INTERIM FINANCIAL REPORT Year Ended
31 March 2025 Maharaja Foods PLC Eat well, Be well, Live well
https://www.mfpe.com
For the Year Ended 31st March 2025
Group
2025 | 2024 | Change | 2025 | 2024 | Change | |
Three Months Ended | % | Twelve Months Ended | % | |||
Jan - Mar | Jan - Mar | Apr-Mar | Apr-Mar | |||
Unaudited | Audited | |||||
Rs. | Rs. | Rs. | Rs. | |||
Revenue | 215,334,359 | 151,639,654 | 42% | 636,914,685 | 496,999,876 | 28.15% |
Cost of Sales | (172,371,046) (128,905,933) | 34% | (514,862,736) (419,695,166) | 22.68% | ||
Gross Profit | 42,963,313 | 22,733,721 | 89% | 122,051,949 | 77,304,710 | 57.88% |
Other Operating Income | 1,340,023 | 724,273 | 85% | 2,210,022 | 1,653,255 | 33.68% |
Administration Expenses | (8,571,994) | (8,980,108) | -5% | (23,616,850) | (22,537,500) | 4.79% |
IPO and Listing Expenses | - | - | 100% | (4,975,280) | - | 100.00% |
Distribution Expenses | (7,722,412) | (1,488,411) | 419% | (14,007,429) | (5,196,014) | 169.58% |
Profit from Operations | 28,008,930 | 12,989,475 | 116% | 81,662,412 | 51,224,451 | 59.42% |
Finance Income | 80,756 | 108,274 | -25% | 1,609,428 | 341,898 | 370.73% |
Finance Expenses | (7,027,109) | (2,398,023) | 193% | (21,338,945) (14,960,650) | 42.63% | |
Net Finance Cost | (6,946,353) | (2,289,749) | 203% | (19,729,517) (14,618,752) | 34.96% | |
Profit Before Taxation | 21,062,577 | 10,699,726 | 97% | 61,932,895 | 36,605,699 | 69.19% |
Taxation | 595,363 | (5,176,509) | -112% | (8,804,810) | (5,534,911) | 59.08% |
Net Profit for the Period | 21,657,939 | 5,523,217 | 292% | 53,128,085 | 31,070,788 | 70.99% |
Other Comprehensive Income Total Comprehensive Income | -21,657,939 | - 5,523,217 | 292% | -53,128,085 | - 31,070,788 | 70.99% |
Earnings per Share | 0.17 | 0.04 | 0.43 | 0.25 | ||
MAHARAJA FOODS PLC
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended 31st March 2025
Company
2025 | 2024 | Change | 2025 | 2024 | Change | |
Three Months Ended | % | Twelve Months Ended | % | |||
Jan - Mar Rs. | Jan - Mar Rs. | Apr-Mar Unaudited Rs. | Apr-Mar Audited Rs. | |||
Revenue | 158,453,903 | 100,854,906 | 57% | 412,411,525 | 325,656,834 | 26.64% |
Cost of Sales | (121,037,380) (82,829,867) | 46% | (315,689,191) (263,436,056) | 19.84% | ||
Gross Profit | 37,416,523 | 18,025,039 | 108% | 96,722,334 | 62,220,778 | 55.45% |
Other Operating Income | 751,988 | 637,673 | 18% | 1,332,667 | 1,111,790 | 19.87% |
Administration Expenses | (5,093,981) | (6,288,930) | -19% | (11,640,380) | (13,599,789) | -14.41% |
IPO and Listing Expenses | - | - | 100% | (4,975,280) | - | 100.00% |
Distribution Expenses | (1,420,752) | (118,275) | 1101% | (3,018,739) | (658,675) | 358.30% |
Profit from Operations | 31,653,778 | 12,255,507 | 158% | 78,420,602 | 49,074,104 | 59.80% |
Finance Income | 52,259 | 104,026 | -50% | 1,580,291 | 336,579 | 369.52% |
Finance Expenses | (6,583,058) | (2,320,570) | 184% | (19,972,345) (14,578,298) | 37.00% | |
Net Finance Cost | (6,530,799) | (2,216,544) | 195% | (18,392,054) (14,241,719) | 29.14% | |
Profit Before Taxation | 25,122,978 | 10,038,963 | 150% | 60,028,548 | 34,832,386 | 72.34% |
Taxation | (776,529) | (4,953,017) | -84% | (8,804,810) | (4,953,017) | 100.00% |
Net Profit for the Period | 24,346,449 | 5,085,946 | 379% | 51,223,738 | . 29,879,369 | 71.44% |
Other Comprehensive Income | - | - | - | - | ||
Total Comprehensive Income | 24,346,449 | 5,085,946 | 379% | 51,223,738 | 29,879,369 | 71.44% |
Earnings per Share | 0.19 | 0.04 | 0.41 | 0.24 | ||
MAHARAJA FOODS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at ,
Group Company
ASSETS | 31 March 2025 Unaudited Rs. | 31 March 2024 Audited Rs. | 31 March 2025 Unaudited Rs. | 31 March 2024 Audited Rs. |
Non Current Assets Property, Plant and Equipment | 313,791,783 | 101,753,959 | 310,668,386 | 99,925,694 |
Investments in Subsidiary | - | - | 30,000,000 | 30,000,000 |
Investments - Maharaja Supermarket (Pvt) Ltd | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
323,791,783 | 111,753,959 | 350,668,386 | 139,925,694 | |
Current Assets Inventory | 86,874,172 | 56,154,405 | 44,676,448 | 16,651,529 |
Trade and Other Receivables | 212,595,626 | 112,959,221 | 151,891,701 | 83,361,603 |
Amount Due from Related Party | - | - | 42,670,254 | 4,395,704 |
Cash and Cash Equivalents | 21,786,129 | 25,310,580 | 10,229,199 | 24,115,879 |
321,255,927 | 194,424,206 | 249,467,602 | 128,524,716 | |
Total Assets | 645,047,710 | 306,178,165 | 600,135,988 | 268,450,410 |
EQUITY & LIABILITIES Stated Capital | 170,500,010 | 45,500,010 | 170,500,010 | 45,500,010 |
Retained Earnings | 91,458,010 | 38,329,925 | 87,544,820 | 36,321,082 |
Revaluation Reserves | 9,711,869 | 9,711,869 | 9,711,869 | 9,711,869 |
Total Equity | 271,669,889 | 93,541,804 | 267,756,699 | 91,532,961 |
Non Current Liabilities | ||||
Deferred Tax Liability | 2,974,867 | 1,224,225 | 2,869,382 | 1,118,740 |
Defined Benefit Obligation | 591,800 | 356,000 | 591,800 | 356,000 |
Lease Liabilities | 8,859,919 | 6,068,041 | 8,859,919 | 6,068,041 |
Bank Borrowings | 78,877,606 | 8,553,178 | 78,877,606 | 8,553,178 |
91,304,192 | 16,201,444 | 91,198,707 | 16,095,959 | |
Current Liabilities Trade and Other Payables | 121,443,154 | 49,400,463 | 89,665,136 | 32,452,545 |
Current Tax Liability | 7,054,168 | 4,514,917 | 7,054,168 | 3,834,277 |
Lease Liabilities | 9,677,916 | 3,096,878 | 9,677,916 | 3,096,878 |
Short-Term Bank Borrowings | 119,119,710 | 88,340,109 | 119,119,710 | 88,340,109 |
Bank Balance Overdrawn | 24,778,680 | 51,082,550 | 15,663,652 | 33,097,680 |
282,073,628 | 196,434,917 | 241,180,582 | 160,821,489 | |
Total Equity and Liabilities | 645,047,710 | 306,178,165 | 600,135,988 | 268,450,410 |
I certify that these Financial Statements have been prepared in compliance with the requirements of Companies Act No. 07 of 2007.
……………………………… Chamili Selvaratnam Finance Manager
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and Signed on behalf of the Board.
……………………………… G.Vijayananth
……………………………… G.Vithyanath
Colombo.
29 May 2025
Chairman Managing Director
For the Year Ended 31st March 2025
Stated Retained Revaluation Non Controlling
Total
Group Capital Earning Reserves Interest
Rs. Rs. Rs. Rs. Rs.
Balance as at 01st April 2023 | 45,500,010 | 6,441,713 | 9,711,869 | 818,424 | 62,472,016 |
Profit for the Year | - | 31,070,788 | - | 31,070,788 | |
Adjustment in Respect of Changes in Group Holding | - | 817,424 | - | (817,424) | - |
Adjustment to Non-controlling Interest | - | - | - | (1,000) | (1,000) - |
Balance as at 31st March 2024 | 45,500,010 | 38,329,925 | 9,711,869 | - | 93,541,804 |
Balance as at 01st April 2024 | 45,500,010 | 38,329,925 | 9,711,869 | - | 93,541,804 |
Profit for the Period | 53,128,085 | - | - | 53,128,085 | |
Issue of Shares | 125,000,000 | - | 125,000,000 | ||
Balance as at 31st March 2025 | 170,500,010 | 91,458,010 | 9,711,869 | - | 271,669,889 |
Stated Retained Revaluation
Company Capital Earning Reserves
Total
Rs. Rs. Rs. Rs.
Balance as at 01st April 2023 | 45,500,010 | 6,441,713 | 9,711,869 | 61,653,592 |
Profit for the Year | - | 29,879,369 | - | 29,879,369 |
Balance as at 31st March 2024 | 45,500,010 | 36,321,082 | 9,711,869 | 91,532,961 |
Balance as at 01st April 2024 | 45,500,010 | 36,321,082 | 9,711,869 | 91,532,961 |
Issue of Shares | 125,000,000 | - | - | 125,000,000 |
Profit for the Period | - | 51,223,738 | - | 51,223,738 |
Balance as at 31st March 2025 | 170,500,010 | 87,544,820 | 9,711,869 | 267,756,699 |
For the Year Ended 31st March 2025
Group Company
31 March 2025 Unaudited Rs. | 31 March 2024 Audited Rs. | 31 March 2025 Unaudited Rs. | 31 March 2024 Audited Rs. | |
Cash Flow from Operating Activities | ||||
Net Profit before Taxation | 61,932,895 | 36,605,699 | 60,028,548 | 34,832,386 |
Adjustments for Depreciation | 3,296,236 | 3,595,893 | 3,166,079 | 3,453,904 |
Provision for Retirement Gratuity | 235,800 | 196,500 | 235,800 | 196,500 |
Interest Income | (1,609,428) | (341,898) | (1,580,291) | (336,579) |
Interest Expenses | 21,338,945 | 14,960,650 | 19,972,345 | 14,578,298 |
Adjustment to Non Controlling Interest | (1,000) | - | ||
Operating Profit before Working Capital Changes | 85,194,448 | 55,015,845 | 81,822,481 | 52,724,509 |
(Increase) / Decrease in Inventories | (30,719,767) | (2,709,317) | (28,024,919) | 11,401,140 |
Increase in Trade and Other Receivables | (99,636,406) | (75,857,956) | (68,530,098) | (56,302,806) |
Increase / (Decrease) in Trade and Other Payables | 72,042,691 | 7,188,275 | 57,212,591 | 16,501,944 |
Increase / (Decrease) in Amount Due to Related Parties | - | (19,811,170) | - | (19,811,170) |
(Increase) / Decrease in Amount Due from Related Parties | - | 3,887,173 | (38,274,550) | 10,547,549 |
Cash Flow from / (Used in) Operating Activities | 26,880,968 | (32,287,151) | 4,205,502 | 15,061,168 |
Corporate tax paid | (4,514,917) | (3,834,277) | - | |
Net Cash from / (Used in) Operating Activities | 22,366,052 | (32,287,151) | 371,225 | 15,061,168 |
Cash Flow from Investing Activities | ||||
Interest Income | 1,609,428 | 341,898 | 1,580,291 | 336,579 |
Investments in Subsidiary | - | - | - | (30,000,000) |
Purchase of Property, Plant and Equipment | (215,334,059) | (15,325,486) | (213,908,770) | (13,946,346) |
Net Cash Flow Used in Investing Activities | (213,724,632) | (14,983,588) | (212,328,478) | (43,609,768) |
Cash Flow from Financing Activities Issue of Shares | 125,000,000 | - | 125,000,000 | - |
Proceeds from Borrowings | 30,000,000 | 150,286,144 | 30,000,000 | 150,286,144 |
Loan Settlements | 71,104,028 | (110,778,928) | 71,104,028 | (110,778,928) |
Interest Expenses | (21,338,945) | (14,960,650) | (19,972,345) | (14,578,298) |
Proceeds from Leases | 13,944,001 | 10,200,000 | 13,944,001 | 10,200,000 |
Lease Rentals Paid | (4,571,085) | (1,035,080) | (4,571,085) | (1,035,080) |
