Macbook Pro 13 inch 256 GB

Hello. I have been using my Macbook for one and half years now. I purchased it in December 2014 and its been a fine ride till now. Today I encountered a problem with my display. The moment I turned it on the screen began to flicker and rainbows and distortions appeared to the point it blanked out. Post that I switched it off and started it again after 4-5 hours. The screen looked normal before the same issue resurfaced and began plaguing me. I have attached pictures in order to exactly provide a representation of the issue. It is within warranty. I have no clue if it is a display or hardware issue. Product specifications are here below. Advice or suggestions would be greatly appreciated. Thank you

Apple MGX82HN/A 13-inch Laptop (Core i5/8GB/256GB/Mac OS X Mavericks/Intel Iris Graphics/without Laptop