Page 67 - Kolte Patil AR 2019-20

2. Performance of the Company
The key highlights of the Company’s performance is as under:
Financial Overview (Consolidated Performance)
Our revenues were increased by 30.45% at C112,950 Lakhs during the year compared to C86,587 Lakhs in the previous year. Earnings Before Interest Taxes and Depreciation was increased by 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 Comprehensive Income (post minority interest) decreased by 4.24% at C7,244 Lakhs compared to C7,565 Lakhs in the previous year. Earnings Per Share stood at C9.55 as compared to C9.95 last year.
Financial Overview (Standalone Performance)
Our revenues were increased by 54.38% at C71,226 Lakhs during the year compared to C46,137 Lakhs in the previous year. Earnings Before Interest Taxes and Depreciation was increased by 19.26% at C17,920 Lakhs as compared to C15,026 Lakhs. EBITDA margins decreased from 32.57% to 25.16% during the year. Total Comprehensive Income decreased by 17.33% at C6,435 Lakhs compared to C7,783 Lakhs in the previous year. Earnings Per Share stood at C8.47 as compared to C10.25 last year.
3. Dividend
The Board of Directors does not recommended any Dividend for Financial Year 2019-20 considering current market conditions.
4 Fixed Deposits
During the year under review, the Company has not accepted any fixed deposits under the provisions of the Companies Act, 2013.
5. Share Capital
The paid-up Equity Share Capital as on 31 March 2020 stood at C7,581.49 Lakhs.
6. Internal Financial Controls
The Company has adequate internal controls and processes in place with respect to its financial statements which provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements. These controls and processes are driven through various policies, procedures and certifications. The Management has periodically conducted the assessment of internal financial controls for determining operative effectiveness and the control were operating effectively. The internal financial controls were also reviewed by an Independent Auditor and found to be adequate and operating effectively for ensuring accuracy and completeness of the accounting records. No reportable material weaknesses were observed. The report of Independent Auditor is annexed to the Auditors’ Report on Financial Statements.
7. Details of Subsidiary/Joint Ventures/ Associate Companies
During the year under review, the Company has increased its stake from 45% to 95% in Kolte-Patil I-Ven Townships (Pune) Limited and Bellflower Properties Private Limited, a wholly owned subsidiary of the Company has been merged pursuant to the order of National Company Law Tribunal, Mumbai Bench.
The Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures in Form AOC - 1 is annexed as Annexure I to the Directors’ report.
8. Directors and Key Managerial Personnel
Pursuant to Section 152 of the Companies Act, 2013 read with Article 167 of the Articles of Association of the Company, Mrs. Sunita Kolte, Non-Executive Director (DIN: 00255485) will retire by rotation and being eligible, offered herself for re-appointment at this ensuing Annual General Meeting.
During the year under review, there is no change in Board of Directors nor Key Managerial Personnel.
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of Independence as prescribed both under the Act and Regulation 16 (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other Individual Directors which includes criteria for performance evaluation of the non-executive directors and executive directors. The Board has carried out an annual evaluation of its own performance, various committees and Individual directors.
The Board members are provided with necessary documents, reports and policies to enable them to familiarise with the Company’s procedures and practices. Periodic presentations are made at the Board and Committee Meetings, on business and performance up. The details of such familiarization programmes for Independent Directors are posted on the website of the Company and can be accessed at https://www.koltepatil.com/assets/uploads/corporate_ governance/157190903774782171.pdf
The Policy for selection of Directors and determining Directors Independence and Remuneration Policy for Directors, Key Managerial Personnel and other employees is annexed as Annexure II to this Report.
9. Meetings of the Board of Directors
Five (5) Board Meetings were held during the year and the gap between two meetings did not exceed four months. The dates on which the board meeting were held as follows:
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