L&T Technology Services 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 financial results of the Company for the quarter and nine months ended December 31, 2018 have been subjected to limited review by the statutory auditors, reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on January 17, 2019.
2. During the quarter ended December 31, 2018, the Company has allotted 322,190 equity shares of Rs. 2 each fully paid-up on exercise of stock options by employees, in accordance with the Company's stock option scheme.
3. Ind AS 115 - Revenue from contracts with customers is mandatory for accounting periods commencing on April 1, 2018. The Company has elected to apply the cumulative catch-up method on the date of transition. Accordingly, the revised standard is applied to contracts that were in progress as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect of adoption of Ind AS 115 is not material to the financial statements.
4. The Company acquired 100% stake effective October 15, 2018 in Graphene Semiconductor Services Private Limited, a company providing end-to-end solutions in semiconductor space.
5. Figures for earlier periods have been regrouped, wherever necessary.
Keshab Panda Chief Executive Officer and Managing Director