QUARTERLY REPORT
MARCH 31, 2025
Table of Content
Trakker at a Glance 02
Mission and Vision 03
Core Values 04
Company Information 05
Geographical Presence 06
Directors' Report 07
Unconsolidated Financial Statement
Condensed Interim Statement of Financial Position 12
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income 13
Condensed Interim Statement of Changes in Equity 14
Condensed Interim Statement of Cash Flows 15
Notes to the Condensed Interim Financial Statements 16
Consolidated Financial Statement
Condensed Interim Statement of Financial Position 21
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income 22
Condensed Interim Statement of Changes in Equity 23
Condensed Interim Statement of Cash Flows 24
Notes to the Condensed Interim Financial Statements 25
24 Years of Expertise
in Connected Car, Digital Mapping,
and IoT Solutions
8 Million+
Database of Geo-Coded Addresses
in Pakistan
700+
Employee Base
90%
Stolen Vehicle Recovery
200+
Vehicles Recovered
in the Last Year
550,000+
Units
Tracked
Trakker at a Glance
A Reflection of Our Strength
TPL Trakker Ltd. stands as Pakistan's premier telematics and IoT service provider, specializing in data-driven solutions. Pioneering the field, we obtained the first vehicle tracking license in 1999, and since then we have been catering to the diverse needs of B2C and B2B clients across various industries nationwide. In 2012, TPL Trakker became the first publicly listed tracking company in Pakistan.
2 Quarterly Report | March 2025
Our Commitment to Excellence and Future-Forward Technology
Our Mission
We lead Pakistan's telematics sector and specialize in IoT sector with innovative and tailored solutions, ensuring exceptional service.
Our Vision
To be the foremost global innovator in telematics and IoT solutions, transforming industries and enhancing lives through cutting-edge technology and unparalleled service excellence, creating a safer, more sustainable future.
Quarterly Report | March 2025 3
Core Values
The Foundation of Our Success
Integrity
We maintain the highest standards of conduct, embracing honesty, productivity, and fairness in all aspects of our work. We fulfill our commitments as responsible citizens and dedicated employees.
Team Work
At TPL, we believe collaboration drives success. By fostering open communication and mutual support, we achieve collective goals. Together, we are stronger and deliver exceptional results.
Customer Centric
We prioritize our clients' needs and strive to exceed their expectations by delivering personalized and innovative solutions. Our commitment to exceptional service ensures we build lasting relationships based on trust and satisfaction.
Diversity & Inclusion
We prioritize equity, inclusion, and dignity for all in the workplace. We are committed to promoting gender equality & fostering an environment where diverse perspectives are valued and respected in all aspects of our work.
Value Creation
We focus on leveraging the talents of our employees and applying advanced tech and innovative solutions to create value for all stakeholders.
Commitment
We are dedicated to delivering excellence and consistently meeting our promises. Our unwavering commitment drives us to go above and beyond in serving our clients, partners, and community.
4 Quarterly Report | March 2025
Company Information
BOARD OF DIRECTORS
Jameel Yusuf Ahmed S.St Nausheen Javaid Amjad Mohammad Riaz
Brigadier (R) Muhammad Tahir Chaudhry Amjad Waqar
Imran Hussain
CHIEF EXECUTIVE OFFICER
Amjad Waqar
Chairman Director Director Director Director Director
BANKERS
Al Baraka Bank (Pakistan) Limited Askari Bank Limited
Bank Al Habib Limited Bank Alfalah Limited
BankIslami Pakistan Limited
Dubai Islamic Bank (Pakistan) Limited Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
Habib Metropolitan Bank Limited - Islamic Banking
GENERAL MANAGER / ACTING CHIEF FINANCIAL OFFICER
Muhammad Kashif Ismail
COMPANY SECRETARY
Shayan Mufti
AUDIT COMMITTEE
JS Bank Limited
Mobilink Microfinance Bank Limited National Bank of Pakistan
Silkbank Limited
Standard Chartered Bank (Pakistan) Limited Summit Bank Limited
Soneri Bank Limited
Nausheen Javaid Amjad Mohammad Riaz Hashim Sadiq Ali
HUMAN RESOURCE & REMUNERATION COMMITTEE
Nausheen Javaid Amjad Mohammad Riaz
Amjad Waqar Nader Bashir Nawaz
AUDITORS
M/s. Grant Thornton Anjum Rahman Chartered Accountants
LEGAL ADVISOR
Mohsin Tayebaly & Co
Chairperson Member Secretary
Chairperson Member Member Secretary
United Bank Limited Bank of Punjab
SHARE REGISTRAR
M/s THK Associates (Pvt.) Limited,
Plot No. 32-C, Jami Commercial Street 2, D.H.A., Phase VII, Karachi-75500 Pakistan
Tel: (021) 34168270
UAN: 111-000-322
FAX: (021) 34168271
REGISTERED OFFICE
Plot 1-A, Sector No. 24, near Shan Chowrangi, Korangi Industrial Area, Karachi
Postal Code: 74900
CORRESPONDENCE OFFICE
20 Floor, Sky Tower-East Wing, Dolmen City, HC-3, Block 4,
Abdul Sattar Edhi Avenue, Clifton, Karachi. Postal Code: 75600
Web Presence https://www.tpltrakker.com
Quarterly Report | March 2025 5
Our regional offices are strategically located to provide dedicated support and services to our clients across various regions.
