Gujarat Pipavav Port 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 results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 29 January 2019 and 30 January 2019 respectively
2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3. The Company has only one reportable business segment which is Port Services and only one reportable geographical segment which is the port at Pipavav. Accordingly, the Company is a single segment company in accordance with Indian Accounting Statement 108 Operating Segment
4. Effective 1 April 2018, the Company has adopted Ind AS 115 using the cumulative effect method. The standard is applied retrospectively only to contracts that are not completed as of 1 April 2018 and the comparatives have not been restated. The adoption of the standard did not have any material impact to the financial statements of the Company.
5. The Board of Directors of the company in the Board Meeting held on 31 October 2018 declared an interim dividend of INR 1.70 per share on 483,439,910 equity shares of face value of INR 10 each aggregating to INR 990.78 million (Including Dividend Distribution Tax) for the financial year 2018-19 and was paid by the Company on 20 November 2018
6. Figures for the previous periods have been reclassified/ regrouped wherever applicable, to conform with the current period classification.