The Federal Bank Ltd.

Interim / Quarterly Report • May 15, 2018

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RNS Number : 1615O

Federal Bank Ltd (The)

15 May 2018

SDF-24/         /2018-19                                                                    15th May 2018

To,

The London Stock Exchange

Dear Sir,

We enclose herewith the Annual Audited Financial Results of the Bank for the period ended March 31, 2018 which was approved at the Bank's Board of Directors meeting held on 09th May 2018.

Kindly take the same on your record.

For The Federal Bank Limited

Girish Kumar G

COMPANY SECRETARY

B S R & Co. LLP	M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
5th Floor, Lodha Excelus	Barodawala Mansion, B-Wing
Apollo Mills Compound	3rd Floor, 81
N.M. Joshi Marg, Mahalaxmi	Dr. Annie Besant Road
Mumbai - 400 011	Worli, Mumbai - 400 018

Independent Auditors' Report on the Standalone Financial Results of The Federal Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of 

The Federal Bank Limited

1.   We have audited the accompanying annual standalone financial results of The Federal Bank Limited ('the Bank') for the year ended 31 March 2018 (the 'Financial Results'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations'). The disclosures relating to "Pillar 3 under Basel III Capital Regulations" and those relating to "Leverage Ratio", "Liquidity Coverage Ratio" under Capital Adequacy and Liquidity Standards issued by Reserve Bank of India ('RBI') as have been disclosed on the Bank's website and in respect of which a link has been provided in the financial results and have not been audited by us. Attention is drawn to the fact that the figures for the quarter ended 31 March 2018 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the end of the third quarter of the relevant financial year. Also the figures up to the end of the third quarter have only been reviewed and not subjected to audit.

2.   These financial results have been prepared on the basis of the annual standalone financial statements and reviewed quarterly financial results up to the end of the third quarter which are the responsibility of the Bank's Management and approved by the Board of Directors in their meeting held on

09 May 2018. Our responsibility is to express an opinion on these Financial Results based on our audit of the annual standalone financial statements, which have been prepared in accordance with the recognition and measurement principles prescribed under Section 133 of the Companies

Act, 2013 read with the relevant rules issued thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars, guidelines and directions issued by RBI from time to time and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

3.   We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

Independent Auditors' Report (continued)

The Federal Bank Limited

4.   In our opinion and to the best of our information and according to the explanations given to us, these financial results:

i)         have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

ii)        give a true and fair view of the net profit and other financial information for the year ended 31 March 2018.

5.   Without modifying our opinion, we draw attention to Note No. 10 regarding deferment of additional provision requirement on account of the enhancement in gratuity limits as per the amendment dated 29 March 2018 in Payment of Gratuity Act, 1972 in terms of RBI approval vide letter no. DBR.BP.9730/21.04.018/2017-18 dated 27 April 2018, and the unamortized balance as at 31 March 2018 of Rs 5,358 lakhs.

6.   The standalone financial results incorporate the relevant returns of 40 Branches and Treasury Branch audited by either of us and audited returns in respect of 1,234 branches audited by other branch auditors. The Branches audited by us cover 43.56% of the advances portfolio (excluding outstanding of asset recovery branches and food credit advance) of the Bank and 36.45% of non-performing advances of the Bank.

For B S R & Co. LLP	For M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
Firm's Registration No: 101248W / W-100022	Firm's Registration No: 107122W
Akeel Master	Sanjay Khemani
Partner	Partner
Membership No: 046768	Membership No: 044577
Mumbai	Mumbai
09 May 2018	09 May 2018

Independent Auditors' Report on the Consolidated Financial Results of

The Federal Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of 

The Federal Bank Limited

7.   We have audited the accompanying annual consolidated financial results of The Federal Bank Limited ('the Bank'), its subsidiary and associate for the year ended 31 March 2018

(the Bank, its subsidiary and its associate together referred to as 'the Group'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations'). The disclosures relating to "Pillar 3 under Basel III Capital Regulations", and those relating to "Leverage Ratio", "Liquidity Coverage Ratio" under Capital Adequacy and Liquidity Standards issued by Reserve Bank of India ('RBI') as have been disclosed on the Bank's website and in respect of which a link has been provided in the aforesaid financial results have not been audited by us.

