Hikal 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 were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on 1 February 2019.

2. The Board of Directors have declared interim dividend of 30% ( Re 0.60 per share )(Previous year 35%) on equity shares.

3. The financial results for the quarter and nine months ended on 31 December 2018 have been subjected to a 'Limited Review' by the statutory auditors of the Company. The statutory auditors have expressed an unqualified opinion. The limited review report will be filed with the stock exchanges and will also be available on the Company's website,

4. Finance cost for the quarter ended 31 December 2018 includes exchange gain on foreign currency working capital/term loans of Rs. 78 lakhs.(Quarter ended 30 September 2018 - loss of Rs 385 lakhs, quarter ended 31 December 2017 o Rs Nil) and loss of Rs 761 lakhs for the nine months ended 31 December 2018. (Rs Nil for the nine months ended on 31 December 2017 and Rs 69 lakhs for the year ended 31 March 2018).

5. The Company has allotted 4,11,00,250 equity shares as fully paid up bonus shares by capitalisation of securities premium of Rs 822 lakhs, pursuant to an ordinary resolution passed at the extra-ordinary general meeting.

The earning per share (EPS) have been restated to give effect of bonus shares allotted on 26 June 2018, as required by Ind AS 33 .

7. Effective 1 July 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which form part of expenses. Hence revenue from operations for the nine months ended 31 December 2018 are not comparable with previous period corresponding figures.

8. Effective 1 April 2018, the Company has adopted Ind AS 115, ' Revenue from contracts with customers'. Based on the assessment done by the management there is no material impact on the revenue recognised during the period ended 31 December 2018.

9. The figures for the previous periods have been regrouped whenever necessary.

Jai Hiremath
Chairman and Managing Director