Newgen Software Technologies 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 financial results for the quarter and nine months ended December 31, 2018 were reviewed by the Audit Committee in their meeting held on 24 January 2019 and approved by the Board of Directors in their meeting held on 24 January 2019. These results have been subjected to limited review by the statutory auditors.
2. Unaudited standalone and consolidated financial results of the Company for the quarter and nine months ended 31 December, 2018 are prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and relevant rules thereunder. The company was not required to publish the standalone and consolidated financial results for the quarter and nine months ended 31 December 2017 prepared under previous Indian General Accepted Accounting Principles (IGAAP). Consequently previous IGAAP standalone and consolidated financial results for the quarter mid nine months ended 31 December 2017 have been compiled and restated to Ind AS to make them comparable.
3. Effective 1 April, 2018 the Company has adopted Ind AS 115 using cumulative catch-up transition method and accordingly comparatives have not been restated. The impact of adoption of Ind AS 1l5 was not material.
4. Tax expense for earlier years in the standalone and consolidated financial results include Rs. 178 lakhs with respect to assessment completed for financial year (FY) 2015-16 against which company is in the process of filing an appeal.
5. As at December 31, 2018, the proceeds of IPO funds are unutilised and have been temporarily invested/ deposited in cash and cash equivalents including fixed deposits and bank account.
6. Previous period figures have been regrouped/reclassified, wherever necessary, to confirm to current year's classification as per Ind AS.