Capacit'e Infraprojects 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 unaudited financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on February 04, 2019.
2. Ind AS 115 "Revenue from Contracts with Customers”, mandatory for reporting periods beginning on or after April 1,2018, replaces existing revenue recognition requirements. The application of Ind AS 115 has impacted the Company’s accounting for construction work-in-progress, with consequential impact on revenue, expected credit loss and tax expense. The Company has chosen to apply the modified retrospective approach and accordingly, impact upto March 31. 2018 of unbilled revenue of Rs. 15,612.71 lakhs net of cost of material consumed of Rs. 14,769.86 lakhs, expected credit loss of Rs. 7.81 lakhs and tax expense of Rs. 288.99 lakhs, i.e. Rs. 546.05 lakhs have been credited to the retained earnings as at April 1, 2018.
Due to the application of Ind AS 115:
a) Revenue from Operations for the quarter ended December 31,2018 is higher by Rs. 4.053.95 lakhs, cost of material consumed is higher by Rs. 3,571.68.82 lakhs, tax expense is higher by Rs. 168.46 lakhs & profit after tax is higher by Rs. 311.65 lakhs. Also, the basic and diluted EPS for the period is Rs. 10.26 per share, instead of Rs. 9.80 per share.
b) Revenue from Operations for the quarter ended December 31,2018 is higher by Rs. 1.737.33 lakhs, cost of material consumed is higher by Rs. 1160.34 lakhs, tax expense is higher by Rs. 201.60 lakhs & profit after tax is higher by Rs. 374.52 lakhs. Also, the basic and diluted EPS for the period is Rs. 3.52 per share, instead ofRs. 2.97 per share.
Under modified retrospective approach, the comparatives for the previous period figures are not required to be restated and hence are not comparable with the current period.
3. Use of IPO proceeds is summarised as below:(Rs in lakhs)For Table, kindly refer Corporate Announcements on www.bseindia.com.
IPO proceeds which remains unutilised as at December 31.2018 were invested in fixed deposits with scheduled commercial banks.
4. The Company's business segment consists of a single segment of ’Engineering, Procurement and Construction contracts' (EPC) in accordance with the requirement of Indian Accounting Standard (IndAS) 108: Operating Segment. Accordingly, no separate segment information has been provided.
5. Figures for the previous period have been regrouped / reclassified, where necessary, to confirm to the current period classification.