Each office is staffed with experienced professionals who understand the local market dynamics and are committed to delivering tailored solutions that meet our clients' specific needs.
Geographical Presence
Nationwide Reach with Comprehensive Geographical Coverage
Multan Office
House No. 2, Haider Street, Shalimar Colony, Multan.
+92-61-4424346-4
Islamabad Office
Plot #12-A, 2nd Floor
(East Side) CBC Building, G8 Markaz, Islamabad.
+92-51-111-000-300
Hyderabad Office
2nd Floor Plot # 15/5, Railway Cooperative Housing Society, Main Auto Bahan Road, Latifabad Hyderabad.
+92-22-3411023
Lahore Office
Tower 75, 4th Floor, L Block, Gulberg III, Kalma Chowk, Main Ferozepur Road, Lahore.
+92-42-111-000-300
Corporate Office
Plot # 1-A, Sector # 24, Korangi Industrial Area, Karachi.
+92-21-111-000-300
Faisalabad Office
Office no. 2, 4th Floor Mezan Executive Tower Civil Lines, Faisalabad.
+92-41-111-000-300
+92-41-2610149-53
6 Quarterly Report | March 2025
Directors' Report
On behalf of the Board of Directors of TPL Trakker Limited¸ we are pleased to present the unaudited condensed interim financial statements together with these performance review of the Group for the period ended March 31¸ 2025.
ECONOMIC OUTLOOK
As of March 2025¸ Pakistan's economy has exhibited encouraging signs of stabilization and recovery. This progress is reflected in declining inflation¸ improved fiscal indicators¸ and a resurgence in foreign investment. Inflation dropped to a historic low of 0.7% in March 2025-the lowest level recorded in nearly six decades-down significantly from its peak of 38% in May 2023. This substantial decline is primarily attributed to a series of policy rate reductions and the implementation of stringent economic reforms.
Overall¸ the macroeconomic outlook shows a positive trajectory¸ particularly in terms of fiscal consolidation and external account stability. The build-up of foreign exchange reserves and the downward trend in inflation are key indicators of this recovery. Nevertheless¸ significant challenges persist¸ including elevated public debt and ongoing external vulnerabilities. Addressing these will require sustained structural reforms and prudent fiscal management to ensure long-term¸ inclusive economic growth.
GROUP PERFORMANCE
Business Performance
Unconsolidated Consolidated
Q3 Mar 31,
2025
Q3 Mar 31,
2024
Q3 Mar 31,
2025
Q3 Mar 31,
2024
------ Rupees '000' ------
------ Rupees '000' ------
Turnover - net
1¸487¸815
1¸905¸930
Turnover - net
1¸830¸783
2¸400¸993
Gross profit
587¸955
828¸894
Gross profit
656¸692
1¸030¸473
Operating profit
191¸081
426¸923
Operating profit
79¸784
350¸944
Finance cost
(270¸234)
(389¸800)
Finance cost
(284¸062)
(428¸917)
(Loss) / Earnings
(Loss) before taxation
(209¸910)
(43¸601)
before taxation
(51¸537)
169¸513
EPS
(1.14)
(0.17)
EPS
(0.34)
0.56
For the nine months ended March 31¸ 2025¸ the Company reported consolidated revenue of Rs. 1¸831 million¸ reflecting a 24% decline compared to the same period last year. This decrease is primarily attributable to the conclusion of the Safe Transport Environment (STE) project with Pakistan Customs / Federal Board of Revenue (FBR)¸ which ended on December 31¸ 2024¸ as well as the elimination of Trakker Middle East's (TME) revenue from consolidation following the change in its classification from a subsidiary to an associated Company.
