Harischandra Mills PlcCSELK: HARI.N0000

Interim Financial Statements as at 30.06.2024

Aug 12, 2024 at 2:27 PM UTC · Issued by Harischandra Mills Plc

HARISCHANDRA MILLS PLC.

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 30 JUNE 2024

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

	CORPORATE INFORMATION
Legal form	Subsidiary company
A Public Company with Limited Liability	Harischandra Mills (Distributors) Limited
incorporated in Sri Lanka, whose shares	(wholly owned) incorporated in Sri Lanka
are Listed in the Colombo Stock Exchange.
Registration No.	Board of Directors
PQ 225	Bandaranayake T.K.. (Chairman)
	Samarasinghe S.N. (Managing Director)
Date of incorporation	De Silva G.S.V.
9th January 1953	De Silva M.P. (Mrs.)
	Jayasundara S. A S.
Registered office	Samarasinghe R.K (Mrs.)
No. 11, C.A.Harischandra Mawatha, Matara.	Kobbekaduwa R. (Mrs.)
Secretaries	Remuneration Committee
Corporate Services (Pvt) Limited.	Bandaranayake T.K. (Chairman)
216, De Saram Place,	Jayasundara S. A S.
Colombo 10
Auditors	Audit Committee
KPMG	Bandaranayake T.K. (Chairman)
(Chartered Accountants)	Jayasundara S. A S.
32A, Sir Mohamed Macan Markar Mawatha,
Colombo 3.
Internal auditors	Related Party Transactions Review
Ernst & Young	Committee
(Chartered Accountants)	Bandaranayake T.K. (Chairman)
201, De Saram Place,	Jayasundara S. A S.
Colombo 10	Samarasinghe S.N.
Legal advisors
F J & G De Saram
Attorneys - at - Law
216, De Saram Place,
Colombo 10

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

INCOME STATEMENT

Quarter ended 30 June

Revenue

Cost of sales

Gross profit

Other income

Administrative expenses

Selling & distribution expenses

Result from operating activities

Finance income

Finance expenses

Net finance income/(expenses)

Profit from ordinary activities before tax

Income tax expenses

Profit after taxation attributable to shareholders of Harischandra Mills PLC

Basic Earnings per Share

Notes :

The above figures are provisional and subject to audit. Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

		Group
					For the year
					ended 31st
					March
2024	2023		VARIANCE	2024
Rs. '000		Rs. '000	%	Rs. '000

1,478,824	1,506,347	(2)	6,301,494
(1,216,363)	(1,221,812)	(0)	(5,127,740)

262,461	284,535	(8)	1,173,754
18%	19%
6,100	5,729	6	26,774

268,561	290,264	(7)	1,200,528
(132,507)	(117,836)	12	(498,979)
(104,530)	(88,433)	18	(391,775)

31,524	83,995	(62)	309,774
12,810	15,458	(17)	60,337
(2,650)		(1,053)	152	(4,614)
10,160	14,405	(29)	55,723

41,684	98,400	(58)	365,497
(12,168)		(29,520)	(59)	(140,832)
29,516	68,880	(57)	224,665
Rs.		Rs.			Rs.
15.38	35.88			117.04

		Company
				For the year
				ended 31st
				March
2024	2023	VARIANCE	2024
Rs. '000		Rs. '000	%	Rs. '000

1,478,824	1,506,347	(2)	6,301,494
(1,216,363)	(1,221,812)	(0)	(5,127,740)


262,461	284,535	(8)	1,173,754
6,100	5,729	6	26,774

268,561	290,264	(7)	1,200,528
(132,507)	(117,836)	12	(498,912)
(104,530)	(88,433)	18	(391,775)

31,524	83,995	(62)	309,841
12,810	15,458	(17)	60,337
(2,650)		(1,053)	152	(4,614)
10,160	14,405	(29)	55,723

41,684	98,400	(58)	365,564
(12,168)		(29,520)	(59)	(140,832)
29,516	68,880	(57)	224,732
Rs.		Rs.		Rs.
15.38	35.88		117.07

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

STATEMENT OF COMPREHENSIVE INCOME

			Group						Company
						For the year						For the year
						ended 31st						ended 31st
						March						March
For the quarter ended 30 June	2024	2023		VARIANCE	2024		2024	2023		VARIANCE	2024
	Rs. '000		Rs. '000	%	Rs. '000		Rs. '000		Rs. '000	%	Rs. '000

