Lanka Ashok Leyland PlcCSELK: ASHO.N0000

Interim Financial Statements for the Quarter Ended 30.09.2024

Nov 13, 2024 at 11:01 AM UTC · Issued by Lanka Ashok Leyland PLC

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH SEPTEMBER 2024

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 STATEMENT OF FINANCIAL POSITION

31-Mar-24	As at	30-Sep-24		30-Sep-23
Rs.		Rs.		Rs.
Audited	ASSETS
	Non Current Assets
1,051,332,875	Property, Plant & Equipment	1,085,504,637	841,040,603
16,771,752	Right-of-Use Asset	70,723,397	23,313,055
644,325	Intangible Assets	505,931	782,341
131,904	Financial Investments	116,741	10,802,781
41,795,691	Rental Receivable from Trade Debtors	65,366,722	30,119,297
231,069,976	Deferred Tax Asset	233,773,161	296,606,061
1,341,746,523	Total Non Current Assets	1,455,990,589		1,202,664,138
	Current Assets
3,752,742,105	Inventories	3,139,865,229	3,689,749,397
619,357,222	Trade and Other Receivables	863,728,829	417,016,697
374,071,721	Rental Receivable from Trade Debtors	144,657,350	501,794,797
55,924,997	Deposits and Prepayments	114,703,685	66,810,696
1,355,114,264	Short Term Investments	1,178,423,398	534,000,000
85,999,793	Cash & Cash Equivalents	26,861,840	105,707,830
6,243,210,102	Total Current Assets	5,468,240,331		5,315,079,417
	Total Assets
7,584,956,625	6,924,230,920		6,517,743,555
	EQUITY & LIABILITIES

	Equity
49,375,150	Stated Capital	49,375,150	49,375,150
887,347,500	General Reserve	887,347,500	887,347,500
3,652,674,229	Retained Earnings	4,025,156,834	3,073,626,915
4,589,396,879	Equity Attributable to Owners of the Company	4,961,879,484		4,010,349,565
	Non Current Liabilities
57,723,545	Defined Benefit Obligation	58,406,604	102,673,240
11,112,605	Lease Liability	51,602,696	10,656,611
68,836,150	Total Non Current Liabilities	110,009,300		113,329,851
	Current Liabilities
989,740,655	Trade & Other Payables	1,437,661,544	957,923,238
1,655,721,179	Amounts due to Related Party	187,888,358	1,282,414,374
196,925,645	Current Tax Liabilities	184,414,915	64,829,287
9,773,122	Provision for Warranty	6,631,119	3,786,872
23,523,537	Lease Liability	22,320,000	35,730,948
51,039,458	Bank Overdraft	13,426,200	49,379,420
2,926,723,596	Total Current Liabilities	1,852,342,136		2,394,064,139
	Total Liabilities
2,995,559,746	1,962,351,436		2,507,393,990

7,584,956,625	Total Equity & Liabilities	6,924,230,920	6,517,743,555

1,267.49	Net Assets per Share	1,370.37	1,107.57

The above figures are provisional and subject to audit.

The same Accounting Policies and methods of computation are followed in this Interim Financial Statements as compared with the most recent audited Financial Statements.

G R Jayalath	U Gautam
Assistant General Manager - Finance	Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board of Directors of Lanka Ashok Leyland PLC;

K C L De Silva	D A Abeyawardene
Chairman	Director
Colombo
13th November 2024

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the	For the Period Ended 30th September	2024/25	2023/24		2024/25	2023/24
Year Ended		Interim Period		Interim Period		Quarter 02		Quarter 02
31-Mar-24		06 Months		06 Months
			Rs.		Rs.
Rs.		Rs.		Rs.

