Info Edge (India) Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. This statement has been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on January 29, 2019.
2. This statement has been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
3. The Board of Directors has declared interim dividend of Rs. 1.5 & Rs. 2.5 per equity share in its meetings held on January 29, 2019 & October 30, 2018 respectively. The Board of Directors in Its meeting held on May 30, 2018 proposed a final dividend of r 1.5 per equity share and the same was approved by the shareholders at the Annual General Meeting held on July 24, 2018. this amount was recognised as distribution to equity shareholders during the Quarter ended September 3Q, 2018.
4. During the period ended December 31, 2018 , the Company has issued 350,000 (March 31, 2018: 350,000 & 200,000 ) equity shares of Rs. 10/- each fully paid up at Rs.10/-per share (March 31, 2018 ; Rs. 100/- & Rs.10/- per share) respectively to the Info Edge Employees Stock Option Plan Trust which have been listed in the respective Stock Exchanges, ranking pari passu with the existing equity shares of the Company.
5. During the previous year ended March 31, 2018, the Company had recorded an additional expense of Rs.41.13 Mn on account of enhancement of the gratuity ceiling from Rs.10 lacs to Rs. 20 lacs due to change in Payment of Gratuity (Amendment) Act 2018 (vide notification no. S.O. 1420 (E) dated March 29, 2018)
6. During the period ended December 31, 2018 diminution in the carrying value of investment in respect of Startup Investments (Holding) Ltd amounting to Rs. 103.54 Mn and Smartweo Internet Services Ltd Rs.56.12 Mn (previous period ended December 31, 2017 for Startup Investments (Holding) Ltd amounting to Rs.210.03 Mn) (previous year ended March 31, 2018 for Startup Investments (Holding) Ltd amounting to Rs.702.17 Mn.Naukri Internet Services Ltd, amounting to Rs.203.78 Mn and Startup Internet Services Ltd amounting to Rs. 7.42 Mn) [represented by Investments in equity shares] was made.
7. As mandated by notification issued by Ministry of Corporate affairs (MCA) under Companies (Indian Accounting Standards) (Amendments) Rule 2018,effective April 01, 2018 the Company has adopted Ind AS 115 on Revenue from Contracts with Customers, using the modified retrospective approach. The standard is applied retrospectively only to contracts that are not completed as at the date of Initial application and comparative information is not restated in the condensed interim statement of profit and loss. The adoption of the standard did not have any material impact on the recognition and measurement of revenue and related items In the financial statements/results.
The company has as a matter of practical expedient recognised the incremental costs of obtaining a contract as an expense when incurred, since the amortisation period of the asset that the entity otherwise would have recognised is generally one year or less.
8. During the year ended March 31, 2015 , the Company had issued 10,135,135 equity shares of Rs.10/- each fully paid up at Rs. 740/- per share (including securities premium of Rs.730/- per share) to qualified institutional buyers on September 12, 2014 pursuant to Qualified Institutional Placement (QIP) document, dated September 10th, 2014, as per provisions of section 42 of Companies Act, 2013 read with rule 14 of the Companies (Prospectus and Allotment of Securities) Rules 2014, and Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 which have been listed in the respective Stock Exchanges on September 16, 2014. Expenses incurred in relation to QIP amounbng to Rs. 155.65 Mn had been adjusted from Securities Premium Account during die year ended March 31,2015.The utilisation out of such net amount of Rs.7,344,35 Mn till December 31, 2018 is given below. The balance amount of QIP proceeds remains Invested in Mutual Funds (Debt) & Term Deposits with banks.For Table, kindly refer Corporate Announcements on www.bseindia.com.
9. Diluted EPS represents earning per share based on the total number of shares including the potential estimated number of shares to be issued against stockoptions in force under the existing stock option plan/scheme.