Profit for the period	29,516	68,880		(57)	224,665		29,516	68,880	(57)	224,732
Other comprehensive income will not be reclassified to income
statement in subsequent periods
Re- measurement of employee benefit obligation	-	-		-	4		-	-	-	4
Related Tax	-	-		-	(1)		-	-	-	(1)
Other comprehensive income for the period	-	-		-	3		-	-			3

Total comprehensive income for the period	29,516	68,880		(57)	224,668		29,516	68,880	(57)	224,735

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS For the quarter ended 30 June 2024

STATEMENT OF FINANCIAL POSITION

ASSETS

Non-current assets

Property, plant & equipment

Intangible assets

Right of use asset

Total non-current assets

Current assets

Inventories

Trade and other receivables

Investment in unit trusts

Short term deposits

Cash & bank balances

Total current assets

Total assets

EQUITY & LIABILITIES

Equity

Stated capital

Other capital reserves

General Reserve

Retained earnings

Total equity attributable to equity holders of the company

Non Current Liabilities

Deferred liabilities

Total non current liabilities

Current Liabilities

Trade and other payables

Provision for taxation

Bank overdraft

Total current liabilities

Total liabilities

Total equity & liabilities

Net Assets Value Per Share

Notes:

The above figures are provisional and subject to audit. All values are in Rs.'000, unless otherwise stated.

		GROUP
As at		As at	As at
30.06.2024	30.06.2023	31.03.2024
Rs. '000		Rs. '000	Rs. '000
878,928	789,702	869,531
746	1,192	845
16,072	30,907	19,780
895,746		821,801	890,156
513,337	541,166	514,104
700,460	598,382	698,179
42,272	6,888	70,450
490,469	326,368	457,614
19,190	77,801	106,840
1,765,728		1,550,605	1,847,187
2,661,474		2,372,406	2,737,343
105,578	105,578	105,578
7,011	7,011	7,011
12,841	12,841	12,841
1,566,767	1,496,105	1,614,035
1,692,197		1,621,535	1,739,465
209,065	190,268	202,645
209,065		190,268	202,645
614,538	459,890	630,984
12,865	17,575	10,328
132,809	83,138	153,921
760,212		560,603	795,233
969,277		750,871	997,878
2,661,474		2,372,406	2,737,343
Rs.		Rs.	Rs.
881.54	844.73	906.16

	COMPANY
As at	As at	As at
30.06.2024	30.06.2023	31.03.2024
Rs. '000	Rs. '000	Rs. '000
878,928	789,702	869,531
746	1,192	845
16,072	30,907	19,780
895,746	821,801	890,156
513,337	541,166	514,104
700,460	598,382	698,179
42,272	6,888	70,450
490,469	326,368	457,614
19,146	77,756	106,795
1,765,684	1,550,560	1,847,142
2,661,430	2,372,361	2,737,298
105,578	105,578	105,578
11	11	11
12,841	12,841	12,841
1,571,455	1,500,727	1,618,723
1,689,885	1,619,157	1,737,153
209,065	190,268	202,645
209,065	190,268	202,645
614,223	459,640	630,667
15,448	20,158	12,912
132,809	83,138	153,921
762,480	562,936	797,500
971,545	753,204	1,000,145
2,661,430	2,372,361	2,737,298
Rs.	Rs.	Rs.
880.33	843.49	904.96

I certify that these Financial Statements comply with the requirements of the Companies Act No.07 of 2007.

…………………Sgd………………..

C.T. Gajanayake - Chief Financial Officer

Signed for and on behalf of the Board,
………………Sgd…………………	………………Sgd……………….
S.N.Samarasinghe	G.S.V.De Silva
Managing Director	Director
09 August 2024

