting records, and the timely

preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls

with reference to financial statements of the Company based on our audit. We conducted

our audit in accordance with the Guidance Note on Audit of Internal Financial Controls

Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered

Accountants of India and the Standards on Auditing prescribed under Section 143(10) of

the Companies Act, 2013, to the extent applicable to an audit of internal financial controls

with reference to financial statements. Those Standards and the Guidance Note require

that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether adequate internal financial controls with reference to

financial statements was established and maintained and if such controls operated

effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of

the internal financial controls with reference to financial statements and their operating

effectiveness. Our audit of internal financial controls with reference to financial statements

included obtaining an understanding of internal financial controls with reference to

financial statements, assessing the risk that a material weakness exists, and testing and

evaluating the design and operating effectiveness of internal control based on the assessed

risk. The procedures selected depend on the auditor’s judgement, including the

assessment of the risks of material misstatement of the financial statements, whether due

to fraud or error.

Grab A Grub Services Limited | 8

We believe that the audit evidence we have obtained is sufficient and appropriate to

provide a basis for our audit opinion on the Company’s internal financial controls with

reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

A company's internal financial control with reference to financial statements is a process

designed to provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in accordance with

generally accepted accounting principles. A company's internal financial control with

reference to financial statements includes those policies and procedures that (1) pertain

to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of the company; (2) provide reasonable

assurance that transactions are recorded as necessary to permit preparation of financial

statements in accordance with generally accepted accounting principles, and that receipts

and expenditures of the company are being made only in accordance with authorisations

of management and directors of the company; and (3) provide reasonable assurance

regarding prevention or timely detection of unauthorised acquisition, use, or disposition of

the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financial

statements

Because of the inherent limitations of internal financial controls with reference to financial

statements, including the possibility of collusion or improper management override of

controls, material misstatements due to error or fraud may occur and not be detected.

Also, projections of any evaluation of the internal financial controls with reference to

financial statements to future periods are subject to the risk that the internal financial

control with reference to financial statements may become inadequate because of changes

in conditions, or that the degree of compliance with the policies or procedures may

deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to

us, the Company has, in all material respects, adequate internal financial controls with

reference to financial statements and such internal financial controls with reference to

financial statements were operating effectively as at March 31, 2023, based on the criteria

for internal financial control with reference to financial statements established by the

Company considering the essential components of internal control stated in the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute

of Chartered Accountants of India.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm‘s Registration No. 117366W/W-100018)

Pallavi Sharma

(Partner)

(Membership No. 113861)

(UDIN: 23113861BGXTSA3790)

Place: Mumbai

Date: April 19, 2023

Grab A Grub Services Limited | 9

ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory

Requirements’ of our report of even date to the members of Grab A Grub Services

Limited on the financial statements for the year ended March 31, 2023)

In terms of the information and explanations sought by us and given by the Company

and the books of account and records examined by us in the normal course of audit

and to the best of our knowledge and belief, we state that

(i)

(a) A. The Company has maintained proper records showing full particulars,

including quantitative details and situation of the property, plant and

equipment.

B. The Company has maintained proper records showing full particulars of

the intangible assets.

(b) The property, plant and equipment were physically verified during the year

by the Management which, in our opinion, provides for physical verification

at reasonable intervals. According to the information and explanation given

to us, no material discrepancies were noticed on such verification.

(c) The Company does not have any immovable properties of freehold land or

building. In respect of immovable properties of buildings that have been taken

on lease and disclosed as right-of-use assets in the financial statements, the

lease agreements are in the name of the Company, where the Company is the

lessee in the agreement.

(d) The Company has not revalued any of its property, plant and equipment

(including right of use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against

the Company as at March 31, 2023 for holding any benami property under

the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and

rules made thereunder.

(ii)

(a) The Company does not have any inventory and hence reporting under clause

(ii)(a) of the Order is not applicable.

(b) According to the information and explanations given to us, at any point of

time of the year, the Company has not been sanctioned any working capital

facility from banks or financial institutions and hence reporting under clause

(ii)(b) of the Order is not applicable.

(iii) The Company has made investments in mutual funds (other parties). The

Company has not made any investments in companies, firms, Limited Liability

Partnerships. The Company has not provided any guarantee or security, and

granted any loans or advances in the nature of loans, secured or unsecured, to

companies, firms, Limited Liability Partnerships or any other parties during the

year, in respective of which;

a) The Company has not provided any loans and advances in nature of loans or

stood guarantee or provided security to any other entity during the year, and

hence reporting under clause (iii)(a) of the Order is not applicable.

b) The investments made during the year are, in our opinion, prima facie, not

prejudicial to the Company’s interest.

Grab A Grub Services Limited | 10

c) The company has not provided any loans or advances in the nature of loans,

and hence reporting under the clause (iii)(c) of the Order is not applicable.

d) According to the information and explanation given to us, the company has

not provided any loans or advances in the nature of loans, and hence reporting

under the clause (iii)(d) of the Order is not applicable.

e) No loans or advances in the nature of loan granted by the Company, hence

reporting under clause (iii)(e) is not applicable.

f) According to information and explanations given to us and based on the audit

procedures performed, the Company has not granted any loans or advances

in the nature of loans either repayable on demand or without specifying any

terms or period of repayment during the year. Hence, reporting under clause

(iii)(f) is not applicable.

(iv) According to the information and explanations given to us, the Company has not

granted any loans, made investments or provided guarantees or securities that

are covered under the provisions of sections 185 or 186 of the Companies Act,

2013, and hence reporting under clause (iv) of the Order is not applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be

deposits. Hence, reporting under clause (v) of the Order is not applicable.

(vi) Having regard to the nature of the Company’s business / activities, reporting

under clause (vi) of the Order is not applicable.

(vii) According to the information and explanations given to us, in respect of statutory

dues:

(a) Undisputed statutory dues, including Goods and Service tax, Provident

Fund, Employees’ State Insurance, Income-tax, cess and other material

statutory dues applicable to the Company have been regularly deposited

by it with the appropriate authorities in all cases during the year.

We have been informed that the provisions of Sales Tax, Service Tax,

duty of Custom, duty of Excise and Value Added Tax are not applicable

to the Company.

There were no undisputed amounts payable in respect of Goods and

Service tax, Provident Fund, Employees’ State Insurance, Income-tax,

cess and other material statutory dues in arrears as at March 31, 2023

for a period of more than six months from the date they became

payable.

(b) There are no statutory dues referred in sub-clause (a) above which have

not been deposited on account of disputes as on March 31, 2023.

(viii) There were no transactions relating to previously unrecorded income that were

surrendered or disclosed as income in the tax assessments under the Income

Tax Act, 1961 (43 of 1961) during the year.

(ix)

(a) The Company has not taken any loans or other borrowings from any lender.

Hence reporting under clause (ix)(a) of the Order is not applicable to the

Company.

Grab A Grub Services Limited | 11

(b) The Company has not been declared willful defaulter by any bank or financial

institution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no

unutilised term loans at the beginning of the year and hence, reporting under

clause (ix)(c) of the Order is not applicable.

(d) On overall examination of the financial statements of the Company, funds

aggregating to Rs 200.34 million raised on short-term basis (being net

decrease in current assets), have been used for long-term purposes. There

are no short-term borrowings during the year.

(e) The Company did not have any subsidiary or associate or joint venture during

the year and hence, reporting under clause (ix)(e) of the Order is not

applicable.

(f) The Company has not raised any loans during the year and hence reporting on

clause (ix)(f) of the Order is not applicable.

(x)

(a) The Company has not raised moneys by way of initial public offer or further

public offer (including debt instruments) during the year and hence reporting

under clause (x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or

private placement of shares or convertible debentures (fully or partly or

optionally) and hence reporting under clause (x)(b) of the order is not

applicable to the Company.

(xi)

(a) To the best of our knowledge, no fraud by the Company and no material

fraud on the Company has been noticed or reported during the year.

(b) To the best of our knowledge, no report under sub-section (12) of section

143 of the Companies Act has been filed in Form ADT-4 as prescribed under

rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central

Government, during the year and upto the date of this report.

(c) As represented to us by the Management, there were no whistle blower

complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of

the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us,

the Company is in compliance with Section 177 and 188 of the Companies Act,

2013, where applicable, for all transactions with the related parties and the

details of related party transactions have been disclosed in the financial

statements etc. as required by the applicable accounting standards.

(xiv)

(a) In our opinion the Company has an adequate internal audit system

commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports issued to the Company upto

the date of audit report covering the period under audit.

Grab A Grub Services Limited | 12

(xv) In our opinion during the year the Company has not entered into any non-cash

transactions with any of its directors or directors of it’s holding company or

persons connected with its directors and hence provisions of section 192 of the

Companies Act, 2013 are not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve

Bank of India Act, 1934. Hence reporting under clause (xvi)(a), (b) and (c) of

the Order is not applicable.

The Group does not have any Core Investment Company (CIC) as part of the

group as per the definition of group contained in the Core Investments

Companies (Reserve Bank) Directions, 2016 and hence the reporting under the

clause (xvi)(d) of the order is not applicable.

(xvii)

The Company has not incurred any cash losses in the financial year covered by our

audit and the immediately preceding financial year

.

(xviii) There has been no resignation of the statutory auditors of the Company during

the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of

financial assets and payment of financial liabilities, (Asset Liability Maturity

(ALM) pattern) other information accompanying the financial statements and

our knowledge of the Board of Directors and Management plans and based on

our examination of the evidence supporting the assumptions, nothing has come

to our attention, which causes us to believe that any material uncertainty exists

as on the date of the audit report indicating that Company is not capable of

meeting its liabilities existing at the date of balance sheet as and when they fall

due within a period of one year from the balance sheet date. We, however, state

that this is not an assurance as to the future viability of the Company. We further

state that our reporting is based on the facts up to the date of the audit report

and we neither give any guarantee nor any assurance that all liabilities falling

due within a period of one year from the balance sheet date, will get discharged

by the Company as and when they fall due.

(xx) The Company was not having net worth of rupees five hundred crore or more,

or turnover of rupees one thousand crore or more or a net profit of rupees five

crore or more during the immediately preceding financial year and hence,

provisions of Section 135 of the Act are not applicable to the Company during

the year. Accordingly, reporting under clause (xx) of the Order is not applicable

for the year.

