2019-20 वित्‍तीय रिपोर्ट

Financial Result Q4 2019-20

SEBI Standalone

Head Office: Baroda House P B No.506 Mandvi Baroda- 390006

Corporate Office: C-26 G-Block Bandra Kurla Complex Bandra (E) Mumbai- 400051

Audited Standalone Financial Results for the Year / Quarter Ended 31st March 2020

( Rs in lakhs)

* figures are related to standalone Bank of Baroda financial results for pre- amalgamation period, hence not comparable with post amalgamation financial results for the year / quarter ended March 31,2020

Statement of Assets & Liabilities is as under

( Rs in lakhs)

* figures are related to standalone & consolidated Bank of Baroda financial results for pre- amalgamation period, hence not comparable with Statement of Assets & Liabilities as on March 31, 2020

Statement of Standalone Cash Flow for the Year Ended 31st March, 2020

(Rs. in 000's)

Notes

Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.

Audited Standalone Segment reporting for the Year / Quarter Ended 31st March 2020

Part A-Business Segments

( Rs in lakhs)

Part- B : Geographic Segments

* figures are related to standalone Bank of Baroda financial results for pre- amalgamation period, hence not comparable with post amalgamation financial results for the year / quarter ended March 31, 2020

Standalone Notes Click here

Head Office: Baroda House P B No.506 Mandvi Baroda- 390006

Corporate Office: C-26 G-Block Bandra Kurla Complex Bandra (E) Mumbai- 400051

Audited Consolidated Financial Results for the Year / Quarter Ended 31st March 2020

(Rs in lakhs)

* figures are related to consolidated Bank of Baroda financial results for pre- amalgamation period, hence not comparable with post amalgamation financial results for the year / quarter ended March 31,2020

"BANK OF BARODA STATEMENT OF CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31ST MARCH,2020

(Rs. in 000's)

Notes

Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.

Audited Consolidated Segment reporting for the Year / Quarter Ended 31st March 2020

Part A-Business Segments

( Rs in lakhs)

Part- B : Geographic Segments

Consolidate SEBI Notes march 20 Click here

Financial Result Q3 2019-20

LCR Disclosure Q3 FY19-20

SEBI Formate

Notes forming part of the reviewed consolidated financial results for the Quarter and Half year ended September 30, 2019

• The above consolidated financial results of Bank of Baroda including Subsidiaries (hereinafter referred as “group”), Jointly controlled entities and Associates have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in their respective meetings held on November 08, 2019. The same have been subjected to review by the Statutory Central Auditors of the Bank. The consolidated figures for the corresponding quarter ended September 30 2018 and the corresponding period from April 1, 2018 to September 30 2018, as reported in these financial results have been approved by the Parent’s Board of Directors, but have not been subjected to review by the Auditors since the requirement of submission of quarterly consolidated financial results has become mandatory only from April 1, 2019.
• The above results for the quarter / half year ended September 30, 2019 have been prepared, following the same accounting policies as those followed in the annual financial statements for the year ended March 31, 2019 except as stated in Note 15
• RBI Circular DBOD.NO.BP.BC.1/21.06.201/2015-16 dated July 01, 2015 on Basel III Capital Regulations read together with RBI circular no DBR.NO.BP.BC. 80/21.06.201/2014-15 dated March 31, 2015 on Prudential Guidelines on Capital Adequacy and Liquidity Standards Amendments requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel- III framework. These details are being made available on our website “www.bankofbaroda.com''. These disclosures have not been subjected to audit or review by the statutory Central Auditors of the Bank.
• The above consolidate financial results are prepared in accordance with Accounting Standard 25 on “Interim Financial Reporting”, Accounting Standard 21 on “Accounting for Consolidated Financial Statements”, Accounting Standard 23 on Accounting for “Investment in Associates” and Accounting Standard 27 on “Financial Reporting of Interest in Joint Venture” in CFS.
• In accordance to SEBI regulations, for the purpose of quarterly consolidated financial results, minimum eighty percent of each of consolidated revenue, assets and profits have been included subject to audit or limited review.
• The Consolidated Financial Results as referred above comprises the financial results of 7 Domestic Subsidiaries, 10 Overseas Subsidiaries, 4 Associates and 3 Joint Ventures as under :-
  

