`
INTERIM FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31ST MARCH 202515 |
22 |
(4) |
75 |
104 |
12 |
Other operating income |
Selling and distribution expenses |
Impairment (loss)/reversal on trade receivables |
Administrative expenses |
Operating profit |
(21) |
41 |
252 |
13 |
(79) |
173 |
79 |
(5,476) |
40 |
(264) |
Finance income |
Finance costs |
Net finance costs |
Share of results of equity-accounted investees, net of tax |
Profit/(loss) before tax |
Income tax reversal/(expense) |
Profit/(loss) for the period |
(1,738) |
(16) |
(15) |
(176) |
235 |
232 |
236 |
(83,285) |
24,986 |
2,208,774 |
(665,654) |
2,687 |
1,487,508 |
Items that are or may be reclassified to profit or loss in subsequent periods |
Foreign currency translation differences of foreign operations |
(53,543) |
(53,543) |
1,433,965 |
(69,849) |
(69,849) |
1,415,822 |
Total other comprehensive income for the period, net of tax |
Total comprehensive income for the period |
Profit /(loss) attributable to: |
Equity holders of the parent |
Non-controlling interest |
Equity holders of the parent |
Non-controlling interest |
50,174,979 | 43,644,295 | 14,172,146 | 8,076,204 | |
(38,781,289) | (31,730,079) | (11,359,837) | (5,572,346) | |
11,393,690 | 11,914,216 | 2,812,309 | 2,503,858 | |
455,382 | 575,243 | 102,501 | 37,513 | |
(1,561,974) | (1,104,749) | (500,610) | (279,511) | |
(370,648) | (105,241) | (341,827) | 6,358 | |
(9,262,873) | (8,193,767) | (2,671,631) | (1,902,505) | |
653,577 | 3,085,702 | (599,258) | 365,713 | |
50,907 | 59,509 | (14) | (6,472) | 395 |
(2,650,714) | (2,993,510) | (11) | (672,332) | (798,018) |
(2,599,807) | (2,934,001) | (11) | (678,804) | (797,623) |
(1,825) | 31,410 | (106) | (30,842) | 40,639 |
(1,948,055) | 183,111 | (1,164) | (1,308,904) | (391,272) |
639,589 | (90,506) | (807) | 452,264 | 136,040 |
(1,308,466) | 92,605 | (1,513) | (856,640) | (255,232) |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | |||||
Unaudited | Audited | Unaudited | Unaudited | ||
year ended | year ended | Variance | 3 months ended | 3 months ended | Variance |
31-03-2025 | 31-03-2024 | % | 31-03-2025 | 31-03-2024 | % |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Revenue |
Cost of sales |
Gross profit |
Other comprehensive income |
Items that will not be reclassified to profit or loss in subsequent periods |
Remeasurement loss on defined benefit obligation |
Deferred tax reversal on actuarial gain |
Revaluation of freehold land |
Deferred tax charge on land revaluation |
Net change in fair value of equity investments at FVOCI |
(261,370) | 214 | (261,370) |
78,411 | 214 | 78,411 |
- | (100) | - |
- | 100 | - |
- | (100) | - |
(182,959) | (182,959) |
(83,285) | (807) |
24,986 | (807) |
2,208,774 | (100) |
(665,654) | 100 |
850 | (100) |
1,485,671 |
27,290 | 151 | 2,600 | (104) | |||
27,290 | 2,600 | |||||
(155,669) | 111 | (180,359) | (113) | |||
(1,464,135) | 1,526,570 | (196) | (1,036,999) | 1,160,590 | (189) | |
(1,264,745) | 42,963 | (837,238) | (259,721) | |||
(43,721) | 49,643 | (19,402) | 4,489 | |||
(1,308,466) | 92,605 | (856,640) | (255,232) | |||
Total comprehensive income / (loss) attributable to: | ||||||
(1,425,381) | 1,477,282 | (1,018,494) | 1,156,445 | |||
(38,754) | 49,288 | (18,505) | 4,145 | |||
(1,464,135) | 1,526,570 | (1,036,999) | 1,160,590 | |||
Basic and diluted earnings per share (Rs.) | (137.00) | 4.65 | (90.69) | (28.13) | ||
Figures in brackets indicate deductions |
27,984
27,984
(128,696)
233
109
1,528
1,528
(155,152)
(103)
(111)
(690,451)
1,820,993 (138)
(841,729)
1,009,836
(183)
(60.85)
38.78
(74.37)
(46.42)
20 |
29 |
(4) |
125 |
168 |
33 |
Other operating income |
Selling and distribution expenses |
Impairment loss on trade receivables |
Administrative expenses |
Operating profit |
36 |
41 |
515 |
11 |
(64) |
61 |
94 |
(1,964) |
31 |
286 |