For Deloitte Haskins and Sells LLP

Chartered Accountants

(Firm’s Registration No.117366W/W-100018)

Pallavi Sharma

(Partner)

(Membership No. 113861)

(UDIN: 23113861BGXTSA3790)

Place: Mumbai

Date: April 19,2023

Grab A Grub Services Limited | 13

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Balance Sheet as at 31st March, 2023

(₹ in Million)

Notes As at As at

31st March, 2023 31st March, 2022

Assets

Non-Current Assets

Property, Plant and Equipment 3 257.61 34.83

Other Intangible Assets 3 434.49 399.93

Intangible Assets Under Development 3 279.53 66.62

Financial Assets

Security Deposits 17.70 4.26

Deferred Tax Assets (Net) 4 33.19 -

Other Non- Current Assets 5 90.95 120.84

Total Non-Current Assets 1,113.47 626.48

Current Assets

Financial Assets

Investments 6 36.52 175.01

Trade Receivables 7 412.85 798.22

Cash and Cash Equivalents 8 55.97 90.91

Other Financial Assets 9 55.67 279.11

Other Current Assets 10 59.04 40.77

Total Current Assets 620.05 1,384.02

Total Assets 1,733.52 2,010.50

Equity and Liabilities

Equity

Equity Share Capital 11 0.63 0.63

Other Equity 12 540.93 637.87

Total Equity

541.56 638.50

Liabilities

Non-Current Liabilities

Financial Liabilities

Lease Liabilities 143.30 21.90

Provisions 13 20.24 13.20

Deferred Tax Liabilities (Net) 4 - 0.50

Total Non-Current Liabilities 163.54 35.60

Current Liabilities

Financial Liabilities

Lease Liabilities 110.65 10.39

Trade Payables

Micro Enterprises and Small Enterprises 14 133.56 34.00

Other than Micro Enterprises and Small Enterprises

14 533.83 1,153.61

Other Financial Liabilities 15 120.50 1.80

Other Current Liabilities 16 114.03 120.70

Provisions 17 15.85 15.90

Total Current Liabilities 1,028.42 1,336.40

Total Liabilities 1,191.96 1,372.00

Total Equity and Liabilities 1,733.52 2,010.50

Significant Accounting Policies 1-2

See accompanying notes to the financial statements 3-36

As per our Report of even date For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Pratish Sanghvi Nishant Vora Jignesh Patel

Chartered Accountants Whole-time Director Whole-time Director Whole-time Director

Firm's Registration No. 117366W/W-100018 (DIN : 02215197) (DIN : 02134255) (DIN : 06658982)

Pallavi Sharma Dhirendra Shah Harish Madnani

Partner Director Director Director

Membership No: 113861 (DIN : 00012666) (DIN : 00004616) (DIN : 08432384)

Radhika Disale

Director

Date:

19/04/2023 (DIN : 03107045)

Chandrakant Ghokale

Grab A Grub Services Limited | 14

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Statement of Profit and Loss for the year ended 31st March, 2023

(₹ in Million)

Notes

2022-23 2021-22

INCOME

Income from Services 9,501.96 9,388.09

Less: GST Recovered 1,483.29 1,399.13

Revenue from Operations

18

8,018.67 7,988.96

Other Income 19 23.94 7.85

Total Income 8,042.61 7,996.81

EXPENSES

Cost of Services Rendered 20 6,890.15 7,147.94

Employee Benefits Expense 21 637.51 422.97

Finance Costs 22 17.87 3.18

Depreciation and Amortisation Expenses 3 125.06 12.55

Other Expenses 23 510.46 357.79

Total Expenses 8,181.05 7,944.43

(Loss) / Profit Before Tax

(138.44) 52.38

Tax Expenses:

Current Tax 24 - 3.57

Short Provision for earlier years 24 3.13 -

Deferred Tax 24 (35.67) 7.14

(Loss) / Profit for the year (105.90) 41.67

Other Comprehensive Income (OCI)

(i) Items that will not be reclassified to Profit or loss 7.85 4.93

(1.98) (1.24)

5.87 3.69

Total Comprehensive Income for the Year (100.03) 45.36

Earnings per equity share of face value of Rs.10 each

Basic (in Rs.) 25 (1,679.62) 660.90

Diluted (in Rs.) 25 (1,679.62) 315.36

Significant Accounting Policies

1-2

See accompanying notes to the financial statements

3-36

As per our Report of even date For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Pratish Sanghvi Nishant Vora Jignesh Patel

Chartered Accountants Whole-time Director Whole-time Director Whole-time Director

Firm's Registration No. 117366W/W-100018 (DIN : 02215197) (DIN : 02134255) (DIN : 06658982)

Pallavi Sharma Chandrakant Ghokale Dhirendra Shah Harish Madnani

Partner Director Director Director

Membership No: 113861 (DIN : 00012666) (DIN : 00004616) (DIN : 08432384)

Radhika Disale

Director

Date: 19/04/2023 (DIN : 03107045)

(ii) Income tax relating to items that will not be reclassified

to profit or loss

Total Other Comprehensive Income for the Year [Net of

Tax]

Grab A Grub Services Limited | 15

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Statement of Changes in Equity for the year ended 31st March, 2023

(₹ in Million)

A Equity Share Capital

Balance at the beginning of

the reporting period

i.e. 1st April, 2021

Changes in equity

share capital

during the year

2021-22

0.63

-

B Other Equity

(₹ in Million)

General Reserve

Securities

Premium

Retained

Earnings

Employee Stock

Option Reserve

As on 31st March, 2022

Balance as at 1st April, 2021

- 0.92 749.43 (415.50) 8.53 (3.83) 339.54

Add: Application Money

Pending Allotment

250.00 - - - - - 250.00

Add : Employee Stock Option

Plan (ESOP) compensation

cost

- - - - 2.96 - 2.96

Add: Profit for the year

- - - 41.67 - - 41.67

Add: Other Comprehensive

Income

- - - - - 3.69 3.69

Balance as at 31st March, 2022

250.00 0.92 749.43 (373.83) 11.49 (0.14) 637.87

As on 31st March, 2023

Balance as at 1st April, 2022

250.00 0.92 749.43 (373.83) 11.49 (0.14) 637.87

Add : Employee Stock Option

Plan (ESOP) compensation

cost

- - - - 3.09 - 3.09

Add: Loss for the year

-

(105.90)

-

(105.90)

Add: Other Comprehensive

Income

- - - - - 5.87 5.87

Balance as at 31st March, 2023

250.00 0.92 749.43 (479.73) 14.58 5.73 540.93

As per our Report of even date For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Pratish Sanghvi Nishant Vora Jignesh Patel

Chartered Accountants Whole-time Director Whole-time Director Whole-time Director

Firm's Registration No. 117366W/W-100018 (DIN : 02215197) (DIN : 02134255) (DIN : 06658982)

Pallavi Sharma Chandrakant Ghokale Dhirendra Shah Harish Madnani

Partner Director Director Director

Membership No: 113861 (DIN : 00012666) (DIN : 00004616) (DIN : 08432384)

Radhika Disale

Director

Date: 19/04/2023 (DIN : 03107045)

Particulars

Instrument

Classifed as Equity

- Optionally Fully

Convertible

Debentures (OFCD)

Total

Balance at the end of the reporting

period i.e.

31st March, 2022

0.63

Changes in equity share capital

during the year FY 2022-23

-

Balance at the end of the reporting

period i.e.

31st March, 2023

0.63

Reserves & Surplus

Other

Comprehensive

Income

Grab A Grub Services Limited | 16

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Cash Flow Statement for the year ended 31st March, 2023

(

₹ in Million)

2022-23 2021-22

A:

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit /(Loss) before Tax as per Statement of Profit and Loss

(138.44) 52.38

Adjusted for:

Loss on sale/ discarding of Property, Plant and Equipment (net)

1.05

-

Depreciation and Amortisation Expense 125.06 30.32

Provison for doubtful debts 129.18 -

Net Gain on Financial Assets (5.65) (3.70)

Reversal of excess lease liability - (21.39)

Bad debts recovered (7.16) -

Interest Income (0.22) (0.81)

Interest on Income Tax Refunds (8.89) 0.00

Notional Interest on Security Deposit (0.89) 0.00

Other non-operating Income - 0.33

Finance Costs 17.87 3.18

250.35 7.93

Operating Profit before Working Capital Changes 111.91 60.31

Adjusted for:

Trade and Other Receivables 456.74 (541.79)

Trade and Other Payables (393.40) 593.43

63.34 51.64

Cash Generated from Operations 175.25 111.95

Taxes Paid (Net) 35.65 (95.70)

Net Cash flow from Operating Activities 210.90 16.25

B:

CASH FLOW FROM INVESTING ACTIVITIES

Purchase/Sale of Property, Plant and Equipment, Intangible Assets

and Intangible Assets under development

(302.46) (154.29)

Payments to acquire Financial assets

(8,441.50) (6,316.49)

Proceeds from Sale of Financial Assets 8,585.63 6,151.41

Interest Income 0.22 0.81

Net Cash Flow used in Investing Activities (158.11) (318.56)

C:

CASH FLOW FROM FINANCING ACTIVITIES

Payment of Lease Liabilities

(87.73) (7.63)

Application money pending allotment against OFCD

- 250.00

Net Cash Flow (used in) / from Financing Activities (87.73) 242.37

Net Decrease in Cash and Cash Equivalents

(34.94) (59.94)

Opening Balance of Cash and Cash Equivalents

90.91 150.85

Closing Balance of Cash and Cash Equivalents 55.97 90.91

As per our Report of even date For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Pratish Sanghvi Nishant Vora Jignesh Patel

Chartered Accountants Whole-time Director Whole-time Director Whole-time Director

Firm's Registration No. 117366W/W-100018 (DIN : 02215197) (DIN : 02134255) (DIN : 06658982)

Pallavi Sharma Chandrakant Ghokale Dhirendra Shah Harish Madnani

Partner Director Director Director

Membership No: 113861 (DIN : 00012666) (DIN : 00004616) (DIN : 08432384)

Radhika Disale

Director

Date: 19/04/2023 (DIN : 03107045)

Grab A Grub Services Limited | 17

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March 2023

1. Company overview

17

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited) (“the Company”) is

18

a company incorporated in India having its registered office at Unit No 401, Boston House, Suren Road,

19

Andheri East, Mumbai - 400093. The Company’s immediate holding Company is Reliance Retail Ventures

20

Limited and the Ultimate Holding Company is Reliance Industries Limited. The Company is primarily engaged

21

in the business of providing logistics services in India, to restaurants, online platforms, e-commerce, retail

22

outlets and other establishments who seek delivery of their products and technical services.

