Mahindra EPC Irrigation 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 financial results have been prepared in accordance with the recognition and measurement principles under Ind AS as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
2. The above standalone unaudited financial results were reviewed by the Audit Committee and then approved by the Board of Directors of the Company at their meeting held on January 30, 2019. The statutory auditors have carried a limited review on the standalone financial results.
3. The Company is engaged in the business of Precision Farming Products & Services. There is single operating segment as per the Indian Accounting Standard on 'Operating Segments' (Ind AS 108).
4. Consequent to the introduction of Goods and Services Tax (GST) with effect from July 01, 2017, Central Excise, Value Added Tax (VAT) etc. have been subsumed into GST. In accordance with Indian Accounting Standard and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc. are not part of Revenue. Accordingly, the figures for the periods up to June 30, 2017, presented in the results, are not strictly relatable to those thereafter.
5. Other expenses include Selling and Distribution expenses for the quarter ended December 31, 2018 - Rs.1,149.99 lakhs, September 30, 2018 - Rs.886.71 lakhs, December 31, 2017 - Rs.562.59 lakhs; for the nine months ended December 31, 2018- Rs.2,859.56 lakhs, December 31, 2017 - Rs.1,501.27 lakhs and Rs. 2,679.04 lakhs for the year ended March 31, 2018.
6. Mahindra Top Greenhouses Pvt. Ltd. the Joint Venture of the Company with Top Greenhouses Ltd., Israel was incorporated on November 16, 2018. The Company has invested in 18,00,000 shares of Rs.10 each of the Joint Venture company as on December 28, 2018.
7. Figures for the previous periods have been regrouped / reclassified, wherever necessary.