Punjab Chemicals and Crop Protection Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
PUNJAB CHEMICALS AND CROP PROTECTION LIMITED
i) The above Standalone Unaudited Results as reviewed by the Audit Committee have been approved at the meeting of the Board of Directors held on 24 January 2019 and have been subjected to Limited Review by the Statutory Auditors. The review report of the Statutory Auditors is being filed with the BSE and NSE. For more details, visit the Investor section of our website at www.punjabchemicals.com and Financial Results at Corporate section of www.bseindia.com and www.nseindia.com.
ii) The Company is engaged in the single operating segment “Performance Chemicals”.
iii) Revenue from operations for the nine months ended 31 December 2018 is not comparable with corresponding previous period since the same is net of Goods and Service Tax (‘GST’) whereas excise duty form part of revenue till 30 June 2017.
iv) Effective 01 April 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative effect method which is applied to contracts that were not completed as of 01 April 2018. Accordingly, the comparatives have not been adjusted retrospectively. There is no effect on adoption of lnd AS 115 on the Standalone Unaudited Financial Results.
v) Depreciation and amortization expense for quarter and nine months ended 31 December 2018 includes accelerated depreciation of Rs. 343 lakhs on Investment Property pursuant to physical verification performed in the current quarter.