Hexaware Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 30 Jun 2018
1. The Consolidated audited financial results and standalone audited financial results of the Company, reviewed and recommended by the Audit Committee, were taken on record by the Board of Directors of the Company at its meeting held on July 24, 2018.
The Company has opted to publish only consolidated audited financial results, along with information on audited standalone results as per the amended guidelines issued by the Securities and Exchange Board of India. Standalone audited results are available on the Company's website.
2. Information on segments has been disclosed on a consolidated basis In accordance with Ind AS 108 "Operating Segment.
3. Other Income for the quarter and six months ended June 30, 2018 of the Consolidated financial results includes Rs. 27.39 million of liability no longer payable written back, consequent to the termination of contract with a Russian vendor in respect of customer contracts / relationships.
4. Operation and other expenses for the quarter and six months ended June 30, 2018 of the Standalone financial results Include Rs. 88.00 million provision for impairment In value of investment in a wholly owned subsidiary Hexaware Technologies LLC, Russia resulting primarily from its accumulated losses.
5. The Board of Directors have declared an interim dividend of Rs. 2.50/- per share (125%) on an equity share of Rs. 21- each, at its meeting held on July 24, 2018.
6. The shareholders at its extra ordinary general meeting held on April 24, 2017 approved the scheme of merger of Risk Technology International Limited, a wholly owned subsidiary, with Itself which was further approved by the National Company Law Tribunal ("NCLT") vide its order dated July 6, 2017. In accordance with the scheme and Appendix C to the Ind AS 103 Business Combination, the said merger was accounted using the pooling of Interest method and accordingly, figures of Quarter ended 30th June 2017 of standalone financials have been restated.
7. Figures for the previous period has been regrouped wherever necessary to conform to the current period.