  Domestic Subsidiaries	Overseas Subsidiaries
  Banking:- The Nainital Bank Ltd.	Banking:- Bank of Baroda (Botswana) Ltd. Bank of Baroda (Kenya) Ltd. Bank of Baroda (Uganda) Ltd. a) Baroda Capital Markets (Uganda) Limited. (Subsidiary of Bank of Baroda Uganda Ltd.- Non Banking) Bank of Baroda (Guyana) Inc. Bank of Baroda (Tanzania) Ltd. Bank of Baroda (Trinidad & Tobago) Ltd. Bank of Baroda (Ghana) Ltd. Bank of Baroda (New Zealand) Ltd. Bank of Baroda (UK) Ltd.
  Non-Banking:- BOB Capital Markets Ltd. BOB Financial Solutions Ltd. Baroda Global Shared Services Ltd. Baroda Sun Technologies Ltd. Baroda Asset Management India Ltd. Baroda Trustee India Pvt Ltd. Domestic Associates Regional Rural Banks Baroda Uttar Pradesh Gramin Bank Baroda Rajasthan Kshetriya Gramin Bank Baroda Gujarat Gramin Bank Domestic Joint Ventures India First Life Insurance Co Ltd India Infradebt Ltd	Non-Banking:- BOB (UK) Ltd. Overseas Associates Indo Zambia Bank Ltd Overseas Joint Ventures India International Bank (Malaysia) Bhd.

The limited reviewed financials of six overseas subsidiary viz. Bank of Baroda (Botswana) Ltd., Bank of Baroda (Kenya) Ltd., Bank of Baroda (Uganda) Ltd., Bank of Baroda (Guyana) Inc., Bank of Baroda (Tanzania) Ltd., Bank of Baroda (UK) Ltd., two Domestic Joint Venture viz India Infradebt Ltd. , India First Life Insurance Co Ltd and three Domestic Associates viz. Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Kshetriya Gramin Bank and Baroda Gujarat Gramin Bank are included in the consolidated financial results.