The decline in consolidated revenue also impacted gross profitability¸ which decreased by 36% to Rs. 656.7 million¸ compared to Rs. 1¸030.5 million in the corresponding period last year. Consequently¸ the Company reported a consolidated loss before tax of Rs. 209.9 million¸ compared to a loss before tax of Rs. 43.6 million in the same period last year.
Future Outlook - Telematics, IIoT & Trakker Middle East LLC (TME)
In the first quarter of 2025¸ Pakistan's automotive sector experienced a mixed performance. While automobile sales showed an 18% year-on-year growth¸ driven by improved economic conditions and consumer sentiment. Telematics revenue increased by approximately 25% on a quarter-on-quarter (QoQ) basis in Q3 of the reporting period. This growth reflects the impact of a continued positive economic outlook and a focused approach by management to expand telematics volumes¸ particularly within the B2C segment. Encouraged by these results¸ the Company expects this upward trend to continue in the coming periods¸ supported by targeted marketing initiatives and product enhancements tailored to evolving customer needs.
In addition¸ a heightened strategic emphasis is being placed on the IoT segment as a primary driver of long-term revenue growth. Through the diversification of our product portfolio¸ enhancement of service delivery capabilities¸ and adoption of cutting-edge technologies¸ we aim to unlock new market opportunities and reinforce our leadership in the telematics and IoT space. These efforts are expected to contribute meaningfully toward achieving the Company's overall revenue targets and recovering revenue lost due to the conclusion of STE Project.
Trakker Middle East (TME)
During the reporting period¸ TME issued shares to Gargash Group through a fresh equity injection¸ resulting in the acquisition of a 50.1% shareholding in Trakker Middle East. As a result of this transaction¸ the classification of TME has changed from a subsidiary to an associated company¸ in accordance with applicable accounting standards and regulatory guidelines.
Quarterly Report I March 2O25 7
The integration with Gargash Group is contributing significantly to progress across key business functions¸ including operations¸ sales¸ marketing¸ and technology. This collaboration brings together TME's industry expertise and innovative solutions with Gargash Group's strong regional presence¸ extensive network¸ and robust financial capacity. As a result of these synergies¸ the Company has achieved an overall annualized growth of 23% compared to the same period last year.
This forward-looking alliance is positioning the Company for long-term growth and enabling deeper market penetration across the GCC region and beyond. By leveraging the complementary strengths of both organizations¸ the partnership is not only enhancing competitiveness but also laying the foundation for sustained success in an increasingly dynamic and competitive landscape.
Future Outlook - Digital Mapping & Location-Based Services (LBS)
While the Company continues to take focused measures to improve profitability¸ the third quarter of FY2025 marked notable progress across several strategic fronts. Efforts to forge meaningful partnerships¸ improve product offerings and expand the client base have started to yield positive results.
With a strong emphasis on innovation¸ the Company successfully onboarded prominent clients in the food and allied sectors¸ as well as the telecom industry¸ further strengthening its position in Location-Based Services (LBS) and advancing the development and adoption of its Location Intelligence (LI) platform. This platform is increasingly being utilized by clients across the banking¸ FMCG¸ and broader corporate sectors for strategic¸ data-driven decision-making.
In addition¸ the Company is actively pursuing a strategic partnership with a leading technology company in Pakistan to strengthen its market position and enhance revenue streams across both domestic and international markets.
ACKNOWLEDGEMENTS
We would like to thank the shareholders of the Company for the confidence they have placed in us. We also appreciate the valued support and guidance provided by the Securities and Exchange Commission of Pakistan¸ the Federal Board of Revenue and the Pakistan Stock Exchange. We would also express our sincere thanks to the employees¸ strategic partners¸ vendors¸ suppliers and customers for their support in pursuit of our corporate objectives.