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

STATEMENTS OF CHANGES IN EQUITY
				2024						2023
									Other
	Stated		Other Capital	General	Retained			Stated	Capital	General	Retained
	Capital		Reserves	Reserve	Earnings		Total Equity	Capital	Reserves	Reserve	Earnings	Total Equity
	Rs.'000		Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Group
Balance as at 01 April	105,578	7,011	12,841	1,614,035	1,739,465	105,578	7,011	12,841	1,465,617	1,591,047
Retained profit for the three months	-	-	-	29,516	29,516	-	-	-	68,880	68,880
Interim Dividend	-	-	-	(76,784)	(76,784)	-	-	-	(38,392)	(38,392)
Balance as at 30 June	105,578	7,011	12,841	1,566,767	1,692,197	105,578	7,011	12,841	1,496,105	1,621,535
Company
Balance as at 01 April	105,578	11	12,841	1,618,723	1,737,153	105,578	11	12,841	1,470,239	1,588,669
Retained profit for the three months	-	-	-	29,516	29,516	-	-	-	68,880	68,880
Interim Dividend	-	-	-	(76,784)	(76,784)	-	-	-	(38,392)	(38,392)
Balance as at 30 June	105,578	11	12,841	1,571,455	1,689,885	105,578	11	12,841	1,500,727	1,619,157

Notes :

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

STATEMENT OF CASH FLOWS

For the three months ended 30 June	Group			Company
	2024			2023	2024			2023
	Rs. '000	Rs. '000		Rs. '000	Rs. '000
Cash flows from operating activities

Net profit before taxation	41,684			98,400	41,684			98,400
Adjustment for
Provision for gratuity (net of payment)	6,420			9,584	6,420			9,584
Depreciation & amortization	25,700			25,385	25,700			25,385
Change in fair value of unit trusts	28,178			(351)	28,178			(351)
Net interest (income)/expenses	(10,160)			(14,405)	(10,160)			(14,405)
Operating profit before working capital changes
91,822			118,613	91,822			118,613
Change in working capital
Change in inventories	767			(106,556)	767			(106,556)
Change in receivables	(2,281)			22,750	(2,281)			22,750
Change in payables	(16,447)			42,706	(16,446)			42,706
Cash generated from operations
73,861			77,513	73,862			77,513
Income tax paid	(9,632)			(14,123)	(9,632)			(14,123)
Net cash flows from operating activities
64,229			63,390	64,230			63,390
Cash flows/( used in )investing activities

Interest received (net)	10,160			14,405	10,160			14,405
Acquisition of property, plant & equipment	(31,288)			(8,095)	(31,288)			(8,095)
Net cash flows from investing activities
(21,128)			6,310	(21,128)			6,310
Cash flows used in financing activities

Interim Dividend Paid	(76,784)			(38,392)	(76,784)			(38,392)
Net cash flow used in financing activities
(76,784)			(38,392)	(76,784)			(38,392)
Net increase/(decrease) in cash & cash equivalents
(33,683)			31,308	(33,682)			31,308
Cash & cash equivalents at the beginning	410,533			289,723		410,488			289,678
Cash & cash equivalent at the end	376,850			321,031	376,806			320,986
Analysis of cash & cash equivalents


Cash in hand	19,190			77,801	19,146			77,756
Short term deposits	490,469			326,368	490,469			326,368
Bank overdrafts	(132,809)			(83,138)	(132,809)			(83,138)

	376,850			321,031	376,806			320,986

Notes :

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

All values are in Rs.'000, unless otherwise stated.	6

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

Notes to the interim financial statements

EXPLANATORY NOTES:

1. Basis of preparation

The Interim financial statements have been prepared in compliance with Sri Lanka Accounting Standard - LKAS 34- Interim Financial Reporting. These Interim condensed Financial Statements do not include all the information and disclosures required in the Financial Statements and should be read in conjunction with the annual financial statements for the year ended 31 March 2024.

The presentation and classification of figures for the corresponding period of the previous year have been rearranged, where relevant, to be comparable with those for the current period.
There have been no events subsequent to the Balance Sheet date, which require disclosures in the Interim Financial Statements.
The Company did not have any Contingent Liabilities outstanding and contingent assets as at the Balance Sheet date.
Interim dividend of Rs. 40.00 per share was paid on 04 June 2024 for the financial year ended 31 March 2024

						Group		Company
						Quarter ended	Quarter ended
						30.06.2024		30.06.2023	30.06.2024		30.06.2023
6.	Gross turnover
	Food products					1,039,333		995,510	1,039,333		995,510
	Soap products					165,680		196,817	165,680		196,817
	Fuel and Lubricant					273,811		314,020	273,811		314,020
						1,478,824		1,506,347		1,478,824		1,506,347