23

2. Significant accounting policies

24

A Basis of preparation of financial statements

25

26

The Financial Statements have been prepared on the historical cost basis except for following assets and

27

liabilities which have been measured at fair value amount:

28

i) Certain Financial Assets and Liabilities,

29

ii) Defined Benefit Plans – Plan Assets

30

iii) Equity settled Share Based Payments

31

The Financial Statements of the Company have been prepared to comply with the Indian Accounting

32

standards (‘Ind AS’), including the rules notified under the relevant provisions of the Companies Act, 2013,

33

amended from time to time.

34

The Company’s Financial Statements are presented in Indian Rupees (₹), which is also its functional

35

currency and all values are rounded to the nearest million (₹0,00,000), except when otherwise indicated.

36

The standalone financial statements of the Company include the financial statements of the Grab A Grub

37

Employee Welfare Trust. The said trust is formed for the purpose of issuing shares to eligible employees as

38

per vesting conditions.

39

B Summary of Significant Accounting Policies

40

2.1 Current/non-current classification:

41

The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current

42

classification.

43

An asset is treated as Current when it is –

44

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

45

- Held primarily for the purpose of trading;

46

- Expected to be realised within twelve months after the reporting period, or

47

Grab A Grub Services Limited | 18

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve

48

months after the reporting period.

49

All other assets are classified as non-current.

50

A liability is current when:

51

- It is expected to be settled in normal operating cycle;

52

- It is held primarily for the purpose of trading;

53

- It is due to be settled within twelve months after the reporting period, or

54

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the

55

reporting period.

56

The Company classifies all other liabilities as non-current.

57

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

58

2.2 Property, plant and equipment and depreciation/ amortisation

59

60

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less

61

accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost

62

and any cost directly attributable to bringing the assets to its working condition for its intended use.

63

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as

64

appropriate, only when it is probable that future economic benefits associated with the item will flow to the

65

entity and the cost can be measured reliably.

66

Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and

67

Equipment and having different useful life are accounted separately.

68

Other Indirect Expenses incurred relating to project, net of income earned during the project development

69

stage prior to its intended use, are considered as pre-operative expenses and disclosed under Capital Work-

70

in-Progress.

71

Depreciation on tangible assets is provided using Written Down Value Method ('WDV), pro-rata to the period

72

of use of assets, in the manner specified in Schedule II, Part C to the Companies Act, 2013, based on the

73

useful life of assets as prescribed under the Companies Act, 2013.

74

75

Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies

76

Act, 2013 as follows:

77

Assets

Useful Life as per

Schedule II

Handheld Equipments 3 years

Grab A Grub Services Limited | 19

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

Office Equipments 5 years

Furniture and fixtures

10 years

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed

78

at each financial year end and adjusted prospectively, if appropriate.

79

Gains or losses arising from de-recognition of a Property, Plant and Equipment are measured as the

80

difference between the net disposal proceeds and the carrying amount of the asset and are recognised in

81

the Statement of Profit and Loss when the asset is derecognised.

82

2.3 Leases

83

The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements,

84

if the contract conveys the right to control the use of an identified asset.

85

The contract conveys the right to control the use of an identified asset, if it involves the use of an identified

86

asset and the Company has substantially all of the economic benefits from use of the asset and has right to

87

direct the use of the identified asset. The cost of the right-of-use asset shall comprise of the amount of the

88

initial measurement of the lease liability adjusted for any lease payments made at or before the

89

commencement date plus any initial direct costs incurred. The right-of-use assets is subsequently measured

90

at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any re-

91

measurement of the lease liability. The right-of-use assets is depreciated using the straight-line method from

92

the commencement date over the shorter of lease term or useful life of right-of-use asset.

93

The Company measures the lease liability at the present value of the lease payments that are not paid at the

94

commencement date of the lease. The lease payments are discounted using the interest rate implicit in the

95

lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses

96

incremental borrowing rate.

97

For short-term and low value leases, the Company recognises the lease payments as an operating expense

98

on a straight-line basis over the lease term.

99

2.4 Intangible assets

Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less

accumulated amortisation and impairment losses, if any. Such cost includes purchase price, borrowing costs,

and any cost directly attributable to bringing the asset to its working condition for the intended use.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as

appropriate, only when it is probable that future economic benefits associated with the item will flow to the

entity and the cost can be measured reliably.

Other Indirect Expenses incurred relating to project, net of income earned during the project development

stage prior to its intended use, are considered as pre-operative expenses and disclosed under Intangible

Assets Under Development.

Gains or losses arising from derecognition of an Intangible Asset are measured as the difference between

the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit

Grab A Grub Services Limited | 20

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

and Loss when the asset is derecognized. The Company’s intangible assets comprises assets with finite

useful life of 10 years which are amoritsed on a straight line basis over the period of their expected useful

life.

The amortization period and the amortization method for Intangible Assets with a finite useful life are reviewed

at each reporting date.

2.5 Intangible Assets under Development

Internally-generated intangible assets – Research and Development expenditure

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally-generated intangible asset arising from development (or from the development phase of an

internal project) is recognised if, and only if, all of the following conditions have been demonstrated:

• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

• the intention to complete the intangible asset and use or sell it;

• the ability to use or sell the intangible asset;

• how the intangible asset will generate probable future economic benefits;

• the availability of adequate technical, financial and other resources to complete the development and to use

or sell the intangible asset; and

• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally-generated intangible assets is the sum of the expenditure

incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no

internally-generated intangible asset can be recognised, development expenditure is recognised in profit or

loss in the period in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated

amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired

separately.

2.6 Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term,

highly liquid investments that are readily convertible to known amounts of cash and which are subject to an

insignificant risk of changes in value.

2.7 Impairment of Non-Financial Assets - Property, Plant and Equipment and

Intangible Assets

Grab A Grub Services Limited | 21

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

The Company assesses at each reporting date as to whether there is any indication that any Property, Plant

and Equipment and Intangible Assets may be impaired. If any such indication exists, the recoverable amount

of an asset is estimated to determine the extent of impairment, if any.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset’s carrying amount

exceeds its recoverable amount. The recoverable amount is higher of an asset’s fair value less cost of

disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their

present value using pre-tax discount rate that reflects current market assessments of the time value of money

and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the

estimate of recoverable amount.

2.8 Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of

a past event, it is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the

time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when

appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to

the passage of time is recognised as a finance cost.

2.9 Contingent Liabilities

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the

existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain

future events not wholly within the control of the Company or a present obligation that arises from past events

where it is either not probable that an outflow of resources embodying economic benefits will be required to

settle or a reliable estimate of amount cannot be made.

2.10 Employee benefits

(i) Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the

services rendered by employees are recognised as an expense during the period when the

employees render the services.

(ii) Post-employment benefits

Defined contribution plans:

The Company recognises contribution payable to the provident fund scheme as an expense, when

an employee renders the related service. If the contribution payable to the scheme for service received

before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme

is recognised as a liability. If the contribution already paid exceeds the contribution due for services

Grab A Grub Services Limited | 22

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

received before the balance sheet date, then excess is recognised as an asset to the extent that the

pre-payment will lead to a reduction in future payment or a cash refund.

Defined benefits plan:

The Company pays gratuity to the employees who have completed five years of service with the

Company at the time of resignation/superannuation. The gratuity is paid @15 days basic salary for

every completed year of service as per the Payment of Gratuity Act, 1972. The liability is calculated

annually by a qualified independent actuary in respect of gratuity and other post-employment benefits

using the Projected Unit Credit Method and spread over the period during which the benefit is

expected to be derived from employees’ services.

Re-measurement gains and losses arising from adjustments and changes in actuarial assumptions

are recognised in the period in which they occur in Other Comprehensive Income.

(iii) Other long-term employee benefits

Compensated absences

Compensated absences are accrued and provided for on the basis of actuarial valuation done as at

the year end by an independent actuary as per the projected unit credit method.

2.11 Tax Expenses

The tax expenses for the period comprises of current tax and deferred income tax. Tax is recognised in

Statement of Profit and Loss, except to the extent that it relates to items recognised in the Other

Comprehensive Income. In which case, the tax is also recognised in Other Comprehensive Income.

(i) Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid

to the Income Tax authorities, based on tax rates and laws that are enacted at the Balance sheet

date.

(ii) Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and

liabilities in the Financial Statements and the corresponding tax bases used in the computation of

taxable profit.

Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against

which the deductible temporary differences, and the carry forward of unused tax losses can be utilised.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in

which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted

or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities

and assets are reviewed at the end of each reporting period.

2.12 Foreign currency transactions

Grab A Grub Services Limited | 23

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency

closing rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognised in Statement of

Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest

costs on foreign currency borrowings that are directly attributable to the acquisition or construction of

qualifying assets which are capitalised as cost of assets.

Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using

the exchange rates at the date of the transaction. Non-monetary items measured at fair value in a foreign

currency are translated using the exchange rates at the date when the fair value was measured. The gain or

loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition

of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value

gain or loss is recognised in Other Comprehensive Income or Statement of Profit and Loss are also

recognised in Other Comprehensive Income or Statement of Profit and Loss, respectively).

In case of an asset, expense or income where a non-monetary advance is paid/received, the date of

transaction is the date on which the advance was initially recognized. If there were multiple payments or

receipts in advance, multiple dates of transactions are determined for each payment or receipt of advance

consideration.

2.13 Revenue Recognition

The Company has applied Ind AS 115 on ‘Revenue from Contracts with Customers’ which establishes a

comprehensive framework for determining whether, how much and when revenue is to be recognized.

Revenue is recognised to depict the transfer of control of promised services to customers upon the

satisfaction of performance obligation under the contract in amount of that reflects the consideration to which

the entity expects to be entitled to in exchange for those services. The company is generally the principal as

it typically controls the services before transferring them to the customer.

