211 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS (ii) Change in fair value of plan assets As at 31 March 2024 31 March 2023 Fair value of plan assets at the beginning of the year 169.45 155.76 Interest income 12.82 9.97 Contribution made 31.03 21.36 Return on plan assets greater / (lesser) than discount rate (0.47) (1.36) Benefits paid (8.87) (16.28) Fair value of plan assets at the end of the year 203.96 169.45 (iii) Reconciliation of present value of projected benefit obligation and fair value of plan assets As at 31 March 2024 31 March 2023 Present value of projected benefit obligation 201.03 164.24 Funded status of plan assets 203.96 169.45 Net liability / (asset) recognised in the balance sheet (2.93) (5.21) (iv) Expense recognized in the Statement of Profit and Loss For the year ended 31 March 2024 31 March 2023 Interest cost 11.35 8.95 Service cost 20.65 18.61 Interest income (12.82) (9.97) 19.18 17.59 (v) Expense recognized in OCI For the year ended 31 March 2024 31 March 2023 Actuarial loss, net 14.12 4.09 14.12 4.09 (vi) Key actuarial assumptions As at 31 March 2024 31 March 2023 Discount rate 6.90% 7.10% Salary escalation rate 8.00% 8.00% Attrition rate 15.00% 15.00% Mortality rate Indian Assured Lives Mortality (2006-08) Ult. Indian Assured Lives Mortality (2006-08) Ult. Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated)
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