Navneet Education 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. The results were reviewed by the audit committee and taken on record by the Board of Directors at its meeting held on February 04, 2019.
2. The above standalone financial results have been prepared in accordance with the guidelines issued by the Securities and Exchange Board of India ('SEBI'), and the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013.
3. In view of seasonal nature of business, above financial results for quarter & nine months are not representative of the operations of the whole year.
4. During the quarter ended 31st December, 2018, the Company has concluded buyback of 46,87,500 equity shares aggregating to 2.01% of the paid-up equity share capital of the company at a price of INR 160 per share on October 16, 2018. The Company has funded the buyback from its general reserve. Further, capital redemption reserve of INR 93.75 lakhs representing the nominal value of shares bought back has been created as an appropriation from general reserves. Transaction costs related to buyback are adjusted against general reserves (net of tax). Consequently, the paid up Equity Share Capital is also reduced to Rs. 4,577 Lakhs.
5. During the quarter the Company has made additional capital contribution in subsidiary entity 'Navneet Learning LLP' amounting to Rs. 1,430 Lakhs.
6 Revenue from operations for the periods upto June 30, 2017 includes excise duty, which is discontinued effective July 01, 2017 upon implementation of Goods and Service Tax (GST) in India. As per Ind AS, the revenue is reported net of GST after June 30, 2017. Accordingly, the revenue for the nine months ended December 31, 2018 is not strictly comparable to the nine months ended December 31, 2017. For the purpose of comparability, revenue from operations including excise duty and excluding excise duty are ‘given below: For Table, kindly refer Corporate Announcements on www.bseindia.com.
7. The figures for the previous quarters and nine months period have been regrouped / rearranged wherever necessary to conform to the current period presentation.
8. Standalone segment-wise Revenue, Results and Capital Employed The company mainly operates into publishing content and stationery products. other business segment include generation of power by Windmill, Pre School, trading items etc. Unallowable corporate assets less unallocable corporate liabilities mainly represent investment of surplus funds, other advances, cash & bank balances, corporate taxes and general corporate borrowings: For Table, kindly refer Corporate Announcements on www.bseindia.com.