THE SWADESHI INDUSTRIAL WORKS PLC
Condensed Interim Financial Statements For the Period Ended
31stMarch 2025
CORPORATE INFORMATION
Auditors
Messrs Ernst & Young, Chartered Accountants,
/09,
Rotunda Towers, Galle Road, Colombo 03.
Secretaries
M & A Company Secretaries (pvt) Ltd
No. 28,(Level 02), W.A.D.Ramanayaka Mawatha, Colombo 02.
Registered Office No.57
Colombo Road Kandana
Sri Lanka.
T H E S W A D E S H I I N D U S T R I A L W O R K S PLC
CONDENSED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR TBE THREE MONTHS ENDED 31ST MARCH 2025
COMPANY GROUP
(Audited) (Audited)
year ended year ended
31 03 2024 31 03 2024
4,740,226,316 4,742,82t,377 Tumovet
(2,354,729,558) (2 351 486,799) Cost of sales
COMPANY COMPANY
(Unaudited) (Unaudited)
31/03/2025 31/03/2024
1,155,532,604 1,173,914,724
(4'71,415,180) (3'7t 403 289)
GROUP GROUP VARIANCE
+/( - ) 31/03/2025 31/03/2024
(18,382,120) 1,157,217,381 1,175,980,000 (18,762,619)
99 988 109 (471,415,180) (571,403,289) 99 988,109
2,385,496,758 | 2,391,334,578 Gross Profit | 684,117,424 | 602,511,435 | 81,605,989 | 685,802,200 | 604,576,711 | 81,225,490 |
28,692,182 | 29,204,680 Other operating income / (Expense) | 2,278,670 | 8,758,578 | (6,479,908) | 2,288,670 | 8,758,578 | (6,469,907) |
(860,268,922) | (861,836,011) Administrafion expenses | (266,926,680) | (209,087,800) | (57,838,880) | (268,113,828) | (209,941,500) | (58,172,328) |
(t,3l3,7SS,7i18) tl.3l8,197,S78) Distribuaon cost | (421,818,227) | (350,420,188) | (71,398,039) | (425,338,236) | (344,122,962) | (81,215,274) | |
240,184,230 | 240,305,669 Profit/(Loss) from operation | (2,348,813) | 51,762,025 | (54,1 t0,83'7) | (5,361,193) | 59,270,826 | (64,632,019) |
- Provision For Impairment 1,519,759 1,519,759 Finance Income | 476,827 | 754,615 | (277,787) | 476,827 | - | 476,827 | |
t5l 808 858) t51 869 302) Financing cost | (8,477,461) | (6,520,280) | (1,957,181) | (8,461,861) | (5,765.665) | (2,696 196) | |
189,895, 131 | 189,956,126 Profit/(Loss) on Ordinary Activities | (10,349,446) | 45,996,360 | (56,345,806) | (13,346,226) | 53,505, 161 | (66,851,387) |
beforeTaxaaon | |||||||
(58,885,173) (58,885,174) Taxation | f35 792 604) | 35 792. 604 | - | (35 792 604) | 35 792 604 | ||
131,009,958 | 131,070,952 Profit/(Loss) on Ordinary Acaviaes | (10,349,446) | 10,203,756 | (20,553,202) | (13,346,226) | 17,712,557 | (31,058,783) |
- Other Comprehensive Income
| |||||||
- Dividends 25,871 Add(Less) Non-controlling Interest | • | (25,374) | - (25,374) | ||||
131,009,958 | 131,096,823 Rfniurd Profit/(Loss) for the period | (10,349,446) | t0,203,756 | (20,553,202) | (13,371,600) | 17,712,557 | (31,084,157) |
At the beginning of the quarter
396,822,177 418,477,181 as previously stated
529,730,888
557 052 207
(27. 321 319) 555,411,634
571,167 611 (15 755,977)
527,832,135
(8,647,487)
