Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments of the Group:


	As at March 31, 2024				As at March 31, 2025				As at March 31, 2025
	Carrying value		Fair value		Carrying value		Fair value		Carrying value		Fair value
	(INR)		(INR)		(INR)		(INR)		(USD)		(USD)
Financial assets

Measured at amortised cost
Security deposits		543		543		754		754		9		9
Bank deposits with remaining maturity for more than twelve months		2,888		2,888		2,433		2,433		28		28
Trade receivables		21,856		21,856		24,268		24,268		284		284
Cash and cash equivalents		27,021		27,021		40,419		40,419		473		473
Bank balances other than cash and cash equivalents		50,706		50,706		40,099		40,099		469		469
Advances recoverable		1,449		1,449		634		634		7		7
Interest accrued on fixed deposits		1,003		1,003		900		900		11		11
Interest accrued on loans to related parties		4		4		15		15		0		0
Government grant receivable		322		322		288		288		3		3
Deferred consideration receivable		1,026		1,026		385		385		5		5
Loans to related parties		232		232		284		284		3		3
Other current financial assets		438		438		554		554		6		6

Measured at fair value through profit or loss
Investments		2,325		2,325		1,342		1,342		16		16

Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		3,566		3,566		7,398		7,398		87		87

Financial liabilities
Measured at amortised cost
Interest-bearing loans and borrowings - long term		595,664		585,787		642,691		631,249		7,524		7,389
Interest accrued		2,957		2,957		5,405		5,405		63		63
Capital creditors		40,092		40,092		32,545		32,545		381		381
Purchase consideration payable		44		44		44		44		1		1
Liability for operation and maintenance		2,193		2,193		1,323		1,323		15		15
Interest-bearing loans and borrowings - short term		51,652		51,652		80,327		80,327		940		940
Trade payables		9,094		9,094		8,173		8,173		96		96

Financial liabilities at fair value
Liability for put options with non-controlling interests		5,935		5,935		6,370		6,370		75		75

Financial liabilities at fair value through profit or loss
Derivative instruments - share warrants		772		772		190		190		2		2

Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		546		546		857		857		10		10

Fair values of the Group’s interest bearing loans and borrowings including current maturities are determined by using Discounted Cash Flow (DCF) method using discount rate that reflects the issuer’s borrowing rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including credit risk. The non-performance risk as at March 31, 2025 and 2024 was assessed to be insignificant.

Fair values of the liability component of compulsory convertible debentures and optionally convertible debentures are determined by using DCF method using discount rate that reflects the borrowing rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risk. The own non-performance risk as at March 31, 2025 and 2024 was assessed to be insignificant.

Fair values of the non-current trade receivables, bank deposits and security deposits given are determined by using DCF method using discount rate that reflects the lending rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in fair value hierarchy due to inclusion of unobservable inputs including counterparty credit risk.

The Group enter into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Cross currency interest rate swaps are valued using valuation techniques, which employs the use of market observable inputs. The models incorporate various fair value level 2 inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the currency, interest rate curves and forward rate curves of the underlying instrument. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships.