169 MANAGEMENT DISCUSSION AND ANALYSIS Particulars 74,006 4,416 139 3,439 253 7,421 89,674 73.1 4.4 0.1 3.4 0.3 7.3 88.6 64,558 3,650 273 3,154 63 6,310 78,008 74.5 4.2 0.3 3.6 0.1 7.3 90.0 14.6 20.98 (49.1) 9.0 301.6 17.6 15.0 F24 Amount (Rs. crores) Amount (Rs. crores) % to Income from Operations % to Income from Operations % Inc./(Dec.) F23 Material costs Employee benefits expense Finance costs Depreciation, amortisation and impairment expense Loss from investment related to subsidiaries, associates and joint ventures Other expenses Total expenses EXPENDITURE The total expenditure during the year as a percentage of income from operations is 88.6% as compared to 90.0% in the previous year. The reduction reflects the cost management initiative undertaken by the Company. MATERIAL COST The material cost as a percentage of income from operations has decreased from 74.5% in the previous year to 73.1% in the current year mainly on account of benign commodity prices and various initiatives taken by the management for higher material cost savings. EMPLOYEE BENEFITS EXPENSE The personnel cost as a percentage of income from operations has increased from 4.2% in the previous year to 4.4% in the current year. OTHER EXPENSES Other expenses as a percentage of income from operations is same as previous year at 7.3% mainly for various cost management initiatives undertaken by the Company. LOSS FROM INVESTMENT RELATED TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES Loss from investment related to subsidiaries, associates and joint ventures as a percentage of income from operations has marginally increased from 0.1% in the previous year to 0.3% in the current year. DEPRECIATION, AMORTISATION AND IMPAIRMENT EXPENSE Depreciation, amortisation and impairment expenses as a percentage of income from operations shows decrease over the previous year mainly due to higher revenue base in current year. FINANCE COSTS The interest expense as a percentage of income from operations has decreased from 0.3% in the previous year to 0.1% in the current year mainly on account of repayment of borrowings in current year. EXCEPTIONAL ITEMS Exceptional items in the previous year comprises of profit earned on sale of certain long-term investments partly offset by impairment of certain investments in subsidiaries, associates and joint ventures and certain long-term assets. TAX EXPENSE st The provision for current tax and deferred tax for the year ended 31 March, 2024, as a percentage to profit before tax is 20.5% is higher than the previous year of 19.5% mainly on account of deferred tax assets created out of accumulated capital losses in the previous year.
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