|
3 Investment property |
||||
|
(₹ In Crore) |
||||
|
Particulars |
As at 31 March |
|||
|
2023 |
2022 |
|||
|
|
||||
|
Gross carrying amount |
||||
|
Opening balance |
69.66 |
69.66 |
||
|
Additions |
– |
– |
||
|
Closing balance |
69.66 |
69.66 |
||
|
|
||||
|
Accumulated depreciation |
||||
|
Opening balance |
18.53 |
17.36 |
||
|
Depreciation charge |
1.12 |
1.17 |
||
|
Closing balance |
19.65 |
18.53 |
||
|
Net carrying amount |
50.01 |
51.13 |
||
|
i) Amounts recognised in the Statement of profit and loss for investment properties |
||||
|
(₹ In Crore) |
||||
|
Particulars |
For the year ended 31 March |
|||
|
2023 |
2022 |
|||
|
|
||||
|
Rental income |
14.59 |
12.08 |
||
|
Direct operating expenses from property that generated rental income |
(1.01) |
(0.21) |
||
|
Direct operating expenses from property that did not generate rental income |
– |
– |
||
|
Profit from investment properties before depreciation |
13.58 |
11.87 |
||
|
Depreciation |
(1.12) |
(1.17) |
||
|
Profit from investment property |
12.46 |
10.70 |
||
ii) Contractual obligations
The Company has no restrictions on the realisability of its investment property. There are no contractual obligations to purchase, construct or develop investment property as at the year end.
iii) Leasing arrangements
Investment property is leased out to various tenants under operating leases. Disclosure on future rent receivable is included in Note 40.
iv) Fair value
|
(₹ In Crore) |
||||
|
Particulars |
As at 31 March |
|||
|
2023 |
2022 |
|||
|
|
||||
|
Investment property |
223.09 |
223.03 |
||
Estimation of fair value
The best evidence of fair value is current prices in an active market for similar properties. Since investment properties leased out by the Company are cancellable and non-cancellable leases, the market rate for sale/purchase of such premises are representative of fair values. Company’s investment properties are at a location where active market is available for similar kind of properties. Hence, fair value is ascertained on the basis of market rates prevailing for similar properties in those location determined by an independent registered valuer, as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules 2017, and consequently classified as a level 2 valuation.