Net Cash Flow from / (Used in) Financing Activities | 214,137,999 | 33,711,486 | 215,504,599 | 34,093,838 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 22,779,415 | (13,559,254) | 3,547,347 | 5,545,238 |
Cash and Cash Equivalents at the Beginning of the Period | (25,771,969) | (12,212,716) | (8,981,801) | (14,527,039) |
Cash and Cash Equivalents at the End of the Period | (2,992,552) | (25,771,970) | (5,434,454) | (8,981,801) |
Cash and Cash Equivalents Cash at Bank and Cash in Hand | 21,786,129 | 25,310,580 | 10,229,199 | 24,115,879 |
Bank Overdraft | (24,778,680) | (51,082,550) | (15,663,652) | (33,097,680) |
(2,992,552) | (25,771,970) | (5,434,454) | (8,981,801) |
For the Year Ended 31st March 2025
Basis of Preparation
The interim Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard for Small and Medium-sized Entities ("SLFRS for SMEs") and the same accounting policies and methods set out in the Audited Financials Statements for the year ended 31st March 2024 and are in compliance with LKAS 34 - Interim Financial Reporting. The presentation and classification of comparative information have been amended where relevant. The interim financial statements are not audited.
Contingencies
The Group does not have any other significant contingent liabilities outstanding as at the reporting date which require adjustments to or disclosure in the financial statements.
Events occurring after the reporting date
There were no material events occurring after the reporting date which require adjustments to or disclosures in the financial statements.
Capital Expenditure
The Group has incurred Rs.215 Mn for capital expenditure including acquisition of factory and warehouse at Mirigama for the reporting period.
Earning per share
Earnings per share is calculated by dividing the profit attributable to the equity holders by number of ordinary shares in issue during the reporting period.
Group
31 March 2025
31 March 2024
Net profit attributable to equity holders (Rs.)
53,128,085
31,070,788
Number of shares in issue
125,000,000
125,000,000
Earnings Per Share (Rs.)
0.43
0.25
Company
31 March 2025
31 March 2024
Net profit attributable to equity holders (Rs.)
51,223,738
29,879,369
Number of shares in issue
125,000,000
125,000,000
Earnings Per Share (Rs.)
0.41
0.24
Net Assets per share
Net Assets per share is calculated by dividing the total equity by number of ordinary shares in issue during the reporting period.
Group
31 March 2025
31 March 2024
Total Equity
271,669,889
93,541,804
Number of shares in issue
125,000,000
125,000,000
Net Assets Per Share (Rs.)
2.17
0.75
Company
31 March 2025 31 March 2024
Total Equity 267,756,699 91,532,961
Number of shares in issue 125,000,000 125,000,000
Net Assets Per Share (Rs.) 2.14 0.73
Transactions with Related parties
Name of Related Parties and the Transaction during the Period Relationship & Transaction | ||
Maharaja Marketing (Pvt) Ltd - | 31 March 2025 | 31 March 2024 |
Subsidiary Sale of Goods | - | 8,328,500 |
Investment | - | 29,999,000 |
Net Fund transfer for working | 38,274,550 | 11,122,950 |
capital | ||
For the Year Ended 31st March 2025
IPO and Listing Expenses
Details of total IPO and Listing Expenses incurred by the company and the IPO support fee received from Palladium International LLC of USAID program are given below.
Total IPO and Listing Expenses
8,375,280
IPO support fee received
(3,400,000)
Net Expenses
4,975,280
Initial Public Offering (IPO)
During the period the company had raised Rs. 125 Mn. through an Initial Public Offering of 25,000,000 Ordinary Voting Shares issued at Rs.5 per share. The shares were listed on the Empower Board on 26 July 2024.
The utilization of IPO Proceeds as at 31 March 2025 is stated below.