549,574,004 Profit available for appropriation
- Disposal of Revalued assets
(8,647,487) Other Compteftensiyc income
519,381,442
567,255,963
(47,874,521) 542,040,034
588,880, 168 (46,840, 134)
567,23fi,963
3fl8,880.168
(4684g]34)
(224 000) (224 000) Dividends
518,960,648 540,702,5 l7 At the end of the period
T H E S W A D E S H I I N D U S T R I A L W O R K S PLC
CONDENSED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIYE INCOME
FOR THE TWELVE MONTHS ENDED 31ST MARCH 2025
COMPANY (Unaudited) | COMPANY VARIANCE (Audited) | GROUP (Unaudited) | GROUP (Audited) | VARIANCE | |||
31/03/2025 | 31/03/2024 +/( - ) | 31/03/2025 | 31/03/2024 | el{ - ) | |||
Turnover | 4,459,437,976 | 4,740,226,316 (280,788,340) | 4,466,198,392 | 4,742,821,377 | (276,622,985) | ||
(2,155,725,061) | (2 354,729,558) 199 004 497 | (2,155,725,061) | (2,351,486,799) | 195,761.738 | |||
2,303,712,915 | 2,385,496,758 (81,783,843) | 2,310,473,331 | 2,39t,334,'i78 | (80,861,247) | |||
Other operating iacome / (Expense) | 10,621,612 | 28,692,182 (18,070,570) | 10,631,612 | 29,204,680 | (18,573,068) | ||
Administration expenses | (805,894,605) | (860,268,922) 54,374,317 | (808,168,485) | (86t.836,0t 1) | 53,667,526 | ||
Distribution cost | (1,467,236,444) | (1 313 735 788) (153 500 656) | (t,470,790,471) | (I.318497.3'78) | (tS2.392,892) | ||
Profit/(Loss )from operation | 41,203,479 | 240, t84,230 (198,980,'75 I) | 42,145,987 | 240,305,669 | (198,159,682) | ||
Provision For Impairment Finance Income | 2,517,t52 | 1,519,759 997,393 | 2,517,152 | 1,519,759 | 997,393 | ||
Financing cost | (41,811,038) | (51 808 858) 9 997 820 | (4t,81l,038) | (51.869,302) | 10,058.264 | ||
Profit on Ordinary Activi0es | 1,909,593 | 189,895,131 (187,985,538) | 2,852,102 | 189,956,126 | (I87, 104,024) | ||
beforeTaxafion Taxation | t!•888,799) | (58,885,173) 57,396,374 | (1,488.799) | (58 885 174) | 57 396 375 | ||
Profit on Ordinary Activities after taxation Other Comprehensive Income | 420,794 | 131,009,958 (30589,164) | 1,363,303 | 131,070,952 | (129,707,649) | ||
Transfers Dividends Add(Less) Non-controlling Interest | 787) | (25,787) | |||||
Retained profit for the period | 420,794 | 131,009,958 (130,589,164) | 1,337,516 | t31,070,924 | (T 29,733,408) | ||
At the beginning of the year as previously stated | 518,960,648 | 396 822 t77 122 138 471 | 540,7d2,S1'7 | d18.472,t8 I | t22,225.336 | ||
Profit available for appropriation Disposal of Revalued assets Other Comprehensive income | 519,381,442 | 131,009,958 388,371,484 (8,647,48'7) • | 542,040,034 | 131,096,823 (8,647,487) | 4I0,943,2t I | ||
Dividends | .L2M,g00 - | ||||||
At the end of the period | y 18,9d0,648 420,794 | M2,IN0,03 I | l,3fl7,S l7 | ||||
For quarter and the Period |
Group Quarter
31/03/2025 31/03/2024
31/03/2025
31/03/2024
Pmings / (Loss) per share (Rs.)