6mjuЛ WuqurChicf Exccutivc Officcr
Jumccl Yusuf (S.ST)Chuirmun
8 Quarterly Report I March 2O25
Unconsolidated Condensed Interim Statement of Financial Position
As at 31 March, 2025
(Unaudited) (Audited)
2025
2024
Rupees
31 March¸ 30 June¸
ASSETS
NON−CURRENT ASSETS
Note
Property¸ plant and equipment
4
559¸376¸611
639¸407¸615
Intangible assets
5
1¸267¸682¸128
1¸233¸597¸446
Right-of-use assets
104¸318¸694
118¸763¸714
Long-term investments
6
1¸249¸342¸212
1¸249¸342¸212
Long-term advances
772¸908¸802
772¸908¸802
Long-term loans and deposits
48¸867¸893
51¸157¸517
Deferred tax assets
204¸464¸208
169¸667¸928
4¸206¸960¸548
4¸234¸845¸234
CURRENT ASSETS
Stock-in-trade
297¸827¸847
232¸156¸408
Trade debts
613¸446¸258
731¸914¸459
Loans¸ advances¸ deposits and prepayments
76¸794¸871
77¸784¸521
Other receivables
33¸277¸460
26¸911¸184
Due from related parties
7
281¸163¸442
303¸043¸248
Accrued markup
492¸188¸046
463¸709¸975
Cash and bank balances
124¸035¸116
159¸547¸889
1¸918¸733¸039
1¸995¸067¸684
TOTAL ASSETS
6¸125¸693¸587
6¸229¸912¸918
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised share capital
`
2¸850¸000¸000
2¸850¸000¸000
Issued¸ subscribed and paid-up capital
1¸872¸630¸930
1¸872¸630¸930
Capital reserves
202¸650¸046
202¸650¸046
Revenue reserve
73¸507¸334
136¸978¸212
Fair value reserve of financial assets
295¸018¸671
295¸018¸671
2¸443¸806¸981
2¸507¸277¸859
NON−CURRENT LIABILITIES
Long-term financing
21¸942¸363
223¸450¸484
Lease liabilities
62¸570¸405
64¸935¸780
84¸512¸768
288¸386¸264
CURRENT LIABILITIES
Trade and other payables
1¸570¸737¸085
1¸440¸441¸094
Due to related parties
8
317¸158¸181
296¸615¸623
Accrued mark-up
173¸494¸914
129¸370¸833
Short-term borrowings
979¸219¸242
953¸365¸554
Taxation - net
82¸775¸023
83¸514¸595
Current portion of non-current liabilities
327¸033¸096
355¸840¸777
Advance monitoring fees
146¸956¸298
175¸100¸319
3¸597¸373¸838
3¸434¸248¸795
TOTAL EQUITY AND LIABILITIES 6¸125¸693¸587
6¸229¸912¸918
CONTINGENCIES AND COMMITMENTS 9
The annexed notes from 1 to 12 form an integral part of these unconsolidated condensed interim financial statements.
ACTING CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE OFFICER DIRECTOR
Unconsolidated Condensed Interim St atement of Profit or Loss and Other Comprehensive Income (Unaudited)
For the nine months period ended March 31, 2025
2025
2024
Rupees
2025
2024
Rupees
Nine months period ended Three months period ended March 31, March 31, March 31, March 31,
Turnover - net
1¸487¸814¸978
1¸905¸930¸442
338¸073¸863
635¸105¸561
Cost of sales and services
(899¸859¸772)
(1¸077¸036¸202)
(256¸930¸859)
(371¸897¸489)
Gross profit
587¸955¸206
828¸894¸240
81¸143¸004
263¸208¸072
Distribution expenses Administrative expenses
(85¸762¸868) (311¸111¸395)
(82¸767¸230) (319¸204¸289)
(29¸677¸830) (104¸994¸549)
(26¸180¸257) (103¸364¸067)
Operating profit
191¸080¸943
426¸922¸721
(53¸529¸375)
133¸663¸748
Research and development expenses
(57¸297¸357)
(60¸418¸932)
(18¸912¸786)
(19¸198¸675)
Other expenses
(1¸456¸902)
(1¸859¸738)
(1¸392¸553)
-
Finance costs
(270¸234¸090)
(389¸800¸093)
(69¸790¸780)
(127¸454¸199)
Other income
86¸369¸881
194¸669¸403
15¸060¸692
66¸228¸674
(Loss) / Profit before income tex end levies
(51,537,526)
169,513,361
(128,564,802)
53,239,548
Levies
(18¸417¸743)
(22¸467¸311)
(7¸715¸732)
(11¸513¸162)
(Loss) / Profit before income tax
(69¸955¸269)
147¸046¸050
(136¸280¸534)
41¸726¸386
Taxation
Current
(28¸311¸889)
(55¸809¸415)
(5¸835¸384)
(13¸980¸015)
Deferred
34¸796¸280
14¸350¸055
(10¸918¸486)
841¸421
6¸484¸391
(41¸459¸360)
(16¸753¸870)
(13¸138¸594)
Net loss for period
(63¸470¸878)
105¸586¸690
(153¸034¸404)
28¸587¸792
Other comprehensive income
-
-
-
-
Totel comprehensive (loss) / income for the period
(63,470,878)
105,586,690
(153,034,404)
28,587,792
(loss) / Earnings per share - basic
(0.34)
0.56
(0.82)
0.15
The annexed notes from 1 to 12 form an integral part of these unconsolidated condensed interim financial statements.
