IDREES
TEXTILE MILLS LIMITED
CONDENSED INTERIM
FINANCIAL INFORMATION
FOR THE FIRST QUARTER
ENDED SEPTEMBER 30, 2023
(UN-AUDITED)
COMPANY INFORMATION
BOARD OF DIRECTORS
AUDIT COMMITTEE
HUMAN RESOURCE & REMUNERATION COMMITTEE
COMPANY SECRETARY
CHIEF FINANCIAL OFFICER
AUDITORS
BANKERS
Mr. Rizwan Idrees Allawala | - Chairman |
Mr. S. M. Mansoor Allawala | - Executive Director / CEO |
Mr. Omair Idrees Allawala | - Executive Director |
Ms. Aamnah Mansoor | - Non - Executive Director |
Mr. Muhammad Zubair | - Non - Executive Director |
Syed Masud Arif | - Independent Director |
Ms. Azra Yaqub Vawda | - Independent - Director |
Ms. Azra Yaqub Vawda | - Chairperson |
Syed Masud Arif | - Member |
Ms. Aamnah Mansoor | - Member |
Syed Shahid Sultan | - Secretary |
Syed Masud Arif | - Chairman |
Ms. Aamnah Mansoor | - Member |
Ms. Azra Yaqun Vawda | - Member |
Syed Shahid Sultan | |
Mr. Muhammad Jawaid | |
M/s. BDO Ebrahim & Co. | |
Chartered Accountants |
National Bank of Pakistan
Bank Alfalah Limited
Habib Metropolitan Bank Ltd.
Meezan Bank Ltd.
Bank of Punjab Ltd.
BankIslami Pakistan Ltd.
Askari Bank Limited
Dubai Islamic Bank Pakistan Ltd.
Samba Bank Limited
REGISTERED OFFICE | 6-C, Ismail Centre, 1st Floor, |
Central Commercial Area, | |
Bahadurabad, | |
Karachi - 74800. | |
MILLS | Kot Shah Mohammad, |
Tehsil Nankana, | |
District Nankana, | |
Punjab. | |
www.idreestextile.com | |
SHARES REGISTRAR | M/S. JWAFFS Registrar Services (Pvt) Ltd. |
407-408, 4th Floor, Al-Ameera Centre, | |
Shahrah-e-Iraq, Saddar, Karachi. |
2
DIRECTORS' REPORT
The Directors are pleased to present the un-audited condensed interim financial statements of your Company for the first quarter ended September 30, 2023.
FINANCIAL AND OPERATIONAL OVERVIEW
The principal activity of the Company is manufacturing, processing and sale of all kinds of yarn. The Company is also engaged in the business of Home Textile.
During the first quarter, the Company's turnover amounted to Rs. 1,788 million as compared to Rs. 839 million in the same period of last year. Gross profit amounted to Rs. 209 million compared to Rs. 100 million in the corresponding period. Profit for the quarter amounted to Rs. 8.727 million as compared to profit of Rs. 13.431 in the first quarter of FY22. In the quarter under review, the Company's revenue increased by Rs. 949 million, i.e., by 113 percent as compared to the same period of last year. Gross profit has also increased by Rs. 109 million. Finance cost amounted to Rs. 116 million showing an increase of Rs. 65 million as compared to Rs. 51 million incurred in Q1FY22. Revenue of the company has increased as a result of expansion in the mills production capacity.
The consolidated financial statements of the Company are also annexed. During the period under review, consolidated revenue amounted to Rs. 1,792 million (Q1FY22: Rs. 855 million) and consolidated profit for the period amounted to Rs. 8.357 million (Q1FY22: Rs. 12.230 million).
High interest rate and costly energy are the factors that are negatively affecting the Company's profitability. The prevailing policy rate of 22 percent is significantly affecting the competitiveness of the export oriented industry against other regional countries. While the world economies were bearing the impact of Russia-Ukraine war on the energy sector, the recent unfortunate escalation in Israel-Palestine conflict has also started to exert pressure on the international oil prices.
FUTURE OUTLOOK
A stable political situation and steadiness of Pak Rupee are crucial factors for bringing turnaround in the country's economic condition. Continuity of the Regionally Competitive Energy Tariff (RCET), which was offered by the Government to the textile exporters, is imperative for competitiveness and enabling sustainable growth in the share of our textile products in the international market. Your Company's home textile export is gradually picking up which is promising for business growth and diversification. Conducive steps by the Government, such as reduction in policy rate, zero rating of the textile chain and other measures to bring down inflation, are need of the hour and these shall be highly supportive in restoring the country's economic momentum.
