Interim Financial Statements 31.12.2021

GROUP

COMPANY

AS AT

Unaudited

Audited

Unaudited

Audited

31.12.2021

31.03.2021

31.12.2021

31.03.2021

Rs.

Rs.

Rs.

Rs.

ASSETS

Non Current Assets

Property, Plant & Equipment

989,801,953

1,015,880,370

3,539,083

3,619,043

Intangible Assets

108,168

151,726

108,168

151,726

Right of Use Asset

38,658,399

45,767,598

14,785,111

23,166,023

Investments

-

-

190,306,046

190,306,046

Investment Property

755,727

755,727

755,727

755,727

Deferred Tax Asset

30,626,672

39,464,733

27,579,870

37,094,110

Current Assets

1,059,950,919

1,102,020,154

237,074,005

255,092,675

Inventories

4,930,593

4,487,328

4,848,282

4,405,017

Trade Receivables

103,629,096

556,887,225

74,027,151

534,380,600

Loans & Advances

913,598,370

581,224,807

913,598,370

581,224,807

Other Receivables, Prepayments and Advances

19,827,958

26,799,937

12,099,324

15,510,057

Income Tax Receivable

23,813,965

36,198,907

22,401,267

29,593,063

Short Term Investments

31,437,377

31,437,377

31,437,377

31,437,377

Cash and Cash Equivalents

39,815,263

160,921,844

38,557,898

157,194,273

1,137,052,622

1,397,957,425

1,096,969,669

1,353,745,194

2,197,003,541

2,499,977,579

1,334,043,674

1,608,837,869

Capital and Reserves

Stated Capital

100,000,000

100,000,000

100,000,000

100,000,000

Reserves

471,271,029

471,271,029

-

-

Revenue Reserves

342,432,520

307,164,394

183,295,849

146,568,743

Total Equity

913,703,549

878,435,423

283,295,849

246,568,743

Non Current Liabilities

Retirement Benefit Obligation

89,637,781

75,289,764

77,703,768

66,139,681

Deferred Tax Liability

120,950,609

122,398,325

328,843

439,332

Lease Liability- RoU Asset

5,423,719

13,685,550

5,423,720

15,341,942

Long Term Interest Bearing Borrowings

91,071,434

139,285,720

-

-

Current Liabilities

307,083,543

350,659,359

83,456,331

81,920,955

Interest Bearing Borrowings

64,285,710

64,285,710

-

-

Trade Payables

71,996,419

552,383,465

154,832,818

635,197,794

Interest Bearing Borrowings on Client Financing

776,500,000

481,000,000

776,500,000

481,000,000

Sundry Creditors including Accrued Expenses

52,769,978

137,403,339

22,849,562

125,335,765

Lease Liability- RoU Asset

10,412,213

9,187,037

12,856,985

12,191,366

Bank Overdraft

252,129

26,623,246

252,129

26,623,246

Total Liabilities

976,216,449

1,270,882,797

967,291,494

1,280,348,171

1,283,299,992

1,621,542,156

1,050,747,825

1,362,269,126

Total Equity and Liabilities

2,197,003,541

2,499,977,579

1,334,043,674

1,608,837,869

-

-

-

-

Net Assets per Share (Rs.)

3.51

3.38

1.09

0.95

Signed on behalf of the Board by

Sgd.

Sgd.

A.R. Cooke

D.J. Wedande

Director

Director

February 7, 2022

GROUP

COMPANY

For the period ended 31 December

2021

2020

2021

2020

Variance %

2021

2020

2021

2020

Variance

Quarter

Quarter

Cumulative

Cumulative

Quarter

Quarter

Cumulative

Cumulative

%

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Gross Revenue

172,194,457

143,716,882

505,970,974

488,440,472

4

101,358,796

90,136,719

304,995,423

323,921,477

(6)

Cost of Sales

(423,649)

(594,288)

(1,161,739)

(2,041,120)

(43)

(423,649)

(594,288)

(1,161,739)

(2,041,120)

(43)

Net Revenue

4

(6)

