Millat Tractors LimitedPSX: MTL

Transmission of quarterly report for quarter ended December 31, 2025

· Issued by Millat Tractors Limited


Contents

  1. Corporate Information

  2. Directors' Review

    COMPANY'S UNCONSOLIDATED FINANCIAL STATEMENTS

  3. Independent Auditor's Review Report Position

06 Unconsolidated Condensed Interim Statement of Financial Position

  1. Unconsolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

  2. Unconsolidated Condensed Interim Statement of Changes in Equity

  1. Unconsolidated Condensed Interim Statement of Cash Flows

  2. Notes to the Unconsolidated Condensed Interim Financial Statements

GROUP'S CONSOLIDATED FINANCIAL STATEMENTS

24 Consolidated Condensed Interim Statement of Financial Position

  1. Consolidated Condensed Interim Statement of Profit or Loss and other Comprehensive Income

  2. Consolidated Condensed Interim Statement of Changes in Equity

  3. Consolidated Condensed Interim Statement of Cash Flows

  4. Notes to the Consolidated Condensed Interim Financial Statements

Corporate Information

Board of Directors

Chairman

Mr. Sikandar Mustafa Khan

Chief Executive

Mr. Raheel Asghar

Directors

Mr. Sohail Bashir Rana Mr. Laeeq Uddin Ansari Mr. Qaiser Saleem

Mr. Saad Iqbal

Mr. Nasar Us Samad Qureshi Mr. Muhammad Javed Rashid Mr. Manzoor Ahmed

Mr. Muhammad Mustafa Khan Mr. Muhammad Mustafa Sohail Mr. Murad Naseer uddin Ansari Mrs. Zara Salman Bandial

Company Secretary

Mr. Mudassar Siddique

Chief Financial Officer

Mr. Sohail A. Nisar

Auditors

M/s. A.F. Ferguson & Co. Chartered Accountants

Legal Advisors Riaa Barker Gillete Akhtar Ali & Associates Ch. Law Associates Inn

Company Share Registrar

Karachi

CDC Share Registrar Services Limited. CDC House, 99 - B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal, Karachi-74400.

Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275)

Fax: (92-21) 34326053

Email: info@cdcsrsl.com Website: https://www.cdcsrsl.com

Lahore

Mezzanine Floor, South Tower, LSE Plaza, Khayaban-E-Aiwan-E-Iqbal,

Lahore.

Tel: (92-42)- 36362061-66

Islamabad

Room # 410,

4th Floor, ISE Towers, 55-B, Jinnah Avenue, Blue Area,

Islamabad.

Tel. (92-51) 2895456-9

Bankers

Bank Alfalah Limited Habib Bank Limited MCB Bank Limited Bank of Punjab Limited Allied Bank Limited Meezan Bank Limited

Registered Office and Plant

9 - km Sheikhupura Road, Distt. Sheikhupura, Tel: 042-37911021-25

UAN: 111-200-786

Fax: 042-37924166, 37925835

Website: https://www.millat.com.pk E-mail: info@millat.com.pk

Millat Precision Engineering

10 - km Raiwind Road, Lahore.

Regional Offices

Karachi

3-A, Faiyaz Centre, Sindhi Muslim

Co-operative Housing Society, Karachi. Tel: 021-34553752

UAN: 111-200-786

Fax: 021-34556321

Islamabad

H. No. 22, St. No. 41, Sector F-6/1, Islamabad. Tel: 051-2271470

UAN: 111-200-786

Fax: 051-2270693

Multan Cantt.

Garden Town, (Daulatabad), Shershah Road, Multan Cantt.

Tel: 061-6537371

Fax: 061-6539271

Sukkur

House No B/106, Akuwat Nagar Society, Near Gol Masjid, Airport Road, Sukkur. Tel: 071-5815041

Fax: 071-5815042

Directors' Review

On behalf of the Board of Directors of MTL, I am pleased to present the interim financial information of the Company for the six month ended December 31, 2025, duly reviewed by the auditors of the company, along with consolidated interim financial information of the Millat Group of Companies.

Global oil prices have exhibited a decrease over the past few weeks. Moreover, the global economic policy environment has become more uncertain, prompting central banks to adopt a cautious approach. Pakistan's economy has remained under pressure during current period despite some positive developments including mid-single digit Inflation rate, increase in industrial output and gradual decrease in policy rates

Despite the challenges faced by the company, it performed well due to all out efforts of all associates. The Company managed to achieve sales of 8,047 tractors during the six month ended December 31, 2025, as compared to 10,041 tractors sold during the corresponding period last year. This represents a 19.86% decrease in sales volume. Delay in launch of announced green tractor scheme of the Government of Punjab has contributed towards drop in tractor sales during this period. Sales in value terms increased from Rs. 27.5 billion to Rs. 28.5 billion, i.e. an increase of 3.43%. The earnings per share for the period were Rs. 14.63 as compared to Rs. 19.01 for the same period last year.

Main reason for decrease in EPS is levy of super tax on profits of the company with retrospective effect consequent to order of Honorable Federal Constitutional Court. Sales tax refunds of the tractor industry are still outstanding and have resulted in severe liquidity issues. The sales tax refunds have now reached to Rs. 7.28 billion, which has induced additional financial costs owing to bank borrowing needed to sustain operations.

Despite these circumstances, the Company has managed to perform reasonably well. Export sales contract entered into with M/s AGCO is expected to result in an improvement to the positive results of your Company in upcoming periods.

I extend my gratitude towards Board of Directors, shareholders, vendors, dealers and employees of MTL and acknowledge their hard work.

For and on behalf of the Board



Sikandar Mustafa Khan

Chairman February 17, 2026 Lahore

INDEPENDENT AUDITOR'S

Review Report

TO THE MEMBERS OF MILLAT TRACTORS LIMITED

REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying unconsolidated condensed interim statement of financial position of Millat Tractors Limited as at December 31, 2025 and the related unconsolidated condensed interim statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of changes in equity, and unconsolidated condensed interim statement of cash flows, and notes to the financial statements for the six-month period then ended (here-in-after referred to as the "unconsolidated interim financial statements"). Management is responsible for the preparation and presentation of these unconsolidated interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these unconsolidated interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of unconsolidated interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying unconsolidated interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

Other matter

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the half year, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Company. Accordingly, the figures of the unconsolidated condensed interim statement of profit or loss and other comprehensive income for the three months ended December 31, 2025 and December 31, 2024 have not been reviewed by us.

