Transmission of the Quarterly Accounts for the period ended 31st March, 2025

CONTENTS

Company Information 2

Directors' Report 3

Directors' Report (urdu) 5

Condensed Interim Statement of Financial Position 8

Condensed Interim Statement of Profit or Loss 10

Condensed Interim Statement of Comprehensive Income 11

Condensed Interim Statement of Changes in Equity 12

Condensed Interim Statement of Cash Flows 13

Notes to and Forming Part of the Condensed Interim Financial Statements 14

BOARD OF DIRECTORS

Mr. Shazad Ghaffar Chairman

Mr. Najam Aziz Sethi Chief Executive Officer Mr. Syed Mohammad Mehdi Mohsin Non - Executive Director Ms. Umme Kulsum Imam Non - Executive Director

Mr. Aamir Amin Independent Director

Mr. Syed Manzar Hassan Independent Director

Mr. Mujeeb Rashid Independent Director

AUDIT COMMITTEE

Mr. Syed Manzar Hassan Chairman

Mr. Shazad Ghaffar Member

Mr. Aamir Amin Member

HUMAN RESOURCES & REMUNERATION COMMITTEE

Mr. Mujeeb Rashid Chairman

Ms. Umme Kulsum Imam Member

Mr. Najam Aziz Sethi Member

SUSTAINABILITY COMMITTEE

Mr. Najam Aziz Sethi Chairman

Ms. Syeda Umme Kulsum Imam Member

Mr. Mujeeb Rashid Member

SHARE REGISTRAR

Corplink (Private) Limited,

Wings Arcade, 1-K (Commercial), Model Town, Lahore

Phone : (042) 35839182, 35887262,

Fax: (042) 35869037

CORPORATE OFFICE

72-FCC Gulberg IV, Lahore Phones: (042) 35872392-96,

Fax: (042) 3587239

E-Mail: ho@mitchells.com.pk Website: https://www.mitchells.com.pk

FACTORY & FARMS

Renala Khurd, District Okara, Pakistan Phones: (044) 2635907-8, 2622908

Fax: (044) 2621416

E-Mail: rnk@mitchells.com.pk rsoc@mitchells.com.pk

CHIEF FINANCIAL OFFICER

Badar M. Khan, FCA

COMPANY SECRETARY

Anum Ali

AUDITORS

Crowe Hussain Chaudhury & Co. Chartered Accountants

LEGAL ADVISORS

Alliance Legal Services

Office No.7, L.G. Floor, Lahore Palace Building, 14-B, Temple Road, Lahore.

BANKERS

Habib Bank Limited National Bank of Pakistan Allied Bank Limited

JS Bank Limited

Bank Al Habib Limited

REGIONAL SALES OFFICES

ISLAMABAD

Plot # 102, Street 7

Main China Road, Sector I-10/3 Islamabad

Phones: (051) 2707357

E-Mail: rson@mitchells.com.pk

KARACHI

Mehran VIP II, Ground Floor, Plot 18/3 Dr. Dawood Pota Road- Karachi Phones: (021) 35212112, 35212712

& 35219675

Fax: (021) 35673588

E-Mail: rsos@mitchells.com.pk

The Directors of the Company are pleased to present their report on the unaudited condensed interim financial statements for the third quarter ended March 31, 2025.

PKR Millions

Sales Revenue Gross Profit

Net Profit before tax Net Profit after tax Earnings Per Share

Performance Overview:

After a mixed performance in the first half, the Company showed signs of strength in the third quarter. Sales volumes improved 4.87%, driven by strong local demand during the month of Ramzan. However, overall margins came under pressure due to subdued export performance. Encouragingly, local sales registered growth in both volume and value terms. The Company earned a net profit of PKR 37 million in Q3 alone, bringing the cumulative profit after tax for the nine-month period to PKR 43.49 million.

Cost Management and Operational Efficiency:

In view of lower profitability and tight liquidity conditions, the Company continued to implement stringent cost control measures. Efforts were made to manage raw and packing material costs effectively, while administrative expenses remained well-contained. These efforts contributed to operational efficiencies and enabled the Company to optimize the use of available resources.

Distribution and marketing expenses, however, increased significantly during the period, reflecting the Company's strategic shift toward Modern Trade channels. This included offering trade incentives and expanding the sales force to tap into new market segments.

On a positive note, finance costs declined in line with the State Bank of Pakistan's reduction in the policy rate, which is expected to continue supporting business operations in the upcoming quarter.

Strategic Review Update

The strategic review conducted by the two major shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar has concluded with M/S CCL Holdings (Private) Limited being the preferred bidder. The two major shareholders are negotiating definitive agreements, subject to regulatory approvals aimed to facilitate the acquisition of up to 40.63% shares held by them.

