I MAHARAJA I
FOOD PRODUCTS
INTERIM
FINANCIAL
REPORT
Period Ended
31 December 2024
Maharaja Foods PLC
Eat well, Be well, Live well www.mfpe.com
Page 02 | ||||||
MAHARAJA FOODS PLC | ||||||
STATEMENT OF COMPREHENSIVE INCOME | ||||||
For the Period Ended 31st December 2024 | ||||||
Company | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
Three Months Ended | % | Nine Months Ended | % | |||
Oct- Dec | Oct- Dec | Apr-Dec | Apr-Dec | |||
Rs. | Rs. | Rs. | Rs. | |||
Revenue | 104,492,807 | 71,358,878 | 46% | 253,957,623 | 224,801,928 | 12.97% |
Cost of Sales | (83,077,513) | (50,754,053) | 64% | (194,651,811) | (180,606,190) | 7.78% |
Gross Profit | 21,415,294 | 20,604,825 | 4% | 59,305,813 | 44,195,738 | 34.19% |
Other Operating Income | 208,158 | 309,234 | -33% | 580,679 | 474,117 | 22.48% |
Administration Expenses | (1,763,558) | (4,747,320) | -63% | (6,546,399) | (7,310,859) | -10.46% |
IPO and Listing Expenses | 1,918,903 | - | 100% | (4,975,280) | - | 100.00% |
Distribution Expenses | (968,182) | (17,850) | 5324% | (1,597,988) | (540,400) | 195.70% |
Profit from Operations | 20,810,615 | 16,148,889 | 29% | 46,766,825 | 36,818,594 | 27.02% |
Finance Income | 539,249 | 84,662 | 537% | 1,528,032 | 232,553 | 557.07% |
Finance Expenses | (2,828,197) | (4,704,658) | -40% | (13,389,287) | (12,257,728) | 9.23% |
Net Finance Cost | (2,288,948) | (4,619,996) | -50% | (11,861,255) | (12,025,175) | -1.36% |
Profit Before Taxation | 18,521,667 | 11,528,893 | 61% | 34,905,570 | 24,793,419 | 40.79% |
Taxation | (4,259,984) | 2,520,260 | -269% | (8,028,281) | - | 100.00% |
. | ||||||
Net Profit for the Period | 14,261,684 | 14,049,153 | 2% | 26,877,289 | 24,793,419 | 8.40% |
Other Comprehensive Income | - | - | - | - | ||
Total Comprehensive Income | 14,261,684 | 14,049,153 | 2% | 26,877,289 | 24,793,419 | 8.40% |
Earnings per Share | 0.11 | 0.11 | 0.22 | 0.20 |
Page 03 | ||||
MAHARAJA FOODS PLC | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
As at , | ||||
Group | Company | |||
31 December 2024 | 31 March 2024 | 31 December 2024 | 31 March 2024 | |
Audited | Audited | |||
Rs. | Rs. | Rs. | Rs. | |
ASSETS | ||||
Non Current Assets | ||||
Property, Plant and Equipment | 194,925,969 | 101,753,959 | 192,787,704 | 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 |
204,925,969 | 111,753,959 | 232,787,704 | 139,925,694 | |
Current Assets | ||||
Inventory | 71,538,931 | 56,154,405 | 35,837,011 | 16,651,529 |
Trade and Other Receivables | 146,423,704 | 112,959,221 | 93,709,487 | 83,361,603 |
Amount Due from Related Party | 16,832,259 | - | 50,467,451 | 4,395,704 |
Cash and Cash Equivalents | 23,469,331 | 25,310,580 | 21,675,807 | 24,115,879 |
258,264,225 | 194,424,206 | 201,689,756 | 128,524,715 | |
Total Assets | 463,190,194 | 306,178,165 | 434,477,460 | 268,450,409 |
EQUITY & LIABILITIES | ||||
Stated Capital | 170,500,010 | 45,500,010 | 170,500,010 | 45,500,010 |
Retained Earnings | 69,800,071 | 38,329,925 | 63,198,370 | 36,321,082 |
Revaluation Reserves | 9,711,869 | 9,711,869 | 9,711,869 | 9,711,869 |
Total Equity | 250,011,950 | 93,541,804 | 243,410,249 | 91,532,960 |
Non Current Liabilities | ||||
Deferred Tax Liability | 1,224,225 | 1,224,225 | 1,118,740 | 1,118,740 |
Defined Benefit Obligation | 356,000 | 356,000 | 356,000 | 356,000 |
Lease Liabilities | 9,463,124 | 6,068,041 | 9,463,124 | 6,068,041 |
Bank Borrowings | 31,595,597 | 8,553,178 | 31,595,597 | 8,553,178 |
42,638,946 | 16,201,444 | 42,533,461 | 16,095,959 | |
Current Liabilities | ||||
Trade and Other Payables | 74,342,476 | 49,400,463 | 58,410,964 | 32,452,545 |
Current Tax Liability | 9,400,173 | 4,514,917 | 8,028,281 | 3,834,277 |
Lease Liabilities | 9,677,916 | 3,096,878 | 9,677,916 | 3,096,878 |
Short-Term Bank Borrowings | 39,700,000 | 88,340,109 | 39,700,000 | 88,340,109 |
Bank Balance Overdrawn | 37,418,733 | 51,082,550 | 32,716,589 | 33,097,680 |
170,539,298 | 196,434,917 | 148,533,750 | 160,821,489 | |
Total Equity and Liabilities | 463,190,194 | 306,178,165 | 434,477,460 | 268,450,409 |
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 |
Chairman | Managing Director |
Colombo.
