Thyrocare Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1 The above standalone audited financial results of the Company were reviewed and recommended by the Audit Committee on 8 May 2021 and subsequently approved by the Board of Directors at its meeting held on 8 May 2021. The statutory auditors have expressed an unqualified opinion. The audit report has been filed with stock exchange and is available on the Company’s website.
2 These standalone financial results have been prepared in compliance with ind AS as notified by the Ministry of Corporate Affairs and prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting pronouncements generally accepted in India, to the extent applicable.
3 The figures for the quarter ended 31 March 2021 are balancing figures between the audited figures in respect of the full financial year and the year-to-date figures upto the third quarter ended 31 December 2020, which were subjected to limited review. The figures for the quarter ended 31 March 2020 are balancing figures between the audited figures in respect of the full financial year and the year-to-date figures upto the third quarter ended 31 December 2019, which were subjected to limited review.
4 The novel coronavirus [COVID-19] pandemic continues to spread around the globe rapidly. The virus has taken its toll on not just human life, but , business and financial markets too, the extent of which is currently indeterminate.
In view of the lockdown across the country due to the outbreak of COVID pandemic during the previous year, operations of the Company (collection centers, imaging centers, centralized processing laboratory, regional processing laboratories and offices, etc.) were scaled down or shut down from second half of March 2020. Although some of the states have initiated measures to lift the lockdown either partially or fully in the later part of the financial year, the duration of this lockdown was uncertain in almost all the states. Due to surge of COVID-19 cases in India, in the month of March 2021, the country might face partial/ full lockdown.
The Company has resumed its full operations in the second quarter of financial year and as compared to the previous year is better equipped to manage the operations effectively in the event of a lockdown.
The Company is also authorized by ICMR to perform COVID-19 tests using RT-PCR technology.
The Company continues to closely monitor the situation and will take appropriate action as necessary to scale up operations in compliance with the applicable regulations. As per the Company's current assessment, there is no significant impact estimated in respect of the carrying amounts of assets of the Company including inventories, intangible assets, trade receivables, investments and other financial assets, and the Company continues to closely monitor changes in future economic conditions. In view of the estimation uncertainty arising from the unprecedented nature of the COVID-19 pandemic, the eventual outcome of the impact of the pandemic may be different from that estimated as on the date of approval of these financial results.
5 The Company assessed the recoverable amount of investment in the wholly owned subsidiary Nueclear Healthcare Limited, as at 31 March 2021, as the higher of Fair Value less Cost of Disposal (the 'FVCOD') and the Value in Use (the 'VIU'), in view of the accumulated business losses since inception and also considering the changes in the market conditions and business environment in India including due to the outbreak of COVID pandemic and effects thereof in the foreseeable future. The subsidiary has already took steps to mitigate the adverse risks either by shifting the centers or by disposing of the business undertaking where it faces cost constraints. The Company continues to assess and endeavors to take appropriate steps to optimise the profitability of Nueclear Healthcare Limited and also combat the potential impact of the pandemic on the business of Nueclear Healthcare Limited. The management does not foresee any further impairment of investment in Nueclear Healthcare Limited as at 31 March 2021 (31 March 2020 : INR 44.33 crore).
6 During the quarter and year ended 31 March 2021, the Company has forfeited 2730 equity stock options and 9,052 equity stock options, respectively, granted to employees under employees stock option schemes, on discontinuance of services of these employees. The Company has also allotted 38,054 equity shares on exercise of options during the year ended 31 March 2021.
7 The Board of Directors have declared final dividend of Rs. 15 (Rupees fifteen only) per equity share of the face value of Rs. 10 each for the financial year ended 31 March 2021 at its meeting held on 8 May 2021.
An interim dividend of Rs. 10 (Rupees ten only) per equity share of the face value of Rs. 10 each was declared at the Board Meeting held on 28 October, 2020 and the same was paid on 26 November 2020. The total dividend for the year including the final dividend will be Rs. 25 (Twenty Five only) per equity share of the face value of Rs. 10 each.
8 In accordance with Ind AS 108 'Operating Segments', segment information has been given in the consolidated financial results of the Company.
9 Previous periods' figures have been regrouped/ reclassified wherever required, to make them comparable with the figure for the current period.