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Employee benefits | 12 Months Ended
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Mar. 31, 2025
Disclosure Of Employee Benefits [Abstract] |
Disclosure of employee benefits [text block] |
| 17. | Employee benefits *
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Gratuity payable |  |  | 47,201 |  |  |  | 25,132 |  |  |  | 27,733 |
Compensated absences |  |  | 153,670 |  |  |  | 134,817 |  |  |  | 102,170 |
|  |  | 200,871 |  |  |  | 159,949 |  |  |  | 129,903 |
*Represents provision based on Actuarial Valuation. Gratuity cost The components of gratuity costs recognized in the consolidated income statement for the years ending March 31, 2025, 2024, and March 31, 2023 consist of the following:
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Service cost |  |  | 69,828 |  |  |  | 62,318 |  |  |  | 47,050 |
Interest cost |  |  | 27,329 |  |  |  | 21,854 |  |  |  | 13,926 |
Interest income |  |  | (25,511 | ) |  |  | (20,157 | ) |  |  | (8,788 | )
|  |  | 71,646 |  |  |  | 64,015 |  |  |  | 52,188 |
Details of employee benefit obligation and plan asset are as follows:
|  | March 31, 2025 |  |  | March 31, 2024 |
Projected benefit obligation at the end of the year |  |  | 445,864 |  |  |  | 382,492 |
Plan assets at the end of the year |  |  | (398,663 | ) |  |  | (357,360 | )
Funded status amount of liability recognised in the Balance Sheet |  |  | 47,201 |  |  |  | 25,132 |
The following table set out the status of the gratuity plan:
Change in defined benefit obligation |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Projected benefit obligation at the beginning of the year |  |  | 382,492 |  |  |  | 298,903 |  |  |  | 216,006 |
Service cost |  |  | 69,828 |  |  |  | 62,318 |  |  |  | 47,050 |
Interest cost |  |  | 27,329 |  |  |  | 21,854 |  |  |  | 13,926 |
Remeasurements - Actuarial (gain) / loss |  |  | 7,836 |  |  |  | 21,184 |  |  |  | 47,703 |
Benefits paid |  |  | (41,621 | ) |  |  | (21,767 | ) |  |  | (25,782 | )
Projected benefit obligation at the end of the year |  |  | 445,864 |  |  |  | 382,492 |  |  |  | 298,903 |
Change in plan assets |  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Fair value of plan assets at the beginning of the year |  |  | 357,360 |  |  |  | 271,170 |  |  |  | 138,180 |
Interest income |  |  | 25,511 |  |  |  | 20,157 |  |  |  | 8,788 |
Employer contributions |  |  | 52,884 |  |  |  | 86,289 |  |  |  | 157,682 |
Benefits paid |  |  | (41,621 | ) |  |  | (21,767 | ) |  |  | (25,342 | )
Return on plan assets, excluding amount recognised in net interest expense |  |  | 4,529 |  |  |  | 1,511 |  |  |  | (8,138 | )
Fair value of plan assets at the end of the year |  |  | 398,663 |  |  |  | 357,360 |  |  |  | 271,170 |
Actual return on plan assets |  |  | 30,040 |  |  |  | 21,668 |  |  |  | 650 |
Actuarial assumptions at end of the year : The principal actuarial assumptions as on March 31, 2025, 2024, and 2023 were as follows:
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Discount rate |  |  | 6.65 | % p.a. |  |  | 7.15 | % p.a. |  |  | 7.30 | % p.a.
Expected long term rate of return on plan assets |  |  | 8 | % |  |  | 8 | % |  |  | 8 | %
Average future working lifetime |  |  | 21.67 years |  |  |  | 21.46 years |  |  |  | 21.68 years |
Discount rate: The discount rate is based on prevailing market yields of Indian Government securities as at the end of the year for the estimated term of the obligations . Long term rate of compensation increase: The estimates of future salary increase considered take into account inflation, seniority, promotion and other factors. Expected long term rate of return on plan assets: This is based on the average long-term rate of return expected on investments of the fund during the estimated term of the obligations. Salary escalation rate: The estimates of future salary increases considered take into account the inflation, seniority, promotion and other relevant factors. Assumptions regarding future mortality are based on published statistics and mortality tables. The Group assesses these assumptions with the projected long-term plans of growth and prevalent industry standards. Contributions : The Group expects to contribute ₹119,640 to its gratuity fund during the year ending March 31, 2026. The expected benefit payments to be made in the next few years are as under:
Year |  | March 31, 2025 |  |  | March 31, 2024 |
1 Year |  |  | 79,980 |  |  |  | 72,898 |
2 to 5 years |  |  | 276,238 |  |  |  | 237,283 |
6 to 10 years |  |  | 176,697 |  |  |  | 157,127 |
More than 10 years |  |  | 97,318 |  |  |  | 86,437 |
Plan assets: The Gratuity plan’s weighted-average asset allocation on March 31, 2025 and March 31, 2024, by asset category is as follows:
|  | March 31, 2025 |  |  | March 31, 20 24 |
Funds managed by insurers |  |  | 100 | % |  |  | 100 | %
Remeasurements of the net defined benefit liability recognized in other comprehensive income Amount recognized in other comprehensive income for the years ending March 31, 2025, 2024, and 2023 are as follows:
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | March 31, 2023 |
Remeasurements of the net defined benefit liability |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain)/loss |  |  |  |  |  |  |  |  |  |  |  |
- Change in demographic assumptions |  |  | - |  |  |  | - |  |  |  | (4,966 | )
- change in financial assumptions |  |  | 9,945 |  |  |  | 2,556 |  |  |  | 24,823 |
- experience variance |  |  | (2,109 | ) |  |  | 18,628 |  |  |  | 27,747 |
- return on plan assets, excluding amounts recognized in net interest expense/ income |  |  | (4,529 | ) |  |  | (1,511 | ) |  |  | 8,179 |
|  |  | 3,307 |  |  |  | 19,673 |  |  |  | 55,783 |
Sensitivity Analysis of significant actuarial assumption Sensitivity analysis for the defined benefit obligations will increase/ decrease by the amounts mentioned below if there is a variation of 100 basis points in the discount rate and salary escalation rate.
|  | Discount rate |  |  | Salary escalation rate |
|  | Decrease by 100 bps (₹ ‘000s) |  |  | Increase by 100 bps (₹ ‘000s) |  |  | Decrease by 100 bps (₹ ‘000s) |  |  | Increase by 100 bps (₹ ‘000s) |
Present Value of Defined Benefit Obligation |  |  | 467,022 |  |  |  | 426,387 |  |  |  | 428,561 |  |  |  | 463,976 |
The present value of defined benefit obligation has been arrived at using the same method as is used for valuing the defined benefit obligation as per the current assumptions. The increase/decrease in defined benefit obligation has been arrived assuming the other assumptions are constant though such increase/decrease do not happen in isolation in real scenarios. Contributions to defined contribution plans In accordance with Indian law, all employees receive benefits from a provident fund, which is a defined contribution plan. Both the employee and employer make monthly contributions to the plan, each equal to a specified percentage of employee’s basic salary. The Group has no further obligations under the plan beyond its monthly contributions. The Group contributed ₹ 275,316, ₹ 244,403 and ₹ 194,451 for the years ended March 31, 2025, 202 4 and 20 23 . The Group has contributed to 401(K) plans on behalf of eligible employees amounting to ₹ 18,559 (March 31, 20 24 : ₹ 19,912) during the year ended March 31, 2025.

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