ACKNOWLEDGEMENT
The directors are thankful to the bankers, suppliers and customers of the Company for their continued support and appreciate the hard work by the employees of the Company.
Rizwan Idrees Allawala | S.M. Mansoor Allawala |
Chairman | Chief Executive |
Karachi. October 27, 2023 |
DIRECTORS' REPORT
یروﺒع ڈسنيڈنک هدش ٹڈآ ريغ ےک ینپﻤک یک پآ ےيل ےک یہام ہﺳ یلہپ یلاو ےنوہ مﺘخ وک 2023 رﺒﻤﺘﺳ 30 زرٹکيرئاڈ ۔ںيہ شوخ رپ ےنرک شيپ تانايب یتايلام
هزئاج لنشيرپآ روا یتايلام
ےک لئاٹسکيٹ موہ ینپﻤک ۔ےہ تخورف روا گنسيﺳورپ ،یرايت یک ےگاهد ےک مسق رہ یمرگرﺳ یداينب یک ینپﻤک ۔ےہ فورصم یهب ںيم رابوراک
نيلم 839 ںيم تدم یﺳا ںيم لاﺳ ہﺘشزگ ےلباقم ےک ےپور نيلم 1,788 ,رابوراک اک ینپﻤک ،نارود ےک یہام ہﺳ یلہپ یک 22 لاﺳ یلام ۔اہر ےپور نيلم 209 ںيم ےلباقم ےک ےپور نيلم 100 ںيم تدم یﺳا عفانم یعوﻤجم - ۔اہر ےپور ہﺳ هزئاج ريز ۔اہر ےپور نيلم 8.727 عفانم اک یہام ہﺳ ںيم ےلباقم ےک عفانم ےک ےپور 13.431 ںيم یہام ہﺳ یلہپ 113 ںيم ےلباقم ےک تدم یﺳا یک لاﺳ ہﺘشزگ ینعي ،اوہ ہفاضا اک ےپور نيلم 949 ںيم یندمآ یک ینپﻤک ،ںيم یہام ہک وج یہر ےپور نيلم 116 تگﻻ یتايلام ۔ےہ اوہ ہفاضا اک ےپور نيلم 109 یهب ںيم عفانم یعوﻤجم ۔اوہ ہفاضا دصيف یک زلم ۔ےہ یترک رہاظ ہفاضا اک ےپور نيلم 65 ںيم ےلباقم ےک ےپور نيلم 51 ںيم یہام ہﺳ یلہپ یک 22 لاﺳ یلام
۔ےہ اوہ ہفاضا ںيم وينوير ےک ینپﻤک ںيم ےجيﺘن ےک عيﺳوت ںيم تيحﻼص یراواديپ
ےپور نيلم 1,792 یندمآ یعوﻤجم ،نارود ےک تدم هزئاج ريز ۔ںيہ کلسنم یهب تانايب یلام یعوﻤجم ےک ینپﻤک Q1FY22: Rs. ) ےپور نيلم 8.357 مقر یک عفانم یعوﻤجم ےيل ےک تدم سا روا (نيلم Q1FY22: Rs 855)
۔یهت (نيلم 12.230
یک دصيف 22 ۔ںيہ ےہر رک رثاﺘم رپ روط یفنم وک عفانم ےک ینپﻤک وج ںيہ لماوع هو یئاناوت یگنہم روا دوﺳ حرش دنلب ۔ےہ یہر رک رثاﺘم رپ روط ںاياﻤن وک تقباسم یک تعنص یدمآرب ےلباقم ےک کلاﻤم یئاقﻼع رگيد حرش یسيلاپ ہجورم نيطسلف ليئارﺳا ںيہو ،ںيهت یہر وہ زادنارثا رپ ےﺒعش ےک یئاناوت ےک گنج نيرکوي روا سور ںيﺘشيعم یﻤلاع بج ۔ےہ ايد رک عورش انلاڈ ؤابد رپ ںوﺘﻤيق یماوقﻻا نيب یک ليت یهب ےن ےفاضا تﻤسقدب ہيلاح ںيم عزانت
ﺮﻈﻧ ﺮﭘ ﻞﺒﻘﺘﺴﻣ
۔ںيہ لماوع مہا ےک ےنﻻ یليدﺒت ںيم تلاح یشاعم یک کلم ماکحﺘﺳا یک ےپور کاپ روا لاحتروص یﺳايﺳ مکحﺘسم ناگدننک دمآرب ےک لئاٹسکيٹ ےﺳ بناج یک تموکح وج ،لسلست اک (RCET) فريٹ یئاناوت یﺘقباسم رپ روط یئاقﻼع راديئاپ روا ںيم تقباسم ںيم وک ہصح ےک تاعونصم لئاٹسکيٹ یراﻤہ ںيم ٹيکرام یماوقﻻا نيب ،اهت ايگ ايک شيپ وک وج ےہ اہر وہ ہفاضا جيردﺘب ںيم ٹروپسکيا لئاٹسکيٹ موہ یک ینپﻤک یک پآ ۔ےہ ريزگان ےيل ےک ےنانب لباق ےک یقرت یک نيچ لئاٹسکيٹ ،یﻤک ںيم ٹير یسيلاپ ےﺳ بناج یک تموکح ۔ےہ ازفا ديما ےيل ےک عونت روا یقرت یک رابوراک ہي روا ںيہ ترورض یک تقو تامادقا راگزاﺳ ےسيج تامادقا رگيد ےيل ےک ےنرک مک وک یئاگنہم روا گنٹير وريز
