HOV Services : Results for Q4 and Year ended March 31, 2017

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HOV SERVICES LIMITED

Registered Office: 3rd Floor Sharda Arcade, Pune SaIara Road, Bibwewadi, Pune-411037 website:www.hovsltd.com; email: [e-mail]

Phone: [phone]; Fax: [phone] CIN: L72200PN1989PLC014448

AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED ON MARCH 31,2017

(Rs. In Lakhs, except per share data)

CONSOLIDATED STANDALONE

Year Ended Quarter Ended YearEnded

March31, March31, Particulars March 31, December 31, March 31, March 31, March 31,

2017 2016 2017 2016 2016 2017 2016

Audited Audited Audited* Unaudited Audited* Audited Audited

Income

1,543.21 1,515.06 I Revenue from operations 353.33 336.28 356.73 1,364.51 1,350.65

95.69 111.62 II Other income 29.50 32.35 63.41 106.14 133.48

1,638.90 1,626.68 Ill Total Revenue (I+ II) 382.83 368.63 420.14 1,470.65 1,484.13

IV Expenses

1,001.49 1,044.49 Employee Benefits Expense 243.67 244.48 279.51991.50 1,021.63

62.27 60.66 Finance Costs . . . . .

85.40 97.49 Depreciation and Amortization Expense 2.90 3.25 8.78 17.92 35.50

524.38 441.90 Other Expenses 96.44 64.00 66.54 284.88 243.93

1,673.54 1,644.54 v Total Expenses 343.01 311.73 354.83 1,294.30 1,301.06

(34.64) (17.86) VI Profit/(Loss) before tax (Ill V) 39.82 56.90 65.31 176.35 183.07

VII Tax Expense

59.00 56.90 Current Tax 12.30 14.70 12.50 59.00 56.90

1.27{12.99) DeferredTax 5.38 2.76 (3.12} 1.27 (12.99)

(94.91) (61.77) VIII Profit/(Loss) for the quarter/year (VI-VII) 22.14 39.44 55.93 116.08139.16

. . IX Minority Interest . . . . .

(94.91) {61.77) x Profit/(Loss) for the quarter/year after minority interest {Vlll IX) 22.14 39.44 55.93 116.08 139.16

(14,457.91) {27,501.87} XI Share of Profit/(Loss) from an associate . . . . .

(14,552.82) (27,563.64) XII Profit/(Loss} for the quarter/year (X + XII 22.14 39.44 55.93 116.08 139.16

XIII Earnings per equity share of the face value of Rs.10 each :

(116.12) (220.08) Basic and Diluted Earning Per Share

,,... ........

..

0.18 0.31 0.45 0.92 1.11

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(Rs I n lakhs)

Segment wise Revenue, Results and capital Employed ·CONSOLIDATED
Particulars	For the Year Ended
	March 31,2017	March 31,2016
Segment Revenue :	1,364.61	1,349.81
(a} Software and IT Enabled Services
(b) Environment Solutions Business	178.60	165.25
Net sales/Income From Operations	1,543.21	1,515.06
Segment Results Profit/(loss) before taK andinterest from segment:	(14,383.60)	(27,444.86)
(a) Software and IT Enabled Services
(b) Environment Solutions Business	(142.36)	(125.83)
(c) Unallocated Income (Net of Expenses)	95.69	111.62
Total Proflt/{Loss) Before TaK	(14,430.27)	(27,459.07)
Segment Assets :	3,925.27	34,191.11
(a) Software and IT Enabled Services
(b) Environment Solutions Business	368.37	611.56
(c) Unallocated	951.58	970.40
Total	S,245.22	35,773.07
Segment llabllities :	539.51	616.94
(a) Software and IT Enabled Services
(b) Environment Solutions Business	698.18	735.14
(c) Unallocated	604.36	675.94
Total	1,842.05	2,028.02
Capital Employed	3,385.76	33,574.18
(a) Software and IT Enabled Services
(bl Environment Solutions Business	(329.81)	(123.58)
(c) Unallocated	347.22	294.45
Total	3,403.17	33,745.05

Notes:

2 Other Income includes net rental income/Loss as follows :	Quarter Ended 31-Mar-17	Quarter Ended 31-Dec-16	Quarter Ended 31-Mar-16	Year ended 31-Mar-17	Year ended 31-Mar-16
Rent Income	27.41	27.41	27.41	109.66	107.85
Less: Finance and borrowing cost	18.39	19.09	20.27	77.28	88.52
Less: Amortisation expense	4.70	4.70	4.70	18.81	18.81

1 The above Audited standalone and Consolidated financial results were reviewed by the audit committee and approved by the Board of Directors at its meeting held on May 29, 2017.

