Notes to the Standalone Financial Statements as at and for the year ended March 31, 2024
Notes to the Standalone Financial Statements as at and for the year ended March 31, 2024
(f) Funding arrangements and funding policy The Company has purchased an insurance policy to provide for payment of gratuity to the employees. Every year, the insurance company carries out a funding valuation based on the latest employee data provided by the Company. Any deficit in the assets arising as a result of such valuation is funded by the Company. (g) Expected Contribution during the next annual reporting period (in Rupees million)
(in Rupees million) As at March 31, 2023
Reconciliation of present value of defined benefit obligation and the fair value of assets
As at March 31, 2024
Present value of funded obligation at the end of the year Fair value of plan assets as at the end of the period
553
404
(396)
(311)
Net Deficit
157
93
Year ended March 31, 2024
Year ended March 31, 2023
As at March 31, 2024
Amount recognised in the statement of profit and loss
Expected cash flows for following year
Current service cost Past service cost*
173
132
The Company's best estimate of Contribution during the next year
157
-
0 7
(h) Interest rate risk The plan is defined benefit in nature which is sponsored by the Company and hence it under writes all the risk pertaining to the plan. In particular, this exposes the Company to the actual risk such as adverse salary growth, changes in demographic experience, inadequate return on underlying plan assets. This may result in an increase in cost of providing these benefits to the employees in future. Since the benefits are lumpsum in nature, the plan is not subject to any longevity risks. 29 Related Party Transactions (a) Related parties Sr. No Name of the party Nature of relationship 1 Quinag Bidco Limited Companies having significant influence 2 TPG Fett Holdings Pte Limited Companies having significant influence 3 Fractal Analytics Inc., USA Subsidiary Company 4 Fractal Private Limited, Singapore Subsidiary Company 5 Fractal Alpha Private Limited Subsidiary Company 6 Cuddle Artificial Intelligence Private Limited Subsidiary Company 7 Qure.ai Technologies Private Limited Associate Company 8 Qure.ai Technologies Private Limited (up to April 07, 2022) Subsidiary Company 9 Final Mile Consultants Private Limited Subsidiary Company 10 Theremin AI Solutions Private Limited Subsidiary Company 11 Eugenie Technologies Private Limited Subsidiary Company 12 Asper.AI Technologies Private Limited (Up to August 31, 2023) (Refer note 3 below) (Formerly known as Samya.AI Technologies Private Limited) Subsidiary Company 13 Senseforth AI Research Private Ltd Subsidiary Company 14 Analytics Vidhya Educon Private Limited Subsidiary Company 15 Neal Analytics Services Private Limited Subsidiary Company 16 Fractal Analytics UK Limited, UK (Subsidiary of Fractal Analytics Inc., USA) Step-down subsidiary 17 Fractal Analytics (Switzerland) GmbH (Subsidiary of Fractal Private Limited, Singapore) Step-down subsidiary 18 Fractal Analytics (Canada) Inc. (Subsidiary of Fractal Private Limited, Singapore) Step-down subsidiary 19 Fractal Analysis Germany GmbH. (Germany) (Subsidiary of Fractal Private Limited, Singapore) Step-down subsidiary 20 Fractal Analytics Netherland B.V. (Netherlands) (Subsidiary of Fractal Private Limited, Singapore) Step-down subsidiary 21 Cuddle.ai Inc. (USA) (Subsidiary of Cuddle Artificial Intelligence Private Limited) (Refer note 1 below) Step-down subsidiary 22 4i Consulting Inc. (Subsidiary of Fractal Analytics Incorporated, USA) (merged in Fractal Analytics Incorporated, USA from April 01, 2023) Step-down subsidiary 23 Symphony LLC (Ukraine) (Subsidiary of Fractal Private Limited, Singapore) Step-down subsidiary 24 Final Mile Consulting LLC (Subsidiary of Fractal Analytics Inc., USA effective Step-down subsidiary
Interest cost
6
Total expense recognized in the statement of profit and loss
179
139
*denotes amount less than C 1 million. Amount recognised in other comprehensive income Remeasurements during the year due to Changes in financial assumptions
(26)
(14)
Changes in demographic assumptions
1 6 1
11
Experience adjustments
(24)
Expected return on plan assets
2
Amount recognised in other comprehensive income during the year
(18)
(25)
(c) The sensitivity of significant assumptions used for valuation of defined benefit obligation is as follows : Impact from percentage point increase / decrease in Discount rate +100 basis points (459) (317) Discount rate -100 basis points 674 469 Salary increase rate +100 basis points 621 427 Salary increase rate -100 basis points (487) (341) Attrition Rate +50% (536) (367) Attrition Rate -50% 572 403 The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice it is unlikely to occur, and changes in some of the assumptions may be correlated. The methods and types of assumption used in preparing the sensitivity analysis did not change compared to previous period.
(d) Maturity profile of defined benefit obligation
As at March 31, 2024
As at March 31, 2023
Weighted average duration (based on discounted cashflows)
20 years
21 years
(e) Expected future benefit payments on undiscounted basis
(in Rupees million) As at March 31, 2023
As at March 31, 2024
Expected cash flows for following year Expected total benefit payments in the next 1 year
8
5
2 - 5 years 6 - 10 years
57
35 74
101
More than 10 years
2,647
2,074
September 30, 2023) (Refer note 2 below)
25 Fractal Analytics Sweden AB (Subsidiary of Fractal Private Limited, Singapore)
Step-down subsidiary
164
165
Fractal Analytics Limited | Annual Report 2023-24
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