STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2018
NOTES TO FINANCIAL RESULTS :
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 22, 2018.
- The Board of Directors, at its meeting held on May 22, 2018 has recommended Final dividend of ` 2.50/- per equity share of ` 2/- each (125%).
- Post implementation of Goods and Service Tax (GST) w.e.f. July 1, 2017, ” Revenue from operations” is required to be disclosed net of GST. Thus the ” Revenue from operations” for the quarter and year ended March 31,2017 are not comparable with ” Revenue from operations” for the quarter and year ended March 31, 2018 to that extent.
- Exceptional items represent:
(i) Loss on Impairment of Investment and Provision for losses on projects in subsidiary company
In the past, Company’s wholly owned subsidiary in India namely Bharat Forge Infrastructure Limited (BFIL, India) had made investments in certain non
core areas such as Oil exploration and certain EPC contracts. Due to unsatisfactory outcome of these projects, the Company has made a provision of
` 130.57 crores in its standalone financial results (` 95.45 crores in its consolidated financial results) towards impairment of investments / advances
given, intangible assets under development and expected losses on contracted payments for these projects.
The provision does not have any impact on core operations of the Company.
(ii) Loss on impairment of investment
In view of no activity and decision of closing the operations of one of the Joint Venture of the Company. viz. BF-NTPC Energy Systems Limited,
provision of an amount of ` 2.64 crore in standalone financial results is made towards the impairment in the value of the investment in BF NTPC
Energy Systems Limited. There is no impact on consolidated financials results for this impairment.
5 During the quarter, the Company has acquired, as a first tranche, 30.37% stake by way of Equity and Preference Shares in Tork Motors Private Limited,
Pune (Tork) for ` 16.04 crore. Tork is an electric drive train Company mainly focused on electric two wheelers and/or premium electric motorcycles.
6 The figures for the quarter ended March 31, 2018 represent the derived figures between the audited figures in respect of the financial year ended
March 31, 2018 and the published year-to-date figures up to December 31, 2017, being the date of the end of third quarter of the financial year,
which were subjected to a limited review.
7 On October 3, 2017 the Company had issued bonus shares, in the proportion of 1:1 i.e. 1 (one) bonus equity share of ` 2/- each for every 1 (one) fully paid-up
equity share. Accordingly the Company allotted 232,794,316 Equity shares of ` 2/- each fully paid-up, to the shareholders of the Company as at the record date
fixed for the purpose.
Consequently, earnings per share for the current year and quarter and comparative year and quarters has been proportionately adjusted.
http://bharatforge.com/images/PDFs/press-release/2018/Results%20Q4%2017-18.pdf
