Bharat Electronics Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1. Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirements of Segment Reporting.
2. 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 2018-19. The associate viz. GE BE Pvt. Ltd. has been 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.
3. Adoption of Ind AS 115 : Effective April 1, 2018, the Company adopted Ind AS 115 “ Revenue from Contract with Customers” using the cumulative catch-up transition method, applied to contracts that were not completed as on April 1, 2018. In accordance with cumulative catch-up transition method, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 is insignificant. No adjustment has been made to the opening balance of retained earnings on account of adoption of Ind AS 115.
4. Revenue from operations for the FY 2017-18 includes excise duty of Rs. 7828 and Rs. 8436 in respect of standalone & consolidated financial results respectively. However, the corresponding figures for the current year is NIL due to introduction of Goods and Service Tax (GST) with effect from 1st July, 2017. Hence revenue from operation for the year ended 31 March, 2019 is not comparable with the previous year.
5. Three interim dividend totalling Rs. 1.70 per equity share of Rs. 1 /- each was paid for the financial year 2018-19 in the month of February & March 2019.
6. A final dividend of Rs. 1.70 per equity share for the financial year 2018-19 has been recommended by the Board of Directors at the meeting held on 29th May 2019.
7. The figures of fourth quarter are the balancing figures between the audited figures for the full financial year and the published figures up to the third quarter of the respective financial years.
8. The financial results for the year ended 31 March 2019 have been audited by the statutory auditors of the company.
9. The audited results for the year ended 31 March 2019 is subject to supplementary audit by the Comptroller and Auditor General of India u/s 143 (6) of the Companies Act, 2013.
10. 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 2019.