The engagement partner on the audit resulting in this independent auditor's report is Muhammad Aleem Zubair.



A. F. Ferguson & Co.

Chartered Accountants

Lahore: February 27, 2026

UDIN: RR202510889a0eTKm3wq

Unconsolidated Condensed Interim Financial Statements

MILLAT TRACTORS LIMITED

For the six month and three month period ended December 31, 2025 (unaudited)

Unconsolidated Condensed Interim Statement of Financial Position

As at December 31, 2025 (Unaudited)

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

(Rupees in thousand)

EQUITY AND LIABILITIES

Share capital and reserves

Authorized share capital

530,000,000 (June 30, 2025: 530,000,000)

ordinary shares of Rs. 10 each

5,300,000

5,300,000

Issued, subscribed and paid up capital

1,995,160

1,995,160

Reserves

5,946,888

6,081,140

7,942,048

8,076,300

Non-current liabilities

Long term finances - secured

8

1,522,748

460,690

Deferred grant

4,659

6,585

Long-term deposits and advances

112,372

15,698

Deferred tax liabilities - net

835,877

1,096,632

2,475,656

1,579,605

Current liabilities

Trade and other payables

9

7,949,385

6,301,640

Contract liabilities

4,908,237

1,808,426

Taxation - net

268,659

-

Short term borrowings

10

9,103,125

14,036,499

Current portion of non-current liabilities

9,563

433,191

Unclaimed dividend

395,499

362,053

Unpaid dividend

22,691

79,163

Accumulating compensated absences

331,780

311,714

22,988,939

23,332,686

CONTINGENCIES AND COMMITMENTS

11

33,406,643

32,988,591

The annexed notes from 1 to 27 form an integral part of these unconsolidated condensed interim financial statements.





Chief Financial Officer Chief Executive Officer

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

(Rupees in thousand)

ASSETS

Non-current assets

Property, plant and equipment

12

2,524,675

1,786,075

Right-of-use assets

-

1,444

Investment property

38,861

38,861

Intangible assets

11,789

15,720

Long term investments

13

5,678,671

6,007,386

Employees' defined benefit plan

156,468

154,933

Long term loans, advances and deposits

132,980

9,789

8,543,444

8,014,208

Current assets

Stores, spare parts and loose tools

665,966

696,330

Stock-in-trade

13,482,423

12,836,160

Trade debts

940,314

500,407

Loans and advances

14

272,764

134,216

Trade deposits and short term prepayments

156,000

159,968

Other receivables

192,453

285,999

Balances with statutory authorities

7,288,294

7,587,586

Taxation - net

-

1,207,969

Cash and bank balances

15

1,864,985

1,565,748

24,863,199

24,974,383

33,406,643

32,988,591



Chairman

Unconsolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

For the six month and three month period ended December 31, 2025 (unaudited)

Six month period ended Three month period ended

December

December

December

December

Note

2025

2024

2025

2024

(Rupees in thousand)

Revenue from contracts with customers 16

28,436,960

27,493,580

20,891,306

19,497,476

Cost of sales

(19,053,083)

(20,197,014)

(13,560,461)

(14,526,513)

Gross profit

9,383,877

7,296,566

7,330,845

4,970,963

Distribution and marketing expenses

(1,068,639)

(919,626)

(724,200)

(562,132)

Administrative expenses

(844,058)

(860,897)

(437,688)

(468,277)

Other operating expenses

(536,109)

(657,932)

(462,996)

(585,179)

(2,448,806)

(2,438,455)

(1,624,884)

(1,615,588)

Other income 17

85,376

266,351

53,428

164,227

Operating profit

7,020,447

5,124,462

5,759,389

3,519,602

Finance cost

(871,741)

(1,173,351)

(400,355)

(545,293)

Profit before income taxes and levies

6,148,706

3,951,111

5,359,034

2,974,309

Levy - final taxes

(252)

(7,505)

(252)

(6,928)

Profit before income tax

6,148,454

3,943,606

5,358,782

2,967,381

Taxation - income taxes

(3,228,818)

(298,293)

(2,952,735)

73,854

Profit after tax for the period

2,919,636

3,645,313

2,406,047

3,041,235

Other comprehensive loss:

Items not to be reclassified to profit or loss in

subsequent periods:

Unrealized loss on revaluation of investments measured

at fair value through other comprehensive income -

net of taxation

(61,149)

(239,684)

(93,157)

(208,178)

Remeasurement loss on employees' defined benefit plan

-

-

-

-

(61,149)

(239,684)

(93,157)

(208,178)

Total comprehensive income for the period

2,858,487

3,405,629

2,312,890

2,833,057

Restated Restated

Earnings per share - basic and diluted (Rupees)

14.63

18.27

12.06

15.24

The annexed notes from 1 to 27 form an integral part of these unconsolidated condensed interim financial statements.



Chief Financial Officer Chief Executive Officer Chairman

Unconsolidated Condensed Interim Statement of Changes in Equity

For the six month and three month period ended December 31, 2025 (unaudited)

Share capital

Capital reserves

Revenue reserves

Total reserves

Fair value reserve

Share issuance reserve

Amalgamation reserve

General reserves

Unappropriated profit

(Rupees in thousand)

Balance as at July 1, 2024 - restated (audited)

1,917,983

1,754,348

77,177

104,823

2,278,935

4,819,886

10,953,152

Profit after taxation for the period

-

-

-

-

-

3,645,313

3,645,313

Other comprehensive loss - net of taxation

-

(239,684)

-

-

-

-

(239,684)

Total comprehensive income for the period

-

(239,684)

-

-

-

3,645,313

3,405,629

Balance as on December 31, 2024 (unaudited)

1,917,983

1,514,664

77,177

104,823

2,278,935

8,465,199

14,358,781

Balance as on July 1, 2025 (audited)

1,995,160

1,657,863

-

104,823

2,278,935

2,039,519

8,076,300

Transaction with owners in their capacity as

owners recognised directly in equity:

Final dividend for the year ended June 30,

2025 @ Rs. 15 per share - - - - - (2,992,739) (2,992,739)

Profit after taxation for the period

-

-

-

-

-

2,919,636

2,919,636

Other comprehensive loss - net of taxation

-

(61,149)

-

-

-

-

(61,149)

Total comprehensive income for the period

-

(61,149)

- - -

2,919,636

2,858,487

Transfer of fair value reserve on sale of long

term investment to unappropriated profits

-

(89,496)

- - -

89,496

-

Balance as on December 31, 2025 (unaudited)

1,995,160

1,507,218

- 104,823 2,278,935

2,055,912

7,942,048

The annexed notes from 1 to 27 form an integral part of these unconsolidated condensed interim financial statements.