1. The consolidated financial results have been prepared in accordance with the consolidation procedures under AS 21'Consolidated Financial Statements' and an associate consolidated as per AS 23 'Accounting for Investments in associates in consol dated financial statement' notified by the Companies Act, 2013.

2. •The Standalone financial figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited

   published year to date figures up to the third quarter.

3. In terms of SEBI circular CIR/CFD/CMD/56/2016 dated 27th May, 2016, the Company/Group hereby declares that the Auditors have issued audit report with un-modified opinion on annual audited standalone/consolidated financial results for the year ended March 31,2017

4. Previous periods' figures are regrouped/rearranged wherever considered necessary to conform to current year's/quarter's presentation.

   For, HOV Services limited

   Place: Mumbai.

   Sunil Rajadhyaksha

   Chairman & Executive Director

   Date:May 29, 2017. {OIN: 00011 683)

   H"'YS

   HOV SERVICES LIMITED

   Registered Office: 3rd Floor Sharda Arcade, Pune Satara Road, Bibwewadi, Pune-411037 website: www.hovsltd.com; email: investor.relations@hovs ltd.com

   Phone: [phone];Fax: [phone] CIN:L72200PN1989PLC014448

   (Rs.In Lakhs)

   CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES STANDALONE

   As at March 31, As at March 31,

   2017 2016 Particulars 20172016

   Audited Audited AuditedAudited

5. EQUITIES AND LIABILITIES

6. Shareholders' funds

   1,253.25 1,253.25 Share capital 1,253.25 1,253.25

   2,149.92 32,491.80 Reserves and surplus 7,536.99 7,420.92

7. Non-current liabilities

   523.21 605.80 Long-term borrowings 523.21604.55

   681.40	657.7 1	3	Current liabilities Short term borrowings	-	-
   103.28	113.67	Trade payables	90.17	97.19
   476.26	599.40	Other current liabilities	135.52	198.13
   57.90	51.44	Short-term provisions	57.89	51.44

   5,245.22 35,773.07 TOTAL - EQUITY AND LIABILITIES 9 597.03 9,625.48

8. ASSETS

9. 1 Non-current assets

   Fixed Assets

   168.06	217.15	Tangible Assets	18.22	26.87
   63.12 0.38	92.24 0.38	Intangible Assets Goodwill on consolidation	5.96 -	14.27 -
   30.17	31.44	Deferred Tax Assets (net)	18.18	19.45
   2,983.55	33,251.02	Non-Current investments	7,559.35	7,578.16
   14.76	12.81	Long-term Loans and Advances	138.68	126.50
   174.20	214.09	Other Non-Current Assets	174.20	214.08
   2 Current assets
   433.81	523.96	Trade Receivables	393 .69	487.13
   1,102.28	994.06	Cash and Bank Balances	1,062.80	935.33
   168.27	204.52	Short Term Loans and Advances	157.61	166.84
   106.62	231.41	Other Current Assets	68.34	56.85

   5,245.22 35,773.07 TOTAL - ASSETS 9,597.03 9,625.48

   Place: Mumbai. Date: May 29,2017.

   For, HOV Services Limited

   SunilRajadhyaksha

   Chairman & Executive Director (DIN:00011683)

   LODHA

   &CO

   6, Karim Chambers, 40, A. DoshiMarg, (Hamam Street), Mumbai 400 001 INDIA

   Telephone [phone]

   · 0091-22-4002 1140 / 4002 1414

   Fax [phone]

   CHARTERED ACCOUNTANTS E-mail [e-mail]

   Independent Auditor's Report on Quarterly Financial Results and Year Ended Results of HOV Services Limited Pursuant to the Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 '

   To

   Board of Directors of HOV SERVICES LIMITED

   We have audited the accompanying Statement of Standalone Financial Results of HOV Services Limited ('the Company') for the quarter and year ended 31st March, 2017 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016.

   This Statement, which is the responsibility of the company's management and approved by the Board of Directors, has been prepared on the basis of the related financial statement which are in accordance with the Accounting Standard prescribed, under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement.

   We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

   In our opinion and to the best of our information and according to the explanations given to us the Statement;

10. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016 ; and

11. gives a true and fair view in conformity with aforesaid Accounting Standards and other accounting principles generally accepted in India of the Net Profit and other financial information of the Company for the quarter and year ended 31st March, 2017.

The Statement includes the results for the Quarter ended 31st March, 2017 and 31st March, 2016 being the balancing figure between audited figures in respect of full financial year and the published year to date figures up to the third quarter of the current and previous financial years which were subject to limited review by us.

For LODHA & CO.

,

Chartered Accountants

Firm Registration No: 301051E

Place: Mumbai

Date: 2gtn May, 2017

R.P. Baradiya Partner

Membership No. 44101

Kolkata Mumbai New Delhi Chennai Hyderabad Jaipur