INTERIM CONDENSED FINANCIAL STATEMENTS
THREE MONTHS ENDED 30TH JUNE 2025
WINDFORCE PLC, 334, T. B. JAYAH MAWATHA, COLOMBO 10, SRI LANKA
+94 112 697 151
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT NINE MONTHS ENDED 31ST DECEMBER 2021
Dear Shareholders,
We are pleased to present WindForce PLC's Interim Report for the quarter ended 30 June 2025. The first quarter has laid a strong foundation for the financial year, with continued momentum across our diversified renewable energy portfolio.
Overall Financial Performance:
Profit After Tax (PAT): LKR 832 million - a 28% increase from LKR 652 million in Q1 FY 2024/25.
Consolidated Revenue: LKR 2.1 billion - a 36% increase from LKR 1.6 billion in the corresponding quarter last year.
Segmental Performance
Wind - LKR 977 million - up 13% year-on-year from LKR 863 million.
Solar - LKR 578 million - up 44% year-on-year from LKR 402 million.
Hydro - LKR 227 million - up 7% year-on-year from LKR 212 million.
As we progress through the year, WindForce PLC remains committed to sustainable growth, operational excellence, and innovation. Our strategic investments and disciplined execution continue to deliver strong returns while supporting Sri Lanka's transition toward cleaner energy.
We extend our appreciation to our shareholders, partners, and stakeholders for your trust and support. With a robust project pipeline and a clear vision, we are confident in delivering long-term value in the quarters ahead.
Sincerely,
Manjula Perera Managing Director
14th of August 2025
Project Updates:
Rividhanavi 100 MW Solar Power Project -
Siyambalanduwa
Steady progress continues on our flagship project. Foundation work for transmission facilities is underway, with design and engineering of the solar park advancing. Access roads and the elephant fence have been completed. While the finalisation of the land lease agreement with the Sri Lanka Sustainable Energy Authority has been slightly delayed, active steps are being taken to conclude the process.
Sooryashakthi 10 MW Solar Power Project -
Vavunativu, Batticaloa
Commissioned on 26 July 2025, this project developed in partnership with Vidullanka PLC and executed under WindForce's full EPC scope - has transformed 27 acres of high-salinity land into a productive renewable asset. Featuring 22,048 photovoltaic modules and 34 string inverters, it is expected to contribute approximately 19.5 GWh annually to the national grid.
QUARTERLY FINANCIAL REVIEW - 2025/26 Q1
Against the backdrop of economic recovery, stable macroeconomic fundamentals, and ongoing efforts to transform the energy sector - particularly the Sri Lankan government's prioritization of renewable energy - WindForce (WF) has achieved growth in capacity, generation, revenue, and profitability in the current quarter, consistent with its medium-term performance trajectory.
This quarterly financial review compares the performance of the current quarter (Q1 2025/26) with the corresponding quarter of the previous year (Q1 2024/25) to account for seasonality and avoid distortions in the insights gained from the analysis. Furthermore, the quarterly review examines both cash and non-cash one-off items recorded in the profit and loss statements for the current and comparative periods to better highlight implications on free cashflow.
Capacity Mix (MW) - Total Portfolio
2024/25 Ǫ1 2025/26 Ǫ1
Wind Power Hydro Power Solar Power
Total capacity of WF is depicted in the graph to the left, along-with the segmented capacity mix by wind power, hydro power, and solar power.
134.6
132.3
26.3
26.3
84.2
84.2
Total generating capacity of subsidiaries increased by 6.1% year-on-year to 134.5 MW in 2025/26 Q1 contributing to the growth in consolidated revenue, whilst the total capacity of the portfolio marginally dropped to
242.8 MW. The net increase of 7.7 MW (Ie. 6.1% YoY growth) in subsidiaries is attributable to the acquisition of a controlling stake in Solar Universe resulting in change of classification from associate to subsidiary, commissioning of a new plant, and full and partial disposal of two plants [all in solar power segment] as follows:
Acquisition of a controlling stake of Solar Universe as
of Aug 2024 with 10 MW capacity
Commissioning of Kebitigollewa Power Plant as of Aug 2024 with 10 MW capacity
Partial disposal of 10.2 MW capacity of Suryadhanavi
Full disposal of 2.1 MW capacity of Hirujanani
Generation Mix (GWh)
20.6
15.7
14.8
12.3
51.2
58.5
20 24/25 Ǫ1
20 25/26 Ǫ1
Wind Powe r Hydro Power Solar Powe r
Total power generation [in GWh] of subsidiaries reflected in consolidated revenue of WF is depicted in the graph to the left, along-with the segmented power generation mix [in 2025/26 Q1] by wind power, hydro power, and solar power.
In Q1 2025/26, total power generation from subsidiaries increased by 18.6% year-on-year, while capacity grew by 6.1% over the same period. Although a net capacity addition was recorded in the solar segment, the generation growth was primarily attributable to operational factors: a higher volume of maintenance work in Q1 2024/25 had temporarily reduced generation in that period, whereas relatively uninterrupted operations in Q1 2025/26 -following upkeep efforts in the prior year - contributed to the increase in power generation to 93.9 GWh.
