Interim Financial Statements as at 30.09.2024

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

INCOME STATEMENT

GROUP

Quarter Ended

Six months ended

Year Ended

30 September

30 September

31 March

(Audited)

2024

2023

VARIANCE

2024

2023

VARIANCE

2024

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Revenue

1,611,626

1,584,991

2

3,090,450

3,091,338

(0)

6,301,494

Cost of sales

(1,289,346)

(1,283,042)

0

(2,505,709)

(2,504,854)

0

(5,127,740)

Gross profit

322,280

301,949

7

584,741

586,484

(0)

1,173,754

Other income

7,291

6,539

12

13,391

12,268

9

26,774

329,571

308,488

7

598,132

598,752

(0)

1,200,528

Administrative expenses

(137,351)

(116,907)

17

(269,858)

(234,743)

15

(498,979)

Selling & distribution expenses

(110,215)

(99,293)

11

(214,745)

(187,726)

14

(391,775)

Result from operating activities

82,005

92,288

(11)

113,529

176,283

(36)

309,774

Finance income

10,097

14,854

(32)

22,907

30,312

(24)

60,337

Finance expenses

(4,424)

(1,295)

242

(7,074)

(2,348)

201

(4,614)

Net finance income/(expenses)

5,673

13,559

(58)

15,833

27,964

(43)

55,723

Profit from ordinary activities before tax

87,678

105,847

(17)

129,362

204,247

(37)

365,497

Income tax expenses

(26,303)

(31,754)

(17)

(38,471)

(61,274)

(37)

(140,832)

Profit after taxation attributable to shareholders

of

Harischandra Mills PLC

61,375

74,093

90,891

142,973

224,665

Rs.

Rs.

Rs.

Rs.

Rs.

Basic/Diluted Earnings per Share

31.97

38.60

47.35

74.48

117.04

For the six months ended 30 September 2024

STATEMENT OF COMPREHENSIVE INCOME

GROUP

Quarter Ended

Six months ended

Year Ended

30 September

30 September

31 March

(Audited)

2024

2023

VARIANCE

2024

2023

VARIANCE

2024

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Profit for the period

61,375

74,093

(17)

90,891

142,973

(36)

224,665

Other comprehensive income that will not be reclassified to income

statement in subsequent periods

Re- measurement of employee benefit obligation

-

-

-

-

4

Related Tax

(1)

-

-

-

-

Other comprehensive income for the period

-

-

-

-

3

Total comprehensive income for the period

61,375

74,093

(17)

90,891

142,973

(36)

224,668

STATEMENT OF FINANCIAL POSITION

GROUP

As at

As at

As at

30.09.2024

30.09.2023

31.03.2024

(Audited)

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-current assets

Property, plant & equipment

888,909

818,095

869,531

Intangible assets

666

1,065

845

Right of use asset

12,363

27,198

19,780

Total non-current assets

901,938

846,358

890,156

Current assets

Inventories

488,054

578,893

514,104

Trade and other receivables

670,379

629,366

698,179

Investment in unit trusts

43,232

8,421

70,450

Investment in fixed deposits

452,099

360,375

457,614

Cash & cash equivalents

14,390

12,639

106,840

Total current assets

1,668,154

1,589,694

1,847,187

Total assets

2,570,092

2,436,052

2,737,343

EQUITY & LIABILITIES

Equity

Stated capital

105,578

105,578

105,578

Other capital reserves

7,011

7,011

7,011

General Reserve

12,841

12,841

12,841

Retained earnings

1,551,358

1,531,806

1,614,035

Total equity attributable to equity holders of the company

1,676,788

1,657,236

1,739,465

Non Current Liabilities

Deferred liabilities

211,926

197,654

202,645

Total non current liabilities

211,926

197,654

202,645

Current Liabilities

Trade and other payables

514,955

499,716

630,984

Provision for taxation

9,282

22,597

10,328

Bank overdraft

157,141

58,849

153,921

Total current liabilities

681,378

581,162

795,233

Total liabilities

893,304

778,816

997,878

Total equity & liabilities

2,570,092

2,436,052

2,737,343

Rs.

