Quarterly Financial Statements as of 30 September 2024

30.09.2024

31.03.2024

ASSETS

Rs.

Rs.

Non-current assets

Property, plant and equipment

4,812,875,248

4,729,906,298

Right of use asset

26,283,573

27,979,001

Intangible assets

181,139,888

181,139,889

Deferred tax assets

637,666,147

637,666,147

Current assets

5,657,964,855

5,576,691,334

Inventories

136,071,100

99,957,263

Trade and other receivables

494,531,795

518,461,951

Income tax recoverable

9,059,138

830,766

Cash and cash equivalents

96,285,029

26,214,357

Total Assets

735,947,061

645,464,337

6,393,911,917

6,222,155,671

EQUITY AND LIABILITIES

Equity

Stated capital

967,483,261

967,483,260

Other components of equity

6,949,461

6,949,461

Retained earnings

1,578,708,894

1,371,205,904

Equity attributable to equity holders of the parent

2,553,141,616

2,345,638,625

Non-controlling interest

-

-

Total Equity

2,553,141,616

2,345,638,625

Non-current liabilities

Interest bearing loans and borrowings

2,263,385,170

2,252,856,849

Lease liability

25,295,887

24,871,746

Retirement benefit obligations

38,361,482

37,783,649

Deferred tax liabilities

213,273,958

213,273,958

2,540,316,496

2,528,786,202

Current liabilities

Trade and other payables

129,992,423

109,428,420

Lease liability

5,088,270

4,986,270

Income tax liabilities

2,003,012

29,510,018

Interest bearing loans and borrowings

799,778,289

955,314,681

Bank overdrafts

363,591,811

248,491,455

Total Equity and Liabilities

1,300,453,805

1,347,730,844

6,393,911,917

6,222,155,671

Net assets per share

27.52

25.11

……………………………….

H.A.S. Madanayaka

G.A.K. Nanayakkara

Chairman

Managing Director

05th November 2024

30.09.2024

31.03.2024

ASSETS

Rs.

Rs.

Non-current assets

Property, plant and equipment

1,207,333,145

1,224,669,441

Right of use asset

4,152,234

5,453,218

Investments in subsidiaries

1,231,644,125

1,231,644,125

Intangible Assets

125,407,510

125,407,510

Current assets

2,568,537,014

2,587,174,294

Inventories

11,893,696

14,581,724

Trade and other receivables

422,943,055

305,578,724

Income tax recoverable

5,683,569

830,691

Cash and cash equivalents

77,423,644

23,966,215

517,943,964

344,957,353

Total Assets

3,086,480,978

2,932,131,647

EQUITY AND LIABILITIES

Equity

Stated capital

967,483,260

967,483,260

Other components of equity

5,194,210

5,194,210

Retained earnings

299,730,171

238,845,815

Equity attributable to equity holders of the parent

1,272,407,641

1,211,523,285

Non-controlling interest

-

-

Total Equity

1,272,407,641

1,211,523,285

Non-current liabilities

Interest bearing loans and borrowings

610,887,608

633,220,480

Lease liability

466,477

437,066

Retirement benefit obligations

36,423,875

36,193,650

Deferred tax liabilities

84,382,755

84,382,755

732,160,715

754,233,950

Current liabilities

Trade and other payables

520,536,327

445,364,127

Lease liability

111,270

111,270

Income tax liabilities

-

18,175,517

Interest bearing loans and borrowings

292,557,499

318,911,013

Bank overdrafts

268,707,526

183,812,486

1,081,912,622

966,374,413

Total Equity and Liabilities

3,086,480,978

2,932,131,647

Net assets per share

13.31

12.60

……………………………….

H.A.S. Madanayaka

G.A.K. Nanayakkara

Chairman

Managing Director

05th November 2024

03 Months Ended 30th September

06 Months ended 30th September

2024

2023

Change %

2024

2023

Change %

Rs.

Rs.

Rs.

Rs.

