Transmission of Half Year Report for the Period Ended 31 March 2025

(Ended March 2025)

CONTENTS

01

02

Company Information Report of Board of Directors

Independent Auditor's Review Report 04

Condensed Interim Statement of Financial Position 06

Condensed Interim Statement of Profit or Loss and other Comprehensive Income 07

Condensed Interim Statement of Cash Flows 08

Condensed Interim Statement of Changes in Equity 09

Notes to the Condensed Interim Financial Statements 10

CHAIRPERSON

• Dr. Lalarukh Ejaz

  BOARD OF DIRECTORS

• Mujtaba Rahim

• Irfan Chawala

• Patrick Verraes

• Shahid Ghaffar

• Victor Garcia

• Yasmin Peermohammad

  Chief Executive Officer (Alternate: Naveed Kamil)

  BANKERS

• Bank Al Falah Limited

• Faysal Bank Limited

• Dubai Islamic Bank Pakistan

• Habib Bank Limited

• Habib Metropolitan Bank Limited

• MCB Bank Limited

• Meezan Bank Limited

• National Bank of Pakistan

• Standard Chartered Bank (Pakistan) Limited

  AUDIT COMMITTEE

• Shahid Ghaffar

• Dr. Lalarukh Ejaz

• Patrick Verraes

• Irfan Lakhani

  Chairman

  (Alternate: Naveed Kamil) Secretary

  AUDITORS

• KPMG Taseer Hadi & Co. Chartered Accountants

  LEGAL ADVISOR

• Fazleghani Advocates

  HUMAN RESOURCES AND REMUNERATION COMMITTEE

  SHARE REGISTRAR

• Yasmin Peermohammad

• Mujtaba Rahim

• Patrick Verraes

• Irfan Lakhani

  MANAGEMENT COMMITTEE

• Mujtaba Rahim

• Irfan Chawala

• Muhammad Altaf

• Naveed Kamil

• Qazi Naeemuddin

  Chairperson

  (Alternate: Naveed Kamil) Secretary

• FAMCO Share Registration Services (Pvt) Limited 8-F, Near to Hotel Faran, Nursery Block-6, P.E.C.H.S., Shahra-e-Faisal, Karachi

  REGISTERED OFFICE

• 1-A/1, Sector 20 Korangi Industrial Area, Korangi, Karachi

  FACTORIES

• Petaro Road, Jamshoro

• LX-10, LX-11 Landhi Industrial Area Karachi

  SALES & MARKETING OFFICES

• Katar Bund Road, Off. Multan Road, Thokar Niaz Baig, Lahore

• P-277, Kashmir Road, Amin Town, Faisalabad.

  CHIEF FINANCIAL OFFICER

• Irfan Chawala

  WEBSITE

• https://www.archroma.com.pk

  COMPANY SECRETARY

• Irfan Lakhani

  E-MAIL

• archroma.pakistan@archroma.com

01 QUARTERLY REPORT 2025

The Directors of your Company are pleased to present the financial report for the half-year ended 31 March 2025, together with the condensed interim financial information of the Company for the period ended 31 March 2025, as reviewed by the external auditors.

Composition of Board

The composition of the Board is as follows:

1. Male 5

2. Female 2

Out of the above:

1. Executive Directors: 2

2. Non-Executive Directors: 2

3. Independent Directors: 3

Business Overview

Archroma's major consumption Markets i.e. Textiles' and Construction Industry began to show positive development, both locally as well as for exports, during the second quarter of the current Financial Year under review, inspite of higher energy & commodity prices and on-going Russia-Ukraine and Middle East conflicts.

In the light of the current challenging business environment, your Company continued its fullest support to it's customers in meeting their demands and cost targets, and as a consequence managed to achieve net sales of PKR 14,638 million during the half-year ended 31 March 2025, compared to PKR 14,282 million in the same period last year. Positive contributions from various savings and efficiency improvement programs launched at the end of last year along with market driven changes to the sales product mix further supported gross margins development, which improved to PKR 3,368 million compared to 2,679 million for the same period last year.