• The Government of India through a gazette notification dated January 2, 2019 approved the scheme of amalgamation between Bank of Baroda, Dena Bank and Vijaya Bank. The amalgamation has come into effect from April 1, 2019. The results for quarter/ half year ending September 30, 2019 includes operations of erstwhile Vijaya Bank and erstwhile Dena Bank. Hence the results for current quarter/ half year (September 30, 2019) are not comparable with corresponding period of previous year (September 30, 2018) and for the year ended March 31, 2019.
• In pursuant of amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda, an associate (Regional Rural Bank) of Dena Bank viz. Dena Gujarat Gramin Bank has been amalgamated with Baroda Gujarat Gramin Bank w.e.f. April 01, 2019.
• The shareholders of the parent Bank has approved Employee Share Purchase Scheme (ESPS) in their 23rd Annual General Meeting held on 27th June, 2019. Accordingly parent Bank has offered 1500 lacs fresh equity shares to their eligible employees as per scheme @Rs.75.47 per share as per SEBI guidelines for the period from September 19, 2019 to October 11, 2019. The parent Bank has approved allotment of 12,23,73,432 equity shares of face value of Rs.2 /- each at issue price of Rs.75.47 aggregating to Rs.92355 lakh on October 25, 2019 to eligible employees of the parent Bank who have subscribed shares under Bank of Baroda Employee Share Purchase Scheme 2019.
• The Government of India on September 30, 2019 infused an amount of Rs.700000 lakh towards preferential allotment of equity shares. Pending allotment, Bank has recorded this amount as Share application pending allotment and included in CET-I capital for computation of CRAR as per RBI approval vide letter no. 3018/21.01.002/2019-20 dated October 15, 2019.
• The Bank has considered Amalgamation Reserve of Rs.340693 lakh under CET-I for the purpose of calculation of CRAR as per RBI approval vide letter no. DBR. CO. BP. No. 2368/21.01.002/2019-20 dated September 24, 2019.
• During the current quarter, Bank has raised Basel-III compliant Tier-II Bonds of Rs.50000 lakh.
• As per RBI Circular No. DBR.No.BO.15199/21.04.048/2016-17 dated June 23, 2017, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the bank is holding total provision of Rs.1141295 lakh which includes additional provision of Rs.8194 lakh in respect of 28 borrower accounts under the provisions of Insolvency and Bankruptcy Code (IBC) and RBI Directions as at September 30, 2019.
• As per RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019 on ‘Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector’ (One Time Restructuring), 7824 MSME borrower accounts were restructured till September 30, 2019 amounting to Rs. 44693.33 lakh.
• During the quarter as per the Reserve bank of India circular number DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the holding bank has opted to provide the liability for the said frauds over a period of four quarters as against the earlier policy of charging the same in the relevant period. Accordingly, out of fraud provision of Rs.53110 lakh, Bank has charged Rs.13278 lakh during current quarter and deferred over the next three quarter an amount of Rs.39833 lakh.
• Pursuant to the proposed bipartite agreement on wage revision (due with effect from November 01, 2017), Bank holds provision of sum of Rs.153667 lakh as of September 30, 2019. During the quarter, bank has made provision of Rs.20225 lakh on wage revision.
• Government of India has inserted section 115BAA in the Income Tax Act 1961 vide the Taxation Laws (Amendment) Ordinance 2019 dated September 20, 2019, which provides a non-reversible option to domestic companies to pay corporate tax at reduced rate effective from April 1, 2019 subject to certain conditions. The Parent Bank other entities in the group continues to recognise the taxes on income for the quarter and half year ended September 30, 2019 as per earlier provisions of the Income Tax Act.
• As stated in note no 7, Dena bank and Vijaya Bank have amalgamated with effect from April 1, 2019. On amalgamation the bank has carried forward tax losses of the amalgamating banks. The bank is in the process of obtaining a legal opinion with respect to possibilities of claiming such losses. Pending such evaluation the Provision for tax has been calculated without considering such losses and based on the general principles applicable to the bank as stated in note 17 above. The bank has not calculated the deferred tax on such losses in absence of virtual certainty.
• The Parent Bank has estimated the liability for unhedged foreign currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and maintained a provision of Rs. 12084 lakh as on September 30, 2019.
• The consolidated financial figures the Half Year and quarter ended September 30, 2018 has been certified by the management but unaudited/unreviewed by the auditors. In terms of SEBI (Listing Obligation and Disclosure Requirement) guidelines, the listing entities need to submit quarterly consolidated financial results in addition to standalone financial results from April 01, 2019 onwards.
• The figures for the quarter ended September 30, 2019 are the balancing figures between reviewed figures in respect of the half year ended September 30, 2019 and the published year-to-date figure up to June 30, 2019.
• The figures of the previous period have been regrouped / rearranged, wherever necessary, to confirm to the current period classification.

• LCR Disclosure Q2 2019-2020

Statement of Assets & Liabilities is as under:-

Reviewed Standalone Segment reporting for the Half Year / Quarter Ended 30th September 2019

Reviewed Consolidated Financial Results for the Half Year / Quarter Ended 30th September 2019

Reviewed Consolidated Segment reporting for the Half Year / Quarter Ended 30th September 2019

