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Employee benefits
12 Months Ended
Mar. 31, 2024
Disclosure Of Employee Benefits [Abstract]  
Disclosure of employee benefits [text block]
17.
Employee benefits
 
 
 
March 31, 2024

 
 
March 31, 202
3
 
 
March 31, 202
2
 
Gratuity payable
 
 
25,132
 
 
 
27,733
 
 
 
77,826
 
Compensated absences
 
 
134,817
 
 
 
102,170
 
 
 
67,178
 
 
 
 
159,949
 
 
 
129,903
 
 
 
145,004
 
 
Gratuity cost
 
The components of gratuity costs recognized in the consolidated income statement for the years ending March 31, 2024, 2023, and March 31, 2022 consist of the following:
 
   
March 31, 2024
 
 
March 31, 2023
 
 
March 31, 2022
 
Service cost
 
 
62,318
 
 
 
47,050
 
 
 
31,865
 
Interest cost
 
 
21,854
 
 
 
13,926
 
 
 
10,088
 
Interest income
 
 
(19,858
)
 
 
(8,788
)
 
 
(2,303
)
 
 
 
64,314
 
 
 
52,188
 
 
 
39,650
 
 
Details of employee benefit obligation and plan asset are as follows:
 
 
 
March 31, 2024
 
 
March 31, 2023
 
Projected benefit obligation at the end of the year
 
 
382,492
 
 
 
298,903
 
Plan assets at the end of the year
 
 
(357,235
)
 
 
(271,170
)
Funded status amount of liability recognised in the Balance Sheet
 
 
25,257
 
 
 
27,733
 
 
The following table set out the status of the gratuity plan:
 
Change in defined benefit obligation
 
March 31, 202
4
 
 
March 31, 202
3
 
 
March 31, 2022
 
Projected benefit obligation at the beginning of the year
 
 
298,903
 
 
 
 
 
 
 
216,006
 
 
 
 
 
 
 
177,098
 
 
 
Service cost
 
 
62,318
 
 
 
47,050
 
 
 
31,865
 
Interest cost
 
 
21,854
 
 
 
13,926
 
 
 
10,088
 
Remeasurements - Actuarial (gain) / loss
 
 
21,184
 
 
 
47,703
 
 
 
20,245
)
 
Benefits paid
 
 
(21,767
)
 
 
(25,782
)
 
 
(23,290
)
Projected benefit obligation at the end of the  year
 
 
382,492
 
 
 
298,903
 
 
 
216,006
 
 
Change in plan assets
 
March 31, 2024
 
 
March 31, 2023
 
 
March 31, 2022
 
Fair value of plan assets at the beginning of the year
 
 
271,170
 
 
 
138,180
 
 
 
40,651
 
Interest income
 
 
19,858
 
 
 
8,788
 
 
 
2,316
 
Employer contributions
 
 
86,289
 
 
 
157,682
 
 
 
120,000
 
Benefits paid
 
 
(21,593
)
 
 
(25,342
)
 
 
(23,290
)
Return on plan assets, excluding amount recognised in net interest expense
 
 
1,511
 
 
 
(8,138
)
 
 
(1,497
)
Fair value of plan assets at the end of the year
 
 
357,235
 
 
 
 
 
 
 
271,170
 
 
 
138,180
 
 
 
 
                   
Actual return on plan assets
 
 
21,369
 
 
 
611
 
 
 
907
 
 
 
 
Actuarial assumptions at end of the year
:
 
The principal actuarial assumptions as on March 31, 2024, 2023, and 2022 were as follows:
 
 
 
March 31, 202
4
 
 
March 31, 202
3
 
 
March 31, 2022
 
Discount rate
 
 
7.15
% p.a.
 
 
7.30
% p.a.
 
 
6.35
% p.a.
Long-term rate of compensation increase
 
 
5.00
% p.a.
 
 
5.00
% p.a.
 
 
5.00
% p.a.
Expected long term rate of return on plan assets
 
 
8
%
 
 
8
%
 
 
8% for the first
year and 5%
thereafter
 
Average future working life time
 
 
21.46
years
 
 
 
21.68 years
 
 
 
21.85 years
 
 
Discount rate:
The discount rate is based on prevailing market yields of Indian Government securities as at the end of the year for the estimated term of the obligations
.
 