8.   These financial results have been prepared on the basis of the annual consolidated financial statements which are the responsibility of the Bank's Management and approved by the Board of Directors in their meeting held on 09 May 2018. Our responsibility is to express an opinion on these Financial Results based on our audit of the annual consolidated financial statements, which have been prepared in accordance with the recognition and measurement principles prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars, guidelines and directions issued by RBI from time to time and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

9.   We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as Financial Results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion.

Independent Auditors' Report (Continued)     

The Federal Bank Limited

10.  (a) The consolidated financial results incorporate the relevant returns of 40 Branches and Treasury Branch audited by either of us and audited returns in respect of 1,234 branches audited by other branch auditors. The Branches audited by us cover 43.56% of the advances portfolio (excluding outstanding of asset recovery branches and food credit advance) of the Bank and 36.45% of non-performing advances of the Bank.

(b) We did not audit the financial statements of the subsidiary included in the consolidated annual financial results, whose annual financial statements reflect total assets of Rs. 147,968 lakhs as at 31 March 2018 as well as the total revenue of Rs. 19,766 lakhs for the year ended 31 March 2018. The consolidated financial results also include the Group's share of net profit of

Rs. 2,579 lakhs for the year ended 31 March 2018, in respect of an associate. These annual financial statements have been audited by other auditors whose reports have been furnished to us, and our opinion on the annual consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of the subsidiary and associate, is based solely on the report of the other auditors.

(c)  The auditors of IDBI-Federal Life Insurance Company Limited ('the associate') have reported, 'The actuarial valuation of the liabilities for life policies in force and for discontinued policies where liability exists is the responsibility of the Company's Appointed Actuary (''the appointed Actuary''). The actuarial valuation of these liabilities as at March 31, 2018 has been duly certified by the Appointed Actuary and in his opinion, the assumption for such valuation are in accordance with guidelines and norms issued by the Insurance Regulatory and Development Authority of India and the Actuarial Society of India in concurrence with the Authority. We have relied upon on the Appointed Actuary's certificate in this regard for forming our opinion on the financial statements of the Company'.

Our opinion on the consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

11.  Without modifying our opinion, we draw attention to Note No. 10 regarding deferment of additional provision requirement on account of the enhancement in gratuity limits as per the amendment dated 29 March 2018 in Payment of Gratuity Act, 1972 in terms of RBI approval vide letter no. DBR.BP.9730/21.04.018/2017-18 dated 27 April 2018, and the unamortized balance as at

31 March 2018 of Rs 5,358 lakhs.

12.  In our opinion and to the best of our information and according to the explanations given to us and based on consideration of reports of other auditors on separate financial statements and on other information of the subsidiary and associate as aforesaid, these consolidated annual  financial results:

iii)       include the annual financial results of Fedbank Financial Services Limited ('the subsidiary') and proportionate share of IDBI-Federal Life Insurance Company Limited ('the associate').

iv)       have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

v)        give a true and fair view of the consolidated net profit and other financial information of the Group for the year ended 31 March 2018 in accordance with the framework as explained in paragraph 2 above.

For B S R & Co. LLP	For M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
Firm's Registration No: 101248W / W-100022	Firm's Registration No: 107122W
Akeel Master	Sanjay Khemani
Partner	Partner
Membership No: 046768	Membership No: 044577
Mumbai	Mumbai
09 May 2018	09 May 2018