ACTING CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE OFFICER DIRECTOR
Unconsolidated Condensed Interim Statement of Changes in Equity (Unaudited)
For the nine months period ended March 31, 2025
Cepitel reserves Other components of equity
Shere Cepitel
Reserves creeted under Scheme of Arrengement
Shere premium
Revenue reserve - eccumuleted profit / (losses)
Surplus on reveluetion of property, plent end equipment
reserve of finenciel essets designeted et FVTOCI
Totel reserves
Totel Equity
Rupees
Belence es et July 1, 2023
1¸872¸630¸930
146¸817¸136
55¸832¸910
1¸953¸782
-
295¸018¸671
499¸622¸499
2¸372¸253¸429
Profit for the period
-
-
-
105¸586¸690
-
-
105¸586¸690
105¸586¸690
Other comprehensive income for the period¸ net of tax
-
-
-
-
-
-
-
-
Total comprehensive income for the period
−
−
−
105,586,690
−
−
105,586,690
105,586,690
Belence es et Merch 31, 2024
1,872,630,930
146,817,136
55,832,910
107,540,472
−
295,018,671
605,209,189
2,477,840,119
Belence es et July 1, 2024
1¸872¸630¸930
146¸817¸136
55¸832¸910
136¸978¸212
-
295¸018¸671
634¸646¸929
2¸507¸277¸859
Loss for the period
-
-
-
(63¸470¸878)
-
-
(63¸470¸878)
(63¸470¸878)
Total comprehensive loss for the period
−
−
−
(63,470,878)
−
−
(63,470,878)
(63,470,878)
Belence es et Merch 31, 2025
1,872,630,930
146,817,136
55,832,910
73,507,334
-
295,018,671
571,176,051
2,443,806,981
The annexed notes from 1 to 12 form an integral part of these unconsolidated condensed interim financial statements.
CHIEF EXECUTIVE OFFICER
ACTING CHIEF FINANCIAL OFFICER
DIRECTOR
Unconsolidated Condensed Interim Statement of Cash Flows (Unaudited)
For the nine months period ended March 31, 2025
March 31¸ March 31¸
2025
2024
Rupees
(51¸537¸526) 169¸513¸361
137¸848¸574
46¸910¸313
480¸744
20¸881¸387
270¸234¸090 (4¸062¸760)
1¸456¸902
473¸749¸250
154¸859¸122
45¸887¸914
480¸744
18¸072¸652
389¸800¸093
1¸859¸738 (4¸725¸974)
606¸234¸289
(118¸165¸541) 22¸733¸203
97¸586¸814 110¸688¸486
989¸650 (34¸844¸054)
(28¸478¸071) (121¸393¸558)
(6¸366¸276) (1¸786¸608)
21¸879¸806 (87¸356¸804)
128¸839¸089 163¸261¸972
20¸542¸558 32¸458¸727
(28¸144¸021) 33¸320¸506
88¸684¸010 117¸081¸870
510¸895¸734 892¸829¸520
(209¸149¸582) (372¸714¸081)
(47¸469¸202) (29¸327¸850)
2¸289¸624 (761¸099) (254¸329¸160) (402¸803¸030) 256¸566¸574 490¸026¸490
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) / Profit before taxation
Adjustment for non−cesh cherges end other items:
Depreciation on operating fixed assets Depreciation on ROUA
Amortization
Expected credit loss (ECL)
Finance costs
(Gain) / loss on disposal of property¸ plant and equipment Exchange loss / (gain) - net
Working cepitel chenges
Stock-in-trade Trade debts
Loans¸ advances¸ deposits and prepayments Accrued markup
Other receivables
Due from related parties Trade and other payables Due to related parties Advance monitoring fees
Net cesh genereted from operetions
Finance cost paid Tax paid
Long-term loans and deposits
Additions to property¸ plant and equipment
(5¸710¸708)
(36¸404¸175)
Additions to capital work-in-progress Additions to intangible assets
Sale proceeds from disposal of property¸ plant and equipment
-(34¸565¸426)
4¸450¸000
(4¸986¸775) (32¸694¸876)
736¸492
Net cash used in investing activities
(35¸826¸134)
(73¸349¸334)
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term financing - net
(208¸838¸711)
(179¸529¸071)
Lease liabilities repaid
Short-term borrowings - net
(73¸268¸189) (9¸428¸501)
(66¸366¸023) (80¸899¸285)
Net cesh used in finencing ectivities
(291¸535¸401)
(326¸794¸379)
Net increese in cesh end cesh equivelents
(70¸794¸962)
89¸882¸777
Cash and cash equivalents at the beginning of the period
(572¸557¸066)
(668¸843¸028)
Cash and cash equivalents at the end of the period
(643¸352¸028)
(578¸960¸251)
Cesh end cesh equivelents comprises of:
Cash and bank balances
124¸035¸116
140¸801¸366
Running finance
(767¸387¸144)
(719¸761¸617)
(643¸352¸028)
(578¸960¸251)
Net cesh genereted from opereting ectivities CASH FLOWS FROM INVESTING ACTIVITIES
The annexed notes from 1 to 12 form an integral part of these unconsolidated condensed interim financial statements.
