Transmission of quarterly report for the period ended 31 March 2025

3RD QUARTERLY REPORT

TO THE SHAREHOLDERS

FOR NINE MONTHS ENDED MARCH 31, 2025

Vision and Mission Statement 02

Company Information 03

Directors' Report to the Shareholders (English) 04

Directors' Report to the Shareholders (Urdu) 07

Condensed Unconsolidated Interim Statement of Financial Position (Un-audited) 09

Condensed Unconsolidated Interim Statement of Profit or Loss Account (Un-audited) 10

Condensed Unconsolidated Interim Statement of Comprehensive Income (Un-audited) 11

Condensed Unconsolidated Interim Statement of Changes in Equity (Un-audited) 12

Condensed Unconsolidated Interim Statement of Cash Flows (Un-audited) 13

Notes to the Unconsolidated Condensed Interim Financial Statement (Un-audited) 14

Condensed Consolidated Interim Statement of Financial Position (Un-audited) 24

Condensed Consolidated Interim Profit or Loss Account (Un-audited) 25

Condensed Consolidated Interim Statement of Comprehensive Income (Un-audited) 26

Condensed Consolidated Interim Statement of Changes in Equity (Un-audited) 27

Condensed Consolidated Interim Statement of Cash Flows (Un-audited) 28

Notes to the Consolidated Condensed Interim Financial Statement (Un-audited) 29

"Seek innovation in quality, productivity & technology to ensure sustainable growth of the group and all the stakeholders."

"Satisfy customers with timely supplies of products confirming to quality standards at competitive prices."

Board of Directors

Syed Shahid Ali - Chairman*

Syed Sheharyar Ali - Non-Executive Director Mr. Muhammad Mohtashim Aftab - Chief Executive

Mr. Ehsan ul Haq - Non-Executive Director

Mr. M. Z. Moin Mohajir - Independent Director

Mr. Shamim A. Siddiqui - Executive Director

Dr. Rozina Muzammil - Independent Director

* Chairman is Non-Executive Director

Audit Committee

Mr. M. Z. Moin Mohajir - Chairman

Syed Sheharyar Ali - Member

Mr. Ehsan ul Haq - Member

Dr. Rozina Muzammil - Member

Human Resources & Remuneration Committee

Dr. Rozina Muzammil - Chairperson

Syed Sheharyar Ali - Member Mr. Muhammad Mohtashim Aftab - Member

Chief Financial O cer

Mr. Shamim A. Siddiqui

Company Secretary

Mr. Babar Saleem

Head of Internal Audit

Mr. Muhammad Ali

External Auditors

M/S. Yousuf Adil, Chartered Accountants

Legal Advisors

M/S. Altaf K. Allana & Co., Advocates

Symbol

Loads

Credit Rating A1 - Short term A - Long Term

Exchange

Pakistan Stock Exchange

Bankers

Al Baraka Bank (Pakistan) Limited Bank AL Habib Limited

Habib Bank Limited

Habib Metropolitan Bank Limited JS Bank Limited

MCB Bank Limited Meezan Bank Limited

National Bank of Pakistan Limited Soneri Bank Limited

Askari Bank Limited The Bank of Punjab

MCB Islamic Bank Limited Bank Islami Pakistan Limited

Subsidiaries and Associates

• Specialized Autoparts Industries (Private) Limited

• Multiple Autoparts Industries (Private) Limited

• Specialized Motorcycles (Private) Limited

• Hi-Tech Alloy Wheels Limited

• Treet Corporation Limited

Registered O ce

Plot No. DSU-19, Sector II, Pakistan Steel Industrial Estate, Bin Qasim, Karachi.

Tel: +92-21 34740100 / 0302-8674683-9

E-mail: inquiry@loads-group.pk

Shares Registrar

M/s. CDC Share Registrar Services Limited

CDC House, 99-B, Block-B, S.M.C.H.S, Main Shahra-e-Faisal, Karachi

Tel: Customer Support Services: 0800-23275 Fax: +92-21-34326053

E-mail: info@cdcpak.com

DIRECTORS' REVIEW

The Directors of Loads Group are pleased to present the Company's performance report for nine months along with the financial statements for the period ended March 31, 2025.

