Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Cambridge Technology Enterprises Ltd. Interim / Quarterly Report 2019

Nov 9, 2018

61851_rns_2018-11-09_534c6b09-e6ff-47b7-b6fd-b1eb0b63592d.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

The Listing Dept, BSE Ltd Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai — 400 001 The Listing Dept, The National Stock Exchange of India Ltd Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai — 400 051

Dear Sir,

Sub: Outcome of 2018 — 19/3" Board Meeting dated November 09, 2018 and submission of Un-audited Financial Results. Ref: Regulation 30 & 33 of the Listing Regulations, BSE Scrip Code: 532801, NSE Code: CTE

We wish to inform you that the Board of Directors at its meeting held today have considered and approved, inter-alia, the Unaudited Standalone & Consolidated Financial Results of the Company for the second quarter ended September 30, 2018 together with the Limited Review Report thereon

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the following:

  • a) Limited Review Report on Consolidated Financial Results of the Company for the second quarter ended as at September 30, 2018 issued by M/s. M Anandam & Co., Statutory Auditors of the Company.
  • b) Un-audited Consolidated Financial Results of the Company for the second quarter ended as at September 30,2018.
  • c) Limited Review Report on Standalone Financial Results ofthe Company for the second quarter ended as at September 30, 2018 issued by M/s. M Anandam & Co., Statutory Auditors of the Company.
  • d) Un-audited Standalone Financial Results of the Company for the second quarter ended as at September 30,2018.

The meeting of the Board of Directors of the Company commenced at 12.00 Noon and concluded at 4.20 PM.

Thanking you, Yours faithfully,

& Compliance Officer) Enci: As above

Registered BL Corporate Office, Cambridge Technology Enterprises Ltd. Unit NO 04 , 03. Level 4, Blockl Cyber Pearl, Hiiec City. Madhapur Hyderabad . 500 081, Telangana india lei +9140 401374400 lax v9141074023-4600

Bengaluru -

Vakii Square Unit #1. Rear wrng Fifth Floor Bannerghatla Road. Bangalore . 560 076. Kamataka. liidia Tel ~9i780»463374400

Tax ¢9i1804129975779

Mumbai i

Level A. Awing. Dynasty Business Park Andhen Kuria Road. Andhen (E) Mumbai . 400 059. Maharashtra. india iel 91722767865Mi0 Fax +9i-22-67569i99

Chennai

I Unit No.205. A Block, 2"'1 Floor 1 Delta Wing Rahem Tower. NO i77/8, Anna Salai. Chennnir MN) 002 Tamilimtlu lridia To) «3.1744 6659»8000

M. ANANDAM & CO.,

CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

To The Board of Directors of Cambridge Technology Enterprises Limited

We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Cambridge Technology Enterprises Limited ("Holding Company") and its wholly owned subsidiaries Cambridge Technology Inc., USA, Cambridge Innovations Capital LLC, USA, Cambridge Technology Investments Pte Ltd, Singapore, Cambridge Bizserve Private Limited, India, Cambridge Innovations Private Limited, India, Cambridge Bizserve Inc., Philippines and Cloud Computing Global Pte Ltd, Singapore ( the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter and half year ended 30'" September, 2018 ("the Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. ClR/CFD/FAC/62/2016 dated 5m July, 2016.

This Statement which is the responsibility of the Holding Company's Management and approved by the Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We did not review the interim financial results and other financial information, in respect of one wholly owned subsidiary namely, Cambridge Technology Inc., USA, whose interim financial results/information reflects total revenues of Rs. 2239.15 Iakhs and Rs 4463.67 Iakhs for the quarter and half year ended 30th September, 2018 respectively and total assets of Rs. 9497.96 Iakhs as on 30'" September, 2018. These interim financial results and other financial information have been reviewed by the other auditor whose report has been furnished to us by the Management. Our conclusion, in so far as it relates to the affairs of such subsidiary is based solely on the report of other auditor. Our conclusio "flag—Wdified in respect of this matter. ,4}: '00

7 'A', SURYATOWERS, SARDAR PATEL ROAD. SECUNDERABAD - 500 003. PHONE : 2781 2377, 2781 2034, FAX : 2781 2091

M.Anandam & Ca., Chartered Accountants

The Statement includes financial results and other financial information of five subsidiaries namely Cambridge Technology Investments Pte Ltd, Singapore, Cambridge Bizserve Private Limited, India, Cambridge innovations Private Limited, India, Cambridge Bizserve Inc., Philippines and Cloud Computing Global Pte Ltd, Singapore whose interim financial results/information reflects total revenues of Rs. 38.68 iakhs and Rs. 82.60 Iakhs for the quarter and half year ended 30"1 September, 2018 respectively and total assets of Rs. 1795.50 Iakhs as on 30'" September, 2018. These interim financial results have been considered by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the information submitted by the management. In our opinion and according to the information and explanations given to us by the Management, these financial results and other financial information are not material to the Group. Our conclusion is not modified in respect of this matter.