Future Outlook:

The macroeconomic environment, while still challenging, offers cautious optimism. A downward trend in inflation and interest rates is likely to improve consumer purchasing power, thereby benefiting the FMCG sector. Stabilized agricultural output may also contribute to better raw material availability and cost management.

Looking ahead, the Company remains focused on expanding export sales, securing timely procurement of seasonal raw materials, and enhancing operational productivity. The Board is confident in the Company's ability to deliver improved financial results in the fourth quarter while maintaining its long-term commitment to sustainable growth and profitability.

For and on behalf of

the Board of Directors

Najam Aziz Sethi Shazad Ghaffar

Chief Executive Officer Chairman

April 28, 2025

ز رــٹکی رئ اڈ ٹروـپر

31 ہزئاج اک ںوراوشوگ یتایلام ےک یہام ہس یرسیت ینپمک ہک ےہ یہر وہ یشوخ ےئوہ ےترک شیپ ٹروپر ہی وک زرٹکیرئاڈ فآ ڈروب :ںیہ یہر اج یک شیپ ںایکلھج یتایلام مہا لیذ جرد ۔ایگ ایک لمکم وک 2025 چرام

:ںیہ لیذ ہجردنم تاکن یلام مہا ےیل ےک تدم ہدوجوم

ںیم نیلم ےپور

ےنیہم ےک ناضمر ۔ےئاھکد راثآ ےک یطوبضم ںیم یہام ہس یرسیت ےن ینپمک ،دعب ےک یگدرکراک یلج یلم ںیم یہامشش یلہپ ےس ہجو یک یمک ںیم یگدرکراک یدمآرب ،مہات ۔یئآ یرتہب دصیف 4.87 ںیم مجح ےک زلیس ےس ہجو یک گنام یماقم طوبضم ںیم ینپمک ۔ایک جرد ہفاضا ےس ظاحل ںونود ردق روا مجح ےن تخورف یماقم ہک ےہ ہی تاب ازفا ہلصوح ۔ےئگ آ ںیم ؤابد نجرام یعومجم یعومجم دعب ےک سکیٹ ےیل ےک تدم یک ہام ون ےس سج ،ایامک عفانم صلاخ اک نیلم PKR 37 ںیم یہام ہس یرسیت فرص ےن ۔ایگ وہ نیلم PKR 43.49 عفانم

روا ماخ ۔اھکر یراج انرک ذفان وک تامادقا تخس ےک ےناپ وباق رپ تگال ےن ینپمک ،رظن شیپ ےک تالاح یٹیڈیوکیل تخس روا عفانم مک رارقرب ےس حرط یھچا تاجارخا یماظتنا ہکبج ،یئگ یک ششوک یک ےنرک مظنم ےس ےقیرط رثؤم وک تاجارخا ےک لیرٹیم گنکیپ ۔ایانب لباق ےک ےنانب رتہب وک لامعتسا ےک لئاسو بایتسد وک ینپمک روا ایک ادا رادرک مہا ںیم تیدافا لنشیرپآ ےن ںوششوک نا ۔ےہر ےک ینپمک فرط یک زلنیچ یتراجت دیدج ہک وج ،اوہ ہفاضا ںایامن ںیم تاجارخا ےک گنٹیکرام روا میسقت نارود ےک ےصرع سا ،مہات ےک ےنرک لامعتسا ںیم ںوصح ےئن ےک ٹیکرام روا شکشیپ یک تاعارم یتراجت ںیم سا ۔ےہ اترک یساکع یک یلیدبت کجٹیرٹسا ۔اھت لماش اناھڑب وک سروف زلیس ےیل

ےس سج ،یئوہ عقاو یمک ںیم تگال یتایلام ھتاس ےک یمک ںیم ٹیر یسیلاپ یک ناتسکاپ فآ کنیب ٹیٹسا ،رپ ٹون تبثم کیا ۔یگ ےہر یراج یرتہب یک ںویئاورراک یرابوراک ںیم یہام ہس یلاو ےنآ ہک ےہ عقوت

M/S CCL ہجیتن اک ہزئاج کجٹیرٹسا ےئگ ےیک ےس بناج یک رافغ تناتم ہدیس روا نسحم تانمیم ہدیس ،زرڈلوہ رئیش ےڑب ود ےہر رک تیچ تاب رپ ںودہاعم یعطق ناگتفای صصح ےڑب ود ۔اوہ لصاح رپ روط ےک ہدنہد یلوب یحیجرت وک ڈٹیمل (ٹیویئارپ) زگنڈلوہ تلوہس ںیم لوصح ےک صصح دصیف 40.63 دوجوم ساپ ےک نا دصقم اک سج ےہ طورشم ےس ںویروظنم یرٹیلوگیر وج ،ںیہ ۔ےہ انرک مہارف