Finance income |
Finance costs |
Net finance costs |
Share of results of equity-accounted investees, net of tax |
Profit/(loss) before tax |
Income tax reversal/(expense) |
Profit/(loss) for the period |
(76) |
(41) |
(22) |
(176) |
71 |
99 |
60 |
38,923,793 | 32,557,940 | 10,688,435 | 4,757,919 | |
(30,011,486) | (23,309,125) | (8,672,504) | (3,238,860) | |
8,912,307 | 9,248,815 | 2,015,931 | 1,519,059 | |
1,051,470 | 771,686 | 253,708 | 157,702 | |
(1,429,887) | (1,014,809) | (502,566) | (258,892) | |
(312,499) | (50,790) | (294,913) | 15,823 | |
(7,378,620) | (6,618,372) | (2,080,541) | (1,591,153) | |
842,771 | 2,336,530 | (608,381) | (157,461) | |
248,900 | 669,087 | (63) | 61,649 | 259,590 |
(1,934,291) | (2,519,671) | (23) | (433,536) | (734,496) |
(1,685,391) | (1,850,584) | (9) | (371,887) | (474,906) |
(1,825) | 31,410 | (106) | (30,842) | 40,639 |
(844,445) | 517,356 | (263) | (1,011,110) | (591,728) |
282,690 | (159,332) | (277) | 324,533 | 163,203 |
(561,755) | 358,024 | (257) | (686,577) | (428,525) |
Company | |||||
Unaudited | Audited | Unaudited | Unaudited | ||
year ended | year ended | Variance | 3 months ended | 3 months ended | Variance |
31-03-2025 | 31-03-2024 | % | 31-03-2025 | 31-03-2024 | % |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
Revenue |
Cost of sales |
Gross profit |
Other comprehensive income |
Items that will not be reclassified to profit or loss in subsequent periods |
Remeasurement loss on defined benefit obligation |
Deferred tax reversal on actuarial gain |
Revaluation of freehold land |
Deferred tax charge on land revaluation |
Net change in fair value of equity investments at FVOCI |
(223,829) | 255 | (223,829) |
67,149 | 255 | 67,149 |
- | (100) | - |
- | 100 | - |
- | (100) | - |
(156,680) | (156,680) |
(63,026) | 255 |
18,908 | 255 |
2,179,200 | (100) |
(653,760) | 100 |
850 | (100) |
1,482,172 |
(63,026) |
18,908 |
2,179,200 |
(653,760) |
2,687 |
1,484,009 |
Items that are or may be reclassified to profit or loss in subsequent periods |
Foreign currency translation differences of foreign operations |
(21,040) |
(21,040) |
1,462,969 |
(43,811) |
(43,811) |
1,438,361 |
Total other comprehensive income for the period, net of tax |
Total comprehensive income for the period |
Basic and diluted earnings per share (Rs.)
Figures in brackets indicate deductions
STATEMENT OF FINANCIAL POSITION
Group
Company
Unaudited | Audited | Unaudited | Audited | |
as at | as at | as at | as at | |
31-03-2025 | 31-03-2024 | 31-03-2025 | 31-03-2024 | |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
19,247,115 | 17,492,521 | 16,428,633 | 16,270,067 | |
736,705 | 558,976 | 604,659 | 381,666 | |
2,129,162 | 1,616,535 | 843,415 | 700,147 | |
- | - | 3,433,003 | 1,656,311 | |
- | 148,877 | - | 148,877 | |
- | 136 | - | 136 | |
8,897 | 12,225 | - | - | |
1,308,935 | 791,155 | - | - | |
23,430,814 | 20,620,425 | 21,309,710 | 19,157,204 | |
10,610,519 | 9,717,071 | 7,348,234 | 7,209,835 | |
15,733,645 | 11,630,934 | 10,477,796 | 6,963,984 | |
3,712,034 | 3,029,589 | 1,920,957 | 1,614,169 | |
112,707 | 116,705 | 16,632 | 16,632 | |
376 | 32,696 | 2,673,568 | 4,023,211 | |
2,315 | 4,306 | - | - | |
3,055,406 | 3,841,272 | 1,942,577 | 2,152,229 | |
33,227,002 | 28,372,573 | 24,379,764 | 21,980,060 | |
38,545 | - | 38,545 | - | |
33,265,547 | 28,372,573 | 24,418,309 | 21,980,060 | |
56,696,361 | 48,992,998 | 45,728,021 | 41,137,265 | |
620,578 | 620,578 | 620,578 | 620,578 | |
7,125,675 | 7,102,059 | 7,136,866 | 7,107,697 | |
7,191,029 | 8,679,535 | 6,933,903 | 7,699,680 | |
14,937,282 | 16,402,172 | 14,691,347 | 15,427,955 | |
501,061 | 446,463 | - | - | |
15,438,343 | 16,848,635 | 14,691,347 | 15,427,955 | |
2,638,267 | 2,114,973 | 2,282,170 | 1,899,630 | |
755,604 | 517,967 | 616,886 | 373,096 | |
1,643,258 | 1,241,371 | 1,426,889 | 1,085,397 | |
