TIDMDQE
RNS Number : 9667E
DQ Entertainment PLC
16 February 2015
16 February 2015
DQ Entertainment plc
("DQE" or the "Group")
Indian subsidiary financial results for the third quarter and
nine months ended 31 December 2014
DQE Entertainment (International) Limited ("DQE India" or "the
Company"), the Bombay Stock Exchange and National Stock Exchange of
India listed, production and distribution company, which is 75 per
cent owned by DQE, has announced its unaudited financial results
for the quarter ended 31 December 2014, prepared under Indian
GAAP.
Financial highlights for the third quarter ended 31 December
2014:
Revenue: INR 457.10 m (Dec 2013: INR 508.51 m)
o From Production: INR 226.10 m (Dec 2013: INR 378.84 m)
o From Distribution: INR 231.00 m (Dec 2013: INR 129.67 m)
EBITDA: INR 246.89 m (Dec 2013: INR 224.00 m)
Profit before tax : INR 101.58 m (Dec 2013: INR 56.42 m)
Adjusted Profit before tax*: INR 63.97 m (Dec 2013: INR 57.37
m)
Adjusted Profit after Tax*: INR 42.38 m (Dec 2013: INR (12.39)
m)
*Adjusted profit before and after tax is after the elimination
of a foreign exchange gain of INR 37.61 m for the quarter ended 31
December 2014 and a foreign exchange loss of INR 0.95 m for the
quarter ended 31 December 2013.
DQ Entertainment (Mauritius) Limited ("DQE Mauritius"), which
has a 75% holding in DQE India, executed a fundraising by way of an
issue of senior secured convertible bonds (the "Bonds") on 9
December 2014. DQE Mauritius has received the first tranche of
funding from the issue of the Bonds, which represents USD 31.4 m,
net of fundraising related expenses. Of this sum, approximately USD
8.2 m has been used to repay bank loans, together with interest and
other financial charges.
The Company is making progress with the recovery of receivables.
As at 31 December 2014, the amount of outstanding receivables due
for payment for more than 360 days stood at INR 2067.6 m. As at the
first week of February 2015, DQE India had recovered INR 326.63 m
of this sum and another INR 300 m is expected to be recovered by 31
March 2015. The Company has received commitments from certain of
its clients which lead the Board of DQE India to believe that it
may be possible to significantly reduce old receivables by
September 2015.
As a result of the working capital difficulties that the Company
faced during the quarter ended 31 December 2014, some productions
have been delayed and new productions that were scheduled to
commence have yet to go onto the floor. Accordingly there has been
a fall in production revenue.
The productions of Lassie and Robin Hood have been completed and
this has given a boost to our distribution revenue, which has close
to doubled from INR 129.67 m in the previous corresponding quarter
to INR 231.0 m in the current quarter.
As indicated in DQE's announcement of 14 November 2014, the
market for the Group's services generally remains buoyant. However,
delays in the commencement of productions lead the Board of DQE to
expect that Group revenues and profits before tax for the year to
31 March 2015 will be materially lower than the same market
expectations that were in place at the time of the Group's November
2014 announcement.
Operating highlights
The Company's digital monetisation efforts are gathering
momentum, with Power Kids and Tiny Toonz expanding their subscriber
bases on a continual basis. Our plans to launch content and games
on other popular digital platforms such as the Google play store,
Amazon and iTunes are also underway. Power Kids showcases animated
content for children aged five and above, whereas Tiny Toonz is
aimed at younger children. Both channels have now started gaining
traction and have recently achieved a total of over 120,000 online
views on a daily basis.
Our VFX team has completed several projects for locally produced
Live Action feature films, such as Manikya, Alludu srinu, Mukunda
and several others. We have also confirmed new contracts with other
feature film producers. DQE is now in a position to leverage its
core animation and VFX strengths to contract more business in this
space from North America and Europe
The diligent efforts by our licensing and distribution teams
have fructified and several new deals have been closed in the last
quarter for our intellectual properties in various territories such
as Latin America, South East Asia, USA and parts of Europe.
