ITL Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 23rd July, 2020 and the Statutory Auditors of the Company have also carried out Audited Review of the Audited Financial results for the quarter ended on 31.03.2020.
2. The Company adopted Indian Accounting Standards ("IND AS") from 01/04/2017 and accordingly measurement these financial results have been prepared. In accordance with the recognition and principles laid down in the IND AS 34 Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules made thereunder.
3. The Financial results for the quarter ended 31.03.2020 as disclosed above have been reviewed by the Auditors as per Accounting Standards applicable at that time. However, the Management has exercised necessary due diligence to ensure that the financial results provides true and fair view of the Company's Affairs.
4. The Outbreak of Corona Virus [Covid19] has disrupted economic activities across the World, and our production also affected due to lock-down imposed by the Government. As the economies continues to remain highly uncertain, the Management is regularly monitoring the development in the country and take necessary action to adopt to changing environment.
5. The Board of Directors is recommending Rs.0.50 [5%] as the Dividend for the financial year 2019-20.
6. Previous quarter's figures have been regrouped / reclassified wherever necessary.