In an interview with CNBC-TV18's Shereen Bhan and Sajeet Manghat, SP Tulsian of sptulsian.com and Manoj Singla, MD - Reseach, Religare Capital analysed the results.
Below is a verbatim transcript. Also watch the accompanying video.
Q: Are all the disclosures there what we were expecting in terms of the unaccounted revenues and everything are there something which is missing still?
Tulsian: In fact all efforts have been made and have got implemented. The best part is the exceptional items of about Rs 7900 crore. They have been taken in the FY09 results and that is the best part because I do not think there would have been anything better except for the liability of Rs 1230 crore which is claimed by the 37 entities, by Raju.
Obviously the suit or the recovery proceedings by those companies are going on. So I think all the provisions, all the qualifications, all the explanations whatever we have gone through may be in the 26-27 page document or the 27 qualifications given by the auditors got covered.
The base of the company as on March 31, 2009 has by and large covered everything. That is the reason we can rely on the FY10 results. Barring the profitability part and all that, yes I do not see anything negative or surprises coming in henceforth from April 1, 2009.
Q: Two things here, if you look a the exceptional items they are claiming that they have want to pay Rs 327 crore to U-Paid but its not reflecting in the GY10 or FY09 exceptional items there. Which basically means that it might come in FY11 or in the first few quarters or in the full year’s results that might come in.
Tulsian: That’s right. In fact if you read the notes I am not referring, that particular notes that they have deposited Rs 327 crore and that Rs 327 crore includes the Indian tax liability which will be borne by U-Paid.
After having seen the litigations for Vodafone, and U-Paid has made an application to advance tax ruling here in India for which the decision is awaited and their lawsuit in Texas has been withdrawn.
So you are right that must not have been taken in the exceptional items, it must have been shown as loans and advances by the company in the financial statements made as of March 31, 2010, because there are so much confusing things in respect to the revenue, in respect to the salary and all, having under booked and overbooked. But you can rest assured that Rs 327 crore is the amount with which U-Paid has been settled by the company.
0 comments:
Post a Comment