Moreover, considerably stable foreign exchange rates and reduced bank borrowing rates and costs further contributed to improving the bottom-line profitability of your Company to PKR 634 million as compared to loss of PKR 125 million in the same period last year.

Future Outlook

The global trade environment has become increasingly complex following the imposition of country-specific import tariffs by USA in April, which although are on 90 days pause (except for China) have severely affected trade, logistics and consequentially the Raw Materials' supply chain and availability situation. Although the balance of trade and forex reserves' situation in Pakistan has improved lately but is expected to remain under pressure in coming months due to evolving global trade environment, which may create more challenges for businesses in the coming months. However, we believe that the recent US tariff changes provide greater opportunity for Pakistan's Textiles and other export businesses, in the medium to longer-term, in comparison to other competing Countries.

The Management of your Company is confident that the stringent measures already in place to efficiently manage costs and net working capital, along with a strong projects' pipeline aimed at increasing market penetration and portfolio expansion, particularly following the Huntsman Textile Effects' acquisition, will further support new business development of the Company during the current financial year.

On behalf of the Board

Mujtaba Rahim Irfan Chawala Chief Executive Officer Director

Karachi: 28th April 2025

QUARTERLY REPORT 2025 02

03 QUARTERLY REPORT 2025

KPMG Taseer Hadi & Co.

Chartered Accountants

Sheikh Sultan Trust Building No. 2, Beaumont Road Karachi 75530 Pakistan

+92 (21) 37131900, Fax +92 (21) 35685095

Independent Auditor's Review Report To the members of Archroma Pakistan Limited

Report on Review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Archroma Pakistan Limited as at 31 March 2025 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows, and notes to the interim financial statements for the six-month period then ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements as at and for the six months ended 31 March 2025 are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for condensed interim financial reporting.

Other matter

The figures of the condensed interim statement of profit or loss and other comprehensive income for the three months period ended 31 December 2024, have not been reviewed and we do not express a conclusion thereon.

KPNG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG gI0baI organization of independent member firms affiliated with KPMG Internatlonal Limited, a private English company limited by guarantee.

KPMG Taseer Hadi & Co.

The engagement partner on the engagement resulting in this independent auditor's review report is Amyn Malik.

Date: 29 April 2025

Karachi

UDIN: RR20251009634XLvAhOW

KPMG Taseer Hadi & Co.

Chartered Accountants

As at 31 March 2025

Deferred taxation - net 92,200 294,706

2,497,180 2,646,060

TOTAL EQUITY AND LIABILITIES 16,921,665 14,303,230

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Mujtaba Rahim

Chief Executive Officer

Naveed Kamil

Director

Irfan Chawala

Director and Chief Financial Officer

06 HALF YEARLY REPORT 2025

For the six months period ended 31 March 2025

Note Six months period ended Quarter ended

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Mujtaba Rahim

Chief Executive Officer

Naveed Kamil

Director

Irfan Chawala

Director and Chief Financial Officer

HALF YEARLY REPORT 2025 07

For the six months period ended 31 March 2025

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Mujtaba Rahim

Chief Executive Officer

Naveed Kamil

Director

Irfan Chawala

Director and Chief Financial Officer

08 HALF YEARLY REPORT 2025

For the six months period ended 31 March 2025

Issued,

Capital Reserve Revenue Reserve

subscribed and paid-up capital

Amalgamation reserve

General Reserve

Unappropriated profit

Total

---------------------------------------- (Rupees in '000) ----------------------------------------

Balance as at 31 March 2025 (Unaudited) 345,634 93,545 2,747,000 1,225,588 4,411,767

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Mujtaba Rahim

Chief Executive Officer

Naveed Kamil

Director

Irfan Chawala

Director and Chief Financial Officer

HALF YEARLY REPORT 2025 09

For the six months period ended 31 March 2025

1. THE COMPANY AND ITS OPERATIONS

   Archroma Pakistan Limited ("the Company") is a limited liability Company, incorporated and domiciled in Pakistan. The address of its registered office is 1-A/1, Sector 20, Korangi Industrial Area, Korangi, Karachi, Pakistan. The Company is listed on the Pakistan Stock Exchange. The Company is a subsidiary of Archroma Textiles GmbH, registered and head quartered in Pratteln, Switzerland which holds 75% of the share capital of the Company.

