Heritage Foods Limited

Heritage Foods Limited 250 Summary of the signi fi cant accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated) ( ii ) Change in fair value of plan assets As at 31 March 2021 As at 31 March 2020 Fair value of plan assets at the beginning of the year 113.57 83.83 Interest income 7.36 6.60 Contribution made 23.17 24.92 Actuarial gain/(loss) (0.04) 1.59 Bene fi ts paid (3.92) (3.37) Fair value of plan assets at the end of the year 140.14 113.57 ( iii ) Reconciliation of present value of projected bene fi t obligation and fair value of plan assets As at 31 March 2021 As at 31 March 2020 Present value of projected bene fi t obligation 139.30 116.32 Funded status of plan assets 140.14 113.57 Liability recognised in the Consolidated Balance Sheet 2.06 5.33 Asset recognised in the Consolidated Balance Sheet 2.90 2.58 ( iv ) Expense recognized in the Consolidated Statement of Pro fi t and Loss For the year ended 31 March 2021 31 March 2020 Interest cost 6.84 6.30 Service cost 14.97 12.06 Interest income (7.36) (6.60) 14.45 11.76 ( v ) Expense recognized in OCI For the year ended 31 March 2021 31 March 2020 Actuarial loss, net 5.13 7.79 5.13 7.79 ( vi ) Key actuarial assumptions As at 31 March 2021 As at 31 March 2020 Discount rate 4.90% - 5.90% 5.30% - 6.00% Salary escalation rate 8.00% 8.00% Attrition rate 15%- 30% 15%- 30% ( vii ) Sensitivity analysis Reasonably possible changes as at 31March 2021 to one of the relevant actuarial assumptions, holding other assumptions constant, can a ff ect the de fi ned bene fi t obligation by the amounts shown below. Particulars As at 31 March 2021 Increase Decrease Discount rate (1% movement) (6.43) 7.13 Salary escalation rate (1% movement) 6.55 (6.08) Attrition rate (1% movement) (0.94) 1.01 ( viii ) The Group expects to contribute ₹ 2.06 as its contribution to gratuity within one year from the year ended 31 March 2021.