2,569,978 | 2,860,303 | 2,509,092 | 2,860,303 | |
646,156 | 868,681 | 272,246 | 95,090 | |
8,253,263 | 7,603,295 | 7,107,283 | 6,313,516 | |
3,138,963 | 1,155,556 | 2,107,811 | 589,211 | |
2,045,104 | 1,840,166 | 1,356,161 | 1,322,926 | |
735,483 | 750,758 | 609,060 | 642,253 | |
96,540 | 158,872 | 73,673 | 93,047 | |
2,332,543 | 854,855 | 1,810,083 | 691,577 | |
21,279 | 67,636 | 1,564 | - | |
24,549,436 | 19,529,060 | 16,530,765 | 16,008,047 | |
85,406 | 184,165 | 1,440,274 | 48,732 | |
33,004,754 | 24,541,068 | 23,929,391 | 19,395,793 | |
41,258,017 | 32,144,363 | 31,036,674 | 25,709,309 | |
56,696,361 | 48,992,998 | 45,728,021 | 41,137,265 | |
ASSETS
Property, plant and equipment Right-of-use assets
Intangible assets and goodwill Investments in subsidiaries
Investments in equity accounted investees
Equity securities Other financial assets Deferred tax assets
Total non-current assets
Inventories
Trade and other receivables Other current assets Income tax receivable
Amounts due from related parties Other financial assets
Cash and cash equivalents
Assets Held for Sale Total current assets TOTAL ASSETS
EQUITY AND LIABILITIES EQUITY
Stated capital
Other components of equity Revenue reserves
Equity attributable to equity holders of the parent
Non-controlling interests TOTAL EQUITY
Interest bearing borrowings Lease liabilities
Employee benefits Deferred tax liabilities Contract liabilities
Total non-current liabilities
Trade payables
Other current liabilities
Current portion of long-term interest bearing borrowings
Lease liabilities Contract liabilities Income tax payable
Short-term interest-bearing borrowings Amounts due to related parties
Total current liabilities Total liabilities
TOTAL EQUITY AND LIABILITIES
It is certified that the Financial Statements have been prepared in accordance with the requirements of the Companies Act No.7 of 2007.
(Sgd.) M.H.B.U.S.B. Mahagedara
General Manager - Group Finance
The Board of Directors is responsible for these Financial Statements. Signed for and on behalf of the Board.
(Sgd.) A. R. Pandithage (Sgd.) B.C.S.A.P. Gooneratne
Chairman Director/Chief Financial Officer
30th May 2025
Statement of Changes in Equity
Other Components of Equity | Revenue Reserves | |||
Revaluation Reserve | Fair value Reserve | Foreign Currency Translation Reserve | General Reserve | Retained Earnings |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 |
Group
For the Year ended 31st March
Non-Controlling Interests
Total
As at 01st April 2023 |
Adjustments |
Total comprehensive income |
Profit for the year |
Derecognition of financial assets due to disposal -FVOCI |
Other comprehensive income, net of tax |
Dividends to equity holders |
- 2022/23 Final dividend |
Subsidiary dividend to Non Controlling Interest |
Total contributions and distributions |
As at 31st March 2024 |
As at 01st April 2024 |
Total comprehensive income |
Loss for the period |
Derecognition of financial assets due to disposal -FVOCI |
Other comprehensive income, net of tax |
Dividends to equity holders |
- 2023/24 Final dividend |
Transactions due to change in group holdings |
Shares issued by subsidiaries to non-controlling interest |
Changes in group holdings |
Total contributions and distributions |
As at 31st March 2025 |
Company
For the Year ended 31st March
As at 01st April 2023 |
Total comprehensive income |
Profit for the period |
Derecognition of financial assets due to disposal -FVOCI |
Other comprehensive income, net of tax |
Dividends to equity holders |
- 2022/23 Final dividend |
As at 31st March 2024 |
As at 01st April 2024 |
Total comprehensive income |
Profit for the period |
Derecognition of financial assets due to disposal -FVOCI |
Other comprehensive income, net of tax |
Dividends to equity holders |
- 2023/24 Final dividend |
As at 31st March 2025
Figures in brackets indicate deductions.