Chief Financial Officer Chief Executive Officer Chairman

Unconsolidated Condensed Interim Statement of Cash Flows

For the six month and three month period ended December 31, 2025 (unaudited)

Six month period ended December 31,

Note 2025 2024

(Rupees in thousand)

Cash flows from operating activities

Profit before income tax

6,148,454

3,943,606

Adjustment for:

Depreciation on property, plant and equipment

104,276

97,867

Depreciation on right-of-use assets

1,444

2,643

Amortization of intangible assets

3,931

3,930

Revaluation gain on short-term investments

-

(8,161)

Provision for gratuity

145

1,217

Credited to employees' defined benefit plan

4,152

(1,024)

Provision for legal settlement

-

365,000

Provision for accumulating compensated absences

-

50,752

Amortization of deferred grant

(3,304)

(1,863)

Unwinding of long-term loan

7,387

812

Final tax - levy

252

7,505

Provision for Workers' Profit Participation Fund

330,408

212,197

Provision for Workers' Welfare Fund

129,038

80,635

Finance cost

867,341

1,173,681

Finance cost on lease liability

317

721

Profit on bank deposits

(21,645)

(64,410)

Dividend income from long-term investments

(1,680)

(50,035)

1,422,062

1,871,467

Cash flow from operating activities before working capital changes

7,570,516

5,815,073

Effect on cash flow due to working capital changes

(Increase) / decrease in current assets:

Stores, spare parts and loose tools

30,364

(25,615)

Stock-in-trade

(646,263)

(877,711)

Trade debts

(439,907)

(4,482,215)

Loans and advances

(138,548)

(252,097)

Trade deposits and short term prepayments

3,968

1,013

Balances with statutory authorities

299,292

(1,144,861)

Other receivables

71,460

(408,753)

(819,634)

(7,190,239)

Increase / (decrease) in current liabilities:

Trade and other payables

1,553,977

(280,704)

Contract liabilities

3,099,811

1,844,048

Cash generated / (used in) from operations

3,834,154

(5,626,895)

Income taxes paid

(1,973,851)

(1,750,167)

Levy - final taxes paid

(252)

(7,505)

Receipts / (payments) against long-term loans to employees - net

(123,191)

214

Receipt from Workers' Profit Participation Fund

21,927

83,913

Workers' Welfare Fund paid

(164,568)

(353,958)

Employee benefits - net

14,234

6,031

Long term security deposits received

96,674

1,234

Finance cost paid

(1,068,451)

(1,230,773)

(3,197,478)

(3,251,011)

Net cash generated / (used in) from operating activities

8,207,192

(3,062,833)

Cash flows from investing activities

Purchase of property, plant and equipment

(874,807)

(137,449)

Long term investments sold

228,472

-

Short term investments made

-

(3,000,001)

Proceeds from disposal of property, plant and equipment

31,931

34,934

Dividend received

1,680

50,035

Profit on bank deposits received

21,804

54,421

Net cash used in from investing activities

(590,920)

(2,998,060)

Cash flows from financing activities

Dividend paid

(3,015,765)

(12,325)

Principal payment against lease liabilities

(3,454)

(3,458)

Long term financing obtained

1,500,000

-

Long term financing repaid

(864,442)

(212,655)

Net cash used in financing activities

(2,383,661)

(228,438)

Net increase / (decrease) in cash and cash equivalents

5,232,611

(6,289,331)

Cash and cash equivalents at the beginning of the period

(12,470,751)

(6,694,831)

Cash and cash equivalents at the end of the period 18

(7,238,140)

(12,984,162)





The annexed notes from 1 to 27 form an integral part of these unconsolidated condensed interim financial

statements.



Chief Financial Officer Chief Executive Officer Chairman

Notes to the Unconsolidated Condensed Interim Financial Statements

For the six month and three month period ended December 31, 2025 (unaudited)

  1. Legal Status and Nature Of Business

    1. Millat Tractors Limited ('the Company') is a public limited company and was incorporated in Pakistan in 1964 under the Companies Act, 1913 (now the Companies Act, 2017), and is listed on the Pakistan Stock Exchange Limited. The registered office and factory of the Company is situated at 9 km, Sheikhupura Road, District Sheikhupura. The Company also has regional offices located in Karachi, Multan, Sukkur and Islamabad.

      The Company is principally engaged in assembling and manufacturing of agricultural tractors, implements and multi-application products. The Company is also involved in the sale, implementation and support of Industrial and Financial Systems (IFS) applications in Pakistan and abroad.

  2. Statement of Compliance

    1. These unconsolidated condensed interim financial statements of the Company for the six month period ended December 31, 2025 have 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 Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 (the Act); and

      • Provisions of, directives and notifications 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 or directives issued under the Companies Act 2017 have been followed.

        These are unconsolidated separate financial statements of the Company; consolidated financial statements will be presented separately.

  3. Basis of Preparation

    1. The comparative unconsolidated condensed interim statement of financial position presented in these unconsolidated condensed interim financial statements has been extracted from annual audited financial statements as of June 30, 2025 of the Company, whereas comparative unconsolidated condensed interim statement of profit or loss and comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows have been extracted from the unconsolidated condensed interim financial statements of the Company for the half year ended December 31, 2024.

      The figures of the six month period ended December 31, 2025 are being submitted to the shareholders, and have been subjected to limited scope review by the statutory auditors in accordance with Section 237 of the Companies Act, 2017.

