Zomato Limited

IPO Note – Zomato Limited

12-July-2021

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Zomato Limited
Background & Operations:
Issue Snapshot:
Zomato Ltd’s (ZL) technology platform connects customers, restaurant partners and
Issue Open: July 14 – July 16 2021
delivery partners, serving their multiple needs. Customers use its platform to search and
Price Band: Rs. 72 –76 discover restaurants, read and write customer generated reviews and view and upload
photos, order food delivery, book a table and make payments while dining-out at
*Issue Size: 1,233,552,632 eq shares restaurants. On the other hand, it provides restaurant partners with industry-specific
(Fresh Issue of 9000 cr + Offer for sale of marketing tools which enables them to engage and acquire customers to grow its business
375 cr) while also providing a reliable and efficient last mile delivery service. It also operate a one-
stop procurement solution, Hyperpure, which supplies high quality ingredients to
Issue Size: Rs.9375.0 cr restaurant partners. It also provides its delivery partners with transparent and flexible
earning opportunities.
Reservation for:
QIB atleast 75% eq sh According to RedSeer, ZL is one of the leading Food Services platforms in India in terms of
Non Institutional Upto 15% eq sh value of food sold, as of March 31, 2021. During Fiscal 2021, 32.1 million average Monthly
Retail Upto 10% eq sh Active Users (MAU) visited its platform in India. As of March 31, 2021, it was present in 525
cities in India, with 389,932 Active Restaurant Listings. Its mobile application is the most
Face Value: Rs 1 downloaded food and drinks application in India in each of the last three fiscal years since
Fiscal 2019 to Fiscal 2021 on iOS App store and Google Play combined, as per App Annie’s
Book value: Rs 15.09 (Mar 31, 2021) estimates. While it had a footprint across 23 countries outside India as of March 31, 2021, it
Bid size: - 195 equity shares and in has taken a conscious strategic call to focus only on the Indian market going forward.
multiples thereof ZL’s Platform Offerings
Business of the Company is built around the core idea that over time, people in India are
100% Book built Issue
going out to eat at restaurants more than they cook at home. To capture value out of this
Capital Structure: shift in customer behaviour, it has two core business-to-customer (B2C) offerings – (i) Food
Pre Issue Equity: Rs. 666.1cr delivery and (ii) Dining-out, in addition to its business-to-business (B2B) offering (iii)
*Post issue Equity: Rs. 784.5 cr Hyperpure. Another important part of its business is (iv) Zomato Pro, its customer loyalty
program which encompasses both food delivery and dining-out. Each of B2C as well as B2B
Listing: BSE & NSE offerings helps increase the value of its platform for its customers, enabling it to further
attract new customers and to deepen engagement with existing customers. Each of its
Global Co-Ordinators And Book Running offerings also helps improve Assortment, Affordability, Accessibility and Quality (“AAAQ”)
Lead Managers: Kotak Mahindra Capital of restaurant food for its customers thereby helping grow the restaurant industry.
Company Ltd, Morgan Stanley India
Company Private Ltd, Credit Suisse Food Delivery
Securities (India) Private Ltd The Company has consistently gained market share over the last four years to become the
category leader in the food delivery space in India in terms of GOV from October 1, 2020 to
Book Running Lead Manager: BofA March 31, 2021. It generates a majority of its revenue from food delivery and the related
Securities India Ltd, Citigroup Global commissions charged to its restaurant partners for using its platform. Restaurant partners
Markets India Private Ltd also spend for advertisements on its platform. There are three key stakeholders in its food
delivery business – (i) Customers, (ii) Delivery Partners, and (iii) Restaurant Partners.
Registrar to issue: Link Intime India Dining-Out
Private Ltd Customers use dining-out offerings to search and discover restaurants, read and write
Shareholding Pattern customer generated reviews and view and upload photos, book a table and make payments
while dining-out at restaurants. It is a preferred destination for dining-out search and
Pre Post
Shareholding Pattern restaurant discovery in India. Currently it monetize its dining-out offering through
issue % issue %
advertisement sales through which restaurant partners pay for enhanced visibility on its
Promoter and platform. In Fiscal 2021, 2,512 restaurant partners paid for its advertising sales product in
0.0 0.0
India compared to 8,064 restaurant partners in Fiscal 2020. It currently do not monetize
Promoter Group
table reservations or dining-out payments.
Public & Employee 100.0 100.0
B2B Supplies (Hyperpure)
Total 100.0 100.0 Hyperpure is farm-to-fork supplies offering for restaurants in India. It source fresh, hygienic,
*=assuming issue subscribed at higher band quality ingredients and supplies directly from farmers, mills, producers and processors to
Source for this Note: RHP supply to its restaurant partners, helping them make their supply chains more effective and
predictable, while improving the overall quality of the food being served. In the month of
March 2021, it supplied to 9,225 restaurant partners across six cities in India. Hyperpure
helps it to increase its engagement with restaurant partners on its platform, and in turn
retain and grow its loyalty with them.
Zomato Pro
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Zomato Limited
ZL has an exclusive paid-membership program, Zomato Pro, which unlocks flat percentage discounts for its customers at select restaurant
partners across both food delivery and dining-out offerings. These discounts are available to its customers on all days in a year (except
during a few pre-determined festive days) and the Pro Restaurant Partners choose and fund the percentage discount available to Pro
Members at their restaurants. As of March 31, 2021, it had 1.5 million Pro Members and 25,443 Pro Restaurant Partners in India.