Rs.'000 Rs.'000
620,578 | 5,618,699 | (2,070) | (4,668) | 5,392,290 | 3,351,475 | 377,327 | 15,353,631 |
- | - | - | - | - | 40,901 | 39,297 | 80,198 |
- | - | - | - | 42,962 | 49,643 | 92,605 | |
- | - | (885) | - | - | 885 | - | - |
- | 1,539,001 | 2,687 | (50,705) | - | (56,663) | (354) | 1,433,965 |
- | 1,539,001 | 1,802 | (50,705) | - | (12,816) | 49,289 | 1,526,571 |
- | - | - | - | - | (92,315) | - | (92,315) |
- | - | - | - | - | - | (19,449) | (19,449) |
- | - | - | - | - | (92,315) | (19,449) | (111,764) |
620,578 | 7,157,700 | (268) | (55,373) | 5,392,290 | 3,287,245 | 446,464 | 16,848,635 |
620,578 | 7,157,700 | (268) | (55,373) | 5,392,290 | 3,287,245 | 446,463 | 16,848,635 |
- | - | - | - | - | (1,264,745) | (43,721) | (1,308,466) |
- | - | 268 | - | - | (268) | - | - |
- | - | - | 23,348 | - | (180,826) | 1,809 | (155,669) |
- | - | 268 | 23,348 | - | (1,445,839) | (41,912) | (1,464,135) |
- | - | - | - | - | (46,157) | (46,157) |
- | - | - | - | - | - | 100,000 | 100,000 |
3,490 | (3,490) | - | |||||
- | - | - | - | - | (42,667) | 96,510 | 53,843 |
620,578 | 7,157,700 | - | (32,025) | 5,392,290 | 1,798,739 | 501,061 | 15,438,343 |
Stated Capital |
Rs.'000 |
Stated Capital |
Rs.'000 |
Other Components of Equity | Revenue Reserves | |||
Revaluation Reserve | Fair Value Reserve | Foreign Currency Translation Reserve | General Reserve | Retained Earnings |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 |
Total
Rs.'000
620,578 | 5,609,333 | (2,987) | (4,851) | 4,929,464 | 2,547,742 | 13,699,279 |
- | - | - | - | - | 358,022 | 358,022 |
- | - | (885) | - | - | 885 | - |
- | 1,525,440 | 2,687 | (21,040) | - | (44,118) | 1,462,969 |
- | 1,525,440 | 1,802 | (21,040) | - | 314,789 | 1,820,991 |
- | - | - | - | - | (92,315) | (92,315) |
620,578 | 7,134,773 | (1,185) | (25,891) | 4,929,464 | 2,770,216 | 15,427,955 |
620,578 | 7,134,773 | (1,185) | (25,891) | 4,929,464 | 2,770,216 | 15,427,955 |
- | - | - | - | - | (561,755) | (561,755) |
- | - | 1,185 | - | - | (1,185) | - |
- | - | - | 27,984 | - | (156,680) | (128,696) |
- | - | 1,185 | 27,984 | - | (719,620) | (690,451) |
- | - | - | - | - | (46,157) | (46,157) |
- | - | - | - | - | (46,157) | (46,157) |
620,578 | 7,134,773 | - | 2,093 | 4,929,464 | 2,004,439 | 14,691,347 |
Cash Flows from Operating Activities
Profit/(loss) before tax
Adjustments for;
Depreciation on property, plant and equipment Amortisation of intangible assets
Depreciation and derecognition of right-of-use assets Exchange rates impact on term loan revaluation Impairment of investments in subsidiaries
Impairment of investments in equity accounted investees
Provision for related party receivables Provision for bank guarantee claim Impairment of goodwill
Gain on sale of property, plant and equipment Derecognition of capital work-in-progress Interest expenses
Finance income Dividend income
Share of (loss) /gain of equity-accounted investees, net of tax Impairment reversal on trade receivables
Provision /(Reversal) on inventories
Provision for employee benefits obligation excluding actuarial gain
Changes in working capital (Increase)/decrease in inventories Increase in trade and other receivables Increase in other current assets
(Increase)/decrease in amounts due from related parties Increase /(Decrease) in trade payables
Increase /(Decrease) in other current liabilities Increase in contract liabilities
Decrease in amounts due to related parties
Cash (used in) / from operating activities
Interest paid
Employee benefits paid Income tax paid
Net cash used in operating activities
Statement of Cash Flows
Group Company
Cash Flows from Investing Activities
Net proceeds from sale of property, plant and equipment Dividends received
Interest received
Investments in other financial assets
Net proceed from sale of equity securities Investment in Equity instruments
Investment in subsidiaries and equity accounted investees
Acquisition and construction of property, plant and equipment and capital workin-progress
Acquisition of intangible assets and capital work-in-progress
Net cash used in investing activities
Cash Flows from Financing Activities Proceeds from long-term borrowings Repayment of long-term borrowings
Net movement of short-term borrowings Repayment of lease liabilities
Dividend paid to equity holders of the parent Dividend paid to non-controlling interests Net cash from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents as at 01st April
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents as at 31st March (Note-A)
Note - A
Analysis of Cash and Cash Equivalents as at 31st March
Cash and bank balances Bank overdrafts
Cash and cash equivalents
Figures in brackets indicate deductions.