SUMMARY OF COMPARATIVE FINANCIAL RESULTS

BUSINESS REVIEW

Company Results

The Company delivered exceptional revenue growth during the period, registering a 43% increase compared to the same period last year, with total revenue reaching Rs. 4,346 million (Mar 2024: Rs. 3,032 million). This strong performance was largely driven by a rise in demand from Original Equipment Manufacturers (OEMs), indicating a solid recovery and renewed confidence in the automotive sector. The revenue growth, alongside strategic cost optimization efforts, led to a notable improvement in the Gross Profit Margin, which rose to 22% as a proportion of revenue.

The upward trajectory extended to Operating Profit, which grew by Rs. 208 million to Rs. 774 million (Mar 2024: Rs. 566 million). Likewise, Profit Before Taxation (PBT) reached Rs. 494 million, a significant increase from Rs. 158 million reported in the same period last year. This turnaround was supported by robust sales performance, disciplined cost control measures, and favorable macroeconomic conditions, including a stable exchange rate and a downward trend in the policy rate set by the State Bank of Pakistan.

Adopting a cautious and realistic stance, the Company recognized an impairment charge of Rs. 429 million in the current period (Mar 2024: Rs. 1,358 million) related to the markup recoverable from its associate, Hi-Tech Alloy Wheels Limited (HAWL), owing to delays in the commencement of commercial operations. Despite this, the Company achieved a strong Profit After Taxation of Rs. 286 million-an impressive increase compared to Rs. 46 million in the prior period. Consequently, Earnings Per Share (EPS) rose to Rs. 1.14 from Rs. 0.18.

These results highlight the Company's resilience, strategic foresight, and capacity to leverage emerging opportunities within a transforming automotive landscape. Backed by a solid operational and financial footing and a recovering industry environment, the Company is well-equipped to pursue sustained growth and long-term profitability.

Group Results

The Group recorded turnover of Rs. 4,346 million for the nine months period ended March 31, 2025, reflecting a 43% growth over the corresponding period of the last year.

The consolidated financial statements reported a Profit Before Taxation of Rs. 339 million, a significant improvement from Rs. 85 million in the previous period. The Profit After Taxation for the Group amounted to Rs. 64 million, compared to a Loss After Taxation of Rs. 193 million in the same period of the last year.

AUTOMOTIVE INDUSTRY

1. Passenger Cars / Light Commercial Vehicles (LCVs)

   Overall car sales for the nine months increased from 69,078 units to 100,736 units (46%) over corresponding period. Suzuki, Toyota and Honda sales increased by 41%, 58% and 29% respectively

2. Heavy Commercial Vehicles

   Heavy vehicle volumes increased from corresponding period's 1,888 units to 3,365 units, registering a growth of 80%. Trucks and Buses sales increased by 85% and 60% respectively.

3. Tractors

The tractor industry's sales decreased by 35% over previous period, registering sales of 23,230 units in 2025 (2024: 35,616 units), on account of decline in Al-Ghazi Tractor volumes by 28% and Millat Tractors by 38%.

Note: All the above numbers are based on information released by Pakistan Automotive Manufacturers Association (PAMA).

SALES PERFORMANCE

Given below are the segmented sales of Loads group for the nine months period ended March 31, 2025:

The performance of various product groups are elaborated below:

1. Exhaust Systems : Sales of exhaust systems increased by 45% on account of growth in sales of all three major customers, Suzuki, Toyota and Honda by 41%, 58% and 29%

2. Sheet Metal Components : The group has registered an increase of 31% as compared to corresponding period mainly due to growth in overall volumes of all our customers.

3. Radiators : Sales of radiators increased by 269%, reflecting increase in sales of pickups and vans of Pak Suzuki by 92%, & 83% respectively.