						-
7.	Segments information	Food products	Soap		Fuel & Lubricants		Total
	For the Quarter ended 30 June	2024	2023	2024	2023	2024		2023	2024		2023
	Consolidated turnover	1,039,333	995,510	165,680	196,817	273,811		314,020	1,478,824		1,506,347
	Segmental operating profit/(loss)	4,303	62,858	20,302	13,143	819		2,265	25,424		78,266
	Other operating income								6,100		5,729
	Net finance income								10,160		14,405
	Profit before taxation								41,684		98,400
	Income tax expenses								(12,168)		(29,520)
	Profit after taxation									29,516		68,880

8. Stated capital and number of shares

	Group/Company
	as at	as at
	30.06.2024	30.06.2023
Stated capital (Rs.)	105,578,000	105,578,000
No of shares (Nos.)	1,919,600	1,919,600

9. Market price recorded during the period

	as at	as at
	30.06.2024	31.03.2024
	Rs.	Rs.
Highest price (Rs.)	5,020.00	4,000.00
Lowest price (Rs.)	3,550.75	3,600.00
Closing price (Rs.)	4,400.00	4,000.00

Notes :

The above figures are provisional and subject to audit

Figures in brackets indicate deductions

All values are in Rs.'000, unless otherwise stated.

HARISCHANDRA MILLS PLC

INTERIM FINANCIAL STATEMENTS

For the quarter ended 30 June 2024

10	Twenty largest shareholders of the company
	As at	30.06.2024	31.03.2024
	Shareholder's name	No. of Shares	%		No. of Shares	%
1	Seylan Bank PLC /Senthilverl Holdings (PVT) Ltd.	510,051	26.57%	509,897			26.56%
2	Upeka de Silva	286,936	14.95%	286,936			14.95%
3	Chitra Padmini Rodrigo	278,920	14.53%	278,920			14.53%
4	Sampath Bank PLC/Dr.T. Senthilverl	267,571	13.94%	267,571			13.94%
5	Samarasinghe N.T.	266,920	13.90%	266,920			13.90%
6	Senaka Nilkantha Samarasinghe	76,670	3.99%	76,670			3.99%
7	Nanditha Rodrigo	30,736	1.60%	30,736			1.60%
8	Satyajit Arjuna Rodrigo	30,736	1.60%	30,736			1.60%
9	D.H.C.Ekanayake	28,292	1.47%	28,292			1.47%
10	A G I Selvaraj	27,014	1.41%	27,014			1.41%
11	H.D. Wijayanandana	24,760	1.29%	24,760			1.29%
12	M P de Silva	5,000	0.26%	5,000			0.26%
13	Chandra Sigamoney	4,494	0.23%	4,494			0.23%
14	C.J.Wijayawardana	4,155	0.22%	4,122			0.21%
15	Jayantha D	3,800	0.20%	3,800			0.20%
16	D.P.Navaratnam	3,345	0.17%	3,292			0.17%
17	Ramani Kamala Samarasinghe	3,200	0.17%	3,200			0.17%
18	H.A.Abeysekera	2,800	0.15%	2,800			0.15%
19	D.A.Jayasinghe	2,720	0.14%	2,720			0.14%
20	Estate of Mohommed Rafeek	2,668	0.14%	2,668			0.14%
11	Public Holding
	As at		30.06.2024	31.03.2024
	No. of Shares		1,055,108					790,043
	Percentage		54.96%					41.47%
	No.of Share Holders		496					496
	The company had float adjusted market capitalization of Rs: 4,642,053,504.00	and company	qualifies under option one of the
	minimum public holding requirement for for the Diri Savi Board of the CSE.
12	Directors Share Holding
	As at	30.06.2024	31.03.2024
	Name of Director
	Mrs. R.K. Samarasinghe	3,200	0.17%	3,200			0.17%
	Mr. S.N. Samarasinghe (CEO/MD)	76,670	3.99%	76,670			3.99%
	Mrs. M.P.De Silva	5,000	0.26%	5,000			0.26%
	Mr. G.S.V. De Silva	2,000	0.10%	2,000			0.10%
	Mrs.R.Kobbekaduwa	-	-	-			-
	Mr. S.A.S. Jayasundara	-	-	-			-
	Mr.T.K.Bandaranayake	-	-	-			-

	Total	86,870	4.52%	86,870			4.52%

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