• The above financial results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in their respective meetings held on November 08, 2019. The same have been subjected to review by the Statutory Central Auditors of the Bank. The cash flow statement for the half year ended September 30, 2018 has been approved by the Bank’s Board of Directors, but has not been subjected to review since the requirement of submission of cash flow statement has become mandatory only from April 01, 2019.
• The above results for the quarter and half year ended September 30, 2019 have been prepared, following the same accounting policies as those followed in the annual financial statements for the year ended March 31, 2019 except as stated in Note 12
• RBI Circular DBOD.NO.BP.BC.1/21.06.201/2015-16 dated July 01, 2015 on Basel III Capital Regulations read together with RBI circular no DBR.NO.BP.BC. 80/21.06.201/2014-15 dated March 31, 2015 on Prudential Guidelines on Capital Adequacy and Liquidity Standards Amendments requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel- III framework. These details are being made available on our website “www.bankofbaroda.com''. These disclosures have not been subjected to audit or review by the statutory Central Auditors of the Bank.
• The financial results for the quarter and half year ended September 30, 2019, have been arrived after considering provision on Non-Performing Assets, Standard Assets, exposures to entities with Unhedged Foreign Currency Exposure, GST registered borrowers and depreciation / Provision for Investments and Non-Performing Investments on the basis of prudential norms and specific guidelines issued by the RBI. As a consistent practice, the Bank has made a provision of 20% on the Secured Sub-standard Advances as against the regulatory requirement of 15%. In addition to the above, Bank has maintained provision on non-fund based facilities of NPA borrowers, by applying 50% credit conversion factor (CCF), based on the asset class of the fund-based facility of the borrower. Bank also made 100% provision on certain class of non-performing retail advances.
• The Government of India through a gazette notification F.No.1/1/2017-BOA dated January 2, 2019 approved the scheme of amalgamation between Bank of Baroda, Dena Bank and Vijaya Bank. The amalgamation has come into effect from April 1, 2019. The results for quarter and half year ending September 30, 2019 includes operations of erstwhile Vijaya Bank and erstwhile Dena Bank. Hence the results for current quarter and half year September 30, 2019 are not comparable with corresponding period of previous year September 30, 2018 and for the year ended 31st March, 2019.
• The Government of India on September 30, 2019 infused an amount of Rs.700000 lakh towards preferential allotment of equity shares. Pending allotment, Bank has recorded this amount as Share application pending allotment and included in CET-I capital for computation of CRAR as per RBI approval vide letter no. 3018/21.01.002/2019-20 dated October 15, 2019.
• The Bank has considered Amalgamation Reserve Rs. 340693 lakh under CET-I for the purpose of calculation of CRAR as per RBI approval vide letter no. DBR. CO. BP. No. 2368/21.01.002/2019-20 dated September 24, 2019.
• The shareholder of the Bank has approved Employee Share Purchase Scheme (ESPS) in their 23rd Annual General Meeting held on June 27, 2019. Accordingly Bank has offered 1500 lakh fresh equity shares to the eligible employees as per scheme @Rs.75.47 per share as per SEBI guidelines for the period from September 19, 2019 to October 11, 2019. However, Bank has approved allotment of 12,23,73,432 equity shares of face value of Rs.2 /- each at issue price of Rs.75.47 aggregating to Rs.92355 lakh on October 25, 2019 to eligible employees of the Bank who have subscribed shares under Bank of Baroda Employee Share Purchase Scheme 2019.
• During the current quarter, Bank has raised Basel-III compliant Tier-II Bonds of Rs.50000 lakh.
