EPL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
* Information provided pursuant to Chapter V of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
@ Paid up Debt Capital represents Rated, Listed, Secured/unsecured, Redeemable Non-Convertible Debentures issued on private placement basis.
"$ ISCR = Earnings before finance costs and tax / Finance costs; DSCR = Cash profit before finance costs/ {Finance costs + Principal repayment (excluding pre payment) during the year}; Debt/ Equity Ratio = Total Borrowings/ (Total equity);
Net worth represents Total equity less capital reserves."
1. The above audited standalone financial results, prepared in accordance with the Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 07 May 2019.
2. Figures for the quarter ended 31 March are the balancing figures between the audited figures in respect of full financial year and the published year-to-date figures upto the third quarter of the relevant financial year, which were subjected to limited review.
3 The Board at its meeting held on 07 May 2019 has recommended a dividend of Rs. 1.25 per equity share of Rs. 2 each fully paid up, subject to approval of shareholders.
4 The Board of Directors at its meeting held on 26 April 2018, recommended issue of bonus equity shares, in the ratio of one equity share of Rs 2 each fully paid up for every one equity share of the Company held by the shareholders as on a record date. The above issue of bonus shares has been approved by the shareholders in the annual general meeting held on 13 June 2018. Consequently, the Company allotted 15,71,81,664 equity shares of Rs. 2 each fully paid up bonus shares by capitalisation of reserves amounting to Rs. 3,144 Lakhs. In accordance with Ind AS 33 Earnings per Share, the basic and diluted earnings per share for all the periods presented above have been adjusted to give effect to the
aforesaid issue of bonus shares.
5 During the quarter, the Company allotted 78,666 equity shares of Rs. 2 each fully paid up pursuant to exercise of the stock options granted under Essel Employee Stock Option Scheme 2014.
6 During the year, Credit Analysis & Research Limited (CARE) has reaffirmed the credit rating assigned to the Company for long term facilities at CARE AA and short term debt facilities at CARE A1+. India Ratings and Research (A Fitch group company) has also reaffirmed long term issuer rating at IND AA and rating of commercial paper at IND A1+.
7. Following the commencement of Goods and Services Tax (GST) with effect from 1 July 2017, Revenue from operations for the period beginning 1 July 2017 is reported net of GST recovered, as required by Ind AS. However, prior to GST regime excise duty recovered was included as part of Revenue from operations for the reporting period till 30 June 2017 as required by Ind AS. Accordingly, revenue from operations for the year ended 31 March 2019 is not comparable with the corresponding previous year. To facilitate comparison, the following additional information is being provided:
(Rs. in Lakhs)
Quarter ended Year ended
31-Mar 31-Dec 31-Mar 31-Mar 31-Mar
2019 2018 2018 2019 2018
Revenue from operations as reported* 20,626 22,180 20,899 84,631 85,225
Less: Excise duty included in above (till 30 June 2017) - - - - 2,254
* Effective 1 July 2017 following transition to GST, revenue is reported net of GST recovered.
8. During the quarter, the Board of directors of the Company decided to sell land and building of one of its factory units, which was not in use. The sale of said land and building is concluded in April 2019 and accordingly classified as "Assets held for sale" as at 31 March 2019 as per Ind AS 105 "Non-current assets held for sale and Discontinued Operations".
9 On 22 April 2019, private equity funds managed by Blackstone have entered into a definitive agreement with promoters of the Company to purchase a majority stake in the Company. The transaction is expected to be completed in the coming months, subject to regulatory approvals.
10 The Company has only one major identifiable business segment viz. Plastic Packaging Material.
11 Figures of the previous periods have been regrouped / rearranged wherever considered necessary.