Company satisfies the performance obligation at a point in time where Company recognizes revenue when

customer obtains control of promised services in the contract.

The Company engages in fixed-price contracts where revenue is recognized based on the orders

executed/completed.

Revenue from fixed-price, fixed-timeframe contracts and percentage contracts, where there is no uncertainty

as to measurement or collectability of consideration, is recognized based upon completion of delivery. When

there is uncertainty as to measurement or ultimate collectability revenue recognition is postponed until such

uncertainty is resolved.

Revenue is recognised net of any taxes collected from customers, which are remitted to governmental

authorities.

Contract Balances

Grab A Grub Services Limited | 24

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

Trade Receivables

A receivable represents the Company’s right to an amount of consideration that is unconditional.

Contract Assets

Contract asset is the right to consideration in exchange for services rendered to the customer.

The Company recognizes contract assets for deliveries made and completed to the customers whose billing

is pending as on the reporting date.

Contract Liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has

received consideration (or an amount of consideration is due) from the customer. If a customer pays

consideration before the Company transfers goods or services to the customer, a contract liability is

recognised when the payment is made or the payment is due (whichever is earlier).

Contract liabilities are recognised as revenue when the Company performs under the contract.

Interest Income

Interest Income from a Financial Assets is recognised on a time proportion basis distributed across the period

of contract.

Dividend Income

Dividend Income is recognised when the Company’s right to receive the amount has been established.

Profit on sale of investments

Profit on sale of investments is recorded on transfer of title from the Company and is determined as the

difference between the sale price and carrying value of the investments.

2.14 Financial instruments

i. Financial Assets

A. Initial Recognition and Measurement

All Financial Assets are initially recognised at fair value. Transaction costs that are directly attributable to the

acquisition or issue of Financial Assets, which are not at Fair Value through Profit or Loss, are adjusted to

the fair value on initial recognition. Purchase and sale of Financial Assets are recognised using trade date

accounting.

B. Subsequent Measurement

a) Financial Assets measured at Amortised Cost (AC)

A Financial Asset is measured at Amortised Cost if it is held within a business model whose objective is to

hold the asset in order to collect contractual cash flows and the contractual terms of the Financial Asset give

Grab A Grub Services Limited | 25

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

rise to cash flows on specified dates that represent solely payments of principal and interest on the principal

amount outstanding.

b) Financial Assets measured at Fair Value Through Other Comprehensive Income (FVTOCI)

A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is achieved

by both collecting contractual cash flows and selling Financial Assets and the contractual terms of the

Financial Asset give rise on specified dates to cash flows that represents solely payments of principal and

interest on the principal amount outstanding.

c) Financial Assets measured at Fair Value Through Profit or Loss (FVTPL)

A Financial Asset which is not classified in any of the above categories are measured at FVTPL. Financial

assets are reclassified subsequent to their recognition, if the Company changes its business model for

managing those financial assets. Changes in business model are made and applied prospectively from the

reclassification date which is the first day of immediately next reporting period following the changes in

business model in accordance with principles laid down under Ind AS 109 – Financial Instruments.

C. Other Equity Investments

All other equity investments are measured at fair value, with value changes recognised in Statement of Profit

and Loss, except for those equity investments for which the Company has elected to present the value

changes in ‘Other Comprehensive Income’. However, dividend on such equity investments are recognised

in Statement of Profit and loss when the Company’s right to receive payment is established.

D. Impairment of Financial Assets

In accordance with Ind AS 109, the Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating

impairment of Financial Assets other than those measured at Fair Value Through Profit and Loss (FVTPL).

Expected Credit Losses are measured through a loss allowance at an amount equal to:

• The 12-months expected credit losses (expected credit losses that result from those default events on the

financial instrument that are possible within 12 months after the reporting date); or

• Full lifetime expected credit losses (expected credit losses that result from all possible default events over

the life of the financial instrument).

For Trade Receivables the Company applies ‘simplified approach’ which requires expected lifetime losses to

be recognised from initial recognition of the receivables.

The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables.

At every reporting date these historical default rates are reviewed and changes in the forward-looking

estimates are analysed.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no

significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

Grab A Grub Services Limited | 26

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

ii. Financial Liabilities

A. Initial Recognition and Measurement

All Financial Liabilities are recognised at fair value and in case of borrowings, net of directly attributable cost.

Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.

B. Subsequent Measurement

Financial Liabilities are carried at amortised cost using the effective interest method. For trade and other

payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value

due to the short maturity of these instruments.

iii. Derecognition of Financial Instruments

The Company derecognises a Financial Asset when the contractual rights to the cash flows from the Financial

Asset expire or it transfers the Financial Asset and the transfer qualifies for derecognition under Ind AS 109.

A Financial liability (or a part of a Financial liability) is derecognised from the Company’s Balance Sheet when

the obligation specified in the contract is discharged or cancelled or expires.

iv. Offsetting

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet

when, and only when, the Company has a legally enforceable right to set off the amount and it intends, either

to settle them on a net basis or to realise the asset and settle the liability simultaneously.

2.15 Earnings per share

Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of

equity shares outstanding during the year adjusted for bonus element in equity share. Diluted earnings per

share adjusts the figures used in determination of basic earnings per share to take into account the

conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as at

the beginning of the period unless issued at a later date.

2.16 Employee stock option schemes

The compensation cost of stock options granted to employees is measured by the fair value method

prescribed under Ind AS 102. The Company measures the fair value of the stock options granted at the

measurement date, based on market prices if available, taking into account the terms and conditions upon

which these stock options are granted to employees.

If market prices are not available, the Company estimates the fair value of stock options granted using the

Discounted Cash Flow (DCF) technique and Black- Scholes Model to estimate what the price of those stock

options would have been on the measurement date in an arm’s length transaction between knowledgeable,

willing parties. The valuation technique shall be consistent with generally accepted valuation methodologies

for pricing financial instruments, and shall incorporate all factors and assumptions that knowledgeable, willing

Grab A Grub Services Limited | 27

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

market participants would consider in setting the price. The fair value as determined above as of the date of

the grant of the option, is recognized and amortized on straight line basis over the vesting period of the

options granted.

C Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The preparation of the Company’s Financial Statements requires management to make judgement, estimates

and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the

accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that

require a material adjustment to the carrying amount of assets or liabilities affected in next financial years.

(a) Property Plant and Equipment/ Intangible Assets

Estimates are involved in determining the cost attributable to bringing the assets to the location and condition

necessary for it to be capable of operating in the manner intended by the management. Property, Plant and

Equipment/Intangible Assets are depreciated/amortised over their estimated useful life, after taking into

account estimated residual value. Management reviews the estimated useful life and residual values of the

assets annually in order to determine the amount of depreciation/ amortisation to be recorded during any

reporting period. The useful life and residual values are based on the Company’s historical experience with

similar assets and take into account anticipated technological changes. The depreciation/amortisation for

future periods is revised if there are significant changes from previous estimates.

(b) Recoverability of Trade Receivables

Judgments are required in assessing the recoverability of overdue trade receivables and determining whether

a provision against those receivables is required. Factors considered include the credit rating of the

counterparty, the amount and timing of anticipated future payments and any possible actions that can be

taken to mitigate the risk of non-payment.

(c) Provisions

The timing of recognition and quantification of the liability (including litigations) requires the application of

judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of

provisions and liabilities are reviewed regularly and revised to take account of changing facts and

circumstances.

(d) Impairment of Financial and Non-Financial Assets

The impairment provisions for Financial Assets are based on assumptions about risk of default and expected

cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the

impairment calculation, based on Company’s past history, existing market conditions as well as forward-

looking estimates at the end of each reporting period.

In case of non-financial assets, company estimates asset’s recoverable amount, which is higher of an asset’s

or Cash Generating Units (CGU’s) fair value less costs of disposal and its value in use.

Grab A Grub Services Limited | 28

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the financial statements for the year ended 31st March, 2023

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to

the asset. In determining fair value less costs of disposal, recent market transactions are taken into account,

if no such transactions can be identified, an appropriate valuation model is used.

(e) Recognition of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses

for which there is probability of utilisation against the future taxable profit. The Company uses judgement to

determine the amount of deferred tax that can be recognised, based upon the likely timing and the level of

future taxable profits and business developments.

(f) Fair Value Measurement

For estimates relating to fair value of financial instruments refer note 28 of financial statements.

D Amendments to Standards Issued but not Effective

On March 31, 2023, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting

Standards) Amendment Rules, 2023. This notification has resulted into amendments in the following existing

accounting standards which are applicable to company from April 1, 2023.

i. Ind AS 101 - First time adoption of Ind AS

ii. Ind AS 102 - Share Based Payment

iii. Ind AS 103 - Business Combination

iv. Ind AS 107 - Financial Instruments Disclosures

v. Ind AS 109 - Financial Instrument

vi. Ind AS 115 - Revenue from Contracts with Customers

vii. Ind AS 1 - Presentation of Financial Statements

viii. Ind AS 8 - Accounting Polices, Changes in Accounting Estimates and Errors

ix. Ind AS 12 - Income Taxes

x. Ind AS 34 - Interim Financial Reporting

The Company is in the process of evaluating the impact of above amendments to standards on its financial

statements.

