MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 400 8. Intangible assets under development Rupees crores Particulars 2024 2023 Balance at the beginning of the year................................................................................................................................................................................ 2,745.92 3,666.71 Additions during the year ............................................................................................................................................................................................................. 3,273.90 2,160.29 Interest capitalisation ....................................................................................................................................................................................................................... 67.37 143.00 Acquisitions through business combinations ................................................................................................................................................................... — 5.62 Disposal of subsidiaries ................................................................................................................................................................................................................... — (24.46) Transfer to other intangible assets ....................................................................................................................................................................................... (1,382.53) (3,054.82) Foreign exchange translation differences .......................................................................................................................................................................... 0.13 0.81 Impairment losses recognised * ................................................................................................................................................................................................ (126.82) (151.23) Balance at the end of the year ........................................................................................................................................................................................... 4,577.97 2,745.92 * In the previous year ended 31st March 2023, impairment losses, Rs. 123.12 crores and Rs. 28.11 crores have been recognised as ‘Exceptional items (net)’ and ‘Depreciation, amortisation and impairment expense’, respectively, in the consolidated statement of profit and loss. Ageing of intangible assets under development Rupees crores Amount in Intangibles assets under development for a period of Total Particulars Less than 1 year 1-2 years 2-3 years More than 3 years As at 31st March, 2024 Projects in progress..................................................................................................................................... 2,561.68 1,368.85 454.77 192.67 4,577.97 Total....................................................................................................................................................................... 2,561.68 1,368.85 454.77 192.67 4,577.97 As at 31st 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 9. Investments A. Non-Current Investments a) Measured as per equity accounting method Rupees crores Particulars 2024 2023 Quoted Investments in equity instruments — of Associates*................................................................................................................................................................................................................................................. 9,244.77 9,665.18 Total........................................................................................................................................................................................................................................................................... 9,244.77 9,665.18 Unquoted Investments in equity instruments — of Associates*................................................................................................................................................................................................................................................. 1,568.34 1,536.87 — of Joint ventures*........................................................................................................................................................................................................................................ 2,987.60 3,178.52 Total........................................................................................................................................................................................................................................................................... 4,555.94 4,715.39 Investments measured as per equity accounting method......................................................................................................................................... 13,800.71 14,380.57 * Refer note 44
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