Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 261 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 (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 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 associate and joint venture As at 31 March 2024 31 March 2023 Unquoted Investment in an associate * 650,000 (31 March 2023: 650,000) equity shares of ₹10 each fully paid held in SKIL Raigam Power (India) Limited 6.50 6.50 Less: Share of accumulated and impairment losses (6.50) (6.50) - - * SKIL Raigam Power (India) Limited has been declared as Dormant Company as per Section 455(2) of the Companies Act, 2013 Investment in a joint venture 6,464,727 (31 March 2023: 5,489,727) equity shares of ₹10 each fully paid held in Heritage Novandie Foods Private Limited 423.35 325.35 Less: Share of accumulated losses (246.64) (181.21) 176.71 144.14 176.71 144.14 Aggregate market value of quoted investments - - Aggregate amount of unquoted investments 176.71 144.14 Aggregate amount of impairment in value of investments in associate 6.27 6.27 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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