Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 277 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 For the year ended 31 March 2024 31 March 2023 Closing balance - Finished goods 809.66 1,251.43 - Semi finished goods 1,179.94 1,457.42 - Work-in-progress 17.79 12.03 - Stock-in-trade 62.56 62.04 2,069.95 2,782.92 712.97 (1,745.79) 28. Employee benefits expense For the year ended 31 March 2024 31 March 2023 Salaries and wages 2,272.90 1,858.46 Contribution to provident and other funds (refer note a below) 109.26 101.52 Gratuity expense 19.60 18.02 Compensated absences expense 110.20 77.72 Staff welfare expenses 63.53 59.17 2,575.49 2,114.89 (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 ₹109.26 (31 March 2023: ₹101.52). 29. Finance costs For the year ended 31 March 2024 31 March 2023 Interest on borrowings calculated using effective interest method 50.97 23.55 Interest on lease liabilities 33.72 8.64 Other borrowing costs 5.91 6.83 90.60 39.02 30. Other expenses For the year ended 31 March 2024 31 March 2023 Consumption of stores and spares and consumables 332.69 287.17 Power and fuel 525.52 481.15 Rent 176.34 85.26 Repairs and maintenance - Buildings 17.28 12.20 - Plant and equipment 42.90 21.60 - Others 100.85 106.88 Insurance 39.85 31.47 Electricity charges 26.05 18.59 Rates and taxes, excluding taxes on income 41.15 39.81 Freight outwards 1,058.31 944.62 Communication 25.34 22.82 Office maintenance 6.95 15.83 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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