No of Shares
(89.37)
l49,333
118,61 f49.,333
9.13
l*9730
877.71
T H E S W A D E S H I I N D U S T R I A L W O R K S PLC
STATEMENT OF CHANGES IN EQUITY AS AT 31ST MARCH 2025
Group | Stated Capital Rs. | Period Ended 31/03/2025 Reserves Rs. | Accumulated Profit Rs. | Non Controlling Interest Rs. | Total Rs. | |
Balance as at 01st April 2023 | 150,634,670 | 1,118,035,344 | 418,477,181 | 11,175,322 | 1,698,322,517 | |
Dividends | (224,000) | (224,000) | ||||
Other Comprehensive Income | 120,534,731 | (8,647,487) | 1,167,247 | 113,054,491 | ||
Net Profit for the period | 131,096,823 | (25,871) | 131,070,952 | |||
Balance as at 31st March 2024 | 150,634,670 | 1,238,570,075 | 540,702,517 | 12,316,698 | 1,942,223,960 | |
Balance as at 01st April 2024 | 150,634,670 | 1,238,570,075 | 540,702,517 | 12,316,698 | 1,942,223,960 | |
Dividends | ||||||
Other Comprehensive Income | 201,067,270 | 4,502,171 | 205,569,441 | |||
Net profit for the period | 1,337,516 | 25,787 | 1,363,303 | |||
Balance as at 31st March 2025 | 150,634,670 | 1,439,637,345 | 542,040,033 | 16,844,656 | 2,149,156,704 | |
STATEMENT OF CHANGES IN EQUITY | ||||||
AS AT 31ST MARCH 2025 | ||||||
Period Ended | ||||||
Company | Stated | 31/03/2025 Revaluation | Accumulated | Totul | ||
Capital | Reserves | Profit | ||||
Rs. | Rs. | Rs. | Rs. | |||
Balance as at 01st April 2023 | 150,634,670 | 1,034,147,892 | 396,822,177 | 1,581,604,739 | ||
Other Comprehensive Income | 111,884,929 | (8,647,487) | 103,237,442 | |||
Net Profit for the period | 131,009,958 | 131,009,958 | ||||
Dividends | (224,000) | (224,000) | ||||
Balance as at 31st March 2024 | 150,634,670 | 1,146,032,821 | 518,960,648 | 1,815,628,139 | ||
Balance as at 01st April 2024 | 150,634,670 | 1,146,032,821 | 518,960,648 | 1,815,628,139 | ||
Net profit for the period | 420,794 | 420,794 | ||||
Other Comprebensive Income | 167,704,254 | 167,704,254 | ||||
Dividends | ||||||
Balance as at 31st March 2025 | 150,634,670 | 1,313,737,075 | 519,381,442 | 1,983,753,186 |
T H E S W A D E S H I I N D U S T R I A L W O R K S PLC
STATEMENT OF CASH FLOW
FOR THE TWELVE MONTHS ENDED 31ST MARCH 2025G r o u p C o m p a n y | ||||
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |
2025 March | 2024 March | 2025 March | 2024 March | |
Rs'000 | Rs'000 | Rs'000 | Rs'000 | |
Cash flow from operating activities | ||||
Net profit/(loss) before tax | 2,852 | 189,956 | 421 | 189,895 |
Depreciation | 32,587 | 30,823 | 32,587 | 30,823 |
Bad Debt Provision Reversal/Charged | 10,965 | 2,402 | ||
Provision for Slow Moving Inventories | 14,570 | 14,570 | ||
Provision for defined benefit plans | 2,708 | 15,369 | 2,708 | 15,369 |
Impairment of Investment in Subsidiaries 370 | ||||
Operating profit before working capital changes | 38,147 | 261,682 | 35,716 | 253,429 |
(Increase)/Decrease in inventories | 65,504 | 233,208 | 65,504 | 233,208 |
(Increase)/Decrease in receivable | 18,914 | (69,319) | 9,838 | (74,727) |
Amounts due to related companies | (1,51 l) | |||
(Decrease)/Increase in payable | (22,596) | (13,729) | (9,217) | (5,980) |
Gratuity paid | (1,417) | (1,769) | (1,417) | (1,769) |
Tax paid | (52,941) | (48,908) | (52,941) | (47,341) |
Net cash flow (used in)/ generated from operating activities | 45,612 | 361,166 | 45,974 | 356,819 |
Cash generated from investing activities | ||||
Acquition/Disposal of property plant & equipment | (67,531) | (39,123) | (67,531) | (39,123) |
