Dhampur Sugar Mills 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. With effect from April 01, 2018, the Company has adopted Ind AS 115 " Revenue from Contracts with Customers". The adoption of this standard does not have any impact on the standalone financial results of the Company.2.Revenue from operations is presented net of taxes and duties after implementation of Goods and Services Tax Act (GST) effective from July 01, 2017. Hence the revenue from operations of the nine months ended December 31, 2018 and December 31, 2017 are not comparable.3.With effect from April 01, 2018, in it's interim financial results, the company has revised the policy of deferment of off season expenses which are reversed in the subsequent quarters, to align the same with Ind AS 34 'Interim Financial Reporting'. Accordingly, off-season expenses during quarters ended June 30, 2018 and September 30, 2018 were not deferred and reversed in the current quarter as in earlier years. The profits for the corresponding quarter ended December 31, 2017 and nine months ended on that date have also been restated to make them comparable.4.Change in inventory during the quarter is net of write down of cost of inventory to net realisable value or reversal thereof. Accordingly, cost of inventory is written down at net realisable value by Rs.1906.75 lacs and reversed by Rs.1214.41 lacs due to increase in net realisable value of sugar as on December 31, 2018 as compared to September 30, 2018.5.During the quarter ended December 31, 2018, the Company has recognised financial assistance paid by the Government of U.P. for sugar season 2017-18 amounting to Rs.3341.52 Lacs.6.The Board of Directors has declared an interim dividend at the rate of 35% i.e. Rs. 3.50 per equity share of face value of Rs. 10/- each for the FY 2018-19.7.The above standalone financial results have been reviewed by the Audit Committee in their meeting held on January 29, 2019 and approved by the Board of Directors in their meeting held on January 30, 2019. The statutory auditors have carried out a review of these financial results.8.Sugar being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company.9.Figures for the previous corresponding periods have been regrouped, wherever considered necessary.