Page 287 - Crisil Annual Report 2023

Financial Statements
Standalone
40.1 The following is the movement in lease liabilities:
Opening balance
Additions during the year
Add: Interest recognised during the year
Less: Impact of lease modification
Less: Payment (including interest on lease liabilities) Closing balance
Bifurcation of lease liability:
Non-current
Current
Total
(C lakh)
10,890 526 561 (145) (4,668) 7,164
2,389 4,775 7,164
Particulars
As at December 31, 2023
As at December 31, 2022
7,164
435
328
-
(4,801)
3,126
1,775
1,351
3,126
40.2The table below provides details regarding the contractual maturities of lease liabilities as at December 31, 2023 on an undiscounted basis:
Particulars
Year ended December 31, 2023
Year ended December 31, 2022
1,351
2,075
-
3,426
Future minimum lease payments:
Not later than one year
Later than one year and not later than five years Later than five years
Total
(C lakh)
4,779 2,867 53 7,699
The Company 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 as per Ind AS 116 was C 44 lakh (Previous year: C 22 lakh) for the year.
The Company has recognised interest on lease liability of C 328 lakh (Previous year: C 561 lakh) under finance costs. The aggregate depreciation on ROU assets has been included under Depreciation and amortisation expenses in the statement of profit and loss (refer to note 32).
41 Gratuity and other post employment benefits plans
In accordance with the Payment of Gratuity Act, 1972, CRISIL provides for gratuity, a defined benefit retirement plan covering eligible employees (completed continuous services of five years or more) of the Company. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment at fifteen days salary of an amount based on the respective employee’s salary and tenure of employment with the Company.
The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the respective plans.
Annual Report 2023 285