GFL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1. The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at its meeting held on 25th May, 2018. The Statutory Auditors of the Company have carried out the audit and have issued their unmodified opinion on the financial statements.
2. According to requirement of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, revenue from operations for the quarter ended 31st March, 2017, quarter ended 30th June, 2017 and year ended 31st March, 2017 was reported inclusive of excise duty. Goods and Services Tax (“GST”) was implemented with effect from 1st July 2017, which subsumed excise duty. As per Ind AS 18, revenue from operations for the quarter ended 31st December 2017 and quarter ended 31st March 2018 is reported net of GST. Therefore, revenue from operations for the current periods is not comparable with corresponding earlier periods. Comparable revenue from operations included in Total Income above has been computed by adjusting excise duty from the revenue from operations of respective previous period, on like-to-like basis and same is tabulated below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
3. Exceptional items comprise of: For Table, kindly refer Corporate Announcements on www.bseindia.com.
To meet the minimum public shareholding requirements by the Company’s subsidiary Inox Wind Limited (“IWL”), the 'Promoter/Promoter Group' have sold, in aggregate, 2,35,61,331 equity shares in IWL in through an Offer for Sale (OFS) of shares through the stock exchange, in March 2018. The OFS included sale of 1,35,61,331 equity shares in IWL by GFL as a promoter. The net gain of Rs. 15,403 Lakhs on sale of these shares by GFL is included in Exceptional items above.
4. The figures for the quarter ended 31st March, 2018 and the corresponding quarter ended in the previous year as reported in these standalone financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
5. The Company has a single operating segment viz. ‘Chemicals’.
6. The Board of Directors at its Meeting considered and recommended dividend 350% i.e. Rs. 3.50 per Equity Share of Re 1 each for the financial year 2017-18.