Aptech Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2022
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2022
Notes:
1.The above Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2022 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on February 09, 2023. The Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. The Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2022 have been subjected to limited review by the Statutory Auditors.
2. In terms of Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”, the results of the Institutional Segment had been classified as Discontinued Operations during the year ended March 31, 2021. However, based on the subsequent developments, the Board of Directors at their meeting held on February 23, 2022 reconsidered its earlier decision and accordingly, approved the restoration and reclassification of the Institutional Segment as Continuing Operations. Consequently, the assets, liabilities, incomes and expenses of the Institutional Segment are included under continuing operations for all the periods presented and for the prior periods quarter nine months ended December 31, 2021 as having been re-presented.
3. The Company granted 212,073 Stock Options to its employees under Aptech ESOP 2021 Scheme to vest on fulfilling certain conditions at the end of 1st, 2nd and 3rd year from the date of grant and accordingly, the Company has been recognising compensation expense of such options under 'Employee Benefits Expenses' as 'Share Based Payment to Employees'. The Company presently estimates that 95,399 ESOPs would not vest and accordingly, compensation expense for the quarter and nine months ended December 31, 2022 is worked out after the reversal of Rs.53.45 Lakhs.
During the quarter ended June 30, 2022, the Company granted 215,937 Stock options to its employees under Aptech Limited - Employee Stock Option Plan 2021 (ESOP Plan) Tranche 2 to vest on fulfilling certain conditions at the end of 1st, 2nd and 3rd Year from the date of grant and accordingly, the Company has been recognising compensation expenses of such options under 'Employee Benefits Expense' as 'Share Based Payment to Employees'.
4. Other income for the nine months includes dividend of Rs. 693.12 lakhs received from a subsidiary during the quarter ended June 30, 2022.
5. Income tax expense for the interim period is recognised based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Income by way of dividend for which full deduction is available under section 80M is not considered for the purpose of determining the weighted average annual income tax rate.
6. With effect from April 1, 2021, the Company is gradually migrating to Student Delivery based model from Royalty based model. Due to this migration, the financial results include :
Rs. in lakhs
Particulars Quarter Ended Nine Months Ended Year Ended
Dec 31,22 Sep 30,22 Dec 31,21 Dec 31,22 Dec 31,21 March 31,22