Integrated Annual Report 2024-25 298 7. Intangible assets under development Rupees crores Particulars 2025 2024 Balance at the beginning of the year ............................................................................................................................................................................... 1,910.44 1,834.35 Acquisitions through business combinations [refer note 45 (B)].......................................................................................................................... — 0.30 Additions during the year.................................................................................................................................................................................................................. 1,815.22 1,418.76 Interest capitalisation........................................................................................................................................................................................................................... 45.97 67.37 Transfer to Intangible assets ......................................................................................................................................................................................................... (1,447.90) (1,255.10) Deletions during the year.................................................................................................................................................................................................................. (0.96) (28.42) Impairment losses during the year............................................................................................................................................................................................. (181.37) (126.82) Balance at the end of the year .............................................................................................................................................................................................. 2,141.40 1,910.44 Ageing of intangible assets under development Rupees crores Particulars Amount in Intangible assets under development for a period of Less than 1 year 1-2 years 2-3 years More than 3 years Total As at 31st March, 2025 Projects in progress ................................................................................................................................... 1,186.54 404.78 252.32 297.76 2,141.40 Total ..................................................................................................................................................................... 1,186.54 404.78 252.32 297.76 2,141.40 As at 31st March, 2024 Projects in progress ................................................................................................................................... 822.82 443.61 452.11 191.90 1,910.44 Total ..................................................................................................................................................................... 822.82 443.61 452.11 191.90 1,910.44 8. Investments A. Non-current investments Particulars Face Value Per Unit (Rupees) 2025 2024 Number Rupees crores Number Rupees crores Investments in Equity Instruments (fully paid-up, unless stated otherwise) Quoted (A) At Cost (i) In Subsidiary Companies Equity shares Mahindra & Mahindra Financial Services Limited.................. 2 64,43,99,987 2,846.87 64,43,99,987 2,846.87 Mahindra EPC Irrigation Limited.......................................................... 10 1,51,44,433 77.75 1,51,44,433 77.75 Mahindra Holidays & Resorts India Limited......................... 10 13,48,35,922 24.72 13,48,35,922 24.72 Mahindra Lifespace Developers Limited.................................. 10 7,93,19,550 440.28 7,93,19,550 440.28 Mahindra Logistics Limited.................................................................... 10 4,18,12,257 41.81 4,18,12,257 41.81 Swaraj Engines Limited............................................................................. 10 63,31,141 322.29 63,31,141 322.29 3,753.72 3,753.72 (ii) In Associate Companies Equity shares Tech Mahindra Limited..................................................................... 5 24,80,22,598 971.75 24,80,22,598 971.75 Brainbees Solutions Limited #.................................................... 2 5,02,33,661 391.61 — — 1,363.36 971.75 (B) Designated and measured at FVTPL In Other Companies KG Mobility Co. Ltd. (listed on stock exchange outside India) ............................................................................................... KRW 5,000 1,17,92,665 254.67 1,25,36,341 502.23 RBL Bank Limited ........................................................................................ 10 2,11,43,000 367.57 2,11,43,000 507.33 622.24 1,009.56
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