32   Fair value measurement

i)   Financial instruments by category

(₹ In Crore)

Particulars

31 March 2025

31 March 2024

FVTPL

FVTOCI

Amortised Cost

FVTPL

FVTOCI

Amortised Cost

Financial assets

Investments

–

Equity

–

4,626.75

–

–

3,152.58

–

–

Bonds

–

–

1,433.63

–

–

1,439.04

–

Government securities

–

–

367.55

–

–

367.70

–

Commercial Papers

–

–

–

–

–

195.39

–

Fixed maturity plans

–

–

884.18

–

–

834.62

–

Exchange traded funds

–

–

7,640.05

–

–

7,343.56

–

Fixed deposits

–

–

280.00

–

–

500.00

–

Short-term funds

4,950.53

–

–

4,552.79

–

–

–

Short duration bond funds

731.78

–

–

–

–

–

–

Liquid mutual funds

960.24

–

–

2,157.31

–

–

–

Arbitrage Funds

2,493.57

–

–

819.59

–

–

–

Derivative Asset

2.51

–

–

–

–

–

Trade receivables

–

–

2,282.64

–

–

2,122.40

Loans

21.40

–

1,063.29

–

–

5.27

Other financial assets

–

–

1,513.82

–

–

491.58

Cash and cash equivalents

–

–

813.42

–

–

448.61

Other bank balances

–

–

515.13

–

–

1,129.51

Total financial assets

9,160.03

4,626.75

16,793.71

7,529.69

3,152.58

14,877.68

Financial liabilities

Borrowings

–

–

800.00

–

–

834.05

Sales tax deferral

–

–

127.64

–

–

125.84

Trade payables

–

–

6,267.63

–

–

5,593.61

Other financial liabilities

–

–

680.07

–

–

551.41

Total financial liabilities

–

–

7,875.34

–

–

7,104.91

    

ii)

Fair value hierarchy

This section explains the judgments and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

     

Financial assets/liabilities measured at fair value – recurring fair value measurements At 31 March 2025

	(₹ In Crore)
Particulars			Notes		Level 1		Level 2		Level 3		Total
Financial investments at FVTPL
–	Short–term funds		5		4,950.53		–		–		4,950.53
–	Short duration bond funds		5		731.78		–		–		731.78
–	Liquid mutual funds		5		960.24		–		–		960.24
–	Arbitrage funds		5		2,493.57		–		–		2,493.57
–	Derivative Asset		7		–		2.51		–		2.51
–	Loans		6		–		21.40		–		21.40
Financial investments at FVTOCI
–	Equity investment		5		4,365.57		261.18		–		4,626.75
Total financial assets					13,501.69		285.09		–		13,786.78

     

Assets disclosed at fair value – At 31 March 2025

(₹ In Crore)
Particulars		Notes		Level 1		Level 2		Level 3		Total
Investment property		3		–		234.09		–		234.09

    

Financial assets/liabilities measured at fair value – recurring fair value measurements At 31 March 2024

(₹ In Crore)
Particulars			Notes		Level 1		Level 2		Level 3		Total
Financial investments at FVTPL
–	Short–term mutual funds		5		4,552.79		–		–		4,552.79
–	Short duration bond funds		5		–		–		–		–
–	Liquid mutual funds		5		2,157.31		–		–		2,157.31
–	Arbitrage funds		5		819.59		–		–		819.59
–	Derivative Asset		7		–		–		–		–
–	Loans		6		–		–		–		–
Financial investments at FVTOCI
–	Equity investment		5		2,895.46		257.12		–		3,152.58
Total financial assets					10,425.15		257.12		–		10,682.27

     

Assets disclosed at fair value – At 31 March 2024

(₹ In Crore)
Particulars			Notes		Level 1		Level 2		Level 3		Total
Investment property			3		–		225.38		–		225.38

   

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in active markets. Quotes would include rates/values/valuation references published periodically by BSE, NSE etc. basis which trades take place in a linked or unlinked active market. This includes traded bonds and mutual funds, as the case may be, that have quoted price/rate/value.

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation techniques which maximise the use of observable market data (either directly as prices or indirectly derived from prices) and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.

Valuation Techniques used to determine fair value

Valuation Techniques used to determine fair value include

•	Open ended mutual funds at NAV’s/rates declared and/or quoted
•	Derivative instruments at values determined by counter parties/banks using market observable data

iii)   Fair value of financial assets and liabilities measured at amortised cost
(₹ In Crore)
Particulars		31 March 2025				31 March 2024
		Carrying Amount		Fair value		Carrying Amount		Fair value
Financial assets
Investments
Bonds		1,433.63		1,403.15		1,439.04		1,379.96
Government securities		367.55		362.30		367.70		352.92
Fixed maturity plans		884.18		891.68		834.62		823.27
Exchange traded funds		7,640.05		7,675.55		7,343.56		7,238.18
		10,325.41		10,332.68		9,984.92		9,794.33

   

The carrying amounts of commercial paper, fixed deposits, trade receivables, trade payables, other financial assets/liabilities, loans and cash and cash equivalents are considered to be the same as their fair values, due to their short-term nature.