The Statement includes financial results and other financial information of one subsidiary namely Cambridge Innovations Capital LLC, USA whose interim financial results/information reflects total revenues of Rs. Nil and Rs. Nil for the quarter and half year ended 30m September, 2018 respectively and total assets of Rs. 4794.51 Iakhs as on 3O"I September, 2018. These interim financial results have been considered by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the information submitted by the management. Our conclusion is not modified in respect ofthis matter.

Based on our review conducted as above, based on the consideration of the report of other auditor referred in paragraph above and based on the consideration of the unaudited interim financial information of the subsidiaries which have been furnished by the Management referred to in paragraphs above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited consolidated financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For M. Anandam & Co., Chartered Accountants (Firm Regn. No.0001255)

/

M. V. Ranganath Date: 09.11.2018 M.No:028031

Page 2 of z

Cambridge Technology Enterprises Limited
CIN: L72200AP1999PLC030997
Regd. Office: Unit No. 04-03, Level 4, Block 1, Cyber Pearl, Hitech City, Madhapur Hyderabad (TS) — 500 081, India
-mail:E [email protected] Website: www.ctepl.com Phone: + 91 40 4023 4400, Fax: 4023 4600.
CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2018
(Rupees in Iakhs)
Particulars Quarter Ended Half year Ended Year ended
30-Sep-18 30-Jun-18 30-Sep-17 30-Sep-18 30—Sep-17 31-Mar-18
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from operations 2,432.33 2,376.45 2,376.84 4,808.78 4,637.23 9,910.31
II Other Income 6.14 8.06 8.84 14.20 33.29 53.24
III Total Income ( +II) 2,438.47 2,384.50 2,385.69 4,822.98 4,670.52 9,963.55
IV Expenses
a. Purchase of software licenses 150.45 281.50 141.72 431.95 474.65 3,138.41,
b. Changes in inventories of work—in~progress 16.90 (88.76) (71.86) -
c. Employee benefits expense 1,225.64 1,133.13 1,036.33 2,358.77 2,024.06 3,598.38
d. Finance cost 4055 37.39 40.22 77.94 82.19 164.33
e. Depreciation and amortisation expense 14.11 75.25 90.41 89.36 177.75 343.06
f. Other expenses 342.90 539.61 716.85 882.51 1,240.48 1,497.48
Total expenses 1,790.55 1,978.12 2,025.52 3,768.67 3,999.13 8,741.66
V Profit before tax (Ill—iv) 647.92 406.39 360.16 1,054.31 671.39 1,221.88
VI Tax expense
(1) Current tax 20.08 63.48 129.37 83.56 137.75 181.51
(2) Deferred tax 3.96 71.85 (99.23) 75.81 (39.44) (250.67)
VII Profit for the period (V—VI) 623.89 271.06 330.02 894.95 573.08 1,291.04
Vlli Othercomprehensive income
i)items that will not be reclassified to profit or loss
(Net of tax)
Remeasurement of defined benefit obligations (16.30) (9.43) (0.31) (25.73) (10.32) (18.47)
Fair value changes in investments (411.00) - - (411.00) - (209.06)
ii) Items that will be reclassified to profit or loss (Net
of tax)
Exchange difference in translating the financial (17.38) (64.66) - (82.04) - (29.06)
statements of a foreign operation
lX Total comprehensive income for the period (VII+V il) 179.22 196.97 329.71 376.19 562.76 1,034.45
Net Profit for the year attributable to:
Owners of the parent 623.89 271.06 330.02 894.95 573.08 1,291.04
Non-Controlling interests - - - - - -
Other Comprehensive income attributable to:
Owners of the parent (444.68) (74.09) (0.31) (518.77) (10.32) (256.59)
Non-Controlling interests - - - - -
Total Comprehensive income attributable to:
Owners of the parent 179.22 196.97 329.71 376.19 562.76 1,034.45
Non-Controlling Interests - - - - -
X Paid up equity share capital (FV of Rs 10 each) 1,963.10 1,963.10 1,963.10 1,963.10 1,963.10 1,963.10
XI Earnings per share (EPS) (Not annualised)
(a) Basic 3.18 1.38 1.68 4.56 2.92 6.58
(b) Diluted 3.18 1.38 1.68 4.56 2.92 6.58

Notes:

  1. Theabove financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 9 November, 2018. The Statutory Auditors have carried out limited review of the unaudited standalone financial results of the Company for the quarter ended 30 September, 2018 in accordance with Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.

  2. The financial results of the Company have been prepared in accordance with Ind AS prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the relevant rules thereunder and in terms of Regulation 33 ofSEBi (Listing Obligations and Disclosure Requirements), Regulations, 2015 and SEBI circular dated 5 July, 2016.

