Lanka Ashok Leyland PlcCSELK: ASHO.N0000

Interim Financial Statements for the Quarter Ended 31.03.2025

· Issued by Lanka Ashok Leyland PLC




INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31STMARCH 2025

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL POSITION

As at

31-Mar-25

31-Mar-24

Rs.

Rs.

Audited

Audited

ASSETS

Non Current Assets

Property, Plant & Equipment

1,012,952,181

1,051,332,875

Right-of-Use Asset

138,759,214

16,771,752

Intangible Assets

368,294

644,325

Financial Assets

124,196,937

131,904

Rental Receivable from Trade Debtors

112,025,979

41,795,691

Deferred Tax Asset

169,924,751

231,069,976

Total Non Current Assets

1,558,227,356

1,341,746,523

Current Assets

Inventories

6,752,880,959

3,752,742,105

Trade and Other Receivables

1,244,910,157

619,357,222

Rental Receivable from Trade Debtors

149,734,795

374,071,721

Deposits and Prepayments

101,117,946

55,924,997

Cash & Cash Equivalents

617,322,158

1,441,114,057

Total Current Assets

8,865,966,015

6,243,210,102

Total Assets

10,424,193,371

7,584,956,625

EQUITY & LIABILITIES

Equity

Stated Capital

49,375,150

49,375,150

General Reserve

887,347,500

887,347,500

Retained Earnings

5,101,787,401

3,652,674,229

Equity Attributable to Owners of the Company

6,038,510,051

4,589,396,879

Non Current Liabilities

Defined Benefit Obligation (Net)

57,361,781

57,723,545

Lease Liability

48,780,661

11,112,605

Total Non Current Liabilities

106,142,442

68,836,150

Current Liabilities

Trade & Other Payables

3,249,813,969

989,740,655

Amounts due to Related Party

408,780,680

1,655,721,179

Current Tax Liabilities

557,409,414

196,925,645

Provision for Warranty

17,053,305

9,773,122

Lease Liability

30,776,000

23,523,537

Bank Overdraft

15,707,510

51,039,458

Total Current Liabilities

4,279,540,878

2,926,723,596

Total Liabilities

4,385,683,320

2,995,559,746

Total Equity & Liabilities

10,424,193,371

7,584,956,625

Net Assets per Share

1,667.71

1,267.49

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;

A A Milton Amarasinghe

D S Weerakkody

Chairman

Director

Colombo

26thMay 2025

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Year / Period Ended 31 stMarch

2025

2024

2024/25

2023/24

Audited Rs.

Audited Rs.

Quarter 04 Rs.

Quarter 04 Rs.

Revenue

New Vehicle Sales

7,194,099,472

4,229,076,849

70%

3,398,012,130

1,431,785,916

137%

Diesel Generator Set Sales

17,739,492

44,486,891

-60%

5,265,254

-

100%

Vehicle Repair Income

325,347,267

290,180,441

12%

87,595,679

62,871,529

39%

Spare Parts Sales

626,319,530

373,592,210

68%

64,417,957

72,599,605

-11%

Vehicle Hiring Income

837,345,789

467,051,383

79%

243,636,374

182,309,164

34%

Local Agency Commission

2,790,178

-

100%

-

-

0%

Total Revenue

9,003,641,728

5,404,387,774

67%

3,798,927,394

1,749,566,214

117%

Cost of Sales

(6,128,158,611)

(3,589,971,737)

71%

(2,653,901,672)

(1,268,040,716)

109%

Gross Profit

2,875,483,117

1,814,416,037

58%

1,145,025,722

481,525,498

138%

Other Income

112,440,441

194,551,854

-42%

38,389,673

43,236,572

-11%

2,987,923,558

2,008,967,891

1,183,415,395

524,762,070

Less :

Selling and Distribution Expenses

50,709,478

29,813,836

70%

12,363,137

10,339,990

20%

Administrative Expenses

745,437,120

661,192,304

13%

219,529,152

250,908,522

-13%

Impairment (Reversal) / Charge on Trade Receivables

(112,767,891)

(28,073,853)

302%

20,718,532

(103,050,149)

120%

Other Operating Expenses

186,945,931

144,792,205

29%

59,396,957

39,675,356

50%

Profit before Interest and Tax

2,117,598,920

1,201,243,399

76%

871,407,617

326,888,351

167%

Finance Income

107,915,625

62,274,463

73%

24,774,523

38,329,927

-35%

Finance Cost

(8,910,002)

(10,365,364)

-14%

(2,154,122)

(3,065,983)