Unaudited | Audited | Unaudited | Audited | ||
year ended | year ended | year ended | year ended | ||
31-03-2025 | 31-03-2024 | 31-03-2025 | 31-03-2024 | ||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | ||
(1,948,055) | 183,110 | (844,445) | 517,356 | ||
489,451 | 454,321 | 401,805 | 346,304 | ||
73,055 | 25,128 | 72,966 | 24,900 | ||
150,459 | 155,680 | 96,508 | 107,498 | ||
- | (9,376) | - | (9,376) | ||
- | - | 23,308 | 12,932 | ||
89,273 | - | 89,273 | - | ||
155,987 | - | 155,987 | - | ||
17,470 | - | 17,470 | - | ||
31,911 | - | - | - | ||
(35,460) | (6,201) | (28,758) | (198) | ||
- | 1,938 | - | 1,938 | ||
2,650,714 | 2,993,510 | 1,934,291 | 2,519,671 | ||
(50,907) | (59,509) | (248,900) | (669,087) | ||
- | - | - | (38,578) | ||
1,825 | (31,410) | 1,825 | (31,410) | ||
370,648 | 105,241 | 312,499 | 50,790 | ||
130,334 | (249,642) | (120,739) | (265,979) | ||
274,710 | 255,270 | 225,328 | 222,276 | ||
2,401,415 | 3,818,060 | 2,088,418 | 2,789,037 | ||
(1,023,782) | 511,036 | (17,660) | (840,469) | ||
(4,473,359) | (4,376,105) | (3,826,312) | (2,919,553) | ||
(761,030) | (1,096,342) | (368,060) | (471,977) | ||
(123,667) | 20,510 | 1,193,656 | (1,199,969) | ||
1,983,407 | (351,377) | 1,518,600 | (355,334) | ||
7,468 | (1,112,334) | (24,192) | (458,102) | ||
1,299,088 | 133,189 | 1,290,914 | 307,961 | ||
(98,759) | (261,695) | (288,458) | (38,396) | ||
(789,219) | (2,715,058) | 1,566,906 | (3,186,802) | ||
(2,620,783) | (2,992,174) | (1,841,200) | (2,467,051) | ||
(134,193) | (87,546) | (107,665) | (69,808) | ||
(120,397) | (173,060) | - | - | ||
(3,664,592) | (5,967,838) | (381,959) | (5,723,661) | ||
102,343 | 97,039 | 94,083 | 53,628 | ||
- | - | - | 38,578 | ||
57,426 | 59,509 | 246,365 | 669,087 | ||
- | (6,236) | - | - | ||
139 | 885 | 139 | 885 | ||
- | (38) | - | (38) | ||
- | (60,000) | ||||
(2,311,436) | (1,405,679) | (625,693) | (956,189) | ||
(277,591) | (173,741) | (216,235) | (173,741) | ||
(2,429,119) | (1,428,261) | (561,341) | (367,790) | ||
1,300,000 | 1,583,819 | 1,000,000 | 1,500,000 | ||
(791,981) | (670,584) | (650,653) | (558,624) | ||
5,337,414 | 7,605,021 | 655,391 | 6,085,420 | ||
(218,677) | (212,162) | (143,988) | (144,972) | ||
(46,157) | (92,315) | (46,157) | (92,315) | ||
- | (19,449) | - | - | ||
5,580,599 | 8,194,330 | 814,593 | 6,789,509 | ||
(513,112) | 798,231 | (128,707) | 698,058 | ||
3,383,640 | 2,568,154 | 2,019,556 | 1,364,785 | ||
44,283 | 17,255 | 51,728 | (43,287) | ||
2,914,811 | 3,383,640 | 1,942,577 | 2,019,556 | ||
3,055,406 | 3,841,272 | 1,942,577 | 2,152,229 | ||
(140,595) | (457,632) | - | (132,673) | ||
2,914,811 | 3,383,640 | 1,942,577 | 2,019,556 | ||
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Corporate information |
Diesel & Motor Engineering PLC (the Company) is a public limited liability Company, incorporated and domiciled in Sri Lanka. The registered office and principal place of business of the Company is located at No. 65, Jethawana Road, Colombo 14. The ordinary shares of the Company are listed at the Colombo Stock Exchange. |
2. Basis of preparation |
The interim condensed financial statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the group annual consolidated financial statements as at 31st March 2025. |
These financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. |
3. Operating segment information |
The operating business segments are organised and managed separately according to the nature of the products and services provided. The primary segment reporting format is determined based on products and services offered as the Group's risk and returns are affected predominantly by differences in the products and services offered. |
4. Other information |
4.1 Contingent liabilities |
The Contingent liabilities as at 31st March 2025, on guarantees given by the Company in respect of bid bonds, performance bonds and advance payments amounted to Rs.5,470.1 million (Rs.5,491.4 million as at 31st March 2024). |
4.2 Capital expenditure commitments |
Capital expenditure committed, for which no provision has been made in the interim condensed financial statements, amounted to approximately Rs.224.7 million (Rs.1,039.4 million as at 31st March 2024). |
4.3 Comparative information |
Where necessary, comparative figures have been reclassified to conform with the current period's presentation. These reclassifications were made to provide a more accurate reflection of the nature of each expense and asset category. The reclassifications have no impact on the reported profit/(loss) and net assets of the comparative period. |
4.4 Net interest cost |
The interest cost of the Group decreased due to the decrease in interest rates compared to the same period in last financial period (2024/25 - Rs.2,650.7 million, 2023/24 - Rs. 2,992.1 million). |
