Lanka Ashok Leyland PlcCSELK: ASHO.N0000

Interim Financial Statements for the Quarter Ended 31.12.2024

Feb 17, 2025 at 10:41 AM UTC · Issued by Lanka Ashok Leyland PLC

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST DECEMBER 2024

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIAL POSITION

31-Mar-24	As at	31-Dec-24		31-Dec-23
Rs.		Rs.		Rs.
Audited	ASSETS
	Non Current Assets
1,051,332,875	Property, Plant & Equipment	1,043,314,388	1,021,858,316
16,771,752	Right-of-Use Asset	68,980,581	20,906,359
644,325	Intangible Assets	436,356	712,956
131,904	Financial Investments	202,194	11,166,136
41,795,691	Rental Receivable from Trade Debtors	46,404,574	32,352,659
231,069,976	Deferred Tax Asset	163,140,349	270,681,620
1,341,746,523	Total Non Current Assets	1,322,478,442		1,357,678,046
	Current Assets
3,752,742,105	Inventories	4,750,778,894	3,417,163,222
619,357,222	Trade and Other Receivables	1,241,257,579	820,651,331
374,071,721	Rental Receivable from Trade Debtors	86,116,212	372,891,406
55,924,997	Deposits and Prepayments	332,814,625	165,678,788
1,355,114,264	Short Term Investments	1,410,729,690	822,513,374
85,999,793	Cash & Cash Equivalents	29,804,340	59,509,796
6,243,210,102	Total Current Assets	7,851,501,340		5,658,407,917
	Total Assets
7,584,956,625	9,173,979,782		7,016,085,963
	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	4,511,140,690	3,480,814,419
4,589,396,879	Equity Attributable to Owners of the Company	5,447,863,340		4,417,537,069
	Non Current Liabilities
57,723,545	Defined Benefit Obligation	30,231,346	105,973,240
11,112,605	Lease Liability	48,574,113	11,852,182
68,836,150	Total Non Current Liabilities	78,805,459		117,825,422
	Current Liabilities
989,740,655	Trade & Other Payables	2,182,629,509	1,435,342,802
1,655,721,179	Amounts due to Related Party	925,535,574	775,064,328
196,925,645	Current Tax Liabilities	303,624,606	201,332,105
9,773,122	Provision for Warranty	10,002,321	10,147,371
23,523,537	Lease Liability	30,476,000	35,730,948
51,039,458	Bank Overdraft	195,042,973	23,105,918
2,926,723,596	Total Current Liabilities	3,647,310,983		2,480,723,472
	Total Liabilities
2,995,559,746	3,726,116,442		2,598,548,894

7,584,956,625	Total Equity & Liabilities	9,173,979,782	7,016,085,963

1,267.49	Net Assets per Share	1,504.58	1,220.03

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;

A A Milton Amarasinghe	H M U K Samararatne
Chairman	Director
Colombo
17th February 2025

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the	For the Period Ended 31 st December	2024/25	2023/24		2024/25	2023/24
Year Ended		Interim Period		Interim Period		Quarter 03		Quarter 03
31-Mar-24		09 Months		09 Months
			Rs.		Rs.
Rs.		Rs.		Rs.

Audited
	Revenue
4,229,076,849	New Vehicle Sales	3,796,087,342	2,797,290,933	36%	1,787,049,716	1,634,408,669	9%
44,486,891	Diesel Generator Set Sales	12,474,237	44,486,891	-72%	5,754,237	22,217,391	-74%
290,180,441	Vehicle Repair Income	237,751,587	227,308,912	5%	77,568,564	108,848,624	-29%
373,592,210	Spare Parts Sales	561,901,572	300,992,605	87%	63,885,656	197,962,428	-68%
467,051,383	Vehicle Hiring Income	593,709,416	284,742,219	109%	203,492,880	106,899,432	90%
-	Local Agency Commission	2,790,178		-	100%	-		-	100%
5,404,387,774	Total Revenue	5,204,714,332	3,654,821,560	42%	2,137,751,053	2,070,336,544	3%
(3,589,971,737)	Cost of Sales	(3,474,675,009)	(2,321,714,053)	50%	(1,401,098,192)	(1,318,092,914)	6%
1,814,416,037	Gross Profit	1,730,039,323	1,333,107,507	30%	736,652,861	752,243,630	-2%
194,551,854	Other Income	74,050,769		151,315,282	-51%	10,297,163		44,717,272	-77%
2,008,967,891		1,804,090,092	1,484,422,789		746,950,024	796,960,902
	Less :
29,813,836	Selling and Distribution Expenses	38,346,340	19,473,847	97%	15,221,179	8,336,679	83%
668,179,894	Administrative Expenses	539,210,341	410,283,783	31%	185,769,044	158,607,722	17%
(28,073,853)	Impairment (Reversal) / Charge on Trade Receivables	(133,486,422)	74,976,300	-278%	(160,443,184)	26,337,161	-709%
144,792,205	Other Operating Expenses	127,130,903		105,333,817	21%	48,246,258		32,679,144	48%
1,194,255,809	Profit before Interest and Tax	1,232,888,930	874,355,042	41%	658,156,727	571,000,196	15%
69,262,053	Finance Income	98,236,991	25,376,141	287%	38,924,833	13,006,248	199%
(10,365,364)	Finance Cost	(8,549,395)	(8,730,986)	-2%	(3,442,026)	(2,556,158)	35%
58,896,689	Net Finance Income	89,687,596		16,645,155	439%	35,482,807		10,450,090	240%
1,253,152,498	Profit before Tax	1,322,576,526	891,000,197	48%	693,639,534	581,450,286	19%
(395,365,601)	Tax Expense	(409,167,420)		(269,064,180)	52%	(207,445,679)		(174,052,782)	19%
857,786,897	Profit for the Period	913,409,106	621,936,017	47%	486,193,855	407,397,504	19%
	Other Comprehensive Income
	Items that will Never be Reclassified to Profit and Loss
(93,831,402)	Remeasurement of Employee Benefits - Actuarial Loss	(900,000)	(900,000)	0%	(300,000)	(300,000)	0%
28,149,421	Deferred Tax Gain on Defined Benefit Plan	270,000	270,000	0%	90,000	90,000	0%
(65,681,981)		(630,000)		(630,000)		(210,000)		(210,000)
	Total Other Comprehensive Income, net of Tax			0%				0%
(65,681,981)	(630,000)		(630,000)	(210,000)		(210,000)
	Total Comprehensive Income for the period			47%				19%
792,104,916	912,779,106		621,306,017	485,983,855		407,187,504