Long term rate of compensation increase:
The estimates of future salary increase considered take into account inflation, seniority, promotion and other factors.
 
Expected long term rate of return on plan assets:
This is based on the average long term rate of return expected on investments of the fund during the estimated term of the obligations.
 
Salary escalation rate: The estimates of future salary increases considered take into account the inflation, seniority, promotion and other relevant factors.
 
Assumptions regarding future mortality are based on published statistics and mortality tables.
 
The Group assesses these assumptions with the projected long-term plans of growth and prevalent industry standards.
 
Contributions
: The Group expects to contribute ₹89,083 to its gratuity fund during the year ending March 31, 2025.
 
The expected benefit payments to be made in the next few years are as under:
 
Year
 
March 31, 2024
 
 
March 31, 202
3
 
1 Year
 
 
72,898
 
 
 
58,014
 
 
 
2 to 5 years
 
 
237,283
 
 
 
187,762
 
 
 
6 to 10 years
 
 
157,127
 
 
 
121,795
 
 
 
More than 10 years
 
 
86,437
 
 
 
67,564
 
 
 
 
Plan assets:
The Gratuity plan’s weighted-average asset allocation on March 31, 2024 and March 31, 2023, by asset category is as follows:
 
 
 
March 31, 202
4
 
 
March 31, 20
23
 
Funds managed by insurers
 
 
100
%
 
 
100
%
 
Remeasurements of the net defined benefit liability recognized in other comprehensive income
 
Amount recognized in other comprehensive income for the years ending March 31, 2024, 2023, and 2022 are as follows:
 
 
 
March 31, 2024
 
 
March 31, 2023
 
 
March 31, 2022
 
Remeasurements of the net defined benefit liability
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gain)/loss
 
 
 
 
 
 
 
 
 
 
 
 
-    Change in demographic assumptions
 
 
-
 
 
 
(4,967
)
 
 
146
 
-    change in financial assumptions
 
 
2,556
 
 
 
24,823
 
 
 
(402
)
-    experience variance
 
 
18,628
 
 
 
27,747
 
 
 
21,146
 
-    return on plan assets, excluding amounts  recognized in net interest expense/ income
(1,511
)
8,179
 
1,172
 
 
 
 
 
 
19,673
 
 
 
55,782
 
 
 
22,062
 
 
 
 
Sensitivity Analysis of significant actuarial assumption
 
Sensitivity analysis for the defined benefit obligations will increase/ decrease by the amounts mentioned below if there is a variation of 100 basis points in the discount rate and salary escalation rate.
 
 
 
Discount rate
 
 
Salary escalation rate
 
 
 
Increase by
100 bps
(₹ ‘000s)
 
 
 
 
 
 
Decrease by 100 bps
(₹ ‘000s)
 
 
 
 
Increase by
100 bps
(₹ ‘000s)
 
 
 
 
 
 
Decrease by
100 bps
(₹ ‘000s)
 
 
 
Present Value of Defined Benefit Obligation
 
 
400,361
 
 
 
366,024
 
 
 
367,853
 
 
 
397,751
 
 
The present value of defined benefit obligation has been arrived at using the same method as is used for valuing the defined benefit obligation as per the current assumptions. The increase/decrease in defined benefit obligation has been arrived assuming the other assumptions are constant though such increase/decrease do not happen in isolation in real scenarios.
 
Contributions to defined contribution plans
 
In accordance with Indian law, all employees receive benefits from a provident fund, which is a defined contribution plan.  Both the employee and employer make monthly contributions to the plan, each equal to a specified percentage of employee’s basic salary. The Group has no further obligations under the plan beyond its monthly contributions. The Group contributed ₹ 244,403, ₹ 194,451and ₹ 135,589 for the years ended March 31, 2024, 202
3
 and 20
22
. The Group has contributed to 401(K) plans on behalf of eligible employees amounting to ₹ 19,912 (March 31, 20
23
: ₹ 17,537) during the year ended March 31, 202
4
.