IOL Netcom Limited has informed the Exchange that the audited financial results for the year ended March 31, 2009 will be published within three months from the end of the financial year ended on March 31, 2009 i.e. on/before June 30, 2009. Accordingly, unaudited quarterly results for the quarter ended March 31, 2009 will not be submitted/ published.
The company has opted to declare the full year`s audited results instead of an unaudited 4th Qtr results. This looks like gaining some time and avoid displaying their results to investors now - particularly when the prices seem to be on the high side.
MUMBAI: Market participants are increasingly becoming wary about the large number of companies that are looking to declare their full-year audited Pick stocks on fundamentals results without declaring the unaudited results by the end of April. They are of the opinion that the fourth quarter (Q4) results should be declared the way the results for the previous three quarters are declared. This practice, they think, works against the interest of the retail investors.
In line with the current practice, companies have the option of declaring their fourth quarter figures a month after they close their books. They can also choose to avoid this and instead release their full-year financial audited results in three months after the end of the accounting year. For instance, if a company is following the April-March financial year, it can file its quarterly results by the end of April or its full year audited numbers by the end of June.
The practice keeps the investors in the dark for about five months. “By choosing to publish the annual results in 90 days, companies could avoid disclosing critical information for a few more months,” says the research head of a domestic broking firm.
| NIFTY 