ےس ناحجر ےک یمک ںیم دوس حرش روا رز طارفا ۔ےہ اترک شیپ تیئاجر طاتحم ،ےہ گنجنلیچ یھب با ہچرگا ،لوحام کمانکا ورکیم یک لام ماخ راوادیپ یعرز مکحتسم ۔اگوہ ہدئاف وک رٹکیس یج یس میا فیا حرط سا ،ےہ ناکما اک ےنوہ رتہب دیرخ توق یک نیفراص ۔ےہ یتکس لاڈ ہصح یھب ںیم ماظتنا ےک تگال روا یبایتسد رتہب

ز رــٹکی رئ اڈ ٹروـپر

یراوادیپ لنشیرپآ روا ،ےنانب ظوفحم وک یرادیرخ تقورب یک لام ماخ یمسوم ،ےناھڑب وک تخورف یدمآرب ینپمک ،ےئوہ ےتھکید ےگآ ہس یھتوچ ےئوہ ےتھکر رارقرب وک یگتسباو یتدم لیوط ینپا ےیل ےک عفانم روا یقرت رادیئاپ وک ڈروب ۔ےہ زوکرم رپ ےناھڑب وک تیحالص ۔ےہ دامتعا رپ تیحالص یک ینپمک یک ےنرک مہارف جئاتن یتایلام رتہب ںیم یہام

زرٹکیرئاڈ فآ ڈروب

نیمرئیچ رسیفآ وٹکیزگیا فیچ

2025 لیرپا 28

FOR THE THREE-MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2025

AS AT MARCH 31, 2025

Note

ASSETS

NON CURRENT ASSETS

Property, plant and equipment 6

Intangible assets Biological assets Long term deposits

Current Assets

Stores and spare parts Stock in trade

Trade debts

Advances, deposits and prepayments Income tax recoverable - net

Cash and bank balances

TOTAL ASSETS

Note

EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES

Authorized capital

40,000,000 (June 30, 2024: 40,000,000) ordinary

ordinary shares of Rs. 10 each

Issued, subscribed and paid up capital

22,875,000 (June 30, 2024: 22,875,000)

ordinary shares of Rs. 10 each Reserves

SHAREHOLDERS' EQUITY NON-CURRENT LIABILITIES

Deferred liabilities

CURRENT LIABILITIES

Trade and other payables

Finances under markup arrangements Loan from related parties - unsecured Accrued finance cost

Unclaimed dividend

CONTINGENCIES AND COMMITMENTS 5

TOTAL EQUITY AND LIABILITIES

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Shazad Ghaffar

FOR THE THREE-MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2025

Nine-months period ended Quarter Ended

Note

Sales 8

Cost of sales 9

Gross Profit

Administration expenses Distribution and marketing

expenses 10

Other operating expenses Other Income

Finance cost

Profit / (Loss) before Levy and

Taxation

Levy / final taxation

Profit / (Loss) before Taxation

Taxation

Net Profit for the period

Earning per share - basic and diluted

The annexed notes 1 to 15 form an integral part of these condensed interim financial statements.

Shazad Ghaffar

FOR THE THREE-MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2025

Nine-months period ended Quarter Ended

Profit for the period

Other comprehensive income:

• Items that will not be re-classified subsequently to profit or loss

• Items that may be re-classified subsequently to profit or loss

Total comprehensive Income for the period

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).

Shazad Ghaffar

FOR THE NINE-MONTH PERIOD ENDED MARCH 31, 2025

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements (un-audited).

Shazad Ghaffar

FOR THE NINE-MONTH PERIOD ENDED MARCH 31, 2025

Note

Cash flows from operating activities

Cash generated from/(used in) operations 7

Finance cost paid Taxation

Retirement benefits paid

Net cash generated from / (used in) operating activities

Cash flows from investing activities

Fixed capital expenditure Short Term Investment

Proceeds from sale of property, plant and equipment

Net cash used in investing activities

Cash flows from financing activities

Loan repaid to shareholders Short term borrowings - net

Net cash (used in) / generated from 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

The annexed notes from 1 to 15 form an integral part of these financial statements.

Shazad Ghaffar

FOR THE THREE-MONTH & NINE-MONTH PERIOD ENDED MARCH 31, 2025

1. THE COMPANY AND ITS OPERATIONS

   Mitchell's Fruit Farms Limited ("the Company") is a public limited Company incorporated in Pakistan. The shares of the Company are listed on Pakistan Stock Exchange. The Company is domiciled in Pakistan and is principally engaged in the manufacture and sale of various confectionery and grocery products.