171,770,808

143,122,594

504,809,235

486,399,352

100,935,147

89,542,431

303,833,684

321,880,357

Other Income and Gains

3,580,560

1,031,984

10,772,936

1,921,020

461

31,999,399

16,257,358

35,972,400

33,170,214

8

Selling & Distribution Costs

(10,887,021)

(14,481,706)

(29,653,190)

(46,233,440)

(36)

(8,112,021)

(11,842,943)

(21,719,558)

(37,589,712)

(42)

Administrative Expenses

(120,523,747)

(108,244,043)

(351,065,221)

(335,448,347)

5

(67,226,943)

(60,136,687)

(196,964,181)

(196,324,076)

0

Finance Cost

(19,092,082)

(14,351,673)

(50,389,037)

(65,104,471)

(23)

(17,593,358)

(12,842,931)

(44,656,832)

(54,198,260)

(18)

Finance Income

878,468

1,365,152

2,863,970

5,046,412

(43)

876,610

1,361,859

2,857,141

5,038,241

(43)

Profit/(Loss) Before Tax

25,726,986

8,442,308

87,338,693

46,580,526

88

40,878,834

22,339,087

79,322,654

71,976,764

10

Income Tax Expense

(11,427,632)

(4,251,550)

(26,070,567)

(15,544,631)

68

(7,041,594)

(3,131,078)

(16,595,548)

(14,109,006)

18

Profit/(Loss) for the Year

97

8

14,299,354

4,190,758

61,268,126

31,035,895

33,837,240

19,208,009

62,727,106

57,867,758

Other Comprehensive Income

Actuarial Gain/(Loss) for the year

-

-

-

-

-

-

-

-

-

-

Income Tax Effect

-

-

-

-

-

-

-

-

-

-

Revaluation Surplus

-

-

-

-

-

-

-

-

-

-

Income Tax Effect

-

-

-

-

-

-

-

-

-

-

Other Comprehensive Income for the year, net of tax

-

-

-

-

-

-

-

-

-

-

Total Comprehensive Income for the year, net of tax

97

8

14,299,354

4,190,758

61,268,126

31,035,895

33,837,240

19,208,009

62,727,106

57,867,758

Basic Earnings Per Share (Rs.)

0.05

0.02

0.24

0.12

0.13

0.07

0.24

0.22

STATED

REVALUATION

ACCUMULATED

TOTAL

CAPITAL

RESERVES

PROFITS

Rs.

Rs.

Rs.

Rs.

GROUP

As at 01 April 2020

100,000,000

421,386,900

344,716,776

866,103,676

Net Profit for the period

-

-

31,035,895

31,035,895

Other Comprehensive Income

-

-

-

-

Total Comprehensive Income

-

-

31,035,895

31,035,895

Dividend Paid

-

-

(26,000,000)

(26,000,000)

As at 31 December 2020

100,000,000

421,386,900

349,752,671

871,139,571

As at 01 April 2021

100,000,000

471,271,029

307,164,394

878,435,423

Net Profit for the period

-

-

61,268,126

61,268,126

Other Comprehensive Income

-

-

-

-

Total Comprehensive Income

-

-

61,268,126

61,268,126

Dividend Paid

-

-

(26,000,000)

(26,000,000)

As at 31 December 2021

100,000,000

471,271,029

342,432,520

913,703,549

COMPANY

As at 01 April 2020

100,000,000

-

198,744,913

298,744,913

Net Profit/(Loss) for the period

-

-

57,867,758

57,867,758

Other Comprehensive Income

-

-

-

-

Total Comprehensive Income

-

-

57,867,758

57,867,758

Dividend Paid

-

-

(26,000,000)

(26,000,000)

As at 31 December 2020

100,000,000

-

230,612,671

330,612,671

As at 01 April 2021

100,000,000

-

146,568,743

246,568,743

Net Profit/(Loss) for the period

-

-

62,727,106

62,727,106

Other Comprehensive Income

-

-

-

-

Total Comprehensive Income

-

-

62,727,106

62,727,106

Dividend Paid

-

-

(26,000,000)

(26,000,000)

As at 31 December 2021

100,000,000

-

183,295,849

283,295,849

GROUP

COMPANY

For the period ended 31 December

2021

2020

2021

2020

Rs.