   The Company is primarily engaged in the manufacture and sale of chemicals, dyestuffs and coating, adhesive and sealants. It also acts as an indenting agent.

   The manufacturing facilities and sales offices of the Company are situated at the following locations:

   Manufacturing Facilities

   • Petaro Road, Jamshoro

   • LX-10 & LX-11 Landhi Industrial Area Karachi

     Sales offices

   • Katar Bund Road, Off. Multan Road, Thokar Niaz Baig, Lahore

   • P-277, Kashmir Road, Amin Town, Faisalabad

   1.2 As disclosed in detail in notes 1.1 and 1.2 to the financial statements for the year ended 30 September 2024, the Company acquired Huntsman Textile Effects business effective from 1 October 2023. The details of the acquistion are included in the financial statements for the year ended 30 September 2024.

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34 - "Interim Financial Reporting" issued by the International Accounting Standards Board (IASB), as notified under the Companies Act, 2017;

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

        Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34 or IFAS, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of IAS 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required for a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Company for the year ended 30 September 2024.

      These condensed interim financial statements are unaudited. However, a limited scope review has been performed by the external auditors in accordance with the requirements of the Code of Corporate Governance.

   3. Functional and presentation currency

      These condensed interim financial statements are presented in Pakistani Rupees which is also the Company's functional currency.

      10 HALF YEARLY REPORT 2025

      notes to the condensed interim financial statements (UnaUdited)

      For the six months period ended 31 March 2025

3. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The accounting policies adopted in the preparation of these condensed interim financial statements are consistent with those applied in preparation of the published annual audited financial statements of the Company for the year ended 30 September 2024.

   2. A number of new accounting standards and amendments to accounting standards are effective for annual periods beginning after 1 January 2025 and earlier application is permitted.

      The Company has not early adopted any of the forthcoming new or amended accounting standards in preparing these condensed interim financial statements.

   3. Restatement - change in accounting policy

      The Institute of Chartered Accountants of Pakistan (ICAP) vide circular 07/2024 dated 15 May 2024 issued the application guidance on accounting for minimum taxes and final taxes. As per the guidance, minimum and final taxes paid should be classified as 'levies' and not income tax in the statement of profit or loss. Since, the impact of the said changes is material, as per the abovesaid guide and IAS 8 'Accounting Policies', changes in accounting estimates and others', the changes have been applied retrospectively.

      Accordingly, the Company has restated its comparative information by reclassifying levies amounting to Rs. 167 million from taxation to minimum and final taxes in the statement of profit or loss. This requirement was initially applied in the financial statements of the Company for the year ended 30 September 2024. The effects of restatements are as follows:

      The following table summarises the impact of restatement on the Company's statement of profit or loss:

      Statement of profit or loss

      For the half year ended 31 March 2024 For the quarter ended 31 March 2024

      As previously reported

      Adjustments (increase) / decrease

      As restated As previously

      reported

      Adjustments (increase) / decrease

      As restated

      ---------------Rupees in 000) --------------- ---------------Rupees in 000) ---------------

      Profit before minimum, final and income taxes	53,012	-	53,012		77,574	-	77,574
      Minimum Tax Levy	-	(167,340)	(167,340)		-	(83,923)	(83,923)
      Profit/(loss) before income tax	53,012	(167,340)	(114,328)		77,574	(83,923)	(6,349)
      Income tax charge	(178,183)	167,340	(10,843)		(98,601)	83,923	(14,678)
      Loss after taxation	(125,171)	-	(125,171)		(21,027)	-	(21,027)

      There is no impact on the statement of financial position and statement of cash flows as a result of the aforementioned restatement.

