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

359 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 34. Employee Benefits (contd.) Defined benefit plans - Actuarial valuation as on 31 st March, 2023 Rupees crores Particulars Funded Plan Unfunded Plans Gratuity Gratuity* Post retirement medical benefits Post retirement housing allowance 2023 2022 2023 2022 2023 2022 2023 2022 1 Amounts recognised in profit or loss Current service cost........................... 99.59 96.81 35.02 19.47 0.80 3.12 2.42 1.30 Past service cost................................... 0.36 — — — — 0.01 — 35.39 Net interest expense.......................... 2.50 3.70 2.78 3.17 3.08 3.26 7.83 5.32 Total amount included in employee benefits expense ............ 102.45 100.51 37.80 22.64 3.88 6.39 10.25 42.01 2 Amounts recognised in other comprehensive income Remeasurement (gains)/losses: a) Actuarial (gains)/losses arising from changes in - – demographic assumptions . 0.87 (15.96) (0.17) 1.13 (0.01) (7.93) — — – financial assumptions.......... (48.80) (52.80) 17.46 4.51 (2.47) (3.14) (5.03) (7.27) – experience adjustments..... 14.63 52.56 4.65 (3.16) 1.50 0.41 (1.33) 2.16 b) Return on plan assets, excluding amount included in net interest expense/ (income)............................................. 7.63 (8.78) — — — — — — Total amount recognised in other comprehensive income..... (25.67) (24.98) 21.94 2.48 (0.98) (10.66) (6.36) (5.11) 3 Changes in the defined benefit obligation Opening defined benefit obligation.................................................. 1,300.74 1,240.08 249.67 312.11 46.54 52.46 117.11 88.17 Current service cost......................... 99.59 96.81 35.02 19.47 0.80 3.12 2.42 1.30 Past service cost................................. 0.36 — — — — 0.01 — 35.39 Interest expense.................................. 74.16 63.71 2.78 3.17 3.08 3.26 7.83 5.32 Remeasurements (gains)/losses (33.30) (16.20) 21.94 2.48 (0.98) (10.66) (6.36) (5.11) Benefits paid.......................................... (121.41) (118.74) (31.95) (11.51) (0.93) (1.65) (8.85) (7.96) Liability transferred on account of employees transferred............. 14.19 — — — — — — — Business combination...................... 15.70 — 14.21 0.66 0.72 — — — Disposal of subsidiaries.................. (35.41) — — (6.01) — — — — Change in plan on common control transaction............................ — 41.93 — (41.93) — — — — Foreign exchange translation difference.................................................. 8.15 (6.85) (4.08) (28.77) — — — — Closing defined benefit obligation.................................................. 1,322.77 1,300.74 287.59 249.67 49.23 46.54 112.15 117.11