Transmission of Quarterly Report for the Period ended March 31 2025

(UN-AUDITED) MARCH 31, 2025

Inside this Report

Corporate Information 3

Directors' Report 4

Condensed interim Statement of Financial Position 6

Condensed Interim Statement of Profit or Loss 7

Condensed Interim Statement of Comprehensive Income 8

Condensed Interim Statement of Changes In Equity 9

Condensed Interim Cash Flow Statement 10

Notes To The Condensed Interim Financial Statements 11

Corporate Information

MODARABA MANAGEMENT COMPANY

Habib Metropolitan Modaraba Management Company (Private) Limited

BOARD OF DIRECTORS

Mohammad Shams Izhar - Chairman

Non-Executive Director Mr. Muhammad Shoaib Ibrahim - Chief Executive Officer Syed Rasheed Akhtar - Non-Executive

Independent Director

Mr. Saeed Uddin Khan - Non-Executive Independent Director

Mr. Usman Nurul Abedin - Non-Executive Director Dr. Irum Saba - Non-Executive Director

AUDIT COMMITTEE

Mr. Saeed Uddin Khan - Chairman

Syed Rasheed Akhtar - Member Mr. Mohammad Shams Izhar - Member Mr. Muhammad Babar - Secretary

HUMAN RESOURCE COMMITTEE

Mr. Saeed Uddin Khan - Chairman

Syed Rasheed Akhtar - Member Mr. Mohammad Shams Izhar - Member Mr. Danish Zahid - Secretary

LEGAL ADVISOR

Mohsin Tayebaly & Company

Ahmed & Qazi Advocates & Legal Consultants

SHARES REGISTRAR

CDC Share Registrar Services Limited Share Registrar Department

CDC House, 99-B, Block "B", S.M.C.H.S

Main Shahrah-e-Faisal, Karachi,

Pakistan. Tel: 111-111-500

AUDITORS

BDO Ebrahim & Co. Chartered Accountants

COMPANY SECRETARY

Ms. Ayesha Rasheed

SHARIAH ADVISOR

Mufti Faisal Ahmed

BANKERS

Al Baraka Bank Dubai Islamic Bank Faysal Bank Limited

Habib Bank Limited - (Islamic Banking) Habib Metropolitan Bank - (Islamic Banking) MCB Islamic Bank

Meezan Bank Limited

Soneri Bank - (Islamic Banking)

REGISTERED OFFICE

6th Floor, HBZ Plaza (Hirani Centre)

I.I. Chundrigar Road, Karachi. Tel : 021-32635949-51

UAN : 111-346-346

Web : https://www.habibmodaraba.com Email: fhm@habibmodaraba.com

GEOGRAPHICAL PRESENCE

- BRANCH OFFICES

Karachi Branch:

3rd Floor, Al-Manzoor Building, Dr. Ziauddin Ahmed Road. Karachi. Tel : 021-32635949-51

Lahore Branch:

1st Floor, 5-Z Block, Phase III, Defence Housing Authority, Lahore.

Tel : 042-35693074-76

Islamabad Branch:

Office No. 513, 5th Floor, ISE Towers, Jinnah Avenue Blue Area, Islamabad.

Tel : 051-28994571-73

Multan Branch:

Mezzanine Floor, Abdali Tower, Abdali Road, Multan.

Tel : 061-4500121-3

Directors' Report

On behalf of the Board of Directors, it is our great pleasure to present the Unaudited Financial statements of First Habib Modaraba (FHM) for the nine months ended 31st March, 2025.

Business Performance

Alhamdulillah, we witnessed stable and satisfactory performance during 3rd quarter ended March 31, 2025. Our balance sheet size has increased to Rs.32.749 billion an increase of 24% comparing Rs.26.410 billion as at 30th June, 2025. The satisfactory results are due to better performance of our business development team who has successfully made disbursements of around Rs.14.197 billion in nine months' period as compared to disbursement of Rs.10.445 billion same periods last year. FHM has also maintained a profitability despite of downward trend of lending rates due to decreased policy rates of State Bank of Pakistan comparing last calendar year.