Revenue from contracts with customers

103,794,519

121,569,926

(15)

237,796,679

203,462,245

17

Direct costs

(26,067,732)

(20,777,707)

(25)

(47,632,243)

(42,099,508)

(13)

Gross profit

77,726,787

100,792,219

(23)

190,164,436

161,362,737

18

Other operating income

-

-

-

-

-

-

Administrative expenses

(23,781,562)

(18,109,601)

(31)

(44,593,505)

(32,948,979)

(35)

Results from operating activities

53,945,225

82,682,618

(35)

145,570,931

128,413,758

13

Finance income

1,762,774

4,195,471

(58)

2,649,584

4,384,706

Finance cost

(44,994,891)

(53,813,222)

16

(87,336,159)

(117,292,450)

26

Profit/(loss) before tax

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Tax expense

-

-

-

-

-

-

Profit/(loss) for the period

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Attributable to:

Equity holders of the parent

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Non-controlling interest

-

-

-

-

-

-

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Earnings/(loss) per share - basic/diluted

0.12

0.27

0.71

0.60

Dividend per share

-

-

-

-

STATEMENT OF COMPREHENSIVE INCOME - COMPANY

03 Months Ended 30th September

06 Months ended 30th September

2024

2023

Change %

2024

2023

Change %

Rs.

Rs.

Rs.

Rs.

Profit/(loss) for the period

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Other comprehensive income not to be reclassified

to profit or loss in subsequent periods

Remeasurement gain/(loss) on Defined Benefit Plans

-

-

-

-

-

Deferred tax effect on Actuarial gain/loss

-

-

-

-

-

Other comprensive income for the period. Net of tax

-

-

-

-

-

-

Total comprehensive income for the period, net of tax

10,713,108

33,064,867

(68)

60,884,356

15,506,014

293

Attributable to:

Equity holders of the parent

10,713,108

33,064,867

68

60,884,356

15,506,014

293

Non-controlling interest

-

-

-

-

-

-

10,713,108

33,064,867

68

60,884,356

15,506,014

293

Attributable to equity holders of the parent

Other components of equity

Stated

Revaluation

Retained

Total

Non-controlling

Total

capital

reserve

earnings

interest

equity

Period ended at 30th September 2024

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Balance as at 1st April 2024

967,483,260

6,949,461

1,371,205,904

2,345,638,625

-

2,345,638,625

Profit for the period

-

-

207,502,989

207,502,989

-

207,502,989

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income for the period

207,502,989

-

-

207,502,989

-

207,502,989

Transactions with equity holders

-

-

-

-

-

-

Balance as at 30th September 2024

967,483,260

6,949,461

1,578,708,894

2,553,141,615

-

2,553,141,615

Attributable to equity holders of the parent

Other components of equity

Stated

Revaluation

Retained

Total

Non-controlling

Total

capital

reserve

earnings

interest

equity

Year ended 31st March 2024

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Balance as at 1st April 2023

967,483,260

6,949,461

1,106,708,051

2,081,140,772

-

2,081,140,772

Profit for the period

-

-

373,882,505

373,882,505

-

373,882,505

Other comprehensive income

-

-

(1,653,618)

(1,653,618)

-

(1,653,618)

Total comprehensive income for the period

1,478,936,938

967,483,260

6,949,461

2,453,369,659

-

2,453,369,659

Transactions with equity holders

Cash Dividend paid - interim 2023/24

-

-

(107,731,034)

(107,731,034)

-

(107,731,034)

Balance as at 31st March 2024

1,371,205,904

967,483,260

6,949,461

2,345,638,625

-

2,345,638,625

Attributable to equity holders of the parent

Other components of equity

Stated

Revaluation

Retained

Total

capital

reserve

earnings

equity

Period ended 30th September 2024

Rs.

Rs.

Rs.

Rs.

Balance as at 1st April 2024

967,483,260

5,194,210

238,845,815

1,211,523,285

Profit for the period

-

-

60,884,356

60,884,356

Other comprehensive income

-

-

-

-

Total comprehensive income for the period

-

-

60,884,356

60,884,356

Transactions with equity holders

-

-

-

-

Balance as at 30th September 2024

967,483,260

5,194,210

299,730,171

1,272,407,641

Attributable to equity holders of the parent

Other components of equity

Stated

Revaluation

Retained

Total

capital

reserve

earnings

equity

Year ended 31st March 2024

Rs.

Rs.

Rs.

Rs.

Balance as at 1st April 2023

967,483,260

5,194,210

178,122,183

1,150,799,653

Profit for the period

-

-

170,017,162

170,017,162

Other comprehensive income

-

-

(1,562,496)

(1,562,496)

Total comprehensive income for the period

967,483,260

5,194,210

346,576,849

1,319,254,319

Transactions with equity holders

Cash Dividend paid - interim 2023/24

-

-

(107,731,034)

(107,731,034)

Balance as at 31st March 2024

967,483,260

5,194,210

238,845,815

1,211,523,285

For the 03Months Ended 30 June

2024

2023

Rs.