۔ےگ ںوہ تباث نواعم یئاہﺘنا ںيم ےنرک لاحب وک راﺘفر یداصﺘقا یک کلم
ﺮﮑﺸﺗر اہظا
ینپﻤک روا ںيہ رازگ رکش ےيل ےک نواعت لسلسم ےک نيفراص روا زرئﻼپﺳ ،زرکنيب ےک ینپﻤک زرٹکيرئاڈ ۔ںيہ ےﺘہارﺳ وک تنحم یک نيمزﻼم ےک
2023 27
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION | |||
AS AT SEPTEMBER 30, 2023 | |||
(Unaudited) | (Audited) | ||
September 30, 2023 | June 30, 2023 | ||
--------- Rupees ---------- | |||
NON - CURRENT ASSETS | |||
Property, plant and Equipment | 4 | 3,398,309,290 | 3,378,314,871 |
Long-term deposits | 3,613,181 | 2,898,681 | |
3,401,922,471 | 3,381,213,552 | ||
CURRENT ASSETS | |||
Stores, spares and loose tools | 72,901,716 | 74,479,461 | |
Stock-in-trade | 5 | 1,720,007,565 | 1,461,817,305 |
Trade debts | 982,122,877 | 655,583,419 | |
Loans and advances | 200,935,596 | 124,283,507 | |
Deposits and short term prepayments | 17,516,094 | 1,603,690 | |
Other receivables | 163,361,338 | 223,189,255 | |
Other Financial Assets | 6 | 184,372,670 | 180,115,660 |
Cash and bank balances | 36,991,026 | 5,952,513 | |
3,378,208,882 | 2,727,024,810 | ||
6,780,131,353 | 6,108,238,362 | ||
SHARE CAPITAL AND RESERVES | |||
Share capital | 198,528,000 | 198,528,000 | |
Capital reserve | |||
Equity portion of loan from related parties | 27,211,995 | 30,064,842 | |
Surplus on revaluation of Property, Plant & Equipments | 868,124,011 | 868,124,011 | |
Unappropriated profit | 1,482,434,285 | 1,470,854,120 | |
2,576,298,291 | 2,567,570,973 | ||
NON-CURRENT LIABILITIES | |||
Long-term finance | 699,656,493 | 728,952,828 | |
Liabilities against assets subject to finance lease | - | - | |
Deferred Government Grant | 96,144,094 | 103,735,361 | |
Deferred taxation - net | 171,199,477 | 171,199,476 | |
Retirement benefit obligation | 85,639,095 | 78,775,115 | |
1,052,639,159 | 1,082,662,780 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 796,688,300 | 588,989,534 | |
Interest / mark-up accrued | 123,010,851 | 92,205,020 | |
Short term borrowings | 1,932,211,525 | 1,511,431,965 | |
Current portion of | |||
long term loan | 185,152,620 | 170,505,607 | |
liabilities against assets subject to finance lease | 1,281,142 | 1,962,284 | |
deferred government grant | 29,881,037 | 29,771,093 | |
Unclaimed Dividend | 2,750,372 | 2,750,372 | |
Provision for taxation | 80,218,056 | 60,388,734 | |
3,151,193,903 | 2,458,004,609 | ||
CONTINGENCIES AND COMMITMENTS | 7 | ||
6,780,131,353 | 6,108,238,362 |
The annexed notes form an integral part of these financial statements.
