Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 271 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 19. Other financial liabilities As at 31 March 2024 31 March 2023 Non-current Financial guarantee 3.67 5.37 3.67 5.37 Current Current maturities of financial guarantee 2.16 2.16 Interest accrued but not due on borrowings 0.34 0.49 Capital creditors 177.80 111.72 Employee related payables 353.06 182.07 Security deposits 446.89 376.14 Unpaid dividend 13.89 14.18 Other payables 40.10 22.58 1,034.24 709.34 20. Provisions As at 31 March 2024 31 March 2023 Non-current Compensated absences 225.47 181.28 225.47 181.28 Current Gratuity (refer note a below) - - Compensated absences 107.85 89.61 107.85 89.61 (a) Gratuity The Group provides its employees with benefits under a defined benefit plan, referred to as the “Gratuity Plan”. The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive 15 days salary for each year of completed service (service of six months and above is rounded off as one year) at the time of retirement/exit in accordance with the Payment of Gratuity Act, 1972. The Group maintains its investments with Life Insurance Corporation of India, to fund its gratuity plan. (i) Change in projected benefit obligation As at 31 March 2024 31 March 2023 Projected benefit obligation at the beginning of the year 166.01 151.59 Service cost 21.21 19.18 Interest cost 11.46 9.03 Actuarial loss - experience 12.00 9.03 Actuarial loss - demographic assumptions - - Actuarial gain - financial assumptions 1.91 (6.54) Benefits paid (9.35) (16.28) Projected benefit obligation at the end of the year 203.24 166.01 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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