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2018
								(` in Lakhs)
Particulars		Quarter ended			Year ended		Consolidated figures for the year ended
31.03.2018	31.12.2017	31.03.2017	31.03.2018	31.03.2017	31.03.2018	31.03.2017
Audited (Refer Note 13 below)	Unaudited	Audited (Refer Note 13 below)	Audited	Audited	Audited	Audited
1. Interest earned (a)+(b)+(c)+(d)		254,797	250,120	231,595	975,286	867,739	991,490	878,327
(a)	Interest/discount on advances/bills	195,106	194,097	173,644	753,878	654,568	770,098	665,610
(b)	Income on investments	51,695	48,220	48,382	191,744	180,140	191,727	179,686
(c)	Interest on balances with Reserve Bank of India and other inter bank funds	1,840	2,788	3,598	9,581	9,893	9,582	9,893
(d)	Others	6,156	5,015	5,971	20,083	23,138	20,083	23,138
2. Other income		31,417	22,863	28,211	115,912	108,181	116,022	108,377
3. TOTAL INCOME (1+2)		286,214	272,983	259,806	1,091,198	975,920	1,107,512	986,704
4. Interest expended		161,475	155,120	147,356	617,005	562,475	622,642	565,258
5. Operating expenses (i)+(ii)		65,882	61,723	57,529	245,090	220,954	250,474	225,250
(i)	Employees cost	33,081	30,047	26,303	124,247	116,375	127,682	118,934
(ii)	Other operating expenses	32,801	31,676	31,226	120,843	104,579	122,792	106,316
6. TOTAL EXPENDITURE (4+5) (excluding provisions and contingencies)		227,357	216,843	204,885	862,095	783,429	873,116	790,508
7. OPERATING PROFIT (3-6)  (Profit before provisions and contingencies)		58,857	56,140	54,921	229,103	192,491	234,396	196,196
8. Provisions (other than tax) and contingencies		37,153	16,243	12,270	94,717	61,841	95,076	61,999
9. Exceptional items		-	-	-	-	-	-	-
10. Profit from Ordinary Activities before tax (7-8-9)		21,704	39,897	42,651	134,386	130,650	139,320	134,197
11. Tax expense		7,205	13,896	16,992	46,501	47,571	48,355	48,866
12. Net Profit from Ordinary Activities after tax  (10-11)		14,499	26,001	25,659	87,885	83,079	90,965	85,331
13. Extraordinary items (net of tax expense)		-	-	-	-	-	-	-
14. Net Profit for the period (12-13)		14,499	26,001	25,659	87,885	83,079	90,965	85,331
15. Share in Profit/(Loss) of Associate							2,579	1,355
16. Consolidated Net Profit of the group (14+15)							93,544	86,686
17. Paid-up Equity Share Capital (Face value ` 2/- per Equity Share)		39,443	39,327	34,481	39,443	34,481	39,443	34,481
18. Reserves excluding Revaluation Reserve					1,181,080	859,256	1,187,480	860,155
19. Analytical Ratios
(i)	Percentage of shares held by Government of India	NIL	NIL	NIL	NIL	NIL	NIL	NIL
(ii)	Capital Adequacy ratio (%)
	Under Basel III	14.70	14.41	12.39	14.70	12.39	-	-
(iii)	Earnings per Share (EPS) (in `)
	(a) Basic EPS  (before and after extra ordinary items)	0.74*	1.33*	1.49*	4.62	4.83	4.92	5.04
	(b) Diluted EPS (before and after extra ordinary items)	0.73*	1.31*	1.46*	4.56	4.76	4.86	4.96
(iv)	NPA Ratios
	a) Gross NPA	279,562	216,119	172,705	279,562	172,705
	b) Net NPA	155,196	115,668	94,120	155,196	94,120
	c) % of Gross NPA	3.00	2.52	2.33	3.00	2.33
	d) % of Net NPA	1.69	1.36	1.28	1.69	1.28
(v)	Return on Assets (%)	0.11 *	0.22 *	0.24 *	0.75	0.84
* Not Annualised

