Wockhardt 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
Notes To Standalone Results 1) The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on January 28 2019. The results have been subjected to limited review by the Statutory auditors of the Company.
2) During the quarter the Company has allotted 34750 Equity shares of face value of Rs. 5 each pursuant to exercise of employee stock options.
3) During the quarter the Company has allotted 500000000 4% Non-Cumulative Redeemable Preference Shares (NCCRPS) of Face Value of Rs. 5 each at par on preferential basis for an aggregate amount of Rs. 250 crore in accordance with the approval of the Shareholders of the Company obtained on December 14 2018.
4) During the quarter the Company has redeemed out of the proceeds of fresh issue of NCCRPS referred at Note 3 above (i) 121,454,927 Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS Series 2) of Face value of Rs. 5 each and (ii) 315,659,941 Non-Convertible Cumulative Redeemable Preference Shares (NCRPS Series 2 and Series 3) of Face value of Rs. 5 each, as per terms and conditions of the said Preference Shares, on its due date of redemption i.e. December 31, 2018. The redemption amount was Rs. 271.34 crore (including redemption premium of Rs. 52.78 crore).
5) Effective April 01 2018 the Company has adopted Ind AS 115 Revenue from Contracts with Customers that has become mandatorily applicable for reporting periods beginning on or after April 01 2018 replacing the existing revenue recognition standard. In accordance with the first time adoption options available in the said standard the Company has chosen the cumulative effect method and applied retrospectively only to contracts that are not completed as at the date of initial application ie April 01 2018. Accordingly the comparatives have not been restated in line with the provisions of the standard. The adoption of the standard did not have any material impact to the financial statements of the Company for the quarter and nine months ended December 31 2018.
6) The Company is exclusively into Pharmaceutical business Segment.
7) Previous period year figures have been recast regrouped to conform to the current periods presentation.
Additional Note Earning per share for the quarter and Nine Months ended is not annualised.