229 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS The movement in lease liabilities is as follows: Particulars For the year ended 31 March 2024 31 March 2023 Balance at the beginning of the year 320.83 75.36 Additions during the year 100.36 282.31 Adjustment for disposals/transfers (8.46) - Finance cost accrued during the year 32.43 8.21 Payment of interest on lease liabilities (32.43) (8.21) Payment of lease liabilities (34.51) (36.84) Lease liabilities at the end of the year 378.22 320.83 Current lease liabilities 49.09 48.89 Non-current lease liabilities 329.13 271.94 The details of the contractual maturities of lease liabilities on an undiscounted basis is as follows: As at Particulars 31 March 2024 31 March 2023 Less than one year 79.10 59.80 One to five years 247.15 186.10 More than five years 313.26 335.71 Total 639.51 581.62 The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient 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 2024 is ₹176.34 (31 March 2023: ₹85.19). Leases not yet commenced to which the Company is committed aggregated to ₹Nil as on 31 March 2024. Depreciation expenses and Lease rentals paid for the year ended 31 March 2024 are ₹56.23 and ₹66.94 (31 March 2023: ₹44.28 and ₹45.05) respectively. Company as lessor The Company has leased its land and buildings located in Manor, Mumbai and Chennai regions. These leases typically range between 5 to 30 years and generally contain multiyear renewal options. The agreements entered into by the Company have, rent escalation upto 5%. Future minimum rentals receivable under non-cancellable operating lease is as follows: Particulars As at 31 March 2024 31 March 2023 Less than one year 12.86 12.57 One to five years 16.20 21.09 More than five years 46.20 48.47 Total 75.27 82.13 44. Segment reporting In accordance with Ind AS 108 - ‘Operating segments’, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these standalone financial statements. 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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