  3. The Group has one reportable segment for the quarter as per the requirements of Ind AS 108 "Operating Segments".

  4. The Group has consolidated financial results based on ind AS 110 "Consolidated Financial Statements".

  5. The above results include the results of the wholly owned subsidiaries of Cambridge Technology Inc, Cambridge Technology Investments Pte Ltd, Cambridge innovations Pvt Ltd., Cambridge Bizserve Pvt Ltd, Cambridge innovations Capital LLC, Cambridge Bizserve Inc.

  6. The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.

  7. The financial results are also available for perusal at Company's website viz., www.ctepl.com and websites of BSE (wwwbsemdiacom) and NSE (www.nseindia.com).

8. Extract from Standalone Financial Results are as under: Quarter Ended Half year Ended Year ended
Particulars 30-Sep—18 30-Jun-18 30-Sep-17 30-Sep-18 30~Sep-17 31-Mar-18
1,012.61 839.44 947.11 1,852.05 1,970.99 6,305.37
income from operations (net) 136.81 125.96 129.15 262.77 280.63 453.39
Profit Before Tax 107.64 91.51 30.57 199.15 176.14 345.03
Profit After TaxTotal Comprehensive Income for the period 9134 82,08 /173,42'\k/,i\t\ 165.82 336.54

Q.

Mhurama Swaroop Whole -Time Director (DIN: 00453250)

Date: 9th November, 2018 Place: Hyderabad

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(Rupees in lakhs)
PARTICULARS As at 30-09-2018 As at 31-03-2018
(Unaudited) (Audited)
.ASSETS
Non-current Assets
63.79 66.50
(a) Property, Plant and Equipment 483.22 499.55
(b) Other Intangible Assets
(c) Financial Assets
(i) Investments 3,707.96 3,633.72
(ii) Other financial assets 193.71 469.35
(d) Deferred Tax Assets (Net) 152.81 188.52
(e) Other Non-Current Assets 27.66 25.00
(f) Amount recoverable from ESOP Trust 119.00 119.00
Current Assets
(a) Inventories 1,661.74 ~
(b) Financial Assets
(i) Trade Receivables 3,375.93 1,551.44
(ii) Cash and Cash Equivalents 38.74 90.33
(iii) Other bank balances 332.69 36.48
(iv) Loans and Advances 102.22 119.12
80.73
(v) Other Financial Assets 1,838.1377.70
(c) Current Tax Assets (Net) 31.39
(d) Other Current Assets 198.69 190.99
Total Assets 10,570.28 8,905.85
II. EQUITY 8: LIABILITIES
Equity
(a) Equity Share Capital 1,965.10 1,963.10
(b) Other Equity 4,645.80 3,735.56
Liabilities
Non-Current Liabilities
(a) Financial liabilities
Borrowings 359.09 33.25
(b) Provisions 153.13 133.01
Current Liabilities
(a) Financial Liabilities
(l) Borrowings 1,105.40 1,083.12
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises & small
enterprises; - 1
(b) Total outstanding dues of creditors other than micro
enterprises & small enterprises; 502.55 464.55
(iii) Other Financial Liabilities 1,583.32 1,304.21
(b) Other Current Liabilities 127.99 116.76
(c) Provisions 29.04 10.64
(d) Current Tax Liabilities (Net) 98.85 61.64
Totl Equity and Liabilities 10,570.28 8,905.85
For and on If of Board
Date: 9th November, 2018 'Dhara 9urama Swaroo"'9
Whole- Time Director
Place: Hyderabad \3'39

(DIN: 00453250)

M. ANANDAM & CO., CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

To

The Board of Directors of Cambridge Technology Enterprises Limited

We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Cambridge Technology Enterprises Limited ("the Company"), for the quarter and half year ended 30'" September 2018 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Circular No. ClR/CFD/FAC/62/2016 dated 5'h July, 2016. This statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5'" July, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

[I I?

For M.Anandam 8: Co., Chartered Accountants (Firm Regn.No.0001255)