Objects of Issue:
The Offer comprises a Fresh Issue by Zomato Ltd and an Offer for Sale by the Selling Shareholder (Info Edge (India) Limited).

Offer for Sale

The Selling Shareholder (Info Edge (India) Limited) will be entitled to its respective portion of the proceeds of the Offer for Sale aggregating
up to Rs. 3,750 million after deducting its proportion of Offer expenses and relevant taxes thereon. The Company will not receive any
proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds.

Fresh Issue
The details of the proceeds from the Fresh Issue are summarised in the following table:
Particulars Estimated amount (Rs. in million)
Gross Proceeds of the Fresh Issue 90000
(Less) Offer related expenses in relation to the Fresh Issue *
Net Proceeds *

ZL need to continue to invest in three core areas for the growth of its business which include a) customer and user acquisition, b) delivery
infrastructure, and c) technology infrastructure. It has made these investments in the past, and expects these to continue to be critical for
the growth of the business in the future.

Accordingly, ZL proposes to utilise the Net Proceeds towards the following objects:
 Funding organic and inorganic growth initiatives Rs.67500 mn); and
 General corporate purposes.

Competitive Strengths
Strong network effects driven by unique content and transaction flywheels: ZL’s end-to-end Food Services approach makes it the most
unique Food Services platform globally combining the offerings of platforms such as Yelp, DoorDash and OpenTable in a single mobile app. It
had 389,932 Active Restaurant Listings across 525 cities in India, as of March 31, 2021. Restaurant listings on its platform include most of the
following information and data points such as photos of the menu, photos of the restaurant premises, address and GPS coordinates, phone
number, website, social media presence (Facebook and Twitter links), cuisine, opening timings, average cost for a meal, free parking
availability, indoor or outdoor seating availability, free Wi-Fi availability, whether the restaurant offers live entertainment, has a smoking
room, whether table booking is recommended, among others. ZL’s term this information about restaurants as “Structured Content”. It
collects and curates all Structured Content using a feet-on-street approach, aided by in-house developed technology which helps it to do
this in a cost effective manner. Its focus on content attracts a large number of customers to its platform organically. During Fiscal 2021,
68.0% of its new customers were acquired organically and not through any paid advertisements. Its customers value the rich content of the
restaurant listings on its platform and further enhance the richness of the restaurant listing content by adding their own reviews and photos
to the platform which leads to a virtuous cycle of more new customer acquisition.

This unique content strategy feeds into the transaction funnel and creates a strong flywheel effect as more content leads to more customers
and more customers lead to richer content. More customers on its platform also increases the number of food orders for the restaurants on
its platform in turn leading to more restaurants becoming available for food delivery on the platform. More restaurants on its platform,
increases the choices available to the customers leading to growth in customers. More food delivery orders on platform reduces the delivery
cost which reduces the prices for its customers, thereby leading to even more food delivery orders. These network effects increase the
stickiness and loyalty of both customers and restaurant partners, creating an interlinked virtuous cycle.