Completed projects:
Robin Hood, Mischief in Sherwood - 52 x 11' - CGI TV series with
Method Animation and TF1 France, ZDF Germany, ATV Turkey, DeA Kids
Italy
Lassie & Friends - 52 x 11' 2D HD TV series with Dreamworks
Classic Media USA, Super Prod & TF1 France, ZDF Germany
Delicious Valley - 30'Min DVD Team Entertainment
On-going projects:
Peter Pan Season 2 - 26 x 22' CGI TV series with ZDF Germany, De
Agostini Italy and Method Animation and France TV
Miles from tomorrow land - 22 X 22 CGI with Wild Canary, USA
Popples - 52 x 11 CGI with Method Animation, France & Saban
Group, USA
Lady Bug - 3 x 11 CGI with Zag Toons USA
Sheriff Callie Wild West - 52 x 11 CGI with Wild Canary, USA
7Dwarfs & Me - 52 x 11Live action and CGI with Method
Animation, France
Little Prince - Season 3 - 26 x 22' CGI TV series with Method
Animation and France TV & RAI
Projects in pipeline:
Jungle Book - Season 3 - CGI TV Series with Story Board
Animation and ZDF Germany
Shabiyat - Season 10 - 15 x 13 CGI-Fanar Productions, UAE
Eshafan - 15 x 13 2D- Fanar Productions, UAE
PegHeads - 52 x 11' CGI-i Story Animation LLC, Florida
Pio the Chick - 2D TV series with RAI Trade Italy and Gruppo
Alcuni
5 & IT - 52 x 11' CGI TV Series - Disney / Method
Animation.
Hive- Season II - TV series with Lupus Films UK
Licensing and Distribution:
Our licensing and distribution efforts have achieved several
international successes and are helping to create long-term and
sustained value for DQE.
TELEVISION & HOME VIDEO DEALS CONCLUDED IN 3RD QUARTER 2014
---------------------------------------------------------------------------
SERIAL COMPANY TITLE TERRITORY RIGHTS
------- ------------ ------------------- ------------------ -----------
1 TF1 Jungle Book Season France, DROM, Television
1 POM, TOM, COM,
Monaco & Andorra
------- ------------ ------------------- ------------------ -----------
JB 60' TV Special
------- ------------ ------------------- ------------------ -----------
2 PIWI Jungle Book Season France and French Television
1 speaking Europe
and Africa
------- ------------ ------------------- ------------------ -----------
3 Onevision Robinhood Indonesia Television
------- ------------ ------------------- ------------------ -----------
JB 60' TV Special
------- ------------ ------------------- ------------------ -----------
JB X' Mas Special
------- ------------ ------------------- ------------------ -----------
4 BEC Jungle Book Season Thailand Television
1
------- ------------ ------------------- ------------------ -----------
Lanfeust Quest
------- ------------ ------------------- ------------------ -----------
Peter Pan Season
2
-------------------
Jungle Book X' Mas
Special
-------------------
JB 60' TV Special
------- ------------ ------------------- ------------------ -----------
5 Imagine Lanfeust Quest Israel Television
Media Kids & VOD
------- ------------ ------------------- ------------------ -----------
6 Tiga JB 60' TV Special Thailand Home Video
& IPTV
------- ------------ ------------------- ------------------ -----------
Peter Pan Season
2
------- ------------ ------------------- ------------------ -----------
7 Netflix Iron Man Season Latin America SVOD
2
------- ------------ ------------------- ------------------ -----------
LICENSING & MERCHANDISING DEALS CONCLUDED IN 3RD QUARTER 2014
-----------------------------------------------------------------------
SERIAL COMPANY TITLE TERRITORY RIGHTS/CATEGORY
------- ------------------ ------------ ---------- ----------------
1 Mahima Impex Jungle Book India Kids Apparel
------- ------------------ ------------ ---------- ----------------
2 Yellow Diamond Jungle Book India Promotion
------- ------------------ ------------ ---------- ----------------
3 Malayala Manorama Jungle Book India Publishing
------- ------------------ ------------ ---------- ----------------
Issue of bonds, and potential merger & possible AIM
cancellation
As set out in DQE's announcement of 9 December 2014, in order to
align the interests of shareholders in DQE with that of the holders
of the Bonds from time to time, DQE Mauritius has undertaken to OCP
Asia (Hong Kong) Limited that it will use its best endeavours to
secure a merger between DQE and DQE Mauritius and a cancellation of
DQE's trading facility on AIM ("Merger & Cancellation"), before
or concurrent with a 'qualified liquidity event', as defined in
DQE's announcement of 9 December 2014. This includes procuring the
issue of a circular and convening a meeting of DQE's shareholders,
procuring a recommendation for the merger and cancellation from the
Board of DQE (subject to their fiduciary duties and compliance with
applicable laws) and taking such action necessary to enable the
merger and cancellation, which would be subject to compliance with
the AIM Rules for Companies and the UK Takeover Code. Further
announcements in this regard will be made when appropriate.
For further information, please visit www.dqentertainment.com or
contact:
DQ Entertainment plc
Tapaas Chakravarti - Chairman and CEO
Rashida Adenwala - Director Finance & Investor Relations
Tel: +91 40 235 53726
Allenby Capital Limited
Jeremy Porter / Alex Price
Tel: +44(0) 20 3328 5656
Buchanan Communications
Mark Edwards/Robbie Ceiriog-Hughes
Tel: +44 (0)20 7466 5000
www.buchanan.uk.com
Below is an extract from the unaudited financial results of DQE
India for the third quarter and nine months ended 31 December 2014.
