MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

250 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 27. Changes in inventories of finished goods, stock-in-trade and work-in-progress Rupees crores Particulars 2022 2021 Opening inventories: Finished goods........................................................................................................................................................... 1,811.28 1,379.46 Work-in-progress....................................................................................................................................................... 249.08 126.81 Stock-in-trade. ........................................................................................................................................................... 486.06 551.25 Manufactured Components...................................................................................................................................... 137.03 105.72 2,683.45 2,163.24 Add: Acquisitions through business combinations [Refer note 44 (B)] Finished goods........................................................................................................................................................... — 76.98 Work-in-progress....................................................................................................................................................... — 77.61 Less: Closing inventories: Finished goods........................................................................................................................................................... 2,218.48 1,811.28 Work-in-progress....................................................................................................................................................... 136.83 249.08 Stock-in-trade. ........................................................................................................................................................... 587.04 486.06 Manufactured Components...................................................................................................................................... 280.50 137.03 3,222.85 2,683.45 Net (increase) in inventories .................................................................................................................................... (539.40) (365.62) 28. Employee Benefits Expense Rupees crores Particulars 2022 2021 (a) Salaries and wages, including bonus.............................................................................................................. 2,712.45 2,701.74 (b) Contribution to provident and other funds................................................................................................... 233.20 233.02 (c) Equity settled share based payments (Refer Note 36).................................................................................. 81.08 95.02 (d) Staff welfare expenses. .................................................................................................................................... 279.23 222.17 Total Employee Benefits Expense ............................................................................................................................ 3,305.96 3,251.95 29. Finance Costs Rupees crores Particulars 2022 2021 (a) Interest expense for financial liabilities measured at amortised cost........................................................... 459.74 577.82 Less: Amounts included in the cost of qualifying assets. ............................................................................... 293.94 247.76 165.80 330.06 (b) Other borrowing costs....................................................................................................................................... 57.20 66.25 Total Finance Costs ..................................................................................................................................................... 223.00 396.31 Other borrowing cost includes discounting charges, unwinding of discount on lease and other liabilities. The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 5.91% p.a. (2021: 6.20% p.a.)