Economic Outlook

As the ongoing fiscal year progresses towards the last quarter, Pakistan's economy demonstrates resilience and stability on fiscal and external indicators. Inflationary pressures have eased, largely due to a decline in food and energy prices, fostering overall price stability. On the external side, performance remains strong supported by rising export, positive current account balance, high Pakistan Stock Exchange index and strong remittance inflows witnessed in last quarter of Jan-March, 2025.

Fitch Ratings stands also upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The upgrade reflects Fitch's increased confidence that Pakistan will sustain its recent progress on narrowing budget deficits and implementing structural reforms. The rating upgrade is expected to bolster investor confidence will make it easier for Pakistan to access international debt markets. Asian Development Bank has forecasted GDP growth rate of 2.5% for the fiscal year 2025 due to positive signs of stability and recovery of country's economy.

In last Monetary Policy Statement, the State Bank of Pakistan (SBP) decided to keep the policy rate unchanged at 12 percent. According to policy statement, the economic activity continues to gain momentum as reflected in the latest high-frequency economic indicators. However, inflation outlook is susceptible to risks emanating mainly from volatility in food prices, adjustments of energy prices and uncertain outlook of global commodity prices.

Recent changes in USA tariff regime have sent shockwaves across the global economic spectrum. The imposition of new additional tariff on Pakistan's exports may also lead towards low export earning, widened deficit in trade balance and increase unemployment. The persistent water shortages can have critical impact particularly for the agricultural sector which plays a crucial role in national GDP and employment. Keeping in view of Pakistan's reliance on agriculture and water-intensive industries, prolonged drought conditions may pose significant threats to food security, economic stability, and rural livelihoods

Conclusion

Going forward, keeping in view of positive key economic indicators, we foresee better economic activities with good pace of business growth. However, global tariff issues, water shortage and country's fiscal imbalances, may impact our growth and long term economic sustainability. The government needs to focus on fiscal consolidation, accelerate privatization process of public own entities, promoting private sector-led growth, along with addressing key development challenges.

Acknowledgment

We would like to express our sincere thanks and gratitude for the continued support and guidance provided by Securities & Exchange Commission of Pakistan and Registrar Modaraba, customers of the Modaraba for their patronage and Certificate holders, investors who have remained committed to FHM. I also appreciate dedication, high level of professionalism and hard work of employees of FHM for smooth operations and achieving satisfactory results in extremely difficult business environment.

For and on behalf of Board of Directors

Muhammad Shoaib Ibrahim Muhammad Shams Izhar

Chief Executive Officer Chairman

Karachi: 24th April, 2025

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Condensed Interim Statement of Financial Position

AS AT MARCH 31, 2025

(Un-audited)

March 31,

2025

(Audited)

June 30,

2024

Note

ASSETS

NON-CURRENT ASSETS

Fixed assets in own use 4

Intangible asset

Diminishing musharaka financing 5

Long term prepayments and deposits

Investments 6

Deferred tax asset

CURRENT ASSETS

TOTAL ASSETS EQUITY AND LIABILITIES

CAPITAL AND RESERVES

Authorized certificate capital 140,000,000 (June 30, 2024: 140,000,000) certificates of Rs.10/- each

Issued, subscribed and paid-up certificate capital Reserves

Certificate holders' equity

SURPLUS ON REVALUATION OF INVESTMENTS NON-CURRENT LIABILITIES

Liability against right of use assets 9

CURRENT LIABILITIES

(Rupees) ---------------------

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Chief Executive Officer

Chief Financial Officer

Director

Director

Condensed Interim Statement of Profit or Loss

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025 (UN-AUDITED)

Note ------------------------------------- (Rupees) -------------------------------------

Income from diminishing musharaka financing

Provision in respect of diminishing musharaka financing Administrative expenses

Other income 12

Financial charges 13

Modaraba Management Company's remuneration 14

Sales tax on Modaraba Management Company's remuneration 14

Provision for Workers' Welfare Fund

Profit before taxation

Taxation 15

Profit after taxation

Earnings per certificate - basic and diluted 16

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Condensed Interim Statement of Comprehensive Income

