TVS Motor Company 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 Operations of the Company relate to only one segment viz., automotive vehicles and parts.
2.During the quarter ended 31st December 2018, Investments made by the Company include:
a.Rs.35 Crores in Equity shares of TVS Credit Services Limited, Chennai.
b. Rs.31.80 Crores in Equity shares of TVS Motor (Singapore) Pte. Limited, Singapore.
c. Rs.21 Crores in Equity shares of PT.TVS Motor Company Indonesia.
3.Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using modified retrospective method and there were no adjustments required to the retained earnings as at 1st April 2018. Also, the application of Ind AS 115 did not have any significant impact on the financials of the Company.
4.The above unaudited financial results were reviewed and recommended by the Audit Committee on 21st January 2019 and approved by the Board of Directors at their meeting held on 22nd January 2019. These results have been subjected to limited review by the statutory auditors of the Company.
5.As per Ind AS, Revenue from Operations is shown net off Goods and Service Tax (GST). However, for the earlier periods presented above i.e., for the nine months period ended 31st December 2017 and for the year ended 31st March 2018, Revenue from Operations includes excise duty of Rs. 343.22 Crores pertaining to the pre GST period April 2017 to June 2017.
6.Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification.