Lotus Hydro Power PlcCSELK: HPFL.N0000

Interim Financial Statements as of 31 12 2024

Feb 10, 2025 at 9:40 AM UTC · Issued by Lotus Hydro Power PLC

INTERIM FINANCIAL STATEMENTS

For the Nine Months Period Ended 31st December 2024

LOTUS HYDRO POWER PLC

2nd Floor, No. 168, Negombo Road, Peliyagoda, Sri Lanka.

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER 2024

PAGE

CONTENTS

NO.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY
STATEMENT OF FINANCIAL POSITION - GROUP & COMPANY
STATEMENT OF CHANGES IN EQUITY - GROUP & COMPANY
STATEMENT OF CASH FLOW - GROUP & COMPANY
NOTES TO THE INTERIM FINANCIAL STATEMENTS
INVESTOR INFORMATION
CORPORATE INFORMATION

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Group
Three months ended
	Un-audited
31.12.2024	31.12.2023	Variance

Page -01

	Group
Nine months ended		Year ended
	Un-audited		Audited
31.12.2024	31.12.2023	Variance	31.03.2024

Revenue

Cost of sales

Gross profit

Other income

Administration expenses

Profit from operating activities

Finance income

Finance costs

Net finance income

Profit before tax

Income tax expense

Profit for the period

Other comprehensive income

Rs.				Rs.	%
72,748,437	104,452,396	-30%
(32,729,627)		(29,722,722)	10%
40,018,810	74,729,674	-46%
-	-	-
(16,422,684)	(14,905,891)	10%

23,596,126	59,823,783	-61%

2,207,422			2,554,551	-14%
(294,930)			(275,058)	7%
1,912,492		2,279,493	-16%
25,508,618	62,103,276	-59%
(7,139,651)	(14,559,288)	-51%

18,368,967	47,543,988	-61%

Rs.Rs.

230,124,769 177,373,561

(89,254,273) (80,190,791)

140,870,496 97,182,770

8,072,163
(43,611,866) (39,124,610)
97,258,630 66,130,323

14,569,344 12,293,229

(831,701) (824,487)

13,737,643 11,468,742

110,996,273 77,599,065

(32,182,380) (18,515,850)

78,813,893 59,083,215

30%

11%

45%

-100%

11%

47%

19%

20%

43%

74%

33%

Rs.

221,656,786

(111,440,074)

110,216,712

6,833,175

(51,059,608)

65,990,279

16,737,138

(1,192,713)

15,544,425

81,534,704

(16,526,454)

65,008,250

Acturial gain / (loss) on defined benefit plan

Deferred tax on actuarial loss on retirement benefit obligations

Other comprehensive income net of tax

Total comprehensive income for the period

Earnings per share - Rs.

Figures in brackets indicate deductions. The above figures are subject to audit.

Colombo

07th February 2025

-	-	-
-		-	-
-		-	-

18,368,967	47,543,988	-61%

0.17	0.44

-	-	-	434,281
-		-	-	(94,988)
-		-	-	339,293

78,813,893	59,083,215	33%	65,347,543

0.72	0.54		0.60

Page -02

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Company				Company
Three months ended			Nine months ended		Year ended
	Un-audited				Un-audited		Audited
31.12.2024	31.12.2023	Variance		31.12.2024	31.12.2023	Variance	31.03.2024

Revenue

Cost of sales

Gross profit

Other income

Administration expenses

Profit from operating activities

Finance income

Finance costs

Net finance income

Profit before tax

Income tax expense

Profit for the period

Other comprehensive income

Acturial gain / (loss) on defined benefit plan

Deferred tax on actuarial loss on retirement benefit obligations

Other comprehensive income net of tax Total comprehensive income for the period

Earnings per share - Rs.

Figures in brackets indicate deductions. The above figures are subject to audit.

Colombo

07th February 2025

Rs.				Rs.	%
44,397,325	68,249,848	-35%
(13,969,405)		(12,392,489)	13%
30,427,920	55,857,359	-46%
-	-	-
(15,637,062)	(14,508,109)	8%
					-64%
14,790,858	41,349,250
				-30%
1,778,480		2,554,551
(43,073)			(19,877)	117%
1,735,407			2,534,674	-32%
16,526,265	43,883,924	-62%
(5,286,638)	(12,543,986)	-58%
				-64%
11,239,627	31,339,938

-	-	-
-	-	-
-		-	-
				-64%
11,239,627	31,339,938

0.10	0.29

Rs.				Rs.	%
139,439,557	106,478,875	31%
(44,303,102)	(39,038,152)	13%
95,136,455	67,440,723	41%
16,500,000	8,072,163	104%
(41,535,287)	(37,752,728)	10%
					86%
70,101,168	37,760,158
					-16%
10,298,342		12,293,229
(98,145)			(83,536)	17%
10,200,197		12,209,693	-16%
80,301,365	49,969,851	61%
(22,287,591)	(12,939,823)	72%
				57%
58,013,774	37,030,028

-	-	-
-	-	-
-		-	-
			57%
58,013,774	37,030,028

0.53	0.34

Rs.

127,550,502

(56,776,331)

70,774,171

6,833,175

(48,995,789)

28,611,557

16,737,138

(189,759)

16,547,379

45,158,936

(10,036,622)

35,122,314

81,317

(24,395)

56,922

35,179,236

0.32

STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER,

ASSETS

Non-current assets

Property, plant and equipment

Right of use Land

Capital work-in-progress

Investments in subsidiaries

Total non current assets

Current assets

Inventories

Trade and other receivables

Amounts due from related parties

Cash and cash equivalents

Total current assets

Total assets

EQUITY AND LIABILITIES

Capital and reserve

Stated capital

Revaluation reserve

Reserves

Retained earnings

Total equity

Non-current liabilities

Deferred tax liability

Lease liability

Retirement benefit obligations

Total non-current liabilities

Current liabilities

Expense and other payables

Amounts due to related parties

Lease liability

Income tax payable

Bank Overdraft

Total current liabilities

Total liabilities

Total equity and liabilities

Net assets per ordinary share (Rs.)

LOTUS HYDRO POWER PLC

			Group
	Un-audited	Audited
	31.12.2024	31.12.2023	31.03.2024
	Rs.		Rs.	Rs.
511,971,352	554,424,199	543,080,260
14,942,810	19,214,633	18,155,477
9,368,488	9,368,488	9,368,488
-	-	-
	536,282,650		583,007,320	570,604,225
21,436,476	23,354,093	22,115,105
31,560,632	147,201,580	32,724,247
45,856,743	35,097,253	69,328,189
251,634,195	85,726,627	185,006,246
	350,488,046		291,379,553	309,173,787
	886,770,696	874,386,873	879,778,012

482,300,200	482,300,200	482,300,200
141,375,656	150,646,187	148,328,557
101,802	101,802	101,802
85,590,500	67,603,426	76,185,384
	709,368,158	700,651,615	706,915,943
121,774,330	129,137,772	126,932,589
7,688,039	7,773,483	7,737,507
11,959,336	8,740,596	10,114,335
	141,421,705		145,651,851	144,784,431
8,807,473	7,876,872	8,927,481
237,816	-	113,474
60,223	1,335,292	993,561
26,831,440	18,871,243	17,729,251
43,881	-	313,871
	35,980,833	28,083,407	28,077,638
	177,402,538	173,735,258	172,862,069
	886,770,696	874,386,873	879,778,012

6.50	6.42	6.48

				Page -03

		Company
Un-audited		Audited
31.12.2024	31.12.2023	31.03.2024
Rs.		Rs.		Rs.
269,441,089	287,859,122	282,515,771
8,516,270	12,470,741	11,490,923
-	-	-
281,997,662	281,997,662	281,997,662
559,955,021		582,327,525		576,004,356
19,393,709	21,311,326	20,072,338
20,085,468	97,097,220	13,470,548
30,373,598	39,863,719	74,042,467
148,799,017	81,775,710	112,601,228
218,651,792	240,047,975		220,186,581
778,606,813	822,375,500		796,190,937

482,300,200	482,300,200	482,300,200
141,375,656	150,646,187	148,328,557
101,802	101,802	101,802
44,298,849	55,227,014	55,693,852
668,076,507	688,275,203		686,424,411
78,065,035	84,168,472	82,300,661
-	-	-
8,874,791	6,220,715	7,344,790
86,939,826		90,389,187		89,645,451
5,348,051	4,392,494	6,416,367
237,816	23,508,036	113,474
-	1,275,069	905,612
17,960,732	14,535,511	12,371,751
43,881	-	313,871
23,590,480	43,711,110		20,121,075
110,530,306	134,100,297		109,766,526
778,606,813	822,375,500		796,190,937

6.12	6.31	6.29

Figures in brackets indicate deductions.

These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

…....................................

Mrs. D P Lokugalappaththi

Chief Financial 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 Lotus Hydro Power PLC.

…	…
Mr. A.U.A.M.Athukorala	Mr. Gowri Shankar
(Director)	(Director)
Colombo
07th February 2025

Page -04

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STEMENTS

STATEMENT OF CHANGES IN EQUITY

Group	Stated		Revaluation		Revenue	Retained
					Total
	Capital		Reserve		Reserve	Earnings

	Rs.		Rs.		Rs.	Rs.	Rs.
Balance as at 1st April ,2023 (Audited)	482,300,200	157,599,092	101,802	154,290,664	794,291,758
Total Comprehensive income for the period	-	-	-	59,083,215	59,083,215
Dividends paid	-	-	-	(152,723,358)	(152,723,358)
Depreciation transfer on revalued assets	-	(6,952,905)	-	6,952,905	-
Balance as at 31st December ,2023 (Un - audited)
482,300,200	150,646,187	101,802	67,603,426	700,651,615

Balance as at 31st March 2024 (Audited)	482,300,200	148,328,557	101,802	76,185,384	706,915,943
Total comprehensive income for the period	-	-	-	78,813,893	78,813,893
Dividends paid	-	-	-	(76,361,678)	(76,361,678)
Depreciation transfer on revalued assets	-	(6,952,901)	-	6,952,901	-
Balance as at 31st December ,2024 (Un audited)
482,300,200	141,375,656	101,802	85,590,500	709,368,158
Company
	Stated		Revaluation		Revenue	Retained	Total
	Capital		Reserve		Reserve	Earnings

	Rs.		Rs.		Rs.	Rs.	Rs.
Balance as at 1st April ,2023 (Audited)	482,300,200	157,599,092	101,802	163,967,439	803,968,533
Total Comprehensive income for the period	-	-	-	37,030,028	37,030,028
Dividends paid	-	-	-	(152,723,358)	(152,723,358)
Depreciation transfer on revalued assets	-	(6,952,905)	-	6,952,905	-
Balance as at 31st December ,2023 (Un - audited)
482,300,200	150,646,187	101,802	55,227,014	688,275,203

Balance as at 31st March 2024 (Audited)	482,300,200	148,328,557	101,802	55,693,852	686,424,411
Total comprehensive income for the period	-	-	-	58,013,774	58,013,774
Dividends paid	-	-	-	(76,361,678)	(76,361,678)
Depreciation transfer on revalued assets	-	(6,952,901)	-	6,952,901	-
Balance as at 31st December ,2024 (Un audited)
482,300,200	141,375,656	101,802	44,298,849	668,076,507

Figures in brackets indicate deductions.

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CASH FLOW

Cash flows from operating activities

Net profit/(loss) before CER adjustment and taxation Adjustments for:

Depreciation

Amortization of leasehold assets Interest cost on lease liability

Certified Emission Reduction (CER) write-off / addition Provision for defined benefit plan costs - gratuity Interest income

Interest expenses

Operating profit/(loss) before working capital changes

(Increase) / decrease in inventories

(Increase) / decrease in trade and other receivables

(Increase) / decrease in amounts due from related parties

(Increase) / decrease in amounts due to related parties Increase / (decrease) in trade and other payables

Cash generated from / (used) in operations

Interest paid

Income tax paid

Gratuity paid

Net cash flow from / (used) in operating activities

LOTUS HYDRO POWER PLC

				Group
Un audited				Audited
31.12.2024	31.12.2023	31.03.2024
Rs.				Rs.		Rs.
110,996,273	77,599,065	81,534,704

31,180,698		31,326,616		42,706,508
3,212,667			2,370,326		3,429,482
733,556			740,951		-
-			-		(14,615,259)
1,845,000			810,000		2,618,020
(13,962,483)			(12,293,229)		(16,737,138)
831,701			824,487		1,130,848
23,841,139		23,779,151		18,532,461
134,837,412		101,378,216	100,067,165

678,629		(15,854,247)		-
1,163,615			77,675,829		192,153,162
23,471,446			78,164,470		(55,567,885)
124,342			(147,898)		(34,424)
(120,008)			1,479,684		2,530,293
25,318,024		141,317,838	139,081,146
160,155,436		242,696,054	239,148,311

(831,701)		(686,960)		-
(28,238,450)			(20,750,910)		(22,066,149)
-			(707,750)		(707,750)
(29,070,151)		(22,145,620)		(22,773,899)
131,085,285		220,550,434	216,374,412

						Page -05
				Company
Un audited		Audited
31.12.2024	31.12.2023	31.03.2024
Rs.				Rs.		Rs.
80,301,365	49,969,851	45,158,936

13,146,471		13,283,931	18,643,281
2,974,653			2,132,310		3,112,128
-			-		-
-			-		(14,615,259)
1,530,000			630,000		1,835,392
(10,298,342)			(12,293,229)		(16,737,138)
98,145			83,536		127,894
7,450,927		3,836,548		(7,633,702)
87,752,292		53,806,399	37,525,234

678,629		(15,854,247)	-
(6,614,920)			41,356,762		124,983,434
43,668,869			130,139,599		(3,540,568)
124,342			23,360,138		(34,424)
(1,068,316)			419,725		2,443,598
36,788,604			179,421,977		123,852,040
124,540,896		233,228,376	161,377,274

(98,145)		(83,536)	-
(20,934,235)			(16,622,292)		(17,775,057)
-			(707,750)		(707,750)
(21,032,380)		(17,413,578)		(18,482,807)
103,508,516		215,814,798	142,894,467

Cash flow from investing activities

Purchase of property, plant and equipment

Interest received

Funds transferred to related parties

Net cash from /(used) in investing activities

Cash flow from financing activities Proceeds from long-termloans and borrowings Payment of lease rental

Dividend paid

Net cash from/(Used) in financing activities Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

Figures in brackets indicate deductions.

Colombo

07th February 2025

(71,789)

13,962,483

13,890,694

(1,716,362)

(76,361,678)

(78,078,040)

66,897,939

184,692,375

251,590,314

(8,675,030)	(310,984)
12,293,229	13,941,272

102,297,285
3,618,199 115,927,573

1,500,000-

(2,158,956) (9,826,560)

(152,723,358) (152,723,358)

(153,382,314) (162,549,918)

70,786,319 169,752,067

14,940,308 14,940,308

85,726,627 184,692,375

(71,789)

10,298,342

10,226,553

(905,612)

(76,361,678)

(77,267,290)

36,467,779

112,287,357

148,755,136

(8,589,215)	(205,214)
12,293,229	13,941,272

102,297,285
3,704,014 116,033,343

1,500,000-

(1,348,209) (8,745,560)

(152,723,358) (152,723,358)

(152,571,567) (161,468,918)

66,947,245 97,458,892

14,828,465 14,828,465

81,775,710 112,287,357

Page -06

LOTUS HYDRO POWER PLC

NOTES TO THE PROVISIONAL FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER 2024

ACCOUNTING POLICIES
The provisional interim financial statements of the Company/Group are unaudited and have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2024 and are in compliance with the Sri Lanka Accounting Standard 34-Interim Financial Reporting. Provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements of the Company/Group.
Accounting policies and methods of computation as stated in the Financial Statments for 2023/2024 are followed in the preparation of these provisional financial statements.
COMPARATIVE INFORMATION
The previous period figures and phrases have been re - arranged where necessary to conform to the current period's presentation and classifications.
STATED CAPITAL

4.1 NO. OF SHARES REPRESENTING THE STATED CAPITAL

The stated capital amounting to Rs. 482,300,200/- is represented by 109,088,112 Nos. of ordinary shares as at 31st December 2024.
CONTINGENT LIABILITIES
There has been no significant change in the nature of the contingent liabilities other than those disclosed in the financial statements for the year ended 31st March 2024.
EVENTS AFTER THE FINANCIAL POSITION DATE
No circunstances have arisen since the date of financial position which would require adjustments or disclosure in the provisional financial statements.
FUNCTIONAL AND PRESENTATION CURRENCY
The financial statements are presented in Sri Lankan rupees, which is the Company's functional currency. Financial information presented in Sri Lankan rupees has been rounded to the nearest rupee unless indicated otherwise.
APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
The provisional financial statements of the Group and the Company for the third quarter ended 31st December 2024 were authorized for issue by the Board of directors on 07th February 2025.
NO. OF ORDINARY SHARES HELD BY THE DIRECTORS

	As at
Name of Director	31st December 2024
	Nos.
Mr. G. D. Seaton	-
Mr. Gowri Shankar	-
Mr. A. U. A. M. Authokorala	-
Dr. T. Senthilverl	16,557,457
Sampath Bank PLC/ Senthilverl Holdings (Pvt) Ltd
Mr. A. I. Fernando	-
Mr. P. M. B. Fernando	1,500

10 CERTIFIED EMISSION REDUCTION (CER) UNITS

Certified Emission Reduction (CER) Units have been valued at net realizable value (NRV) of USD 1. The Company /Group has progressed with the related activities for the validation and verification.

Page -07

LOTUS HYDRO POWER PLC

INVESTER INFORMATION

As at

31st December 2024

Market performance - ordinary shares

Closing price per share (Rs.)

Highest price per share during the quarter (Rs.)

Lowest price per share during the quarter (Rs.)

Twenty largest shareholders

LOTUS RENEWABLE ENERGY PRIVATE LIMITED
SAMPATH BANK PLC/SENTHILVERL HOLDINGS (PVT) LTD
MR. D.D GUNARATNE
MR. H.A.R. PIERIS
MR. S. N. SENTHILVERL

MR. S. SENTHIMAARAN

DR. A.R. MOHAMED
MRS. S. VASUDEVAN
MR. A.M.K.M.G. DHARMASENA
MR. M. SUNDARESAN
MRS. F.F. MUSTHAPHA
MR. G.K. KULATILLEKE
MR. K.P.G.C.K. BANDARA
PMF FINANCE PLC / R.A.Y.S.PERERA
MR. K.C. VIGNARAJAH
MR. N.A. WITHANA
MISS. J.M.M.N. GALGAMUWA
MR. M.N. ATHTHAS
MERCHANT BANK OF SRI LANKA & FINANCE PLC/H.M.C.M. ABEWARDANA
MISS S.V.T. FERNANDO

MR. S.A. OBEYESEKERE

PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOYSA

MR. D.N.P. RATHNAYAKE

Others

11.80

12.40

10.60

As at

31st December 2024

Nos. %

Held

80,350,881 73.66

16,557,457 15.18

1,100,000 1.01

475,000 0.44

469,200 0.43

251,297 0.23

213,771 0.20

192,460 0.18

185,451 0.17

153,503 0.14

152,300 0.14

150,140 0.14

150,000 0.14

133,486 0.12

129,757 0.12

128,863 0.12

117,327 0.11

115,090 0.11

100,000 0.09

101,895,183 93.41

7,192,929 6.59

109,088,112 100.00

	As at
	31st December 2024
Number of shares held by the public	12,178,274
Number of public shareholders	2,420
The percentage of shares held by the public (%)	11.16%
Exiting float adjusted market capitalization (Rs.)	143,703,633
Compliant under option 2

Page - 08

LOTUS HYDRO POWER PLC

CORPORATE INFORMATION

NAME OF COMPANY

LOTUS HYDRO POWER PLC

LEGAL FORM

A Public Limited Liability Company incorporated in Sri Lanka on 24th April 2000 under the Compaies Act No.07 of 2007 and is a BOI approved Company quoted on Colombo Stock Exchange.

COMPANY REGISTRATION NO.

PV 7385 PB/PQ

DIRECTORS
Mr. Gary Seaton	- Chairman/Executive Director
Mr. Menaka Athukorala	- Executive Director
Mr. Gowri Shankar	- Non-Executive Director
Dr. Thirugnanasambandar Senthilverl	- Non-Executive Director
Mr. Indrajith Fernando	- Senior Independent Non-Executive Director
Mr. Mayura Fernando	- Independent Non-Executive Director (Appointed w.e.f. 31st December 2024)
Mr. Uditha Palihakkara	- Senior Independent Non-Executive Director (Resigned w.e.f. 31st December 2024)

REGISTERED OFFICE

2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka.

BUSINESS OFFICE

2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka. Tel No.: +94 112983277

COMPANY SECRETARIES

S S P Corporate Services (Pvt) Ltd

No. 101, Inner Flower Road, Colombo 03

AUDITORS

KPMG, Chartered Accountants,

32 A, Sir Mohamed Macan Markar Mawatha, Colombo 03.

BANKERS

Seylan Bank PLC

Sampath Bank

Nation Trust Bank PLC

Hatton National Bank PLC

National Development Bank PLC

Earlier from Lotus Hydro Power

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