In Q1 2025/26, quarterly revenue increased by 35.5% year-on-year to LKR 2,124 million, primarily driven by higher generation volumes resulting from both capacity expansions and increased power generation following upkeep work carried out in prior periods, as outlined above. Additionally, improved top-line performance in smaller segments, including automobile segment and EPC income, contributed to the revenue growth recorded in the current quarter.
Tariff Performance
WF benefits from higher tariffs associated with newly commissioned power plants added to its portfolio, while revenue is partially offset as older plants transition into contracted tariff adjustments during their SPPA life cycles.
In Q1 2025/26, the positive impact of higher tariffs from newly commissioned plants marginally outweighed the effects of tariff revisions in older plants. This outcome was primarily driven by management's effective and efficient capital allocation within the competitive industry landscape in which the company operates.
One-off and Other Items - Consolidated P&L
Extract of the Three months ended Consolidated P&L
In LKR Millions | 2025/26 Ǫ1 | 2024/25 Ǫ1 |
Revenue | 2,124 | 1,567 |
Billing under the Standardised Power Purchase Agreement | - | 634 |
Gross Profit | 1,313 | 1,468 |
Goodwill Impairment | - | (390) |
Profit from Operating Activities | 1,012 | 809 |
Profit from Ordinary Activities before taxation | 862 | 673 |
Share of results of equity accounted investee | 159 | 331 |
Profit before Taxation | 1,021 | 1,004 |
Income Tax Expenses | (189) | (222) |
Dividend Tax | - | (130) |
Profit after Taxation | 832 | 652 |
Earnings per share (LKR) | 0.55 | 0.35 |
One-off and Other Items - Company P&L
In LKR Millions | 2025/26 Ǫ1 | 2024/25 Ǫ1 |
Revenue | 316 | 145 |
Gross Profit | 273 | 127 |
Profit from Operating Activities | 63 | (62) |
Finance Income | 104 | 976 |
Profit before taxation | 151 | 891 |
Dividend Tax | (10) | (104) |
Profit after Taxation | 142 | 789 |
Extract of the Three months ended Company P&L
Billing under the Standardized Power Purchase Agreement:
By nature, is a delayed settlement by the CEB which was partially received in 2024/25 Q1 and is non-recurring by nature. This denotes a one-off adjustment made across the sector by all energy producers of the island.
Goodwill Impairment:
This is attributable to six acquisitions made by WF in the past, for which, an impairment provisioning was made based on VIU estimates as per management projections and company auditor's review.
Share of results of equity accounted investee:
This is the share of profits generated from associates, where the same delayed settlement highlighted in point 1 above resulted in higher profits from associates in 2024/25 Q1 and is considered non-recurring by nature.
Income Tax Expenses:
Income tax for 2024/25 Q1 includes taxes applicable on billings under the Standardized Power Purchase Agreement highlighted in point 1 above.
Finance Income:
Finance income constitutes dividend income received from subsidiaries and associates. The drop in the same is observed predominantly due to dividend of 2024/25 Q1 mainly arising from income under the standardized Power Purchase Agreement (SPPA) with the Ceylon Electricity Board (CEB), following delays in settlement, which, by nature, is non-recurring [Similar to point 1 above].
Review Summary - 2025/26 Q1 Financial Performance
In the current quarter, WF recorded growth in power generation driven by the commissioning of new plants and reduced downtime in older plants following upkeep efforts undertaken in prior periods. Further, the positive impact of higher tariffs from newly commissioned plants marginally outweighed the effects of tariff revisions in older plants, supporting year-on-year growth in recurring revenue. With one-off items normalized, and against the backdrop of a more stable economic and industry outlook positioned for growth, revenue and profitability results along-with growth in capacity and generation indicate that WF has delivered strong performance in the current quarter consistent with its medium-term performance trajectory.
CONSOLIDATED INCOME STATEMENT
Three Months Ended 30th June | |||
2025 (Unaudited) | 2024 (Unaudited) | Change % | |
Revenue | 2,124,003,975 | 1,567,338,299 | 36% |
Billing under the Standardized Power Purchase Agreement | - | 634,240,950 | -100% |
Direct Cost | (810,637,237) | (733,734,494) | 10% |
Gross Profit | 1,313,366,738 | 1,467,844,756 | -11% |
Other Operating Income | 10,939,219 | 7,872,749 | 39% |
Administration Expenses | (308,750,215) | (275,689,039) | 12% |
Goodwill Impairment | - | (390,000,000) | |
Selling and Distribution Expenses | (3,341,066) | (702,593) | 376% |
Profit from Operating Activities | 1,012,214,676 | 809,325,873 | 25% |
Finance Income | 68,259,595 | 96,458,710 | -29% |
Finance Costs | (218,533,088) | (232,581,761) | -6% |
Profit from Ordinary Activities before taxation | 861,941,183 | 673,202,822 | 28% |
Share of results of equity accounted investee | 159,166,066 | 330,746,598 | -52% |
Profit before Taxation | 1,021,107,249 | 1,003,949,420 | 2% |
Income Tax Expenses | (188,832,640) | (221,576,729) | -15% |
Dividend Tax | - | (130,298,460) | -100% |
Profit after Taxation | 832,274,609 | 652,074,231 | 28% |
Attributable to: | |||
Non-controlling interests | 92,741,043 | 181,061,444 | 49% |
Equity holders of the parent | 739,533,566 | 471,012,788 | 57% |
832,274,609 | 652,074,231 | 28% | |
Other Comprehensive Income for the Period | |||
Net exchange diffrences on translation of foreign operations | 17,973,024 | 17,346,894 | 4% |
Net gain/(loss) on cash flow hedges | (2,480,419) | (6,211,069) | 60% |
847,767,214 | 663,210,057 | 28% | |
Attributable to: | |||
Non-controlling interests | 92,741,043 | 181,061,444 | 49% |
Equity holders of the parent | 755,026,171 | 482,148,613 | 57% |
847,767,214 | 663,210,057 | 28% | |
LKR | LKR | ||
Earning per share | 0.55 | 0.35 | |
Notes :
The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions.