-30%

Net Finance Income

99,005,623

51,909,099

91%

22,620,401

35,263,944

-36%

Profit before Tax

2,216,604,543

1,253,152,498

77%

894,028,018

362,152,295

147%

Tax Expense

(685,577,515)

(395,365,601)

73%

(276,410,102)

(126,301,422)

119%

Profit for the Period

1,531,027,028

857,786,897

78%

617,617,916

235,850,873

162%

Other Comprehensive Income

Items that will Never be Reclassified to Profit and Loss

Remeasurement of Employee Benefits - Actuarial Loss

(40,972,320)

(93,831,402)

56%

(40,072,320)

(92,931,402)

57%

Deferred Tax Gain on Defined Benefit Plan

12,291,696

28,149,421

56%

12,021,696

27,879,421

57%

(28,680,624)

(65,681,981)

(28,050,624)

(65,051,981)

Total Other Comprehensive Income, net of Tax

(28,680,624)

(65,681,981)

56%

(28,050,624)

(65,051,981)

57%

Total Comprehensive Income for the period

1,502,346,404

792,104,916

90%

589,567,292

170,798,892

245%

Basic and Diluted Earnings per Share

422.84

236.90

170.57

65.14

Figures in brackets indicate deductions.

The above annual figures are audited

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

STATEMENT OF CHANGES IN EQUITY

Stated Capital

General

Retained

Total

Reserve

Earnings

Equity

Rs.

Rs.

Rs.

Rs.

Balance as at 01stApril 2024

49,375,150

887,347,500

2,877,612,617

3,814,335,267

Total Comprehencive Income

Profit for the Period

-

-

857,786,897

857,786,897

Other Comprehensive Income, net of Tax

-

-

(65,681,981)

(65,681,981)

Total Comprehencive Income

-

-

792,104,916

792,104,916

Transactions with owners of the Company

Contribution / Distribution

Unclaimed Dividend Reversed

-

-

1,060,911

1,060,911

Dividends

-

-

(18,104,215)

(18,104,215)

Total Transactions with Owners of the Company

-

-

(17,043,304)

(17,043,304)

Balance as at 31stMarch 2024

49,375,150

887,347,500

3,652,674,229

4,589,396,879

Balance as at 01stApril 2024

49,375,150

887,347,500

3,652,674,229

4,589,396,879

Total Comprehencive Income

Profit for the Period

-

-

1,531,027,028

1,531,027,028

Other Comprehensive Income, net of Tax

-

-

(28,680,624)

(28,680,624)

Total Comprehencive Income

-

-

1,502,346,404

1,502,346,404

Transactions with Owners of the Company

Contribution / Distribution

Unclaimed Dividend Reversed

-

-

1,079,413

1,079,413

Dividends

-

-

(54,312,645)

(54,312,645)

Total Transactions with Owners of the Company

-

-

(53,233,232)

(53,233,232)

Balance as at 31stMarch 2025

49,375,150

887,347,500

5,101,787,401

6,038,510,051

Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

STATEMENT OF CASH FLOWS

For the Year Ended 31 stMarch

2025

2024

Rs.

Rs.

Cash flows from Operating Activities

Profit before Tax

2,216,604,543

1,253,152,498

Adjustment For :

Depreciation of Property, Plant and Equipment

187,967,840

141,871,045

Amortization of Intangible Assets

276,031

9,393,514

Depreciation of Right-of-Use Assets

23,047,468

276,031

Provision for Employee Benefits

34,567,421

26,251,758

Impairment Provision Reversal of Trade Receivables

(112,767,891)

(28,073,853)

Reversal of Provision for Inventory

(86,022,809)

(127,013,905)

Finance Costs

8,910,002

10,365,364

Interest Income

(106,092,562)

(53,883,168)

Lease Interest Income

(38,545,063)

(144,590,886)

Gain on Sale of Property, Plant and Equipment

(20,728,650)

(4,638,736)

Charge of Provision for Free Service

9,408,028

1,452,592

Charge of Warranty Provision

7,280,183

9,178,575

Fair Value Gain on Equity Investments

(104,729)

(12,142)

Unrealized Foreign Exchange Loss

1,842,125

264,756

(90,962,606)

(159,159,055)

Operating Profit before Working Capital Changes

2,125,641,937

1,093,993,443

Working Capital Changes in

Inventories

(2,922,925,006)

(1,421,875,000)

Trade and Other Receivables

(1,068,247,616)

(259,197,423)

Amounts due from Related Party

662,338,503

618,439,973

Trade and Other Payables

2,247,313,342

257,925,482

Amounts due to Related Party

(1,246,744,866)

1,322,153,423

(2,328,265,643)

517,446,455

Cash Generated from Operations

(202,623,706)

1,611,439,898

Interest Paid

(8,910,002)