4. USE OF ESTIMATES AND JUDGEMENTS

   In preparing these condensed interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

   The significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the annual audited financial statements for the year ended 30 September 2024.

   The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statement for the year ended 30 September 2024.

   HALF YEARLY REPORT 2025 11

   notes to the condensed interim financial statements (UnaUdited)

   For the six months period ended 31 March 2025

5. PROPERTY, PLANT AND EQUIPMENT

Note 31 March 30 September

2025 2024

(Un-audited) (Audited)

------------(Rupees in '000)------------

Building on leasehold land

Plant and machinery

Furniture, fixtures and equipment

Vehicles Total March 2025

Total March 2024

Owned ROUA Owned Owned ROUA Owned ROUA

---------------------------------------------------- (Rupees in '000) ----------------------------------------------------

Additions for the first quarter 2,042 - - 10,798 7,766 3,468 66,251 90,325 6,948

12 HALF YEARLY REPORT 2025

For the six months period ended 31 March 2025

6 STOCK-IN-TRADE

31 March 30 September

2025 2024

(Un-audited) (Audited)

----------(Rupees in '000)----------

Raw and packing materials including goods in transit of Rs. 620.793 million (30 September 2024: Rs. 339.751 million)

Name of investee fund

As at

1 Oct 2024

As at

Purchases 31 March

Carrying value

Market value

Unrealised gain on

2025 revaluation

---------------Number of units---------------- ----------------(Rupees in '000)----------------

HALF YEARLY REPORT 2025 13

For the six months period ended 31 March 2025

1. SHARE CAPITAL

   1. Authorised Capital

      31 March 30 September 31 March 30 September

      2025 2024 2025 2024

      Number of Shares (Un-audited) (Audited)

      (Rupees in '000)

      50,000,000	50,000,000	Ordinary shares of Rs 10 each before arrangement / merger	500,000	500,000
      13,000,000	13,000,000	Ordinary shares of Rs 10 each acquired under the approved scheme of arrangement / merger	130,000	130,000

      63,000,000 63,000,000 630,000 630,000

   2. Issued, Subscribed and paid-up share capital

      31 March 30 September 31 March 30 September

      2025 2024 2025 2024

      Number of Shares (Un-audited) (Audited)

      (Rupees in '000)

      7,441,639	7,441,639	Ordinary shares of Rs 10 each issued for consideration other than cash before arrangement / merger	74,416	74,416
      26,676,242	26,676,242	Ordinary shares of Rs 10 each issued for consideration other than cash before arrangement / merger	266,763	266,763

      445,460 445,460 Ordinary shares of Rs 10 each issued to shareholders of

      Archroma Chemicals Pakistan (Pvt) Ltd. (formerly: Huntsman Textile Effects Pakistan (Pvt) Ltd., under the approved

      scheme of arrangement / merger 4,455 4,455

      34,563,341 34,563,341 345,634 345,634

   3. Archroma Textiles GmbH, held 26,033,993 (2024: 26,033,993) ordinary shares of Rs.10 each at 31 March 2025.

------------(Rupees in '000)------------

Net defined benefit - liability

Employee retirement benefits - gratuity 210,963 185,113 Other long term employee benefits - long service award 15,064 15,158

226,027 200,271

1. SHORT-TERM BORROWINGS - secured

   1. Short term Islamic and conventional finance facilities are available under Islamic financing from various banks under profit arrangements, amounting to Rs.13,200 million (Islamic Rs. 10,450 million & Conventional Rs. 2,750 million) (30 September

      14 HALF YEARLY REPORT 2025

      notes to the condensed interim financial statements (UnaUdited)

      For the six months period ended 31 March 2025

      2024: Rs. 10,500 million). These facilities have various maturity dates up to 31 October 2025. These arrangements are secured against a pari passu charge of hypothecation on stock-in-trade and trade receivables with minimum 16.7% margin. These facilities other than Islamic Export Refinance facility, carry profit ranging from 1 month KIBOR + 0.10% to 3 months KIBOR + 0.35% per annum calculated on a daily product basis and payable quarterly. The aggregate amount of these facilities which have not been availed as at the reporting date amounts to Rs. 10,398 million (30 September 2024: Rs. 6,562 million).