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025 (UN-AUDITED)

------------------------------------- (Rupees) -------------------------------------

Profit after taxation

Other comprehensive income

Items that will not be reclassified subsequently to statement of profit or loss

Surplus / (deficit) on revaluation of investments classified as at fair value through other comprehensive income'- net of tax

Total comprehensive income for the period

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Chief Executive Officer

Chief Financial Officer

Director

Director

Condensed Interim Statement of Changes in Equity

FOR THE NINE MONTHS ENDED MARCH 31, 2025 (UN-AUDITED)

Certificate capital

Capital reserves

Certificate Amalgamation Statutory premium Reserve reserves

Revenue reserves General Unappropriated

reserves

profit

Total equity

--------------------------------------------------------------------------- Rupees ----------------------------------------------------------------------------

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Condensed Interim Cash Flow Statement

FOR THE NINE MONTHS ENDED MARCH 31, 2025 (UN-AUDITED)

March 31,

2025

March 31,

2024

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation Adjustment for:

Depreciation and amortization Financial charges

Note

(Rupees) ---------------------

Gain on disposal of assets in own use - net 12

Provision in respect of diminishing musharaka

Dividend income 12

Changes in working capital Decrease / (increase) in current assets

Diminishing musharaka financing installments receivables Advances and prepayments

Other receivables

(Decrease) / increase in current liabilities Unearned diminishing musharaka installments Advance diminishing musharaka installments Trade and other payables

Cash generated from operations

Diminishing musharaka financing - net Long term prepayment and deposits Financial charges paid

Tax paid

Net cash used in operating activities CASH FLOW FROM INVESTING ACTIVITIES

Purchase of assets in own use 4.1.1

Purchase of investments

Payments of lease rentals 9

Proceeds from sale of assets in own use Dividends received

Net cash used in investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Dividend paid Running Musharaka

Certificates of investment (musharaka)

Net cash inflow from financing activities

Net decrease in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 17

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Chief Executive Officer

Chief Financial Officer

Director

Director

Notes To The Condensed Interim Financial Statements

FOR THE NINE MONTHS ENDED MARCH 31, 2025 (UN-AUDITED)

1. STATUS AND NATURE OF BUSINESS

   First Habib Modaraba (the Modaraba) is a perpetual, multi-purpose modaraba floated and managed by Habib Metropolitan Modaraba Management Company (Private) Limited (the Modaraba Management Company) The Modaraba is listed on Pakistan Stock Exchange Limited. The Modaraba is engaged in the business of leasing, Musharaka, Murabaha financing and other related business. The affairs, activities and transactions, performed by the Modaraba during the period comply with the rules and principles of Islamic Shariah in light of the guidelines and directives given by the Shariah Advisor and guidelines issued by office of the Registrar Modaraba, Securities and Exchange Commission of Pakistan Limited (SECP).

   Geographical location and addresses of business units of the modaraba are as under:

   Location

   Address

   Purpose

   Karachi 6th Floor, HBZ plaza, I.I Chundrigar Road, Karachi

   Head office (Registered office)

   Karachi 3rd Floor, Al-Manzoor Building, Dr. Ziauddin Ahmed Road, Karachi Branch office Lahore 1st Floor, 5-Z Block, Phase III, Defence Housing Authority, Lahore Branch office

   Islamabad

   Office No. 513, 5th Floor, ISE Tower, Jinnah Avenue, Blue Area, Islamabad

   Branch office

   Multan Mezzanine Floor, Abdali tower, Abdali road, Multan Branch office

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) as notified under the Companies Act 2017 and made applicable to Modarabas;

      • Modaraba Companies and Modaraba (Floatation and Control) Ordinance 1980, the Modaraba Companies and Modaraba Rules, 1981, Modaraba Regulation, 2021 and directives issues by the Securities and Exchange Commission of Pakistan (SECP) ['the Modaraba Regulation']; and

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

      Wherever, the requirements of 'the Modaraba Regulation' differ from the requirements of International Accounting Standards 'Interim Financial Reporting' - (IAS-34) and 'Islamic Financial Accounting Standards (IFAS)' as notified under the provisions of the Companies Act, 2017 and made applicable to Modaraba, requirements of 'the Modaraba Regulation' have been followed.

