2.2 Investments The carrying value of investments are as follows:
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(Dollars in millions) |
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As of |
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March 31, 2024 |
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March 31, 2023 |
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Current investments |
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Amortized cost: |
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Quoted debt securities |
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— |
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18 |
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Fair value through profit and loss: |
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Liquid mutual funds |
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313 |
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119 |
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Fair Value through Other comprehensive income: |
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Quoted debt securities |
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291 |
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179 |
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Certificates of deposit |
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365 |
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435 |
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Commercial Paper |
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579 |
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90 |
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1,548 |
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841 |
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Non-Current investments |
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Amortized cost: |
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Quoted debt securities |
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211 |
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215 |
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Fair value through Other comprehensive income: |
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Quoted debt securities |
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1,093 |
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1,221 |
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Quoted equity securities |
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14 |
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— |
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Unquoted equity and preference securities |
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11 |
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24 |
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Fair value through profit and loss: |
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Target maturity fund units |
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51 |
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49 |
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Others |
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24 |
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21 |
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1,404 |
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1,530 |
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Total Investments |
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2,952 |
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2,371 |
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Investment carried at amortized cost |
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211 |
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233 |
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Investments carried at fair value through other comprehensive income |
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2,353 |
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1,949 |
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Investments carried at fair value through profit and loss |
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388 |
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189 |
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Note: Uncalled capital commitments outstanding as of March 31, 2024, and March 31, 2023, was $9 million and $11 million, respectively. Refer to Note 2.3 for accounting policies on financial instruments. Details of amounts recorded in other comprehensive income:
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(Dollars in millions) |
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Net gain / (loss) on |
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Year ended March 31, 2024 |
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Gross |
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Tax |
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Net |
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Quoted debt securities |
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19 |
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(2 |
) |
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17 |
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Equity and preference securities |
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1 |
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1 |
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2 |
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(Dollars in millions) |
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Net gain / (loss) on |
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Year ended March 31, 2023 |
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Gross |
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Tax |
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Net |
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Quoted debt securities |
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(31 |
) |
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1 |
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(30 |
) |
Equity and preference securities |
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(3 |
) |
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– |
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(3 |
) |
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(Dollars in millions) |
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Net gain / (loss) on |
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Year ended March 31, 2022 |
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Gross |
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Tax |
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Net |
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Quoted debt securities |
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(9 |
) |
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3 |
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(6 |
) |
Equity and preference securities |
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15 |
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(3 |
) |
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12 |
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Method of fair valuation:
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(Dollars in millions) |
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Fair value |
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As of March 31 |
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Class of investment |
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Method |
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2024 |
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2023 |
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Liquid mutual funds- carried at Fair value through profit or loss |
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Quoted price |
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313 |
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119 |
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Target maturity fund units- carried at Fair value through profit or loss |
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Quoted price |
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51 |
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49 |
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Quoted debt securities- carried at amortized cost |
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Quoted price and market
observable inputs |
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236 |
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261 |
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Quoted debt securities- carried at Fair value through other comprehensive income |
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Quoted price and market
observable inputs |
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1,384 |
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1,400 |
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Commercial Paper- carried at Fair value through other comprehensive income |
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Market observable inputs |
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579 |
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90 |
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Certificate of deposits- carried at Fair value through other comprehensive income |
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Market observable inputs |
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365 |
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435 |
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Unquoted equity and preference securities- carried at fair value through other comprehensive income |
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Discounted cash flows method,
Market multiples method,
Option pricing model |
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11 |
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24 |
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Quoted equity securities - carried at fair value through other comprehensive income |
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Quoted price |
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14 |
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— |
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Others - carried at fair value through profit or loss |
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Discounted cash flows method,
Market multiples method,
Option pricing model |
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24 |
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21 |
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2,977 |
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2,399 |
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Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. |