Acquition of intangible assets | - | (2,250) | (2,250) | |
Net cash flow (used in)/ generated from investing activities | (67,531) | (41,374) | (67,531) | (41,374) |
Cash flow from financing activities | ||||
Net Reciept/ (Payment) of interest bearing borrowing | 156,925 | (251,272) | 156,925 | (246,066) |
Payment of dividends | (194) | (224) | (194) | (224) |
Net cash flow (used in)/ generated from financing activities | 156,731 | (251,496) | 156,731 | (246,290) |
Net (Decrease) / Increase in Cash and Cash Equivalents | 134,812 | 68,296 | 135,174 | 69,155 |
Cash & cash equivalents at the beginning of the period | (68,961) | (137,257) | (69,835) | (138,990) |
Cash & cash equivalents at the end of the period | 65,851 | (68,961) | 65,339 | (69,835) |
CONDENSED STATEMENT OF FINANCIAL POSITION - -
US AT 31ST MARCH 2025
ASSETS
Non-current Assets Property Plant & Equipment Right of Use
Intangible Assets Investment in Subsidiaries Total Non-current Assets
Current Assets Inventories
Trade & Other Receivables Advances and Prepayments Bank Balance & Cash Total Current Assets
TOTAL ASSETS EQUITY & LIABILITIESfiqu its Attrittutz hic to Eqn iiv Holsters ot the Parent Stated Capital
Revaluation Reserves Profit Retained
Non Controlling Interest
TOTAL EQUITYJon Current Liabilities
Interest Bearing Loans & Borrowings Deferred Taxation
Retirement Benefit Obligation Total Non-current Liabilities
Current Liabilities
Trade & Other Payables
Amounts due to Related Companies Interest Bearing Loans & Borrowings Income Tax Payable
Bank Overdrafts
Total Current Liabilities
TOTAL LIABILITIES TOTAL EQUITY & LIABILITIESCompany Group
Unaudited as at Audited as at Unaudited as at Audited as at
31/03/2025 31/03/2024 31/03/2025 31/03/2024Rs Rs Rs Rs
!
2,011,008,002 1,733,030,741 2,215,133,002 1,883,062,616
2,316,667 2,316,667
2,446,406 3,585,636 2,446,406 3,585,635
59,224,347 59,224,347 - -
2,072,678,755 1,798,157,391 2,217,579,408 1,888,964,918
591,148,271 656,652,465 591,148,271 656,652,465
689,027,234 579,122,890 693,220,645 592,392,369
105,004,990 224,747,719 105,004,990 224,747,719
174,279,628 67,489,892 174,792,362 68,364,338
1,559,460,123 1,528,012,966 1,564,166,268 1,542,156,891
3,632,138,878 3,326,170,357 3,781,745,676 3,431,121,809150,634,670 150,634,670 150,634,670 150,634,670
1,313,737,075 1,146,032,821 1,439,637,345 1,238,570,075
519,381,442 518,960,648 542,040,033 540,702,517
1,983,753,186 1,815,628,139 2,132,312,048 1,929,907,262
- - 16,844,656 12,316,698
1,983,753,186 1,815,628,139 2,149,156,704 1,942,223,960
1,079,605 1,079,605
547,134,923 475,261,671 608,372,423 520,271,233
67,400,632 66,108,848 67,400,632 66,108,848
614,535,554 542,450,124 675,773,055 587,459,686
525,642,034 611,304,350 519,502,423 542,292,934
73,252,178 74,762,787 - -
316,955,885 158,951,499 316,955,885 158,951,499
9,059,137 60,511,152 11,416,711 62,868,637
108,940,903 137,325,093 108,940,903 137,325,093
1,033,850,137 968,092,094 956,815,923 901,438,163
1,648,385,692 1,510,542,218 1,632.588.977 1.488.897.849
3,632,138,878 3,326,170,357 3,781,745,676 3,431,121,809Net Assest Value per Share (RS.) No of Shares
Market prices recorded during the period Highest Price (Rs)
Lowest Price (Rs) Close price (Rs)
For and on behalf of the Board
31/03/2025 31/03/202413,284 11,732
149,333 149,333
16,000
14,003
15,000
31/03/2025
14,279
149,333
31/03/202412,439
149,333
.
