Investor Presentaiton
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023
The principal assumptions used in determining the present value of obligation of the interest rate guarantee under deterministic approach are:
Projection is restricted to five years or earlier, if retirement occurs.
140
2)
Expected guaranteed interest rate - 8.15% ( Previous Year -8.10%)
Discount rate -7.50% (Previous Year - 7.30%)
During the year, the company has recognised the following amounts in the Statement of Profit and Loss:
Particulars
i)
Employer's contribution to Provident Fund and Family Pension Fund
ii)
Employer's contribution to Superannuation Fund
(!!!
iv)
Leave Encashment - Unfunded
Defined benefit obligation:
(Crores)
Year Ended
31.03.2023
Year Ended
31.03.2022
68.02
63.34
20.64
18.74
13.83
10.62
a)
Post Retirement Medical Benefit - Unfunded
0.24
0.23
b)
The valuation results for the defined benefit gratuity plan as at 31-3-2023 are produced in the tables below:
i) Changes in the Present Value of Obligation
Particulars
Present Value of Obligation as at the beginning
Current Service Cost
Interest Expense or Cost
Year Ended
31.03.2023
450.87
24.24
23.21
32.89
29.50
(Crores)
Year Ended
31.03.2022
434.13
Re-measurement (or Actuarial) (gain) / loss arising from:
- change in demographic assumptions
- change in financial assumptions
(8.66)
(21.36)
- experience variance (i.e. Actual experience vs assumptions)
9.38
8.18
Past Service Cost
Benefits Paid
Present Value of Obligation as at the end
(24.25)
484.47
(22.79)
450.87
ii)
Changes in the Fair Value of Plan Assets
Particulars
Fair Value of Plan Assets as at the beginning
Investment Income
Year Ended
31.03.2023
438.67
32.00
(Crores)
Year Ended
31.03.2022
388.28
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