Escorts 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 for the quarter and nine months ended December 31. 2018 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on January 28. 2019.
2. Goods and Service Tax ('GST) has been implemented with effect from July 1, 2017 and therefore Revenue from operations for all periods presented other than the period April 1, 2017to June 30. 2017, included in the financial results for the nine months ended December 31, 2017 are net of GST Accordingly, Revenue from operations for nine months ended December 31, 2018 is not comparable to the revenue from operations for nine months ended December 31, 2017 The following additional information is being provided to facilitate such understanding:
3. Exceptional items (continuing operations) Rs. 1,090 71 lakhs during the quarter and nine months ended December 31, 2018 represent income from Transfer of Rough Terrain cranes business to the newly formed Joint Venture with M/s Tadano Limited on a slump sale basis Exceptional items (continuing operations) Rs. 11 64 lakhs in quarter ended December 31, 2017 and Rs 675 86 lakhs during the nine months ended December 31. 2017 and year ended March 31, 2018 represents amounts reversed/incurred towards Voluntary Retirement Scheme aimed at certain section of employees.
4. Effective April 1. 2018, Ihe Company has adopted Ind AS 115 The adoption of the standard did not have any impact on the retained earnings of the Company as at April 1, 2018 and its financial results for the quarter and nine months ended December 31, 2018.