MindTree Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2020
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2020
Notes:-
1. The information presented above is extracted from' the audited standalone interim financial statements for the quarter and nine months ended December 31, 2Q20, audited standalone interim! financial statements for the quarter and six months ended September 30, 2020 and the audited standalone financial statements for the yean ended March 31, 2020. The standalone Interim financial statements for the quarter and nine months ended December 31, .2020 have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 - ’Interim Financial Reporting' find AS 341 The above results were reviewed by the Audit Committee and thereafter have been adopted by the Board at its meeting hald on January 18, 2021.
2. The statement of standalone financial results have been audiled by the Company’s auditors. The Company's auditors have issued an unmodified audit opinion on the standalone 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 results in determining the rmpact on various elements of its financial results. The Company has used the principles of prudence in applying (udgments, 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, investments and derivatives, The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of these financial 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 was approved by the shareholders at the Annual General Meeting held on July 14, 2020, The Board of Directors at its meeting held on October 15, 2020 had declared an interim dividend of 75% (Rs 7.5 per equity share of par value Rs 10 each). The aforesaid dividends were paid dunng the period.
5. Board changes and changes in Key Managerial Personnel:
i) The Nomination and Remuneration Committee and the Board of Directors have approved the appointment of Mr. Chandrasekaran Ramakrishnan as Independent Director with effect from July 15. 2020 for a term of five years upto July 14, 2025 and the same was approved by shareholders through Postal Ballot on December 09 2020.
ii) The Nomination and Remuneration Committee and the Board of Directors have approved the appointment of Mr. Dayapatra Nevatia, Chief Operating Officer as Executive Director of the Company with affect from October 15, 2020 for a term of five years upto October 14, 2025 and the same was approved by shareholders through Postal Ballot on December 09. 2020.
iii) The Nomination and Remuneration Committee and the Board of Directors have approved the appointment of Mr. Venugopal Lambu, President - Global Markets as Executive Director of the Company with effect from October 15, 2020 for a term of five years upto October 14, 2025 and the same was approved by shareholders through Postal Ballot on December 09, 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.
8. The new Code on Social Security, 2020 (the Code) has been enacted, which' would impact the contributions by the Company towards Provident Fund and Gratuity. The effective date From which the changes are applicable is yet to be notified and (he rules are yet to be framed. The Company will complete its evaluation and will give appropriate impact in its financial results in the period in which, the Code becomes affective and the related rules are published.