As at 30.06.2025 Unaudited | As at 31.03.2025 Audited | ||
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 24,832,137,387 | 24,796,112,602 | |
Right of use Assets | 162,048,263 | 138,609,423 | |
Investments in Equity Accounted Investees | 4,467,767,550 | 4,913,630,158 | |
Non Current Financial Assets | 223,660,000 | 223,660,000 | |
Intangible Assets | 2,257,718,987 | 2,260,295,155 | |
Total Non-Current Assets | 31,943,332,186 | 32,332,307,338 | |
Current Assets | |||
Inventory | 1,097,421,806 | 1,101,396,738 | |
Trade and Other Receivables | 3,241,703,469 | 1,628,664,523 | |
Amounts Due from Related Parties | 100,140,514 | 80,357,083 | |
Income Tax Receivable | 108,909,646 | 32,403,136 | |
Short Term Financial Assets | 2,587,051,988 | 3,053,374,016 | |
Cash and Cash Equivalents | 1,338,657,407 | 1,195,948,790 | |
Total Current Assets | 8,473,884,831 | 7,092,144,284 | |
Total Assets | 40,417,217,017 | 39,424,451,622 | |
EQUITY AND LIABILITIES | |||
Capital and Reserves | |||
Stated Capital | 18,226,455,904 | 18,226,455,904 | |
Retained earnings | 5,248,345,711 | 4,510,595,856 | |
Other Component of Equity | 148,604,494 | (49,817,878) | |
Cash flow hedge reserve | (3,010,526) | (530,107) | |
Foreign exchange reserve | 597,924,199 | 579,951,175 | |
Equity attributable to equity holders of the company | 24,218,319,782 | 23,266,654,950 | |
Non Controlling Interest | 3,089,310,222 | 3,132,617,218 | |
Total Equity | 27,307,630,004 | 26,399,272,168 | |
Non Current Liabilities | |||
Interest Bearing Loans & Borrowings | 9,424,988,427 | 9,049,038,574 | |
Retirement benefit obligations | 116,913,484 | 110,958,618 | |
Deferred tax liabilities | 1,801,292,514 | 1,696,900,458 | |
Lease Liabilities | 152,182,115 | 127,444,250 | |
Total Non-Current Liabilities | 11,495,376,541 | 10,984,341,900 | |
Current Liabilities | |||
Interest Bearing Loans & Borrowings | 1,109,629,621 | 1,378,055,365 | |
Lease Liabilities | 17,760,365 | 16,492,031 | |
Trade and Other Payables | 401,730,650 | 628,804,055 | |
Amounts Due to Related Parties | 13,282,731 | 14,506,213 | |
Bank Overdraft | 71,807,105 | 2,979,889 | |
Total Current Liabilities | 1,614,210,472 | 2,040,837,554 | |
Total Equity and Liabilities | 40,417,217,017 | 39,424,451,622 | |
Net assets per share | 17.93 | 17.22 | |
Note: The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions. The Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007 ………………………… Chief Financial Officer |
Rusiri Cooray
…………………………
Director
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by:
…………………………
Director
Asgi Akbarally Manjula Perera Date of approval by the Board : 14th of August, 2025
As at 30.06.2025
Unaudited
As at 30.06.2024
Unaudited
Cash Flow from/(used) in Operating Activities
Net Profit before Taxation
Adjustments for
Profit accruing to the group net of dividend Depreciation & Amortization
Amortization of Right of use Asset Goodwill Impairment
Foreign Exchange (Gain)/Loss
Interest Cost Gratuity Provision Dividend Income Interest Income
Operating Profit before Working Capital Charges
(Increase)/Decrease in Trade & Other Receivables (Increase)/Decrease in Inventories
(Increase)/Decrease in Amounts due from Related Parties Increase/(Decrease) in Amounts due to Related Parties Increase/(Decrease) in Trade & Other Payables
Cash Generated from/(used in) Operations
Interest Paid WHT Paid Dividend Tax Paid Income Tax Paid
Net Cash from/(used in) Operating Activities Cash Flows from/(used in) Investing Activities
Interest Income
