Atul Ltd 2019-20

153 Standalone | Notes to the Financial Statements Note 28.11 Earnings per share Earnings per share (EPS) - The numerators and denominators used to calculate basic and diluted EPS: Particulars 2019-20 2018-19 Profit for the year attributable to the equity shareholders ` cr 640.17 428.64 Basic | Weighted average number of equity shares outstanding during the year Number 2,96,61,733 2,96,61,733 Nominal value of equity share ` 10 10 Basic and diluted EPS ` 215.82 144.51 Note 28.12 Leases The Company adopted Ind AS 116, ‘Lease’ effective from April 01, 2019, and has elected to apply this standard to its leases with modified retrospective approach with the cumulative effect, recognised at the date of initial application. Initial lease liability has been measured at present value of the remaining lease payments, and discounted at incremental borrowing rate of the Company as on April 01, 2019, with an equivalent amount for the right-of-use asset. The comparative information of previous year is not restated as permitted by Ind AS 116. a) As a lessee The Company has taken various residential and office premises under operating lease or leave and license agreements. These are cancellable by the Company, having a term between 11 months and 3 years and have no specific obligation for renewal. Payments are recognised in the Standalone Statement of Profit and Loss under 'Rent' in Note 27. b) As a lessor i) Operating lease T he Company has entered into operating leases on its office buildings and land. These are cancellable by the Company, having a term between 11 months and 3 years and have no specific obligation for renewal. Rents received are recognised in the Standalone Statement of Profit and Loss as lease income in Note 22 ‘Other income’. ii) Finance lease a) The Company has given a building on finance lease for a term of 30 years. F uture minimum lease payments receivable under finance leases, together with the present value of the net minimum lease payments (MLP), are as under: ( ` cr) Particulars As at March 31, 2020 As at March 31, 2019 Minimum lease payments receivable Present value of MLP receivable Minimum lease payments receivable Present value of MLP receivable Not later than 1 year - - 0.20 0.20 Later than 1 year and not later than 5 years 0.40 0.35 0.40 0.33 Later than 5 years 1.80 0.85 1.80 0.80 Total minimum lease payments receivable 2.20 1.20 2.40 1.33 Less: unearned finance income 1.00 - 1.07 - Present value of minimum lease payments receivable 1.20 1.20 1.33 1.33 Less: allowance for uncollectible lease payments - - - - 1.20 1.20 1.33 1.33 b) The Company has taken on lease a parcel of land from Gujarat Industrial Development Corporation for a period of 99 years with an option with the Company to extend the lease by another 99 years on expiry of lease at a rental that is 100% higher than the current rental. It has considered that such a lease of land transfers substantially all of the risks and rewards incidental to ownership of land, and has thus accounted for the same as finance lease.