Widespread and efficient on-demand hyperlocal delivery network: ZL operates one of India’s largest hyperlocal delivery networks, based
on number of delivery partners as of March 31, 2021. Its network of delivery partners collect food from its restaurant partners and deliver it
to customers. Given the presence and interaction of the three stakeholders in a limited geographical area the delivery network is referred to
as “hyperlocal”. In Fiscal 2021, its delivery partners fulfilled 94.1% of its Orders delivered. The median delivery time of the Orders fulfilled by
it was approximately 30 minutes in Fiscal 2021. It encourages its delivery partners and restaurant partners to take several precautionary
measures to mitigate food tampering including using tamper-proof tapes to seal the food packet, getting hygiene audits done and regular
cleaning of delivery bags and boxes, thereby maintaining high standards of hygiene. It also educates its delivery partners to follow personal
hygiene protocols. Delivery partners are encouraged to highlight or escalate any deviations from standard processes.

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Zomato Limited
Technology and product-first approach to business: ZL is a technology first organization leveraging artificial intelligence, machine learning
and deep data science to continuously drive innovations on its platform for its community of customers, delivery partners and restaurant
partners. It enables restaurant partners with fully automated order management systems. These systems offer dashboards that have
features such as order transmission, order processing, menu synchronization, payment reconciliation, content promotion, marketing tools
and invoice management features. Its delivery partners are able to accept orders, see their per order earnings and estimate the time and
navigate to restaurant’s location and point of delivery using its mobile application. Its customers are also able to record and save voice
instructions for the delivery partners to reach the point of delivery without intervention through voice call or messages, thus creating a
seamless delivery experience. ZL’s machine learning driven algorithms are able to forecast demand, optimize fleet utilization and batch
orders. It runs an integrated product, design, engineering and data science team without boundaries to boost collaboration and speed of
output.

Zomato is a strong consumer brand recognized across the length and breadth of India: ZL has a strong brand name and recall, across large
and small Indian cities. Its offerings include both food delivery and dining-out, thereby giving the the ability to capture mind share of
consumers for “non-home cooked food”. Its brand is synonymous with food and its customers associate it with everything to do with food.
ZL’s delivery partners also carry Zomato branded gear including t-shirts, jackets, bags, and boxes, further enhancing its brand awareness on
the streets.

Business Strategy:
Continuous focus on unit economics and growth, at the same time: ZL has made significant investments in marketing and promotions to
accelerate customer adoption of food delivery in India and promote its brand. All these investments have contributed towards category
creation and resulted in customers coming back to its platform organically for repeat purchases. As a result of an increase in the share of
repeat customers, its advertisement and sales promotion expenses per Order has reduced over time. While its business has grown rapidly
since 2019, the unit economics of its food delivery business has also improved consistently. The unit economics for its food delivery business
for Fiscals 2020 and 2021 are illustrated below:

Expand and strengthen community across three businesses – food delivery, dining-out and Hyperpure: ZL intends to attract new
customers to its platform and convert them into active, frequent customers of its offerings. It will also continue to focus on increasing
engagement with its existing customers to use its platform more frequently. It plans to grow its Zomato Pro membership base. To ensure
the right selection and assortment for customers on the platform, it will continue to invest in growing the breadth, depth and quality of
restaurant partners for its offerings. It will also continue to deepen its relationships with restaurant partners by innovating to increase its
platform’s value proposition for its restaurant partners, expanding the suite of services offered to them, and driving differentiated
partnerships with restaurants. To continue to provide a seamless delivery experience for its customers, it will continue to invest in its
delivery infrastructure and expand its delivery partner base, providing them flexible earning opportunities.

Invest in new products and technologies: ZL will invest in new products, technologies and features for the benefit of its customers. It plans
to continue to innovate to offer higher personalization and new experiences to its customers. Machine learning is already a big focus area
for ZL and it plans to continue to do the same.

Continue to build a strong consumer brand recognized across India: ZL’s campaigns, community and content have created a strong
consumer brand in India. It will continue to invest in its branding activities and increase its brand awareness and brand affinity. It will strive
towards increasing the benefits of its hyper local delivery network to its branding advantage.

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Zomato Limited
Industry
India macroeconomic factors and digitization trends
Since 2015, India has witnessed approximately 7% average growth in real GDP. The year 2020, however, was an aberration due to the
COVID-19 pandemic. India’s economy contracted by 7.3% in Fiscal 2021 as per India’s National Statistics Office data because of the
slowdown in economic activities in the first quarter of Fiscal 2021 (i.e., April 2020 to June 2020) due to one of the most severe nationwide
lockdowns imposed globally. India was expected to have a very strong recovery with an estimated growth rate of 11% to 11.5% for Fiscal
2022 on a real growth basis as per official estimates in the Economic Survey of India 2020 to 2021 and International Monetary Fund
projections. However, due to the severe impact of the second wave of COVID-19 pandemic, the projections have undergone further
normalisation to be at a growth of 9.5% for Fiscal 2022 as per the Reserve Bank of India. Still, this is highest among the larger economies and
is higher as compared to 5.4% projected growth for the global economy as per the United Nations. As the economy stabilizes to a healthy
growth of 6% to 7% in real GDP thereafter, it is expected that India’s GDP (at current prices) to be US$4.2 trillion by 2025. As per Centre for
Economics and Business Research (“CEBR”), India is expected to become the third largest economy in the world by 2030.