   The geographical location and address of Company's business units, including manufacturing facility are as under:

   Business Unit Geographical Location

   Head Office / Registered Office 72 - FCC Gulberg IV, Lahore Manufacturing Facility Renala Khurd, District Okara, Pakistan

   Regional Sales office Plot # 102, Street 7, Main China Road, Sector I-10/3, Islamabad Regional Sales office Mehran VIP II, Ground Floor, House No. 18/3, Dr. Dawood Pota

   Road, Karachi

2. BASIS OF PREPARATION

   1. Statement of Compliance

      These condensed interim financial statements of the Company 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;

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as are notified under the Companies Act, 2017; and

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

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

      1. These condensed interim financial statements comprise of the condensed interim statement of financial position of the Company, as at March 31, 2025 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows together with the notes forming part thereof.

      2. These condensed interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the audited annual financial statements for the year ended June 30, 2024.

         
         
         

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

      4. These condensed interim financial statements are unaudited and are being submitted to the shareholders as required under Section 237 of the Companies Act, 2017 ("the Act").

      5. Functional and presentation currency

These condensed interim financial statements are presented in Pakistan Rupees which is the Company's functional currency.

1. JUDGMENTS AND ESTIMATES

   The preparation of these condensed interim financial statements (un-audited) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

2. SIGNIFICANT ACCOUNTING POLICIES

   The Company's accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements (un-audited) are the same as those applied in the preparation of preceding annual financial statements of the Company for the year ended June 30, 2024.

3. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There is no material change in the status of contingencies as reported in the financial statements of the Company for the year ended June 30, 2024 except for the following:

      1. The Company received the notice dated January 11, 2025 and intention has been shown that sales tax will be charged under the provisions Sales Tax Act 1990, if Company failed to submit his stance under the provisions of law. The Company has deposited the written reply along with documentary evidence on March 12, 2025 and show cause notice under section 11 is not received yet. The Company on the basis of opinion of the tax advisor is hopeful of favorable outcome of the case.

      2. The Company received the notice under section 57(2) of the Punjab Sales Tax on Services Act, 2012 dated March 18, 2025 through which, Company is required to submit the reconciliation for non-payment of sales tax withholding under the provisions of Punjab Sales Tax on Services Act, 2012 read with Punjab Sales Tax on Services (Withholding) Rule, 2015. The Company is preparing the reconciliation for submission on the due date. The Company on the basis of opinion of the tax advisor is hopeful of favorable outcome of the case.

         Since the Management and taxation expert of the Company believes that there are meritorious grounds to defend the above mentioned demands relating to the respective cases, no provision has been recorded in these financial statements with respect to the above matters.

   2. Others

      1. Letters of guarantee on account of payment of dues amounting to Rs. 17.20 million (June 30, 2024: Rs. 17.20 million).

      2. The Company has issued postdated cheques amounting to Rs 104.56 million (June 30, 2024: Rs 126.14 million) to the Collector of Customs Lahore Dry Port on account of taxable duty which might become payable against Duty and Tax Remission on Export under SRO # 492 (I)/2009 dated June 13, 2009 and SRO # 450 (I)/2001 dated June 30, 2001 under Customs Rules 2001.

   3. Commitments

      March 31 2025 (Un-audited) Rupees	June 30, 2024 (Audited) Rupees
      557,207,076	572,168,335
      -	6,431,543
      557,207,076	578,599,878
      572,168,335	622,300,506
      22,078,255	9,253,099
      (973,500)	(8,028,251)
      593,273,090	623,525,354
      (36,066,014)	(51,357,019)
      557,207,076	572,168,335

      1. Letters of credit for purchase of raw and packing materials amounting to Rs. 22.5 million (June 30, 2024: Rs. 0.74 million).

         Note

4. PROPERTY, PLANT AND EQUIPMENT

   Operating fixed assets 6.1

   Capital work in progress

   1. Operating fixed assets Opening written down value

Additions during the period / year

Disposal & Adjustments during the period / year (Net Value)

Depreciation charge for the period / year

March 31

2024

(Un-audited) Rupees

March 31

2025

(Un-audited) Rupees

Note

Nine Months Period Ended March 31, Quarter Period Ended March 31,

1. REVENUE

   • Local

   • Export Gross Sales

     Less: Sales tax & FED

     Less: Sales returns, trade discounts and incentives

2. COST OF SALES

   Raw and packing material consumed

   Salaries, wages and other benefits

   Boiler Expenses Power, water & Gas

   Travelling and vehicle running Repairs and maintenance Rent, rates and taxes Depreciation & Amortization Material write off Miscellaneous expenses

3. DISTRIBUTION AND MARKETING EXPENSES

Salaries, wages and other benefits Freight

Travelling and vehicle running Advertisement

Selling & distribution costs Other expenses