Grab A Grub Services Limited | 29

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

3 Property, Plant and Equipment, Intangible Assets, and Intangible Assets under Development

(₹ in Million)

As at 1st

April,

2022

Additions Deductions

As at 31st

March,

2023

As at 1st

April,

2022

For the period

22 - 23

Deductions

Upto 31st

March,

2023

As at 31st

March,

2023

As at 31st

March,

2022

Property,Plant and Equipment

Own Assets:

Handheld Equipments 4.62 4.31 (0.78) 8.15 2.94 3.10 (0.63) 5.41 2.74 1.68

Office Equipment 9.56 6.14 (0.74) 14.96 6.31 3.42 (0.30) 9.43 5.53 3.25

Furniture and Fixtures 1.56 2.20 (1.09) 2.67 0.43 0.65 (0.33) 0.75 1.92 1.13

Sub-Total 15.74 12.65 (2.61) 25.78 9.68 7.17 (1.26) 15.59 10.19 6.06

Right- of-Use Assets

Rented Premises/Computer Equipments

48.45 307.59 (12.33) 343.71 19.68 77.87 (1.26) 96.29 247.42 28.77

Sub-Total 48.45 307.59 (12.33) 343.71 19.68 77.87 (1.26) 96.29 247.42 28.77

Total (A) 64.19 320.24 (14.94) 369.49 29.36 85.04 (2.52) 111.88 257.61 34.83

Intangible Assets

Software 423.46 74.58 (23.41) 474.63 23.53 40.02 (23.41) 40.14 434.49 399.93

Total (B) 423.46 74.58 (23.41) 474.63 23.53 40.02 (23.41) 40.14 434.49 399.93

Total (A+B) 487.65 394.82 (38.35) 844.12 52.89 125.06 (25.93) 152.02 692.10 434.76

Previous year 89.43 423.33 (25.11) 487.65 52.02 12.55 (11.68) 52.89 434.76 37.41

Intangible Assets Under Development 279.53 66.62

3.1 Project In Progress as at 31st March 2023 (Refer Note 33 (2)):

(₹ in Million)

Particulars <1 Year 1-2 Years 2-3 Years >3 Years Total

Intangible Assets Under Development

212.91 66.62 - - 279.53

3.2 Project In Progress as at 31st March 2022:

(₹ in Million)

Particulars <1 Year 1-2 Years 2-3 Years >3 Years Total

Intangible Assets Under Development

66.62 - - - 66.62

Description

Gross Block Depreciation/ Amortisation Net Block

Grab A Grub Services Limited | 30

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

4

Deferred Tax Assets/(Liabilities) (Net)

(₹ in Million)

As at As at

31st March, 2023

31st March 2022

At the start of the year

(0.50)

7.88

Credit/(Charge) to Statement of Profit and Loss 35.67 (7.14)

Charge to Other Comprehensive Income

(1.98) (1.24)

At the end of the year 33.19 (0.50)

(₹ in Million)

Components of Deferred Tax

Assets/(Liabilities)

As at 31st March

2022

(Charge)/Credit

to Statement of

Profit and Loss

(Charge)/Credit

to Other

comprehensive

Income

As at

31st March 2023

Deferred tax asset in relation to:

Provisions

11.01 (1.26) - 9.75

Financial Assets and others (Net)

0.27 33.46 - 33.73

Lease Liabilities

8.12 55.78 - 63.90

Unaborsbed Loss*

- 16.23 - 16.23

Total 19.40 104.21 - 123.61

Deferred tax liabilities in relation to:

Property, plant and equipment and Intangible

Assets (including ROU)

(18.66) (68.54) - (87.20)

Other Comprehensive Income

(1.24)

-

(1.98)

(3.22)

Total (19.90) (68.54) (1.98) (90.42)

Net Deferred Tax Asset / (Liabilities) (0.50) 35.67 (1.98) 33.19

(* DTA recognized on brought forward losses)

The movement on the deferred tax acccount is as follows:

Grab A Grub Services Limited | 31

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

5 Other Non- Current Assets As at As at

(Unsecured and Considered Good)

31st March, 2023 31st March, 2022

Advance Income Tax (Net of Provision) 90.95 120.84

Total 90.95 120.84

As at As at

5.1 Advance Income Tax (Net of Provision) 31st March, 2023 31st March, 2022

At start of year 120.84 28.71

Charge for the year- Current Tax - (3.57)

Charge for the year- Income tax for earlier year (3.13) -

Tax paid during the year (net of refunds) (26.76) 95.70

At end of year 90.95 120.84

(₹ in Million)

6 Current Investments As at As at

31st March, 2023 31st March, 2022

Investments Measured at Fair Value through Profit and Loss

Mutual Fund- Unquoted 36.52 175.01

Total

36.52 175.01

Details of Mutual Fund- Unquoted

Units Units

IDFC Overnight Fund Direct Plan - Growth

30,546 154,358

Grab A Grub Services Limited | 32

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

7 Trade Receivables As at As at

31st March, 2023 31st March, 2022

Trade receivables considered good- Unsecured 412.85 798.22

Total 412.85 798.22

7.1

Ageing Schedule as on 31st March 2023

Not Due

< 6 Months

6 months-1year

1-2 years

2-3 years

>3 years

(i ) Undisputed Trade receivables

considered good

179.04 218.80

15.01 - - -

412.85

(ii) Undisputed Trade Receivables

which have significant increase in

credit risk

- - - - - - -

(iii) Undisputed Trade Receivables

credit impaired

- - - - - - -

(iv) Disputed Trade Receivables

considered good

- - - - - - -

(v) Disputed Trade Receivables

which have significant increase in

credit risk

- - - - - - -

(vi) Disputed Trade Receivables

credit impaired

- - - - - - -

Total 179.04 218.80 15.01 - - - 412.85

7.2

Ageing Schedule as on 31st March 2022

Not Due

< 6 Months

6 months-1year

1-2 years

2-3 years

>3 years

(i ) Undisputed Trade receivables

considered good

526.14

272.04

- -

0.03 0.01

798.22

(ii) Undisputed Trade Receivables

which have significant increase in

credit risk

- - - - - - -

(iii) Undisputed Trade Receivables

credit impaired

- - - - - - -

(iv) Disputed Trade Receivables

considered good

- - - - - - -

(v) Disputed Trade Receivables

which have significant increase in

credit risk

- - - - - - -

(vi) Disputed Trade Receivables

credit impaired

- - - - - - -

Total 526.14 272.04 - - 0.03 0.01 798.22

Particulars

Total

Outstanding for following periods from due date of payment

Grab A Grub Services Limited | 33

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

8 Cash & Cash Equivalents As at As at

31st March, 2023 31st March, 2022

Balances with banks 50.80 86.42

Fixed Deposits with bank (i) 5.17 4.49

Cash and Cash Equivalent as per Balance Sheet 55.97 90.91

Cash and Cash Equivalent as per Cash Flow Statement 55.97 90.91

(i)Fixed Deposits with Bank is under lien with the bank against bank guarantee of Rs. 4.5 million)

(₹ in Million)

9 Other Financial Assets As at As at

(Unsecured and Considered Good)

31st March, 2023 31st March, 2022

Interest Accrued and not due on Fixed Deposits 0.12 0.05

Security Deposits 21.55 12.65

Contract Assets (Unbilled Revenue) 29.09 266.41

Other Receivables 4.91 -

Total 55.67 279.11

(₹ in Million)

10 Other Current Assets As at As at

(Unsecured and Considered Good)

31st March, 2023 31st March, 2022

Balance with GST and State Authorities 24.95 16.86

Others (i) 34.09 23.91

Total 59.04 40.77

(i) Includes prepaid expenses, advances to vendors and employees.

Grab A Grub Services Limited | 34

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

11 Share Capital As at As at

31st March, 2023 31st March, 2022

Authorised:

120000 Equity Shares of Rs.10 each

1.20 1.20

Total 1.20 1.20

Issued, Subscribed and Paid-Up:

63050 Equity Shares of Rs.10 each

0.63 0.63

Total 0.63 0.63

11.1

11.2

11.3

Shareholding of Promoters:

As at March 31, 2023

Promoter Name

No of Shares at

the beginning of

the year

Change during

the year

No of Shares at

the end of the

year

% of Total

Shares

% Change during

the year

Reliance Retail Ventures

Limited

53,050 - 53,050 84.14% 0.00%

As at March 31, 2022

Promoter Name

No of Shares at

the beginning of

the year

Change during

the year

No of Shares at

the end of the

year

% of Total

Shares

% Change during

the year

Reliance Retail Ventures

Limited

53050 - 53,050 84.14% 0.00%

Out of the above, 53,050 (previous year 53,050) equity shares of Rs.10 each fully paid-up are held by Reliance Retail

Ventures Limited, the Holding Company along with its nominees.

The paidup share capital does not include 1326 shares held by Grab A Grub Employees Welfare Trust.

Grab A Grub Services Limited | 35

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March 2023

(₹ in Million)

11.4

The details of Shareholders holding more than 5% shares :

As at As at

31st March, 2023 31st March, 2022

Name of the Shareholder No. of Shares % held * No. of Shares % held *

53,050 84.14% 53,050 84.14%

3,900 6.19% 3,900 6.19%

11.5

The Reconciliation of the number of shares outstanding is set out below :

As at As at

31st March, 2023 31st March, 2022

No. of shares No. of shares

Equity Shares outstanding at the beginning of the year 63,050 63,050

Equity Shares outstanding at the end of the year

63,050 63,050

11.6

Particulars

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends

and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to

time subject to payment of dividend. The voting rights of an equity shareholder on a poll are in proportion to the share of

the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are eligible to receive the

remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.

* For Calculation of % held, 1326 shares held by Grab A Grub Employees Welfare Trust is not included in paidup share

capital.

Reliance Retail Ventures Limited (RRVL)

along with nominees.

Pratish Sanghvi

Nishant Vora

Grab A Grub Services Limited | 36

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

12 Other Equity As at As at

31st March, 2023 31st March, 2022

Employee Compensation Stock Reserve

Balance at the beginning of the year 11.49 8.53

3.09 2.96

Balance at the end of the year

14.58 11.49

General Reserve 0.92 0.92

Securities Premium Reserve 749.43 749.43

Instrument classified as Equity

Balance at the beginning of the year - -

Add: Conversion of Application Money pending allotment against OFCD for previous year 250.00

Add: Application Money Pending Allotment against OFCD - 250.00

Balance at the end of the year

250.00 250.00

Retained Earnings

Balance at the beginning of the year (373.83) (415.50)

Add: Profit/(Loss) for the year (105.90) 41.67

Balance at the end of the year

(479.73) (373.83)

Other Comprehensive Income

Balance at the beginning of the year (0.14) (3.83)

Add: Arising from remeasurement of defined benefit liability (Net of Tax) 5.87 3.69

Balance at the end of the year

5.73 (0.14)

Total 540.93 637.87

(₹ in Million)

13 Provisions - Non Current As at As at

31st March, 2023 31st March 2022

Provision for Employee Benefits (Refer Note 21.1)(i) 20.24 13.20

Total 20.24 13.20

Add: Employee Stock Option Plan (ESOP) compensation cost (Refer Note 32)

(i) The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued.