Chief Executive | Chief Financial Officer | Director |
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
Three Months Ended
Revenue from contract with customer - net Cost of goods sold
Gross profit
Distribution cost
Administrative expenses
Other operating expenses
Finance cost
Other income
Profit before taxation
Taxation
Profit for the period
September 30, 2023 | September 30, 2022 | |
…...….....…. Rupees …………… | ||
1,788,030,937 | 838,962,935 | |
8 | (1,578,698,880) | (739,042,949) |
209,332,057 | 99,919,986 | |
22,678,665 | 11,207,767 | |
28,279,121 | 25,518,138 | |
9 | 22,237,004 | 11,686,575 |
115,862,259 | 51,243,770 | |
189,057,049 | 99,656,249 | |
10 | (8,281,631) | (22,213,806) |
28,556,639 | 22,477,542 | |
(19,829,322) | (9,046,269) | |
8,727,317 | 13,431,273 |
Earnings per share - basic and diluted | 0.44 | 0.68 |
The annexed notes form an integral part of these financial statements.
Chief Executive | Chief Financial Officer | Director |
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOW (UNAUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
Three Months Ended
September 30, 2023 | September 30, 2022 | |
A. CASH FLOWS FROM OPERATING ACTIVITIES | …...….....…. Rupees …………… | |
Profit before taxation | 28,556,639 | 22,477,542 |
Adjustments for : | ||
Depreciation on property, plant and equipment | 26,868,401 | 26,702,721 |
Provision for staff retirement gratuity | 8,277,480 | 6,051,735 |
Finance cost | 115,862,259 | 51,243,770 |
Profit on deposits | (6,583,329) | - |
Gain on disposal of property, plant and equipment | (906,000) | - |
Realized Gain on other financial assets | (399,006) | - |
Operating cashflow before movement of working capital | 171,676,444 | 106,475,768 |
Changes in working capital | ||
(Increase) / decrease in current assets | ||
Stores, spares and loose tools | 1,577,745 | (965,384) |
Stock-in-trade | (258,190,260) | (92,880,423) |
Trade debts | (326,539,458) | 188,798,961 |
Loans and advances | (62,649,795) | 7,341,638 |
Deposits and short term prepayments | (15,912,404) | (5,445,198) |
Other receivables | 65,962,299 | (64,652,381) |
Increase / (decrease) in current liabilities | ||
Trade and other payable | 207,698,767 | (36,683,751) |
Cash generated from operations | (216,376,662) | 101,989,230 |
Finance cost paid | (82,203,580) | (33,535,005) |
Gratuity paid | (1,413,500) | (1,358,500) |
Income tax paid | (14,002,294) | (21,040,930) |
Long term deposits (increased) / decreased | (714,500) | 233,680 |
Net cash used in operating activities | (314,710,536) | 46,288,475 |
B. CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (47,456,820) | (676,581,720) |
Proceeds from disposal of property, plant and equipment | 1,500,000 | - |
Purchase of term deposit receipt - net | (10,000,000) | (10,000,000) |
Sale of shares | 6,141,996 | - |
Profit on deposits received | 448,946 | - |
Net cash used in investing activities | (49,365,878) | (686,581,720) |
C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
Obtained /(Paid) of long term finance | (24,983,490) | 487,771,788 |
Short term borrowings obtained - net | 365,047,073 | 180,549,245 |
Finance lease obtained / (Paid) - net | (681,142) | (3,102,317) |
Dividend paid | - | (145,740) |
Net cash from financing activities | 339,382,441 | 665,072,976 |
Net decrease in cash and cash equivalents (A+B+C) | (24,693,973) | 24,779,731 |
Cash and cash equivalents at beginning of the period | (435,325,039) | (288,205,311) |
Cash and cash equivalents at end of the period | (460,019,012) | (263,425,580) |
Cash and cash equivalents | ||
Cash and bank balances | 36,991,026 | 9,839,899 |
Running finance | (497,010,038) | (273,265,479) |
(460,019,012) | (263,425,580) |
The annexed notes form an integral part of these financial statements.
