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Employment benefit plan (Tables)
 12 Months Ended
Mar. 31, 2023
Schedule of employee benefits liability

   

   2022   2023 
   March 31, 
   2022   2023 
Defined benefit obligation   69,729    71,277 
Liability for compensated absences   33,224    25,487 
Total liability   102,953    96,766 
           
Net Unfunded liability   69,729    71,277 
Summary of changes in present value of obligation and fair value of plan assets

Movement in obligation

 

   March 31, 
   2022   2023 
Present value of obligation at beginning of year   82,330    79,594 
Interest cost   3,889    3,239 
Current service cost   10,639    8,619 
Past service cost   -    - 
Remeasurement (gain)/loss on obligation          
-economic assumptions   -    (3,694)
-demographic assumptions   (719)   (149)
-experience assumptions   1,103    14,439 
Benefits paid   (17,648)   (22,551)
Present value of obligation at closing of year   79,594    79,497 

 

Movement in plan assets*

 

   March 31, 
   2022   2023 
Fair value of plan assets at beginning of the year   11,943    9,865 
Employer contributions   -    - 
Benefits paid   (2,791)   (2,273)
Earning on assets   651    538 
Remeasurement (gain)/loss on plan assets   62    88 
Fair value of plan assets at end of the year   9,865    8,218 

 

*plan assets represents investment made by the Company in LIC funds
Schedule of unfunded liability

 

   2022   2023 
   March 31, 
   2022   2023 
Current   35,621    40,744 
Non-current   34,108    30,533 
Unfunded liability recognized in statement of financial position   69,729    71,277 
Schedule of components of cost recognized in profit or loss

 

   2021   2022   2023 
       March 31,     
   2021   2022   2023 
Current service cost   10,806    10,639    8,619 
Net interest cost   3,539    3,239    2,702 
Components of cost recognized in profit or loss   14,345    13,878    11,321 
Summary of amounts for actuarial loss on obligation recognized in other comprehensive income

 

       March 31,     
   2021   2022   2023 
Remeasurement loss/ (gain) on obligation*   (2,009)   321    10,508 

 

* Refer to Note 31 for the movement during the year.

 
Schedule of actuarial assumptions used for estimating defined benefit obligations

 

   March 31, 
   2022   2023 
Discount rate   5.45%   7.10%
Future salary increase   5.00%   5.00%
Average expected future working life (years)   1.56 - 5.85    1.78 - 5.45 
Retirement age (years)   58    58 
Mortality table   IALM* (2012-14) Ultimate 
Withdrawal rate (%)          
Ages          
Upto 30 years   22% - 26%    31%
From 31 to 44 years   57% - 65%    61%
Above 44 years   9% - 21%    8%

 

*Indian Assured Lives Mortality (2012-14) Ultimate represents published mortality table used for mortality assumption.
Summary of sensitivity analysis of actuarial assumptions used in computation of defined benefit obligation

  

   March 31, 
   2022   2023 
a) Impact of the change in discount rate        
a) Impact due to increase of 0.50 %   920    1,032 
b) Impact due to decrease of 0.50 %   (952)   (1,069)
           
b) Impact of the change in salary increase          
a) Impact due to increase of 0.50 %   (1,018)   (1,083)
b) Impact due to decrease of 0.50 %   1,105    1,059 
Schedule of expected contributions to the defined benefit plan in future years

 

   March 31, 
   2022   2023 
Year 1   40,306    38,753 
Year 2   15,206    13,545 
Year 3   7,370    6,942 
Year 4   4,080    5,042 
Year 5   3,495    4,867 
Year 6-10   13,351    18,198 
Total expected payments   83,808    87,347