      Notes to the Unconsolidated Condensed Interim Financial Statements

      For the six month and three month period ended December 31, 2025 (unaudited)

    2. These unconsolidated condensed interim financial statements do not include all information and disclosures required in the unconsolidated annual audited financial statements and therefore should be read in conjunction with the unconsolidated annual audited financial statements for the year ended June 30, 2025.

  4. Basis of Measurement

    These financial statements have been prepared under the historical cost convention except certain financial instruments, government grant and plan assets of defined benefit plan which have been measured at fair value. In addition, obligations in respect of staff retirement benefits and lease liabilities which have been carried at present value and right of use assets which are initially measured at an amount equal to the corresponding lease liability and depreciated over the respective lease terms.

  5. Functional and Presentation Currency

    The financial statements are presented in Pak Rupees which is the Company's functional and presentation currency.

  6. Material accounting policies

    The accounting policies and methods of computation adopted in the preparation of this unconsolidated condensed interim financial statements are the same as those applied in the preparation of preceding annual audited financial statements of the Company for the year ended June 30, 2025, except for the adoption of amendments to approved accounting and reporting standards as applicable in Pakistan which became effective for the current period as disclosed in note 6.1.

    1. Standards, amendments to published standards and interpretations that are effective in the current period

      Certain standards, amendments and interpretations to approved accounting standards are effective for accounting periods beginning on July 1, 2025, but are considered not to be relevant or to have any significant effect on the Company's operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these unconsolidated condensed interim financial statements.

    2. Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company

      There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Company's accounting periods beginning on or after July 1, 2026, but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these unconsolidated condensed interim financial statements.

    3. Taxation Levy

      In accordance with the Income Tax Ordinance, 2001, computation of final taxes is not based on taxable income. Therefore, as per IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes issued by the Institute of Chartered Accountants of Pakistan, these fall within the scope of IFRIC 21 / IAS 37 and accordingly have been classified as levy in these financial statements, except for taxes on normal business income and dividend earned from investment in subsidiaries, associates and joint arrangements which is specifically within the scope of IAS 12 and hence it continues to be categorised as current income tax.

      Income tax

      Income tax expense is recognized in each interim period based on best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes.

  7. Critical Accounting Estimates and Judgments

The preparation of these unconsolidated condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amount of assets and liabilities, incomes and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation are the same as those that applied to the unconsolidated annual audited financial statements for the year ended June 30, 2025.

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

(Rupees in thousand)

8

Long Term Finances - Secured

Long-term loan

1,529,681

886,736

Current portion shown under current liabilities

(6,933)

(426,046)

8.1

1,522,748

460,690

8.1 The reconciliation of the carrying

amount is as follows:

Opening balance

8.2 - 8.4

886,736

1,313,763

Loan received during the period / year

8.5

1,500,000

-

Repayments during the period / year

(864,442)

(433,183)

Unwinding of discount on liability

7,387

6,156

1,529,681

886,736

Less: Current portion shown under

current liabilities

(6,933)

(426,046)

Closing balance

8.2 - 8.5

1,522,748

460,690

Notes to the Unconsolidated Condensed Interim Financial Statements

For the six month and three month period ended December 31, 2025 (unaudited)

  1. This represents amount against two loan facilities of Rs.60,000 thousand and 100,000 thousand (June 30, 2025: Rs.160,000 thousand) obtained under renewable energy finance scheme announced by the State Bank of Pakistan (SBP) to promote renewable energy use in Pakistan. It carries standard markup of 2.5% per annum, which is payable on quarterly basis. The loan was previously repayable in 40 equal quarterly instalments starting from September 30, 2021, however in the year ended June 30, 2022, the loan facility was modified by the Bank with equal 36 payments payable starting from April 28, 2022. The modification was considered to be non-substantial, with the resulting impact recognized in these financial statements accordingly. The discount rate used is 11.47% per annum (June 30, 2025: 11.47% per annum). The difference between cash received and present value of cash outflows upon initial recognition and subsequent modification has been recognized as deferred grant. The carrying amount of loan as of period end is Rs. 29,681 thousand (June 30, 2025: Rs. 46,502 thousand). This facility is secured by specific and exclusive charge on the purchased machinery and ranking charge over current assets of the Company. The facility amounting to Rs. 60,000 thousand was prematurely settled during the period.

  2. This included amount of loan against facility of Rs. 1,500,000 thousand (June 30, 2025: Rs. 1,500,000 thousand) to maintain the Company's ownership stake of 15.86% in Hyundai Nishat Motors (Private) Limited. The loan was repayable in 16 equal quarterly instalments commencing from April 1, 2023 and carried markup at the rate of base rate plus 0.40% per annum, which was payable quarterly. Base rate was defined as the 'average of 3-month offer rate of KIBOR'. The base rate was set for the first time at the date of initial disbursement and subsequently reset on the first working day of each calendar quarter, using the rate prevailing on last working day of preceding calendar quarter. This facility was secured by first exclusive mortgage charge over land of the factory situated at 9 KM, Sheikhupura Road, Lahore, amounting to Rs. 2,000,000 thousand (including 25% margin). At period end, all outstanding principal, mark-up and associated costs were settled in full.

  3. This included Term Finance (TF) loan facility amounting to Rs. 269,570 thousand (June 30, 2025: 269,570 thousand) availed from The Bank of Punjab in April 2024 to finance capital expenditure. The facility had a sanctioned limit of Rs. 500,000 thousand. The loan was repayable in 20 equal quarterly instalments and carried markup at the rate of 1 month KIBOR plus 0.95%. The loan was secured against 1st Pari Passu charge over present and future fixed assets of the company amounting to Rs. 666,667 thousand with 25% margin. During the period, all outstanding principal, mark-up and associated costs were settled in full.

