Elgi Equipments 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 standalone financial Results were reviewed by the Audit Committee and approved by the Bold of Directors of Elgi Equipments Ltd ("the Company") at their meeting held on February 1, 2019. The statutory auditors of the Company have carried out a limited review of these financial results.
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed wider Section 133 of tie Companies Act, 2013 and other recognised accounting practices and policies to the C) 3. The Government of India introduced the Goods and Service Tax (GST) with effect from July 1, 2017. Accordingly, in compliance with Indian Accounting Standard (Ind AS) 115- 'Revenue. from Contracts with Customers'/ Indian Accounting Standard (Ind AS) i8-'Revenue', Revenue from operations for tie nine months ended December 31, 2018 and quarters ended December 31, 2018, September 30, 2018 and December 31, 2017 are presented net of GST. Revenue from operations for the nine months ended December 31, 2017 And the year ended March 31, 2018 includes excise duty upto June 30, 2017.
4. The Company has adopted Ind AS 115 "Revenue from Contracts with Customers" with effect from April 1, 2018. The effect of adoption of lnd AS 115 is not material on the Total comprehensive income.
5. The business activities reflected in the above financial results comprise of manufacturing and sale of compressors. Accordingly, there is no other reportable segment as per Ind AS 108 Operating Segments.
6. Exceptional item of Rs. 27.44 million for the nine months ended December 31, 2017 and year ended March 31, 2018 pertains to expense under the Company's Voluntary Retirement Scheme (VRS).
7. Previous period / year figures have been regrouped / reclassified to make them comparable with those of current period.