CHANGE IN DIRECTORS

The Board of Directors on February 26, 2025, appointed Chaudhary Ehsan Ul Haq as director of the Company in place of Mr. Munir K. Bana. Mr. Haq currently serves as the Chief Operating Officer of Treet Corporation and brings with him extensive experience from the automotive sector through his previous roles. We are confident that his inclusion on the Board will significantly enhance the company's operational efficiency and engineering capabilities.

The Directors would also like to record their vote of thanks to Mr. Munir K. Bana for his valuable services as director of the company.

CREDIT RATING

The credit rating agency - PACRA in their recent review of company's performance has revisited its opinion regarding the outlook of the company from "negative" to "STABLE".

This positive change is a testament to our strong finacial and operational performance and the promising future business prospects we have identified. This improvement in our outlook is a significant milestone for the company. It reflects our diligent efforts in addressing previous concerns and highlights our commitment to maintaining financial stability and operational excellence.

COMPOSITION OF THE BOARD

In line with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019, the Company encourages the representation of Independent and Non-Executive Directors, as well as gender diversity, on its Board. The current composition of the Board is as follows:

Total number of Directors

Male 6

Female 1

BOARD'S COMMITTEES

1. Board Audit Committee

   Mr. M. Z. Moin Mohajir Chairman

   Syed Sheharyar Ali Member

   Ehsan Ul Haq Member

   Dr. Rozina Muzammil Member

   Composition

   Independent Directors 2

   Non-Executive Directors 3

   Executive Directors 2

2. Board Human Resources & Remuneration Committee

Dr. Rozina Muzammil Chairperson

Syed Sheharyar Ali Member

Mr. M. Mohtashim Aftab Member

DIRECTORS REMUNERATION

The Company has formulated a transparent procedure for the remuneration of its Directors in accordance with the Companies Act, 2017 and the Listed Companies (Code of Corporate Governance) Regulations, 2019.

FUTURE OUTLOOK

The economic outlook remained broadly positive during the period, underpinned by a steady and resilient recovery across key sectors. A critical driver of this stability has been the ongoing success of the IMF program, coupled with the sustained implementation of essential structural reforms. These developments have reinforced investor confidence, bolstered macroeconomic stability, and contributed to a more predictable and conducive business climate.

Consequently, business sentiment has seen a marked improvement. The softening of inflationary pressures and a decline in interest rates have begun to stimulate economic activity. As purchasing power strengthens, consumer demand is projected to recover, further supporting growth momentum.

Looking ahead, maintaining this upward trajectory will require the continued advancement of structural reforms and disciplined fiscal governance. Pakistan is well-placed to leverage these improvements, accelerate its economic development, and progress toward long-term, sustainable growth.

ACKNOWLEDGEMENTS

The Board wishes to thank all its customers, vendors, employees and all other stakeholders for their continued support during the period. By order of the Board

M. Mohtashim Aftab Dr. ROZINA MUZAMMIL

Chief Executive Director

Karachi: April 28, 2025

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Nine Months Ended Report 2025 07

Condensed Unconsolidated Interim Statement of Financial Position (Un-audited)

As at March 31, 2025

The annexed notes from 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Financial Officer Chief Executive Director

Condensed Unconsolidated Interim Statement of Profit or Loss Account (Un-audited)

For the nine and three months period ended 31 March 2025

31 March

2025

31 March

2024

Note

Revenue from contracts with

customers - net 20

Cost of sales 21

Gross profit

Administrative, selling and general expenses

ECL - HAWL loan & markup

Other expenses

Other income 22

Finance costs

Profit before income taxes

Income taxes

Profit for the period Earnings per share - basic

and diluted 23

3,031,921,813

(2,542,763,252)

489,158,561

.

