Mphasis 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
1. The above results were taken on record at the Board Meeting held on 10 May 2018.
2. During the previous year, the transfer of control from Hewlett Packard Enterprise Company to Blackstone group has resulted in accelerated vesting of unvested employee stock options and employee bonus, accordingly the Company has provided for deferred employee compensation cost on an accelerated basis over the remaining vesting period amounting to Rs. 39.77 (net of tax of Rs. 21.45) and had accounted the same as exceptional item
3. During the quarter ended 31 March 2018, the Company has reversed certain income tax provisions of Rs. 331.96 which pertains to Completed Tax Assessment. Further during the quarter ended 31 March 2018, the Company has recognised deferred tax asset of` ` 123.02 on capital losses of previous periods and is confident of reversal of the timing differences in the foreseeable future.
4. During the quarter ended 31 March 2018, the management re-assessed the future profitability of long term revenue contract as at 31 March 2018 and accordingly provided for Rs. 130.78 (net of tax of Rs. 69.22) towards expected loss and has been disclosed as an exceptional item.
5. The Board of Directors, in its meeting held on 10 May 2018 has proposed the final dividend of Rs. 20 per share for the year ended 31 March 2018.
6. The figures for the current quarter ended 31 March 2018 and corresponding previous quarter ended 31 March 2017 are the balancing figures between audited figures for full financial year and published year-to-date figures upto 31 December 2017 and 31 December 2016 respectively