  4. This includes amount of loan against new facility of Rs. 1,500,000 thousand obtained from Meezan Bank Limited to meet the Company's long-term requirements including re-profiling of balance sheet. The loan carries a grace period of one year, and is repayable in 16 equal quarterly instalments commencing from February 19, 2027. The loan carries markup at the rate of 3-month KIBOR plus 0.30% per annum, which is payable quarterly, commencing from the date of initial disbursement. The markup rate will be set for the first time at the date of initial disbursement and subsequently reset on the first working day of each calendar quarter, using the rate prevailing on last working day of preceding calendar quarter. This facility is secured against joint Pari Passu charge over all present and future fixed assets of the company with 25% margin.

(Un-audited) (Audited)

December 31, June 30,

2025 2025

(Rupees in thousand)

9 Trade and Other Payables

Trade creditors

4,815,873

3,778,542

Accrued liabilities

291,056

316,352

Bills payable

350,246

419,949

Security deposits

359,646

242,365

Trademark fee payable

810,027

507,065

Workers' Profit Participation Fund

330,408

-

Workers' Welfare Fund

122,934

158,464

Accrued markup on long-term finances

20,234

26,969

Accrued markup on running finance

362,625

557,000

Payable against sale tax withheld

318,660

67,428

Others

167,676

227,506

7,949,385

6,301,640

9.1 These include balances due to related parties amounting Rs. 58,929 thousand (June 30, 2025: Rs. 197,972 thousand).

  1. Short Term Borrowings

    The effective rates of mark-up on short-term running finance facility ranges from KIBOR plus 0.04% to KIBOR plus 0.40% (June 30, 2025: KIBOR plus 0.04% to KIBOR plus 0.40%) per annum. The facilities for running finance available from various commercial banks are for the purpose of meeting working capital requirements. The total limit of short term running financing facilities available from banks aggregates to 25,100,000 thousand (June 30, 2025: Rs. 22,500,000 thousand) out of these facilities Rs. 15,996,875 thousand (June 30, 2025: 8,966,232 thousand) remained unutilized as of reporting date. Out of the above mentioned authorized limit Rs. 8,500,000 thousand (June 30, 2025: Rs. 6,500,000 thousand) has been obtained under Islamic mode of financing. These facilities are secured by pari passu hypothecation charge over current and future assets and book debts of the Company, lien over import documents and counter guarantees of the Company.

  2. Contingencies and Commitments

    1. Contingencies

      There have been no significant changes in contingencies since the date of the preceding published unconsolidated annual financial statements for the year ended June 30, 2025. While certain cases have progressed through hearings, these developments have not resulted in any material changes to the contingencies.

    2. Commitments

Commitments in respect of outstanding letters of credit are Rs. 1,502,819 thousand (June 30, 2025: Rs. 1,924,890 thousand).

Notes to the Unconsolidated Condensed Interim Financial Statements

For the six month and three month period ended December 31, 2025 (unaudited)

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

(Rupees in thousand)

12

Property, Plant And Equipment

Operating fixed assets

12.1

2,446,308

1,672,939

Capital work in progress

12.2

78,367

113,136

2,524,675

1,786,075

12.1 Operating fixed assets

Opening book value

1,672,939

1,537,146

Add: Additions during the period / year

12.1.1

907,461

413,968

2,580,400

1,951,114

Less: Disposals during the period / year

(at book value)

(31,931)

(75,728)

Adjustments during the period / year

2,115

(2,248)

Depreciation charged during the period / year

(104,276)

(200,199)

(134,092)

(278,175)

Closing book value

2,446,308

1,672,939

122.1.1 Additions during the period / year

- Land

624,863

-

- Buildings

1,272

4,446

- Plant and machinery

130,149

258,114

- Tools and equipment

2,689

10,311

- Furniture, fixture and office equipment

9,561

23,668

- Vehicles

134,719

109,056

- Computers

4,208

8,373

907,461

413,968

12.2 Capital work in progress

Plant and machinery

12.2.1

78,367

113,136

122.2.1 Movement in capital work in progress

is as follows:

Opening

113,136

87,220

Additions during the period / year

1,213,860

284,971

Capitalized during the period / year

(1,248,630)

(259,055)

Closing

78,366

113,136

(Un-audited) (Audited)

December 31, June 30,

2025 2025

(Rupees in thousand)

13 Long Term Investments

Investment in related parties

In subsidiary undertakings - at cost:

Unquoted

Millat Industrial Products Limited

57,375

57,375

Tipeg Intertrade DMCC

40,020

40,020

Quoted

Bolan Castings Limited

76,610

76,610

Other investments - at fair value through other

comprehensive income:

Unquoted

Arabian Sea Country Club Limited

-

-

Hyundai Nishat Motors (Private) Limited - cost

3,103,029

3,103,029

Surplus on fair valuation of investment

2,395,538

2,547,586

5,498,567

5,650,615

Investments other than related parties - at fair

value through other comprehensive income:

Quoted

Baluchistan Wheels Limited - cost

265

12,145

Surplus on fair valuation of investment

5,434

170,221

5,699

182,366

Unquoted

TCC Management Services (Private) Limited - cost

400

400

5,678,671

6,007,386

14 Loans and Advances

Advances to employees - considered good

21,182

19,319

Advances to suppliers - considered good

251,674

114,866

Letter of credit opening charges

(92)

31

272,764

134,216

Notes to the Unconsolidated Condensed Interim Financial Statements

For the six month and three month period ended December 31, 2025 (unaudited)

(Un-audited) (Audited)

December 31, June 30,

2025 2025

(Rupees in thousand)

15 Cash and Bank Balances

Cash in hand

802

1,485

Cheques in hand

442,479

685,004

443,281

686,489

At banks:

Current accounts - Conventional

863,689

346,893

Deposit accounts - Conventional

558,015

388,556

Deposit accounts - Islamic

-

143,810

1,421,704

879,259

1,864,985

1,565,748

(Un-audited) (Audited) December 31, December 31,

2025 2024

(Rupees in thousand)

16 Revenue from Contracts with Customers

Disaggregation Timing of revenue

of revenue recognition

Local:

Tractors Point-in-time

28,042,945

26,777,036

Implements Point-in-time

67,527

49,711

Multi-application products Point-in-time

181,722

99,134

Trading goods Point-in-time

1,384,918

1,381,731

IFS services Point-in-time / Over time

561

2,025

29,677,673

28,309,637

Less:

- Trade discount

(134,111)

(134,649)