Each Optionally Fully Convertible Debentures(OFCD) is issued at a face value of Rs. 10/-. Both the Company and OFCD holder

have an option for early conversion at any time after allotment of the OFCDs by giving one month notice. The instrument is

convertible into equity share of face value of Rs. 10 each or at a fair value determined as per Rule 11UA of Income Tax Rules, 1962

whichever is higher as on date of issue of OFCD for every 1 OFCD held, at the option of the Company at any time.

If not converted earlier, the Company will redeem the outstanding OFCDs on expiry of 10 years from the date of allotment.OFCD

may be redeemed at any time earlier than 10 (ten) years (an any date after expiry of 30 days from the date of allotment of the

OFCDs) at the option of the Company.

Grab A Grub Services Limited | 37

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

14 Trade payable As at As at

31st March, 2023

31st March, 2022

Trade payables Due to:

Micro and Small Enterprises 133.56 34.00

Other than Micro and Small Enterprises 533.83 1,153.61

Total 667.39 1,187.61

14.1

Ageing Schedule as on 31st March 2023

Not Due Less than

1 year

1-2 years 2-3 years > 3 years

(i ) MSME 133.56 - - - -

133.56

(ii) Others

350.39

172.78 4.90 5.76 -

533.83

(iii) Disputed Dues -MSME - - - - - -

(iv) Disputed Dues-Others - - - - - -

Total 483.95 172.78 4.90 5.76 - 667.39

14.2

Ageing Schedule as on 31st March 2022

Not Due Less than

1 year

1-2 years 2-3 years > 3 years

(i ) MSME

34.00

- - - -

34.00

(ii) Others

1,052.31 95.70 5.60 -

-

1,153.61

(iii) Disputed Dues -MSME - - - - - -

(iv) Disputed Dues-Others - - - - - -

Total 1,086.31 95.70 5.60 - - 1,187.61

14.3

Particulars 31st March 2023

31st March 2022

-Principal 133.56 34.00

-Interest - -

- -

-

- -

The amount of interest accrued and remaining unpaid at the end of each accounting year.

The amount of further interest remaining due and payable even in the 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 section 23 of the Micro, Small and

Medium Enterprises Development Act, 2006.

Dues to Micro and Small Enterprises have been determined to the extent such parties have been

identified on the basis of information collected by the Management. This has been relied upon by

the auditors.

Disclosures required under Section 22 of the Micro, Small and Medium Enteprises Development Act, 2006

The Principal amount and the interest due thereon remaining unpaid to any supplier at the end of

each accounting year:

The amount of interest paid by the Company in terms of section 16 of the Micro, Small and

Medium Enterprises Development Act, 2006, along with the amount of the payment made to the

supplier beyond the appointed date during the year.

The amount of the payments made to micro and small suppliers beyond the appointed day during

each accounting year.

The amount of interest due and payable for the period of delay in making payment (which have

been paid but beyond the appointed day during the year) but without adding the interest specified

under the Micro, Small and Medium Enterprises Development Act, 2006.

Total

Outstanding for following periods from due date of payment

Particulars Total

Particulars

Grab A Grub Services Limited | 38

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

15 Other Financial Liabilities As at As at

31st March, 2023 31st March, 2022

Security Deposits 120.50 1.80

Total 120.50 1.80

(₹ in Million)

16 Other Current Liabilities As at As at

31st March, 2023 31st March, 2022

Advance from Customers

0.17 1.26

Other Payables (i) 113.86 119.44

Total

114.03 120.70

(i) Includes statutory dues, employee dues payable, etc

(₹ in Million)

17 Provisions - Current As at As at

31st March, 2023 31st March, 2022

Provision for Employee Benefits (Refer Note 21.1)(i) 15.85 15.90

Total

15.85 15.90

(i) The provision for employee benefit includes gratuity, annual leave and vested long service

leave entitlement accrued.

Grab A Grub Services Limited | 39

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

18 Revenue from Operations 2022-23 2021-22

Income from Services (Refer Note 30 (iii)) 8,018.67 7,988.96

Total *

8,018.67 7,988.96

* Net of GST

19 Other Income 2022-23 2021-22

Interest On:

Bank Deposits 0.22 0.21

Net gain on Fair Valuation of Security Deposit measured at FVTPL 0.89 0.35

Income Tax Refund 8.89 -

Bad debts recovered 7.16 -

17.16 0.56

Gain on Investments (net) on units of Mutual Funds at FVTPL

Realised Gain-on sale 5.64 7.32

Unrealised Gain- on valuation at the year end

0.01 (3.62)

5.65 3.70

Other Non-Operating Income 1.13 3.59

Total 23.94 7.85

(₹ in Million)

20 Cost of Services Rendered 2022-23 2021-22

Delivery Charges - Riders

3,590.97 3,550.03

Delivery Charges - Vehicles

2,788.50 3,000.58

Service Charges - Contract Staff 510.68 421.91

Technology Fees (Refer Note 30) - 175.42

Total 6,890.15 7,147.94

Grab A Grub Services Limited | 40

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

21 Employee Benefits Expense 2022-23 2021-22

Salaries and Wages 576.18 386.24

Contribution to Provident Fund and Others (Refer Note 21.1) 45.62 23.84

ESOP Compensation cost 3.09 2.96

Staff Welfare Expenses 12.62 9.93

Total 637.51 422.97

21.1

As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined are given below :

Defined Contribution Plan

Contribution to defined contribution plan, recognised as expenses for the year is as under: (₹ in Million)

Particulars 31st March 2023 31st March 2022

Employer’s Contribution to Provident Fund 25.23 11.91

Defined Benefit Plans

(The company's obligation towards Gratuity is the defined benefit plan and it is not funded)

The Company operates post retirement benefit plans as follows:

I. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation

(₹ in Million)

Particulars 31st March 2023 31st March 2022

Defined Benefit Obligation at beginning of the year 15.36 15.43

Current Service Cost 5.76 4.03

Interest Cost 0.72 0.82

Actuarial (Gain)/ Loss (7.85) (4.93)

Benefits Paid (0.70) -

Defined Benefit Obligation at year end 13.30 15.35

II. Reconciliation of Fair Value of Assets and Obligations

(₹ in Million)

Particulars 31st March 2023 31st March 2022

Present Value of Obligation 13.30 15.35

Amount recognised in Balance Sheet

(Surplus / Deficit)

(13.30) (15.35)

III. Expenses recognised during the year

(₹ in Million)

Particulars 31st March 2023 31st March 2022

In Income Statement

Current Service Cost 5.76 4.03

Interest Cost 0.72 0.82

Net Cost

6.48 4.85

In Other Comprehensive income

Actuarial (Gain)/ Loss (7.85) (4.93)

Net (Income)/ Expense for the period

Recognised in OCI

(7.85) (4.93)

The Company's Provident Fund is exempted under section 17 of Employee's Provident Fund and Miscellaneous Provisions Act,

1952.

Gratuity

Grab A Grub Services Limited | 41

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

IV. Actuarial Assumptions

(₹ in Million)

Particulars 2022-23 2021-22

Mortality Table (IALM)

2012-14 2012-14

(Ultimate) (Ultimate)

Discount Rate (per annum) 7.25% 4.68%

Rate of increase in compensation 7.00% 7.00%

Expected average remaining service 1.62 1.84

Employee Attrition Rate (Past Service) 47% 35%

V. Sensitivity Analysis

(₹ in Million)

Particulars

PVO DR +1% PVO DR -1% PVO ER +1% PVO ER -1%

Present Value Obligation (PVO) 12.95 13.66 13.66 12.94

VI. Expected Payout

(₹ in Million)

Year

1 year 2 to 5

years

6 to 10

years

More than 10

years

Payouts

4.27 10.11 1.91 0.11

Longetivity Risk

Investment/Interest Risk

Salary Escalation Rate

2. Description of Plan Assets and Reimbursement Conditions: Not Applicable

1. Analysis of Defined Benefit Obligation: The Number of members under the scheme have increased by 33.2%. The total salary

has increased by 7.00% during the accounting period. The resultant liability at the end of the period over the beginning of the

period has decreased by 13% due to high attrition rate of 47%.

Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase

and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible changes of the

assumptions occuring at the end of the reporting period, while holding all other asssumptions constant. The result of Sensitivity

analysis is given below:

The Company is not exposed to risk of the employees living longer as the benefit

under the scheme ceases on the employee separating from the employer for any

reason.

Since the scheme is unfunded the Company is not exposed to Investment/Interest risk.

The salary escalation rate has remained same at 7.00%, but the attrition rate has

increased from 35% to 47%.

Gratuity

DR: Discount Rate ER: Salary Escalation Rate

These plans typically expose the Company to acturial risks such as : Investment/Interest Risk, Longevity Risk ,Salary Escalation

Rate.

3. Discount Rate: The discount rate has increased from 4.68% to 7.25% and hence there is an decrease in liability.

Grab A Grub Services Limited | 42

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

22 Finance Costs 2022-23 2021-22

Interest on Lease Liabilities 17.87 3.18

Total 17.87 3.18

(₹ in Million)

23 Other Expenses 2022-23 2021-22

Business Promotion Expenses 1.10 0.49

Brokerage 2.38 0.63

Repairs - others 8.82 1.24

Rent including Lease Rentals 103.25 37.97

Insurance 14.19 14.58

Rates and Taxes 7.01 0.51

Travelling and Conveyance Expenses 10.96 2.69

Payment to Auditors (Refer Note 23.1) 1.30 1.20

Professional Fees 7.83 42.35

Loss on Sale/ Discarding of Assets 1.05 -

Electricity Expenses 6.83 2.61

Provison for doubtful debts 129.18 -

Computer Hire Charges 15.35 43.32

Server Expenses 153.71 175.08

General Expenses 47.50 35.12

Total 510.46 357.79

23.1 Payment to Auditors as:

2022-23 2021-22

Statutory Audit Fees 1.30 1.20

Total 1.30 1.20

Grab A Grub Services Limited | 43

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

Year Ended Year Ended

24 Taxation 31st March, 2023 31st March, 2022

Income Tax recognised in Profit or Loss

Current Tax - 3.57

Short provision for earlier years 3.13 -

Deferred Tax (35.67)

7.14

Total Income Tax Expense (32.54)

10.71

(

₹ in Million)

As at

Particulars 31st March, 2023 31st March, 2022

Profit before Tax (138.44) 52.38

Applicable Tax Rate 25.17% 25.17%

Computed Tax Expense (34.84)

