Olectra Greentech Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

TheaboveauditedstandalonefinancialresultswerereviewedbytheauditCommitteeandthereafterapprovedatthemeetingoftheBoardofDirectorsheldon16thJune2021. The auditors have issued unqualifed audit opinionontheseresults.TheaboveStandalonefinancialresultsoftheCompanyhavebeenpreparedinaccordancewiththeIndianAccountingStandards("IndAS")asprescribedundersection133of the Companies Act, 2013 read with Companies (Indian Accounting Standard) Rules, 2015, as amended.Segmentreporting:InlinewiththeprovisionsofIndAS108operatingsegments,theoperationsoftheCompanyfallprimarilyundermanufacturingofCompositePolymer Insulators and Electric Buses and accordinglyconsideredunderreportablesegmentsbythemanagement.Thefiguresofthefourthquarterarethebalancingfiguresbetweenauditedfiguresinrespectofthefullfinancialyearandpublishedyeartodatefiguresuptothethirdquarter of the relevant financial year. Also the figures upto the end of third quarter were only reviewed and not subjected to audit. TheCompanyhasperformedadetailedassessmentofitsliquiditypositionandtherecoverabilityoftheassetsasatthebalancesheetdateandhasconcludedthatbasedoncurrentindicatorsoffutureeconomicconditions,thecarryingvalueoftheassetswillberecovered.Managementbelievesthatithasfullyconsideredallpossibleimpactofknowneventsinthepreparationofthestandalonefinancialresults.However,giventheeffectofthelockdownontheoveralleconomicactivityandinparticularontheautomotiveindustry,theimpactassessmentofCOVID19isacontinuingprocess,giventheuncertaintiesassociatedwithitsnatureandduration.TheCompanywillcontinuetomonitoranymaterialchangestofutureeconomicconditionsandtheconsequentimpactonitsbusiness,ifany,whichmaybedifferentfromthoseestimatedonthe date of approval of these financial statements.TheCodeonSocialSecurity,2020("Code")receivedPresidentialassentinSeptember2020.TheCodehasbeenpublishedintheGazetteofIndia.HowevertherelatedfinalruleshavenotyetbeenissuedandthedateonwhichtheCodewillcomeintoeffecthasnotbeennotified.TheCompanywillassesstheimpactoftheCodeandtherulesthereunder when they come into effect.The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current period presentation.
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