Financial Year: 2024
The document is an Independent Auditor's Report on the Quarterly and Yearly Audited Consolidated Financial Results of the Metropolitan Stock Exchange of India Limited ("the Holding Company") and its subsidiary (together referred to as 'the Group'), pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The report covers the quarter and year ended March 31, 2024.
Opinion: The auditor, T R Chadha & Co LLP, provides an unmodified opinion, stating that the consolidated financial results are presented in accordance with Regulation 33 of the Listing Regulations and give a true and fair view of the Group's net loss, other comprehensive income, financial information, consolidated assets and liabilities, and consolidated cash flows for the period ending March 31, 2024.
Basis for Opinion: The audit was conducted in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013. The auditors confirm their independence and fulfillment of ethical responsibilities as per the Code of Ethics issued by the Institute of Chartered Accountants of India. The auditors believe the audit evidence obtained is sufficient and appropriate to support their opinion.
Management's Responsibilities: The Holding Company's Management and Board of Directors are responsible for preparing and presenting the Statement, ensuring a true and fair view of the Group's financial performance, maintaining adequate accounting records, selecting appropriate accounting policies, making reasonable judgments, and implementing adequate internal financial controls. They are also responsible for assessing the Group's ability to continue as a going concern.
Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance about whether the Statement is free from material misstatement, issuing an auditor's report including their opinion. This involves assessing risks, performing audit procedures, and evaluating the appropriateness of accounting policies and disclosures. The auditor is also responsible for communicating with those charged with governance regarding the scope and timing of the audit, significant findings, and compliance with ethical requirements.
Other Matters: The amalgamation of the Holding Company and MSE Enterprises Limited (MEL) pursuant to the Scheme of Arrangement has been approved by the National Law Company Tribunal (NCLT) vide its order dated June 06, 2024. The Scheme is effective from the appointed date of April 01, 2023. The adjustment on account of amalgamation for the year ended March 31, 2023 is based on the financial statements of MEL which were audited by MEL's auditors who expressed an unmodified opinion. The Statement is prepared for complying with Regulation 33 of the SECC Regulations, 2018 and the Listing Regulations, 2015, and should be read with the audited consolidated financial statements for the year ended March 31, 2024. The Statement includes results for the quarter ended March 31, 2024, which are the balancing figures between the audited figures for the full financial year and the published unaudited year-to-date figures up to the end of the third quarter.
Consolidated Financial Results (Figures in Lakh except per share data): The statement highlights the financial performance for the quarter and year ended March 31, 2024, including:
Consolidated Assets & Liabilities as at March 31, 2024 (Figures in Lakh):
Consolidated Cash Flows for the Year Ended March 31, 2024 (Figures in Lakh):
Notes to the Financial Results: The notes provide additional information regarding the preparation of the financial results, the scheme of amalgamation, and other relevant matters. Key points include: the results are prepared as per IND AS; MEL has been derecognized to operate as Clearing Corporation with effect from October 3, 2022; NCLT approved the scheme of amalgamation on June 6, 2024, effective from April 1, 2023; and comparatives have been regrouped/reclassified where necessary.
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