`
The strength of the Indian economy is underscored by the following factors –

Rising consumption – As per World Economic Forum estimates, India is likely to be the third largest consumer market by 2030 driven by
development of communication infrastructure, education, rising impetus on capex spends by the Government, and more job opportunities.
The growth in consumption will be more geared towards services-based consumption as has been the case in India in the past.

Large working population – As per United Nations Population Division estimates, India is one of the youngest nations in the world, with a
median age of 28 compared to 38 in China and the United States, 43 in Western Europe, and 48 in Japan. And today, 54.6% of India’s
population is in the workforce age bracket of 20 years to 59 years.

Growth in urbanization – As per World Bank estimates, 34-35% of India’s population (or approx. 470 million people), resided in urban towns
and settlements in 2020. This is likely to increase to approximately 37-38% by 2025, as per United Nations Population Division estimates.
This trend is expected to reflect in greater purchasing power in the urban centers with stronger growth opportunities across industries.

Internet and smartphone penetration in India has more than doubled from 2015 to 2020 and is increasing further. Since 2000, a large part of
India has skipped the traditional fixed line phones and embraced mobile. 90% of all phone connections were fixed lines in 2000, and today
over 98% of all phone connections are mobile, as per Department of Telecommunications, GoI. Internet adoption has picked up quickly, as
data rates in India have declined. In 2016, with the launch of Reliance Jio, data prices became affordable at less than US$1 per GB and
India’s internet adoption skyrocketed from 310-330 million internet users in 2015 to 660-690 million users in 2020.

At the same time, there has been significant growth in adoption of smartphones, driven by availability of low-cost alternatives from local as
well as global brands. Easy availability of smartphones, cheap data and high speed 4G connections has enabled Indians to embrace digital
applications. Compared to China, the digital penetration in India is still low and is expected to grow rapidly.

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Zomato Limited

Total addressable Food Services market opportunity of US$110 billion (Rs.7.7 trillion) in 2025
Food consumption, at US$607 billion (Rs.42.5 trillion) in 2020 constitutes around a quarter of India’s GDP. Most of this though, is driven by
home-cooked food. Food Services, defined as non-home cooked food or restaurant food currently contributes only approximately 8-9% to
the food market. This is substantially low when compared to global economies like the United States and China which have approximately
47-50% and 42-45% contribution from Food Services respectively (of the total food consumption).

According to RedSeer, as of 2019, ZL has a large total addressable Food Services market opportunity of US$65 billion (Rs.4.6 trillion) growing
at 9% per annum to US$110 billion (Rs.7.7 trillion) in 2025 with highly under-penetrated restaurant food-eating behavior today. However,
due to Covid-19, the size of Food Services market opportunity reduced to US$32-35 billion (Rs.2.2 – 2.5 trillion). While Food Services in India
is highly under-penetrated, it is likely to grow steadily, taking share away from home cooked food as has been the trend in the past as well.
Growth will be driven by changing consumer behavior, reduced dependence of millennials on home-cooked food/kitchen set-up, increasing
consumer disposable income and spending, and higher adoption among the smaller cities.
Competition
Food Services is a competitive market in India comprising food delivery players like Zomato and Swiggy, cloud kitchens like Rebel Foods and
branded Food Services players (including quick service restaurants like Dominos, McDonalds and Pizza Hut, among others). Food delivery
players also compete with multiple other participants in the Food Services industry including restaurants which own and operate their own
delivery fleets, traditional offline ordering channels, such as take-out offerings and phone-based ordering, local publications, and other
media, both online and offline where restaurants place their advertisements to attract customers. In this competitive market, Zomato has
consistently gained market share over the last four years to become the category leader in the food delivery space in India in terms of GOV
from October 1, 2020 to March 31, 2021. The chart below represents year-on- year growth of Zomato and the industry.