14 Februray 2025
Page 04 | ||||
MAHARAJA FOODS PLC | ||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||
For the Period Ended 31st December 2024 | ||||
Stated | Retained | Revaluation | Total | |
Group | Capital | Earning | Reserves | |
Rs. | Rs. | Rs. | Rs. | |
Balance as at 01st April 2023 | 45,500,010 | 7,259,137 | 9,711,869 | 62,471,016 |
Profit for the Year | - | 25,547,571 | - | 25,547,571 |
- | ||||
Balance as at 31 December 2023 | 45,500,010 | 32,806,708 | 9,711,869 | 88,018,587 |
Balance as at 01st April 2024 | 45,500,010 | 38,329,925 | 9,711,869 | 93,541,804 |
Profit for the Period | 31,470,146 | - | 31,470,146 | |
Issue of Shares | 125,000,000 | 125,000,000 | ||
Balance as at 31 December 2024 | 170,500,010 | 69,800,071 | 9,711,869 | 250,011,950 |
Stated | Retained | Revaluation | Total | |
Company | Capital | Earning | Reserves | |
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 | - | 24,793,419 | - | 24,793,419 |
Balance as at 31 December 2023 | 45,500,010 | 31,235,132 | 9,711,869 | 86,447,011 |
Balance as at 01st April 2024 | 45,500,010 | 36,321,081 | 9,711,869 | 91,532,960 |
Issue of Shares | 125,000,000 | - | - | 125,000,000 |
Profit for the Period | - | 26,877,289 | - | 26,877,289 |
Balance as at 31 December 2024 | 170,500,010 | 63,198,370 | 9,711,869 | 243,410,249 |
Page 05 | ||||
MAHARAJA FOODS PLC | ||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||
For the Period Ended 31st December 2024 | ||||
Group | Company | |||
31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | |
Rs. | Rs. | Rs. | Rs. | |
Cash Flow from Operating Activities | ||||
Net Profit before Taxation | 40,870,319 | 25,905,973 | 34,905,570 | 24,793,419 |
Adjustments for | ||||
Depreciation | 3,296,236 | 2,923,036 | 3,166,079 | 2,899,703 |
Interest Income | (1,528,672) | (233,624) | (1,528,032) | (232,553) |
Interest Expenses | 14,311,836 | 12,562,627 | 13,389,287 | 12,257,728 |
Operating Profit before Working Capital Changes | 56,949,718 | 41,158,012 | 49,932,904 | 39,718,296 |
(Increase) / Decrease in Inventories | (15,384,526) | (8,213,082) | (19,185,482) | 6,175,237 |
Increase in Trade and Other Receivables | (33,464,483) | (37,069,305) | (10,347,884) | (26,324,515) |
Increase / (Decrease) in Trade and Other Payables | 24,942,014 | (421,760) | 25,958,419 | (1,309,320) |
Increase / (Decrease) in Amount Due to Related Parties | - | 1,917,164 | - | 4,184,581 |
(Increase) / Decrease in Amount Due from Related Parties | (16,832,259) | (460,516) | (46,071,748) | 8,352,316 |
Cash Flow from / (Used in) Operating Activities | 16,210,465 | (3,089,486) | 286,208 | 30,796,593 |
Corporate tax paid | (4,514,917) | (3,834,277) | - | |
Net Cash from / (Used in) Operating Activities | 11,695,549 | (3,089,486) | (3,548,069) | 30,796,593 |
Cash Flow from Investing Activities | ||||
Interest Income | 1,528,672 | 233,624 | 1,528,032 | 232,553 |
Investments in Subsidiary | - | - | - | (30,000,000) |
Purchase of Property, Plant and Equipment | (96,468,245) | (14,066,736) | (96,028,089) | (12,687,596) |
Net Cash Flow Used in Investing Activities | (94,939,573) | (13,833,112) | (94,500,056) | (42,455,042) |
Cash Flow from Financing Activities | ||||
Issue of Shares | 125,000,000 | - | 125,000,000 | - |
Proceeds from Borrowings | 30,000,000 | 54,142,179 | 30,000,000 | 54,142,179 |
Loan Settlements | (55,597,691) | (32,998,498) | (55,597,691) | (32,998,498) |
Interest Expenses | (14,311,836) | (12,562,627) | (13,389,287) | (12,257,728) |
Proceeds from Leases | 14,547,206 | 9,882,123 | 14,547,206 | 9,882,123 |
Lease Rentals Paid | (4,571,085) | (4,571,085) | - | |