   2. The Company has availed Islamic Export Refinance Facility - Part II amounting to Rs. 2,594 million (30 September 2024: Rs. 2,894 million) under the Export Financing Scheme of the State Bank of Pakistan (SBP). These arrangement are secured against a pari passu charge of hypothecation on stock in trade and trade receivables. The profit rates on theses facilities range from 9% to 16.5% per annum (September 2024: 19.2% to 20.0% per annum).

2. LEASE LIABILITIES

   31 March 30 September

   1. Lease liabilities included in the statement of financial position 2025 2024

      (Un-audited) (Audited)

      ------------(Rupees in '000)------------

      	Current	24,501	24,130
      	Non-Current	127,906	118,509
      		152,407	142,639
      13.2	Maturity Analysis
      	Payable within one year	24,501	24,130
      	Payable after one year but not later than 5 years	65,763	62,337
      	Payable after 5 years	62,143	56,172
      		152,407	142,639

      13.3 This includes present value of lease liabilities discounted at the incremental borrowing rate of 3 months KIBOR + 0.21% of the Company against lease agreement of head office and area office premises, respectively.

3. LIABILITIES AGAINST DIMINISHING MUSHARIKA FINANCE

   but within 5 years

   Due within one year Due after one year

   Total

   31 March 30 September 31 March 30 September 31 March 30 September

   2025 2024 2025 2024 2025 2024

   ------------------------------------------ (Rupees in '000) ------------------------------------------

   Liabilities against diminishing musharika financing 79,946 59,585 213,772 141,834 293,718 201,419

   1. During the period, the Company has obtained various vehicles under diminishing musharika financing arrangement entered into with a Modaraba having various maturity dates up to 20 Feb 2030 with monthly principal repayments. The financing is secured against the respective vehicles. The rate of profit on the borrowing ranges from 3 months KIBOR + 0.50% per annum to 3 months KIBOR + 0.9%.

4. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. Contingencies are the same as those disclosed in annual audited financial statements for the year ended 30 September 2024 except for tax contingencies provided below.

         HALF YEARLY REPORT 2025 15

         notes to the condensed interim financial statements (UnaUdited)

         For the six months period ended 31 March 2025

   2. Commitments

      1. Banks have provided guarantees to various parties on behalf of the Company. Guarantees outstanding as at 31 March 2025 amount to Rs. 917 million (30 September 2024 : Rs. 821.969 million).This includes guarantee amounting to Rs.607 million (30 September 2024: Rs.555 million) provided to Excise and Taxation department in respect of infrastructure cess.

      2. The Company has provided post dated cheques amounting to Rs. 6,371 million (30 September 2024: Rs. 6,405.892 million) in favour of the collector of customs and which are, in the normal course of business, to be returned to the Company after fulfilment of certain conditions.

      3. Commitments for capital expenditure as at 31 March 2025 aggregated to Rs. 50.907 million (30 September 2024: Rs. 64.124 million).

      4. Commitments under letters of credit for stock-in-trade and stores and spares as at 31 March 2025 amounted to Rs. 650 million (30 September 2024: Rs. 1,335.611 million).

   3. Tax Contingencies

      Tax contingencies are the same as those disclosed in the audited annual financial statements 30 September 2024 except for the following:

      Description of tax proceedings

      Name of the court, agency or

      parties

      Description of the factual basis of the proceedings and relief sought Principal

      Date instituted

      authority

      Appellate Tribunal Inland Revenue (ATIR)

      The Income tax return for tax year 2021 was selected for audit under section 122(5A) of the Income Tax Ordinance, 2001. The audit proceedings have been completed and ACIR passed an order demanding PKR 192 Million, wherein certain additions and disallowances were made. The management will file an appeal against the aforementioned order before ATIR.

      The management along with its tax advisor are confident that the outcome of the case will be in their favour, therefore, no provision has been recognised in the financial statements.

