Every listed company under Clause 41 of the Listing Agreement is required to furnish un-audited quarterly results on a quarterly basis in the prescribed format to the concerned Stock Exchanges within one month of the end of the quarter. Under the Amendment clause 41, listed companies have been given the option to furnish either audited or unaudited results within a month from the end of the respective quarter (other than the last quarter). Thus, Companies which are ready with audited financial results within a month after the end of the respective quarter will be able to disclose such results without bothering to first disclose un-audited results. However, the audited results shall be accompanied by the audit report. The following relevant provisions should be noted:-

1. The company shall intimate to the Stock Exchange (normally through Fax, e-mail etc.) within 15 minutes of the closure of the Board meeting in which the unaudited/audited financial results are placed.

2. Further the company shall publish within 48 hours of the said meeting the un-audited/audited results in the prescribed format in at least one national English newspaper and one regional language daily newspaper.

3. The Board of Directors or its sub-committee should take on record the un-audited/audited quarterly results, which shall be signed by Managing Director/Director.

4. The company shall inform the Stock Exchange where its securities are listed about the date of the Board Meeting at least 7 days in advance and shall also issue immediately a press release in at least one national English newspaper and one regional language newspaper about the date of the aforesaid Board or its sub-committee meeting.

5. The company will furnish segment wise revenue, results and capital employed along with the quarterly unaudited financial results with effect from quarters ending on or after September 30, 2001 as per the prescribed format.

6. In case of change of name of the company, the new activity of business, turnover and the income from the said new activity shall be separately disclosed for a period of three years from the date of such change.

7. The quarterly report should be prepared on the basis of accrual accounting policy and in accordance with the uniform accounting practices adopted for all quarters.

8. Where the company opts to furnish un-audited financial results, there is a provision to provide explanation for variation between items of un-audited and audited quarterly/ year to date/ annual results if such variation exceeds a particular limit. This provision has been simplified in the revised clause 41. Accordingly, now the listed companies are required to provide explanation for variation between items of un-audited and audited quarterly/ year to date/ annual results only in respect of net profit or loss after Tax and for exceptional/ extraordinary items instead of providing explanation for variation in any of the items in the proforma as exited earlier. Further, the regulator has mandated that such variation should not be more than 10% or Rs. 10 lakh whichever is higher in place of earlier stipulation of 20% or more.

9. Unaudited quarterly reports for the last quarter need not be published if the company informs the stock exchange in advance that it will publish audited results within 3 months from the end of the accounting year.

10. The company will have the option to publish consolidated quarterly results in addition to the unaudited quarterly results of the parent company.

11. The quarterly unaudited results are subject to limited review by the auditors’ w.e.f. quarter ending on or after June, 2003

FORMAT OF QUARTERLY audited/ UNAUDITED FINANCIAL RESULTS
FORMAT OF FINANCIAL RESULTS
(ANNEXURE I CLAUSE 41 OF THE LISTING AGREEMENT)

* Strike off whichever is not applicable

FORMAT OF THE REVIEW REPORT OF THE COMPANY (EXCEPT BANKS)

"We have reviewed the accompanying statement of unaudited financial results of ............................... ……………………………….. (name of the company) for the period ended …………………………. This statement is the responsibility of the company’s management and has been approved by the Board of Directors.

A review of interim financial information consists principally of applying analytical procedures for financial data and making inquiries of persons responsible for financial and accounting matter. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review conducted as above, nothing has come to our notice that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement."

In respect of the half yearly results, if the company intimates in advance to the Stock Exchange/s that it will be publish audited half yearly financial results within two months of the close of the half year then in such a case unaudited results and limited review need not be published/ given to the stock exchange/s.

In respect of results for the last quarter of the financial year, if the company intimates in advance to the stock exchange/s that it will publish audited results within a period of 3 months from the end of the last quarter of the financial year, in such a case unaudited results for the last quarter need not be published/ given to the Stock Exchange/s.

The companies which opt to publish audited results for the entire year within 3 months instead of publishing unaudited results for the last quarter within 30 days shall be required to publish annual audited results.

The manufacturing and trading/ services companies which have followed functional (secondary) classification of expenditure in the Annual profit & Loss Account in their most recent Annual report may furnish results on a quarterly basis in this alternative format.

Note: For detailed information please refer to Circular No. SEBI/CFD/DIL/LA/3/2007/10/07 DATED JULY 10, 2007 of SEBI. The same is available on the web site of SEBI i.e., sebi.gov.in

The Company will furnish segment wise revenue, results and capital employed along with the quarterly un audited financial results w. e. f. quarters ending on or after 30th September, 2001as per the format given below.

Format for Quarterly Reporting of Segment wise Revenue, Results and Capital Employed, under Clause 41 of the Listing Agreement:

Note:

1. Segment Revenue, Segment Results, Segment assets and Segment liabilities shall have the same meaning as defined in the Accounting Standards on Segment Reporting (AS-17) issued by ICAI.

2. The above information shall be furnished for each of the reportable primary segments as identified in accordance with AS-17, issued by ICAI.

3. For the quarters ending up to September 30, 2002, reporting of figures for the previous year under column 2, 4 and 5 is not mandatory.