13.18

Tax Effect of :

Expenses disallowed 39.74 6.90

Allowed Expenses (57.29) (17.44)

Effect of allowances for capital gain 1.42 0.93

Others

2.24

-

Prior Period Adjustment - Tax paid for earlier year

3.13

-

Current Tax Provision (A) -

3.57

Incremental Deferred Tax Liability on account of Property,

Plant and Equipment and Intangible Assets (including ROU)

(68.54) 11.47

Incremental Deferred Tax Asset on account of Financial

Assets, Financial Liability and Other items

104.21 (4.33)

Deferred Tax Provision (B) 35.67

7.14

Tax Expenses recognised in Statement of Profit and Loss

(A+B)

35.67

10.71

Effective Tax Rate (25.76%) 20.44%

The Income Tax expenses for the year can be reconciled to the accounting profit as follows:

Grab A Grub Services Limited | 44

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

25 Earnings Per Share (EPS) 2022-23 2021-22

Face Value per Equity Share 10 10

Basic Earnings per Share (Rs.) (1,679.62) 660.90

Net Profit as per Profit and Loss Statement

attributable to Equity Shareholders (Rs in Million)

(105.90) 41.67

Weighted average number of equity shares used as

denominator for calculating Basic EPS

63,050 63,050

Diluted Earnings per Share (Rs.) (1,679.62) 315.36

Net Profit as per Profit and Loss Statement

attributable to Equity Shareholders (Rs in Million)

- 41.67

Weighted Average number of Equity Shares used as

denominator for calculating Diluted EPS

- 132,133

*Diluted EPS is same as basic EPS, being anti-dilutive

for FY 2022-23

Reconciliation of weighted average number of

shares outstanding

Weighted Average number of Equity Shares used as

denominator for calculating Basic EPS

- 63,050

Total Weighted Average Potential Equity Shares on

account of OFCD allotment and ESOP Granted

- 69,083

Weighted Average number of Equity Shares used as

denominator for calculating Diluted EPS

- 132,133

Grab A Grub Services Limited | 45

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

26

(₹ in Million)

As at As at

31st March, 2023 31st March, 2022

(I) Contingent Liabilities

(A)

Guarantees

(i) Performance Guarantees

4.50 3.70

27

The Company adheres to a disciplined Capital Management framework, the pillars of which are as follows:

a)

b)

c)

The Net gearing ratio at the end of the reporting period was as follows:

(₹ in Million)

As at As at

31st March 2023 31st March 2022

Gross Debt - -

Cash and Marketable Securities* 92.49 265.92

Net Debt (A) (92.49) (265.92)

Total Equity (As per Balance Sheet) (B) 541.56 638.50

Net Gearing (A/B) - -

Contingent Liabilities

Maintain diversity of sources of financing and spreading the maturity across tenure buckets in order

to minimise liquidity risk.

Manage financial market risks arising from foreign exchange, interest rates and commodity prices,

and minimise the impact of market volatility on earnings.

Leverage optimally in order to maximise shareholder returns while maintaining strength and

flexibility of Balance Sheet. This framework is adjusted based on underlying macroeconomic

factors affecting business environment, financial market conditions and interest rates environment.

*Cash and Marketable Securities include Cash and Cash Equivalents of Rs. 55.97 Millions

(Previous Year Rs. 90.91 Millions), Current Investments of Rs. 36.52 Millions (Previous Year

Rs.175.01 Millions) .

Grab A Grub Services Limited | 46

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

28

Financial Instruments

Valuation Methodology

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

a)

b)

28.1

Fair value measurement hierarchy: (₹ in Million)

Particulars

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Financial Assets

At Amortised Cost

Trade Receivables 412.85 - - - 798.22 - - -

Cash and Bank Balances 55.97 - - - 90.91 - - -

Other Financial Assets 73.37 - - - 283.37 - - -

At FVTPL

Investments 36.52

36.52 -

- 175.01

175.01 -

-

Financial Liabilities

At Amortised Cost

Trade Payables 667.39 - - - 1,187.61 - - -

Lease Liability 253.95 - - - 32.29 - - -

Other Financial Liabilities 120.50 - - - 1.80 - - -

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; and

29 Financial Risk Management

(i) Market Risk:

The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

The fair value of investment in unquoted Mutual Funds is measured at quoted price or NAV.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements

as described below:

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either

directly or indirectly.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

As at 31st March 2023 As at 31st March 2022

Carrying

Amount

Level of input used in Carrying

Amount

Level of input used in

The company’s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in

market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity

price risk and commodity risk.

Grab A Grub Services Limited | 47

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(ii) Credit Risk:

(iii) Interest rate Risk:

(iv) Liquidity Risk:

Maturity Profile (₹ in Million)

Liquidity Risk^

Below 3

months

3-6

months

6-12

months

1-3years 3-5 years

Above 5

years

Total

Lease Liabilities 18.22 36.77 55.66 139.65 29.51 9.51 289.32

^Does not include Trade Payable of Rs. 667.39 Millions

(₹ in Million)

Liquidity Risk^

Below 3

months

3-6

months

6-12

months

1-3years 3-5 years

Above 5

years

Total

Lease Liabilities 1.68 3.48 5.23 14.83 5.37 9.55 40.14

^Does not include Trade Payable of Rs. 1,187.61 Millions

Maturity Profile as at 31st March, 2023

Maturity Profile as at 31st March, 2022

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes

in market interest rates. However, the company is not significantly exposed to interest rate risk as at the respective

reporting dates.

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,

leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables.

Trade receivables

Customer credit risk is managed as per the Company's established policy, procedures and control relating to customer

credit risk management. Credit quality of a customer is assessed based on payment performance over the period of time.

The Company's exposure of its customers are continuously monitored based on the customer's past performance and

business dynamics. Credit exposure is controlled by customer's credit limits that are reviewed and approved by the

management at regular intervals.

An impairment analysis is performed at each reporting date. The Company applies the simplified method using Single Loss

Rate approach to provide for expected credit losses prescribed by Ind AS 109, which permits the use of the lifetime

expected loss provision for all trade receivables. The expected credit losses on these financial assets are estimated using

a Single Loss rate approach based on the Company historical credit loss experience, adjusted for factors that are specific

to the trade receivables, general economic conditions and an assessment of both the current as well as the forecast

direction of conditions at the reporting date, including time value of money.

Liquidity risk is the risk that the company will fail in meeting its obligations associated with its financial liabilities. The

company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due

without incurring unacceptable losses. The Company monitors the rolling forecasts to ensure it has sufficient cash on an

on-

going basis to meet operational needs.

Grab A Grub Services Limited | 48

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

30

(i) List of related parties with whom transactions have taken place and relationship

Sr.

No

Name of the Related Party Relationship

1 Reliance Industries Limited } Ultimate Holding Company

2 Reliance Retail Ventures Limited } Holding Company

3

Reliance Retail Limited

}

Fellow Subsidiaries

4

Reliance Brand Limited

}

Fellow Subsidiaries

5 Enercent Technologies Private Limited }

Fellow Subsidiaries

6 Just Dial Limited }

Fellow Subsidiaries

7

Shri Pratish Sanghvi

}

Key Managerial Personnel

8

Shri Nishant Vora

}

Key Managerial Personnel

9

Shri Jignesh Patel

}

Key Managerial Personnel

Related Party Disclosures :

Grab A Grub Services Limited | 49

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

ii

Transaction during the year with related parties (excluding remibursements)

(₹ in Million)

Sr.

No.

Nature of Transactions Holding

Company

Fellow

Subsidiaries

Key Managerial

Personnel

Total

1

Revenue from Operations

-

182.12

- 182.12

- 0.88 - 0.88

2

Technology Fees -

74.58

- 74.58

- 105.42 - 105.42

3

Staff Welfare Expenses -

0.78

- 0.78

- 2.90 - 2.90

4

Optionally Fully Convertible Debentures

250.00

-

250.00

Application money for OFCD received pending allotment 250.00 - - 250.00

5

Remuneration - -

29.22

- - 93.67 93.67

6 General and Administrative expenses - 1.53 - 1.53

- - - -

Balance as at 31st March 2023

7

Optionally Fully Convertible Debentures

250.00 - - 250.00

Application money for OFCD received pending allotment 250.00 - - 250.00

8

Trade and Other Receivables

- 2.68 - 2.68

- - - -

9

Trade and Other Payables

-

- -

- 1.01 - 1.01

Figures in italics represents previous year’s amount.

Grab A Grub Services Limited | 50

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(iii) Disclosure in respect of major related party transactions during the year:

(₹ in Million)

Sr.No. Particulars 31st March 2023 31st March 2022

a)

Revenue from Operations

Reliance Retail Limited

180.11 0.82

Reliance Brand Limited

- 0.06

Just Dial Limited

2.02 -

b)

Staff Welfare Expenses

Reliance Retail Limited

0.78 2.90

c) Technology Fees

Now Floats Technologies Private Limited - 80.00

Enercent Technologies Private Limited 74.58 25.42

d)

Remuneration

Shri Pratish Sanghvi

25.07 35.10

Shri Nishant Vora

25.05 35.08

Shri Jignesh Patel

16.75 23.49

c)

General and Administrative expenses

Reliance Retail Limited 1.53 -

e)

Optionally Fully Convertible Debentures

Reliance Retail Ventures Limited

250.00 -

f)

Application money for OFCD received pending allotment

Reliance Retail Ventures Limited

- 250.00

g)

Trade and Other Receivables

Reliance Retail Limited 2.68 -

h)

Trade and Other Payables

Reliance Retail Limited

- 1.01

Fellow Subsidiaries

Key Managerial

Personnel

Fellow Subsidiaries

Holding Company

Fellow Subsidiaries

Holding Company

Relationship

Grab A Grub Services Limited | 51

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

(₹ in Million)

31 Ratios Analysis:

31st March 2023 31st March, 2022

i

0.60

1.03

ii 7.43 7.82

iii (0.01) 0.01

iv 0.13 0.00

v (0.37) 0.09

vi 13.24 12.27

vii (19.64) 189.76

viii (0.40) 0.06

* Trade Payable Turnover Ratio decreased due to change in rates

# Net Profit Ratio decreased due to decreased margins

^ Return on Investment increased is due to increase in value of investments

@ Return on Equity Ratio decreased due to net effect of decrease in Profit

$ Net Capital Turnover Ratio decreased due to net effect of decrease in Income with decrease in working capital.

