MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 332 28. Cost of materials consumed Rupees crores Particulars 2024 2023 Opening inventories.............................................................................................................................................................................................................................. 4,381.05 2,544.76 Purchases..................................................................................................................................................................................................................................................... 70,586.52 64,150.58 74,967.57 66,695.34 Less: Closing inventories.................................................................................................................................................................................................................... 3,414.17 4,381.05 Less: Reclassified as held for sale.............................................................................................................................................................................................. — 88.09 Total................................................................................................................................................................................................................................................................ 71,553.40 62,226.20 29. Changes in inventories of finished goods, work-in-progress and stock-in-trade Rupees crores Particulars 2024 2023 Opening inventories: Finished goods produced................................................................................................................................................................................................................... 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 Less: Closing inventories: Finished goods produced................................................................................................................................................................................................................... 4,247.89 2,849.85 Work-in-progress...................................................................................................................................................................................................................................... 247.06 158.73 Stock-in-trade............................................................................................................................................................................................................................................ 791.10 747.54 Manufactured components.............................................................................................................................................................................................................. 505.72 461.14 5,791.77 4,217.26 Less: Reclassified as held for sale.............................................................................................................................................................................................. — 84.61 Net (increase) in inventories...................................................................................................................................................................................................... (1,574.51) (1,074.80) 30. Employee Benefits Expense Rupees crores Particulars 2024 2023 (a) Salaries and wages, including bonus............................................................................................................................................................................ 3,704.14 3,023.30 (b) Contribution to provident and other funds............................................................................................................................................................. 275.34 248.98 (c) Equity settled share based payments (refer note 39).................................................................................................................................... 111.49 106.63 (d) Staff welfare expenses........................................................................................................................................................................................................... 325.45 270.97 Total................................................................................................................................................................................................................................................................ 4,416.42 3,649.88 31. Finance Costs Rupees crores Particulars 2024 2023 (a) Interest expense on financial liabilities measured at amortised cost.................................................................................................... 120.24 359.52 Less: Amounts included in the cost of qualifying assets................................................................................................................................ 117.00 182.49 Interest on lease liabilities .................................................................................................................................................................................................. 36.45 27.19 39.69 204.22 (b) Other borrowing costs............................................................................................................................................................................................................. 99.08 68.56 Total................................................................................................................................................................................................................................................................. 138.77 272.78 Other borrowing costs include discounting charges and unwinding of interest on other liabilities / provisions. The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is 6.76% p.a. (2023: 6.57% p.a.)
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