236.90	Basic and Diluted Earnings per Share	252.26	171.77		134.28	112.51

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 31 DECEMBER 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	-	-	621,936,017	621,936,017
Other Comprehensive Income, net of Tax	-	-	(630,000)	(630,000)
Total Comprehencive Income	-	-	621,306,017	621,306,017
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 31st December 2023
49,375,150	887,347,500	3,480,814,419	4,417,537,069
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	-	-	913,409,106	913,409,106
Other Comprehensive Income, net of Tax	-	-	(630,000)	(630,000)
Total Comprehencive Income	-	-	912,779,106	912,779,106
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 31st December 2024
49,375,150	887,347,500	4,511,140,690	5,447,863,340
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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 31 st December

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 Receivables 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 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 (Used in) / Generated from 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 Investing Activities

Cash Flows from Financing Activities

Payment of Operating Lease Liability

Dividend Paid

Net Cash Flows Used in Financing Activities

Net (Decrease) / Increase 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.

1,322,576,526 891,000,197

142,339,740 97,643,012

207,969207,401

12,862,042 8,070,807

40,000,000 9,000,000

(133,486,422) 74,976,300

(76,205,637) (169,341,368)

6,755,880 8,730,986

(98,166,701) (15,553,690)

(32,387,636) (118,671,162)

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

3,775,594 12,258,454

229,199 9,552,824

(70,290)(11,693)

(149,939,973) (84,910,506)

1,172,636,553 806,089,691

(930,640,113) (1,034,890,337)

(948,202,066) (381,256,009)

466,245,129 325,598,340

1,185,671,906 692,423,568

(730,185,605) 441,761,328

(957,110,749) 43,636,890

215,525,804 849,726,581

(757,406) (1,622,348)

(13,845,615)
(72,653,400)-

(234,268,834) (43,396,062)

(307,679,640) (58,864,025)

(92,153,836) 790,862,556

134,815,539 134,613,389

22,560,000 5,125,000

(128,837,220) (14,399,841)

28,538,319 125,338,548

(26,655,380) (13,257,248)

(54,312,645) (18,104,215)

(80,968,025) (31,361,463)

(144,583,542) 884,839,641

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

1,245,491,057 858,917,252

1,440,534,030 882,023,170

(195,042,973) (23,105,918)

1,245,491,057 858,917,252

Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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 31st December 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 31.12.2024	Quarter Ended 31.12.2023	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	974.75	23-Dec-24	799.00	12-Oct-23	820.00	7-Mar-24	815.00	26-May-22
Lowest	711.25	10-Oct-24	620.25	12-Oct-23	576.00	22-May-23	566.00	5-Jul-22
Last Traded	915.00	31-Dec-24	749.00	29-Dec-23	690.00	28-Mar-24	755.00	31-Mar-23
Market Capitalization					As at 31st December
							2024	2023
Market Capitalization (Rs.)					3,294,061,919	2,713,821,829
Public Shareholding

No. of Share Holders					958	733
Shareholding						30.38%	30.38%
Float Adjusted Market Capitalization (Rs.)				1,000,736,011	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.)	1,504.58	1,220.03
Earnings per Share (Rs.)	252.26	171.77

Net Assets value per Share and Earnings per share are based on 3,620,843 shares in issue as at 31st December 2024, which represent the Stated Capital of the Company.