ACTING CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE OFFICER DIRECTOR
Notes to the Unconsolidated Condensed Interim Financial Statements (Unaudited)
For the nine months period ended March 31, 2025
LEGAL STATUS AND OPERATIONS
TPL Trakker Limited (the Company) was incorporated in Pakistan as a private limited company on 27 December 2016 under the repealed Companies Ordinance¸ 1984 [now Companies Act¸ 2017 (the Act)]. Subsequently in 2018¸ the Company had changed its status from private limited company to public company and was listed on the Pakistan Stock Exchange Limited. The principal activity of the Company include installation and sale of tracking devices¸ vehicle tracking and fleet management services. The registered office of the Company is Plot No. 1¸ Sector # 24¸ near Shan Chowrangi¸ Korangi Industrial Area¸ Karachi. TPL Corp Limited and TPL Holding (Private) Limited are the parent and ultimate parent company respectively of the Company at the reporting date.
Rupees
At the time of listing¸ the Company received Rs. 801.846 million by issuing 66.82 million ordinary shares under Initial Public Offering (IPO). Since¸ the IPO was bridged by issuance of a short-term commercial paper¸ the proceeds of IPO paid off the commercial paper¸ the funds of which have been utilized as follows:
Disclosed in Utilizetion till prospectus dete
Procurement of CSD Devices
322¸983¸288
171¸317¸891
Infrastructure cost: IT capital expenditure
94¸782¸420
109¸790¸990
Digital Mapping cost: Computer Equipment
80¸000¸000
55¸894¸174
Working Capital: Video Vehicle Telematics & Genset Monitoring Devices
100¸914¸000
101¸135¸507
Servicing cost: Commercial paper - Finance cost / discount on par
89¸954¸292
89¸902¸179
Payment due to related party: TPL Corp Limited
113¸212¸000
113¸212¸000
801¸846¸000
641¸252¸741
These are the separate condensed interim financial statements of the Company in which investments in subsidiaries are accounted at FVTOCI. The Company also prepares condensed consolidated financial statements.
BASIS OF PREPARATION
Statement of Compliance
These unconsolidated condensed interim financial statements of the Company have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
International Accounting Standard (IAS) 34 - 'Interim Financial Reporting'¸ issued by the International Accounting Standards Board (IASB) as notified under the Companies Act¸ 2017;
Provisions of and directives issued under the Act; and
Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as are notified under the Act
Where the provisions of and directives issued under the Act or IFAS differ with the requirements of IAS 34¸ the provisions of and directives issued under the Act or IFAS have been followed.
These unconsolidated condensed interim financial statements does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the annual unconsolidated financial statements of the Company for the year ended June 30¸ 2024.
Material accounting policies and changes therein
The accounting policies and the methods of computations adopted in the preparation of these unconsolidated condensed interim financial statements are consistent with those followed in the preparation of the Company's audited annual unconsolidated financial statements for the year ended June 30¸ 2024¸ except for the adoption of the new and amended standards¸ interpretations and improvements to IFRSs by the Company¸ which became effective for the current period.
The Company adopted the narrow-scope amendments to the International Accounting Standard (lAS) 1¸ Presentation of Financial Statements which have been effective for annual reporting periods beginning on or after 1 January 2023. Although the amendments did not result in any changes to accounting policy themselves¸ they will impact the accounting policy information disclosed in the annual financial statements.