Dividend Income other non financial assets Net Impact on Joint Arrangement Acquisition of Property, Plant & Equipment Acqusition of Intangible assets (Software) Disposal of Property, Plant & Equipment Funds received for share allotment
Short Term Investments - Fixed Deposit
Net Cash Flow from/(Used in) Investing Activities
Cash Flows from/(used in) Financing Activities Proceeds from Interest Bearing Borrowings Repayments from Interest Bearing Borrowings Proceeds and repayments of lease liabilities
Net Cash Flow from/ (Used in) Financing Activities
Net Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at the Beginning of the Period Cash and Cash Equivalents at the End of the Period
Analysis of Cash and Cash Equivalents
Cash at Bank - Favorable
Bank Overdrafts
1,021,107,249
(159,166,066)
459,364,003
5,071,520
-10,072,568
218,533,088
5,954,865
-(49,592,609)
1,511,344,618
(1,611,401,247)
3,974,931
(19,783,431)
(1,223,482)
(227,073,406)
(344,162,016)
(218,533,088)
(1,637,699)
-(147,026,215)
(367,197,001)
(711,359,017)
49,592,609
-
542,000,000
(430,726,589)
(2,387,614)
-
50,000,000
466,322,029
674,800,434
443,369,441
(330,425,294)
(2,504,161)
110,439,984
73,881,402
1,192,968,901
1,266,850,302
1,338,657,407
(71,807,105)
1,266,850,302
1,003,949,420
(330,746,598)
413,789,880
3,229,254
390,000,000
(33,509,093)
232,581,761
4,707,402
(16,932,664)
(96,458,710)
1,570,610,651
44,470,886
(115,522,908)
(21,828,321)
4,890,460
76,253,295
1,558,874,061
(232,581,761)
(1,226,741)
(130,298,460)
(126,247,023)
(490,353,985)
1,068,520,076
82,384,785
16,932,664
-(353,386,469)
-61,050
-(164,899,185)
(418,907,154)
-(250,739,248)
-
(250,739,248)
398,873,676
1,707,012,193
2,105,885,865
2,166,421,207
(60,535,342)
2,105,885,865
Note:
The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions.
Stated Capital | Cash Flow Hedge Reserve | Foreign Exchange Reserve | Other Component of Equity | Ratained Earnings | Non-Controlling Interest | Total Equity | |
Balance as at 01st April, 2024 | 18,226,455,904 | (8,312,536) | 597,540,085 | - | 4,178,500,475 | 2,465,349,887 | 25,459,533,815 |
Net Gain/(loss) on cash flow hedges | - | (6,211,069) | - | - | - | - | (6,211,069) |
Exchange difference on Transaction of Foreign operation | - | - | 17,346,894 | - | - | 38,405,290 | 55,752,184 |
Share Allotment | - | - | - | - | - | 23,071,477 | 23,071,477 |
Net Profit for the Period | - | - | - | - | 471,012,788 | 181,061,444 | 652,074,232 |
Dividends - Ordinary Shares | - | - | - | - | - | (127,728,585) | (127,728,585) |
Balance as at 30th June, 2024 | 18,226,455,904 | (14,523,605) | 614,886,979 | - | 4,649,513,262 | 2,580,159,513 | 26,056,492,054 |
Balance as at 01st April, 2025 | 18,226,455,904 | (530,107) | 579,951,175 | (49,817,878) | 4,510,595,856 | 3,132,617,218 | 26,399,272,168 |
Net Gain/(loss) on cash flow hedges | - | (2,480,419) | - | - | - | - | (2,480,419) |
Exchange difference on Transaction of foreign operation | - | - | 17,973,024 | - | - | 12,374,233 | 30,347,257 |
Investment in Joint Arrangement | - | - | - | - | (1,783,711)_ | - | (1,783,711) |
Acqusition of Non Controlling Interest | - | - | - | 198,422,372 | - | (148,422,272) | 50,000,100 |
Net Profit for the Period | - | - | - | - | 739,533,566 | 92,741,043 | 832,274,609 |
Balance as at 30th June, 2025 | 18,226,455,904 | (3,010,526) | 597,924,199 | 148,604,494 | 5,248,345,711 | 3,089,310,222 | 27,307,630,004 |
Notes :
The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions.
The above figures are not audited.
