Page 67 - Kolte Patil AR 2019-20

2. Performance of the Company 7. Details of Subsidiary/Joint Ventures/
The key highlights of the Company’s performance is as under: Associate Companies
During the year under review, the Company has increased its stake
Financial Overview (Consolidated Performance) from 45% to 95% in Kolte-Patil I-Ven Townships (Pune) Limited and
Our revenues were increased by 30.45% at C112,950 Lakhs Bellflower Properties Private Limited, a wholly owned subsidiary of
during the year compared to C86,587 Lakhs in the previous year. the Company has been merged pursuant to the order of National
Earnings Before Interest Taxes and Depreciation was increased by Company Law Tribunal, Mumbai Bench.
8.67% at C28,055 Lakhs as compared to C25,816 Lakhs. EBITDA
margins decreased from 29.82% to 24.84% during the year. Total The Statement containing salient features of the financial statement
Comprehensive Income (post minority interest) decreased by 4.24% of subsidiaries/associate companies/joint ventures in Form AOC - 1
at C7,244 Lakhs compared to C7,565 Lakhs in the previous year. is annexed as Annexure I to the Directors’ report.
Earnings Per Share stood at C9.55 as compared to C9.95 last year. 8. Directors and Key Managerial Personnel

Financial Overview (Standalone Performance) Pursuant to Section 152 of the Companies Act, 2013 read with Article
Our revenues were increased by 54.38% at C71,226 Lakhs during the 167 of the Articles of Association of the Company, Mrs. Sunita Kolte,
Non-Executive Director (DIN: 00255485) will retire by rotation and
year compared to C46,137 Lakhs in the previous year. Earnings Before being eligible, offered herself for re-appointment at this ensuing
Interest Taxes and Depreciation was increased by 19.26% at C17,920 Annual General Meeting.
Lakhs as compared to C15,026 Lakhs. EBITDA margins decreased
from 32.57% to 25.16% during the year. Total Comprehensive During the year under review, there is no change in Board of
Income decreased by 17.33% at C6,435 Lakhs compared to C7,783 Directors nor Key Managerial Personnel.
Lakhs in the previous year. Earnings Per Share stood at C8.47 as The Company has received declarations from all the Independent
compared to C10.25 last year.
Directors of the Company confirming that they meet the criteria of
3. Dividend Independence as prescribed both under the Act and Regulation
The Board of Directors does not recommended any Dividend for 16 (b) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Financial Year 2019-20 considering current market conditions.
The Company has devised a Policy for performance evaluation of
4 Fixed Deposits Independent Directors, Board, Committees and other Individual
During the year under review, the Company has not accepted any Directors which includes criteria for performance evaluation of
fixed deposits under the provisions of the Companies Act, 2013. the non-executive directors and executive directors. The Board has
carried out an annual evaluation of its own performance, various
5. Share Capital committees and Individual directors.
The paid-up Equity Share Capital as on 31 March 2020 stood at
C7,581.49 Lakhs. The Board members are provided with necessary documents, reports
and policies to enable them to familiarise with the Company’s
6. Internal Financial Controls procedures and practices. Periodic presentations are made at the
The Company has adequate internal controls and processes in place Board and Committee Meetings, on business and performance up.
with respect to its financial statements which provide reasonable The details of such familiarization programmes for Independent
assurance regarding the reliability of financial reporting and the Directors are posted on the website of the Company and can be
preparation of financial statements. These controls and processes accessed at https://www.koltepatil.com/assets/uploads/corporate_
are driven through various policies, procedures and certifications. governance/157190903774782171.pdf
The Management has periodically conducted the assessment of The Policy for selection of Directors and determining Directors
internal financial controls for determining operative effectiveness Independence and Remuneration Policy for Directors, Key
and the control were operating effectively. The internal financial Managerial Personnel and other employees is annexed as Annexure
controls were also reviewed by an Independent Auditor and found II to this Report.
to be adequate and operating effectively for ensuring accuracy and
completeness of the accounting records. No reportable material 9. Meetings of the Board of Directors
weaknesses were observed. The report of Independent Auditor is Five (5) Board Meetings were held during the year and the gap
annexed to the Auditors’ Report on Financial Statements. between two meetings did not exceed four months. The dates on
which the board meeting were held as follows:

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