Atul Ltd 2016-17

149 b) Reconciliation of Total Comprehensive Income for the year ended March 31, 2016 ( ` cr) Particulars Note to first-time adoption Regrouped IGAAP* Adjustments Ind AS INCOME Revenue from operations f, j 2,463.99 144.62 2,608.61 Other income b, h, g 40.65 2.88 43.53 Total income 2,504.64 147.50 2,652.14 Expenses Cost of materials consumed 1,234.05 – 1,234.05 Purchase of stock-in-trade 19.68 – 19.68 Changes in inventories of finished goods, work-in- progress and stock-in-trade (27.66) – (27.66) Excise duty f (0.36) 154.47 154.11 Employee benefit expenses i 172.19 (3.72) 168.47 Finance costs 25.84 – 25.84 Depreciation and amortisation expenses h 61.69 0.23 61.92 Other expenses j 628.85 (10.65) 618.20 Total expenses 2,114.28 140.33 2,254.61 Profit before exceptional items and tax 390.36 7.17 397.53 Exceptional items 2.67 – 2.67 Profit before tax from continuing operations 393.03 7.17 400.20 Tax expense Current tax i 102.50 1.06 103.56 Deferred tax e 22.47 (0.28) 22.19 Total tax expense 124.97 0.78 125.75 Profit for the year 268.06 6.39 274.45 Other Comprehensive Income m – (40.97) (40.97) Total Comprehensive Income for the year 268.06 (34.58) 233.48 * The IGAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this Note. c) Impact of Ind AS adoption on the Standalone Statements of Cash Flows for the year ended March 31, 2016 The transition from IGAAP to Ind AS has not had a material impact on the Statement of Cash Flows. C) Notes to the reconciliations a) Investment property Under the IGAAP, land, buildings or part thereof were not evaluated for currently determined or undetermined future use for classification into property, plant and equipment or investment property. Under Ind AS, the Company has identified certain parcels of freehold land that are held for a currently undetermined future use. These investment properties are required to be separately presented on the face of the Balance Sheet. There is no impact on the total equity or profit as a result of this adjustment. b) Leases Under IGAAP, leasehold land was accounted under AS 10 - 'Accounting for fixed assets' . Under Ind AS, leasehold land is to be evaluated for operating or a finance lease as per the definition and classification criteria under Ind AS 17. Accordingly, a combined lease agreement of land and building for 30 years between the Company and its joint venture that is Rudolf Atul Chemicals Ltd has been assessed for separation into its land and building components. The building element is recognised as a finance lease while land will remain an operating lease. Present values of minimum lease payments are allocated between land and building elements based on their relative fair values. Notes to the Financial Statements Transition to Ind AS (continued)