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Zomato Limited
Key Concerns:
 ZL has a history of net losses and it anticipates increased expenses in the future.
 ZL may not be able to sustain its historical growth rates, and its historical performance may not be indicative of its future growth or
financial results.
 The COVID-19 pandemic, or a similar public health threat, has had an impact and could further impact the business, cash flows,
financial condition and results of operations. If the Company fails to retain its existing restaurant partners, customers or delivery
partners or fail to add new restaurant partners, delivery partners or customers to its portfolio in a cost-effective manner, its business
may be adversely affected.
 If ZL fails to retain its existing restaurant partners, customers or delivery partners or fail to add new restaurant partners, delivery
partners or customers to our portfolio in a cost-effective manner, its business may be adversely affected.
 Growth of the business will depend upon the strength of the brand, and any failure to maintain, protect and enhance brand could
limit ZL’s ability to retain or expand its customer base, which could materially and adversely affect the business, cash flows, financial
condition and results of operations.
 Unfavourable media coverage could harm the business, financial condition, cash flows and results of operations.
 ZL faces intense competition in food delivery and other businesses and if it is unable to compete effectively, its business, financial
condition, cash flows and results of operations could be adversely affected.
 There are low barriers to entry in industry and the cost of switching between offerings is low, which could have a material adverse
impact on the operations.
 If ZL does not continue to innovate and further develop its platform or its platform developments do not perform, or it is not able to
keep pace with technological developments, it may not remain competitive and its business and results of operations could suffer.
 Failure to detect and deal effectively with any fraud perpetrated and fictitious transactions conducted on ZL’s platform could harm
the business.
 Systems failures and resulting interruptions in the availability of platform could adversely affect the business, financial condition,
cash flows and results of operations.
 Security breaches and attacks against ZL’s platform, and any potentially resulting breach or failure to otherwise protect confidential
and proprietary information, could damage the reputation and negatively impact its business, as well as materially and adversely
affect the financial condition and results of operations.
 Regulatory, legislative or self-regulatory/standard developments regarding privacy and data security matters could adversely affect
the ability to conduct its business.
 Relies on third-party service providers to deliver services to customers, restaurant partners and delivery partners on the platform,
and any disruption of or interference with ZL’s use of that service could adversely affect the business, financial condition, cash flows
and results of operations.
 Failure to generate and maintain sufficient high quality customer generated content could negatively impact the business.
 If ZL is unable to make acquisitions of and invest in complementary businesses, assets and technologies, or successfully integrate
them into its business, its business, results of operations, cash flows and financial condition could be adversely affected.
 ZL’s sales and marketing efforts to attract customers and restaurants may turn out to be ineffective.
 The wide variety of payment methods that ZL accepts subjects it to third-party payment processing-related risks.
 Relies on the skills and experience of senior management, other key personnel and employees and the loss of its team members
could have a materially adverse impact on business operations
 Relies on restaurant partners and other participants on ZL’s platform to provide quality services to customers.
 Relies on mobile operating systems and application marketplaces to make applications available to participants that utilize platform,
and if ZL do not effectively operate with or receive favourable placements within such application marketplaces and maintain high
customers’ reviews, its usage or brand recognition could decline and the business, financial results, cash flows and results of
operations could be adversely affected.
 Failure to obtain or maintain or renew licenses, registrations, permits and approvals in a timely manner or at all may adversely affect
the business, cash flows and results of operations.

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Zomato Limited
 Internet search engines drives traffic to the platform and ZL’s customer growth could decline and its business, financial condition,
cash flows and results of operations would be adversely affected if it fails to appear prominently in search results.
 ZL may require additional capital through financing in the future and its operations could be curtailed if it is unable to obtain
required capital and financing on favorable terms when needed.
 Any failure to offer high-quality support may harm relationships with restaurant partners, customers, and delivery partners and
could adversely affect the business, financial condition, cash flows and results of operations.
 ZL outsources a portion of its back-end operations and if its outsourcing service providers fail to meet its requirements or face
operational or system disruptions, its business may be adversely affected.
 The markets for food delivery services are still in relatively early stages of growth, and if these markets do not continue to grow,
grow slower than it is expected, or fail to grow as large as it expects, its business, financial condition, cash flows and results of
operations could be adversely affected.
 ZL’s online marketing services/listings or reviews may constitute internet advertisement, which subjects it to laws, rules and
regulations applicable to advertising.
 Relies on telecommunications and information technology systems, networks and infrastructure to operate business and any
interruption or breakdown in such systems, networks or infrastructure or technical systems could impair ability to effectively
operate ZL’s platform or provide its services.
 Changing regulations in India could lead to new compliance requirements that are uncertain.
 An interpretation rendering ZL a deemed employer of its delivery partners pursuant to a notice received from the Employees
Provident Fund Organisation may result in increased costs and adversely impact the business, results of operation, cash flows and
financial condition.
 If inflation rises in India, increased costs may result in a decline in profits.