% Return on Capital Employed decreased due to net effect of decrease in Profit

31.1 Formulae for computation of ratios are as follows:

1 Current Ratio

2 Return on Equity Ratio

3

Trade Receivables Turnover Ratio

4

Trade Payables Turnover Ratio

5 Net Capital Turnover Ratio

6 Net Profit Ratio

7 Return on Capital Employed

8 Return on Investment

Profit After Tax (Attributable to Owners)/Net worth

Current Assets

/Current Liabilities

Other Income (Excluding Dividend) / Average Cash, Cash Equivalents & Other

Marketable Securities

Earnings before Interest and Taxes/Capital Employed

Capital Employed = Tangible Networth + Total Debt + Deferred Tax Liability

Net Profit after Tax/ Income from Services

Income from Services/ Working Capital

Cost of services rendered/ Average Trade Payables

Income from Services/ Average Trade Receivables

Sr No Particulars Formula

Current Ratio

Trade Payable Turnover Ratio*

Net Profit Ratio#

Return on Investment^

Return on Equity Ratio@

Trade Receivables Turnover Ratio

Net Capital Turnover Ratio$

Return on Capital Employed%

Grab A Grub Services Limited | 52

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

32

Employee share based payments

As at 31 March 2023, the Company is following share-based payment arrangements for employees.

Employees Stock Option Scheme

Amended 2015 ('the Plan')

Trust holding: No of options

ESOP issued initially to trust 1,450

Less: ESOP exercised 124

Balance ESOP yet to be granted/exercised

1,326

Less: ESOP's granted till 31st March 2023 624

ESOP's yet to be granted 702

Employees entitled

Vesting conditions

Vesting Plan

Contractual life of an option

Method of Settlement

Method of Valuation

Exercise period

2022-23 2021-22

Employee compensation expense

3.09 2.96

Employees Stock Option Outstanding A/c

14.58 11.49

Total expense recognized under ‘employee

benefits expense’

The activity in the ESOP scheme during the year ended 31 March 2023 is set out below:

Particulars

Options Outstanding at the Beginning of the

year

611 10 530 10

Options Granted during the year

1st April 2021

- 10 44 10

1st October 2021

- 10 45 10

1st April 2022

57 10 - 10

1st October 2022

- 10 - 10

Options Forfeited/ Expired during the year

44 10 8 10

Options Exercised during the year

- 10 - 10

Options Outstanding at the Year End

624 10 611 10

Exercisable as at 31 March 2023

- - - -

3 years

Equity settled share based options

The Plan has been formulated by the Board of Directors of the Company pursuant to the resolution passed in the Extra Ordinary General meeting

of the shareholders held on 27 January 2016 and amended by special resolution passed in the Extra Ordinary General meeting of the

sharesholders held on 21 February 2019. The Plan entitles senior employees to purchase shares in the Company at the stipulated exercise price,

subject to compliance with vesting conditions. As per the plan, holders of vested options are entitled to purchase one equity share of the face value

of Rs 10 for each option.

The Company have constituted "Grab A Grub Employees Welfare Trust" for implementation of the Plan. The Company share capital as on 31st

March 23 does not include 1,326 ESOP shares which are held with trust and remaining to be either granted or exercised.

As selected by the Board of Directors, excluding Directors of the Company

Continued employment with the Company

Graded vesting over a period of 4 years commencing one year after the date of

grant

Fair value using Discounted Cash Flow & Black Scholes Model

Within 24 months from the date the options are vested

31st March 2023 31st March 2022

(Rs in Million)

No of options

Weighted average

exercise price

(Rs.)

No of options

Weighted average

exercise price

(Rs.)

Grab A Grub Services Limited | 53

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March 2023

The options outstanding at 31 March 2023 have an exercise price and a weighted average contractual life as given below:

Particulars

No of options

outstanding

Exercise price

Weighted

average

remaining life

Expiry Date

Fair Value

at Grant

price

Expected

Volatility

Risk free

interest rate

Grant I - 01 Jan 2017

36 10 - 01 Jan 2018 19,230 1 7.50%

Grant II - 01 Jan 2018

62 10 - 01 Jan 2020 19,230 1 7.50%

84 10 - 01 Jan 2021 19,230 1 7.50%

Grant III - 03 April 2019

45 10 - 03 Apr 2020 25,476 1 7.50%

45 10 0.01 03 Apr 2021 25,476 1 7.50%

40 10 1 03 Apr 2022 25,476 1 7.50%

48 10 2 03 Apr 2023 25,476 1 7.50%

Grant IV - 01 October 2019

13 10 - 30 Sept 2020 25,476 1 7.50%

13 10 0.5 30 Sept 2021 25,476 1 7.50%

14 10 1.5 30 Sept 2022 25,476 1 7.50%

15 10 2.5 30 Sept 2023 25,476 1 7.50%

Grant V - 01 April 2020

15 10 - 31 March 2021 33,846 1 6.17%

15 10 1 31 March 2022 33,846 1 6.17%

25 10 2 31 March 2023 33,846 1 6.17%

25 10 3 31 March 2024 33,846 1 6.17%

Grant VI - 01 October 2020

2 10 0.5 30 Sept 2021 33,846 1 6.17%

3 10 1.5 30 Sept 2022 33,846 1 6.17%

2 10 2.5 30 Sept 2023 33,846 1 6.17%

2 10 3.5 30 Sept 2024 33,846 1 6.17%

Grant VII - 01 April 2021

2 10 - 31 March 2022 39,049 1 6.77%

17 10 1 31 March 2023 39,049 1 6.77%

12 10 2 31 March 2024 39,049 1 6.77%

7 10 3 31 March 2025 39,049 1 6.77%

Grant VIII - 01 October 2021

9

10 0.5 30 Sept 2022 39,049 1 6.77%

10

10 1.5 30 Sept 2023 39,049 1 6.77%

10

10 2.5 30 Sept 2024 39,049 1 6.77%

10

10 3.5 30 Sept 2025 39,049 1 6.77%

Grant VII - 01 April 2022

0 10 - 31 March 2023 51,097 1 7.40%

20 10 1 31 March 2024 51,097 1 7.40%

18 10 2 31 March 2025 51,097 1 7.40%

5 10 3 31 March 2026 51,097 1 7.40%

Grant VIII - 01 October 2022

-

10 0.5 30 Sept 2023 51,097 1 7.40%

-

10 1.5 30 Sept 2024 51,097 1 7.40%

-

10 2.5 30 Sept 2025 51,097 1 7.40%

-

10 3.5 30 Sept 2026 51,097 1 7.40%

Grab A Grub Services Limited | 54

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

33

1

2

3

4

5

6

7

8

9

10

a)

b)

11

a)

b)

12

Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

The

Company

has

not

received

any

fund

from

any

person(s)

or

entity(ies),

including

foreign

entities

(Funding

Party)

with the understanding (whether recorded in writing or otherwise) that the Company shall:

Directly

or

indirectly

lend

or

invest

in

other

persons

or

entities

identified

in

any

manner

whatsoever

by

or

on

behalf

of

the Funding Party (Ultimate Beneficiaries) or

Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

The

Company

does

not

have

any

transaction

which

is

not

recorded

in

the

books

of

accounts

that

has

been

surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

The Company has not advanced or loaned or invested funds to any other person(s) or entity (ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall:

Directly

or

indirectly

lend

or

invest

in

other

persons

or

entities

identified

in

any

manner

whatsoever

by

or

on

behalf

of

the company (Ultimate Beneficiaries) or

Other Statutory Information:

Compliance with number of layers of companies - Not Applicable as the Company has complied with the number of

layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers)

Rules, 2017.

Compliance with approved Scheme(s) of Arrangements - Not Applicable as the Company no Scheme of Arragements

that has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

Details

of

Crypto

Currency

or

Virtual

Currency

-

Not

Applicable

as

the

Company

has

not

traded

or

invested

in

Crypto

currency or Virtual Currency during the financial year.

Title deeds of Immovable Property not held in name of the Company - Not applicable as there are no immovable

properties other than lease hold properties.

Capital Work-In-Progress(CWIP) and Intangible asset under development (IAUD) aging schedule - Company has no

CWIP as at current and previous year end and adequate disclosure has been given for ageing of IAUD. The Company

does not have any Intangible assets under development, whose completion is overdue or has exceeded its cost

compared to its original plan.

Details of Benami Property and its proceedings- Not applicable as there are no proceedings which have been initiated

or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,

1988 (45 of 1988) and the rules made thereunder.

Willful Defaulter - Not applicable as the Company has no loans from Banks or Financial Institution and the Company

has not been classified as a willful defaulter.

There

are

no

balance

outstanding

on

account

of

any

transaction

with

companies

struck

off

under

section

248

of

the

Companies Act, 2013 or section 560 of the Companies Act, 1956.

Registration of charges or satisfaction with Registrar of Companies - Not applicable as there is no charge created

against the assets of the Company.

Grab A Grub Services Limited | 55

Grab A Grub Services Limited (formerly known as Grab A Grub Services Private Limited)

Notes to the Financial Statements for the year ended 31st March, 2023

34

35

36

As per our Report of even date For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Pratish Sanghvi Nishant Vora Jignesh Patel

Chartered Accountants Whole-time Director Whole-time Director Whole-time Director

Firm's Registration No. 117366W/W-100018 (DIN : 02215197) (DIN : 02134255) (DIN : 06658982)

Pallavi Sharma Chandrakant Ghokale Dhirendra Shah Harish Madnani

Partner Director Director Director

Membership No: 113861 (DIN : 00012666) (DIN : 00004616) (DIN : 08432384)

Radhika Disale

Director

Date: 19/04/2023 (DIN : 03107045)

The Company primarily carries on the business of providing logistics services. Accordingly, the Company has only one

identifiable segment reportable under Ind AS 108 - “Operating Segments”. All the activities of the Company revolve

around this main business. The chief operational decision maker monitors the operating results of the entity’s business

for the purpose of making decisions about resource allocation and performance assessment

The figures of the corresponding year has been regrouped / reclassified wherever nessasary, to make them

comparable.

The Financial statements were approved for issue by the Board of Directors on 19th April, 2023.