4.5 Segment Performance |
The performance for the year was adversely affected due to multiple reasons, leading to a loss before tax. As evident from the segment report, the agriculture inputs business was a key contributor to the loss with the profitability severely impacted due to erosion of margins as a result of intense competition in the market for agricultural inputs. Changes in weather patterns too prompted disposal of stocks at lower margins to avoid a stock build up. Investments in the agriculture segment, including the investments in agriculture related exports, too contributed to the loss for the year, with revenue streams from these investments being delayed than earlier expected. The recently commenced recreational vehicle business too contributed to the loss before tax. |
4.6 Events occurring after the reporting period
There were no material events that occurred after the reporting date that require adjustments or disclosure to the Financial Statements except for the followings, |
4.6.1 Initiation of Voluntarily dissolution and liquidation of an Equity-Accounted Investee |
On 22nd January 2025, the Board of Directors of DIMO Coastline (Private) Limited, in which the Company holds a 40% equity interest, resolved at an Extraordinary General Meeting to proceed with a voluntary dissolution and liquidation of the company. A liquidator has since been appointed to oversee the process. Following an assessment of the recoverable value of this investment, the Company determined that the carrying value of the investment is no longer recoverable and has accordingly recognised a full impairment of Rs. 89.3 million in the financial statements for the year ended 31st March 2025. |
4.6.2 Disposal of Shares in an Equity-Accounted Investee |
Subsequent to the reporting date, on 8th April 2025, the Company disposed of its entire 49% equity interest in Azend Technologies (Private) Limited for a total consideration of Rs. 65 million. This investment was previously accounted for under the equity method in accordance with LKAS 28 - Investments in Associates and Joint Ventures. As at 31st March 2025, the Company reclassified the investment under 'Assets Held for Sale', in line with SLFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. The investment was measured at its carrying amount of Rs. 38.5 million, being lower than its fair value less cost to sell of Rs. 65 million. Accordingly, no impairment loss was recognised. No disposal gain has been recognised in the financial statements for the year ended 31st March 2025. |
NOTES TO THE FINANCIAL STATEMENTS |
OPERATING SEGMENT INFORMATION |
The Group comprises of the following main business segments. |
Segment | Product & Services |
Mobility | Sale of brand new vehicles, special purpose vehicles, pre-owned vehicles, and transportation services |
Automotive Engineering Solutions | Premium vehicles aftersales, mainstream vehicles aftersales, marine and general engineering, assembly of vehicles and pumps, recreation of vehicles (camper trailer) and education in engineering and automotive solutions |
Retail | Sale of automotive parts, tyres, auto-care solutions, lighting products, power tools, home appliances, gardening and construction solutions |
Infrastructure Engineering | Sales and services of construction machinery, storage & material handling solutions, car parking solutions , projects in water & fluid management |
Agriculture | Import, processing, distribution of fertilizer, seeds, agrochemical , plant nutrients & agri machinery, sale of value-added organic food (fruits, vegetables) products for local market , R&D techno parks, agri advisory services, agriculture pipes, advance agri technologies including micro-irrigation & greenhouse projects, processing & sales of coconut shell charcoal for local market and operates customer experience centre. |
Power Engineering & Building Technologies | Engineering and related solutions in power & energy, generation of solar power, building technologies , elevator and escalator solutions |
Healthcare | Medical equipment, consumables, pharmaceuticals, cardiology devices and contrast mediums |
Mobility | Automotive Engineering Solutions | Retail | Infrastructure Engineering | Agriculture | Power Engineering & Building Technologies | Healthcare | Total | |||||||||
For the year ended 31st March | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Business Segment Turnover and Results | ||||||||||||||||
Total segment revenue | 4,193,817 | 3,351,188 | 7,824,763 | 6,766,678 | 8,292,236 | 6,821,903 | 3,977,143 | 4,404,784 | 17,261,848 | 16,524,285 | 6,729,215 | 4,717,227 | 3,513,705 | 2,245,396 | 51,792,727 | 44,831,461 |
