177 Note 29.7 Fair value measurements (continued) There were no transfers between any levels during the year. Level 1: This includes financial instruments measured using quoted prices. The fair value of all equity instruments that are traded on the stock exchanges is valued using the closing price as at the reporting period. Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using valuation techniques, which maximise the use of observable market data and rely as little as possible on entity-specific estimates. The mutual fund units are valued using the closing net assets value. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. b) Valuation techniques used to determine fair value Specific valuation techniques used to value financial instruments include: i) the use of quoted market prices or dealer quotes for similar instruments, ii) the fair value of forward foreign exchange contracts are determined using forward exchange rates at the Standalone Balance Sheet date, iii) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model, iv) the fair value of the remaining financial instruments is determined using discounted cash flow analysis. All of the resulting fair value estimates are included in levels 1, 2 and 3. c) Valuation processes The Finance department of the Company includes a team that performs the valuations of financial assets and liabilities with assistance from independent external experts when required, for financial reporting purposes, including level 3 fair values. d) Fair value of financial assets and liabilities measured at amortised cost (` cr) Particulars As at March 31, 2023 As at March 31, 2022 Carrying amount | Fair value Carrying amount | Fair value Non-current financial assets Investments: Preference shares - 1.81 Government securities 0.01 0.01 Loans 872.98 375.74 Security deposits for utilities and premises 2.36 2.18 Finance lease receivables 11.89 12.63 Total non-current financial assets 887.24 392.37 Non-current financial liabilities Other liabilities 2.86 2.73 Total non-current financial liabilities 2.86 2.73
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