Employee benefits |
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Disclosure Of Employee Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits [text block] |
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:
Details of employee benefit obligation and plan asset are as follows:
The following table set out the status of the gratuity plan:
Actuarial assumptions at end of the year : The principal actuarial assumptions as on March 31, 2024, 2023, and 2022 were as follows:
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:
Plan assets: The Gratuity plan’s weighted-average asset allocation on March 31, 2024 and March 31, 2023, by asset category is as follows:
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:
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.
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 . |