251 Note 30.8 Financial risk management (continued) Foreign currency risk exposure The exposure to foreign currency risk of the Group at the end of the reporting period expressed are as follows: Particulars As at March 31, 2023 US$ mn ` cr € mn ` cr £ mn ` cr Financial assets Cash and cash equivalents (EEFC account ) - - - - - - Trade receivables 48.08 395.06 0.91 8.11 2.42 24.60 Less: Hedged through derivatives1: Currency range options 15.10 124.08 - - - - Net exposure to foreign currency risk (assets) 32.98 270.98 0.91 8.11 2.42 24.60 Financial liabilities Trade payables 11.55 94.94 0.05 0.47 0.60 6.15 Net exposure to foreign currency risk (liabilities) 11.55 94.94 0.05 0.47 0.60 6.15 1Includes hedges for highly probable transactions up to next 12 months Particulars As at March 31, 2022 US$ mn ` cr € mn ` cr £ mn ` cr Financial assets Cash and cash equivalents (EEFC account ) 2.06 15.60 - - - - Trade receivables 53.92 408.61 1.37 11.49 6.15 61.10 Less: Hedged through derivatives1: Currency range options 29.25 221.66 - - - - Net exposure to foreign currency risk (assets) 26.73 202.55 1.37 11.49 6.15 61.10 Financial liabilities Trade payables 18.94 143.54 0.11 0.88 0.13 1.33 Net exposure to foreign currency risk (liabilities) 18.94 143.54 0.11 0.88 0.13 1.33 1Includes hedges for highly probable transactions up to next 12 months c) Management of credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. Trade receivables Concentrations of credit risk with respect to trade receivables are limited due to the customer base being large, diverse and across sectors and countries. A portion of trade receivables are secured by insurance policies or Export Credit Guarantee Corporation schemes. All trade receivables are reviewed and assessed for default on a quarterly basis.
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