Management discussion and analysis
Also called: MD&A, management discussion
The section of an annual report where management explains the year's performance, its industry, risks and outlook in its own words.
SEBI's listing rules require listed companies' MD&A to cover matters such as industry structure, opportunities and threats, segment performance, outlook, risks, internal controls and human resources. It is management's view, so its explanations should be checked against the audited statements and notes.
Example
An MD&A that credits growth to "strong demand" may leave out that most of it came from an acquisition.
Learn more in these lessons
- How an Indian annual report is organisedHow do you read a company's annual report?
- Management discussion and analysisHow should you read management discussion and analysis?
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