Inter-segment revenue | (711,292) | (123,940) | (620,070) | (714,372) | (47,180) | (165,641) | (59,863) | (37,420) | (64,919) | (103,472) | (114,423) | (42,321) | - | - | (1,617,748) | (1,187,166) |
Total external revenue | 3,482,525 | 3,227,248 | 7,204,693 | 6,052,306 | 8,245,056 | 6,656,262 | 3,917,280 | 4,367,364 | 17,196,929 | 16,420,813 | 6,614,792 | 4,674,906 | 3,513,705 | 2,245,396 | 50,174,979 | 43,644,295 |
Segment results | 180,716 | 84,495 | 1,590,368 | 1,423,587 | 831,597 | 745,781 | 886,679 | 728,469 | (314,446) | 2,037,781 | 891,692 | 566,236 | 428,261 | 786,091 | 4,494,867 | 6,372,440 |
Unallocated other income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 455,382 | 575,243 |
Unallocated expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (4,296,672) | (3,861,981) |
Unallocated Finance income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 50,907 | 59,509 |
Unallocated Finance expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2,650,714) | (2,993,510) |
Share of results of equity-accounted investees | - | - | 51,257 | 21,136 | - | - | - | - | - | - | (53,082) | 10,274 | - | - | (1,825) | 31,410 |
Income tax expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 639,589 | (90,506) |
Profit/(loss) for the period | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (1,308,466) | 92,605 |
Business Segment Assets and Liabilities | ||||||||||||||||
Segment assets | 1,515,240 | 868,707 | 3,453,043 | 2,917,271 | 4,532,021 | 4,171,264 | 4,436,546 | 3,301,028 | 10,916,511 | 12,453,456 | 6,064,541 | 3,296,318 | 3,781,687 | 2,323,444 | 34,699,589 | 29,331,488 |
Unallocated assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 21,996,772 | 19,661,510 |
Total assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 56,696,361 | 48,992,998 |
Segment liabilities | 2,769,358 | 357,474 | 1,576,446 | 1,324,186 | 2,380,057 | 1,469,138 | 1,828,964 | 1,697,183 | 6,024,809 | 8,389,656 | 1,770,092 | 2,644,960 | 2,351,281 | 1,670,659 | 18,701,007 | 17,553,256 |
Unallocated liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 22,557,011 | 14,591,107 |
Equity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15,438,343 | 16,848,635 |
Total equity and liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 56,696,361 | 48,992,998 |
Other Information | ||||||||||||||||
Capital expenditure | 8,985 | 3,686 | 246,586 | 24,913 | 21,301 | 6,213 | 18,853 | 74,519 | 326,060 | 174,993 | 747,429 | 4,969 | 103,609 | 23,555 | 1,472,823 | 312,848 |
Capital expenditure - new business initiatives | - | - | - | - | - | - | - | - | - | 746,902 | - | - | - | - | - | 746,902 |
Unallocated capital expenditure | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 838,613 | 345,929 |
Depreciation and amortisation | 12,255 | 13,052 | 79,137 | 81,721 | 14,128 | 31,117 | 33,408 | 37,256 | 149,067 | 96,729 | 30,957 | 30,426 | 12,459 | 14,665 | 331,411 | 304,966 |
Unallocated depreciation and amortisation | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 231,096 | 174,483 |
Diesel & Motor Engineering PLC
Interim Financial Statements - For the year ended 31st March 2025 Page 7 of 10
INVESTOR INFORMATION
Market Value of Shares
Quarter to | Quarter to | ||
31-Mar-25 | 31-Mar-24 | ||
Rs. | Rs. | ||
1,288.00 900.25 920.75 | 15th January 2025 18th March 2025 28th March 2025 | 550.00 472.00 513.25 | March 14, 2024 February 9, 2024 March 28, 2024 |
The market value of an ordinary share of Diesel & Motor Engineering PLC is as follows:
Highest price per share Lowest price per share
Last Traded price per share
As at | As at |
31-Mar-25 8,499,898 | 31-Mar-24 4,738,064 |
Market Capitalisation
Market Capitalisation (Rs.'000)
Group | Company |
Ratios
E.P.S. Rs* |
Net asset value per share* |
Quick asset ratio |
Interest cover (times) |
31-Mar-25 (137.00) 1,618.08 0.69 0.24 | 31-Mar-24 4.65 1,776.72 0.76 1.06 | 31-Mar-25 (60.85) 1,591.44 0.71 0.56 | 31-Mar-24 38.78 1,671.23 0.77 1.21 |
* Earnings & net assets per share are based on 9,231,494 shares in issue as at 31st March 2025.
The stated capital consists of 9,231,494 Ordinary shares.
Statement of share holding of Directors (Including Spouses)
Name |
Mr. A. R. Pandithage |
Mr. A. G. Pandithage |
Mr. A. M. Pandithage |
Mr. C. R. Pandithage |
31st March 2025 | |
Shares | % |
2,006,924 | 21.74% |
593,695 | 6.43% |
233,138 | 2.53% |
228,144 | 2.47% |
3,061,901 | 33.17% |
Mr. A. D. B. Talwatte, Dr. H. Cabral, Mr. B. C. S. A. P Gooneratne, Mr. H. M. A. Jayasinghe, Mr. P. K. W. Mahendra, Mr. S. R. W. M. C. Ranawana, Ms. D. N. K Kurukulasuriya, Mr. R. A. Jayawardane and Mr. H. A. C. Perera who are Directors of the Company did not hold any shares of the Company as at 31st March 2025.