- Delayed delivery charges

-

(21)

- Sales tax and special excise duty

(3,875,082)

(3,548,084)

- Provincial sales tax on services

(2,078)

(735)

(4,011,271)

(3,683,489)

Export:

Tractors Point-in-time

2,906,430

3,052,422

Trading goods Point-in-time

65,481

55,117

Implements Point-in-time

170,861

62,666

IFS services Point-in-time / Over time

2,685

-

3,145,457

3,170,205

Less: Commission

(374,899)

(302,773)

28,436,960

27,493,580

(Un-audited) (Audited) December 31, December 31,

Note 2025 2024

(Rupees in thousand)

17 Other income

Income from financial assets

Dividend income from long term investment

1,680

50,035

Dividend income from short-term investments at

fair value through profit or loss

-

-

Revaluation gain / gain on sale of short-

term investments

-

8,161

Mark-up on bank deposits

21,645

64,410

Mark-up on early payments

15,513

7,924

38,838

130,530

Income from assets other than financial assets

46,538

135,821

85,376

266,351

18 Cash and cash equivalents

Cash and bank balances 15

1,864,985

961,235

Short term borrowings 10

(9,103,125)

(13,945,397)

(7,238,140)

(12,984,162)

  1. Transactions with Related Parties

    Related parties include subsidiaries, associates, entities under common control, entities with common directors, group companies, major shareholders, post employment benefit plans and key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any director (whether executive or otherwise) of that Company. The Company in the normal course of business carries out transactions with various related parties. Amounts due from and to related parties are shown under receivables and payables. Significant related party transactions have been disclosed in respective notes to these unconsolidated condensed interim financial statements other than the following:

    Notes to the Unconsolidated Condensed Interim Financial Statements

    For the six month and three month period ended December 31, 2025 (unaudited)

    (Un-audited) (Audited) December 31, December 31,

    2025 2025

    (Rupees in thousand)

    Relation with undertaking

    Nature of transaction

    Subsidiaries

    Purchase of components

    1,524,453

    1,385,342

    Dividend income

    -

    46,187

    Sale of goods

    2,488,035

    460,460

    Associates

    Sale of services

    561

    1,575

    Purchases of components

    4,549

    3,023

    Advance for purchase of vehicle

    14,510

    12,917

    Key Management Personnel

    Remuneration

    177,182

    177,182

    Dividend paid - net

    707,724

    -

    Disposal of fixed assets

    13,415

    -

    Retirement benefit plans

    Contribution to staff retirement

    benefit plans

    35,204

    25,379

    1. The outstanding balances of such parties are as under:

      (Un-audited) (Audited)

      December 31, June 30,

      Note 2025 2025

      (Rupees in thousand)

      Subsidiaries Payable to related parties 9

      58,929

      197,972

      Receivable from related parties

      -

      159,722

      Advances to related parties

      52,444

      -

      Advances from related parties

      439,659

      -

      Associates Receivable from related parties

      14,101

      14,120

      Payable against purchases

      1,192

      372

    2. Raw materials held with related party, Bolan Castings Limited, amount to Rs. 147,589 thousand (2024: Rs. 102,635 thousand).

  2. Disclosure requirements for Companies not engaged in Shariah non-permissible business activities

    Following information has been disclosed as required under Part 1 Clause VII of the Fourth Schedule to the Companies Act, 2017 as amended via S.R.O.1278(I)/2024 dated August 15, 2024:

    December 31, December 31,

    Note 2025 2025

    (Rupees in thousand)

    Description

    Unconsolidated statement of financial position

    Financing obtained as per Islamic

    mode Shariah Shariah 8.5

    8,000,000

    6,500,000

    Accrued finance cost on conventional loan Non-Shariah

    137,441

    378,000

    Long-term and short-term Shariah

    compliant Investments Shariah 13

    5,596,362

    5,651,015

    Bank balances - Shariah compliant Shariah 15

    -

    147,963

    December 31, December 31,

    2025 2025

    (Rupees in thousand)

    Unconsolidated statement of profit or loss

    Revenue earned from a shariah-compliant

    business segment Shariah 16

    28,436,960

    27,493,580

    Late payments or liquidated

    damages- charges Non-Shariah 16

    -

    (21)

    Source and detailed break up of other income

    Other income earned from shariah compliant:

    Rental Income Shariah 17

    26,276

    20,787

    Gain on disposal of operating fixed assets Shariah

    -

    -

    Sale of scrap Shariah

    8,899

    3,061

    Miscellaneous Shariah

    9,185

    114,452

    Dividend income Shariah

    -

    46,187

    Gain on disposal of investment property Shariah

    -

    -

    Other income earned from non - shariah compliant

    Income on bank deposits Non-Shariah 17

    21,645

    64,410

    Gain on disposal of investments Non-Shariah

    -

    8,161

    Dividend income Non-Shariah 17

    1,680

    3,848

    Relationship with shariah compliant banks

    Name Relationship

    Meezan Bank Limited Funded / Non-funded facility & Bank Balances

  3. Operating Segments

    1. These unconsolidated condensed interim financial statements have been prepared on the basis of a single reportable segment.

    2. Revenue from sale of tractors represents 85% (December 31, 2024: 96%) of the net sales of the Company.

    3. 89% (December 31, 2024: 89%) sales of the Company relate to customers in Pakistan.

    4. All non-current assets of the Company as at December 31, 2025 and June 30, 2025 are located in Pakistan.

  4. Fair Value of Financial Assets and Liabilities

    1. Fair value of financial assets measured at fair value through other comprehensive income is derived from quoted market prices in active markets, if available.

    2. The carrying values of other financial assets and financial liabilities reflected in these unconsolidated condensed interim financial statements approximate their fair values. Fair value is determined on the basis of objective evidence at end of each reporting period.

    3. Long term investment in the unquoted shares of Hyundai Nishat Motors (Private) Limited (HNMPL) are currently classified as a Level 3 financial asset and measured at fair value on the reporting dates. Due to change in underlying factors, there has been an unrealized loss of 152,048 thousand (December 31, 2024: Rs. 409,600 thousand) recognized during the period.