9. Dividend

The Company paid the first and final dividend of Rs. 15/- per share amounting to Rs. 54,312,645/- for the financial year 2023/24 by 14th October 2024.

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 31 DECEMBER 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

As at 31 st December	2024	2023
	Rs.	Rs.

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

Rental Receivables - Related Parties	9,401,573	603,193,572
Rental Receivables - Others	158,969,704	93,338,782
Less - Deferred Interest Income	(12,822,301)		(53,057,365)
Unearned Rental Income	155,548,976	643,474,989
Less - Provision for Impairment Loss	(23,028,190)	(238,230,924)
Balance as at the end of the year	132,520,786		405,244,065

Rental Receivable - Non Current	46,404,574	32,352,659
Rental Receivable - Current	86,116,212	372,891,406
	132,520,786		405,244,065
Trade and Other Receivables

Trade Receivables - Related Parties	441,530,888	651,708,031
Trade Receivables - Others	355,677,774	283,793,909
Other Receivables	591,136,309		65,427,612
	1,388,344,971	1,000,929,552
Less - Provision for Impairment Loss	(147,087,392)	(180,278,221)
	1,241,257,579		820,651,331
11.1 Total Related Party Receivables

Rental Receivables - Related Parties	9,401,573	603,193,572
Trade Receivables - Related Parties	441,530,888	651,708,031
	450,932,461		1,254,901,603

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

Sri Lanka Transport Board	171,982,826	854,110,373
Other Government Related Entities	72,606,984	99,365,479
Government Financial Institutions	-	73,949,999
Ashok Leyland Limited - India	206,342,651	227,475,752
	450,932,461		1,254,901,603

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 31 st December		2024	2023
		Rs.	Rs.
Name of Related Party	Nature of Transaction
Government Related Entities	Sale of Vehicles, Spares Parts and Gen Sets and	1,447,652,729	801,021,925
	Services Rendered
Government Financial Institutions	Finance Provided to Lanka Ashok Leyland	107,312,200	258,240,000
	PLC's Customers
Sri Lanka Customs	Import Duty and Taxes	632,686,927	217,385,703
11.3 Transactions and Outstanding Balance with Ashok Leyland - India
Nature of Transaction
Purchase of Goods and Other Transactions	2,668,960,496	2,404,787,536
Amounts Payable to Ashok Leyland Limited - India	925,535,574	775,064,328
Amounts Receivable from Ashok Leyland Limited - India	206,342,651	227,475,752

11.4 Non Recurrent Related Party Transactions

There were no non-recurrent related party transactions for the period ended 31st December 2024 which requires immediate market disclosure.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

12. Shareholders Information

There were 960 registered shareholders as at 31st December 2024 distributed as follows;

	CATEGORY		NO. OF SHAREHOLDERS	NO. OF SHARES	SHARE HOLDING %
		31st Dec 2024	31st Dec 2023	31st Dec 2024	31st Dec 2023	31st Dec 2024	31st Dec 2023

	1 - 1,000		897	716	80,703	43,336	2.22	1.19
	1,001 - 5,000		51	13	113,594	27,829	3.14	0.77
	5,001 - 10,000		5	-	43,103	-	1.19	-
	10,001 - 50,000		3	1	65,950	31,250	1.82	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		960	735	3,620,843	3,620,843	100.00	100.00
13. List of 20 Major Shareholders

	MAJOR SHAREHOLDERS		NO. OF SHARES HELD	SHARE HOLDING %
		31st Dec 2024	31st Dec 2023	31st Dec 2024	31st Dec 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
	Sri Lanka Central Transport Board		31,250	31,250	0.86	0.86
	G B D Thilakaratne			22,200	-	0.61	-
	Seylan Bank / A C Senanka			12,500	-	0.35	-
	Acuity Partners (Pvt) Ltd /	Don Janaka Nishan Hettiarachchi	10,000	-	0.28	-
	J B Cocoshell (Pvt) Ltd			10,000	-	0.28	-
	S Sivadharshan			10,000	-	0.28	-
	M P D Cooray			7,403	-	0.20	-
	N R Gajendran / N Gajendran		5,700	-	0.16	-
	D B D D Danthanarayana			5,000	5,000	0.14	0.14
	Seylan Bank PLC / S R Fernando		5,000	-	0.14	-
	M Sundarresan			5,000	-	0.14	-
	U I Suriyabandara			4,950	4,835	0.14	0.13
	Seylan Bank PLC/ Ammaiappan Kuladegaran		4,600	-	0.13	-
	W B A Fernando			3,795	-	0.10	-
	S T Jayalath			3,604	-	0.10	-
	P Thilakaratne			3,500	-	0.10	-
	Rahul Capital (Pvt) Limited			935	200,935	0.03	5.55
					.

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