Net Cash Flow from / (Used in) Financing Activities | 95,066,594 | 18,463,176 | 95,989,144 | 18,768,075 |
Net Increase / (Decrease) in Cash and Cash Equivalents | 11,822,566 | 1,540,574 | (2,058,981) | 7,109,630 |
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 | (13,949,403) | (10,672,141) | (11,040,782) | (7,417,409) |
Cash and Cash Equivalents | ||||
Cash at Bank and Cash in Hand | 23,469,331 | 6,089,791 | 21,675,807 | 4,757,408 |
Bank Overdraft | (37,418,733) | (16,761,931) | (32,716,589) | (12,174,817) |
(13,949,403) | (10,672,141) | (11,040,782) | (7,417,409) |
Page 06
MAHARAJA FOODS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31st December 2024
-
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.96.4 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 December 2024 | 31 December 2023 | |
Net profit attributable to equity holders (Rs.) | 31,470,146 | 25,547,571 |
Number of shares in issue | 125,000,000 | 125,000,000 |
Earnings Per Share (Rs.) | 0.25 | 0.20 |
Company | ||
31 December 2024 | 31 December 2023 | |
Net profit attributable to equity holders (Rs.) | 26,877,289 | 24,793,419 |
Number of shares in issue | 125,000,000 | 125,000,000 |
Earnings Per Share (Rs.) | 0.22 | 0.20 |
- 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 December 2024 | 31 March 2024 | |
Total Equity | 250,011,950 | 93,541,804 |
Number of shares in issue | 125,000,000 | 125,000,000 |
Net Assets Per Share (Rs.) | 2.00 | 0.75 |
Company | ||
31 December 2024 | 31 March 2024 | |
Total Equity | 243,410,249 | 91,532,960 |
Number of shares in issue | 125,000,000 | 125,000,000 |
Net Assets Per Share (Rs.) | 1.95 | 0.73 |
7 Transactions with Related parties | ||
Name of Related Parties and the | Transaction during the Period | |
Relationship & Transaction | 31 December 2024 | 31 December 2023 |
Maharaja Marketing (Pvt) Ltd - | ||
Subsidiary | ||
Fund transfer for working capital | 37,500,000 | 12,700,000 |
Expenses Incurred | 1,281,276 | - |
GTV Enterprises (Pvt) Ltd - | ||
Common Director | ||
Fund transfer | 7,290,470 | 6,030,180 |
Page 07
MAHARAJA FOODS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31st December 2024
-
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 utilisation of IPO Proceeds as at 31 December 2024 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 December 2024
# | Name | No of Shares | % |
1 | GTV GLOBAL HOLDINGS PVT LTD | 87,912,115 | 70.33% |
2 | SENTHILVERL HOLDINGS (PVT) LTD | 9,691,749 | 7.75% |
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 | 1,631,115 | 1.30% |
8 | BANK OF CEYLON A/C CEYBANK UNIT TRUST | 1,500,000 | 1.20% |
9 | SAMPATH BANK PLC/SENTHILVERL HOLDINGS (PVT) LTD | 1,077,004 | 0.86% |
10 | MR. M.I.M. SHAFIE | 1,000,000 | 0.80% |
11 | BANK OF CEYLON A/C CEYBANK CENTURY GROWTH FUND | 999,796 | 0.80% |
12 | MRS. F.T. SHAFIE | 500,000 | 0.40% |
13 | MR. L.S. WEERASINGHE | 417,661 | 0.33% |
14 | MR. N.W.N. JAYASIRI | 400,000 | 0.32% |
15 | PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOY | 395,041 | 0.32% |
16 | MR. L.H.L.M.P. HARADASA | 233,690 | 0.19% |
17 | MR. A.C. LOKUGE | 206,452 | 0.17% |
18 | MR. S.N.C.W.M.B.C. KANDEGEDARA | 200,000 | 0.16% |
19 | MR. A.C.M. SIRAJ | 200,000 | 0.16% |
20 | MR. C.J.E. COREA | 180,000 | 0.14% |
Others | 6,588,289 | 5.27% | |
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 31 December 2024 | 881 | ||
Directors' Shareholding | No of Shares | ||
Mr.Vijayanath Guganathan | 3,296,696 | ||
Mr.Vithyanath 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 December 2024 | ||
Highest Price | 7.50 | ||
Lowest Price | 5.10 | ||
Last Traded Price | 6.80 |