MindTree Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2020
Auditor and Management Disclosures and Notes for the quarterly results dated 30 Jun 2020
1. The information presented above is extracted from the audited standalone interim financial statements for the quarter ended June 30, 2020 and the audited standalone interim financial statements for the quarter and year ended March 31, 2020. The standalone interim financial statements for the quarter ended June 30, 2020 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 - Interim Financial Reporting' (Ind AS 34). The above results were reviewed by the Audit Committee and thereafter have been adopted by the Board at its meeting held on July 14, 2020.
2. The statement of financial results has been audited by the Company's auditors. The Company's auditors have issued an unmodified audit opinion on the financial results. The audit report has been filed with the stock exchanges and is also available on the Company's website.
3. Estimation uncertainty relating to COVID-19 outbreak The Company has considered internal and certain external sources of information including credit reports, economic forecasts and industry reports, up to the date of approval of the financial statements/ results in determining the impact on various elements of its financial statements/ results. The Company has used the principles of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on the current estimates, the Company has accrued its liabilities and also expects to fully recover the carrying amount of trade receivables including unbilled receivables, goodwill, intangible assets and investments. The eventual outcome of impact of the global health pandemic maybe different from those estimated as on the date of approval of these financial statements/ results.
4. The Board of Directors at its meeting held on April 24, 2020 had recommended a final dividend of 100% (Rs 10 per equity share of par value Rs 10 each) for the financial year ended March 31, 2020 which is subject to the approval of shareholders at the Annual General Meeting to be held on July 14, 2020.
5. Board changes and changes in Key Managerial Personnel:
(i) Mr. Milind Sarwate, Independent Director resigned from the Board with effect from April 24, 2020.
(ii) Mr. Senthil Kumar resigned as Chief Financial Officer and Key Managerial Personnel with effect from June 15, 2020 and continues as AVP & Finance Controller with effect from June 15, 2020.
(iii) Mr. Vinit Ajit Teredesai was appointed as Chief Financial Officer and Key Managerial Personnel with effect from June 15, 2020.
6. EPS for the interim periods are not annualized.
7. Liability for discount as at March 31,2020 amounting to Rs 708 million has been reclassified from provisions to other current liabilities to conform to better presentation.