The full unaudited results are available from the DQE India section
of the BSE website (www.bseindia.com) and NSE website
(www.nseindia.com), as well as on DQE's website
(www.dqentertainment.com).
Un-audited Consolidated Financial Results for the quarter and
period ended 31 December 2014
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Rs in million)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Sl. Particulars For Quarter For Quarter For Quarter For nine For nine For Year
ended ended ended months months ended
No 31 December 30 September 31 December ended ended 31 March
2014 2014 2013 31 December 31 December 2014
2014 2013
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
(Un-Audited) (Un-Audited) (Un-audited) (Un-audited) (Un-audited) (Audited)
----- ------- ---------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Net Income
1 from Operations 457.10 526.41 508.51 1,189.88 1,378.52 2,396.79
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
2 Expenditure
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Production
A Expenses 9.51 17.76 15.50 48.78 35.58 192.50
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Employee
B Expenses 181.47 153.40 186.41 501.26 586.07 719.56
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
C Other Expenses 59.26 55.51 82.60 165.62 264.32 481.54
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Depreciation,
Amortisation
D and Impairment 75.63 79.77 100.45 231.65 289.65 552.99
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Expenses
transferred
to Capital
E Account (40.03) (54.08) - (135.83) - (0.35)
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Total Expenses
[2a to 2e)] 285.84 252.36 384.96 811.48 1,175.62 1,946.24
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) from
Operations
before Other
Income, Interest
and Finance
expense and
Exceptional
Items [ 1
3 -2 ] 171.26 274.05 123.55 378.40 202.90 450.55
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
4 Other Income 1.68 1.77 5.61 7.61 11.17 14.47
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) before
Interest
and Finance
expense and
Exceptional
Items [ 3+
5 4 ] 172.95 275.82 129.16 386.01 214.07 465.02
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Interest
and Finance
6 Expenses 108.98 75.01 71.79 259.45 185.01 251.65
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) after
Interest
and Finance
expense but
before Exceptional
Items [ 5
7 - 6 ] 63.97 200.81 57.37 126.56 29.06 213.37
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Exceptional
8 items * 37.61 (73.17) (0.95) (39.48) 326.74 234.62
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) from
Ordinary
Activities
before tax
9 [ 7 - 8 ] 101.58 127.64 56.42 87.08 355.80 447.99
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Less: Tax
10 expense 59.20 (16.68) 68.81 20.96 74.67 20.29
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) from
Ordinary
Activities
after tax
[ 9 - 10
11 ] 42.38 144.32 (12.39) 66.12 281.13 427.70
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
12 Extraordinary - - - - - -
Item
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Profit /
(Loss) for
the period
13 [11-12] 42.38 144.32 (12.39) 66.12 281.13 427.70
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Paid-up equity
share capital
[Face value
Rs.10 per
14 share] 792.83 792.83 792.83 792.83 792.83 792.83
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Reserves
excluding
Revaluation
Reserves
as per balance
sheet of
previous
accounting
15 year - - - - - 4,249.16
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
16 Earnings
Per Share
[Face value
Rs.10 per
share]
(not annualised/
in INR)
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
a) Basic 0.53 1.82 (0.16) 0.83 3.55 5.39
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
b) Diluted 0.53 1.82 (0.16) 0.83 3.55 5.39
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
17 Public
Shareholding
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
a) Number
of Shares 19,820,782 19,820,782 19,820,782 19,820,782 19,820,782 19,820,782
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
b) Percentage
of shareholding 25% 25% 25% 25% 25% 25%
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
c) Shares - - - - - -
held by custodians
against depository
receipts
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
18 Promoters
and Promoter
group Shareholding
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
a) Pledged
/ Encumbered
- No. of
Shares 59,461,972 17,838,000 - 59,461,972 -
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Percentage
of shares
(as a % of
the total
share holding
of promoter
and promoter
group) 100.00% 30.00% - 100.00% - -
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Percentage
of shareholding
(as a % of
the total
share capital
of the company) 75% 22.50% - 75% - -
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
b) Non encumbered
- No. of
Shares 246 41,624,218 59,462,218 246 59,462,218 59,462,218
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Percentage
of shares
(as a % of
the total
share holding
of promoter
and promoter
group) 0% 70.00% 100% 0% 100% 100%
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Percentage
of shares
(as a % of
the total
share capital
of the company) 0% 52.50% 75% 0% 75% 75%
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
c) Shares - - - - - -
held by custodians
against depository
receipts
----- ------------------- ------------------------- ---------------------------- ----------------------------- ------------------------ ---------------------- -------------------------
Consolidated Segment Revenue and Results
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Rs in million)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Particulars For Quarter For Quarter For Quarter For nine For nine For Year
ended ended ended months months ended
31 December 30 September 31 December ended ended 31 March
2014 2014 2013 31 December 31 December 2014
2014 2013
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
(Un-audited) (Un-audited) (Un-audited) (Un-audited) (Un-audited) (Audited)
