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

357 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 32. Exceptional items (net) Exceptional items (net) recognised in the consolidated statement of profit and loss Rupees crores Particulars 2023 2022 Gain on change in ownership interests in subsidiaries (resulting in loss of control), associates and joint ventures and change of relationships...................................................................................................................................................................................................................... 2,983.54 474.28 Impairments: Property, plant and equipment and right-of-use assets................................................................................................................................ (332.69) (53.82) Intangible assets......................................................................................................................................................................................................................... (460.01) (9.01) Capital work-in-progress and Intangible under development..................................................................................................................... (180.50) (60.91) Capital advances......................................................................................................................................................................................................................... (10.46) (46.45) Other assets.................................................................................................................................................................................................................................. (636.12) — Goodwill............................................................................................................................................................................................................................................ (122.13) — Investment accounted using equity method (net)............................................................................................................................................. 7.89 82.76 Profit on sale of land........................................................................................................................................................................................................................... — 27.32 Total ................................................................................................................................................................................................................................................................ 1,249.52 414.17 As described in note 2(h), the Group reviews for indication of asset impairment at the end of reporting date in addition to any impairment indicators that may arise in between the two reporting periods. If there is any indication of asset impairment, the Group estimates the recoverable amount of the asset to determine the amount of the impairment loss. During the year ended 31 st March, 2023, the internal and external sources of information on the economic environment in which these entities operate, provided indicators of asset impairment for certain international subsidiaries. Consequently, impairment has been recognised for property, plant and equipment, right-of-use assets, capital work-in-progress, intangible assets under development, capital advance and other intangible assets of certain CGUs amounting to Rs. 983.66 crores during the year ended 31 st March, 2023 (2022: Rs. 170.19 crores). As detailed in note 6, impairment of goodwill amounting to Rs. 122.13 crores has been recognised during the year ended 31 st March, 2023 (2022: Rs. Nil). Further, as described in the note 2(c), the investments in associates and joint ventures are accounted using equity method as per Ind AS 28 – Investments in Associates and Joint Ventures. As required by Ind AS 28, after application of the equity method, the Group assesses if there is any objective evidence based on observable data that its net investment in the associate or joint venture is impaired. Based on the observable evidence, certain investments in associate and joint ventures were tested for recoverable amounts and impairment reversal (net) amounting to Rs. 7.89 crores has been recognised during the year ended 31 st March, 2023 (2022: Rs. 82.76 crores). 33. Earnings Per Share (EPS) Particulars 2023 2022 Profit for the year for basic EPS (Rupees crores)........................................................................................................................................................ 10,281.50 6,577.32 Profit for the year for diluted EPS (Rupees crores).................................................................................................................................................... 10,274.34 6,562.38 Weighted average number of Ordinary (Equity) Shares used in computing basic EPS................................................................... 1,11,26,19,910 1,11,09,43,402 Effect of dilutive potential Ordinary (Equity) Shares.................................................................................................................................................. 46,94,100 45,87,607 Weighted average number of Ordinary (Equity) Shares used in computing diluted EPS............................................................... 1,11,73,14,010 1,11,55,31,009 Basic Earnings per share (Rs.) (Face value of Rs. 5 per share).......................................................................................................................... 92.41 59.20 Diluted Earnings per share (Rs.).................................................................................................................................................................................................. 91.96 58.83