Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 285 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 31 March 2024 31 March 2023 Borrowings from banks 920.46 1,322.40 Less: Cash and cash equivalents (785.08) (163.36) Net debt (A) 135.38 1,159.04 Total equity (B) 8,081.59 7,258.67 Net debt and total equity (A) + (B) 8,216.97 8,417.71 Gearing ratio (%) 1.65% 13.77% In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings. Breaches in meeting the financial covenants would permit the lenders to immediately call back the borrowings. There was no breach in the financial covenants of any borrowings during the year ended 31 March 2024 and 31 March 2023. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2024 and 31 March 2023. 39. Disclosure of Interest in Joint venture and associate: Nature of relationship Country of Incorporation Ownership interest (%) 31 March 2024 31 March 2023 SKIL Raigam Power (India) Limited Associate India 43.33% 43.33% Heritage Novandie Foods Private Limited Joint venture India 50.00% 50.00% 40. The Group has not extended any loans or advances in the nature of loans to its promoters, directors, key managerial personnel and its related parties, as defined under the Act, during the years ended 31 March 2024 and 31 March 2023. 41. Related party disclosures (a) Names of the related parties and nature of relationship Names of related parties Nature of relationship Heritage Novandie Foods Private Limited ("HNFPL") Joint Venture SKIL Raigam Power (India) Limited Associate Heritage Finlease Limited Enterprise over which Vice -Chairperson and Managing Director, Executive Director and President of the Company exercise significant influence NTR Memorial Trust Enterprise over which Vice -Chairperson and Managing Director and Executive Director of the Company exercise significant influence Megabid Finance & Investment Private Limited Nirvana Holdings Private Limited N Devaansh Relative of Executive Director and ViceChairperson & Managing Director N Bhuvaneswari (Vice Chairperson and Managing Director) Key Managerial Personnel (KMP) N Brahmani (Executive Director) M Sambasiva Rao (President) Srideep Madhavan Nair Kesavan (Chief Executive Officer) A Prabhakara Naidu (Chief Financial Officer) Umakanta Barik (Company Secretary & Compliance Officer) Sri Vishnu Raju Nandyala (upto 21 October 2023) Non-Executive Independent Directors Rajesh Thakur Ahuja Aparna Surabhi A V Girija Kumar (w.e.f 1 June 2023) Muthu Raju Paravasa Raju Vijay Kumar V Nagaraja Naidu Non-Executive Director 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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