Mphasis Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The financial results have been prepared in accordance with the Indian Accounting Standards ('Ind AS') prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, as amended. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13 May 2020. The statutory auditors have expressed an unmodified audit opinion on these results.
2. The Company has adopted Ind AS 116, effective annual reporting period beginning from 1 April 2019 using the modified retrospective method with the cumulative effect of initially applying the Standard, recognised on the date of initial application (1 April 2019). Accordingly, the Company has not restated comparative information, instead, the cumulative effect of initially applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on 1 April 2019.
3. The Board of Directors, in its meeting held on 27 May 2019 had proposed the final dividend of Rs. 27 per share for the year ended 31 March 2019. The dividend proposed by the Board of Directors is approved by the shareholders in the Annual General meeting held on 25 July 2019 and has been paid during the quarter ended 30 September 2019.
4. The Board of Directors in their meeting held on 13 May 2020 have proposed a final dividend of Rs. 35 per equity share for the year ended 31 March 2020 which is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved, would result in a cash outflow of approximately Rs. 6,528.75.
5. The figures for the current quarter ended 31 March 2020 are the balancing figures between audited figures for full financial year and audited year - to - date figures upto 31 December 2019. The figures for the corresponding previous quarter ended 31 March 2019 are the balancing figures between audited figures for full financial year and the audited year - to - date figures upto 31 December 2018.