MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

270 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 27. Changes in inventories of finished goods, stock-in-trade and work-in-progress Rupees crores Particulars 2023 2022 Opening inventories: Finished goods.......................................................................................................................................................................................................................................... 2,222.70 1,811.28 Work-in-progress...................................................................................................................................................................................................................................... 136.83 165.68 Stock-in-trade............................................................................................................................................................................................................................................ 587.04 486.06 Manufactured Components.............................................................................................................................................................................................................. 280.50 220.42 3,227.07 2,683.45 Add: Acquisitions through business combinations [Refer note 44 (B)] Finished goods.......................................................................................................................................................................................................................................... — 2.55 Less: Closing inventories: Finished goods.......................................................................................................................................................................................................................................... 2,849.85 2,222.70 Work-in-progress...................................................................................................................................................................................................................................... 158.73 136.83 Stock-in-trade............................................................................................................................................................................................................................................ 747.54 587.04 Manufactured Components.............................................................................................................................................................................................................. 461.14 280.50 4,217.26 3,227.07 Reclassified as held for sale........................................................................................................................................................................................................... 84.61 — Net (increase) in inventories ...................................................................................................................................................................................................... (1,074.80) (541.07) 28. Employee Benefits Expense Rupees crores Particulars 2023 2022 (a) Salaries and wages, including bonus............................................................................................................................................................................ 3,023.30 2,726.20 (b) Contribution to provident and other funds............................................................................................................................................................. 248.98 238.97 (c) Equity settled share based payments (Refer Note 36).................................................................................................................................. 106.63 80.47 (d) Staff welfare expenses........................................................................................................................................................................................................... 270.97 283.95 Total Employee Benefits Expense ........................................................................................................................................................................................ 3,649.88 3,329.59 29. Finance Costs Rupees crores Particulars 2023 2022 (a) Interest expense for financial liabilities measured at amortised cost................................................................................................... 386.71 462.89 Less: Amounts included in the cost of qualifying assets................................................................................................................................ 182.49 293.94 204.22 168.95 (b) Other borrowing costs............................................................................................................................................................................................................. 68.56 57.23 Total Finance Costs ............................................................................................................................................................................................................................. 272.78 226.18 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 6.57% p.a. (2022 : 5.91% p.a)