      The Assistant Commissioner Inland Revenue (ACIR) and the Company

      20-Dec-24

      16. FAIR VALUE OF FINANCIAL INSTRUMENTS/ FINANCIAL RISK MANAGEMENT

      The Company's activities are exposed to a variety of financial risk namely credit risk, foreign exchange risk, interest rate risk, price risk and liquidity risk. The Company has established adequate procedures to manage these risks.

      These condensed interim financial statements does not include the financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with Company's annual audited financial statements for the year ended 30 September 2024. There have been no changes in the risk management policies since the year end.

      Fair Value Hierarchy

      When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

5. HALF YEARLY REPORT 2025

   notes to the condensed interim financial statements (UnaUdited)

   For the six months period ended 31 March 2025

   Level 1: Fair value measurements using quoted (unadjusted) in active markets for identical asset or liability.

   Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. drive from prices)

   Level 3: Fair value measurements using inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

   1. Accounting classification and fair values

      The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value.

      31 March 2025 (Unaudited)

      Carrying amount			Fair value
      Financial assets Financial assets Financial assets	Financial	Total	Level 1 Level 2 Level 3
      'at fair value 'at fair value 'at amortised	liabilities
      Note through other through profit or cost'	measured 'at
      comprehensive loss'	amortised cost'
      income'

      --------------------------------------------------------- Rupees in '000 ---------------------------------------------------------

      Financial assets - measured at fair value

      Investment at fair value through

      profit or loss - 764,337 - - 764,337 764,337

      Financial assets - not measured at fair value

      Deposits	16.1.1	- -	37,273	-	37,273
      Trade receivables	16.1.1	- -	7,057,830	-	7,057,830
      Other receivables	16.1.1	- -	158,826	-	158,826
      Cash and bank balances	16.1.1	- -	468,776	-	468,776
      		- 764,337	7,722,705	-	8,487,042
      Financial liabilities - not measured at fair value
      Liabilities against diminishing
      musharika financing	16.1.1	- -	-	293,718	293,718
      Trade and other payables	16.1.1	- -	-	8,777,187	8,777,187
      Short-term borrowings	16.1.1	- -	-	2,805,399	2,805,399
      Mark-up accrued	16.1.1	- -	-	50,859	50,859
      Unclaimed dividend	16.1.1	- -	-	89,012	89,012
      		- -	-	12,016,175	12,016,175

      HALF YEARLY REPORT 2025 17

      notes to the condensed interim financial statements (UnaUdited)

      For the six months period ended 31 March 2025

      30 September 2024 (Audited)

      Carrying amount				Fair value
      Financial assets Financial assets Financial assets	Financial	Total	Level 1	Level 2 Level 3
      'at fair value 'at fair value 'at amortised	liabilities
      Note through other through profit or cost'	measured 'at
      comprehensive loss'	amortised cost'
      income'

      Rupees in '000

      Financial assets - not measured at fair value

      Deposits	16.1.1	-	-	32,749	-	32,749
      Trade receivables	16.1.1	-	-	4,977,952	-	4,977,952
      Other receivables	16.1.1	-	-	139,165	-	139,165
      Cash and bank balances	16.1.1	-	-	159,529	-	159,529
      		-	-	5,309,395	-	5,309,395
      Financial liabilities - not measured at fair value
      Lease Liabilities		-	-	-	142,639	142,639
      Liabilities against diminishing
      musharika financing	16.1.1	-	-	-	201,419	201,419
      Trade and other payables	16.1.1	-	-	-	5,622,476	5,622,476
      Short-term borrowings	16.1.1	-	-	-	3,938,588	3,938,588
      Mark-up accrued	16.1.1	-	-	-	164,577	164,577
      Unclaimed dividend					90,313	90,313
      		-	-	-	10,160,012	10,160,012

      1. In the opinion of management, fair value of the financial assets and liabilities not measured at fair value are not significantly different from their carrying values since these assets and liabilities are short term in nature or are preiodically repriced.

18 HALF YEARLY REPORT 2025