Chief Executive | Chief Financial Officer | Director |
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022
Surplus on | |||||
Issued, | revaluation of | Equity portion | |||
subscribed | property, plant | of loan from | |||
and paid up | and equipment | related | Unappropriated | Total | |
capital | net of tax | parties | profit | ||
.....……………………………..... Rupees …………………….………………….. | |||||
Balance at June 30, 2022 | 198,528,000 | 882,490,524 | 15,895,730 | 1,420,418,461 | 2,517,332,715 |
Transaction with related parties | |||||
Fair value effect of interest free loan | (2,469,954) | 2,469,954 | - | ||
Comprehensive Income | |||||
Profit for the period ended September 30, 2022 | - | - | - | 13,431,273 | 13,431,273 |
Other comprehensive income - net of tax | - | - | - | - | - |
- | - | - | 13,431,273 | 13,431,273 | |
Balance at September 30, 2022 | 198,528,000 | 882,490,524 | 13,425,776 | 1,436,319,688 | 2,530,763,988 |
Transfer to / from surplus on revaluation of property, | |||||
plant and equipment on account of | |||||
- incremental depreciation charged thereon - net of tax | (53,968,778) | 53,968,778 | - | ||
Transaction with shareholders | |||||
Final dividend at Re. 1 per share for the year ended June 30, 2023 | - | - | - | ||
Transaction with related parties | |||||
Fair value effect of interest free loan | (9,347,169) | 9,347,169 | - | ||
Fair value effect of interest free loan provided by related parties | 25,986,235 | 25,986,235 | |||
Comprehensive Income | |||||
Profit for the period ended June 30, 2023 | - | (25,925,274) | (25,925,274) | ||
Other comprehensive income - net of tax | - | 39,602,265 | (2,856,241) | 36,746,024 | |
- | 39,602,265 | - | (28,781,515) | 10,820,750 | |
Balance at June 30, 2023 | 198,528,000 | 868,124,011 | 30,064,842 | 1,470,854,120 | 2,567,570,973 |
Transaction with shareholders | |||||
Unamortized portion of interest free loan | - | ||||
Amortized portion of interest free loan due to | |||||
change in terms of loan | (2,852,847) | 2,852,847 | - | ||
Comprehensive Income | |||||
Profit for the period ended September 30, 2023 | - | - | 8,727,317 | 8,727,317 | |
Other comprehensive income - net of tax | - | - | - | - | - |
- | - | - | 8,727,317 | 8,727,317 | |
Balance as at September 30, 2023 | 198,528,000 | 868,124,011 | 27,211,995 | 1,482,434,285 | 2,576,298,291 |
The annexed notes form an integral part of these financial statements.
Chief Executive | Chief Financial Officer | Director |
NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS ( UN-AUDITED)
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023
- The Company was incorporated in Pakistan on June 05, 1990 as an unquoted public limited company and is listed on Karachi and Lahore Stock Exchanges. The registered office of the company is situated at 6-C, Ismail Center, Central Commercial Area Bahadurabad, Karachi whereas the manufacturing facility of the company is located at Kot Shah Mohammad, Tehsil Nankana,district Nankana, Punjab. The principal activity of the Company is manufacture and sale of yarn.
ORA Home LLC, a wholly owned subsidiary of the Company, is located in New Jersey, USA, and engage in trading of Home Textile.
- These financial statements are unaudited and are being submitted to the shareholders as required under the Companies Act, 2017 and have been prepared in accordance with the requirements of the International Financial Reporting Standards as applicable in Pakistan.
These are separate financial statements of the Company in which investment in subsidiary is stated at cost less impairment losses, if any.
- The accounting convention, policies and methods of computation followed in the preparation of these interim financial statements are the same as those of the published annual financial statements for the year ended June 30, 2023.