(134,823,763)

354,334,798

(1,358,361,216)

(1,004,026,418)

1,570,416,631

566,390,213

(407,838,161)

158,552,052

(112,394,548)

46,157,504

0.18

1,337,704,845

(1,136,054,371)

201,650,474

(46,859,666)

154,790,808

(1,054,233,075)

(899,442,267)

1,222,347,910

322,905,643

(144,919,114)

177,986,529

(93,055,841)

84,930,688

0.34

The annexed notes from 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Financial Officer Chief Executive Director

Condensed Unconsolidated Interim Statement of Comprehensive Income (Un-audited)

For the nine and three months period ended 31 March 2025

Profit for the period

Other comprehensive income Items that will never be reclassified

subsequently to profit or loss

Change in fair value of equity investment at FVOCI - net of tax

Investments in associate at FVOCI

- net change in fair value - net of tax

Total comprehensive income for the period

The annexed notes from 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Financial Officer Chief Executive Director

Condensed Unconsolidated Interim Statement of Changes in Equity (Un-audited)

For the nine months period ended 31 March 2025

The annexed notes from 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Financial Officer Chief Executive Director

Condensed Unconsolidated Interim Statement of Cash Flows (Un-audited)

31 March

2025

31 March

2024

(Rupees)

For the nine months period ended 31 March 2025

Note

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before income taxes

Adjustments for Depreciation Amortisation Finance cost

Gain on disposal of property, plant and equipment Finance lease charges

Mark-up income on loan to subsidiaries ECL against mark-up receivable - HAWL Worker's Welfare Fund charge Dividend income

Unrealized gain on re-measurement of investment classified as at FVTPL

Working capital changes

Decrease / (increase) in current assets Stores and spares and loose tools Stock-in-trade

Trade debts - net

Due from related parties Loans and advances

Deposits, prepayments and other receivables

Increase / (decrease) in current liabilities Trade and other payables

Cash generated from operations

Mark-up paid

Contribution paid to defined benefit plan Income tax paid

Worker's Welfare Fund paid

Net cash generated from / (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment Dividend received

Purchase of investment

Proceeds from disposal of investment

Proceeds from disposal of property, plant and equipment

Net cash generated from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Lease rentals paid

Long term loan paid during the period Loan received from director - related party Short term borrowing paid - net

Loan to subsidiary companies

Loan recovered from subsidiary companies

Net cash used in financing activities

Net (decrease) / increase in cash and cash equivalents during the period

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period 19

158,552,052

49,371,287

1,031,401

401,667,107

(1,053,344,432)

6,171,054

(533,618,751)

1,358,361,216

-(46,585)

(462,753)

387,681,596

(12,952,278)

144,897,061

(232,533,900)

(14,417,925)

(90,699,211)

(49,044,230)

(254,750,483)

302,050,720

434,981,833

(312,792,407)

(4,370,000)

(186,266,014)

-(68,446,588)

(9,581,957)

46,585

(77,454,781)

180,845,861

1,299,413,629

1,393,269,337

(12,979,168)

(114,474,237)

414,000,000

(357,773,784)

(538,432,674)

1,595,753

(608,064,110)

716,758,639

(1,104,101,051)

(387,342,412)

The annexed notes from 1 to 26 form an integral part of these condensed interim unconsolidated financial statements.

Chief Financial Officer Chief Executive Director

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

For the nine months period ended 31 March 2025

1. STATUS AND NATURE OF BUSINESS

   1. Loads Limited (the Company) is a public listed company, which was incorporated in Pakistan on 1 January 1979, as a private limited company under Companies Act, 1913 (repealed with the enactment of the Companies Act, 2017 on 30 May 2017).

      On 19 December 1993, the status of the Company was converted from private limited company to public unlisted company. On 1 November 2016, the shares of the Company were listed on Pakistan Stock Exchange Limited (PSX).