   2. The condensed interim financial statements do not include all the information and disclosures required for full annual financial statements and should be read in conjunction with the annual audited financial statements of the Modaraba as at and for the year ended June 30, 2024 which have been prepared in accordance with approved accounting standards as applicable in Pakistan. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Modaraba's financial position and performance since the last annual audited financial statements.

   3. The comparative statement of financial position presented in these condensed interim financial statements have been extracted from the annual audited financial statements of the Modaraba for the year ended June 30, 2024, whereas the comparitive condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim cash flow statement and condensed interim statement of changes in equity are extracted from the un-audited condensed interim financial statements for the nine months ended March 31, 2024.

   4. These condensed interim financial statements have been presented in Pak Rupee, which is the functional currency of the Modaraba.

3. MATERIAL ACCOUNTING POLICIES

   The accounting policies adopted and methods of computation followed in the preparation of these condensed interim financial statements are same as those for the preceding annual audited financial statements for the year ended June 30, 2024.

   1. Initial application of standards, amendments or an interpretation to existing standards

      1. Standards, interpretations and amendments to accounting standards that are effective in the current period

         Certain standards, amendments and interpretations to approved accounting standards are effective for accounting periods beginning on January 01, 2024, but are considered not to be relevant or did not have any significant effect on the Modarba's operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these condensed interim financial statements.

      2. Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Modaraba

      There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Modaraba's accounting periods beginning on or after January 1, 2025, but are not considered to be relevant or expected to have any significant effect on the Modaraba's operations and are, therefore, not detailed in these condensed interim financial statements.

   2. ACCOUNTING ESTIMATES, JUDGEMENTS, ASSUMPTIONS AND RISK MANAGEMENT POLICIES

      1. The preparation of condensed interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Modaraba's accounting policies and key sources of estimation of uncertainty are the same as those that were applied to the annual audited financial statements for the year ended June 30, 2024.

      2. The financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements of the Modaraba for the year ended June 30, 2024.

         (Un-audited)

         March 31,

         2025

         (Audited)

         June 30,

         2024

4. FIXED ASSETS IN OWN USE

   Note

   (Rupees) ---------------------

   Assets in own use 4.1

   Right of use assets 4.2

   1. Opening net book value

      Additions during the period / year 4.1.1

      68,721,644 17,254,080
      85,975,724
      63,142,223 23,007,419 86,149,642 (3,117,978) (14,310,122) 68,721,644
      5,565,779 340,300 17,101,340 -
      23,007,419
      21,914,106 - (4,660,026) 17,254,080
      29,527,616,200 (1,002,272,757) 28,525,343,443 (9,859,707,457)
      18,665,635,986
      876,075,037 126,214,207 (16,487) 1,002,272,757

      63,142,223 21,914,106 85,056,329
      30,874,598 51,305,777 82,180,375 (7,638,773) (11,399,481) 63,142,223
      17,119,624 840,350 32,943,000 402,803
      51,305,777
      23,567,876 4,615,657 (6,269,427) 21,914,106
      24,545,422,571 (876,075,037) 23,669,347,534 (7,806,471,555)
      15,862,875,979
      567,637,747 308,455,522 (18,232) 876,075,037

      Net book value of disposal during the period / year Depreciation charged during the period / year Closing net book value

      1. Details of additions during the period are as follows:

         Office equipment Furniture and fixture Vehicles

         Leasehold improvements

   2. Movement in right-of-use assets during the period is as follows:

      At the beginning of the period / year Additions during the period / year Depreciation during the period / year At the end of the period / year