Rs.

Rs.

Rs.

Net Assets Value Per Share

873.51

863.32

906.16

Notes:

The above figures are provisional and subject to audit.

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

`

I certify that these financial statements comply with the requirements of 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

08 November 2024

INCOME STATEMENT

COMPANY

Quarter Ended

Six months ended

Year Ended

30 September

30 September

31 March

(Audited)

2024

2023

VARIANCE

2024

2023

VARIANCE

2024

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Revenue

1,611,626

1,584,991

2

3,090,450

3,091,338

(0)

6,301,494

Cost of sales

(1,289,346)

(1,283,042)

0

(2,505,709)

(2,504,854)

0

(5,127,740)

Gross profit

322,280

301,949

7

584,741

586,484

(0)

1,173,754

Other operating income

7,291

6,539

12

13,391

12,268

9

26,774

329,571

308,488

7

598,132

598,752

(0)

1,200,528

Administrative expenses

(137,295)

(116,907)

17

(269,802)

(234,743)

15

(498,912)

Selling & distribution expenses

(110,215)

(99,293)

11

(214,745)

(187,726)

14

(391,775)

Profit from operating activities

82,061

92,288

(11)

113,585

176,283

(36)

309,841

Finance income

10,097

14,854

(32)

22,907

30,312

(24)

60,337

Finance expenses

(4,424)

(1,295)

242

(7,074)

(2,348)

201

(4,614)

Net finance income

5,673

13,559

(58)

15,833

27,964

(43)

55,723

Profit from ordinary activities before tax

87,734

105,847

(17)

129,418

204,247

(37)

365,564

Income tax expenses

(26,320)

(31,754)

(17)

(38,488)

(61,274)

(37)

(140,832)

Profit after taxation attributable to

shareholders of Harischandra Mills PLC

61,414

74,093

90,930

142,973

224,732

Rs.

Rs.

Rs.

Rs.

Rs.

Basic/ Diluted earnings per share for the period

31.99

38.60

47.37

74.48

117.07

STATEMENT OF COMPREHENSIVE INCOME

COMPANY

Quarter Ended

Six months ended

Year Ended

30 September

30 September

31 March

(Audited)

2024

2023

VARIANCE

2024

2023

VARIANCE

2024

Rs. '000

Rs. '000

%

Rs. '000

Rs. '000

%

Rs. '000

Profit for the period

61,414

74,093

(17)

90,930

142,973

(36)

224,732

Other comprehensive income that will not be reclassified to income

statement in subsequent periods

Re- measurement of employee benefit obligation

-

-

-

-

-

-

4

Related Tax

-

-

-

-

-

-

(1)

Other comprehensive income for the period

-

-

-

-

-

-

3

Total comprehensive income for the period

61,414

74,093

(17)

90,930

142,973

(36)

224,735

STATEMENT OF FINANCIAL POSITION

COMPANY

As at

As at

As at

30.09.2024

30.09.2023

31.03.2024

(Audited)

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-current assets

Property, plant & equipment

888,909

818,095

869,531

Intangible assets

666

1,065

845

Right of use asset

12,363

27,198

19,780

Total non-current assets

901,938

846,358

890,156

Current assets

Inventories

488,054

578,893

514,104

Trade and other receivables

670,379

629,366

698,179

Investment in unit trusts

43,232

8,421

70,450

Investment in fixed deposits

452,099

360,375

457,614

Cash & cash equivalents

14,345

12,583

106,795

Total current assets

1,668,109

1,589,638

1,847,142

Total assets

2,570,047

2,435,996

2,737,298

EQUITY & LIABILITIES

Equity

Stated Capital

105,578

105,578

105,578

Other capital reserves

11

11

11

General Reserve

12,841

12,841

12,841

Retained Earnings

1,556,085

1,536,428

1,618,723

Total equity attributable to equity holders of the company

1,674,515

1,654,858

1,737,153

Non current liabilities

Deferred liabilities

211,926

197,654

202,645

Total non current liabilities

211,926

197,654

202,645

Current liabilities

Trade and other payables

514,583

499,455

630,667

Provision for taxation

11,882

25,180

12,912

Bank overdraft

157,141

58,849

153,921

Total current liabilities

683,606

583,484

797,500

Total liabilities

895,532

781,138

1,000,145

Total equity & liabilities

2,570,047

2,435,996

2,737,298

Rs.