      The principal activity of the Company is to manufacture and sale of radiators, exhaust systems and other components for automotive industry. The Company's registered office and plant is situated at Plot No. DSU 19 sector - II Pak Steel Industrial Estate, Bin Qasim Industrial Area, Karachi. There are four subsidiaries and one associate of the Company. Subsidiaries are carried at cost. The details are as follows:

      Name of the Companies Incorporation

      Effective holding %

      Principle line of business

      	date	31 March 2025	30 June 2024
      Subsidiaries
      Specialized Autoparts Industries (Private) Limited (SAIL)	2 June 2004	91%	91%	Manufacture and sell components for the automotive industry.
      Multiple Autoparts Industries (Private) Limited (MAIL)	14 May 2004	92%	92%	Manufacture and sell components for the automotive industry.
      Specialized Motorcycles (Private) Limited (SMPL)	28 September 2004	100%	100%	Acquire, deal in, purchase, import, sales, supply and export motorcycles
      				and auto parts. The operations have
      				been ceased from 1 July 2015.
      Hi-Tech Alloy Wheels Limited (HAWL)	13 January 2017	80%	80%	It will manufacture alloy wheels of various specifications and sell them
      				to local car assemblers. Commercial
      Associate				production has not yet started.
      Treet Corporation Limited	22 January 1977	0%	0%	Manufacture and sale of razors, razor blades and other trading activities

      Plants of SAIL and MAIL are situated at DSU-19 and DSU-38 respectively in Downstream Industrial Estate Pakistan Steel Mills Bin Qasim Town, Karachi. HAWL has acquired land for establishing industrial unit which is located at National Industrial Park, Bin Qasim, the Special Economic Zone declared by Government of Sindh.

   2. Liquidity position and its management

      In 2017, Loads group initiated a new project of alloy wheels through a subsidiary company i.e. HAWL. To finance this project, significant borrowings were made from group entities (including Parent company) and other lenders (banks and related parties).

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim unconsolidated financial statements of the Company for the nine months ended March 31, 2025 has been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standards (IAS) 34 , Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

        Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2. These condensed interim unconsolidated financial statements are unaudited and are being submitted to the shareholders as required under section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange Limited. These unconsolidated condensed interim financial statements comprise of the condensed unconsolidated statement of financial position as at March 31, 2025 and condensed unconsolidated Interim statement of profit or loss, condensed unconsolidated statement of comprehensive income, condensed unconsolidated statement of changes in equity and condensed unconsolidated interim statement of cash flows for the nine months ended March 31, 2025.

   3. The comparative unconsolidated statement of financial position presented in these condensed interim unconsolidated financial statements have been extracted from the audited annual unconsolidated financial statements of the Company for the year ended June 30, 2024, whereas the comparative statement of unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows have been extracted from the unaudited condensed interim unconsolidated financial statements for the period then ended March 31, 2024.

      Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

      For the nine months period ended 31 March 2025

   4. These condensed interim unconsolidated financial statements of the Company does not include all the information required for full annual financial statements and should be read in conjunction with the audited annual unconsolidated financial statements of the Company as at and for the year ended June 30, 2024. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual audited financial statements.

   5. Basis of measurement

      These condensed interim unconsolidated financial statements have been prepared under the historical cost convention except as disclosed elsewhere.

   6. Functional and presentation currency

      These condensed interim unconsolidated financial statements are presented in Pakistan Rupee which is also the Company's functional currency and all financial statements presented in Pakistani Rupee have been rounded off to the nearest rupee, unless otherwise stated.

3. NEW ACCOUNTING STANDARDS / AMENDMENTS AND IFRS INTERPRETATIONS

   1. New / Revised Standards, Interpretations and Amendments published accounting and reporting standards that are effective in current period

      There are new and amended standards and interpretations that are mandatory for accounting periods beginning July 01, 2024, but are considered not to be relevant or do not have any significant effect on the Company's financial position and are therefore not stated in these unconsolidated condensed interim financial statements.

   2. Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective

      The following standards, amendments and interpretations are only effective for accounting periods, beginning on or after the date mentioned against each of them. These standards, interpretations and the amendments are either not relevant to the Company's operations or are not expected to have significant impact on the Company's financial statements other than certain additional disclosures.

