201 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated) (a) Information of net income derived from Investment property For the year ended 31 March 2024 31 March 2023 Lease rental income 9.41 16.49 Less: Depreciation (1.08) (1.08) Net income derived from Investment property 8.33 15.41 (b) Description of valuation technique and key assumptions used 31 March 2024 31 March 2023 Land Building Land Building Valuation technique: Discounted Cash Flow (“DCF”) method Estimated rental value per month (in absolute ₹ terms) 75,000 NA 75,000 NA Estimated rental value per square feet per month (in absolute ₹ terms) NA 28 NA 28 Rental growth per annum 5% 5% 5% 5% Discount rate 6.50% 6.50% 6.50% 6.50% (c) Changes in fair value of Investment property is shown below: Amount Fair value as on 31 March 2022 345.68 Transferred to Property, plant and equipment during the year - Increase in fair value of an existing Investment property 4.16 Fair value as on 31 March 2023 349.84 Transferred to Property, plant and equipment during the year - Increase in fair value of an existing Investment property - Fair value as on 31 March 2024 349.84 9. Investment in subsidiary, joint venture and associate As at 31 March 2024 31 March 2023 Unquoted Investment in a subsidiary 3,709,464 (31 March 2023: 3,709,464) equity shares of ₹10 each fully paid held in Heritage Nutrivet Limited 326.70 325.52 326.70 325.52 Investment in an associate* 6,50,000 (31 March 2023: 6,50,000) equity shares of ₹10 each fully paid held in SKIL Raigam Power (India) Limited 6.50 6.50 Less: Impairment of investment (6.50) (6.50) - - * SKIL Raigam Power (India) Limited has been declared as Dormant Company as per Section 455(2) of Companies Act, 2013 Investment in a joint venture 64,64,727 (31 March 2023: 54,89,727) equity shares of ₹10 each fully paid held in Heritage Novandie Foods Private Limited 423.35 325.35 Less: Impairment of investment * (167.95) - 255.40 325.35 582.10 650.87 Aggregate market value of quoted investments - - Aggregate amount of unquoted investments 582.10 650.87 Aggregate amount of impairment in value of investments in associate and joint venture 174.45 6.50 (*) The impairment loss provided is presented as an exceptional item in the standalone statement of profit and loss for the year ended 31 March 2024. Refer note 35 on disclosures related to the impairment loss.
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