Persistent Systems Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2022
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2022
1. The audited condensed interim unconsolidated financial statements for the quarter and year ended March 31, 2022, have been taken on record by the Board of Directors at its meeting held on April 27, 2022 as recommended by the Audit Committee at its meeting held on April 26, 2022. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited condensed interim unconsolidated financial statements.
2. The above unconsolidated financial results have been prepared from the condensed interim unconsolidated financial statements, which are prepared in accordance with Indian Accounting Standards ("Ind AS"), the provisions of the Companies Act, 2013 ("the Companies Act"), as applicable and guidelines issued by the Securities and Exchange Board of India ("SEBI"). The Ind AS are prescribed under Section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and amendments issued thereafter. All amounts included in the unconsolidated financial results (including notes) are reported in millions of Indian rupees ( in INR millions) except share and per share data, unless otherwise stated.
3. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
4. The Board of Directors at its meeting held in January 2022 approved the payment of an Interim Dividend of INR 20 per Equity Share of INR 10 each for FY 2021-22. Accordingly, in February 2022, INR 1,528.50 million were paid towards the same.
5. The Board of Directors at its meeting held on April 27, 2022, recommended a Final Dividend of INR 11 per Equity Share of INR 10 each for FY 2021-22. This Final Dividend is subject to the approval of the Members at the ensuing 32nd Annual General Meeting which will be held on or before September 30, 2022.
6. On March 1, 2022, the Company along with it's subsidiary completed the business acquisition of Data Glove IT Solutions Private Limited, and its subsidiaries and affiliate entities in India, USA, Australia, UK, Canada, Singapore and Costa Rica.
7. In accordance with para 4 of Notified Indian Accounting Standard 108 (Ind AS-108) “Operating Segments”, the Company has disclosed segment information only on the basis of consolidated financial results.
8. The investors are requested to visit the following website of the Company and Stock Exchanges for further details: