Oberoi Realty 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 Unaudited Standalone Financial Results for the quarter ended December 31, 2018 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 22, 2019 and have been subjected to Limited Review by the Statutory Auditors of the Company. The Standalone Financial Results are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
2 The nature of the real estate business of the Company is such that the result of the quarter / nine month / year may not be representative of the profit / (loss) for the period.
3 Ind AS 115 Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after April 1, 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach there were no adjustments required to the retained earnings at April 1, 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results.
4 Previous period figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current period’s classification.