Notes to the Unconsolidated Condensed Interim Financial Statements (Unaudited)
For the nine months period ended March 31, 2025
The amendments aim to make accounting policy disclosures more informative by replacing the requirement to disclose 'significant accounting policies' with 'material accounting policy information'. The amendments also provide guidance under what circumstance¸ the accounting policy information is likely to be considered material and therefore requiring disclosure.
These amendments had no effect on the interim condensed financial statements of the Company as they relate to disclosures of accounting policies in the annual financial statements rather than interim financial statements. The amendments are expected to be applicable for the accounting policy disclosures in the annual financial statements of the Company.
Initial application of standards¸ amendments or an interpretation to existing standards
Standards¸ amendments and interpretations to accounting standards that are effective in the current period
Certain standards¸ amendments and interpretations to approved accounting standards are effective for accounting periods beginning on July 01¸ 2024¸ but are considered not to be relevant or expected to have any significant effect on the Company's operations (although they may affect the accounting for future transactions and events) and are¸ therefore¸ not detailed in these condensed interim financial statements.
Standards¸ amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company
There are certain standards¸ amendments to the accounting standards and interpretations that are mandatory for the Company's accounting periods beginning on or after July 1¸ 2024¸ but are considered not to be relevant or expected to have any significant effect on the Company's operations and are¸ therefore¸ not detailed in these condensed interim financial statements.
ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of unconsolidated condensed interim financial statements is in conformity with the accounting and reporting standards as applicable in Pakistan requires the management to make estimates¸ assumptions and use judgements that affect the application of policies and the reported amount of assets and liabilities and income and expenses.
Estimates and judgements made by management in the preparation of these unconsolidated condensed interim financial statements are the same as those that were applied to the audited annual unconsolidated financial statements of the Company for the year ended June 30¸ 2024.
The Company's financial risk management objectives and policies are also consistent with those disclosed in the audited annual unconsolidated financial statements of the Company as at and for the year ended June 30¸ 2024.
(Unaudited) March 31,
(Audited) June 30,
PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets Capital work-in-progress
Note
2025
2024
Rupees
522¸701¸694 602¸732¸698
36¸674¸917 36¸674¸917
559¸376¸611 639¸407¸615
602¸732¸698
63¸633¸808 (5¸816¸238)
(137¸848¸574)
522¸701¸694
646¸829¸180
177¸647¸006 (19¸465¸909) (202¸277¸579)
602¸732¸698
4.1
4.1 Operating fixed assets Opening balance
Add: Additions / transfers from CWIP during the period / year Less: Disposals / transfers during the period / year (WDV) Depreciation charge for the period / year
Closing balance
INTANGIBLE ASSETS
1¸146¸806¸004
86¸791¸442
1¸233¸597¸446
1¸146¸325¸260
121¸356¸868
1¸267¸682¸128
Operating intangibles Intangibles under development
Notes to the Unconsolidated Condensed Interim Financial Statements (Unaudited)
For the nine months period ended March 31, 2025
(Unaudited) March 31,
(Audited) June 30,
LONG-TERM INVESTMENTS
Trakker Middle East LLC
Astra Location Services (Private) Limited
Note
2025
2024
Rupees
749¸342¸212 749¸342¸212
500¸000¸000 500¸000¸000
1¸249¸342¸212 1¸249¸342¸212
6.1
Note
6.1 During the period¸ the TME issued shares to the Gargash group¸ resulting in the transfer of 50.1% shareholding to Gargash group. Consequently¸ the status of TME has changed from a subsidiary to an associate with 29.68% shareholding of TPL Trakker.
DUE FROM RELATED PARTIES
Considered good
TPL Holdings (Private) Limited TPL Properties Limited
TPL Life Insurance Limited
TPL Direct Finance (Private) Limited TRG Pakistan Limited
Considered doubtful
TPL Tech Pakistan (Private) Limited Less: Allowance for ECL
7.1
(Unaudited) March 31,
(Audited) June 30,
2025
2024
Rupees
241¸457¸181 254¸957¸181
16¸322¸053 19¸394¸763
13¸153¸692 18¸460¸788
850¸070 850¸070
9¸380¸446 9¸380¸446
281¸163¸442 303¸043¸248
42¸993¸993 (42¸993¸993)
-
281¸163¸442
42¸993¸993 (42¸993¸993)
-
303¸043¸248
7.1 There are no major changes in the terms and conditions as disclosed in the audited annual unconsolidated financial statements for the year ended June 30¸ 2024.
