Financial Results for the Year Ended 30-06-2025

ASSETS

NON CURRENT ASSETS

Property, plant and equipment

5

9,848,683,087

10,256,360,220

Long term deposits

6

63,463,433

60,669,433

9,912,146,520

10,317,029,653

CURRENT ASSETS

Stores and spares & loose tools

7

577,383,240

593,969,373

Stock in trade

8

2,563,064,391

2,909,414,624

Trade debts

9

271,413,807

147,901,796

Other financial assets

10

66,659,336

118,007,492

Advances, deposits, prepayments and other receivables

11

68,215,289

64,669,931

Tax refund due from government

12

710,237,493

691,935,076

Cash and bank balances

13

8,354,836

5,779,998

4,265,328,392

4,531,678,290

TOTAL ASSETS

14,177,474,912

14,848,707,943

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital

20,000,000 (June 30, 2024: 20,000,000) ordinary shares of Rs. 10 each

200,000,000

200,000,000

15,000,000 (June 30, 2024: 15,000,000) preference shares of Rs. 10 each

150,000,000

150,000,000

350,000,000

350,000,000

Issued, subscribed and paid-up capital

14

130,000,000

130,000,000

Capital reserve

15

Share premium

651,751,200

651,751,200

Revaluation surplus on property, plant and equipment

7,047,164,552

7,104,771,535

Revenue reserve

15

7,698,915,752

7,756,522,735

General reserves

115,000,000

115,000,000

Accumulated Loss

(6,530,501,789)

(4,944,149,596)

(6,415,501,789)

(4,829,149,596)

Loan from directors and others

16

212,728,470

212,728,470

1,626,142,433

3,270,101,609

NON CURRENT LIABILITIES

Long term finances

18

468,343,338

582,183,564

Liabilities against assets subject to finance lease

20

3,249,994

-

Deferred liabilities

21

49,875,715

32,048,417

521,469,047

614,231,981

CURRENT LIABILITIES

Trade and other payables

22

6,667,875,023

6,016,193,661

Accrued mark-up

23

1,033,771,528

1,036,252,984

Short term borrowings

24

1,743,068,909

1,743,205,264

Loan from directors and others Current portion of:

Long term finances

25

18

109,316,357

1,509,606,437

109,066,357

1,399,006,210

Redeemable capital - Sukuk

19

611,335,643

611,335,643

Liabilities against assets subject to finance lease

20

8,124,676

12,516,552

Unclaimed dividend

36,468

36,467

Provision for GIDC

34

333,515,000

Provision for taxation

27

13,213,389

36,761,215

12,029,863,430

10,964,374,353

CONTINGENCIES AND COMMITMENTS

28

-

-

14,177,474,912

14,848,707,943

The annexed notes form an integral part of these financial statements.

Sales

29

1,064,980,446

888,780,269

Cost of sales

30

(2,272,791,810)

(1,534,686,686)

Gross (Loss)

(1,207,811,364)

(645,906,417)

Other income

31

15,146,745

31,036,056

Distribution cost

32

(3,446,431)

(4,496,983)

Administrative expenses

33

(39,306,067)

(47,495,113)

Other operating expenses

34

(380,859,466)

(17,832,266)

(423,611,964)

(69,824,362)

Loss from operations

(1,616,276,583)

(684,694,723)

Finance cost

35

(7,082,708)

(7,809,182)

(Loss) before Taxation

(1,623,359,291)

(692,503,905)

Taxation

35

(13,387,425)

(11,347,061)

(Loss) for the year

(1,636,746,716)

(703,850,966)

Earnings per share - basic and diluted

36

(125.90)

(54.14)

The annexed notes form an integral part of these financial statements.

(Loss) for the year

(1,636,746,716)

(703,850,966)

Other comprehensive Income/(Loss)

Items that may not be reclassified to statment of profit or loss subsequently:

Re-measurement of defined benefits liability

(17,321,341)

(13,488,310)

Effect of Surplus on Revalaution of PPE with respect to incremental depreciaton-net of tax

67,715,864

74,009,934

Total comprehensive (Loss) for the year

(1,586,352,193)

(643,329,342)

The annexed notes form an integral part of these financial statements.