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Segment Revenue
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Animation 226.10 399.35 378.83 724.74 1,070.27 1,873.42
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Distribution 231.00 127.06 129.68 465.14 308.25 523.37
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Net Income from
Operations 457.10 526.41 508.51 1,189.88 1,378.52 2,396.79
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Segment Results
-Profit/(loss)
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Animation 199.26 236.18 205.60 363.93 593.39 926.54
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Distribution 153.70 120.18 64.89 261.96 140.71 153.20
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Unallocated (142.40) (153.71) (142.28) (279.36) (193.29) (380.10)
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Segment Results
before Interest
and Finance Expense
and Tax Expenses 210.56 202.65 128.21 346.53 540.81 699.64
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Interest and
Finance Expense (108.98) (75.01) (71.79) (259.45) (185.01) (251.65)
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Profit / (Loss)
before tax 101.58 127.64 56.42 87.08 355.80 447.99
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Tax expense 59.20 (16.68) 68.81 20.96 74.67 20.29
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Profit / (Loss)
for the period 42.38 144.32 (12.39) 66.12 281.13 427.70
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Capital Employed
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Animation 2,785.29 2,603.90 1,958.95 2,785.29 1,958.95 2,246.73
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Distribution 6,319.40 6,043.15 7,011.43 6,319.40 7,011.43 6,031.86
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Unallocated (4,159.48) (3,734.17) (3,986.90) (4,159.48) (3,986.90) (3,236.60)
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Total 4,945.21 4,912.88 4,983.48 4,945.21 4,983.48 5,041.99
-------------------------------------- ---------------------- -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Notes
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1) The un-audited consolidated financial results for the quarter
and period ended December 31, 2014 have been taken on record by
the Board of Directors at its meeting held on 13th February 2015.
The "Un-audited Consolidated Financial Results" have been subjected
to the limited review by statutory auditors of the company.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2) Pursuant to Clause 41 of the Listing Agreement, the Company
opted to publish only the Consolidated Results of the Company.
Investor can view the Standalone results of the Company on the
Company's website "www.dqentertainment.com" as well as the website
of BSE (www.bseindia.com) and NSE (www.nseindia.com).
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
3) Certain Standalone Information of the Company.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Rs in million)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Particulars For Quarter For Quarter For Quarter For nine For nine For Year
ended ended ended months months ended
31 December 30 September 31 December ended ended 31 March
2014 2014 2013 31 December 31 December 2014
2014 2013
------------------------------------ ------------------------ -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
(Un-audited) (Un-audited) (Un-audited) (Un-audited) (Un-audited) (Audited)
------------------------------------ ------------------------ -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Net Income from
Operations 414.27 527.45 308.05 1,084.06 1,134.78 1,798.10
------------------------------------ ------------------------ -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Profit / (Loss)
before tax 181.98 196.38 (73.98) 245.37 259.82 377.38
------------------------------------ ------------------------ -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
Profit / (Loss)
after tax 122.79 213.06 (142.79) 224.42 185.15 363.56
------------------------------------ ------------------------ -------------------------- ---------------------- ------------------------ ------------------------ -----------------------
4) Information on investor complaints pursuant to Clause 41 of
the Listing Agreement for the quarter ended December 31, 2014:
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Nature Opening Received Disposed during the quarter Closing Balance
of complaints Balance during
the quarter
-------------- -------------------- ------------------------ ---------------------------------------------------------------------------- -------------------------------------------------
Investor - 4 4 -
complaints
-------------- -------------------- ------------------------ ---------------------------------------------------------------------------- -------------------------------------------------
5) Effective from April 1, 2014 the company has revised the useful
life of the fixed asset based on the schedule II to the Companies'
Act 2013, for the purposes of providing depreciation on fixed
asset. Accordingly the carrying amount of the assets as on April
1 2014 has been depreciated over remaining revised useful life
of the fixed assets. Consequently, the depreciation for the half
year ending 31 December 2014 is lower and the Loss before tax
is lower to the extent of Rs. 19.41 mn. Further an amount of Rs.
44.79 mn (Net of Deferred taxes Rs 30.25 mn) representing the
carrying amount of the asset with revised useful life as NIL has
been charged to the opening balance of retained earnings as on
April 1, 2014.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
6) *Exceptional items are notional foreign exchange gain / (loss)
arisen on foreign exchange fluctuation calculated on translation
of monetary items as per Accounting Standard -11
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
7) Corresponding year and quarter end figures have been regrouped
/ reclassified wherever necessary.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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