(3,134,509)

Employee Benefit paid

-

(18,183,715)

Investment in Plan Asset

(55,089,826)

(147,107,165)

Payments / Set off of Income Taxes

(251,656,825)

(106,612,878)

(315,656,653)

(275,038,267)

Net Cash (Used in) / Generated from Operating Activities

(518,280,359)

1,336,401,631

Cash flows from Investing Activities

Interest Received

119,901,588

191,484,169

Proceeds from Sale of Property, Plant and Equipment

29,050,000

10,125,000

Acquisition of Property, Plant & Equipment

(144,668,178)

(80,395,047)

Net Cash Flows Generated from Investing Activities

4,283,410

121,214,122

Cash Flows from Financing Activities

Refundable Deposit for Dehiwala Land

(200,000,000)

-

Payment of Operating Lease Liability

(20,150,357)

(23,514,550)

Dividend Paid

(54,312,645)

(18,104,215)

Net Cash Flows Used in Financing Activities

(274,463,002)

(41,618,765)

Net (Decrease) / Increase in Cash & Cash Equivalents

(788,459,951)

1,415,996,988

Net Cash & Cash Equivalents at the Beginning of the period

1,390,074,599

(25,922,389)

Net Cash & Cash Equivalents at the End of the period

601,614,648

1,390,074,599

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

Cash & Cash Equivalents

617,322,158

1,441,114,057

Bank Overdraft

(15,707,510)

(51,039,458)

601,614,648

1,390,074,599

Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 NOTES TO THE INTERIM FINANCIAL STATEMENTS
  1. 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.

  2. 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.

  3. 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 2024/25.

  4. Contingent Liabilities

    There were no material Contingent Liabilities, which require adjustments or disclosures to the Financial Statements as at 31stMarch 2025.

  5. Events After Reporting Date

    After satisfying the Solvency Test in accordance with Section 57 of the Companies Act No. 07 of 2007, the Directors recommend the payment of first and final dividend of Rs. 20/- per share (200%) amounting to Rs. 72,416,860/- for the year ended 31stMarch 2025 (2023/24- Rs. 15/- per share (150%) amounting to Rs. 54,312,645/-), which will be declared at the Annual General Meeting to be held on 11thAugust 2025.

    In accordance with Sri Lanka Accounting Standard 10 (LKAS 10) "Events after the reporting period" this proposed first and final dividend has not been recognized as a liability as at 31thMarch 2025. Subsequent to the reporting period, no circumstance has arisen which would require adjustments to or disclosure in the Financial Statements, other than the above.

  6. Comparative Information

    Comparative figures have been re-stated / re-classified where necessary, to conform the current period presentation.

  7. Investor Information

    Market Value of Shares

    The market value of an ordinary share of Lanka Ashok Leyland PLC has been as follows;

    Quarter Ended 31.03.2025

    Quarter Ended 31.03.2024

    Year Ended 31.03.2025

    Year Ended 31.03.2024

    Market Price

    Trade Date

    Market Price

    Trade Date

    Market Price

    Trade Date

    Market Price

    Trade Date

    Highest

    1,199.00

    18-Feb-25

    820.00

    7-Mar-24

    1,199.00

    18-Feb-25

    820.00

    7-Mar-24

    Lowest

    893.00

    7-Jan-25

    667.00

    8-Jan-24

    675.00

    30-Jul-24

    576.00

    22-May-23

    Last Traded

    1,000.00

    28-Mar-25

    690.00

    28-Mar-24

    1,000.00

    28-Mar-25

    690.00

    28-Mar-24

    Market Capitalization

    As at 31stMarch 2025 2024

    Market Capitalization (Rs.) 3,439,800,850 2,499,286,881

    Public Shareholding

    No. of Share Holders 962 760

    Shareholding 30.38% 30.38%

    Float Adjusted Market Capitalization (Rs.) 1,045,011,498 759,283,354 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.) 1,667.71 1,267.49

    Earnings per Share (Rs.) 422.84 236.90

    Net Assets value per Share and Earnings per share are based on 3,620,843 shares in issue as at 31stMarch 2025, which represent the Stated Capital of the Company.

  9. 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 31 MARCH 2025

NOTES TO THE INTERIM FINANCIAL STATEMENTS

As at 31 stMarch

2025

2024

Rs.

Rs.

10.