2025 (Unaudited) | 2024 (Unaudited) | Change % | |
Revenue | 316,405,566 | 144,905,633 | 118% |
Direct Cost | (43,257,409) | (18,279,602) | 137% |
Gross Profit | 273,148,157 | 126,626,031 | 116% |
Other Operating Income | 264,999 | 520,250 | -49% |
Administration Expenses | (210,301,944) | (188,994,363) | 11% |
Profit from Operating Activities | 63,111,212 | (61,848,082) | -202% |
Finance Income (Note 1) | 104,363,319 | 976,365,029 | -89% |
Finance Costs | (16,499,735) | (23,677,881) | -30% |
Profit before taxation | 150,974,796 | 890,839,064 | -83% |
Income Tax Expenses | 1,251,095 | 2,397,744 | 48% |
Dividend Tax | (10,256,045) | (104,233,725) | 90% |
Profit after Taxation | 141,969,846 | 789,003,083 | -82% |
Other comprehensive income for the period | |||
Net gain/(loss) on cash flow hedges | (2,480,419) | (6,211,069) | 60% |
Total comprehensive income for the period | 139,489,427 | 782,792,014 | -82% |
LKR | LKR | ||
Earning per share | 0.11 | 0.58 | |
Three Months Ended 30th June
Notes :
1. Finance income declined by 89% compared to the same quarter last year, mainly due to Q1 of FY 2024/25 which included LKR 930 million in dividend income. That dividend arose from income under the standardised Power Purchase Agreement (SPPA) with the Ceylon Electricity Board (CEB), following delays in settlement.
Note:
The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions.
The above figures are not audited.
As at 30.06.2025 Unaudited | As at 31.03.2025 Audited | |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 157,808,278 | 161,954,815 |
Right of use Assets | 12,083,182 | 14,967,841 |
Investments in Subsidiaries | 16,804,575,117 | 16,754,575,118 |
Investments in Joint Arrangement | 542,000,000 | - |
Investments in Equity Accounted Investees | 1,950,092,000 | 2,492,092,000 |
Non Current Financial Assets | 223,660,000 | 223,660,000 |
Intangible Assets | 2,859,052 | 796,506 |
Deferred Tax Assets | 30,646,413 | 29,395,318 |
Total Non-Current Assets | 19,723,724,042 | 19,677,441,598 |
Current Assets | ||
Inventory | 77,939,451 | 88,888,578 |
Trade and Other Receivables | 652,850,233 | 211,154,632 |
Amounts Due from Related Parties | 388,727,624 | 267,794,895 |
Income Tax Receivables | 90,227,203 | 90,227,203 |
Short Term Financial Assets | 1,473,247,587 | 1,756,016,010 |
Cash and Cash Equivalents | 318,680,076 | 326, 678,415 |
Total Current Assets | 3,001,672,174 | 2,740,759,733 |
Total Assets | 22,725,396,216 | 22,418,201,331 |
EQUITY AND LIABILITIES | ||
Capital and Reserves | ||
Stated Capital | 18,226,455,904 | 18,226,455,904 |
Retained Earnings | 3,359,030,981 | 3,217,061,135 |
Cash Flow Hedge Reserve | (3,010,526) | (530,107) |
Total Equity | 21,582,476,359 | 21,442,986,932 |
Non Current Liabilities | ||
Interest Bearing Loans & Borrowings | - | 71,889,090 |
Lease Liabilities | 1,661,353 | 3,783,575 |
Retirement benefit obligations | 116,913,484 | 110,958,618 |
Total Non-Current Liabilities | 118,574,837 | 186,631,283 |
Current Liabilities | ||
Interest Bearing Loans & Borrowings | 307,275,461 | 325,801,434 |
Lease Liabilities | 12,242,881 | 12,242,881 |
Trade and Other Payables | 125,877,517 | 95,662,544 |
Amounts Due to Related Parties | 507,605,150 | 354,120,179 |
Bank Overdraft | 71,344,010 | 756,073 |
Total Current Liabilities | 1,024,345,020 | 788,583,111 |
Total Equity and Liabilities | 22,725,396,216 | 22,418,201,331 |
Net assets per share (LKR) | 15.98 | 15.87 |
Notes : The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions. |
As at 30.06.2025 Unaudited | As at 30.06.2024 Unaudited | |
Cash Flow from/( used) in Operating Activities | ||
Net Profit before Taxation | 150,974,796 | 890,839,064 |
Adjustments for | ||
Depreciation & Amortization | 11,308,430 | 5,887,326 |
Amortization of Right of use Asset | 2,884,659 | 1,395,621 |
Taxes Disallowed | - | 106,329 |
Foreign Exchange (Gain)/ Loss | 1,874,763 | 4,579,684 |
Interest Cost | 16,499,735 | 23,677,881 |
Gratuity Provision | 5,954,865 | 4,707,402 |
Dividend Income | (68,373,635) | (929,927,715) |
Interest Income | (24,764,863) | (47,635,422) |
Operating Profit before Working Capital Charges | 96,358,750 | (46,369,829) |
(Increase)/Decrease in Inventory | 10,949,128 | (9,609,882) |
(Increase)/Decrease in Trade & Other Receivables | (440,217,181) | (250,334,571) |
(Increase)/Decrease in Amounts due from Related Parties | (120,932,729) | (82,052,608) |
Increase/(Decrease) in Amounts due to Related Parties | 153,484,971 | 9,031,438 |
Increase/(Decrease) in Trade & Other Payables | 30,214,973 | 49,145,095 |
(366,500,839) | (283,820,528) | |
Cash Generated from/(used in) Operations | (270,142,089) | (330,190,357) |
Interest Paid | (16,499,735) | (18,231,247) |
