Quarterly Financial Report as of 31-12-2022

Quarter ended

Nine months ended

31 Dec 2022

31 Dec 2021

31 Dec 2022

31 Dec 2021

Revenue

5,856,865

2,923,291

14,689,475

7,063,654

Cost of Sales

(4,041,782)

(2,085,618)

(10,679,195)

(5,184,154)

Gross Profit

1,815,083

837,673

4,010,280

1,879,500

Other Operating Income

18,747

29,963

79,543

87,960

Selling and Distribution Expenses

(106,851)

(57,930)

(287,740)

(153,392)

Administrative Expenses

(294,727)

(120,226)

(504,394)

(310,900)

Operating Profit

1,432,252

689,480

3,297,689

1,503,168

Finance Costs

(100,365)

(42,332)

(265,082)

(121,737)

Finance Income

336

50

670

192

Profit before Tax

1,332,223

647,198

3,033,277

1,381,623

Income Tax Expense

(446,150)

(112,398)

(758,570)

(303,792)

Profit for the Period

886,073

534,800

2,274,707

1,077,831

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

(3,451)

-

(3,451)

4,987

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

Comprehensive Income

(160)

-

(639)

15

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

Profit or Loss in Subsequent Periods

(3,611)

-

(4,090)

5,002

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

(3,611)

-

(4,090)

5,002

Total Comprehensive Income for the Period Net of Tax

882,462

534,800

2,270,617

1,082,833

Earnings Per Share - Basic/Diluted

0.93

0.56

2.39

1.13

* The Above figures are subject to audit

* All figures in brackets indicate deductions

Stated Capital

Fair Value

Revaluation

Retained Earnings

Total

Reserve

Reserves

Rs.

Rs.

Rs.

Rs.

Rs.

As at 01 April 2021

1,526,407

1,876

99,873

3,940,467

5,568,623

Profit for the period

-

-

-

1,077,831

1,077,831

Other comprehensive income

-

15

-

-

15

Total comprehensive income

-

15

-

1,077,831

1,077,846

Deffered tax effect on rate change

-

-

4,987

-

4,987

Dividends paid

F21 - Final

-

-

-

(551,050)

(551,050)

F22 - First Interim

-

-

-

(237,522)

(237,522)

Unclaimed dividend write back

-

-

-

4,812

4,812

As at 31 December 2021

1,526,407

1,891

104,860

4,234,538

5,867,696

Profit for the period

-

-

-

836,713

836,713

Other comprehensive income

-

(477)

-

63,808

63,331

Total comprehensive income

-

(477)

-

900,521

900,044

Dividend paid

F22 - Final

-

-

-

(237,522)

(237,522)

As at 31 March 2022

1,526,407

1,414

104,860

4,897,537

6,530,218

Profit for the period

-

-

-

2,274,707

2,274,707

Other comprehensive income

-

(639)

-

-

(639)

Total comprehensive income

-

(639)

-

2,274,707

2,274,068

Deffered tax effect on rate change

-

-

(3,451)

-

(3,451)

Unclaimed dividend write back

-

-

-

7,746

7,746

As at 31 December 2022

1,526,407

775

101,409

7,179,990

8,808,581

* 31 December figures are subject to audit

(all amounts in Sri Lankan Rupees thousands)

Nine months ended

31 Dec 2022

31 Dec 2021

Rs.

Rs.

Cash Flow from Operating Activities

Net Profit before Tax

3,033,277

1,381,623

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

Depreciation of Property, Plant Equipment

533,545

555,284

Provision for Employee Benefit Liability

14,915

31,005

Provision for slow moving inventories

139,264

26,705

Exchange difference adjustment

2,400

3,777

Right of Use Asset - Depreciation

2,103

-

Finance Costs

265,082

121,737

Finance Income

(670)

(192)

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

-

(370)

Operating Profit before Working Capital Changes

3,989,916

2,119,569

Working Capital Adjustments:

(Increase) / Decrease in Inventories

(1,827,156)

(355,108)

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

(652,580)

(286,581)

Increase / (Decrease) in Trade and Other Payables

(197,589)

201,903

Cash Generated from Operations

1,312,591

1,679,783

Income tax paid

(468,880)

(236,492)

Social security contribution levy paid

(52,292)

-

Employee Benefit Liability Costs Paid

(4,672)

(19,174)

Interest Paid

(262,725)

(119,408)

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

524,022

1,304,709

Cash Flows from Investing Activities

Acquisition of Property, Plant and Equipment

(221,361)

(185,881)

Proceeds from Sale of Property, Plant and Equipment

-

370

Finance Income

670

192

Loans & Advances Granted to Company Officers during the Period

(7,035)

(3,865)

Repayment of Loans & Advances by Company Officers during the Period

8,110

3,629

Net cash flow (used in) investing activities

(219,616)

(185,555)

Cash Flows from Financing Activities

Borrowings of interest bearing short term loans

3,595,260

2,605,000

Repayments of interest bearing short term loans

(3,359,860)

(2,135,000)

Repayments of interest bearing long term loans

(647,250)

(725,250)

Lease rental paid

(4,687)

(5,726)

Dividends Paid

(3,092)

(763,258)

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

(419,629)

(1,024,234)

Net Increase/(Decrease) in Cash and Cash Equivalents

(115,223)

94,920

Cash and Cash Equivalent at the Beginning of the Period

37,368

(3,157)

Cash and Cash Equivalent at the End of the Period

(77,855)

91,763