Aptech Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1. The above results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 21, 2019. The 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.
2. The figures for the last quarter of the current year and previous year as reported in these financial results are balancing figures between the audited figures in respect of the financial year and the published year-to-date figures upto the end of the third quarter of the relevant financial year, which were subjected to limited review.
3. Effective April 1, 2018, the Company has adopted Ind AS 115 on "Revenue from Contracts with Customers" using the Cumulative effect method, and it is applied retrospectively only to contracts those are not completed as at the date of initial application and the comparative information is not restated. Since the Company did not have any contract that was not completed as on April 1, 2018, there is no impact on Its Opening Balance of Retained Earnings as per transition provisions under Ind AS 115. Further, as the Company did not have any contract that was not completed as on March 31, 2019, there is no impact due to adoption of Ind AS 115 on the Revenue recognised for the quarter and year ended March 31, 2019. Due to the adoption of Ind AS 115, the impact, if any, mainly were to be on Institutional Segment.
4. The Company granted 44,32,260 Stock options to its employees under Aptech ESOP 2016 Scheme (ESOPs) to vest on fulfilling certain conditions at the end of 3rd, 4th and 5th Year from the date of grant and accordingly, has been recognising compensation expenses of such options under 'Employee Benefits Expense' as 'Share Based Payment to Employees'. The Company has estimated that 22,84,953 ESOPs will not vest as it stands lapsed/cancelled and accordingly, Compensation Expenses for ESOPs for the year ended results include gross reversal of Rs. 1,016 lakhs due to cancelled options.
5.a) During the Financial Year 2018-19, the remuneration provided/ paid to the Managing Director, to the extent of Rs. 10 lakhs, Is in excess of the limit prescribed under Section 197 read with Schedule V of the Companies Art, 2013 for which the Company will seek approval of the Shareholders to regularise the same at the ensuing Annual General Meeting, till such time the excess remuneration paid is held by Managing Director in trust for the Company.
5.b) During the Financial Year 2014-15, the Company had paid Managerial Remuneration in excess of limits prescribed under Section 197 read with Schedule V of the Companies Act, 2013 to the erstwhile Managing Director. Based on the approval received from the Central Government, the Company is recovering the excess remuneration of Rs. 74 Lakhs, of which Rs. 25 lakhs has already been recovered
6. For the year ended March 31, 2018, Exceptional Items pertain to Profit on sale of Immovable Properties of Rs. 1,742 lakhs and expenses/ loss of Rs. 186 lakhs in connection therewith, resulting in net gain of Rs. 1,556 lakhs.
7. Figures for the previous periods have been regrouped and/ or rearranged and/ or reclassified wherever necessary to make them comparable with those of current periods. 8. The Board of Directors have recommended an interim dividend of Rs. 3.50 per Equity share for the financial year ended March 31, 2019.