Mahindra & Mahindra Ltd. | Integrated Annual Report 2024-25

Integrated Annual Report 2024-25 378 8. Intangible assets under development Rupees crores Particulars 2025 2024 Balance at the beginning of the year................................................................................................................................................................................ 4,577.97 2,745.92 Additions during the year ............................................................................................................................................................................................................. 4,116.44 3,273.90 Interest capitalisation ....................................................................................................................................................................................................................... 45.97 67.37 Transfer to other intangible assets ....................................................................................................................................................................................... (3,910.64) (1,382.53) Foreign exchange translation differences .......................................................................................................................................................................... 0.70 0.13 Impairment losses recognised .................................................................................................................................................................................................... (185.36) (126.82) Balance at the end of the year ........................................................................................................................................................................................... 4,645.08 4,577.97 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, 2025 Projects in progress..................................................................................................................................... 2,399.66 1,141.27 804.32 299.83 4,645.08 Total....................................................................................................................................................................... 2,399.66 1,141.27 804.32 299.83 4,645.08 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 9. Investments A. Non-current investments a) Measured as per equity accounting method Rupees crores Particulars 2025 2024 Quoted Investments in equity instruments — of Associates*................................................................................................................................................................................................................................................. 10,188.90 9,244.77 Total........................................................................................................................................................................................................................................................................... 10,188.90 9,244.77 Unquoted Investments in equity instruments — of Associates*................................................................................................................................................................................................................................................. 1,191.39 1,568.34 — of Joint ventures*........................................................................................................................................................................................................................................ 2,796.39 2,987.60 Total........................................................................................................................................................................................................................................................................... 3,987.78 4,555.94 Investments measured as per equity accounting method......................................................................................................................................... 14,176.68 13,800.71 * Refer note 43

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