Segment Information@
																(` in Lakhs)
Particulars					Quarter ended					Year ended				Consolidated figures for the year ended
31.03.2018		31.12.2017	31.03.2017		31.03.2018		31.03.2017		31.03.2018		31.03.2017
Audited (Refer Note 13 below)		Unaudited	Audited (Refer Note 13 below)		Audited		Audited		Audited		Audited
Segment Revenue:
			Treasury		60,888		56,206	59,239		239,556		231,601		239,556		231,601
			Corporate/Wholesale Banking		103,194		90,703	85,519		378,695		307,150		378,695		307,150
			Retail Banking		116,178		121,639	109,005		454,386		417,952		470,700		428,736
			Other Banking operations		5,954		4,435	6,043		18,561		19,217		18,561		19,217
			Unallocated		-		-	-		-		-		-		-
			Total Revenue		286,214		272,983	259,806		1,091,198		975,920		1,107,512		986,704
			Less: Inter Segment Revenue		-		-	-		-		-		-		-
			Income from Operations		286,214		272,983	259,806		1,091,198		975,920		1,107,512		986,704
Segment Results (net of provisions):
			Treasury		(3,063)		5,071	6,840		25,650		38,816		25,650		38,816
			Corporate/Wholesale Banking		(18,875)		495	9,552		(13,797)		8,250		(13,797)		8,250
			Retail Banking		41,735		34,744	24,479		120,093		76,938		125,027		80,485
			Other Banking operations		2,822		492	2,596		5,251		9,553		5,251		9,553
			Unallocated		(915)		(905)	(816)		(2,811)		(2,907)		(2,811)		(2,907)
			Profit before tax		21,704		39,897	42,651		134,386		130,650		139,320		134,197
Segment Assets
			Treasury		3,510,841		3,241,455	3,165,601		3,510,841		3,165,601		3,510,273		3,162,453
			Corporate/Wholesale Banking		5,072,766		4,597,454	3,282,581		5,072,766		3,282,581		5,072,766		3,282,581
			Retail Banking		4,539,627		4,309,837	4,436,505		4,539,627		4,436,505		4,630,167		4,490,534
			Other Banking operations		533		757	1,854		533		1,854		533		1,854
			Unallocated		707,628		672,567	611,152		707,628		611,152		707,628		611,152
			Total		13,831,395		12,822,070	11,497,693		13,831,395		11,497,693		13,921,367		11,548,574
Segment Liabilities
			Treasury		3,348,514		3,022,847	3,050,206		3,348,514		3,050,206		3,348,514		3,050,206
			Corporate/Wholesale Banking		4,849,217		4,410,665	3,184,798		4,849,217		3,184,798		4,849,217		3,184,798
			Retail Banking		4,341,585		4,131,632	4,294,476		4,341,585		4,294,476		4,425,157		4,344,458
			Other Banking operations		1		1	-		1		-		1		-
			Unallocated		71,055		52,815	73,975		71,055		73,975		71,055		73,975
			Total		12,610,372		11,617,960	10,603,455		12,610,372		10,603,455		12,693,944		10,653,437
Capital employed:
(Segment Assets - Segment Liabilities)
			Treasury		162,327		218,608	115,395		162,327		115,395		161,759		112,247
			Corporate/Wholesale Banking		223,549		186,789	97,783		223,549		97,783		223,549		97,783
			Retail Banking		198,042		178,205	142,029		198,042		142,029		205,010		146,076
			Other Banking operations		532		756	1,854		532		1,854		532		1,854
			Unallocated		636,573		619,752	537,177		636,573		537,177		636,573		537,177
			Total		1,221,023		1,204,110	894,238		1,221,023		894,238		1,227,423		895,137
@			For the above segment reporting, the reportable segments are identified into Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the  RBI guidelines.
			Statement of Assets and Liabilities of the bank as on March 31, 2018 is given below:
												(` in Lakhs)
			Particulars				Standalone			Consolidated
			As at 31.03.2018	As at 31.03.2017		As at 31.03.2018		As at 31.03.2017
			Audited	Audited		Audited		Audited
			CAPITAL AND LIABILITIES
			Capital				39,443	34,481		39,443		34,481
			Reserves and Surplus				1,181,580	859,757		1,187,980		860,656
			Deposits				11,199,249	9,766,456		11,197,010		9,766,208
			Borrowings				1,153,350	589,732		1,232,884		634,549
			Other Liabilities and Provisions				257,773	247,267		264,050		252,680
			Total				13,831,395	11,497,693		13,921,367		11,548,574
			ASSETS
			Cash and Balances with Reserve Bank of India				513,276	457,657		513,678		457,827
			Balance with Banks and Money at Call and Short Notice				407,065	287,560		405,843		287,637
			Investments				3,078,107	2,819,609		3,059,468		2,791,226
			Advances				9,195,747	7,333,627		9,301,089		7,408,623
			Fixed Assets				45,737	48,947		46,135		49,235
			Other Assets				591,463	550,293		595,154		554,026
			Total				13,831,395	11,497,693		13,921,367		11,548,574
Notes:
1			The above Financial Results for the quarter and year ended March 31, 2018 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 09, 2018. The Results for the year ended March 31, 2018 have been subjected to "Audit" by the Statutory Central Auditors of the Bank and an unqualified report has been issued by them.
2			The Bank has made provision for Non Performing Assets as stipulated under Reserve Bank of India (RBI) norms. Further, provision for standard assets including requirements for exposures to entities with Unhedged Foreign Currency Exposures and provision for restructured advances have been made as per RBI guidelines.
3			The bank has consistently applied its significant accounting policies in the preparation of the quarterly financial results and its annual financial statements during the years ended March 31, 2018 and March 31, 2017.
