Ipca Laboratories 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
The above audited financial results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors in their meeting held on May 29, 2018.
During the quarter, the Company’s wholly owned subsidiaries acquired 100% shareholding of M/s. Pisgah Laboratories Inc., USA, a contract manufacturer and developer of Active Pharmaceutical Ingredients (API) and Intermediates.
At the end of quarter, the Company has 1,56,500 outstanding options granted under Ipca Laboratories Ltd. Employees Stock Option Scheme – 2014. Each option gives a right but not an obligation to the Option Grantee to apply for 1 equity share of ` 2/- each fully paid up of the Company at a price of ` 300/- per share upon completion of 1 year from the date of grant of options on April 25, 2017. The compensation cost and its accounting has been done in accordance with Ind AS - 102 - Share based payment on the basis of the fair value of the options granted over the vesting period.
The Board has recommended a dividend of ` 1/- per share (50%) for the financial year 2017-18.
In accordance with the requirements of Ind AS 18, Revenue from Operations for the quarter ended March 31, 2018 and December 31, 2017 are shown net of Goods and Services Tax (GST). However, Net Sales for the corresponding quarter and previous financial year are shown inclusive of excise duty. Revenue from operations for the Financial year ended March 31, 2018 includes excise duty upto June 30, 2017. For comparison purposes revenue excluding excise duty is given below : (` Crores)
A. Total Income from operations 782.75 859.21 668.93 3219.21 3158.22
B. Excise Duty on sales (included in other expenses) - - 10.27 10.28 47.18
C. Total Income from operations excluding Excise duty on Sales (A-B) 782.75 859.21 658.66 3208.93 3111.04
*The figures of the last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of the full financial year ended March 31, and unaudited year-to-date figures up to the third quarter ended December 31, which were subjected to limited review.
The Company has only one reportable primary business segment viz. 'Pharmaceuticals'.
Figures for the previous period have been regrouped / re-classified to conform to the figures of the current period.