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Ind AS: Practical perspectives (NBFCs)

Ind AS: Practical perspectives (NBFCs)

An analysis of published quarterly results of NBFC listed companies for the quarter ending 30 June 2018.

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In this edition of Ind AS: Practical perspectives (NBFCs), we have analysed the first quarter results announced by the 28 NBFCs forming part of BSE 500 and highlight the impact of adoption of Ind AS on the profits of BSE 500 and identify some of the key areas that contribute to the impact on results of the NBFCs. Of the companies 28 companies analysed in this publication, 10 companies are Housing Finance Companies (HFCs) while 18 companies are other NBFCs. In certain areas we have identified differences in the impact of Ind AS on HFCs and other NBFCs specifically.

The impact of the transition to Ind AS has been analysed by comparing the reported results for the quarter ended 30 June 2017 under the erstwhile Indian GAAP with the restated results for the same quarter under Ind AS that have been published as comparatives for the period ended 30 June 2018.

In view of certain relaxations offered by SEBI majority of the covered companies in their published financial results have presented only the minimum mandatory reconciliations explaining the variation between the profit reported under erstwhile Indian GAAP for the quarter ended 30 June 2017 and the profits reported under Ind AS for the same period (as comparatives to the results for the quarter ended 30 June 2018). Of the covered companies, 19 have provided separate financial results for the quarter ending 30 June 2018 while nine have provided consolidated financial results for the quarter ending 30 June 2018. Therefore, the analysis performed on the covered companies has been constrained due to the lack of availability of comparable information for all the relevant periods.

© 2018 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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