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

336 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 8. Intangible assets under development Rupees crores Particulars 2023 2022 Balance at the beginning of the year.................................................................................................................................................................................... 3,666.71 3,394.97 Additions during the year (including interest capitalised)....................................................................................................................................... 2,303.29 1,523.55 Business combinations (net)......................................................................................................................................................................................................... (18.84) — Transfer to intangible assets........................................................................................................................................................................................................ (3,054.82) (1,207.02) Foreign exchange translation differences........................................................................................................................................................................... 0.81 7.11 Impairment losses recognised *.................................................................................................................................................................................................. (151.23) (51.90) Balance at the end of the year ........................................................................................................................................................................................... 2,745.92 3,666.71 * Out of impairment losses recognised in the consolidated statement of profit and loss, Rs. 123.12 crores (2022: Rs. 48.86 crores) and Rs. 28.11 crores (2022: Rs. 3.05 crores) has been recognised in exceptional items and depreciation and amortisation expense, respectively. Ageing of intangible assets under development Rupees crores Amount in Intangibles assets under development for a period of Particulars Less than 1 year 1-2 years 2-3 years More than 3 years Total As at 31 st March, 2023: Projects in progress..................................................................................................................................... 1,242.31 817.50 221.27 464.84 2,745.92 Total ....................................................................................................................................................................... 1,242.31 817.50 221.27 464.84 2,745.92 As at 31 st March, 2022: Projects in progress..................................................................................................................................... 1,377.76 670.84 859.57 758.54 3,666.71 Total ....................................................................................................................................................................... 1,377.76 670.84 859.57 758.54 3,666.71 9. Investments A. Non-Current Investments a) Measured as per equity accounting method Rupees crores Particulars 2023 2022 Quoted Investments in Equity Instruments — of Associates*................................................................................................................................................................................................................................................. 9,665.18 9,837.34 Total ........................................................................................................................................................................................................................................................................... 9,665.18 9,837.34 Unquoted Investments in Equity Instruments — of Associates*................................................................................................................................................................................................................................................. 1,536.87 1,427.85 — of Joint ventures*........................................................................................................................................................................................................................................ 3,178.52 1,884.51 Total ........................................................................................................................................................................................................................................................................... 4,715.39 3,312.36 Investments measured as per equity accounting method ......................................................................................................................................... 14,380.57 13,149.70 * Refer note 40.