CONSOLIDATED ACCOUNTS 427 (ii) The movements in cash flow hedge reserve for instruments designated in a cash flow hedge are as follows: Rupees crores Particulars 2024 2023 Exchange Rate Risk hedges Interest Rate Risk hedges Total Exchange Rate Risk hedges Interest Rate Risk hedges Total Balance at the beginning of the year................. (94.45) (10.04) (104.49) (37.25) — (37.25) (Gains)/Losses transferred to Profit or Loss on occurrence of the forecast transaction.................... (5.38) — (5.38) 6.26 — 6.26 Change in fair value of effective portion of cash flow hedges............................................................... 35.03 3.79 38.82 1.66 (13.42) (11.76) Total........................................................................................... (64.80) (6.25) (71.05) (29.33) (13.42) (42.75) Deferred tax on the above......................................... 2.83 (0.96) 1.87 (5.97) 3.38 (2.59) Balance at the end of the year.......................... (61.97) (7.21) (69.18) (35.30) (10.04) (45.34) Add: Share of associates/joint ventures.............. 6.91 — 6.91 (67.67) — (67.67) Deferred tax on share of associates /joint ventures.................................................................................... 0.13 — 0.13 0.74 — 0.74 Add /(Less): Non-controlling interest..................... (11.95) — (11.95) 8.22 — 8.22 Less: Disposal of subsidiary........................................ — — — (0.44) — (0.44) Total........................................................................................... (66.88) (7.21) (74.09) (94.45) (10.04) (104.49) Of the above: Balance relating to continuing hedges............... (66.88) (7.21) (74.09) (94.45) (10.04) (104.49) (iii) Sensitivity Analysis Foreign Currency Sensitivity The following table demonstrate the sensitivity to a reasonably possible change in major exchange rates, with all other variables held constant. Rupees crores Particulars Currency Change in rate Effect on Profit Before Tax Effect on pretax equity* Year ended 31st March, 2024....................................................................................... USD/INR +10% 30.56 — USD/JPY +10% 1.17 — EUR/INR +10% 1.36 — Year ended 31st March, 2023....................................................................................... USD/INR +10% 8.38 (16.22) USD/JPY +10% 11.47 — EUR/INR +10% 25.24 — * includes items directly accounted in reserves. The sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year. 40. Financial instruments (Continued)
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