Deepak Nitrite 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. The above Unaudited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held on February 1, 2019.
2.The Statutory Auditors of the Company have conducted a Limited Review of the results for the quarter ended December 31, 2018.
3.According to the requirements of Ind AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, revenue for the corresponding previous half year ended September 30, 2017 were reported inclusive of Excise Duty. The Government of India has implemented Goods and Service Tax ("GST") from July 1, 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per Ind AS 115, the revenue for the period from July 1, 2017 to March 31, 2018, is reported net of GST. Had the previously reported revenue been shown net of excise duty, comparative revenue of the Company would have been as follow:
(Rs. In Lakhs)
Particular Quarter ended Nine months ended Year ended
Revenue from operations 45231.48 43270.95 37114.45 130604.83 106202.88 145497.73
4. The Income Tax Department has conducted search operations during the quarter at the premises of the Company. The Company believes that the search operations will not have any adverse material impact on its performance.
5.During the quarter, Deepak Phenolics Limited, wholly owned subsidiary of the Company, commenced its commercial production of Phenol & Acetone on November 1, 2018.