  5. Financial Risk Management

    The Company's financial risk management objective and policies are consistent with those disclosed in the unconsolidated annual audited financial statements for the year ended June 30, 2025.

  6. Subsequent Events

    1. The Board of Directors has declared Rs. 20 per share cash dividend (June 30, 2025: Rs. 15 per share) and Nil bonus shares (June 30, 2025: Nil ) in their meeting held on February 17, 2026.

    2. There were no other reportable events after the reporting date other than those disclosed elsewhere in the unconsolidated condensed interim financial statements.

  7. Date of Authorisation for Issue

    These unconsolidated condensed interim financial statements were authorized for issue by the Board of Directors of the Company on February 17, 2026.

  8. Corresponding Figures

    Corresponding figures have been re-arranged, wherever necessary, for the purpose of comparison. However, no significant re-arrangements have been made.

  9. General

    1. Figures have been rounded off to the nearest thousand rupees, unless otherwise stated.



Chief Financial Officer Chief Executive Officer Chairman

Consolidated Condensed Interim Financial Statements

MILLAT TRACTORS LIMITED

For the six month and three month period ended December 31, 2025 (unaudited)

Consolidated Condensed Interim Statement of Financial Position

As at December 31, 2025 (Unaudited)

(Un-audited) (Audited)

December 31, June 30,

Note 2025 2025

(Rupees in thousand)

EQUITY AND LIABILITIES

Share capital and reserves

Authorized share capital

530,000,000 (30 June 2025: 530,000,000)

ordinary shares of Rs. 10/- each

5,300,000

5,300,000

Issued, subscribed and paid up capital

1,995,160

1,995,160

Reserves

6,685,458

6,748,685

8,680,618

8,743,845

Non-controlling interest

566,811

534,643

Total equity

9,247,429

9,278,488

Non-current liabilities

Long term finance- secured 7

1,522,748

465,690

Deferred grant 8

4,659

6,585

Lease liabilities against right-of-use assets

-

-

Employees' defined benefit plan

23,684

22,659

Long term deposits

114,606

17,977

Deferred taxation net

819,867

1,107,346

2,485,564

1,620,257

Current liabilities

Trade and other payables 9

8,499,432

6,535,954

Contract liabilities

4,912,781

2,062,405

Taxation - net

179,706

-

Short term borrowings 10

9,163,125

14,116,369

Current portion of non-current liabilities

44,802

493,411

Unclaimed dividend

400,273

368,183

Unpaid dividend

22,691

79,163

Accumulating compensated absences

347,115

327,050

23,569,925

23,982,535

CONTINGENCIES AND COMMITMENTS 11

35,302,918

34,881,280

The annexed notes 1 to 27 form an integral part of the consolidated condensed interim financial statements.



(Un-audited) (Audited)

December 30, June 30,

Note 2025 2025

(Rupees in thousand)

ASSETS

Non-current assets

Property, plant and equipment 12

2,803,232

2,088,503

Right-of-use assets

-

1,444

Intangible asset

5,175

15,720

Goodwill

18,572

18,572

Investment property

38,861

38,861

Long term investments 13

5,504,666

5,874,252

Long term loans and advances

132,991

9,878

Long term deposits

11,333

9,409

Employees' defined benefit plan obligation

177,531

174,991

8,692,361

8,231,630

Current assets

Stores and spares

808,815

858,692

Stock in trade

14,104,316

13,516,527

Trade debts

1,236,416

883,507

Loans and advances 14

278,951

152,553

Trade deposits and short term prepayments

175,266

175,140

Balances with statutory authorities

7,306,942

7,604,411

Other receivables

201,130

294,570

Tax refunds due from the Government

-

1,274,269

Short term investments

40,000

63,856

Cash and bank balances 15

2,458,721

1,826,125

26,610,557

26,649,650

35,302,918

34,881,280



Chairman

Consolidated Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

For the six month and three month period ended December 31, 2025 (unaudited)

Six month period ended Three month period ended

December

December

December

December

Note

2025

2024

2025

2024

(Rupees in thousand)

Revenue from contracts with customers 16

28,678,250

28,296,877

20,893,924

19,504,707

Cost of sales

(18,972,214)

(20,654,709)

(13,379,803)

(14,253,225)

Gross profit

9,706,036

7,642,168

7,514,121

5,251,482

Distribution and marketing expenses

(1,109,612)

(980,389)

(745,641)

(590,132)

Administrative expenses

(999,170)

(1,015,046)

(518,050)

(543,864)

Other operating expenses

(536,239)

(657,932)

(462,039)

(582,287)

(2,645,021)

(2,653,367)

(1,725,730)

(1,716,283)

Other income 17

92,323

197,790

8,061

89,071

Operating profit

7,153,338

5,186,591

5,796,452

3,624,270

Finance cost

(879,901)

(1,197,851)

(403,054)

(556,039)

Profit before income taxes and levies

6,273,437

3,988,740

5,393,398

3,068,231

Levy - final taxes

(252)

(7,505)

(252)

(6,928)

Profit before income tax

6,273,185

3,981,235

5,393,146

3,061,303

Taxation

(3,258,848)

(362,138)

(2,992,264)

97,989

Profit after tax for the period

3,014,337

3,619,097

2,400,882

3,159,292

Other comprehensive income / (loss):

Other comprehensive income not to be reclassified

to profit or loss in subsequent periods:

Exchange differences on translation of foreign operations

(4,974)

130

(1,383)

364

Unrealized loss on revaluation of investments at

fair value through other comprehensive income

(47,683)

(235,946)

(44,320)

(197,379)

(52,657)

(235,816)

(45,703)

(197,015)

Total comprehensive income for the year

2,961,680

3,383,281

2,355,179

2,962,277

Attributable to:

- Equity holders of the holding Company

Profit after tax

2,988,162

3,648,843

2,406,145

3,183,150

Total comprehensive income / (loss) for the period

(58,650)

(237,858)

(82,753)

(202,911)

- Non-controlling interests

Profit after tax

26,175

(29,746)

(5,263)

(23,858)

Total comprehensive income / (loss) for the period

5,993

2,042

37,050

5,896

2,961,680

3,383,281

2,355,179

2,962,277

Restated Restated

Earnings per share - basic and diluted (Rupees)

15.11

18.14

12.03

15.83

Appropriations have been reflected in the statement of changes in equity.

