Bharat Electronics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. Transition to Indian Accounting Standards (Ind AS).
The Company's financial results for the quarter and period ended 31 March 2017 are in accordance with Ind AS notified by MCA under the Companies (Indian Accounting Standards) Rules, 2015.
Reconciliation of Net Profit for the figures of previous period on account of transaction from the previous GAAP to Ind AS is given below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
Reconciliation of total equity for the figures of previous period on account of transaction from the previous GAAP to Ind AS is given below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
2. Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
3. The audited annual results of Subsidiary Company viz. BEL Optronic Devices Ltd. (100 % shareholding), BEL Thales Systems Ltd (74 % shareholding) are included in Consolidated Financial Results for the year 2016-17. The associate viz. GE BE Pvt. Ltd. has consolidated under Equity method [26 % Shareholding], The consolidated financial results have been prepared as per Indian Accounting Standards Ind AS 110 and Ind AS 28.
4. The company has bought back 16637207 shares of Rs. 10 each at a premium of Rs. 1295/- per share under Buy Back Scheme during Oct 16. Consequent to buyback of equity shares, the earning per share (EPS) has been calculated by using the weighted average number of shares outstanding during the period. The number of equity shares considered for EPS is 2332083730.
5. The company has sub divided the equity shares from face value of Rs. 10/- per share to Rs. 1/- per share during the month of March 2017. Consequent to sub division, the earnings per share (EPS) have been adjusted for all the previous reported periods.
6. An interim dividend of Rs. 3/- per equity share of Rs. 10/- each for the year 2016-17 was paid in the month of February, 2017 and second interim dividend of 90 paisa per equity share of Rs. 1 each was paid in the March 2017.
7. A Final Dividend of Rs. 1.05 per equity share for the financial year 2016-17 has been recommended by the Board of Directors at the meeting held on 29 May 2017.
8. The figures of fourth quarter are the balancing figures between the audited figures of the full financial year and the published figures up to the third quarter of the respective financial years.
9. The financial results for the year ended 31 March 2017 have been audited by the statutory auditors of the company.
10. The audited results for the year ended 31 March 2017 is subject to supplementary audit by the Comptroller and Auditor General of India u/s 143 (6) of the Companies Act, 2013.
11. The above statement of financial results were reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 29th May 2017.