Page 08
MAHARAJA FOODS PLC
SHAREHOLDERS INFORMATION
The issued ordinary shares of the Company is 125,000,000
Largest 20 Shareholders As at 31 March 2025
# | Name | No of Shares | % |
1 | GTV GLOBAL HOLDINGS PVT LTD | 87,912,115 | 70.33% |
2 | SAMPATH BANK PLC/SENTHILVERL HOLDINGS (PVT) LTD | 9,173,648 | 7.34% |
3 | MR. G. GOHULNATH | 3,296,696 | 2.64% |
4 | MR. V. GUGANATHAN | 3,296,696 | 2.64% |
5 | MR. G. VIJAYANANTH | 3,296,696 | 2.64% |
6 | MRS. T. SANGEETHA | 1,977,000 | 1.58% |
7 | DEVI HOLDING (PVT) LTD | 1,846,862 | 1.48% |
8 | BANK OF CEYLON A/C CEYBANK UNIT TRUST | 1,500,000 | 1.20% |
9 | MR. W.T.J.R.S. FERNANDO | 1,120,592 | 0.90% |
10 | BANK OF CEYLON A/C CEYBANK CENTURY GROWTH FUND | 999,796 | 0.80% |
11 | DR. A.M.A.D.S. ABEYSINGHE | 639,251 | 0.51% |
12 | MR. A.C. LOKUGE | 495,000 | 0.40% |
13 | MR. N.W.N. JAYASIRI | 400,000 | 0.32% |
14 | PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOY | 395,041 | 0.32% |
15 | MRS. W.D.B. MALANI | 258,306 | 0.21% |
16 | MRS. U.C. SHIROMI | 245,000 | 0.20% |
17 | DIALOG FINANCE PLC/P.C.PRIYANJITHA | 218,650 | 0.17% |
18 | MR. S.N.C.W.M.B.C. KANDEGEDARA | 200,000 | 0.16% |
19 | MR. G.J.P. RANJANA | 200,000 | 0.16% |
20 | MR. A. THIRUKKUMARAN | 199,999 | 0.16% |
Others | 7,328,652 | 5.86% | |
Total | 125,000,000 | 100.00% |
Public Holding
Public Holding - No of Shares 27,197,797
Public Holding as a % of Total Issued Shares 21.76%
Total No. of Shareholders as at 31st March 2025 980
Directors' Shareholding No of Shares
Mr.Vijayanath Guganathan 3,296,696
Mr.Vithyanath Guganathan 3,296,696
Mr.Gohulnath Guganathan 3,296,696
Mrs.Thavamalar Guganathan Nil
Mr.Rizvi Mowlana Nil
Mr.Imran Furkan 1,000
Mr.Melanga A. Doolwala Nil
Share Price 31 March 2025
Highest Price 7.40
Lowest Price 6.20
Last Traded Price 6.50
Corporate Information
Company
Registered Address & Contact Details
Website
Date, Place and Authority of Incorporation
Company Registration Number
Board of Directors
Company Secretary
Auditors to the Company
Maharaja Foods Plc
No 18/3, Dr. E.A. Cooray Mawatha, Colombo 06, Sri Lanka. Tel: +94 11 2360926
Fax: +94 11 2361136
https://mfpe.com/
Incorporated as a Private Limited Liability company on 3'dDecember 2012 in Colombo, under the Companies Act No. 07 of 2007.
The Company has changed its status to a public limited liability company on 6'hMarch 2024 in terms of Companies Act No. 07 of 2007 and listed on 26 July 2024.
PQ 00296080
Mr. Vijayanath Guganathan - Chairman -Executive, Non-Independent Director
Mr. Vithyanath Guganathan -Managing Director - Executive, Non-Independent Director
Mrs. Thavamalar Guganathan - Executive, Non-Independent Director
Mr. Rizvi Mowlana - Executive, Non-Independent Director Mr. lmran Furkan - Non-Executive, Independent Director
Mr. Melanga A. Doolwala - Non-Executive, Independent Director
Chart Business Systems (Private) Limited
No. 29, U. E. Perera Mawatha, Rajagiriya, Sri Lanka Tel: +94 11 2543148
Tudor V. Perera & Co., Chartered Accountants
296/20, Shanthi Mawatha, High Level Road, Kirulapone, Colombo 06
Tel: 011 2828749