WHT Paid | (1,478,421) | (928,387) |
Dividend Tax Paid | (10, 256,045) | (104,233,725) |
(28,234,201) | (123,393,359) | |
Net Cash from/(used in) Operating Activities | (298,376,290) | (453,583,717) |
Cash Flows from/(used in) Investing Activities | ||
Interest Income | 24,764,863 | 32,624,879 |
Dividend Income | 68,373,635 | 929,927,715 |
Investment in subsidaries | (50,000,000) | (152,796,000) |
Acquisition of Property, Plant & Equipment | (9,224,438) | (28,776,133) |
Short Term Investments - Fixed Deposit | 282,768,423 | (164,799,043) |
Net Cash Flow from/(Used in) Investing Activities | 316,682,482 | 616,181,419 |
Cash Flows from/(used in) Financing Activities | ||
Repayments from Interest Bearing Borrowings | (94,770,247) | (152,811,429) |
Lease Paid | (2,122,222) | - |
Net Cash Flow from/ (Used in) Financing Activities | (96,892,469) | (152,811,429) |
Net Increase/(Decrease) in Cash and Cash Equivalents | (78,586,276) | 9,786,273 |
Cash and Cash Equivalents at the Beginning of the Period | 325,922,343 | 347,725,474 |
Cash and Cash Equivalents at the End of the Period | 247,336,066 | 357,511,747 |
Analysis of Cash and Cash Equivalents | ||
Cash at Bank - Favorable | 318,680,076 | 414,375,643 |
Bank Overdrafts | (71,344,010) | (56,863,896) |
247,336,066 | 357,511,747 | |
Note: The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions. |
Stated Capital | Cash Flow Hedge Reserve | Retained Earnings | Total Equity | |
Balance as at 01st April, 2024 | 18,226,455,904 | (8,312,536) | 2,135,127,209 | 20,353,270,577 |
Net loss on cash flow hedges | - | (6,211,069) | - | (6,211,069) |
Net Profit for the Period | - | - | 789,003,083 | 789,003,083 |
Balance as at 30th June, 2024 | 18,226,455,904 | (14,523,605) | 2,924,130,292 | 21,136,062,591 |
Balance as at 01st April, 2025 | 18,226,455,904 | (530,107) | 3,217,061,135 | 21,442,986,932 |
Net loss on cash flow hedges | - | (2,480,419) | - | (2,480,419) |
Net Profit for the Period | - | - | 141,969,846 | 141,969,846 |
Balance as at 30th June, 2025 | 18,226,455,904 | (3,010,526) | 3,359,030,981 | 21,582,476,359 |
Notes : The above figures are in LKR, unless otherwise stated. The figures in brackets indicate deductions. The above figures are not audited. |
Three Months Ended 30th June 2025
Information based on the primary segments (Business Segments)
Wind | Solar | Hydro | Overseas | Holding | Automobile/ EPC | Other/ Elimination | Group | |
Revenue | 977,313,392 | 426,280,022 | 122,419,067 | 271,555,246 | 316,405,566 | 95,192,290 | (85,161,607) | 2,124,003,975 |
Direct Cost | (498,931,101) | (127,332,078) | (28,797,583) | (77,798,288) | (43,257,409) | (78,387,740) | 43,866,961 | (810,637,237) |
Gross Profit | 478,382,291 | 298,947,944 | 93,621,484 | 193,756,958 | 273,148,157 | 16,804,550 | (41,294,646) | 1,313,366,738 |
Other Income | 11,088,599 | - | - | - | 264,999 | (149,380) | (264,999) | 10,939,219 |
Administration Expenses | (75,746,909) | (18,053,787) | (6,743,842) | (22,109,501) | (213,410,493) | (14,245,326) | 41,559,645 | (308,750,215) |
Selling and Distribution Expenses | - | - | - | - | - | (3,341,066) | - | (3,341,066) |
Net Finance Cost | (91,445,018) | (51,852,345) | (764,502) | (27,389,087) | 88,819,710 | 731,384 | (68,373,635) | (150,273,493) |
Profit from Operating Activities | 322,278,962 | 229,041,812 | 86,113,140 | 144,258,370 | 148,822,373 | (199,838) | (68,373,635) | 861,941,183 |
Associate profit | - | - | - | - | - | - | 159,166,066 | 159,166,066 |
Profit before Tax of the Group | 322,278,962 | 229,041,812 | 86,113,140 | 144,258,370 | 148,822,373 | (199,838) | 90,792,431 | 1,021,107,249 |
Wind | Solar | Hydro | Overseas | Holding | Automobile/ EPC | Other/ Elimination | Group | |
Total Non-Current Assets | 12,099,658,742 | 7,281,309,902 | 2,204,759,766 | 3,877,268,498 | 22,358,753,211 | 5,690,544 | (15,884,108,476) | 31,943,332,186 |
Total Current Assets | 2,312,003,863 | 2,528,036,700 | 228,029,690 | 627,924,021 | 2,478,885,284 | 187,902,470 | 111,102,803 | 8,473,884,831 |
Total Assets | 14,411,662,605 | 9,809,346,602 | 2,432,789,455 | 4,505,192,519 | 24,837,638,495 | 193,593,014 | (15,773,005,673) | 40,417,217,017 |
Total Non Current Liabilities | 4,970,356,975 | 3,648,917,476 | 541,626,042 | 2,092,102,831 | 75,994,070 | (316,623) | 166,695,770 | 11,495,376,541 |
Total Current Liabilities | 721,179,800 | 387,788,360 | 27,144,344 | 133,493,840 | 353,369,171 | 80,968,329 | (89,733,372) | 1,614,210,472 |
Total Liabilities | 5,691,536,775 | 4,036,705,835 | 568,770,386 | 2,225,596,671 | 429,363,241 | 80,651,706 | 76,962,398 | 13,109,587,013 |
Notes : The above figures are in LKR, unless | otherwise stated. |
As at 30th June 2025
The figures in brackets indicate deductions.