4			In accordance with RBI Circular  DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015  - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio disclosure requirements that are to be made along with the publication of Financial Results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: http://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Statutory Central Auditors of the Bank.
5			The Business operations of the Bank are largely concentrated in India and for the purpose of Segmental reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as a part of Indian operations.
	6	Other income includes fees earned from providing services to customers, commission from non-fund based banking activities, earnings from foreign exchange and derivative transactions, selling of third party products, profit on sale of investments (net), recoveries from advances written off etc.
	7	During the quarter ended June 30, 2017 , the Bank had issued 21,55,17,241 equity shares of ` 2 each for cash pursuant to a Qualified Institution Placement (QIP) as per the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations at ` 116.00 per share aggregating to ` 250,000 Lakhs (including share premium). This resulted in an increase of ` 4,310.35 Lakhs in Share Capital and ` 242,077.64 Lakhs (net of issue expenses) in Share premium account.
	8	During the quarter and year ended March 31, 2018, the Bank has allotted 57,83,464 and 3,25,77,034 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.
	9	RBI circular DBR.No.BP.BC.102/21.04.048/2017-18 dated April 2, 2018 grants banks an option to spread provisioning for mark to market losses on investments held in AFS and HFT for the quarters ended December 31, 2017 and March 31, 2018. The circular states that the provisioning for each of these quarters may be spread equally over up to four quarters, commencing with the quarter in which the loss was incurred. The Bank has recognised the entire mark to market loss on investments in the respective quarters and has not availed the said option.
	10	Ministry of Labour and Employment, Government of India on March 29, 2018 has enhanced the gratuity ceiling to an employee under Payment of Gratuity Act, 1972 to ` 20 Lakhs from earlier limit of ` 10 lakhs. This change has resulted  to an incremental gratuity liability amounting to ` 7,143.90 lakhs. As per the RBI circular DBR.BP.9730/21.04.018/2017-18 dated April 27, 2018 the bank has an option to spread the impact of change in gratuity ceiling over four quarters beginning with the quarter ended March 31, 2018. The bank has availed the option to spread the incremental gratuity expenditure over four quarters beginning with the quarter ended March 31, 2018. Accordingly, during the quarter and year ended March 31, 2018 the bank has charged to the profit and loss account an amount of ` 1,785.97 Lakhs and the unamortised gratuity expenditure as on March 31, 2018 is ₹ 5,357.93 Lakhs.
	11	The Board of Directors have recommended a dividend of 50% i.e. ` 1.00/- per Equity Share on face value of ` 2/- each for the year 2017-18 (Previous Year 45% i.e ` 0.90/- per Equity Share) subject to the approval of the members at the ensuing Annual General Meeting. In terms of revised Accounting Standard (AS) 4 "Contingencies  and Events occuring after the Balance sheet date" as notified by the Ministry of Corporate affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, the Bank has not appropriated proposed dividend (including tax) aggregating to ` 23,774.86 Lakhs from the statement of Profit and loss account for the year ended March 31, 2018. However the effect of the proposed dividend has been reckoned in determining capital funds in the computation of Capital adequacy ratio as on March 31, 2018.
	12	Pursuant to Board approved policy on preparation of segment information, the Bank, with effect from quarter ended September 30, 2017, has revised the basis of preparation of segment information related to the allocation of RIDF deposits from Treasury segment to Corporate/Wholesale Banking and Retail Banking segments and allocation of provision related to advances on a direct identification basis for more appropriate presentation of the segment results. Figures for the previous periods have been regrouped / reclassified to conform to current period's classification. The impact of above regrouping / reclassification on segment results for the quarter and year ended March 31, 2017, is summarized in the table below:
								(` in Lakhs)
		(Decrease) / Increase		Standalone				Consolidated
		Quarter ended		Year ended		Year ended
		31.03.2017		31.03.2017		31.03.2017
		Treasury		(116)		(698)		(698)
		Corporate/Wholesale Banking		(2,492)		(11,391)		(11,391)
		Retail Banking		1,268		8,139		8,139
		Other Banking operations		1,340		3,950		3,950
		Unallocated		-		-		-
		The above regrouping / reclassification has no impact on the overall profit of the bank for the quarter and year ended March 31, 2018 or the previous periods/year.
	13	The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year.
	14	Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.
											SHYAM SRINIVASAN
	Mumbai										MANAGING DIRECTOR & CEO
	May 09, 2018										(DIN: 02274773)

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