Rs.

Rs.

Rs.

CASH FLOW FROM/(USED IN) OPERATING ACTIVITIES

Profit before Income Tax Expense

87,338,693

46,580,526

79,322,654

71,976,764

Adjustment for:

Depreciation/Amortization

57,442,008

47,619,598

1,259,264

1,668,087

Depreciation - Right of Use Asset

7,109,192

7,282,137

8,380,908

8,553,852

Provision for Retiring Gratuity

17,165,700

16,001,541

14,222,700

13,234,788

Finance Income

(2,863,970)

(5,046,412)

(2,857,141)

(5,038,241)

(Gains)/Loss on Sale of Property, Plant and Equipment

(411,550)

-

-

-

Dividend Received

-

-

(30,478,997)

(31,529,998)

Provision for Impairment of Loans and Advances

3,929,665

(19,475,112)

3,929,665

(19,475,112)

Provision for Impairment of Trade Receivables

3,006,761

(2,667,397)

2,973,278

(1,911,967)

Finance Cost

50,389,037

65,104,471

44,656,832

54,198,260

Operating Profit before Working Capital Changes

223,105,536

155,399,352

121,409,163

91,676,433

Changes in Inventories

(443,265)

(896,255)

(443,265)

(844,225)

Changes in Trade and Other Receivables

457,223,347

41,721,349

460,790,904

23,511,303

Changes in Loans and Advances

(336,303,228)

52,640,285

(336,303,228)

52,640,285

Changes in Interest Bearing Borrowings on Client Financing

295,500,000

(270,203,947)

295,500,000

(270,203,947)

Changes in Trade and Other Payables

(565,020,407)

(4,002,228)

(582,851,179)

(62,268,721)

74,061,983

(25,341,444)

(41,897,605)

(165,488,872)

Income Tax Paid

(6,295,280)

(28,281,271)

-

(22,381,778)

Defined Benefit Plan Costs Paid

(2,817,683)

(122,367)

(2,658,613)

(122,367)

Finance Cost Paid

(48,383,231)

(65,104,471)

(42,286,046)

(54,198,260)

Net Cash from Operating Activities

16,565,789

(118,849,553)

(86,842,264)

(242,191,277)

CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES

Acquisition of Property, Plant & Equipment and Intangible Assets

(31,331,083)

(42,243,364)

(1,135,746)

(567,692)

Proceeds from Disposal of Property ,Plant & Equipment

422,600

-

-

-

Finance Income Received

2,863,970

5,046,412

2,857,141

5,038,241

Dividend Received

-

-

30,478,997

31,529,998

(28,044,513)

(37,196,952)

32,200,392

36,000,547

CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES

Dividend Paid

(26,000,000)

(26,000,000)

(26,000,000)

(26,000,000)

Repayment of Borrowings

(48,214,286)

(51,785,714)

-

-

Repayments Under Lease Liabilities

(9,042,454)

(3,293,469)

(11,623,386)

(5,086,759)

Net Cash Used in Financing Activities

(83,256,740)

(81,079,183)

(37,623,386)

(31,086,759)

Net Increase/(Decrease) in Cash and Cash Equivalents

(94,735,464)

(237,125,688)

(92,265,258)

(237,277,489)

Cash and Cash Equivalents at the Beginning of the period

134,298,598

318,610,474

130,571,027

317,276,743

Cash and Cash Equivalents at the End of the period

39,563,134

81,484,786

38,305,769

79,999,254

Analysis of Cash and Cash Equivalents

Favourable Balance

Cash at Bank and in Hand

39,815,263

84,971,130

38,557,898

83,485,598

Unfavourable Balance

Bank Overdrafts on Client Financing

-

-

-

-

Bank Overdrafts

(252,129)

(3,486,344)

(252,129)

(3,486,344)

39,563,134

81,484,786

38,305,769

79,999,254