Grindwell Norton 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 at its meeting held on February 4, 2019. The Statutory Auditors of the Company have carried out a Limited Review of the above results. 2. The above said results are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013, and Companies (Indian Accounting Standards) Rules, 2015, as amended. 3. Pursuant to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax etc., have been subsumed into GST. In accordance with accounting requirements, unlike Excise Duty, GST is not part of Revenue. Accordingly, the adjusted Gross Sales and Service Income (i.e. Net of GST and Excise duty, as applicable), is being provided below to facilitate comparison:

(Rs. In Lakhs)

Particulars Quarter ended Nine months ended Year ended

31-12-2018 30-09-2018 31-12-2017 31-12-2018 31-12-2017 31-03-2018

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

Gross Sales and

Service Income (A) 37,985 40,596 35,557 115,687 104,528 142,066

Excise duty on Sales (B) - - - - 2,281 2,281

Gross Sales and Service

Income excluding excise

duty on sales (C=(A-B)) 37,985 40,596 35,557 115,687 102,247 139,785

4. The Segmentwise information as required by Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished in Annexure I. The Segment Revenue for the nine months ended December 31, 2018 are not comparable with the Segment Revenue for the nine months ended December 31, 2017, for the reasons mentioned in the aforesaid Note 3. 5. The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable. 6. The financial results are available on the BSE Limited website,, National Stock Exchange of India Limited website, and on the Company’s website,