The above figures are not audited.
Basis of Preparation
The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS-34, Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2025, including the changes to accounting policies as a result of convergence to revised Sri Lanka Accounting Standards (SLFRSs/LKASs). Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements.
Changes in Accounting Policies
There were no changes to the Accounting Policies and methods of computation since the publication of the Annual Report for the year ended March 31, 2025.
Contingent Liabilities
There have been no material changes to the contingencies disclosed in the annual audited financial statements for the year
ended 31st March 2025.
Events after the Reporting Period
There have been no material events occurring after the reporting period that require adjustments to or disclosure in the financial statements.
Earnings per Share Basic Earnings per Share
Basic earnings per share is calculated by dividing the net Profit/(Loss) for the year attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during the year as required by LKAS - 33, Earning per share.
For the quarter ended 30th June
Group
Company
2025
2024
2025
2024
Net Profit attributable to Ordinary Shareholders (LKR)
739,533,566
471,012,788
141,969,846
789,003,083
Weighted Average Number of Shares
Outstanding during the period
1,350,768,942
1,350,768,942
1,350,768,942
1,350,768,942
Earnings per Share (LKR)
0.55
0.35
0.11
0.58
Net Asset Value per Share
Group
Company
As at 30th Jun 2025
As at 31st Mar 2025
As at 30th Jun 2025
As at 31st Mar 2025
Total Equity (LKR)
24,218,319,782
23,266,654,950
21,582,476,359
21,442,986,932
Number of Shares Outstanding at the end of the period
1,350,768,942
1,350,768,942
1,350,768,942
1,350,768,942
Net asset value per share (LKR)
17.93
17.22
15.98
15.87
Utilization of Funds Raised by the Initial Public Offering
Objective Number | Objective as per Prospectus/ Circular | Amount Allocated as per Prospectus/ Circular in LKR | Proposed Date of Utilization as per Prospectus/ Circular | Amount allocated from Proceeds in LKR (A) | % of Total Proceeds | Amounts Utilized in LKR (B) | % of Utilization against Allocation (B/A) | Clarification if not fully utilized including where the funds are invested |
1 | Mannar Wind Power Project | 927,000,000 | 2022 Q1 | 927,000,000 | 29% | 927,000,000 | 100% | Project completed |
Cost Escalation - Mannar WPP | 1,573,000,000 | 1,573,000,000 | 49% | 1,573,000,000 | 100% | |||
2 | Other on-going Projects and | 741,845,456 | Not disclosed | 79,500,000 168,000,000 67,000,000 427,345,456 | 2% 5% 2% 13% | 79,500,000 168,000,000 25,000,000 427,345,456 | 100% 100% 37% 100% | |
future projects | ||||||||
2.1 | Sky Solar Private | Project completed | ||||||
Ltd | ||||||||
2.2 | Solar Universe | Project completed | ||||||
Private Ltd | ||||||||
2.3 | Crane-less Wind | Project completion: | ||||||
Equipment | FY 2025/26 Q2 | |||||||
2.4 | Kebitigollewa | Project completed | ||||||
Solar Power | ||||||||
Project | ||||||||
3,241,845,456 | 3,241,845,456 | 100% | 3,199,845,456 | 99% | ||||
1. Market Price per Share
For the quarter ended 30th June Highest | 2025 LKR 26.40 | 2024 LKR 20.10 |
Lowest | 22.90 | 19.20 |
Closing | 25.00 | 19.80 |
Number of Shares | 1,350,768,942 | 1,350,768,942 |
Market Capitalization on 30th June | 33,769,223,550 | 26,745,225,052 |
2. Shares of the Company were listed on the Colombo Stock Exchange on the 22nd of April 2021 | ||
3. Public Holding as at 30th June | 2025 | 2024 |
Issued Share Capital (No. of Shares) | 1,350,768,942 | 1,350,768,942 |
Public Holding as % of Issued Share Capital | 24.43% | 21.53% |
Total Number of Shareholders | 3,797 | 3,382 |
Number of Shareholders representing the Public Holding | 3,778 | 3,361 |
Float Adjusted Market Capitalisation - (LKR) | 8,250,496,698 | 5,759,049,310 |
ber of shares held by the Board of Directors & the CEO as at 30th Ju | ne, 2025 are as follows; |
Board of Directors | No. of Shares |
Mr. R. P. Pathirana | 1,963,323 |
Mr. A. A. Akbarally | 166,145 |
Mr. K. B. M. I. Perera | 43,125,052 |
Mr. Huzefa Akbarally | 166,145 |
Mr. Hussain Akbarally | 166,145 |
Mr. V. K. Hirdaramani | 186,145 |
Mr. Dilshan Hettiarachchi | 332,888 |
Mr. H.M. Udeshi | 14,550,000 |
Total | 60,655,843 |
Chief Executive Officer | No. of Shares |
Mr. J. B. S. L. Wimalasena | - |
The Company complies with Option 2 of the Listing Rules 7.13.1 (a) - Rs. 7.5 Bn Float Adjusted Market Capitalisation, which requires 5% minimum Public Holding.
