Aster DM Healthcare Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2019
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2019
1. These unaudited standalone financial results have been prepared in accordance with Indian Accounting Standards find AS') as prescribed under Section 133 of the Companies Act. 2013, read with relevant rules thereunder.
2. The unaudited standalone financial results have been reviewed by the Audit Committee and recommended for adoption to the Board of Directors. The Board of Directors of the Company have considered and approved these standalone financial results in their meeting held on 11 February 2020.
3. The statement has been subjected to limited review by the statutory auditor of the Company. The review report of the auditor is unqualified.
4. During the year ended 31 March 2018, the Company had completed the Initial Public Offer ('IPO'), pursuant to which 51,586.145 equity shares having a face value of INR 10 each were allotted/'allocated, at an offer price of INR 190 per equity share, consisting of fresh issue of 38.157.894 equity shares and an offer for sale of 13,4128,251 equity shares by selling shareholders. The gross proceeds of fresh issue of equity shares from IPO amounts to INR 725 crore. The Company's share of fresh issue related expenses of INR 44 32 crore has been adjusted against Securities Premium, Details of utilisation of IPO proceeds are as follows : For Table, kindly refer Corporate Announcements on www.bseindia.com.
Company revised the objects of the issue by altering the amount required to be spent for fresh issue related expenses and general corporate expenses and has consequently tiled the relevant forms with stock exchanges.
Unutilised amount as at 31 December 2019 is invested in fixed deposit with banks.
5. Effective 1 April 2019. The Company adopted Ind AS 116 'Leases', applied to all lease contracts existing on 1 April 2019 using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended 31 March 2019 have not been retrospectively adjusted. The effect of this adoption has resulted in recognition of Right-of-use assets (ROU) and lease liability with net impact transferred to retained earnings. Further, it has also resulted in decrease in rent expenses included in 'other expenses', increase in interest expenses included in 'finance cost' and increase in depreciation and amortization expenses for (he quarter and nine months ended 31 December 2019 as mentioned below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
6. Pursuant to a flood on 16 and 17 August 2018, certain property, plant and equipment’s and inventory of the Company were damaged. The Company lodged an initial estimate of loss with the insurance company for which final survey report has not been released by the insurance company. During the quarter ended 30 September 2018, the Company booked an expense of INR 27.46 crore for repairs and maintenance of property, plant and equipment’s and INR 3.11 crore for loss of inventory and recognised insurance claim receivable of INR 29.05 crore. The aforementioned loss and the corresponding credit arising from insurance claim receivable has been presented on a net basis (INR 1.52 crore) as an exceptional item in these financial results. The Company has received INR 11.75 crore as interim payments till 31 December 2019.
7. The Nomination and Remuneration Committee of the Company approved the grant of the following options to the employees of the Company and its subsidiaries during the nine months ended 31 December 2019 For Table, kindly refer Corporate Announcements on www.bseindia.com.
8. The Board of Directors, at its meeting held on 9 January 2020, recommended a buyback of equity1 shares, through tender offer method on a proportionate basis, for a total consideration not exceeding INR 120 crores at INR 210 per share. The Company has also announced 24 January 2020 as the record date in this regard. The Company has issued a Public Announcement and has also filed the draft letter of offer with the Securities and Exchange Board of India as required under the SEBI (Buyback of Securities) Regulations, 2018.
9. Other income for the quarter and nine months ended 31 December 2019 includes an amount of INR 91 crores relating to dividend income from the Company's investment in a subsidiary
10. Figures for the previous periods have been regrouped and or reclassified wherever necessary to conform with the classification for the current period.