72 The net liability disclosed above relates to following funded and unfunded plans: (` lakhs) Particulars As at March 31, 2024 As at March 31, 2023 Present value of funded obligations 74.83 72.00 Fair value of plan assets (96.83) (91.69) Deficit | (Excess) of gratuity plan (22.00) (19.69) Significant estimates: Actuarial assumptions and sensitivity The significant actuarial assumptions were as follows: Particulars As at March 31, 2024 As at March 31, 2023 Mortality rate Indian assured lives mortality 2012-14 (Urban) Indian assured lives mortality 2012-14 (Urban) Discount rate 7.19% 7.35% Attrition rate 14.00% 13.00% Rate of return on plan assets 7.19% 7.35% Salary growth rate 10.36% 9.84% Sensitivity analysis The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: (` lakhs) Particulars Change in assumptions Impact on defined benefit obligation Increase in assumptions Decrease in assumptions As at March 31, 2024 As at March 31, 2023 As at March 31, 2024 As at March 31, 2023 As at March 31, 2024 As at March 31, 2023 Discount rate 1.00% 1.00% (3.13) (2.23) 3.45 2.49 Attrition rate 1.00% 1.00% (0.44) (0.40) 0.49 0.44 Rate of return on plan assets 1.00% 1.00% (3.13) (2.23) 3.45 2.49 Salary growth rate 1.00% 1.00% 2.72 2.40 (2.54) (2.20) The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied. The same method has been used to calculate the defined benefit liability recognised in the Balance Sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous year.
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