Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 290 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD The movement in lease liabilities is as follows: Particulars For the year ended 31 March 2024 31 March 2023 Balance at the beginning of the year 336.13 75.36 Additions during the year 100.35 297.51 Adjustment for disposals/transfers (8.46) - Finance cost accrued during the year 33.72 8.64 Payment of interest on lease liabilities (33.72) (8.64) Payment of lease liabilities (34.58) (36.74) Lease liabilities at the end of the year 393.44 336.13 Current lease liabilities 49.54 49.09 Non-current lease liabilities 343.90 287.04 The details of the contractual maturities of lease liabilities on an undiscounted basis is as follows: As at Particulars 31 March 2024 31 March 2023 Less than one year 80.54 61.17 One to five years 255.50 194.05 More than five years 330.73 355.02 Total 666.77 610.24 The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due. Rental expense recorded for short-term leases for the year ended 31 March 2024 is ₹176.34 (31 March 2023: ₹85.26). Leases not yet commenced to which the Group is committed aggregated to ₹Nil as on 31 March 2024. Depreciation expenses and Lease rentals paid for the year ended 31 March 2024 are ₹57.24 and ₹68.30 (31 March 2023: ₹44.62 and ₹45.38) respectively." Group as lessor The Holding Company has leased its land and buildings located in Manor and Chennai regions. These leases typically range between 5 to 30 years and generally contain multiyear renewal options. The agreements entered into by the Holding Company have, rent escalation upto 5%. Future minimum rentals receivable under non-cancellable operating lease is as follows: Particulars As at 31 March 2024 31 March 2023 Less than one year 12.86 12.57 One to five years 16.20 21.09 More than five years 46.20 48.47 Total 75.27 82.13 44. Research and development expenses Particulars For the year ended 31 March 2024 31 March 2023 Capital expenditure 0.82 0.07 Revenue expenditure 12.22 10.81 13.04 10.88 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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