The num
20 Major Shareholders of the Company are as follows;
No. 1 | Shareholder Akbar Brothers Pvt Ltd | 30th June 2025 | |
No. of Shares 492,754,404 | Holding 36.48% | ||
2 | Hirdaramani Private Limited | 279,211,864 | 20.67% |
3 | Mona Exports (PVT) Limited | 126,005,666 | 9.33% |
4 | BBH-Tundra Sustainable Frontier Fund | 70,500,000 | 5.22% |
5 | Amaliya Private Limited | 44,676,827 | 3.31% |
6 | Mr. K.B.M.I. Perera | 43,125,052 | 3.19% |
7 | BBH -Tundra Shikari Global | 41,019,719 | 3.04% |
8 | Hirdaramani Power Private Limited | 31,827,927 | 2.36% |
9 | Quick Tea (PVT) LTD | 16,568,003 | 1.23% |
10 | Mr. H.M. Udeshi | 14,550,000 | 1.08% |
11 | Tea House (PVT) LTD | 13,092,218 | 0.97% |
12 | J.B. Cocoshell (PVT) LTD | 12,861,475 | 0.95% |
13 | Cocoshell Activated Carbon Company (PVT) LTD | 12,600,000 | 0.93% |
14 | Saboor Chatoor (PVT) LTD | 8,300,000 | 0.61% |
15 | Mr. M.K.T. Darwazeh | 7,413,761 | 0.55% |
16 | Mr. S.K.T. Darwazeh | 7,413,761 | 0.55% |
17 | Mouldex (PVT) LTD | 7,401,648 | 0.55% |
18 | Employees Trust Fund Board | 6,972,822 | 0.52% |
19 | Marina Blue (Private) Limited | 6,969,184 | 0.52% |
20 | Odyssey Capital Partners (Private) Limited | 4,509,703 | 0.33% |
Other Shareholders | 102,994,908 | 7.62% | |
Total | 1,350,768,942 | 100.00% | |
NAME OF THE COMPANY
WindForce PLC
LEGAL FORM
Incorporated in Sri Lanka on 06 July 2010 as a
Private Limited Liability Company under the provisions of Companies Act No. 7 of 2007. The legal form of the company was changed to a Public Limited Liability Company and was listed on the Colombo Stock Exchange 22 April 2021.
DATE OF INCORPORATION
06 July 2010
COMPANY REGISTRATION NUMBER
PQ00234079
NATURE OF THE BUSINESS
Generate and Supply Electric Power to the National Grid
REGISTERED OFFICE AND CURRENT PLACE OF BUSINESS
WindForce PLC
No. 334, T.B. Jayah Mawatha, Colombo 10. Tel: +94 11 269 7151
Fax: +94 11 464 5424
E-mail: info@windforce.lk Web: https://www.windforce.lk
BOARD OF DIRECTORS
Mr. R. P. Pathirana - Chairman
Mr. A. A. Akbarally - Deputy Chairman Mr. K. B. M. I. Perera - Managing Director Mr. Huzefa Akbarally
Mr. Hussain Akbarally Mr. V. K. Hirdaramani
Mrs. Saumya Amarasekera
Mr. Dilshan Hettiaratchi Mr. Savantha De Saram Mr. H. M. Udeshi
COMPANY SECRETARY
Nexia Corporate Consultants (Private) Limited
No. 130, Second Floor, Nawala Road, Narahenpita, Colombo 05 Tel: +94 11 451 0709 / +94 11 488 9526 / +94 11 236 8154
Fax: +94 11 236 8621
AUDITORS TO THE COMPANY
Ernst & Young (Chartered Accountants)
Rotunda Towers, No. 109, Galle Road, Colombo 03 Tel: +94 11 246 3500
Fax: +94 11 557 8670
BANKERS TO THE COMPANY
Commercial Bank of Ceylon PLC
DFCC Bank PLC
Hatton National Bank PLC Sampath Bank PLC
National Development Bank PLC
Seylan Bank PLC
Standard Chartered Bank (Sri Lanka) Limited Hongkong and Shanghai Banking Corporation Limited Pan Asia Banking Corporation PLC
Bank of Ceylon
Diamond Trust Bank
Standard Chartered Bank Uganda Ltd HSBC Bank (Mauritius) Limited Standard Chartered Bank (Mauritius) Amana Bank PLC