• As per RBI Circular No. DBR.No.BO.15199/21.04.048/2016-17 dated June 23, 2017, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the bank is holding total provision of Rs.1141295 lakh which includes additional provision of Rs.8194 lakh in respect of 28 borrower accounts under the provisions of Insolvency and Bankruptcy Code (IBC) and RBI Directions as at September 30, 2019.
• As per RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019 on ‘Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector’ (One Time Restructuring), 7824 MSME borrower accounts were restructured till September 30, 2019 amounting to Rs.44693.33 lakh.
• During the quarter as per the Reserve bank of India circular number DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the bank has opted to provide the liability for frauds over a period of four quarters as against the earlier policy of charging the same in the relevant period. Accordingly, out of fraud provision of Rs.53110 lakh, Bank has charged Rs.13278 lakh during the current quarter and deferred Rs .39833 lakh to the subsequent three quarters.
• Other income of the Bank includes income from non-fund based activities such as brokerage, commission, fees, income from foreign exchange fluctuation, profit / loss on sale of investments, recovery from written off accounts and income from sale of priority sector lending certificates etc.
• Pursuant to the proposed bipartite agreement on wage revision (due with effect from November 01, 2017), bank holds provision of sum of Rs.152413 lakh as of September 30, 2019. During the quarter, bank has made provision of Rs.19880 lakh on wage revision.
• Government. of India has inserted section 115BAA in the Income Tax Act 1961 vide the Taxation Laws (Amendment) Ordinance 2019 dated 20th September, 2019, which provides a non-reversible option to domestic companies to pay corporate tax at reduced rate effective from 01st April, 2019 subject to certain conditions. Bank continues to recognise the taxes on income for the quarter and half year ended September 30, 2019 as per earlier provisions of the Income Tax Act.
• As stated in note no 5, Dena bank and Vijaya Bank have amalgamated with effect from April 1, 2019. On amalgamation the bank has carried forward tax losses of the amalgamating banks. The bank is in the process of obtaining a legal opinion with respect to possibilities of claiming such losses. Pending such evaluation the Provision for tax has been calculated without considering such losses and based on the general principles applicable to the bank as stated in note 15 above. The bank has not calculated the deferred tax on such losses in absence of virtual certainty.
• Non-Performing Assets Provisioning Coverage Ratio (including floating provision) is 77.88% as on September 30, 2019 (Previous year’s corresponding quarter 70.75%).
• The Bank has estimated the liability for unhedged foreign currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and maintained a provision of Rs. 12000 lakh as on September 30, 2019.
• Details of Investor's complaints for the quarter ended September 30, 2019: Pending at Beginning: NIL; Received: 239; Disposed of: 239; Closing: NIL.
• Notes on Segment Reporting
  • a. As per the guidelines of the RBI on compliance with the Accounting Standards, the bank has adopted “Treasury Operations”, “Wholesale”, “Retail” and “Other Banking Operations”, as primary business segments and “Domestic” and “International” as secondary / geographic segments for the purpose of compliance with Accounting Standard 17 on Segment Reporting issued by Institute of Chartered Accountants of India (ICAI).
  • b. Segment revenue represents revenue from external customers.
  • c. Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
• The figures for the quarter ended September 30, 2019 are the balancing figures between reviewed figures in respect of the half year ended September 30, 2019 and the published year-to-date figure up to June 30, 2019.
• The figures of the previous period have been regrouped / rearranged, wherever necessary, to confirm to the current period classification.

