Bharat Electronics 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. These results have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015, as amended.
2. Adoption of Ind AS 115- Revenue from Contracts with Customers : Effective April 1, 2018, the company has adopted Ind AS 115 "Revenue from Contract with Customers" using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as at the date of initial application and hence the comparative information is not restated. The adoption of the standard did not have any material impact on the financial statements of the company.
3 Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
4 The quarterly results of Subsidiary Companies viz. BEL Optronic Devices Ltd., BEL Thales Systems Ltd. And associate company viz. GE BE Pvt. Ltd. are not included above.
5. As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 31st December 2018.
6. An interim dividend of Rs 0.30 per share for the year 2018-19 has been declared by the Board of Directors at the meeting held on 30th January 2019.
7. The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 30th January 2019.