MAHINDRA & MAHINDRA LTD. Consolidated Accounts 405 (ii) Interest Risk The Group uses a mix of cash and borrowings to manage the liquidity and fund requirements of its day to day operations. Interest rate risk on borrowings is managed by way of interest rate swaps. Details of Interest Rate Swaps outstanding at the end of reporting period: Rupees crores Outstanding Contracts 2025 2024 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 Floating to fixed Interest Rate Swaps: Maturing in 1+ years INR .......................................................................... 1,541.16 (17.66) — — Not accounted as Hedges Fixed to Floating Interest Rate Swaps: Maturing in 1+ years INR .......................................................................... 100.00 (1.56) — — (19.22) (iii) The movements in cash flow hedge reserve for instruments designated in a cash flow hedge are as follows: Rupees crores Particulars 2025 2024 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................. (66.88) (7.21) (74.09) (94.45) (10.04) (104.49) (Gains)/Losses transferred to Profit or Loss on occurrence of the forecast transaction.................... 0.65 — 0.65 (5.38) — (5.38) Change in fair value of effective portion of cash flow hedges............................................................... (2.56) (66.92) (69.48) 35.03 3.79 38.82 Total........................................................................................... (68.79) (74.13) (142.92) (64.80) (6.25) (71.05) Deferred tax on the above......................................... (0.73) 16.85 16.12 2.83 (0.96) 1.87 Balance at the end of the year.......................... (69.52) (57.28) (126.80) (61.97) (7.21) (69.18) Add: Share of associates/joint ventures.............. (29.91) — (29.91) 6.91 — 6.91 Deferred tax on share of associates /joint ventures.................................................................................... 0.78 — 0.78 0.13 — 0.13 Add /(Less): Non-controlling interest..................... 24.18 — 24.18 (11.95) — (11.95) Total........................................................................................... (74.47) (57.28) (131.75) (66.88) (7.21) (74.09) Of the above: Balance relating to continuing hedges............... (74.47) (57.28) (131.75) (66.88) (7.21) (74.09) 39. Financial instruments (Continued)
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