Audited
	Revenue
4,229,076,849	New Vehicle Sales	2,009,037,626	1,162,882,264	73%	1,372,936,185	810,518,353	69%
44,486,891	Diesel Generator Set Sales	6,720,000	22,269,500	-70%	-	7,940,000	-100%
290,180,441	Vehicle Repair Income	160,183,023	118,460,287	35%	78,893,318	57,075,442	38%
373,592,210	Spare Parts Sales	498,015,916	103,030,177	383%	469,875,967	60,376,175	678%
467,051,383	Vehicle Hiring Income	390,216,536	177,842,787	119%	208,604,528	102,105,951	104%
-	Local Agency Commission	2,790,178		-	100%	2,790,178		-	100%
5,404,387,774	Total Revenue	3,066,963,279	1,584,485,015	94%	2,133,100,176	1,038,015,921	105%
(3,589,971,737)	Cost of Sales	(2,073,576,817)	(1,003,621,139)	107%	(1,398,642,044)		(601,301,196)	133%
1,814,416,037	Gross Profit	993,386,462	580,863,876	71%	734,458,132	436,714,725	68%
194,551,854	Other Income	63,753,606		106,598,010	-40%	38,586,478		43,090,328	-10%
2,008,967,891		1,057,140,068	687,461,886		773,044,610	479,805,053
	Less :
29,813,836	Selling and Distribution Expenses	23,125,161	11,137,168	108%	15,232,707	4,654,277	227%
668,179,894	Administrative Expenses	353,441,297	251,676,061	40%	195,970,115	126,975,134	54%
(28,073,853)	Impairment (Reversal) / Charge on Trade Receivables	26,956,762	48,639,139	-45%	42,019,811	24,016,047	75%
144,792,205	Other Operating Expenses	78,884,645		72,654,672	9%	41,371,206		36,555,007	13%
1,194,255,809	Profit before Interest and Tax	574,732,203	303,354,846	89%	478,450,771	287,604,588	66%
69,262,053	Finance Income	59,327,321	12,388,076	379%	23,489,458	5,250,198	347%
(10,365,364)	Finance Cost	(5,122,533)	(6,193,011)	-17%	(2,394,224)	(2,725,531)	-12%
58,896,689	Net Finance Income	54,204,788		6,195,065	775%	21,095,234		2,524,667	736%
1,253,152,498	Profit before Tax	628,936,991	309,549,911	103%	499,546,005	290,129,255	72%
(395,365,601)	Tax Expense	(201,721,741)		(95,011,398)	112%	(170,385,284)		(90,219,836)	89%
857,786,897	Profit for the Period	427,215,250	214,538,513	99%	329,160,721	199,909,419	65%
	Other Comprehensive Income
	Items that will Never be Reclassified to Profit and Loss
(93,831,402)	Remeasurement of Employee Benefits - Actuarial Loss	(600,000)	(600,000)	0%	(300,000)	(300,000)	0%
28,149,421	Deferred Tax Gain on Defined Benefit Plan	180,000	180,000	0%	90,000	90,000	0%
(65,681,981)		(420,000)		(420,000)		(210,000)		(210,000)
	Total Other Comprehensive Income, net of Tax			0%				0%
(65,681,981)	(420,000)		(420,000)	(210,000)		(210,000)
	Total Comprehensive Income for the period			99%				65%
792,104,916	426,795,250		214,118,513	328,950,721		199,699,419

236.90	Basic and Diluted Earnings per Share	117.99	59.25		90.91	55.21

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

STATEMENT OF CHANGES IN EQUITY

	Stated	General	Retained	Total
	Capital	Reserve	Earnings	Equity
	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April 2023	49,375,150	887,347,500	2,877,612,617	3,814,335,267
Total Comprehencive Income
Profit for the Period	-	-	214,538,513	214,538,513
Other Comprehensive Income, net of Tax	-	-	(420,000)	(420,000)
Total Comprehencive Income	-	-	214,118,513	214,118,513
Transactions with owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	-	-
Dividends	-	-	(18,104,215)	(18,104,215)
Total Transactions with Owners of the Company	-	-	(18,104,215)	(18,104,215)
Balance as at 30th September 2023
49,375,150	887,347,500	3,073,626,915	4,010,349,565
Balance as at 01st April 2024
49,375,150	887,347,500	3,652,674,229	4,589,396,879
Total Comprehencive Income
Profit for the Period	-	-	427,215,250	427,215,250
Other Comprehensive Income, net of Tax	-	-	(420,000)	(420,000)
Total Comprehencive Income	-	-	426,795,250	426,795,250
Transactions with Owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	-	-
Dividends	-	-	(54,312,645)	(54,312,645)
Total Transactions with Owners of the Company	-	-	(54,312,645)	(54,312,645)
Balance as at 30th September 2024
49,375,150	887,347,500	4,025,156,834	4,961,879,484
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024 STATEMENT OF CASH FLOWS

For the

Year Ended

31-Mar-24

Rs.

