MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 426 Hedge Accounting - Forwards & Options Contracts that meet the requirements for hedge accounting are accounted as per the hedge accounting requirements of Ind AS 109 -Financial Instruments, while other contracts are accounted as derivatives measured through profit or loss. Details of foreign currency forward contracts and options outstanding at the end of reporting period Rupees crores Outstanding Contracts 2024 2023 Notional value (#) Carrying amount of hedging instrument included in Other Financial Assets / (Liabilities) Notional value (#) Carrying amount of hedging instrument included in Other Financial Assets/ (Liabilities) Cash Flow Hedges Buy currency Maturing in 1+ years — JPY/INR .................................................... 831.13 (176.47) 839.91 (16.92) — USD/INR .................................................. 827.70 (3.57) — — Maturing less than 1 year — JPY/INR....................................................... 4.39 (0.93) — — — USD/INR...................................................... — — 827.93 (19.11) Sell currency Maturing less than 1 year — USD/INR .................................................... 2,035.13 0.35 318.77 (1.43) — USD/JPY ................................................... 124.37 (3.53) — — — ZAR/INR .................................................... 199.75 2.94 212.50 (0.09) — EUR/INR .................................................... 15.25 0.16 1,608.28 (54.48) — CAD/INR .................................................... 3.72 * 5.83 (0.01) — AUD/INR .................................................... 245.13 4.14 88.36 1.59 (176.91) (90.45) # Notional value of respective currency pair have been converted into presentation currency i.e. INR using year end closing exchange rate. * denotes amount less than Rs. 50,000. The Company also has outstanding forward exchange forward contracts and options that are not accounted as hedges. Details of the same are as belowRupees crores Outstanding Contracts 2024 2023 Notional value (#) Carrying amount of hedging instrument included in Other Financial Assets / (Liabilities) Notional value (#) Carrying amount of hedging instrument included in Other Financial Assets/ (Liabilities) Buy currency Maturing in 1+ years — JPY/INR .................................................... 709.00 (154.30) 709.00 (95.60) Maturing less than 1 year — JPY/INR....................................................... 273.24 (4.04) 568.05 (50.43) — EUR/INR...................................................... 85.14 (0.30) 13.00 (0.05) — USD/INR...................................................... 329.51 0.28 268.87 (2.18) — EURO/TRY................................................. 6.24 (0.03) — — Sell currency Maturing less than 1 year — USD/INR .................................................... 140.63 0.16 170.14 (0.06) — USD/JPY ................................................... 202.63 (8.20) 64.22 0.13 (166.43) (148.19) # Notional value of respective currency pair have been converted into presentation currency i.e. INR using year end closing exchange rate. 40. Financial instruments (Continued)
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