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Page Industries Ltd. — Regulatory Filings 2019
Feb 18, 2019
62181_rns_2019-02-18_256c23f2-35fb-4d2c-bd22-000bcf8ae234.pdf
Regulatory Filings
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� JOCKEY
18[th ] February 2019
The Secretary Corporate Relationship Dept. The Bombay Stock Exchange 1[st ] Floor, New Trading Ring Rotunda Building, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai -400 001
The Secretary National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Mumbai -400 051
Dear Sir/ Madam,
Sub: Clarification on media reports
Post publication of Q3 financials results of the Company on 14 Feb 2019, we have noticed some media reports stating that the Company's strong growth in revenue is due to change in Accounting Standard/ Policy. In this regard we would like to clarify as follows:
The Company has consistently followed Accounting Standard Ind AS -115, which mandates Revenue Recognition, only upon delivery to customers. There is no change in Accounting Policy.
Ind AS - 115 is applicable on Accounting Periods starting from 01 April 2018 and has been duly complied with, for all Quarters in this Financial year. Accordingly, Revenue from sale not meeting the recognition criteria (as above) is deferred for recognition to the next quarter.
The above compliance has also been suitably reported in all the published financial results.
Quarter-wise, revenue recognition, which is applicable from 01 Apr 2018, is furnished as follows:
| Quarterended | Rupees in Lakhs | Rupees in Lakhs | Rupees in Lakhs | Rupees in Lakhs | Rupees in Lakhs |
|---|---|---|---|---|---|
| Invoicedduring theQuarterA | RevenueDeferred fromPreviousQuarterB | RevenueDeferred toNext QuarterC | RevenueRecognisedperInd AS-115D = A+B-C | Impact oflndAS-115on RevenueRecognitionE = B-C | |
| 30 Jun 2018 | 80,118 | 6,635 | 5,226 | 81,526 | 1,409 |
| 30 Sep 201831 Dec 2018 | 70,84670,483 | 5,2266,996 | 6,9963,647 | 69,07673,832 | -1,7703,349 |
As furnished above, as at 31st December 2018, the company has not recognized revenues of Rs. 3,647 lakhs since they have not met the revenue recognition criteria under the Accounting Standard. The same will get recognized as revenue in Q4 of 2018-19.
The above clarification may please be taken on record Thanking you, Yours faithfully,
- �ed
Company Secretary
PAGE INDUSTRIES LIIVIITED ID
Head Office : Cessna Business Pail<, 3rd Floor, Umiya Business Bay, Tower-1, Varll1ur Hobli. Outer Ring Road, Bengaluru - 560 103. Ph. 91-80-4946 4646. Corporate & Registered Office· Cessna Business Park. 7th Floor, Umiya Business Bay, Tower-1, Varthur Hobh, Outer Ring Road. Bengaluru - 560 103. Ph: 91-80-4945 4545 I www.jockeyindia.com I [email protected] I CIN II L18101 KA 1994PLC016554