Audited

1,253,152,498

141,871,045

9,393,514

276,031

26,251,758

(28,073,853)

(127,013,905)

10,365,364

(60,870,758)

(144,590,886)

(4,638,736)

1,452,592

9,178,575

(12,142)

(166,411,401)

1,086,741,097

(1,421,875,000)

(259,197,423)

618,439,973

257,925,482

1,322,418,179

517,711,211

1,604,452,308

(3,134,509)

(18,183,715)

(147,107,165)

(106,612,878)

(275,038,267)

1,329,414,041

198,471,759

10,125,000

(80,395,047)

128,201,712

(23,514,550)

(18,104,215)

(41,618,765)

1,415,996,988

(25,922,389)

1,390,074,599

1,441,114,057

(51,039,458)

1,390,074,599

For the Period Ended 30 th September

Cash flows from Operating Activities

Profit before Tax

Adjustment For :

Depreciation of Property, Plant and Equipment Amortization of Intangible Assets Depreciation of Right-of-Use Assets Provision for Employee Benefits

Impairment Provision (Reversal) / Charge of Trade & Other Receivable Reversal of Provision for Inventory

Finance Costs

Interest Income Lease Interest Income

Gain on Sale of Property, Plant and Equipment Charge of Provision for Free Service

Charge / (Reversal) of Warranty Provision Fair Value Gain on Equity Investments

Operating Profit before Working Capital Changes

Working Capital Changes in

Inventories

Trade and Other Receivables

Amounts due from Related Party

Trade and Other Payables

Amounts due to Related Party

Cash Generated from Operations

Interest Paid

Employee Benefit paid

Investment in Plan Asset

Payments / Set off of Income Taxes

Net Cash Generated from / (Used in) Operating Activities

Cash flows from Investing Activities

Interest Received

Proceeds from Sale of Property, Plant and Equipment Acquisition of Property, Plant & Equipment

Net Cash Flows Generated from / (Used in) Investing Activities

Cash Flows from Financing Activities

Payment of Lease Liability

Dividend Paid

Net Cash Flows Used in Financing Activities

Net Increase / (Decrease) in Cash & Cash Equivalents Net Cash & Cash Equivalents at the Beginning of the period Net Cash & Cash Equivalents at the End of the period

Analysis of Cash & Cash Equivalents at the end of the period

Cash & Cash Equivalents

Bank Overdraft

20242023

Rs.Rs.

628,936,991 309,549,911

93,097,653 56,056,535

138,394138,016

6,978,427 5,664,111

9,000,000 6,000,000

26,956,762 48,639,139

(26,027,541) (78,598,938)

4,118,945 6,193,011

(59,327,321) (5,241,124)

(28,301,281) (86,037,790)

(15,793,711) (1,772,377)

1,848,367 4,133,637

(3,142,003) 3,192,325

15,163(29,876)

9,561,854 (41,663,331)

638,498,845 267,886,580

630,095,456 (1,181,518,357)

(136,750,060) (67,604,746)

12,486,343 414,116,935

388,318,523 223,128,822

(1,467,832,821) 949,111,374

(573,682,559) 337,234,028

64,816,286 605,120,608

(1,142,444) (1,187,983)

(13,845,615)
-

(216,755,658) (31,860,539)

(217,898,102) (46,894,137)

(153,081,816) 558,226,471

78,711,661 92,048,990

22,560,000 5,125,000

(121,785,382) (8,696,237)

(20,513,721) 88,477,753

(24,620,024) (12,349,210)

(18,104,215)
(24,620,024) (30,453,425)

(198,215,561) 616,250,799

1,390,074,599 (25,922,389)

1,191,859,038 590,328,410

1,205,285,238 639,707,830

(13,426,200) (49,379,420)