Place: Mumbai
Date: 08.11.2019

* figures are related to standalone Bank of Baroda financials for pre- amalgamattion period, hence not comparable with post amalgamation financials for the quarter ended 30th June , 2019 (Refer to Note no. 6a)

Part A-Business Segments

( Rs in lakhs)

Part- B : Geographic Segments

* figures are related to standalone Bank of Baroda financials for pre- amalgamattion period, hence not comparable with post amalgamation financials for the quarter ended 30th June , 2019 (Refer to Note no.6a)

• LCR Disclosure (25.0 KB)

Statement of Assets & Liabilities is as under

* figures are related to standalone & consolidated Bank of Baroda financials for pre- amalgamattion period, hence not comparable with post amalgamation financials for the quarter ended 30th June , 2019 (Refer to Note no.6a)

( Rs in lakhs)

* figures are related to consolidated Bank of Baroda financials for pre- amalgamattion period, hence not comparable with post amalgamation financials for the quarter ended 30th June , 2019 (Refer to Note no.6a)

Part A-Business Segments

( Rs in lakhs)

Part- B : Geographic Segments

Notes forming part of the reviewed consolidated financial results for the quarter ended June 30, 2019

• The above consolidated financial results of Bank of Baroda including Subsidiaries, Joint Ventures and Associates (hereinafter referred as “group”) have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in their respective meetings held on July 25, 2019. The same have been subjected to review by the Statutory Central Auditors of the Bank.
• The above results for the quarter ended June 30, 2019 have been prepared, following the same accounting policies as those followed in the annual financial statements for the year ended March 31, 2019.
• The above consolidate financial results are prepared in accordance with Accounting Standard 21 on “Accounting for Consolidated Financial Statements”, Accounting Standard 23 on Accounting for “Investment in Associates” and Accounting Standard 27 on “Financial Reporting of Interest in Joint Venture” in CFS.
• In accordance to SEBI regulations, for the purpose of quarterly consolidated financial results, minimum eighty percent of each of consolidated revenue, assets and profits have been included subject to audit or limited review.
• The Consolidated Financial Results of the group comprises the financial results of 7 Domestic Subsidiaries, 10 Overseas Subsidiaries, 4 Associates and 3 Joint Ventures as under :-

The limited reviewed financials of 1 domestic subsidiary viz. Nainital Bank and 2 overseas subsidiary viz. Bank of Baroda (Uganda) Ltd., Bank of Baroda (Kenya) Ltd. and 1 Domestic Joint Venture viz. India First Life Insurance Co Ltd. are included in the consolidated financial results.

• a) The Government of India through a gazette notification F.No.1/1/2017-BOA dated January 2, 2019 approved the scheme of amalgamation between Bank of Baroda, Dena Bank and Vijaya Bank. The amalgamation has come into effect from April 1, 2019. The results for quarter ending June 30, 2019 includes operations of erstwhile Vijaya Bank and erstwhile Dena Bank. Hence the results for current quarter are not comparable with immediately preceding quarter and corresponding previous year.
  b) The Bank has adopted Pooling of Interest method prescribed under the Accounting Standard 14 on Accounting for Amalgamations to record amalgamation of Vijaya Bank and Dena Bank (the amalgamating banks) with the Bank with effect from April 01, 2019. Accordingly, the difference of Rs. 340693 lakhs between the net assets of amalgamating banks and the amount of shares issued to the shareholders of the amalgamating banks has been recognised as Amalgamation Reserve. The bank has considered this amount under CET I for the purpose of calculation of CRAR.
• In pursuant of amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda, an associate (Regional Rural Bank) of Dena Bank viz. Dena Gujarat Gramin Bank has been amalgamated with Baroda Gujarat Gramin Bank w.e.f. April 01, 2019.
• The figures for quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the financial year 2018 -19 and the figures up to December 31, 2018.
• As per RBI Circular No. DBR.No.BO.15199/21.04.048/2016-17 dated June 23, 2017, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the group is holding total provision of Rs. 1165423 lakhs which includes provision of Rs. 11583 lakhs in respect of 32 borrower accounts under the provisions of Insolvency and Bankruptcy Code (IBC) and RBI Directions as at June 30, 2019.
• RBI vide circular no.DBR.No.BP.BC.108/21.04.048/2017-18 dated June 6, 2018, permitted banks to continue the exposure to MSME borrowers to be classified as Standard Assets. Accordingly, group has retained MSME loans amounting Rs 60154 lakhs as Standard Assets as on June 30, 2019 and not recognised interest income of Rs 673 lakhs for the current quarter and maintained standard assets provision of Rs 3008 lakhs for these accounts as at June 30, 2019.
• As per RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019 on ‘Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector’ (One Time
• Pursuant to the proposed bipartite agreement on wage revision (due with effect from November 01, 2017), the group holds provision of sum of Rs 133442 lakhs as of June 30, 2019. During the quarter, group has made provision of Rs. 20016 lakhs on wage revision.
• The group has estimated the liability for unhedged foreign currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and maintained a provision of Rs. 13211 lakhs as on June 30, 2019.
• The consolidated financial figures for the quarter ended June 30, 2018 and March 31, 2019 have been certified by the management but unaudited/unreviewed by the auditors. In terms of SEBI (Listing Obligation and Disclosure Requirement) guidelines, the listing entities need to submit quarterly consolidated financial results in addition to standalone financial results from April 01, 2019 onwards.
• The figures of the previous period have been regrouped / rearranged, wherever necessary, to conform to the current period classification.

Place: Mumbai
Date: 25.07.2019