5. DIMINISHING MUSHARAKA FINANCING

   Diminishing Musharaka Financing

   Less: Provision in respect of Diminishing Musharaka 5.1

   Less: Current portion Non current portion

   1. Movement in provision in respect of Diminishing Musharaka

      At the beginning of the period / year Charge for the period / year

      Write off during the period / year At the end of the period / year

   2. This includes classification into various categories based on subjective evaluation of borrowers. The Modaraba also applies Expected Credit Loss (ECL) model to evaluate the provisioning impact. Consequently, as per the ECL model under IFRS 9, the impairment impact is not materially different than provisioning requirements under Modaraba Regulation 2021.

6. INVESTMENTS

   Long-term

   At fair value through other comprehensive income

   Investment in shares Investment in sukuk bonds

   Note

   (Audited)

   June 30,

   2024

   (Un-audited)

   March 31,

   2025

   (Rupees) ---------------------

   103,790,000 80,000,000

   183,790,000 280,936,988 464,726,988

   133,097,039 26,232,268

   159,329,307 45,057,300 204,386,607

   83,110,000 80,000,000

   163,110,000 273,780,160 436,890,160

   122,981,368 26,232,268

   149,213,636 - 149,213,636

   At amortised cost

   Investment in GOP Ijaraha sukuk bonds 6.1

   Short-term

   At fair value through profit and loss

   MCB Arif Habib funds (Alhamra Islamic Money Market Fund) NBP Funds (Islamic Saving Funds)

   At amortised cost

   Investment in GOP Ijaraha sukuk bonds 6.2

   1. The GOP Ijarah Sukuk bonds classified in the long term portion will mature on October 31, 2026.

   2. This represents GOP Ijarah Sukuk bonds with a face value of Rs. 50 million (10,000 certificates, each with a denomination of Rs. 5,000) at a fair value of Rs. 45.06 million, maturing on December 03, 2025.

   3. The balances held with Asset Management Companies (AMCs) and shariah compliant government securities have been kept in order to comply with the requirement of the Modaraba Regulations, 2021 issued by the SECP with respect to the maintenance of the prescribed liquidity against the Certificates of Musharaka issued by the Modaraba.

(Rupees) ---------------------

(Un-audited)

March 31,

2025

(Audited)

June 30,

2024

1. CASH AND BANK BALANCES

   (Rupees) ---------------------

   796,423,555

   185,636,249

   11,220,701

   1,123,673,203

   1,138,600

   441,259

   18,907,272

   83,947,550

   176,002,183

   69,086,744

   349,523,608

   Redemption Reserve Funds (RRF)

   Modaraba deposit account with Habib Metropolitan Bank Limited (Islamic branch) - a related party

   With other banks

   1. The balances held with banks in deposit account have been kept in order to comply with the requirement of the Modaraba Regulations, 2021 issued by the SECP with respect to the maintenance of the prescribed liquidity against the Certificates of Musharaka issued by the Modaraba.

      March 31,

      2025

(Audited)

June 30,

2024

1. LIABILITY AGAINST RIGHT OF USE ASSETS

   Note

   (Rupees) ---------------------

   22,424,627

   4,615,657

   4,188,567

   (7,135,375)

   24,093,476

   (7,969,360)

   16,124,116

   16,188,522,739

   13,708,381,051

   64,253,599,294 77,961,980,345

   (61,773,457,606)

   16,188,522,739

   24,093,476 -2,985,474 (7,372,435)

   19,706,515 (11,802,745) 7,903,770

   21,287,705,361

   16,188,522,739 71,824,453,658 88,012,976,397 (66,725,271,036) 21,287,705,361

   As at beginning of the period / year Additions during the period / year

   Finance cost for the period / year 13

   Payments made during the period / year

   Less: Current maturity

   As at end of the period / year

2. CERTIFICATES OF INVESTMENT (MUSHARAKA)

   Unsecured

   Certificates of investment (musharaka) 10.1

   1. Movement in Certificates of Investment (musharaka) is as follows:

      As at beginning of the period / year Certificates issued during the period / year

      Encashment during the year period / year As at end of the period / year

      1. The share of profit paid / payable on the above unsecured certificates of investment (musharaka) ranges between 9.10% to 22.00% (June 30, 2024: 18.00% to 22.45%) per annum having maturity from 3 months to 1 year.

3. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There are no significant changes in the status of contingencies as reported in note 24 to the annual audited financial statements of the Modaraba for the year ended June 30, 2024.

   2. Commitments

Commitments in respect of financing transactions amounted to Rs. 959 (June 30, 2024: Rs. 1,043) million.

(Un-audited)

March 31,

2025

(Un-audited)

March 31,

2024

(Rupees) ---------------------

(Un-audited)

March 31,

2025

(Un-audited)

March 31,

2024

1. TAXATION

   Current Deferred

   (Rupees) ---------------------

   387,055,561

   (154,931,147)

   232,124,414

   389,158,324

   (115,292,295)

   273,866,029

2. EARNINGS PER CERTIFICATE - BASIC AND DILUTED

   1. Basic

      Basic earnings per certificate are calculated by dividing the profit after taxation with the weighted average number of certificates outstanding during the period as follows:

      (Un-audited)

      Nine months ended		Quarter ended
      March 31, 2025	March 31, 2024	March 31, 2025	March 31, 2024

      Profit after taxation - Rupees Weighted average number of certificates

      of Rs. 10/- each

      Note

      ------------------------------------- (Rupees) -------------------------------------

      655,917,025	657,748,623	187,389,668	183,980,902
      110,830,500	110,830,500	110,830,500	110,830,500
      5.92	Restated 5.93	1.69	Restated 1.66

      Earnings per certificate 16.1.1

      1. In financial year 2023-24, the Modaraba entered into certificate consolidation transaction whereby face value of the certificates of the Modaraba has been changed from Rs. 5/- each to Rs. 10/- each. Consequently, the effect of change in face value of certificates has been retrospectively adjusted under IAS 33 "Earnings per share".

   2. Diluted

No figure for diluted earnings per certificate has been presented as the Modaraba has not issued any instruments which would have an impact on earnings per certificate when exercised.

(Un-audited)

March 31,

2024

(Rupees) ---------------------

1. TRANSACTIONS WITH RELATED PARTIES

   The related parties and associated undertakings comprise the Management Company (Habib Metropolitan Modaraba Management Company (Private) Limited), Habib Metropolitan Bank Limited, Habib Bank AG Zurich, Habib Metropolitan Financial Services Limited, First Habib Modaraba Employees' Provident Fund, First Habib Modaraba Staff Gratuity Fund and key management personnel. Transactions and balances outstanding with related parties and associated undertakings are as follows:

   Habib Metropolitan Bank Limited	Holding Company	Bank balances	283,756,959		199,691,532
   		Certificates of investment (musharaka)	3,500,000,000		5,500,000,000
   		Profit receivable	3,515,177		7,721,942
   		Financial charges payable	60,978,685		140,892,466
   		Utility charges payable	-		6,092,926
   		Security deposit	130,000		130,000
   Habib Metropolitan Modaraba	Management	Management fee payable	107,204,318		137,733,353
   Management Company	Company	Sale tax on management fee
   (Private) Limited		payable	77,947,593		61,866,945
   Staff Retirement Benefit Fund	Associate	Payable to staff gratuity fund	3,510,000		8,039,088

   Balances held Related party

   Basis of relationship

   Nature of balances

   (Audited)

   June 30,

   2024

   (Un-audited)

   March 31,

   2025

   (Rupees) ---------------------

   Transaction during the period Related party

   Basis of relationship

   Nature of balances

   March 31,

   2025

(Un-audited)

March 31,

2024

(Rupees) ---------------------

1. 1. No remuneration in kind has been paid by the Modaraba to the directors and key management personnel of Modaraba Management Company.

   2. The Modaraba carries out transactions with related parties at commercial terms and conditions as per Modaraba's policy.