Receivables and Related Party Transactions

Rental Receivable from Trade Debtors

Rental Receivables - Related Parties

9,401,573

431,722,572

Rental Receivables - Others

301,436,902

119,577,682

Less - Deferred Interest Income

(21,276,360)

(32,108,546)

Unearned Rental Income

289,562,115

519,191,708

Less - Provision for Impairment Loss

(27,801,341)

(103,324,296)

Balance as at the end of the year

261,760,774

415,867,412

Rental Receivable - Non Current

112,025,979

41,795,691

Rental Receivable - Current

149,734,795

374,071,721

261,760,774

415,867,412

Trade and Other Receivables

Trade Receivables - Related Parties

254,941,699

517,563,564

Trade Receivables - Others

373,233,544

269,711,951

Other Receivables

779,767,684

32,359,413

1,407,942,927

819,634,928

Less - Provision for Impairment Loss

(163,032,770)

(200,277,706)

1,244,910,157

619,357,222

10.1

Total Related Party Receivables

Rental Receivables - Related Parties

9,401,573

431,722,572

Trade Receivables - Related Parties

254,941,699

517,563,564

264,343,272

949,286,136

10.1.1

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

Sri Lanka Transport Board

182,339,637

650,918,540

Other Government Related Entities

36,903,735

78,110,590

Government Financial Institutions

17,018,800

8,000,000

Ashok Leyland Limited - India

28,081,100

212,257,006

264,343,272

949,286,136

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

10.2

Transactions with Related Entities of Government of Sri Lanka

For the Period Ended 31 stMarch

2025

2024

Rs.

Rs.

Name of Related Party

Nature of Transaction

Government Related Entities

Sale of Vehicles, Spares Parts and Gen Sets and

Services Rendered

1,833,527,415

1,175,325,624

Government Financial Institutions

Finance Provided to Lanka Ashok Leyland

PLC's Customers

399,294,000

316,680,000

Sri Lanka Customs

Import Duty and Taxes

1,637,839,838

505,547,560

10.3

Transactions and Outstanding Balance with Ashok Leyland - India

Nature of Transaction

Purchase of Goods and Other Transactions

5,630,004,245

3,384,419,432

Amounts Payable to Ashok Leyland Limited - India

408,780,680

1,655,721,179

Amounts Receivable from Ashok Leyland Limited - India

28,081,100

212,257,006

10.4

Non Recurrent Related Party Transactions

There were no non-recurrent related party transactions for the period ended 31stMarch 2025 which requires immediate market disclosure.

LANKA ASHOK LEYLAND PLC INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 NOTES TO THE INTERIM FINANCIAL STATEMENTS
  1. Shareholders Information

    There were 964 registered shareholders as at 31stMarch 2025 distributed as follows;

    CATEGORY

    NO. OF SHAREHOLDERS

    NO. OF SHARES

    SHARE HOLDING %

    31stMarch 2025

    31stMarch 2024

    31stMarch 2025

    31stMarch 2024

    31stMarch 2025

    31stMarch 2024

    1 - 1,000

    902

    743

    70,115

    43,556

    1.93

    1.20

    1,001 - 5,000

    50

    13

    120,996

    27,609

    3.34

    0.76

    5,001 - 10,000

    5

    -

    57,256

    -

    1.58

    -

    10,001 - 50,000

    3

    1

    54,983

    31,250

    1.52

    0.86

    50,001 - 100,000

    -

    -

    -

    -

    -

    -

    100,001 - 500,000

    1

    2

    228,356

    429,291

    6.31

    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

    964

    762

    3,620,843

    3,620,843

    100.00

    100.00

  2. List of 20 Major Shareholders

MAJOR SHAREHOLDERS

NO. OF SHARES HELD

SHARE HOLDING %

31stMarch 2025

31stMarch 2024

31stMarch 2025

31stMarch 2024

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

Sri Lanka Central Transport Board

31,250

31,250

0.86

0.86

G B D Thilakaratne

12,757

-

0.35

-

Seylan Bank / A C Senanka

10,976

-

0.30

-

Acuity Partners (Pvt) Ltd / Don Janaka Nishan Hettiarachchi

10,000

-

0.28

-

P Thilakaratne

10,000

-

0.28

-

M P D Cooray

9,500

-

0.26

-

N R Gajendran / N Gajendran

9,097

-

0.25

-

S Sivadharshan

7,500

-

0.21

-

E M D Madushan

6,059

-

0.17

-

DFCC Bank / P Pranavan

5,100

-

0.14

-

D B D D Danthanarayana

5,000

5,000

0.14

0.14

T Govinthadas / K Govinthadas

5,000

-

0.14

-

M Sundarresan

5,000

-

0.14

-

U I Suriyabandara

4,950

4,900

0.14

0.14

Seylan Bank PLC/ Ammaiappan Kuladegaran

4,600

-

0.13

-

W B A Fernando

4,270

-

0.12

-

Rahul Capital (Pvt) Limited

-

200,935

-

5.55

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