annual-report-FY2021

340 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Details of Interest Rate Swaps outstanding at the end of reporting period Rupees crores 2021 2020 Outstanding Contracts Notional value Carrying amount of hedging instrument included in Other Financial Assets/ (Liabilities) Notional value Carrying amount of hedging instrument included in Other Financial Assets/ (Liabilities) Cash Flow Hedges Floating to fixed Interest Rate Swaps Maturing in 1+ years EUR. ...................................................................... 428.75 (0.72) — — Maturing in 1+ years EUR. ...................................................................... — — 414.10 (1.19) USD....................................................................... 183.98 (3.01) 188.34 (4.02) (c) The movements in Cash Flow Hedge Reserve for instruments designated in a cash flow hedge are as follows: Rupees crores Particulars 2021 2020 Exchange Rate Risk hedges Interest Rate Risk hedges Total Exchange Rate Risk hedges Interest Rate Risk hedges Total Balance at the beginning of the year (156.66) (4.92) (161.58) (36.31) (0.29) (36.60) (Gains)/Losses transferred to Profit or Loss on occurrence of the forecast transaction 0.32 — 0.32 (36.08) — (36.08) (Gains)/Losses transferred to Profit or Loss due to cash flows no longer expected to occur 0.35 — 0.35 (0.08) — (0.08) Change in Fair Value of Effective Portion of cash flow hedges (12.98) 1.42 (11.56) (13.49) (4.78) (18.27) Deferred Tax on the above # 0.82 (0.12) 0.71 11.40 0.15 11.55 Balance at the end of the year (168.15) (3.62) (171.76) (74.56) (4.92) (79.48) Add: Share of Associate/Joint Venture 71.22 — 71.22 (102.07) — (102.07) Deferred Tax on share of associates/ joint ventures (0.02) — (0.02) 15.03 — 15.03 Add/(Less) : Non Controlling interest 3.09 — 3.09 4.94 — 4.94 Less: Deletion on account of deconsolidation of subsidiary (3.28) — (3.28) — — — Total (97.15) (3.62) (100.76) (156.66) (4.92) (161.58) Of the above: Balance relating to continuing hedges (97.15) (3.62) (100.76) (156.66) (4.92) (161.58) # Impact of deferred tax on opening balance due to changes in tax rate is Rs. Nil (2020: Rs. 8.69 crores). 33. Financial Instruments (contd.)