Astec Lifesciences 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
1. The above Financial Results which are published in accordance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 have been reviewed and recommended by Audit Committee and have been approved by the Board of Directors at its Meeting held on Friday, 25th January, 2019. These results have been subjected to a limited review by the Statutory Auditors of the Company.
2. Financial Results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015.
3. The Company has initiated the process of merger with its holding company Godrej Agrovet Limited and is in the process of completing the necessary formalities in respect of the merger.
4. The Company has only one reportable segment i.e. Agrochemicals as per Ind-AS 108 "Operating Segments" specified under Section 133 of the Companies Act, 2013.
5. Figures of corresponding previous period have been re-grouped/re-classified wherever necessary, to conform to this period's classification.
6. Exceptional Items (as disclosed in the columns "Year ended 31st March, 2018" and "Year to date figures for previous year ended 31st December, 2017") comprises (a) gain on mutually cancelled agreement for supply of product with one of its multi-national customer aggregating Rs. 1,932.83 Lakh; (b) inventory written off aggregating Rs. 727.83 Lakh; and (c) property, plant & equipment written off aggregating Rs. 789.79 Lakh.
7. According to the requirements of Ind-AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, revenue for the corresponding period nine months ended 31st December, 2017 and for the Financial Year ended 31st March, 2018 were and are reported inclusive of Excise Duty.
The Government of India has implemented Goods and Service Tax ('GST') from 1st July, 2017 replacing Excise duty, Service Tax and various other indirect taxes. The revenue for the Quarters ended 31st December, 2018, 30th September, 2018, corresponding Quarter ended 31st December, 2017 and Nine Months ended 31st December, 2018 is reported net of GST. Had the previously reported revenues were shown net of excise duty, comparative revenue of the Company would have been as follows: For Table, kindly refer Corporate Announcements on www.bseindia.com.
8. Consequent to clarifications published by The Institute of Chartered Accountants of India (ICAI), the amount of Export Incentives has been recognised as "Other Income" with effect from 1st April, 2018. In earlier periods, these export incentives were reported under "Revenue from Operations - Other Operating Revenue" in the Statement of Profit & Loss. This has no impact on reported Profit Before Tax (PBT).