For the year ended 31 March 2023 31 March 2022 Closing balance - Finished goods 1,246.11 625.79 - Semi fi nished goods 1,457.42 348.32 - Work-in-progress 12.03 14.45 - Stock-in-trade 70.37 38.70 2,785.93 1,027.26 (1,758.67) 53.56 28. Employee benefit expenses For the year ended 31 March 2023 31 March 2022 Salaries and wages 1,793.53 1,554.89 Contribution to provident and other funds (refer note a below) 97.23 83.12 Gratuity expense (refer note 20(a)(iv)) 17.59 15.94 Compensated absences expense 74.52 66.86 Staff welfare expenses 56.31 47.32 2,039.18 1,768.13 (a) The amount recognized as an expense towards contribution to provident fund and employee state insurance schemes for the year ended 31 March 2023 amounts to ₹97.23 (31 March 2022: ₹83.12). 29. Finance costs For the year ended 31 March 2023 31 March 2022 Interest on borrowings calculated using eff ective interest method 16.88 20.44 Interest on lease liabilities 8.21 6.77 Other borrowing costs 6.59 4.80 31.68 32.01 30. Other expenses For the year ended 31 March 2023 31 March 2022 Consumption of stores, spares and consumables 287.17 226.31 Power and fuel 471.10 348.77 Rent 85.19 37.14 Repairs and maintenance - Buildings 12.18 8.04 - Plant and equipment 21.20 19.35 - Others 93.94 69.73 Insurance 30.89 27.77 Electricity charges 18.59 9.39 Rates and taxes, excluding taxes on income 38.56 48.15 Freight outwards 879.83 721.83 Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 225 Standalone | Financial Statements
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