Capital Reserves

Share premium

Revaluation surplus on property, plant and equipment

Revenue Reserves

Accumulated (loss)

General reserve

Balance as at July 01, 2023

130,000,000

651,751,200

7,178,781,469

(4,300,820,254)

115,000,000

3,774,712,415

212,728,470

3,987,440,885

(Loss) for the year

-

-

-

(703,850,966)

-

-

-

(703,850,966)

Other comprehensive loss

-

-

-

(13,488,310)

-

-

-

(13,488,310)

Total comprehensive (loss) for the year

-

-

-

(717,339,276)

-

-

-

(717,339,276)

Surplus transferred to accumulated loss on account of incremental depreciation charged during the year-net of tax

-

-

(74,009,934)

74,009,934

-

-

-

-

Balance as at June 30, 2024

130,000,000

651,751,200

7,104,771,535

(4,944,149,596)

115,000,000

3,774,712,415

212,728,470

3,270,101,609

(Loss) for the year

-

-

-

(1,636,746,716)

-

-

-

(1,636,746,716)

Other comprehensive loss

Re-measurement of defined benefits liability

-

-

-

(17,321,341)

-

-

-

(17,321,341)

Revaluation loss on property, plant and equipment

-

-

-

-

Effect of Surplus on Revalaution of PPE with respect to incremental depreciaton-net of tax

-

-

10,108,882

-

-

-

-

10,108,882

Total comprehensive Income/(loss) for the year

-

-

10,108,882

(1,654,068,057)

-

-

-

(1,643,959,175)

Surplus transferred to accumulated loss on account of incremental depriciation charged during the year-

net of tax

-

-

(67,715,864)

67,715,864

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

130,000,000

651,751,200

7,047,164,553

(6,530,501,789)

115,000,000

3,774,712,415

212,728,470

1,626,142,434

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss) before Taxation

(1,623,359,291)

(692,503,905)

Adjustment for non-cash charges and other items:

Depreciation

183,804,017

183,575,667

Financial charges

7,082,708

7,809,182

(Profit) / loss on Disposal of Plant

20,601,094

(1,255,301)

Provision for gratuity

11,347,873

15,874,419

Reversal of markup provisions

-

-

Provision for diminution/ (appreciation) in the value of investment

(150,875)

(53,936)

Provision for GIDC

333,515,000

Provision for Expected Credit Loss

Provision for NRV write down

18,347,011

13,967,832

(Loss) before working capital changes

(1,048,812,463)

(472,586,042)

WORKING CAPITAL CHANGES

(Increase)/decrease in current assets:

Stocks, stores and spares

362,936,366

37,683,087

Trade debts

(141,859,019)

(32,051,585)

Tax refund due from government

(16,491,811)

-

Advances, deposits, prepayments and other receivable

(3,545,358)

7,842,605

Increase in current liabilities:

201,040,178

13,474,107

Trade and other payables

871,080,264

685,354,411

Accrude markup

(2,481,456)

-

868,598,808

685,354,411

Cash generated from operating activities

20,826,523

226,242,476

Interest paid

(7,082,708)

(7,809,182)

Gratuity paid

(10,841,916)

(85,887,932)

Taxation paid

(38,745,858)

(71,131,141)

(56,670,482)

(164,828,255)

Net cash (used in)/generated from operating activities

(35,843,959)

61,414,221

CASH FLOWS FROM INVESTING ACTIVITIES

Long term deposits

(2,794,000)

(8,808,413)

Purchase of property, plant and equipment

(6,018,000)

-

Other financial assets

51,499,031

6,200,125

Proceeds from disposal of property, plant and equipment

-

2,000,000

Net cash generated from investing activities

42,687,031

(608,288)

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances

(3,239,999)

148,801,827

Loan from directors and others - subordinated

250,000

-

Liabilities against assets subject to finance lease

(1,141,882)

-

Short term borrowings

(136,355)

(211,291,161)

Net cash used in financing activities

46.1

(4,268,236)

(68,261,473)

Net (decrease) in cash and cash equivalents

2,574,836

(7,455,540)

Cash and cash equivalent at the beginning of the year

5,779,959

13,235,499

Cash and cash equivalent at the end of the year

13

8,354,836

5,779,959

The annexed notes form an integral part of these financial statements.