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Integrated report Statutory reportS Financial StatementS
Consolidated

cannot be recovered, as per the applicable accounting 2.6 Foreign currency translation
Standard. accounting policies of the respective (i) Foreign currency transactions and balances
subsidiaries are aligned wherever necessary, so as to on initial recognition, all foreign currency
ensure consistency with the accounting policies that transactions are recorded at exchange rates
are adopted by the group under Ind aS.
prevailing on the date of the transaction.
Monetary assets and liabilities, denominated in a
II the results of subsidiaries acquired or disposed of foreign currency, are translated at the exchange
during the year are included in the CFS from the rate prevailing on the Balance Sheet date and the
effective date of acquisition and up to the effective resultant exchange gains or losses are recognised
date of disposal, as appropriate.
in the Consolidated Statement of profit and loss.
non-monetary items, which are carried in terms of
III the CFS include the share of profit / loss of the joint
ventures which are accounted as per the ‘equity historical cost, denominated in a foreign currency
method’. are reported using the exchange rate at the date
of the transaction.
under the equity method of accounting, the
investments are initially recognised at cost and adjusted Foreign exchange differences regarded as an
thereafter to recognise the group’s share of the post- adjustment to the borrowing cost are presented
acquisition profits or losses of the investee in profit or in the Consolidated Statement of profit and loss
loss, and the group’s share of movements in oCI of the within finance cost. exchange differences arising
investee in oCI. dividends received or receivable from from the translation of equity investments at
joint ventures are recognised as a reduction in the Fair value through other comprehensive income
carrying amount of the investment. (‘FVtoCI’) are recognised in oCI. all other foreign
exchange gains and losses are presented on a net
When the group’s share of losses in an equity accounted basis within other income or other expense.
investment equals or exceeds its interest in the entity, (ii) Foreign operations
the group does not recognise further losses, unless it
has incurred obligations or made payments on behalf assets and liabilities of entities with functional
of the other entity. currencies other than presentation currency have
been translated to the presentation currency
IV the CFS are presented, to the extent applicable, in using exchange rates prevailing on the Balance
accordance with the requirements of Schedule III of the Sheet date. the Statement of profit and loss has
2013 act as applicable to the Company’s Standalone been translated using the average exchange
Financial Statements. rates. the net impact of such translation are
recognised in oCI and held in foreign currency
V non-controlling interests (‘nCI’) in the net assets of translation reserve (‘FCtr’), a component of
the subsidiaries that are consolidated consists of the equity.
amount of equity attributable to non-controlling
shareholders at the date of acquisition. on the disposal of a foreign operation (i.e. a
disposal of the group’s entire interest in a foreign
VI goodwill on consolidation is measured as the excess of operation, a disposal involving loss of control, over
the sum of the consideration transferred, the amount a subsidiary that includes a foreign operation,
of nCI in the aquiree, and the fair value of acquirer’s or a partial disposal of an interest in a joint
previously held equity instrument in the aquiree (if any) arrangement that includes a foreign operation of
over the net of acquisition date fair value of identifiable which the retained interest becomes a financial
assets acquired and liabilities assumed. asset), the exchange differences accumulated in
equity in respect of that operation attributable
profit or loss and each component of oCI are attributed to the owners of the group are reclassified to the
to the equity holders of the parent and to the nCI, even Consolidated Statement of profit and loss as part
if this results in the nCI having a deficit balance. of the gain or loss on disposal.

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