1,191,859,038 590,328,410

Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

Corporate Information
Lanka Ashok Leyland PLC ("the Company") is a Public Limited Liability Company incorporated in Sri Lanka under the provision of Companies Act, No. 17 of 1982 and re-registered under the New Companies Act, No.07 of 2007. The registered office of the Company is located at Panagoda, Homagama.
Basis of Preperation
The interim condensed Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 "Interim Financial Reporting" and provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange.
Accounting Policies
There are no significant changes in the accounting policies and methods of computation since the publication of Financial Statements in the Annual Report for the year 2023/24.
Contingent Liabilities
There were no material Contingent Liabilities, which require adjustments or disclosures to the Financial Statements as at 30th September 2024.
Events After Reporting Date
No circumstances have arisen since the reporting date, which would require adjustments or disclosure in the interim Financial Statements.
Comparative Information
Comparative figures have been re-stated / re-classified where necessary, to conform the current period presentation.
Investor Information
Market Value of Shares
The market value of an ordinary share of Lanka Ashok Leyland PLC has been as follows;

	Quarter Ended 30.09.2024	Quarter Ended 30.09.2023	Year Ended 31.03.2024	Year Ended 31.03.2023
	Market Price	Trade Date	Market Price	Trade Date	Market Price	Trade Date	Market Price	Trade Date
Highest	809.00	21-Aug-24	804.00	7-Aug-23	820.00	7-Mar-24	815.00	26-May-22
Lowest	675.00	30-Jul-24	700.00	17-Jul-23	576.00	22-May-23	566.00	5-Jul-22
Last Traded	745.25	25-Sep-24	749.00	25-Sep-23	690.00	28-Mar-24	755.00	31-Mar-23
Market Capitalization					As at 30th September
							2024	2023
Market Capitalization (Rs.)					2,619,679,911	2,713,821,829
Public Shareholding

No. of Share Holders					772	735
Shareholding						30.38%	30.38%
Float Adjusted Market Capitalization (Rs.)				795,858,757	824,459,071

Lanka Ashok Leyland PLC complies with the minimum public holding requiremnent under the Option 05 of Listing Rule 7.13.1.

8. Ratios
Net Assets value per Share (Rs.)	1,370.37	1,107.57
Earnings per Share (Rs.)	117.99	59.25

Net Assets value per Share and Earnings per share are based on 3,620,843 shares in issue as at 30th September 2024, which represent the Stated Capital of the Company.

9. Dividend

During the Annual General Meeting hold on 24th September 2024, the shareholders of the Company approved the payment of first and final dividend of Rs. 15/- per share (150%) amounting to Rs. 54,312,645/- for the year ended 31st March 2024 (2022/23- Rs. 5/- per share (50%) amounting to Rs. 18,104,215/-).

10 Directors' and Chief Executive Officer's Shareholding

None of the Directors or Chief Executive Officer held shares of the Company during the periods concerned.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

As at 30 th September	2024	2023
	Rs.	Rs.

11. Receivables and Related Party Transactions Rental Receivable from Trade Debtors

Rental Receivables - Related Parties	73,958,572	795,934,240
Rental Receivables - Others	191,152,149	53,970,966
Less - Deferred Interest Income	(17,270,855)		(80,449,639)
Unearned Rental Income	247,839,866	769,455,567
Less - Provision for Impairment Loss	(37,815,794)	(237,541,473)
Balance as at the end of the year	210,024,072		531,914,094

Rental Receivable - Non Current	65,366,722	30,119,297
Rental Receivable - Current	144,657,350	501,794,797
	210,024,072		531,914,094
Trade and Other Receivables

Trade Receivables - Related Parties	830,976,798	407,189,631
Trade Receivables - Others	322,303,292	100,731,162
Other Receivables	3,191,711		63,726,415
	1,156,471,801	571,647,208
Less - Provision for Impairment Loss	(292,742,972)	(154,630,511)
	863,728,829		417,016,697
11.1 Total Related Party Receivables

Rental Receivables - Related Parties	73,958,572	795,934,240
Trade Receivables - Related Parties	830,976,798	407,189,631
	904,935,370		1,203,123,871

11.1.1 Outstanding balances with Government of Sri Lanka & its related entities and Ashok Leyland Limited - India

Sri Lanka Transport Board	666,641,366	891,045,059
Other Government Related Entities	28,244,301	81,258,729
Government Financial Institutions	-	4,000,000
Ashok Leyland Limited - India	210,049,703	226,820,083
	904,935,370		1,203,123,871

Above gross receivable amounts are recorded under Trade Receivables and Rental Receivable from Trade Debtors.