Public holding % | |
As at 31st March 2025 | |
Public Holding % | 59.60% |
Number of Public shareholders | 2,282 |
Float Adjusted Market Capitalization (Rs.) | 5,066,110,122 |
The Company complies with Option 02 of Listing Rules 2.1.2 A (i)(c), which stipulates that for a Float Adjusted Market Capitalization not exceeding Rs. 7.5 billion and not equal to or less than Rs. 5.00 billion, a minimum of 5% public holding is required. | |
Top twenty major shareholders | ||
31st March 2025 | ||
Name | Shares | % |
Employee's Provident Fund | 1,830,860 | 19.83% |
Mr. A. R. Pandithage | 1,030,882 | 11.17% |
Mrs. J. C. Pandithage | 976,042 | 10.57% |
A & G Investments (Pvt) Ltd | 667,395 | 7.23% |
Mr. S. C. Algama | 590,497 | 6.40% |
Mr. A. G. Pandithage | 546,846 | 5.92% |
Mr. C. R. Pandithage | 228,144 | 2.47% |
Mr. A. N. Algama | 222,288 | 2.41% |
Assetline Finance Limited/Suhada Gas Distributors | 221,198 | 2.40% |
Mr. A. M. Pandithage | 189,611 | 2.05% |
Mr. D. Jayanntha | 166,400 | 1.80% |
Mr. T.G.H. Peries | 158,931 | 1.72% |
Miss. T. R. N. C. Peries | 153,929 | 1.67% |
Mr. N. U. Algama | 123,598 | 1.34% |
Seylan Bank PLC / Karagoda Loku Gamage Udayananda | 79,393 | 0.86% |
Mr. M. L. Algama | 69,976 | 0.76% |
Ms. L. S. Algama | 69,975 | 0.76% |
Seylan Bank PLC / Phantom Investments (Pvt) Ltd | 68,245 | 0.74% |
Mrs. I. S. Salgado | 47,840 | 0.52% |
Mrs. H. S. Pandithage | 46,849 | 0.51% |
Sub Total | 7,488,899 | 81.12% |
Others | 1,742,595 | 18.88% |
Total Issued Shares | 9,231,494 | 100.00% |
Name of the Company | Group Management Committee |
Diesel & Motor Engineering PLC | A. R. Pandithage (Chairman) |
A. G. Pandithage | |
Legal Form | S. C. Algama |
A Quoted Public Company with Limited Liability, incorporated in Sri Lanka in 1945. | B. C. S. A. P. Gooneratne |
P. K. W. Mahendra | |
Company Registration Number | S.R.W.M.C.Ranawana |
PQ 146 | D.N.K.Kurukulasuriya |
C. R. Pandithage | |
Board of Directors | R. K. J. Gunasekera |
A. R. Pandithage - Dip. in Eng (Chairman) | R.D.M.P. Wickramasinghe |
A. G. Pandithage - FCMA (UK) ( Managing Director, Group Chief Executive Officer) | H.M.P.D.B. Dematawa |
A. M. Pandithage - Fellow of CILT (UK) | G.P.M.S. Karunaratne |
B. C. S. A. P. Gooneratne - FCA (ICASL), FCMA ,MBA (USJ) | M. H. B. U. S. B. Mahagedara |
Dr. H. Cabral - PC, PhD ( University of Canberra) | M. D. H. Peiris |
P. K. W. Mahendra - B.Eng (University of Greenwich-UK) | |
S. R. W. M. C. Ranawana - MBA (Warnborough University-UK) | Bankers |
A. D. B. Talwatte - FCA (ICASL) , FCMA (UK), MBA (USJ) | Bank of Ceylon |
D. N. K. Kurukulasuriya - Attorney at Law, EMBA (UWL) | Commercial Bank of Ceylon PLC |
C. R. Pandithage - BBCom (Monash University-Aus), MBA (RMIT University - Aus) | DFCC Bank PLC |
H. M. A. Jayesinghe - FCA (ICASL), FCMA, CPFA | Hatton National Bank PLC |
R.A.Jayawardane- MBA ( USJ), Dip in Mkt ( CIM-UK) | Hong Kong & Shanghai Banking Corporation Ltd |
H.A.C.Perera - MBA (ECU-Australia ), BSc (Hons) CSE (UoM) | Nations Trust Bank PLC |
People's Bank | |
Company Secretary | Sampath Bank PLC |
B. C. S. A. P. Gooneratne - FCA (ICASL), FCMA ,MBA (USJ) | Seylan Bank PLC |
Standard Chartered Bank | |
Registrars | Union Bank of Colombo PLC |
Jacey and Company | |
No.9/5, Thambiah Avenue, | Auditors |
Off Independence Avenue, | KPMG |
Colombo 07, Sri Lanka | Chartered Accountants, |
P.O. Box 186, | |
Audit Committee | No.32A, Sir Mohamed Macan Markar Mawatha, |
A. D. B. Talwatte (Chairman) | Colombo 03, Sri Lanka |
A. M. Pandithage | |
Dr. H. Cabral | Lawyers |
H. M. A. Jayesinghe | Julius & Creasy |
R. A. Jayawardane | Attorneys-at-law & Notaries Public, |
H. A. C. Perera | Julius & Creasy Building, |
No. 371, R.A. de Mel Mawatha, | |
Remuneration Committee | Colombo 3 , Sri Lanka |
H. M. A. Jayesinghe (Chairman) | |
A. M. Pandithage | Registered Office |
Dr. H. Cabral | P.O. Box 339, No. 65, Jetawana Road, Colombo 14, |
A. D. B. Talwatte | Sri Lanka |
Telephone : +94-11- 2449797, +94-11- 2338883 | |
Nomination & Governance Committee | Facsimile : +94-11-2449080 |
H. M. A. Jayesinghe (Chairman) | Website : https://www.dimolanka.com |
A. M. Pandithage | E-mail : dimo@dimolanka.com |
Dr. H. Cabral | |
A. D. B. Talwatte |
Related Party Transactions Review Committee |
A. D. B. Talwatte (Chairman) |
A. M. Pandithage |
Dr. H. Cabral |
H. M. A. Jayesinghe |
R. A. Jayawardane |
H. A. C. Perera |