Rs.

Rs.

Net assets value per share

872.32

862.09

904.96

Notes:

The above figures are provisional and subject to audit.

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

`

Signed for and on behalf of the Board,

………………Sgd…………………

…………………Sgd…………….

S.N.Samarasinghe

G.S.V.De Silva

Managing Director

Director

08 November 2024

STATEMENTS OF CHANGES IN EQUITY

2024

2023

Stated

Other Capital

General

Retained

Stated

Other Capital

General

Retained

Capital

Reserves

Reserves

Earnings

Total Equity

Capital

Reserves

Reserves

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 Six months

-

-

-

90,891

90,891

-

-

-

142,973

142,973

Interim Dividend

-

-

-

(76,784)

(76,784)

-

-

-

(38,392)

(38,392)

Final Dividend

-

-

-

(76,784)

(76,784)

-

-

-

(38,392)

(38,392)

Balance as at 30 September

105,578

7,011

12,841

1,551,358

1,676,788

105,578

7,011

12,841

1,531,806

1,657,236

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 Six months

-

-

-

90,930

90,930

-

-

-

142,973

142,973

Interim Dividend

-

-

-

(76,784)

(76,784)

-

-

-

(38,392)

(38,392)

Final Dividend

-

-

-

(76,784)

(76,784)

-

-

-

(38,392)

(38,392)

Balance as at 30 September

105,578

11

12,841

1,556,085

1,674,515

105,578

11

12,841

1,536,428

1,654,858

Group

Company

For the Six months ended 30 September

2024

2023

2024

2023

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Cash flows from operating activities

Net profit before taxation

129,362

204,247

129,418

204,247

Adjustment for

Provision for gratuity (Net of Payment)

9,281

16,970

9,281

16,970

Depreciation & amortization

49,999

49,918

49,999

49,918

Net interest income

(15,833)

(27,964)

(15,833)

(27,964)

Change in fair value of unit trusts

(2,782)

(1,884)

(2,782)

(1,884)

(Profit)/Loss on sale of property, plant & equipment

(866)

-

(866)

-

Operating profit before working capital changes

169,161

241,287

169,217

241,287

Change in working capital

Change in inventories

26,050

(144,283)

26,050

(144,283)

Change in receivables

27,800

(8,234)

27,800

(8,234)

Change in payables

(116,028)

82,532

(116,084)

82,521

Cash generated from operations

106,983

171,302

106,983

171,291

Income tax paid

(39,518)

(40,856)

(39,518)

(40,856)

Net cash flows from operating activities

67,465

130,446

67,465

130,435

Cash flows used in investing activities

Interest received (net)

15,833

27,964

15,833

27,964

Proceeds from sale of property, plant & equipment

871

-

871

-

Acquisition of property, plant & equipment

(61,786)

(57,184)

(61,786)

(57,184)

Withdrawal proceeds from unit trust

30,000

-

30,000

-

Net cash used in investing activities

(15,082)

(29,220)

(15,082)

(29,220)

Cash flows used in financing activities

Dividends paid

(153,568)

(76,784)

(153,568)

(76,784)

Net cash used in financing activities

(153,568)

(76,784)

(153,568)

(76,784)

Net increase/(decrease) in cash & cash equivalents

(101,185)

24,442

(101,185)

24,431

Cash & Cash equivalents at the beginning

410,533

289,723

410,488

289,678

Cash & Cash equivalent at the end

309,348

314,165

309,303

314,109

Analysis of Cash & Cash Equivalents

Cash in Hand

14,390

12,639

14,345

12,583

Short Term Deposits

452,099

360,375

452,099

360,375

Bank Overdrafts

(157,141)

(58,849)

(157,141)

(58,849)

309,348

314,165

309,303

314,109