.
Mrs. C.S.M. Samaminghe (be fihairparaon)
. ..
Mrs. A.M. Wijewardene (Chairperson)
- List of 20 Major Shareholders (Based on their Shareholdings) as at 31st March 2025
-
Directors' Shareholding
Directors Shareholding as at 31st March 2025
Names of the Director
As at
31st March 2025
Mrs. A.M Wijewardene - Director
2,298
Mr. P.D. Samarasingbe - Director
109
Mrs. C.S.M. Samarasinghe - Director
50,388
Mr. Thusantha Wijemanna - Director
NIL
MR. H.K.D. Abeyesinghe - Director
1
Mr. M.I.A. Manievannan - Director
TOTAL
52,796
Name of Shareholders
No.of Shares
Percentage
Sampath Bank PLC/ Senthilverl Holdings Pvt Ltd
53,119
35.57
Mrs. C.S.M.Samarasinghe
50,388
33.74
Sedawatte Exports LTD
29,455
19.72
Mrs. A.M.Wijewardene
2,298
1.54
Mr. L. C. Lobo
1,546
1.04
Miss D.K. Munasinghe
1,384
0.93
Mr. S. Vytilingam
952
0.64
Mrs.M.E.Wemyss
813
0.54
Estate of the Late Mr. V.K. Joshi
510
0.34
Mr. K.D. Joshi
509
0.34
S . Santhosa Nadar Limited
400
0.27
Estate of the Late Mr. A. R. M. Thassim
400
0.27
Life Insurance Corporation (Lanka) Ltd
400
0.27
Estate of the Late Mr. W.A.J. Lobo
383
026
Mrs. S.C. Fernando
340
023
Administrator of the Estate of The Late Dr. C. L. S.
Ferdinands
333
0.22
Mr. S. Vytbilingam
317
0.21
Mrs. S. Kumarasingham
266
0.18
Administrator of Estate of The Late Mr. M. D. D.
Wijetunga
252
0.17
Estate of the late Mrs. J.C. Noronha
186
0.12
144,251
96.60
Pereentngc of Public Shareholding as at 3lst March 202s
Total number of shares issued 149,333
No of shares held by the Public 7,082
No of Public Share Holders 229
Percentage of shares held by the Public 44.92%
Float Adjusted Market Capitalization (Rs.) 1,006,205,754
i) The Company is compliant with the minimum public holding requirement as required by appendix 7B
(a) of Listing Rules of the Colombo Stock Exchange.
ii) The company's shares are listed on the Diri Savi Board since 28th November 2017. As per section
7.13.1.i (b) Listed Entity whose shares are listed on the Diri Savi Board shall maintain a Minimum Public Holding Requirement.
iii) Company belongs to the First option as the company's "Float Adjusted Market Capitalization" is above the minimum threshold, which is Rs. 1 Bn. Further it is above the "Minimum Public Holding Percentage" which is 7.5% and is also above the "Minimum Number of Public Shareholders"
Notes
The above figures are provisional and subject to audit.
The Company has consistantly followed the accounting policies and methods of computation with Sri Lanka Accounting Standards (LKAS 34 - Interim Financial Reporting).
There have been no material events subsequent to the interim period which require disclosure in the Interim Financial Statements.
3tated Calsital
31/03/2025 31/03f2025
No. Of Shares Rs.
31/03/20z4
Ordinary Shares
149,333 150,634,670
150,634,670
Rights Issue - Ordinery shares - - -Total 149,333 150,634,670 150,634,670
There has been no changes to the contingent liabilities reported in the Annual Report for the year ended
31st March 2024.