The details of the contractual maturities of lease liabilities on an undiscounted basis is as follows: Particulars As at 31 March 2023 As at 31 March 2022 Less than one year 61.17 33.65 One to fi ve years 194.05 52.22 More than fi ve years 355.02 0.95 Total 610.24 86.82 The Group does not face a signifi cant liquidity risk with regard to its lease liabilities as the current assets are suff icient to meet the obligations related to lease liabilities as and when they fall due. Rental expense recorded for short-term leases for the year ended 31 March 2023 is ₹85.26 (31 March 2022: ₹37.72). Leases not yet commenced to which the Group is committed aggregated to ₹Nil as on 31 March 2023. Depreciation expenses and Lease rentals paid for the year ended 31 March 2023 are ₹44.62 and ₹45.38 (31 March 2022: ₹32.38 and ₹41.68) respectively. Group as lessor The Holding Company has leased its land and buildings located in Manor and Chennai regions. These leases typically range between 5 to 30 years and generally contain multiyear renewal options. The agreements entered into by the Holding Company have, rent escalation upto 5%. Future minimum rentals receivable under non-cancellable operating lease is as follows: Particulars As at 31 March 2023 As at 31 March 2022 Less than one year 12.57 15.74 One to fi ve years 21.09 31.98 More than fi ve years 48.47 51.20 Total 82.13 98.92 45. Research and development expenses Particulars For the year ended 31 March 2023 31 March 2022 Capital expenditure 0.07 0.92 Revenue expenditure 10.81 8.07 10.88 8.99 Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 303 Consolidated | Financial Statements
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