Rs.

Cash generated from/(used in) operating activities

Profit/(loss) before tax

207,502,989

(4,650,552)

Adjustments for;

Depreciation

61,240,349

55,729,029

Depreciation of Right of use Assets

1,695,428

1,719,535

Provision for Defined Benefit Plan

2,036,572

1,230,745

Finance Cost

192,858,449

273,741,311

Finance charges on lease liability

1,486,499

1,787,653

Finance Income

(2,660,193)

(4,385,751)

Operating profit before working capital changes

464,160,094

325,171,971

Decrease / ( increase ) in inventories

(36,113,837)

(0)

Decrease / ( increase ) in trade and other receivable

23,930,156

279,708,608

(Decrease) / Increase in trade and other payables

20,564,003

(11,868,304)

Cash generated from/(used in) operating activities

472,540,416

593,012,274

Finance cost paid

(192,858,449)

(207,447,917)

Gratuity paid

(1,458,702)

-

Income tax paid

(35,735,414)

(2,232,450)

Net cash generated from/(used in) operating activities

242,487,850

383,331,907

Cash flows from/(used in) investing activities

(Acquisition) / Reversals of property, plant and equipment

(144,209,299)

(107,306,417)

Finance income received

2,660,193

4,385,751

Net cash used in investing activities

(141,549,106)

(102,920,667)

Cash flows from/(used in) financing activities

Repayment of Lease rental

(960,357)

(3,115,946)

Proceeds from interest bearing loans and borrowings

78,000,000

-

Repayments of interest bearing loans and borrowings

(223,008,071)

(111,669,345)

Dividend Paid

-

-

Tax on dividends paid by subsidiaries

-

-

Net cash (used in)/generated from financing activities

(145,968,429)

(114,785,292)

Net decrease in cash and cash equivalents

(45,029,684)

165,625,949

Cash and cash equivalents at the beginning of the period

(222,277,098)

(350,800,019)

Cash and Cash equivalents at the end of the period

(267,306,782)

(185,174,070)

Analysis of cash and cash equivalents;

Cash and cash equivalents

96,285,029

91,813,135

Bank overdrafts

(363,591,811)

(276,987,205)

Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow

(267,306,782)

(185,174,070)

For the 03Months Ended 30 June

2024

2023

Rs.

Rs.

Cash generated from/(used in) operating activities

Profit/(loss) before tax

60,884,356

15,506,014

Adjustments for;

Depreciation

18,532,824

19,095,156

Depreciation of Right of use Asset

1,300,984

1,300,984

Provision for Defined Benefit Plan

1,688,968

1,221,976

Finance Cost

87,306,748

117,036,566

Finance charges on lease liability

29,411

255,884

Finance Income

(2,649,547)

(4,384,706)

Operating profit before working capital changes

167,093,744

150,031,874

Decrease / ( increase ) in inventories

2,688,028

-

Decrease / ( increase ) in trade and other receivable

(117,364,331)

75,292,151

Increase/(decrease) in trade and other payables

75,172,200

118,256,290

Cash generated from/(used in) operating activities

127,589,641

343,580,315

Finance cost paid

(94,543,439)

(148,309,317)

Income tax paid

(23,016,653)

-

Gratuity paid

(1,458,702)

-

Net cash generated from/(used in) operating activities

8,570,847

195,270,998

Cash flows from/(used in) investing activities

Acquisition of property, plant and equipment

(1,196,519)

-

Finance income received

2,649,547

4,384,706

Net cash used in investing activities

1,453,028

4,384,706

Cash flows from/(used in) financing activities

Proceeds from interest bearing loans and borrowings

-

-

Lease rental paid

-

(3,147,592)

Repayments of interest bearing loans and borrowings

(41,461,485)

(79,921,406)

Dividends Paid - Ordinary Shares

-

-

Net cash (used in)/generated from financing activities

(41,461,485)

(83,068,998)

Net decrease in cash and cash equivalents

(31,437,610)

116,586,706

Cash and cash equivalents at the beginning of the period

(159,846,271)

(239,203,503)

Cash and Cash equivalents at the end of the period

(191,283,882)

(122,616,797)

Analysis of cash and cash equivalents;

Cash and cash equivalents

77,423,644

90,482,404

Bank overdrafts

(268,707,526)

(213,099,201)

Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow

(191,283,882)

(122,616,797)