      • IFRS 17 - Insurance Contracts (including the June 2020 and December 2021 Amendments to IFRS 17)

      • Amendments IFRS 9 'Financial Instruments' and IFRS 7 'Financial instruments disclosures' -Classification and measurement of financial instruments

        Effective from accounting period beginning on or after

        January 01, 2026

        January 01, 2026

        Other than the aforesaid standards, interpretations and amendments, the International Accounting Standards Board (IASB) has also issued the following standards which have not been adopted locally by the Securities and Exchange Commission of Pakistan:

        IFRS 1 - First-time Adoption of International Financial Reporting Standards IFRS 18 - Presentation and Disclosures in Financial Statements

        IFRS 19 - Subsidiaries without Public Accountability: Disclosures

4. MATERIAL ACCOUNTING POLICY INFORMATION

   1. The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the audited unconsolidated financial statements for the year ended June 30, 2024.

1. ACCOUNTING ESTIMATES, JUDGEMENTS

   1. The preparation of these condensed interim unconsolidated financial statements in conformity with approved accounting and reporting standards, as applicable in Pakistan, requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual result may differ from these estimates. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.

   2. Judgements and estimates made by the management in the preparation of these condensed interim unconsolidated financial statements are the same as those that were applied to financial statements as at and for the year ended June 30, 2024.

2. FINANCIAL RISK MANAGEMENT

   1. The Company's financial risk management objectives and policies are consistent with that disclosed in the audited financial statement as at and for the year ended June 30, 2024.

Note

1. PROPERTY, PLANT AND EQUIPMENT

   Operating assets 7.1

   Capital work-in-progress

   445,402,287

   423,454,318

   72,193,722

   495,648,040

72,712,524

518,114,811

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

For the nine months period ended 31 March 2025

1. INVESTMENTS

   1. Long term investments

At cost Note

31 March 30 June

2025 2024 Name of investee companies (Un-audited) (Audited)

Carrying value

31 March 2025 Market

value

Net change in fair value

30 June 2024 Market value

(Number of shares)

Ordinary shares - Quoted

---------------------------------- (Rupees) ---------------------------------------

* All shares have a nominal value of Rs. 10 each, except for the shares of Al-Ghazi Tractors Limited, Agriautos Industries Limited and Thal Limited which have a face value of Rs. 5 each.

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

For the nine months period ended 31 March 2025

152 152 ZIL Limited 5,330 32,224 26,894 39,512

Note

10 TRADE DEBTS - NET

Note

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

For the nine months period ended 31 March 2025

This represents Islamic finance facilities available from Al Baraka Bank (Pakistan) Limited having aggregate limits of Rs. 50 million (30 June 2024: Rs 50 million), for manufacturing of mufflers and exhaust system, spare parts, tools and equipment from local market and for working capital requirement. This facility is secured by charge over current and future assets of the Company. This facility carries mark-up at the rate of 3 months KIBOR plus 3.5% per annum (30 June 2024: 1 month KIBOR plus 1.5% to 3 months KIBOR plus 3.5% per annum) and is repayable maximum within 120 days of the disbursement date.

1. DUE TO RELATED PARTIES - UNSECURED

   Note

   Loan from Directors 15.1

   Markup on loan from Directors

   664,000,000

   704,000,000

   246,478,559

   950,478,559

140,866,924

804,866,924

Notes to the Unconsolidated Condensed Interim Financial Statements (Un-audited)

For the nine months period ended 31 March 2025

Authorised share capital comprises of 400,000,000 (June 30, 2024: 400,000,000) Ordinary shares of Rs. 10 each.

17.2 Issued, subscribed and paid up capital

(Number of shares)

Ordinary shares

----------------- (Rupees) -----------------

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There have been no significant changes in the status of contingencies as reported in the unconsolidated annual financial statements for the year ended June 30, 2024 as disclosed in note 33.3.

      31 March 2025 (Un-audited)		30 June 2024 (Audited)
      (Rupees)

   2. Commitments

      1. Guarantees issued by banks on behalf of the Company

         260,000

         260,000

         361,576,291

         240,805,495

      2. Letters of credit issued by various banks on behalf of the Company in ordinary course of the business (outstanding at period end)