The annexed notes 1 to 27 form an integral part of the consolidated condensed interim financial statements.



Chief Financial Officer Chief Executive Officer Chairman

Consolidated Condensed Interim Statement of Changes in Equity

For the six month and three month period ended December 31, 2025 (unaudited)

Issued, subscribed and paid up capital

Revenue reserves

Capital reserves

Non-controlling interests

Total

General reserve

Other reserve

Unappropriated profit

Exchange translation reserve

Amalgamation reserve

Share issuance reserve

Fair value reserve

(Rupees in thousand)

Balance as on 01 July 2024 (audited) 1,917,983 2,475,309 208,929 4,933,017 142,652 104,823 77,177 1,769,093 590,218 12,219,201

Dividend payment to NCI

-

-

-

-

-

-

-

-

(25,883)

(25,883)

Net profit for the period

-

-

-

3,648,843

-

-

-

-

(29,746)

3,619,097

Other comprehensive income for the period

-

-

-

-

98

-

-

(237,956)

2,042

(235,816)

- - - 3,648,843 98 - - (237,956) (53,587) 3,357,398

Balance as on 31 December 2024 (un-audited) 1,917,983

2,475,309

208,929

8,581,860

142,750

104,823

77,177

1,531,137

536,631

15,576,599

Balance as on July 1, 2025 (audited) 1,995,160

2,475,309

208,929

2,138,384

147,015

104,823

-

1,674,225

534,643

9,278,488

Final dividend for the year ended June

-

-

-

(2,992,739)

-

-

-

-

-

(2,992,739)

Transfer of fair value reserve of Balochistan Wheels Limited investment to

unappropriated profits - - - 112,088 - - - (112,088) - -

Net profit for the period

-

-

-

2,988,162

-

-

-

-

26,175

3,014,337

Other comprehensive income for the period

-

-

-

-

(3,731)

-

-

(54,919)

5,993

(52,657)

- - - 2,988,162 (3,731) - - (54,919) 32,168 2,961,680

Balance as on 31 December 2025 (un-audited)

1,995,160 2,475,309 208,929 2,245,895 143,284 104,823 - 1,507,218 566,811 9,247,429

The annexed notes 1 to 27 form an integral part of the consolidated condensed interim financial statements.



Chief Financial Officer Chief Executive Officer Chairman

Consolidated Condensed Interim Statement of Cash Flows

For the six month and three month period ended December 31, 2025 (unaudited)

Six month period ended December 31,

Note 2025 2024

(Rupees in thousand)

Cash flows from operating activities

Profit before taxation

6,273,185

3,981,235

Adjustment for:

Depreciation on property, plant & equipment

12

127,357

123,078

Depreciation charge for the right-of-use assets

1,444

2,643

Amortization of intangible assets

3,931

11,514

Provision for electricity

-

14,929

Provision for warranty expense

-

2,309

Provision for accumulated compensated absences

-

50,752

Profit on bank deposits

17

(23,112)

(70,211)

Dividend income

17

(1,680)

(4,711)

Provision for pension obligation

6,368

(1,024)

(Gain) / Loss on revaluation of short term investments

17

-

(8,161)

Finance cost

879,584

1,197,130

Finance cost on lease liability

317

721

Final tax - levy

252

7,505

Workers' Profit Participation Fund

330,408

220,706

Workers' Welfare Fund

129,168

84,042

1,454,037

1,631,222

Cash flow from operating activities before working capital changes

7,727,222

5,612,457

Effect on cash flow due to working capital changes

Decrease / (Increase) in current assets:

Stores, spare parts and loose tools

49,877

(27,276)

Stock in trade

(587,789)

(744,203)

Trade debts

(352,909)

(4,156,486)

Loans and advances

14

(126,398)

(23,889)

Trade deposits and prepayments

(126)

1,726

Balances with statutory authorities

297,469

(1,125,926)

Other receivables

71,359

(35,259)

(648,517)

(6,111,313)

Increase / (decrease) in current liabilities:

Trade and other payables

9

1,875,990

(881,013)

Contract liabilities

2,850,376

1,739,639

4,077,849

(5,252,687)

Cash used in operations

Taxes paid - net

(2,091,138)

(1,727,156)

Levy - final taxes paid

(252)

(7,505)

Net increase in long term loans to employees

(123,113)

637

Workers' Profit Participation Fund - net

21,917

-

Workers' Welfare Fund paid - net

(164,568)

(363,671)

Employee benefit obligation - net

12,182

(3,319)

Increase in long term security deposits

94,724

1,338

Mark-up paid

(1,081,786)

(1,226,466)

(3,332,034)

(3,326,142)

Net cash generated from / (used in) operating activities

8,473,037

(2,966,372)

Cash flows from investing activities

Purchase of property, plant and equipment- net

12

(875,805)

(141,373)

Short term investments (made) / redeemed - net

23,856

(3,000,001)

Long term investments sold

282,809

-

Proceeds from sale of property, plant and equipment

12

33,719

35,307

Dividend received

1,680

4,711

Profit on bank deposits received

22,953

60,222

Net cash used in investing activities

(510,788)

(3,041,134)

Cash flows from financing activities

Dividend paid to controlling interests

-

(9,498)

Dividend paid to non-controlling interests

(3,017,121)

(25,883)

Principal payment against lease liabilities

(3,858)

(3,458)

Short term financing net

(19,870)

-

Long term financing obtained

7

1,500,000

-

Long term financing paid

7

(894,442)

(243,089)

Net cash used in financing activities

(2,435,291)

(281,928)

Net decrease in cash and cash equivalents

5,526,958

(6,289,434)

Cash and cash equivalents at the beginning of the period

1,889,981

1,878,670

Short term borrowings at the beginning of the period

(14,116,369)

(8,189,336)

Foreign exchange difference

(4,974)

130

Cash and cash equivalents at the end of the period

18

(6,704,404)

(12,599,970)

The annexed notes 1 to 27 form an integral part of the consolidated condensed interim financial statements.



Chief Financial Officer Chief Executive Officer Chairman

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