Vardhman Special Steels 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 Unaudited Financial Results as reviewed by the Audit Committee have been approved at the meeting of the Board of Directors held on 1 February 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 and Financial Results at Corporate section of and

2. The Company is engaged in the single operating segment “Steel”.

3. 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.

4. The Company is eligible for incentives under the Mega Project Policy of the Punjab State Government for its expansions completed up to March 31, 2016. Though the plant has been commissioned but the benefits have not been considered in the above results as the same is pending for sanction by appropriate authority.

5. 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 retrospectively adjusted. There is no effect on adoption of lnd AS 115 on the financial results.