M.V. Ralganath Partner M.No:028031

Place: Hyderabad Date: 09.11.2018

Cambridge Technology Enterprises Limited
CIN: L72200AP1999PLC030997
Regd. Office: Unit No. 04-03, Level 4, Block 1, Cyber Pearl, Hitech City, Madhapur Hyderabad (TS) — 500 081, India
E — mail: [email protected] Website: www.ctepl.com Phone: + 91 40 4023 4400, Fax: 4023 4600.
STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30th SEPTEMBER 2018
(Rupees in lakhs)
Particulars Quarter Ended Half year Ended Year ended
30-Sep-18 30-Jun-18 30-Sep-17 30—Sep—18 30-Sep-17 31-Mar—18
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Revenue from operations 1,012.61 839.44 947.11 1,852.05 1,970.99 6,305.37
lI Other income 8.03 6.72 12.82 14.75 37.27 53.87
I" Total Income (I+ll) 1,020.64 846.16 959.93 1,866.80 2,008.26 6,359.24
IV Expenses
a. Purchase of software licenses 57.44 34.31 60.38 91.75 143.72 2,597.85
b. Changes in inventories of work»in-progress (5.32) (63.57) (68.89) ~
c. Employee benefits expense 623.60 556.65 549.62 1,180.26 1,092.27 2,181.22
d. Finance cost 10.38 7.55 4.49 17.93 10.35 32.45
9. Depreciation and amortisation expense 7.96 8.24 26.31 16.20 50.89 86.34
f. Other expenses 189.75 177.02 189.99 366.77 430.40 1,007.99
Total expenses 883.83 720.20 830.78 1,604.03 1,727.63 5,905.85
V Profit before tax (Ill-IV) 136.81 125.96 129.15 262.77 280.63 453.39
VI Tax expense
(1) Current tax 27.03 37.05 120.38 64.08 120.38 151.36
(2) Deferred tax 2.14 (2.60) (21.80) (0.46) (15.89) (4300)
VII Profit for the period (V-Vl) 107.64 91.51 30.57 199.15 176.14 345.03
Vlll Othercomprehensive income
Items that will not be reclassified to profit or loss (net oftax)
Remeasurement of defined benefit obligations (16.30) (9.43) (0.31) (25.73) (10.32) (8.49)
IX Total comprehensive income for the period (Vll+V Il) 91.34 82.08 30.26 173.42 165.82 336.54
X Paid up equity share capital (FV of Rs 10 each) 1,963.10 1,963.10 1,963.10 1,963.10 1,963.10 1,963.10
XI Earnings per share (EPS) (Not annualised)
(a) Basic 0.55 0.47 0.16 1.01 0.90 1.76
(b) Diluted 0.55 0.47 0.16 1.01 0.90 1.76

Notes:

  1. The above financial results for the quarter and half year ended were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 9th November, 2018. The Statutory Auditors have carried out limited review of the unaudited financial results of the Company for the quarter and half year ended 30 September, 2018 in accordance with Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.

  2. Theifingnciailresdltsof theCompany have beenrpriepiared idéééérdéneé with Ind AS prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 and SEBI circular dated 5 July, 2016.

'3irrg'gogp.ay'i.aig'na';.psaaa. gameras};thé'...;¢r...agatgainagagiqgeggfigammy; W

  1. The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to makethernrcoimparable.'

  2. The financial results are also available for perusalratCompany's website viz., www.ctepl.com and websites of BSE (www.bseindia.com) and NSE (wwwnseindiacom).

DigeLmh November, 2018""
Place: Hyderabad
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rupees in lakhs)
PARTICULARS As at 30-09-2018 As at 31-03—2018
(Unaudited) (Audited)
LASSETS
Non-current Assets
(a) Property, Plant and Equipment 36.97 50.09
(b) Other Intangible Assets 2.02 4.47
(c) Financial Assets
(i) Investments 2,445.27 2,183.20
(ii) Otherfinancial assets 495.62 463.93
(d) Deferred Tax Assets (Net) 264.08 279.58
(e) Other Non—Current Assets 27.66 25.00
(f) Amount recoverable from ESOP Trust 119.00 119.00
Current Assets
(a) Inventories 68.89 -
(b) Financial Assets
(i) Trade Receivables 760.11 810.20
(ii) Cash and Cash Equivalents 36.13 84.13
(iv) Loans and Advances 168.13 159.36
(v) Other Financial Assets 15.38 19.83
(c) Current Tax Assets (Net) 64.23 58.51
(d) Other Current Assets 126.37 117.36
Total Assets 4,629.86 4,374.66
ll. EQUITY & LIABILITIES
Equny
(a) Equity Share Capital 1,963.10 1,963.10
(b) Other Equity 1,387.76 1,211.47
Liabilities
Non—Current Liabilities
(a) Financial liabilities
313.50 33.25
Borrowings(b) Provisions 153.13 133.01
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 50.02 197.10
(ii) Trade Payables
(a) Total outstanding dues of micro enterprises & small - -
enterprises;
(b) Total outstanding dues of creditors other than micro 228.06 288.94
enterprises & small enterprises;
(iii) Other Financial Liabilities 367.00 417.76
(b) Other Current Liabilities 84.79 83.65
(c) Provisions 29.04 10.64
(d) Current Tax Liabilities (Net) 53.46 35.80
Total Equity and Liabilities 4,629.86 4,374.66

'

Place: Hyderabad Whole -

For and on Date: 9th November, 2018 Warm—Rm Swaro Time Director (DIN: 00453250)