Profit & Loss

Particulars (Rs in million) FY21 FY20 FY19
Revenue from Operations 19937.9 26047.4 13125.9
Other Income 1246.4 1380.0 851.3
Total Income 21184.2 27427.4 13977.2
Total Expenditure 24609.6 49094.4 35563.6
Purchase of stock in trade 2028.7 1105.2 187.2
Changes in inventories of traded goods -110.1 -16.0 -21.3
Employee benefits expense 7407.7 7988.8 6007.9
Other expenses 15283.2 40016.4 29389.9
PBIDT -3425.3 -21667.0 -21586.5
Interest 100.8 126.4 86.5
PBDT -3526.1 -21793.4 -21673.0
Depreciation, amortization and impairment expense 1377.4 842.4 431.4
PBT -4903.6 -22635.7 -22104.3
Exceptional items -3247.7 -1220.3 11999.2
Tax (incl. DT & FBT) 13.0 0.0 0.0
Net Current Tax 13.0 0.0 0.0
PAT -8164.3 -23856.0 -10105.1
OPM (%) -23.4 -88.5 -170.9
PATM (%) -40.9 -91.6 -77.0
(Source:RHP)
Balance Sheet
Particulars (Rs in million) As at FY21 FY20 FY19
Assets
Non-current assets
Property, plant and equipment 233.5 364.1 397.7
Right-of-use assets 605.0 668.2 924.2
Capital work-in-progress 0.0 1.9 3.2
Goodwill 12477.8 12092.9 1884.9
Other intangible assets 2074.2 2780.2 689.3

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Zomato Limited
Intangible assets under development 1.3 7.7 4.3
Financial assets
- Investments 0.0 0.0 73.0
Other financial assets 30062.7 104.8 121.1
Tax assets (net) 53.5 297.0 278.4
Other non-current assets 22.0 53.5 39.8
Total non-current assets 45530.0 16370.3 4415.7
Current assets
Inventories 148.0 37.3 21.3
Financial assets
- Investments 22052.5 3239.2 21372.5
- Trade receivables 1298.7 1231.2 703.4
- Cash and cash equivalents 3065.5 1672.0 2124.2
- Other bank balances 5971.1 1926.8 262.8
- Other financial assets 6295.5 1111.3 3972.6
Tax assets (net) 444.7 399.9 97.8
Other current assets 2229.6 3015.9 1163.9
Total current assets 41505.4 12633.6 29718.4
Total assets 87035.4 29003.8 34134.1
Equity and Liabilities
Equity
Equity Share Capital 0.3 0.3 0.3
Instruments entirely equity in nature 4549.3 2524.0 2437.2
Other equity 76437.6 4573.5 23561.5
Equity attributable to equity holders of the Company 80987.2 7097.8 25999.0
Non-controlling interests -57.1 -65.0 -314.2
Total equity 80930.1 7032.8 25684.8
Liabilities
Non-current liabilities
Financial liabilities
- Borrowings 0.0 14.7 13.1
- Lease liabilities 529.9 564.2 742.6
- Other financial liabilities 0.0 13759.4 0.0
Provisions 259.1 167.1 142.7
Other non-current liabilities 139.0 257.3 489.6
Total non-current liabilities 927.9 14762.7 1388.1
Current liabilities
Financial liabilities
- Borrowings 13.6 0.0 0.0
- Trade payables
total outstanding dues of micro enterprises and small enterprises 29.7 10.8 0.0
total outstanding dues of creditors other than micro enterprises and small enterprises 2942.0 2676.6 3762.2
Lease liabilities 182.4 152.9 286.4
Other financial liabilities 745.8 2531.0 1325.7
Provisions 69.8 92.5 51.2
Other current liabilities 1194.2 1744.6 1635.8
Total current liabilities 5177.4 7208.3 7061.2
Total equity and liabilities 87035.4 29003.8 34134.1

(Source:RHP)

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normal course of business.
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