Need one-month extension for approval of second quarter results: IFCI

Infrastructure term lender IFCI Monday said the company needs extension of one month for approval of second quarter results for the current financial year.

In the first quarter ended June 2018-19 too, the company had released its quarterly earning after a one-month extension period.

"IFCI would avail the one-month extension for submitting the financial results of the quarter/half year ended September 30, 2018 in line with the Sebi circular dated July 5, 2016," IFCI said in a regulatory filing.

As per the ministry of corporate affairs notification in March 2016, the Companies (Indian Accounting Standards) Rules, 2015, are applicable on non-banking financial companies with effect from the financial year from April 1, 2018.
 

Thus, Sebi through a circular in July 2016 had relaxed the timeline by one month for submitting the financial results for first two quarters of the year of implementation of Ind-AS to the stock exchanges.

IFCI said the company is required to comply with the Indian Accounting Standards (Ind-AS) in preparation of the financial statements with effect from April 1, 2018.

"The financial results for the quarter ended September 30, 2018, would be submitted on or before December 14, 2018," it said the filing.
 

It had announced its first quarter results on September 8.

Stock of IFCI closed 6.27 per cent higher at Rs 13.39 on BSE.