(Unaudited) March 31,
(Audited) June 30,
2025
2024
Rupees
24¸374¸331 2¸478¸576
292¸102¸147 292¸088¸839
681¸703 2¸048¸208
317¸158¸181 296¸615¸623
Note
DUE TO RELATED PARTIES
TPL Corp Limited
TPL Insurance Limited
TPL Security Services (Private) Limited
8.1
There are no major changes in the terms and conditions as disclosed in the audited annual unconsolidated financial statements for the year ended June 30¸ 2024.
CONTINGENCIES AND COMMITMENTS
There are no major changes in the terms and conditions as disclosed in the audited annual unconsolidated financial statements for the year ended June 30¸ 2024.
TRANSACTIONS WITH RELATED PARTIES
Related parties comprise of ultimate parent company¸ parent company¸ subsidiaries¸ associates¸ companies where directors hold common directorship¸ key management personnel and their close family members and staff retirement benefit funds. Transactions with related parties during the period other than those disclosed elsewhere in these unconsolidated condensed interim financial statements are as follows:
Notes to the Unconsolidated Condensed Interim Financial Statements (Unaudited)
For the nine months period ended March 31, 2025
(Unaudited) March 31,
(Unaudited) March 31,
2025
2024
Rupees
Transactions during the period:
Neme / Reletionship TPL Holdings (Private) Limited - (ultimate parent company) (TPLH) | ||||
Amount paid / repaid by the Company to TPLH Amount received by the Company from TPLH Expenditure incurred / paid by the Company on behalf of TPLH Mark-up on current account | 39¸000¸000 52¸500¸000 -25¸455¸245 | 29¸875¸000 88¸325¸000 850¸170 60¸653¸126 | ||
TPL Corp Limited - (parent company) (TPLC) | ||||
Amount paid / repaid by the Company to TPLC Amount received by the Company from TPLC Expenditure incurred / paid by the Company on behalf of TPLC Expenditure incurred on behalf of the Company by TPLC Mark-up on current account | 4¸218¸670 8¸725¸000 1¸695¸187 19¸084¸613 1¸642¸384 | 63¸772¸990 89¸200¸000 2¸745¸693 32¸552¸896 5¸207¸440 | ||
Subsidiery Compenies: | ||||
Astra Location Services (Private) Limited (ALS) | ||||
Expenditure incurred / paid by the Company on behalf of ALS Amount received by the Company from ALS Services acquired by the Company from ALS Amount paid / repaid by the Company | 24¸689¸353 5¸484¸590 1¸919¸872 34¸684¸216 | 126¸702¸985 41¸228¸165 8¸319¸093 10¸780¸085 | ||
Associetes: | ||||
TPL Security Services (Private) Limited (TSS) | ||||
Amount paid / repaid by the Company to TSS Expenditure incurred / paid by the Company on behalf of TSS Services acquired by the Company from TSS | -1¸366¸505 - | 28¸375¸000 2¸697¸993 9¸023¸368 | ||
TPL Properties Limited (TPLP) | ||||
Expenditure incurred / paid by the Company on behalf of TPLP Expenditure incurred / paid by TPLP on behalf of the Company Amount received by the Company from TPLP Mark-up on current account | 1¸570¸790 -4¸643¸500 3¸022¸826 | 15¸124¸328 596¸252 -2¸920¸206 | ||
TPL Insurance Limited (TIL) | ||||
Sales made by the Company to TIL Expenditure incurred / paid by the Company on behalf of TIL Amount received by the Company from TIL Payment made by the Company to TIL Expenditure incurred / paid by TIL on behalf of the Company Mark-up on current account | 94¸008¸858 12¸823¸854 29¸700¸000 74¸300¸000 8¸748¸116 48¸689¸046 | 101¸914¸965 42¸616¸920 -20¸300¸000 14¸110¸817 48¸080¸242 | ||
TPL Life Insurance Limited (TPL Life) | ||||
Amount paid / repaid by the Company to TPL Life Amount received by the Company from TPL Life Expenditure incurred / paid by TPL Life on behalf of the Company | 500¸000 -5¸807¸096 | 10¸625¸000 8¸000¸000 12¸872¸153 | ||
Staff retirement benefit | ||||
Provident fund employer contribution | 18¸024¸209 | 17¸976¸394 | ||
Key management personnel | ||||
Salaries and other benefits | 42¸178¸242 | 42¸813¸200 | ||
Post employment benefits | 2¸109¸654 | 1¸920¸851 | ||
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