Interim Financial Statements as of 30/09/2022

Quarter ended

Six months ended

30 Sep 2022

30 Sep 2021

30 Sep 2022

30 Sep 2021

Revenue

4,947,868

2,264,180

8,832,610

4,140,363

Cost of Sales

(3,678,301)

(1,666,373)

(6,637,413)

(3,098,536)

Gross Profit

1,269,567

597,807

2,195,197

1,041,827

Other Operating Income

36,727

26,878

60,796

57,997

Selling and Distribution Expenses

(79,735)

(49,463)

(180,889)

(95,462)

Administrative Expenses

(235,825)

(88,391)

(209,667)

(190,674)

Operating Profit

990,734

486,831

1,865,437

813,688

Finance Costs

(115,337)

(39,857)

(164,717)

(79,405)

Finance Income

245

42

334

142

Profit before Tax

875,642

447,016

1,701,054

734,425

Income Tax Expense

(147,120)

(139,425)

(312,420)

(191,394)

Profit for the Period

728,522

307,591

1,388,634

543,031

Other Comprehensive Income

Other Comprehensive Income not to be Reclassified to Profit or

Loss in Subsequent Periods:

Tax Effect on Revaluation Reserve due to change of tax rate

-

4,987

-

4,987

Gain/(Loss) on Financial Investments - Fair Value through Other

Comprehensive Income

28

(4)

(479)

15

Net Other Comprehensive Income/(Loss) not to be Reclassified to

Profit or Loss in Subsequent Periods

28

4,983

(479)

5,002

Other Comprehensive Income/(Loss) for the Period Net of Tax

28

4,983

(479)

5,002

Total Comprehensive Income for the Period Net of Tax

728,550

312,574

1,388,155

548,033

Earnings Per Share - Basic/Diluted

0.77

0.32

1.46

0.57

* The Above figures are subject to audit

* All figures in brackets indicate deductions

(all amounts in Sri Lankan Rupees thousands)

Six months ended

30 Sep 2022

30 Sep 2021

Rs.

Rs.

Cash Flow from Operating Activities

Net Profit before Tax

1,701,054

734,425

Non-cash Adjustment to Reconcile Profit before Tax to Net Cash Flows:

Depreciation of Property, Plant Equipment

354,583

368,302

Provision for Employee Benefit Liability

9,912

20,487

Provision for slow moving inventories

108,684

10,205

Exchange difference adjustment

1,600

-

Right of Use Asset - Depreciation

1,401

2,939

Finance Costs

164,717

79,405

Finance Income

(334)

(142)

(Gain)/Loss on Sale of Property, Plant and Equipment

-

(370)

Operating Profit before Working Capital Changes

2,341,617

1,215,251

Working Capital Adjustments:

(Increase) / Decrease in Inventories

(1,540,907)

(468,745)

(Increase) / Decrease in Trade and Other Receivables and Prepayments

(360,576)

153,197

Increase / (Decrease) in Trade and Other Payables

(136,149)

212,331

Cash Generated from Operations

303,985

1,112,034

Income tax paid

(297,678)

(159,060)

Employee Benefit Liability Costs Paid

(3,583)

(15,122)

Interest Paid

(155,285)

(78,107)

Net cash flow (used in) / generated from operating activities

(152,561)

859,745

Cash Flows from Investing Activities

Acquisition of Property, Plant and Equipment

(150,077)

(133,209)

Proceeds from Sale of Property, Plant and Equipment

-

370

Finance Income

334

142

Loans & Advances Granted to Company Officers during the Period

(6,635)

(1,050)

Repayment of Loans & Advances by Company Officers during the Period

4,898

1,856

Net cash flow (used in) investing activities

(151,480)

(131,891)

Cash Flows from Financing Activities

Borrowings of interest bearing short term loans

2,840,400

1,590,000

Repayments of interest bearing short term loans

(2,080,000)

(1,140,000)

Repayments of interest bearing long term loans

(483,500)

(483,500)

Lease rental paid

(4,687)

(5,576)

Dividends Paid

(3,055)

(531,435)

Net Cash Flow Generated from/(Used in) Financing Activities

269,158

(570,511)

Net Increase/(Decrease) in Cash and Cash Equivalents

(34,883)

157,343

Cash and Cash Equivalent at the Beginning of the Period

37,368

(3,157)

Cash and Cash Equivalent at the End of the Period

2,485

154,186