Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 272 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD (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 173.24 159.30 Interest income 13.07 10.20 Contribution made 31.03 21.36 Return on plan assets greater / (lesser) than discount rate (0.49) (1.34) Benefits paid (9.35) (16.28) Fair value of plan assets at the end of the year 207.50 173.24 (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 203.24 166.01 Funded status of plan assets 207.50 173.24 Liability recognised in the Consolidated Balance Sheet - - Asset recognised in the Consolidated Balance Sheet 4.26 7.23 (iv) Expense recognized in the Consolidated Statement of Profit and Loss For the year ended 31 March 2024 31 March 2023 Interest cost 11.46 9.03 Service cost 21.21 19.18 Interest income (13.07) (10.20) 19.60 18.01 (v) Expense recognized in OCI For the year ended 31 March 2024 31 March 2023 Actuarial loss, net 14.40 3.83 14.40 3.83 (vi) Key actuarial assumptions As at 31 March 2024 31 March 2023 Discount rate 6.90% 7.10% Salary escalation rate 8%-9% 8%-9% Attrition rate 15%- 30% 15%- 30% 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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