2. FAIR VALUE OF FINANCIAL INSTRUMENTS

   1. IFRS 13 - 'Fair Value Measurement' establishes a single source of guidance under IFRS for all fair value measurements and disclosures about fair value measurement where such measurements are required as permitted by other IFRSs. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

      Financial assets which are tradable in an open market are revalued at the market prices prevailing on the statement of assets and liabilities date. The estimated fair value of all other financial assets and financial liabilities is considered not significantly different from book value.

      IFRS 13 'Fair Value Measurement' requires the Company to classify fair value measurements and fair value hierarchy that reflects the significance of the inputs used in making the measurements of fair value hierarchy has the following levels:

      Level 1: quoted prices in active markets for identical assets or liabilities;

      Level 2: those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

      Level 3: those with inputs for the asset or liability that are not based on observable market data (unobservable inputs).

      March 31, 2025 (Un-audited)
      Carrying amount				Fair value
      At Fair value through OCI	At fair value through profit or loss	At amortised cost	Total	Level 1	Level 2	Level 3	Total

      ------------------------------------------------------------- (Rupees) -------------------------------------------------------------

      Financial assets measured at fair value
      Listed shares	103,790,000	-	-	103,790,000	103,790,000	-	-	103,790,000
      Sukuks	80,000,000	-	-	80,000,000	-	80,000,000	-	80,000,000
      Mutual funds	-	159,329,307	-	159,329,307	-	159,329,307	-	159,329,307
      	183,790,000	159,329,307	-	343,119,307	103,790,000	239,329,307	-	343,119,307

      June 30, 2024 (Audited)
      Carrying amount				Fair value
      At Fair value through OCI	At fair value through profit or loss	At amortised cost	Total	Level 1	Level 2	Level 3	Total

      ------------------------------------------------------------- (Rupees) -------------------------------------------------------------

      Financial assets measured at fair value
      Listed shares	83,110,000	-	-	83,110,000	83,110,000	-	-	83,110,000
      Sukuks	80,000,000	-	-	80,000,000	-	80,000,000	-	80,000,000
      Mutual funds	-	149,213,636	-	149,213,636	-	149,213,636	-	149,213,636
      	163,110,000	149,213,636	-	312,323,636	83,110,000	229,213,636	-	312,323,636

   2. There were no transfers being made among the levels.

   3. The carrying values of other assets and liabilities referred in these financial statements are approximate to their fair values.

3. SEGMENT INFORMATION

   As per IFRS 8, "Operating Segments", operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The Chief Executive Officer of the Management Company has been identified as the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments.

   The Chief Executive Officer is responsible for the Modaraba's entire product portfolio and considers the business to have a single operating segment. The Modaraba's asset allocation decisions are based on a single integrated investment strategy and the Modaraba's performance is evaluated on an overall basis.

   The internal reporting provided to the Chief Executive Officer for the Modaraba's assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of the approved accounting standards as applicable in Pakistan.

   The Modaraba is domiciled in Pakistan. All of the Modaraba's income is from investments in entities incorporated in Pakistan.

4. SUMMARY OF SIGNIFICANT TRANSACTIONS AND EVENTS AFFECTING THE MODARABA'S FINANCIAL POSITION AND PERFORMANCE

   All other significant transactions and events that have affected the Modaraba's financial position and performance during the period have been adequately disclosed in the notes to these condensed interim financial statements.

5. CORRESPONDING FIGURES

   Corresponding figures have been rearranged or reclassified wherever necessary for the purpose of comparison and better presentation. No significant rearrangements or reclassifications have been made in these condensed interim financial statements during the period.

6. DATE OF AUTHORIZATION

   These condensed interim financial statements were authorized for issue on April 24, 2025 by the Board of Directors of the Modaraba Management Company.

7. GENERAL

Figures have been rounded off to the nearest rupee.

For Habib Metropolitan Modaraba Management Company (Private) Limited (Modaraba Management Company)

Chief Executive Officer

Chief Financial Officer

Director

Director