11.2 Transactions with Related Entities of Government of Sri Lanka

For the Period Ended 30 th September		2024	2023
		Rs.	Rs.
Name of Related Party	Nature of Transaction
Government Related Entities	Sale of Vehicles, Spares Parts and Gen Sets and	1,106,323,091	395,801,616
	Services Rendered
Government Financial Institutions	Finance Provided to Lanka Ashok Leyland	85,620,800	132,700,000
	PLC's Customers
Sri Lanka Customs	Import Duty and Taxes	329,699,263	101,178,509
11.3 Transactions and Outstanding Balance with Ashok Leyland - India
Nature of Transaction
Purchase of Goods and Other Transactions	713,949,708	1,663,924,783
Amounts Payable to Ashok Leyland Limited - India	187,888,358	1,282,414,374
Amounts Receivable from Ashok Leyland Limited - India	210,049,703	226,820,083

11.4 Non Recurrent Related Party Transactions

There were no non-recurrent related party transactions for the period ended 30th September 2024 which requires immediate market disclosure.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

12. Shareholders Information

There were 774 registered shareholders as at 30th September 2024 distributed as follows;

	CATEGORY			NO. OF SHAREHOLDERS	NO. OF SHARES	SHARE HOLDING %
		30th Sep 2024	30th Sep 2023	30th Sep 2024	30th Sep 2023	30th Sep 2024	30th Sep 2023

	1 - 1,000			755	718	44,346	43,335	1.22	1.19
	1,001 - 5,000			13	13	26,819	27,830	0.74	0.77
	5,001 - 10,000			-	-	-	-	-	-
	10,001 - 50,000			1	1	31,250	31,250	0.86	0.86
	50,001 - 100,000			-	-	-	-	-	-
	100,001 - 500,000			2	2	429,291	429,291	11.86	11.86
	500,001 - 1,000,000			1	1	568,305	568,305	15.70	15.70
	Over 1,000,000			2	2	2,520,832	2,520,832	69.62	69.62

	TOTAL			774	737	3,620,843	3,620,843	100.00	100.00
13. List of 20 Major Shareholders

	MAJOR SHAREHOLDERS				NO. OF SHARES HELD	SHARE HOLDING %
				30th Sep 2024	30th Sep 2023	30th Sep 2024	30th Sep 2023

	Lanka Leyland (Pvt) Limited				1,512,500	1,512,500	41.77	41.77
	Ashok Leyland Limited				1,008,332	1,008,332	27.85	27.85
	N Thirimanne				568,305	568,305	15.70	15.70
	Perpetual Equities (Pvt) Limited			228,356	228,356	6.31	6.31
	Rahul Capital (Pvt) Limited				200,935	200,935	5.55	5.55
	Sri Lanka Central Transport Board			31,250	31,250	0.86	0.86
	D B D D Danthanarayana				5,000	5,000	0.14	0.14
	U I Suriyabandara				4,950	4,832	0.14	0.13
	R P T Adams				2,700	2,700	0.07	0.07
	L N J Perera				2,600	2,600	0.07	0.07
	Bansei Securities Capital (Pvt) Limited / M A U Gnanathilaka	2,230	2,230	0.06	0.06
	F M Asaf Khan				1,514	1,514	0.04	0.04
	B Periyasamy				1,250	1,250	0.03	0.03
	Assetline Leasing Co. Ltd / S M Dharmakeerthi Samarkoon	1,200	1,904	0.03	0.05
	L A P Perera				1,200	1,200	0.03	0.03
	P L Perera				1,100	1,100	0.03	0.03
	N R Fonseka				1,068	1,068	0.03	0.03
	N Eeswararajah / S Sivarasa				1,005	1,105	0.03	0.03
	R V D Piyathilake / R V D C G Rajapakse		1,002	1,327	0.03	0.04
	M H F Rushana				853	631	0.02	0.02
	R A Y T Perera				-	900	-	0.02
						.

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