Magellanic Cloud Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

1. The above audited results have been reviewed by the Audit Committee and approved in the meeting of Board of Directors held on 31st July 2020 and Statutory Auditors of the Company have carried out Limited Review of the same.



2. Effective 1st April, 2019, the Company has adopted IndAS 116 'Leases' and capitalised assets taken on operating lease. The transition was effected using modified retrospective method and impact thereof has been recognised as an adjustment to the retained earnings as at 1st April, 2019. In the Statement of Profit and Loss for the current quarter and nine months ended, the nature of expenses in respect of Operating Lease has changed from lease rent in previous periods to depreciation cost for the right-of-use asset and finance cost for interest accrued on lease liability. Resultantly the related figures for the current quarter and year ended are not comparable with previous comparative periods.



3. The figures for quarter ended 31st March, 2020 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the financial year.



4. The Company's business activity falls within a single primary business segment comprise of consulting services.



5. Previous year's figures are re-grouped, re-arranged, re-classified wherever necessary.