(Unaudited) | (Audited) | |||
4 | NON-CURRENT ASSETS | September | June | |
Property, plant and Equipment | 30, 2023 | 30, 2023 | ||
Operating Assets | 4.1 | 3,398,309,290 | 1,897,152,285 | |
Capital Work in progress | 4.2 | - | 1,481,162,586 | |
3,398,309,290 | 3,378,314,871 | |||
4.1 | Operating Assets | |||
Net Book value at the beginning of the period/ year | 1,897,152,285 | 1,977,927,782 | ||
Addition during the period/ year | ||||
Owned Assets | ||||
Building | 199,596,399 | - | ||
Plant & Machinery | 1,328,954,509 | 7,234,891 | ||
Office Equipment | 68,500 | 2,259,313 | ||
Vehicles | - | 22,970,340 | ||
1,528,619,408 | 32,464,544 | |||
Net book value of assets disposed during the period/ year | (594,000) | (5,996,950) | ||
Depreciation for the period/ year | (26,868,403) | (107,243,091) | ||
3,398,309,290 | 1,897,152,285 | |||
4.2 | Capital Work in progress | |||
Opening Balance | 1,481,162,586 | 356,321,410 | ||
Addition during the period/ year | ||||
Building | 485,093 | 112,402,286 | ||
Machinery | 43,191,259 | 1,058,513,648 | ||
Less: Capitalized | (1,524,838,938) | (46,074,758) | ||
Closing Balance | - | 1,481,162,586 | ||
5. | STOCK IN TRADE | |||
Raw Material - in hand | 899,324,695 | 737,484,435 | ||
- in transit | 77,209,980 | 159,022,484 | ||
Work in process | 136,042,604 | 105,198,723 | ||
Finished Goods | 574,297,034 | 441,731,042 | ||
Waste | 33,133,252 | 18,380,621 | ||
1,720,007,565 | 1,461,817,305 |
6. OTHER FINANCIAL ASSETS
These represent term deposit receipts with various banks for a period ranging from six months to one year carrying mark-up at the rates ranging from 4.2% to 21% (June 2023: 4.20% to 21%) per annum. The banks have lien on these term deposit receipts on account of guarantees provided by such banks.
(Unaudited) | (Audited) | ||
September | June | ||
7. | CONTINGENCIES AND COMMITMENTS | 30, 2023 | 30, 2023 |
7.1 | Contingencies |
There is no material change in Contingent liabilities as disclosed in annual financial statements of June 30, 2023
7.2 Commitments
Letters of credit for import of spare parts, machinery & raw material | 376,090,275 | 733,365,213 | |
September 30, | September 30, | ||
8. | COST OF GOODS SOLD | 2023 | 2022 |
Raw material consumed | 1,321,603,641 | 759,692,258 | |
Salaries, wages and benefits | 65,521,927 | 48,212,741 | |
Fuel and power | 239,086,497 | 157,491,638 | |
Stores and spares | 18,196,042 | 11,618,169 | |
Packing Material | 21,947,476 | 12,763,092 | |
Depreciation | 24,015,818 | 23,620,323 | |
Insurance | 3,000,000 | 3,000,000 | |
Repairs and maintenance | 851,129 | 1,633,381 | |
Other manufacturing overheads | 2,456,777 | 1,918,609 | |
1,696,679,307 | 1,019,950,211 | ||
Work-in-process | |||
Opening stock | 76,496,220 | 56,022,198 | |
Closing stock | (109,598,723) | (65,342,006) | |
(33,102,503) | (9,319,808) | ||
Cost of goods manufactured | 1,663,576,804 | 1,010,630,403 | |
Finished goods | |||
Opening stock | 460,111,662 | 264,126,222 | |
Yarn Transferred to Home Textile | (6,923,500) | - | |
Closing stock | (607,430,286) | (538,529,249) | |
(154,242,124) | (274,403,027) | ||
Cost of Home Textile | 46,014,551 | 2,815,573 | |
Cost of raw material sold | 23,349,649 | - | |
1,578,698,880 | 739,042,949 | ||
9. | OTHER OPERATING EXPENSES | ||
Workers' participation fund | 1,502,950 | - | |
Infrastructure cess | 11,344,293 | 11,686,575 | |
Exchange loss-net | 9,389,761 | - | |
22,237,004 | 11,686,575 | ||
10. | OTHER INCOME | ||
Profit on deposits with bank | 6,583,329 | 2,679,270 | |
Exchange gain - net | - | 19,430,369 | |
Dividend Income | 198,000 | - | |
Realized Gain on other financial assets | 399,006 | - | |
Gain on disposal of property, plant and equipment | 906,000 | - | |
Scrap sales | 43,853 | 104,167 | |
Other revenue | 151,443 | - | |
8,281,631 | 22,213,806 |
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