By Vivek K. Mobile: 09920183006 Email:email@example.com
The Board of HVL at its meeting held today approved un-audited standalone financial results for the quarter and half year ended September 30, 2018.
HVL Standalone Results:-
HVL on standalone basis reported a total income of Rs. 26.72 Crores for the half year ended September 30, 2018.
Pursuant to adoption of IND AS, the mark to market gains in respect of equity shares held by the Company in IndusInd Bank Limited were reflected in the Balance Sheet as on March 31, 2018. The price at which the mark to market adjustment was carried out in the Balance Sheet on March 31, 2018 was Rs. 1796.75 per share. The corresponding market price as on September 30, 2018 was Rs. 1690.05 per share. This reduction in value in respect of shares held as “Stock in trade” is reflected in the Profit & Loss Account for the current period and in respect of shares held as “Investments” is reflected in “Other Comprehensive Income” in the reserves of the Balance Sheet for the current period.
Positive Development: -
The Supreme Court by its Order dated 30th October 2018, has dismissed the appeals made to it against the decision of the Madras High Court upholding the Digital Tariff Order issued by the Telecom Regulatory Authority of India (TRAI).
This decision of the Supreme Court is a major positive development for IndusInd Media & Communications Limited (“IMCL”) as it ensures that the pay channel costs which are a major drag on IMCL’s profitability today will in future be a pure pass through cost and in addition IMCL is assured a minimum guaranteed revenue through network operating fees. A combination of these factors will ensure that IMCL will begin to become profitable effective the implementation of the Tariff Order. This order takes effect from January 03, 2019 in the fourth quarter of the current financial year.