215 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 26. Cost of materials consumed For the year ended 31 March 2024 31 March 2023 Raw Material* Opening stock 711.58 783.25 Add: Purchases during the year 26,273.28 25,658.18 Less: Closing stock 258.26 711.58 26,726.60 25,729.85 Packing Material* Opening stock 105.37 100.81 Add: Purchases during the year 1,301.40 1,246.30 Less: Closing stock 114.01 105.37 1,292.76 1,241.74 28,019.36 26,971.59 *Disclosed based on derived figures, rather than actual records of receipts. 27. Changes in inventories of finished goods, semi finished goods, stock-in-trade and work-in-progress For the year ended 31 March 2024 31 March 2023 Opening balance - Finished goods 1,246.11 625.79 - Semi finished 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 Closing balance - Finished goods 798.63 1,246.11 - Semi finished goods 1,179.94 1,457.42 - Work-in-progress 17.79 12.03 - Stock-in-trade 69.08 70.37 2,065.44 2,785.93 720.49 (1,758.67) 28. Employee benefit expenses For the year ended 31 March 2024 31 March 2023 Salaries and wages 2,187.65 1,793.53 Contribution to provident and other funds (refer note a below) 104.85 97.23 Gratuity expense (refer note 20(a)(iv)) 19.18 17.59 Compensated absences expense 107.93 74.52 Staff welfare expenses 60.37 56.31 2,479.98 2,039.18 (a) The amount recognized as an expense towards contribution to provident fund and employee state insurance schemes for the year ended 31 March 2024 amounts to ` 104.85 (31 March 2023: ` 97.23). 29. Finance costs For the year ended 31 March 2024 31 March 2023 Interest on borrowings calculated using effective interest method 43.30 16.88 Interest on lease liabilities 32.43 8.21 Other borrowing costs 5.91 6.59 81.64 31.68 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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